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The Financial Situation
HE financial community and indeed the general
T
business community now appear to have paused
to take inventory of
situation
observers are insisting that business under artificial
stimulation will continue through the autumn months
by which they at a rate exceeding previous expectations. It may
the
are confronted. This process of analysis and ap- or may not be true that after a "rest" and possibly
praisal is certainly needed. There has been much a little further hesitation the securities markets will
loose talk for a good while past about approaching continue on their rather reckless way. It may
prosperity, about the New Deal being "on the even be true, although we sincerely hope that it
run," and also of the possibility, not to say the is not, that "they" have made up their minds as
probability, of the beginning of a "boom" of sub- in the days of old that stock prices ought to be
stantial duration comparable to that of the twenties. "put up" further, and will proceed to push them
Too many business men have seemed to us too little higher and higher in the expectation of reaping a
inclined to look with care into what they would profit from unwary investors with more cash than
probably have to face during the months and years they know what to do with. Or it may be that the
immediately ahead as a result of the actions of this optimism that has seemed a little feverish to us
session of Congress, as well as those of previous at times during the past month or two will now give
sessions. The adjournment
way to a more careful apof Congress during the 'last
praisal of the situation, in
Competing with Private Capital
week,following a period of
which case of course there
something less than two
In reply to criticism recently directed at a
will come a broader realiloan by the Reconstruction Finance Corpoweeks of feverish and serzation that the Adminisration to a manufacturer,the Chairman of
vile activity, left the busithe Corporation is reported to have said:
tration, while doing every"Every governmental loan to industry comness world with a long list
thing within its power to
petes with private capital, and it is for Conof most extraordinary laws
gress to determine how long it wishes such
induce credit inflation of
loans made."
to face, many if not most
a pernicious variety,is also
Of course not every loan made by governof which it either had not
proceeding with various
mental agencies competes directly with priexpected or else had not
vate lending agencies, since in a good many
punitive
measures and
cases the loans are of a sort that no sensible
thought very much about.
other policies that seem
business man would make, but in a larger
It moreover shattered
sense every loan made by the Government
to us. to render a general
results in governmental competition with
the myth, for myth it
debacle inevitable at one
private business.
proved to be, that the
Where a Government agency makes a loan
time or another—except in
that otherwise would not be made the recipPresident had lost his hold
what we are afraid is the
ient is thus afforded an opportunity that
on Congress and his party.
he would not otherwise have to compete with
unlikely event that policies
other enterprises which feel obliged, and
organization. The record
are
reversed meanwhile.
obliged,
usually
are
to
keep
their affairs
of the last two weeks of
Yet the situation is of
in a condition such that they can obtain
the past session of• Concredit through the usual channels.
course not without hope.
Technically the Chairman of the Recongress probably surpasses
Indeed it seems to us to
struction Finance Corporation is mike coranything ever recorded in
rect when he says that it is for Congress to
be rather less so than it
determine how long this type of competition
our history for White
was a year ago, and that
with private industry is to continue but
House domination of the
practically it may well be questioned whether
despite the ignominy ConCongress has really determined any such
legislative branch of govgress has earned during
matters for several years past. Decisions of
ernment. All these facts
the past few weeks. The
the sort almost invariably have been made at
the White House.
became too obvious and
President, although, conBut of course the real truth of the matter
too pressing to be longer
trary toexpectations,he has
is that it is for the people of the United
pushed aside or ignored
States to decide how long they wish this
been able to obtain virmadness to continue. As long as they are
when the gavels sent the
tually everything that he
willing to condone it, to say nothing of inmembers of the Senate and
sisting upon its continuance, it may be taken
demanded of Congress, was
for granted that there will be no cessation
the House home to recuperobliged
to bring into action
growth
of
State
this
Socialism.
of
ate from their arduous
a great many forces some
labors in the summer heat
of which may not be availof the capital. The securities markets during most of able again in the same degree at least. Despite
the past week have distinctly reflected the situation the servile behavior of the politicians who constitute
as it has thus developed. Both the stock market the membership of the two houses of our National
and the Government bond market were found to Legislature, there is about as much reason as ever
be in a vulnerable condition as a result of undue to believe that the people are tiring of the obviously
speculative or other artificial forces at work for a tawdry schemes that are constantly being formulated
month or two past.
the one after the other, as "solutions" of problems
that are naturally aggravated rather than solved
What of the Future?
in this way. To us the Rhode Island election has
O FAR as the conclusions of the general business not lost its meaning. Nor are we much more discommunity are reflected in the securities mar- posed than heretofore to take lightly the reports
kets (for our part we are not prepared to assert that many members of both Houses voted as they
that they are so reflected in any infallible way) did in political fear and trembling, partly because
the state of mind prevailing at the end of the week they no longer had the endurance to withstand the
is still confused and uncertain. We are no more assaults being made upon,them, the self-discipline
disposed than usual to venture into the realm of to reject the political plums offered
them, or the
forecasting. It may or may not be true as some courage to face immediate hazards
in order to avoid
S
Financial Chronicle
1316
others that they were not quite sure of. It is still
possible, or so it seems to us, that these gentlemen
are by now finding the situation "back home" not
altogether to their liking despite the advantages of
a political sort that accrue to them from the quid
pro quos received for recent votes.
Our Destiny in Our Own Hands
Aug. 31 1935
of the Grain Stabilization Corporation. This fund
at the time of its creation was described by public
officials who sponsored it as an "investment" which
would cost the taxpayer nothing since it was being
wisely invested and would thus be kept intact. Indeed it might well bring a profit to the Treasury.
According to the findings of the Senate Committee
there is about $155,100,000 left of the $500,000,000
originally placed in the fund. All the rest has gone
where such "funds" usually go when under Government direction and control. What is left is of course
not in cash, and it remains for the future to disclose
whether the taxpayer will ever get any *of his money
back.
This growing skepticism on the part of the general
public may continue to develop to the point where
it bursts forth into a political movement capable of
saving us, or it may not. That will depend a great
deal upon what :s done by those who are interested
in nursing its development. Such tactics as those
indulged in by one group of utility company interests
Unpleasant Suggestions
to combat the so-called "death sentence" certainly
that is bad enough in itself,
situation
This is a
will not help the cause. The weak, vacillating,
s? At the present moimplication
its
of
what
sop-throwing policies of most of the Republican but
the
United States has "inof
Government
the
ment
Party gatherings during the past month or two will
in
the
amount of nearly
outstanding
vestments"
be no asset for those engaged in the righteous cause.
of which origilarger
the
part
far
by
00,
$9,000,000,0
The failure, perhaps the inability, of New Deal
with the New Deal. These too have been reopponents to come to grips with the real problems nated
described as offering small chance of real
of the day will continue to be as distressing as it peatedly
the taxpayers. Of course, there is no way
has been for a good while past. But despite all that loss for
the taxpayer can avoid loss on their acwhich
in
has occurred within the past week or two, we are
what the ratio of loss will be no one
Just
count.
still of the opinion that the time is ripe for the rise
it even approximates that incurred in
if
but
say,
can
of a real leader possessed of common sense and
case of the Grain Stabilization fund the outcome
the
courage.
will be stark disaster.
Meanwhile, if the statements of Government ofFailure of Farm Mortgage Offering
ficials are to be taken at their face value, the current
O RETURN to the situation immediately in
deficit is destined to mount to still larger figures inhand, one of the outstanding events of the past
of declining, as the President soon after he
stead
week has been the continuation of the weakness in the
office predicted. Estimates, said with
into
came
Government bond market, a weakness that was sufwe do not know to represent the
authority
what
ficient to prevent the Treasury from receiving bids
plans of the Administration, appeared in a magazine
of more than $85,592,000 on the $100,000,000 offerof wide circulation yesterday carrying perfectly
ing of Federal Farm Mortgage Corporation bonds
huge deficits for at least two more years, the effect
which, as every one knows,are fully and unconditionwhich is hardly softened by prediction of a $500,of
ally guaranteed by the Federal Government both as
surplus in 1939. Washington dispatches ap000,000
to principal and interest. Moreover the prices bid
yesterday credited the Secretary of the
pearing
averaged only about 99, the Treasury finding itself
with a desire to persuade the President to
Treasury
more or less obliged to accept less than par for what
plan for a balanced budget at some unspecified fuamounts to one of its issues. There have been many
ture date, but he would be an optimist indeed who
"explanations" offered for this unprecedented event.
found great encouragement in such reports until
The offering was made unwisely on a declining marthey become much more definite and official, and
ket, so some say. Others assert that the technique moreover until the attitude of the President himself
that the Treasury has been employing in raising the is clearly established. We find it impossible to disfunds it required was unfortunate. Still others are sociate all this from the weakness that has been
inclined to describe weakness in Government obliga- so conspicuous in Government obligations during the
tions as a "technical reaction" in a market that had past few weeks, or from the results of the Federal
moved ahead too fast and too far, and to predict Farm Mortgage Corporation offering on Wednesday.
that the prices of Government obligations will before How long these disagreeable facts will be borne in
long rise to levels not even yet recorded, so strong
mind by investors, many of whom are almost literally
is the faith of such forecasters in super-abundant plagued with excess cash available for investment, it
money and excess bank reserves.
remains for the future to reveal.
T
Government Bonds and the Deficit
Federal Reserve Bank Statement
For ourselves we prefer to believe, or at least to
hope, that the investors of the country have at length TREASURY financial transactions and the changes
1 in reserve computations required by the new•
begun to look upon the ever-continuing budgetary
deficit of the Treasury with realistic eyes, and to Banking Act have operated in approximately equal
ask themselves what right the obligations of such a degrees to increase by another $100,000,000 the
Treasury have to such prices as they have been bring- excess reserves of member banks with the Federal
ing. It may well be of course that this wholesome Reserve System. It is officially estimated that excess
skepticism will presently be forgotten, but it is dif- reserves over requirements were $2,780,000,000 on
ficult for us not to believe that it exists in one degree Aug. 28, against $2,680,000,000 on Aug. 21. In
or another at the present moment. Recent events only a little more than a month, or since July 24, the
and disclosures certainly are of a nature to prompt increase of excess reserves has been no less than
it. Early during this past week,a Senate committee $440,000,000, which is approximately the maximum
made public a report on the results of the operations that was considered advisable before the current
credit
of the "revolving fund" established in 1929 for use credit episode started. The potentialities of
Volume 141
Financial Chronicle
inflation implied by the current total are hardly to be
exaggerated, and even the provision in the new
Banking Act for increases in reserve requirements up
to 100% cannot be considered an ample safeguard.
With obvious reference to the difficulties of borrowing
operations, the Treasury deposited with the Federal
Reserve System in the week covered by the latest
statement 0,718,000 gold certificates, although the
increase in the monetary gold stocks in the same
period was only $8,000,000. Most of the certificate
deposits appear to relate to actual retirement of
National bank notes. The funds thus obtained by
the Treasury were disbursed rapidly and tended to
swell the reserves of member banks. Changes in
reserve requirements under the new Banking Act
are reflected in the current statement, and the alterations apparently occasioned an increase in excess
reserves. Treasury deposits with member banks now
are subject to reserve requirements, but the decrease
in excess reserves thus called for was outweighed by
the provision whereunder no reserves are required
against balances due from other banks and cash items
in process of collection.
The increase of gold certificates lifted the total
Federal Reserve holdings of these instruments to
$6,482,231,000 on Aug. 28, against $6,441,513,000
on Aug. 21, and as cash did not vary much, total
reserves increased about to the same extent and now
are recorded at $6,729,762,000. Although total
money in circulation showed a small decline, contrary to seasonal expectations, Federal Reserve
notes in actual circulation were advanced to $3,352,057,000 from $3,340,983,000. Member bank deposits
on reserve account were marked up to $5,346,437,000
on Aug. 28 from $5,291,497,000 on Aug. 21, but
small reductions appeared in Treasury, foreign bank
and other deposits, and total deposits thus increased
to $5,608,865,000 from $5,575,184,000. The gain
in reserves was a bit more important than the increases of note and deposit liabilities, and the reserve
ratio increased to 75.1% from 75.0%. Other changes
in the credit and currency statistics remain routine.
Discounts by the System show a. slight, but encouraging increase to $9,409,000 from $7,106,000,
while industrial advances continued their ponderous
upswing and now are recorded at $29,447,000, against
$29,284,000 a week earlier. Open market bill holdings declined $10,000 in the week to ,685,000, but
a $91,000 increase appeared in holdings of United
States Government securities, which are reported at
82,430,331,000.
Foreign Trade in July
HE efforts of the New Deal workers to get some
consolation out of the July foreign trade statement have very little to support them. Merchandise
exports from the United States for that month were
only a trifle higher than those for June, while imports showed quite an increase; in fact, were higher
than exports, so that there was an adverse trade
balance for that month, the third time for this year
to date. Exports amounted to $173,371,000 and imports were $177,698,000, imports being in excess of
exports by $4,327,000. For June this year merchandise exports were valued at $170,184,000 and imports
$156,756,000, the excess of exports for that month
being $13,428,000, while for July 1934 exports were
$161,672,000 and imports $127,229,000, the export
trade balance for that month being $34,443,000. It
T
1317
has seldom happened that our foreign trade has
shown an adverse balance of trade for a great many
years past. Out of the seven months this year there
have been three months when such was the case.
.For the seven months of the current year merchandise exports for the United States were valued
at $1,197,475,000 against $1,197,725,000 for the same
period of last year, a loss this year of $250,000.
Imports during the same time amounted to $1,172,261,000 compared with $991,072,000 during the first
seven months of 1934, an increase this year of $181,189,000, or a fraction under 20.0%; the loss in exports was about 0.03%. There was an export trade
balance for the seven months of this year of only
$25,214,000, while a year ago the export trade balance amounted to $206,653,000.
Cotton exports in July were again an unfavorable
factor. Shipments abroad in that month were down
to 294,920 bales compared with 363,961 bales in
June and 523,128 bales in July 1934. Values were
also considerably lower in July this year, the total
value for cotton being $19,232,000 against $23,380,482 in June and $20,340,685 in July a year ago.
In addition to the loss in cotton exports there was
a decline in exports in July of textile manufactures,
in edible animal products, non-metallic minerals and
vegetable food products. Exports of industrial
machinery, motor trucks and electrical machinery,
on the other hand, were larger.
The specie movement in July was very much restricted as compared with most preceding months
for a long time past. Gold exports in July this year
were only $59,000 and imports $16,287,000, the latter
the smallest since March. There have been only
three months since January 1934 when gold imports
were lower. For the seven months of this year gold
exports were valued at $1,284,000 against $13,327,000
last year. Gold imports for the seven months this
year have been $821,676,000 compared with $904,847,000 for the same period in 1934. The excess
of gold imports so far this year has been $820,392,000
against $891,520,000 for the same time in 1934.
Silver exports in July were valued at $1,547,000 and
silver imports at $30,230,000.
The New York Stock Market
OVEMENTS in stocks were erratic this week,
quite obviously as a result of such conflicting
influences as the last minute rush of legislation in
Washington, the war threat in Europe, difficulties
in United States Treasury financing and a more
equivocal trend of industrial production. The war
threat was stimulating at times to certain groups of
stocks, on the assumption that large purchases of
supplies might follow, but all other influences were
adverse. A decisive trend in either direction was
lacking, however, since sharp upward and downward movements early in the week balanced each
other. The market leveled off after such jerky
movements and tended, if anything, to move a
little higher. Activity on the New York Stock Exchange was well sustained early in the week, but
fell below the 1,000,000-share mark Thursday.
Movements last Saturday were adverse and rather
large recessions appeared in that short session.
Notwithstanding general disappointment over the
continuance of the Congressional session, prices
moved upward vigorously on Monday, with steel,
copper and motor shares in eager demand, although
railroad and oil stocks tended to drift lower. The
M
1318
Financial Chronicle
industrial list was better as a whole. Again contrary to most expectations, the market declined
sharply on Tuesday, despite the overnight adjournment of Congress. Leading issues fell 1 to 4 points,
but all groups shared in the moverment. The
liquidation produced transactions in excess of 2,000,000 shares. The wave of selling diminished on
Wednesday, but was still somewhat in evidence and
most stocks again registered small declines in that
session. Steel and utility stocks did rather better
than other groups, and closed a little higher. Movements on Thursday were narrow, and the impending
holiday tended to reduce transactions. Small fractional advances were registered in a majority of
issues, but a few groups such as the oil stocks declined on rumors of an oil price war. The session
yesterday reflected no changes in the situation.
Most issues again showed small gains, while oil
shares followed a contrary tendency.
United States Government securities attracted
much attention all week. As costs of the recent
legislative session were counted, national issues declined and the movement was quite pronounced Monday and Tuesday. Both long- and short-term obligations dipped, and seriously prejudiced a sale of
$100,000,000 fully guaranteed Federal Farm Mortgage Corporation 11A% four-year bonds, conducted
by the competitive method on Wednesday. Available tenders for the issue amounted only to a little
more than $85,000,000, and the financing thus was
accounted a failure. When these results were made
known early on Thursday, buying by the Federal
Reserve authorities effectually counter-acted the
serious. effects in the market and an advance of
quotations occurred. But the movement was shortlived, for another decline took place yesterday.
In these circumstances other high grade listed bonds
were dull and inclined to seek fractionally lower levels.
Speculative bonds likewise drifted downward, mainly
under the influence of the uncertain market for
equities. Foreign dollar bonds showed a generally
adverse trend, owing to the war scare in Europe'.
Foreign exchange markets played no important part
in determining the tendencies of securities, with the
possible exception of the Italian lira, which dipped
sharply. Sterling exchange and the gold currencies
were steady,and changes otherwise also were nominal.
Commodity markets were irregular, with interest
centered on cotton, owing to the dispute in Washington on the rate for cotton loans. When an agreement was reached to effect such loans at 10 cents,
this staple improved, Tuesday. Changes in other
commodities were unimportant.
On the New York Stock Exchange 89 stocks
touched new high levels for the year and 8 stocks
touched new low levels. On the New York Curb
Exchange 60 stocks touched new high levels and 13
stocks touched new low levels. Call loans on the
New York Stock Exchange remained unchanged at
4%, the same as on Friday of last week.
1
/
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 1,124,960
shares; on Monday they were 1,455,610 shares; on
Tuesday, 2,125,720 shares; on Wednesday, 1,390,390
shares; on Thursday, 903,640 shares, and on Friday,
830,730 shares. On the New York Curb Exchange
the sales last Saturday were 393,118 shares; on
Monday,365,670 shares; on Tuesday,420,630 shares;
Aug. 31 1935
on Wednesday, 228,410 shares; on Thursday, 200,075
shares, and on Friday, 181,015 shares.
The stock market this week in general was weaker,
trading volume falling off heavily. General Electric
4 on Friday of
1
/8 against 31/
closed yesterday at 307
8 against
at 281/
Y.
N.
of
Gas
Consolidated
last week;
8;
/
117
against
8
/
117
at
Elec.
&
Gas
Columbia
;
4
1
/
31
Public Service of N. J. at 40% against 42; J. I. Case
% against 723%; InternaThreshing Machine at 683
8; Sears, Roe8 against 551/
tional Harvester at 541/
buck & Co. at 55 against 57%;'Montgomery Ward &
Co. at 34 against 35; Woolworth at 61y8 against
61%, and American Tel. & Tel. at 135% against
138%. Allied Chemical & Dye closed yesterday at
161 against 161 on Friday of last week; E.I. du Pont
de Nemours at 117 against 116%; National Cash
4 against 17%; International
1
Register A at 16/
/8; National Dairy Prod8 against 287
Nickel at 291/
Texas Gulf Sulphur at
15%;
ucts at 15% against
4 against
1
Biscuit at 28/
National
34%;
34% against
29%; Continental Can at 82% against 84%; Eastman Kodak at 147 against 1491/2; Standard Brands
at 13% against 14%; Westinghouse Elec. & Mfg. at
/8;
65% against 66%; Lorillard at 24% against 247
against
2
/
421
at
United States Industrial' Alcohol
8; Schenley
43%; Canada Dry at 9% against 101/
DisNational
and
,
2
/
341
against
4
1
/
34
at
Distillers
tillers at 29% against 28%.
The steel stocks were among the securities showing declines. United States Steel closed yesterday
at 43% against 45% on Friday of last week; Bethle/8; Republic Steel at
hem Steel at 37% against 387
Sheet & Tube
Youngstown
and
,
8
/
18% against 191
Auburn
group,
motor
In
the
27%.
against
at 25%
4 against 34% on Fri1
Auto closed yesterday at 33/
8 against
/
day of last week; General Motors at 423
43%; Chrysler at 61% against 60%, and Hupp Motors at 17
/s against 2. In the rubber group, Good8 against
/
year Tire & Rubber closed yesterday at 193
at
Goodrich
F.
B.
and
week,
last
of
Friday
on
4
1
20/
8% against 9. The railroad shares also were lower.
Pennsylvania RR. closed yesterday at 27 against
4 on Friday of last week; Atchison Topeka &
1
28/
4; New York Central
4 against 511/
Santa Fe at 483
at 99% against
Pacific
Union
2;
at 22% against 241/
4
1
/
19%; South18
against
at
Pacific
100; Southern
Pacific
9%,
and
Northern
against
9
at
Railway
ern
at 16% against 17%. Among the oil stocks, Standard Oil of N. J. closed yesterday at 45% against
46% on Friday of last week; Shell Union Oil at 9
8 against
4, and Atlantic Refining at 221/
1
against 10/
231/2. In the copper group, Anaconda Copper closed
yesterday at 18% against 20 on Friday of last week;
Kennecott Copper closed yesterday at 22% against
4 against
1
23%; American Smelting & Refining at 45/
45%, and Phelps Dodge at 20% against 21%.
Favorable actions in the declaration of dividends
again predominated during the current week, among
which were included the Commercial Credit Co.,
which on Aug. 29 voted to increase its quarterly
dividend payment on the common stock to 621/2c.
from 50c. per share, payable Sept. 30, and the Consolidated Oil Corp., which on Aug. 27 voted to make
a distribution of 25c. on the common stock, to be
made on Oct. 10, and the first since Oct. 31 1934,
when 14c. was paid; the latter payment, together
with 28c. paid on April 7 1934, made a total of 42c.
per share disbursed by Consolidated Oil in that year.
Among the companies taking adverse action was
•
Volume 141
Financial Chronicle
Standard Brands, Inc., which on Aug. 26 declared
a dividend of 20c. per share on the no par value
common stock, payable Oct. 1, as compared with 25c.
per share paid each quarter from Jan. 3 1933 to and
including July 1 last.
Trade and industrial indices were less encouraging than in previous weeks, largely because of a
halt in the upward trend of steel operations. Steelmaking was estimated by the American Iron and
Steel Institute for the week ending to-day at 47.9%
of capacity against 48.8% last week (a decline of
about 1.8%) and against 44.0% a month ago. At
this time last year the rate was 19.1% of capacity.
Electric power production for the week ended
Aug. 24 is reported by the Edison Electric Institute
at 1,839,815,000 kilowatt hours against 1,832,695,000
kilowatt hours in the previous week and 1,648,107,000 kilowatt hours in the same week of 1934.
Car loadings of revenue freight in the week to
Aug. 24 aggregated 626,373 cars, according to the
American Railway Association. This is an increase
of 11,367 cars over the preceding week, and of 19,456
cars over the corresponding week of last year.
As indicating the course of the commodity markets, the September option for wheat in Chicago
closed yesterday at 86%c. as against 893
/
4c. the close
on Friday of last week. September corn at Chicago
closed yesterday at 71%c. as against 747
/
8c. the close
on Friday of last week. September oats at Chicago
closed yesterday at 24/
3
4c. as against 267/8c. the close
on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 10.75c. as against 11.10c. the close on
Friday of last week. The spot price for rubber
yesterday was 11.79c. as against 12.00c. the close on
Friday of last week. Domestic copper was unchanged for the week at 8.50c.
In London the price of bar silver yesterday closed
at 29 pence per ounce as against 29 7/16 pence per
ounce on Friday of last week, and spot silver in New
York closed yesterday at 65%c. as against 653
/
4c.
the close on Friday of last week. In the matter of
the foreign exchanges, cable transfers on London
closed yesterday at $4.967
/8 as against $4.97/
1
2 the
close on Friday of last week, and cable transfers on
Paris closed yesterday at 6.61Y8c. as against 6.62y8c.
the close on Friday of last week.
European Stock Markets
NCERTAIN conditions continued to prevail all
this week on stock exchanges in the leading
European financial centers, owing chiefly to apprehensions regarding the Italo-Ethiopian war and
the possibility that it will spread to include other
nations. The anxiety lifted at times, when it appeared, that Britain, France and other countries
were determined not to become involved in any conflict, but the rallies occasioned by such reports usually were short-lived. The tendency at London to
liquidate gilt-edged securities was again in evidence,
while funds were placed to a considerable extent in
armaments stocks and commodities that might come
into heavy demand in the event of warfare. Very
little trading was done at London and the markets
at Paris and Berlin were duller still. The cheering
reports of the trend of prices on the New York market were not very conspicuous, and most of the sessions in Europe were gloomy. Financial repercussions of the Italian aim to wage war against Ethiopia are disheartening and continue to contribute to
U
1319
the pessimistic atmosphere. Italian credit in London
has suffered to such a degree that cash is being demanded on virtually all orders. Trade and industrial
reports in Great Britain remain encouraging and
the markets were inclined to gather what comfort
they could from this factor. In France an increase
in the number of unemployed was noted, and additional doubts regarding the French Government's
deflation program thus were introduced. In Germany efforts are being made to prevent advances in
retail price levels, which are rumored to be occasioning profound unrest.
Trading on the London Stock Exchange started in
listless fashion on Monday, with the trend of quotations downward. Professional traders accounted for
most of the dealings, as the investment public plainly
preferred to await further indications of the possible
outcome of the Italo-Ethiopian debates. British
funds lost small fractions, while industrial issues
almost without exception drifted downward as well.
International securities were irregular. In another
quiet session on Tuesday, armaments shares reflected some demand at London, but others were
dull. British funds resumed their slow decline, and
lower figures were recorded by almost all industrial
issues. There was better demand for Anglo-American
trading favorites, owing to improved overnight reports from New York. A more hopeful view was
taken Wednesday of the war situation, and demand
for British funds improved the quotations for such
issues slightly. Industrial stocks also reflected
greater cheerfulness, as did some of the foreign Government issues. But trans-Atlantic favorites were
dull on disappointing news of the trend at New York.
Fortnightly settlements on Thursday restricted the
trading in that session. British funds were weak,
with losses rather large. In the industrial section
small gains were the rule, while international securities also tended to improve. Gilt-edged securities and commodity stocks declined yesterday at
London, but industrial issues improved.
Not much business was done at Paris on Monday,
as the war clouds appeared thick on that day. Rentes
were fairly firm and some of the commodity stocks
also improved, but French equities and international
securities turned rather weak. Suez Canal shares
fell on reports that British warships were clustering
around that waterway. After a weak opening on
Tuesday, some buying made its appearance on the
Bourse, but not all of the early losses were regained.
Rentes closed without appreciable changes, and a
few equities also held close to former levels, but the
bulk of issues reflected sizeable declines. International issues were weaker than others. The situation
on Wednesday was not much changed. Rentes tended
to move fractionally higher, after early weakness.
French bank, utility and industrial stocks followed
the same general trend, while international obligations were sold rather heavily. There were no important variations in rentes on Thursday. Among
stocks, gold mining issues were chiefly in demand,
but other domestic equities likewise tended to improve. International securities were steady. Rentes
held firm in a quiet session at Paris yesterday, but
French equities and international issues declined.
Demand for securities on the Berlin Boerse was
very limited in the initial session of the week, and
even small offerings tended to lower quotations.
Losses were fractional in most instances, but a few
issues showed recessions of 1 to 2 points. No inter-
1320
Financial Chronicle
Aug. 31 1935
est was taken in fixed-interest securities. The open- Mail," in which he declared that any attempt to aping on Tuesday was quite uncertain, losses of 1 to 3 ply sanctions against Italy would be met by the
points appearing in the more active issues. Nor was "armed hostility" of his people. At a Cabinet meetthere any recovery in later trading of the .day, so ing on Wednesday,Ii Duce made it clear that "Great
that final levels showed substantial recessions. Only Britain has nothing to fear from Italy's policy
a few of the chemical stocks showed any resistance toward Ethiopia." But London appears to suspect
to the downward trend. In a dull session on Wednes- that an easy conquest of Ethiopia might only whet
day, movements were irregular. Heavy industrial the appetite of the Italians for territory, and the
stocks dropped slowly; mining issues were unsettled, positions of Egypt and Cyprus are under careful
while a few specialties improved. Fixed-income is- study with such thoughts in mind. Italian threats
sues were marked lower in expectation of a new to the British communications through the MediterReich loan announcement. Changes on Thursday ranean, sometimes called the "lifeline of the Emwere of no importance, and transactions continued pire," also occasion doubts regarding the eventual
on a very modest scale. The tone was a little better British attitude.
It is now clearer than ever that Italy is grimly
and a few issues managed to score fractional advances, but others declined slightly. Little business determined to wage her war against Ethiopia, whatwas done at Berlin yesterday, and prices drifted ever the consequences to European arrangements
and European peace. War games were held in Northlower in the dull market.
ern Italy during the week, and in the midst of these
Italy and Ethiopia
games the Cabinet of Italy was called to meet on
Wednesday, all clad in full military regalia. Premier
with
week
AR preparations were continued this
Mussolini occupies most of the Italian Ministries
GovernItalian
the
by
persistence
ominous
ment, as Europe debated the fearful question himself, but the half-dozen other Ministers and nuwhether the projected Italo-Ethiopian conflict can merous Under-Secretaries were called to the meeting
be localized or will spread to embrace most of the at Bolzano. At the conclusion of the gathering a
civilized world. Hope for prevention of the war long communication was issued announcing emerseems to have been abandoned almost everywhere gency measures for placing Italy on a war footing.
but in Great Britain. Representatives of the London Foreign credits and external bond and other holdGovernment are expected to make emphatic demands ings of Italians are to be converted into Italian infor the preservation of peace, when the League Coun- ternal obligations. Limitations were ordered upon
cil meets next Wednesday, and also in the larger corporation profits for three years and a 10% tax
League Assembly meeting of Sept. 9. A readiness by was imposed on dividend and interest payments. In
Britain to apply economic sanctions against the ag- order to conserve gasoline supplies, all automobiles
gressor State in the conflict is reported from London, in Italy were ordered to be converted into charcoal
but such action would be taken only in the event of gas burning machines. It was indicated in this exa League decision to that effect and with the full sup- traordinary document that Italy will attend the
port of other members. But France is said to be de- League Council session and present a declaration
termined to avoid any such dangerous action, even that Ethiopia is "retrograde and slave-holding."
though it will mean defeat for the League and in all Italian policy does not menace, directly or indilikelihood the end of that organization's prestige. rectly, England's imperial interests, "wherefore the
The Ethiopian Government made another desperate malicious alarm excited in some circles is simply
attempt to avoid war by offering to sell the Province absurd," the Cabinet communication stated. The
of Aussa to Italy, but no notice was taken at Rome. Italian colonial aspirations should not reflect on
Britons in Ethiopia were ordered by the London Gov- the European situation unless someone wishes to
ernment on Wednesday to leave the country. Cessa- run that risk, it was added. It was again made plain
tion of the rainy season long has been considered the that sanctions might lead to "the most serious comsignal that will start the Italo-Ethiopian war and plications."
Although diplomatic discussions were continued
the rains are due to stop in two to three weeks.
week in the hope that a way might be found to
all
was
impression
the
week
this
For a time early
peace, all real hopes that remain are cenpreserve
willing
be
take
to
might
Britain
widespread that
firm steps toward preventing the war, regardless of tered in the League Council meeting of next week.
the League. There was much discussion in the press The special Italo-Ethiopian conciliation commission,
of the threat to British naval dominance in the 'Med- appointed to weigh the responsibility for border
iterranean implied by the current Italian measures. clashes, concluded its hearings at Berne, SwitzerTwo of the largest British aircraft carriers, the Furi- land, last Sunday, and the result was a deadlock.
ous and the Courageous, were dispatched to the Med- Nicolas Politis of Greece was called on Wednesday
iterranean. All the larger British fleet units at to arbitrate the differences, but the finding plainly
Malta were ordered to proceed to ports near the Suez will no longer have any bearing on the problem of
Canal, while additional forces were sent to Malta. peace or war. The London Cabinet considered at sevThese steps aroused keen apprehension, even though eral meetings the stand to be taken at Geneva, and
it was stated officially in London that they repre- intimations of a "firm attitude" have been given.
sented nothing more than an acceleration of usual Captain Anthony Eden will represent the British
Summer maneuvers. Nor were fears allayed when Goverment. The French Cabinet met on Wednesday
the British war authorities ordered cancellation on and decided, according to Paris dispatches, to steer
Wednesday of leaves for staff members of the de- a middle course "between League of Nations prinfense services. Italians halted for a brief time in ciples and French desires to retain Italy's friendtheir hasty preparations for war with Ethiopia to ship." Premier Pierre Laval, who will head the
consider the significance of such measures. Indica- French delegation, is reported anxious to assume the
tive was an interview given by Premier Benito Mus- role of mediator. There is not believed to be any
solini to the representative of the London "Daily possibility of France agreeing to a policy of sanctions
W
Volume 141
Financial Chronicle
against Italy. Some uneasiness exists with regard
to the views that small European countries might
express in the League meetings. The Premiers of
Norway, Sweden, Denmark and Finland held a conference at Oslo, Thursday, and agreed to "support
everything tending to protect peace and maintain
the principles of the League."
1321
internal affairs provided for in the exchange of notes
of Nov. 16 1933," and took the amazing stand that
there are contained in the American protest "no
facts of any kind which could be considered as a violation on the part of the Soviet Government of its
obligations." Notwithstanding the obvious inferences of the Litvinoff pledge, the Soviet Government
remarked that it "cannot take upon itself and has
Soviet-American Relations Strained
never taken upon itself obligations of any kind with
ERIOUS threats to the fairly amicable diplo- regard to the Communist International." It was
matic relations maintained between the United added that the American complaint of Soviet violaStates and the Union of Soviet Socialist Republics tion of its pledge "does not emanate from obligations
since recognition was granted Russia by this Gov- accepted by both sides, and the Soviet Government,
ernment on Nov. 16 1933, have arisen as a result of in consequence, refused to 'accept your protest' and
activities of the Communist International Congress, felt itself 'obliged to decline it.'" The Soviet note
which held a protracted session in Moscow earlier stated, finally, that Moscow shares the American
this month. While the session of the Communist belief that strict mutual non-interference in internal
International was in progress for 25 days up to affairs is an essential prerequisite for the mainteAug. 20, reports were current that the incendiary nance of friendly relations, and a desire was exspeeches of the delegates and the demands for greater pressed to develop friendly collaboration in the interCommunist activities in the United States, Great est of universal peace. This rejoinder was viewed in
Britain and other countries were occasioning un- Washington with strong dissatisfaction, according
easiness among the Governments concerned. This is to reports from the capital, but it was intimated that
now amply confirmed by a formal and strenuous pro- there is no present intention of breaking off diplotest lodged with the Soviet Foreign Office last Sun- matic relations. Immediately after receipt of the
day by United States Ambassador William C. Bul- note, however, orders were issued for a sharp reduclitt. Great Britain, Italy and Latvia are reported tion of the American Embassy staff in Moscow. Beto have made oral representations of much the same fore the formal reply was made by Moscow, Soviet
order, but the precise terms of those protests natu- Ambassador Alexander A. Troyanovski issued a
rally are not available. Complicating the matter, so statement in Washington to the effect that a camfar as the United States is concerned, is a tart reply paign is in progress in this country by "some per:
which the Soviet Government made on Tuesday, in sons" against the Soviet Government, and he rewhich the charges were denied and the protest de- called the Biblical injunction about noting the mote
clined. The Soviet reply has few diplomatic prece- in another's eye, while not perceiving the beam in
dents, and it is, indeed, difficult to understand the one's own eye.
basis of the Soviet contentions when all the availIn the light of this exchange of notes, much interable documents are taken into consideration.
est attaches to the actual proceedings of the CominIn the American note, attention was called to the tern (Communist International Congress) which are
activities of the Communist International Congress ably summarized by Walter Duranty, correspondent
at Moscow, and a "most emphatic protest" lodged of the New York "Times." There are both friendS
against "this flagrant violation of the pledge given and critics of the Congress even in Moscow, Mr.
by the Government of the Union of Soviet Socialist Duranty points out. Those who favored the ComRepublics on Nov. 16 1933, with respect to non-inter- munist doctrines and the expression of them given
ference in the internal affairs of the United States." by the Comintern were inclined to see in the meeting
The Soviet authorities were invited particularly to the beginning of a new working class struggle
consider that part of the written statement of For- against capitalism, fascism and the bourgeoisie in
eign Commissar Maxim Litvinoff, which pledged the general, he remarks. Much emphasis was placed by
Soviet Government "not to permit the formation or such observers upon the frequent references in the
residence on its territory of any organization or speeches to the need for "boring from within". in or
:,
group—and to prevent the activity on its territory der to gain control of moderate labor organizations.
of any organization or group, or of representatives But no less experienced observers take the view,said
or officials of any organization or group—which has Mr. Duranty,that the Congress "was a big show with
as an aim the overthrow or the preparation for the a lot of sound and fury that did not mean much and
overthrow of, or the bringing about by force of a that the united front tactics are principally a maneuchange in, the political or social order of the whole ver to disguise the failure of Communist parties to
or any part of the United States, its territories or make any appreciable advance against bourgeois.
possessions.". Since the activities of the Communist forces anywhere in the past five years." The critics
International necessarily are well known to the So- maintain, he added, that the Comintern, except for
viet Government, the United States did not trouble its vital and successful Soviet section, is a supine
to mention the specific declarations favoring over- and bankrupt organization, forced by its own weakthrow of the social order in this country. But it was ness to abandon anything more than lip-service to
pointed out that the United States Government con- revolutionary aims. It is probable that the truth lies
siders the strict fulfillment of the pledge of non- somewhere between these opposing claims, the corinterference an essential prerequisite to the main- respondent remarks. "The world Communist movetenance of normal and friendly relations. No com- ment has gained little ground in recent years and
ment was made at Washington regarding the protest, lost heavily in many countries," it is noted. "The
beyond a brief statement that it had the personal fact that no Congress at all was held from 1928 to
approval of President Roosevelt.
1935 at least gives justification for the statement
The Soviet Government referred in its reply to the that the Comintern has been somewhat shelved in
"mutual obligation concerning non-interference in recent years."
S
1322
Financial Chronicle
Price-Control in Germany
OUNTRIES that attempt a general control of
prices inevitably find the problem an exceedingly difficult and costly one, and recent experiences
in Germany seem to illustrate once again the folly
of such Government intervention in the delicate economic relationships. All reports from the Reich
agree that the cost of living there is mounting
steadily, notwithstanding the harsh controls of the
Nazi authorities. Richard Darre, the German Minister of Agriculture, made another attempt to deal
with the question on Wednesday, when decrees were
issued ordering immediate price-fixation, and in
some cases price reduction on such important foodstuffs as meats, potatoes, lard and vegetable oil
This action is said by the Berlin correspondent of
the New York "Times" to have been taken in order
to allay the growing unrest caused by the steady
advance of prices, which in turn has led to ever
more insistent demands for wage increases. "Although officially denied," the dispatch adds, "there
are rumors about labor difficulties and even incipient strikes in various important industrial establishments. Under the labor code strikes are forbidden, and any real strike therefore represents a
dangerous challenge to the authoritarian State's
authority." Also indicative of the tightening economic straitjacket into which Nazi policies have
placed Germany is an appeal by Finance Minister
Lutz Schwerin von Krosigk, at the opening of the
Leipzig Fair, last Saturday, for greater purchases
of German goods by other countries, so that Germany may be enabled to pay her foreign obligations.
There is no indication, meanwhile, of the political
effect of Dr. Hjalmar Schacht's recent objections
to Nazi extremes of anti-Semitism. The censoring
of his address by the Reich propaganda bureau was
countered by Dr. Schacht through reprinting of his
address as an official Reichsbank publication, and
thousands of copies were distributed. As matters
stand, Dr. Schacht remains the economic dictator
of Germany, and the anti-Semitic campaign continues in full swing.
C
The Balkans
;•
HOSE perennial trouble spots, the Balkan countries of Europe, continue to furnish evidences
of mounting unrest, and the incidents doubtless
would receive more attention if they were not so
heavily overshadowed by the Italo-Ethiopian
troubles and their general European repercussions.
The question of a Hapsburg return to Austria again
is agitating the Little Entente, which has taken the
stand that war might follow acceptance of the Austrian Government's virtual invitation to the Hapsburg family to resume the throne. Rumors are current that Crown Prince Otto already is in Austria,
and Monarchist leaders in Austria found it advisable
last Saturday to deny such reports. Croatian unrest
in Yugoslavia again is increasing, since no progress
whatever was made toward proper representation of
the Croats and Slovenes in Parliament at the recent
"free" elections. Three Croatian members of the
Stoyadinovitch Cabinet resigned on Aug. 23, in protest against the current situation. One of the places
was filled by another Croatian Deputy, but the other
two were taken by Serbians. Albania witnessed in
mid-August a small rebellion, which was started by
the assassination of General Leon Gagliardi, one of
the chief military advisers of King Zog. Govern-
T
Aug. 31 1935
ment troops put down the rebellion, which was widespread for a time. There were disorders early this
month on the Greek island of Crete, where 4,000
workers seized the city of Heraclion and held it for
a time. The authorities rapidly quelled the uprising,
which they attributed to Communists, but there
seems to be more truth in reports that Venizelist
sympathizers were responsible. Increasing anxiety
in Bulgaria was reported last Saturday, as a consequenceIa reported concentration of Turkis troops
alon he Turko-Bulnr border.
Social Credit in Alberta
HOSE strange ideas on "social credit" propounded by the British engineer, Major C. H.
Douglas, have been making numerous converts in
various parts of the British Empire, and a party
organized under the name of the Social Credit
League now has gained complete control of the Government of the Canadian Province of Alberta. Apparently, Alberta is to be the proving ground for
the doctrines of the Social Credit adherents, for
William Aberhart,head of the League there, is slated
to become the next Provincial Prime Minister. He
will have an enormous supporting majority in the
Provincial Legislature, and is reported to have invited Major Douglas to assist him in putting social
credit principles into operation. As expressed by
Mr. Aberhart in his campaign speeches, these principles include "non-negotiable dividends" to every
adult in Alberta at a rate of $25 a month, the dividends to be paid not in currency but in a sort of draft
payable in merchandise. The head of the League
also promised every farmer in Alberta a loan of
$1,540. On the simple basis of Alberta population
and occupation statistics, hard-headed realists have
calculated that the monthly dividends promised by
the Social Credit League would amount to the
equivalent of $120,000,000 a year, while the loans to
farmers would require $135,000,000. It is noted, in
contrast, that aggregate bank deposits in the entire
Province are less than $100,000,000, while the
current indebtedness of the Province is about
$130,000,000.
The Social Credit victory in Alberta was achieved
in an election on Aug. 23, and the results soon were
apparent, although they were not precisely of the
kind promised by the League and its political sponsors and representatives. The first effect was a
sharp decline in the credit standing of the Province,
as reflected in the quotations for Alberta bonds.
Bide for Alberta issues were difficult to obtain in
Canada, and in New York were lacking altogether.
Transactions within Canada were reported to be at
heavy recessions from levels prevailing before the
election. Mr. Aberhart issued statements to the
effect that nothing will be done to affect adversely
the credit of the Province, and he added that it will
take 18 months in any event to place the social credit
doctrines into operation. But the people of the
Province itself seemed to be quite skeptical of the
effects of the social credit ideas,eagerly as they voted
to receive $25 a month and loans of $1,500 from the
Provincial Government. They began to withdraw as
rapidly as possible their savings represented by
Alberta Government savings certificates, which are
secured by obligations of the Province. On Tuesday
the Alberta Government found it necessary to suspend temporarily the payments on the savings certificates until such time as the "new Social Credit
Volume 141
Financia Chronicle
G ernment can meet the situation." Bonds held
o secure the certificates are not now readily marketable, the authorities of the present Government
admitted, but they gave assurances that interest
payments will be met as usual.
Social Credit ideas are representative of that general class of depression theories which find in underconsumption the explanation for the recurring waves
of business recession. In an economic sense there
is, of course, no longer any room for the Mathusian
and neo-Mathusian claims that depressions are due
to the niggardliness of nature, for the vast supplies
of consumable goods and the prevalence of "penury
amidst plenty" make other and better explanations
Imperative. The Social Credit adherents try to
answer this problem in a monetary manner, applied
to the means of production and the capacity for consumption, both expressed in terms of money. The
disparity between the potentials of production and
the lack of purchasing power they attribute to an
interesting but quite untenable set of postulates,
which set forth that not enough money is available
to make possible sufficient purchases for keeping
productive machinery going at the highest possible
pitch. Habits of thrift and the savings of the people
also are imagined by the adherents of these theories
to contribute to the lack of purchasing power. We
have not the space available to comment on these
matters extensively, but can only add that the Social
Credit adherents propose to remedy the difficulties
by a use of "Social Credit" which the more sensible
advocates of the cult fondly believe will be selfliquidating in character, but which all sound economists recognize as inevitably inflationary in nature.
The Social Credit theories are vague and ambiguous,
and this factor, taken in conjunction with the popular appeal of promises for magically manufactured
dividends, doubtless accounts for their popularity
in many parts of the British Empire. Apparently
the theories are the counterpart in Great Britain,
Canada,Australia and New Zealand of the Townsend
and EPIC beliefs in Utopia which prevail in the
United States.
1323
At Paris the open market rate remains at 33.4.%, and
Switzerland at 23
/
1%.
Bank of England Statement
E statement for the week ended Aug. 28 shows
an increase of £174,250 in gold holdings, which
brings the total to a new high of £194,083,561, in
comparison with £192,335,853 a year ago. As the
gain in gold was attended by a decline of £876,000 in
circulation, reserves increased £1,050,000. Public
deposits fell off £6,542,000, while other deposits
gained £2,591,104. The latter consists of bankers'
accounts which rose £3,037,217, and other accounts
which decreased £446,113. The reserve ratio is up
to 38.19% from 36.44% last week; a year ago it was
47.75%. Government securities fell off £2,215,000
and other securities £2,758,500. Of the latter
amount £17,245 was from discounts and advances
and £2,741,255 from securitirs. The discount rate
is unchanged at 2%. Below we show the different
items with comparisons for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMEN
T
Aug. 28
1935
Circulation
Public deposits
Other deposits
Bankers'accounts_
Other accounts—
Government secure
Other securities
Dint.& advances_
Securities
Reserve notes & coin
Coln and bullion
Proportion of reserve
to liabilities
Bank rate
Aug. 29
1934
Aug. 30
1933
Aug. 31
1932
Sept. 2
1931
£
£
t
£
t
399,565.000 379,283,726 374.003.359 365,287,4410 354,975,935
9,359,000 33,991,138 41.959,840 20,726.776 12.925,140
133,388.938 118,962,714 122,354,975 114,955,063 112,189,246
96,935,098 83.746,689 79,424,559 79.548.532 60.351,510
36,453,840 35,216,025 42,930,416 35,406,531 51,837,730
81,275,999 83,184,709 83,195,963 73,148,993 53,735,906
25,195,136 14,959,223 21.670,669 31.242,240 33,939,995
12,934,587 5,615,506 9,973,041 12,159,215 7,261,693
12,260,549 9,343,717 11,697,628 19,083,025 26,678,302
54,519,000 73.052,127 77,662,884 49.519,079 55,692.492
194,083,561 192,335,853 191,666,243 139,806,479 135,668,427
38,19%
2%
47.75%
2%
47.26%
2%
36.49%
2%
44.51%
454%
Bank of France Statement
HE statement for the week ended Aug. 23 shows
a loss of 52,596,162 francs in gold holdings. The
Bank's gold which is now at 71,608,646,858 francs
compares with 81,759,495,986 francs a year ago and
82,226,712,560 francs two years ago. French commercial bills discounted rose 453,000,000 francs and
creditor current accounts 325,000,000 francs. Notes
in circulation record a contraction of 379,000,000
francs, bringing the total of notes outstanding down
to 80,683,506,975 francs. Last year circulation
aggregated 79,971,019,560 francs and the year preDiscount Rates of Foreign Central Banks
HE National Bank of Hungary on Aug. 28 vious 81,142,564,355 francs. The reserve ratio stands
reduced its discount rate from 43/2% to 4%, at 75.67%, as against 80.05% a year ago. A
the 41A% rate having been in effect since Oct. 17 decrease is shown in credit balances abroad of 1,1932 when it was reduced from 5%. Present rates 000,000 francs, in bills bought abroad of 1,000,000
at the leading centers are shown in the table which francs and in advances against securities of 69,000,000 francs. A comparison of the various items
follows:
for three years appears below:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
T
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
Cots5171!
Rate in
Effect
Date
Aug 30 Established
Austria....
Batavia__
Belgium...
Bulgaria_.Canada....
Chile
Colombia..
Czechoslovakia.--Danzig_ - - Denmark.
.
England_ _ _
Estonia._..
Finland__
France_ ___
Germany._
Greece
Holland _ _ -
Prepious
Rate
354
4
2
7
234
4
4
July 10 1935
July 1 1935
May 15 1935
Jan. 3 1934
Mar. 11 1935
Jan. 24 1935
July 18 1933
4
434
254
8
....
434
5
354
6
354
2
5
4
3
4
7
6
Jan. 25 1933
May 3 1935
Aug.21 1935
June 30 1932
Sept. 25 1934
Dec. 4 1934
Aug. 8 1935
Sept.30 1932
Oct. 13 1933
July 26 1035
454
4
254
254
554
43.4
314
5
754
5
Country
Rate in
Effect
Date
Aug 30 Established
Hungary
India
Ireland
Italy
Japan
Java
Juitealavla _
Lithuania.morocco
.._
Norway.
Poland__
Portugal
Rumania _.
South Africa
Spain
Sweden_ _ —
Switzerland
4
334
3
434
3.65
454
5
6
654
354
5
5
434
4
5
254
254
Aug. 28 1935
Feb. 16 1934
June 30 1932
Aug.12 1935
July 3 1933
June 2 1935
Feb. 1 1935
Jan. 2 1934
May 28 1935
May 23 1933
Oct. 25 1933
Dec. 13 1934
Dec. 71954
Feb. 21 1933
July 10 1935
Dee. 1 1933
May 2 1935
Piepious
Rate
4.54
4
314
314
3
334
654
7
454
4
6
334
6
5
534
3
2
Changes
for Week
Gold holdings
Credit bals, abroad_
a French commercial
bills discounted_.
b Bills bought abr'd
Adv. against secure_
Note circulation....
Credit, current accts
Propor'n of gold on
hand to sight Bab_
Aug. 23 1935
Aug. 24 1934
Aug. 25 1933
Francs
Francs
Francs
Francs
—52,596.162 71,608,646.858 81,759,495,986 82,226,712,560
—1,000,000
6,733.122
12,8.56,632 1,290,655,428
+453,000,000 6,503,063,059 3.921,598,374 3,207,385,657
—1,000,000 1,169,322,000 1,110,294,766 1,361,251,972
—69,000,000 3,120,362,022 3.049.572,051 2,687,723,057
—379,000,000 80,683,506,975 79,971,019,56081,142.564,353
+325,000,000 13.947,282.392 22,160,618,833 22,422,772,638
—0.01%
a Includes Mb purchased in France.
75.67%
80.05%
79.3905
b Includes bills discounted abroad.
Bank of Germany Statement
HE Bank's quarterly statement dated Aug. 23
shows an increase in gold and bullion of 93,000
Foreign Money Rates
marks. Gold nowaggregates 94,755,000 marks,in comIN LONDON open market discount for short bills parison with 74,878,000 marks last year
and 286,763,000
1 on Friday were 9-16% as against 9-16@%% on marks the previous year. An increase
also appears in
Friday of last week, and 9-16@/% for three- reserve in foreign currency of 86,000
marks, in silver
months' bills as against 9-16@%% on Friday of last and other coin of 27,118,000
marks,in notes on other
week. Money on call in London on Friday was /
1 7o. German banks of 1,256,000 marks, in investments of
T
Aug. 31 1935
Financial Chronicle
1324
771,000 marks and in other daily maturing obligations including 90 days are at 3-16% bid and 1A% asked;
of 5,422,000 marks. The reserve ratio is now at for four months, N.% bid and 3-16% asked; for five
2.75%, compared with 2.23% a year ago and 11.1% and six months, %% bid and 5-16% asked. The
the year before. Notes in circulation record a con- bill buying rate of the New York Reserve Bank is
3 % for
traction of 78,726,000 marks, bringing the total of M% for bills running from 1 to 90 days, 4
bills.
180-day
to
for
1211%
and
bills,
120-day
the item down to 3,638,468,000 marks. Circulation 91-to
acceptances
of
holdings
banks'
Reserve
The
prethe
Federal
and
last year stood at 3,502,022,000 marks
,695,000 to $4,685,000. Open
vious year at 3,251,439,000 marks. Bills of exchange decreased from
are nominal in so far
acceptances
register
for
rates
market
liabilities
other
and
and checks, advances
decreases of 110,319,000 marks, 3,091,000 marks and as the dealers are concerned, as they continue to fix
1,079,000 marks respectively. Below we furnish a their own rates. The nominal rates for open market
acceptances are as follows:
comparison of the various items for three years:
+0.07%
2.75%
2.23%
11.1%
New York Money Market
HE only incident of note in the money market
this week was the dubious market reception
of an issue of $100,000,000 fully guaranteed Federal
2% four-year bonds,
1
Farm Mortgage Corporation 1/
on WednesTreasury
offered competitively by the
it
Thursday
on
announced
day. When results were
$85,000,000,
exceeded
barely
tenders
appeared that
so that the sale had to be considered a partial failure.
This uncertain result related entirely to market
fluctuations for United States Government securities and to the competitive method of financing,
which is especially unsuitable in periods of unsettlement. Last Monday the Treasury sold $50,000,000
discount bills, due in 273 days, also by the competitive tender system, but such bills are taken in large
amounts by the Federal Reserve and other banks
for investment from the dealers who submit tenders,
and no difficulty was experienced with the issue.
Awards were made at an average discount of 0.127%,
computed on an annual bank discount basis. Call
loans on the New York Stock Exchange held at 14%,
while time loans for all maturities up to six months
likewise were at that level. Rates for bankers' bills
and commercial paper were unchanged.
T
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Rate in
Effect on
Aug. 30
Date
Established
PTCPlOtit
Rate
Feb. 8 1934
Feb. 2 1934
Jan. 17 1935
May 11 1935
May 9 1935
Jan. 14 1935
Jan. 19 1935
Jan. 3 1935
May 14 1935
May 10 1935
May 8 1935
Feb. 16 1934
214
2
214
2
234
234
234
234
234
234
24
214
I
—78,726,000 3,638,468,000 3,502,022,000 3,251,439,000
+5,422,000 788,698,000 701,518,000 420,280,000
—1,079,000 224,469,000 174,134,000 221,474,000
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:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
•
Retchsmarks Retchsmarks Retchsmarks
Retchstnarks
74,878,000 286,763,000
94.755,000
—93,000
63,657,000
16,952,000
30,138,000
No change
74.244.000
3,400,000
5,371,000
+86,000
—110,319,000 3,539,213,000 3,188,894,000 2,934,538,000
+27,118,000 226,719,000 308,662,000 316,920,000
15,424,000
16,554,000
13,086,000
+1,256,000
64,929,000
66,833,000
31.864,000
—3,091,000
+771,000 663,827,000 732.058,000 319,756,000
+9,703,000 678,984,000 609,192,000 503,770,000
X
Assets—
Gold and bullion
Of which dews. abroad
Reserve for foreign curr.
Bills of exch, and checks
Silver and other coin_
Notes on other Ger. bits.
Advances
Investments
Other assets
Liabilities—
Notes in circuAtion
Other daily matur. oblig
Other liabilities
Propor. of gold St for'n
curr. to note cfrcula'n
Aug. 23 1935 Aug. 23 1934 Aug. 23 1933
X
Changes
for Week
SPOT DELIVERY
--180 Days— —150Days— —120 Days—
Asked
Bid
Asked
Bid
Bid
Asked
IS
H
%
Prime eligible
%is
—60 Days— —30 Days—
—90 Days—
Asked
Bid
Askee
Bid
Asked
Bid
H
h
ha
St
is
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS
%% bid
Eligible member banks
%% bid
Eligible non-member banks
b3 t4 to NI to to to to •-• to-to
REICHSBANK'S COMPARATIVE STATEMENT
Course of Sterling Exchange
TERLING exchange shows no new features of
importance from those of the past few weeks.
The underlying tone is firm, as is best indicated by
the steadiness of the London check rate on Paris.
The rate continues to rule more in favor of London,
but the steadiness is due largely, if not altogether, to
operations of the British exchange control. It still
continues true, as has been the case for nearly four
months, that sterling has varied less than 1% in
terms of gold. The range for sterling this week has
been between $4.973i and $4.983/ for bankers'
sight bills, compared with a range of between $4.96%
% last week. The range for cable transfers
and $1.983
has been between $4.97% and $4.98%, compared
New York Money Rates
with a range of between $4.9634 and $4.983/2 a
the
on
rates
loan
call
with
detail
in
EALING
week ago.
1 of 1%
Stock Exchange from day to day, 4
The following tables give the mean London check
remained the ruling quotation all through the week rate on Paris from day to day, the London open
for both new loans and renewals. The market for market gold price and the price paid for gold by the
time money has been extremely quiet this week. United States:
MEAN LONDON CHECK RATE ON PARIS
There have been reports of occasional transactions
75.09
75.125
Wednesday, Aug. 28
Aug. 24
in maturities running from six to nine months. Rates Saturday,
75.11
75.13
Thursday, Aug. 29
Monday, Aug. 26
for
prime
market
75.15
The
75.14
30
Friday,
Aug.
27
I
maturities.
Aug.
Tuesday,
are Yt% on all
LONDON OPEN MARKET GOLD PRICE
commercial paper has been fairly active this week.
Saturday, Aug. 24____139s. 11;id. I Wednesday, Aug. 28__139s. 110.
has
demand
the
and
supply
good
in
been
has
Paper
Monday, Aug. 26____139s. 10M. I Thursday, Aug. 29._140s.
Aug. 30.._140s.
3 % for extra choice names Tuesday, Aug. 27____139s. 9;id. I Friday,
been steady. Rates are 4
BY THE UNITED STATES (FEDERAL
GOLD
FOR
PAID
PRICE
names
for
running from four to six months and 1%
RESERVE BANK)
$35.00
$35.00
Wednesday, Aug. 28
Saturday, Aug. 24
less known.
35.00
S
D
Bankers' Acceptances
HE demand for prime bankers' acceptances has
continued good during the week, but prime
bills have been hard to obtain. Quotations of the
American Acceptance Council for bills up to and
T
Monday, Aug. 26
Tuesday, Aug. 27
35.00 I Thursday,
35.00 I Friday,
Aug. 29
Aug. 30
35.00
As for many weeks, the steady buying of silver in
the London market for account of the United States
Treasury has been a highly significant factor creating firmness in sterling with reference to dollars.
Volume 141
Financial Chronicle
Far Eastern selling of silver developed again on
Saturday last and equally heavy selling was noticeable on Monday, when the United States Treasury
absorbed all offerings at 29d. per ounce. At the
same time the price for forward silver dropped fractionally to 28 15-16d. per ounce. The Treasury buys
only spot silver, but it appears certain that the former
large supplies of spot metal are no longer a conspicuous force in the market and that the long interest of the Far East has been well liquidated. Supplies
are coming in more slowly. The market seems to be
reaching a more nearly normal position. However,
so long, as silver holders are convinced that the
United States will not lift the price of silver but will
continue to buy at the lowest market rate, and will
even drop its peg with every indication of a falling
market, it may be expected that the Indian supplies
will steadily move to London. Bombay stocks last
month amounted to 35,000,000 ounces. As shipments go forward from these record accumulations,
continuous pressure on the forward market must be
expected, with a probable further decline in the spot
price. However the price of silver may move, so
long as the United States Treasury makes purchases
in London,its operations must have a firming effect
upon sterling.
At the present time seasonal factors continue to
operate in favor of the pound, although under
ordinary conditions such influences should now be
on the wane and the autumn pressure on commercial
account should make itself felt. At the present
juncture, however, it would seem that extraordinary
purchases of metals and raw materials by Italy in all
markets is having a decidedly firming effect on the
pound as in almost all instances the sellers of goods
and materials to Italian interests are demanding payment in sterling bills. This demand is caused by
distrust of other currencies and indicates the wide
confidence reposed in the London market, which in
turn is largely responsible for the firm tone of sterling inasmuch as it induces a steady augmentation of
funds flowing to the London market. Hence the
demand for sterling for investment in British securities or for the purchase of gold in the London open
market. The idle funds in London are at unprecedented levels.
There has begun to develop a movement of funds
from London and from Amsterdam, and to a lesser
extent from the Swiss cities through London, for
investment in the New York security market. Thus
far this investment flow to the United States has not
not assumed large proportions, but it is reported by
competent observers abroad that British and Dutch
bankers are being importuned by their clients for
information as to possibilities for investment on this
side. The interest evidenced by Continental investors in New York may be expected to reach considerable importance and may largely offset factors now
strengthening sterling exchange. London would
certainly welcome some departure of its great surplus
accumulations of foreign-owned capital. A slight
firming up of money rates in London would be helpful
and would in no way prove deterimental to the
steadily advancing position of British domestic
activity and overseas trade.
Money rates in Lombard Street show practically
no change from week to week. Call money against
bills is in supply at
Two-months' bills are
9-16%, three-months' bills 9-16% to %%, four-
1325
months' bills %%, and six-months' bills 11-16%
to %%.
All the gold on offer in the London market continues to be taken for unknown destination, which
means of course predominantly for account of
private hoarders. On Saturday last there was
taken 080,000, on Monday £180,000, on Tuesday
£598,000, on Wednesday 039,000, on Thursday
£325,000, and on Friday 052,000.
At the Port of New York the gold movement for
the week ended Aug. 28, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,AUG.22-AUG. 28,INCLUSIVE
Exports
Imports
$2,362,000 from India
2,120,000 from Canada
None
5,000 from Guatemala
$4,487,000 total
Net Change in Gold Held Earmarked for Foreign Account
Decrease $205,000
Note—We have been notified that approximately $162.000 of gold was
received from China at San Francisco.
The above figures are for the week ended on
Wednesday. On Thursday there were no imports or
exports of the metal, but gold held earmarked for
foreign account decreased $350,000. On Friday
there were no imports or exports of the metal or
change in gold held earmarked for foreign account.
Canadian funds during the week were quoted in
terms of the dollar at from a discount of 5-16% to a
premium of 3-16%.
Referring to day-to-day rates sterling exchange on
Saturday last was firm. Bankers'sight was $4.9732@
$4.98/; cable transfers, $4.97%@$4.9814. On
Monday the pound was steady. The range was
$4.97/@$4.98 for bankers' sight and $4.97%@
$4.983/ for cable transfers. On Tuesday exchange
on London continued firm and in demand. Bankers'
3
sight was $4.97/@$4.97%; cable transfers, $4.97%
@4.98. On Wednesday sterling was fractionally
easier. The range was $4.973'@$4.97% for bankers'
sight and $4.97/@ .973/i for cable transfers. On
Thursday the pound was easier. The range was
/ for bankers' sight and $4.97/®
$4.973.4.@$4.971
$4.97% for cable transfers. On Friday sterling was
lower. The range was $4.96M@$4.973/ for bankers'
sight and $4.96%@$4.973 for cable transfers.
Closing quotations on Friday were $4.96% for
demand and $4.96% for cable transfers. Commercial sight bills finished at $4.96, 60-clay bills at
$4.9532, 90-day bills at $4.95%, documents for
payment (60 days) at
.95 and seven-day grain
bills at $4.963. Cotton and grain for payment
closed at $4.96.
Continental and Other Foreign Exchange
XCHANGE on the Continental countries, while
relatively firm as during the past few weeks, is
nevertheless displaying an irregular tendency toward
weakness. This trend became quite pronounced on
Thursday and was especially marked in the case of
the French franc. There can be little doubt that the
Italian war preparations have much to do with the
present irregularity of Continental exchange.
. Premier Laval's program for improving the French
economic situation has as yet hardly gotten under
way. It seemed a week or more ago that the French
citizenry were inclined to co-operate more actively
with the plans of M. Tannery, Governor of the Bank
of France, and to withdraw their hoardings for
investment and deposit with the banks. Now, however, a certain degree of caution is again apparent
E
1326
and the public is less inclined to cd-operate. Sufficient funds were withdrawn from hoarding last
week to make money in Paris easier and more accessible. Nevertheless when it is considered that it is
generally estimated that approximately 40,000,000,000 francs are hoarded, the response of the
public to M. Tannery's urgent appeals could not
have been great.
The current statement of the Bank of France shows
a decrease of 52,596,162 francs in gold holdings.
Some of this gold may have gone to England, but
most of it doubtless went to Belgium and Switzerland, and there is a suspicion that French nationals
have taken some for hoarding. During the latter
part of this week the British exchange equalization
fund seems to have been more active in franc dealings in order to prevent a rise in sterling in terms
of the franc.
Italian lire show an irregular downward tendency
and quotations are maintained at present levels only
through the active intervention of the Italian
exchange control, operating chiefly with reference to
the Paris and London markets. The official rate.in
terms of the dollar recognized by the Italian control
is 8.22 cents. In Monday's trading the lira dropped
to 8.17. The exchange is thus rapidly approaching
the low for the year of 7.97 reached on July 23.
Italian issues show decided weakness in both London
and New York.
It is understood that London banks are charging
2% for discounting first class Italian paper. London
banks in adopting this attitude recall what happened
to credit which they granted to first rate German
banks in 1931. Bills accepted by Italian banks
located in London are called "Italian agency bills"
and normally circulate without difficulty. In addition London banks are accustomed to open credits
on behalf of Italian banks and to "accept" bills
against them. Recently there has been complaint
that there were too many such credits in the market
and bankers agreed to reduce them. The main
result of this tendency by London bankers to reduce
credit to Italy will be that Italy will be forced to use
up her gold reserves more rapidly and also to plunge
into barter agreements. It would seem that a policy
of Italian inflation cannot be avoided.
The communique issued after the cabinet meeting
with Mussolini at Bolzano on Aug. 29 requires:
"Foreign credits must be surrendered to the government. Foreign bonds and Italian bonds placed
abroad must be converted into Treasury bonds.
Foreign credit bonds and stocks must be converted."
Italy's balance of payments has been undermined
not only by the import surplus but also by the loss
of exchange receipts from her own shipping, by
chartering foreign ships, by the payment of heavy
Suez Canal dues, and finally by a decrease in remittances from emigrants. Hence, in the absence of
foreign loans a prolonged campaign could be conducted only at the cost of further currency depreciation, which would result in inflation.
The German mark situation becomes steadily more
uncertain. In an appeal for foreign trade Count
Lutz Schwerin von Krosigk, German finance minister,at the opening of the Leipzig fall fair on Aug. 25
said, apparently pointing to the United States,
"We can not do away with the bitter truth that
foreign countries can not in the long run maintain
surpluses in their trade balances and at the same
Aug. 31 1935
Financial Chronicle
time collect their debts from debtor countries. The
German debt problem can be solved only by a reduction of interest and amortization charges, together
with a moratorium, or by an increase in the German
export surplus." He admitted that Germany's
rearmament had increased her imports, thus destroying her export surplus and hence her ability to pay.
The Reichsbank statement for the third quarter of
August showed a loss in gold and bullion of 93,000
reichsmarks. This gold, it is understood, was sent
to London as the Reichsbank can not draw on its
exchange reserves, which have been reduced to only
5,000,000 marks.
Belgian currency continues to display a strong
undertone, in comparison with other Continental
units. The National Bank of Belgium's statement
for the week ended Aug. 22 shows a gold ratio to
notes of 85.21% and ratio of gold to total sight
liabilities of 66.46%. According to recent Brussels
dispatches the prospect for industrial activity seem
somewhat better. This is particularly true of the
metal industry. On the whole, however, the boom
which followed devaluation in Belgium seemed to
have come to an end in the middle of July and is
moving along more normal lines, as unemployment
figures have remained unchanged for the past
seven weeks.
The Hungarian National Bank reduced its rate of
rediscount on Wednesday from 43/2% to 4%. The
432% rate had been in effect since Oct. 17 1932,
when it was reduced from 5%.
The following table shows the relation of the
leading European currencies still on gold to the
United States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
Old Dollar
Parity
3.92
13.90
5.26
19.30
40.20
New Dollar
Parity
6.63
16.95
8.91
32.67
68.06
Range
Thia Week
6.60% to 6.623(
16.84 to 16.89
8.17% to 8.21
32.61 to 32.72
67.72 to 67.85
The London check rate on Paris closed on Friday
at 75.17 against 75.07 on Friday of last week. In
New York sight bills on the French center finished
% on Friday of last
on Friday at 6.60%, against 6.615
week; cable transfers at 6.61%, against 6.623,, and
commercial sight bills at 6.58%, against 6.593/8;
Antwerp belgas closed at 16.83 for bankers' sight bills
and at 16.84, for cable transfers, against 16.86 and
16.87. Final quotations for Berlin marks were
40.24 for bankers' sight bills and 40.25 for cable
transfers, in comparison with 40.28 and 40.29.
Italian lire closed at 8.173/ for bankers' sight bills
and at 8.183/i for cable transfers, against 8.183/ and
8.193/2. Austrain schillings closed at 18.95, against
18.98; exchange on Czechoslovakia at 4.14%, against
4.153/2;on Bucharest at 0.85, against 0.90; on Poland
at 18.92, against 18.95; and on Finland at 2.203's,
against 2.203. Greek exchange closed at 0.93%
for bankers' sight bills and at 0.941
% for cable
%.
transfers, against 0.943/i and 0.945
ICCHANGE on the countries neutral during the
war shows a wide diversity of trends. Holland
guilders are especially inclined to ease. Holland has
been losing gold steadily for some weeks both to
Paris and to London. At the same time it is confidently reported that there is a movement of Dutch
funds into both British and American securities.
In Amsterdam it is expected that the Netherlands
bank will shortly increase its rediscount rate, which
has been at 6% since July 26. However, this seems
E
Volume 141
Financial Chronicle
to be a market rumor and firmer money rates would
hardly be conducive to Premier Colijn's economic
objectives. Owing to continued fears of devaluation
the monetary stringency in Amsterdam is noticeable.
On Saturday last the Amsterdam index of bond
prices was the lowest since 1931.
Swiss francs continue to display a strong undertone
and are exceptionally firm against all other currencies.
Dollar parity of the Swiss franc is 32.67. During the
present week the unit was quoted in New York
between 32.61 and 32.72. The firmness in the Swiss
currency is largely due to movements of funds to
the Swiss centers owing to uneasiness over the general
political situation on the Continent and to fears of
further devaluation in currencies. The Scandinavian
units are firm and ruling steady at they are closely
affiliated with sterling exchange. Madrid dispatches
on Wednesday stated that the Bank of Spain
announced that it has at its disposal a large printing
of 5 and 10 peseta notes as a precaution against the
withdrawal of silver coins from circulation. The
notes will not be placed in circulation without
approval of Parliament.
Bankers' sight on Amsterdam finished on Friday
at 67.71, against 67.77 on Friday of last week;
cable transfers at 67.72, against 67.78, and commercial sight bills at 67.69, against 67.75. Swiss
francs closed at 32.59 for checks and at 32.62 for
cable transfers, against 32.67 and 32.68. Copenhagen checks finished at 22.17 and cable transfers
at 22.18, against 22.21 and 22.22. Checks on
Sweden closed at 25.61 and cable transfers at 25.62,
against 25.64 and 25.65; while checks on Norway
finished at 24.95 and cable transfers at 24.96,
against 25.00 and 25.01. Spanish pesetas closed at
13.69 for bankers' sight bills and at 13.70 for cable
transfers, against 13.71 and 13.72
XCHANGE on the South American countries
E
presents no new features from those of recent
weeks. The
1327
XCHANGE on the Far Eastern countries follows
E
trends apparent for many weeks and can hardly
be said to be much influenced
by the factors at
present bearing upon the Western currencies.
Japanese yen are steady, moving in close sympathy
with sterling exchange as a fixed policy of the government control, while the Indian rupee moves with
sterling, to which it is legally attached. The Chinese
units are moving within narrow limits, influenced
largely by world silver prices.
Closing quotations for yen checks yesterday were
29.39, against 29.43 on Friday of last week. Hong
Kong closed at 493@49 13-16, against 49/@
50 9-16; Shanghai at 36/@37 1-16, against 371%@
373/2; Manila at 49.85, against 49.85; Singapore at
58.20, against 58.10; Bombay at 37.53, against
37.57; and Calcutta at 37.53, against 37.57.
Foreign Exchange Rates
Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
URSUANT to the requirements of
P
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
AUG. 24 1935 TO AUG. 30 1935. INCLUSIVE
Country and MOnetary
Unit
Noon Buying Rate for Cable Transfers to NeW You
Value in United States Money
Aug.24
Aug.26
Aug.27
Aug.28
Aug.29
Aug.30
Europe$
Austria,schilling
I .189425* .189491* .189441* .189441* .189408* .189175*
Belgium. belga
.168700 .168707 .168691 .168725 .168631 .168361
Bulgaria, lev
I .013375* .013375* .013375* .013250• .013375* .013375*
Czechoslovakia, krone .041550 .041550 .041535 .041539 .041528 .041471
Denmark, krone
, .222208 .222154 .222233 .222066 .222025 .221783
England. pound sterl'g 4.076517 4.977946 4.977589 4.973750 4.973833 4.968000
Finland, markka
.021916 .021930 .021910 .021910 .021900 .021880 •
France, franc
.066243 .066224 .066230 .066232 .066186 -066100
Germany, reichsmark .402857 .402707 .402492 .402514 .402661 .402384
Greece, drachma
.009435 .009430 .009417 .009410 .009430 .009412
Holland. guilder
.678250 .677938 .677800 .677842 .677964 .677314
Hungary, pengo
.296375* .297250* .297250• .297000* .296875* .296750*
Italy, lira
.081991 .082003 .081960 .081830 .081883 .081856
Norway. krone
.250000 .250050 .250116 .244990 .249841 .249591
Poland, zloty
.189540 .189400 .189520 .189540 .189450 .189160
Portugal, escudo
.045190 .045195 .045129 .045006 .045087 .045150
Rumania,leu
.008800 .008860 .008900 .008950 .009000 .009000
Spain. peseta
137210 .137196 .137217 .137242 .137164 .137010
Sweden,krona
.256600 .256508 .256654 .256491 .256425 .256129
Switzerland, franc
.327064 .326878 .326814 .326765 .326489 .326107
Yugoslavia, dinar
.022950 .022950 .023016 .022943 .022912 .022887
AsiaChinaChefoo (yuan) dol'r .371250 .370833 .371583 .370416 .369375 .367083
Hankow(yuan) dol'r .371666 .371250 .372000 .370833 .369791 .367500
Shanghai(yuan)601. .371041 .370416 .371500 .370000 .369218 .367291
Tientsin(yuan) dol'r .371666 .371250 .372000 .370833 .369791 .367500
Hong Kong. dollar. .502656 .495312 .494531 .493125 .492812 .491093
India, rupee
.375030 .375075 .375460 ..375320 .375540 .374935
Japan, yen
.293525 .294000 .294040 .293880 .294005 .293550
Singapore (S. A.) dol'r .580000 .580625 .580625 .581250 .481250 .578750
AustralasiaAustralia, pound
3 953125.3.953437*3.953750*3.951875*5.851250'3.946250*
New Zealand, pound_ 3.976250*3.976250•3.976875*3.975000 3.974062* 3.969375*
AfricaSouth Africa, pound_ 4.938500*4.939000*4.939500* 4.936000*4.935250* 4.929250*
North AmericaCanada. dollar
.997656 .997760 .997812 .997357 .996953 .995000
Cuba. peso
999200 .999200 .999200 .999000 .999200 .999200
Mexico, peso (silver). .277375 .277500 .277500 .277375 .277500 .277125
Newfoundland, dollar .995062 .995312 .995375 .994812 .994375 .992500
South AmericaArgentina, peso
.331687* .331762* .331737* .331512* .331637 .331000*
Brazil, milrels
.084116* .084143* .084143* .084118* .084116 .083433*
Chile. peso
.050000* .050000* .050000* .050000* .050000 .050000*
Uruguay. peso
.806250* .806250* .806250* .806250* .805750 .804000*
Colombia. peso
536200* .540500* .536200* .536200* .537600* .537600*
•Nominal rates. firm rates not available.
Argentine position is constantly improving. The City of Buenos Aires has called 44,000,000
pesos of internal 7% bonds issued in 1924-1928. The
Credit() Industrial y Commercial Argentine heads a
group of Argentine banks underwriting a refunding
issue of 52,000,000 pesos 53/2% bonds. Holders of
the called bonds are offered the right to exchange for
the new issue. The Brazilian finance minister,
Arthur de Souza Costa, asserted on Aug. 26 that the
Brazilian government intends to continue paying as
long as possible the services due monthly and fortnightly on all Federal, State, and municipal debts
abroad. Payments in dollars, pounds sterling, gold
and paper francs, and florins are involved, totaling
Gold Bullion in European Banks
approximately $39,500,000. Sr. Valentin F. Boucas,
HE following table indicates the amount of gold
technical secretary for the commission on State and
bullion (converted into pounds sterling at par
municipal debts, asserted, "It may be said certainly of exchange) in the principal European banks as of
that there will be no suspension this year."
Aug. 29, 1935, together with comparisons as of the
Argentine paper pesos closed on Friday, official corresponding dates in the previous four years:
1935
1934
quotations, at 33 for bankers' sight bills, against 33 Banks of1933
1932
1931
E
E
-I
E
on Friday of last week, cable transfers at 333, England._ _ 194,083,561
E
192,335,853 191,666,243 139,806,479 135,668,427
a.- _ 572,869,175 654,075,967 657,813,700 657,913,607 468,503,910
against 333. The unofficial or free market close was France
Germany b.
3.230,950
2,901,500
12,686,200
32,247.750
63,326,400
90,772,000
90,575.000
90.390.000
90,264.000
91,023,000
26.90, against 26.85@27.00. Brazilian milreis, of- Spain
Italy
54,694,000
68.812,000
75.643,000
61,652.000
58.093,000
Netherlands
48,818,000
71,950,000
67,979,000
85,880.000
53,978,000
ficial rates, are 83. for bankers' sight bills and 8.30 Nat.Behem 100,606.000
75,418,000
76,855,000
74,724,000
45.227.000
Switzerland
45,554,000
62,887,000
61,462.000
89,164,000
32.787.000
for cable transfers, against 83 and 8.51. The Sweden
19,817,000
15.408,000
13,922.000
11,444.000
13,204.000
Denmark..
7,394,000
7.397.000
7,397,000
7,400,000
9,544,000
unofficial or free market close was 5.35 against 5.40. Norway _ _. 6,602,000 6,577,000 6,569,000 7.911,000
8.129,000
Chilean exchange is nominally quoted on the new Total week_ 1,144,440,686 1,248,337,320 1,262,363,143 1,258,406,836 979,483.737
Prey. week. 1,149,923,555 1,245.055,353 1.258.633.516 1.260,000,016 977,296.799
basis at 5.19, against 5.19. Peru is nominal at
•These are the gold holdings of the Bank of France as reported in the new form
of
statement. b Gold holdings of the Bank of Germany are exclusive of gold held
23.90, against 23.90.
abroad, the amount of which the present year Is £1,508,800.
T
Aug. 31 1935
Financial Chronicle
been committed. An amended Agricultural AdjustNow That Congress Has Adjourned
ment Act undertakes to forestall adverse court de-
1:328
No fair estimate of the accomplishments of the
Congressional session which has just ended can be
made without taking into account certain conditions
under which legislative work was carried on. From
the beginning of the session it was clear that President Roosevelt expected the two houses to do his
bidding, and with as little actual independence as the
previous Congress had shown. Throughout the long
session, accordingly, the titular leaders of the Senate
and House performed no important function save
that of serving as mediums for communicating to
their respective houses the Executive will, and seeing
to it that the procedure was in accordance with what
the President desired. In no Congress in our history
has there been more persistent and unblushing presidential interference with the Legislature, and what
in public took the customary form of request or advice became, in White House conferences, virtually
a command. Attempts were even made,in some cases
successfully, to force Executive agents upon the proceedings of committees, and "must" lists of pending
legislation were drawn up which Congress was expected to heed. For far the larger number of important public measures that were adopted the action
of Congress was akin to that of a rubber stamp, formal approval being given, often after little actual
debate, to bills which the Administration initiated
and which its Congressional spokesmen or Executive
officials drafted, and which the President directed
should be passed. The pressure was continued to the
end, and the last days of a session which had been
prolonged for weeks after the tired members were
anxious to go home witnessed a hectic scramble to
jam through quickly as much of the remainder of the
presidential program as possible, with less attention to the merits of proposals affecting the whole
country than has often been given to private pension
bills.
There were, to be sure, as the session advanced,
some indications that Mr. Roosevelt was overplaying
his hand. Mutterings of dissent, breaking out now
and then into what seemed like threats of revolt, appeared even in the Democratic ranks, and rumors
spread that White House conferences had not all
been love feasts. The great fight which Senator
Glass waged over the Eccles banking bill was an exhibition of independence and statesmanship worthy
of the best traditions of the Senate, while the broad
intimation that the Constitution ought to be revised
so as to fit the New Deal aroused widespread suspicion and resentment, and more than one bill was
shorn of some mischievous provision as a result of
determined opposition. By and large, however, Mr.
Roosevelt had his way. The defeats that he met
with were few in number and small in importance in
comparison with the victories which he won. For
most practical purposes it has. been another Roosevelt session, bewildered and helpless save as the
President directed it, following obediently in whatever direction the President led, fearful of consequences but too timorous to make a stand, and signing on the dotted line when the moment for decision
arrived.
A review of the principal legislation enacted shows
a consistent attempt to carry forward and perfect,
albeit with more caution than heretofore, the program of Federal usurpation and Executive dictatorship to which the Administration has from the first
cisions by validating all that has been done, specifying in detail what may be done hereafter, making it
more difficult to recover processing taxes, and prohibiting injunctions to stop the collection of such
taxes. The unworkable "ever normal granary plan"
is authorized, and subsidies are to be available for
exported farm products, except cotton. The cotton
situation, with its heavy decline in the sales of American cotton abroad, has been dealt with by extending
the Bankhead Act for one year, reducing the Government loan from 12 cents to 10 cents per pound,
and offering a bounty to growers equal to the difference between the selling price and 12 cents. This
latter provision, at least, seems of very doubtful constitutionality. The march of the agricultural quota
. system is strengthened by establishing a production
quota for potatoes on terms peculiarly irritating to
small growers, and a processing tax has been imposed upon rice. The limit of $600,000,000 on the
bonds which the Federal Farm Mortgage Corporation may issue for farm loans has been removed, and
the Frazier-Lemke Farm Mortgage Act, which was
held unconstitutional by the Supreme Court, has
been doctored in the hope of making it court-proof.
We pass over the Banking Act, the provisions of
that measure having been scrutinized in detail by
Professor H. Parker Willis in an article in last
week's "Chronicle." Holders of gold clause Federal
bonds have until Jan. 1 1936 to bring suits for damages on account of the abrogation of the right to payment in gold. Where the Home Owners' Loan Corporation was previously authorized to borrow
$3,000,000,000, it may now borrow $4,750,000,000,
while the maturity of mortgages which the Federal
Home Loan banks may accept as collateral is extended from 15 to 20 years. An additional two years
of life, to February, 1937, has been given to the Reconstruction Finance Corporation, and the Tennessee Valley Authority has been specifically authorized
to sell its surplus power, regulate the rate at which
the power shall be resold, and make loans to States
and municipal subdivisions to aid in the acquisition
of electric distribution plants. Utility holding companies, while escaping a "death sentence" in terms,
have received it virtually in fact wherever the Securities and Exchange Commission decides that they
are too large, and minute and drastic regulation is
provided for such companies as survive.
If there was one measure more than another which
competent opinion regarded as unconstitutional, it
was the Guffey-Snyder Coal Bill, but the bill was
passed just the same. The Wag,ner-Connery Labor
Relations Act sets up a National Labor Relations
Board to promote collective bargaining, which by
the Act is given the status of law, and to eliminate
"unfair" trade practices. The Act is specially
guarded against any interpretation that will "interfere with or impede or diminish in any way the right
to strike." A work relief appropriation of $4,880,50,000,000 of the amount for
000,000 earmarks
housing, $100,000,000 for rural electrification and
$900,000,000 for loans or grants to States and municipalities. The Social Security Act appears to have
been hamstrung by Senator Huey Long, whose filibustering performance at the very end of the session
prevented the passage of a deficiency bill carrying
the appropriation necessary to put the Act into effect, but the Act itself is now law and the prelimi-
Volume
141
Financial Chronicle
nary arrangements for its application will, it is reported, be made.
The grand total of appropriations voted at the
session is estimated by Representative Buchanan,
Chairman of the Appropriations Committee of the
House,at $10,250,000,000. This is about $82 for every
man, woman and child in the United States. There
is no prospect of a balanced budget for the next fiscal year, and a very dubious outlook for it the year
after.
These are some of the accomplishments which Senators and Representatives will have to explain to
their constituents during the next four months, and
which President Roosevelt may be expected to defend on the speaking tour which he has planned. It
is difficult to see how the control of credit and of
banking operations generally which the new Banking
Act establishes, or production control, crop loans
and benefits, and export bounties for agriculture, or
direct Government competition with private business and industry through Federal housing, or the
sale of Federal-produced electric power, or the electrification of rural areas and loans for the establishment or acquisition of municipal power plants
can be upheld save on the assumption that, without
Federal aid, a very large part of the business and
industry of the country would go to the dogs. It will
be peculiarly difficult to justify colossal expenditures for a work relief program which, as every intelligent person must now realize, makes no contribution to permanent employment, or to explain
how, with extraordinary expenditures mounting
portentously, personal and corporation taxes increased all along the line, and no budget balance
in sight, the country can continue much longer to
stand the strain.
What has happened, of course, thanks to the New
Deal, is the virtual obliteration of accustomed
party distinctions and the substitution of political
distinctions drawn on personal, class or regional
lines. Nominally, Mr. Roosevelt still heads a Democratic Party, but there are multiplying signs that
his Democratic support is neither united nor national. The classes and groups to which he now appeals are the farmers of the West and South, into
whose laps hundreds of millions of financial benefits have been poured, the leaders of organized labor
who see an opportunity, through the legal sanctification of collective bargaining and the establishment
of a Labor Relations Board, to compel industry and
business to yield to their demands and accept the
doctrine that, no matter what happens, wages must
be maintained or advanced, and the social radicals
who see in the Constitution a bar to "progress" and
affect to discern prosperity in "soaking the rich."
Fortunately for the country, these groups are not
harmonious. Even the farmers whose pockets the
Government has replenished are beginning to show
anxiety at the shrinkage of export markets, and
consumer resistance is reminding them that the
majority of the community will not allow itself to
be exploited without limit by a subsidized minority.
The raising of the constitutional issue has shattered
what was left of party lines as far as that question
is concerned, and radicals who have congratulated
themselves that a socialized economy was on its
way are taking alarm at the clear Fascist tendencies
of the Administration. It is a divided, anxious and
skeptical country to which Mr. Roosevelt will ad-
1329
dress his campaign speeches, and his political powers
will be hard put to it to demonstrate that his own
policies or those of his rubber-stamp Congress have
done much to make the present more tolerable or the
future more secure.
The American Controversy with Russia
Whatever the underlying merits of the controversy
between the United States and Soviet Russia may
be, the manner in which the diplomatic exchanges
began does not reflect much credit upon either President Roosevelt or the Department of State. Seizing
upon statements and declarations made at the recent
Congress of the Communist International, at Moscow, which seem to differ in no important respect
from statements and declarations common to all
Communist gatherings, and upon the presence at the
Congress of Communist delegates from this country,
the Administration has charged the Soviet Government with harboring in its territory an organization
which, it is alleged, plans to interfere with the internal affairs of the United States, and more specifically with violating pledges of non-interference given
in November 1933, when diplomatic relations between the two countries were resumed. The language in which the complaint was lodged; moreover,
is so unusual as to point to a rupture of diplomatic
relations if a satisfactory explanation is not
promptly forthcoming. The reply of the Soviet Government, in turn, repudiating the allegation of responsibility and declining to accept the protest, is
quite as unusual as the American note. It is safe to
say that probably not one person in a hundred thousand in this country, outside of Communist circles,
has paid anything more than passing attention to
the proceedings of the Communist International,
and that fewer still have attached any such sinister
importance to them as the Administration affects
to see.
A review of the facts will show what the issue, on
the surface at least, appears to be. On Sunday the
American Ambassador, William C. Bullitt, handed
to Mr. Krestinsky, Soviet Vice-Commissar for Foreign Affairs, a note, evidently prepared in the Department of State, calling attention to "the activities, involving interference in the internal affairs of
the United States, of the Congress of the Communist
International," and lodging "a most emphatic protest against this flagrant violation of the pledge"
regarding such interference given by the Soviet Government in 1933. The pledge, embodied in a letter of
Mr. Litvinov to President Roosevelt, bound the Soviet Government, among other things, "not to permit the formation or residence on its territory of any
organization or group—and to prevent the activity
on its territory of any organization or group, or of
representatives or officials of any organization or
group—which has as an aim the overthrow or the
preparation for the overthrow of, or the bringing
about by force of a change in, the political or social
order of the whole or any part of the United States,
its territories or possessions." Since "the aim and
activity of an organization such as the Congress of
the Communist International . . . cannot be unknown" to the Soviet Government,-it does not seem
necessary," the note continued, "to present material" showing the aims and activities of the organization "relative to the internal affairs of the
United States," or to list the names of American
1330
Financial Chronicle
Aug. 31 1935
Communists taking part in the proceedings. The civil wars for the enthronement of the proletariat,
American Government, however, the note declared, and to co-operate with whatever forces or classes
"would be lacking in candor if it failed to state would fight Fascism. "Where there is a Fascist dicfrankly that it anticipates the most serious conse- tatorship," a German Communist leader declared on
quences" if the Soviet Government "is unwilling or July 25, "the proletariat is deprived even of the
unable to take appropriate measures to prevent fur- most insignificant rights and opportunity legally to
ther acts in disregard of the solemn pledge given by defend its class interests. Therefore we Communists
it to the Government of the United States." The note will fight wholeheartedly to retain every ounce of
concluded with an expression of regret "that in the democratic freedom in company with those who have
present international situation the development of held to some degree to the principles of bourgeois
friendly relations between the Russian and Ameri- democracy in order to increase these liberties, and
can peoples will inevitably be precleded" by the con- with them as a basis to wage a struggle for genuine
tinuance, in Russian territory, of "activities involv- democracy and for wiping out.the exploitation of
ing interference in the internal affairs of the Ameri- man by man. We are ready to defend the remnants
of parliamentarianism and democracy together with
can people."
real adherents of bourgeois democracy against
Tuesthe
on
In a reply, handed to Ambassador Bullitt
in order to fight for proletarian democracy.
it
Fascism
considered
he
that
declared
day, Mr. Brestinsky
Fascism attacks the national indepenIf
German
all
that
firmness"
with
emphasize
to
"necessary
the Soviet Government "has always regarded and dence and unity of small independent States in
still regards with the greatest respect all obligations Europe, a war waged by the national bourgeoisie of
which it has taken upon itself," including the Lit- these States will be a just war in which proletarians
vinov pledge to which Mr. Bullitt referred, and and Communists cannot avoid taking part."
On Aug. 15 Georgi Dimitroff, a Bulgarian delepointed out that the American note "contained no
violation
was reported as saying toward the end of an
a
as
gate,
considered
be
facts ... which could
speech: "We still have the hangovers of
of
extended
Government
obligations."
Soviet
the
of
part
on the
It was "certainly not unknown to the Government formalistic approach in our relations with Fascism.
of the United States," he continued, that the Soviet This formalism is exemplified in the conviction of
Government "cannot take upon itself and has not some of our comrades that the Roosevelt New Deal
taken upon itself obligations of any kind with re- is a clearer and sharper form of the development
gard to the Communist International." Accordingly, of the bourgeoisie toward Fascism than the National
since the violation complained of "does not emanate Government of England, for example. It takes a
from obligations accepted by both sides," "I cannot," (rood deal of formalism to fail to see that the most
he added, "accept your protest and am obliged to reactionary circles of American finance capital who
are attacking Roosevelt represent the force that is
decline
What constitutes "interference in the internal af- stimulating and organizing the Fascist movement in
fairs" of one country by another is, doubtless, a de- the United States."
Such remarks as these, pointing to Fascism as a
batable question. The answer depends a good deal
immediate peril than capitalism and urging
greater
"acts,"
as
to
regard
chooses
upon what a Government
front" with bourgeois societies in the face
"united
a
to
plans
announced
gives
it
which
and the weight
or policies or to secret plans which it discovers. A of the Fascist danger, may well have had a disturbperusal of newspaper reports of the proceedings of ing effect in Administration circles at Washington.
the Moscow Congress from day to day does not dis- To charge "the most reactionary circles of American
close any "acts" which could reasonably be regarded finance capital who are attacking Roosevelt" with
as an interference with American internal affairs. "stimulating and organizing the Fascist movement
There were the usual reports, for the most part, ap- in the United States" comes near to implying that
parently, hopeful in tone, of the progress of Com- Communism, for the sake of combating a greater
munism in different countries, familiar denuncia- menace, would do well to support the New Deal. It
tions of capitalism and bourgeois society, appeals to is true that Soviet Russia has, to all practical intents
strengthen the Communist "front," exhortations to and purposes, abandoned the earlier objective of a
"bore from within" with a view particularly to ob- world revolution, although American Communists
taining control of labor unions, and more or less con- still talk volubly about it, but Communism in any
fident predictions (not quite so confident this year form, whether with or without revolution, is assuras at some previous times) of the coming overthrow edly about the last type of political doctrine from
of the capitalist order and the establishment of pro- which the Administration would care even to seem
letarian rule. Nothing in all this appears to have to be drawing support. Taken in connection with
been different from what has been openly proclaimed the failure of Soviet Russia to arrange for the setfor years, in speeches, magazines and books, by Com- tlement of the Tsarist debts to the United States—
munists or their sympathizers without costing any another matter which was supposed to have been
but very nervous patriots a wink of sleep. Even the settled in the negotiations of 1933—the opportunity
prediction by an American delegate, on July 30, of may have seemed favorable for interpreting the Mosa strike of seamen and dock workers, possibly of "un- cow discussions and resolutions as constituting a
precedented scope," on the Pacific Coast next month veritable "interference" with American internal afcould hardly have been news to anyone who has fol- fairs, and thereby discrediting at once any suggeslowed recent labor union developments in Los An- tion of Communist support for the New Deal.
The situation is an embarrassing one for the
geles, San Francisco and Seattle.
A new note, on the other hand, and one which per- United States. The extremely strong language of the
haps affords some clue to the Administration's ac- American note, joined to the curt refusal of the Soon
tion, was struck when the Congress indicated a pur- viet Government to receive the American protest
it
makes
fact,
no
in
had
foundation
it
that
ground
converting
of
strategy
the
pose to shelve its old-time
1344)
page
on
(Continued
into
wars
"imperialist"
as
brands
what Communism
Volume 141
Financial Chronicle
1331
Text of Public Utility Act of 1935 Providing for Federal Control of Public Utility
Holding Companies—Measure to Be Administered by SEC Act Embodies
Amendments to Federal Water Power Act
In another item in this issue of our paper, in which we
report the final Congressional action on the bill providing for
Federal control of public utility holding companies, we note
the signing of the bill by President Roosevelt on Aug. 26.
Below we give the text bf the measure (which carries amendments to the Federal Water Power Act) as enacted into law:
[S. 2796]
AN ACT
To provide for the control and elimination of public utility holding companies operating, or marketing securities, in interstate and foreign
commerce and through the mails, to regulate the transmission and
sale of electric energy in insterstate commerce, to amend the
Federal Water Power Act, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, •
That this Act may be cited as the "Public 'Utility Act of 1935."
TITLE 1—CONTROL OF PUBLIC-UTILITY HOLDING:COMPANIES
Necessity for Control of Holding Companies]
Section 1. (a) Public-utility holding companies and their subsidiary
companies are affected with a national public interest in that, among other
things, (1) their securities are widely marketed and distributed by means
of the mails and instrumentalities of interstate commerce and are sold to a
large number of investors in different States; (2) their service, sales, construction. and other contracts and arrangements are often made and performed by means of the mails and instrumentalities of interstate commerce;
(3) their subsidiary public-utility companies often sell and transport gas
and electric energy by the use of means and instrumentalities of interstate
commerce;(4) their practices In respect of and control over subsidiary companies often materially affect the interstate commerce in which those companies engage; (5) their activities extending over many States are not
susceptible of effective control by any State and make difficult, If not
impossible, effective State regulation of public-utility companies.
(b) Upon the basis of facts disclosed by the reports of the Federal Trade
Commission made pursuant to S. Res. 83 (70th Congress. first session).
the reports of the Committee on Interstate and Foreign Commerce, House
of Representatives, made pursuant to H. Res. 59 (72nd Congress, first
session) and H. J. Reel. 572 (72nd Congress, second session) and otherwise
disclosed and ascertained, it is hereby declared that the national public
Interest, the interest of investors in the securities of holding companies and
their subsidiary companies and affiliates, and the interest of consumers of
electric energy and natural and manufactured gas, are or may be adversely
affected—
(1) when such investors cannot obtain the information necessary to
appraise the financial position or earning power of the issuers, because of
the absence of uniform standard accounts; when such securities are issued
without the approval or consent of the States having jurisdiction over
subsidiary public-utility companies; when such securities are issued upon
the basis of fictitious or unsound asset values having no fair relation to the
sums invested in or the earning capacity of the properties and upon the
basis of paper profits from intercompany transactions, or in anticipation of
excessive revenues from subsidiary public-utility companies;
when such
securities are issued by a subsidiary public-utility
company under circumstances which subject such company to the burden of supporting an overcapitalized structure and tend to prevent voluntary rate reductions;
(2) when subsidiary public-utility cimpanies are subjected to excessive
charges for services, construction work, equipment,
and materials, or
enter into transactions in which evils result from an absence of arm's-length
bargaining or from restraint of free and independent competition; when
service, management, construction, and other contracts involve the allocation of charges among subsidiary public-utility companies in different
States so as to present problems of regulation which cannot be dealt with
effectively by the States;
(3) when control of subsidiary public-utility companies affects the accounting practices and rate, dividend,
and other policies of such sompanies so as to complicate and obstruct State
regulation of such companies,
or when control of such companies is exerted through disproportionately
small investment;
(4) when the growth and extension of holding companies bears no relation
to economy of management and operation or the integration and coordination of related operating properties; or
(5) when in any other respect there is lack of economy of management
and operation of public-utility companies or lack of efficiency and adequacy
of service rendered by such companies, or lack of effective public regulation,
or lack of economies in the raising of capital.
(c) When abuses of the character above enumerated become persistent
and widespread the holding company becomes an agency which, unless
regulated, is injurious to investors, consumers, and the general public;
and it Is hereby declared to be the policy of this title, in accordance with
which policy al( the provisions of this title shall be interpreted, to meet
the problems and eliminate the evils as enumerated in this section, connected with public-utility holding companies which are engaged in interstate commerce or in activities which directly affect or burden interstate
commerce; and for the purpose of effectuating such policy to compel the
simplification of public-utility holding-company systems and the elimination therefrom of properties detrimental to the proper functioning of
such systems, and to provide as soon as practicable for the elimination of
public-utility holding companies except as otherwise expressly provided in
this title.
Definitions
Sec. 2. (a):When used in this title, unless the context otherwise
requires—
(1) "Person" means an individual or company.
(2) "Company" means a corporation, a partnership, an association, a
joint-stock company, a business trust, or an organized group of persons,
whether incorporated or not; or any receiver, trustee, or other liquidating
agent of any of the foregoing in his capacity as such.
(3) "Electric utility company" means any company which owns or
operates facilities used for the generation, transmission, or distribution of
electric energy for sale, other than sale to tenants or employees of the
company operating such facilities for their own use and not for resale.
The Commission, upon application, shall by order declare a company
operating any such facilities not to be an electric utility company if the
Commission finds that (A) such company is primarily engaged in one or
more businesses other than the business of an electric utility company,
and by reason of the small amount of electric energy sold by such company
It is not necessary in the public interest or for the protection of investors
or consumers that such company be considered an electric utility company
for the purposes of this title, or (B) such company is one operating within
a single State, and substantially all of its outstanding securities are owned
directly or indirectly by another company to which such operating company
sells or furnishes electric energy which it generates; such other company
uses and does not resell such electric energy, is engaged primarily in
manufacturing (other than the manufacturing of electric energy or gas)
and is not controlled by any other company; and by reason of the small
amount of electric energy sold or furnished by such operating company
to other persons it is not necessary in the public interest or for the protection of investors or consumers that it be considered an electric utility
company for the purposes of this title. The filing of..an application hereunder in good faith shall exempt such company (and the owner of the
facilities operated by such company) from the application of this paragraph until the Commission has acted upon such application. As a condition to the entry of any such order, and as a part thereof, the Commission may require application to be made periodically for a renewal of
such order, and may require the filing of such periodic or special reports
regarding the business of the company as the Commission may find necessary or appropriate to insure that such company continues to be entitled
to such exemption during the period for which such order is effective. The
Commission, upon its own motion or upon application, shall revoke such
order whenever it finds that the conditions specified in clause (A) or (B)
are not satisfied in the case of such company. Any action of the Commission under the preceding sentence shall be by order. Application under
this paragraph may be made by the company in respect of which the order
is to be issued or by the owner of the facilities operated by such company.
Any order issued under this paragraph shall apply equally to such company
and such owner. The Commission may by rules or regulations conditionally
or unconditionally provide that any specified class or classes of companies
which it determines to satisfy the conditions specified in clause (A) or (B),
and the owners of the facilities operated by such companies, shall not be
deemed electric utility companies within the meaning of this paragraph.
(4) "Gas utility company" means any company which owns or operates
facilities used for the distribution at retail (other than distribution only
in enclosed portable containers, or distribution to tenants or employees of
the company operating such facilities for their own use and not for resale)
of natural or manufactured gas for heat,light, or power. The Commission,
upon application, shall by order declare a company operating any such
facilities not to be a gas utility company if the Commission finds that
(A)such company is primarily engaged in one or more businesses other than
the business of a gas utility company, and (B) by reason of the small
amount of natural or manufactured gas distributed at retail by such company Ills not necessary in the public interest or for the protection ofinvestors
or consumers that such company be considered a gas utility company for
the purposes of this title. The filing of an application hereunder in good
faith shall exempt such company (and the owner of the facilities operated
by such company) from the application of this paragraph until the Commission has acted upon such application. As a condition to the entry of
any such order, and as a part thereof, the Commission may require appllca
lion to be made periodically for a renewal of such order, and may require
the filing of such periodic or special reports regarding the business of the
company as the Commission may find necessary or appropriate to insure
that such company continues to be entitled to such exemption during the
period for which such order is effective. The Commission, upon its own
motion or upon application, shall revoke such order whenever it finds that
the conditions specified in clauses (A) and (B) are not satisfied in the case
of such company: Any action of the Commission under the preceding
sentence shall be by order. Application under this paragraph may be
made by the company In respect of which the order is to be issued or by the
owner of the facilities operated by such company. Any order issued under
this paragraph shall apply equally to such company and such owner. The
Commission may by rules or regulations conditionally or unconditionally
provide that any specified class or classes of companies which It determines
to satisfy the conditions specified in clauses (A) and (B). and the owners
of the facilities operated by such companies, shall not be deemed gas utility
companies within the meaning of this paragraph.
(5) "Publio-utility company" means an electric utility company or a
gas utility company.
(0) "Commission" means the Securities and Exchange Commission.
(7) "Holding company" means—
(A) any company which directly or indirectly owns, controls, or holds
with power to vote, 10% or more of the outstanding voting securities of a
public-utility company or of a company which Is a holding company by
virtue of this clause or clause (B), unless the Commission, as hereinafter
provided, by order declares such company not to be a holding company; and
(B)any person which the Commission determines, after notice and opportunity for hearing, directly or indirectly to exercise (either alone or pursuant
to an arrangement or understanding with one or more other persons) such a
controlling influence over the management or policies of any public-utility
or holding company as to make it necessary or appropriate in the public
interest or for the protection of investors or consumers that such person be
subject to the obligations, duties, and liabilities Imposed in this title upon
holding companies.
The Commission, upon application, shall by order declare that a company
is not a holding company under clause (A) if the Commission finds that
the applicant (1) does not, either alone or pursuant to an arrangement or
understanding with one or more other persons, directly or indirectly
control a public-utility or holding company either through one or more
intermediary persons or by any means or device whatsoever, (ft) is not
an intermediary company through which such control is exercised, and
(Ili) does not, directly or indirectly, exercise (either alone or pursuant to
an arrangement or understanding with one or more other persons) such
a controlling influence over the management or policies of any publicutility or holding company as to make it necessary or appropriate in the
public interest or for the protection of investors or consumers that the
applicant be subject to the obligations, duties, and liabilities imposed in
this title upon holding companies. The filing of an application hereunder
in good faith by a company other than a registered holding company shall
exempt the applicant from any obligation, duty, or liability imposed in
this title upon the applicant as a holding company, until the Commission
has acted upon such application. Within a reasonable time after the
receipt of any application hereunder, the Commission shall enter an order
granting, or, after notice and opportunity for hearing. denyng or otherwise disposing of, such application. As a condition to the entry of any
order granting such application and as a part of any such order, the Commission may require the applicant to apply periodically for a renewal of
such order and to do or refrain from doing such acts or things, in respect
of exercise of voting rights, control over proxies, designation of officers
and directors, existence of interlocking officers, directors and other relationships, and submission of periodic or special reports regarding affiliations
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Financial Chronicle
or intercorporate relationships of the applicant, as the Commission may
find necessary or appropriate to ensure that in the case of the applicant
the conditions specified in clauses (i), (ii), and (iii) are satisfied during
the period for which such order is effective. The Commission, upon its
own motion or upon application of the company affected, shall revoke the
order declaring such company not to be a holding company whenever in
its judgment any condition specified in clause (i), (ii), or (ill) is not satisfied
in the case of such company, or modify the terms of such order whenever
In its judgment such modification is necessary to ensure that in the case
of such company the conditions specified in clauses (1). (il), and (iii) are
satisfied during the period for which such order is effective. Any action
of the Commission under the preceding sentence shall be by order.
(8) "Subsidiary company" of a specified holding company means—
(A) any company 109 or more of the outstanding voting securities of
which are directly or indirectly owned, controlled, or held with power to
vote, by such holding company (or by a company that is a subsidiary
company of such holding company by virtue of this clause or clause (B)),
unless the Commission, as hereinafter provided, by order declares such
company not to be a subsidiary company of such holding company; and
(B) any person the management or policies of which the Commission,
after notice and opportunity for hearing, determines to be subject to a
controlling influence, directly or indirectly, by such holding company
(either alone or pursuant to an arrangement or understanding with one or
more other persons) so as to make it necessary or appropriate in the public
interest or for the protection of investors or consumers that such person be
subject to the obligations, duties, and liabilities imposed in this title upon
subsidiary companies of holding companies.
The Commission, upon application, shall by order declare that a company is not a subsidiary company of a specified holding company under
clause (A) if the Commission finds that (I) the applicant is not controlled,
directly or indirectly, by such holding company (either alone or pursuant
to an arrangement or understanding with one or more other persons)
either through one or more intermediary persons or by any means or device
whatsoever, (II) the applicant is not an intermediary company through
which such control of another company is exercised, and (Ili) the management or policies of the applicant are not subject to a controlling influence,
directly or indirectly, by such holding company (either alone or pursuant
to an arrangement or understanding with one or more other persons)
so as to make it necessary or appropriate in the public interest or for the
protection of investors or consumers that the applicant be subject to the
obligations, duties, and liabilities imposed in this title upon subsidiary
companies of holding companies. The filing of an application hereunder
in good faith shall exempt the applicant from any obligation, duty, or
liability imposed in this title upon the applicant as a subsidiary company
of such specified holding company until the Commission has acted upon
such application. Within a reasonable time after the receipt of any application hereunder, the Commission shall enter an order granting, or, after
notice and opportunity for hearing, denying or otherwise disposing of. such
application. As a condition to the entry of, and as a part of, any order
granting such application, the Commission may require the applicant to
apply periodically for a renewal of such order and to file such periodic or
special reports regarding the affiliations or intercorporate relationships of
the applicant as the Commission may find necessary or appropriate to
enable it to determine whether in the case of the applicant the conditions
specified in clauses (i), (Ii), and (iii) are satisfied during the period for
which such order is effective. The Commission, upon its own motion or
upon application, shall revoke the order declaring such company not to
be a subsidiary company whenever in its judgment any condition specified
in clause (i), (II), or (iii) is not satisfied in the case of such company, or
modify the terms of such order wheneVer in its judgment such modification
is necessary to ensure that in the case of such company the condition
specified in clauses (1), (ill, and (iii) are satisfied during the period for
which such order is effective. Any action of the Commission under the
preceding sentence shall be by order. Any application under this paragraph may be made by the holding company or the company in respect
of which the order is to be entered, but as used in this paragraph the term
"applicant" means only the company in respect of which the order is to
be entered.
(9) "Holding-company system" means any holding company, together
with all its subsidiary companies, and all mutual service companies (as
defined in paragraph (13) of this subsection) of which such holding company
or any subsidiary company thereof is a member company (as defined in
paragraph (14) of this subsection).
(10) "Associate company" of a company means any company in the
same holding-company system with such company.
(11) "Affiliate" of a specified company means—
(A) any person that directly or indirectly owns, controls, or holds with
power to vote, 5 per centum or more of the outstanding voting securities
of such specified company;
(B) any company 5 per centum or more of whose outstanding voting
securities are owned, controlled, or held with power to vote, directly or
indirectly, by such specified company;
(C) any individual who is an officer or director of such specified company,
or of any company 'which is an affiliate thereof under clause (A) of this
paragraph; and
(D) any person or class of persons that the Commission determines,
after appropriate notice and opportunity for hearing, to stand in such relation to such specified company that there is liable to be such an absence
of arm's-length bargaining in transactions between them as to make it
necessary or appropriate in the public interest or for the protection of
investors or consumers that such person be subject to the obligations, duties,
and liabilities imposed in this title upon affiliates of a company.
(12) "Registered holding company" Means a person whose registration
is in effect under section 5.
(13) "Mutual service company" means a company approved as a mutual
service company under section 13.
(14) "Member company" means a company which is a member of an
association or group of companies mutually served by a mutual service
company.
(15) "Director" means any director of a corporation or any individual
who performs similar functions in respect of any company.
(16) "Security" means any note, draft, stock, treasury stock, bond,
debenture, certificate of interest or participation in any profit-sharing
agreement or in any oil, gas, other mineral royalty or lease, any collateraltrust certificate, preorganization certificate or subscription, transferable
share,investment contract, voting-trust certificate, certificate of deposit for
a security, receiver's or trustee's certificate, or, in general, any instrument
commonly known as a "security"; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of,
assumption of liability on, or warrant or right to subscribe to or purchase,
any of the foregoing.
(17) "Voting security" means any security presently entitling the owner
or holder thereof to vote in the direction or management of the affairs
of a company, or any security issued under or pursuant to any trust,
agreement, or arrangement whereby a trustee or trustees or agent or agents
for the owner or holder of such security are presently entitled to vote in
the direction or management of the affairs of a company; and a specified
per centum of the outstanding voting securities of a company means such
amount of the outstanding voting securities of such company as entitles
Aug. 31 1935
the holder or holders thereof to cast said specified per centum of the aggregate votes which the holders of all the outstanding voting securities of such
company are entitled to cast in the direction or management of the affairs
of such company.
(18) "Utility assets" means the facilities, in place, of any electric utility
company or gas utility company for the production, transmission, transportation, or distribution of electric energy or natural or manufactured gas.
(19) "Service contract" means any contract, agreement, or understanding whereby a person undertakes to sell or furnish, for a charge, any
managerial, financial, legal, engineering, purchasing, marketing, auditing, statistical, advertising, publicity, tax, research, or any other service.
information, or data.
(20) "Sales contract" means any contract, agreement, or understanding
whereby a person undertakes to sell. lease, or furnish, for a charge, any
goods, equipment, materials, supplies, appliances, or similar property.
As used in this paragraph the term "property" does not include electric
energy or natural or manufactured gas.
(21) "Construction contract' means any contract, agreement, or understanding for the construction, extension, improvement, maintenance, or
repair of the facilities or any part thereof of a company for a charge.
(22) "Buy,' "acquire," "acquisition," or "purchase" includes any
purchase, acquisition by lease, exchange, merger, consolidation, or other
acquisition.
(23) "Sale" or "sell" includes any sale, disposition by lease, exchange or
pledge, or other disposition.
(24) "State" means any State of the United States or the District of
Columbia.
(25)"United States." when used in a geographical sense, means the States.
(26) "State commission" means any commission, board, agency, or
officer, by whatever name designated, of a State. municipality, or other
Political subdivision of a State which under the law of such State has
jrisdiction to regulate public-utility companies.
(27) "State securities commission" means any commission, board,
agency, or officer, by whatever name designated, other than a State commission as defined in paragraph (26) of this subsection, which under the
law of a State has jurisdiction to regulate, approve, or control the issue or
sale of a security by a company.
(28) "Interstate commerce" means trade, commerce, transportation,
transmission, or communication among the several States or between any
State and any place outside thereof.
(29) "Integrated public-utility system" means—
(A) As applied to electric utility companies, a system consisting of one
or more units of generating plants and (or) transmission lines and (or)
distributing facilities, whose utility assets, whether owned by one or more
electric utility companies, are physically interconnected or capable of physical interconnectio.) and which under normal conditions may be ecoromically
operated as a single interconnected and coordinated system confined in its
operations to a single area or region, in one or more States, not so large as
to impair (considering the state of the art and the area or region affected)
the advantages of localized management, efficient operation, and the
effectiveness of regulation: and
(B) As applied to gas utility companies, a system consisting of one or
more gas utility companies which are so located and related that substantial
economies may be effectuated by being operated as a single coordinated
system confined in its operations to a single area or region, in one or more
States, not so large as to impair (considering the state of the art and the
area or region affected) the advantages of localized management, efficient
operation, and the effectiveness of regulation: Provided, That gas utility
companies deriving natural gas from a common source of supply may be
deemed to be included in a single area or region.
(b) No person shall be deemed to be a holding company under clause
(B) of paragraph (7) of subsection (a), or a subsidiary company under
clause (B) of paragraph (8) of such subsection, or an affiliate under clause
(D) of paragraph (11) of such subsection. unless the Commission, after
appropriate notice and opportunity for hearing, has issued an order declaring such person to be a holding company, a subsidiary company, or an
affiliate, or declaring a class of which such person is a member to be affiliates. Such an order shall not become effective for at least 30 days after
the mailing of a copy thereof to the person thereby declared to be a holding
company, subsidiary company, or affiliate; or, in the case of determination of affiliates by classes, until at least 30 days after appropriate publication thereof in such manner as the Commission shall determine. Whenever the Commission, on its own motion or upon application by the person
declared to be a holding company, subsidiary company, or affiliate, finds
that the circumstances which gave rise to the issuance of any such order
no longer exist, the Commission shall by order revoke such order.
(c) No provision in this title shall apply to. or be deemed to include,
the United States, a State, or any political subdivision of a State, or any
agency, authority, or instrumentality of any one or more of the foregoing.
or any corporation which is wholly owned directly or indirectly by any one
or more of the foregoing, or any officer, agent, or employee of any of the
foregoing acting as such in the course of his official duty, unless such
provision makes specific reference thereto.
Power to Make Particular Exemptions Regarding Holding Companies,
Subsidiary Companies, and Affiliates
See. 3. (a) The Commission, by rules and regulations upon its own
motion, or by order upon application, shall exempt any holding company.
and every subsidiary company thereof as such, from any provision or
provisions of this title, unless and except insofar as it finds the exemption
detrimental to the public interest or the interest of investors or consumers. if—
(1) such holding company, and every subsidiary company thereof which
Is a public-utility company from which such holding company derives,
directly or indirectly, any material part of its income, are predominantly
Intrastate in character and carry on their business substantially in a single
State in which such holding company and every such subsidiary company
thereof are organized;
(2) such holding company is predominantly a public-utility company
whose operations as such do not extend beyond the State in which it is
organized and States contiguous thereto;
(3) such holding company is only incidentally a holding company, being
primarily engaged or interested in one or more businesses other than the
business of a public-utility company and (A) not deriving, directly or Indirectly, any material part of its income from any one or more subsidiary
companies, the principal business of which is that of a publieutility company, or (B) deriving a material part of its income from any one or more
such subsidiary companies, if substantially all the outstanding securities
of such companies are owned, directly or indirectly, by such holding
company:
(4) such holding company is temporarily a holding company solely by
reason of the acquisition of securities for purposes of liquidation or distribution in connection with a bona fide debt previously contracted or in
connection with a bona fide arrangement for the underwriting or distribution of securities: or
(5) such holding company is not, and derives no material part of its income, directly or indirectly, from any one or more subsidiary companies
which are. a company or companies the principal business of which within
the United States is that of a public-utility company.
(b) The Commission, by rules and regulations upon its own motion,
or by order upon application, shall exempt any subsidiary company, as
such, of a holding company from any provision or provisions of this title,
the application of which to such subsidiary company the Commission finds
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Financial Chronicle
is not necessary in the public interest or for the protection of investors, if
such subsidiary company derives no material part of its income, directly or
indirectly, from sources within the United States, and neither it nor any
of its subsidiary companies is a public-utility company operating in the
United States.
(c) Within a reasonable time after the receipt of an application for
exemption under subsection (a) or (b). the Commission shall enter an
order granting, or. after notice and opportunity for hearing, denying or
otherwise disposing of such application. The filing of an application in
good faith under subsection (a) by a person other than a registered holding
company shall exempt the applicant from any obligation, duty, or liability
imposed in this title upon the applicant as a holding company until the
Commission has rifted upon such application. The filling of an application
in good faith under subsection (b) shall exempt the applicant from any
obligation, duty, or liability imposed in this title upon the applicant as a
subsidiary company until the Commission has acted upon such application.
Whenever the Commission, on its own motion, or upon application by the
holding company or any subsidiary company thereof exempted by any
order issued under subsection (a), or by the subsidiary company exempted
by any order issued under subsection (b), finds that the circumstances
which gave rise to the issuance of such order no longer exist, the Commission shall by crder revoke such order.
(d) The Commission may, by rules and regulations, conditionally or
unconditionally exempt any specified class or classes of persons from the
obligations, duties, or liabilities imposed upon such persons as subsidiary
companies or affiliates under any provision or provisions of this title,
and may provide within the extent of any such exemption that such specified
class or classes of persons shall not be deemed subsidiary companies or
affiliates within the meaning of any such provision or provisions, if and to
the extent that it deems the exemption necessary or appropriate in the
public interest or for the protection of investors or consumers and not
contrary to the purposes of this title.
Transactions by Unregistered Holding Companies
Sec. 4. (a) After December 1, 1935, unless a holding company is
registered under section 5. it shall be unlawful for such holding company,
directly or indirectly—
(1) to sell, transport, transmit, or distribute, or own or operate any
utility assets for the transportation, transmission, or distribution of, natural
or manufactured gas or electric energy in interstate commerce;
(2) by use of the mails or any means or instrumentality of interstate
commerce, to negotiate, enter into, or take any step in the performance of.
any service, sales, or construction contract undertaking to perform services
or construction work for, or sell goods to, any public-utility company or
holding company;
(3) to distribute or make any public offering for sale or exchange of any
security of such holding company, any subsidiary company or affiliate of
such holding company, any public-utility company, or any holding company, by use of the mails or any means or instrumentality of interstate
commerce, or to sell any such security having reason to believe that such
security, by use of the mails or any means or instrumentality of interstate
commerce, will be distributed or made the subject of a public offering;
(4) by use of the mails or any means or instrumentality of interstate
commerce, to acquire or negotiate for the acquisition of any security or
utility assets of any subsidiary company or affiliate of such holding company, and public-utility company, or any holding company;
5) to engage in any business in interstate commerce; or
6) to own, control, or hold with power to vote, any security of any subsi
company thereof that does any of the acts enumerated in paragraphs (1) to (5), inclusive, of this subsection.
(b) Every holding company which has outstanding any security any
of which, by use of the malls or any means or instrumentality of interstate
commerce, has been distributed or made the subject of a public offering
subsequent to January 1, 1925, and any of which security is owned or
held on October 1, 1935 (or. if such company is not a holding company
on that date, on the date such company ecomes a holding company) by
persons not resident in the State in which such holding company is organized, shall register under section 5 on or before December 1, 1935 or the
thirtieth day after such company becomes a holding comPany, whichever
date is later.
Registration of Holding Companies
Sec. 5. (a) On or at any time after October 1, 1935, any holding company or any person purposing to become a holding company may register
by filing with the Commission a notification of registration, in such form
as the Commission may by rules and regulations prescribe as necessary or
appropriate in the public interest or for the protection of investors or
consumers. A person shall be deemed to be registered upon receipt by the
Commission of such notification of registration.
(b) It shall be the duty of every registered holding company to file with
the Commission, within such reasonable time after registration as the
Commission shall fix by rules and regulations or order, a registration
statement in such form as the Commission shall by rules and regulations
or order prescribe as necessary or appropriate in the public interest or
for the protection of investors or consumers. Such registration statement
shall include—
(1) such copies of the charter or articles of incesporation, partnership,
or agreement, with all amendments thereto, and the bylaws, trust indentures, mortgages, underwriting arrangements, voting-trust agreements, and
similar documents, by whatever name known,of or relating to the registrant
or any of its associate companies as the Commission may by rules and
regulations or order prescribe as necessary or appropriate in the public
interest or for the protection of investors or consumers;
(2)such information in such form and in such detail relating to, and
of such documents of or relating to, the registrant and its associatecopies
companies as the Commission may by rules and regulations or order prescribe
as necessary or appropriate in the public interest or for the protection of
investors or consumers in respect of—
(A) the organization and financial structure of such companies and
the nature of their business;
(B) the terms, position, rights, and privileges of the different classes
of their securities outstanding;
(C)the terms and underwriting arrangements under which their securities, during not more than the five preceding years, have been offered to
the public or otherwise disposed of and the relations of underwriters to,
and their interest in, such companies:
(D) the directors and officers of such companies, their remuneration,
their interest in the securities of, their material contracts with, and
their borrowings from, any of such companies;
E) bonus and profit-sharing arrangements;
F) material contracts, not made in the ordinary course of business,
and service, sales, and construction contracts;
(0) options in respect of securities;
(H) balance sheets for not more than the five preceding fiscal years,
certified, if required by the rules and regulations of the Commission,
by an independent public accountant;
(I) profit and loss statements for not more than the five preceding fiscal
years, certified, if required by the rules and regulations of the Commission, by an independent public accountant;
(3) such further information or documents regarding the registrant or
its associate companies or the relations between them as the Commission
may by rules and regulations or order prescribe as necessary or appropriate
in the public interest or for the protection of investors or consumers.
(c) The Commission by such rules and regulations or order as it deems
necessary or appropriate in the public interest or for the protection of
investors or consumers, may permit a registrant to file a preliminary
1333
registration statement without complying with the provisions of subsection
(b): but every registrant shall file a complete registration statement with
the Commission within such reasonable period of time as the Commission
shall fix by rules and regulations or order, but not later than one year
after the date of registration.
(d) Whenever the Commission, upon application, finds that a registered
holding company has ceased to be a holding company, it shall so declare
by order and upon the taking effect of such order the registration of such
company shall, upon such terms and conditions as the Commission finds
and in such order prescribes as necessary for the protection of investors,
cease to be in effect. The denial of any such application by the Commission shall be by order.
Unlawful Security Transactions by Registered Holding and Subsidiary
Companies
Sec. 6. (a) Except in accordance with a declaration effective under
section 7 and with the order under such section permitting such declaration
to become effective, it shall be unlawful for any registered holding company
or subsidiary company thereof, by use of the mails or any means or instrumentality of interstate commerce, or otherwise, directly or indirectly (I)
to issue or sell any security ofsuch company;or (2) to exercise any privilege
or right to alter the priorities, preferences, voting power, or other rights
of the holders of an outstanding security of such company.
(b) The provisions of subsection (a) shall not apply to the issue, renewal,
or guaranty by a registered holding company or subsidiary company thereof
of a note or draft (including the pledge of any security as collateral therefor)
If such note or draft (1) is not part of a public offering, (2) matures or is
renewed for not more than nine months, exclusive of days of grace, after
the date of such issue, renewal, or guaranty thereof, and (3) aggregates
(together with all other then outstanding notes and drafts of a maturity
of nine months or less, exclusive of days of grace, as to which such company
is primarily or secondarily liable) not more than 5 per centum of the principal amount and par value of the other securities of such company then
outstanding, or such greater per centum thereof as the Commission upon
application may by order authorize as necessary or appropriate in the public
interest or for the protection of investors or consumers. In the case of
securities having no principal amount or no par value, the value for the
purposes of this subsection shall be the fair market value as of the date of
issue. The Commission by rules and regulations or order, subject to such
terms and conditions as it deems appropriate in the public interest or for
the protection of investors or consumers, shall exempt from the provisions
of subsection (a) the issue or sale of any security by any subsidiary company
of a registered holding company, if the issue and sale of such security are
solely for the purpose of financing the business of such subsidiary company
and have been expressly authorized by the State commission of the State
in which such subsidiary company is organized and doing business, or if the
issue and sale of such security are solely for the purpose of financing the
business ofsuch subsidiary company when such subsidiary company is not a
holding company, a public-utility company, an investment company, or a
fiscal or financing agency of a holding company, a public utility company,
or an investment company. The provisions of subsection (a) shall not
apply to the issue, by a registered holding company or subsidiary compapy
thereof, of a security issued pursuant to the terms of any security outstanding on January 1, 1935, giving the holder of such outstanding security the
right to convert such outstanding security into another security of the same
issuer or of another person, or giving the right to subscribe to another
security of the same issuer or another issuer. Within 10 days after any
issue, sale, renewal, or guaranty exempted from the application of subsection (a) by or under authority of this subsection, such holding company
or subsidiary company thereof shall file with the Commission a certificate
of notification in such form and setting forth such of the information required in a declaration under section 7 as the Commission may by rules
and regulations or order prescribe as necessary or appropriate in the public
interest or for the protection of investors or consumers.
(c) It shall be unlawful, by use of the malls or any means or instrumentality of interstate commerce, or otherwise, for any registered holding
company or any subsidiary company thereof, directly or indirectly,—
(1) to sell or offer for sale or to cause to be sold or offered for sale, from
house to house, any security of such holding company; or
(2) to cause any officer or employee of any subsidiary company of such
holding company to sell or cause to be sold any security of such holding
company.
As used in this subsection the term "house" shall not include an office used
for business purposes.
Declarations by Registered Holding and Subsidiary Companies in.Respect of
Security Transactions
Sec. 7. (a) A registered holding company or subsidiary company
thereof may file a declaration with the Commission, regarding any of the
acts enumerated in subsection (a) of section 6, in such form as the Commission may by rules and regulations prescribe as necessary or appropriate in the public interest or for the protection of investors or consumers.
Such declaration shall include—
(1) such 01 the information and documents which are required to be filed
in order to register a security under section 7 of the Securities Act of 1933.
as amended, as the Commission may by rules and regulations or order
prescribe as necessary or appropriate in the public interest or for the protection of investors or consumers; and
(2) such additional information, in such form and detail, and such documents regarding the declarant or any associate company thereof, the particular security and compliance with such State laws as may apply to the
Act in question as the Commission may by rules and regulations or order
prescribe as necessary or appropriate in the public interest or for the protection of investors or consumers.
(b) A declaration filed under this section shall become effective within
such reasonable period of time after the filing thereof as the Commission
shall fix by rules and regulations or order, unless the Commission prior
to the expiration of such period shall have issued an order to the declarant
to show cause why such declaration should become effective. Within a
reasonable time after an opportunity for hearing upon an order to show
cause under this subsection, unless the declarant shall withdraw its declaration, the Commission shall enter an order either permitting such declaration to become effective. Amendments to a declaration may be made
upon such terms and conditions as the Commission may prescribe.
(c) The Commission shall not permit a declaration regarding the issue or
sale of a security to become effective unless it finds that—
(1) such security is (A) a common stock having a par value and being
without preference as to dividends or distribution over, and having at
least equal voting rights with, any outstanding security of the declarant;
(B) a bond (I) secured by a first lien on physical property of the declarant,
or (1i) secured by an obligation of a subsidiary company of the declarant
secured by a first lien on physical property of such subsidiary company, or
MB secured by any other assets of the type and character which the Commission by rules and regulations or order may prescribe as appropriate in
the public Interest or for the protection of investors;(C) a guaranty of. or
assumption ofliability on,a security of another company;or(D)a receiver's
or trustee's cervificate duly authorized by the appropriate court or courts;or
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Financial Chronicle
(2) such security is to be issued or sold solely (A) for the purpose of re
funding, extending, exchanging, or discharging an outstanding security of
the declarant and (or) a predecessor company thereof or for the purpose of
effecting a merger, consolidation, or other reorganization; (B) for the
purpose of financing the business of the declarant as a public-utility company;(C) for the purpose of financing the business of the declarant. when
the declarant is neither a holding company nor a public-utility company:
and (or)(D) for necessary and urgent corporate purposes of the declarant
where the requirements of the provisions of paragraph (1) would impose
an unreasonable financial burden upon the declarant and are not necessary
or appropriate in the public interest or for the protection of investors or
consumers; or
(3) such security is one the issuance of which was authorized by the
company prior to Jan. 11935. and which the Commission by rules and regulations or order authorizes as necessary or appropriate in the public interest
or for the protection of investors or consumers.
(d) If the requirements of subsections (c) and (g) are satisfied, the Commission shall permit a declaration regarding the issue or sale of a security
to become effective unless the Commission finds that—
(1) the security is not reasonably adapted to the security structure of
the declarant and other companies in the same holding-company system;
(2) the security is not reasonably adapted to the earning power of the
declarant:
(3)financing by the issue and sale of the particular security is not necessary or appropriate to the economical and efficient operation of a business
In which the applicant lawfully is engaged or has an interest;
(4) the fees, commissions, or other remuneration, to whomsoever paid.
directly or indirectly, in connection with the issue, sale, or distribution of
the security are not reasonable;
(5) in the case of a security that is a guaranty of, or assumption of liability on, a security of another company, the circumstances are such as to
constitute the making of such guaranty or the assumption of such liability
an improper risk for the declarant: or
(6) the terms and conditions of the issue or sale of the security are detrimental to the public Interest or the interest of investors or consumers.
(e) If the requirements of subsection (g) are satisfied, the Commission
shall permit a declaration to become effective regarding the exercise of a
privilege or right to alter the priorities, preferences, voting power, or other
rights of the holders of an outstanding security unless the Commission
finds that such exercise of such privilege or right will result in an unfair
or inequitable distribution of voting power among holders of the securities
of the declarant or is otherwise detrimental to the public interest or the
interest of investors or consumers.
(f) Any order permitting a declaration to become effective may contain
such terms and conditions as the Commission finds necessary to assure
compliance with the conditions specified in this section.
(g) If a State commission or State securities commission, having jurisdiction over any of the acts enumerated in subsection (a) of section 6, shall
inform the Commission, upon request by the Commission for an opinion or
otherwise, that State laws applicable to the act in question have not been
complied with, the Commission shall not permit a declaration regarding the
act In question to become effective until and unless the Commission is satisfied that such compliance has been effected.
Acquiring Interest in Electric and Gas Utility Companies
Serving Same Territory
Sec. 8. Whenever a State law prohibits, or requires approval or authorization of, the ownership or operation by a single company of the utility
assets of an electric utility company and a gas utility company serving
substantially the same territory, it shall be unlawful for a registered holding
company, or any subsidiary company thereof, by use of the mails or any
means or instrumentality of interstate commerce, or otherwise,—
(1) to take any step, without the express approval of the State commission of such State. which results in its having a direct or indirect interest
in an electric utility company and a gas utility company serving substantially the same territory: or
(2) if it already has any such interest, to acquire, without the express
approval of the State commission, any direct or indirect interest in an
electric utility company or gas utility company serving substantially the
same territory as that served by such companies in which it already has an
interest.
Acquisition of Securities and Utility Assets and Other Interests
Sec. 9 (a) Unless the acquisition has been approved by the Commissten under section 10. it shall be unlawful—
(1)for any registered holding company or any subsidiary company thereof,
by use of the malls or any means or instrumentality of interstate commerce.
or otherwise, to acquire, directly or indirectly, any securities or utility
assets or any other interest in any business:
(2) for any person, by use of the mails or any means or instrumentality
of interstate commerce, to acquire, directly or indirectly, any security of
any public-utility company, if such person is an affiliate, under clause (A)
of Paragraph (11) of subsection (a) of section 2, of such company and of
any other public utility or holding company, or will by virtue of such
acquisition•bems me such an affiliate.
(b) Subsection (a) shall not apply to—
(1) the acquisition by a public-utility company of utility assets the
acquisition of which has been expressly authorized by a State commission: or
(2) the acquisition by a ;public-utility company of securities of a subsidiary
Public-utility company thereof, provided that both such public-utility
companies and all other public-utility companies in the same holding-company system are organized in the same State, that the business of each such
company in such system is substantially confined to such State. and that
the acquisition of such securities has been expressly authorized by the State
commission of such State.
(c) Subsection (a) shall not apply to the acquisition by a registered
holding company, or a subsidiary company thereof, of—
(1) securities of. or securities the principal or interest of which is guaranteed by, the United States, a State, or political subdivision of a State, or
any agency, authority, or instrumentality of any one or more of the foregoing, or any corporation which is wholly owned, directly or indirectly, by
any one or more of the foregoing;
(2) such other readily marketable securities, within the limitation of such
amounts, as the Commission may by rules and regulations prescribe as
appropriate for investment of current funds and as not detrimental to the
public interest or the interest of investors or consumers; or
(3) such commercial paper and other securities, within such limitations,
as the Commission may by rules and regulations or order prescribe as appropriate in the ordinary course of business of a registered holding company
or subsidiary company thereof and as not detrimental to the public interest
or the interest of investors or consumers
Approval of Acquisition of Securities and Utility Assets and Other Interests
Sec. 10. (a) A person may apply for approval of the acquisition of
securities or utility assets, or of any other interest in any business, by
filing an application in such form as the Commission may by rules and
regulations prescribe as necessary or appropriate in the public interest or
for the protection of investors and consumers. Such application shall
include—
(1) in the case of the acquisition of securities, such information and
copies of such documents as the Commission may by rules and regulations
or order prescribe as necessary or appropriate in the public interest or for
the protection of investors or consumers in respect of—.
(A) the security to be acquired, the consideration to be paid therefor,
and compliance with such State laws as may apply in respect of the issue,
sale, or acquisition thereof,
(B) the outstanding securities of the company whose security is to be
acquired, the terms, position, rights, and privileges of each class and the
options in respect of any such securities
Aug. 31 1935'
(C) the names of all security holders of record (or otherwise known to
the applicant) owning, holding, or controlling 1 per centum or more of
any class of security of such company, the officers and directors of such
company, and their remuneration, security holdings in, material contracts
with, and borrowings from such company and the offices or directorships
held, and securities owned, held, or controlled, by them in other companies,
(D) the bonus, profit-sharing and voting-trust agreements, underwriting arrangements, trust indentures, mortgages, and similar documents, by whatever name known, of or relating to such company,
(E)the material contracts, not made in the ordinary course of business,
company.
and the service, sales, and construction contracts of such indirectly,
by
(P) the securities owned, held, or controlled, directly or
such company,
for
(0) balance sheets and profit and loss statements of such company
not more than the five preceding fiscal years, certified, if required by the
rules and regulations of the Commission by an independent public accountant:
(H)any further information regarding such company and any associate
company or affiliate thereof, or its relations with the applicant company.
and
(I) if the applicant be not a registered holding company, any of the
information and documents which may be required under section 5 from
a registered holding company:
(2) in the case of the acquisition of utility assets, such information concerning such assets, the value thereof and consideration to be paid therefor,
the owner or owners thereof and their relation to, agreements with, and
Interest in the securities of, the applicant or any associate company thereof
as the Commission may by rules and regulations or order prescribe as necessary or appropriate in the public interest or for the protection of investors
or consumers: and
(3) in the case of the acquisition of any other interest in any business,
such information concerning such business and the interest to be acquired.
and the consideration to be paid, as the Commission may by rules and
regulations or order prescribe as necessary or appropriate in the public interest or for the protection of investors or consumers.
sisi.-isrs— •
(b) If the requirements of subsection (f) are satisfied, the Commission
finds that—
Commission
the
unless
shall approve the acquisition
con(1) such acquisition will tend towards Interlocking relations or the
centration of control of public-utility companies, of a kind or to an extent
consumers:
or
investors
of
interest
the
or
interest
detrimental to the public
(2) in case of the acquisition of securities or utility assets, the consideration, including all fees, commissions, and other remuneration, to whomsoever paid, to be given, directly or indirectly, in connection with such acquisition is not reasonable or does not bear a fair relation to the sums invested
in or the earning capacity of the utility assets to be acquired or the utility
assets underlying the securities to be acquired; or
(3) such acquisition will unduly complicate the capital structure of the
holding-company system of the applicant or will be detrimental to the
public interest or the interest of investors or consumers or the proper functioning of such holding-company system.
The Commission may condition its approval pf the acquisition of securities
of another company upon such a fair offer to purchase such of the other
securities of the company whose security Is to be acquired as the Commission may find necessary or appropriate in the public interest or for the
protection of investors or consumers.
(c) Notwithstanding the provisions of subsection (b), the Commission
shall not approve—
(1) an acquisition of securities or utility assets, or of any other interest.
which is unlawful under the provisions of section 8 or is detrimental to the
Carrying out of the provisions of section 11; or
(2) the acquisition of securities or utility assets of a public-utility or holding company unless the Commission finds that such acquisition will serve
the public interest by tending towards the economical and efficient development of an integrated public-utility system. This paragraph shall not apply
to the acquisition of securities or utility assets of a public-utility company
operating exclusively outside the United States.
(d) Within such reasonable time after the filing of an application under
this section as the Commission shall fix by rules and regulations or order,
the Commission shall enter an order either granting or, after notice and
opportunity for hearing,denying approval ofthe acquisition unless the applicant shall withdraw its application. Amendments to an application may
be made upon such terms and conditions as the Commission may prescribe.
(e) The Commission, in any order approving the acquisition of securities
or utility assets, may prescribe such terms and conditions in respect of
such acquisition, including the price to be paid for such securities or utility
assets, as the Commission may find necessary or appropriate in the public
interest or for the protection of investors or consumers.
(f) The Commission shall not approve any acquisition as to which an
application is made under this section unless it appears to the satisfaction
of the Commission that such State laws as may apply in respect of such
acquisition have been complied with, except whore the Commission finds
that compliance with such State laws would be detrimental to the carrying
out of the provisions of section 11.
Simplification of Holding-Company Systems
Sec. 11. (a) It shall be the duty of the Commission to examine the
corporate structure of every registered holding company and subsidiary
company thereof, the relationships among the companies in the holdingcompany system of every such company and the character of the interests
thereof and the properties owned or controlled thereby to determine the
extent to which the corporate structure of such holding-company system
and the companies therein may be simplified, unnecessary complexities
therein eliminated, voting power fairly and equitably distributed among
the holders of securities thereof, and the properties and business thereof
confined to those necessary or appropriate to the operations of an integrated
registered public-utility system.
(b) It shall be the duty of the Commission, as soon as practicable after
Jan. 1, 1938:
(1) To require by order, after notice and opportunity for hearing, that
each registered holding company, and each subsidiary company thereof,
shall take such action as the Commission shall find necessary to limit the
operations of the holding-company system of which such company is a part
to a single integrated public-utility system, and to such other businesses as
are reasonably incidental, or economically necessary or appropriate to the
operations of such integrated public-utility system: Provided however.
That the Commission shall permit a registered holding company to continue
to control one or more additional integrated public-utility systems, if,
after notice and opportunity for hearing, it finds that—
(A) Each of such additional systems cannot be operated as an independent system without the loss of substantial economies which can be
secured by the retention of control by such holding company of such system;
(B) All of such additional systems are located in one State, or in adjoining States, or in a contiguous foreign country; and
(C) The continued combination of such systems under the control of
such holding company is not so large (considering the state of the art and
the area or region affected) as to impair the advantages of localized
management, efficient operation, or the effectiveness of regulation.
The Commission may permit as reasonably incidental, or economically
necessary or appropriate to the operations of one or more integrated publicutility systems the retention of an interest in any business (other than the
business of a public-utility company as such) which the Commission shall
find necessary or appropriate in the public interest or for the protection of
investors or consumers and not detrimental to the proper functioning of
such system or systems.
(2) To require by order, after notice and opportunity for hearing, that
each registered holding company, and each subsidiary company thereof,
shall take such steps as the Commission shall find necessary to ensure that
the corporate structure or continued existence of any company in the holding-company system does not unduly or unnecessarily complicate
Volume 141
Financial Chronicle
structure, or unfairly or inequitably distribute voting power among security
holders, of such holding-company system. In carrying out the provisions
of this paragraph the Commission shall require each registered holdingcompany .(and any company in the same holding-company system with
such holding company) to take such action as the Commission shall find
necessary in order that such holding company shall cease to be a holding
company with respect to each of its subsidiary companies which itself has
a subsidiary company which is a holding company. Except for the purpose
of fairly and equitably distributing voting power among the security holders
of such company, nothing in this paragraph shall authorize the Commission
to require any change in the corporate structure or existence of any company
whose principal business is that of a public-utility company.
The Commission may by order revoke or modify any order previously
made under this subsection, if, after notice and opportunity for hearing.
it finds that the conditions upon which the order was predicated do not
exist. Any order made under this subsection shall be subject to judicial
review as provided in section 24.
(c) Any order under subsection (b) shall be complied with within one
year from the date of such order; but the Commission shall, upon a showing (made before or after the entry of such order) that the applicant has
been or will be unable in the exercise of due diligence to comply with such
order within such time, extend such time for an additional period not
exceeding one year if it finds such extension necessary or appropriate in
the public interest or for the protection of investors or consumers.
(d) The Commission may apply to a court, in accordance with the
provisions of subsection (f) of section 18. to enforce compliance with any
order issued under subsection (b). In any such proceeding, the court as a
court of equity may, to such extent as it deems necessary for purposes of
enforcement of such order, take exclusive jurisdiction and possession of
the company or companies and the assets thereof, wherever located; and
the court shall have jurisdiction, in any such proceeding, to appoint a
trustee, and the court may constitute and appoint the Commission as sole
trustee, to hold or administer under the direction of the court the assets so
possessed. In any proceeding for the enforcement of an order of the
Commission issued under subsection (b), the trustee with the approval of
the court shall have power to dispose of any or all of such assets and, subject to such terms and conditions as the court may prescribe, may make
such disposition in accordance with a fair and equitable reorganization
plan which shall have been approved by the Commission after opportunity
for hearing. Such reorganization plan may be proposed in the first instance
by the Commission, or, subject to such rules and regulations as the Commission may deem necessary or appropriate in the public interest or for the
protection of investors, by any person having a bona fide interest (as
defined by the rules and regulations of the Commission) in the
reorganization.
(e) In accordance with such rules and regulations or order as the Commission may deem necessary or appropriate in the public interest or for
the protection of investors or consumers, any registered holding company
or any subsidiary company of a registered holding company may, at any
time after January 1. 1936, submit a plan to the Commission for the
divestment of control, securities, or other assets, or for other action by
such company or any subsidiary company thereof for the purpose of enabling such company or any subsidiary company thereof to comply with the
provisions of subsection (b). If, after notice and opportunity for hearing,
the Commission shall find such plan, as submitted or as modified, necessary to effectuate the provisions of subsection (b) and fair and equitable to
the persons affected by such plan, the Commission shall make an order
approvin; such plan; and the Commission, at the request of the company,
may apply to a court, in accordance with the provisions of subsection (f)
of section 18, to enforce and carry out the terms and provisions of such
plan. If, upon any such application, the court, after notice and poportunitY for hearing, shall approve such plan as fair and equitable and as
appropriate to effectuate the provisions of section 11. the court as a court
of equity may, to such extent as it deems necessary for the purpose of
carrying out the terms and provisions of such plan, take exclusive jurisdiction and possession of the company or companies and the assets thereof,
wherever located; and the court shall have jurisdiction to appoint a trustee,
and the court may constitute and appoint the Commission as sole trustee,
to hold or administer, under the direction of the court and in accordance
with the plan theretofore approved by the court and the Commission, the
assets so possessed.
(f) In any proceeding in a court of the United States, whether under
this section or otherwise, in which a receiver or trustee is appointed for
any registered holding company, or any subsidiary company thereof, the
court may constitute and appoint the Commission as sole trustee or receiver,
subject to the directions and orders of the court, whether or not a trustee or
receiver shall theretofore have been appointed, and in any such proceeding
the court shall not appoint any person other than the Commission as trustee
or receiver without notifying the Commission and giving it an opportunity
to be heard before making any such appointment. In no proceeding under
this section or otherwise shall the Commission be appointed as trustee or
receiver without its express consent. In any such proceeding a reorganization plan for a registered holding company or any subsidiary company
thereof shall not become effective unless such plan shall have been approved
by the Commission after opportunity for hearing prior to its submission to
the court. Notwithstanding any other provision of law, any such reorganization plan may be proposed in the first instance by the Commission
or. subject to such rules and regulations as the Commission may deem
necessary or appropriate in the public interest or for the protection of
Investors, by any person having a bona fide interest (as defined by the
rules and regulations of the Commission) in the reorganization. The
Commission may, by such rules and regulations or order as it may deem
necessary or appropriate in the public interest or for the protection of
investors or consumers,require that any or all fees, expenses,and remuneration, to whomsoever paid, in connection with any reorganization, dissolution, liquidation, bankruptcy, or receivership of a registered holding company or subsidiary company thereof, in any such proceeding, shall be
subject to approval by the Commission.
(g) It shall be unlawful for any person to solicit or permit the use of
his or its name to solicit, by use of the mails or any means or instrumentality
of interstate commerce, or otherwise, any proxy, consent, authorization,
power of attorney, deposit, or dissent in respect of any reorganization
plan of a registered holding company or any subsidiary company thereof
under this section, or otherwise, or in respect of any plan under this section
for the divestment of control, securities, or other assets, or for the dissolution of any registered holding company or any subsidiary company thereof,
11111088
-
(1) the plan has been proposed by the Commission, or the plan and such
information regarding it and its sponsors as the Commission may deem
necessary or appropriate in the public interest or for the protection of investors or consumers has been submitted to the Commission by a person
having a bona fide interest (as defined by the rules and regulations of the
Commission) in such reorganization;
(2) each such solicitation is accompanied or preceded by a copy of a report
on the plan which shall be made by the Commission after an opportunity
for a hearing on the plan and other plans submitted to it. or by an abstract
of such report made or approved by the Commission: and
1335
(3) each such solicitation is made not in contravention of such rules and
regulations or orders as the Commission may deem necessary or appropriate in the public interest or for the protection of investors or consumers.
Nothing in this subsection or the rules and regulations thereunder shall
prevent any person from appearing before the Commission or any court
through an attorney or proxy.
Intercompany Loans; Dividends; Security Transactions; Sale of Utility
Assets; Proxies; Other Transactions
Sec. 12. (a) It shall be unlawful for any registered holding company,
by use of the malls or any means or instrumentality of interstate commerce,
or otherwise, directly or indirectly, to borrow, or to receive any extension
of credit or indemnity,from any public-utility company in the same holding-company system or from any subsidiary company of such holding
company, but it shall not be unlawful under this subsection to renew, or
extend the time of any loan, credit, or indemnity outstanding on the date
of the enactment of this title.
(b) It shall be unlawful for any registered holding company or subsidiary company thereof,•by use of the mails or any means or instrumentality of interstate commerce, or otherwise, directly or indirectly, to lend
or in any manner extend its credit to or indemnify any company in the
same holding-company system in contravention of such rules and regulations or orders as the Commission deems necessary or appropriate in the
public interest or for the protection of investors or consumers or to prevent
the circumvention of the provisions of this title or the rules, regulations,
or orders thereunder.
(c) It shall be unlawful for any registered holding company or any
subsidiary company thereof, by use of the mails or any means or instrumentality of interstate commerce, or otherwise, to declare or pay any
dividend on any security of such company or to acquire, retire or redeem
any security of such company, in contravention of such rules and regulations or orders as the Commission deems necessary or appropriate to
protect the financial integrity of companies in holding-company systems,
to safeguard the working capital of public-utility companies, to prevent
the payment of dividends out of capital or unearned surplus, or to prevent
the circumvention of the provisions of this title or the rules, regulations,
or orders thereunder.
(d) It shall be unlawful for any registered holding company, by use of'
the mails or any means or instrumentality of interstate commerce, or
otherwise, to sell any security which it owns of any public-utility company,
or any utility assets, in contravention of such rules and regulations or
orders regarding the consideration to be received for such sale, maintenance
of competitive conditions, fees and commissions, accounts, disclosure of
interest, and similar matters as the Commission deems necessary or appropriate in the public interest or for the protection of investors or consumers
or to prevent the circumvention of the provisions of this title or the rules.
regulations, or orders thereunder.
(e) It shall be unlawful for any person to solicit or to permit the use of
his or its name to solicit, by use of the mails or any means or instrumentality of interstate commerce, or otherwise, any proxy, power of attorney,
consent, or authorization regarding any security of a registered holding
company or a subsidiary company thereof in contravention of such rules
and regulations or orders as the Commission deems necessary or appropriate in the public interest or for the protection of investors or consumers
or to prevent the circumvention of the provisions of this title or the rules.
regulations, or orders thereunder.
(I) It shall be unlawful for any registered holding company or subsidiary company thereof, by use of the mails or any means or instrumentality of interstate commerce,or otherwise, to negotiate, enter into, or take
any step in the performance of any transaction not otherwise unlawful
under this title, with any company in the same holding-company system or
with any affiliate of a company in such holding-company system in contravention of such rules and regulations or orders regarding reports,
accounts, costs, maintenance of competitive conditions, disclosure of interest, duration of contracts, and similar matters as the Commission deems
necessary or appropriate in the public interest or for the protection of investors or consumers or to prevent the circumvention of the provisions of
this title or the rules and regulations thereunder.
(g) It shall be unlawful for any affiliate of any public-utility company,
by use of the mails or any means or instrumentality of interstate commerce, or for any affiliate of any public-tuility company engaged in interstate commerce, or of any registered holding company or any subsidiary
company thereof, by use of the mails or any means or instrumentality
• of interstate commerce, or otherwise, to negotiate, enter into, or take any
step in the performance of any transaction not otherwise unlawful under
this title, with any such company of which it is an affilaite, in contravention of such rules and regulations or orders regarding reports, accounts.
costs, maintenance of competitive conditions, disclosure of interest, duration of contracts, and similar matters as the Commission deems necessary
or appropriate to prevent the circumvention of the provisions of this title.
(h) It shall be unlawful for any registered holding company, or any
subsidiary company thereof, by use of the mails or any means or instrumentality of interstate commerce, or otherwise, directly or indirectly—
(1) to make any contribution whatsoever in connection with the candidacy, nomination, election or appointment of any person for or to any office
or position in the Government of the United States, a State. or any political
subdivision of a State, or any agency, authority, or intrumentality of anyone or more of the foregoing: or
(2) to make any contribution to or in support of any political party or
any committee or agency thereof.
The term "contribution" as used in this subsection includes any gift,
subscription, loan, advance, or deposit of money or anything of value, and
Includes any contract, agreement, or promise, whether or not legally
enforceable, to make a contribution.
(i) It shall be unlawful for any person employed or retained by any
registered holding company, or any subsidiary company thereof, to
present, advocate, or oppose any matter affecting any registered holding
company or any subsidiary company thereof, before the Congress or any
Member or committee thereof, or before the Commission or Federal Power
Commission, or any member, officer, or employee of either such commission, unless such person shall file with the Commission in such form and
detail and at such time as the Commission shall by rules and regulations
or order prescribe as necessary or appropriate in the public interest or
for the protection of investors or consumers, a statement of the subject
matter in respect of which such person is retained or employed, the nature
and character of such retainer or employment, and the amount of compensation received or to be received by such person, directly or indirectly.
in connection therewith. It shall be the duty of every such person so
employed or retained to file with the Commission within ten days after
the close of each calendar month during such retainer or employment, in
such form and detail as the Commission shall by rules and regulations
or order prescribe as necessary or appropriate in the public interest or for
the protection of investors or consumers, a statement of the expenses incurred and the compensation received by such person during such month
in connection with such retainer or employment.
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Financial Chronicle
Service, Sales, and Construction Contracts
Sec. 13. (a) After April 1, 1936, it shall be unlawful for any registered holding company, by use of the malls or any means or instrumentality
of interstate commerce, or otherwise, to enter into or take any step in the
performance of any service, sales, or construction contract by which such
company undertakes to perform services or construction work for, or sell
goods to, any associate company thereof which is a public-utility or
mutual service company. This provision shall not apply to such transactions, involving special or unusual circumstances or not in the ordinary
course of business, as the Commission by rules and regulations or order
may conditionally or unconditionally exempt as being necessary or appropriate in the public interest or for the protection of investors or consumers.
(ib) After April 1, 1936, it shall be unlawful for any subsidiary company of any registered holding company or for any mutual service company,
by use ofthe mails or any means or instrumentality of interstate commerce,
or otherwise, to enter into or take any step in the performance of any
service, sales, or construction contract by which such company undertakes to perform services or construction work for, or sell goods to, any
associate company thereof except in accordance with such terms and
conditions and subject to such limitations and prohloitions as the Commission by rules and regulations or order shall prescribe as necessary or
appropriate in the public interest or for the protection of investors or
consumers and to insure that such contracts are performed economically
and efficiently for the benefit of such associate companies at cost, fairly
and equitably allocated among such companies. This provision shall
not apply to such transactions as the Commission by rules and regulations or order may conditionally or unconditionally exempt as being
necessary or appropriate in the public interest or for the protection of
investors or consumers, if such transactions (1) are with any associate
company which does not derive, directly or indirectly. any material part
of its income from sources within the United States and which is not a
public-utility company operating within the United States, or (2) involve
special or unusual circumstances or are not in the ordinary course of
business.
(c) The rules and regulations and orders of the Commission under this
section may prescribe, among other things, such terms and conditions
regarding the determination of costs and the allocation thereof among
specified classes of companies and for specified classes of service, sales,
and construction contracts, the duration of such contracts, the making and
keeping of accounts and cost-accounting procedures, the filing of annual
and other periodic and special reports, the maintenance of competitive
conditions, the disclosure of interests, and similar matters, as the Commission deems necessary or appropriate in the public interest or for the
protection of investors or consumers.
(d) The rules and regulations and orders of the Commission under
this section shall prescribe, among other things, such terms and conditions
regarding the manner in which application may be made for approval as a
mutual service company and the granting and continuance of such
approval, the nature and enforcement of agreements for the sharing of
expenses and distributing of revenues among member companies, and
matters relating to such agreements, the nature and types of businesses
and transactions in which mutual service companies may engage, and the
manner of engaging therein, and the relations and transactions with
member companies and affiliates, as the Commission deems necessary or
appropriate in the public interest or for the protection of investors or
consumers. The Commission shall not approve, or continue the approval
of, any company as a mutual service company unless the Commission
finds such company is so organized as to ownership, costs, revenues, and
the sharing thereof as reasonably to insure the efficient and economical
performance of service, sales, or construction contracts by such company
for member companies, at cost fairly and equitably allocated among such
member companies, at a reasonable saving to member companies over the
cost to such companies of comparable contracts performed by independent
persons. The Commission, upon its own motion or at the request of a
member company or a State commission, may, after notice and opportunity for hearing, by order require a reallocation or reapportionment of
costs among member companies of a mutual service company if it finds
the existing allocation inequitable and may require the elimination of a
service or services to a member company which does not bear its fair proportion of costs or which, by reason of its size or other circumstances.
does not require such service or services. The Commission, after notice
and opportunity for hearing, by order shall revoke, suspend, or modify
the approval given any mutual service company if it finds that such coinpany has persistently violated any provision of this section or any rule,
regulation, or order thereunder.
(e) It shall be unlawful for any affiliate of any public-utility company
engaged in interstate commerce, or of any registered holding company or
subsidiary company thereof, by use of the mails or any means or instrumentality of interstate commerce, or otherwise, to enter into or take any
step in the performance of any service, sales, or construction contract,
by which such affiliate undertakes to perform services or construction
work for, or sell goods to, any such company of which it is an affiliate,
in contravention of such rules and regulations or orders regarding reports.
accounts, costs, maintenance of competitive conditions, disclosure of
interest, duration of contracts, and similar matters, as the Commission
deems necessary or appropriate to prevent the circumvention of the provisions of this title or the rules, regulations, or orders thereunder:
(f) It shall be unlawful for any person whose principal business is the
performance of service, sales, or construction contracts for public-utility
or holding companies, by use of the mails or any means or instrumentality
of interstate commerce, to enter into or take any step in the performance
of any service, sales, or construction contract with any public-utility
company, or for any such person, by use of the mails or any means or
instrumentality of interstate commerce, or otherwise, to enter into or take
any step in the performance of any service, sales, or construction contract
with any public-utility company engaged in interstate commerce, or
with any registered holding company or any subsidiary company of a
registered holding company, in contravention of such rules and regulations
or orders regarding reports, accounts, costs, maintenance of competitive
conditions, disclosure of interest, duration of contracts, and similar matters as the Commission deems necessary or appropriate in the publlc
interest or for the protection of investors or consumers or to prevent the
circumvention of the provisions of this title or the rules, regulations, or
orders thereunder.
(g) The Commission, in order to obtain information to serve as a basis
for recommending further legislation, shall from time to time conduct
investigations regarding the making, performance, and costs of service.
sales, and construction contracts with holding companies and subsidiary
companies thereof and with public-utility companies, the economies resulting therefrom, and the desirability thereof. The Commission shall report
to Congress, from time to time, the results of such investigations, together
with such recommendations for legislation as it deems advisable. On the
basis of such investigations the Commission shall classify the different
types of such contracts and the work done thereunder, and shall make
Aug. 31 1935
recommendations from time to time regarding the standards and scope of
such contracts in relation to public-utility companies of different kinds
and sizes and the costs incurred thereunder and economies resulting therefrom. Such recommendations shall be made available to State commissions, public-utility companies, and to the public in such form and at such
reasonable charge as the Commission may prescribe.
Periodic and Other Reports
Sec. 14. Every registered holding company and every mutual service
company shall file with the Commission such annual, quarterly,and other
periodic and special reports, the answers to such specific questions and
the minutes of such directors', stockholders, and other meetings, as the
Commission may by rules and regulations or order prescribe as necessary
or appropriate in the public lnterst or for the protection of investors or
consumers. Such reports, if required by the rules and regulations of the
Commission, shall be certified by an independent public accountant, and
shall be made and filed at such time and in such form and detail as the
Commission shall prescribe. The Commission may require that there be
included in reports filed with it such information and documents as it
finds necessary or appropriate to keep reasonably current the information
filed under section 5 or 13, and such further information concerning the
financial condition, security structure, security holdings, assets, and cost
thereof, wherever determinable, and affiliations of the reporting company
and the associate companies, member companies, and affiliates thereof as
the Commission deems necessary or appropriate in the public interest or
for the protection of investors or COnSinnera.
Accounts and Records
Sec. 15 (a) Every registered holding company and every subsidiary
company thereof shall make, keep, and preserve for such periods, such
accounts, cost-accounting procedures, correspondence, memoranda, papers,
books, and other records as the Commission deems necessary or appropriate
in the public interest or for the protection of investors or consumers or for
the enforcement of the provisions of this title or the rules, regulations, or
•
orders thereunder.
(b) Every affiliate of a registered holding company or of any subsidiary
company thereof, or of any public-utility company engaged in interstate
commerce or not so engaged, shall make, keep, and preserve for such
periods, such accounts, cost-accounting procedures, correspondence, memoranda, papers, books, and other records relating to any transaction of such
affiliate which is subject to any provision of this title or any rule, regulation, or order thereunder, as the Commission deems necessary or appropriate in the public interest or for the protection of investors or consumers
or for the enforcement of the provisions of this title or the rules, regulations, or orders thereunder
(c) Every mutual service company, and every affiliate of a mutual
service company as to any transaction of such affiliate which is subject to
any provision of this title or any rule, regulation, or order thereunder,
shall make, keep, and preserve for such periods, such accounts. costaccounting procedures, correspondence, memoranda, papers, books, and
other records, as the Commission deems necessary or appropriate in the
public interest or for the protection of investors or consumers or for the
enforcement of the provisions of this title or the rules, regulations, or
orders thereunder.
(d) Every person whose principal business is the performance of service,
sales, or construction contracts for public-utility or holding companies shall
make, keep, and preserve for such periods, such accounts, cost-accounting
procedures, correspondence, memoranda, papers, books, and other records,
relating to any transaction by such person which is subject to any provision
of this title or any rule, regulation, or order thereudner, as the Commission
deems necessary or appropriate in the public interest or for the protection of
investors or consumers or for the enforcement of the provisions of this title
or the rules and regulations thereunder.
(e) After the Commission has prescribed the form and manner of making
and keeping accounts, cost-accounting procedures, correspondence, memo
rands, papers, books, and other records to be kept by any person hereaccounts,
under, it shall be unlawful for any such person to keep any
cost-accounting procedures, correspondence, memoranda, papers, books,
or other records other than those prescribed or such as may be approved by
the Commission, or to keep his or its accounts, cost-accounting procedures,
correspondence, memoranda, papers, books, or other records in any
manner other than that prescribed or approved by the Commission.
(f) All accounts, cost-accounting procedures, correspondence, memo
rands, papers, books, and other records kept or required to be kept by Persons subject to any provision of this section shall be subject at any time
and from time to time to such reasonable periodic, special, and other
examinations by the Commission, or any member or representative thereof,
as the Commission may prescribe. The Commission, after notice and
opportunity for hearing, may prescribe the account or accounts in which
particular outlays,receipts, and other transactions shall be entered, charged,
or credited and the manner in which such entry, charge, or credit shall be
made, and may require an entry to be modified or supplemented so as
properly to show the cost of any asset or any other cost.
(g) It shall be the duty of every registered holding company and of
every subsidiary company thereof and of every affiliate of a company
insofar as such affiliate is subject to any provision of this title or any rule,
regulation, or order thereunder, to submit the accounts, cost-accounting
procedures. correspondence, memoranda, papers, books, and other records
of such holding company,subsidiary company, or affiliate, as the case may
be, to such examinations,in person or by duly appointed attorney, by the
holder of any security of such holding company,subsidiary company, or
affiliate, as the case may be, as the Commission deems necessary or appropriate in the public interest or for the protection of investors or consumers.
(h) It shall be the duty of every mutual service company, and of every
affiliate of a mutual service company, and of every person whose principal
business is the performance of service. sales, or construction contracts for
public-utility or holding companies, insofar as such affiliate or such Person
is subject to any provision of this title or any rule, regulation, or order
thereunder, to submit the accounts, cost-accounting procedures, correspondence, memoranda, papers, books, and other records of such mutual
service company, affiliate, or person to such examinations, in person or
by duly appointed attorney, by member companies of such mutual service
company and by public-utility or holding companies for which such person
performs service, sales, or construction contracts as the Commission deems
necessary or appropriate in the public interest or for the protection of investors or consumers.
(i) The Commission, by such rules and regulations as it deems necessary
or appropriate in the public interest or for the protection of investors or
consumers may prescribe for persons subject to the-provisions of subsection
(a), (b). (c), or (d) of this section uniform methods for keeping accounts
required under any provision of this section, including, among other things,
the manner in which the cost of all assets, whenever determinable, shall
be shown, the methods of classifying and segregating accounts, and the
manner in which cost-accounting procedures shall be maintained.
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Financial Chronicle
Liability for Misleading Statements
Sec. 16. (a) Any person who shall make or cause to be made any
statement in any application, report, registration statement, or document
filed pursuant to any provision of this title, or any rule, regulation, or
order thereunder, which statement was at the time and in the light of the
circumstances under which it was made false or misleading with respect
to any material fact shill be liable in the same manner, to the same extent.
and subject to the same limitations as provided in section 18 of the Securities
Exchange Act of 1934 with respect to an application, report, or document
filed pursuant to the Securities Exchange Act of 1934.
(b) The rights and remedies provided by this title, except as provided in
section 17 (b), shall be in addition to any and all other rights and remedies
that may exist under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, or other wise at law or in equity; but no person
permitted to maintain a suit for damages under the provisions of this
title shall recover, through satisfaction of judgment in one or more actions,
a total amount in excess of his actual damages on account of the act complained of.
Officers, Directors, and Other Affiliates
Sec. 17. (a) Every person who is an officer or director of a registered
holding company shall file with the Commission in such form as the Commission shall prescribe (1) at the time of the registration of such holding
company,or within 10 days after such person becomes an officer or director,
a statement of the securities of such registered holding company or any
subsidiary company thereof of which he is, directly or indirectly, the
beneficial owner, and (2) within 10 days after the close of each calendar
month thereafter, if there has been any change in such ownership during
such month, a statement of such ownership as of the close of such calendar
month and of the changes in such ownership that have occurred during
such calendar month.
(b) For the purpose of preventing the unfair use of information which
may have been obtained by any such officer or director by reason of his
relationship to such registered holding company or any subsidiary company thereof, any profit realized by any such officer or director from any
purchase and sale, or any sale and purchase, of any security of such registered holding company or any subsidiary company thereof within any
period of less than six months, unless such security was acquired in good
faith in connection with a debt previously contracted, shall inure to and
be recoverable by the holding company or subsidiary company in respect
of the security of which such profit was realized, irrespective of any intention on the part of such officer or director in entering into such transaction
to hold the security purchased or not to repurchase the security sold for a
period of more than six months. Suit to recover such profit may be instituted at law or in equity in any court of competent jurisdiction by the
company entitled thereto or by the owner of any security of such company
In the name and in the behalf of such company if such company shall
fail or refuse to bring such suit within sixty days after request or shall fail
diligently to prosecute the same thereafter; but no such suit shall be brought
more than two years after the date such profit was realized. This subsection shall not cover any transaction where such person was not an officer
or director at the times of the purchase and sale, or the sale and purchase,
of the security involved, or any transaction or transactions which the Commission by rules and regulations may, as necessary or appropriate in the
public interest or for the protection of investors or consumers, exempt as
not comprehended within the purpose of this subsection. Nothing in this
subsection shall be construed to give a remedy in the case of any transaction
in respect of which a remedy is given under subsection (b) of section 16 of
the Securities Exchange Act of 1934.
(c) After one year from the date of the enactment of this title, no registered holding company or any subsidiary company thereof shall have, as
an officer or director thereof, any executive officer, director, partner,
appointee, or representative of any bank, trust company, investment
banker, or banking association or firm, or any executive officer, director,
partner, appointee or representative of any corporation a majority of
whose stock, having the unrestricted right to vote for the election of directors
is owned by any bank, trust company, investment banker, or banking
association or firm, except in such cases as rules and regulations prescribed by the Commission may permit as not adversely affecting the public
interest or the interest of investors or consumers.
Investigations; Injunctions' Enforcements of Title and
Prosecution of Offenses
Sec. 18. (a) The Commission, in its discretion may investigate any
facts, conditions, practices, or matters which it may deem necessary or
appropriate to determine whether any person has violated or is about to
violate any provision of this title or any rule or regulation thereunder, or
to aid in the enforcement of the provisions of this title, in the prescribing
of rules and regulations thereunder, or in obtaining information to serve
as a basis for recommending further legislation concerning the matters to
which this title relates. The Commission may require or permit any
person to file with it a statement in writing, under oath or otherwise as
It shall determine, as to any or all facts and circumstances concerning a
matter which may be the subject of investigation. The Commission, in
its discretion, may publish, or make available to State commissions, Information concerning any such subject.
(b) The Commission upon its own motion or at the request of a State
commission may investigate, or obtain any information regarding the
business, financial condition, or practices of any registered holding company or subsidiary company thereof or facts, conditions, practices, or
matters affecting the relations between any such company and any other
company or companies in the same holding-company system.
(c) For the purpose of any Investigation or any other proceeding under
this title, any member of the Commission, or any officer thereof designated
by it, is empowered to administer oaths and affirmations, subpena witnesses, compel their attendance, take evidence, and require the production
of any books, papers, correspondence, memoranda, contracts, agreements,
or other records which the Commission deems relevant or material to the
Inquiry. Such attendance of witnesses and the production of any such
records may be required from any place in any State or in any Territory or
other place subject to the jurisdiction of the United States at any designated
place of hearing.
(d) In case of contumacy by, or refusal to obey a subpena issued to, any
person, the Commission may invoke the aid of any court of the United
States within the jurisdiction of which such investigation or proceeding is
carried on. or where such person resides or carries on business, in requiring the attendance and testimony of witnesses and the production of books.
papers, correspondence, memoranda, contracts, agreements, and other
records. And such court may issue an order requiring such person to
appear before the Commission or member or officer designated by the Commission, there to produce records, if so ordered, or to give testimony touching the matter under investigation or in question; and any failure to obey
such order of the court may be punished by such court as a contempt thereof.
All process in any such case may be served in the judicial district whereof
such person is an inhabitant or wherever he may be found. Any person
1337
who, without just cause, shall fail or refuse to attend and testify or to
answer any lawful inquiry or to produce books, papers, correspondence.
memoranda, contracts, agreements, or other records, if in his or its power
so to do, in obedience to the subpena of the Commission, shall be guilty of
a misdemeanor and, upon conviction, shall be subject to a fine of not more
than $1,000 or to imprisonment for a term of not more than one year, or
both.
(e) No person shall be excused from attending and testifying or from
producing books, papers, correspondence, memoranda, contracts, agreements, or other records and documents before the Commission, or in
obedience to the subpena of the Commission or any member thereof or any
officer designated by it, or in any cause or proceeding instituted by the
Commission, on the ground that the testimony or evidence, documentary
or otherwise, required of him may tend to incriminate him or subject
him to a penalty or forfeiture; but no individual shall be prosecuted or
subject to any penalty or forfeiture for or on account of any transaction,
matter or thing concerning which he is compelled to testify or produce
evidence, documentary or otherwise, after having claimed his privilege
against self-Incrimination, except that such individual so testifying shall
not be exempt. from prosecution and punishment for perjury committed
In so testifying.
(f) Whenever it shall appear to the Commission that any person is
engaged or about to engage in any acts or practices which constitute or will
constitute a violation of the provisions of this title, or of any rule, regulation, or order thereunder, it may in its discretion bring an action in the
proper district court of the United States, the Supreme Court of the District
of Columbia, or the United States courts of any Territory or other place
subject to the jurisdiction of the United States, to enjoin such acts or
practices and to enforce compliance with this title or any rule, regulaton,
or order thereunder, and upon a proper showing a permanent or temporary
Injunction or decree or restraining order shall be granted without bond.
The Commission may transmit such evidence as may be available concerning such acts or practices to the Attorney General, who, in his discretion, may institute the appropriate criminal proceedings under this
title.
(g) Upon application of the Commission, the district courts of the
United States, the Supreme Court of the District of Columbia, and the
United States courts of any Territory or other place subject to the jurisdiction of the United States shall have jurisdiction to issue writs of mandamus commanding any person to comply with the provisions of this
title or any rule, regulation, or order of the Commission thereunder.
Hearings by Commission
Sec. 19. Hearings may be public and may be held before the Commission, any member or members thereof, or any officer or officers of the
Commission designated by it, and appropriate records thereof shall be
kept. In any proceeding before the Commission, the Commission, in
accordance with such rules and regulations as it may prescribe, shall
admit as a party any interested State. State commission, State securities
commission, municipality, or other political subdivision of a State, and
may admit as a party any representative of interested consumers or security
holders, or any other person whose participation In the proceedings may
be in the public interest or for the protection of investors or consumers.
Rules, Regulations, and Orders
Sec. 20. (a) The Commission shall have authority from time to time
to make. issue, amend, and rescind such rules and regulations and such
orders as it may deem necessary or appropriate to carry out the provisions
of this title, including rules and regulations defining accounting, technical,
and trade terms used in this title. Among other things, the Commission
shall have authority, for the purposes of this title, to prescribe the form
or forms in which information required in any statement, declaration,
application, report, or other document filed with the Commission shall
be set forth, the items or details to be shown in balance sheets, profit
and loss statements, and surplus accounts, the manner in which the cost
of all assets, whenever determinable, shall be shown in regard to such
statements, declarations, applications, reports, and other documents
filed with the Commission, or accounts required to be kept by the rules,
regulations, or orders of the Commission, and the methods to be followed
in the keeping of accounts and cost-accounting procedures and the preparation of reports, in the segregation and allocation of costs, in the determination of liabilities, in the determination of depreciation and depletion, in
the differentiation of recurring and nonrecurring income, in the differentiation ofinvestment and operating income,and in the keeping or preparation.
where the Commission deems it necessary or appropriate, of separate or
consolidated balance sheets or profit and loss statements for any companies in the same holding-company system.
(b) In the case of the accounts of any company whose methods of accounting are prescribed under the provisions of any law of the United
States or of any State, the rules and regulations or orders of the Commission in respect of accounts shall not be inconsistent with the requirements
Imposed by such law or any rule or regulation thereunder; nor shall anything in this title relieve any public-utility company from the duty to
keep the accounts, books, records, or memoranda which may be required
to be kept by the law of any State in which it operates or by the State
commission of any such State. But this provision shall not prevent the
Commission from imposing such additional requirements regarding reports or accounts as it may deem necessary or appropriate in the public
interest or for the protection of investors or consumers.
(c) The rules and regulations of the Commission shall be effective
upon publication in the manner which the Commission shall prescribe.
For the purpose of its rules, regulations, or orders the Commission may
classify persons and matters within its jurisdiction and prescribe different
requirements for different classes of persons or matters. Orders of the
Commission under this title shall be issued only after opportunity for
hearing.
(d) The Commission, by such rules and regulations or order as it deems
necessary or appropriate in the public interest or for the protection of
investors or consumers, may authorize the filing of any information or
documents required to be filed with the Commisslon under this title, or
under the Securities Act of 1933, as amended, or under the Securities
Exchange Act of 1934, by incorporating by reference any information or
documents theretofore or concurrently filed with the Commission under
this title or either of such Acts. No provision of this title Imposing any
liability shall apply to any act done or omitted in good faith in conformity
with any rule. regulation, or order of the Commission, notwithstanding
that such rule, regulation, or order may, after such act or omission, be
amended or rescinded or be determined by judicial or other authority to
be invalid for any reason.
Effect on Ezistinb Law
Sec. 21. Nothing in this title shall affect (1) the jurisdiction of the
Commission under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934 over any person, security, or contract, or (2)
the rights, obligations, duties, or liabilities of any person under such Acts:
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Financial Chronicle
nor shall anything in this title affect the jurisdiction of any other commission, board, agency, or officer of the United States or of any State or
political subdivision of any State, over any person, security, or contract,
insofar as such jurisdiction does not conflict with any provision of this
title or any rule, regulation, or order thereunder.
Information Filed With the Commission
Sec. 22 (a) When in the judgment of the Commission the disclosure
of such information would be in the public interest or the interest of Investors or consumers, the information contained in any statement,
application, declaration, report, or other document filed with the Commission shall be available to the public, and copies thereof may be furnished to any person at such reasonable charge and under such reasonable
limitations as the Commission may prescribe: Provided, however, That
nothing in this title shall be construed to require, or to authorize the Commission to require, the revealing of trade secrets or processes in any application, declaration, report, or document filed with the Commission under
this title.
(b) Any person filing such application, declaration, report, or document may make written objection to the public disclosure of information
contained therein, stating the grounds for such objection, and the Commission is authorized to hear objections in any such case where it finds
it advisable.
(c) It shall be unlawful for any member, officer, or employee of the Commission to disclose to any person other than a member, officer, or employee
of the Commission, or to use for personal benefit, any information contained in any application, declaration, report, or document filed with
the Commission which is not made available to the public pursuant to
this section.
Annual Reports of Commission
Sec. 23. The Commission shall submit annually a. report to the Congress covering the work of the Commission for the preceding year and
including such information, data, and recommendations for further
legislation in connection with the matters covered by this title as it may
find advisable.
Court Review of Orders
Sec. 24. (a) Any person or party aggrieved by au order issued by the
Commission under this title may obtain a review of such order in the
circuit court of appeals of the United States within any circuit wherein
such person resides or has his principal place of business, or in the United
States Court of Appeals for the District of Columbia, by filing In such
court, within 60 days after the entry of such order, a written petition praying that the order of the Commission be modified or set aside in whole
or in part. A copy of such petition shall be forthwith served upon any
member of the Commission, or upon any officer thereof designated by the
Commission for that purpose, and thereupon the Commission shall certify
and file in the court a transcript of the record upon which the order complained of was entered. Upon the filing of such transcript such court shall
have exclusive jurisdiction to affirm, modify, or set aside such order, in
whole or in part. No objection to the order of the Commission shall be
considered by the court unless such objection shall have been urged before
the Commission or unless there were reasonable grounds for failure so
to do. The findings of the Commission as to the facts, if supported by
substantial evidence, shall be conclusive. If application is made to the
court for leave to adduce additional evidence, and it is shown to the satisfaction of the court that such additional evidence is material and that
there were reasonable grounds for failure to adduce such evidence in the
proceeding before the Commission, the court may order such additional
evidence to be taken before the Commission and to be adduced upon the
bearing in such manner and upon such terms and conditions as to the
court may seem proper. The Commission may modify its findings as to
the facts by reason of the additional evidence so taken, and it shall file
with the court such modified or new findings, which, if supported by
substantial evidence, shall be conclusive, and its recommendation, if
any, for the modification or setting aside of the original order. The judgment and decree of the court affirming, modifying, or setting aside, in
whole or in part, any such order of the Commission shall be final, subject
to review by the Supreme Court of the United States upon certiorari or
certification as provided in sections 239 and 240 of the Judicial Code, as
amended (U. S. C., title 28, secs. 346 and 347).
(b) The commencement of proceedings under subsection (a) shall not,
unless specifically ordered by the court, operate as a stay of the Commission's order.
Jurisdiction of Offenses and Suits
Sec. 25
The District Courts of the United States, the Supreme Court
of the District of Columbia, and the United States courts of any Territory
or other place subject to the jurisdiction of the United States shall have
jurisdiction of violations of this title or the rules, regulations, or orders
thereunder, and, concurrently with State and Territorial courts, of all
suits in equity and actions at law brought to enforce any liability or duty
created by, or to enjoin any violation of, this title or the rules, regulations,
or orders thereunder. Any criminal proceeding may be brought in the
district wherein any act or transaction constituting the violation occurred.
Any suit or action to enforce any liability or duty created by, or to enjoin
any violation of, this title or rules, regulations, or orders thereunder, may
be brought in any such district or in the district wherein the defendant is
an inhabitant or transacts business, and process in such cases may be
served in any district of which the defendant is an inhabitant or transacts
business or wherever the defendant may be found. Judgments and decrees
so rendered shall be subject to review as provided in sections 128 and
240 of the Judicial Code, as amended (U. S. C., title 28, secs. 225 and
347), and section 7, as amended, of the Act entitled "An Act to establish
a court of appeals for the District of Columbia," approved Feb. 9, 1893
(D. C. Code, title 18, sec. 26). No costs shall be assessed for or against
the Commission in any proceeding under this title brought by or against
the Commission in any court.
Validity of Contracts
Sec. 26. (a) Any condition, stipulation, or provision binding any
Person to waive compliance with any provision of this title or with any
rule, regulation, or order thereunder shall be void.
(b) Every contract made in violation of any provision of this title or of
any rule, regulation, or order thereunder, and every contract heretofore or
hereafter made, the performance of which involves the violation of, or the
continuance of any relationship or practice in violation of, any provision
of this title, or any rule, regulation, or order thereunder, shall be void
(1) as regards the rights of any person who, in violation of any such
provision, rule, regulation, or order, shall have made or engaged in the
performance of any such contfact, and (2) as regards the rights of any
person who, not being a party to such contract, shall have acquired any
right thereunder with actual knowledge of the facts by reason of which the
making or performance of such contract was in violation of any such provision, rule, regulation, or order.
Aug. 31 1935
(c) Nothing in this title shall be construed (1) to affect the validity of
any loan or extension of credit (or any extension or renewal thereof) made
or of any lien created prior or subsequent to the enactment of this title,
unless at the time of the making of such loan or extension of credit (or
extension or renewal thereof) or the creating ofsuch lien, the person making
such loan or extension of credit (or extension or renewal thereof) or acquiring such lien shall have actual knowledge of facts by reason of which the
making of such loan or extension of credit (or extension or renewal thereof)
or the acquisition of such lien is a violation of the provisions of this title
or any rule or regulation thereunder, or (2) to afford a defense to the collection of any debt or obligation or the enforcement ofany lien by any person
who shall have acquired such debt, obligation, or lien in good faith for
value and without actual knowledge of the violation of any provision
of this title or any rule or regulation thereunder affecting the legality of
such debt, obligation, or lien.
Liability of Controlling Persons. Preventing Compliance With Title
Sec. 27. (a) It shall be unlawful for any person, directly or indirectly.
to cause to be done any act or thing through or by means of any other
person which it would be unlawful for such person to do under the provisions of this title or any rule, regulation, or order thereunder.
(b) It shall be unlawful for any person without just cause to hinder,
delay, or obstruct the making,filing, or keeping of any information, document, report, record, or account required to be made, filed, or kept under
any provision of this title or any rule, regulation, or order thereunder.
Unlawful Representations
Sec. 28. It shall be unlawful for any person in issuing, selling, or
offering for sale any security of a registered holding company or subsidiary
company thereof, to represent or imply in any manner whatsoever that
such security has been guaranteed, sponsored, or recommended for investment by the United States or any agency or officer thereof.
Penalties
Sec. 29. Any person who willfully violates any provision of this title
or any rule, regulation, or order thereunder (other than an order of the
Commission under subsection (b). (d). (e), or (f) of section 11). or any
person who willfully makes any statement or entry in any application.
report, document, account, or record filed or kept or required to be filed or
kept under the provisions of this title or any rule, regulation, or order
thereunder, knowing such statement or entry to be false or misleading in
any material respect, or any person who willfully destroys (except after
such time as may be prescribed under any rules or regulations under this
title), mutilates, alters, or by any means or device falsifies any account.
correspondence,'memorandum, book, paper, or other record kept or required to be kept under the provisions of this title or any rule, regulation,
or order thereunder, shall upon conviction be fined not more than $10,000
or imprisoned not more than two years, or both, except that in the case of
a violation of a provision of subsection (a) or (b) of section 4 by a holding
company which is not an individual, the fine imposed upon such holding
company shall be a fine not exceeding $200,000; but no person shall be
convicted under this section for the violation of any rule, regulation, or
order if he proves that he had no knowledge of such rule, regulation, or
order.
Study of Public-Utility and Investment Companies
Sec, 30. The Commission is authorized and directed to make studies
and investigations of public-utility companies, the territories served or
which can be served by public-utility companies, and the manner in which
the same are or can be served, to determine the sizes, types, and locations
of public-utility companies which do or can operate most economically
and efficiently in the public interest, in the interest of investors and consumers, and in furtherance of a wider and more economical use of gas
and electric energy: upon the basis of such investigations and studies the
Commission shall make public from time to time its recommendations as
to the tupe and size of geographically and economically integrated public
utility systems which, having regard for the nature and character of the
locality served, can best promote and harmonize the interests of the public.
the investor, and the consumer. The Commission is authorized and
directed to make a study of the functions and activities of Investment trusts
and investment companies, the corporate structures, and investment
policies of such trusts and companies, the influence exerted by such trusts
and companies upon companies in which they are interested, and the
influence exerted by interests affiliated with the management of such trusts
and companies upon their investment policies, and to report the results
of its study and its recommendations to the Congress on or before Jan.
4, 1937.
Employees of the Commission
Sec. 31. For the purposes of this title, the Commission may select.
employ, and fix the compensation of such attorneys, eAaminers, and other
experts as shall be necessary for the transaction of the business of the
Commission in respect of this title without regard to the provisions of other
laws applicable to the employment and compensation of officers or employees of the United States; and the Commission may, subject to the
civil-service laws, appoint such other officers and employees as are necessary in the execution of the functions of the Conunission and fix their
salaries in accordance with the Classification Act of 1923, as amended.
separability of Provisions
Sec. 32. If any provision of this title or the appLcation of such provision to any person or circumstances shall be held invalid, the remainder
of the title and the application of such provision to persons or circumstances othee than those as to which it is held invalid shall not be affected
thereby.
Short Title
Sec. 33. This title may be cited as the "Public Utility Holding Company Act of 1935."
TITLE II—AMENDMENTS TO FEDERAL WATER POWER ACT
Section 201. Section 3 of the Federal Water Power Act, as amended.
Is amended to read as follows:
"Sec. 3. The words defined in this section shall have the following
meanings for purposes of this Act, to wit'
"(1) 'public lands' means such lands and interest in lands owned by
the United States as are subject to private appropriation and disposal
under public land laws. It shall not include 'reservations', as hereinafter
defined;
"(2) 'reservations' means national forests, tribal lands embraced within
Indian reservations, military reservations, and other lands and interests
In lands owned by the United States, and withdrawn, reserved, or withheld
from private appropriation and disposal under the public land laws; also
lands and interests in lands acquired and held for any public purposes; but
shall not include national monuments or national parks:
"(3) 'corporation' means any corporation, joint-stock company, partnership, association, business trust, organized group of persons, whether
incorporated or not, or a receiver or receivers, trustee or trustees of any
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Financial Chronicle
of the foregoing, It shall not include 'municipalities' as hereinafter defined:
"(4) 'person' means an individual or a corporation;
"(5) 'licensee' means any person, State, or municipality licensed under
the provisions of section 4 of this Act, and any assignee or successor in
interest thereof;
"(6) 'State' means a State admitted to the Union. the District of Columbia, and any organized Territory of the United States:
"(7) 'municipality' means a city, county, irrigation district, drainage
district, or other political subdivision or agency of a State competent under
the laws thereof to carry on the business of developing, transmitting,
utilizing, or distributing power;
"(8) 'navigable waters' means those parts of streams or other bodies
of water over which Congress has jurisdiction under its authority to regulate commerce with foreign nations and among the several States, and
which either in their natural or improved condition notwithstanding interruptions between the navigable parts of such streams or waters by falls,
shallows, or rapids compelling land carriage, are used or suitable for use
for the transportation of persons or property in interstate or foreign commerce, including therein all such interrupting falls, shallows, or rapids,
together with such other parts of streams as shall have been authorized by
Congress for improvement by the United States or shall have been recommended to Congress for such improvement after investigation under its
authority:
"(9) 'municipal purposes' means and includes all purposes within municipal powers as defined by the constitution or laws of the State or by the
charter of the municipality;
"(10) 'Government dam' means a dam or other work constructed or
owned by the United States for Government purposes with or without
contribution from others;
"(11) 'project' means complete unit of improvement or development,
consisting of a power house, all water conduits, all dams and appurtenant
works and structures (including navigation structures) which are a part
of said unit, and all storage, diverting, or forebay reservoirs directly connected therewith, the primary line or lines transmitting power therefrom
to the point of junction with the distribution system or with the interconnected primary transmission system, all miscellaneous structures used
and useful in connection with said unit or any part thereof, and all waterrights, rights-of-way, ditches, dams, reservoirs, lands, or interest in lands
the use and occupancy of which are necessary ro appropriate in the maintenance and operation of such unit:
"(12) 'project works' means the physical structures of a project;
"(13) 'net investment' in a project means the actual legitimate original
cost thereof as defined and interpreted in the 'classification of investment
in road and equipment of steam roads, issue of 1914, Interstate Commerce
Commission', plus similar costs of additions thereto and betterments thereof,
minus the sum of the following items properly allocated thereto, if and to
the extent that such items have been accumulated during the period of the
license from earnings in excess of a fair return on such investment: (a)
Unappropriated surplus, (b) aggregate credit balances of current depreciation accounts, and (c) aggregate appropriations of surplus or income held
in amortization, sinking fund, or similar reserves, or expended for additions
or betterments or used for the purposes for which such reserves were created
The term 'cost' shall include, insofar as applicable, the elements thereof
prescribed in said classification, but shall not include expenditures from
funds obtained through donations by States, municipalities. individuals, or
others, and said classification of investment of the ICC shall insofar as
applicable be published and promulgated as a part of the rules and regulations of the Commission;
"(14) 'Commission' and 'Commissioner' means the Federal Power Commission, and a member thereof, respectively:
"(15) 'State commission' means the regulatory body of the State or
municipality having jurisdiction to regulate rates and charges for the
sale of electric energy to consumers within the State or municipality:
"(16) 'security' means any note, stock, treasury stock, bond, debenture
or other evidence of interest in or indebtedness of a corporation subject to
the provisions of this Act."
Sec. 202. Section 4 of the Federal Water Power Act, as amended, is
amended to read as follows:
"Sec. 4. The Commission is hereby authorized and empowered—
"(a) To make investigations and to collect and record data concerning
the utilization of the water resources of any region to be developed, the
water-power industry and its relation to other industries and to interstate
or foreign commerce, and concerning the location, capacity, development
costs, and relation to markets of power sites, and whether the power from
Government dams can be advantageously used by the United States for
its public purposes, and what is a fair value of such power, to the extent
the Commission may deem necessary or useful for the purposes of this Act.
"(b) fo determine the actual legitimate original cost of and the net
investment in a licensed project, and to aid the Commission in such determinations, each licensee shall. upon oath, within a reasonable period of
time to be fixed by the Commission, after the construction of the original
project or any addition thereto or betterment thereof, file with the Commission in such detail as the Commission may require, a statement in
duplicate showing the actual legitimate original cost of construction of
such project, addition, or betterment, and of the price paid for water rights.
rights-of-way, lands, or interest in lands. The licensee shall grant to the
Commission or to Its duly authorized agent or agents, at all reasonable
times,free access to such project, addition, or betterment, and to all maps,
profiles, contracts, reports of engineers, accounts, books, records, and all
other papers and documents relating thereto. The statement of actual
legitimade original cost of said project, and revisions thereof as determined by the Commission,shall be filed with the Secretary of the Treasury.
"(c) To co-operate with the executive departments and other agencies of
State or National Governments in such investigations; and for such purpose the several departments and agencies of the National Government are
authorized and directed upon the request of the Commission to furnish
such records, papers,and information in their possession as may be requested
by the Commission, and temporarily to detail to the Commission such
officers or experts as may be necessary in such investigations.
"(d) To make publicfrom time to time the information secured hereunder
and to provide for the publication of its reports and investigations in such
form and manner as may be best adapted for public information and use.
The Commission, on or before the 3rd day of January of each year, shall
submit to Congress for the fiscal year preceding a classified report showing
the permits and licenses issued under this Part, and in each case the parties
thereto, the terms prescribed. and the moneys received if any, or account
thereof. Such report shall contain the names and show the compensation
of the persons employed by the Commission.
"(e) To issue licenses to citizens of the United States, or to any association of such citizens, or to any corporation organized under the laws
of the United States or any State thereof, or to any State or municipality
for the purpose of constructing, operating, and maintaining dams, water
conduits, reservoirs, power houses, transmission lines, or other project
works necessary or convenient for the development and improvement of
navigation and for the development, transmission, and utilization of power
1339
across, along, from, or in any of the streams or other bodies of water over
which Congress has jurisdiction under its authority to regulate commerce
with foreign nations and among the several States, or upon any part of
the public lands and reservations of the United States (including the
Territories), or for the purpose of utilizing the surplus water or water
power from any Government dam, except as herein provided: Provided,
That licenses shall be issued within any reservation only after a finding by
the Commission that the license will not interfere or be inconsistent with the
purpose for which such reservation was created or acquired, and shall be
subject to and contain such conditions as the Secretary of the department
under whose supervision such reservation falls shall deem necessary for the
adequate protection and utilization of such reservation: Provided further,
That no license affecting the navigable capacity of any navigable waters
of the United States shall be issued until the plans of the dam or other
structures affecting navigation have been approved by the Chiefof Engineers
and the Secretary of War. Whenever the contemplated improvement is, in
the judgment of the Commission, desirable and justified in the public
interest for the purpose of improving or developing a waterway or waterways for the use or benefit of interstate or foreign commerce, a finding to
that effect shall be made by the Commission and shall become a part of the
records of the Commission: Provided further, That in case the Commission shall find that.any Government dam may be advantageously used
by the United States for public purposes in addition to navigation, no
license therefor shall be issued until two years after it shall have reported
to Congress the facts and conditions relating thereto, except that this provision shall not apply to any Government dam constructed prior to June 10.
1920: And provided further. That upon the filing of any application for a
license which has not been preceded by a preliminary Permit under subsection (f) of this section, notice shall be given and published as required
by the proviso of said subsection.
"(f) To issue preliminary permits for the purpose of enabling applicants for a license hereunder to secure the data and to perform the acts
required by section 9 hereof: Provided, however, That upon the filing of
any application for a preliminary permit by any person, association, or
corporation the Commission, before granting such application, shall at once
give notice of such application in writing to any State or municipality
likely to be interested in or affected by such application; and shall also
publish notice of such application once each week for four weeks in a daily
or weekly newspaper published in the county or counties in which the
project or any part thereof or the lands affected thereby are situated.
"(g) Upon its own motion to order an investigation of any occupancy
of. or evidenced intention to occupy, for the purpose of developing electric
power, public lands, reservations, or streams or other bodies of water over
which Congress has jurisdiction under its authority to regulate commerce
with foreign nations and among the several States by any person. corporation, State, or municipality and to issue such order as it may find appropriate, expedient, and in the public interest to conserve and utilize the
navigation and water-power resources of the region."
Sec. 203. Section 5 of the Federal Water Power Act, as amended, is
amended to read as follows:
"Sec. 5. Each preliminary permit issued under this Part shall he
for the sole purpose of maintaining priority of application for a license
under the terms of this Act for such periof or periods, not exceeding a
total of three years, as in the discretion of the Commission may be necessary for making examinations and surveys, for preparing maps, plans,
specifications, and estimates, and for making financial arrangements.
Each such permit shall set forth the conditions under which priority shall
be maintained. Such permits shall not be transferable, and may be canceled by order of the Commission upon failure of permittees to comply
with the conditions thereof or for other good cause shown after notice and
opportunity for hearing."
Sec. 204. Section 6 of the Federal Water Power Act, as amended, is
amended to read as follows:
"Sec. 6. Licenses under this Part shall be issued for a period not
exceeding fifty years. Each such license shall be conditioned upon acceptance by the licensee of all the terms and conditions of this Act and such
further conditions, if any, as the Commission shall prescribe in conformity
with this Act, which said terms and conditions and the acceptance thereof
shall be expressed in said license. Licenses may be revoked only for the
reasons and in the manner prescribed under the provisions of this Act, and
may be altered or surrendered only upon mutual agreement between the
licensee and the Commission after thirty days' public notice. Copies of
all licenses issued under the provisions of this Part and calling for the
payment of annual charges shall be deposited with the General Accounting
Office, in compliance with section 3743, Revised Statutes, as amended
(U. S. C., title 41. sec. 20)."
Sec. 205. Section 7 of the Federal Water Power Act, as amended, is
amended to read as follows:
"Sec. 7. (a) In issuing preliminary permits hereunder or licenses where
no preliminary permit has been issued and in issuing licenses to new
licensees under section 15 hereof of the Commission shall give preference
to applications therefor by States and municipalities, provided the plans
for the same are deemed by the Commission equally well adapted, or
shall within a reasonable time to be fixed by the Commission be made
equally well adapted, to conserve and utilize in the public interest the
water resources of the region; and as between other applicants, the Commission may give preference to the applicant the plans of which it finds
and determines are best adapted to develop, conserve, and utilize in the
public interest the water resources of the region, if it be satisfied as to the
ability of the applicant to carry out such plans.
"(b) Whenever, in the Judgment of the Commission, the development
of any water resources for public purposes should be undertaken by the
United States itself, the Commission shall not approve any application
for any project affecting such development, but shall cause to be made
such examinations, surveys, reports, plans, and estimates of the cost of
the proposed development as -it may find necessary, and shall submit its
findings to Congress with such recommendations as it may find appropriate
concerning such development."
Sec. 206. Section 10 of the Federal Water Power Act, as amended,
is amended to read as follows:
"Sec. 10. All licenses issued under this Part shall be on the following
conditions:
"(a) That the project adopted, including the maps, plans, and specifications, shall be such as in the judgment of the Commission will be best
adapted to a comprehensive plan for improving or developing a waterway
or waterways for the use or benefit of interstate or foreign oommerce, for
the improvement and utilization of water-power development, and for
other beneficial public uses, including recreational purposes: and if necessary in order to secure such plan the Commission shall have authority
to require the modification of any project and of the plans and specifications of the project works before approval.
"(b) That except when emergency shall require for the protection of
navigation, life, health, or property, no substantial alteration or addition
not in conformity with the approved plans shall be made to any dam or
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Financial Chronicle
other project works constructed hereunder of an installed capacity in
excess of one hundred horsepower without the prior approval of the Commission; and any emergency alteration or addition so made shall thereafter
be subject to such modification and ebonite as the Commission may direct.
"(c) That the licensee shall maintain the project works in a condition
of repair adequate for the purposes of navigation and for the efficient
operation of said works in the development and transmission of power,
shall make all necessary renewals and replacements, shall establish and
maintain adequate depreciation reserves for such purposes, shall so maintain and operate said works as not to impair navigation, and shall conform
to such rules and regulations as the Commission may from time to time
prescribe for the protection of life, health, and property. Each licensee
hereunder shall be liable for all damages occasioned to the property of others
by the construction, maintenance, or operation of the project works or of
the works appurtenant or accessory thereto, constructed under the license,
and in no event shall the United States be liable therefor.
"(d) That after the first twenty years of operation, out of surplus earned
thereafter, if any, accumulated in excess of a specified reasonable rate of
return upon the net investment of a licensee in any project or projects under
license, the licensee shall establish and maintain amortization reserves,
which reserves shall, in the discretion of the Commission, be held until
the termination of the license or be applied from time to time in reduction
of the net investment. Such specified rate of return and the proportion of
such surplus earnings to be paid into and held in such reserves shall be
set forth in the license.
"(e) That the licensee shall pay to the United States reasonable annual
charges in an amount to be fixed by the Commission for the purpose of
reimbursing the United States for the costs of the administration of this
Part; for recompensing it for the use, occupancy, and enjoyment of its
lands or other property; and for the expropriation to the Government of
excessive profits until the respective States shall make provision for preventing excessive profits or for the expropriation thereof to themselves, or
until the period of amortization as herein provided is reached, and in
fixing such charges the Commission shall seek to avoid increasing the price
to the consumers of power by such charges, and any such charges may be
adjusted from time to time by the Commission as conditions may require:
Provided, That when licenses are issued involving the use of Government
dams or other structures owned by the United States or tribal lands embraced within Indian reservations the Commission shall, subject to the
approval of the Secretary of the Interior in the case of such dams or structures in reclamation projects and, in the case of such tribal lands, subject
to the approval of the Indian tribe having jurisdiction of such lands as
provided in section 16 of the Act of June 18, 1934 (48 Stat. 984), fix a
. reasonable annual charge for the use thereof, and such charges may with
like approval be readjusted by the Commission at the end of twenty years
after the project is available for service and at periods of not less than ten
years thereafter upon notice and opportunity for hearing: Provided
further, That licenses for the development, transmission, or distribution
of power by States or municipalities shall be issued and enjoyed without
charge to the extent such power is sold to the public without profit or is
used by such State or municipality for State or municipal purposes, except
that as to projects constructed or to be constructed by States or municipalities primarily designed to provide or improve navigation, licenses therefor shall be issued without charge; and that licenses for the development,
transmission, or distribution of power for domestic, mining, or other
beneficial use in projects of not more than one hundred horsepower installed
capacity may be issued without charge, except on tribal lands within Indian
reservations; but in no case shall a license be issued free of charge for the
develobnient and utilization of power created by any Government dam and
that the amount charged therefor in any license shall be such as determined
by the Commission. In the event an overpayment of any charge due under
this section shall be made by a licensee, the Commission is authorized to
allow a credit for such overpayment when charges are due for any subsequent period.
"(f) That whenever any licensee hereunder is directly benefited by the
construction work of another licensee, a permittee, or of the United States
of a storage reservoir or other headwater improvement. the Commission
shall require as a condition of the license that the licensee so benefited
shall reimburse the owner of such reservoir or other improvements for
such part of the annual charges for interest, maintenancP, and depreciation thereon as the Commission may deem equitable. The proportion of
such charges to be paid by any licensee shall be determined by the Commission. The licensees or permittees affected shall pay to the United
States the cost of making such determination as fixed by the Commission.
"Whenever such reservoir or other improvement is constructed by the
United States the Commission shall assess similar charges against any
licensee directly benefited thereby, and any amount so assessed shall be
paid into the Treasury of the United States, to be reserved and appropriated as a part of the special fund for headwater improvements as provided in section 17 hereof.
"Whenever any power project not under license is benefited by the construction work of a licensee or permIttee, the United States or any agency
thereof. the Commission, after notice to the owner or owners of such
unlicensed project, shall determine and fix a reasonable and equitable
annual charge to be paid to the licensee or permittee on account of such
benefits, or to the United States if it be the owner of Luch headwater improvement.
"(g) Such other conditions not inconsistent with the provisions of this
Act as the Commission may require.
"(h) That combinations, agreements, arrangements, or understandings,
express or implied, to limit the output of electrical energy, to restrain
trade, or to fix, maintain, or increase prices for electrical energy or service
are hereby prohibited
"(I) In issuing licenses for a minor part only of a complete project,
or for a complete project of not more than one hundred horsepower installed capacity, the Commission may in its discretion waive such conditions, provisions, and requirements of this Part, except the license period
of fifty years, as it may deem to be to the public interest to waive under
the circumstances. Provided, That the provisions hereof shall not apply
to annual charges for use of lands within Indian reservations."
Sec. 207. Section 14 of the Federal Water Power Act, as amended, is
amended to read as follows:
Upon not less than two years' notice in writing from the
"Sec. 14
Commission the United States shall have the right upon or after the expiration of any license to take over and thereafter to maintain and operate
any project or projects as defined in section 3 hereof, and covered in whole
or in part by.the license, or the right to take over upon mutual agreement with the licensee all property owned and held by the licensee then
valuable and serviceable .n the development, transmission, or distribution
of power and which is then dependent for its usefulness upon the continuance of the license, together with any lock or locks or other aids to
navigation constructed at the expense of the licensee, upon the condition
that before taking possession it shall pay the net investment of the licensee
in the project or projects taken, not to exceed the fair value of the property
taken, plus such reasonable damages, if any, to property of the linceasee
Aug. 31 1935
valuable, serviceable, and dependent as above set forth but not taken, as
may be caused by the severance therefrom of property taken, and shall
assume all contracts entered into by the licensee with the approval of the
Commission. The net investment of the lincensee in the project or projects
so taken and the amount of such severance damages, if any, shall be
determined by the Commission after notice and opportunity for hearing.
Such net investment shall not include or be affected by the value of any
lands, rights-of-way, or other property of the United States licensed by
the Commission under this ct, by the license or by good will, going value,
or prospective revenues nor shall the values allowed for water rights,
rights-of-way, lands, or interest in lands be in excess of the actual reasonable cost thereof at the time of acquisition by the licensee: Provided.
That the right of the United States or any State or municipality to take
over, maintain, and operate any project licensed under this Act at any
time by condemnation proceedings upon payment of just compensation
is hereby expressly reserved."
Sec. 208. Section 17 of the Federal Water Power Act, as amended,
is amended to read as follows.
"Sec. 17. (a) All proceeds from any Indian reservation shall be
placed to the credit of the Indians of such reservation. All other charges
arising from licenses hereunder, except charges fixed by the Commission
for the purpose of reimbursing the United States for the costs of administration of this Part, shall be paid into the Treasury of the United States,
subject to the follm.ing distribution: 125i% thereof is hereby appropriated
to be paid into the Treasury of the United States and credited to 'Miscellaneous receipts': 50% of the charges arising from licenses hereunder
for the occupancy and use of public lands and national forests shall be
paid into, reserved, and appropriated as a part of the reclamation fund
created by the Act of Congress known as the Reclamation Act, approved
June 17, 1902; and 373i% of the charges arising from licenses hereunder
for the occupancy and use of national forests and public lands from development within the boundaries of any State shall be paid by the Secretary of
the Treasury to such State' and 50% of the charges arising from all other
licenses hereunder is hereby reserved and appropriated as a special fund
in the Treasury to be expended under the direction of the Secretary of
War in the maintenance and operation of dams and other navigation structures owned by the United States or in the construction, maintenance, or
operation of headwater or other improvements of navigable waters of the
United States. The proceeds of charges made by the Commission for the
purpose of reimbursing the United States for the costs of the administration
of this part shall be paid into the Treasury of the United States and credited
to miscellaneous receipts.
"(b) In case of delinquency on the part of any licensee in the payment
of annual charges a penalty of 5% of the total amount so delinquent may
be added to the total charges which shall apply for the first month or part
of month so delinquent with an additional penalty of 3% for each subsequent month until the total of the charges and penalties are paid or until
the license is canceled and the charges and penalties satisfied in accordance
with law."
Sec. 209. Section 18 of the Federal Water Power Act, as amended,
is amended to read as follows:
"Sec 18. The Commission shall require the construction, maintenance, and operation by a licensee at its own expense of such lights and
signals as may be directed by the Secretary of War, and such fishways
as may be prescribed by the Secretary of Commerce. The operation of
any navigation facilities which may be constructed as a part of or in connection with any dam or diversion structure built under the provisions
of this Act, whether at the expense of a licensee hereunder or of the United
States, shall at all times be controlled by such reasonable rules and regulations in the interest of navigation, including the control of the level Of
the pool caused by such dam or diversion structure as may be made from
time to time by the Secretary of War; and for willful failure to comply
with any such rule or regulation such licensee shall be deemed guilty of a
misdemeanor, and upon conviction thereof shall be punished as provided
in section 316 hereof."
Sec. 210. Section 23 of the Federal Water Power Act, as amended,
is amended to read as follows:
"Sec. 23. (a) The provisions of this Part shall not be construed as
affecting any permit or valid existing right-of-way heretofore granted or as
confirming or otherwise affecting any claim, or as affecting any authority
heretofore given pursuant to law, but any person, association, corporation.
State, or municipality holding or possessing such permit, right-of-way,
or authority may apply for a license hereunder, and upon such application
the Commission may issue to any such applicant a license in accordance
with the provisions of this Part and in such case the provisions of this
Act shall apply to such applicant as a licensee hereunder: Provided, That
when application is made for a license under this section for a project
or projects already constructed the fair value of said project or projects
deterttlned as provided in this section, shall for the purposes of this Part
and of said license be deemed to be the amount to be allowed as the net
investment of the applicant in such project or projects as of the date of
such license, or as of the date of such determination, if license has not
been issued. Such fair value shall be determined by the Conuntssion after
notice and opportunity for hearing.
"(b) It shall be unlawful for any person, State, or municipality, for
the purpose of developing electric power, to construct, operate, or maintain any dam, water conduit, reservoir, power house, or other works incidental thereto across, along, or in any of the navigable waters of the United
States, or upon any part of the public lands or reservations of the United
States (including the Territories), or utilize the surplus water or water
power from any Government dam, except under and in accordance with
the terms of a permit or valid existing right-of-way granted prior to June
10 1920, or a license granted pursuant to this Act. Any person, association, corporation. State, or municipality intending to construct a dam or
other project works across, along, over, or in any stream or part thereof.
other than those defined herein as navigable waters, and over which Congress has jurisdiction under its authority to regulate commerce with foreign
nations and among the several States shall before such construction file
declaration of such intention with the Commission, whereupon the Commission shall cause immediate investigation of such proposed construction
to be made, and if upon investigation it shall find that the interests of interstate or foreign commerce would be affected by such proposed construction,
such person, association, corporation, State. or municipality shall not
construct, maintain, or operate such dam or other project works until it
shall have applied for and shall have received a license under the provisions
of this Act. If the Commission shall not so find, and if no public lands
or reservations are affected, permission is hereby granted to construct
such dam or other project works in such stream upon compliance with
State laws."
Sec. 211. Section 24 of the Federal Water Power Act, as amended.
is amended to read as follows:
"Sec. 24. Any lands of the United States incanted in any proposed
project under the provisions of this Part shall from the date of filing of
application therefor be reserved from entry, location, or other disposal
Volume 141
Financial Chronicle
under the laws of the United States until otherwise directed by the Commission or by Congress. Notice that such application has been made,
togeher with the date of filing thereof and a description of the lands of the
United States affectd thereby, snail be filed in the local land office for the
district in which such lands are located. Whenever the Coma ission shall
determine that the value of any lands of the Unied States so applied for,
or heretofore or hereafter reserved or classified as power sites, will not be
injured or destroyed for the purposes of power development by location,
entry, or selection under the public land laws, the Secretary of the Interior,
upon notice of such determination, shall declare such lands open to location, entry, or selection, for such purpose or purposes and under such
restrictions as the Commission may determine, subject to and with a
reservation of the right of the United States or its permittees or licensees
to enter upon, occupy, and use any part or all of said lands necessary, in
the judg nent of the Commission, for the purposes of this Part, which
right shall be expressly reseved in evey patent issued for such lands: and
no claim or right to compensation shall accrue from the occupation or use
of any of said lands for said purposes. The United States or any licensee
for any such lands hereunder may enter thereupon for the purposes of
this Part, upon payment of any damages to crops, buildings, or other
improvements caused thereby to the owner thereof, or upon giving a good
and sufficient bond to the United States for the use and benefit of the owner
to secure the payment of such damages as may be determined and fixed
in an action brought upon the bond in a court of competent jurisdiction,
said bond to be in the form prescribed by the Commission: Provided, That
locations, entries, selections, or filings heretofore made for lands reserved
as water-power sites, or in connection with water-power development, or
electrical transmission may proceed to approval or patent under and
subject to the limitations and conditions in this section contained.
Sec. 212. Sectons 1 to 29, inclusive, of the Federal Water Power Act,
as amended, shall constitute Part I of that Act, and sections 25 and 30
ofsuch Act, as amended, are repealed: Provided, That nothing in that Act,
as amended, shall be construed to repeal or amend the provisions of the
amendment to the Federal Water Power Act approved March 3. 1921
(41 Stat. 1353), or the provisions of any other Act relating to national
parks and national monuments.
SEC. 213. The Federal Water Power Act, as amended, is further
amended by adding thereto the following parts:
-PART II—REGULATION OF ELECTRIC-UTILITY COMPANIES
ENGAGED IN INTERSTATE COMMERCE
"Declaration of Policy; Application of Part; Definitions
"Section 201. (a) It is hereby declared that the business of transmitting and selling electric energy for ultimate distribution to the public
is affected with a public interest, and that Federal regulation of ma ters
relating to generation to the extent provided in this Part and the Part
next following and of that part of such business which consists of the
transmission of electric energy in interstate commerce and the sale of
such energy at wholesale in interstate commerce is necessary in the public
interest, such Federal regulation, however, to extend only to those matters
which are not subject to regulation by the States.
"(b) The provisions of this Part shall apply to the transmission of
electric energy in interstate commerce and to the sale of electric energy at
wholesale in interstate commerce, but shall not apply to any other sale of
electric energy or deprive a State or State commission of its lawful authority now exercised over the exportation of hydroelectric energy which is
transmitted across a State line. The Commission shall have jurisdiction
over all facilities for such transmission or sale of electric energy, but shall
not have jurisdiction, except as specifically provided in this Part and the
Part next following, over facilities used for the generation of electric energy
or over facilities used in local distribution or only for the transmission of
electric energy in intrastate commerce, or over facilities for the transmission of electric energy consumed wholly by the transmitter.
"(c) For the purpose of this Part, electric energy shall be held to be
transmitted in interstate commerce if transmitted from a State and consumed at any point outside thereof; but only insofar as such transmission
takes place within the United States.
"(d) The term 'sale of electric energy at wholesale' when used in this
Part means a sale of electric energy to any person for resale.
"(e) The term 'public utility' when used in this Part or in the Part
next following means any person who owns or operates facilities subject to
the jurisdiction of the Commission under this Part.
"(f) No provision in this Part shall apply to, or be deemed to include,
the United States, a State or any political subdivision of a State, or any
agency, authority, or instrumentality of any one or more of the foregoing,
or any corporation which is wholly owned, directly or indirectly, by any
one or more of the foregoing, or any officer, agent, or employee of any of
the foregoing acting as such in the course of his official duty, unless such
provision makes specific reference thereto.
"Interconnection and Coordination of Facilities; Emergencies; Transmission
to Foreign Countries
"Sec. 202. (a) For the purpose of assuring an abundant supply of
electric energy throughout the United States with the greatest possible
economy and with regard to the proper utilization and conservation of
natural resources, the Commission is empowered and directed to divide
the country into regional districts for the voluntary interconnection and
coordination of facilities for the generation, transmission, and sale of
electric energy, and it may at any time thereafter, upon its own motion
or upon application, make such modifications thereof as in its judgment
will promote the public interest. Each such district shall embrace an area
which, in the judgment of the Commission, can economically be served
by such interconnected and coordinated electric facilities. It shall be the
duty of the Commission to promote and encourage such interconnection
and coordination within each such district and between such districts.
Before establishing any such district and fixing or modifying the boundaries
thereof the Commission shall give notice to the State commission of each
State situated wholly or in part within such district, and shall afford each
such State commission reasonable opportunity to present its views and
recommendations, and shall receive and consider such views and recommendations.
"(b) Whenever the Commission, upon application of any State commission or of any person engaged in the transmission or sale of electric
energy, and after notice to each State commission and public utility
affected and after opportunity for hearing, finds such action necessary
or appropriate in the public interest it may by order direct a public utility
(if the Commission finds that no undue burden will be placed upon such
public utility thereby) to establish physical connection of its transmission
facilities with the facilities of one or more other persons engaged in the
transmission or sale of electric energy, to sell energy to or exchange energy
with such persons: Provided, That the Commission shall have no authority
to compel the enlargement of generating facilities for such purposes, nor
to compel such public utility to sell or exchange energy when to do so
would impair its ability to render adequate service to its customers. The
1341
Commission may prescribe the terms and conditions of the arrangement
to be made between the persons affected by any such order, including the
apportionment of cost between them and the compensation or reimbursement reasonably due to any of them.
"(c) During the continuance of any war in which the United States is
engaged, or whenever the Commission determines that an emergency exists
by reason of a sudden increase in the demand for electric energy, or a
shortage of electric energy or of facilities for the generation or transmission
of electric energy, or of fuel or water for generating facilities, or other
causes, the Commission shall have authority, either upon its own motion
or upon complaint, with or without notice, hearing, or report, to require
by order such temporary connections of facilities and such generation,
delivery, interchange, or transmission of electric energy as in its judgment
will best meet the emergency and serve the public interest. If the parties
affected by such order fail to agree upon the terms of any arrangement
between them in carrying out such order, the Commission, after hearing
held either before or after such order takes effect, may prescribe by supplemental order such terms as it finds to be just and reasonable including
the compensation or reimbursement which should be paid to or by any
such party.
"(d) During the continuance of any emergency requiring immediate
action, any person engaged in the transmission or sale of electric energy
and not otherwise subject to the jurisdiction of the. Commission may
make such temporary connections with any public utility subject to the
jurisdiction of the Commission or may construct such temporary facilities for the transmission of electric energy in interstate commerce as may
be necessary or appropriate to meet such emergency, and shall not become
subject to the jurisdiction of the Commission by reason of such temporary
connection or temporary construction: Provided. That such temporary
connection shall be discontinued or such temporary construction removed
or otherwise disposed of upon the termination of such emergency: Provided further, That upon approval of the Commission permanent connections for emergency use only may be made hereunder.
"(e) After six months from the date on which this Part takes effect,
no person shall transmit any electric energy from the United States to a
foreign country without first having secured an order of the Commission
authorizing it to do so. The Commission shall issue such order upon
application unless, after opportunity for hearing, it finds that the proposed transmission 'Would impair the sufficency of electric supply within
the United States or 'would impede or tend to impede the coordination
in the public interest of facilities subject to the jurisdiction of the Commission. The Commission may by its order grant such application in whole
or in part, *with such modifications and upon such terms and conditions
as the Commission may find necessary or appropriate, and may from
time to time, after opportunity for hearing and for good cause shown,
make such supplemental orders in the premises as it may find necessary
or appropriate.
"Disposition of Property; Consolidations; Purchase of Securities
"Sec. 203. (a) No public utility shall sell, lease, or otherwise dispose
of the whole of its facilities subject to the Jurisdiction of the Commission,
or any part thereof of a value in excess of $50,000, or by any means whatsoever, directly or indirectly, merge or consolidate such facilities or any
part thereof with those of any other person, or purchase, acquire, or take
any security of any other public utility, without first having secured an
order of the Commission authorizing it to do so. Upon application for
such approval the Commission shall give reasonable notice in writing to
the Governor and State commission of each of the States, in which the
physical property affected, or any part thereof, is situated, and to such
other persons as it may deem advisable. After notice and opportunity
for leasing, if the Commission finds that the proposed disposition, consolidation. acquisition, or control will be consistent with the public interest,
it shall approve the same.
"(b) The Commission may grant any application for an order under
th.s section in whole or in part and upon such terms and conditions as it
finds necessary or appropriate to secure the maintenance of adequate
service and the coordination in the public interest of facilities subject
to the jurisdiction of the Commission. The Commission may from time
to time for good cause shown make such orders supplemental to any order
made under this section as it may find necessary or appropriate.
"Issuance of Securities; Assumption of Liabilities
"Sec. 204. (a) No public utility shall issue any security or assume
any obligation or liability as guarantor, indorser, surety, or otherwise in
respect of any security of another person, unless and until, and then only
to the extent that, upon application by the public utility, the Commission by order authorizes such issue or assumption of liability. The Commission shall make such order only if it finds that such issue or assumption
(a) is for some lawful object, within the corporate purposes of the applicant and compatible with the public interest, which is necessary or appropriate for or consistent with the proper performance by the applicant
of service as a public utility and which will not impair its ability to perform
that service. and (b) is reasonably necessary or appropriate for such
purposes. The provisions of this section shall be effective six months after
this Part takes effect.
"(b) The Commission, after opportunity for hearing, may grant any
application under this section in whole or in part, and with such modifications and upon such terms and conditions as it may find necessary or
appropriate, and may from time to time, after opportunity for hearing
and for good cause shown, make such supplemental orders in the premises
as it may find necessary or appropriate, and may by any such supplemental
order modify the provisions of any previous order as to the particular
purposes, uses, and extent to which, or the conditions under which, any
security so tneretofore authorized or the proceeds thereof may be applied,
subject always to the requirements of subsection (a) of this section.
"(c) No public utility shall, without the consent of the Commission,
apply any security or any proceeds thereof to any purpose not specified
in the Commission's order, or supplemental order, or to any purpose in
excess of the amount allowed for such purpose in such order, or otherwise
in contravention of such order.
"(d) The Commission shall not authorize the capitalization of the
right to be a corporation or of any franchise, permit, or contract for consolidation, merger, or lease in excess of the amount (exclusive of any tax
or annual charge) actually paid as the consideration for such right, franchise, permit, or contract.
"(e) Subsection (a) shall not apply to the issue or renewal of, or assumption of liability on, a note or draft maturing not more than one year after
the date of such issue, renewal, or assumption of liability, and aggregating (together with all other then outstanding notes and drafts of a
maturity of one year or less on which such public utility is primarily or
secondarily liable) not more than 5% of the par value of the other securities
of the public utility then outstanding. In the case of securities having
no par value, the par value for the purpose of this subsection shall be the
fair market value as of the date of issue. Within ten days after any such
Issue, renewal, or assumption of liability, the public utility shall file with
the Commission a certificate of notification, in such form as may be pre-
1342
Financial Chronicle
Commission
scribed by the Commission, setting forth such matters as the
shall by regulation require.
utility
public
a
to
extend
not
shall
section
"(f) The provisions of this
organized and operating in a State under the laws of which its security
issues are regulated by a State commission.
"(g) Nothing in this section shall be construed to imply any guarantee
or obligation on the part of the United States in respect of any securities
to which the provisions of this section relate.
"(h) Any public utility whose security issues are approved by the Commission under this section may file with the SEC duplicate copies of reports
filed with the Federal Power Commission in lieu of the reports, information, and documents required under sectioo 7 of the Securities Act ot 19.33
and sections 12 and 13 of the Securities and Exchange Act of 1934.
"Rates and Charges; Schedules; Suspension of New Rates
"Sec. 205. (a) All rates and charges made. demanded, or received
by any public utility for or in connection with the transmission or sale of
electric energy subject to the jurisdiction of the Commission, and all
rules and regulations affecting or pertaining to such rates or charges shall
and
be Just and reasonable, and any such rate or charge that is not just
reasonable is hereby declaree to be unlawful.
"(b) No public utility shall, with respect to any transmission or sale
subject to the jurisdiction of the Commission.(1) make or grant any undue
preference or advantage to any person or subject any person to any undue
prejudice or disadvantage, or (2) maintain in any unreasonable difference in
rates, charges, service, facilities, or in any other respect, either as between
localities or as between classes of service.
"(c) Under such rules and regulations as the Commission may pre•
scribe, every public utility shall file with the Commission, within such
time and in such form as the Commission may designate, and shall keep
open in convenient form and place for public inspection schedules showing all rates and charges for any transmission or sale subject to the jurisdiction of the Commission, and the classifications, practices, and regulations affecting such rates and charges, together with all contracts which in
any manner affect or relate to such rates, charges, classifications, and
services.
"(d) Unless the Commission otherwise orders, no change shall be made
by any public utility in any such rate, charge, classification, or service,
or in any rule, regulation, or contract relating thereto, except after thirty
days' notice to the Commission and to the public. Such notice shall be
given by filing with the Commission and keeping open for public inspection new schedules stating plainly the change or changes to be made in the
schedule or schedules then in force and the time when the change or changes
will go into effect. The Commission, for good cause shown, may allow
changes to take effect without requiring the 30 days' notice herein provided for by an order specifying the changes so to be made and the time
when they shall take effect and the manner in which they shall be filed
and published.
"le) Whenever any such new schedule is filed the Commission shall
have authority, either upon complains or upon its own Initiative without
complaint, at once, and. If it so orders, without answer or formal pleading
by the public utility, but upon reasonable notice, to enter upon a hearing
concerning the lawfulness of such rate, charge, classification, or service;
and, pending such hearing and the decision thereon, the Commission, upon
filing with such schedules and delivering to the public utility affected
thereby a statement in writing of its reasons for such suspension, may
suspend the operation of such schedule and defer the use of such rate.
charge, classification, or service, but not for a longer period than five
months beyond the time when it would otherwise go into effe:t; and after
full hearings, either completed before or after the rate, charge, classification, or service goes Into effect, the Commission may make such orders with
reference thereto as would be proper in a proceeding initiated after it had
become effective. It the procecti.ing has not been concluded and an order
made at the expiration of such five months, the proposed change of rate,
charge, classification, or service shall go into effect at the end of such
period, but in case of a proposea increased rate or charge, the Commission
may by order require the interested public utility or public utilities to
keep accurate account in detail of all amounts received by reason of such
increase, specifying by whom and in whose behalf such amounts are paid,
and upon completion of the hearing and decision may by further order
require such public utility or public utilities to refund, with interest.
such portion of such
to the persons in whose behalf such amounts were pain,
inereaset, rates or charges as by its decision shall be found not justified.
be increased, the
At any hearing involving a rate or charge sought to
is just and reasonburden of proof to show that the Increasea rate or charge
shall give to
Commission
the
and
utility,
able shall be upon the public
the hearing and decision of such questions preference over other questions
pending before it and decide the same as speedily as possible.
"Fixing Rates and Charges; Determination of Cost of
Production or Transmission
"Sec. 206. (a) Whenever the Commission, after a hearing had upon
its own motion or upon complaint, shall find that any rate, charge, or
classification, demanded, observed, charged, or collected by any public
utility for any transmission or sale subject to the jurisdiction of the Commission, or that any rule, regulation, practice, or contract affecting such
rate, charge, or classification is unjust, unreasonable, unduly discriminatory or preferential, the Commission shall determine the just and reasonable
rate, charge, classification, rule, regulation, practice, or contract to be
thereafter observed and in force, and shall fix the same by order.
"(b) The Commission upon its own motion, or upon the request of any
State commission whenever it can do so without prejudice to the efficient
and proper conduct of its affairs, may investigate and determine the
cost of the production or transmission of electric energy by means of
facilities under the jurisdiction of the Commission in cases where the
Commission has no authority to establish a rate governing the sale of such
energy.
"Furnishing of Adequate Service
"Sec. 207. Whenever the Commission, upon complaint of a State
commission, after notice to each State commission and public utility
affected and after opportunity for hearing, shall find that any interstate
service of any public utility is inadequate or insufficient, the Commission
shall determine the proper, adequate, or sufficient service to be furnished,
and shall fix the same by its order, rule, or regulation: Provided, That
the Commission shall have no authority to compel the enlargement of
generating facilities for such purposes, nor to compel the public utility
to sell or exchange energy when to do so would impair its abilit) to render
adequate service to its customers.
"Ascertainment of Cost of Property
"Sec. 208. (a) The Commission may investigate and ascertain the
the depreciactual legitimate cost of the property of every public utility,
other
ation therein, and, when found necessary for rate-making purposes,
facts which bear on the determination of such cost or depreciation, and the
fair_value of such property.
Aug. 31 1935
"(b) Every public utility upon request shall file with the Commission
an inventory of all or any part of its property and a statement of the original
cost
cost thereof, and shall keep the Commission informed regarcing the
of all additions, betterments, extensions, and new construction.
"Use of Joint Boards; Cooperation with State Commissions
"Sec. 209. (a) The Commission may refer any matter arising in the
administration of this Part to a board to be composed of a member or memthe
bers, as determined by the Commission, from the State or each of
States affected or to be affected by such matter. Any such board shall be
vested with the same power and be subject to the same duties and liabilities
as in the case of a member of the Commission when designated by the
Commission to hold any hearings. The action of such board shall have
such force and effect and its proceedings shall be conducted in such manner
as the Commission shall by regulations prescribe. The board shall be
appointed by the Commission from persons nominated by the State comis
mission of each State affected, or by the Governor of such State if there
no State COMMissi012. Each State affected shall be entitled to the same
number of representatives on the board unless the nominating power of
such State waives such right. The Commission shall have discretion to
reject the nominee from any State, but shall thereupon invite a new nomination from that State. The members of a board shall receive such allowances for expenses as the Commission shall provide. The Commission
may, when in its discretion sufficient reason exists therefor, revoke any
reference to such a board.
"(b) The Commission may confer with any State commission regarding the relationship between rate structures, costs, accounts, charges.
Practices, classifications, and regulations of public utilities subject to
the jurisdiction of such State commission and of the Commission; and
the Commission is authorized, under such rules and regulations as it shall
prescribe, to nold joint hearings with any State commission in connection
with any matter with respect to which the Commission is authorized to
act. The Commission is authorized in the administration of this Act to
avail itself of such cooperation, services, records, and facilities as may be
afforded by any State commission.
"(c) The Commission shall make available to the several State commissions such information and reports as may be of assistance in State
regulation of public utilities. Whenever the Commission can do so without prejudice to the efficient and proper conduct of its affairs, it may
upon request from a State make available to such State as witnesses any
of its trained rate, valuation, or other experts, subject to reimbursement
to the Commission by such State of the compensation and traveling expenses
of such witnesses. All sums collected hereunder shall be credited to the
appropriation from which the amounts were expended in carrying out the
provisions of this subsection.
"PART III—LICENSEES AND PUBLIC UTILITIES; PROCEDURAL
AND ADMINISTRATIVE PROVISIONS
"Accounts, Records, and Memoranda
"Sec. 301. (a) Every licensee and public utility shall make, keep.
and preserve for such periods, such accounts, records of cost-accounting
procedures, correspondence, memoranda, papers, books, and other records
as the Commission may by rules and regulations prescribe as necessary
or appropriate for purposes of the administration of this Act, including
accounts, records, and memoranda of the generation, transmission, distribution, delivery, or sale of electric energy, the furnishing of services or
facilities in connection therewith, and receipts and expenditures with
respect to any of the foregoing; Provided. however, That nothing in this
Act shall relieve any public utility from keeping any accounts, memoranda,
or records which such public utility may be required to keep by or under
authority of the laws of any State. The Commission may prescribe a
system of accounts to be kept by licensees and public utilities and may
classify such licensees and puolic utilities and prescribe a system of accounts
for each class. The Commission, after notice and opportunity for hearing.
may determine by order the accounts in which particular outlays and
receipts shall be entered, charged, or credited. The burden of proof to
justify every accounting entry questioned by the Commission shall be on
the person making, authorizing, or requiring such entry, and the Commission may suspend a charge or credit pending submission of satisfactory
proof in support thereof.
"(b) The Commission shall at all times have access to and the right
to inspect and examine all accounts, records, and memoranda of licensees
and public utilities, and it shall be the duty of such licensees and public
utilities to furnish to the Commission, within such reasonable time as the
Commission may order, any information with respect thereto which the
Commission may by order require, including copies of maps, contracts,
reports of engineers, and other data, records, and papers, and to grant to
all agents of the Commission free access to its property and its accounts,
records, and memoranda when requested so to do. No member, officer,
or employee of the Commission shall divulge any fact or information
which may come to his knowledge during the course of examination of
books or other accounts, as hereinbefore provided, except insofar as he
may be directed by the Commission or by a court.
"(a) The books, accounts, memoranda, and records of any person who
controls, directly or indirectly, a licensee or public utility subject to the
Jurisdiction of the Commission, and of any other company controlled by
such person,insofar as they relate to transactions with or the the business of
such licensee or public utility, shall be subject to examination on the order
of the Commission.
"Rates of Depreciation
"Sec. 302. (a) The Commission may, after hearing, require licensees
and public utilities to carry a proper and adequate depreciation account
In accordance with such rules, regulations, and forms of account as the
Commission may prescribe. The Commission may, from time to time,
ascertain and determine, and by order fix, the proper and adequate rates
of depreciation of the several classes of property of each licensee and
public utility. Each licensee and public utility shall conform Its depreciation accounts to the rates so ascertained, determined, and fixed. The
licensees and public utilities subject to the jurisdiction of the Commission
shall not charge to operating expenses any depreciation charges on classes
of property other than those prescribed by the Commission, or charge
with respect to any class of property a percentage of depreciation other
than that prescribed therefor by the Commission. No such licensee or
public utility shall In any case include in any form under its operating
or other expenses any depreciation or other charge or expenditure included
elsewhere as a depreciation charge or otherwise under its operating or
other expenses. Nothing in this section shall limit the power of a State
commission to determine in the exercise of its jurisdiction, with respect
to any public utility, the percentage rate of depreciation to be allowed,
as to any class of property of such public utility, or the composite depreciation rate, for the purpose of determining rates or charges.
as
"(b) The Commission, before prescribing any rules or requirements
shall
to accounts, records, or memoranda, or as to depreciation rates,
any
notify each State commission having jurisdiction with respect to
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Financial Chronicle
public utility involved, and shall give reasonable opportunity to each such
commission to present its views, and shall receive and consider such views
and recommendations.
"Requirements Applicable to Agencies of the United States
"Sec. 303. All agencies of the United States engaged in the generation
and sale of electric energy for ultimate distribution to the public shall be
subject, as to all facilities used for such generation and sale, and as to
the electric energy sold by such agency, to the provisions of sections 301
and 302 hereof, so far as may be practicable, and shall comply with the
provisions of such sections and with the rules and regulations of the Commission thereunder to the same extent as may be required in the case of a
public utility.
"Periodic and Special Reports
"Sec. 304 (a) Every licensee and every public utility shall file with
the Commission such annual and other periodic or special reports as the
Commission may by rules and regulations or order prescribe as necessary
or appropriate Co assist the Commission in the proper administration of
this Act. The Commission may prescribe the manner and form in which
such reports shall be made, and require from such persons specific answers
to all questions upon which the Commission may need information. The
Commission may require that such reports shall include, among other things,
full information as to assets and liabilities, capitalization, net investment,
and reduction thereof, gross receipts, interest due and paid, depreciation,
and other reserves, cost of project and other facilities, cost of maintenance
and operation of the project and other facilities, cost of renewals and replacement of the project works and other facilities, depreciation, generation,
transmission, distribution, delivery, use, and sale of electric energy. The
Commission may require any such person to make adequate provision for
currently determining such costs and other facts. Such reports shall be
made under oath unless the Commission otherwise specifies.
"(b) It shall be unlawful for any person willfully to hinder, delay,
or obstruct the making, filing, or keeping of any information, document,
report, memorandum, record, or account required to be made, filed, or
kept under this Act or any rule, regulation, or order thereunder.
"Officials Dealing in Securities: Interlocking Directorates
"Sec. 305. (a) It shall be unlawful for any officer or director of any
public utility to receive for his own benefit, directly or indirectly, any
money or thing of value in respect of the negotiation, hypothecation, or
sale by such public utility of any security issued or to be issued by such
public utility, or to share in any of the proceeds thereof, or to participate
in the making or paying of any dividends of such public utility from any
funds property included in capital account.
"(b) After six months from the date on which this Part takes effect, it
shall be unlawful for any person to hold the position of officer or director
of more than one public utility or to hold the position of officer or director
of a public utility and the position of officer or director of any bank; trust
company, banking association, or firm that is authorized by law to underwrite or participate in the marketing of securities of a public utility, or
officer or director of any company supplying electrical equipment to such
public utility, unless the holding ofsuch positions shall have been authorized
by order of the Commission, upon due showing in form and manner prescribed by the Commission, that neither public nor private interests will
be
adversely affected thereby. The Commission shall not grant any such
authorization in respect of such positions held on the date on which this
Part takes effect, unless application for such authorization is filed with the
Commission within sixty days after that date.
"Complaints
"Sec. 306. Any person, State, municipality, or State commission complaining of anything done or omitted to be done by any licensee or
public
utility in contravention of the provisions of this Act may apply to
the
Commission by petition which shall briefly state the facts,
whereupon
a statement of the complaint thus made shall be forwarded by the
Commission to such licensee or public utility, who shall be called
upon to satisfy
the complaint or to answer the same in writing within a reasonable
time
to be specified by the Commission. If such licensee or public
utility shall
not satisfy the complaint within the time specified or there shall
appear
to be any reasonable ground for investigating such complaint, it shall
be
the duty of the Commission to investigate the matters complained
of in
such manner and by such means as it shall find proper.
"Investigations by Commission: Attendance of Witnesses. Depositions
"Sec. 307. (a) The Commission may investigate any facts, conditions,
practices, or matters which it may find necessary or proper in order
to
determine whether any person has violated or is about to violate
any
provision of this Act or any rule, regulation, or order thereunder,
or to
aid in the enforcement of the provisions of this Act or in prescribing rules
or regulations thereunder, or in obtaining information to serve as a basis
for recommending further legislation concerning the matters to which this
Act relates. The Commission may permit any person to file with a
statement in wrung under oath or otherwise, as it shall determine,
as to
any or all facts and circumstances concerning a matter which may
be the
subject of investigation. The Commission, in its discretion. may
publish
or make available to State commissions information concerning any
such
subject.
"(b) For the purpose of any investigation or any other proceeding
under this Act, any member of the Commission, or any officer designated
by it, is empowered to administer oaths and affirmations.subpena witnesses,
compel their attendance, take evidence, and require the production of
any
books, papers, correspondence, memoranda, contracts, agreements, or
other records which the Commission finds relevant or material to the inquiry.
Such attendance of witnesses and the production of any such records may
be required from any place in the United States at any designated place of
hearing. Witnesses summoned by the Commission to appear before it
shall be paid the same fees and mileage that are paid witnesses in the
ocurts
of the United States.
"(c) In case of contumacy by, or refusal to obey a subpena issued to.
any Person, the Commission may invoke the aid of any court of the United
States within the jurisdiction of which such investigation or proceeding
is carried on. or where such person resides or carries on business, in requiring the attendance and testimony of witnesses and the production of books,
papers, correspondence, memoranda. contracts, agreements, and other
records. Such court may issue an order requiring such person to appear
before the Commission or member or officer designated by the Commission, there to produce records, if so ordered, or to give testimony touching
the matter under investigation or in question; and any failure to obey such
order of the court may be punished by such court as a contempt thereof.
All process in any such case may be served In the judicial district whereof
such person is an inhabitant or wherever he may be found or may be doing
business. Any person wbo willfully shall fail or refuse to attend and testify
or to answer any lawful inquiry or to produce books, papers. correspondence,
memoranda, contracts, agreements, or other records, if in his or its power
so to do, in obedience to the subpena of the Commission, shall be guilty
1343
of a misdemeanor and, upon conviction, shall be subject to a fine of not
more than $1,000 or to imprisonment for a term of not more than one
year, or both.
"(d) The testimony of any witness may be taken, at the instance of a
Party, in any proceeding or investigation pending before the Commission,
by deposition, at any time after the proceeding is at issue. The Commission may also order testimony to be taken by deposition in any proceeding
or investigation pending before it, at any stage of such proceeding or investigation. Such depositions may be taken before any person authorized
to administer oaths not being of counsel or attorney to either of the parties,
nor interested in the proceeding or investigation. Reasonable notice
must first be given in writing by the party or his attorney proposing to take
such deposition to the opposite party or his attorney of record, as either
may be nearest, which notice shall state the name of the witness and the
time and place of the taking of his deposition. Any person may be compelled to appear and depose, and to produce documentary evidence, in
the same manner as witnesses may be compelled to appear and testify and
produce documentary evidence before the Commission, as hereinbefore
provided. Such testimony shall be reduced to writing by the person taking
the deposition, or under his direction, and shall, after it has been reduced
to writing, be subscribed by the deponent.
"(e) If a witness whose testimony may be desired to be taken by deposition be in a foreign country, the deposition may be taken before an
officer or person designated by the Commission, or agreed upon by the
parties by stipulation in writing to be filed with the Commission. All
depositions must be promptly filed with the Commission.
"(f) Witnesses whose depositions are taken as authorized in this Act,
and the person or officer taking the same, shall be entitled to the same fees
as are paid for like services in the courts of the United States.
"(S) No person shall be excused from attending and testifying or from
producing books, papers, correspondence, memoranda, contracts, agreements, or other records and documents before the Commission, or in
obedience to the subpena of the Commission or any member thereof or
any officer designated by it, or in any cause or proceeding instituted by
the Commission,on the ground that the testimony or evidence,documentary
or otherwise, required of him may tend to incriminate him or subject him
to a penalty or forfeiture; but no individual shall be prosecuted or subjected
to any penalty or forfeiture for or on account of any transaction, matter, or
thing concerning which he is compelled to testify or produce evidence,
documentary or otherwise, after having claimed his privilege against self_
Incrimination, except that such individual so testifying shall not be exempt
from prosecution and punishment for perjury committed in so testifying.
"Hearings; Rules of Procedure
“Sec. 308. (a) Hearings under this Act may be held before the Commission, any member or members thereof or any representative of the
Commission designated by it, and appropriate records thereof shall be kept.
In any proceeding before it, the Commission, in accordance with such
rules and regulations as it may prescribe, may admit as a party any interested State, State commission, municipality, or any representative of
interested consumers or security holders, or any competitor of a party to
such proceeding, or any other person whose participation in the proceeding
may be in the public interest.
"(b) All hearings, investigations, and proceedings under this Act shall
be governed by rules of practice and procedure to be adopted by the Commission, and in the conduct thereof the technical rules of evidence need
not be applied. No informality in any hearing, investigation, or proceeding or in the manner of taking testimony shall invalidate any order,
decision, rule, or regulation issued under the authority of this Act.
"Administrative Powers of Commission; Rules, Regulations, and Orders
"Sec. 309. The Commission shall have power to perform any and all
acts, and to prescribe, issue, make, amend, and rescind such orders, rules,
and regulations as it may find necessary or appropriate to carry out the
provisions of this Act. Among other things, such rules and regulations
may define accounting, technical, and trade terms used in this Act; and
may prescribe the form or forms of all statements, declarations, applications. and reports to be filed with the Commission, the information
which they shall contain, and the time within which they shall be filed.
Unless a different date is specified therein, rules and regulations of the
Commission shall be effective thirty days after publication in the manner
which the Commission shall prescribe. Orders of the Commission shall
be effective on the date and in the manner which the Commission shall
prescribe. For the purposes of its rules and regulations, the Commission
may classify persons and matters within its jurisdiction and prescribe
different requirements for different classes of persons or matters. All
rules and regulations of the Commission shall be filed with its secretary
and shall be kept open in convenient form for public inspection and examination during reasonable business hours.
"Appointment of Officers and Employees
"Sec. 310. The Commission is authorized to appoint and fix the compensation of such officers, attorneys, examiners, and experts as may be
necessary for carrying out its functions under this Act, without regard
to the provisions of other laws applicable to the employment and compensation 01 officers and employees of the United States; and the Commission
may,subject to civil-service laws, appoint such other officers and employees
as are necessary for carrying out such functions and fix their salaries in
accordance with the Classification Act of 1923, as amended.
"Investigations Relating to Electric Energy
"Sec. 311. In order to secure information necessary or appropriate
as a basis for recommend.ng legislation, the Commission is authorized
and directed to conduct investigations regarding the generation, transmission, distribution, and sale of electric energy, however produced.
throughout the United States and its possessions, whether or not otherwise subject to the jurisdiction of the Commission, including the generation, transmission, distribution, and sale of electric energy by any agency,
authority, or instrumentality of the United States, or of any State or municipality or other political subdivision of a State. It shall, so far as practicable, secure and keep current information regarding the ownership, operation, management, and control of all facilities for such generation, transmission, distribution, and sale; the capacity and output thereof and the
relationship between the two; the cost of generation, transmission, and
distribution; the rates, charges, and contracts in respect of the sale of
electric energy and its service to residential, rural, commercial, and industrial consumers and other purchasers by private and public agencies; and
the relation of any or all such facts to the development of navigation, industry, commerce, and the national defense. The Commission shall report to
Congress the results of investigations made under authority of this section.
"Publication and Sale of Reports
"Sec. 312. The Commission may provide for the publication of its
reports and decisions in such form and manner as may be best adapted for
public information and use, and is authorized to sell at reasonable prices
copies of all maps,atlases, and reports as it may from time to time publish.
1344
Financial Chronicle
Such reasonable prices may niaude the cost of compilation, composition,
and reproduction. The Commission is also authorized to makb such charges
or
as it deems reasonable for special statistical services and other special
Periodic services. The amounts collected under this section shall be
All
receipts.
miscellaneous
deposited in the Treasury to the credit of
printing for the Federal Power Commission making use of engraving,
lithography, and photolithography, together with the plates for the same,
Commisshall be contracted for and performed under the direction of the
sion, under such limitations and .conditions as the Joint Committee on
Printing may from time to time prescribe, and all other printing for the
Commission shall be done by the Public Printer under such limitations and
conditions as the Joint Committee on Printing may from time to time prescribe. The entire work may be done at, or ordered through, the Government Printing Office whenever, in the judgment of the Joint Committee
Proon Printing, the same would be to the interest of the Government:
Joint
vided, That when the exigencies of the public service so require, the
immediate
make
to
Commission
the
Committee on Printing may authorize
contracts for engraving, lithographing, and photolithographing, without
advertisement for proposals: Provided further, That nothing contained
In this or any other Act shall prevent the Federal Power Commission from
engraving,
placing orders with other departments or establishments for
provisions
lithographing, and photolithographing, in accordance with the
providing
of sections 601 and 602 of the Act of June 30, 1932(47 Stat. 417),
for interdepartmental work.
"Rehearings; Court Review of Orders
"Sec. 313. (a) Any person, State. municipality,. or State commission
aggrieved by an order issued by the Commission in a proceeding under
this Act to which such person. State, municipality, or State commission
is a party may apply for a rehearing within thirty days alter the issuance
of such order. The application for rehearing shall set forth specifically
theground or grounds upon which such application is based. Upon such
application the Commission shall have power to grant or deny rehearing or to abrogate or modify its order without further hearing. Unless
the Commission acts upon the application for rehearing within thirty days
after it is filed, such application may be deemed to have been denied.
No proceeding to review any order of the Commission shall be brought
by any person unless such person shall have made application to the
Commission for a rehearing thereon.
"(b) Any party to a proceeding under this Act aggrieved by an order
issued by the Commission in such proceeding may obtain a review of such
order in the Circuit Court of Appeals of the United States for any circuit
wherein the licensee or public utility to which the order relates is located
or has its principal place of business, or in the United States Court of
Appeals for the District of Columbia, by filing in such court, within sixty
days after the order of the Commission upon the application for rehearing.
a written petition praying that the order of the Commission be modified
or set aside in whole or in part. A copy of such petition shall forthwith
be served upon any member of the Commission and thereupon the Commission shall certify and file with the court a transcript of the record upon
which the order complained of was entered. Upon the filing of such
transcript such court shall have exclusive jurisdiction to affirm, modify, or
the
set aside such order in whole or in part. No objection to the order of
Commission shall be considered by the court unless such objection shall
rehearing
for
application
the
in
have been urged before the Commission
the
unless there is reasonable ground for failure so to do. The finding of
be
Commission as to the facts, if supported by substantial evidence, shall
addiconclusive. If any party shall apply to the court for leave to adduce
such
that
court
the
of
satisfaction
tional evidence, and shall show to the
for
additional evidence is material and that there were reasonable grounds
failure to adduce such evidence in the proceedings before the Commission,
Comthe
the court may order sttch additional evidence to be taken before
mission and to be adduced upon the hearing in such manner and upon
such terms and conditions as to the court may seem proper. The Commission may modify its findings as to the facts by reason of the additional
new
evidence so taken, and It shall file with the court such modified or
findings which, if supported by substantial evidence, shall be conclusive,
the
and its recommendation, if any, for the modification or setting aside of
modioriginal order. The judgment and decree of the court, affirming,
Comthe
of
order
fying, or setting aside, in whole or in part, any such
the
mission, shall be final, subject to review by the Supreme Court of
United States upon certiorari or certification as provided in sections 239
and 240 of the Judicial Code, as amended (U. S. C., title 28, secs. 346
and 347).
"(c) The filing of an application for rehearing under subsection (a)
shall not, unless specifically ordered by the Commission, operate as a
stay of the Commission's order. The commencement of proceedings
under subsection (b) of this section shall not, unless specifically ordered
by the court, operate as a stay of the Commission's order.
"Enforcement of Act,Regulations and Orders
"Sec. 314. (a) Whenever it shall appear to the Commission that any
person is engaged or about to engage in any acts or practices which constitute or will constitute a violation of the provisions of this Act, or of any
rule, regulation, or order thereunder, it may in its discretion bring an
action in the proper District Court of the United States, the Supreme
Court of the District of Columbia, or the United States courts of any
Territory or other place subject to the jurisdiction of the United States,
to enjoin such acts or practices and to enforce compllance with this Act
or any rule, regulation, or order thereunder, and upon a proper showing
a permanent or temporary injunction or decree or restraining order shall
be granted without bond. The Commission may transmit such evidence
as may be available concerning such acts or practices to the Attorney
General, who, in his discretion, may institute the necessary criminal
proceedings under this Act.
Aug. 31 1935
"(b) Upon application of the Commission the district courts of the
United States, the Supreme Court of the District of Columbia, and the
United States courts of any Territory or other place subject to the jurisdiction of the United States shall have jurisdiction to issue writs of manthis
damus commanding any person to comply with the provisions of
Act or any rule, regulation, or order of the Commission thereunder.
"(c) The Commission may employ such attorneys as it firms necessary
or proper legal aid and service of the Commission or its members in the
conduct of their work, or for proper representation of the public interests
in investigations made by it or cases or proceedings pending before it.
whether at the Commission's own instance or upon complaint, or to appear
for or represent the Commission in any case in court; and the expenses
of such employment shall be paid out of the appropriation for the
Commission.
"General Forfeiture Provision
"Sec. 315. (a) Any licensee or public utility which willfully fails,
within the time prescribed by the Commission, to comply with any order
of the Commission, to file any report required under thisAct or any rule
or regulation of the Commission thereunder, to submit any information or
doctenent required by the Commission In the course of an investigation
conducted under this Act, or to appear by an officer or agent at any hearing
or investigation in response to a subpena issued under this Act, shall
forfeit to the United States an amount not exceeding $1,000 to be fixed
by the Commission after notice and opportunity for hearing. The imposition or payment of any such forfeiture shall not bar or affect any
penalty prescribed in this Act but such forfeiture shall be in addition to
any such penalty.
"(b) The forfeitures provided for in this Act shall be payable into the
Treasury of the United States and shall be recoverable in a civil suit in
the name of the United States, brought in the district where the person is
an inhabitant or has his principal place of business, or if a licensee or public
utility, in any district in which such licensee or public utility transacts
business. It shall be the duty of the various district attorneys, under
the direction of the Attorney General of the United States, to prosecute
for the recovery of forfeitures under this Act. The costs and expenses
of such prosecution shall be paid from the appropriations for the expenses
of the courts of the United States.
"GeneralPenalties; Venue
"Sec. 316. (a) Any person who willfully and knowingly does or
causes or suffers to be done any act, matter, or thing in this Act prohibited
or declared to be unlawful, or who willfully and knowingly omits or fails
to do any act, matter, or thing in this Act required to be done, or willfully
and knowingly causes or suffers such omission or failure, shall, upon conviction thereof, be punished by a fine of not more than $5,000 or by imprisonment for not more than two years, or both.
"(b) Any person who willfully and knowingly violates any rule, regulation, restriction, condition, or order made or imposed by the Commission under authority of this Act, or any rule or regulation imposed by
the Secretary of War under authority of Part I of this Act shall, in addition to any other penalties provided by law, be punished upon conviction
thereof by a fine of not exceeding $500 for each and every day during
which such offense occurs.
"Jurisdiction of Offenses; Enforcement of Liabilities and Duties
"Sec. 317. The District Courts of the United States, the Supreme
Court of the District of Columbia, and the United States courts of any
Territory or other place subject to the jurisdiction of the United States
shall have exclusive jurisdiction of violations of this Act or the rules,
regulations, and orders thereunder, and of all suits in equity and actions
at law brought to enforce any liability or duty created by, or to enjoin any
violation of, this Act or any rule, regulation, or order thereunder. Any
criminal proceeding shall be brought in the district wherein any act or
transaction constituting the violation occurred. Any suit or action to
enforce any liability or duty created by, or to enjoin any violation of, this
Act or any rule, regulation, or order thereunder may be brought in any
such district or in the district wherein the defendant is an inhabitant, and
process in such cases may be served wherever the defendant may be found.
Judgments and decrees so rendered shall be subject to review as provided
In sections 128 and 240 of the Judicial Code, as amended (U. S. C., title
28, secs. 225 and 347). No costs shall be assessed against the Commission in any Judicial proceeding by or against the Commission under this
Act.
"Conflict of Jurisdiction
"Sec. 318. If, with respect to the issue, sale, or guaranty of a security.
or assumption of obligation or liability in respect of a security, the method
of keeping accounts, the filing of reports, or the acquisition or disposition
of any security, capital assets, facilities, or any other subject matter,
any person is subject both to a requirement of the Public Utility Holding
Company Act of 1935 or of a rule, regulation, or order thereunder and
to a requirement of this Act or of a rule, regulation, or order thereunder,
the requirement of the Public Utility Holding Company Act of 1935 shall
apply to such person, and such person shall not be subject to the requirement of this Act, or of any rule, regulation, or order thereunder, with
respect to the same subject matter, unless the SEC has exempted such person
from such requirement of the Public Utility Holding Company Act of
1935, in which case the requirements of this Act shall apply to such person.
"Separability of Provisions
"Sec. 319. If any provision of this Act, or the application of such
provision to any person or circumstance, shall be held invalid, the remainder of the Act, and the application of such provision to persons or
circumstances other than those as to which it is held invalid, shall not be
affected thereby.
"Short Title
"Sec. 320. This Act may be cited as the 'Federal Power Act'."
not be likely to emerge. It is a matter of common
knowledge that Communists would not be averse to
(Continued from page 1330)
difficult to drop the matter without leaving the hon- a world revolution, but there is a wide gulf between
ors with Moscow. On the other hand, to argue the talking and fighting, and the strongest outgivings
have
legal responsibility of the Soviet Government for the of an international gathering on foreign soil
as
people
by
regarded
sensible
been
hitherto
not
speeches and resolutions of the Communist InternaRepubof
the
American
foundations
the
threatening
as
the
of
Congress
tional, or to treat the "activities"
ion has any evidence of danan "interference" in any sense in which that term is lic. If the Administrat
note,
commonly used in international law and.diplomacy, ger more tangible than appears in the American
outThe
it.
in
producing
would involve the controversy in a maze of techni- it cannot be too prompt
has
incident
the
which
feeling
Red"
calities from which a friendly understanding would bursts of "anti-
The American Controversy with Russia
Financial Chronicle
already stirred up do not conduce to sober popular
judgment on the merits of the case, and the prestige
of American diplomacy is not enhanced by talking
sternly of peril unless the peril actually exists.
The Course of the Bond Market
Bond prices declined moderately during the first three
days of the week, but have since made some recovery. No
particular group has been under pressure, but the more
volatile classifications, such as utility holding company
issues, naturally suffered greater declines than the more
substantial issues. The Aaa rating group, typifying the
highest grade of corporate issues, marked up a new high
yield for this year of 3.81%, representing the lowest nrice
average for this group since last December. Also typical
of the somewhat easier market now prevailing in the highgrade list is the fact that the United 'States Treasury's recent
offering of $100,000,000 of 114% Federal Farm Mortgage
bonds was allotted only to the extent of about 85%. This
week saw another rise, to a new high figure, of the reserves
of member banks in excess of legal requirements.
Both high-grade and speculative railroad bonds declined
this week. Northern Pacific p. 1. 4s, 1997, lost % point for
the week, closing at 102/
3
4; Louisville & Nashville 4s, 1940,
at 107% were also off %,and Chesapeake & Ohio 4%s, 1992,
closed at 115%. off 1/.. Among speculative issues, Erie 5s,
1967, declined 1 to 68%; New York Central 4%s, 2013, lost
2%, closing at 67%; Baltimore & Ohio 4%s, 1960, at 57%
were off 1% points.
Highest-grade utility bonds softened somewhat, and the
declining trend also pervaded issues of slightly lower
MOODY'S BOND PR10ESt
(Bated on Average Yields)
U. S.
120
120 Domestic Corporate*
Govt.
1935
by Ratiogs
Daily
Bonds
144
Ce
Corp.*
ANIMUS'
Baa
I Alta
As
Aug.30_ _ 107.50
29_ _ 107.58
28_ _ 107.28
27._ 107.18
26__ 107.44
24__ 107.76
23.. 107.64
22__ 108.15
21__ 108.26
20__ 108.18
19__ 108.51
17- _ 108.49
16_ _ 108.50
15_ 108.58
14_ _ 108.64
WeeklyAug. 9. 108.86
109.06
July26- 109.05
19_ _ 109.19
12_ _ 109.00
5_ _ 108.95
June 28_ 108.99
21-- 108.80
14_ 108.81
108.61
May 31_ 108.22
24_ 108.66
17- 108.55
10- 108.61
3- 108.89
Apr. 26. 108.61
19_
12_ 108.25
5. 108.54
Mar.29. 108.07
22. 107.79
107.94
8.. 107.85
- 108.22
Feb
gab'23:: 108.44
15,. 107.49
107.47
107.10
Jan. 25- 107.33
18- 106.79
11- 106.81
4 _ 105.76
High 1935 109.20
Low 1039 ills 66
High 1934 108.81
Low 1934 99.06
Yr. ,00 Aug.30'34 104.67
2 Yrs.Ago
Aug.30'33 103.45
103.32
103.15
103.15
103.15
103.48
103.48
103.48
103.65
103.48
103.48
103.65
103.65
103.48
103.48
103.65
117.02
117.02
117.22
117.43
117.63
117.63
117.63
117.63
117.63
117.63
117.63
117.63
117.63
118.04
118.04
110.61
110.42
110.23
110.23
110.61
110.42
110.42
110.61
110.61
110.79
110.79
110.79
110.61
110.61
110.23
103.32
103.48
103.32
103.48
103.15
103.65
103.32
103.32
102.64
101.64
101.64
101.81
101.97
101.64
101.81
101.81
118.25
118.66
119.07
119.27
119.48
119.69
119.27
119.27
118.86
118.66
118.45
118.45
118.04
118.45
118.66
118.66
100.81
100.17
99.36
100.49
100.49
101.64
102.47
102.81
102.30
101.64
101.31
102.14
100.81
100.81
100.33
103.82
101.20
100.00
84.85
119.07
119.07
118.66
119.27
119.07
119.48
119.48
119.48
119.07
118.66
118.04
118.04
117.43
117.68
117.43
119.69
117.22
117.22
105.37
110.42 102.98
110.42 103.32
110.42 103.48
110.61 103.15
110.42 103.48
110.42 103.65
110.05 103.48
110.05 102.81
109.68 101.97
109.68 101.14
109.49 101.47
109.86 101.64
110.05 101.47
110.05 101.47
110.05 101.47
110.05 100.98
Stock E schang
109.68 99.68
109.49 99.36
109.12 98.88
109.86 100.17
110.61 100.33
110.98 101.14
111.36 101.64
111.16 102.14
110.79 101.14
110.42 100.49
110.05 100.33
110.05 100.81
109.31 99.52
109.12 99.62
108.94 98.88
111.54 103.65
108.57 98.73
108.75 99.04
93.11 81.78
102.81
102.81
102.81
102.64
102.81
102.98
102.98
102.98
102.98
102.98
103.15
102.98
102.81
102.98
103.15
MOODY'S BOND YIELD AYERAGESt
(Based on Individual Closing Prices)
• 120 Domestic
Corporates by Groups
RR.
P. U. End us.
86.51
86.38
86.12
86.25
86.77
86.77
86.77
87.04
88.77
86.64
86.91
87.04
86.91
86.64
86.91
96.70
96.70
96.54
96.70
97.00
97.16
97.16
97.16
97.00
96.70
97.00
97.16
97.00
96.85
97.16
105.20
105.20
105.03
105.20
105.54
105.37
105.37
105.54
105.54
105.72
105.72
105.72
105.72
105.54
105.72
108.21
108.21
108.03
108.21
108.39
108.39
108.39
108.57
108.39
108.57
108.57
108.57
108.39
108.75
108.39
86.12
85.74
84.85
85.35
84.47
85.61
85.23
85.87
84.72
82.50
82.38
82.50
83.35
82.02
82.50
82.87
a Close
80.84
79.58
77.88
79.45
79.11
81.42
82.99
83.97
83.60
82.50
82.38
84.85
82.26
82.50
81.54
87.04
77.55
83.72
66.38
96.70
96.23
96.08
96.39
95.78
97.31
97.47
97.94
96.70
94.29
94.14
94.43
94.88
93.85
94.29
95.63
105.54
105.54
105.72
105.89
106.07
105.89
105.20
104.68
104.33
103.99
103.65
103.65
103.82
103.82
103.99
02.64
108.39
108.94
108.57
108.39
108.39
108.39
107.67
107.87
107.81
107.31
107.49
107.85
107.85
107.85
107.67
107.67
94.29
92.82
90.83
93.56
93.28
95.63
97.78
99.68
99.68
99.04
99.04
100.49
99.68
100.17
100.00
100.49
50.69
100.49
85.61
101.14
101.14
100.98
100.98
100.98
101.47
101.64
101.14
99.68
98.41
97.94
98.73
98.23
95.93
94.58
106.07
94.14
94.58
742.5
107.49
107.31
107.14
107.49
108.03
108.57
108.39
108.21
107.85
107.85
107.81
107.49
106.78
106.96
106.96
108.94
106.78
106.78
96.54
96.70 114.63 106.96
94.43
77.22
95.18
90.83 104.85
90.27 107.31
88.10
72.55
91.53
81.66
98.88
1345
quality. Speculative issues fluctuated over a fairly wido
range, holding company issues in particular. Passage of
the Public Utility Holding Company bill was followed by
sharp declines. Some recovery took place later, however.
Cities Service 5s, 1950, closed at 56%, unchanged; Electric
Power & Light 5s, 2030, at 64% were up %; Standard Gas &
Electric 6s, 1951, lost 6% to close at 49%; United Light &
Power 6%s, 1974, declined 5 to 55%; Associated Gas &
Electric 5s, 1968, at 29% were off 1%. New financing consisted of $5,400,000 Public Service of New Hampshire 1st
3%s, 1960.
Reactionary trends in the stock market have been reflected
in the medium-grade industrial bond list. Steel issues held
well except for the American Rolling Mill cony. 41,4s, 1945,
which declined 2% points to 109%, and the National Steel
45, 1965, which lost 1/
3
4 points to close at 103%. Childs 5s,
1943, lost /
3
4 point, closing at 63%; Warner Brothers Pictures 6s, 1939, declined /
3
4 to 77%; U. S. Rubber 5s, 1947,
receded from 96% to 96. Exceptions to the downward trend
have been found in certain anthracite coal issues, which
advanced.
Movements in the foreign bond market have been comparatively slight, indicating a check to the broad declines
of last week. Italian bonds, after dipping to new lows,
recovered to show little net change. Danish bonds rallied
moderately, while Norwegian and Japanese issues eased off
slightly. The largest losses have been in Polish issues, which
were off several points from last week's close.
The municipal bond market has been somewhat unsettled
and there has been a tendency for bids to be lowered.
Moody's computed bond prices and bond yield averages
are given in the following tables:
98.73
AU
1935
120
Daily
DomesAverages
tie
Aug.30._
29._
28_
27_
2&_
24_ _
2322-21...
20..
19-17._
16._
15_ _
14_ _
WeeklyAug. 9._
2._
July 26_
19..
12...
5._
June 28..
2114-7-May 31._
2417103Apr. 2819.
125Mar.29 _
2215_
8._
1.Feb. 23..
168_
I-Jan. 25_
18..
114..
Low 1935
tlign 1985
Low 1934
High 1934
Yr. AgoAug.30'34
2 Yrs..4go
Aut.30.33
120 Domestic Corporate
by Ratings
Aaa
Aa
A
Baa
4.55
4.56
4.56
4.56
4.54
4.54
4.54
4.53
4.54
4.54
4.53
4.53
4.54
4.54
4.53
3.81
3.81
3.80
3.79
3.78
3.78
3.78
3.78
3.78
3.78
8.78
3.78
3.78
3.76
3.76
4.14
4.15
4.16
4.16
4.14
4.15
4.15
4.14
4.14
4.13
4.13
4.13
4.14
4.14
4.16
4.58
4.58
4.58
4.59
4.58
4.57
4.57
4.57
4.57
4.57
4.56
4.57
4.58
4.57
4.56
5.68
5.69
5.71
5.70
5.66
5.66
5.66
5.64
5.66
5.67
5.65
5.64
5.65
5.67
5.65
4.55
4.54
4.55
4.54
4.56
4.53
4.55
4.55
4.59
4.65
4.65
4.64
4.63
4.65
4.64
4.84
3.75
3.73
3.71
3.70
3.69
3.68
3.70
3.70
8.72
3.73
3.74
3.74
3.76
8.74
8.73
3.73
4.15
4.15
4.15
4.14
4.15
4.15
4.17
4.17
4.19
4.19
4.20
4.18
4.17
4.17
4.17
4.17
4.70
4.74
4.79
4.72
4.72
4.65
4.80
4.58
4.61
4.65
4.67
4.62
4.70
4.70
4.73
4.52
4.511
4.75
5.81
8.71
3.71
3.73
3.70
3.71
3.69
3.89
3.69
3.71
3.73
3.76
3.76
8.79
8.78
3.79
3.68
8.81
8.80
4.43
4.19
4.20
4.22
4.18
4.14
4.12
4.10
4.11
4.18
4.15
4.17
4.17
4.21
4.22
4.23
4.09
4.30
4.24
5.20
4.96
3.93
4.34
5.11
6.46
5.40
4.32
4.82
5.50
0.01
4.57
5.71
4.55
5.74
4.54
5.81
4.56
5.77
4.54
5.84
4.53
5.75
4.54
5.78
4.58
5.73
4.83
5.82
4.68
6.00
4.66
6.01
4.65
6.00
4.66
6.93
4.66
6.04
4.66
6.00
4.69
5.97
Stock E :cluing
4.77
6.14
4.79
6.25
4.82
6.40
4.74
6.26
4.73
6.29
4.68
6.09
4.65
6.96
4.62
5.88
4.68
8.91
4.72
6.00
4.73
6.01
4.70
8.85
4.78
6.02
4.78
6.00
4.82
6.08
4.53
5.64
4.53
0.40
4.81
5.90
6.06
7.58
120 Dona&
Corporate by OrouPs
RR.
a
.
10.1
000000 0000000,
,
04sA. 4..4,
..i
4,
4.0.4,44,
,
0 0 011.0 ..........
go;..6n6666.0.66 66262666666666
'w 6 :4:4'wL4;4:4114:4Wwob..;44
ww6-acoww ww000-wwo .-wwwww= wo w co*.www 6-466
.,....
- 0 060-,m0..
i
Volume 141
it
30
Pm P. U. hulas. eimu.
4.44
4.44
4.45
4.44
4.42
4.43
4.43
4.42
4.41
4.41
4.41
4.41
4.41
4.42
4.41
4.27
4.27
4.28
4.27
4.26
4.26
4.26
4.25
4.26
4.25
4.25
4.25
4.26
4.24
4.26
6.58
6.69
6.87
6.88
6.75
6.65
6.59
6.57
6.45
6.41
6.30
6.21
6.24
6.19
6.15
4.42
4.42
4.41
4.40
4.39
4.40
4.44
4.47
4.49
4.51
4.53
4.53
4.52
4.52
4.51
4.59
4.26
4.23
4.25
4.26
4.26
4.28
4.30
4.80
4.82
4.32
4.31
4.29
4.29
4.29
4.30
4.30
6.17
6.15
6.12
5.97
5.91
5.85
5.81
5.80
5.81
5.82
6.83
5.88
5.88
4.68
4.68
4.69
4.69
4.69
4.66
4.65
4.88
4.77
4.85
4.88
4..3
4.99
5.01
5.10
4.39
6.13
5.10
8.74
4.31
4.32
4.33
4.31
4.28
4.25
4.26
4.27
4.29
4.29
4.32
4.31
4.35
4.34
4.84
4.23
4.85
4.85
4.97
6.11
6.21
6.40
6.33
asa
5.97
5.93
d
6.18
6.11
6.03
6.01
8.04
6.01
6.11
6.11
8.11
6.2:
631
5.71
6.51
631
8.61
5.36
4.46
7.21
0117
4 RR
0 9'
•These prices are con silted from average yields on the basis of one "ideal" bond (45(% coupon, maturing 10 31 years) and do not purport to
level or the average move nent of actual price quotations. They merely serve to illustrate in a more comprehensive way the relative levels and show either the average
relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's index of bond prices by months back to 1928. see the Issue the
"Actual average price of 8 long-term Treasury issues. t The latest complete list of bonds used in co nouting these Indexes WAS published In of Feb. 8 1932. rate 907.
the issue of May IS 1935.
page 3291. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages
of 41) foreign bonds.
BOOK REVIEW
A Mortgage Analysis
A Twenty-eight Year Record of the Mortgages of the
Home Title Insurance Company, 1906-1934
By Edgar A. Lodge. Brooklyn, N. Y.: Home Title
Guaranty Co.
This book, prepared by the Comptroller of the Home
Title Guaranty Co. of Brooklyn and printed for private
distribution, is a detailed study, equipped with statistical
tables and diagram, of the record of $138,000,000 in mortgages issued by the company over a 28-year period. Included in the record are "the actual and anticipated sales
losses and operating losses on some $16,000,000 of foreclosed and trouble mortgages." The study extends
to
such topics as payments on interest and principal, an
analysis of foreclosed and trouble mortgages, the effect of
the year in which the loan is made on the final outcome of
the loan, the effect of the size of the loan on the final out-
1346
Aug. 31 1935
Financial Chronicle
come and of the type of property on loan experience, losses
on foreclosed and trouble mortgages, and the effect of real
estate losses on the net rate of interest return. The analysis
of losses according to the type of property is applied to
one-family dwellings, dwellings with from two to eight
families, stores without apartments, familiarly known as
"tax-payers," stores with one to four apartments and others
with from five to eight, office buildings (the skyscraper
type is not included), factories, laundries and warehouses,
including loft buildings, garages and service stations,
churches, schools and motion picture theaters, special
purpose buildings such as clubs and charitable institutions,
vacant land, and improved property where the loan is made
principally on the land value.
A brief comment is contributed by James L. Loomis,
President of the Connecticut Mutual Life Insurance Co.,
and a more extended and critical comment by Philip A.
Benson, President of the Dime Savings Bank of Brooklyn.
A foreword by Louis H. Pink, Superintendent of Insurance
of the State of New York, emphasizes the conclusions
"that no investment is better or safer for a long pull than
the real estate mortgage" and "that the small investor
should place his money in individual mortgages on small
homes and not in shares in a hotel, or theater, or a large
apartment over which he can exercise no control." The
study is unique in character and scope, and the book is
one which officers of real estate mortgage companies may
confidently be urged to read.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, Aug. 30 1935.
General business showed a further gain, with financial
activity, distribution and production all contributing to the
rise. Steel production fell off slightly owing to a decline
in tin plate production and delays in automobile specifications. It was the first decrease in several weeks and was
mainly due to recessions in operations in Chicago and
Wheeling districts. Car loadings were again larger. Electric output rose to the highest peak of the year, and widened
its spread over last year to 11.6%. It was the largest of
any week since December 1929. There was a marked increase in the output of bituminous coal over the previous
week and was near the average of the same week last year.
Lumber output again moved upward, reaching a new peak
for the year. Shipments were larger and new orders held
about unchanged. Another favorable factor was the reported
decrease of 19,950 barrels in the crude oil output. A good
business was reported at both wholesale and retail. Washing machine sales in July increased 25% over those of the
same month last year. Sales of new passenger cars in the
United States show a rise of 24.54% over the same month
last year. A feature of the wool goods trading during the
week was the increased demand for women's wool coatings.
Friezes and suede type fabrics were taken in large quantities
and sales of fancy fleeces were heavy. There was also good
demand for piece goods. Commodity markets were generally
quiet and reactionary. Cotton continued to feel the effects
of the Government loan plan, and trading was checked by
the muddled situation in Washington, where efforts to push
through Congress an outright 12c. loan were unsuccessful
and resulted in a compromise by the Administration on a
10c. loan with benefits. Wheat declined steadily during the
week, owing to increased hedging pressure and selling inspired at times by the weakness of stocks and disappointing
Liverpool cables. Holders were also discouraged by the
failure of the market to respond to a sharp rise at Minneapolis at one time, and developments at Washington over
the cotton and wheat loans. Hides were firmer, and trading
at times reached the largest volume seen in many weeks.
Trading in silk futures was also more active and prices
moved upward. Cocoa was also higher, with a better business. Rubber futures were in fair demand, but prices were
somewhat lower. Sugar, after showing firmness early in
the week, reacted, owing to the failure of all refiners to
meet the 20 point advance in refined. In fact, one refiner
was reported to have lowered his price 20 points late in
the week. Kansas and Nebraska had good rains, which
benefited the crops materially. A hurricane swept across
Newfoundland over last week-end and took a death toll of
at least 40 persons. Many ships were missing. Rains and
thunderstorms early in the week broke the recent dry spell
In southern California. Heavy rainfall was reported over
the San Gabriel Mountains and along the rim of the Mojave
Desert. Nevada and Arizona had heavy rains. Los Angeles
had only light showers, but rains were rather heavy in
most of the suburbs from the mountains to the sea. Heavy
damage was done by tail ends of gales that swept over sections of Michigan late Tuesday, but they brought cooler
weather to Detroit and vicinity. Temperatures were down
in the 50s, and cooler weather was predicted. It was fair
but cooler in New York. To-day it was raining and cool
here, with temperatures ranging from 63 to 68 degrees. The
forecast was for light rain and cooler to-night: Saturds
fair; Sunday and Monday probably fair. Overnight at
Boston it was 60 to 76 degrees; Baltimore, 62 to 76; Pittsburgh, 54 to 70; Cleveland, 56 to 66; Detroit, 52 to 68;
Cincinnati, 56 to 72; Cleveland, 56 to 66; Detroit, 52 to 68;
Charleston, 72 to 86; Milwaukee, 52 to 62; Dallas, 64 to 86;
Savannah, 70 to 88; Kansas City, 56 to 66; Springfield, Mo.,
56 to 58; Oklahoma City, 58 to 66; Denver, 56 to 66; Salt
Lake City, 64 to 94; Seattle, 58 to 66; Montreal, 50 to 68,
and Winnipeg, 36 to 62.
Number of Freight Cars in Need of Repairs on Aug. 1
Again Higher
' Class I railroads on Aug. 1 had 281,262 freight cars in
need of repairs, or 15.3% of the number on line, the Asso-
elation of American Railroads announced on Aug. 26. This
was an increase of 4,727 cars compared with the number in
need of such repairs on July 1, at which time there were
276,535, or 15.0%.
Freight cars in need of heavy repairs on Aug. 1 totaled 224,965, or
12.2%, an increase of 11,872 cars compared with the number in need of
such repairs on July 1, while freight cars in need of light repairs totaled
56,297, or 3.1%, a decrease of 6,945 compared with July 1.
Locomotives in need of classified repairs on Aug. 1 totaled 10,557, or
23.0% of the number on line. This was an increase of 16 compared with
the number in need of such repairs on July 1, at which time there were
10,541, or 23.0%.
Class I railroads on Aug. 1 had 4,081 serviceable locomotives in storage
compared with 4,102 on July 1.
Revenue Freight Car Loadings During Past Week
Again Higher
Loadings of revenue freight for the week ended Aug. 24
1935 totaled 626,373 cars. This is a gain of 11,367 ears, or
1.9%, from the preceding week, a rise of 19,456 cars, or
3.2%,from the total for the like week of 1934, and a decline
of 11,137 cars, or 1.6%, from the total loadings for the
corresponding week of 1933. For the week ended Aug. 17
loadings were 2.2% above the corresponding week of 1934
but 4.4% under those for the like week ol 1933. Loadings
for the week ended Aug. 10 showed a loss of 3.3% when
compared with 1934 and a drop of 7.3% when the comparison
is with the same week of 1933.
The first 18 major railroads to report for the week ended
Aug. 24 1935 loaded a total of 299,241 cars of revenue
freight on their own lines, compared with 294,459 cars
in the preceding week and 290,299 cars in the seven days
ended Aug. 25 1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of cars)
Loaded on Own Lines
Weeks Ended-
ReceivedfromeonnectionS
Weeks Ended-
Aug.24 Aug. 17 Aug.25 Aug.24 .40g. 17 Aug.25
1935
1935
1934
1934
1935
1935
Atchison Topeka dr Santa Fe Ry_
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chic Milw Sep & Pac Ry
Chicago & North 9eetern Ry_ _
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
New York Chicago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
Total
18,733
26,588
20,930
15.240
19,115
15,206
2,166
2,295
4,693
13,703
36,573
4.897
19.360
56.541
5,361
5.352
26,951
5,537
18,780
25,465
19,512
15,330
19,862
15,848
2,161
2,051
4,750
13,550
35.663
4.882
17,703
55,751,
5,005
5,405
27,044
5,685
21,762 4.523 4,543 4,991
25,118 11,857 12,226 13.041
19,473 8,258 7,495 9.467
16.248 6.985 6,813 6.372
20,516 6,944 6,663 6,302
16,496 8,356 8,457 8,666
1.316.
1,474
2,064 1,28'
3,078 1.617 1,617 1,806
4,701 2.532 2,496 2,538
14,400 7,52
7,456 7,418
34.165 32.842 31,015 32,106
4,684 7,417 7,081 6,930
17,422 3.368 3,634 3,468
51,261 31,660 32,692 28,882
3.710
4,37! 3,797 3,771
4,214 5,361
5,128 4,404
25,021,
a
5,281, 7,358 7,337 6,594
299.241 294,459 290,299 151,701 149,898 121,001
x Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended-
Chicago Rock Island & Pacific Ry.
St. Louis-San Francisco Ry
Total
Aug. 24 1935
Aug. 17 1935
Aug. 25 1934
21,689
12,797
21,434
12,070
22,168
12,642
34,486
33,504
34,810
The Association of American Railroads, in reviewing the
week ended Aug. 17, reported as follows:
Loading of revenue freight for the week ended Aug. 17 totaled 815,008
cars. This was an increase of 31,263 cars above the preceding week and
13,218 cars above the corresponding week in 1934, but a reduction
28,400 cars below the coresponding week in 193;
Miscellaneous freight loadings for the week ended Aug. 17 totaled 238,677
care, an increase of 9,903 cars above the preceding week, 15,835 cars
above the corresponding week in 1934, and 13,501 cars above the corresponding week in 1933.
Loading of merchandise less than carload lot freight totaled 159,314
cars, an increase of 1,841 cars above the preceding week but a reduction
of 580 cars below the corresponding week in 1934 and 10.050 cars below
the same week in 1933.
a
Financial Chronicle
Volume 141
Coal loading amounted to 89,993 cars, an increase of 12,117 cars above
1347
freight, with the exception of the Central Western and Southwestern dis-
the preceding week but a reduction of 2,981 cars below the corresponding
tricts, which reported reductions.
week in 1934 and 38,925 cars below the same week in 1933.
pared
Grain and grain products loading totaled 42,814 cars, an increase of
1,358 cars above the preceding week, 3,207 cars ubove the corresponding
week in 1934, and 14,087 cars above the same week in 1933.
In the
All districts reported reductions com-
with the corresponding week in
1933, except the Northwestern,
Central Western and Southwestern, which showed an increase.
Loading of revenue freight in 1935 compared with the two previous years
'"Mows:
Western district alone, grain and grain products loading for the week
1935
1934
1933
2,170,471
2.325,601
3,014,609
2,303,103
2,327,120
3,035,153
2,228,737
597.083
583,743
615,006
2,183,081
2,314,475
3,067.612
2,340,460
2.446,365
3,084,630
2,351,015
612,660
603,968
601,788
1,924,208
1,970,566
2,354,521
2,025,564
2,143,194
2,926,247
2,498,390
620,482
629.743
843,406
IQ 2(10 526
19.606 054
17.736.321
ended Aug. 17 totaled 28,508 cars, an increase of 1,870 cars above the
same week in 1934.
Live stock loading amounted to 14,279 cars, an increase of 2,994 cars
above the preceding week but a reduction of 17,206 cars below the same
week in 1934 and 3,079 cars below the same week in 1933.
In the
Western district alone, loading of live stock for the week ended Aug. 17
totaled 10,628 cars, a decrease of 16,153 cars below the same week in 1934.
Forest products loading totaled 30,540 cars, an increase of 877 cars
above the preceding week, 7,956 cars above the same week in 1934, and
3,191 cars above the same week in 1933.
Ore loading amounted to 34,556 cars, an increase of 2,370 cars above
the preceding week and 5,888 cars above the corresponding week in 1934,
but a reduction of 4,935 cars below the coresponding week in 1933.
Coke loading amounted to 4,833 cars, a decrease of 199 cars below the
pteceding week, but an increase of 1,099 cars above the same week in 1934.
I: was, however, a decrease of 2,170 cars below the same week in 1933.
All districts reported increases for the week of Aug. 17 compared with
the corresponding week last year, in the number of cars loaded with revenue
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Five weeks In June
Four weeks in July
Week of Aug. 3
Week of Aug. 10
Week of Aug. 17
rrntal
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
Aug. 17 1935. During this period a total of 80 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Great Northern RR., the Norfolk & Western, the Pennsylvania System, the New York Central Lines,
the Louisville & Nashville RR., the Baltimore & Ohio RR.
and the Southern Pacific System:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED AUG. 17
Railroads
Eastern DistrictAnn Arbor
Bangor & Aroostook
Boston & Maine
Chicago Indianapolis & Loutsv_
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna & West_
Detroit & Mackinac
Detroit Toledo & Ironton
Detroit & Toledo Shore Line_
Erie
Grand Trunk Western
Lehigh & Hudson River
Lehigh dr New England
Lehigh Valley
Maine Central
Monongahela
Montour
b New York Central Linea
N. V. N. H. & Hartford
New York Ontario & Western
N. Y. Chicago & St. Louis....
Pittsburgh & Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North
Pittsburgh & West Virginia_
Rutland
Wabash
Wheeling & Lake Erie
Total
Allegheny DistrictAkron Canton & Youngstown
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & GauleY
Cambria & Indiana
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 It Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup .4Atlantic Coast Line
Clinchfield
Charleston & NVestern Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont k Northern
Richmond Fred. & Potomac_
Seaboard Air Line
Southern System
Winston-Salem Southbound_
Total
Total Revenue
Fretohl Loaded
1934
1935
1933
Total Loads Received
from Connections
1935
626
1,086
7,698
1,398
22
1,012
3,628
8,001
229
2,235
244
11,568
2,860
170
1,184
5,959
2,582
2.596
2,314
35,663
9,658
1,248
4,882
5,283
5,005
143
258
781
592
5,689
3,539
542
689
7,074
1,232
27
904
4,694
7,853
258
1,825
230
11,634
3,299
123
1,316
6,579
2,700
2,975
2,018
34,174
9,565
1,991
4,433
4,075
4,441
190
267
1,055
562
5,242
2,873
558
926
7,900
1,161
13
1,008
6,213
8,875
204
1,719
241
13,511
3,073
119
1,030
7,712
2,653
3,965
2,054
39,450
10,594
2,097
4,591
6,348
4,377
582
409
1,468
632
5,139
4,607
1,099
239
8,191
1,574
63
1,893
5,404
4,863
98
1,091
1,757
11,360
5,074
1,306
777
6,392
1,479
180
51
31,015
9,602
1,585
7,081
5,250
3,771
19
135
982
785
7,337
2,270
967
247
8,362
1,670
51
2,257
5,896
5,129
108
716
1,799
11,882
5,038
1,570
927
6,134
1,444
203
52
31,386
9,374
1,634
6,931
4,828
3,682
29
147
747
823
6,327
2,212
128.153
124,840
143,229
122.723
122,572
494
25,465
3,798
160
878
5,290
678
288
52
732
1,219
55.759
10,381
6,535
35
3.064
375
24,285
3,785
267
878
4,635
77
234
56
854
1,239
50,794
10,902
5,383
40
2,984
510
30,412
3,503
276
a
5,501
3
326
123
1,125
1,443
63.392
11,918
10,950
70
3307
534
12,226
2,016
5
9
8,259
43
39
22
1,433
1.053
32,692
11,674
3,670
1
4,478
527
12,977
1.308
7
13
3,621
84
19
15
1,576
850
30,759
12,343
2,999
2
4,469
114,828
106,788
132,859
78,204
76,569
19,512
17,703
638
3,505
19,106
15,843
730
3,071
23,882
20,991
757
3,278
7,495
3,634
1,115
572
8,862
3,502
974
646
41,358
38,750
48,908
12,816
13,984
Group B (Concluded)Georgia dr Florida
Gild Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile dr Ohio
Nashville Chattanooga & St. L.
Tennessee Central
7,394
972
351
133
26
958
327
328
6,534
17,263
152
6,806
1,004
332
140
30
1,087
476
336
6,199
17,678
170
6,801
1,097
323
160
36
1,284
438
345
6,290
18,221
150
4,304
1,223
617
408
78
1,091
632
2,004
2,737
10,902
665
4,643
1,347
747
441
69
1,319
738
1.901
3,458
10,120
642
24,681
25,425
1935
1934
1933
686
1,454
17,672
16,236
124
170
1,689
2,431
323
409
1,176
18,210
15,871
172
109
1,674
2,566
336
678
1,351
17,415
19,165
178
151
1,761
2,606
338
1935
358
667
9,239
3,593
280
255
1,345
1,649
513
1934
307
718
0,060
3,614
401
297
1,325
2,037
575
47,391
46,652
49,457
23,124
23,924
Grand total Southern District__
81,829
80,910
84,602
47.785
49,349
Northwestern Dist a letBelt By. of Chicago
Chicago de North Western
Chicago Great Western
Chicago Milw. St. P.& Pacific_
Chicago St. P. Minn. & Omaha
Duluth Mlssabe & Northern_
Duluth South Shore & Atlantic.
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South_
Great Northern
Green Bay & Western
lake Superior & Ishpeming
Minneapolis k St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Spokane International
Spokane Portland & Seattle....
704
18,563
2,254
19,862
3,831
8,857
777
5,670
422
19,924
478
1,920
1,961
5,489
9,617
319
1,873
707
18,427
3,096
20,435
3,935
8,850
726
3,686
410
16,247
524
1,543
2,512
5,480
9,692
292
1,630
757
17,709
2,373
17,558
3,388
13,293
1,056
4,976
312
14,958
517
2,674
1,529
5,539
9,167
281
932
1,448
8,457
2,528
6,663
3,738
152
354
3,734
141
2,693
466
84
1,387
2,182
2,681
228
1,091
2,009
8,887
2,403
6,100
3,542
185
352
3,292
114
2,562
370
80
1,312
1,759
2,620
210
1,166
102,521
98,192
97,019
38,027
36,963
18,780
3,347
205
15,330
1,409
11,235
2,084
767
2,331
607
1,265
1,931
1,254
268
21,430
201
282
12.560
231
1,708
22,027
2,657
177
16,199
1,386
12,185
2,254
915
3,433
254
916
1,753
871
106
19,568
176
396
13,716
224
1,638
18,393
2,845
167
14,736
1,314
10,681
2,732
820
2,075
232
881
2,381
700
217
17,545
248
379
10,764
248
1,246
4,543
1,923
43
6.813
570
6,141
1,749
1,222
2,327
23
1,146
1,026
502
66
3,657
280
1,136
7,112
6
2,397
4,916
2,100
26
6,455
544
6.136
1,726
1,233
2.425
19
1,017
856
255
43
3,322
217
1,009
7,234
5
2,309
97,225
100,851
88,604
42,882
41,847
150
189
131
2,161
2,051
204
1,703
1,211
122
201
708
115
4,750
13,550
37
131
7,433
2,001
5,614
3,900
2,503
199
28
130
140
128
2,010
2,640
128
1,571
1,266
100
254
617
95
4,325
14,302
41
184
8,374
1,883
5,896
4,609
2,587
160
17
183
188
119
1.827
2,559
164
1,546
1.096
99
280
643
157
4,534
13,880
41
68
7,762
1,802
5,490
3.389
2,326
a
32
3,713
187
181
1,474
1,617
890
1,401
893
324
763
202
188
2,496
7,456
18
87
3,450
1,382
2,325
3.243
14,639
69
39
3,281
272
187
1,191
1,728
796
1.468
724
336
743
224
188
2,357
7,345
14
129
3,312
1,350
2,074
3,292
14,842
81
29
Total
Total
35,145
34,258
34,438
Group BAlabama Tennessee & Northern
222
203
182
Atlanta Birmingham & Coast__
705
772
738
All. & W.P.-W.RR.of Ala__
591
607
573
Central of Georgis
3,172
3,363
3.638
Columbus & Greenville
285
211
179
Florida East Coast
379
295
377
Georgia
777
603
717
Nets-Figures for 1934 revised. •Previous figures. a Not
Michigan Central ER.
1934
Toted Loads Re,ceinsd
from Connections
Total Revenue
Freight Loaded
Railroads
Central Western DistrictAtch. Top.& Santa Fe System.
Alton
Bingham dr Garfield
Chicago Burlington & Quincy
Chicago & Illinois Midland....
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver dr Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City...Illinois Terminal
North NVestern Pacific
Peoria dr Pekin Union
Southern Pacific (Pacific)
St. Joseph dr Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana dr Arkansas
Louisiana Arkansas & Texas_
Litchfield & Madison
Midland Valley
1Ntissouri dr Ai kansas
Missouri-Kansas-Texas Lines
Missouri Pacific
Natchez dr Southern_
Quanah Acme dr Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas dr Pacific
Terminal RR. Ass% of St. Louis
Wichita Falls & Southern
Weatherford M. W.dr N.IV...
145
172
428
544
1,003
836
1,984
2,206
192
184
363
341
1,140
1,277
Total
49,092
51,457
48,185
47,037
available. b Includes figures for the Boston & Albany ER.. the C. C. C. & St. Louis RR
45,963
and the
2,272 New Freight Cars Installed During Past Seven
Months
New freight cars installed by the Class I railroads of the
United States in the first seven months of 1935 totaled
2,27; according to reports received by the Association of
American Railroads and made public on Aug. 29. In the
same period last year, 9483 new freight cars were placed
in service, and, in the same period two years ago, there
were 1,391. The Association's reports further disclosed:
Twenty-seven new steam locomotives and 99 electric locomotives were
placed in service in the first seven months of this year. The railroads.
in the first seven months of 1934, installed six new steam locomotives and
eight new electric locomotives.
New freight cars on order on Aug. 1 totaled 2,174 compared with 13,755
on the same day in 1934 and 1,187 on the same day in 1933.
The railroads on Aug. 1 this year had on order four new steam locomotives and four new electric locomotives. New steam locomotives on
order on Aug. 1 1934, totaled 35, and on the same date in 1933, there was
one. New electric locomotives on order on Aug. 1 1934, totaled 107.
No reports are available as to the number on order on Aug. 1 1933.
inFreight cars and locomotives leased or otherwise acquired are not
cluded in the above figures.
Moody's Daily Commodity Index Declines Slightly
There was a small net decline during the past week in
Moody's Daily Index of Staple Commodity Prices, which
stood at 165.0 on Friday, as compared with 165.6 a week ago.
The decline has been mainly due to lower cotton, corn,
wheat and rubber prices, and also small decreases in silver
and cocoa. Advances have been registered by hogs, silk
and steel. Hides, copper, lead, wool, coffee and sugar
remained unchanged.
The movement of the Index during the week, with comparisons, is as follows:
Fri.,
Sat.,
Mon.,
Tues.,
Wed.
Aug. 23
Aug. 24
Aug. 26
Aug. 27
Aug. 28
Thurs., Aug. 29
Fri.. Aug. 30
165.6
not compiled
164.6
165.0
164.5
164.7
165.0
166.9
161.9
155.6
156.2
126.0
167.1
148.4
2 Weeks Ago, Aug. 16
Month Aga, July 30
Aug. 30
Year Ago,
Aug. 29
1934 High,
Jan. 2
Low,
Aug. 21
1935 High,
Mar.18
Low,
"Annalist" Weekly Index of Wholesale Commodity
Prices Declined During Week of Aug. 27-Monthly
Average for August Above July
A loss of 0.9 point carried the "Annalist" Weekly Index
of Wholesale Commodity Prices down to 126.3 on Aug. 27,
from 127.2 Aug. 20. In noting the foregoing the "Annalist"
said:
The decline reflected primarily the weakening of livestock and meat
prices after their recent advances, indicating that they have reached approximately the "ceilings" set by consumer resistance. Losses in wheat
and corn, and in cotton and cotton goods (on the 10-cent loan announcement) also contributed to the decline. On the other hand, refined sugar
advanced, as did butter and eggs, cheese, lead and rubber.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation (1913=100)
•
Aug. 27 1935 Aug. 20 1935 Aug. 28 1934
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
mr All ontnnInfininsi nn nIfi AnMr hnsala
118.1
135.9
*109.1
164.3
109.8
111.4
98.6
82.8
126.3
740
112.3
121.8
113.4
163.6
110.0
113.1
98.7
82.2
120.6
70.4
120.4
135.8
x109.7
164.3
109.8
111.4
98.6
82.8
127.2
75.0
*Preliminary. a Revised. y Based on exchange quotations for France, Switzerland and Holland; Belgium included prior to March 1935.
As to prices during August the "Annalist" stated:
The monthly average for August reflected the rise over the July level,
the August index advancing to 126.7 from 123.6 in the month before, and
117.7 a year ago.
THE ANNALIST MONTHLY INDEX OF WHOLESALE COMMODITY
PRICES
Monthly averages of weekly Indices-Unadjusted for seasonal variation (1913=100)
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
•• A II nnmmnelIflam esn '0.1 elnlIns• hnale
August 1935
July 1935
August 1934
119.2
136.1
*108.9
164.3
109.4
111.4
98.3
82.9
126.7
116.0
129.9
x107.6
162.8
109.1
111.5
98.3
83.0
123.6
752
79 A
107.2
117.6
114.1
163.8
110.1
113.2
98.7
82.5
117.7
AO n
*Preliminary. x Revised. y Based on exchange quotations for France, Switzerland and Holland; Belgium included prior to March 1935.
States Department of Labor Reports Increase
of 0.8 of 1% in Retail Food Prices During Two
Weeks Ended Aug. 13
Retail prices of food advanced 0.8 of 1% during the two
weeks ended Aug. 13, Commissioner Lubin of the Bureau
of Labor Statistics of the United States Department of
Labor announced Aug. 27. "The current increase is the
result of rising prices of eggs, meats and lard," Mr. Lubin
said, adding:
United
--,100) is 2.3% below the
The general index for this period, 122.3 (1913high point reached on April 23 1935. It is 9.4% above the index for
Aug. 14 1934 and 14.6% higher than in August 1933. Food prices are
approximately at the level of May 15 1931 when the index was 121.0.
As compared with Aug. 15 1931 the index is up 2.2%. Individual commodity groups, however, show wide variations from their averages for
August 1931. Dairy products, fruits and vegetables, and beverages are
lower. Cereals, meats, eggs, fats and sugar are higher.
Aug. 31 1935
Financial Chronicle
1348
During the current price-reporting period 12 of the 48 commodities
change and 13
included in the index increased in price, 23 showed no
decreased.
the greatest
was
Egg prices moved upward 4.3%. This seasonal Increase
relative change in the commodity groups.
Prices of meats rose 2.8%. This advance was due to increases of 5.6%
for
for the pork items (sliced bacon, sliced ham and pork chops), 1.4%
1%
three beef items (rib roast, round steak and sirloin steak), and 0.4 ofprice
for hens. Chuck roast and leg of lamb remained unchanged in
Lard
and plate beef decreased 0.6 of 1%. Fats and oils increased 2.5%.
rose 5.6% and lard compound increased 1.2%.
and
Cereals and dairy products were unchanged in price. The sugar
sweets group declined slightly, but sugar prices did not change.
of
decline
The fruits and vegetables group showed a conspicuous price
decreased
3.6%. No item in the group increased in price. Oranges
Cocoa
2.7%, onions 8.9%, potatoes 5.3%. Beverages fell off 0.2 of 1%.
and coffee prices declined and tea remained unchanged.
BirmingFood prices rose in 45 of the 51 cities included in the index.
ham reported the largest increase, 2.4%, due to the rise in potato Prices
area
which showed a general decrease elsewhere. The Rocky Mountain
alone reported lower prices. In Denver there was a drop of 0.5 of 1%•
that
in
The advance in prices of meats and eggs were less pronounced
city, and there was a sharp drop in potato prices.
The following table was contained in an announcement
issued by the Department of Labor.
INDEX NUMBERS OF RETAIL PRICES OF FOOD
(1913=100.0)
July 30 May 7 Feb. 12 Nov.6 Aug. 14 Aug.15 Aug.15
1930
1933
1934
1934
1935
1935
Aug. 13 1935
Years
1935 2Wks. 3Mos. CiMos. 9Mos. 1 Year 2 Years 5 Ago
Ago
Ago
Ago
Ago
Ago
Ago
All foods
Cereals
Meats
Dairy products_
Eggs
Fruits and veg...
Beverages
Fats and oils.._.
Sugar and sweets
121.3
122.3
150.6
156.9
104.6
100.0
110.1
95.9
118.3
111.8
150.6
161.3
104.6
104.3
106.2
95.6
121.3
111.7
124.5
122.0
115.3
111.8
106.7
143.7
151.2
155.1
110.7
91.6
132.7
98.0
116.3
108.6
150.9
140.1
117.3
111.6
110.4
101.0
109.6
105.7
132.1
122.6
107.6
113.9
105.3
98.2
93.6
109.8
149.6
121.1
103.4
87.8
116.1
96.9
78.2
109.7
137.8
105.7
95.5
73.3
151.6
92.3
75.0
107.7
156.9
169.9
137.5
112.4
166.1
130.2
123.0
115-9
The announcement said:
Prices used in constructing the weighted index are based upon reports
from all types of retail food dealers in 51 cities and cover quotations on
48 important food items. The index is based on the average of 1913 as
100.0. The weights given to the various food items used in constructing
the index are based on the expenditures of wage earners and lower-salaried
workers.
The following table shows the percentages of price changes for individual
commodities covered by the Bureau for Aug. 13 1935, compared with
July 30 and July 16 1935, Aug. 14 1934, Aug. 15 1933 and Aug. 15 1930:
CHANGES IN RETAIL FOOD PRICES AUG 13 1935, BY COMMODITIES
Percent Change-August 13 935 Compared with
Ago)
Aug. 19
1930
(5 Years
Ago)
All foods
+0.8
+0.5
+9.4
+14.6
-14.9
Cereals
Bread, white
Cornflakes (8 oz.)-_-..
Cornmeal
Flour, wheat
Macaroni
Rice
Rolled oats
Wheat cereal (28 oz.).
Meats
Beef-Chuck roast
Plate
Rib Roast
Round steak
Sirloin steak
Hens for roasting
Lamb, leg of
Pork-Bacon, sliced
Ham, sliced
Chops
Salmon, canned, red
Dairy products
Butter
Cheese
Milk, fresh
Milk, evap. (1434 oz.)
Eggs
,
Fruits and vegetables._ _
Bananas (dozen)
Oranges
Prunes
Raisins
Beans, navy
Beans with pork can'd
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
+2.8
0.0
-0.6
+1.4
+1.9
+2.3
+0.4
0.0
+6.0
+7.9
0.0
_0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.8
+2.9
-2.1
-3.1
-0.7
+0.3
+0.7
+0.4
-2.9
+8.6
+11.0
+0.7
0.0
+1.2
+15.6
-2.0
-0.6
+1.2
+11.6
+9.3
+9.2
-1.2
+36.8
+2.1
+0.6
+29.7
+24.2
+0.8
+4.7
+33.2
+40.0
+51.0
+32.7
+26.9
+23.4
+17.9
+7.3
+48.7
+27.8
+3.7
+7.3
+2.8
+0.3
+53.9
+2.3
+1.1
+52.6
+49.0
+58.6
+40.2
+38.9
+34.4
+36.7
+18.3
+90.0
+54.7
+101.5
+1.3
+0.8
0.0
-1.4
-4.4
Commodities-
Cabbage
Corn, canned (No. 2).
Onions
Peas,canned (No.2)
Potatoes, white
Tomatoes,can'd(No.2)
Beverages
Cocoa
Coffee
Tea
Fats and oils
Lard, pure
Lard compound
Veg. lard substitute
Oleomargarine
Salad oil
Sugar and sweets
Sugar, granulated__ _ _
Corn syrup (24 oz.)
Molasses (18 oz.)_._
Strawberry preserves_
July 30
1935
(2 Weeks
Ago)
+1.9
0.0
0.0
+0.4
0.0
0.0
J/40/ 16
1935
(4 Weeks
Ago)
+4.3
+7.1
-3.6
-2.7
-0.3
-0.9
0.0
0.0
0.0
-9.2
-1.8
+1.3
0.0
-0.8
-8.9
-0.6
-5.3
-1.9
-0.2
-0.5
0.0
+2.5
+5.6
+1.2
0.0
-0.5
0.0
-0.1
0.0
0.0
0.0
-0.5
0.0
+1.0
0.0
0.0
-7.1
-0.8
-19.6
-1.7
-14.3
-2.9
-0.2
-0.9
-0.4
+0.1
+3.2
+7.3
+1.2
+0.4
-1.0
0.0
0.0
0.0
0.0
+1.4
-1.0
Aug. 14
1934
(1 Year
Apo)
Aug. 15
1933
(2 Years
+6.1
+2.9
-27.8
+14.2
-8.9
+3.0
-10.0
-2.9
-1.3
-42.2
+25.2
-4.7
-1- 33.1
-48.6
+7.4
+3.6
-10.6
-1.9
+8.9
-18.7
-12.6
-11.5
-3.5
-5.0
-7.2
-6.5
-7.1
-6.6
-9.0
-16.3
-21.4
+5.5
-5.1
+8.2
-32.8
-23.9
-35.2
-26.0
-16.4
-23.1
-7.2
-36.1
-28.8
-49.5
-30.4
-16.8
-47.0
-19.6
-39.5
-15.7
-21.2
+7.5
-41.9
-18.5
-26.5
-la:5
•L:6.5
-16:5
+3.2
+55.1
+83.2
+60.8
+18.5
+43.3
+14.3
+61.9
+107.0
+25.5
+10.1
+8.3
+12.5
+6.4
+6.4
+3.5
+2.9
+18.8
-8.6
-9.4
-14.1
-4.3
+7.3
+1.4
+42.3
-30.0
-11.2
+10.7
+2.1
+5.2
+14.3
+6.5
+1.7
-4.8
-1.3
-i.i
-24.4
-_ _
-3.7
3:i
4-1.i
4- -4.9
+1.8
+3.6
__
+7.9
----0.7______
----1-1-7-.15
+40.1
Wholesale and Department Store Trade in Chicago
Federal Reserve District During July-Industrial
Employment Down Seasonally-Recession Noted in
Mid-West Sales of Automobiles
The Federal Reserve Bank of Chicago reports that a considerable improvement occurred during July in wholesale
trade conditions in the Seventh (Chicago) District, and notes
Volume 141
Financial Chronicle
that department store trade declined seasonally from June
but was well above a year ago. Industrial employment and
sale of new automobiles in the middle west also showed
seasonal recessions during July, according to the Bank. In
its Aug. 31 "Business Conditions Report" the Bank stated:
Wholesale Trade Conditions
Considerable improvement took place during July in wholesale trade
conditions of the Seventh District, following a rather unfavorable June.
Gains over June of 5 and 6% in electrical supply and grocery sales, respectively, were contrary to trend for July, while the declines of ”i% in the
hardware trade (in which line alone business had been good in June) and
less than 34% in drugs compared with recessions of 12 and 6% in the 1925-34
average for the month. Furthermore, the increases over last July in all
groups were the heaviest shown so far in 1935, that of 16% in the grocery
trade following two successive months of declines. Sales in the first seven
months of 1935 exceeded those of the same period of 1934 by 3% in groceries.
9% in drugs, and 16% each in hardware and electrical supplies. Collection
conditions remain better than a year ago, as evidenced by continued lower
ratios of accounts to sales than at that time, and with the exception of
hardware, all groups showed smaller ratios for July than a month previous.
WHOLESALE TRADE IN JULY 1935
Per Cent Change
from Same Month Last Year
Stocks
Accts. Outstanding
Collections
Ratio of
Accts. Outvtanding to
Net Sales
+3.8
-6.1
+2.8
-2.3
-8.5
-3.6
+1.0
+6.0
+8.1
+28.1
+26.7
+10.4
81.8
189.2
158.3
142.5
Commodity
Groceries
Hardware
Drugs
Electrical supplies
Net
Sales
+15.7
+28.0
+20.8
+35.4
Department Store Trade
The recession of 26% in July from June in Seventh District department
store trade was normal for the period, and,sales exceeded those of last July
by 12%%,which is the largest gain to be shown in the yearly comparison so.
far in 1935. However, with one more trading day in the month this year,
average daily sales totaled only 8% heavier than a year ago. In the
monthly comparison. Indianapolis trade recorded a decline of only 18%
and Milwaukee sales one of but 21%, while sales of Detroit stores dropped
26% and those of Chicago firms 29%,with the aggregate for stores in smaller
cities 26% less. It will be noted in the table that Chicago department store
sales showed by far the smallest gain compared with last July and Indianapolis sales much the largest, the latter city recording a noticeably greater
increase for the year to date over the same period of 1934 than did other
cities. Stocks, which again declined seasonally in July, remained lighter
than a year ago, and stock turnover continued to exceed that of last year.
DEPARTMENT STORE TRADE IN JULY 1935
Locality
Per Cent Change
July 1935
from
July 1934
Net
Sales
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
+6.3
+17.0
+25.0
+13.3
+17.9
Stocks End
of Month
-0.9
-3.6
--18.1
-5.7
+1.2
P.C. Change
First
7 Months
1935from
SamePeriod
1934 .
Net
Sales
+5.7
+5.7
+12.4
+5.7
+6.6
Ratio of July
Collections
to Accounts
Outstanding
End of June
1935
30.3
43.1
39.4
39.0
32.5
1934
28.7
39.6
38.1
36.4
28.8
Seventh District
36.4
33.7
+12.5
+6.3
-3.4
A somewhat greater than seasonal decline was recorded during July in the
retail shoe trade, aggregate sales of reporting dealers and department
stores falling 39% below those of the preceding month, as compared with a
recession of 34% in the 1926-34 July average. However,sales totaled 17%
above a year ago and in the first seven months of 1935 were almost 6%
heavier than in the same period of 1934. A further decline of 9% in stocks
during July brought them to 2% under those held at the close of July last
year.
Sales of furniture and house furnishings by dealers and department stores
showed a 21% increase in July over the month last year-the heaviest for
the current year -though declining seasonally 213i% from a month
previous. Although stocks expanded fractionally over the close of June,
they were 2% under those of a year ago.
Aggregate July sales of 12 chains operating 2,731 stores in the month
exceeded those of the same month last year by 5%, although with the
number of units 234% greater in this comparison, average sales per store
totaled only 2;4% heavier. As compared with a month previous, both
aggregate and average sales were 6% smaller in July. Included in the data
are five and 10-cent store, grocery, drug, cigar, men's clothing, and musical
instrument chains.
Mid-West Distribution of Automobiles
Sales of new automobiles in the Seventh District fell off in July, as is
usual for the month, although they continued to be much greater than in
the corresponding period a year ago. Used car sales, on the other hand.
showed a small expansion during the month, and a larger increase over last
July than did new car sales at retail. Furthermore, stocks of new cars at
the end of July rose somewhat over the end of June, while those of used
cars decreased noticeably in number, though continuing to be considerably
heavier than those of last year. The ratio for July of deferred payment
sales to total sales of dealers reporting the item amounted to 48%, as
compared with 47% for June and 53% for July 1934.
Industrial Employment Conditions
Seventh District industrial employment experienced the usual seasonal
contraction in July, the number of men employed aggregating 2% and payrolls 4;4% lower than a month earlier. Manufacturing was affected by the
customary lay-offs for vacations and inventories, and payrolls in those
groups declined 5%% as against a 2% loss in employment. Non-manufacturing industries, on the other hand, registered a slight gain of ;4% in
wage payments, although employment followed a trend similar to that of
the manufacturing groups.
Wholesale Commodity Prices Increased Further During
Week of Aug. 24, According to United States
Department of Labor
For the fifth consecutive week wholesale commodity prices
continued their upward movement and rose 0.4%, according
to an announcement made Aug. 29 by Commissioner Lubin
of the Bureau of Labor Statistics, Department of Labor.
In his announcement Mr. Lubin stated:
1349
The advance brought the composite index to 80.8% of the 1926 average.
The present level is the highest that has been reached during the past five
years and shows a net gain of nearly 4% since the beginning of the present
year. Compared with the corresponding week of 1934, the combined index
Is up by 5.1% and is 16% above two years ago, when the indexes were 76.9
and 69.6, respectively.
The general strengthening of prices is shown by the fact that no group
registered a decline over the week period. Of the 10 commodity groups
covered, four remained unchanged from the level of the preceding week
and six showed advances of varying degree. The groups recording an
average rise were farm products, foods hides and leather products, textile
products, metals and metal products, and chemicals and drugs. Fuel and
lighting materials, building materials, housefurnishing goods and miscellaneous commodities remained unchanged.
Of the 47 sub-groups of commodities covered by the Bureau, 14 moved
upward, six showed a slight reaction, and 27 remained at the preceding
week's levels. Three groups-farm products, foods, and chemicals and
drugs-were largely responsible for this week's rise.
The general average for the industrial commodity group recorded a
fractional advance after remaining stationary for the previous two weeks.
This group, which excludes farm products and processed foods, although
slightly below the 1934 high, now stands at the high of the present year
reached during the week of Jan. 12. The index is 0.4% below the level of a
year ago, but is 5% above two years ago and nearly 20% above the depression low.
When compared with the corresponding week of last year, six of the commodity groups show advances ranging from 0.1% for metals and metal
products to 14.0 for foods. During this period farm products rose 12.4%•
The remaining four groups showed declines ranging from 0.6% for textile
products to 4.1% for miscellaneous commodities. Compared with the comparable week of two years ago, each of the commodity groups, except hides
and leather products and textile products,shows a substantial gain. During
the two year period, farm products rose 38.7% and foods 32.5%. Going
back three years, all commodity groups show marked advances. The
smallest increase-3.7%-occurred in the fuel and lighting materials group.
Mr. Lubin's announcement also contained the following:
Group indexes for the week of Aug. 24 and the corresponding weeks of
1932, 1933 and 1934, and the percent change are shown in the table below:
Commodity Groups
All commodities
Farm products
Foods
Hides & leather products
Textile products
Fuel &lighting materials
Metals & metal products
Building materials
Chemicals and drugs
Houseturnishing goods_ _ _
Miscellaneolui commodities
All commodities other than
farm rsrneilinta a nr1 f'mkt
Aug. Aug.
Percent
24
25
1935 1934 Change
Aug.
26
Percent
1933 Change
Aug.
Percent
27
1932 Change
80.8
76.9
+5.1
69.6
+16.1
65.2
+23.9
80.7
86.1
90.2
70.7
75.4
86.0
85.1
79.3
81.7
67.2
71.8
75.5
84.6
71.1
75.2
85.9
86.4
76.0
82.9
70.1
+12.4
+14.0
+6.6
-0.6
+0.3
+0.1
-1.5
+4.3
-1.4
-4.1
58.2
65.0
92.8
74.2
66.7
81.2
80.7
72.5
76.9
65.2
+38.7
+32.5
-2.8
-4.7
+13.0
+5.9
+5.5
+9.4
+6.2
+3.1
49.5
61.6
70.8
53.0
72.7
80.0
69.6
73.0
74.9
64.4
+63.0
+39.8
+27.4
+33.4
+3.7
+7.5
+22.3
+8.6
+9.1
+4.3
75 1
754
-04
744
4-an
702
-4-1i5
Chemicals and drugs recorded the first substantial increase for the past
several weeks and advanced 0.8%. due principally to a 1.1% rise in the
group of chemicals and 1.2% in fertilizer materials. Mixed fertilizers and
drugs and pharmaceuticals showed no change. Individual items which
recorded substantial price increases were inedible tallow, vegetable oils,
menthol and tankage.
Wholesale food prices continued to rise and reached a new high for the
Year. The advance for the week-0.8%-was largely accounted for by a
1.8% increase in the sub-group of butter, cheese and milk; 1.5% for other
foods, including coffee, eggs, canned salmon, lard, raw sugar, and edible
tallow; and 0.7%for meats. Fresh fruits and vegetables, on the contrary,
decreased 1.3%. Other important food items showing price increases were:
Rye and wheat flour, dried fruits, lamb, bacon, hams, and dressed poultry.
Among the important items showing price decreases were:
Oameal,
hominy grits, corn meal, lemons, oranges, canned tomatoes, white and
sweet potatoes, cocoa beans and fresh veal. The current index for the foods
group-86.1(7,-1s 14% above a year ago and 32.5% above two years ago.
Continued price advances in the sub-groups of livestock and poultry and
other farm products including cotton, eggs, apples, and fresh milk at
Chicago, caused the farm products group to show continued upward movement. The advance for the week was 0.5% and brought the index for the
group to 80.7. Average prices of calves, steers, sheep, barley, rye and wheat
were higher than the week before and corn, oats, hogs, and seeds were
lower. The present index is 12.4% higher than the corresponding week
of a year ago and 38.7% above two years ago.
The index for the textile products group rose to 70.7. an increase of 0.3%,
and recorded a new high for the year. Continued advances for cotton goods
and rayon and silk were responsible for the increase. Other sub-groups
either remained at the level of the preceding week or showed a fractional
decline. The index for the week is slightly lower than the corresponding week
of last year and approximately 5% below two years ago.
The 2.4% increase in the nonferrous sub-group caused the metals and
metal products group to advance 0.2%. Other sub-groups remained unchanged or showed minor fluctuations. Important items advancing in
price were scrap steel, electrolytic copper and copper products, pig lead and
lead products, pig zinc, and pig tin. Quicksilver, bar silver, and woven
wire showed substantial decreases.
Strengthening prices of hides and skins and leather resulted in the 0.1%
advance for the hides and leather products group. The index-90.2%is at the high for the year and has shown a steady upward movement for
the past 12 months. The sub-groups of boots and shoes and other leather
products remained at the preceding week's level.
In the fuel and lighting materials group slightly lower prices for petroleum
were counterbalanced by higher prices for anthracite and the index for the
group remained unchanged.
The index for the building materials group remained at 85.1. The Price
changes in the group were few and had no material affect on sub-group
indexes. All sub-groups remained at levels of the week before.
No change was registered by either the housefurnishing goods or miscellaneous commodity groups. Average prices in these two groups were very
stationary.
The index of the Bureau of Labor Statistics is composed of 784 price series
weighted according to their relative importance in the country's markets ands
based on average prices for the year 1926 as 100.
The following table shows index numbers for the main groups of commodities for the past five weeks and for the weeks of Aug. 25 1934, and
Aug. 26 1933:
Financial Chronicle
1350
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS ENDING
AUG. 24, AUG. 17, AUG. 10, AUG. 3, AND JULY 27 1935, AND AUG.25
1934 AND AUG. 26 1933 (1026=100.0)
Commodity Groups
80.8
Aug.
3
1935
July
27
1935
Aug.
25
1934
Aug.
26
1933
80.5
79.6
79.2
76.9
69.6
78.4
83.4
90.0
70.0
75.0
85.8
8.5.3
78.5
81.9
67.5
77.1
82.2
90.1
69.9
75.2
85.7
85.1
78.4
81.9
67.5
71.8
75.5
84.6
71.1
75.2
85.9
86.4
76.0
82.9
70.1
78.0
77.9
77.9
78.4
The drug, paper, and jewelry concerns,reported the largest increases in
more than a year, and sales of the grocery and shoe firms were ahead of a
year ago by the largest percentages in 7 or 8 months The moderate gain
In sales recorded by the hardware concerns was the most favorable year to
year comparison since February, and the rather substantial gain in sales
of men's clothing was the largest in three months. The increase in yardage
sales of silk goods reported by the National Federation of Textiles followed
six months in which declines were shown. The small advance in diamond
sales followed a much larger increase in June, and the cotton goods and
stationery firms reported sales lower this year than last.
Stocks of merchandise on hand held by the grocery, hardware, and
diamond concerns continued higher than a year ago, but stocks held by the
drug and jewelry firms showed the largest reductions in over a year.
Collections were better this year than last in practically all reporting lines.
Chain Store Sales Higher
Chain store trade in July took a firmer hold of the upward
swing which started in June and climbed into new high
ground, says the current review of "Chain Store Age." The
report continues:
Although sales in some divisions slowed down somewhat, retail business
as a whole, with the aid of a rising trend of activity in industry generally,
extended the long gains already scored in the previous month.
The state of trade in the field as measured by the "Chain Store Age"
index, which makes allowance for the number of business days, advanced
he a preliminary level of 96.5 of the 1929-1931 average for the month
taken as 100. The index in June was 96.3 and in May it was 92.0.
Total average daily volume of business done by the group of leading chain
store organizations reviewed by "Chain Store Age" in July was approximately 5% greater than in the same month of 1934 and nearly 12% larger
than July 1933. Sales in all major divisions were substantially above those
of a year ago-the increases ranging from 3% to as much as 20%.
Grocery chain sales were again a bright feature. The preliminary index
for this group for July touched a new high mark of 91.0 as against 89.8
in June and 85.3 in July 1934.
Results of the apparel chains for July bettered the showing of the
preceding month and at the same time completely reversed the action in
previous years when declines were witnessed. The index for this group
advanced to 100.8 from 99.3 in June.
The index for the five-and-ten department store group in July was 101.0
as against 97.7 in July 1934. The index for two chains comprising the
drug group was 108.8 as compared with 100.0 in July last year, while
for the shoe group the preliminary index for July was 100.0 against 82.0 in
July 1934.
The weight of the evidence available at this writing points to a continued and, in all likelihood, an accelerated rate of expansion of consumer
buying in the immediately approaching months. Suppliers to the trade
have been stepping up production schedules in an effort to replenish depleted
stocks as a result of the unexpectedly heavy summer turnover. Added
impetus to this movement is being given by the increasing number of
reports of greater activity in other industrial lines.
New York Federal Reserve Bank Reports Increase of
5% in Chain Store Sales During July as Compared
with July 1934
"In July, total sales of the reporting chain store systems
in the Second (New York) District were a little more than
5% higher than last year, following small decreases in the
previous two months, but after allowing for differences in
the number of shopping days between this year and last, the
increase in sales was of approximately the same proportions
219 in June." In stating this, the Federal Reserve Bank of
New York, in its "Monthly Review"'of Sept. 1, adds:
The 10-cent and shoe chain stores reported moderate advances in sales
over last year, and on an average daily basis the year to year comparisons
were more favorable than in the previous two months. Variety stores also
showed larger sales than a year ago, but the increase in average daily sales
was not quite as large as in June. The grocery chain systems reported the
smallest decrease in average daily sales since April, but candy chains
showed a larger decline than in the previous two months. Reporting drug
chains had smaller sales than a year previous for the first time since last
September.
For the fifth consecutive month, increases between 1934 and 1935 in
the number of stores operated were reported by a majority of the reporting
lines. The total number of stores of all kinds In operation continued to
show a decline, however, due to the closing of a large number of grocery
stores and some decline in shoe chain units during the past year. As a
result of the decline in the total of stores in operation the increase in
average sales per store over a year ago was slightly larger than the increase
In aggregate dollar sales.
Commodity
Sales
Per
Store
Number
. of
Stores
Total
Sales
-3.4
+1.2
-1.1
+5.7
-7.8
+8.0
Variety
Candy
+7.4
-1.2
+1.2
+4.6
+2.4
+4.4
-14.1
+9.3
+125
-10.9
+11.2
--14.9
Total
-0.7
+5.2
+5.9
Grocery
Ten cent
Drug
Shoe
Increase of 13.6% Over Year Ago Noted in July Sales
of Wholesale Firms in New York Federal Reserve
District
According to the Federal Reserve Bank of New York
July sales of the reporting wholesale firms in the Second
(New York) District "were 13.6% higher than last year, the
largest percentage increase since December." In its Sept. 1
"Monthly Review" -the Bank also states:
Stock
End of
Month
Net
Sales
1935
1934
+10.9
90.6
Groceries
+4.5
+15.0
38.0
Men's clothing
-8.6
37.9
Cotton goods
Silk goods
63.8
s+7.8
Shoes
+26.7
39.6
+27.2
Drugs
18.0
+8.2
45.9
Hardware
+9.2
-5.7
47.5
Stationery
Paper
+19.8
44.6
+5.2
27.9
Diamonds
+1176
Jewelry
+31.9
-8.4
54.4
+13.6
Weighted average
o Quantity figures reported by the National Federation of Textiles.
included in weighted average for total wholesale trade.
-0,-
94.3
46.4
42.8
62.9
41.4
23.0
47.4
57.9
46.1
28.4
58.4
Inc. not
Sales of Department Stores During July in New York
Federal Reserve District Above July Last YearSales in Metropolitan Area of New York Also Higher
in First Half of August
Total July sales of the reporting department stores in the
Second (New York) District, states the New York Federal
Bank, "were 9.6% higher than a year ago, and even after
allowing for one more shopping day this year than last, the
increase for July was the largest since December." Continuing, the Bank also has the following to say in its "Monthly
Review" of Sept. 1:
The New York City department stores registered the most substantial
advance in average daily sales since March 1934, and the Buffalo stores
reported the largest increase since December. Stores in the Capital
District, Northern New York State, Southern New York State, and
Westchester and Stamford also reported the largest increases in average
daily sales in several months, and the decline in average daily sales of the
Hudson River Valley District stores was the smallest in five months.
Average daily sales in the Rockester, Syracuse, and Bridgeport stores,
however, showed smaller increases over a year ago than in June, and
average daily sales in the Northern New Jersey stores showed a decrease
from last year, following a considerable advance in June. Sales of the leading apparel stores in this district were 15.6% higher than a year ago, and
on an average dally basis showed the most favorable year to year comparison since March 1934.
Department store stocks of merchandise on hand, at retail valuation,
continued somewhat below a year ago, while apparel store stocks remained
larger. Collections of accounts outstanding at the end of the previous
month were higher in July 1935 than in July 1934 in the department stores
In all localities and also In the apparel stores.
Percentage Changefrom
a Yeir Apo
Net Sales
Locality
July
New York
Buffalo
Rochester
Syracuse
Northern New Jersey
Bridgeport
Elsewhere
Northern New York State
Southern New York StateHudson River Valley District_
Capital District
Westchester and Stamford
All department stores
Apparel stores
-1-11.9
+12.9
+7.5
+8.9
• 0
+5.3
+6.6
+7.4
+6.6
-0.6
+8.8
+8.2
+9.6
4-15.6
. Feb.
to July
-1.2
+1.8
Stock
on Hand
End of
Month
+0.4
+1.9
-3.0
-6.4
-3.1
-8.8
+0.3
+1.7
-2.4
-3.5
-1.6
-7.7
-0.9
-1.7
-0.8
+0.6
+5.7
Per Cent or
Accounts
Outstanding
June 29
Collected in
July
1934
1935
47.7
43.4
42.3
32.1
40.1
37.0
25.3
48.8
47.0
44.2
35.0
41.0
38.0
28.0
_
_
43.2
40.6
44.6
42.7
July sales and stocks in the principal departments are compared with
those of a year previous In the following table:
Net Sales
Stock on Hand
Percentage Change Percentage Change
July 1935
July 31 1935
Compared with
Compared with
July 1934
July 311034
Percentage Change July 1935
Compared With July 1934
Type of Store
Per cent of
Accounts
Outstanding
June 29
Collected in
July
Percentage
Change
July 1935
Compared with
July 1934
V
78.0
nt-c,
80.1
80.3 79.7
85.4 84.2
90.1 90.1
70.5 70.1
75.4 75.4
85.8 '85.8
8.5.1 85.0
78.7 78.5
81.7 81.7
67.2 67.5
,NOWN
NOMNI.
Farm products
80.7
Foods
86.1
Hides & leather products
90.2
Textile products
70.7
Fuel& lighting materiaLs
75.4
Metals & metal products
86.0
Building materials
85.1
Chemicals and drugs
79.3
Houseturnishing goods
81.7
Miscellaneous commodities
67.2
All commodities other than farm
nrndurta and tnntiq
7R.1
Aug. Aug.
10
17
1935 1935
oiuici4s.
c.co ots
All commodities
Aug.
24
1935
Aug. 31 1935
Women's and Misses' ready-to-wear
Furniture
Toys and sporting goods
Luggage and other leather goods
Men's and Boys' wear
Men's furnishings
Silverware and jewelry
Musical instruments and radio
Women's ready-to-wear accessories
Hosiery
Linens and handkerchiefs
Shoes
Home furnishings
Books and stationery
Toilet articles and drugs
Cotton goods
Woolen goods
Silks and velvets
Miscellaneous
+14.1
+17.9
-1-17.4
+16.3
+15.9
+15.9
+15.8
+14.4
+11.1
+10.3
+7.6
+6.6
+5.7
+4.5
+2.7
+2.0
-7.9
-13.0
+7.9
+7.2
-1.8
+7.2
-6.9
-0.2
-33.0
-12.3
-16.9
-1.9
-8.1
+2.2
+1.9
-19.3
-3.4
-2.4
+1.8
As to sales in the Metropolitan area of New York during
the first half of August, the Bank has the following to say
in its review:
Financial Chronicle
During the first half of August, total sales of the reporting department
stores in the Metropolitan area of New York were 1.8% higher than in the
corresponding period last year, and more than the usual seasonal expansion
appears to have occurred from July to August. In Northern New Jersey
sales continued to run below a year ago, but New York City stores showed
an average increase of 3%.
Production of Electricity at Highest Point Since
Dec. 21 1929
The Edison Electric Institute in its weekly statement disclosed that the production of electricity by the electric light
and power industry of the United States for the week ended
Aug. 24 1935 totaled 1,839,815,000 kwh. This is the third
highest point weekly electric production has ever reached,
being exceeded only by the output for the weeks ended
Dec. 14 and Dec. 21 1929 when production totaled 1,840,
863,000 kwh. and 1,860,021,000 kwh. respectively. Total
output for the latest week indicated a gain of 11.6% over the
corresponding week of 1934, when output totaled 1,648,107,000 kwh.
Electric output during the week ended Aug. 17 1935 totaled
1,832,695,000 kwh. This was a gain of 9.5% over the
1,674,345,000 kwh. produced during the week ended Aug. 18
1934. The Institute's statement follows:
PERCENTAGE INCOME OVER 1934
Major Geographic
Regions
Week Ended
Week Ended
Week Ended
Aug. 24 1935 Aug. 17 1935 Aug. 10 1935
Week Ended
Aug. 3 1935
New England
Middle Atlantic
Central Industrial_ - - West Central
Southern States
Rocky Mountain
Pacific Coast
9.4
9.3
12.7
9.5
8.5
37.7
8.5
9.7
6.3
9.2
6.8
8.2
39.5
• 8.3
7.3
7.2
9.8
10.3
9.8
37.0
55
8.4
7.5
10.4
11.7
11.7
33.3
4.8
Total United States_
11 R
ac
97
9.9
1351
WEEKLY WHOLESALE PRICE INDEX OF THE NATIONAL FERTILIZER
ASSOCIATION (1926-1928=100)
Per Cent
Each Group
Bears to the
Total Index
23.2
16.0
12.8
10.1
8.5
8.7
6.6
6.2
4.0
3.8
1.0
.4
.3
100.0
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 - - - All rrnilna rnmhInpii
1935
1934
+4.0
+3.5
+3.0
+2.5
+3.3
+4.2
+4.6
+6.0
+5.0
+6.4
+7.2
+8.6
+8.3
+9.9
+9.7
+9.5
+11.6
1932
1,436
1,468
1,483
1,494
1,461
1,542
1,578
1,598
1,656
1,539
1,648
1,654
1.662
1,650
1,627
1,650
1,630
1,637
1.583
1 arm
1935
1934
P. C.
Clew)
Jan____ 7,762,513 7,131,158 +8.9
Feb-- 7,048,495 6,608,356 +6.7
March - 7,500,566 7,198.232 +4.2
April- 7,382.224 6.978,419 +5.8
May... 7,544.845 7,249,732 +4.1
June__ 7,404,174 7,056,116 +4.9
July....
7,116,251
Aug --7,309,575
Sept-- 6,832,260
7,384,922
Nov-7,160,756
Dec---7.538,337
1931
1930
1929
1,637
1,654
1,645
1,602
1,594
1,621
1,610
1,635
1,607
1,604
1,645
1,651
1,644
1,643
1,629
1,643
1,638
1,636
1.582
1 863
1,698
1,689
1,717
1,723
1,660
1,857
1,707
1,698
1,704
1.594
1,626
1.667
1.686
1,678
1.692
1.677
1.691
1,688
1,630
1.727
1,688
1,698
1,704
1,705
1,615
1,690
1,699
1,703
1,723
1,592
1,712
1,727
1,723
1,725
1.730
1,733
1,750
1,762
Lon
1.84)6
1933
1932
1931
1930
6.480,897
5,835,263
6.182,281
6,024,855
6,532,686
6,809,440
7,058,600
7,218,678
6.931,652
7.094,412
6,831,573
7.009,164
7,011.736
6,494.091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310.667
6,317,733
6,633,865
6,507,804
6,638,424
7,435,782
6,678,915
7,370.687
7,184,514
7.180,210
7,070.720
7,286,576
7.166,086
7.099,421
7,331.380
6,971,644
7,288,025
8,021,749
7,066,788
7,580,335
7,416,191
7,494,807
7,230,607
7,363,730
7,391,196
7,337,106
7,718,787
7,270.112
7,566,601
Total_
85.564.124
go coo ant 77 442 112 86.063.969 89.467.099
Note-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power Industry and the weekly figures are
based on about 70%.
Decrease Reported by National Fertilizer Association in
Wholesale Commodity Prices During Week of
Aug. 24
There was a decline in wholesale commodity prices in
the week ended Aug. 24, following advances in the four
preceding weeks; according to the index of The National
Fertilizer Association. This index last week was 78.5%
of the 1926-28 average, compared with 78.9 in the preceding
week, 77.8 a month ago, and 75.0 a year ago. An announcement issued by the Association on Aug. 26 also said:
The decline in the index last week was due primarily to lower prices for
cotton and hogs. The break in cotton prices following the announcement of
the new loan policy was sufficient to result in a drop in the textiles index
from 67.7 to 66.3. As a result of the rather sharp, drop in hog prices together
with lower quotations for corn, certain foodstuffs and cattle, the grains,
feeds and livestock index registered a sharp drop following an upturn which
had lasted for five weeks. A slight decline in the fuel index was caused by
lower fuel oil prices. Although there were six advances and only three declines in the fats and oils group, there was a drop in the group index, principally due to lower lard prices. Pork prices again moved upward during
the latest week, resulting in a further advance in the foods group. Higher
prices for copper, lead, zinc, and tin caused a moderately large rise in the
metals index.
Prices of 22 commodities included in the index declined during the week
while 25 advanced; in the preceding week 28 declined and 32 advanced
in the second preceding week there were 22 declines and 26 advances.
84.0
68.8
89.8
67.7
69.2
88.3
77.5
81.3
84.6
73.5
95.4
64.5
71.0
101.6
82.3
69.0
85.7
68.0
69.3
88.3
77.5
81.5
84.7
68.9
94.6
62.5
71.4
101.6
73.8
69.9
75.4
72.1
68.3
88.7
81.5
81.8
85.8
59.6
93.4
65.5
76.3
99.8
78.9
77.8
75.0
1935
1934
1935
Class
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
' of
Year
Ago
Seven lifonths Ending July
Month of July
1934
Weekly Data for Previous Years
in Millions of Ktloicatt-Hours
1933
May 4.-- 1,698,178,000 1,632,766,000
May 11_ _ _ 1,701,702,000 1,643,433,000
May 18-__ 1,700,022,000 1,649,770,000
May 25.__ 1,696,051,000 1,654,903,000
June 1- - - 1,628,520,000 1,575,828,000
June 8--_ 1.724,491.000 1,654,916,000
June 15--- 1.742.506.000 1,665.358,000
June 22- -- 1,774,654,000 1,674,566,000
June 29-_. 1,772,138,000 1,688,211,000
July 6_.. 1,655.420,000 1,555,844,000
July 13.-- 1,766.010.000 1,647,680,000
July 20- 1,807,037,000 1,663,771,000
July 27.-- 1,823,521,000 1,683,542,000
Aug. 3-- 1,821,398,000 1,657,638,000
Aug. 10_-- 1,819,371,000 1,659,043,000
Aug. 17- 1,832,695,000 1,674,345,000
Aug. 24- 1,839,815,000 1,648,107,000
Aug. 31_ - _
Sept. 7._ Sent. 14_ _ _
Month
Ago
IMPORTS INTO THE UNITED STATES FOR THE MONTH OF JULY
1935
(Value in 1,000 Dollars)
Value
qbaGt9W..Nif.W..A.00P,06WWWWWW
Week of-
78.5
Preceding
1Veek
Analysis of Imports and Exports of the United States
for July
The Department of Commerce at Washington, Aug. 27,
issued its analysis of the foreign trade of the United States
in July 1935 and 1934 and the seven months ended with
July 1935 and 1934. This statement indicates how much
of the merchandise imports and exports consisted of crude
or of partly or wholly manufactured products. The following
is the report in full:
ANALYSIS By ECONOMIC GROUPS OF DOMESTIC EXPORTS FROM AND
DATA FOR RECENT WEEKS
P. C.
Clege
Lateet
Week
Aug.24
1935
Group
,z-acom..amm,coomoomm
Volume 141
Per
Cent
Value
Crude materials
37,197 23.4 38,339
Agricultural
24,371
Non-agricultural.__
__ __ 13,968
Crude foodstuffs
1,683 2.3 5,220
Agricultural
5,194
Non-agricultural...
26
____ ---Manufactured foodstuffs
13,254 8.3 10,116
Agricultural
9,437
Non-agricultural
679
___ ___
Semi-manufactures
18.2
28;876 28,134
Agricujtural
153
Non-agricultural
___ ____ 27,981
Finished manufactures 76,118
47.8 86,196
Agricultural
311
Non-agricultural.__
____ ____ 85,885
Per
Cent
Per
Cent
Value
Per
Cent
Value
22.8
14.5
8.3
3.1
3.1
____
337,836
-----__ ___
31,369
______
______
28.7
____
____
3.1
___
____
295,247 25.2
213,102 18.2
82,145 7.0
27.813 2.4
27.244 2.3
569
.1
6.0
5.6
.4
16.8
.1
16.7
51.3
.2
51.1
92,440 7.8
79,980
----------73,113
----------6,867
193,197 16.4 193,079
----------1,474
__ 191,605
_
517,450
- 44.0 574.998
----------2,125
______ ____ 572,873
6.8
6.2
.6
16.5
.1
16.4
49.1
.2
48.9
Domestic exports 159,128 100.0 168,006 100.0 1,177,291 100.0 1,171,118 100.0
Agricultural
39,467 23.5
______ ____ 317,058 27.1
Non-agricultural______ ____ 854,059 72.9
____ ____ 128.539 76.5
Crude materiaLs
Agricultural
Non-agricultural
Crude foodstuffs
Agricultural
Non-agricultural.._
Manufactured foodstuffs
Agricultural
Non-agricultural_
Semi-manufactures_
Agricultural
Non-agricultural
Pbolphed manufactures
Agricultural
Non-agricultural
38,983 31.5 53,029
38,870
__ __ 14,159
17,764
14.3 24,232
23,300
___ ____
932
30.5
22.3
8.2
13.9
13.4
.5
283,667 29.7 325,340
______ ____ 238,483
__ _ _ ___
86,857
142,353
14.9 192,418
----------186,653
______ ---..
5.765
28.1
20.6
7.5
16.6
16.1
.5
9.1 32,291
30.972
-_ ____
1,319
27.451 22.1 32.106
5,993
___ ____ 26,113
2/477
23.0 32.504
311
____ --. 32,193
18.5
17.8
.7
18.4
3.4
15.0
18.7
.2
18.5
144,832 15.2 201,445
----------192,902
----------8,543
185.437 19.4 222,216
----------31,286
__ __ ____ 190,930
191923 20.8 217,197
2,599
______ ____
----------214,598
17.4
16.6
.8
19.2
2.7
16.5
18.7
.2
18.5
11,335
Imports for consumption
124,010 100.0 174,162 100.0
Agricultural
---- -___ 99,445 57.1
Non-agrieultural.
____ ____ 74,717 42.9
955,211 100.0 1,158.616 100.0
______ ____ 651,923 56.3
----------506,893 43.7
Summary of Business Conditions in United States by
Federal Reserve Board-Industrial Production
Unchanged During July
The Federal Reserve Board, in its summary of general
business and financial conditions in the United States, timed
upon statistics for July and the first three weeks of August,
reports that industrial production remained unchanged
during July, but for the first seven months of the year was
6% above a year ago. Factory employment showed little
change from mid-June to mid-July although a decline usually
occurs at this time, the Board said. The following is the
Board's summary, issued Aug. 25:
Production and Employment
The Federal Reserve Board's seasonally adjusted index of manufactures
showed an increase in July while the index of mineral production showed a
marked decline, with the consequence that the index of industrial production
remained unchanged at 86% of the 1923-25 average. For the first seven
months of the year industrial output was 6% larger than a year ago.
Activity at steel mills, which had declined during June, advanced considerably in July and the first three weeks of August and there was also a
substantial increase in the output of lumber. Automobile production
showed a decrease from the high level prevailing earlier in the year, reflecting in part seasonal developments. Output of textiles increased somewhat
In July, owing chiefly to increased activity at silk mills. In the woolen
Industry the recent high rate of activity continued, while at cotton mills
daily average output declined by about the usual seasonal amount. Meat
packing remained at an unusually low level. At mines, output of bituminous coal decreased sharply in July, following an advance in the preceding month, and there was also a sharp reduction in output of anthracite.
Aug. 31 1935
Financial Chronicle
rubber made
$27,005,000. Among the commodities of this class, crude
72.087.000
the greatest gain. Imports of this commodity increased from
valued at $11,pounds. valued at $7,770,000. to 107.813,000 pounds,
970.000. Imports of copra also increased substantially.
in terms
Imports of textile fibers and textile manufactures increased
little over
of value from $22,178,000 in June to $24,290,000 in July. A
imports of
half this increase was accounted for by the increase in the
55,601,000
burlaps from 40,878,000 pounds, valued at $2,827,000, to
pounds, valued at $3,921,000.
Imports of copper increased from 32,984,000 pounds, valued at $2.183.
nickel imports
000. to 52,395,000 pounds, valued at $3,648,000. Tin and
declined.
MERCHANDISE TRADE BY MONTHS
GENERAL
TOTAL VALUES OF EXPORTS INCLUDING RE-EXPORTS AND
IMPORTS
1935)
23
Aug
to
corrected
1935
for
(Preliminary figures
Daily average volume of freight car loadings declined in July, reflecting
a marked decrease in shipments of coal. Department store sales showed a
seasonal decline and the Board's adjusted index remained unchanged at
80% of the 1923-25 average.
Exports
Imports
1935
1934
1935
1934
1,000
Dollars
173,371
177,698
1,000
Dollars
161,672
127,229
1,000
Dollars
1,197,475
1,172,261
1,000
Dollars
1,197,725
991,072
34,443
25,214
206,653
Excess of exports
Commodity Prices
The general level of wholesale commodity prices showed little change
during July and advanced slightly in the first three weeks of August. For
the seven-week period, as a whole, there were substantial increases in the
price of hogs, lard, silk and scrap steel, while cotton declined. Wheat,
after advancing considerably during the latter part of July, declined somewhat in the early part of August.
Bank Credit
.
Excess reserves of member banks increased by $340,000,000 in the 11;73
week period ended Aug. 21 as a consequence, principally, of a reduction in
the balances held by the Treasury with Federal Reserve banks. There
were also moderate imports of gold from abroad.
Total loans and investments of reporting member banks in leading cities
showed a net decline of $290,000,000 during the four weeks ended Aug. 14.
Holdings of direct obligations of the United States Government decreased by
$220,000,000 following a substantial increase in the middle of July. Loans
declined by $180,000,000 in the latter part of July, but subsequently
advanced by $40,000,000, while holdings of government guaranteed and
other securities increased by $70,000,000 in the four-week period.
Yields on government securities rose slightly during this period while
other short-term open-market money rates remained at low levels.
Country's Foreign Trade in July-Imports and
Exports
The Bureau of Statistics of the Department of,Commerce
at Washington on Aug. 24 issued its statement on the foreign
trade of the United States for July and the seven months
ended with July, with comparisons by months back to 1930.
The report is as follows:
.ed. in
In July both imports and exports of the United States increas
terms of value over the preceding month. Instead of the usual seasonal
2%.
Imports
a
approximately
increased
showed
exports
decline of 1%,
still greater contra-seasonal movement. Instead of the normal seasonal
decline of 3%, imports were up 13%. Both exports and imports were
larger than in July of last year.
Exports, including re-exports, amounted to $173,371,000 in value,
compared with $170,184,000 in June and $161,672,000 in July 1934.
General imports, which include goods entered for storage in bonded warehouses plus goods entering consumption channels immediately upon
arrival in the United States, amounted to $177,698,000 in value, compared with $156,756,000 in June and $127,229,000 in July 1934.
Imports for consumption, which inlcude goods entering consumption
channels immediately upon arrival plus withdrawals for consumption
from bonded warehouses, amounted to $174.162,000 in value, compared
with $155,314.000 in June and $124,010,000 in July 1934.
Although total exports increased compared with June, the exports of
certain classes of commodities declined. The greatest absolute decline
occurred in the case of textile fibers and textile manufactures which dropped
in terms of value from $28,373,000 to $24,421,000. Exports of cotton
declined from 193,402,000 pounds, valued at $23,380,000, to 157.885,000
pounds, valued at $19,232,000.
Smaller absolute declines occurred in the case of inedible animal products
which decreased from $3,018,000 to $2,866,000. Non-metallic minerals
decreased from $33,253,000 to $32,401,000. Vegetable food products
and beverages decreased from $11,212,000 to $11,155,000.
The greatest absolute increase in exports during July was made By the
machinery and vehicles class, which increased in terms of value from
$43,287.000 to $45,056,000. Among the commodities of this class which
were exported in greater quantities duirng the month were industrial
machinery, motor trucks and electrical machinery and apparatus. Exports of automobile passenger cars declined.
Almost equally large gains were made by the commodities of the inedible
vegetable products class, the exports of which increased in terms of value
from $7,182,000 to $8,898,000. The major part of this increase was
accounted for by the increase in the exports of tobacco from 12.452,000
pounds, valued at $2,551.000, to $14,782.000 pounds, valued at $4,410,000.
Lesser increases in exports occurred in July in the case of wood and
paper, which increased in terms of value from $6,298,000 to $6,965,000. •
Metals and metal manufactures, excluding machinery and vehicles, which
are classed separately, increased from $16,337,000 to $17,092,000. Chemicals and related products increased from $7,979,000 to $8,373,000.
There was a decline of imports during July in three commodity classes.
Edible animal products declined, in terms of value, from $5,764,000 in
June to $44,965,000 in July. Non-metallic minerals declined from $8,256,000 to $7,811.000. Chemicals and related products declined from
$4,575,000 to $3,638,000.
Imports of vegetable food products and beverages showed the greatest
absolute increase of any economic class. Imports of commodities in
this class increased, in terms of value, from $43,656,000 in June to $51,557,000 In July. Practically all this gain was accounted for by the increase
in the amount of sugar imported from 470,889.000 pounds, valued at
$10,390,000, to 731,376.000 pounds, valued at $18,293,000.
The next largest gain in imports during July was made by Inedible
vegetable products, not including fibers and wood. Imports of commodities of this class increased, in terms of value, from $20,813,000 to
.7 Months Ended July
July
Exports and Imports
Distribution
A
Fvnacta t..1 Imnds.c.
1933
1934
1935
Month or Period
Increase(+)
Derrease(-)
1,000
Dol.ars
-2.50
+181,189
297
1930
1931
1932
1,030
1,000
1,000
1.000
1,000
1,000
Dollars Dollars Dollars Dollars Dollars Dollars
176,223 172,220 120,589 150,022 249,598 410,849
162,990 162,752 101,515 153,972 224,346 348,852
185,063 190,938 108,015 154,876 235,899 369,549
164,188 179.427 105,217 135,095 215,077 331,732
165,456 160,197 114,203 131,899 203,970 320,035
170.184 170.519 119.790 114,148 187.077 294.701
173,371 161,672 144,109 106,830 180.772 266,762
171,984 131.473 108.599 164.808 297.765
191,313 160,119 132.037 180,228 312.207
208.413 193,069 153.090 204.905 326,896
194,712 184,256 138,834 193,540 288.978
170.654 192,638 131.614 184,070 274,856
Exports Including
he-exports
January
February
March
April
May
June
July
August
September
October
November
December
7 In09. ended July_ _ 1,197,475 1,197,725 813,438 946,832 1.496,739 2,342,478
2,132,800 1,674,994 1,611.016 2,424,289 3,843,181
12 mos. ended Dec._
General ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
135,706
132,753
158.105
146,523
154,647
136.109
127.229
119,513
131,658
129.635
150,919
132,258
166,832
152.480
177,316
170,580
170.559
156,756
177,898
96,006
83,748
94,860
88,412
106,869
122.197
142.980
154.918
146.643
150,867
128,541
133.518
135,520
130,999
131,180
126,522
112,276
110.280
79,421
91,102
98.411
105.499
104,468
97,087
183,148
174.946
210,202
185,706
179,694
173,455
174,460
166.679
170.384
168.708
149.480
153.773
310,968
281,707
300,460
307.824
284,683
250,343
220.558
218.417
228.352
247,367
203,593
208.636
7 mos. ended July _ 1,172,261 991,072 735,072 826,207 1,281,611 1,956,543
1,655,055 1,449.559 1.322,774 2,090,635 3.060,908
12 mos. ended Dec__
TOTAL VALUES OF EXPORTS OF U. S. MERCHANDISE AND IMPORTS
FOR CONSUMPTION
7 Months Ended July
It ly
Exports and Imports
1934
1935
1934
1,000
Dollars
159,128
1,000
Dollars
1,171 118
1.000
Dollars
1,177,292
1935
1,000
Dollars
Exports (U. S. mdse.) . 168.006
1,1
Ty..........*. I.,.................61.
Ian
1933
1,000
1,000
Dollars
Dollars
173,560 169,577
160.296 159.617
181,703 187,418
160,547 176,490
159,788 157,161
167,218 167,902
168,006 159,128
169,851
188,860
203,536
192,156
168,442
Exports-U. S.
Merchandise
January
February
March
April
May
June
July
August
September
October
November
December
Increase(+)
Dccrease(-)
1,000
Dollars
--6.174
nen oln
1 I KO gala
ruin
1934
1935
Month or Period
10A
81.1.V.C.b,Weal.'0.4N.
...,..00.wv.owwo
little
Factory employment, which usually declines at this season, showed
change from the middle of June to the middle of July. Employment
industries
increased somewhat in the machinery, lumber,furniture and silk
Decreases
and there was a large seasonal increase in the canning industry.
cotton
producing
of a seasonal character were reported for establishments
goods and women's clothing, while in the automobile industry employment
declined by more than the usual seasonal amount. At coal mines, employment showed a marked decrease in July.
by the
The total value of construction contracts awarded, as reported
August.
F. W. Dodge Corp., increased further in July and the first half of
reflecting an increase in non-residential projects. Residential building continued in considerably larger volume than a year ago, with increases from
last year reported for most sections of the country.
Department of Agriculture estimates as of Aug. 1 indicate a cotton crop
of 11,800,000 bales, about 2,200.000 bales larger than the unusually small
crop last year. The indicated wheat crop, while larger than a year ago, is
dorn
considerably smaller than the five-year average for 1928-32. Crops of
and other feed stuffs are substantially larger than last season.
tJ.
1352
-1-011R
1930
1931
1932
Ana
1,000
1.000
1,000
Dollars Dollars Dollars
146.906 245,727 404,321
151,048 220.660 342,901
151.403 231,081 363,079
132,268 210,061 326,536
128,553 199,225 312.460
109,478 182,797 289.869
104,276 177.025 282,071
106.270 161.494 293,903
129,538 177.382 307.932
151,035 201.390 322.676
136,402 190.339 285.396
128,975 180.801 270,029
7 mos. ended July _ _ 1,171,118 1,177,292 798,475 923,932 1,466,576 2,301,237
2,100,135 1,647,220 1,576,151 2,377.982 3,781.172
12 mos. ended Dec_
.
Imports for Consumption
January
February
March
April
May
June
July
kugust
3eptember
3ctober
lovember
December
128,976
125,047
153,396
141,247
147.467
135,067
124,010
117.262
149,893
137,975
149,470
126.193
168,482
152,234
175,485
166.157
166,782
155,314
174,162
02,718
84,164
91,893
88,107
109,141
123,931
141.018
152,714
147.599
149,288
125.269
127,170
134,311
129,804
130,584
123,176
112,611
112,509
79,934
93,375
102,933
104,662
105,295
95.898
183,284
177,483
205,690
182.887
176,443
174.516
174.559
188,735
174,740
171,589
152,802
149,516
316,705
283,713
304,435
305.970
282,474
314,277
218.089
216,920
227,767
245,443
196.917
201,367
7 mos. ended July _ _ 1,158,618 955,210 730,972 822,929 1,274,842 2,025,663
1.636.003 1,433,013 1,325,093 2,088.455 3,114,077
I2 mos. ended Dec
GOLD AND SILVER BY MONTHS
7 Months Ended July
July
Exports and Imports
GoldExports
Imports
Excess of eXports _
Excess of Imports....
1935
1934
1935
1934
1,000
Dollars
59
16,287
1,000
Dollars
114
52,460
1,000
Dollars
1,284
821,676
1,000'
Dollars
13,327
904,847
16,228
52.348
820.392
891.520
1.547
30,230
1,789
2,458
13,779
121,456
9,514
21,823
28.683
669
107.677
12.309
f7-,
Sil
Exports
Imports
Excess of exports.
Excess of imports -
Increase(+)
Decrease(-)
1,000
Dollars
-12,043
-83,171
+4,265
+99.633
Financial Chronicle
Volume 141
Month or
Period
Gold
1935
1934
Silver
1933
1935
1932
1934
1933
1932
1.000 1.000 1.000 1,000 1.000 1,000 1,000 1,000
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
7 mos.end. July
12 mos. end. Dec
363
46
540
62
49
166
59
4,715
51
44
37
1,780
6,586
114
14,556
22,255
2,173
310
140
14 107,863
21,521 128,211
28,123 43,909
16,741 49,509
22,925 212,220
4,380 226.117
85.375 23,474
81,473 18,067
58,282
60
34,046
61
2,957
16
10,815
13
859
734
665
1.425
1,638
2,404
1,789
1.741
1.424
.1,162
1.698
1,014
1,248
1,631
3,128
1.593
2.385
1,717
1,547
1,551
209
269
193
235
343
2,572
7.015
3,321
2,281
464
590
1,611
942
967
1,617
1,865
1,268
828
433
868
1,316
875
1.260
1,284 13,327 179,078 791,312 13.779 9,514 5.371 9,098
52,759 366,652 809,528
16.551 19,041 13.850
ImportsJanuary
149.755 1,947 128,479
February
122,817 452,622 30,397
....... 13.543 237,380 14.948
March
April
148,670 54.785 6,769
May
140,065 35,362 1,785
June
230,538 70,291 1,136
July
16,287 52,460 1,497
August
51,781
1.085
September
3.585 1.545
October
13,010 1,696
November
121,199 2.174
December
92.249 1,687
34,913
37,644
19.238
19,271
16,715
20.070
20,037
24,170
27.957
20,674
21,756
100.872
19,085
16.351
20,842
11,002
13.5n,
10,444
30,230
3.593 1,763
855
2.128
1.823 1,693
1,955 1,520
4,435 5,275
5.431 15,472
2,458 5,386
21,926 11,602
20,831 3,494
14.425 4,106
15.011 4,083
8,711 4,977
2,097
2,009
1,809
1,890
1,547
1,401
1.288
1,554
2,052
1,306
1,494
1,203
7 mos.end. July 821.676904,847 185,011 167,887 121,456 21,823 31.963 12,041
12 mos. end. Dec
1186671 103 107 RAR RIA
102.725 60.225 19.65(
Monthly Indexes of Federal Reserve Board for July
The Federal Reserve Board, under date of Aug. 26, issued
as follows its monthly indexes of industrial production,
factory employment, &c.:
BUSINESS INDEXES
(Index Numbers of the Federal Reserve Board, 1923-25=100) a
Adjusted for
Seasonal Variation
p86
p86
584
p36
p25
p46
80.4
June
1935
July
1934
76
74
85
p83
p83
p84
86
84
97
73
71
84
S8grat72,1 g26-2nr242
140
7455
P63
P134
50
80
-_
July
1935
oe
69
p104
74
95
5108
52
July
1934
ICDCO
58
p80
•
General IndexesIndustrial production, total
Manufactures
Minerals
Construction contracts, value bTotal
Residential
All other
Factory employment_c
Factory payrolls_ c
Freight-car loadings
Department store sales, value
Produaion Indexes by Groups and
IndustriesManufactures:
Iron and steel
Textiles
Food products
Automoblles
Leather and shoes
Cement
Petroleum refining
Rubber tires and tubes
Tobacco manufactures
Minerals:
Bituminous coal
Anthracite
Petroleum. crude
Iron Ore
Zinc
Silver
Lead
June
1935
e,o
co.c., MN")
July
1935
Without
Seasonal Adjustment
27
12
39
-r79.5
__
61
73
p40
30
35
p25
12
26
43
1152
44
79.5 779.6 778.7
65.3 r66.4 r60.5
63
60
63
P55
76
51
r48
78
102
78
99
53
156
83
128
64
p97
74
100
p107
63
__
__
152
66
95
73
114
98
71
166
95
150
44
73
100
82
98
64
156
81
139
64
63
128
52
57
40
53
p50
pal
5137
102
74
-_
--
71
85
136
105
76
46
56
58
52
131
105
53
34
51
p Preliminary. r Revised.
a Indexes of production, car loadings, and department store sales based on daily
averages. b Based on 3-month moving average of F. W. Dodge data centered at
2d month. c Indexes olfactory employment and payrolls without seasonal adjustment compiled by Bureau of Labor Statistics. Index olfactory employment adjusted
for seasonal variation complied by Federal Reserve Board. Underlying figures are
for payroll period ending nearest middle of month. July 1935 figures are preliminary,
subject to revision.
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS
AND INDUSTRIES. (1923-25=100) a
Employment
Group and Industry
Payrolls
Adjusted for Sea- Without Seasona Without Seasonal
sonal Variation
Adjustment
Adjustment
July June July July June July July June July
1935 1935 1934 1935 1935 1934 1935 1935 1934
Iron and steel
72.4 r71.7 71.4 71.3 r71.8 70.3 52.8 r55.8
Machinery
86.1 84.4 r79.4 85.6 84.2 r79.0 67.5 66.9
Transportation equipment_ _ 84.8 788,7 r85.8 87.2 793.7 r88.4 74.7 r82.4
Automobiles
97.9 401.5 95.5 100.8 r107.2 98.4 85.8 r93.4
Railroad repair shops
52.8 53.4 58.0 53.1 53.8 58.3 47.9 51.0
Non-ferrous metals
80.0 r80.5 /15.0 78.0 779.5 773.1 59.6 r62.6
Lumber and products
52.1 48.8 48.8 52.0 48.9 48.8 38.1 36.3
Stone, clay and glass
54.4 753.5 53.9 54.8 r55.7 54.2 39.0 40.5
Textiles and products
92.4 r91.7 90.2 87.9 r90.4 85.9 68.5 r70.9
A. Fabrics
91.2 90.6 90.6 87.5 89.4 87.0 70.1 72.0
B. Wearing apparel
90.9 790.0 85.5 84.9 r88.6 79.8 61.3 764.6
Leather products
86.6 r86.4 88.9 87.0 r83.0 89.4 77.3 770.9
Food products
100.1 100.1 106.7 103.9 98.0 110.1 95.5 90.3
Tobacco products
58.2 r58.1 61.8 57.6 r57.8 61.1 47.6 46.8
Paper and printing
96.5 96.4 94.4 95.5 95.6 93.4 81.4 783.4
Chemicals & petroleum prods. 110.9 111.3 109.6 107.0 107.2 105.3 95.6
r9,5.0
A. Chemicals group except
petroleum refining
111.4 rI11.6 109.7 106.0 106.4 103.8 94.0 793.7
B. Petroleum refining
108.9 rI09.6 109.3 111.3 r110.6 111.7 100.9 799.3
Rubber products
76.1 r77.7 82.8 77.1 r79.8 83.9 61.2 r64.9
Total
47.6
r58.5
766.0
70.7
51.1
r53.6
31.6
36.1
62.5
64.4
55.3
77.2
95.6
47.3
77.3
88.7
86.6
95.7
61.9
80.4 779.9 779.5 79.5 r79.6 r78.7 65.3 r66.4 r60.5
a Indexes of factory employment and payrolls without seasona adjustment complied by Bureau•of Labor Statistics. Index of factory employment
adjusted for
seasonal variation compiled by Federal Reserve Board. Underiy ng figures
are for
payroll period ending nearest middle of month. July 1935 figures are preliminary,
subject to revision. r Revised.
1353
Number of Unemployed Workers in July Above June
and July Year Ago According to National Industrial
Conference Board
The total number of unemployed workers in July 1935, was
10,015,000, according to the regular monthly estimate of the
National Industrial Conference Board, made public yesterday (Aug. 30). This is an increase of 266,000, or 2.7%,from
the preceding month, and an increase of 189,000, or 1.9%
over July 1934. The Conference Board also reported:
From June to July 1935, the Increases in unemployment, by industrial
groups, were: Trade. 122,000; manufacturing and mechanical industries,
56,000; mining, 45,000; domestic and personal service, 13.000; and miscellaneous industries, 7,000. Unemployment showed a decrease of 4.000 in
transportation.
Compared with July 1934, unemployment in July 1935, increased 9.2%
in domestic and personal service; 6.9% in mining, and 0.8% in transportation. Unemployment decreased 6.6% in manufacturing and mechanical
industries; and 0.3% in miscellaneous industries. The Conference Board's
allowance of 320,000 for the net annual increase of gainful workers available
for employment brought the estimate of total unemployment above the
figure for July 1934.
The following table prepared by the Conference Board shows the number
of unemployed workers in the various industrial groups in July 1934:
June 1935, and July 1935:
NUMBER OF UNEMPLOYED
Industrial Group
Mining
Manufacturing and mechanical
Transportation
Trade
Domestic and personal service
Industry not specified
Other industries a
All Industries b
Allowance for new workers since 1930
census
Totalluiennnhlvpd
July 1934
June 1935 c
448,000
3,834,000
1,261,000
1,159,000
859,000
490,000
296,000
8,345,000
433,000
3.526.000
1,275,000
1,037,000
925.000
482,000
296,000
7,974,000
July 1935
478,000
3.582.000
1,271,000
1.159,000
938,000
489,000
296,000
8,213,000
1,481,000
1,775,000
1,802,000
0 326 nnn
0_740.000
10.015.000
a This group Includes agriculture, forestry and fishing, public service, and professional service. The numbers given are the unemployed workers in 1930, satisfactory data being unavailable from which later changes in unemployment can be computed.
b Industrial classification includes 3,188,000 listed as unemployed in census of
April 1930.
C Revised.
Reported Lumber Production Up to 1931 Levels
Each week of the third quarter of 1935 has seen reported
lumber production above the preceding week, and with one
exception shipments have shown similar progression. Shipments during the week ended Aug. 17 were highest of any
week of the year except two in April. Production was the
heaviest reported of any week since June 1931. New business was 2% above that booked during the preceding week.
Shipments were 3% below production: orders, 12% below
output. These comparisons are based upon reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of leading hardwood
and softwood mills. During the week ended Aug. 17, 621
mills produced 226,189,000 feet; shipped 220,086,000 feet;
booked orders of 199,523,000 feet. Revised figures for the
preceding week were: Mills, 636; nroduction, 221,906,000
feet; shipments, 199,675,000 feet; new business, 195,508,000
feet. The Association's report further showed:
Southern pine, West Coast and Northern hardwood reported orders above
production during the week ended Aug. 17. Total softwood orders were
11% below production; hardwood orders, 21% below hardwood output- All
regions but Northern pine and Northern hemlock reported orders, and all
reported shipments above those of corresponding week of 1934. Softwood
orders were 36% above and hardwood orders 75% above those of similar
week of last year.
Identical softwood mills reported unfilled orders .on Aug. 17 as the
equivalent of 31 days' average production and stocks of 138 days' compared
with 26 days' and 165 days' a year ago.
Forest products car loadings totaled 30,540 cars during the week ended
Aug. 17 1935. This was 877 cars more than in the preceding week, 7,956
cars above similar week of 1934, and 3,191 cars above the some week
of 1933.
Lumber orders reported for the week ended Aug. 17 1935 by 526 softwood
mills totaled 189,820,000 feet, or 11% below the production of the same
mills. Shipments as reported for the same week were 208,197,000 feet, or
3% below production.. Production was 213,874,000 feet.
Reports from 118 hardwood mills give new business as 9,703,000 feet,
or 21% below production. • Shipments as reported for the same week were
11,889,000 feet, or 3% below production. Production was 12,315,000 feet.
Unfilled Orders and Stocks
Reports from 716 mills on Aug. 17 1936 give unfilled orders of 786,814,000
feet and gross stocks of 3,866,120,000 feet. The 511 identical softwood
mills report unfilled orders as 706,568,000 feet on Aug. 17 1936, or the
equivalent of 31 days' average production compared with 603,627,000 feet,
or the equivalent of 26 days' average production on similar date a year ago.
Identical Mill Reports
Last week's production of 520 identical softwood mills was 212,510,000
feet, and a year ago it was 157,273,000 feet; shipments were, respectively,
207,673,000 feet and 167,618,000, and orders received, 189,189,000 feet
and 138,868,000 feet. In the case of hardwoods, 117 identical mills reported
production last week and a year ago 12,167,000 feet and 9,164,000 feet;
shipments, 11,827,000 feet and 6,685,000 feet, and orders, 9,674,000 feet
and 5,538,000 feet.
Automobile Sales in July Show Decrease as Compared
with June
July factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts made
in the United States and reported as complete units or
vehicles), consisted of 337,049 vehicles, of which 276,084
were passenger cars, and 60,965 were trucks, as compared
1354
Financial Chronicle
Aug. 31 1935
mittee becomes apparent to the industry." - In announcing
not want to
the suspension, the Committee added that it oes
interfere with the work of the Committee of Seven on a new
curtailment program. It also cited the failure of producersboth large and small-in failing to cooperate through their
refusal to observe the allocation schedules ordered by the
State umpire in cooperation with the Committee.
"Since the first of June, there has been an increasing
tendency to break away from proration until at the present
time, production is in excess of 600,000 barrels per day as
against an estimated consumptive demand estimated by the
United States.Bureau of Mines of less than 520,000 barrels
per day," the cqmpany announced.
"With the passing of the season of peak demand for
NUMBER OF VEHICLES (INCLUDING CHASSIS)
petroleum," it was continued, "the company is confronted
•
Canada
United States
with large additions to storage which it is unwilling to underYear and Month
take, if at all, at the present level of crude oil prices."
PassenPassenger
Total ger Cars Trucks
Trucks
Cars
Total
Standard of California pointed out that while a very
large percentage of the producers have been working diligent19358,269 2,338
229,233 63,584 10,607
292,817
January
ly since the first of June to bring about a voluntary agree275,623 60,077 18,114 13,885 4,229
335.700
February
ment of proration in an effort to keep production within
361,816 68,018 21.975 18,179 3,796
429.834
March
401,628 76,118 24,121 20,686 3,435
477,746
consumptive demand, these efforts have not been successful.
AprII
3,672
17,093
20,765
57,205
307,522
364,727
May
"When it is again demonstrated that production can be
296.609 64,711 15,745 12,276 3,469
361,320
June
9,471 3,598
276,084 60,965 13.069
controlled to keep within consumptive demand, it is to be
337,049
July
hoped that conditions will justify a return to higher prices.
2,599,193 2,148,515 450,678 124,396 99.859 24,537
Total (7 mos.)
This company holds no contracts for the purchase of crude
1934oil which a seller who does not wish to accept these prices
4,946 1,958
6,904
112,754 42,912
155,666
January
7,101 1,470
8,571
cannot cancel immediately or upon 10 days' notice, according
186,774 43,482
230,256
February
279.274 59,160 14,180 12.272 1,908
338,434
March
to the form of the agreement, and the company has a similar .
288,355 64,620 18,363 15,451 2,912
352,975
April
right to cancel its day-to-day contracts."
273,764 56,691 20,161 16,504 3,657
330,455
May
261,280 45,197 13,905 10,810 3,095
306,477
June
J. R. Pemberton, State oil umpire for California, who
8,407 2.707
223.094 41,839 11,114
264,933
July
forecast the cut earlier in the week, said that the failure of
1,979,196 1,625,295 353,901 93,198 75,491 17,707
the curtailment program is due to the attitude of "certain
Total (7 mos.)
independent refiners who have attempted to monopolize
7,325 2,579
9,904
183,500 51,311
234,811
August
4,211 1,368
5,579
125,040 44,967
certain oil pools."
170,007
September
2,125 1,655
3,780
84,003 47,988
131,991
October
A survey of production statistics compiled by the Amer645
1,052
1,697
49,020 34,462
83,482
November
251
2,443
2.694
ican Petroleum Institute reveal sharply the continued spurt
111,061 42.563
153,624
December
in California crude production in recent months which has
2,753,111 2,177.919 575.192 116,852 92.647 24,205
Total (year)
lifted the current figure well above the 600,000-barrel daily
1933average mark.
437
2,921
3,358
109,833 18,992
128,825
January
Crude production in California during May was 494,910
273
3,025
3,298
90,128 15.319
105,447
February
705
5,927
6,632
97,469 17,803
115,272
barrels daily, 556,962 daily in June, 561,868 barrels in July
March
1.298
6,957
8,255
26,677
149,755
176,432
April
and more than 600,000 barrels daily for the current month,
8,024 1,372
9,396
180,651 33.760
214,411
May
6,005 1,318
7,323
207,597 42,130
or more than 70,000 barrels in excess of the August quota
249,727
June
1,218
5,322
6.540
38,092
191,265
229.357
July
announced by the Central Committee of California Oil
Producers.
1.219,471 1,026,698 192,773 44,802 38,181 6,621
Total(7 mos.)
The inter-State oil compact finally received the official
4.919 1,160
6.079
191,414 41,441
232,855
(wag
approval of the Federal Government in President Roosevelt's
4,358 1,450
5,808
157,376 34,424
191,800
geptember
959
2,723
3.682
104,870 29,813
134,683
3ctober
signature Tuesday of the joint resolution offered in Congress
788
1.503
2,291
42,365 18,318
60,683
November
on Aug. 24, approving the Ballas inter-State oil control com2,171 1,019
3.199
50,789 29,776
80,565
December
pact. Approval of Congress was necessary due to the
1,920.057 1.573,512 346,545 65.852 53.855 11,997
Total (year)
Constitution.
Immediately following the news of the President's signing
of the measure, Governor Marland of Oklahoma, original
California
of
Oil
Petroleum and Its Products-Standard
sponsor of the act, wired Governors of other producing
Cuts Crude Prices-President Roosevelt Signs States to meet with him in Oklahoma City on Sept. 12 to
Marland
rnor
Pact-Gove
Resolution Ratifying Oil
put the compact into operation. In addition to Texas and
Calls Governors to Meet September 12-Texas Oil Oklahoma, other signatory States include New Mexico,
Sags
Output
-Crude
Board Challenged in Court
Kansas, Illinois and Colorado.
The compact, which provides for inter-State determinaIn the first general price cut in crude oil prices since before
of crude to be produced and disposed of
the inception of the petroleum code in September 1933, tion of the amountfor
inter-State agreement on State quotas
and
waste
without
revised
a
posted
Thursday
California
of
Standard Oil Co.
was drawn up at Dallas last spring. Louisischedule of prices which it would pay for crude oil effective of productions, California
and Michigan had representatives
ana, Arkansas,
7 a. m.
legislature did not approve
Explained by the company as due to the necessity of deal- at the meeting, but the respective
Marland
Governor
also invited these reprecompact.
the
any
join
movement
to
refused
have
who
ing with competitors
12 meeting. Oklahoma output for
to control crude production and keep it m line with market sentatives to the Sept.
the
demand, the new prices represent a maximum reduction of September was set at a daily average of 491,194 barrels,
August.
in
as
same
change
no
was
There
grades.
lighest
the
on
93 cents a barrel
Whether this week's price slash in California will prove
in heavy grade oil prices.
spur
a
to the West Coast oil industry to line up with other
a
as
cents
much
93
as
of
reductions
brought
cut,
The
which
have State oil control bodies is problematical.
States
which
Standard
of
competitors
all
by
met
was
fields,
barrel in some
production followed on the
of California. The odd situation of having better grade The sharp rise in California
the Pacific Coast Petroleum Agency
crude prices decline as the gravity rises to the point where heels of the decrease ofthe
United States Supreme Court
highest gravity oil is lower priced than the lower grade has Agreement following
not prevailed in California since early in 1931. At that decision nullifying NRA.
California, the second largest oil-producing State, with a
time, as now, the price cut was frankly punitive, resorted to
approximating 25% of the nation's current provolume
with
line
in
back
market
production
force
to
effort
an
in
duction, has no laws providing for State control of the
demand.
Legislature refused to ap• Queried at his Thursday press conference in Washington oil industry. In addition, the
in
the
participation
inter-State oil compact.
State's
the
prove
charged
Ickes
that
Interior
the
of
Secretary
cut,
the
about
The Bureau of Mines report covering the week ended
it had been held up until Congress had adjourned so that it
could not influence the course of the oil legislation under Aug. 17 on crude oil stocks and production was much
In addition to furconsideration. Pointing out that no such action had taken more informative than heretofore.
first
place while the industry was under Federal supervision, Mr. nishing the routine data, the report disclosed for the
Ickes made tart reference to the inter-State oil compact, time that:
"Fifty-five companies hold 96% of total stocks (344,757,which he has consistently opposed as inadequate. California
hold 76%
is not a member of the group which signed the oil compact 000 barrels on June 30 1935). Ten companies
of the total stocks. The weighted average day's supply
in Dallas.
usually in pipe lines all the time)
Under the new price schedule, the cuts range from 3 cents (exclusive of line fill; i.e., as
of June 30 last was 157.
on 16 gravity to 63 cents on 31 gravity at Long Beach. The of 25 leading companies
"The weighted average day's supply of five important
reductions range from 4 cents on 15 gravity to 69 cents on 30
weighted
gravity at Huntington Beach. The cuts start at 15 cents companies witkrelatively large stocks was 18. The
with
five
of
companies
important
supply
day's
average
run
to
and
up
93
field
Springs
Fe
Sante
at
gravity
on 21
45."
was
storage
little
relatively
Hills
Kettleman
area
the
in
cuts
The
gravity.
38
cents on
In addition, the report included for the first time the
ranged from 31 cents on 33 gravity to 55 cents on 39 gravity.
that the proper working stooks' level for all
statement
Oil
Producers
California
of
Committee
Central
The
appear to be about 175,000,000 barrels,
would
companies
"until
such
time
operations
suspend
to
resolution
adopted a
150,000,000 barrels below the present
"about
be
would
which
or
is
consummated
agreement
producers'
new
proposed
as the
level."
Central
Comthe
by
duties
of
resumption
for
the_necessity
with 361,320 vehicles in June, 264,933 vehicles in July 1934
and 229,357 vehicles in July 1933. These statistics were
released to-day by Director William L. Austin, Bureau of the
Census, Department of Commerce.
The table below is based on data from 112 manufacturers
in the United States, 29 making passenger cars and 83
making trucks (10 of the 29 passenger car manufacturers
also making trucks). Of the 119 manufacturers reporting
prior to June 1934, seven have gone out of business. Figures
for passenger cars include taxicabs and those for trucks
include ambulances, funeral cars, fire apparatus, street
sweepers, and buses. Canadian figures are supplied by the
Dominion Bureau of Statistics.
Volume 141
Financial Chronicle
1355
The survey further disclosed that withdrawals from storage
for the week ended Aug. 17 totaled 1,996,000 barrels, of
which 672,000 barrels was from East Texas and 872,000 from
other mid-Continent fields, bringing withdrawals since June 1
to more than 12,000,000 barrels.
It was pointed out that these figures are especially significant in view of the fact that under the oil code, in effect for
over 20 months until last May, withdrawals for the entire
period totaled only 20,000,000 barrels and could be made
only with the permission of the Petroleum Administration.
The Ocean Petroleum Co. early in the week filed a suit
in the Federal Court at Tyler, Texas, attacking the constitutionality of the State Oil Tender Board and seeking to
restrain its members from interfering with the company's
business. The company, which operates a refinery at Kilgore, also charged that the method of questioning witnesses
by the Board at its hearing is a violation of the bill of rights
and that information thus obtained is made available to
the company's competitors.
The Texas Railroad Commission held a meeting Monday
on what changes would be needed to make the current proration orders conform with the requirements necessitated by
the recent decision of the Federal Court in the case of Brown
against Humble Oil & Refining.
The Court's decision made it imperative that the Commission make acrage the basis of any valid proration order.
The current difficulty now is to arrive at a solution of the
problem without working severe hardship on the owners of
wells located on tracts below 10 acres in size.
The switch in the proration basis-backed unanimously
by the major companies-is meeting strenuous opposition
from the independents whose wells are located on tracts of
less than 10 acres. The latter contend that under the proposed acreage rule, they would be put out of business.
A way out of the.problem was offered by attorneys for the
major oil companies, but its legality was questioned by
other lawyers. The owners of small tracts, it was held,
could be granted exceptions by the Commission and permitted
to produce in excess of the proposed acreage formula of
2.2 barrels per acre per day. It was suggested that such wells
might be allowed to produce up to 12 barrels daily. These
suggestions, however, would constitute a clear violation of
the Court's decision, many lawyers contend.
Revised estimates by petroleum engineers of the total
probable recovery of crude oil in the East Texas field is
nearly 100% above the original estimate made in 1931.
The current figure is 3,500,000,000 barrels to 4,000,000,000
barrels, compared with 2,200,000,000 barrels in 1931. To
date, 905,995 barrels have been recovered from the field.
Revised futures contracts for both gasoline and crude
oil were approved by the Commodity Exchange, Inc.,
effective Aug. 29. The new gasoline contract, known as
the "B" contract, eliminates the Port of New York as a
delivery point, while additional specifications for color and
gum tests have been adopted. The Federal tax will not
be included in the bid and offer price but will be added to
the invoice.
The present contract in crude oil-No. 1-will expire
in January, while the new form-No.2-will become effective Aug. 29. The major changes in the contract include
the elimination of the Cushing-Drumright area, Okla., as
a delivery point; elimination of crude oils from certain
Texas counties as deliverable grades, and an increase in
the American Petroleum Institute gravity of deliverable
eastern Texas oil.
Daily average crude production last week was off 19,950
barrels to 2,688,700 barrels, the American Petroleum
Institute reported. Texas production was off 1,450 barrels
to 1,017,800; California, off 3,600 to 606,100, and Oklahoma, off 9,650 to 495,000 barrels.
Crude oil price changes follow:
The local market is firm to steady. Bulk gasoline prices
are aided by the renewed firmness of the Gulf Coast bulk
market and the retail prices reflect the buoyancy created
by the continued high level of consumption which normally
reaches season's peak around Labor Day. Other refined
products are routine.
An attempt made by 11 gasoline companies for an injunction to restrain Comptroller Taylor from collecting the New
York City sales tax on gasoline after State and Federal taxes
have been added to the purchase price failed Friday (yesterday) when Supreme Court Justice Kenneth_O'Brien denied
their application.
The suit, however, was thrown out because it should have
been brought by the purchasers of gasoline and not by the
companies which do not pay the tax directly:, Judge O'Brien
said, ruling that the Comptroller was not justified in computing the tax in this manner.
The regulations issued by the Comptroller setting up the
method of computing the tax do not comply with the local
law providing for the sales tax, the court ruled. Judge
O'Brien adding that the tax was not intended "to be a tax
upon a tax, or double taxation, but merely to reach the sales
of merchandise exclusive of any tax imposed by law upon
such merchandise."
Socony-Vacuum Oil Co., Texas Co. Gulf Refining Co.,
Sinclair Refining Co. and the Colonial-Beacon Oil Co. were
included in the 11 plaintiff companies.
The gasoline price structure in the New England marketing
area was shaky and it is freely predicted that post Labor Day
price cuts in this section will be immediate and far-spread.
Third-grade gasoline is being used as a cut-price competitive
weapon by majors and independents alike, selling at 8
gallons for $1 throughout most of Massachusetts.
As yet, however, major companies have not had to lower
the 163' -cent level for regular grade gasoline posted at most
major cities, taxes included. One large company, however,
is selling gasoline on tank wagon routes at 9M cents, or
3 cents under the market level. With the summer marked
by spottiness in the retail gasoline price structure, the 4-cent
spread between regular and third-grade contrasted with the
normal 2-cent spread indicates an early slash in the regulargrade price it was held.
Price-cutting competition by independents in Pennsylvania
and southern New Jersey presents a potent menace to the
maintenance of stable prices. The majors are reported to
have lost too much gallonage to ignore the price cutting any
longer and a general reduction throughout this area is seen
more than likely.
Camden, long a sore spot, is one of the weakest points in
the New Jersey marketing picture. Independents are selling
as low as 12 and 14 cents a gallon, taxes included, against
the State-wide level of 17 cents, taxes included, maintained
by Standard of New Jersey.
In Philadelphia, when the general price structure maintained by the majors is 18 cents, taxes included, a few
independents are underselling the market by 3 cents a
gallon, maintaining a service station level of 15 cents, taxes
included.
The price-cutting in Pittsburgh, although not as severe
as in other centers in this area, has brought back the practice of the cash discount-in reality, a 2-cent a gallon cutby major companies. This has failed to check the independents, who are underselling even the resulting low
level of 163/i cents, taxes included.
Reports of Purchases by sources acting for the Italian
Government of gasoline, fuel oil and lubricating oil in the
Gulf Coast market, although not confirmed, have gained
considerable credence in the trade and the firmness of the
market there is attributed mainly to this factor.
Another development is the fact that even though Italy
Aug. 29-Standard Oil of California reduced light grade oils 3 to 93 cents
acquires the bulk of her military supplies abroad, the
a barrel. Heavy grades held unchanged. Other companies met the Cut.
removal of these available stocks will lift just that much more
Prices of Typical Crudes per Barrel at Wells
pressure from the European market and ease the com(All gravities where A. P. 1. degrees are not shown)
petitive situation for the American companies.
Bradford, Pa
Eidomdo.
$1.95
Ark., 40
1.00
Lima (Ohio Oil Co.)
Seasonal influences continued to affect stocks of finished
1.1b Rusk. Tex., 40 and over
1.00
Corning.Pa
1.32 Darst Creek
gasoline, which were off 947,000 barrels in the final week
.87
Illinois
1.12 Midland District, Mich
1.02
of August to 44,751,000 barrels, reports made public by
Western Kentucky
1.13
1.23
Mid-Cont., Okla., 40 and above__ 1.08 Sunburst, Mont Calif..
the American Petroleum Institute disclosed. Refinery
38 & over_ ..41
Banta Fe Springs.
Hutchinson, Tex.. 40 and over
.81 Huntington. Calif.. 30
.43
stocks were off 124,000 barrels, a decline of 823,000 barrels
Spindletop, Tex., 40 and over
1.03 Kettleman Hills. 39 and over
.56
Winkler. Tex
in bulk terminal holdings accounting for the balance of
.75 Long Beach, 31 and over
.46
Smackover, Ark., 24 and over
$0.70 Petrolia. Canada
1.10
the cut.
REFINED PRODUCTS-UP-STATE NEW YORK GAS PRICES CUT
Reporting refineries showed no change in their operating
-TRI-STATE MARKET UNEVEN-GULF COAST AIDED BY
schedules, holding at 75.2% of capacity. Daily average
runs of crude oil to stills was up 2,000 barrels to 2,562,000
FOREIGN DEMAND-MOTOR FUEL STOCKS AGAIN BREAK
Price cuts throughout the Eastern marketing area- barrels. Daily output of cracked gasoline rose 8,000 barrels
although confined to scattered areas during the past week- to 587,000 barrels.
Representative price changes follow:
provide an ominous undertone to the post Labor Day prospects for the gasoline price structure.
Aug. 28-A reduction of 1 cent a gallon in retail gasoline
prices was
On the West Coast, where the long anticipated slash in posted in Syracuse by all major companies.
crude oil prices was posted Thursday by Standard Oil of
Gasoline, Service Station, Tax Included
California, an open outbreak of cut-price competition in the a New York
5.193 Cincinnati
$.175
Minneapolis
$ 169
retail gasoline field is a distinct possibility, according to a Brooklyn
Cleveland
188
175
New Orleans
21
Newark
.17 Denver
reports in the trade.
20
Philadelphia
13
Camden
.17
Detroit
167
Pittsburgh
.19
A one-cent a gallon reduction was ordered in Syracuse Boston
Jacksonville
.165
.205
Ban Francisco
.186
Buffalo
Houston
.17
retail gasoline prices Wednesday. The up-State New York Chicago
17
St. Louis
.172
175 Los Angeles
145
area has been unsettled for some time and Buffalo and
Kerosene,41-43 Wster White, Tank Car, F.O.B. Refinery
Rochester are expected to follow Syracuse prices into lower
New York
levels.
!North Texas-S.03H-.03M I New Orleans-$.0314-.04
(Bayonne)
$04%:05 I Lee Angeles_
.0434-.05
I Tulsa
.0334-.04
•
Fuel Oil, F.O.B. Refinery or Terminal
I Phila., bunker C._ 5.95
California 27 Phis0
N. Y.(Bayonne)
11.15-1.25
2.95
Bunker C
.80
Diesel 28-30 D.__ 1.65 New Orleans C.
Gas Oil. F.O.B. Refinery or Terminal
2.024-.02%
I
N. Y.(Bayonne),
.ITulsa
32-36 00-4.02%-.02%I
27 plus____$.04 -.04ii 1 Chicago
U. S. Gasoline.(Above 65 Octane). Tank Car Lots. F.O.B. Refinery
$.0554-.055(
Chicago
Standard 011 N. J2.0634 New York
Colonial-Beacon__$.0651 New Orleans_ .0551-.0531
Socony-Vacuum____ .06X
.0654 Los Ang.,ex
.0454-.0451
Texas
Tide Water 011 Co__ .0651
.05ii-.05%
.0654 Gulf ports
Gulf
Richfield 011 (Calif.) .0654
.0534-.054
.0654 Tulsa
Republic,011
Warner-Quinlan Co_ .0651
.0651
Shell East'n Pet
z Not Including 2% city sales tax.
Daily Average Crude Oil Output Drops 19,950 Barrels
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Aug. 24 1935 was 2,688,700 barrels. This was a drop of
19,950 barrels from the output of the previous week. The
current week's figure however, remained above the 2,600,600
barrels calculated by the United States Department of the
Interior to be the total of the restrictions imposed by the
various oil producing States during August. Daily average
production for the four weeks ended. Aug.24 1935 is estimated
at 2,672,150 barrels. The daily averaga output for the week
ended Aug. 25 1934 totaled 2,464,700 barrels. Further
details as reported by the Institute follow:
at principal
Imports of petroleum for domestic use and receipts in bond
barrels.
United States ports for the week ended Aug. 24 totaled 1,526.000
daily average of 228.571
a daily average of 75.143 barrels, compared with a
four
the
for
daily
barrels for the week ended Aug. 17 and 153.679 barrels
weeks ended Aug. 24.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
of 35,571 barrels
ended Aug. 24 totaled 249,000 barrels, a daily average
• compared with a daily average of 59.000 barrels for the week ended Aug. 17
24.
ended
Aug.
weeks
four
the
for
daily
and 30,500 barrels
the 3.806,000
Reports received from refining companies owning 89.5% of
United States,
barrels estimated daily potential refining capacity of the
to the stills
run
were
daily
indicate that 2.562,000 barrels of crude oil
storage at refineries at
operated by those companies and that they had in
of finished gasoline: 5.683,000
the end of the week. 26.737,000 barrels
of gas and fuel oil.
barrels of unfinished gasoline and 106,530,000 barrels
in pipe lines amounted to
and
Gasoline at bulk terminals. In transit
18.014.000 barrels.
the potential
Cracked gasoline production by companies owning 95.9% of
barrels daily
charging capacity of all cracking units, averaged 587,000
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
Average
Actual Production
Dept. of
4 Weeks
IMMO?
Calcula- Week End. Week End. Ended
Aug. 24
Aug. 17
Aug. 24
lions
1935
1935
1935
(August)
512,000
148,000
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Total Texas
Went
Ended
Aug. 25
1934
495,000
141,400
504,650
142,500
498,700
142,200
477,050
135,050
56,100
57,150
25,800
150,100
46,400
437,950
39,350
58,250
57,700
56,900
25.800
150,050
47,450
436,750
39,600
57,800
54,200
56,850
25.900
150,350
46.950
435,700
39,650
57,450
58,700
60,550
27,100
154,200
52.150
413,050
47,200
56.950
146,700
147.200
144,350
129,500
1,024,400 1.017.800 1,019,250 1,011,400
999,400
24,700
117,250
25,550
118,850
25,550
116,600
24,400
72,450
130,000
141,950
144,400
142,150
96,850
30,700
103,700
36,800
30,150
101,200
45,800
30,300
104,950
47,150
30,300
103,200
45,250
31,400
101,550
28,200
36,700
11.300
4,000
38.950
12,850
4,450
36,550
11,250
4.200
38.700
11.700
4.250
38,550
9,750
3,800
52,000
56,250
52,000
54,650
52,100
53,000
510,000
53,050
806,100
53.550
809.900
53,550
590,750
48,100
495,000
North Louisiana
Coastal Louisiana
Total Louisiana
Arkansas
Eastern (not incl. Mich.)._
Michigan
Wyoming
Montana
Colorado
612 100.0
146 94.8
424 95.9
453
330
617
169
80
97
852
384
160
595
163
72
60
789
84.8
48.5
96.4
06.4
90.0
61.9
92.6
Crude Runs
to Stills
495 80.9 14,175
108 74.0 2.112
363 85.6 8,337
759
272
054
250 13.048
125
898
45 5,159
4,475
1,043
4,514
1,067
284
611
8,133
633
196
1,830
249
40
108
942
685 4,989
1,650 1,700
240 11,416
---- 4,040
190
420
70
780
2,685 64,080
295
89
548
106
41
50
467
76.8
55.6
92.1
65.0
56.9
83.3
59.2
3,405 89.5 2,582 75.2 c44,751 5,683 5,940 106.530
3.405 89.5 2,560 75.2 d45,698 5.854 5.960 106,314
contained in naphtha distillates. b Estimated:
a Amount of unfinished gasoline at refineries and plants: also blended motor
Includes unblended natural gasoline barrels at refineries and 18,014,000 barrels at
26.737,000
Includes
fuel at plants. c
pipe lines. d Includes 26,861,000 barrels at refineries
bulk terminals, in transit and terminals, in transit and pipe lines.
and 18,837,000 barrels at bulk
Aug. 10
1935 d
Calendar Year to Dale
Aug. 18
1934
1935
1934 e
1929
Mum coal a:
Tot.for per'd 5,535,000 4,918.000 5,773.000 223,615.000 220,719,000 322,882,000
Daily aver.. 923.000 820,000 962,000 1,150,000 1,139,000 1,061,000
Pa. anthra. b:
Tot.for per'd 446,000 433,000 658,000 33,271,000 37,848,000 42,958,000
72,200 109,700
Daily aver_ _
74.300
172,800
223,200
196,600
Beehive coke:
8,800
11,200
10,800
539,600
Tot.for peed
665,600 4.343.000
1,467
1.867
1.800
Daily aver_ _
22.158
3.308
2.753
•Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
dredge
coal,
and
local sales, and colliery fue. c Subject
Sullivan County, wsshery
to revision. d Revised. e Adjusted to make comparable the number of working
days in the several years.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL, BY
STATES (IN THOUSANDS OF NET TONS)
(The current weekly estimates are based on railroad car loadings and river shipments
and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
Week Ended
Monthly Production
Stale
Aug. 10 AWL 3 Auo, 11
1935p 1935 p 1934 r
July
1935
June
1935
May
1935
July
1934 r
1
Alaska
140
Alabama
30
Arkansas & Oklahoma..
59
Colorado
1
Georgia & N.Carolina_443
Illinois
180
Indiana
21
Iowa
74
Kansas and Missouri_ _
476
Kentucky-Eastern a _
93
Western
20
Maryland
1
Michigan
35
Montana
22
New Mexico
16
North and South Dakota
216
Ohio
Penna. biturn.-Easternb} 1,215
Westernc
73
Tennessee
15
Texas
20
Utah
150
Virginia
16
Washington
1,221
IV. Va.-Southern d
307
Northern e
73
Wyoming
•
sOther western States
2
148
39
66
1
446
189
26
78
511
87
24
1
40
23
12
241
1,460
2
155
28
66
1
561
217
52
77
517
102
22
8
36
23
18
359
1,480
68
14
25
158
20
1,267
342
67
•
09
12
30
138
23
1,291
410
75
•
4,918
433
5,335
839
5,772 22,252 30,067 26,773 24,869
693 3,536 5,642 4,919 3,443
5,351
6,174
6.465 25,788 35,706 31.692 28,312
Total bitum. coal
Pennsylvania anthracite.
Grand total
kri4
612
154
442
3,806
3.806
Week EndedAug. 17
1935 c
...7.4..7
Totals week
Aug. 24 1935
Aug. 17 1935
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
a
Stocks
Stocks a Stocks
of
Iv Stocks
of
of
tinof
Gas
FinOther
finished
and
ished
C.
P.
Daily
Repot ing
Ayer- Oyer- 00,30- 0680- MOM? Fuel
Oil
line
Fuel
line
ated
Total P. C. age
Daily Refining
Capacity of Plants
East Coast__
Appalachian
2nd., Ill., Ky
Okla., Kan.
Missouri__
Inland Texas
Texas Gulf..
La. Gulf.....
No. La.-Ark.
Rocky Mtn_
California__
Production of Coal During Latest Week Turns Upward
The United States Bureau of Mines in its weekly coal
report showed that production of both bituminous coal and
anthracite increased in the week ended Aug. 17. The total
output of soft coal, including lignite and coal coked at the
mines, was estimated at 5,535,000 net tons. This is a gain
of 617,000 tons over the preceding week, but is 238,000
tons under the figure for the corresponding week in 1934.
Anthracite production in Pennsylvania during the week
ended Aug. 17 was placed at 446,000 net tons. Compared
with the preceding week, this shows an increase of 13,000
tons. Production during the corresponding week in 1934
amounted to 658,000 tons.
Production of bituminous coal during the month of July
was estimated at 22,252,000 net tons, as against 30,067,000
tons during June, and 24,869,000 net tons during July 1934.
Hard coal output for July was estimated at 3,536,000 net
tons. This compares with 5,642,000 tons produced during
June and 3,443,000 net tons during July a year ago.
During the calendar year to Aug. 17 1935 a total of
223,615,000 tons of bituminous coal and 33,271,000 net tons
of Pennsylvania anthracite were produced. This compares
with 220,719,000 tons of soft coal and 37,848,000 tons of
hard coal produced in the same period of 1934. The Bureau's
statement follows:
..;
2,688,700 2.708,650 2,672,150 2,464,700
Total United States- 2,600,600
not Include any estimate of any oil which
do
above
indicated
figures
Note-The
might have been surreptitiously produced.
AND UNFINISHED GASOLINE AND
CRUDE RUNS TO STILLS, FINISHED WEEK ENDED AUG. 24 1935
GAS AND FUEL OIL STOCKS,
of 42 gallons each)
barrels
of
thousands
in
(Figures
potenHal
Rate
This gain in customers is reflected in the fact that a total of 482,500 gas
ranges were sold in the country during the first half of 1935. This was
an increase of nearly 27% over the first six months of 1934. Approlimutely 80% of such sales consisted of relatively high-priced ranges incorporating modern automatic features, such as oven-heat control, &c.
Revenues of manufactured and natural gas utilities aggregated $385,795,800
for the first six months of 1935. This was an increase of 2.7% over the
corresponding period of 1934. Revenues from industrial and ccoxnercial
users increased nearly 7%. Revenues from domestic customers, however,
gained only 1.3%.
Manufactured gas industry revenues totaled $196,276,300 for the first
six months, a loss of 1.1%. Revenues from industrial and commercial
uses of manufactured gas gained 1.5%. Revenues from domestic uses,
such as cooking, water-heating, refrigeration, &c., were 3.8% less than for
the corresponding period of 1934.
Revenues of the natural gas industry for the first six months amounted
to $189,519,500, a gain of 7.0% over a year ago. Revenues from industrial uses increased 10.1%, while revenues from domestic uses gained 5.5%.
02.4.0VMP.3.40400.,MNMNM.ODN10101010101001001
....1.010101004t..0100010.-*C!..CONN
.100 00!
000N .0 0400
New Mexico
California
Gas Utility Revenues Gain in First Six Months
Domestic customers served by manufactured and natural
gas utilities totaled 14,929,000 on June 30, an increase of
91,000 during the first six months' interval, according to
the American Gas Association, which fbrther went on to say:
1
Total Rocky Mtn.States
Distrkt
Aug. 31 1935
Financial Chronicle
1356
8
807
100
304
3
3,052
1,198
245
430
2,580
533
138
36
177
102
64
1,680
3,119
5,110
316
58
145
803
86
6,447
2,150
383
3
8
809
70
336
3
2,558
1,081
235
358
2,450
453
90
37
176
103
86
1,734
2,578
4.340
338
56
130
720
76
5,610
1,976
379
3
9
720
102
213
4
2,340
837
200
329
2,250
422
108
23
136
84
47
1,545
2.423
3,964
262
55
120
593
84
5,917
1,818
263
1
a Coal taken from under the Kentucky mountains through openings in 1/ rginia is
credited to Virginia in the current reports for 1935, and the figures are therefore not
directly comparable with former years. b Represents that portion of the State
which is not included in Western Pennsylvania. c Figures are comparable with
records for 1934, and cover production of western Pennsylvania as defined by the
NRA Sub-Divisional Code Authority. d Includes operations on the N. & W.:
Volume 141
Financial Chronicle
C. dc O. Virginian; K. & M.; B. C. & G.; and on the B. ,tc 0. In Kanawha. Mason,
and Clay counties. e Rest of State, Including the Panhandle District, and Grant.
Mineral and Tucker counties. p Preliminary. r Revised. s Alaska, Georgia.
North Carolina and South Dakota Included with "Other Western States." • LeAs
than 1,000 tons.
World Output of Silver Increased in July
The world production of silver in July amounted to 16,592,000 ounces, according to the American Bureau of Metal
Statistics. This compares with 15,090,000 ounces in June
and 16,072,000 in May.
The silver output in the United States in July was 3,352,000 ounces, against 2,387,000 in June, and that of
Canada was 1,156,600 in July and 1,148,000 in June. Production in Mexico was estimated at 5,800,009 ounces in
July, compared with 5,432,000 in June.
and Zinc Prices Firmly MaintainedTin Quiet and Unsettled
"Metal and Mineral Markets" in its issue of Aug. 29
stated that though the muddled political situation in Europe
had a sobering influence on the market for non-ferrous metals, producers of copper,lead, and zinc regarded the domestic
situation as firm, with the long-term trend still upward.
Buying of copper and lead for the week was above the average in volume, the latter advancing 5 points. In spite of
the recent activity in zinc, inquiry for first-quarter 1936
business was noted for that metal in several directions.
Reports from consumers of copper,lead, and zinc in the main
were favorable. Tin prices eased in London as buying subsided. Silver showed little change for the week, with offerings from India less in evidence. Steel operations for
the current week were estimated at 47.9% of capacity,
against 48.8% a week ago. The publication further stated:
Copper,
Lead,
Good Copper Purchases
Domestic buying of copper during the last week held at a better rate
than most operators in the metal expected after the extraordinary activity
of the week previous. Sales since last Wednesday totalled close to 12,000
tons, which was well above the average. All of the business was booked
on the basis of 8,1ic., Valley. Some producers contend that the market
is strong enough to warrant another advance, and on Aug.26 it was thought
that 9c. would soon become a tact. Others In the industry were for moving
slowly, particularly in view of the uncertainty over the foreign situation.
War abroad, an seem to agree, should make for higher copper prices, but,
on the other hand, a settlement of the political imbroglio might result in
some selling of metal and temporary unsettlement in quotations. Brass
business here has been good, one important factor stating that shipments
In the last few weeks have been of record proportions. Domestic consumption of new copper at present is said to be averaging higher than 40,000
tons a month.
Foreign demand was good, but the question of credits held down the
volume of business. Italy was prepared to take 10,000 tons of copper if
favorable terms could be obtained. Prices abroad moved within narrow
limits, closing at a slight net gain for the week.
Exports of refined copper from the United States during July amounted
to 24,727 tons, against 24,143 tons in June and 14,303 tons in May.
Lead Advanced to 4.35c.
The demand for lead during the last week brought another 5-point adestablishing
the market early in the seven-day period at 4.35c. New
vance,
York and 4.20c. St. Louis.
The volume of sales 'during the week amounted to a little more than
4,200 tons, reflecting a good average week's business. According to producers, the consumers' requirements for September are about two-thirds
covered and so far little buying has been done for October. Sales were
well distributed among miscellaneous buyers, and producers believe the
steady purchases by small consumers give a firm foundation to the price
structure.
The contract settling price of the American Smelting & Refining Co.
was revised to 4.35c. New York on Aug. 22. St. Joseph Lead continued
to sell its own brands at a premium in the East, but met the market in
St. Louis.
World production of refined lead in July amounted to 128,637 tons
against 120,830 tons in June, and 123,176 tons in July last year, the American Bureau of Metal Statistics reports. The gain resulted chiefly from
increased operations in Mexico.
Zinc Firm at 4.60c.
Sales of Prime Western zinc during the week ended Aug. 24 amounted
to about 4,500 tons. In the first three days of the current calendar week
sales fell to a low level, but, with some inquiry around for zinc for early
1936 delivery, and the ore situation strong, sellers regarded the market
as firm on the basis of 4.60c., St. Louis. With ore at $30 per ton in Joplin,
metal producers believe that zinc should be selling at 4.70c. or higher.
In any event, producers were not anxious to quote on far forward business.
Tin Trade Dull
Demand for tin during the week WU very quiet in the United States as
well as abroad. The spot price declined almost lc. per pound during the
last week. Tin-plate operations are down to about 65%.
Chinese tin. 99%, was quoted nominally as follows: Aug. 22, 49c.; Aug.
23.48,75c.; Aug. 24, 48.625c.; Aug.26, 48.50c.; Aug. 27, 48.25c.; Aug. 28.
48.25c.
World production of tin in the first half of 1935 was 51.071 long tons,
against 50,753 tons in the same period last year. according to the International Tin Research and Development Council. Apparent world consumption of tin in the first six months of the current year was 67,450 tons,
against 58,959 tons in the first half of 1934.
Steel Production Suffers Slight Setback
A decline in tin plate output and delays in automotive
specifications have caused raw steel production to dip onehalf point to 50% of capacity in its first recession since
Independence Day week, the "Iron Age" of Aug. 29 stated.
The setbacks occurred in Chicago, where ingot output is off
three points to 57% of capacity, and in the Wheeling district,
where the operating rate has fallen six points to 72%. These
losses were only partly offset by gains of two points to 38%
in the Philadelphia district and of five points to 38% in
1357
the South. In other producing centers operations are holding at substantially unchanged rates, although in certain
areas, among them the Tri-State district centering in Pittsburgh, curtailment is planned for the Labor Day week-end
unless the pressure of spot orders proves too insistent.
The "Age" further said:
The falling off in tin plate production, from 78 to 70% of mill capacity,
Is in line with seasonal expectations. The holding up of automotive releases is confined chiefly to the Chicago district. At other centers, notably
at Cleveland and Pittsburgh, shipping orders from the motor car industry
are on the upgrade. However, irregularity in the flow of steel to the automobile makers is inevitable during a period of transition to new model
production and should soon be succeeded by a steadily rising volume of
orders, to take care of the accelerating assembly schedules planned for
October and November.
The sensitiveness of steel mill operations to fluctuations in automotive
steel orders draws attention to the absence of large-scale demands from the
building industry and the railroads, which in normal times serve as balancing factors. Structural steel awards of 12,400 tons compare with 23,608
tons a week ago; for the year to date they total 100,000 tons less than in
the corresponding period in 1934. Rail and rolling stock purchases also
continue to lag. The Chesapeake & Ohio plans to enter the market for
rails late in September, but whereas last fall it ordered 35.000 tons it will
probably place only 25,000 tons this year. The New. York Central has
asked for bids on 7,400 tons, while the Pere Marquette is inquiring for
1,700 tons of rails and 550 tons of tie plates.
Highway and grade separation work, which had been counted on as a
source of large orders for steel, may soon be given a lift. if as is now expected, Washington raises its limit of $1,400 per man on Federal allotments for road projects. This move is in order because the States have
been unable or unwilling to supplement Federal funds.
Miscellaneous steel business, much of it directly or indirectly growing
out of improved farmer buying power,continues to gain. Sheet production
has risen five points to 70% of capacity.
Adjournment of Congress, though ending many uncertainties, has introduced new ones Among these is the fate of the Guffey coal act, which
is generaly regarded as unconstitutional and due for a court test at the
hands of Southern and Western operators. Nevertheless its early effect
may be to stabilize wobbly fuel prices. Steel companies with "captive"
minim estmate that the law will raise coal and coke costs upward of 40c.
a ton With higher fuel costs in prospect there is talk of possible advances
In pig iron prices. Higher costs due to the emergency freight surcharge,
put into effect last May were absorbed rather than passed on to buyers.
The Italo-Ethlopian war scare has not yet affected foreign demand for
American iron and steel other than scrap. A shipment of 7.200 tons of
scrap left Boston for Italy last week.
Scrap markets remain bouyant and a further advance in the Philadelphia district has caused the "Iron Age" scrap composite to rise from 312.50
to $12.58 a gross ton.
Iron and steel producers have discontinued the practice of filing Prices
with the American Iron and Steel Institute and as yet have failed to announce their fourth quarter quotations. However, many individual companies may formally open their books by Sept. 3. So far as can be ascertained no further changes in base prices are now contemplated except
possibly on wire products. It now develops that the new method of quoting wire products announced last week is technically in effect. Practically, however, only those changes that represent reductions are in force,
since the trade has been granted protection in other portions of the schedule.
New extras on cold-finished bars, including a number of advances, will
not become effective until Oct. 1. Consideration is now being given to
the elimination of the $2 a ton discount to jobbers on galvanized sheets.
The Canadian Pacific has bought 1,220 freight cars, while the Canadian
National has ordered 1,180 freight cars, eight snow plows and 15 locomotives.
The "Iron Age" composite prices for finished steel and pig iron are unchanged at 2.124c. a lb. and $17.84 a gross ton respectively.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Based on steel bars, beams, tank plates
Aug. 27 1935. 2.124e. a Lb.
wire, rails, black pipe, sheets and hot
One week ago
2.124e,
One month ago
2.124e. rolled strips. These products make
One year ago
2 124o. 85% of the United States output.
Low
1108
2.124e. Jan. 8
2 124e. Jan. 8
1935
2.008e. Jan. 2
1934
2 1990. Apr. 24
1.867e. Ape. 18
1933
2 0150. Oct. 3
1.926e. Feb. 2
1 977e. Oct. 4
1932
1.9450. Dec. 29
20370. Jan. 13
1931
2.0180. Dec. 9
2.273e. Jan. 7
1930
2.273e. Oct. 29
1929
2 317e. Apr. 2
2.217e. July 17
2.2860. Dec. 11
1923
2.212e. Nov. 1
2.402e. Jan. 4
1927
Pio Iron
iron at Valley
baste
of
average
on
Based
Ton
Gross
Aug. 27 1935, $17.84 a
One week ago
$17.84 furnace and foundry irons at Chicago,
17.84 Philadelphia, Buffalo. Valley and
One month ago
17.90 Birmingham.
One year ago
Low
HUM
517.83 May 14
517.90 Jan. 8
1935
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 Dee. 15
15.90 Jan. 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
f928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap
Based on No. 1 heavy melting steel
Aug. 27 1935. $12.58 a Gross Ton
$12.50 quotations at Pittsburgh, Philadelphia
One week ago
11.58 and Chicago.
One month ago
9.92
One sear ago
Low
High
$10.33 Apr. 23
212.58 Aug. 27
1935
9.50 Sept. 25
13.00 Mar. 13
1934
6.75 Jan. 3
12.25 Aug. 8
1933
6.43 July 5
8.50 Jan. 12
1932
8.50 Dec. 29
11.33 Jan. 6
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
16.50 Dec. 31
13.08 July 2
1928
13.08 Nov.22
15.25 Jan. 11
1927
The American Iron and Steel Institute on Aug. 26 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.2% of the steel capacity of the industry will be 47.9%
of the capacity for the current week, compared with 48.8%
last week, 44.0% one month ago and 19.1% one year ago.
This represents a decrease of 0.9 points, or 1.8% from the
Financial Chronicle
1358
estimate for the week of Aug. 19. Weekly indicated rates
of steel operations since July 16 1934 follow:
1934July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept. 4
Sept. 10
Sept.17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
28.8%
27.7%
26.1%
25.8%
22.3%
21.3%
19.1%
18.4%
20.9%
22.3%
24.2%
23.2%
23.6%
22.8%
23.9%
1934Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 28
Dee 3
Dec. 10
Dec. 17
Deo. 24
Dee. 31
1935Jan. 7
Jan. 14
Jan. 21
Jan. 28
193525.0% Feb. 4
26.3% Feb. 11
27.3% Feb. 18
27.6% Feb. 25
28.1% Mar. 4
28.8% Mar. 11
32.7% Mar. 18
34.6% Mar.25
35.2% Apr. 1
39.2% Apr. 8
Apr. 15
43.4% Apr. 22
47.5% Apr. 29
49.5% May 6
52.5% May 13
52.8%
50.8%
49.1%
47.9%
48.2%
47.1%
46.8%
46.1%
44.4%
43.8%
44.0%
44.6%
43.1%
42.2%
43.4%
193542.8%
May 20
,
may c
42.3%
39.5%
June 3
39.0%
June 10
June 17-.
•%
•"
June 24
32.8%
July 1
35.3%
July 8
39.9%
July 15
42.2%
July 22
July 29____44.0%
46.0%
Aug. 5
48.1%
Aug. 12
48.8%
Aug. 19
47.9%
Aug. 26
"Steel" of Cleveland,in its summary of the iron and steel
markets on Aug. 26 stated:
After nearly two months of a strong, unbroken upward swing in steelworks operations, production still appears to be lagging behind demand,
the steel rate last week advancing 134 points to 5234%.
Operations now are within 2 points of the former peak this year, early in
February. Higher rates were attained in 1931, 1933 and 1934, but steelmakers see in the present movement factors inherently sounder than any
heretofore since the pre-depression era. One evidence of this lathe increasing
extent to which industrial profits are being plowed back into capital equipment.
Automobile requirements are again giving more support to broad and
diverse manufacturing requirements. Steel for the 1936 models is oeginning
to flow into Detroit. and is expected to continue on an seconding scale for
at least 30 days.
Chevrolet has authorized 250,000 of new models, the largest initial
number of cars it ever has sanctioned, and is releasing parts and materials.
Automobile production generally is scheduled to speed up immediately
following Labor day. Output last week totaled 51,000, or 5,000 less than
In the preceding week.
Farm implement buying has lost none of its strength,and record tonnages
of galvanized sheets are moving to some of the southern and western farm
districts. Sheet production last week advanced to an average of 64 to 67%.
Chesapeake & Ohio railroad will enter the market shortly for 35,000 tons
of rails. New York Central is to open bids Sept. 4 on 7,400 tons. Chicago
rail mills have backlogs for four to six weeks operations.
Continental Oil Co.. New York, is planning a 6-inch pipe line from
Russell. Kans., to its Denver refinery, requiring 20,000 tons of pipe.
Pacific Gas & Electric Co., San Francisco, has awarded 8,600 tons for a
46-mile pipeline. Shape awards in the week declined to 13.600 tons,including 1,130 tons for an Aluminum Co. of America building, New Kensington,
Pennsylvania.
Pig iron and coke shipments are increasing. Tennessee Coal, Iron &
Railroad Co. has lighted another blast furnace at Fairfield. Ala., and will
put two more in operation in September.
Aug. 31 1935
Scrap prices continue to rise, heavy melting steel selling at Chicago at
$13 a ton, highest in more than five years, and up $1 to $14.50, Pittsburgh.
Additional steel price revisions announced last week, and others in preparation, require small buyers to pay more, while for some products large
consumers will pay relatively less. A generally higher price situation is
being brought about through the medium of quantity extras.
Some makers of cold-finished carbon bars have already named new
extras for fourth quarter. The base price is unchanged, but extras for lots
of 500 pounds or less are raised $5 to $10 a ton, and size extras for rounds
are up $2 to $5.
In the new method of quoting merchant wire and products, now in effect.
the base price is reduced $4 a ton to the general trade, an amount equal to
the former allowance to warehouses. However, changes pertaining to
quantities raise the prices to small buyers, shutting out those who obtained
jobbers' discounts to resell and unsettle the market.
Nonferrous metal prices are making spectacular advances, electrolytic
copper being up $10 a ton on theymost sustained consumer demand since
1929, and lead $3 a ton.
While the European war threat has not resulted in any large orders for
steel, some equipment orders are being placed in this country, including 100
lathes to a Cincinnati builder from an automobile manufacturer in Italy.
Chicago steelworks operations last week advanced 3 points to 60%;
Youngstown 3 to 60; Pittsburgh 1 to 43; Buffalo, 3 to 37; New England.
17 to 73: eastern Pennsylvania 34-point to 33. Wheeling was down 8 to
76; Cleveland, 8 to 51. Birmingham remained at 3534 and Detroit at 94.
"Steel's" iron and steel price composite is up 4 cents to $32.72, on the
advance in scrap, while the scrap index is up 37 cents to $12.33. Finished
steel composite remains $54.
Steel ingot production for the week ended Aug. 26 is placed
at about 50% of capacity in the compilation by Dow,
Jones & Co. Inc. This compares with 49% in the previous
'0 two weeks ago.
week and 477
U. S. Steel is estimated at 41%, unchanged from last week. Two weeks
ago the corporation was at 40%.
Leading independents are credited with 57%. against 55% in the preceding week and 5234% two weeks ago.
The following table gives a comparison of the percentages of production
with the nearest corresponding week of previous years, together with the
approximate changes in points from the week immediately preceding:
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1927
1.
5034
20
49
133'.,
32
58
89
76
68
+134
-254
-3
-1
-1
+334
-1
+1
+2
U. S. Steel
41
19
47
1234
3454
66
94
77
71
-3
-2
-1
- 34
+4
-1
-1
+234
Independents
57
2034
5034
1434
30
51
8534
75
65
+2
-2
-235
- 34
-1
+2
-134
+2
+2
Current Events and Discussions
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Aug. 28, as reported
by the Federal Reserve banks, was $2,474,000,000, a decrease of $3,000,000 compared with the preceding week and
an increase of $13,000,000 compared with the corresponding
week in 1934. After noting these facts, the Federal Reserve,
Board proceeds as follows:
On Aug. 28 total Reserve bank credit amounted to $2,471,000,000, an
increase of 23.000,000 for the week. This increase corresponds with an
increase of 855,000.000 in member bank reserve balances and a decrease
of $13,000,000 in Treasury and National bank currency, offset in part
by an increase of $8,000,000 in monetary gold stock and decreases of
$.39,000,000 in Treasury cash and deposits with Federal Reserve banks
and $17,000,000 in non-member deposits and other Federal Reserve
accounts. Member bank reserve balances on Aug. 28 were estimated
to be approximately $2,780,000,000 in excess of legal requirements.
Relatively small changes were reported in holdings of discounted and
purchased bills and in industrial advances. An increase of $16,000,000
in holdings of United States Treasury notes was offset by a decrease of
i16,000.000 in holdings of Treasury bills.
Increase (+3 or Decrease (-)
Since
.tug. 28 1935 Aug.21 1935 Aug. 29 1934
$
$
$
+8,000,000
2 471,000.000 +3.000,000
Total Reserve bank credit
9,197,000,000 +8,000,000 +1,216,000,000
Monetary gold stock
+5,000,000
Treasury and National bank currency2,408.000,000 -13,000,000
5,573,000,000 -1,000,000 +228,000,000
Money In circulation
5,346,000,000 +55,000,000 +1,219,000,000
Member bank reserve balances
Treasury cash and deposits with Fed2,683,000,000 -39,000,000 -261,000,000
eral Reserve banks
Non-member deposits and other Fed+43,000,000
473,000,000 -17,000,000
eral Reserve accounts
-...---__
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 also for the Chicago
member banks for the current week, issued in advance of
full statements of the member banks, which latter will not
be available until the coming Monday. The New York
City statement formerly included the brokers' loans of
reporting member banks. and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned for
Beginning with the week ended Oct. 31 1934, the Secre- "account of out-of-town banks," as well as the amount
tary of the Treasury made payments to three Federal Reserve loaned "for account of others." On Oct. 24 1934 the statebanks in accordance with the provisions of Treasury regu- ment was revised to show separately loans to brokers and
lations issued pursuant to sub-section (3) of Section 13-B of dealers in New York and outside New York, loans on securiand commercial paper, loans on
the Federal Reserve Act, for the purpose of enabling such ties to others, acceptances
real estate, and obligations fully guaranteed both as to prinbanks to make industrial advances. Similar payments have cipal and interest by the United States Government. This
been made to other Federal Reserve banks upon receipt of new style, however, now shows only the loans to brokers and
their requests by the Secretary of the Treasury. The amount dealers for their own account in New York and outside of
of the payments so made to the Federal Reserve banks is New York, it no longer being possible to get the amount
"for account of out-of-town
shown in the weekly statement against the caption "Surplus loaned to brokers and dealers
these last two items
(Section 13-B)," to distinguish such surplus from surplus banks" or "for the account of others,"
on securities to others. The
derived from earnings, which is shown against the caption now being included in the loans
total of these brokers' loans made by the reporting member
"Surplus (Section 7)."
The statement in full for the week ended Aug. 28,in com- banks in New York City "for own account," including the
parison with the preceding week and with the corresponding amount loaned outside of New York City, stood at $807,000,000 on Aug. 28 1935, a decrease of $64,000,000.
date last year, will be found on pages 1392 and 1393.
Changes in the amount of Reserve bank credit outstanding CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
and in related items during the week and the year ended
New York
Aug. 28 1935 were as follows:
Aug. 28 1935 Aug. 21 1935 Aug. 29 1934
Increase (+) or Decrease (-)
Since
Aug. 28 1935 Aug. 21 1935 Aug. 29 1934
9,000,000
Bills discounted
5,000,000
Bills bought
2
securities
430,000,000
Government
S.
II.
Industrinl advances (not Including
26,000.000 commitments-Aug. 28) 29,000,000
-3,000,000
Other Reserve bank credit
+2,000,000
Loans and investments-total
7 543,000,000 7.558,000.000 7,098,000,000
-12,000,000
Loans on securities-total
1,534,000,000 1,609,000,000 1,485,000,000
-2,000,000
To brokers and dealers:
In New York
Outside New York
To others
+28,000,000
-7,000,000
751,000,000
56,000,000
727,000,000
814,000,000
57,000,000
738.000,000
581,000,000
60,000,000
844,000,000
Financial Chronicle
Volume 141
Aug. 28 1935 Aug. 21 1935 Aug. 29 1931
Accepts, and commercial paper bought._ 129,000,000 129,000,000
Loans on real estate
122,000,000 122,000,00011,531,000,000
Other loans
1,203,000,000 1,196,000.000
U. S. Government direct obligations___ _3,136,000,000 3,089,000,000 2,866,000,000
Obligations fully guaranteed by United
States Government
359,000,000 355,000,00011,216,000,000
Other securities
1,060,000,000 1,058,000,000f
Reserve with Federal Reserve banks_ —.2,333,000,000 2,276,000,000 1,493,000.000
Cash in vault
38,000,000
42.000,000
44,000,000
Net demand deposits*
Time deposits
Government deposits
8,100,000,000 7,823,000,000 6,280,000.000
603,000,000 606,000,000 659,000,000
247,000,000 250,000,000 859,000,000
Due from banks
Due to banks
97,000,000
62,000,000
95,000,000
2,055,000,000 2,036,000,000 1,556.000,000
Borrowings from Federal Reserve Bank_
Chicago
1 761,000,000 1,742,000,000 1,464,000,000
Loans on investments—total
Loans on securities—total
190,000,000
191,000,000
262,000,000
To brokers and dealers:
In New York
Outside New York
To others
1,000,000
25,000,000
164,000,000
1,000,000
27,000,000
163,000,000
21,000,000
34,000.000
207,000,000
Accepts. and commercial paper bought__ 21,000,000
Loans on real estate
15,000,000
Other loans
247,000,000
21,000.0001
15,000.000} 313,000,000
243,000.0001
U.S. Government direct obligations_ 933,000,000
Obligations fully guaranteed by United
States Government
83,000,000
Other securities
272,000,000
917,000,000
Reserves with Federal Reserve Bank
Cash in vault
493,000,000
35,000,000
Net demand deposits•
Time deposits
Government deposits
483,000,000
35,000,000
583,000,000
82,000,0001 306,000,000
273,000,000J
540,000,000
39,000,000
1 737,000,000 1,711,000.000 1,446,000,000
382,000,000 387,000,000 372,000,000
39,000.000
29,000.000
29,000,000
Due from banks
Due to banks
229,000,000
508,000,000
211,000,000
509,000,000
170.000,000
421,000,000
Borrowings from Federal Reserve Bank_
•Figures subsequent to Aug. 23 1935 include Government deposits.
Complete Returns of the Member Banks of the Federal
' Reserve System for the Preceding Week
As explained above, the statements of the New York and,
Chicago member banks are now given out on Thursday
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 91
cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Aug. 21:
The condition statement of weekly reporting member banks in 91 leading cities on Aug. 21, issued by the Board of Governors of the Federal
Reserve System. shows increases for the week of $90,000,000 in loans and
Investments, $138.000,000 in net demand deposits and $85,000,000 in
reserve balances with Federal Reserve banks.
Loans on securities to brokers and dealers in New York City declined
$4,000,000. loans to brokers outside New York declined $1.000,000, and
loans on securities to others increased $6,000,000. Holdings of acceptances
and commercial paper bought and real estate loans showed little change for
the week, while "other loans" increased $35,000,000 in the New York
district, $6,000,000 in the San Francisco district, $5,000,000 in the Chicago
district and $52,000,000 at all reporting banks.
Holdings of United States Government direct obligations declined
$11,000,000 in the New York district and at all reporting member banks, and
increased $10,000,000 in the Kansas City district and $8,000,000
in the
Chicago district. Holdings of obligations fully guaranteed by the United
States Government showed little change for the week, while holdings of
other securities increased $23,000,000 in the New York district and $30,000,000 at all reporting member banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the
weekly
statement, had total loans and investments
of $1.265.000,000 and net
demand, time and Government deposits of $1,525.000.000 on
Aug. 21,
compared with $1,279.000,000 and $1,535,000,000,respectively,on
Aug. 14.
A summary of the principal assets and liabilities of the reporting member
banks in 91 leading cities, that are now included in the statement,
together
with changes for the week and the year ended Aug. 21, follows:
Increase (-I-) or Decrease 1--)
Since
Aug. 21 1935 Aug. 14 1935
Aug. 22 1934
Loans and investments—total_ -.18,567,000,000
+90,000,000 +842,000,000
Loans on securities—total
2 980,000,000
+1,000,000 —291,000,000
To brokers and dealers:
In New York
Outside New York
To others
Accep& and com'i Payer bought
Loans on real estate
Other loans
849,000,000
156,000,000
1,975,000,000
296,000,000
949,000,000
3.192,000,000
—4,000,000
—1.000,000
+6,000,000
+108,000,000
—8,000,000
—391,000,000
—1,000,0001
—2,000,0001 —106,000,000
+52,000.000J
U. S. Govt. direct obligations.. _ _ 7,283,000,000
Obligations fully guaranteed by the
United States Government
916,000,000
Other securities
2,951,000,000
—1,000.0001 +607,000.000
+30,000,0001
Reserve with Fed. Res. banks
Cash in vault
4,080,000,000
296,000,000
+85,000,000 +1,016,000,000
—8,000,000
+62,000,000
15,799,000,000
4,398,000,000
522,000.000
+138,000,000 +2,981,000.000
—28,000,000 —115,000.000
+2,000,000 —714,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. It. banks
1,865,000,000
4,580.000,000
+11,000,000
—29,000,000
+37.000,000
+632,000.000
+315,000,000
+839,000,000
—5,000,000
1359
France Aids Wheat Farmers Advances to Be Made on
Stocks of Grain Held Over
That decrees putting into effect the French Government's
plan for relief of wheat farmers would be issued Aug. 23,
was announced on Aug. 22 by the Ministry of Agriculture,
it was stated in a wireless dispatch from Paris Aug. 22 to
the New York "Times" of Aug. 23. The dispatch added:
Under this plan farmers stocking wheat will be able to obtain warrants
from farm co-operatives on wheat stocked from last year's and this year's
crops. The Bank of Fiance has agreed to make advances on these warrants, depending upon the conditions under which the grain has been
stocked.
As the wheat price rises under the effects of this plan the bank will authorize an increase in the advances made to farmers so as to encourage
farmers to keep their stocks in the prospect of getting better terms later.
Agreement Reached on Issuance of German Bonds to
Meet Interest on Maturing Securities—Service on
Dawes and Young Loans Not Included
Stewart V. Pratt, Chairman of the Fiscal Agents Committee for the German dollar bonds outstanding in the
United States, announced on Aug. 28 that an agreement in
principle has been reached with respect to the handling of
the issuance of bonds which the Conversion Office for German Foreign Debts proposes to issue for the payment of
interest obligations maturing on the dollar bonds, excluding
the Dawes and Young loans, and on individual loans for
periods beginning July 1 1934, and ending June 30 1936.
Mr. Pratt's announcement was made upon his return to
New York after a series of conferences in Berlin which were
participated in by Vice-President Dreyse of the Reichsbankdirektorium and an associate, Director Kritzler of the Conversion Office, W. M. L. Fiske of Dillon, Read & Co., and
Henry Mann of Brown, Harriman & Co., Inc.
The following is from the announcement issued by Mr.
Pratt:
The bonds to be issued are to be guaranteed by the German Government,
are to bear interest at the rate of3% per annum, are to have a sinking
fund
provision amounting to 3% of the bonds issued and outstanding, are to
run for a ten-year period, and the principal and interest are to be paid in
dollars in New York city. It is expected that the Conversion Office for
German Foreign Debts will make application in due course for the
listing
of these bonds upon the New York Stock Exchange.
The bonds will be authenticated by the National City Bank of New York,
as authenticating agent of the Conversion Office. The paying agents of the
bonds will be Dillon, Read & Co., and the sinking fund agents Brown Bros.,
Harriman & Co., and Speyer & Co. It is understood that the individual
loans will be handled by J. Henry Schroder Banking Corp. The work of
engraving the bonds will begin shortly, the German authorities desiring
that the engraving of these bonds be done by the German Government
Printing Office.
Queen Astrid of the Belgians Killed in Automobile
Accident in Which King Leopold Was Slightly
Injured—Message of Sympathy Sent by President
Roosevelt to King
The automobile accident which this week cost the life
of the young Queen Astrid of the Belgians created as
profound sorrow the world over, as did the sudden death, less
than two years ago, of Albert I, King of Belgium. The
young Queen, who was 29 years, was almost instantly
killed near Lucerne, Switzerland, on Aug. 29, when the
automobile driven by her husband, King Leopold III, left
the road, crashing into a tree. It is stated that the King,
who is reported to have been slightly injured, had momentarily
glanced from the road to look at a map held by the Queen.
With the news of the Queen's death on Aug. 29 the Brussels
Bourse was closed and the Belgium Cabinet issued a communique which said:
"Still under the shock of the tragic death'of King Albert. Belgium
weeps
for the Queen, whose youth, grace and kindness has conquered her
people.
"The whole country is in consternation. It shares the
immense sorrow
of the King. It is gathered faithfully and closely around him.
"It bows with deepfelt tenderness over the royal princes and princess
who have a mother no longer."
In a message on Aug. 29 to King Leopold, President
Roosevelt expressed his sympathy as follows:
"Mrs. Roosevelt and I have been deeply moved at the tragic news
of the
death of her Majesty the Queen.
"We hasten to extend to your Majesty our heartfelt sympathy.
"The people of the United States will share the grief of the
Belgian
people in the loss of a Queen who so graciously personified the
ideals of
Belgium.
"I earnestly hope that your Majesty will rapidly recover
from the injuries
which I understand you have personally suffered.
"I send you my affectionate regards in this hour of your great sorrow.',
Secretary Hull personally conveyed his condolences to
Prince Eugene de Ligne, Charge d'Affaires at Washington
and also sent the following message of sympathy to Henri
Jasper, Belgian Minister for Foreign Affairs:
"I am grieved beyond expression to learn of the
catastrophe which has
taken from the royal family and the people of Belgium their
beloved Queen.
"Mrs. Hull joins with me in extending deep and lasting
sympathy.
"We trust that the injuries which his Majesty the King
is reported to
have received are not serious."
The Belgian Ambassador, Count Rovert van der StratenPonthoz, is now in Brussels on leave, and his Prince Eugene
de Ligne, is Charge d'Affaires.
Queen Astrid, who was Princess Astrid of Sweden, was
married to Leopold,then Crown Prince of the Belgians,
in
Brussels on Nov. 10 1926. She leaves three small children.
The tragic death of King Albert occurred on Feb. 17 1934.
1360
Financial Chronicle
Warning by Italy Against Sanctions—Great Britain
Assured Interests in Ethiopia Will Not Be Affected
—Cabinet Meeting Under Premier Mussolini Indicates Stand • to Be Taken Before League Council
Sept. 4—Measures in Behalf of Italy's Economic
Position—Plea for Peace by Scandinavian Countries
Warning by Italy that sanctions applied against that
country would be fraught with serious consequences
was given on more than one occasion this week by Premier
Mussolini. In Associated Press accounts from London,
Aug. 26, this was indicated as follows:
The "Daily Mail" published an interview to-day with Premier Benito
Mussolini in Rome in which he was quoted as saying: "It should be realized
without the possibility of misunderstanding that whoever applies sanctions
against Italy will be met by the armed hostility of our country."
If sanctions are voted against Italy at Geneva, be warned, Italy will at
once leave the League of Nations, the newspaper said.
Aug. 31 1935
their appeal to the League against Italian aggression. Finally, the Italian
memorandum on Ethiopia's sins will complete the presentation.
An incident of the week was an appeal for peace broadcast on Aug. 28 by the Foreign Ministers of the four Scandinavian countries in their capitals, Oslo, Copenhagen, Stockholm and Helsingfors. According to Associated Press advices from Oslo, Norway, they took the step after a sevenhour meeting there, in which they inaugurated a conference
designed to map out a "united Nordic front" at Geneva,
Sept. 4.
The Italian-Ethiopian dispute was referred to in these
columns Aug. 24, page 1197.
Cash Reported Withdrawn from Bank of Ethiopia
Following Move to Stop Foreign Exchange Sales
A notice that the Bank of Ethiopia would discontinue
sales of foreign exchange brought heavy withdrawals of cash
from the Bank on Aug. 26, it was reported in a United
Press account from Addis Ababa, Aug. 26, to the New York
"Journal of Commerce" of Aug. 27, which said:
Again on Aug. 28, at an extraordinary session of the
Italian Cabinet, further warning was given. This session
(called by Premier Mussolini on Aug. 26), described by the
Rome correspondent of the New York "Times" as "the first
Throughout the morning large numbers of persons withdrew their funds.
Cabinet war council dealing with Italy's preparations for Toward closing time, however, the withdrawals lightened.
The bank issued the following notice:
conflict with Ethiopia," Premier Mussolini was at pains (we
"For a period as yet undetermined the bank will not sell any foreign
again quote from the "Times" advices) "to assure Great
Britain that he had no designs on the British Empire, but exchange."
That announcement followed a recent move to limit export of foreign
warned anyone whom it might concern of the dangers of exchange
to fifty pounds sterling. It was believed to have been promulapplying sanctions against Italy. In any case, he said, Italy pgated as a means of conserving exchange for purchase of munitions and
has already taken all necessary measures to resist in the other war supplies.
event that sanctions should be of a military nature."
From the paper quoted we also take the following:
The Cabinet session was held at Bolzano, under the chairMost of the exchange held by the bank is in sterling, according to traders
manship of the Premier, and, said the "Times" correspondent,
here. They were impressed with reports of a shipment of 1.800.000 pounds
he made a thorough examination of Italy's position with
Some of that, it was said, was
regard not only to Ethiopia but also to the League of Na- sterling gold bound for London at present.
be used in payment on munitions and other war materials.
tions and the European Powers that have taken an active Ethiopian gold to be
learned Ethiopia has no balances in the United States.
So far as could
part in the African issue. We also quote, in part, further Nor
metal currency—the Maria Theresa silver dollar—
Ethiopian
the
is
correItalian
its
from
advices to the "Times," Aug. 28,
traded in foreign exchange markets here.
spondent, Arnaldo Cortes!:
The Cabinet ended by approving four measures proposed by the Minister
United States Protests to Soviet Russian Government
of Finance for bolstering Italian credit abroad, increasing revenue and
Against Alleged Violations of Pledge to Prevent
limiting the importation of gasoline.
Anti-American Activities Against United States by
Tenor of Statement
Communist International—Ambassador TroyanovThe tenor of the Cabinet's statement regarding its decisions was as
sky Promises "Satisfactory Reply"
follows:
Through Ambassador William C. Bullitt, at Moscow, the
At the meeting of the League Council, on Sept. 4, Italy will set forth
State Department at Washington has lodged "a most emthe Ethiopian problem in all its naked reality in order that the Council
phatic protest" against a "flagrant violation of the pledge
and the world may have exact knowledge of it. This will be followed by a
given by the Government of the Union of Soviet Socialist
fuller memorandum recapitulating the political and diplomatic history of
as
Republics on Nov. 16 1933 with respect to non-interference
the last 50 years in the relations between Italy and Ethiopia, as well
In the internal affairs of the United States." In making
between Italy and neighboring Powers. This document will seek to make it
Italy
the protest in behalf of the United States the note calls
clear that ever since the Treaty of Uccialli, concluded in 1889 between
been
and Ethiopia, the Italian right of priority in Ethiopia has always
attention "to the activities, involving interference in the
recognized.
affairs of the United States, which have taken place
Internal
The memorandum will be accompanied by a small, but comprehensive
of the Union of Soviet Socialist Republics
territory
the
on
and choice, collection of literature by Italian, British and French authors
the seventh all-world congress of the
with
connection
in
colleca
is
it
concerning the true conditions in Ethiopia, underlining that
al."
Internation
Communist
non-existent.
is
power
central
tion of slave-trafficking tribes among whom
The note was made public in Washington by the State
Italy proposes to defend her thesis and her needs, her necessity of security
may
Department on Aug. 25, R. Walton Moore making the stateand of life, to the very end, in order that each member of the Council
ment at the same time that it had the personal approval of
assume responsibilities toward all future eventualities.
President Roosevelt. Delivered by Ambassador Bullitt to
British Are Reassured
Nikolai N. Krestinsky, Acting Commissar for Foreign Affairs
Ethiopia.
Great Britain has nothing to fear from Italy's policy toward imperial
Moscow, the note quotes a communication received by he
at
British
any
Italy, does not threaten, either directly or indirectly,
States from Maxim Litvinoff, Soviet Commissar for
United
is,
circles
British
some
by
voiced
interests and the alarm that has been
Affairs, in which the pledge is made as follows:
Foreign
she
but
Ethiopia,
with
quarrel
a
has
Italy
absurd.
therefore, entirely
with whom,
neither has, nor wishe4 to have a quarrel with Great Britain,
Stresa, she has
during the World War, later in Locarno and recently in
Europe.
of
realized collaboration of undoubted value for the stability
to influence
Italy's colonial question with Ethiopia must not be allowed
risk of unleashing
the European situation unless one wishes to run the
Power like Italy
another World War for the sake of preventing a great
slavery and
from putting order into a country in which the basest form of
the most primitive conditions of life still exist.
inclined plane,
To speak of sanctions means to place one's self on an
that
which cannot but lead to the most serious complications. However,
of the
group of responsible and far-sighted men to be found in the Council
a
against
League will reject any odious and dangerous proposal of sanctions
country like Italy, which is capable of reminding the League that in previous and even more serious came it neither voted nor was able to apply
sanctions of any sort. . . .
Measures Proposed
The Council then approved four measures proposed by the Minister of
Finance. They are:
First, obligatory cession to the State of all credits held abroad by
Italian subjects and obligatory conversion into 5% Treasury bonds of all
foreign stocks and bonds held by Italian subjects.
. Second, temporary limitation of dividends of all Italian corporations and
companies: For three years dividends shall be limited to 6% • those companies and corporations that, in the preceding three years, pad dividends
greater than 6% shall be allowed to pay dividends equal to the average
figure paid in the last three years in excess of their earnings, these to be
converted into State securities and to be held as a reserve fund.
Third, a 10% tax on all income derived from stocks and bonds, to bearer.
Fourth, all public motor vehicles propelled by internal combustion engines
to be converted in such a way as to use gases derived from wood and
charcoal instead of gasoline, this conversion to be effected by Dec. 31 1937.
As heretofore indicated, the League of Nations Council
will meet next week, Sept. 4, as to which the London correspondent, Aug. 29, of the "Times" said:
it is now possible to forecast to some extent the League's initial pro-
cedure, and in it the Italian document will figure in the nature of an
answer to a previous indictment of Italy's C011113e.
First of all, Anthony Eden, British Minister for League of Nations Affairs,
and Premier Pierre Laval of France will report to the Council on the
abortive three-Power talks in Paris. Then the Ethiopians will 'present
Not to permit the formation or residence on its territory of any organization or group, and to prevent the activity on its territory of any organization or group, or of representatives or officials of any organization or group,
which has as an aim the overthrow or the preparation for the overthrow of,
or the bringing about by force of a change in, the political or social order
of the whole or any part of the United States, Its territories or possessions.
Regarding the action of the United States and the Communistic Congress, we take the following from a Washington
account, Aug. 25, to the New York "Times":
For some time officials here have believed that the disclosures made by
American Communists during the congress in Moscow, showing propaganda
activity in this country in the name of the Communist party, were grounds
for a protest, but they awaited the close of the gathering and the receipt
of official reports from the United States Embassy in Moscow before
drafting the note.
On the basis of the official reports, they found the "flagrant violation
of the pledge," given at the time President Roosevelt recognized the Soviet
Government. . . .
While the State Department's note confined itself to a general statement
that "interference in the internal affairs of the United States" formed the
basis for its protest, which was considered surprisingly strong, it was
generally believed that the utterances of certain American speakers, claiming credit.for Communist party activities in fomenting political and labor
troubles here, were at the root of the matter.
On Aug. 26, it was indicated in press advices from Ilashington, Ambassador Alexander A. Troyanovsky promised
that "a satisfactory reply" would be issued by the Soviet
Government in Moscow. Ambassador Troyanovsky was
reported as saying:
I have no intention of saying anything about the note of protest lodged
by Ambassador Bullitt with our Foreign Office. A satisfactory reply will
be made in Moscow by my Government.
I wish to refer only to a campaign which has been conducted by some
persons in this country against our Government and against our form of
government. I recall the biblical injunction: "And why beholdest thou
the mote which is in thy brother's eye, but perceivest not the beam that is
in thine own eye?" Anything said in Moscow by American citizens about
the United State@ is very insignificant compared to the continuous propaganda in the United States against the Soviet Union.
Volume 141
Financial Chronicle
I have even seen suggestions that our Government should somehow stop
the activity of American organizations and American citizens in the
United States. It is obvious that my Government will not interfere in
the internal affairs of the United States in this or any other matter.
The reply by the Soviet Government, made public Aug. 28,
is given elsewhere in these columns to-day. Below we give
the text of the note delivered by Ambassador Bullitt to
nreign Commissar Krestinsky:
Aug. 25 1935.
Under instructions from my Government, I have the honor to call attenactivities,
the
tion to
involving interference in the internal affairs of the
United States, which have taken place on the territory of the Union of
Soviet Socialist Republics in connection with the Seventh All-World Congress of the Comtnunist International, and, on behalf of the Government of
the United States, to lodge a most emphatic protest against this flagrant
violation of the pledge given by the Government of the Union of Soviet
Socialist Republics on Nov. 16 1933, with respect to non-interference in the
internal affairs of the United States.
That pledge, which was given by the Government of the Union of Soviet
Socialist Republics as a result of the discussions which took place prior to
the establishment of diplomatic relations between the United States and
the Union of Soviet Socialist Republics, reads in full as follows:
Washington. Nor. 16 1933.
"My Dear Mr. President.
-1 have the honor to inform you that, coincident with the establishment of
diplomatic relations between our two Governments, it will be the fixed policy of
the Government of the Union of Soviet Socialist Republics:
"1. To respect scrupulously the indisputable right of the United States to order
Its own life within its own jurisdiction in its own way and to refrain from interfering
In any manner In the Internal affairs of the United States, its Territories or possessions.
"2. To refrain, and to restrain all persons in Government service and all organizations of the Government or under its direct or indirect control, including
organizations in receipt of any financial assistance from
it, from any act °vet t or covert
liable in any way whatsoever to injure the tranquillity, prosperity, order or security
of the whole or any part of the United States, its Territories or possessions, and, in
particular, from any act tending to incite encourage
intervention, or any
agitation or propaganda having as an aimorthe violationarmed
of the territorial
of the United States, Its Territories or possessions, or the bringing about byintegrity
of
change
in the political or social order of the whole or any part of the Unitedforce
a
States,
its Territories or possessions.
"3. Not to permit the formation or residence on its territory of any organization
or group—and to prevent the activity on its territory of any organization or group,
or of representatives or officials of any organization or group--which makes claim
to be the Government of, or makes attempt upon the territorial Integrity of, the
United States, Its Territories or possessions. not to form, subsidize, support or permit on its territory military organizations or groups having the aim of armed struggle
against the United States, its Territories or possessions, and to prevent any recruiting on behalf of such organizations and groups.
"4. Not to permit the formation or residence on its territory of any organization
or group—and to prevent the activity on its territory of any organization or group,
or of representatives or officials of any organisation or group—which has as an aim
the overthrow or the preparation for the overthrow of, or the bringing about by
force of a change in, the political or social order of the whole or any part of the
United States, its Territories or possessions.
"I 8111, MY dear Mr. President.
"Very sincerely yours,
"MAXIM LITVINOFF,
"People's Commissar for Foreign Affairs,
"Union of Soviet Socialist Republics.
"Mr. Franklin D. Roosevelt,
"President of the United States of America.
"The White Rouse,"
My Government invites particular attention to the obligations of the
Government of the Union of Soviet Socialist Republics contained in the
paragraph numbered 4.
In view of the fact that the aim and activity of an organization, such
as the Congress of the Communist International, functioning on the territory of the Union of Soviet Socialist Republics, cannot be unknown to the
Government of the Union of Soviet Socialist Republics, it does not seem,
necessary to present material to show the aim of the Congress of the Cow
munist International with respect to the political or social order of tit
United States or to quote from the published proceedings of the congress
to show its activity relative to the internal affairs of the United States,
as evidenced in the discussion at the congress of the policies and activities
of the Communist organization in the United States and the determination
and formulation by the congress of policies to be carried out in the United
States by the Communist organization in the United States.
Nor does it appear necessary to list the names of representatives or
officials of the Communist organization in the United States who were
active at the above-mentioned congress and whose admission into the
territory of the Union of Soviet Socialist Republics was, of course, known
to the Government of the Union of Soviet Socialist Republics.
As I have pointed out to the People's Commissar for Foreign Affairs
when discussing earlier violations of the undertaking of Nov. 16 1933, the
American people resent most strongly interference by foreign countries in
their internal affairs, regardless of the nature or probable result of such
interference, and the Government of the United States considers the strict
fulfilment of the pledge of non-interference an essential prerequisite to
the
maintenance of normal and friendly relations between the United
States
and the Union of Soviet Socialist Republics.
The Government of the United States would be lacking in candor if it
failed to state frankly that it anticipates the most serious consequences if
the Government of the Union of Soviet Socialist Republics is unwilling,
or unable, to take appropriate measures to prevent further acts in disregard
of the solemn pledge given by it to the Government of the United States.
I may add that it is a source of regret that in the present international
situation the development of friendly relations between the
Russian and
American peoples will inevitably be precluded by the continuance
on territory of the Union of Soviet Socialist Republics, in violation of the promise
of the Government of the Union of Soviet Socialist Republics, of activities
Involving interference in the internal affairs of the American people.
WILLIAM C. BULLITT.
According to Associated. Press advices from Washington,
Aug. 27, alleged violation by the Soviet Government of its
pledges to refrain from Communist propaganda abroad has
been the subject of numerous protests from other countries
besides the United States. In some cases, it is added, they
have been responsible for open diplomatic ruptures.
In a Washington dispatch, Aug. 26, the "Times" stated
that one of those highly enthusiastic over the Administration's course was Senator Pat McCarran, who has been
greatly concerned at the proposals to benefit Russia through
latitude in her exports of manganese to this country. In
part, the dispatch also said:
Another Senator endorsing the vote was J. Hamilton Lewis, a
member
of the Foreign Relations Committee.
1361
The United States Government is merely calling upon the Soviet Government to live up to its contract," he said. "If it continues to spread propaganda here designed to overthrow our damocratic form of government, then
it is our first duty to withdraw recognition, and treat Russia as an enemy
to the American form of our American Republic."
Drastic Bill Is Planned
The Illinois Senator said lie would introduce a bill at the next session for
drastic deportation and immigration regulations, and prosecution for conspiracy of native-born agitaiors who cannot be deported.
Reply of Soviet Russian Government to United States
Against Alleged Communistic Activity—Declares
No Instances Are Cited of Violation of Pledges—
AlsoAsserts Soviet Government Has Never Obligated
Itself With Respect to Communist International
Answering the note of the United States Government regarding alleged violations of pledges by the Russian Soviet
Government not to permit anti-American propaganda, as to
which the activities of American Communists in Moscow
were referred to, the Soviet Government, under date of
Aug. 27, declares that "there are contained no facts of any
kind in your note of Aug. 25 which could be considered as a
violation on the part of the Soviet Government of its obligations." In declaring that "It cannot accept" the protest
of the United States, the Soviet Government declares that
"it is certainly not unknown to the Government of the United
States that the Government of the Union of Soviet Socialist
Republics cannot take upon itself and has not taken upon
Itself obligations of any kind with regard to the Communist
International." The reply, which was transmitted to American Ambassador William C. Bullitt at Moscow by Nickolai
N. Krestinsky, was made public as follows on Aug. 27 by the
State Department at Washington:
Moscow, Aug. 27 1935.
Mr. Ambassador: In your note of Aug. 2.5 of this year you invited soy
attention to the activity of the Congress of the Communist International
which took place at Moscow and, referring to the note of the People's
Commissar for Foreign Affairs, Mr. Litvinoff, to the President of the United
States of America, Mr. Roosevelt, under date of Nov. 16 1933, protested
against this activity, considered by your Government as a violation of the
obligations of the Government of the Union of Soviet Socailist Republics
concerning non-interference in the internal affairs of the United States
provided for in the note of Nov. 16 1933.
In connection therewith I consider it necesary to emphasize with
all
firmness that the Government of the Union of Soviet Socialist Republics
has always regarded and still regards with the greatest respect all obligations which it has taken upon itself, including naturally the mutual obligations concerning non-interference in internal affairs provided for in
the
exchange of notes of Nov. 16 1933, and discussed in detail in the conversations between the President of the United States of America, Mr. Roosevelt,
and the People's Commissar, Mr. Litvinoff.
There are contained no facts of any kind in your note of Aug.
25 which
could be considered as a violation on the part of the Soviet
Government
of its obligations.
On the other hand, it is certainly not unknown to the Government
of the
United States that the Government of the Union of Soviet
Socialist Republics cannot take upon itself and has not taken upon itself
obligations
of any kind with regard to the Communist International.
Hence, the assertion concerning the violation by the Government
of the
Union of Soviet Socialist Republics of the obligations
contained in the
note of Nov. 16 1933 does not emanate from obligations
accepted by both
sides, in consequence of which I cannot accept your protest
and am
obliged to decline it.
The Government of the Union of Soviet Socialist Republics,
sincerely sharing the opinion of the Government of the United States of America
that strict
mutual non-interference in internal affairs is an essential
prerequisite for
the maintenance of friendly relations between our countries,
and steadfastly carrying out this policy in practice, declares that it has
as its aim
the further development of friendly collaboration between the
Union of
Soviet Socialist Republics and the United States of America,
responding to
the interests of the peoples of the Soviet Union and the United
States of
America and possessing such great importance for the cause
of universal
peace.
Taking advantage of the occasion, I invite you to accept the
assurances
of my high esteem.
N. N. KRESTINSKY, Attestant Commissar for Foreign
Affairs.
The note addressed by the United States Government
the Soviet Government appears elsewhere in this issue. to
President Mendieta of Cuba Not to Act on Defaulted
Interest on Cuban Public Works Bonds—Leaves
Issue for Next Government—Conference Held with
Bondholders Committee Headed by Senators Nye
and Wheeler
In Havana, Aug. 29, President Carlos Mendieta of Cuba
told Senator Nye, of North Dakota, and Senator Wheeler,
of Montana, that the present Cuban Government will take
no action with respect to the interest now in default
on
$40,000,000 of Cuban public works bonds, but will leave the
matter to a new Government to be elected by the wid of
the
Cuban people. The two Senators are members of a
bondholders' protective committee on Cuban bonds which arrived
in Havana on Aug. 28 to negotiate toward a settlement
of
the defaulted interest. Mr. Nye is Chairman of the
committee and Mr. Wheeler counsel. Other members are
Dr.
Thomas H. Healy, dean of the School of Foreign Service
of Georgetown University; Dr. J. Fred Rippy, of Duke
versity; Dr. Max Winkler of New York and Albert F. UniCoyle
of New York, Secretary. The interest now in default on
the
bonds amounts to $4,400,000.
As to the conference on Aug. 29 between President Mendieta and Senators Nye and Wheeler, a wireless
from Havana,that day, to the New York "Times" of account
Aug.30
said:
1362
An official note from the Government explaining the position being
taken said:
"After hearing the visitors' point of view the President asserted that
this Government had decided to inhibit a solution of the problem until the
establishment of a new government elected by the free will of the Cuban
people."
Following his conference with the Chief Executive, Senator Nye . . .
affirmed that the meeting had been most satisfactory and that he was
mucb encouraged over the outlook.
"We are convinced of the sincerity of the Cuban Government and people
in the matter of meeting their external obligations," Senator Nye said.
"However, for obvious reasons the provisional government cannot settle
the matter."
Senator Nye said that the commission had made no formal demand for
payment, nor had it adopted a peremptory tone. He declared that he
realized this was not the only government that was not meeting its external
debts.
Payment on the $60,000.000 public works bonds was suspended by the
Grau San Martin Government at the end of 1933, that government alleging that these loans had been illegally contracted by the Machado Administration. Forty million dollars' worth of bonds is held by the American public, while the balance is in the form of a bankers' short-term credit.
The Cuban press as a whole came out strongly to-day against any payment on these bonds.
On Aug. 26, when the committee departed from Washington for Havana, the following announcement, contained in
Washington advices of Aug. 27, to ihe New York "HeraldTribune' of Aug. 28, was issued by Senators Nye and
Wheeler:
The sole purpose of the visit is to arrange with the Cuban Government
for the prompt payment of some $4,400,000 in delinquent interest on the
public works bonds, which is being wrongfully withheld from the bondholders on the ground that the bonds were issued by the overthrown former
President Machado in conjunction with the Chase National Bank of
New York.
The bondholders' committee maintains that the American investors
had no connection whatever with ex-President Machado or with the Chase
National Bank, but that they loaned their money to the Republic of
Cuba relying on its good faith and integrity, and that the special public
works taxes pledged by Cuba as specific security for the repayment of
the loan are now producing more than four times the annual service charges
on the bonds.
Senator Nye planned to leave Havana to-day (Aug. 31)
while the other members of the committee plan to depart
on Sept. 2.
The conference in Havana on the defaulted interest on the
Cuban bonds followed a letter sent by Senator Nye to delegates of the Cuban Social-Economic Union, in Washington
as guests of the United States. As to the letter which was
addressed to Senor Jose Manuel Casanova, President of the
body, Associated Press advices from Washington Aug. 18
said:
Contending taxes had been collected for the specific purpose of meeting
these obligations, Senator Nye directly urged the Cuban Social-Economic
Union .. . to resume interest payments,
J. D. Ross Named to SEC by President Roosevelt—
Senate Confirms Nomination—Mr. Ross, Who
Takes Post Vacated by F. I. Pecora, Expected to
Act on Holding Concerns
President Roosevelt on Aug. 23 nominated J. D. Ross
of Seattle, Wash., as a member of the Securities and Exchange Commission for a term expiring June 5 1940. The
nomination was confirmed by the Senate on the following
day (Aug. 24). Mr. Ross, who is an advocate of public ownership of utilities, succeeds to a vacancy on the SEC created
by the resignation last January of Ferdinand I. Pecora" who
at that time accepted an appointment as a New York Supreme Court Justice of the First Judicial District. In
Washington advices; Aug. 23, to the New York "Herald
Tribune" of Aug. 24, it was stated:
hands
With the compromise utility holding company bill placing in the
of the SEC the dominant power in eliminating holding companies, a power
based on the Commission's discretion as to the demands of public interest,
which
the appointment was taken as an indication of the aggressive attitude
the Federal agency is supposed to pursue in its new duties. Mr Ross is
appointhis
making
ownership,
public
pronounced in his views advocating
Presiment as far a swing toward the Left in the public utility Issue as the
dent could go.
the
of
engineer
On Aug. 13 Mr. Ross was appointed chief consulting
Power Division of the Public Works Administration. He has been a member
of the Seattle Light and Power Commission-for 20 years and is known for
his militant attitude on public ownership.
Expected to Act on Holding Firms
An engineer, Mr. Ross is not believed to have had any securities experience, and in SEC circles to-day it was said that it was presumed that
his activity as a Commissioner would be concentrated on administration of
the utility holding company bill. The Commission will have practically an
absolute control, within the general limits set by Congress, in determining
the future of utility holding companies and will assume regulation not
only of their set-up but of various financial dealings, including issuance
of securities.
Mr. Ross was a consultant for the National Power Policy Committee
and was an adviser on the St. Lawrence project. He is 52 years old.
SEC Temporarily Exempts from Registration Certain
Securities of Issuers in Reorganization—Under
Bankruptcy Act—New Rules Also Apply to Issuers
Who Have Acquired Majority of Assets of Other
Issuers
The Securities and Exchange Commission announced
Aug.28 the adoption of three new rules providing a temporary
exemption from registration under the Securities Exchange
Act of 1934 for certain classes of securities of issuers in
Aug. 31 1935
bankruptcy or receivership or in the process of reorganization pursuant to Section 77 or 77-B of the Bankruptcy:Act,
or issuers which have emerged from bankruptcy, receiverships, or reorganization proceedings, and for certain classes
• of securities of issuers which have acquired substantially all
the assets of other issuers. An expanation of the three new
rules was issued as follows by the Commission:
Financial Chronicle
The first rule, Rule AN 11, applies to cases in which there has been a
bankmodification in the rights of the holders of securities of issuers in
ruptcy, receivership, or reorganization proceedings, were such securities
modification
were listed on a national securities exchange, and where the
would otherwise have necessitated delisting of such securities. The effect
of this rule is temporarily to permit the continuance of trading in the
modified securities on such National securities exchange. if such securities
are or continue to be approved for listing by such exchange. The rule also
applies to cases in which there has been a similar modificaticn in the rights
of holders of listed certificates of deposit or listed voting trust certificates
for securities of such issuers. In any case, the exemption is to continue
until the 120th day after the filing of applications on an appropriate form
is authorized,or the 120th day after the modification, whichever is the later.
A second rule, Rule AN 12, provides a temporary exemption from
registration for certain classes of securities of issuers which have emerged
from bankruptcy or receivership or reorganization proceedings pursuant to
Section 77 or 77-B of the Bankruptcy Act. The exemption applies to any
class of securities of which a portion is issued in exchange for, or results
from a modification of, other securities of such issuer, but only where such
other securities, or certificates of deposit or voting trust certificates for
such other securities, were listed on a National securities exchange. It
applies also to any class of securities of which a portion is issued upon the
exercise of short term warrants or subscription rights which were issued in
exchange for other securities of such issuer, if such other securities meet
the foregoing requirements as to listing on a National securities exchange.
The effect of the rule is temporarily to permit trading in such class of
securities on such National securities exchange, without the necessity of
registration, if such class of securities is approved for listing by such
exchange. The exemption is to continue until at least the 120th day after
the filing of applications on an appropriate form is authorized. It may
continue for a longer period under certain circumstances described in the
rule.
The third rule, Rule AN 13, provides a similar temporary exemption
from registration for certain classes of securities of an issuer which was
organized for the purpose of acquiring and has acquired substantially all
the assets of another issuer, whether as a result of judicial proceedings or
otherwise. Here, also, the exemption applies only to a class of securities
of which a portion is issued In exchange for securities of such other issuer
which meet the foregoing requirements as to listing on a National securities
exchange, or of which a portion is issued upon the exercise of short term
warrants or rights which were issued in respect of securities which me-et
such requirements. The effect of the rule is temporarily to permit trading
In such class of securities on such National securities exchange, without
the necessity of registration, if such class of securities is approved for
listing by such exchange. The exemption is to continue until the 120th
day after the filing of applications on an appropriate form is authorized,
or the 120th day after the acquisition of assets, whichever is the later.
During the period of the exemptions provided by Rules AN 11, AN 12.
and AN 13, all securities affected thereby will have the same loan value as
though they were registered securities, and the prohibitions against
manipulation will be applicable.
Trading on National Securities Exchanges During
July Reported by SEC 11.4% Above June
Total value of stock and bond trading on National securities exchanges during July was $1,421,826,055, an increase
of 11.4% over the June total of $1,276,632,055, the Securities and Exchange Commission announced Aug. 27. The
Commission stated:
•
Stock sales, (including a small amount of rights and warrants), had a
value of $1.138,644,274, an increase of 15.3%. Bond sales were valued at
$283,146,177, a decrease of 2.1%•
Total sales of stock in July, (including rights and warrants), were 48.695,761 shares or 16.4% above June's figure. Total par value of bonds
sold was $363,193.750, a decrease of 3.7%.
The two leading New York exchanges accounted for 95.4% of the value
of total stock and bond sales on 21 registered exchanges;stock sales,94.2%.
and bond sales, 99.8%.
Security Registrations Under Securities Act Effective
During July Nearly Five Times Monthly Average
for 1935—Total of $630,474,761 Is New Monthly
High
An analysis issued by the Securities and Exchange Commission on Aug. 26 of the registration statements of securities
which were released for sale under the Securities Act of 1933
during July shows that a new monthly high was established.
.The securities represented by the statements totaled $530,474,751, which, the Commission said, is nearly five tines the
monthly average for the first six months of 1935. Effective
registrations in 1935 through July 31st total $1,194,593,817.
The analysis of the Securities Exchange Commission also
stated:
Among the leading issues whose registration statements became effective
during the month were: Duquesne Light Co.. $70,000,000 first mortgage
3%s of 1965; Bethlehem Steel Corp., $55,000.000 consolidated mortgage
sinking fund 4hs of 1960; Edison Electric Illuminating Co. of Boston.
$53,000,000 first mortgage sinking fund 3%s of 1965; Armour & Co. of
Del., $48,000,000 first mortgage sinking fund 4s of 1955; Cleveland Electric
Illuminating Co.. $40,000,000 general mortgage 3s of 1965; Wilson & Co.,
Inc., $20,000,000 first mortgage 4s of 1955; and the $25.000.000 convertible
preference stock, $4.25 series of the Commercial Investment Trust Corp.,
together with 312,500 shares of conunon stock reserved for conversion.
According to the registrants, $476.792,255 (89.9% of the month's
effectives) are to be offered for cash for their own accounts. In connection
with the sale of these securities, expenses of 3.9% are expected to be
incurred—reflecting the preponderance of bonds, debentures and shortterm notes in the total.
An interesting feature in the proposed employment of the funds to be
raised by the registrants is an increase in the percentage to be applied to
Financial Chronicle
Volume 141
working capital and a small decline, as compared with the previous month's
percentages, in the proportion to be applied to refunding. This change
rises almost entirely as a result of the financing by the Commercial
anvestment Trust Corp., which registered $25,000,000 of preference stock,
Ihe net proceeds of which are to be wholly applied to working capital.
The following table was also included in the analysis of
the SEC:
•
The Types of New Securities Included in 47 Registration Statements which
Became Fully Effective During July 1935
For the fifth successive month (since the current refunding movement
started in March) senior issues, the proceeds of which are to be used principally for the repayment of indebtedness, continued as the predominant
t, pe of securities. The following table shows that in the month under
review bonds, debentures, and short-term notes accounted for three-fourths
of the total, maintaining approximately the same ratio as for the preceding
two months.
Type of Security
No. of
Issues
Common stock
Preferred stock
Certificates of participation,
beneficial interest, 43c
Secured bonds
Debentures
Short-term notes
18
3
Total
9
14
7
1
52
No. of
Units
Gross
Amount
July June July
1935 1935 1934
The last previous list of registration statements appeared
in our issue of Aug. 24, page 1199.
25,960,871 4.9 ___ 34.0
352,252,583 66.4 64.1 0.1
48,927,287 9.2 14.8 8.4
356,415 0.1 0.5 34.5
5530.474.751 100.0 100.0 100.0
Total
$9,065,300
2,359,000
957,750
The securities for which registration is pending, as announced by the SEC Aug. 26, follow:
Duotesne Mines, Ltd.. (2-1585, Form A-1) of Toronto, Canada, seeking
to issue 1.000,000 shares of
par value common stock, 500,000 of which
will bear non-detachable warrants and will be offered at 65 cents a share
and 500.000 without warrants reserved for exercise of warrants to be offered
at $1 per share. Dickson, Jolliffe & Co., is the underwriter, and A. Bruce
Davidson, of Toronto, is President of the company. Filed Aug. 14 1935.
Hartford Committee for Holders of First Mortgage 05% Sinking Fund
Gold Bonds of the Southern New England Ice Co. (2-1586, Form D-1) of
Hartford, Conn., seeking to issue certificates of deposit for $1,933,000 first
mortgage 634% sinking fund gold bonds of the Southern New England
Ice Co. Filed Aug. 15 1935,
Bondholders Protective Committee (2-1587. Form D-1) of Madison. W113.,
seeking to issue certificates of deposit for $150,000 of 5;i% first mortgage
bonds of Annie T. Chapman, Filed Aug. 15 1935.
Securities Investment Co. of St. Louis (2-1588, Form A-2) of St. Louis.
Mo., seeking to issue 7.980 shares of 7% cumulative preferred stock, $100
par value. This stock is to be exchanged on a share for share basis for a
like amount of 8% cumulative preferred stock, $100 par value, now outstanding. The stock that is not exchanged is to be offered first to the
present stockholders of the issuer at $110 per share. G. H. Walker & Co.,
Francis Bro. & Co., and &ix & Co., all of 8t. Louis, are the underwriters.
T. C. Tupper is President of the company. Filed Aug. 15 1935.
Sinclair Mines, Ltd. (2-1589, Form E-1) of Sault Ste. Marie, Canada,
seeking to issue 500.000 shares of common stock, to be exchanged for all
of the assets of the predecessor syndicate which is owned by 1,744 unitholders. Filed Aug. 151935.
Consolidated Oil Productions, Inc. (2-1590, Form A-2) of Montreal. Can.,
seeking to issue 300,000 shares of $1 par value common stock, to be offered
at $1 a share. It is contemplated that the net proceeds from the sale or
the stock will be used principally for the purchase of producing oil and gas
properties, or interests therein, however, some non-producing properties
may be furnished. Ike Schlank. of Montreal, is President of the company.
Filed Aug. 15 1935.
Northwestern Barb Wire Co. (2-1591. Form A-2) of Sterling, Ill., seeking
to issue $1,250,000 of first mortgage 5% sinking fund bonds, due Aug. 1
1945. 40,000 stock purchase warrants, and 40,000 shares of $5 par value
common stock. 25,000 of the warrants will be delivered with the bonds
at a rate of 20 warrants with each $1,000 amount of bond, and will be offered at $102 a unit. The remaining 15,000 warrants will be offered at
$1 a warrant, and the common stock, reserved for exercise of the warrants.
will be offered at $40 a share. P. W. Dillon of Sterling, Ill., is President
of the company. Filed Aug. 16 1935.
Associates Realty Corp.(2-1592, Form A-1) of New York City, seeking to
. issue 25,000 Allotment Certificates representing units consitting of one
share of $100 per preferred stock and one share of common stock, to be
offered at $101 per unit to Oct. 1 1935. and thereafter at $101, plus preforced acCrued dividends. The underwriter is Standard National Corp.
of New York City, and Richard M. Lederer of New York is President of
the company. Filed Aug. 16 1935.
Bondholders Committee for Hartsville Print & Dye Works First Mortgage
654% Sinking Fund Convertible Gold Bonds Due Dec. 31 1943 (2-1593. Form
D-1) of Richmond. Va., seeking to issue certificates of deposit for $276,000
of first mortgage 65i% sinking fund convertible gold bonds due Dec. 31
1943, together with the interest coupons which appertain thereto and which
matured on and after July 1 1935. Filed Aug. 17 1935.
267 West 39th Street Corp. (2-1594, Form E-l) of New York City, seeking to issue 7,834 shares of no par common stock in exchange for certificates
of deposit representing $783.350 face value of first mortgage 6% gold bonds
of Kermacoe Realty Co., Inc. Filed Aug. 17 1935.
Texas Oil Mills, Ltd. (2-1596. Form A-1) of Houston, Tex., seeking to
Issue 8,000 shares of no par common stock and 20,000 shares of $10 par
value preference stock, to be offered in units of five preference shares and
two common shares at $62.50 per unit. Paul Watson of Galveston, Tex..
is President of the company. Filed Aug. 19 1935.
Mid-Tyrrell Matachewan Gold. Ltd. (2.1596, Form A-1) of Toronto, Can..
seeking to issue 250,000 shares of $1 par value common stock. Thomas
making available the above list the SEC on Aug. 26
Per Cent of Total
Filing of Registration Statements Under Securities
Act
The Securities and Exchange Commission announced
Aug. 26 the filing of 14 additional registration statements
(Nos. 1585-1598, inclusive) under the Securities Act of 1933.
The total involved, the Commission said, is $12,382,050, of
which $9,065,300 represents new issues. The securities involved are grouped as follows:
No. of
Issues
Type of Issue
9
Commercial and Industrial
3
Certificates of deposit
2
Securities In reorganization
I
said:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
12,355,835 577,427,595 14.6 18.3 20.0
635,000 25,550,000 4.8 2.3 3.0
84,320
1363
Baird Tough,of Toronto,is President of the company. Filed Aug.20 1935.
Bellanca Aircraft Corp. (2-1597, Form A-1) of New Castle, Del., seeking
to issue 197,500 shares of $1 par value common stock, to be offered at $5
a share, and 72,500 option warrants, to be offered at a price representing
the difference between the market price of the common stock and the
stipulated option price of $5 a share. The underwriters are Hanunons &
Co., Inc., and Michael J. Meehan, both of New York City, and Hammond
& Co., Inc., of California. Temple N. Joyce of Annapolis, Md., is President of the company. Filed Aug. 20 1935.
United Wholesale Druggists of Chicago, Inc., (2-1598, Form A-1) of
Wilmington, Del., seeking to issue 6,000 shares of no-par preferred stock,
to be offered at $50 a share. E. J. Gritting, of West Newton. Mass., is
President of the company. Filed Aug. 21 1935.
Registration Statement Filed with SEC for $30,000,000
of 33% Debentures of Socony-Vacuum Oil Co.,
Inc., of New York
The Socony-Vacuum Oil Co., Inc., of New York, filed on
Aug. 23 a registration statement (No. 2-1605) under the
Securities Act of 1933 for $50,000,000 15-year 33% debentures, due Oct. 15 1950, the Secruities Exchange Commission announced Aug. 23. This is a preliminary step to a
contemplated issue, the Commission said, adding:
According to the registration statement it is proposed to use the net
proceeds of the debentures, when and if issued, for the purpose of redeeming the outstanding 25-year 43 % debentures of the registrant, (formerly
Standard Oil Co. of New York). It is proposed to call these debentures,
of which there are $50,000,000 in principal amount outstanding, at par
and accrued interest, plus a premium of 1% on the principal, requiring the
payment of $50,500,000 for principal and premium. The balance of funds
required to retire these debentures will be provided from the general funds
of the company.
Messrs. Salomon Bros. & Hutzler are named as the only selling agent
("underwriter"). No firm commitment to take the issue has been made,
but an agreement with Salomon Bros. & Hutzler has been entered into
whereby the latter agree to use their best efforts to place the issue.
The debentures are to be dated Oct. 15 1935 and to be due Oct. 15 1950.
There are no amortization or sinking fund provisions. The company may,
at any time, pay off or redeem all or any part of the debentures at the
principal amount plus the following premiums:
234% if redeemed prior to Oct. 15 1940.
1% if redeemed on or after Oct. 15 1940 and prior to Oct. 15 1945.
.;§% if redeemed on or after Oct. 15 1945 and on or prior to Apr. 15
1950, and at the principal amount thereafter, in each case with accrued
interest.
The price to the public, the underwriting discounts or commissions, and
the net proceeds to the issuer have not been given as yet, but are to be
supplied in an amendment to the registration statement.
Atlanta Gas Light Co. of Atlanta Files Two Registration Statements with SEC-One Covers $5,000,000
General Mortgage Bonds, 43j% Series, and Other
13,000 Shares of 6% Cumulative Preferred Stock
The Securities and Exchange Commission announced on
Aug. 27 the filing that day of two registration statements,
under the Securities Act of 1933, by the Atlanta Gas Light
Co. of Atlanta, Ga., one covering $5,000,000 general mortgage bonds, 43,t% series, and the other 13,000 shares of 6%
cumulative preferred stock, $100 par value. The announcement of the Commission follows:
The Atlanta Gas Light Co. of Atlanta, Ga., has filed a registration statement (2-1609) under the Securities Act of 1933 covering $5,000.000 general
mortgage bonds, 43i% series, due 1955.
According to the prospectus the net proceeds from the sale of the issue
are to be used as follows:
(1) The redemption at 102 and accrued interest of 83,967,000 principal amount
of the company's general mortgage bonds. 6% sinking fund series, due 1944.
(2) The payment of $400,000 principal amount of the company's 6% note
(unsecured) due 1949.
(3) The remaining amount for the construction of additions to the plant and
facilities of the company, and any futrher balance thereafter to be used for the
payment of Indebtedness to banks and manufacturers of appliances.
The registration statement names as the principal underwriters of the
issue The First Boston Corp., of New York, and Halsey, Stuart & Co.,
of Chicago. Further information concerning underwriters of the issue is
to be supplied by amendment to the registration statement. Also to be
supplied by amendment are the price to the public, the underwriting discounts or commissions, and the prospective amounts to be taken by each
underwriter.
The bonds are to be dated Sept. 1 1935. and are to be due Sept. 1 1955.
Interest is to be payable March 1 and Sept. 1. The bonds are redeemable in whole or in part at time, at the option of the Company, on 30 days'
published notice at the following prices and accrued interest:
105 if redeemed on or before Sept. 1 1940
104% if redeemed thereafter on or before Sept. 1 1942;
104 if redeemed thereafter on or before Sept. 1 1944;
103Si it redeemed thereafter on or before Sept. 1 1946;
103 if redeemed thereafter on or before Sept. 1 1848;
102If, If redeemed the?eafter on or before Sept. 1 1242:
102 if redeemed thereafter on or before Sept. 11950;
10111 if redeemed thereafter on or before Sept. 1 1951;
101 If redeemed thereafter on or before Sept. 1 1952:
100 Si if redeemed thereafter on or before Sept. 1 1953:
100 it redeemed thereafter before the date of maturity.
The Atlanta Gas Light Co. has also filed a registration statement (2-1610)
covering 13.000 shares of 6% cumulative preferred stock, $100 par value.
These 13,000 shares of preferred stock are to be issued by the company
to Consolidated Electric & Gas Co., a parent company, together with
$400,000 in cash and $604.000 aggregate par amount of common stock, in
payment of the $2,304,000 aggregate principal amount of 6% notes (unsecured) due 1949 of the company now outstanding and now owned by
Consolidated Electric & Gas Co.
Financial Chronicle
1364
The names of the underwriters of the issue, the price to the public, th
underwriting discounts or commissions, and the amounts taken by various
underwriters are to be supplied by amendment to the registration statement. W. W. Winter is President of the company.
Filing by Southern California Edison Co., Ltd., of
Registration Statement for $30,000,000 of First and
Refunding Mortgage Gold Bonds and $27,500,000
of Debentures
A registration statement covering $30,000,000 of first and
refunding mortgage gold bonds and $27,500,000 of debentures was filed on Aug. 23 with the Securities and Exchange
Commission under the Securities Act of 1933 by the Southern
California Edison Co., Ltd. An announcement issued by
the SEC with the filing of this statement said:
...... ---. --. —
—.
—..„....,
It This is the third filing by this company in the past five months. On
March 30 1935, the company registered an issue of $73,000,000 of 34%
bonds for refunding purposes, and on June 12 1935, an additional $35,000,000 of 34s was filed, also for redemption purposes.
The new first and refunding mortgage gold bonds are series of 4s, due
1960. According to the prospectus, all of the net proceeds from the sale
of this issue, together with certain funds of the company, will be applied
to the redemption on Dec. 1 1935, of $29,300,000 first and refunding
mortgage gold bonds, series of 5s, due 1954, at 105 and accrued interest.
The debentures are to be issued in series as follows:
Amount— Series of Int.
Maturing
Maturing I Amount— Series of Int.
$3,000,000_ _ _1936 255%
2,000,000_ _ _1937 234%
2.000,000....1938 234%
Sept.1 1936 63,000,000 _ _ _1939 334%
Sept. 1 1937 3,000,000 _ _A940 334%
Sept. 1 1938 14,500,000_ _ _ 1945 334%
Sept. 1 1939
Sept. 1 1940
Sept. 1 1945
The proceeds from the sale of the debenture issue, according to the prospectus, together with other funds of the company, will be applied to the
redemption of $23,950,725 aggregate par value of the company's preferred
series A 7% capital stock, having a par value of $25, at the rate of $28.7o
a share and accrued dividends. This does not include shares held by a
subsidiary and to be retired.
The underwriters for the securities are given as the First Boston Corp.
and its associates. Further details as to underwriters, the price at which
the securities are to be offered to the public and the estimated net proceeds
will be furnished later by amendment to the registration statement.
The following premiums have been established in case of the redemption
of the new bonds prior to maturity:
Aug. 31 1935
and operating companies. J. I. Mange of Plandome, Long Island,Vice,
President and General Manager of Associated Gas & glectric Co., is President of the company.
New York Federal Reserve Bank Notifies Institutions
as to Computation of Reserve in Conformity with
Banking Act of 1935—Issues New Form
J. H. Case, Federal Reserve Agent of the Federal Reserve
Bank of New York, on Aug. 28 sent a circular to member
banks in the Second (New York) District informing them
of the changes in the computation of reserves called for under
the Banking Act of 1935. The changes are effective as of
Aug. 24. The circular follows:
FEDERAL RESERVE BANK OF NEW YORK
(Circular No. 1581. Aug. 28 19351
Computation of Reserve to be Carried with the Federal Reserve Bank
of New York by Member Banks
To all Member Banks in the
Second Federal Reserve District:
For your information and at the request of the Board of Governors of
the Federal Reserve System you are advised that under the provisions of
Section 19 of the Federal Reserve Act, as amended by Section 324 of the
Banking Act of 1935, member banks are required, beginning with Aug. 24
1935, to maintain the same reserves against deposits of public moneys by
the United States as they are required to maintain against other deposits,
also, in determining the amount of net demand deposits subject to reserve,
member banks may deduct from gross demand deposits the amounts of(1)
balances subject to immediate withdrawal due from other banks (except
Federal Reserve banks, private banks and foreign banks) and (2)cash items
in process of collection payable immediately upon presentation in the
United States. The reports of deposits which you render to the Federal
Reserve Bank of New York for the purpose of enabling the Federal Reserve
Bank of New York to compute your required reserves should be prepared
on the new basis.
In accordance with instructions received from the Board of governors
of the Federal Reserve System our form previously in use for the calculation
of reserves(F. R. Board Form B-15 February 1933) has been revised and a
copy of the new form (Form B-15 Aug. 1935)is enclosed for your immediate
use. An additional supply of the new form will be available at a later date.
J. H. CASE, Federal Reserve Agent
255%
2%
1%
55 of 1%
We gave the text of the Banking Act of 1935 in our issue
of Aug. 24, pages 1170-1180.
Thereafter the bonds shall be redeemable at par and accrued interest.
The debentures of 1945, but no other series, will be redeemable at various dates prior to maturity, but the premiums have not yet been determined.
Stockbrokers Asked to Submit Data on Borrowings
and Balances—Questionnaire of Federal Reserve
Board Requests Information Incident to Requirements Under Securities Exchange Act
Registration Statement Covering $6,500,000 of First
Mortgage Bonds, 5% Series of 1935, Filed with SEC
by California Water & Telephone Co.
The Federal Reserve Board, through the New York
Federal Reserve Bank, issued on Aug. 27 to member firms
of the New York Stock Exchange and other National
securities exchanges in the New York Reserve District, a
questionnaire requesting information as to money and
securities borrowed, securities loaned or bought, net debit
balances, net credit balances, as well as other detailed data.
J. H. Case, Federal Reserve Agent of the New York Reserve
Bank, sent the following letter to the firms:
Pilor to or during 1940
Thereafter and prior to or
during 1950
1951
syi% 1952
1953
67 1954
3% 1955
Announcement was made on Aug. 29 by the Securities and
Exchange Commission of the filing on Aug. 28 of a registration statement (No. 2-1615) under the Securities Act of
1933 by the California Water & Telephone Co.for $5,500,000
of first mortgage bonds, 5% series of 1935, due Sept. 1 1965.
From the Commission's announcement we take the following:
According to the registration statement, the proceeds of the issue are to
be used in a plan for the acquisition of the properties and businesses of the
following companies:
Coronado Water Co.
San Gabriel Valley Water Co.
Central California Water Supply Co.
The Monterey. County Water 'Works.
Southwestern Home Telephone Co.
Monrovia Telephone & Telegraph Co.
San Fernando Telephone & Telegraph Co.
Sierra Madre Telephone & Telegraph Co.
Southern California Water Supply Co.
Jamacha Holding Co., Ltd.
The price of the issue to the public, the names of the principal underwriters, the underwriting discounts or commissions, and the amounts to be
taken by the various underwriters are to be supplied in an amendment to
the registration statement.
The bonds are to be redeemable as a whole or in part at the option of the
company, upon 30 days' published notice, with accrued interest to the
date of redemption, plus a premium of 5% if called prior to Sept. 1 1940,
and thereafter a premium of 4% of the principal amount reduced by onefifth of 1% for each full year after Sept. 1 1940 to the date of redemption.
The issue is to be dated Sept. 11935. Chester H. Loveland of San Francisco is President of the company.
Utility Employees Securities Co., Dover, Del., Files
Registration Statement with SEC for $10,000,000
of Company's Income Bonds
The filing of a registration statement (No. 2-1613) on
Aug. 28 under the Securities Act,of 1933 by the Utility. Employees Securities Co. of Dover, Del., for $10,000,000 of
Utility Employees Securities Co.'s income bonds, due 1981,
was announced by the Securities and Exchange Commission
on Aug. 29. The Commission said:
According to the registration statement, this issue is to be offered at face
value and accrued interest directly to the employees of companies in the
Associated Gas & Electric System. The interest rate, subject to certain
provisions of the bond indenture, will be 6%.
No firm commitment to take the issue has been made or will be made,
according to the registration statement. Subscriptions for the bonds to be
offered will be accepted from employees of the Associated Gas & Electric
System by Associated Gas & Electric Securities Co.,Inc., and New England
Gas & Electric Securities Co., Inc.
Approximately $4,500,000 principal amount of the bonds will be available to employees who now hold the outstanding income bonds of the
company in exchange on a par for par basis. The latter, when so exchanged,
will be retired and canceled. Proceeds from the sale of the remaining
bonds will be used to invest in securities, principally those of utility holding
FEDERAL RESERVE BANK
OF NEW YORK
August 27 1935.
Dear Sirs:
I have received from the Federal Reserve Board under date of Aug. 26
1935, a letter which reads in part as follows:
The Federal Reserve Board has approved the enclosed form for use in
obtaining current monthly reports from member firms of the New York
Stock Exchange and other national securities exchanges, and it will be
appreciated if you will request all member firms
of the New York Stock
Exchange that have their principal offices in the New
York Federal Reserve
district to make monthly reports on this form.
The purpose of these reports is to provide current statistical information
for the use of the Federal Reserve Board in the performance of its duties
under the Securities Exchange Act of 1934. particularly the regulation.
through the prescribing of margin requirements,
of the total amount of
credit used for the purpose of purchasing
carrying securities. It is
believed that changes from time to time inorthe
reported figures. When
assembled into aggregates for the reporting
as a group, will be most
Informative for this purpose, and the Boardfirms
hopes
arrange in due time,
in accordance with its established practice, for thetocurrent
publication of
such aggregates.
In accordance with the instructions of the Federal Reserve Board, we are
enclosing a copy of the form for the report of your firm as of Aug. 311935.
together with a duplicate for your file, and request that you submit the
data called for as early thereafter as possible. Forms for subsequent reports
will be sent you later.
Very truly yours,
J. H. CASE,
Federal Reserve Agent.
The following is the questionnaire:
Debits
1. Cash on hand and in banks.
2. Securities borrowed.
3. Securities sold, delivery pending (Failed to deliver).
4. Net debit balances due from member firms of national securities
exchanges—
(a) Member firms of New York Stock Exchange.
(b) Member firms of other national securities exchanges.
5. Net debit balances due from all other customers exclusive of partners
of this firm.
6. Net debit balances in partners' individual investment and trading
accounts.
7. Debit balances in firm investment and trading accounts.
S. Commodity margins on deposit with banks, and commodity guaranty
funds on deposit.
9. All other debit balances.
10. Total of items 1-9.
Is firm carrying any "margin accounts" for customers?
Is firm otherwise extending any credit t customers?
Remarks (firm may include here any explanatory matter).
Volume 141
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R. S. Heztit of the Association, Chairman of Board Hibernia
National Bank, New Orleans, La,
First Vice-President Robert V. Fleming, President Riggs National
Bank, Washington. D. C.
Second Vice-President Tom K. Smith, President Boatmen's National
Dank, St. Louis, Mo.
Winthrop W. Aldrich, member Committtee on Banking Studies, Chairman of Board Chase National Bank, New York.
Ronald Ransom, Chairman Committee on Federal Legislation, Executive
Vice-President Fulton National Bank, Atlanta, Ga.
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Held for .
Federal
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Banks
and
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The Special Committee consists of:
a
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127,235.000
Although many extreme measures pertaining to banking were introduced
during this session, none of those which threatened serious danger to sound
banking prevailed. We believe that on the whole the Banking Act of
1935 is an acceptable piece of legislation.
Title I of the bill as enacted affords a practical plan of operation for the
Federal Deposit Insurance Corporation, and the assessment of 1-12 of 1%
is as low as seemed practicable at this time. While some of the provisions
of Titles II and III will not be entirely satisfactory to various groups of our
members, It must be borne in mind that legislation of this sort is inevitably
the result of compromises and adjustments, but we feel that the new law
is basically sound and merits confidence on the part of the banks.
However, it must be remembered that in a number of sections of the
act, provision is made for rules and regulations to be hereafter formulated
by the Federal Reserve Board, the Comptroller of the Currency and the
FDIC. Obviously until such regulations are issued, the full import of this
law and its effect upon bank operations cannot be definitely known. The
Association will follow this phase of the matter closely and the offices of the
Association will be continually at the service of its members.
5
0......
Amt. Held as Reserve Against
Security Aenst United States
Gold and Silver
Notes
Certificates (dt (and Treasury
Treasury Notes
Notes
of 1890)
of 1890)
Special Committee of ABA Headed by President Hecht
Expresses Belief That Banking Act of 1935 Is "An
Acceptable Piece of Legislation"-Comments on
Titles I and II
Belief that "on the whole the Banking Act of 1935 is an
acceptable piece of legislation," and that the new law is
"basically sound and merits confidence on the part of banks,"
is expressed by the American Bankers Association through
its Special Committee on the Banking Act of 1935 in a communication to all banks in the United States made public
on Aug. 23, and which accompanied an annotated copy of
the measure. The Committee said:
.-0---0▪
5,532,589,971
4,121,386.810
1,212,360,791
In my judgment the Banking bill now signed by the President marks
an important advance in the development of the country's banking system
and the adaptation of monetary administration to present-day conditions
and national needs. It was realized at the outset that the measure was
far from being the last word in creating a perfect banking system.
It was also realized that wide-spread controversy was unavoidable, as
it always has been whenever proposals have been put forth involving material
changes in the banking and monetary system. The function of banking
and money is perhaps the most important of all in our entire economy.
It is at the very foundation of our interdependent industrial society.
The subject is complicated and difficult to understand. It always
has been and presumably always will be beset by sharply conflicting theories
and opinions.
In view of the inevitable clash of divergent viewpoints and the initial
opposition to any Federal Reserve legislation at this time, the resultant
measure seems to me to be a most satisfactory accomplishment upon which
the members of the Banking and Currency Committees of the Senate and
House and the conferees, who have worked tirelessly and conscientiously
to reconcile different points of view in accordance with what they believed
to be in the public interest, are to be congratulated.
Considering the objectives and purposes of the legislation as originally
proposed and as finally enacted, I am very well satisfied with the outcome.
By providing for a centralized authority over and fixed responsibility for
monetary management,for a broadening of the basis for credit extension by
the banking system, and for better organization of the Federal Reserve
System, a large contribution has been made to the solution of one of the
most important problems confronting the country to-day.
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8,488,077,704
2,436,864,5301
2,952,020,3131
1,845,569,804
212,420,402
Legislation Embodied in Banking Act of 1935 Regarded
by Governor Eccles of Federal Reserve Board as
"Large Contribution" to Solution of One of Most
Important Problems Confronting Country
With the signing by President Roosevelt on Aug. 23 Of the
omnibus banking bill (referred to in our Aug. 24 issue,
page 1204), Marriner S. Eccles, Governor of the Federal
Reserve Board issued a statement in which he expressed
himself as "very well satisfied with the outcome." Mr.
Eccles' statement follows:
Stock of Money in the Country
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal
Reserve banks and agents. The figures this time are for
July 31 1935 and show that the money in circulation at
that date (including of course, what is held in bank vaults
of member banks of the Federal Reserve System) was
$5,517,942,493, as against $5,568,099,785 on June 30 1935
and $5,317,175,302 on July 31 1934, and comparing with
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only $3,459,434,174. 'The following is the full statement:
15,114,041,981
13,705,798,883
8,479,620,824
5,396,596,677
3,797.825,099
1.007,084,483
Credits
11. Money borrowed(a) From banks and trust companies in New York City.
(b) From banks and trust companies elsewhere in the United States.
(c) From other lenders (not including members of national securities
exchanges).
12. Securities loaned.
13. Securities bought, delivery pending (failed to receive).
14. Net credit balances due to member firms of national securities
exchanges(a) Member firms of New York Stock Exchange.
(b) Member firms of other national securities exchanges.
15. Credit balances of other customers exclusive of partners of this firm(a) Free credit balances.
(b) Other Net credit balances.
16. Net credit balances in partners' individual investment and trading
accounts.
17. Credit balances in firm investment and trading accounts.
18. All other credit balances (except those included in Item 19).
19. Net balance in capital and profit and loss accounts and partners'
drawing accounts.
20. Total of Items 11-19.
21. (Memorandum) Valuation of short security positions carried- •
(a) For members of national securities exchanges other than N. Y. S. E.
(b) For other customers exclusive of partners of this firm.
(c) In partners' individual investment and trading accounts.
(d) In firm investment and trading accounts.
President
1365
Financial Chronicle
a.
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a Does not include gold other than that held by the Treasury.
b These amounts are not Included In the total since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 is included
under gold,standard silver dollars. and silver bullion, respectively.
C This total Includes $21,828,555 deposited for the redemption of Federal Reserve
notes ($1,050,515 in process of redemption).
d Includes $1,800,000,000 Exchange Stabilization Fund.
a Includes 32.966.529 lawful money deposited for the redemption of National
bank notes ($37,567,457 In process of redemption. Inc.uding notes chargeable to
the retirement fund), 81.350 lawful money deposited for the retirement of additional
circulation (Act May 30 1908), and $54,578,546 lawful money deposited as a reserve
for Postal Savings deposits.
f The amount of gold and silver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held in the TrearinrY
to arrive at the total amount of money in the United States.
S Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
12 The money In circulation Includes any paper currency held outside the continental limits of the United States.
1366
Financial Chronicle
Note—Cold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption for uses authorized by law; silver certificates are secured dollar
for dollar by standard silver dollars held in the Treasury for their redemption (or DY
silver bullion); United States notes and Treasury notes of 1890 are secured by a
gold reserve of $156,039,431 held in the Treasury. Treasury notes of 1890 are also
secured dollar for dollar by standard silver dollars held In the Treasury; these notes
are being canceled and retired on receipt. Federal Reserve notes are obligations
of the United States and a first lien on all the assets of the issuing Federal Reserve
bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold certificates or of gold certificates and such discounted
or purchased paper as is eligible under the terms of the Federal Reserve Act, or.
until March 3 1937. of direct obligations of the United States if so authorized by a
majority vote of the Federal Reserve Board. Federal Reserve banks must maintain
a reserve in gold certificates of at least 40%, including the redemption fund which
must be deposited with the United States Treasurer, against Federal Reserve notes
In actual circulation. Federal Reserve bank notes are secured by direct obligations
of the United States or commercial paper, except where lawful money has been
deposited with the Treasurer of the United States for their retirement. National
bank notes are secured by United States bonds except where lawful money has been
deposited with the Treasurer of the United suites for their retirement. A 5% fund
is maintained in lawful money with the Treasurer of the United States for the
redemption of National bank notes.
Guaranty Trust Co. of New York Points Out Problems
Facing Cotton Industry Incident to Government
Policy—Foreign Growers Profit at Expense of
American Producers as Result of Withholding of
Cotton by Government—Brazil Most Potent Source
of Danger to United States Growers
The unexpectedly large indicated yield of cotton reported
in the recently published official estimate of the crop brings
out even more clearly than before the artificial character of
the situation resulting from the effort of the Government
to suspend the fundamental law of supply and demand,
states the Guaranty Trust Co. of New York in the current
issue of "The Guaranty Survey," its review of business and
financial conditions in the United States and abroad, published Aug. 26. "The cotton situation," says "The Survey,"
"presents one of the most striking illustrations of the unAccording to
soundness of the 'economy of scarcity.'"
"The Survey," "it is becoming increasingly evident that the
threat to America's cotton supremacy in world markets is
more than a temporary situation; and if measures are not
devised and carried out to re-establish the cotton growers
on something similar to the pre-war basis in the not too
distant future, the economic life of the southern sections
of the United States eventually will have to undergo a
drastic alteration, which will have serious adverse repercussions throughout the country." From "The Survey" we
also quote:
Effects of Agricultural Adjustment Administration Loans
The demand abroad for American cotton, our most important export commodity, has been declining rapidly in the last several months; and during
the cotton season ended July 31 the world consumed more foreign than
American-grown cotton for the first time since the Civil War, with the
exception of the year 1930-1931, when slightly less than half of the world's
consumption of cotton was American by reason of the expansion in foreign
output and the decline in world demand. The present situation has been
brought about largely by the maintenance of a domestic price above that
for foreign cotton through the lending activities of the AAA. Yet there
are no indications that the Administration intends to alter its cotton
policy. The announcement on Aug. 22 stated that the Government will
lend producers 9c. a pound and pay farmers the difference between 12c,
and the average market price. The purpose, apparently, is to assure producers a price equivalent to a market quotation of 120. and at the same
time to encourage consumption by permitting the market price to fluctuate
freely above 9c., making up the difference by an outright gift to
producers.
Further comments by "The Survey" follow:
The developments that have led to the current trend in our cotton trade
may be classified under three general headings, namely, the agricultural
policy of the Government in the last few years, the effects of the worldwide depression, and an economic shift that would have taken place in
some measure even if the first two developments had not occurred.
The most potent source of danger to American cotton growers consists
of the large areas of virgin soil in Brazil that could be opened to cotton
production. The output in that country has increased rapidly in the last
few years; yields per acre compare favorably with those in the United
States, and much of the area available for cotton production consists of
virgin soil needing no fertilization. Moreover, the country, in its attempts
to find a solution to the unsettled state of economic affairs growing out
of surplus coffee production and low prices, realizes that a diversion of
capital and labor from the production of coffee to cotton is not without
merit. It is estimated that if Brazil could overcome the handicap of
insufficient labor and machinery, which at present constitutes a serious
deterrent to its cotton production, Brazil could produce about 8,000,000
bales a year by using only a mall part of its land regarded as available
for growing cotton.
Exchange Theory Inadequate
In seeking reasons for the decline in our cotton trade, it cannot be
denied that exchange difficulties have tended to discourage the importation of American goods. Nevertheless, other influences must have been
operating in respect to cotton, for during the 1934-1939 cotton season up
to July 1 total cotton exports declined 36% as compared with those during
the corresponding months in the preceding season, while a similar comparison of total exports shows a gain of 6%. Furthermore, the view that
the decline in our cotton trade is due entirely to the depression would be
considerably more acceptable if it were not for the fact that while consumption of our cotton abroad has been declining that of foreign cotton
has been increasing to new high levels.
Nor can the view be sustained that the rise in cotton prices is a normal
part of the general commodity price expansion due to devaluation and that
the gold price of cotton has not advanced out of proportion to the quotations for other goods. The price of cotton has more than doubled since
February 1933. This advance is no greater than has occurred in the
cases of certain other farm products largely dependent on foreign demand
and affected by AAA policies, but it far exceeds the percentage of dollar
devaluation and the advances in prices of most domestic and exported
commodities. There has been a force, or a set of forces, especially affecting
the price of cotton. After considering all other possibilities, it becomes
strikingly apparent that the developments underlying the disproportionate
decline in cotton exports during the last several months have arisen largely
Aug. 31 1935
from the activities of the AAA. It is extremely important to keep this
point in mind when contemplating the immediate and long-term future
of our cotton industry.
The prospects for the near future are not very bright. The long-term
outlook is even more uncertain, depending largely on the future cotton policy
of the Administration. The Government is faced with the peculiar situation
that although our contribution to the world's cotton markets is not sufficient to determine international prices it is, nevertheless, large enough to
affect materially quotations on the world's markets. By withholding
cotton the Government has made it possible for foreign growers to raise
more cotton and sell it at highly remunerative prices, while at the same
time this action, combined with the artificially maintained higher domestic
prices, has prevented American producers from participating in this
profitable situation.
Growers Face Other Difficulties
Even if the Government should reverse its cotton policy, encourage, but
not force, acreage reduction, and cease pegging prices, the problems of the
cotton industry would be far from solved. During the last several years
Japan has been extensively developing its cotton-textile industry and making
inroads with its cloth in foreign markets, particularly in South America.
The mills of Japan are now the largest consumers of export cotton in the
world. If we are to maintain our cotton farmers on a reasonably prosperous basis, we must consume large quantities of raw cotton at home, and
at the same time supply our share of the growing requirements of Japanese
manufacturers. During the last cotton season the higher wages dictated
by the National Recovery Administration, the imposition of processing
taxes, and higher prices of raw cotton increased the operating costs of
cotton-textile manufactures in the face of a sharp reduction in exports and
an increase in imports of cotton goods to such an extent that the year
was virtually profitless for the industry. Furthermore, if we are to
continue to sell our cotton and cotton goods abroad in substantial quantities, we must adjust our tariff barriers accordingly.
Of course the problem of maintaining a high level of exports in the
face of artificially restricted imports is nothing new; but before the
depression our credit balance was offset by foreign loans, a procedure that
could not continue indefinitely and one whose advisability under present
conditions may be seriously questioned, even aside from the Johnson Act,
which now prohibits loans to many foreign governments and political
subdivisions. Certainly, in so far as this situation affects the cotton
industry, the responsibility cannot be placed on the AAA. But this
governmental body must accept its share of responsibility for the rapid
decline in the consumption of American cotton since its creation, for
bringing about the substitution of foreign cotton for the American product
abroad and breaking the "habitual" consumption of American growths,
and for raising hopes for a level of prosperity in the minds of the cotton
growers that under our present economic structure cannot be realized unless
Ole Government permanently subsidizes the industry.
Bureau Created by New Jersey Banking Department to
Supervise Failed Banks and Insurance and Build•
ing-Loan Concerns
The creation of the Division of Conservation of the New
Jersey State Department of Banking and Insurance, to
supervise centralized jurisdiction over defunct banks, insurance companies and building and loan associations in New
Jersey, was announced on Aug. 20 by Carl K. Withers, State
Banking Commissioner. Mr. Withers said that the new
Bureau will act as the consolidating agency for the Department's insurance office in Newark and the various field offices throughout the State. The personnel of the new bureau has not yet been announced, and in the meanwhile Mr.
Withers is assuming personal charge. The Bureau will be
located in the First Mechanics Bank Building, Trenton, and
the fee for rental will be paid from funds of liquidating concerns at no cost to the State.
New Offering of $50,000,000 or Thereabouts of 273-Day
Treasury Bills—To Be Dated Sept. 4 1935
Tenders to a new offering of $50,000,000 or thereabouts of
273-day Treasury bills were received at the Federal Reserve
banks and the branches thereof up to 2 p. m., Eastern Standard Time, yesterday (Aug. 30). The tenders, which were
Invited on Aug. 27 by Henry Morgenthau, Jr., Secretary of
the Treasury, were not received at the Treasury Department,
Washington. The Treasury bills were sold on a discount
basis to the highest bidders. They will be dated Sept. 4 1935
and will mature on June 3 1936, and on the maturity date the
face amount will be payable without interest. There is a
maturity of Treasury bills on Sept. 4 in amount of $50,114,000. In his announcement of Aug. 27, inviting tenders, Secretary Morgenthau said:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000 and $1,000,000 (maturity value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on the
basis of 100, with not more than three decimal places, e. g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of
10% of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour for receipt of tenders on Aug. 30 1925
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 leas 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
Sept. 4 1935.
Volume 141
Financial Chronicle
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. (Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.) 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.
Tenders Totaling $84,157,000 Received to 0:fering of
$50,000,000 of 273-Day Treasury Bills Dated Aug.28
—$50,000,000 Accepted at Average Rate of 0.127%
The Secretary of the Treasury, Henry Morgenthau, Jr.,
announced Aug. 26 that tenders of $84,157,000 had been received up to 2 p. in., Eastern Standard Time, that day at
the Federal Reserve banks and branches thereof to the
offering of -$50,000,000 or thereabouts of 273-day Treasury
bills dated Aug. 28 1935. Of the amount tendered, the Secretary said, $50,000,000 was accepted. Reference to the offering was made in our issue of Aug. 24, page 1202.
In his announcement of Aug. 26 Secretary Morgenthau
also noted:
The accepted bids ranged in price from 99.942, equivalent to a rate of
about 0.076% per annum, to 99.885, equivalent to a rate of about 0.152%
per annum, on a bank discount basis. Only pait of the amount bid for at the
latter price was accepted. The average price of Treasury bills to be issued
Ii 99.904 and the average rate is about 0.127% per annum on a bank discount basis.
Treasury Offers $100,000,000 or Thereabouts of 13/
Bonds of FFMC to Highest Bidders—Securities2%
to
Mature in Four Years—Issue Undersubscribed
Approximately $15,000,000
Announcement was made on Aug. 25 by Henry Morgenthau, Jr., Secretary of the Treasury, of an offering of $100,000,000, or thereabouts, of 13/2% bonds of 1939 of the
Federal Farm Mortgage Corporation to be sold to the highest
bidders. Tenders to the bonds, offered on Aug. 26, were
received up to 12 o'clock, noon, Eastern Standard Time,
Aug. 28 at the Federal Reserve banks and branches thereof.
The results of the offering were announced on Aug. 29
by Secretary Morgenthau, who said:
Tenders for $85,592,000 face amount of bonds were received,
of which
$85.262,000 was accepted at prices ranging from 100 down to 98. The
average price of the bonds to be issued is approximately 99. Based
on the
average price at which the bonds are to be issued on Sept. 3 1935,the yield
Is about 1.762 to maturity, Sept. 1 1939.
Commenting on the undersubscription in the case of these
Government guaranteed securities, Washington advices,
Aug. 29, to the New York "Times" of Aug. 30, had the
following to say:
This unusual occurrence was ascribed by officials to the weak government bond market which has prevailed since Aug. 12. . .
.
To-day's undersubscription was the first on a Federal issue in the
past
year. In August 1934, the Treasury offered three series of Home Owners
Loan Corporation bonds of $50.000,000 each. One series, running for
three years and bearing 13% interest, attracted only $48,000,000 in
tenders, of which $42,000,000 were accepted.
Hesitancy of investors to bid for the bonds on the falling market was
believed by Government financing experts to have caused the failure of
the full issue. It was also apparent that in setting the interest on the new
issue at 1 Ja% the Treasury had shaved the market, as it stood on Saturday,
very close, leaving itself vulnerable to the further decline in government
bond prices which occurred Monday (Aug. 26) and Tuesday (Aug. 27)
while the new Issue was being sold.
Morgenthau Defends "Auction"
Secretary Morgenthau said flatly that he did not believe the Treasury's
practice of selling bonds on an "auction" basis, that is. to the highest
bidders, had caused the undersubscription of the issue. He declared
that
he would not abandon the system, adding that "the auction system, as
far as the Treasury is concerned, has worked very well with this one exception." Bond dealers have criticized it.
Whether the remaining $14,718,000 worth of bonds for which bids were
rejected or not received will be sold is up to William I. Myers, Farm
Credit
Administrator, according to Secretary Morgenthau. If the FCA
needs
the additional cash for its mortgage refinancing Program, the
Treasury
may attempt to sell the rest of the bonds at public or private sale.
Although Secretary Morgenthau admitted that "it wasn't so
Treasury officials declined to be worried over the outcome of thegood,"
Issue.
They pointed out that it sold on a yield basis of 1.762, whereas a year ago
the Treasury paid 2%% on a four-year note issue and in July 1934, offered
3% interest on a bond issue of 1944-49.
They took the attitude that the declining government bond market has
forced a natural increase in the price which the Government must pay for
Its borrowing, and that the amount of the increase thus far is not alarming.
By placing a 1 3-5% interest rate on the issue. the Treasury left it in a
position where further declines in the bond market were bound to hit it.
On Saturday (Aug. 24), the last business day before the offering was announced, an issue of HOLC bonds, with the same interest rate and
maturity
date as the new FFMC issue, was selling at 100 2-32 bid.
Since this comparable issue was only slightly above par, it was obvious
that further declines in the bond market during the first half of this week
might make the new issue sell below par.
The new issue of FFMC bonds will be dated Sept. 3 1935
and will mature on Sept. 1 1939; they are not subject to
call for redemption prior to maturity. They are fully and
unconditionally guaranteed both as to interest and principal
by the United States, and will be exempt both as to principal and interest from Federal, State, municipal and local
taxation (except surtaxes, estate, inheritance and gift taxes.)
Washington advices, Aug. 25, to the New York "Times"
'Times"
of Aug. 26 it was stated:
Proceeds from the sale of the bonds, which have the shortest maturity
of any outstanding Farm Mortgage issue, will be used in the cash purchase
1367
of farm mortgages by the Farm Credit Administration. The FCA put
Its mortgage refinancing on a strictly cash basis Aug. 5 abandoning the
old bond exchange method.
In his announcement of Aug. 25 (made available for
publication of Aug. 26) Secretary Morgenthau said:
The Secretary ofthe Treasury,on behalfof the FFMC,is to-day(Aug.26)
offering to the people of the United States $100,000,000, or thereabouts,
1%% bonds of 1939 of the FFMC,and is Inviting tenders therefor through
the Federal Reserve banks. The bonds will be sold to the highest bidders.
Tenders will be received at the Federal Reserve banks and branches thereof
up to 12 o'clock noon, Eastern Standard Time, on Aug. 28, 1935. Tenders
will not be received at the Treasury Department, Washington.
The bonds for which tenders are invited will be dated Sept. 3 1935. and
will mature Sept. 11939. They will not be subject to call for redemption
prior to maturity. They will be fully and unconditionally guaranteed
both as to interest and principal by the United States, and will be exempt
both as to principal and interest from Federal, State, municipal and local
taxation (except surtaxes, estate, inheritance and gift taxes). Bearer
bonds with interest coupons attached will be issued in denominations of
$100. $500. $ ,000. $5,000. 810,000 and $100,000.
Each tender must state the face amount of bonds bid for, which must
be $1,000 or any even multiple thereof, and the price offered, which must
expressed on the basis of 100, with fractions expressed as 32ds of 1% in
accordance with the usual practice—for example, 100-16-32. Tenders not
received at a Federal Reserve bank or branch before 12 o'clock noon,
Eastern Standard Time, Aug. 28 1935, 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%'
oftheface 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.
Tenders should be made on the printed forms and forwarded in special
envelopes, which will be supplied by the Federal Reserve banks. Incorporated banks and trust companies not located in a city where a
Federal Reserve bank or branch is located, may, in their discretion, submit tenders by telegram.
Immediately after the closing hour for the receipt of tenders on Aug. 28
1935, all tenders received at the Federal Reserve banks and branches up
to the closing hour will be opened, and public announcement of the acceptable prices will follow as soon as possible. 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, tenders for smaller amounts may be accorded preference and tenders
for larger amounts prorated to the extent necessary in accordance with the
respective amounts bid for. The Secretary of the Treasury expressly
reserves the right, however, 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 in cash or other immediately available funds on or before Sept.3
1935.
Details of the offering are contained in the following circular issued by the Treasury Department:
TREASURY DEPARTMENT
Office of the Secretary
Department Circular No. 549—Public Debt Service
Washington, Aug. 26 1935
The Secretary of the Treasury, on behalf of the FFMC, offers to the
people of the United States $100,000,000, or thereabouts, 1 4% bonds of
1939 of the FFMC, and invites tenders therefore, through the Federal
Reserve banks.
Description of Bonds
The bonds will be dated Sept. 3 1935, and will bear interest from that
date at the rate of 1% Per annum, payable on a semi-annual basis on
March 1 1936, and thereafter semi-annually on Sept. 1 and March 1 in
each year until the principal amount becomes payable. They will mature
Sept. 1 1939, 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 londs
will not be issued in registered form. Provision will be made for the interchange of bonds of different denominations at any Federal Reserve bank
or at the Division of Loans and Currency of the United States Treasury,
Washington, D. C., and through any other agency designated for the
purpose by the FFMC.
These bonds are issued under the authority of the Federal Farm Mortgage Corporation Act, approved Jan. 31 1934, as amended, which provides that these bonds and the income derived therefrom shall be exempt
from Federal, State, municipal, and local taxation (except surtaxes, estate.
inheritance and gift taxes).
Section 16(a) of that Act contains the following provisions:
The first sentence of the eighth paragraph of section 13 Of the Federal
Reserve Act, as amended, is further amended by inserting before the semicolon after the words "Section 13(a) of this Act" a coma and the following:
"or by the deposit or pledge of FFMC bonds issued under the Federal
Farm Mortgage Corporation Act".
Thus, the bonds are legally acceptable to secure 15-day borrowings
from the Federal Reserve banks.
Section 4 of the Federal Farm Mortgage Corporation Act, as amended,
also 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
of the 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 branches
thereof up to 12 o'clock noon, Eastern Standard Time. Aug. 28, 1935.
and, unless received by that time will be disregarded. Tenders will not
be received at the Treasury Department, Washington. Each tender must
state the face amount of bonds bid for, which must be $1,000 or any even
multiple thereof, and the price offered. The price offered must be ex-
pressed on the basis of 100, with fractions expressed as 32ds of 1%, in
accordance with usual practice, e. g., 100-16-32.
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 whol or
in part, the deposit 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 the
Federal Reserve bank, or branch, of the district, and plainly marked
"Tender for 1.ti% bonds of 1939 of the FFMC." The Federal Reserve
banks will supply printed forms and special envelopes for submitting tenders. Incorporated banks and trust companies not located in a city where
a Federal Reserve bank or branch is located may, in their discretion, submit tenders by telegram, but such telegrams must be received at the Federal Reserve bank or branch before the time fixed for closing.
Immediately after the closing hour for the receipt of tenders on Aug. 28.
1935, all tenders received in writing or by telegraph at the Federal Reserve
banks or branches thereof up to the closing hour (12 o'clock noon, Eastern
Standard Time) 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, tenders for smaller amounts
may be accorded preference and tenders for larger amounts prorated to the
extent necessary in accordance with the respective amounts bid for. The
Secretary of the Treasury expressly reserves the right, however, 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 Sept. 3 1935, in cash or other immediately available funds. In every case where payment is not so completed, the 5%
deposit with the application shall, upon declaration made by the Secretary
of the Treasury in his discretion, be forfeited to the FFMC.
General Provisions
Federal Reserve banks, as fiscal agents of the United States, are authorized and requested to receive tenders, to make allotments as indicated by
the Secretary of the Treasury to the Federal Reserve banks of the respective
districts, 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
receipt of tenders and the sale of bonds under this circular, which will be
communicated promptly to the Federal Reserve banks.
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury.
$397,427 of Hoarded Gold Received During Week of
Aug. 21-$15,787 Coin and $381,640 Certificates
Receipts of gold and gold certificates during the week of
Aug. 21 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Department on Aug. 26, amounted to $397,426.68. 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. 21 amounted to $129,277,491.11. Of the total received during the week of Aug. 21, the figures show $15,786.68 was gold coin and $381,640 gold certificates. The
total receipts are shown as follows:
Received by Federal Reserve BanksWeek ended Aug. 21
Received previously
Total to Aug.21
Received by Treasurer's OfficeWeek ended Aug. 21
Received previously
Gold Coin
$15,786.68
30,679.018.43
Gold Certificates
$379,140.00
95,721,240.00
530,694,805.11
$96,100,380.00
$264,806.00
$2.500.00
2,215,000.00
$2,217,500.00
$264,806.00
Total to Aug. 21
Note-Gold bars deposited with the New York Assay Office In the amount of
5200.572.69 previously reported.
Gold Receipts by Mints and Assay Offices-$6,399,117
Imported During Week of Aug. 23
Gold in the amount of $9,247,045.14 was received by the
mints and assay offices during the week of Aug. 23, it was
announced by the Treasury on Aug. 26. The Treasury
indicated that of the amount received $6,399,116.93 was
imports, $628,387.22 secondary, and $2,219,540.99 new
domestic.
The amount of gold received during the week of Aug. 23
by the various mints and assay offices is shown in the
following tabulation issued by the Treasury.
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Imports
$12,083.12
6,343,000.00
14,822.84
29,210.97
Total for week ended Aug.23_$6,399,116.93
Secondary
$195,319.69
293,100.00
52,348.54
29,347.00
42,717.65
15,554.34
New Domestic
$376.07
130,900.00
801.295.75
567,808.00
253.36
718,907.81
$828,387.22
$2,219,540.99
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases-Totaled 1,312,753.62 Fine Ounces During Week of Aug. 23
In accordance with the President's proclamation of Dec. 21
1933, which authorized the Treasury Department to absorb
at least 24,421,410fine ounces of newly mined silver annually,
Aug. 31 1935
Financial Chronicle
1368
the Department during the week of Aug. 23 turned over
1,312,753.62 fine ounces of the metal to the various mints.
A statement issued by the Treasury on Aug. 26 showed that
of this amount 1,074,847.98 fine ounces were received at
the Philadelphia Mint, 215,898.64 at the San Francisco
Mint, and 22,007 fine ounces at the Mint at Denver.
The Treasury's statement of Aug. 26 indicated that the
total receipts from the time of the issuance of the proclamation and up to Aug. 23 were 44,506,000 fine ounces. Reference to the President's proclamation was made in our issue
of Dec. 31 1933, page 4441. The weekly receipts are as
follows (we omit the fractional part of the ounce):
Week Ended- Ounces
Week Ended- Ounces
Week Ended- Ounces
1934Jan. 6
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
Apr. 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
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
436,043
647.224
600,631
503,309
885,056
295,511
200,897
206.790
380,532
64,047
1,218,247
230,491
115,217
1934July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Sept. 28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov.•9
Nov. 16
Nov. 23
Nov. 30
Deo. 7
Dec. 14
Dec. 21
Dec. 28
1935Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
292,719
118,307
254,458
649,757
376,504
11,574
264.307
353.004
103,041
1.054,287
620.638
609,475
712,206
,900
826,342
359,428
1,025,955
443,531
359.298
487,693
648.729
797,206
484,278
467,385
504,363
732,210
973,305
321,760
1935Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Apr. 5
Apr, 12
Apr. 19
Apr. 26
May 3
May 10
May 17
May 24
May 31
June 7
June 14
June 21
June 28
July 5
July 12
July 19
July 26
Aug 2
Aug 9
Aug. 16
Aug. 23
1,167,706
1,126,572
403,179
1,184.819
844,528
1,555,985
554,454
695,556
836,198
1,438,681
502,258
67,704
173,900
686.930
86,907
363.073
247,954
203,482
.462.541
1,253,628
407,100
796,750
621,682
608,621
379.010
863.739
751,234
667.100
1,312,754
Silver Transferred to United States Under Nationalization Order-3,008 Fine Ounces During Week of
Aug. 23
Announcement was made by the Treasury Department on
Aug. 26 that 3,008 fine ounces of silver were transferred to
the United States during the week of Aug. 23 under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Total receipts since the order of Aug. 9 (given in our columns of Aug. 11 1934, page 858) was issued, amount to •
112,965,393 fine ounces, the Treasury announced. During
the week of Aug. 23 the silver, according to the Treasury's
statement, was received as follows by the varioui mints
and assay offices:
Ounces
Philadelphia
New York
San Francisco
Denver
Fine
Fine Ounces
341.00
745.00 New Orleans
541.00
382.00 Seattle
123.00
876.00 Tot, week end. Aug.23 1935 3,008.00
Following are the weekly receipts since the order of Aug.9
was issued:
Week Ended- Fine Cu.
193433.465,091
Aug. 17
28,088,019
Aug. 24
12,301,731
Aug. 31
4,144,157
Sept. 7
3,984,363
Sept. 14
8,435,920
Sept. 21
2,550,303
Sept.28
2,474,809
Oct. 5
2,883,948
Oct. 12
1,044,127
Oct. 19
746,469
Oct. 26
7.157,273
Nov. 2
3,665,239
Nov. 9
336,191
Nov. 16
261,870
Nov.23
86,662
Nov.30
292,358
Dec. 7
444,308
Dec. 14
Week Ended- Fine Ozs.
1934692,795
Dec. 21
63,105
Dec. 28
1935309.117
Jan. 4
535,734
Jan. 11
75.797
Jan. 18
82,077
Jan. 25
134,096
Feb. 1
33,806
Feb. 8
45.803
Feb. 15
152,331
Feb. 22
38,135
Mar. 1
57,085
Mar. 8
19,994
Mar. 15
54,822
Mar. 22
7,615
Mar. 29
5,183
Apr. 5
6,755
Apr. 12
Week Ended- Fine One.
193568.771
Apr. 19
50,259
Apr. 28
7,941
May 3
6.311
May 10
11,480
May 17
100,197
May 24
5.252
May 31
9,988
June 7
9,517
June 14
26,002
June 21
16,360
June 28
2,814
July 5
9,697
July 12
July 19
5,956
July 26
16.306
2,010
Aug. 2
9.404
Aug. 9
4,270
Aug. 16
3,008
Aug. 23. _ _ ._
President Roosevelt Signs Frazier-Lemke Farm Mortgage Moratorium Bill-New Measure Replaces
Act Declared Unconstitutional by United States
Supreme Court
President Roosevelt on Aug. 29 affixed his signature to
the Frazier-Lemke bill providing for a three-year moratorium
on farm mortgages. The measure, reported to the House by
the House Judiciary Committee on Aug. 13, was passed by
the Senate on Aug. 19 and by the House on Aug.23. United
Press accounts from Washington, Aug. 19, had the following
to say regarding the new legislation:
It was sponsored by Western Senators as a substitute for the FrazierLemke Farm Mortgage refinancing bill which was declared unconstitutional
by the Supreme Court this spring.
Under the provisions of the bill, not to be confused with the so-called
Frazier-Lemke mortgage refinancing and inflation bill, a three-year moratorium of farm mortgages can be granted by the courts on a showing of
the farmer. During this period the farmer would retain possession of
his property by paying a "reasonable rental" as fixed by the Court. After
taxes and insurance are paid, any surplus from this rental would go to the
creditors.
At the end of the moratorium period on or before its close, the farmer
could reacquire his property by paying the appraised value. If a creditor
is dissatisfied with the appraised value, he can seek another appraisal, or
demand that the farm be sold at auction. Secured creditors could bid
up to the appraised value, or the principal that the property secures,
whichever is higher. For 90 days thereafter the debtor would have the
right to redeem the property from the sale.
Encountering no opposition, a small handful of Senators remained in the
chamber for about two hours and perfunctorily approved amendments offered by Senator William E. Borah (Rep., Idaho) and Lynn J. Frazier
(Rep., North Dakota).
Volume 141
Financial Chronicle
Asked for an opinion on the constitutionality of the revised measure,
Senator Borah, who led the debate for the bill's adoption, declared that
"undoubtedly" the courts would uphold it.
Senator Borah said the new bill provided that farmers could obtain
judgments in bankruptcy. This, he indicated, would eliminate the objection of the Supreme Court to the original bill on the grounds that it arbitrarily changed the relationship of debtors to creditors.
The Supreme Court declared the original Frazier-Lemke bill unconstitutional, holding among other things that it provided arbitrary machinery
whereby a debtor could reduce his debt without any means of redress for
the creditor.
The Supreme Court decision declaring unconstitutional
the previously enacted Farm Mortgage Moratorium Act was
given in these columns June 1, page 3626.
President Roosevelt Indicates Neutrality Legislation
Enacted by Congress Is "Satisfactory for Present"
—Would Have Favored Restrictions on Loans Also
President Roosevelt in his press conference on Aug. 28,
(according to the Washington correspondent of the New York
"Herald Tribune"), said that the temporary neutrality
policy imposed upon him by Congress was perfectly satisfactory for the present. While he would have preferred to
have had included restrictions on loans, the resolution was
adequate to deal with the international situation until it
changed, and by that time Congress would have reconvened.
In part the account to the "Herald Tribune" also said:
It was the first official White House utterance on the subject since Mr.
Roosevelt compromised on temporary legislation last Wednesday (Aug. 21).
This was when he encountered flat Congressional refusal to vote him
discretionary authority to discriminate between belligerents and otherwise
exercise latitude not only to keep the United States out of war but also to
co-operate internationally to prevent war.
The official draft of the State Department neutrality proposal to the
Foreign Relations Committee, made available to-day, showed that Mr.
Roosevelt had this dual objective in mind. It clashed with the contention
of one school of experts in international affairs, which is that the power to
keep out of war is inconsistent with the power to help prevent it. . . .
Underlying the rigid Congressional refusal to grant what the Administration wanted on this score, it develops, was this concrete proposal of the
State Department.
President Roosevelt Expresses Appreciation of Work
of Congress—Says It Will Be Called "An Historic
Session"
In a letter commending the work of the first session of the
74th Congress, which adjourned just after mid-night, Aug.26
President Roosevelt expressed the view that "it will be called
an historic session." The letter addressed to Vice-President
Garner, reads as follows:
THE WHITE HOUSE
Washington Aug. 24 1935
The Honorable the President of the Senate, Washington D. C..
My dear Mr. President: If the opportunity presents itself will you be
good enough to extend my greetings to the members of the Senate and
express to them my deep and sincere congratulations upon the work which
they have accomplished? When a calm and fair review of the work of this
Congress is made it will be called an historic session. It has dealt ins spirit
of statesmanship with matters of vital interest to the lives of our people.
Much has been accomplished for the permanent well-being of the Nation
as a whole.
I am grateful for, and happy in, the co-operation between us and I
extend to each and every one of you my good wishes for a well-earned rest.
Faithfully yours,
FRANKLIN D. ROOSEVELT.
A similar letter was addressed by the President to Joseph
W. Byrns, Speaker of the House.
Bill to Amend AAA Signed by President Roosevelt—
Justice Department Prepares Action Against 500
Temporary Injunctions Against Processing Tax
Collections
President Roosevelt on Aug. 24 signed the Administration
bill amending the Agricultural Adjustment Act. The measure, on which final Congressional action was completed on
Aug. 15, is intended to strengthen the constitutionality of
the Act. In signing the bill President Roosevelt stated:
This legislation supplements and strengthens the original AAA., enacted
May 12 1933, which unquestionably has been of great value to American
farmers. It carries forward the agricultural program on the broad economic
basis of the original act.
This act as a whole will enable the AAA.to move forward in its constructive and essential work in behalf of agriculture.
Incident to the signing of the bill Associated Press advices
from Washington, Aug. 24, appearing in the New York
"Times" of Aug. 25, said:
The brief statement of the Executive did not touch upon the specific
question of the processing taxes, the very core of the ambitious program.
Moves Against Injunctions
The President's pen stroke, however, was the signal for a formal Justice
Department move to seek dismissal of more than 500 temporary injunctions
which have been granted against processing tax collections. Instructions
already had been sent throughout the country for starting the counterattack.
The bill moves to ratify the collection of such taxes. More than $900,000,000 has been taken in. But the suits have been mounting daily.
When a Federal Judge in Boston in July held that the tax system was
unconstitutional, in the case of the Hoosac Mills, there were 200 such suits
on file. To-day, however, they had mounted beyond the 1.000 mark.
The measure seeks to safeguard the government by providing that should
the Supreme Court hold the law unconstitutional,only those taxpayers who
had absorbed the levy themselves, without passing it on to the producer or
consumer, could recover. The processor would have to file a claim with
1369
the Commissioner of Internal Revenue, and the transcript of hearings and
findings of the Commissioner would constitute the Court of Record when
the recovery suit was filed.
The following outline of the Act signed by the President
a week ago, was issued on Aug. 24 by the AAA:
Outline of the Act of Aug. 24 1935, Containing Amendments to the AAA3
and Related Legislation
Broadly speaking, the Act of Aug. 24 1935 has two purposes:
I. To insure the constitutionality of the Agricultural Adjustment Act
in the light of Supreme Court decisions.
II. To strengthen, clarify, and correct the legislation authorizing the
farm program in the light of the experience gained since its inception.
I. Constitutionality
To insure the constitutionality of the AAA,three things are done:
1. The authority of the Secretary of Agriculture is defined and limited
in great detail, so that it shall be unmistakable that Congress is not
delegating to an administrative officer powers vested only in the legislative
branch of the Government.
2. The operation of the Act is rigidly limited to interstate commerce,
and the interstate commerce clause is redefined to bring it in line with
language previously used by the Supreme Court in decisions on this question.
At the same time, definite provision is made for co-operation of the Federal
Government and the State Governments where this is advisable to make
a program effective.
3. All previous and existing taxes, benefit payments, contracts, instituted
Prior to the adoption of the amendments, are legalized and ratifited by
Congress.
II. Strengthening and Clarifying the Act,
Changes made in the Act in order to strengthen, clarify, and correct the
farm program may be grouped under nine headings:
1. The parity price or fair exchange value of farm products is modified
somewhat by adding mortgage interest rates and tax rates as factors in
computing this price.
2. In connection with basic commodities, payments are authorized for
other purposes than rental or benefit payments, namely for:
a. Removal of surpluses.
b. Expanding domestic or foreign markets.
c. Production under a domestic allotment.
3. Tax rates and tax procedure are spelled out in greater detail, with
3 objects:
a. Insuring flexibility so that rates may be adjusted to fit market conditions.
b. Smoother operation.
c. Specifying the procedure for refund and recovery of taxes.
4. The Ever-Normal Granary plan for storage of certain crops on the
farm, as insurance against shortages and violent price swings, is incorporated in the farm program.
5. Provision is made for control of competing imports when they jeopardize the success of a program.
6. The procedure for marketing agreements is spelled out in great detail,
to clarify and strengthen this method. Notable under this head are:
a. Change from "licenses" to "orders" as the means for enforcing marketing agreements among handlers.
b Provision for putting orders into effect without consent of a majority
of handlers under certain carefully defined circumstances.
c. Legal safeguards for handlers in the form of petition and court review.
d. Authority to examine books and records of handlers under certain
circumstances.
7. Changes are made in certain provisions for specific commodities:
a. Cotton—Amendments to the Bankhead Act and to provisions of the
Agricultural Adjustment Act dealing with cotton option contracts and the
cotton pool.
b. Tobacco—Amendments to Kerr-Smith Act.
c. Barley—tax rate specified.
d. Sugarbeets and sugarcane,adjustments in taxes and payments.
e. Rye—Tax imposed and rate speicified.
8. In the provisions for protection of the consumer's interest,it is specified
that nothing in the Act shall be interpreted as authorizing maintenance of
prices above parity levels.
9. Miscellaneous provisions in the amendments cover the following points:
a. Encouragement of producer co-operatives.
b. Appropriation of funds for elimination of diseased cattle.
c. Organization of the hog cholera serum industry under a marketing
agreement.
d. Appropriation of funds to carry out existing options for purchase of
submarginal lands.
e. Appropriation of 30% of the annual receipts from customs duties, to
stimulate agricultural experts and domestic consumption and to finance
production adjustments.
As noted above, final Congressional action was completed
on the measure on Aug. 15 at which time both the Senate
and House adopted the conference report. This action was
referred to in our issue of Aug. 17, page 1024. The bill
was passed by the House on June 18 and by the Senate on
July 23, in a somewhat different form. The conferees
reached an agreement on the measure on Aug. 5.
President Roosevelt Signs Resolution Barring Suits
Against Government By Holders of Federal Se-
curities Carrying Gold Clause Provisions
On Aug. 28 President Roosevelt signed the resolution
passed by Congress, which, after January 1 1936 bars
holders of Government securities containing the "gold
clause" provision from bringing suit against the Government for damages which might be charged to dollar devaluation and nullification of gold payment promises. The
resolution was signed at 6 p.m. Aug. 28, the legislation being
one on which the time of signing was required. Congressional action on the resolution was completed on Aug. 24,
the conference report thereon having been adopted by the
House on that day; the Senate adopted the conference report the previous day, Aug. 23. The resolution had been
referred to conference to adjust the differing provisions of
the legislation as passed by the House on July 18 and that
approved by the Senate Aug. 8. On Aug. 24 the New York
"Times" in a Washington dispatch said:
The draft worked out by conferees was less drastic than the House bill,
which would have outlawed all such suits, and more stringent than the
Senate. measure, which would have permitted suits to be started within
the next six months.
The prohibition would apply to cases based on gold-clause securities and
Interest payments on them, or affecting the validity of any change in the
metallic content of the dollar or other regulation of the value of money.
Suits in which "no claim is made for payment of credit in excess of the
face or nominal value in dollars of the securities, coins or currencies of the
United States involved in such proceedings" would be permitted under the
resolution, the House managers' statement said.
Chairman Steagall of the House Banking and Currency Committee told
the House that he believed none of the suits already started would be sus-
1370
Financial Chronicle
tamed in the courts, along the line of reasoning laid down by the Supreme
Court in its decision last spring. He said that the resolution aimed to
prevent undue enrichment of holders of gold-clause obligations over other
citizens holding ordinary government obligations.
The final version would give holders of gold-clause bonds until July 1
1936 to exchange them, dollar for dollar, for legal tender.
' With the signing of the resolution by the President, Associated Press accounts from Washington Aug. 28 said:
Under the compromise no suits will be permitted later than Jan. 1 on
securities containing gold payment clauses, coin, currency, or claims
based on surrender of coin,currency or gold and silver to the Government.
Congress was asked by the Administration to close the courts to such
litigation after the Supreme Court decided the Government had no right
to nullify gold payment clauses in its own obligations.
The Court held that a Government bondholder whose case then was
before it had &Het. to show actual damages, however. Officials feared
there might be a rush of nem suits seeking to show damages.
Potential claims which the new law will bar after the first of next year
have been estimated to total $7,000,000,000.
This figure was based on the fact that more than $10,000,000,000 in
gold clause obligations are outstanding. It would require $1.69 in presentday dollars to represent the same gold content as the old dollar bill.
The law authorizes holders of gold clause obligations to trade them for
currency—dollar for dollar—up to July 1 1936.
The President marked the hour of signature on the gold clause bill because of legal questions which might be involved.
Reference to the resolution as it passed the House July 18
was made in these columns July 20, page 364; action of the
Senate in passing the legislation Aug. 8 was noted in our
issue of Aug. 10, page 843.
Angus D. MacLean Named Assistant Attorney-General
by President Roosevelt—Will Have Charge of
Arguing Gold Clause Suits
Angus D. MacLean, who, as Assistant Solicitor-General,
argued two of the Government's three gold clause cases
before the Supreme Court, has been appointed Assistant
Attorney-General in charge of claims, said a Washington
dispatch Aug. 28 to the New York "Times," which added:
In his new position Mr. MacLean will have charge of arguing before the
Court of Claims the new gold clause suits which are filed under the resolution adopted by Congress and signed to-day by President Roosevelt. The
resolution allows suits to be filed until Jan. 1 1936,
Mr. MacLean's former position as Assistant Solicitor-General will be
filled by Golden W. Bell, who has been a special assistant to AttorneyGeneral Cummings.
President Roosevelt Signs Resolution Designed to
Insure Neutrality of United States in Event of
War Between Italy and Ethiopia—Presidential
Approval Follows, Final Congressional Action on
Legislation—Senate Shelves La Follette Resolution
to Check Comments by Senators Abroad
The so-called "neutrality legislation," which was one of
the measures rushed through Congress before adjournment,
was signed by President Roosevelt on Aug. 29. The move
in Congress to adopt the legislation which is designed to
insure the neutrality of the United States. in the event
of wax between Italy and Ethiopia, was referred to in these
columns Aug. 24, page 1209. Congressional action on the
resolution was concluded on Aug. 24, when the Senate
concurred (by a vote of 79 to 2) in the amendments made
by the House to the Pittman resolution, which as we indicated in our issue of a week ago (page 1209) passed the
Senate Aug. 21. The resolution, as amended by the House,
passed that body on Aug. 23 without a roll call. Stating
that with the Congressional action on the resolution, informal warning was served that Senators could not be
regarded abroad as official or unofficial agents of the Senate
or this Government in the present critical international
situation, a dispatch Aug. 24 to the New York "Times"
added:
The informal notice to Senators that their remarks or consultations
abroad could have no official standing was given in debate on Senator
La Follette's resolution (introduced on Aug. 23) generally construed as
aimed at Senator Pope. a member of the Foreign Relations Committee,
who declared in London that this nation would be involved in a world war.
Senator La Follette's resolution was buried in the Foreign Relations
Committee (Aug. 24) by a vote of 47 to 26, but the debate generally showed
the Senate's disapproval of Senator Pope's utterances.
Senator La Follette held that passage of his resolution would be a
"protection" by showing the world that traveling Senators did not speak
officially. This "protection" would extend, it was added, to vice-President
Garner, soon to make a trip to the Philippines and incidentally stopping
In Japan, where his remarks might be construed as expressing this Government's views.
The Wisconsin Senator expressly disclaimed that the resolution was
introduced to "embarrass" Senator Pope. but would apply to all Senate
members.
Opposition was sounded by a group of Democrats and Senator Norris,
Republican lioeral, on the grounds that Senator Pope's expressions in
London were purely personal and that approval of the resolution would
make the Senate ridiculous in the eyes of the world.
Senator Pope's Explanation
Senator Pope sent a cable to Senator Robinson, asserting that he had
spoken only for himself in an interview printed in Hearst newspapers
yesterday. This cable, as read by Senator Robinson on the floor, follows:
Oxford, Aug. 24 1935
Senator Joseph T. Robinson,
Washington.
Advised La Follette introduced resolution Senate disclaim authorizing
member official or unofficial representative. Repeatedly stated my visit
purely personal seeking information only.
Don't know motive for resolution, but assure you statements were
given with understanding they represented my personal views. Not
Aug. 31 1935
advised grounds Hearst press attributes me, but statement about United
States going into war based possibility of world war similar to 1914.
Have made similar statements in United States often. I thought You
should know these facts.
J. P. POPE.
Regarding the Senate action on Aug. 24 on the neutrality
resolution the same advices said:
Emphasizing the determination of Congress for strict neutrality, Senator
Robinson, the Democratic leader, announced in debate that the United
States did not "propose to be used or drawn to the support of quarrels
or controversies which did not involve American interests,rights or welfare."
Fifty-eight Democrats, 17 Republicans and the two Senate independents
voted for the neutrality program, which arbitrarily imposes embargoes
upon munitions shipments to all combatants until Feb. 29 1936. Senators
Bankhead and Gerry, both Democrats, were the only opponents.
Key Clauses of the Resolution
Outstanding in the neutrality resolution is the mandatory first section,
which reads:
"Upon the outbreak or during the progress of war between, or among,
two or more foreign States, the President shall proclaim such fact, and
it shall thereafter be unlawful to export arms, ammunition or implements
of war from any place in the United States, or possessions of the United
States, to any port of such belligerent States, or to any neutral port for
transshipment to, or for the use of. a belligerent country.
The President shall by proclamation enumerate the arms, ammunition
or implements of war. He may also from time to time extend the embargo
to other States as and when they may become involved in such a war.
Another section, also dating to Feb. 29 1936, makes it unlawful for
American ships to carry arms or implements of war to any port of the
belligerent countries or to a neutral port for transshipment.
While the rest of the legislation is unaffected by the time limitation
and would 'remain permanent unless repealed, it is chiefly discretionary
with the President.
Provisions which will remain in force until midnight of Feb. 29 entail:
Establishment of a licensing system for the manufacture and export of
arms and munitions under the supervision of a board of Cabinet officers.
Discretionary authority to the President to restrict or close the territorial waters or ports of the United States to belligerent submarines.
Discretionary authority to the President to prohibit American citizens
from traveling on ships of belligerent nations, except at their own risk,
unless in flight from a country at war.
President Roosevelt Signs Resolution Agreeing to
Interstate Compact to Conserve Oil and Gas
Following its passage by the House and Senate on Aug. 24
without record votes, the joint resolution, carrying Congressional approval of an interstate compact(reached in Dallas,
Tex., Feb. 16 last) to conserve oil and gas by the prevention
of physical waste, was signed by President Roosevelt on
Aug. 28. The compact was agreed upon by representatives
of the States of Oklahoma, Texas, California, apd New
Mexico and since then has been ratified by New Mexico,
Kansas, Oklahoma, Illinois, Colorado, and Texas. Reference
to the approval of the compact was made in the "Chronicle"
of Feb. 23 1935, page 1223.
With the passing of the resolution by the House and Senate
on Aug. 24, Washington advices of Aug. 25, to the New
York "Journal of Commerce" of Aug. 26, stated:
Providing only for ratification, the measure approved was a substitute
for a bill previously introduced by Mr. Cole calling also for regulation of
imports and establishment of a board to control production. It also replaced
the Connally resolution approved by the Senate, which provided for regulation of imports as well as ratification of the compact.
The measure was in conformity with the message of the President on oil.
The President was represented as favoring the original bill of Mr. Cole
following a White House conference a week ago, but in his message to Congress he made no mention of production or of imports.
The message of President Roosevelt, referred to above,
appeared in our issue of Aug. 10, page 827.
President Roosevelt Signs Public Utility Holding Corn
pany Bill Adopted by Congress—Compromise
"Death Sentence" Provision Carried in New Legislation—Powers of SEC Broadened
The Wheeler-Rayburn bill, providing for Federal regulaCon of public utility holding companies, as agreed on in
conference and adopted by Congress last week, was placed
Oil the statute book with the signing of the new legislation
by President Roosevelt at 3:10 p. m. Aug. 26. Present at
the signing of the bill were Senator Wheeler, who, it is
stated,'received one of the souvenir pens which were distributed, and Senator Barkley (we quote from the Washington account to the New York "Times"), author of a compromise plan which resulted in acceptance by the House of a
virtual "death sentence" provision after that body had declined repeatedly to agree to such a proposal. Others present at the ceremony, said the same advices, were Senator
Brown, Chairman Rayburn of the House Interstate and Foreign Commerce Committee; Dozier A. de Vane, Solicitor for
the Federal Power Commission; Benjamin V. Cohen, General
Counsel to the National Power Policy Commission, and
Thomas G. Corcoran, counsel for the Reconstruction Finance
Corporation, who with Mr. Cohen had a large part in shaping the bill.
It was likewise observed in the same advices that newspaper correspondents were not permitted to witness the
signing of the measure, but the President was quoted by
those in his office as having remarked that this was the
"biggest" bill he had ever signed.
The measure, which is styled the "Public Utility Holding
Company Act of 1935," will become effective on Oct. 1 1935,
at which time all power holding companies are required to
register with the Securities and Exchange Commission, the
administrative agency. Pointing out that first steps toward
dismantling the industry's superstructure will come in
Volume 140
Financial Chronicle
January 1938, 'United Press advices from Washington,
Aug. 26, published in the New York "Journal of Commerce,"
added:
The Federal Government Is given two weapons, use of either of which,
according to experts, will result in the demise of scores of holding companies
whose officers have drawn large salaries and bonuses for many years.
They are:
Section 11. Under this provision the SEC must examine the corporate
structure of every registered holding company and subsidiary. Afterward,
the Commission is ordered to take such action as is necessary to limit the
operations of the holding company system to a single integrated utility
system. The Commission is authorized to make certain exemptions.
For example, a registered holding company may continue control of additional systems which cannot be operated as an independent system economically or of additional systems which are situated in one State or in adjoining
States.
Called "Death Sentence" Muse
Tihs is known as the "death sentence" clause. It seeks to end a practice
whereby a holding company retains a multiple-system sprawling over a
score or more States in such a setup that State regulation is impossible.
Section 13 of the bill strikes at the heart of the holding company setup—the
operating company. Under this provision, holding companies that are permitted to remain in existence are not allowed to make profits from the
operating unit. Mutual service companies or units set up to provide engineering and other services may be formed, but they are not to be permitted
to make profits from operating companies.
Testimony before the Black lobby investigating committee disclosed that
millions of dollars were made during the depression from service companies
owned by the parent companies, and in some cases by individuals.
Witnesses admitted that the service companies often made excessive charges
to operating units for services rendered. For example, an engineer was
paid $10 a day by the service company to do work for the operating company. When the charge was passed on to the operating company the fee
was raised to $50.
This fee then was carried on the operating company's books as part of
t e costs of operation and was taken into consideration when rates were
fixed to cc sumers.
Abuses Are Eliminated
The Act signed to-day eliminates practices of this kind.
The Act carries amendments to the Federal Water Power Act designed to
strengthen it. They were only a minor part of the fight which centered
chiefly on the "death sentence" clause. The bill was reported in the
Senate on May 14 and passed on June 11.
The "death sentence" won by one vote in that body. The House reported
the measure on June 24 and passed it on July 2, after substituting strict
regulation for outright dissolution of "unessential" holding companies.
The measure was sent to conference July 12 and was deadlocked as soon
as the "death sentence" was reached. The House refused at first to instruct
its conferees to accept the Senate proposal. The break came on Aug. 22
when President Roosevelt wrote Chairman Sam Rayburn (Been., Tex.) of
tly. House conferees, that he considered the Senate offer "fair and generous."
Immediately after the letter was read the House accepted the compromise
and the following day approved the conference report. The Senate approved
the conference report Aug. 24 and t e bill was sent to the White House.
The acceptance by the House on Aug. 22 of the compromise
"death sentence" provision was noted in our issue of Aug. 24,
page 1211. Complete accord between the Senate add House
conferees on other differences between the two bills was
reached on Aug. 23, when a Washington dispatch to the
"Times" had the following to say:
With the House managers yielding ground on most of the major issues
PI controversy, the Senate group brought out a bill that in final form
contained a prohibition against mutual service companies except where
their contracts with operating companies provided for performance of such
service at cost and without profit.
Another highly controversial point was settled when the two groups
agreed that the SEC a' ould have complete discretion in deciding whether
holding mummies should be allowed to issue bonds on physical assets only
or against outstanding stock. The original Senate bill confined such
issues to physical property, so Senate managers said the conference agreement represented a concession to the House.
Senate Interstate Commerce Committee attaches began the preparation
of a long conference report with a view to submitting it to the House
and Senate for approval to-morrow. Quick adoption of the conference
agreement was predicted by the Senate conferees. • • •
Constitutional Phases Noted
Many new standards relative to public interest and necessity were added
final
draft
in
an
to the
effort to safeguard it against constitutional attacks,
which members felt would result from delegations of power to tte SEC in
beth the House and Senate bills as originally drafted.
The conferees agreed to strike from the House bill an amendment presented by Representative Woodrum of Virginia that would have exempted
holding companies from Federal regulation of such of their activities as
were already subject to State regulatory laws. They were of the opinion
that this exemption would have rendered the Federal law ineffective.
As to mutual service companies, the bill would provide that tl.eir
financing, supervising and construction operations might be continued after
April 1 1936 if on a non-profit basis and subject to rules and regulations
laid down by the SEC. A further condition requires that the costs of such
services be "equitably distributed" among all operating companies in the
integrated system.
Requirements on Bond Issues
The compromise agreed upon to govern the issuance of bonds by holding
companies described the necessary prerequisites as follows:
"A bond (I) secured by a first lien on physical property of the declarant,
or (II) secured by an obligation of a subsidiary company of the declarant
secured by a first lien on physical property of such subsidiary company, or
(III) secured by any other assets of the type and character which the Commission by rules and regulation or order may prescribe as appropriate in
the public interest or for the protection of investors."
Discretion would be vested in the SEC by the conference agreement to
exempt from the provisions of the bill governing holding companies such
holding units that exercised control only over the physical assets of
operating electric companies in foreign countries. A limiting clause was
written into the measure prohibiting such exemption if its effect would be
"detrimental to the carrying out of Section 11."
The latter section is the one carrying the "death sentence" on holding
companies above the second degree.
1371
More Discussion for SEC
The conditional exemption from regulatory phases of the bill pertaining
to domestic holding companies controlling foreign operating companies only
was designed, according to the conferees, with such a company as the
American and Foreign Power Corp. in mind.
Asked whether the completed draft vested more discretionary authority
in the SEC than the original Senate bill, one member of the conference
committee said it vested more "constitutional discretion."
As a practical demonstration of the effect of the final draft on individually
controlled holding companies, Senator Wheeler said it would make it impossible for continued control of the Associated Gas & Electric Co. to be
retained by Howard C. Hopson.
From Washington advices, Aug. 24, to the same paper we
quote:
Action on the utility holding company control bill, most controversial
of the important reform measures given to Congress by President Roosevelt,
was completed on Capitol Hill late to-day and the measure was sent to
the White House.
The wind-up of the far-reaching proposal came when the Senate, without
record vote, adopted the conference report, which was agreed to last
night and which had been sent over from the House a few minutes earlier.
The House adopted the report by a roll-call vote of 222 to 112.
Only one protest was raised in the Senate to the compromise of the socalled "death sentence," upon which the upper body finally was forced to
yield to the House. This came from Senator Norris, long an avowed enemy
of power holding companies. He insisted to-day, as he had done when the
Senate passed the bill originally several weeks ago, that there was no
excuse for the existence of a utility holding company more than one degree
removed from the operating unit.
Senator Norris complimented Senator Wheeler, Chairman of the Interstate
Commerce Commission, for his long fight for the "death sentence" in
conference.
"But I believe," added the Nebraskan, "that the Senator from Montana
was induced to sign this report because he could not get anything better.
I am satisfied that he is not satisfied with it"
"One thing I am not willing to compromise on," continued Mr. Norris,
"is to extend the life and privileges of holding companies beyond the first
degree. I would rather see this bill fail than to see it legalize those companies. I would welcome taking the issue before the people in the coming
campaign."
Senator Wheeler broke in to explain that the bill as finally reported
from conference did not vouchsafe the life of holding companies in the
second degree.
"The bill provides that holding companies shall not exist beyond the
second degree, but it gives the SEC the power to eliminate any beyond the
first degree that are not in the public interest," Senator Wheeler said. "It
does not permit them in the second degree except they be of unquestionable
public good."
Report Quickly Adopted
At the first lull in the discussion Vice-President Garner put the question
and the conference report was agreed to before many Senators knew what
was before the body. Senator Norris remained silent in the viva voce vote.
Thus was completed a measure which a few days ago promised to deliver
to Mr. Roosevelt his most serious defeat of this session.
The House adopted the conference report with little debate or enthusiasm.
Chief attacks on the bill as it came from the conference were made by
Representatives Huddlestort of Alabama and Pettengill of Indiana, both of
whom formed the spearhead of the Democratic attack on the "death
sentence."
•
Representative Wheeler was quoted on Aug. 23 as saying:
"I think it is a very good bill. It does not go as tar as I would like to
see it go, but I think that, on the whole, it represents the most comprehensive measure for regulation and control that has ever been passed in one
session of Congress.
"No other legislation has ever gone as far toward regulation and elimination of holding companies as this does. It still retains the 'death sentence,'
as this provision has been referred to by the opposition. It provides for
the elimination of the unnecessary holding and the confinement of the
operations of those remaining to a single integrated system, with minor
exceptions."
Senator Wheeler was also reported as saying that the
effect of the measure agreed upon was that there may be
only one parent holding company and one subsidiary company in a holding company structure "instead of 10 to 14
such companies as at present."
President Roosevelt Signs Administration's Railroad
Reorganization Bill
The railroad reorganization bill designed to amend the
bankruptcy law with a view to facilitating reorganizations
of the railroads, was signed by President Roosevelt on
Aug. 28. The bill was sent to the President for his signature
after the House,on Aug.22,had accepted amendments made
by the Senate in passing the bill (without a record vote) on
Aug. 20; the Senate amendments were made to the measure
as adopted by the House Aug. 15, reference to which was
made in these columns Aug. 17, page 1029. Under date of
Aug. 20 the Washington correspondent of the New York
"Journal of Commerce" said:
The bill was passed by the Senate following only brief debate during
which Chairman Wheeler (Dem., Mont.) of the Interstate Commerce
Coramittee explained that it carries the support of Federal Transportation
Co-ordinator Eastman, the Interstate Commerce Commission, railroad
labor organizations, associated life insurance companies and savings banks.
He pointed out that similar legislation was passed by the Congress during the closing daye of the previous Administration and while a step in the
right direction since it was an attempt to get away from the inefficiency and
expensive equity reorganizations,"the maladministration of which had been
notorious," it was found to be unworkable.
One of the chief difficulties found with the law, the Chairman said, was
the fact that since It contemplated hasty rearganizations, the courts held
that unless there was prompt reorganizatoins the cases must
be dismissed,
In which event they are thrown back into the old-fashioned equity procedure.
I further explanation of the need for the legislation, Mr. Wheeler said
that "the law must be effective for reorganizations of such magnitude as
1372
Financial Chrcnicle
the country has never seen before." He said that there are now 85 railroads with a mileage of something over 58,815 involved in bankruptcy or
receivership proceedings and other insolvencies may be in prospect.
The Chairman explained to the Senate that the bill is the result of a
general overhauling of the Act and includes the many important amendments.
The most important, he said, are changes to permit making plans effective.
Outlines Present Law
"Under the present law," he said,"if more than one-third dissent or fall to
vote, a plan which is fair and equitable is blocked—the Act requiring that
two-thirds of each class must approve the plan."
Mr. Wheeler, in indicating the • amendments which had
been made in the new legislation, stated according to the
account from which we quote:
The bill provides that if two-thirds of each class approve the plan, it will
bind the minorities. It also provides that the Court may make effective a
plan where two-thirds do not agree, provided it finds that the plan is fair
and equitable, affords due recognition of the rights of each class of creditors
and stockholders, will conform to the requirements of the law of the land,
and that the rejection of the plan is not justified in the light of the respective rights of those rejecting it.
The valuation obstacle Is eliminated by providing that the value of the
property shall be determined by consideration of all relevant facts, but
with proper emphasis upon earning power.
As already stated, the present law contemplates hurried procedure. Your
committee feels that time ought to to be taken to work these reorganizations
but with careful consideration. The amended bill carries a provision which
gives the judge discretion as to when he shall dismiss these cases.
Protection Against Injustice
It is intended to protect the stockholders and creditors against injustice
due to reorganizations based on depressed conditions which may be transient.
Provisions authorize the issuance of options or warrants to receive, or
subscribe for, securities—these being so-called "rain-check" securities.
Irregularities and abuses have occurred in the activities of protective
committees, an extreme case being that of the Chicago Milwaukee & St.
Paul, which the Commission unsuccessfully attempted to prevent. The
bill carries provisions enabling comprehensive regulation of these committees, the purpose being to protect the public and the companies against
exploitation, this protection being impossible under the present law.
Powers to Judge
In order to insure that irregularities, misconduct or mismanagement
shall be disclosed, the judge is required to direct the trustee or the Commission to report to him the facts with reference thereto.
Certain banking firms have enjoyed an advantage through inside information as to the names and addresses of security holders, which should
be a matter of common knowledge and which, under the existing law,
cannot be required. The bill allows the judge to order the divulgence of
such information. The foregoing are she important changes, but there
are a great many minor changes refailting from a general reconsideration
and overhauling of the whole Act.
Railroad Pension Bill Signed by President Roosevelt
—Rail Pension Tax Bill Also Signed—House Members Named to Study Railroad Workers' Pensions
On Aug. 29 President Roosevelt signed both the railroad
pension bill and the rail pension tax bill, the latter designed
to raise funds to pay annuities to railroad workers. The rail
pension tax bill passed the House on Aug. 22 (as noted in
our issue of a week ago, page 1210), while the Senate passed
the tax bill on Aug. 23. In the case of the rail pension bill
both the House and Senate passed the measure Aug. 19.
Congressional action on this was indicated in these columns
Aug. 24, page 1206. The pension bill was enacted to take
the place of the Railroad Retirement Act declared unconstitutional by the United States Supreme Court on May 6 of
this year. In reporting the signing of the two bills on Aug.
29 Washington advices to the New York "Times" said:
Present at the signing of the railroad pension and tax bills were Representative Crosser of Ohio, author of the pension Act in the House, and
Timothy Shea, Chairman of the legislative committee of the Railroad Labor
Executives' Association, both of whom received pens used by the President.
The Third Deficiency Appropriation bill defeated in the dying hours of
Congress by Senator Long's filibuster, carried an appropriation of $600,000
for the administration of the Railroad Pension Act until March 1, when it
becomes effective.
While the President is seeking means of paying for the administration of
the Act. Mr. Crosser said that he expected that the Government would go
ahead with the preparatory work by setting up the board provided for.
On Aug. 20 Speaker Byrns of the House appointed three
House members to a commission to study the question of
railway workers' pensions and return recommendations to
the next session of Congress. From Associated Press accounts from Washington .Aug. 28 we quote:
The pension bill approved by Congress in its closing days provided for
the commission composed of the three House members, three Senators and
three Presidential appointees. It is to suggest by Jan. 1 any changes
needed to assure the adequacy of the retirement system.
Speaker Byrns named Representative Robert Crosser. Democrat, of
Ohio; Fred M. Vinson, Democrat, of Kentucky, and Earl C. Michener,
Republican, of Michigan. Mr. Crosser was leader in the House drive for
pension legislation.
President Roosevelt in Address to Young Democratic
Clubs of America Declares Concepts of Regulation
of Money and Credit and Industrial Competition
Are Being Modified to Save Economic Structure
from Confusion—Criticizes "Tories of the World"
An address in which he declared that "the methods of the
old order are not, as some would have you believe, above the
challenge of youth," was delivered by radio from Washington
by President Roosevelt on Aug. 24 to the Young Democrats
of America in Convention at Milwaukee. The President,
who indicated that what his remarks would convey to the
Aug. 31 1935
Young Democratic Clubs "were precisely what he would
say were he addressing a wnvention of the youth of the
Republican Party" spoke in defense of the social and economic
legislation recently enacted by Congress at his instance.
Delcaring that "you and I know that this modern economic
world of ours is governed by rules and regulations vastly
more complex than those laid down in the days of Adam
Smith or John Stuart Mills," the President continued in part:
Our concepts of the regulation of money and credit and industrial competition, of the relation of employer and employee, created for the old
civilization, are being modified to save our economic structure from confusion, destruction and paralysis. The rules that governed the relationship
between an employer and employee in the blacksmith's shop in the days of
Washington cannot, of necessity, govern the relationship between the
50,000 employees of a great corporation and the infinitely complex and
diffused ownership of that corporation. If 50,000 employees spoke with
50,000 voices there would be a modern Tower of Babel. That is why we
Insist on their rights to choose their representatives to bargain collectively
in their behalf with their employer.
The reforms. . .for which we were condemned 24 years ago are taken
to-day as a matter of course, and so, I believe, will be regarded the reforms
that now cause such concern to the reactionaries of 1935. We come to an
understanding of these new ways of protecting people because our knowledge
enlarges and our capacity for organized action increases.
The President further declared that "the reason that the
forces of reaction so often defeat the forces of progress is
that the tories of the world are agreed and united in standing
still on the same old spot and, therefore, never run the danger
of getting lost on divergent trails." "One might remark
in passing," he added, "that one form of standing still on
the same spot consists in agreeing to condemn all progress
and letting it go at that."
In his concluding remarks the President said:
To the American youth of all parties, I submit a message of confidence
—unite and challenge. Rules are not necessarily sacred—principles are.
The methods of the old order are not,as some would have you believe, above
the challenge of youth.
Let us carry on the good that the past gave us. The best of that good
is the spirit of America. And the spirit of America is the spirit of inquiry,
of readjustment, of improvement, above all a spirit in which youth can
find the fulfilment of its ideals.
In full the President's speech as given in the "Congressional
Record" follows:
I am deeply sorry that I have had to forego the opportunity of accompanying my old friend, &UMW Ryan Duffy, to Milwaukee to be with you.
as I heel planned to-night. But the closing days of a far-reaching and
memorable session of the Congress of the United States keeps me here in
Washington.
You doubtless know everything that I am going to say to you—because
starting as early as last Monday certain special writers of a few papers
have given you a complete outline of my remarks. I have been interested
and somewhat amused by these clairvoyants who put on the front Pages
many days ago this speech which, because of pressure of time, I could only
think out and dictate this very morning.
Whatever his party affiliations may be, the President of the United
States, in *addressing the youth of the country—even when speaking to
Younger citizens of his own party—should speak as President of the whole
People. It is true that the Presidency carries with it, for the time being.
the leadership of a political party as well.
"A Duty to Analyze Needs"
But the Presidency carries with it a far higher obligation than this—
the duty of analyzing and setting forth national needs and ideals which
transcend and cut across all lines of party affiliation. Therefore, what
I am about to say to you, members of the Young Democratic Clubs, is
precisely—word for word—what I would say were I addressing a convention
of the youth of the Republican l'arty.
A man of my generation comes to the councils of the younger warriors
in a very different spirit from that in which the older men addressed the
Youth of my time. Party or professional leaders who talked to us 25 or 30
years ago almost inevitably spoke in a mood of achievement and of exultation. They addressed us with the air of those who had won the secret of
success for themselves and of permanence of achievement for their country
for all generations to come.
No Spectre of Want in Past
They assumed that there was a guarantee of final accomplishment for
the people of this country and that the grin spectre of insecurity and
want among the great masses would never haunt this land of plenty as
It had widely visited other portions of the world. And so the elders of
that day used to tell us, in effect, that the job of youth was merely to
copy them and thereby to preserve the great things they had won for us.
I have no desire to underestimate the achievements of the Past. We
have no right to speak slightingly of the heritage, spiritual and material.
that comes down to us. There are lessons that it teaches that we abandon
only at our own peril. "Hold fast to that which is permanently true."Is
still a counsel of wisdom.
While my elders were talking to me about the perfection of America.
I did not known then of the lack of opportunity, the lack of education,
the lack of many of the essential needs of civilization; that all these existed
among millions of our people who lived not alone in the slums of the greet
cities and in the forgotten corners of rural America—existed even under the
very noses of those who had the advantages and the power of government
of those days.
Youth's Task to Correct Errors
I say from my heart that no man of my generation has any business
to address youth unless he comes to that task not in a spirit of exultation.
but in a spirit of humility. I cannot expect you of a newer generation to
believe me, of an older generation, if I do not frankly acknowledge that
had the generation that brought DM into the world been wiser and more
provident and more unselfish, you would have been saved from needless
difficult problems and needless pain and suffering.
We may not have failed you in good intentions but we have certainly
not been adequate In results. Your task, therefore, is not only to maintain
the best in your heritage, but to labor to lift from the shoulders of the
American people some of the burdens that the mistakes of a past generation
have placed there.
There was a time when the formula for success was the simple admonition
to have a stout heart and willing hands. A great, new country lay open.
When life became hard in one place it was necessary only to move on to
Volume 141
Financial Chronicle
another. But circumstances have changed all that. To-day we can no
longer escape into virgin country; we must master our environment. The
youth of this generation finds that the old frontier is occupied. but that
science and invention and economic evolution have opened up a new frontier
—one not based on geography but on the resourcefulness of men and women
applied to the old frontier.
Lessons Learned by Suffering
The cruel suffering of the recent depression has taught us unforgettable
lessons. We have been compelled by stark necessity to unlearn the too
comfortable superstition that the American soil was mystically blessed with
every kind of immunity to grave economic maladjustments and that
the American spirit of individualism—all alone and unhelped by the cooperative efforts of government—could withstand and repel every form of
economic disarrangement or crisis. The severity of the recent depression,
toward which we had been heading for a whole generation, has taught us
that no economic or social class in the community is so richly endowed and
so independent of the general community that it can safeguard its own
security, let alone assure security for the general community.
The very objectives of young people have changed. In the older days
a great financial fortune was too often the goal. To rule through wealth,
or through the power of wealth,fired our imagination. This was the dream
of the golden ladder—each individual for himself.
It is my firm belief that the newer generation of America has a different
dream. You place emphasis on sufficiency of life, rather than on a plethora
of riches. You think of the security for yourself and your family that will
give you good health, good food, good education, good working conditions
and the opportunity for normal rereation and occasional travel. Your
advancement, you hope, is along a broad highway on which thousands
of your fellow men and women are advancing with you.
Life To-day Vastly More Complex
You and I know that this modern economic world of ours is governed
by rules an regulations vastly more complex than those laid down in the
days of Adam Smith or John Stuart Mill. They faced simpler mechanical
processes and social needs. It is worth remembering, for example, that
the business corporation,as we know it, did not exist in the days of Washington and Hamilton and Jefferson.
Private businesses then were conducted solely by individuals or by
partnerships in which every member was immediately and wholly responsible for success or failure. Facts are relentless. We must adjust our ideas
to the facts of to-day.
Our concepts of the regulation of money and credit and industrial competition. of the relation of employer and employee created for the old
civilization are being modified to save our economic structure from confusion, destruction and paralysis. The rules that governed the relationship
between an employer and employee in the blacksmith's shop in the days
of Washington cannot, of necessity, govern the relationship between the
50,000 employees of a great corporation and the infinitely complex and
diffused ownership of that corporation.
If 50,000 employees spoke with 50,000 voices, there would be a modern
Tower of Babel. That is why we insist on their right to choose their representatives to bargain collectively in their behalf with their employer. In
the case of the employees every individual employee will know in his daily
work whether he is adequately represented or not. In the case of the
hundreds of thousands of stockholders in the present-day ownership of
great corporations, however, their knowledge of the success of the management is based too often solely on a financial balance sheet.
Right of Investor Protection
Things may go wrong in the management without their being aware
of it for a year, or for many years to come. Without their day-to-day
knowledge they may be exploited and their investments jeopardized.
Therefore, we have come to the recognition of the need of simple but
adequate public protection for the rights of the investing public.
A rudimentary concept of credit control appropriate for financing the
economic life of a nation of 3.000,000 peple can hardly be urged as a means
of directing and protecting the welfare of our 20th century industrialism.
The simple banking rules of Hamilton's day, when all the transactions
of a fair-sized bank could be kept in the neat penmanship of a clerk in one
large ledger, fail to protect the millions of individual depositors of a great
modern banking institution.
And so it goes through all the range of economic life. Aggressive enter•
prise and shrewd invention have been at work on our economic machine.
Our rules of conduct for the operation of that machine must be subjected
to the same constant development.
And so in our social life. Forty years ago slum conditions in our great
cities were much worse than to-day. Living conditions on farms and working conditions in mines and factories were primitive. But they were
taken for granted. Few people considered that the government had responsibility for sanitation, for safety devices, for preventing child labor
and night work for women.
Recalls Fight in 1911 for Reform
In 1911.24 years ago, when I was first a member of the New York State
Legislature, a number of the younger members of the Legislature worked
against these old conditions and called for laws governing factory inspection,
for workmen's compensation and for the limitation of work for women
and children to 54 hours, with one day's rest in seven. Those of us who
joined in this movement in the Legislature were called reformers, Socialists
and wild men.
We were opposed by many of the same organizations and the same
individuals who are now crying aloud about the socialism involved in
social security legislation, in bank deposit insurance, in farm credit, in
the saving of homes, in the protection of investors and the regulation of
public utilities. The reforms, however, for which we were condemned
24 years ago are taken to-clay as a matter of course. And so, I believe, will
be regarded the reforms that now cause such concern to the reactionareis
of 1935.
We come to an understanding of these new ways of protecting people
because our knowledge enlarges and our capacity for organized action
increases. People have learned that they can carry their burdens effectively only by co-operation. We have found out how to conquer the ravages
of diseases that years ago were regarded as unavoidable and inevitable.
We must learn that many other social ills can be cured.
Pictures New Individualism
Let me emphasize that, serious as have been the errors of unrestrained
individualism. I do not believe in abandoning the system of individual
enterprise. The freedom and opportunity that have characterized American development in the past can be maintained if we recognize the fact
that the individual system of our day calls for the collaboration of all of
us to provide, at the least, security for all of us. Those words "freedom"
and "opportunity" do not mean a license to climb upward by pushing other
people down.
1373
Any paternalistic system which tries to provide for security for every
one from above only calls for an impossible task and a regimentation utterly
uncongenial to the spirit of our people. But government co-operation to
help make the system of free enterprise work, to provide that minimum
security without which the competitive system cannot function, to restrain
the kind of individual action which in the past has been harmful to the
community—that kind of governmental co-operation is entirely consistent
with the best tradition of America.
Just as the evolution of economic and social life has shown the need for
new methods and practices, so has the new political life developed the need
for new political practices and methods. Government now demands the
best trained brains of every business and profession. Government to-day
requires higher and higher standards of those who would serve it. It
must bring to its service greater and greater competence. The condition
of public work must be improved and protected. Mere party membership
and loyalty can no longer be the exclusive test. We must be loyal not
merely to persons or parties, but to the higher conceptions of ability and
devotion that modern government requires.
Gloomy Prophets in Every Age
There was a day when political sages, or those who controlled them,
took the attitude that anything new, or what they called "new-fangled,"
would lead to dire results. There is nothing new in those prophecies of
gloom. I read these lines in a paper the other day—a little poem entitled
"Going to the Dogs"'
Mr grandpa notes the world's worn cogs.
And says we're going to the dogs;
His granddad In his house of logs,
Swore things were going to the dogs:
His dad, among the Flemish bogs,
Vowed things were going to the dogs;
The caveman in his queer skin togs,
Said things were going to the dogs;
But this Is what I wish to state—
The dogs have had an awful wait.
I would be lacking in any sense of responsibility and lacking in elementary
courage if I shared in such a hopeless attitude. I, for one, am willing to
place my trust in the youth of America. If they demand action, as well as
preachments. I should be ashamed to chill their enthusiasm with the dire
prophecy that to change is to destroy. I am unwilling to sneer at the vision
of youth merely because vision is sometimes mistaken. But vision does
not belong only to the young.
Calls for United March
There are millions of older people who have vision, just as there are
some younder men and women who are ready to put a weary, selfish or
greedy hand upon the clock of progress and turn it back.
We who seek to go forward must ever guard ourselves against a danger
which history teaches. More than ever, we cherish the elective form of
democratic government, but progress under it can easily be retarded by
disagreements that relate to method and to detail rather than to the broad
objective upon which we are agreed. It is as if all of us were united in the
pursuit of a common goal, but that each and every one of us were marching
along a separate road of our own. If we insist on choosing different roads,
most of us will not reach our common destination.
The reason that the forces of reaction so often defeat the forces of progress
is that the Tories of the world are agreed and united in standing still on the
same old spot and, therefore, never run the danger of getting lost on divergent trails. One might remark in passing that one form of standing still
on the same spot consists in agreeing to condemn all progress and letting
it go at that.
Therefore to the American youth of all parties I submit a message of
confidence—unite and challenge. Rules are not necessarily sacred—
principles are. The methods of the old order are not, as some would
have you believe, above the challenge of youth.
Let us carry on the good that the past gave us. The best of that good
is the spirit of America. And the spirit of America is the spirit of inquiry,
of readjustment, of improvement. above all a spirit in which youth can find
the fulfilment of its ideals. It is for the new generation to participate in the
decisions and to give strength and spirit and continuity to our Government
and to our national life.
Record Number of Appointments by
President Roosevelt
President Roosevelt broke all nomination records during
the session of Congress just closed, it was stated in Associated
Press accounts from Washington Aug. 27, which added:
A final check to-day by the Senate Executive Clerk, Lewis W. Bailey.
showed 14,998 names submitted and 14,926 confirmed.
The number of appointments exceeded by more than 5,000 the total
for the two sessions of the first Roosevelt Congress.
The President also had an unusually high average of confirmations.
Of the 14,998 appointments only 12 were rejected, all but one being
postoffice nominees; 25 were withdrawn by the 'White House before Senate
action and 35 were not acted upon.
For the second time in history the Administration put through an
order before adjournment waiving the rule that all nominations not acted
upon must be returned to the White House. The 35 will remain in their
present status until next session and the President will not have to make
recess appointments. Those named will draw pay until disposed of next
winter.
Adjournment of First Session of Seventy-fourth Congress—Winding Up of Session Marked By Senate
Filibuster to Force House to Concur in Senate
Riders to Third Deficiency Bill for 12 Cent Cotton
Loans and 90 Cent Loans on Wheat—Tactics Prevented Passage of Deficiency Bill
Adjournment of the first session of the Seventy-fourth
Congress occurred shortly after midnight on Aug. 26, the
adjournment bringing to an end a filibuster engaged in by
Senator Huey P. Long of Louisiana. The tactics which
prevented the enactment of the bill developed through an
effort to force the House to accept last minute amendments
by the Senate to the Third Deficiency Bill which would have
called for the continuance of loans of 12 cents a pound on cotton and provided for loans of 90 cents a bushel on wheat. The
adjournment of the session, under a previously adopted
concurrent resolution, marked the defeat of the Third
Deficiency Bill'which it is understood carried appropriations
of $76,000,000 for the Social Security Law, $13,000,000 for
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Financial Chronicle
soil conservation, $600,000 for the Rail Retirement Board,
$200,000 for administration of the Guffey-Snyder Coal
Control Bill, $200,000 for the operation of the Federal
Alcohol Control Administration and $25,000 for administration of the Neutrality Act.
The winding up of the session previously scheduled for
Saturday (Aug. 24) under concurrent resolution, suffered
a setback just before the agreed adjournment that night as a
result primarily of a coalition of Southern Senators as a
protest against President Roosevelt's plan to reduce from
12 cents to 9 cents a pound the Government loan on cotton,
to which reference was made in our Aug. 24 issue, page 1216.
From a dispatch Aug. 24 to the New York "Times" we
quote the following:
The delay developed after the Senate's adoption of an amendment by
Senator Byrnes to the Third Deficiency Bill directing the Commodity
Credit Corporation to continue lending 12 cents a pound on that staple,
in the face of Agricultural Adjustment Administration plans to reduce the
amount by 3 cents to expedite exports, although guaranteeing a 12-cent
return to farmers.
Tied in with the fight for the 12-cent cotton loan was a supplementary
amendment to the bill by Senator Frazier, calling upon the Government
to lend 90 cents a bushel on wheat at the rate of 1% cents a pound. Both
amendments were adopted by the Senate early in the evening during
consideration of the deficiency measure.
Filibuster sentiment developed rapidly among Cotton State Senators when
Chairman Buchanan of the House Appropriations Committee announced
even before the bill with Senate amendments had been presented to the
House that he would "let the measure die" before acceding in the Senate's
position. . . .
Prior to the threat of filibuster, both the House and Senate had adopted
a concurrent adjournment resolution as of to-day. Aug. 24. Leaders
explained that one legislative day might encompass several calendar days,
if not a week. Under the rules of the House the Deficiency Bill could be
brought up only by unanimous consent unless a special rule was provided
for its consideration. . . .
Before the Senate's vote on the Byrnes amendment, Senator Frazier
offered his additional amendment providing the grants by the.CCC of
90 cents a bushel on wheat, or at the rate of 1% cents a pound. In contrast
to the lengthy discussion by Senators from the Cotton States on the Byrnes
amendment, the proposal offered by Senator Frazier was brought to a
vote with a modicum of debate.
Robinson Shows Concern
A look of grave concern crept over the faces of such Administration
supporters as Senator Robinson when a vote of 41 to 23 passed both the
cotton and wheat loans. It was at this stage that it first appeared that
defeat of the entire Third Deficiency Bill or its veto by President Roosevelt
was the only hope of scrapping the two anti-Administration proposals.
Detailing the happenings incident to adjournment after
midnight Aug. 26, Washington advices to the "Times" said:
Congress was propelled toward a settlement of differences between
House and Senate, and action on quitting by warnings from the White
House through Senator Robinson, the majority leader, that the President
might use his constitutional powers to adjourn the session if the two houses
could not agree on a time to quit.
When the end came Senator Long was on his feet, apparently prepared
to continue for hours. He had been speaking since 6:30 p. m.,assailing the
Senate for surrendering to the White House in its revolt against the AAA's
cotton loan policy.
Thirty seconds before the midnight hour, Senator Schwellenbach, leader
of a group of liberals who had heckled Senator Long all evening, jumped
to the floor.
"My parliamentary inquiry, Mr. President," he said, "Is whether the
Senator from Louisiana by this filibuster has not defeated the hopes and
aspirations of the American people and" . . .
"Barn!" went the gavel, interrupting the question.
"The Senate of the United States," shouted Vice-President Garner,
"stands adjourned sine die."
Farm Senators Revolt Ends
The farm Senators relented in their insistence on amendments to the
Deficiency Bill to provide for 2-cent loans on cotton and 90 cents a bushel
on wheat. They did not want to.assume the responsibility, in contrast
to Senator Long, of killing the bill. Compromise directed by the President paved the way to this end, coupled with immediate action by the
AAA to make 10-cent instead of 9-cent loans on cotton, which it recently
ordered.
Except for this last-minute demonstration of the Louisiana Senator,
the President was apparently in complete control of the situation. He
began a proceeding earlier in the day by which the revolt was put down,
partly by concessions but principally by strong action.
The Agriculture Department paved the way for the President when It
announced a liberalized cotton-loan plan, thus enabling him to divide the
cotton and wheat bloc and force the Senate to rescind its action of Saturday
and strike the offending amendments from the Deficiency Bill,
The President informed leaders in both houses that he could transfer
sufficient funds to start the social security program regardless of the fate
of the last appropriation bill. All other measures in his recovery and
reform program were on his desk awaiting only his signature to become law.
President Stat ts Final Drive
The new drive for adjournment was started by the President himself
when he called a group of Senate leaders to the White House to discuss the
conflict over the Deficiency Bill and, incidentally, to canvass with them the
possibility of using his constitutional prerogative to adjourn Congress
should the two houses not avee on a date of adjournment.
The leaders called to the White House included Senators Robinson,
Harrison, Connally, Byrnes, Black and Smith. Jesse Jones, Cha,rman of
the Reconstruction Finance Corporation, also was present.
None of the House leaders was included in the conference. They remained at the Capitol waiting word from the Senate. In the meantime
the House, by a vote to send the Deficiency Bill back to the Appropriations
Committee, placed the measure under the absolute control of Chairman
Buchanan.
The Senate was recessed as soon as it convened at 12 o'clock until 5 P. m.,
and the leaders, piling into two automobiles, hurried away to see the
President. The House was recessed, subject to the call of the Speaker,
as soon as it had sent the amended bill to the Appropriations Committee.
The Senate leaders were closeted with the President for more than an
hour. When they departed, they hurried away to the Capitol for another
session of their own. They gathered in the quarters of Senator Robinson
and had luncheon sent in, while they continued the discussion.
Aug. 31 1935
When the Senate reconvened, Senator Robinson took the floor to state
the situation. He was interrupted by the appearance of the House messenger with the new adjournment resolution. He announced for the first
time, so far as the Senate was concerned, that the Department of Agriculture had modified its cotton plan and thereby had made it more acceptable to the Southern group.
He told the Senate frankly that this modified plan was the best it could
expect. He said he had definite information to the effect that the House
would not accept the Senate cotton and wheat amendment and with this
disclosed his purpose to ask for a reconsideration of those amendments.
pending which he would offer the new adjournment resolution.
Senator Schwellenbach asked what had happened to wheat In the day's
negotiations. Mr. Robinson answered that no new arrangement had been
made for that commodity.
George Condemns Cotton Plan
Holding the floor while his undebatabie motion to request the House to
return the Deficiency Bill was pending, Mr. Robinson yielded for a fiveminute speech by Senator George, who roundly condemned the new cotton
plan.
.
Notwithstanding various complaints, Senator Robinson pressed for his
motion. It was carried by a viva voce vote, the disappointed cotton and
wheat Senators being unable to muster sufficient support to force a rollcall. The Senate then stood in recess again to await the return of the
Deficiency Bill from the House.
Vice-President Garner called the Senate back into session at 6:15 o'clock,
and immediately Senator Robinson announced that the House had returned
the bill. He asked unanimous consent for reconsideration of the vote
by which the measure was passed in the Senate Saturday night.
"I object," snapped Senator Long,
Mr. Robinson, in a determined manner, answered:
"Now if the Senate is to be subjected to a filibuster, I have a well-defined
course in mind which I shall ask the Senate to pursue."
"Any one who wants to take the responsibility for defeating this bill
can do so," he continued, tensely. "I am not willing to have this controversy unduly prolonged. It is clear to me that the only way it can be
passed is by elimination of the two amendments. Therefore, I ask unanimous consent that the debate be limited, that no Senator can speak oftener
than once or more than five minutes."
Senator Long Objects to Curb
"I object," came again from the defiant Senator Long.
"Then I ask the chair to lay before the Senate the joint resolution of
adjournment." shouted Senator Robinson.
Senator Norris pleaded that the Appropriation Bill should not be jeopardized by undue haste. He said the Senate could stay "in session a little
longer" if necessary to complete the measure. But Senator Robinson said
he thought the bill could be disposed of by the hour arranged for adjournment.
"I say frankly that I think Congress should conclude to-day," he continued with great earnestness.
"I am not willing to leave this matter open. The House has passed
an adjournment resolution twice, the Senate once. I am not willing to
incur the liability of having Congress sent home by the Executive."
Mr. Robinson then pressed for a vote on the adjournment resolution,
Vice-President Garner ruling that the motion was not debatable. A rollcall was begged for, particularly by Senator Long, but not enough Senators
seconded the request.
Immediately the resolution was adopted without a roll-call.
"Now I move a reconsideration of the vote by which the bill was passed,"
Mr. Robinson said.
Senator Long jumped to his feet and started to tell the Senate how he
had aided in securing the two-thirds vote necessary last Saturday to attach
the cotton amendment to the Deficiency Bill.
As the "Kingfish" got under way, Senator Robinson walked over and
whispered in Senator Norris's ear. It was assumed that the Democratic
leader was informing the Nebraskan of the reported determination of
President Roosevelt to adjourn Congress if necessary.
No Harm to Stay, Says Long
The Louisiana Senator hotly protested that the House had never had a
chance to vote on the agricultural amendment and declared he wanted to
keep Congress in session. He objected to "being stampeded and being run
out of Washington."
The compromise, Senator Long declared, left the wheat farmers "out
in the cold."
Senator McCarran asked him to let the amendments be stricken out and
the bill passed. Mr. McCarran said the South Carolinan and other cotton
bloc Senators were satisfied with the "best obtainable" and that the appropriations in the deficiency measure should be saved.
Mr. Long, however, refused consent, saying it would do "no harm" to
keep Congress in session. . . .
Try to Wear Louisianian Down
Senator Robinson had wanted to move an adjournment soon after the
quorum was called about 8:30 o'clock, but the same group of liberals which
held Mr. Long's "feet to the fire" during his recent 15%-hour filibuster
said they wanted to stick it out to-night. They were resolved, they told
Mr. Robinson, to wear Mr. Long down.
Senator Long, his arms waving as he strode up and down behind Senate
desks, said cotton and wheat farmers were being deprived of their rights.
"That's the issue to-night." he cried.
Senate leaders were defied to "telephone to Louisiana and tell 'em what
I am doing."
He played to the crowded galleries all through his speech.
Regarding the adjournment of the House after midnight
Aug. 26 we quote the following from the Washington account
to the "Times":
The House adjourned sine die at 12:09 this morning. The House clock
stood at 11:57, having been turned back.
The session was given over in the closing hours to band playing, song
and histrionic recitation.
The Navy Band was brought in and was led in its playing of many
selections by Representative Connery, Representative Caroline O'Day,
waving a navy musician's cap, led the House and galleries in song, Representative Florence P. Kahn took a turn at leading the band, and member
after member had a turn in offering a song or a recitation.
All this came after rapid-fire action when the House convened to clear
the decks of all business. Speaker Byrne, using the discretion of his
office, committed the Deficiency Bill to the Appropriations Committee
without a vote, thus assuring that the measure would be bottled up. The
motion to adjourn at midnight was adopted on a standing vote, 172 to 47,
in the face of objection by a small group led by Representative Vinson of
Georgia.
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Financial Chronicle
Then the House went into recess, subject to the call of the Speaker.
r During the recess Chairman Buchanan of the Appropriations Committee
declared that he would make no effort to report the Deficiency Bill, with its
Senate amendments providing for 12-cent loans on cotton and 90-cent loans
on wheat. He said that hearings on such a momentous policy as that
Involved would take at least two weeks,and voiced fear that the loans would
break the Government.
k In adjoining the House Mr. Byrns said:
"I want to congratulate every member of the House. I have never
served in any Congress that showed a greater desire to co-operate. The
House has discharged its obligations without complaint. I am indebted
to each of you as your presiding officer. 1 hope you all will have a long
and pleasant rest and that we will meet again in January. 1 now declare
the House adjourned sine die."
As the House was called to order, Speaker Byrns made good his earlier
announcement and recognized Chairman Buchanan of the Appropriations
Committee to make a unanimous consent request to address the body for
not more than half an hour.
The Committee Chairman's purpose—that of proposing to commit the
Deficiency Bill to committee and let it die there—was well known to
members of Southern delegations, Mr. Buchanan having told newspaper
men during the morning hours that "I am against the Senate amendments,
the President is against them, and so is everybody else who has any sense."
Representative Vinson of Georgia reserved the right to object to the
Buchanan request for the purpose of asking whether opportunity also
would be given members to speak in support of the amendments. Mr.
Buchanan said that was a matter for the House to decide and that he
could not guarantee that such opportunity would be given.
Before Mr. Vinson could reply, Representative McFarlane of Texas
objected, .
Southerner Protests to Chair
Representative Vinson, who had been on his feet clamoring for recognition was recognized to make a parliamentary inquiry and mildly upbraided
the chair for not permitting him to move for the immediate consideration
of the bill on the floor then and there.
Speaker Byrns advised the Georgian that he was in error, since such a
substitute motion lacked privileged status and so would not have been
in order.
With the fate of the wheat and cotton loan amendments thus settled.
as far as the House was concerned, Acting Majority Leader Taylor offered
the adjournment resolution directing an end of the first session of the 74th
Congress by midnight.
Representative Vinson, with the entire Georgia delegation and a number
of other Southern Representatives solidly behind him, then countered with
a motion to table the adjournment proposal. The counter motion was
shouted down overwhelmingly and was rejected for the second time on a
standing division of 178 to 47.
Persisting in his opposition, Mr. Vinson demanded a record vote on
adjournment, but this time was supported by only 27 members, an insufficient number to force a call of the House.
Loan Amendments Assailed
Recognized a moment later by Speaker Byrns for the purpose of moving
that the Deficiency Bill be referred to his Appropriations Committee, Mr.
Buchanan announced:
"In view of the fact that amendments have been attached to the bill
in the Senate which may involve the Government in an expense of $1,500.000,000 to $2,000,000,000 in the way of loans, in view of the fact that the
Reconstruction Finance Corporation cannot raise sufficient money even to
take care of the cotton and wheat amendments under its authorization to
Issue debentures and securities, and in view of the fact that this amendment
came to the House on the evening of the very day that the House and
Senate had adopted a concurrent resolution to adjourn. I feel that these
momentous amendments, involving the weal and the woe of the nation,
deserve a thorough investigation and consideration by the Committee."
Without providing any opportunity for the House to vote on the motion,
Speaker Byrns announced that "in view of the tremendous importance of
the legislation," he was taking advantage of his discretion to send the bill
to the Appropriations Committee for consideration.
The adjournment resolution then came up for consideration and Representative Taylor moved the previous question on the resolution, shutting
off debate. It was adopted on a standing vote of 172 to 47.
Full authority to deal for the whole group in fighting the wheat and
cotton loan amendments was vested in Chairman Buchanan by an appropriations subcommittee shortly after the House recessed. He said afterwards
that no formal action had been taken, but indicated his Committee had no
Intention to call hearings on the controverted amendments.
Summary of Legislative Achievements of First Session
of 74th Congress
The following summary of the accomplishments of the
first session of the 74th Congress was contained in United
Press advices Aug. 25 from Washington to the New York
"Journal of Commerce":
1. Social Security—A program aimed to insure some 30,000,000 Americans
against the hazards of old age, unemployment and disability.
2. Wagner Labor Disputes Act—A law seeking to guarantee to workers
the right to organize and bargain collectively with their employers.
3. Banking Act of 1935—Strengthening Federal control over credit and
monetary policy.
4. Natinal Defense—Nearly $1,000,000,000 was voted to increase the
strength of the Army and Navy, and construction of 24 new naval vessels
was authorized.
5. Neutrality—Voted an embargo on munitions to warring nations,
effective until March 1: set up a registration and licensing system for arms
manufacturers, and prohibited American ships from carrying arms or men
to belligerent ships at sea.
6. Cold Clause Suits—Citizens were prohibited from suing the Government
after Jan. 1 on claims arising from dollar devaluation.
7. Alcohol Control—Reasserted the Government's control of the liquor
Industry which was voided by the Supreme Court's National Recovery
Administration decision.
8. Guffey Coal Bill—Set up a "little NRA" for the bituminous coal industry, imposing a tax on production and rebating 90% of the tax to producers who adhered to certain wage and hour standards.
6, Farm Mortgage Moratorium—Permitted bankruptcy proceedings to
stay foreclosures for three years, giving farmers the right to redeem their
property after that time.
10. Utilities—Voted to limit utility holding companies to not more
than two for any given integrated system of operating companies, and
placed holding.company control under Securities and Exchange Commission.
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11. Relief—Voted $4.000,000,000 to set up two-year works program
designed to give employment to 3,500,000 raen.
12 Taxes—Increased taxes on the rich on wealthy estates and profitable
corporations to raise an additional $250,000,000 yearly revenue.
13. AAA Amendments—Sought to bolster the New Deal farm program
against pending court tests and restrict suits for recovery of processing
taxes if they are found Illegal.
14. TVA Amendments—Gave Tennessee Valley Authority specific authority to sell surplus power.
15. Air Mail—Directed Interstate Commerce Commission to investigate
rates paid to air lines and continued maximum 33 1-3% base pay.
16. Motor Carriers—Placed inter-State bus and truck lines under the
ICO safety regulations.
17. Railroad Reorganization—Simplified procedure for reorganization
under ICC approval.
8. Railroad Pensions—Provided for Federal pensioning of raliroa
employees at 65 or after 30 years' service.
19. Veterans' Pensions—Restored full benefits to Spanish War veterans.
20. NRAExtended recovery agency in skeleton form after Supreme
Court voided original code structure.
21. Financing—Authorized sale of "baby bonds" in deniminations from
$25 up.
Congress Adopts Conference Report on Guffey-Snyder
Coal Control Bill—Bill Signed By President
Final Congressional action on the Guffey-Snyder coal
control bill, described as setting up a little National Recovery Administration for the soft coal industry, was recorded on Aug. 23, when the House and Senate adopted the
conference report. The Senate's approval was recorded without a record vote, while the House accepted the report by a
vote of 186 to 150. The bill was signed by President Roosevelt yesterday (Aug. 30). Regarding the signing of the
measure, Associated Press accounts from Washington said:
Mr. Roosevelt used 10 pens in signing the bill. One each went to Senator
Neely, Democrat of Virginia; Senator Barkley, Democrat of Kentucky;
Representatives Hill, Democrat of Washington; Vinson. Democrat of Kentucky, and Driscoll, Democrat of Pennsylvania; John L. Lewis, President
of the United Mine Workers; Henry 1Varrum, general counsel for the Mine
Workers; Walter Jones, of Pittsburgh, and Charles O'Neill, a central Pennsylvania coal operator.
Representative Lewis, Democrat of Maryland, was offered a pen but declined it. He told reporters he did so only because he "thought some of
the other fellows wanted them worse."
John L. Lewis predicted a settlement of the labor dispute in the bituminous fields. Negotiations are to be resumed with the operators Sept. 5.
"The enactment of this bill measurably clarifies the situation," Mr.
Lewis said. "We anticipate a settlement."
As to the agreement reached by the conferees early in the
day, Aug. 23, the Washington correspondent of the New
York "Journal of Commerce" had the following to say:
Though reconciled to the fact that there was little that could be done to
prevent enactment of the legislation which was given attention by Congress
only after many urgings from the White House, the Republicans continued
their fight to the end.
Reed Warns on Action
•
Representative Reed of New York, minority member of the House Ways
and Means Committee, assailed the House for voting approval of the measure
in the first ulace and warned that it was again going beyond the reaches
of the Federal Constitution.
"In a short time we will have lived under the Constitution for 148
years," he declared. "During this period we have grown to be a great
and glorious nation. But to-day, with the present Administration in power,
we are extending an invitation to ignore the Constitution."
Approved by the Senate yesterday by a roll call vote of 45 to 37, the
Guffey bill was sent to conference for an agreement on several differences
between the version as passed by the Senate and that adopted by the
House earlier this week.
The chief point at issue was the Borah amendment striking from the bill
those provisions which waived the application of the anti-trust law in so
far as concerns operators who comply with the provisions of the bill and
the code proposed to be established for the soft coal producing industry.
Although some regard the provisions as the "heart" of the legislation and
the "big stick" which would bring about successful administration of the
Act, the House willingly agreed to its elimination in order that nothing be
placed in the way of the bill's speedy transmission to the White House.
The House also accepted the Logan amendment inserted by the Senate
yesterday [Aug. 22] making it unnecessary that labor representatives on
the 23 district boards to be established be selected only from "national"
organizations of the workers. The amendment is believed aimed directly
at the United Mine Workers of America.
Approval also was voted by the House of another Senate amendment
exempting farm co-operative organizations from marketing and labor provisions of the Act which permits the co-operatives to deal in coal regardless
of minimum prices set up under the bill.
The Senate, on the other hand, receded from its amendment changing
the setup of the marketing areas and from its amendment making membership of the National Bituminous Coal Labor Board divided among political
parties. The House agreed to a Senate provision that employees of the
Bituminous Coal Commission must be employed on a civil service basis.
In Associated Press advices from Washington, Aug. 23,
it was stated:
The bill is designed to stabilize the coal industry by establishing a
national bituminous coal commission of five which would administer a
wage, hour, trade practice and price-fixing code. Those who lived by the
code would get a 00% drawback on a 15% tax levied against the value of
their coal at the mine-mouth. A labor board of three would be named by
the President to take jurisdiction in labor disputes.
The final draft of the measure included the Borah amendment ripping
out a House provision to suspend the anti-trust laws on complying operators.
The Idaho Senator and safe soft coal operators contend that this change
strips the bill of its price-fixing provisions, the very heart of the measure.
But Henry Warrum, counsel for the United Mine Workers, who helped
write the bill, maintains that the amendment would not have that effect
Previous reference to Congressional action on the bill
appeared in these columns Aug. 24, page 1208.
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Financial Chronicle
President Roosevelt Signs Federal Alcohol Bill Creating New Liquor Control Agency Following Completion of Congressional Action on Bill
Yesterday (Aug. 30) President Roosevelt affixed his signature to the Federal alcohol bill, creating a new liquor control
agency. The bill was in shape for the President's signature
on Aug. 24, at which time the House and Senate approved
the agreement reached on Aug. 23 by the conferees. The
agreement represented the adjustment of the differences
between the bill passed by the House on July 24 and that
passed by the Senate on Aug. 13. Approval of the conference
report by Congress was noted as follows in Associated Press
advices from Washington, Aug. 24:
In quick succession the House and Senate approved conference agreements
on the bill which twice during the session was killed and resurrected—all
because of a fight over what some termed the "whisky trust." But on the
last day only a perfunctory Senate vote was needed to send the bill to
esident Roosevelt's certain signature.
The measure was fairly simply. It created, in the Treasury Department,
a new Federal Alcohol Administration, to have charge of a code much like
tin six which regulated the entire liquor industry before the National Industrial Recovery Act was declared unconstitutional.
The new code, for example, would forbid such things as false advertising,
misrepresentation on labels and belittling of a competitor's product.
There was no particular hitch on that. But the House Ways and Means
Committee, largely at the insistence of Representatives Fuller of Arkansas
and Duncan of Missouri, had insisted upon permitting the sale of liquor in
and from barrels.
Secretary Morgenthau said it would take an "army" to enforce the liquor
tax laws if such permission were granted, and the Senate listened to him.
Mr. Fuller, however, insisted that the Treasury—not Morgenthau directly,
but some of his aides—were under the control of the "whisky trust," which,
he asserted, has a complete monopoly of the bottle business.
The final bill barred barrel sales, and before the House to-day approved
the conference agreement with the Senate Mr. Fuller predicted that "this
will cause us a bigger liquor scandal than ever existed before prohibition.
Another thing to which Mr. Fuller and some others objected was the fact
that the bill would establish no Federal control over breweries, although
it would apply to distillers, wholesalers, warehousemen and distributors.
Stating that there was no record vote by either the House
or Senate on the conference report the Washington advices
to the New York "Journal of Commerce" on Aug.25 added in
part:
Approval of the document, however, was somewhat delayed by lively debate
from disappointed Congressmen who had sought in vain to incorporate pet
provisions in the bill.
Supervision by Treasury
As approved by the Congress, the bill provides for a control agency under
supervision of the Treasury Department; prohibits sales of whiskey in bulk;
and provides that brewers shall be subjected to control provisions of the
bill except in States where regulatory laws are as stringent as the newly
approved Federal statute.
The Copeland amendment providing that internal revenue taxes on distilled spirits shall be collected from retailers who must place certain
stamps denoting the quality, etc., of the liquor on the container was stricken
out.
This action on the part of the conferees appeared for a time to represent
defeat for the liquor bill this session. Senator Copeland (Dem., N. Y.) took
the floor of the Senate yesterday afternoon and charged that he had not been
given an opportunity to present his case.
Mr. Copeland charged that Senator Harrison (Dem., Miss.), Administration
spokesman in the Senate, had invited him down to the Finance Committee
rooms last Saturday where the former conferred with Robert Jackson, counsel
for the alcohol tax unit of the Treasury Department, and L. H. Parker, a
representative of the Bureau of Internal Revenue.
"These men heard my provision and expressed great sympathy and understanding," Senator Copeland said. "I was promised an audience with Secretary of Treasury Morgenthau the following Monday. This audience never
materialized."
•
From the dispatch to the New York "Times" from Washington Aug. 23 we take the following regarding the compromise reached by the conferees:
The solution was a typical give-and-take measure in which both chambers
could claim victories.
Bulk sale, on which the House had insisted despite the Treasury's opposition, was thrown out, but the price which the Administration champions
had to pay for this concession was to place control of liquor traffic in the
hands of a single administrator operating under the supervision of the
Treasury.
Secretary Morgenthau and Joseph H. Choate, Jr., Alcohol Administrator,
had urged a commission independent of any existing authority to carry into
effect the regulations governing liquor sales since repeal of prohibition.
This idea had been espoused by the Senate, as against the House plan for a
bureau in the Treasury Department.
During the day conferees on both sides had believed the situation was
hopeless, but, as adjournment came nearer, principles hitherto thought inflexible became malleable. The transition is believed to have been aided by
Charles West, the President's liaison man, who joined the ways and means
Democrats at a night session.
Senate Shelves Flood Control Bill—Recommitted
Following Passage by House—House Measure
Carried Authorizations of $370,000,000
The Senate on Aug. 23, by a vote of 29 to 20, recommitted
to the Committee on Commerce the bill authorizing the construction of certain public works on rivers and harbors for
flood control, thus sidetracking the bill at the session just
adjourned. The bill had been passed by the House on the
previous day (Aug. 22) by a vote of 153 to 141. In the form
as approved by the House the bill carried authorizations
approximating $370,000,000, but the Senate Committee on
Commerce added about $200,000,000 in amendments.
In reporting the Senate's action on Aug. 23 in recommitting the bill to the Committee on Commerce, Associated
Aug. 31 1935
Press advices from Washington, that day,lappearinglinIthe
New York "Times" of Aug. 24, said:
..114
The bill was sent back to Committee after it had been ridiculed, and
denounced as a "graft bill," by Senator Tydings of Maryland in a filibuster
that lasted until almost midnight. . . .
Mr. Tydings concluded with a warning that the votes for the bill would
constitute a "roll-call ofshame" and would be so regarded by the country...
Senator Vandenberg of Michigan. starting the fight on the bill, said
that it would cost twice as much as the pending tax bill would raise annually
and that it "violates every precedent Congress has established" by authorizing appropriations for projects not yet approved by the engineers, and
thus become "a gigantic pork barrel."
Senator Ashurt of Arizona joined in the condemnation, when Mr. Vandenberg said the Committee in an hour to-day had added $200,000,000 in
amendments. . . .
Permanent Control Sought
Senate amendments had increased the cost of all projects:to about $500,
000,000. as against the House total of $370,000,000.
Senator Copeland moved to provide permanent floodrcontrol in the
up-State New York counties swept by torrential rains last month.$ As
Chairman of the Committee, he wrote the amendment for the $30.000,000
authorization, and the Committee promptly approved It.
He indicated his move was intended partly as a reply tol Republican
statements the Federal Government was not providing adequate relie
in the flood-stricken areas.
Adoption by House of Resolution'tojInquire‘into Air
Mail Contracts—Safety Code foryTravel by Air to
Be a Subject of Inquiry
Under a resolution approved by the House on Aug. 23, an
investigation to determine whether air transport companies
are complying with air mail contracts and safety precautions is authorized. James A. Mead (Democrat) of New
York, Chairman of the House Post Office Committee, in
pressing the resolution for consideration by the House, on
Aug. 23 said:
This resolution is a combination of three resolutions introduced during
the present session of Congress. Two of these resolutions were presented
by the gentleman from Minnesota [Mr. Maas] and one was introduced by
the gentleman from Illinois [Mr. Dobbins]. The resolutions of the gentleman from Minnesota [Mr. Maas] asked for information with regard to
the method of fixing rates for air mail pay and also with regard to the
reorganization of the air mail companies.
The resolution introduced by the gentleman from Illinois [Mr. Dobbins]
would inquire into the establishment of a safety code for travel by air.
We believe these three resolutions are timely and that some thought and
attention should be given to all three of the items included in this resolution of investigation.
No money will be required in the conduct of this investigation. I will
say to the gentleman from Massachusetts [Mr. Martin] that our committee, with the assistance of the late lamented Clyde Kelly of Pennsylvania conducted exhaustive investigations. We had voluminous hearings,
and the only thing now necessary is time in which to give this material
further study. Time is essential ; it is difficult for us to get together
during the sessions of Congress and devote such time as is necessary for
this work.
The air mail bill which passed the House a few weeks ago authorized
the Interstate Commerce Commission to review air mail rates, and to make
recommendations to Congress by next January. It is our desire, during
the coming autumn, to co-operate with the ICC in the establishment of a
uniform and standardized method of establishing these rates. It is our
desire to go along with the Bureau of Air Commerce of the Department of
Commerce in the enactment of a law with regard to safety in air travel ;
and in this connection I will say that such a law is essentially necessary
at this time. An illustration of its necessity is the death of the distinguished
former Senator from New Mexico, Mr. Cutting.
The resolution as adopted by the House reads as follows:
HOUSE RESOLUTION 344
Resolved, That the Committee on the Post Office and Post Roads, as a
whole or by subcommittee, is authorized and directed to conduct a thorough
investigation of (1) the air transport operations of companies holding contracts for the transportation of foreign or domestic air mail for the purpose
of determining whether adequate safeguards are provided and maintained
for the security of air mail and passengers transported by said contractors;
(2) the method or methods adopted by the Interstate Commerce Commission to fix and determine the fair and reasonable rates of compensation
for the transportation of air mail by airplane pursuant to the authority of
the Act to revise the air mail laws, approved June 12 1934, as amended
and (3) the manner in which, and the extent to which, the companies holding air mail contracts have reorganized and otherwise qualified in compliance with the requirements set forth in such Act of June 12 1934, as
amended.
The Committee shall report to the House (or to the Clerk of the House
if the House in not in session), during the present Congress, the results of
its investigations, together with its recommendations for such additional
legislation (if any) as it may deem advisable, after consideration of the
facts developed by its investigation.
For the purposes of this resolution the Committee, or any subcommittees
thereof, is authorized to sit and act during the present Congress, at such
time and places along or adjacent to any of said air mail routes as it may
deem necessary, whether or not the House is sitting, has recessed, or has
adjourned.
Text of Bill as Signed by President Roosevelt Providing
Forty-Hour Week for Postal Employees
The signing by President Roosevelt of the bill establishing a 40-hour week for postal employees was noted in these
columns Aug. 17, page 1023. The newly-enacted measure,
which becomes effective Oct. 1, was signed on Aug. 14, not
Aug. 15, as earlier reported.
Mail carriers, clerks, railway mail workers and others in
the service will be put on the five-day week, working eight
hours a day, it was noted in Associated Press advices from
Washington, Aug. 15, which also stated:
Although about 4,500 substitutes have received permanent positions in
the postal service during the last 18 months, there are still nearly 20,000
substitutes in the service.
Volume 141
Financial Chronicle
Regular postal employees have been working 44 hours a week, with
Lime off for overtime. Most clerks and carriers work five days a week
and a half day on Saturday, but any man who worked snore than 44 hours
in any week received time off later.
Postmaster-General Farley is reported as estimating that
the bill will add $21,000,000 to the cost of running the Post
Office Department. Stating that the bill fixes the maximum
number of substitutes each post office throughout the
country may have on its rolls, the Brooklyn "Daily Eagle"
of Aug. 16 added:
The ratio may not exceed one substitute to each seven regulars.
The National Federation of Post Office Clerks, in its eight-month fight
for passage of the measure, attacked the system under which substitutes
were unlimited and men stayed on the lists for years earning $5 or $6
a week.
The men are put to work only at peak hours, but their status as Civil
Service employees of the Government make them ineligible for relief.
Below we give the text of the bill as passed by Congress
and signed by the President:
[H. R. 6990]
AN ACT
To fix the hours of duty of postal employees, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That when the needs of the service
require supervisory employees, special clerks, clerks, and laborers in first.
and second-class post offices, and employees of the motor-vehicle service,
and carriers in the City Delivery Service and in the village delivery service,
and employees of the Railway Mail Service, clerks at Division Headquarters
of Post Office Inspectors, employees of the Stamped Envelope Agency and
employees of the mail equipment shops; cleaners, janitors, telephone
operators, and elevator conductors, paid from appropriations of the First
Assistant Postmaster-General; and all employees of the Custodial Service
except charwomen and charmen and those working part time, to perform
service on Saturday they shall be allowed compensatory time for such
service on one day within five Working days next succeeding the Saturday
on which the excess service was performed: Provided, That employees who
are granted compensatory time on Saturday for work performed the preceding Sunday or the preceding holiday shall be given the benefits of this Act
on one day within five working days following the Saturday when such
compensatory time was granted: Provided further, That the PostmasterGeneral may, if the exigencies of the service require it, authorize the
payment of overtime for service on the last three Saturdays in the calendar
year in lieu of compensatory time, except cleaners, janitors, telephone
operators, and elevator conductors paid from the appropriation of the
First Assistant Postmaster-General, and custodial employees who shall be
given compensatory time in lieu of overtime pay within thirty days next
succeeding: And provided further, That for the purpose of extending the
benefits of this Act to railway postal clerks the service of said railway
postal clerks assigned to road duty shall be based en an average not exceeding 6 hours and 40 minutes per day for three hundred and six days per
annum, including a proper allowance for all service required on lay-off
periods as provided in Post Office Department circular letter numbered 1348,
dated May 12, 1921; and railway postal clerks required to perform service
i3 excess of six hours and forty minutes daily, as herein provided, shall be
paid in cash at the annual rate of pay or granted compensatory time, at
their option, for such overtime.
Sec. 2. The ratio of substitute post office clerks, substitute city letter
carriers, substitute laborers, substitutes in the motor vehicle service, and
substitutes in the Railway Mail Service shall be not more than one substitute for eight regular employees: Porvided, That at post offices with
receipts of more than $500,000 per annum, and less than $10,000,000 per
annum, the ratio of substitutes shall not be more than one substitute for ten
regular employees: Provided further, 'That at post offices with receipts of
less than $500,000 the ratio shall be not more than one substitute for
twelve regular employees, and at offices having less than twelve employees
one substitute shall be provided: Provided further, That where the ratio of
substitutes on the date of the enactment of this Act is in excess of the
ratio provided for herein no additional substitutes shall be appointed until
these ratios are established: And provided further, That the provisions of
this Act shall not operate to furlough or dismiss any regular substitute.
Sec. 3. This Act shall take effect October 1, 1935.
Approved, August 14, 1935.
Six Major Bills on President's "Must" List Failed of
Enactment By Congress—Over 13,500 Measures
Introduced During Session
Six major pieces of Administration "must" legislation
failed of enactment during the first session of the 74th Congress which adjourned shortly after midnight Aug. 26.
The list was reported in the Washington advices Aug. 27 as
follows:
1. The Walsh Government Contract Bill, to force all winners of government contracts to abide by certain provisions of the invalidated National
Recovery Administration codes. This bill was passed by the Senate, but
was beaten by anti-NRA feeling in the House.
2. The Ship Subsidy Bill, to substitute direct subsidies to shipping interests for the present "mail contracts." This bill, passed by the House,
ran into a feeling that too much was being done for shipping interests and
Into objections by the shipping companies themselves. Despite a lastminute remodeling by Senator Copeland, it failed in the Senate. A resolution extending the time in which the President may cancel ocean contracts to March 1 1935. was adopted.
Commodity Bill Held Up
3. The Commodities Exchange Regulation Bill, a companion measure
to the Securities and Exchange Commission Bill of last session. This
bill, strongly urged by the Department of Agriculture and passed by the
House, was caught in the Senate jam at the close of the session.
4. The protocols for adherence to the World Court. This treaty, a
part of the Democratic platform, succumbed under the massed attack of
the Senate isolationists and a storm of protest raised by the Rev. Charles
E. Coughlin.
5. The Third Deficiency Bill, carrying a total appropriation of about
$93,000,000, including items for such creations of the Seventy-fourth
Congress as the National Labor Relations Board, the Social Security
Board, and other New Deal agencies and instrumentalities. This ap-
1377
parently routine measure passed the house, but suddenly found Itself
amended by the proposals of the Southern cotton and Western wheat Senators to include government commodity loans. Thus ennobled, it held
up adjournment over the week-end, threw the Agricultural Adjustment
Administration into a cold sweat, and died last night at the hands of Senator Long through his filibuster.
6. The Copeland Food and Drug Bill, to tighten restrictions on advertising and labeling claims for food, drugs, cosmetics and the like. This
controversial bill, which received only a left-handed endorsement from
the President, passed the Senate, but ran into the hearing doldrums in the
House and died there.
In the same advices it was stated:
Over 10,000 bills and resolutions were introduced in the House and about
3,500 in the Senate. President Roosevelt to date has signed 402 public
acts and 334 private acts. About 57 major acts were passed at this session,
covering a variety of important fields and including bills for social security,
new labor relations control, higher taxes and strict regulation of public
utilities.
Private bills are usually for the relief of some one or other. They are
necessary to allow payment of claims against the Government or for redressing some wrong done to some one in government employ. Many of
them are aimed at correcting ranks in the army or navy.
A vast grist of minor public legislation also went through at this session.
These bills provide for the issuance of memorial medals, the establishment
of National parks, the erection of monuments and similar vote-getting
activities.
Congressional Investigations to Be Conducted During
Recess
Fifteen principal investigations, including in their scope
chain stores, lobbying activities of the utility and other
industries, air transportation, World War international
banking, and the marketing of wool, are authorized to
proceed during the Congress recess it was reported in
Washington advices Aug. 24 to the New York "Times"
from which we also take the following:
Some must be completed before Congress reassembles in January.
It will probably be several weeks before these investigations are started
or resumed, but the indications are that before mid-October activities will
be under way to continue until about mid-December.
The authorized investigations are as follows
By the Senate1. Power and all other lobbies.
2. World War international banking, by the Munitions Committee,
3. Production, transportation and marketing of wool.
4. Investigation and survey of all land and water policies of the Executive and other agencies of the Government.
5. Bankruptcy and receivership proceedings in the United States courts.
6. Operation of the Silver Purchase Act of 1934.
7. Virgin Islands administration.
By the House1. Chain stores and the operation in connection therewith of an alleged
"super-lobby."
2. Real estate bondholders reorganizations, protective committees. &c.
3. Power lobby.
4. Air transport operations of companies holding mail contracts and
carrying passengers.
5. Flood conditions in Central New York as a basis for flood control
legislation.
6. All matters pertaining to replacement and conservation of wild life.
7. Patent situation.
8. Campaign expenditures of candidates for the House in special elections
this year.
Besides these investigations specifically authorized to sit during the
recess, the House Military Affairs Committee may hold executive hearings
to gather data needed in the drafting of defense legislation at the next
Session.
The Senate Lobby Investigating Committee, it now appears, will be
in recess for several weeks and then resume its inquiry into activities in
connection with the Wheeler-Rayburn Utilities Bill.
Nye Group Gets $25,000
An additional $25,000 for recess expenses of the Senate'Munitions Committee, headed by Senator Nye, has been voted, and the Committee plans a
"thorough and complete" inquiry into activities of international and other
bankers during the World War and in the years immediately afterward. . .
Pittman Heads Silver Inquiry
The special committee authorized to hold public hearings and to confer
with the Secretary of the Treasury relative to the administration and the
"economic and commercial effect" in the United States and in foreign
countries of the Silver Purchase Law of 1934 is headed by Senator Pittman.
of First Session of 74th Congress
Estimated at Over 10 Billion Dollars
Chairman Buchanan of the House Appropriations Committee has estimated (we quote from a Washington account
to the New York "Times")that the record appropriations of
the present session will total $10,250,000,000. He arrived
at the figure as follows:
Appropriations
$7,550,000,000
Appropriations (estimated)
To which must be added appropriations which occur each
2,200,000.000
year without annual action by Congress
Also the sum made available for relief from funds of the
500,000,000
Reconstruction Finance Corporation
$10,250,000,000
Grand total •
The amounts carried in the regular annual appropriation bills, plus two
of the three deficiency bills follow:
War Department: Military, $341,348,204; non-military,
$401,998,170
$60.649,966; total
Navy—$458,684,379 in new appropriations, plus reappro466,184,379
Priations, bringing the total to
125,157,983
Agriculture
40,547,115
District of Columbia
777,501,956
Independent offices
61,220,928
Interior
20,746.760
Legislative
98,561,895
State-Justice-Commerce-Law
903,635,678
Treasury-Postoffice
112.633,830
First deficiency
272,901.233,
Second deficiency
137S
Financial Chronicle
Dr. Hugh S. Magill of American Federation of Utility
Investors Says Public Utility Holding Company
Act Is Regarded as "Attack on All Investor-Owned
and Privately-Managed Business"
With the signing by President Roosevelt, on Aug. 26, of
the public utility holding company bill, a statement was
issued by Dr. Hugh S. Magill, President of the American
Federation of Utility Investors, in which he said:
Investors in the stocks and bonds of all companies, particularly investors
in securities, are deeply disappointed by the passage, under tremendous
pressure, of the utility bill with its hastily rewritten "death sentence"
clause. This action, taken by a tired, worn-out Congress in the closing
hours of the session, at the demand of the President, and in utter disregard
of the recommendations of the House committee that had carefully considered the bill for months, is one more example of autocratic dictatorship
which seeks complete political control and bureaucratic domination of all
industry.
The long, hard-fought battle in support of the rights of the investor, and
against the ruthless destruction of investor-owned property, had been won.
Three times the House voted down the "death sentence." Then, by a
political coup, backed by the four billion dollar White House lobby fund,
an amended bill was put over without any oportunity for consideration of
its provisions.
That this action is regarded by investors as an attack on all investorowned and privately-managed business is evidenced by the immediate decline
in the market value of stocks and bonds amounting to hundreds of millions
of dollars.
If the President and those who helped him put over this piece of highhanded partisanship think they have succeeded in keeping this subject out
of the next campaign they are mistaken. The 10,000,000 investors in the
stocks and bonds of American industries, comprising that great body of
thrifty, industrious citizens who ask nothing more than the right to possess
and enjoy the fruits of their labor and their savings, will continue to fight
Is defense of their constitutional rights and against greedy political control
and unconstitutional confiscation of private property.
Purposes of Public Utility Holding Company Act
Outlined by Senator Wheeler
A statement by Senator Burton S. Wheeler (one of the
authors of the newly-enacted public utility holding company
bill), outlining the aim of the new legislation, appeared as
follows in the New York "Journal of Commerce" of Aug. 26:
The Public Utilities Holding Company Act (Wheeler-Rayburn bill) provides a comprehensive scheme of control for holding companies in the public
utility field. In addition to the usual mechanism of regulation there is
movided the control of securities issues, acquisitions and accounting
practices.
Further, the new law seeks to reduce the size and power of the units in
the public utility field to a size and power commensurate with the needs
of the operating industry.
It undertakes to make of the holding company an instrument to aid the
operating industry, preventing it from becoming an instrument of high
finance endangering the credit and stability of the industry. That is the
reason the President has referred to the bill as a recovery measure. Nothing
has hurt the industry more than the abuses that have arisen in connection
with the holding company. The latter has impaired the good will of operating companies in their relation to the consumers and injuriously affected
the credit of the industry.
The practices of the holding company have been particularly objectionable
In connection with service and management charges. While some of these
charges may be justified, too frequently they have represented exorbitant
profits taken by the holding companies from the operating companies who
are not in a position to bargain in the market to get the best price for the
services they need.
To remedy this situation the Act gives the Securities and Exchange Commission complete power over all intra-system services, construction and
engineering contracts, and requires that all such intro-system contracts
be placed upon a cost basis without profit. A few companies already have
recognized the impossibility of defending intra-system profits, realizing that
the attempt to get profits from the companies under their control would
sooner or later ;discredit not only themselves but the entire industry
as well.
There are many people who feel that Section 13 of the Act, taking the
profit nut of these 11'Am-system transactions, is the most important provision in the bill, transcending even Section 11 (death sentence provisions)
which has been the subject of so much controversy.
There is no question but that Section 11 is a very vital part of the law.
Regulation of large and exceedingly complicated corporations whose intricacies require years of study for the average administrator to understand is
more easily accomplished in theory than in practice, consequently, the
knowledge necessary for effective regulation often is lacking.
The new law tries to do away with all unnecessary corporate complexities
in the utility field. The electrical utility industry in this country is
essentially a local or regional business, and the centralization of control
of the operating utility companies in a few large holding companies bears
no relation to operating needs, but has been brought about solely for the
advantages that come to those who possess great economic power.
Thp readjustments which the legislation will require over a period of years
will not hurt the investor. These readjustments will come about through
orderly corporate reorganizations which will ultimately be of great advantage to the real investor, better by fat than the mergers and consolidations
which have taken place during the past decade and which the holding company managers told the investor would be to their advantage. Experience
has shown that in reality it was to the great disadvantage of the investors
and to their irreparable loss that these transitions took place. We hope
by the new law to correct these situations.
Representative Snell, Replying to President Roosevelt's Speech to Young Democrats, Sees Security
of Coming Generations Impaired Through Paying
off of "Almost Incredible" Debts of Present Generation—Declares Purpose of New Legislation Has
Been to Eliminate Element of Private Resourcefulness
Representative Bertrand H. Snell, Republican minority
leader, in a speech broadcast from Washington on Aug. 25
took occasion to reply to President Roosevelt's address of
Aug. 31 1935
Aug. 24 to the Young Democratic Clubs in Convention at
Milwaukee; the President's address appears elsewhere in
these columns to-day. Representive Snell in criticism of
the President's remarks said: "Our economic system is now
challenged as outworn. We are told it has become an
obstacle in the path of national progress, a menace to the
welfare of our rising generations. We are asked to cast it
aside and substitute something new—a 'planned economy,'
devised and offered by the New Deal."
Representative Snell went on to say, "President Roosevelt . . . stated there was need for a new economic
system because there are no new frontiers and that therefore
the welfare of generations to come must be based (I now
quote). 'on the resourcefulness of men and women, applied
to the old frontiers.'" Declaring that "the whole philosophy and practice of the New Deal repudiates this statement," Mr. Snell added:
The well defined purpose of all the important New Deal legislation since
the inauguration of the President has been to eliminate the element of
private resourcefulness, and to have the Government assume the functions
heretofore carried on by private enterprise and exercised by the individual.
That legislation collectively known as "planned economy," attempts to
place a whole people in lock-step and deny to the individual the right to
exercise his own judgment and resourcefulness in the management of his
own business,farm or factory. It would reduce every citizen to the status
of an automaton—taking orders from a Government bureaucrat, neither
elected by nor accountable to the people.
Mr. Snell pointed out that "the rising generation will face
the necessity of payirg off the almost incredible debts which
are being incurred by this Administration," and "this alone"
he said, "will impair the security not only of the next generation but of generations to come. It will cripple industry
and commerce."
Making the statement that "it is admitted on all hands
that in order to establish this new economic system our
Federal Constitution must be wholly rewritten," Representative Snell further said:
Already the Administration is launching a campaign to that end. This
Is the most serious of all problems which the young men and women of
to-day must consider and decide. The Constitution was written not for
the rich, or the strong, or for those who occupy places of authority, or
have accumulated great wealth. It was written for the humble citizen.
The moment the guaranties that great charter of human liberty gives the
Individual citizen are abolished it then becomes a struggle for the survival
of the strongest and the most powerful.
The Speech of Representative Snell in full follows:
America is the land of opportunity for the individual. Millions cane
from the Old World inspired by the assurance that here they would escape
the oppressive hand of governmental regulation, be permitted to work out
their own destinies and enjoy the fruits of their own industry and thrift.
Here they were assured of infinitely better working conditions in every
field of activity and infinitely better living standards in the home than
could be obtained in any other country in the world.
Here their daily lives have not been, until the advent of the "New Deal,"
regimented or their business policed by some minor Government official—
an age-old condition of the autocratic Old World they sought to escape
by coming to America.
Here, until recently, their substance has not been consumed by a hundred
Petty forms of taxes to support an army of government bureaucrats.
Here they have enjoyed not only religious freedom, but mental freedom,
nurtured by the finest system of free public education civilization has ever
known. With the exception of a few States, illiteracy in the United States
is practically negligible. It may be said, in passing, that in those exceptional States we find the most enthusiastic support of the "New Deal."
There is greater diffusion of wealth in this nation than in any other
country of the globe. The common people are infinitely better off in a
material way—better clothed, better housed, better fed, have more money
in savings institutions, carry more insurance of various kinds, have more
and better recreation—than can be found any other place on the face of
the civilized globe.
This is true because of the economic system under which this country
has been developed, and because of which it has prospered—a system which
permitted free play of economic forces. Under this system it has become
an adage that it is only three generations from shirt sleeves to shirt sleeves.
The only aristocracy which has survived under this system has been the
aristocracy of talent and character. Those who inherited wealth had to
hold it by proving their worth in the field of free competition. Rising
generations faced no barrier of caste. They were not restrained by the
oppressive hand of government dictation and regimentation,a system which,
whereever it exists, operates to perpetuate in power an officialdom which
Is indolent, wasteful, arrogant, incompetent and generally corrupt.
Our institutions of learning, our churches, hospitals and benevolent institutions, our great charities—all are financed, both in their construction
and maintenance, out of surpluses of wealth made possible under our present
economic system. There is no other way to finance these institutions and
organizations except by the State—a method advocated and being put into
practice by the New Deal. That means State-controlled education, Tammai:Used charity and State-controlled religion. There is no middle ground.
European governments are now furnishing examples of the religious intolerance and educational slavery to which such methods inevitably lead.
Our economic system is now challenged as outworn. We are told it
has become an obstacle in the path of national progress, a menace to the
welfare of our rising generations. We are asked to cast it aside and substitute something new—a "planned economy," devised and offered by the
"New Deal."
The challenge cannot be lightly dismissed. It should not be. It has
been the spirit of America always to build for the future and not to hold
fast to customs which have outlived their usefulness. This challenge must
be considered not on the basis of partisanship, but on the basis of Americanism. It is not a question of what is beet for the Republican party, but
what is beat for America. It is not a question of whether the New Deal
and this Administration have shamelessly repudiated the definite pledges
of the last Democratic National Convention, and,in the house of its leader.
betrayed the principles and traditions of the Democartic party. That is
a question solely for determination by the next Democratic National Convention. The real question is whether or not the new economic system
which the New Deal and the present administration is offering as a sub-
Volume 141
Financial Chronicle
stitute for the old one will better serve the real interests of the American
people than the one they are asked to discard.
The youth of America—the young men and the young women upon
whose shoulders will rest the burden of carrying on our civilization tomorrow—are the ones who must decide the validity of this challenge. It
means comparatively little to the elders of this country, who have lived
their lives and are passing off the stage, whether or not the economic,social
and political systems—to the preservation of which they have contributed
and under which they have gone forward—are to be scrapped. But to
those who are about to take up the responsibilities of citizenship and leadership in the world of affairs it means everything. It is the future of their
country and their personal welfare which are at stake.
President Roosevelt, in a radio address delivered last night to the convention of Young Democrats in Milwaukee, Wis., stated there is need for
a new economic system because there are no new frontiers and that therefore the welfare of generations to come must be based "on the resourcefulness
of men and women, applied to the old frontiers."
The whole philosophy and practice of the "New Deal" repudiates this
statement. The well-defined purpose of all the important New Deal legislation since the inauguration of the President has been to eliminate the
element of private resourcefulness and to have the Government assume the
functions heretofore carried on by private enterprise and exercised by the
individual.
That legislation, collectively known as "planned economy," attempts
to place a whole people in lock-step and deny to the individual the right
to exercise his own judgement and resourcefulness in the management of
his own business, farm or factory. It would reduce every citizen to the
status of an automaton—taking orders from a government bureaucrat,
neither elected by nor accountable to the people.
In the same speech, President Roosevelt stated a new economic system
was necessary in order that the next generations may be guaranteed security
for themselves and their families.
A little further on, he called upon the radicals of the country—all those
who are against what he termed the "old order"—to unite in order to fight
for their broad objectives.
At least it must be said in behalf of the President that he practices
what he preaches. The tax law which has just been enacted as a part of
the "must" legislation demanded by the President is a political measure
designed to afford a common meeting place of all the radical groups who
are out to "soak the rich" and "share the wealth." It is a measure designed not to produce revenue but to confiscate property for the use of a
vast Federal bureaucracy.
What security does such a program hold out for the next generation?
Let me illustrate. Among the first victims of this law will be the heirs of
the late beloved Will Rogers. His estate will be required to raise between
a half-million and eight hundred thousand dollars in cash. Obviously, it
does not have that much ready cash on hand. What then? It will be
compelled to put on the market some of the property which he owned.
Whether that be real estate or securities does not matter. Property of
any kind sold at a forced sale is sola at a great loss. Moreover, it depreciates the value of like property.
What is going to happen in the settlement of the estate of Will Rogers
will happen in the settelment of every estate which is bludgeoned by this
confiscatory tax law, pushed on a reluctant Congress and forced on a helpless people by the President of the United States, in order that he might
make his peace with the radical elements of the country, anticipatory of
the next Presidental campaign.
In addition, the rising generation will face the necessity of paying off
the almost incredible debts which are being incurred by this administration.
This, alone, will impair the security not only of the next generation, but
of generations to come. It will cripple industry and commerce. It will
make it increasingly difficult for generations yet unborn to get ahead.
Nothing so deadens ambition and renders industry and thrift so futile as
the certain knowledge that one will not be permitted to enjoy the fruits
of his efforts and the profits of his resourcefulness, but will be compelled
to turn them over to pay the bills of a profligate government.
In his Milwaukee address the President stated that according to the
philosophy of the "New Deal" our present system must be modified "to
save our economic structure from confusion, destruction and paralysis."
Without any attempt to elaborate, I submit there never has been a period
within the memory of any living being when there was greater confusion,
doubt and fear in the minds of all classes of people, in all walks of life,
or a greater threat of destruction of all that is worth while of our economic
and political system than exists to-day, as a direct result of two and onehalf years of the Roosevelt administration.
In conclusion, it is admitted on all hands that in order to establish this
new economic system our Federal Constitution must be wholly rewritten.
Already the administration is launching a campaign to that end. This is
the most serious of all problems which the young men and young women of
to-day must consider and decide. The Constitution was written not for the
rich, or the strong, or for those who occupy places of authority, or have
accumulated great wealth. It was written for the humble citizen. The
moment the guaranties that great charter of human liberty gives the individual citizen are abolished, it then becomes a struggle for the survival
of the strongest and the most powerful. Every man is then free to invade
the field of every other man's rights. Such a contest would have but one
conclusion—those who P088088 the power, the wealth, and the cunning
would control the Government and compel all others to do their bidding.
Surely the youth of America are not prepared to endorse any administration which is seeking to bring about such a condition.
Revised Cotton Loan Plan Announced by AAA-10-Cent
Loans to Be Granted to Farmers—Minimum Price
Guarantee of 12 Cents Retained—Adjustment,
Limited to 2 Cents, to Be Based on Daily Instead
of 4-Month Average
The cotton loan policy announced last week and referred
to in our issue of Aug. 24, page 1216, was revised on Aug. 26
by the Agricultural Adjustment Administration. Under the
new plan, loans of 10 cents a pound on cotton will be granted
to farmers instead of 9 cents as announced a week ago.
The Government guarantee of a 12-cent minimum price has
been retained in the new plan, but the adjustment payment
between the market price and the 12-cent minimum will be
made on a daily average of the 10 spot markets instead of on
a basis of a 4-month average as previously proposed. On
Aug. 27, Chester C. Davis, Administrator of the AAA, announced a limit of 2 cents on the adjustment payment that
would be made to growers. The Admistrator's announcement said:
1379
The Government's commitment to pay producers the difference between
the average price and 12 cents is limited to 2 cents per pound,and ifit should
develop that prices drop below 10 cents a highly improbable contingency—
producers would be'expected to put their cotton in the loan and wait for
prices to recover.
From Washington advices Aug. 27, to the New York
"Journal of Commerce" of Aug. 28, we take the following
regarding the announcement of Administrator Davis:
His statement, the Administrator explained, was made to "clarify any
erroneous impression" that might have been drawn from the announcement
of the new policy yesterday and in response to inquiries as to whether the
Producers would receive the difference between the average price and
12 cents in the event the average price declined below the 10 cents level.
Simultaneously, Jesse Jones, Chairman of the Reconstruction Finance
Corporation, told his weekly press conference that expenses of the modified
loan program on the 1935 crop would approximate something less than
$150,000,000, It is pointed out that the loan is financed by the RFC and
disbursed by the Commodity Credit Corporation.
As to the modification of the plans, Washington advices,
Aug. 26, to the New York "Herald Tribune" of Aug.27 said:
The other major change in to-day's modification of the cotton-loan plan
embraces the assurance to farmers that their subsidy from the Government
amounting to the difference between the market price and the promised
12-cent return will be based on the daily average market price instead of the
average market price over a 4-month period. Thus a farmer selling cotton
on a certain day when the average price for that day is 103-(, cents will get
13i cents from the Government.
How New Plan Will Work
had
Under the arrangement of last Thursday the farmers would have
to wait to find out the average for the 4-month period. Under that system
others
and
some farmers might have received more than a 12-cent return
less. The producer, for instance, who was cited above, selling his cotton
at 10% cents, might find that the average price for the four months was
11 cents. He would then have received a payment of one cent from the
Government, instead of one and a half cents.
The new arrangements represent a concession by the Administration to
the demands of Southern Senators who attacked the plan promulgated last
week, but it represents no great change in principle. It encourages a freer
market, however.
The following is the announcement of the .AAA of Aug. 26
of the changes in the cotton loan plan:
The objective of the AAA has been to get an average return of at least
12 cents per pound, basis 34 middling, for the producers of cotton. The
further
Plan announced last week would have obtained this result, but
study shows that certain modifications of this plan will make it simpler to
understand and more equitable to individual growers in its general operation, making clear to each producer when he markets his cotton the exact
amount he will receive for it.
cotton
Under the previous plan it would have been possible for growers of
than
grading ie low middling to receive because of Government aid more
12 cents per pound for their crop. The new plan proposes a loan of 10 cents
of
growers
by
per pound on 3 low middling or better. The total received
cotton which does not command premiums cannot exceed 12 cents per
pound,so long as the base price is below 12 cents per pound. The new plan
will make more definite and certain the amount the grower will receive for
his cotton.
Instead of making the adjustment payment on the basis of the 4-months'
average of the 10 spot markets, this adjustment payment will now be based
on the daily average of the 10 markets. In other words, the adjustment
payment will be made on the basis of the 10 spot market average on the
actual day that the cotton is sold by the producer.
These adjustment payments will be made through the cotton year up to
Aug. 11936. As before stated they will be made to those producers who
have co-operated in the adjustment program and who agree to participate
In the 1936 crop program. .
Loans and payments will be restricted to actual production not in excess
of the Bankhead allotment.
This program for loans and adjustment payments on the 1935 crop will
go into effect as soon as it is physically possible to set up the necessary
machinery. The loan forms will be available for the 10-cent loan during the
week of Sept. 2.
The adjustment payments will apply to all sales of 1935 cotton, including
those already made.
These changes are a development of demand of cotton
Senators for the continuance of the 12-cent loans, provision
for which in the Third Deficiency Bill was made by the
Senate, in which, however, the House refused to concur.
As to an Administration compromise which had been proposed (on the 12-cent cotton plan and 90-cent wheat) the
Washington correspondent of the New York "Journal of
Commerce" had the following to say Aug. 26:
Conference at While House
With Senate and House hopelessly deadlocked this morning a conference
at the White House with the President, Senators Robinson, Chairman
Harrison of Mississippi, of the Senate Finance Committee; Black, Alabama;
Connally, Texas; Smith, South Carolina, and Byrnes, at which the compromise agreement was reached.
The futility of opposing adoption of the agreement apparently was stressed
since the cotton bloc seemingly in no event could gain their ends. While
these Senators were not altogether satisfied with the results, nevertheless
defeat of the deficiency bill still would leave the Administration's cotton
loan and subsidy program in effect, with the Government penalized by refusel or inability of Congress to grant the appropriations contained in the
bill for the setting up of the various new agencies, including Social Security
and the Labor Board.
This group returning to the Capitol. immediately went into conference
with others of the interested cotton bloc. Vice-President Garner sat with
them and late in the afternoon Speaker Byrnes and House Appropriations
Committee Chairman Buchanan, with the House parliamentarian were
called in to see whether a compromise outside of the Administration's
proposal could be effected.
House members proved adamant in their objections to the amendment in
any form, even if confined exclusively to cotton, and so the Senate had to
surrender—there was nothing else it could do.
A filibuster by Senator Long prevented further action on
the bill, which was still pending before the adjournment of
Congress on Aug. 26.
1380
Financial Chronicle
Under date of Aug. 26 a Washington account to the New
York "Times" had the following to say regarding the coin•
promise:
•
With the Senate wheat and cotton amendments to the third Deficiency
Appropriation Bill lost in the adjournment of Congress, the Administration compromise under which the AAA will increase cotton loansfrom 9 to 10
cents a pound won the day.
Apart from removing the Senatorial affront which some AAA officials
had felt might bring about the resignations of Secretary Wallace and Chester
Davis, Farm Administrator, Senators and Representatives from the cotton
States diagnosed the Administration's compromise as follows:
1. It removed possible inequities in administration of the original loan
and grant proposal by basing the additional grant to which farmers were to
be entitled upon the difference between 12 cents a pound and daily average
prices for the staple instead of the average price throughout the marketing
season.
2. It partially met objections in Congress based upon fears that the enforced marketing of 12,000,000 bales of cotton in four months might unduly
depress prices, by providing that the loans of 10 cents a pound might be
called for by co-operating producers up to Aug. 11936.
3. It made possible a greater aggregate return to producers by providing
a gradual reduction in market prices to facilitate export movements while at
the same time maintaining unit prices to producers.
4. By striking the proposed 90-cent wheat loans from the bill, the compromise removed a threatened blow at the very foundations of the production control programs of the AAA.
Supreme Court Ruling on TVA and AAA Sought in
Test Cases—Government Seeks Reversal of Hoosac
Mills Process Tax Decision—Stockholders of Alabama Power Co. Challenge Policy of TVA
Actions challenging and defending the constitutionality
'of two New Deal enactments—the Tennessee Valley Authority and the Agricultural Adjustment Act—were brought to
the Supreme Court on Aug. 27. As to theEe actions Associated Press advices from Washington said:
The actions to-day were:
A request by the Justice Department for a review of the Hoosac Mills
case, attacking the ruling of the Boston Circuit Court that the collection
of AAA processing taxes was unconstitutional.
Completion of a brief by stockholders of the Alabama Power Co., challenging the right of the TVA to purchase transmission lines and provide
surplus power to municipalities. . . .
The Court will reassemble on Oct. 7. Justices already have indicated
they will expedite oral argument in the New Deal cases and speed their
final decisions. Indications appeared that decisions in all four cases might
be handed down by Christmas.
The just-adjourned Congress sought to bulwark both the AAA and TVA.
Involved in to-day's actions. Specific provisions, intended to make valid
the very points challenged, were added as amendments to the original acts.
Arguing against the Massachusetts Circuit Court decision in the Hoosac
Mills case, Solicitor General Stanley Reed asserted in his petition that the
AAA represented "the final decision of Congress that Federal assistance
was and is needed to restore the normal functioning of the agricultural life
of the nation."
"The provisions challenged in this case," he said, "directly affect thousands of taxpayers, indirectly affect millions of consumers, and involve
hundreds of millions of dollars of internal revenue."
Mr. Reed's petition cited 11 "errors" in the Curcuit Court decision. Observers quickly noted, however, that 8 of them pertained to the Government's taxing power. The petition paid little or no attention to the
Court's ruling that consitutional grounds were transgressed by the AAA
in exercising power over inter-State commerce. It was this point which
the Supreme Court stressed in its Schechter-NRA decision.
TVA Case
In the TVA case. Forney Johnson, counsel for George Ashwander and
other stockholders of the Alabama Power Co., declared the issue presented:
"The basic question whether Congress can provide for the construction
of plants and buildings for war, departmental or other legitimate national
purpose, and thereupon, when it is found that they are overbuilt for national
purposes or the purpose is spent or obsolete, or the facility is desired to be
held for future use, proceed to authorize direct use of the property or facility
by the Government itself for the commercial manufacture and sale of any
and all commodities which may be possible to produce on or by means of
the property,in the general market, in competition with citizens."
The Government won a TVA victory when the Fifth Circuit Court of
Appeals at New Orleans reversed a ruling by Federal District Judge Grubb,
of Alabama,that the TVA was unconstitutional.
Study by Congressional Committees of NRA Legislation Requested by President Roosevelt
President Roosevelt, in letters to Chairman Doughton of
the House Ways and Means Committee and Chairman Harrison of the Senate Finance Committee, has requested that
a study be made of material collected on industrial conditions since their functioning without the codes of fair
competition under the National Industrial Recovery Act,
The President, in his letter, which was addressed to Messrs.
Doughton and Harrison before the adjournment of Congress, expresses the belief that as a result of the study to
be made, "adequate data would be made available for a
thorough understanding of the complex situation confronting industry and labor." The President added:
With this done, your committee could red, in the fall, for hearings
and the formulation of proposed legislation for preserving permanently to
the nation such social and economic advantages as we have gained through
previous emergency enactments. This would enable you to offer at the
opening of the coming session a well-considered program for Congressional
action.
Aug. 31 1935
Congressional leaders were said to have assured the
President on Aug. 26 that new legislation to supplant the
National Recovery Administration will be ready for submission to Congress in January. United Press advices from
Washington, Aug. 26, to the New York "Journal of Commerce" added:
Senate leaders who have been charged with carrying out the plan are
privately resentful at the new job thrust upon them, but will carry on
with it. House leaders were not enthusiastic, but acquiesced.
"We expect to follow the suggestions of the President," Mr. Harrison
said. "I take the letter to mean we are to proceed within the Constitution
and within the various court decisions."
Senators who have sponsored labor legislation this session predicted the
new legislation would take the form of a minimum wage and maximum
hour statute. That was the fundamental basis of the old NRA.
It was virtually certain that proposals for reviving the Blue Eagle will
not have united Democratic support.
Opposition Expected
Virtually unanimous RCpublican opposition to revival of NRA indicated
the proposal will become a .major Issue in the pre-campaign session next
January, and may be carried over into the Presidential campaign next year.
Senator Robert F. Wagner (Dem., N. Y.), who helped frame NRA,
believed the President wanted the new legislation framed within the
Supreme Court's interpretation of the Constitution, but foresaw a proposal
for a constitutional amendment if Congress finds this impossible.
President Roosevelt's insistence on passage of the Ouffey "little NRA"
coal bill, despite "doubt as to its constitutionality" was interpreted as
indicating a desire to further test the court's attitude toward Federal
regulation of business.
Following the court's ruling that the NRA, after functioning nearly two
years, was unconstitutional, Mr. Roosevelt indicated in a press conference
his unwillingness to accept the decision as final. Acceptance, he indicated,
would return the nation to the "horse and buggy days."
Along with his letter calling for the study of new legislation, the President submitted data already collected in the
matter. The President's letter follows:
The White House, Washington, Aug. 24 1935.
My dear Mr. Chairman: Reports upon industrial conditions, covering
the short period in which commerce and industry have been functioning
without the advantage of the codes of fair competition, have been received
by me from the NRA. Notwithstanding successful and praiseworthy efforts
being made by many employers to maintain standards of employment, these
indicate a tendency toward serious impairment of established standards
by a minority. To place these facts before your committee I am transmitting herewith certain information substantiating this conclusion. As
additional evidence is gathered I shall continue to furnish it to your committee to lay as broad a factual base as possible for your consideration of
the problems involved. The NRA is also making a general survey of the
results so far obtained under the NIRA.
It does not seem possible to complete this work in time for its use at
the present session of the Congress. In the short time remaining it seems
impracticable to ask the Congress to give consideration to an industrial
statute of broad import. If your committee staff could be delegated to
analyze, during the coming months, the material collected, I believe
adequate data would be made available for a thorough understanding of the
complex situation confronting industry and labor. With this done, your
committee could meet, in the fall, for hearings and the formulation of
proposed legislation for preserving permanently to the nation such social
and economic advantages as were gained through previous emergency enactments. This would enable you to offer at the opening of the coming
session a well-considered program for Congressional action.
Pending determination by the Congress of whether further industrial
legislation will be enacted, it is hoped that industrial groups will, in
increasing numbers, avail themselves of the provisions of the joint resolution extending NIRA which permit agreements (1) putting into effect
the requirements of Section 7A, minimum wages, maximum hours and
prohibition of child labor, and (2) prohibiting unfair competitive practices
which offend against existing law. Such agreements, when approved by the
President, as to matters covered by the joint resolution, are exempted
expressly from the penalties of the anti-trust laws, including criminal
prosecutions, injunctions and treble damages. By such action, industry
can undoubtedly do much to preserve the very substantial gains made while
the codes were in effect. Applications for approval of such agreements should
be filed with the Federal Trade Commission.
Industry may continue to take advantage of the familiar trade practise
conference procedure of the Federal Trade Commission.
It will be my purpose during the adjournment of Congress to call into
conference representatives of management, labor and consumers in the hope
that discussion will create among them a general agreement as to the
best means of accelerating industrial recovery and the elimination of unemployment. I arn hopeful that such an effort will be successful, especially
in view of the definite manifestation of interest by all in the solution of
these problems.
I am sending a similar letter to the Hon. Robert L. Doughton, Chairman
of the Committee on Ways and Means, House of Representatives. May I
request that consideration be given by your committee toward adopting a
plan conformable to these suggestions and if possible correlating the activities of the respective Senate and House committees.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Hon. PAT HARRISON,
Chairman Finance Committee, United States Senate, Washington, D. C.
Report Submitted to President Roosevelt on Departures
from Requirements as to Hours and Pay Under
NRA Codes
In another item we refer to the request made to Congressional leaders for a study of legislation to supplant the
National Industrial Recovery Act. At the same time the
President sent to Senator Harrison, Chairman of the Senate
Finance Committee, and Representative Doughton, Chairman of the House Ways and Means Committee, digests of
reports made to him by the present skeleton National Re-
Volume 141
Financial Chronicle
covery Administration organization as to the operations of
Industry in the three-month period since codes were suspended. Regarding the report, Associated Press accounts
from Washington, Aug. 26, said:
The report charged that there were 9,049 departures from NRA code
standards on working conditions in July and 5,779 in June. Price-cutting
was reported to have totaled 2,490 instances in July and 857 in June.
"It appears from this report," the document said, "that the greatest
number of departures from the hour and wage provisions during the month
of July were in the States of Texas, California, New York, Nebraska, Georgia
and Michigan.
"The same States lead In the deviation from former code labor provisions
in the month of June, with the exception of Michigan.
"The greatest number of reports of price-cutting were in the States of
Tennessee, New York, Nebraska, Michigan and Texas."
The report detailed data on the number of departures from code standards
is the various industries and by States, in some instances citing the actual
employers by name.
Survey/of Industries by NRA to Obtain Data on Effect
of Invalidation of Codes by United States Supreme
Court
A survey of certain industries, principally distributing
industries, to obtain data on the effect of the invalidation
of codes by the Supreme Court was announced on Aug. 22
by the National Recovery Administration, according to a
Washington 'dispatch to the New York "Times," which
added:
State and regional directors of the NRA were instructed to commence a
survey of the effect of the code collapse on wages and hours, child labor,
trade practices and abandonment of code standards in the industries generally. The survey is to be purely factual and the results are to be held
confidential.
The industries to be surveyed are:
Retail drug, general retail, dry goods, ready-to-wear, shoes, furniture,
hardware, limited price variety (five-and-ten-cent type), motor vehicle
retailing, paint, varnish and lacquer manufacturing, crushed stone, sand
and gravel, baking, ice, retail lumber and fabricated metal products.
This is the first of a series of surveys to be undertaken by the NRA in
ita new function.
House Judiciary ICommittee Appoints Committee to
Study Proposal to Require NRA Wages on Government Contracts—Walsh Bill Shelved
The Administration's program for legislation to require
empliance by industry with hour and wage provisions of
fcrmer National Recovery Administration codes as a condition to Government contracts was definitely shelved at
the session of Congress which adjourned this week, when the
House Judiciary Committee on Aug. 26 appointed a subcommittee to perfect a bill for early consideration in January.
A dispatch from Washington, on the date indicated, to the
New York "Herald Tribune," in making this known, added:
The group was named to-day after the full membership of the Judiciary
Committee considered a bill introduced by Representative Francis E. Walter,
Democrat of Pennsylvania, designed as a substitute for the Walsh bill
passed by the Senate but recently pigeonholed by the House committee by
a vote of 13 to 7.
The committee tabled the Walsh bill as the result of violent opposition
to provisions requiring goods entering into Government contracts to have
been manufactured under all requirements of the measure. Mr. Walter's
substitute removes this stipulation as to goods manufactured before enactment of the law.
The Walter bill also removes loans made by Federal Reserve banks'from
the scope of the measure and further provides that appointees to administer
the Act do not have to be made from the civil service lists. In other
provisions it is essentially the same as the Walsh bill.
The subcommittee named to study the proposed legislation during the
Congressional holiday are Representatives Arthur D. Healey, Massachusetts,
Chairman; Walter Chandler, Tennessee; James P. B. Duffy, New York, and
Robert Ramsay, West Virginia, and Mr. Walter, Democrats; and James M.
Robison, Kentucky, and William E. Hess, Ohio, Republicans.
"Personally," said Representative Walter, "I believe the Walsh bill is a
better bill than mine in some provisions, but mine will carry out the
wishes of President Roosevelt as a compromise that will get through the
House Judiciary Committee."
The shelving of the Walsh bill was teferred to in these
columns Aug. 24, page 1212.
Funds Collected/by:Code Authorities Prior to Supreme
Court Decision Invalidating NIRA Need Not Be
Returned, According to Justice Levy of New York
Supreme Court—Ruling Given in Case of Millinery
Code
In a decision growing out of the decision of the United
States Supreme Court ruling invalidating the National Industrial Recovery Act, Justice Aaron J. Levy of the New
York Supreme Court held on Aug. 23 that funds collected
by code authorities on the assumption that the NIRA was
legal need not be returned to the code subscribers. Advices
to this effect were contained in the New York "Herald
Tribune" of Aug. 24, which further reported:
The ruling was rendered in a suit brought by the B. Seiden Hat Co. and
the F. Chiniquy Co., both of Chicago, against the Millinery Code Authority
of New York and the National Millinery Code Authority.
1381
In a joint complaint the companies asked the court to appoint a receiver
to take over the assets now held by the authorities and to return the funds
to the firms from which they were collected. Collection of the funds, the
complaint set forth, was made by "extra-legal and unconstitutional
methods."
Favors Code Authorities
In ruling in favor of the code authorities, Justice Levy said:
"It seems to me that the plaintiffs here have no cause of action against the
Incorporated code authority for monies claimed to be paid under mistake of law.
Nor have they a representative cause for an accounting. Nor can the action be
construed as a derivative one for the dissolution of the corporation and the dlstrinution of its assets among those entitled to participate."
Hailing Justice Levy's decision as particularly significant "in that it
indicates the trend of judicial thought which will probably be followed in
other actions now pending against other code bodies," Maxwell E. Lapin,
National Millinery Code Authority attorney, who with Irving Davis, an
associate, filed a 54-page brief in support of a motion to dismiss the
complaint, said that the ruling would be a relief to numerous other
authorities.
"It puts at rest any fears," he said, "that may have been entertained by
code bodies that they may be called upon to make restitution of moneys
received by them in the form of assessments or for the purchase of labels
during their operation under the NIRA."
24 Named as Defendants
Named with the authorities as defendants in the action were Max Meyer,
code director, and 23 other individuals in their capacities as members of
the authorities.
While the allegations set forth in the complaint did not make it evident
that the suit was instituted not so much to take issue with the past
action of the authorities as to assure return of the surplus funds to the
contributing concerns, it was indicated when the suit was filed in June.
Edwin A. Falk, of the firm of Ernst, Gale, Bernays & Falk, 40 Wall
Street, which represented the plaintiffs, said that "we have no reason to
question the honesty of the code authority, but we challenge their right to
spend any more of the funds in their possession."
On the basis of Mr. Falk's statement, Mr. Meyer, the individual rnost
directly concerned in the action, accepted the suit as a test case and said
confidently at the time the issue was submitted to Justice Levy that "there
is really nothing to worry about."
The amount of money involved, collected in assessments, fines and sale
of National Recovery Administration labels, was not divulged, but it is
known to be negligible as compared to the sums which would be affected
indirectly if the decision had been an adverse one for the codes.
Colorado "NRA" Held Unconstitutional by State
Attorney-General
In an opinion written on Aug. 20 by Paul P. Prosser, Attorney-General of Colorado, the State Industrial Recovery Act,
passed by the Thirtieth General Assembly to supplement the
defunct NRA, was held unconstitutional. The AttorneyGeneral's chief contention in declaring against the State
Recovery Act (said the Denver "Rocky Mountain News" of
Aug..21) was that the Legislature in creating an Industrial
Recovery Board, with power to formulate codes, delegated
its own authority in violation of the Constitution. The paper
from which we quote went on to say:
Although convinced that the State Recovery Act will never be upheld in
any court, Mr. Prosser pointed out that his own decision is in no way
binding or final.
To Supreme Court
E. V. Dunklee, consumers' representative and Chairman of the Industrial
Recovery Board, to whom the opinion was addressed, said after reading it
that the Board would ask Governor Johnson to propound interrogatories to
the State Supreme Court with a view of final determination of the constitutionality of the Act.
Governor Johnson is known to be favorable to this course.
Although some work had been done by the Board toward setting up
codes of fair competition, Mr. Dunklee repeatedly stated that no assessments
would be levied on code members until validity of the law was settled
beyond doubt.
"We don't want this law to cost anyone a cent until we know it is a good
law," he said.
Provisions
The Act provides that the Board may formulate a code upon application
by any trade or industry, and that the code will become effective when
approved by a preponderant majority of the persons engaged in the trade
or industry.
The codes would establish minimum prices, maximum hours of labor,
minimum rates of pay and other conditions of employment in various
industries.
Mr. Prosser informed Mr. Dunklee that he was handing down the Aug. 20
opinion voluntarily, since under the law he (Mr. Prosser) would be the
chief enforcement officer for any code.
Referring to the decision of the United States Supreme Court holding
invalid the NIRA, Mr. Prosser said there could be little doubt that the
State Act was created to be a companion piece to the national law.
"The statute means," he said, "that some of the persons engaged in an
industry can invoke an administrative board to prescribe a law governing
all the persons engaged in the industry and may invoke the aid of the
courts by the civil process of injunction or by the infliction of drastic
penalties in the way of fines to coerce obedience to the law so brought
Into being.
"The fatal infirmity in such a statute is so obvious that, in our opinion,
no court in the land could ever sustain it.
"The State Constitution says that laws shall be made by the General
Assembly or by the whole people acting under their reserved initiative
power. But the laws contemplated by this statute are not embodied in
the statute itself, but are authorized to be made under the delegated
authority of an administrative board, and then only when a limited group
of people petition the board to make a law.
"When the purport, effect and operation of this statute are taken Into
consideration, the conclusion is inevitable that it is subversive of the
Financial Chronicle
1382
principle, so clearly laid down by the United States Supreme Court and
the State Supreme Court, that legislative power cannot be delegated."
3,746 Still on NRA Payroll, According to Senator
Vandenberg
A renewed protest by Senator Vandenberg (Rep., Mich.)
against the Administration's failure to "demobilize" the
National Recovery Administration brought a disclosure that
3,746 employees remain on its payroll at about $800,000 a
month, said Associated Press advices from Washington,
Aug. 10, published in the Baltimore "Sun," which, in part,
also said:
The number includes 208 who have received dismissal notices which will
cut off their salaries within the next two or three weeks.
H. Creditor, an administrative assistant of the "skeletonized" Blue Eagle
unit, said that 2,009 NRA workers had lost their jobs since the Supreme
Cunt held the National Industrial Recovery Act unconstitutional in the
Schechter case, May 25.
3,300 Employees Planned
"While it's wild guessing," Mr. Creditor said, "by the end of September
we probably will be down to a semi-permanent basis with about 3,300
employees and a monthly administrative cost of about $775,000."
He explained that NRA's future size will depend in part upon whether
Congressional action is completed on the Walsh bill, requiring Government
contractors to live up to NRA standards, and upon progress toward voluntary code agreements.
Senator Vandenberg, protesting consideration of a bill to establish a
national planning board of five members at salaries of $12,000 each, called
the Senate's attention to-day to NRA figures which he inserted in the
record yesterday.
Eites Increased Cost
These showed that in July, six weeks after the Supreme Court had acted,
NRA had 3,943 employees who received $845,253 in salaries, with a total
administrative cost of $1,017,127.
This compared with NRA's 4,678 employees in July 1934, who received
$714,764 in salaries, with a total administrative cost of $887,046.
Strikers at Camden, N. J., Plant of New York Shipbuilding Corp. Return to Work—Company and
Union Accept Proposals of President Roosevelt's
Arbitration Board—Work Resumed on Naval
Vessels
Following the acceptance on Aug. 27 by representatives
of the New York Shipbuilding Corp. and Local 1 of the Industrial Union of Marine and Shipbuilding Workers of America of the proposals of President Roosevelt's arbitration
board, 3,385 employees of the Camden, N. J. plant of the
shipbuilding corporation resumed work on five naval vessels
costing approximately $50,000,000. The strike had .been
in effect since May 13. The arbitration board was appointed on Aug. 22 by President Roosevelt, as noted in our issue
of Aug. 24, page 1204, and the company and union had up
to noon Aug. 27 to file written agreements with the board
to abide by the awards of the board.
Under the agreement reached on Aug. 27 both the company and union will present their grievances to the arbitration board. The board's decision will be final inasmuch as
the union and company have agreed to abide by the awards
until after the completion of work on the naval vessels.
The data is to be submitted to the board on Sept. 3.
Death of John N. Willys—Automobile Manufacturer
Was Former Ambassador to Poland
John N. Willys, automobile manufacturer and former
Ambassador to Poland, died at his home in New York City
on Aug. 26. He was 61 years old. Mr. Whys was appointed Ambassador to Poland by President Hoover. He
resigned in 1932. At his death he was Chairman of the
Board and President of the Willys-Overland Co.; he was
elected to the latter post in January of this year.
Return from Abroad of James Speyer, of Speyer & Co.
James Speyer, who has been abroad for two months,
returned yesterday (Aug. 30), and has gone to his country
home "Waldheim" at Scarborough-on-Hudson, N. Y. Mr.
Speyer's departure for Europe on June 29 was noted in our
issue of June 29, page 4335.
James A.
Moffett Resigns as Administrator of FHA—
President Roosevelt Praises Work
Announcement was made at the White House on Aug. 28
of the acceptance by President Roosevelt of the resignation
of James A. Moffett as Federal Housing Administrator, effective Sept. 1. Mr. Moffett's letter of resignation was
dated Aug. 22 and the President's acceptance Aug. 26. Mr.
Moffett who is Vice-President of the Standard 'Oil Co. of
California, was appointed Administrator of the FHA by
President Roosevelt in June of 1934. In his letter to the
President of Aug. 22 Mr. Moffett said in pert:
Aug. 31 1935
Last March I advised you that I wanted to tender my resignation as
soon as I felt that the FHA was in successful operation.
Such is the case to-day, I am convinced, and inasmuch as my personal
affairs require my undivided attention, I beg you now to accept my resignation and permit me to return to private business.
The following is the President's letter of acceptance:
Dear Jim:
I have realized since last spring that because of your personal affairs I
should have to let you go, though, as I have told you, I am,indeed, sorry
that you cannot stay on as Federal Housing Administrator.
You have done a splendid piece of work, considering especially that you
did not commence operations under the National Housing Act until one
year and one month ago, and considering also that you had to obtain
enabling legislation from the Legislatures of 45 states.
Because of the National Housing Act we have succeeded in encouraging
investments in mortgages, lower rates of interest, and a very definite increkse in building and repalr operations throughout the country.
It has been a very great pleasure to me to have you associated with my
administration, and I want you to know that it is only with the greatest
reluctance, and because your personal affairs require your undivided attention, that I am accepting your resignation. May I suggest that the
acceptance of your resignation take effect on Sept. 1.
I hope to see you very soon,
Very sincerely yours.
FRANKLIN D. ROOSEVELT.
Mr. Moffett, in his letter, reviewed the progress made in
the administration of the Federal Housing Act. He said in
part:
The Act contemplated the establishment of an entirely new mortgage
system for this country; a long term, low interest, first mortgage up to
80% of the appraised value, to be amortized monthly. I can say that
this system has been established. We find that life insurance companies
and other lending agencies are now soliciting long term mortgages with or
without FHA insurance. Where not Insured with this Administration,
the mortgages are being solicited by them along the plan established and
contemplated by the National Housing Act. Furthermore, we established
a uniform, maximum interest rate of 5% for every state in the Union,
which is a revolutionary step and, as far as I know, is the first time that
any financing operation has been made effective at the same interest rate
throughout the Nation. As you know, the legal interest rates have varied
several per cent in the various states.
To my mind, the establishment of this new mortgage system with the
nation-wide uniform low interest rate is our outstanding achievement.
Notwithstanding the obstacles, and the fact that this operation is but
slightly over a year old, we have insured modernization credit loans of
$126,000,000 under Title I of the Act. Our reports show that 5,581
financial institutions, representing approximately 80% of the financial
resources of the United States, have made these loans, whereas, one year
ago there were approximately only 250 financial institutions extending this
type of credit.
Civic-minded citizens, contributing their time and defraying their own
expenses, have established better housing campaign committees in 8,725
conununities, carrying out the education of home and property owners
concerning the benefits to be derived under the National Housing Act.
Through this community activity, canvassers have called on 10,800,000
property owners, and our records show that, while we have insured but
$126,000,000 of loans, $700,000,000 or more of modernization and repair
work has been done during the past year. . .
Our total volume of business now is running at the rate of $60.000,000
per month, in a class with some of the largest corporations in the United
States, and our program is still in its infancy.
I again repeat that this does not include the building and repair activity
paid for in cash or through some other financial operation, but actually
generated by our program.
Senate Confirms Nominees to Social Security Board-J. G. Winant, Chairman, to Return from Geneva
The Senate on Aug. 23 confirmed the nominations of
John G. Winant, Vincent Morgan Miles and Arthur J.
Altmeyer as members of the new Social Security Board,
created under the Social Security Act. The nominations
had been sent to the Senate on Aug. 23 by President Roosevelt, as noted in our issue of Aug. 24, page 1218. Mr.
Winant, who is Chairman of the new Board, has been
serving as assistant director of the International Labor
Office at Geneva, Switzerland. According to a wireless
dispatch from Geneva, Aug. 26, to the New York "Times"
of Aug. 27, Mr. Winant on that day said that he had definitely accepted the post and would sail for the United States in
a few days to take up his new duties.
President Roosevelt Appoints New Labor Board Under
Wagner Labor Disputes Bill—J. W. Madden, J. M.
Carmody and E. S. Smith Confirmed by Senate—
Old NLRB Expires
Following their nomination on Aug. 23 by President Roosevelt, the Senate on Aug. 24 confirmed Joseph Warren
Madden, of Pennsylvania, John Michael Carmody, of New
York, and Edwin S. Smith, of Massachusetts, as members
of the new National Labor Relations Board, created under
the Wagner-Connery Labor Disputes Act. The Board,
which succeeds the old NLRB, is a quasi-judicial body that
will function as a mediating agency in labor disputes and as
arbiter of the rights of employees of industry to organize as
defined in the Act. The text of the Act was given in our
issue of July 6, page 48.
Mr. Madden, who was chosen as Chairman of the new
Board, will serve for a term of five years, while Mr. Carmody
Volume 141
Financial Chronicle
and Mr. Smith will serve terms of three years and one year,
respectively. Mr. Smith was a member of the old NLRB.
From Washington advices Aug.23 to the New York "Times"
of Aug. 24, we take the following summaries of the careers
of the three members of the new Board:
s
Joseph Warren Madden
Mr. Madden, who is 45 years old, has been Professor of Law in half
a dozen universities and has engaged in private practice. In 1920 he was
a special assistant in the office of the Attorney-General of the United States.
Mr. Madden has had a large experience in labor affairs, as a member
of the Pittsburgh Regional Labor Board and former Governor Pinchot's
Commission on Special Planning in Industry, and as impartial arbitrator
In Pittsburgh street railway disputes. He assisted the West Virginia
Commission in revising and codifying State statutes.
At present, Professor of Law at the University of Pittsburgh, he also
has taught at the University of Oklahoma, Ohio State University, West
Virginia University, Stanford University, the University of Chicago
and Cornell.
John Michael Carmody
Mr. Carmody is an industrial engineer and at present is a member of
the National Mediation Board. He formerly was National Labor Board
Mediator, Chairman of the National Bituminous Coal Labor Board and
Chief Engineer of the Civil Works Administration. At one time he was
Editor of "Factory and Industrial Management."
Edwin S. Smith
Mr. Smith, after being graduated from Harvard, was, in turn, a newspaper reporter and supervisor of a chain of retail shoe stores.
t,..From 1920 to 1923 he was a member of the Industrial Relations Staff
of the Russell Sage Foundation. In 1924 he became employment manager
of the Filene Department Store in Boston, personal assistant to A. Lincoln
Fllene in 1926, and in 1931 was appointed Commissioner of Labor and
Industries of Massachusetts. In July 1934 he was appointed to the old
National Labor Relations Board by President Roosevelt.
He was a member of the first delegation of official observers to the
International Labor Conference at Geneva in 1933, by appointment of
President Roosevelt.
Senate Confirms President Roosevelt's Nomination of
R. E. Freer to FTC—Nominations of M. M. Caskie
to ICC and R. B. Stevens to USTC Also Approved
On Aug. 24 President Roosevelt named Robert E. Freer,
of Ohio, to be a Federal' Trade Commissioner for the remainder of the term expiring Sept. 25 1938, to succeed
George C. Mathews, resigned, and the Senate the same day
confirmed the nomination.
The Senate has also confirmed the nominations of Marion
M.Caskie, of Alabama, as an Interstate Commerce Commissioner, and Raymond B. Stevens, of New Hampshire, as a
member of the United States Tariff Commission. The
nomination of Mr. Caskie was confirmed Aug. 20 and that
of Mr. Stevens Aug. 23. The naming of these two men by
President Roosevelt was noted in these columns of Aug. 24,
page 1219.
Leon Cohen Resigns as Assistant Director of Trading
and Exchange Division of SEC
Leon Cohen, Assistant Director of the Trading and Exchange Division of the Securities and Exchange Commission,
has resigned from this post effective to-day (Aug. 31) it was
announced Aug. 28. Mr. Cohen will become Vice-President
and Treasurer of the Standard National Corp., a newly
formed real estate firm in New York City. Prior to joining
the SEC about a year ago,lie was a member of the New York
Stock Exchange and a partner in the Exchange firm of
Lowitz & Co.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
On Aug. 30 the proposed transfer of the New York Stock
Exchange membership of Charles W. MacQuoid, deceased,
to J. Dudley Peterson at $105,000 took place.
The membership of Thomas M. Howell in the New York
Cotton Exchange was sold Aug. 23 to Alvin L. Wachsman,
for another, for $11,000, this price being $1,500 in advance
of the previous sale.
1383
former Vice-President of the Investment Bankers Association of America. Before joining A. M. Kidder & Co., Mr.
Yard had been associated with Merrill, Lynch & Co. and
E. A. Pierce & Co. He became a partner of the Kidder firm
in 1932.
The New York State Banking Department on Aug. 21
authorized the Glen Cove Trust Co. Glen Cove, N. Y. to
reduce its capital stock from $200,006 at a par value of $100
9
each share to $100,000 at a par value of $50 each.
Palmer Ellis Presbrey, former Vice-President of the First
National Bank of Boston, Boston, Mass., died on Aug. 23
at his Bangor (Me.) camp. He was 72 years old. Following his graduation from Harvard in 1885, Mr. Presbrey entered the National Bank of Redemption, Boston. He
remained with this institution until its merger with the First
National Bank of Boston in 1904, and later became a VicePresident of the latter bank. He served in this capacity until
a few years ago when he retired.
The meeting of stockholders of the Hartford National
Bank & Trust Co., Hartford, Conn., called for Aug. 27
to consider transferring the bank's operations to a State
charter, has been adjourned to Oct.29 because of the elimination of the unlimited liability feature of the Federal Deposit
Insurance Corporation in the Banking Act of 1935.
The calling of the present week's meeting was noted in
our issue of Aug. 24, page 1220.
Payment of 10% on outstanding certificates of benficial
interest of the Rock Island Bank & Trust Co. Rock Island,
has been authorized by the Illinois Auditor of Public
Accounts and Federal Deposit Insurance Corp. the Board of
Directors of the bank announced Aug. 21, said Rock Island
advices, that day, to the Chicago 'Tribune" of Aug. 22.
The advices said that the payment will amount to $489,784.
A third dividend payment of 5% to depositors of the
Brookfield State Bank, Brookfield, Ill., was authorized on
Aug. 17 by Edward J. Barrett, Auditor of Illinois. This
brings to 15% the total repaid since the institution closed.
It was reported by William L. O'Connell, receiver, that in
addition to depositor payments $5,045 has been paid to
preferred creditors and $51,500 has been paid on old bills.
Checks for a final dividend of 19% will be mailed to
depositors of the Guardian National Bank of Commerce,
Detroit, Mich., by Sept. 10, it was announced on Aug. 27
by B. C. Schram, receiver. The dividend, which will bring
total repayment to 87%, will amount to from $3,000,000 to
$3,500,000. All depositors will not receive this final dividend as some are involved in a drawn-out final liquidation
under their own direction which is expected to yield a larger
return. "All details have been worked out," Mr. Schram
said, and the "assets have already been transferred to the
depositors corporation."
Robert Bridge, Cashier of the Charlevoix County State
Bank, Charlevoix, Mich., was recently elected President.
He succeds his father, the late Albert F. Bridge. Mrs. Adad
Yettaw Golden, an Assistant Cashier, was advanced to the
position of Cashier.
The Board of Directors of the First State Bank, West
Bend, Wis., on Aug. 23 elected Edward J. Altendorf President of the institution to succeed S. F. Mayer, who died on
Aug. 2. Mr. Altendorf was prevously Vice-President of the
bank. The board elected Charles W. Walter to succeed to
the Vice-Presidency and re-elected Walter J. Gumm as
Cashier.
At a meeting of the executive committee of the Board of
Directors of the First Bank Stock Corp., Minneapolis,
Minn., a dividend of 15 cents a share was declared on the
stock of the institution, an increase of 5 cents over the
dividend (10 cents) paid in April. The latest dividend,
amounting to $462,381, is payable Oct. 1 to stockholders of
record Sept. 20.
The membership of Walter R. Batsell, deceased, on the
New York Commodity Exchange, Inc., was sold Aug. 26
to James C. Gilson, for another, at $1,900, an increase of
$100 over the previous sale.
Announcement was made Aug. 28 in Sioux Falls, S. D.,
of the consolidation of resources of six banks in South Dakota
to form the largest bank in the State with deposits of $7,500,000. In noting this, Associated Press advices from Sioux
Falls, Aug. 28, also said:
John Nelson Steele,Jr., a member of the brokerage firm of
Thomas L. Manson & Co., New York City, and a member of
the New York Stock Exchange, died on Aug.23 in the Mather
Hospital at Port Jefferson, L. I. He was 53 years old.
Before joining Thomas L. Manson & Co., Mr. Steele had
been a partner of De Coppet & Doremus.
Effective at the close of business on Saturday, the consolidation, under
the charter of the Security National Bank & Trust Co. of Sioux Falls, has
been approved by the South Dakota State Banking Commission and
J. F. T. O'Connor, Comptroller of the Currency, China R. Clarke, President, announced.
Headquarters will be in Sioux Falls, with branches in Brookings, Chamberlain, Dell Rapids, Huron and Madison. The new bank will be known as
the Northwest Security National Bank of Sioux Falls.
Banks in the consolidation, which is the second major branch system to
be organized under a law passed by the 1933 Legislature, are all affiliates
of the Northwest Bancorporation. The first system to be established was
announced last March by the First National Bank of Aberdeen, which
operates branches in Britton, Milbank, Mobridge and Redfield.
Charles A. Yard, a member of the New York Stock Exchange firm of A. M. Kidder & Co., New York, died on Aug.
28 at the Beekman Street Hospital, in New York City. Mr.
Yard, who was 55 years old, was an original director and a
1384
Aug. 31 1935
Financial Chronicle
Sugar, 2 points to 91; Holly Sugar, 43's points to 7414;
National Power & Light pref., 2 points to 723'; SherwinWilliams, 134 points to 107, and Bulova Watch cony. pref
4 points to 39. The total transactions dipped to approximately 228,000 shares and the number of separate issues
traded in declined to 315.
On Thursday curb stocks advanced under the guidance of
the public utilities, and while the improvement extended to
practically all sections of the list, the gains were generally
fractional and without special significance. Oil stocks were
lower, being influenced to some extent by the dec.ine in that
The sale of the business and affairs of the Tarrant American group on the big board. The volume of sales was again
Savings Bank, Tarrant, Ala., by directors and stockholders down, the total transfers being below the previous day. The
to the First National Bank of Birmingham, Birmingham, gains included among others American Gas & Electric pref.,
Ala., was approved on Aug. 23 by the State Superintendent 3 points to 1063; Holly Sugar, 23
4 points to 773; National
of Banks of Alabama. A branch office was opened in Tarrant Power & Light pref., 334 points to 76 and Ainsworth Manuby the First National of Birmingham on Aug. 24 in the same facturing Co., 234 points to 39.
building and quarters previously occupied by the Tarrant
Curb market trading quieted clown on Friday, and while
American Savings Bank.
the trend was moderately upward, the gains were generally
fractional. The best advances were recorded by American
A 15% dividend, totaling $175,000, was mailed on Aug. 17 Hard Rubber which climbed 4 points to 21; Electric Bond &
4 points to 66%, and Lake Shore Mining,
to depositors of the First National Bank of Greenwood, Share pref., (6) 23
Greenwood, Miss., now in liquidation. This dividend brings 13 points to 4834. As compared with Friday of last week,
the total paid to depositors since the bank closed to 55%. prices were lower, American Gas & Electric closing last night
at 34 against 36 on Friday a week ago; American Light &
Traction at 13% against 14; Atlas Corporation at 1234
George H. Smith, Vice-President and General Manager of against 135
4 against 143;
%; Carrier Corporation at 123
the Canada Permanent Trust Co. and of the Canada Per- Commonwealth Edison at 81 against 8334; Consolidated
manent Mortgage Corp., both of Toronto, died on Aug. 26 Gas of Baltimore at 813
4 against 82%; Electric Bond &
at the age of 69 years. Mr. Smith entered the service of the Share at 13 against 14%; Fisk Rubber Corp. at 6 against
Canada Permanent Mortgage Corp. at the age of 16. He be- 63,; Ford of Canada A at 255
% against 27%; Gulf Oil of
came Secretary of the institution in 1888, Superintendent Pennsylvania at 603'3 against 64%; Humble Oil (new) at
of branches in 1912 and Assistant General Manager in 1918. 5634 against 58%; International Petroleum at 35 against 36;
Mr. Smith was Secretary-Treasurer of the Canada Perma- National Bellas Hess at 1% against 1%; Niagara Hudson
nent Trust Co. from its inception until 1922 at which time Power at 7% against 7%, and Pennroad Corp. at 2%
he became General Manager of both companies. In turn he against 234.
became Second Vice-President in 1928 and First Vice-PresiDAILY TRANSACTIONS AT THE NEW YORE CURB EXCHANGE
dent in 1931, continuing as their General Manager.
Norton A. Turner, President of the Guaranty State Bank,
Topeka, Kan., died on Aug. 18 at the age of 57 years. Mr.
Turner served two terms as State Auditor of Kansasfrom 1921
to 1925. He resigned the post in the latter year, after being
elected to a third term, and became the first director of the
then newly created State Budget Department of Kansas.
He was elected Vice-President of the Guaranty State Bank
in 1927 and became President the following year, serving in
that capacity up to the time of his death.
Robert J. Hose, former managing director and Chairman
of the Board of the Anglo-South American Bank of London,
England, died in London on Aug. 28. He was 71 years old.
Mr. Hose was a director of the bank at his death. He resigned as managing director in 1928 and Chairman of the
Board in 1931. Besides being a director of the Anglo-South
American Bank, Mr. Hose was also a director of the British
Bank of South America, London, and of the Lancashire
Insurance Co.
Week Prided
Aug.30 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stouts
(Number
of
Shares) I Domestic
Bonds (Par Value)
Foreign
Foreign
Government Corporate
T dal
393,118 $2,656,000
365,670 4,267,000
420,630 4,709,000
228,410 3,229,000
200,075 2,814,000
181,015 2,674,000
$7,000
109,000
284,000
39,000
19,000
13,000
$35,000 $2,698,000
50,000 4,426.000
55,000 5,048.000
43,000 3,311,000
58.000 2,891,000
15,000 2,702,000
1,788.918 320.349,000
$471,000
$256,000 821.076,000
Jan. Ito Aug. 30
Wed Ended Aug. 30
Sales at
New York Curb
THE CURB EXCHANGE
1934
1934
1935
1935
Exchange
Except for the moderate decline on Tuesday, curb market Stocks-No,of shares_ 1,788.918
45,755,303
682,931
39,968,686
Bonds
prices have shown a slight tendency to move toward higher
3697,120,000
$20,349,000 $10,623,000
$804,952,000
levels during the present week. Selling has been much in Domestic
25,833,000
406,000
471,000
11,357,000
Foreign government_ _
20,048.000
290,000
256,000
8,575,000
evidence during the transactions, but this gradually simmered Foreign corporate
down as the week progressed. Mining and metal shares
3743.001,000
$21,076,000 $11,319.000
$824.884,000
Total
have been in demand and public utilities attracted a moderate
amount of buying, but the changes have generally been
within a comparatively narrow channel. The volume of
COURSE OF BANK CLEARINGS
trading was fairly heavy during the•fore part of the week,
but gradually worked lower.
this week will again show an increase as
clearings
Bank
Price fluctuations were generally toward lower levels compared with a year ago. Preliminary figures compiled by
during the two-hour session on Saturday. This was due, us, based upon telegraphic advices from the chief cities of the
in part, to the selling flurries that occurred from time to country,indicate that for the week ended to-day (Saturday,
time in the inthlic utility group. These extended to other Aug. 31) bank exchanges for all cities of the United States
parts of the list and some of the more active trading favorites
which it is possible to obtain weekly returns will be
showed losses up to five or more points as the session closed. from
above those for the corresponding week last year.
Electric Bond & Share 6% pref. broke 7 points to 65. 22.6%
Our preliminary total stands at $4,868,112,057, against
Central States Electric 7% pref. dropped 53 points to 14, $3,970,463,422
for the same week in 1934. At this center
Public Sarvice of Northern Illinois no par went down 4 there is a gain for the week ended Friday
of 39.9%. Our
points to 36 and Continental Gas prior pref. slipped back 4 comparative summary for the week follows:
points to 73. The transactions totaled approximately
393,000 shares with 310 issues in active trading.
Pe.
Clearings-Returns by Telegraph
Under the leadership of the mining and metal shares curb
Cent
1935
1934
Week Ending Aug. 31
stocks registered a modest recovery on Monday. The
$2,477,105,755 $1,770,947,097 +32.2
New York
gains were not particularly noteworthy in any section of the Chicago
+2.8
174,486,681
179,392,450
list, the most active issues including American Superpower Philadelphia
190,000.000 +14.7
218,000,000
+9.0
122,000,000
133,000,000
pref., which moved up 3 points to 25; Consolidated Gas of Boston
59,663,745 +30.2
77,677,482
City
Baltimore, which forged ahead 6 points to 85; Mississippi Kansas
45,600,000 +28.9
58,800,000
St. Louis
97,826,000
85,403,000 +14.5
River Power 6% pref. 6 points to 10434, and Electric San Francisco
75,243,760
64,889,266 +16.0
Bond & Share(6) pref.,4 points to 69. Transfers for the day Pittsburgh
+10.5
54,421,321
60,159,955
Detroit
43,942,353 +13.9
50,056,499
amounted to 366,875 shares and included 335 separate issues Cleveland
39,372,752
35,007,395 +12.5
Baltimore
dealt in.
19,322,000 +12.6
21,754,000
New Orleans
Selling pressure was apparent during most of the dealings
+30.9
$2,665,682,858
days
$3,488,388,653
5
cities,
Twelve
on Tuesday and many of the trading favorites slipped back Other cities, 5 days
477,581,580 +19.0
568.371,395
from 2 to 4 or more points. Sharp losses were recorded by
$4,056,760,048 $3,143,264,438 +29.1
all cities, 5 days
the public utilities and there were numerous recessions AllTotal
-1.9
827,198,984
811,352,009
cities, 1 day
among the miscellaneous specialties. The day's trans$4.868.112 057 sz Tin Atm 422 -1-22.6
Total all cities for week
actions reached approximately 421,000 shares, with 397
issues traded in. Outstanding among the recessions were
Complete and exact details for the week covered by the
Aluminum Co. of America, 234 points to 5634; Consolidated
Gas of Baltimore, 48% points to 80%; Singer Manufacturing foregoing will appear in our issue of next week. We cannot
Co., 4 points to 186, and A. 0. Smith a similar loss to 49. furnish them to-day inasmuch as the week ends to-day
Selling was again in evidence during the opening hour on (Saturday) and the Saturday figures will not be available
Wednesday, but the pressure gradually lifted as the day until noon to-day. Accordingly, in the above the last day
progressed and the market closed at slightly higher levels. of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
Some of the industrials did not participate in the rebound,
complete
though on the whole, they continued fairly firm. Among present further below, we are able to give final and Aug.
24.
the changes on the side of the advance were such popular results for the week previous-the week ended aggregate
the
trading favorites as Aluminum Co. of America, 1% points For that week there is an increase of 22.0%;
to 58; American Gas & Electric, l3 points to 3234; Fajardo of clearings for the whole country being $4,921,230,405,
•
against $4,032,162,179 in the same week in 1934. Outside
of this city there is an increase of 19.7%, the bank clearing
at this center having recorded a gain of 23.7%. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals show
an expansion of 23.9%, in the Boston Reserve District of
15.5% and in the Philadelphia Reserve District of 26.8%.
In the Cleveland Reserve District there is an improvement of
18.1%, in the Richmond Reserve District of 19.2% and in
the Atlanta Reserve District of 21.0%. The Chicago
Reserve District has enlarged its totals by 15.4%, the
St. Louis Reserve District by 19.9% and the Minneapolis
Reserve District by 17.2%. The Kansas City Reserve
District has to its credit an increase of 23%, the Dallas
Reserve District of 13.9% and the San Francisco District
of 17.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Aug. 24
Clearings at1935
1935
Irmo,
Dec.
1934
1933
$
193,380,509
3,040,056,468
315,650,685
201,356,465
101,461,356
109,311,028
353,954,932
109,434,650
93,453,269
136,131,245
39,432,312
227,607,486
$
167,490,236
2,452,703,537
248,910,229
170,519,631
85,123,032
90,319,834
306,736,338
91,294,655
79,716,433
110,697,446
34,616,122
194,034,686
%
+15.5
+23.9
+26.8
+18.1
+19.2
+21.0
+15.4
+19.9
+17.2
+23.0
+13.9
+17.3
$
170,974,513
2,691,116,926
212,139,705
162,293,634
67,921,685
77,316,972
259,154,624
79,031,341
69,852,217
78,466,896
27,133,436
148,932,554
$
179,116,276
2,614,604,769
231,137,828
163,015,311
85,732,833
65,632,167
265,870,189
67,181,722
61,539,771
78,644,585
25,154,240
144,682,284
Total
111 Cities
Outside N. Y. City
4,921,230,405
1,973,919,386
4,032,162,179 +22.0
1,648,898,598 +19.7
4,053,334,503
1,432,083,485
3,982,311,975
1,439,141,846
Ild. An, on,
non coo coo .1.1c o
OR, MI ran
0Z1
,nn 712
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Aug. 24
Clearings at1935
First Federal
Me.-Bangor_.
Portland
Mass.-Boston _
Fall River_ _ _
Lowell
New Bedford_ _
Springfield_ _ _ _
Worcester
Conn.-Hartford
New Haven _
R.I.-Providence
N.H.-Manehes'r
Total(12 cities)
1934
$
Reserve Dist net-Boston
476,827
477,347
1,487,756
1,339,742
167,411,935 145,975,481
497,626
553,406
258,238
271,190
559.083
383,515
2,137,161
1,966,261
1,020,760
898,466
8,999,916
6,398,578
2,768,496
3,029,539
7,408,900
5,957,500
353,811
239,211
193.380,509
Inc. or
Dec.
1933
1932
-0.1
+11.0
+14.7
-10.1
-4.8
+45.8
+8.7
+13.6
+40.7
-8.6
+24.4
+47.9
389,150
1,288,078
147,215,099
625,505
249,378
414.250
2,084,214
869,670
8.979,517
3,260,696
5,370,700
228,256
311,044
1,814,508
156,539.491
478,034
246,226
397,630
2.074,625
1,411,210
6.052.104
3,473.345
6.056,800
261.259
167,490,236 +15.5
170,974,513
179,116,276
Second Feder al Reserve D istrict-New
N. Y.-Albany..
5,175,114
5,275,201
Binghamton__ _
794,639
558,486
Buffalo
25,900,000
21,278,692
Elmira
460,371
332,628
Jamestown_
454,397
359,803
New York_ _ _ _ 2,947,311,019 2,383.263,581
Rochester
5,486,155
4,731,107
Syracuse
3,469,968
2.666,134
Conn.-Stamford
4,376,099
2,380,313
N. J.-Montclair
*350,000
203,230
Newark
13,515,164
12.417,622
Northern N. J_
32,763,542
19,236,740
York
9,501,774
3,450,990
-1.9
588,311
629,195
+42.3
19,200,189
19,455,058
+21.7
380,486
+38.4
411,648
434,881
276,650
+26.3
+23.7 2,621,251,018 2,543,170,129
4,830,901
3,993,016
+16.0
2,489,897
+30.1
2.463.038
1.929,504
1,935.763
+83.8
271,814
228,748
+72.2
15,197,326
11,301,777
+8.8
19,667,059
22,682,523
I 70.3
Total(12 cities) 3,040,056,468 2,452,703,537 +23.9 2,691,116,926 2,614.604,769
Third Federal Reserve Dist rict-Philad aphis
Pa.-Altoona.._ _
267,417
262,087 +2.0
Bethlehem _ _
a218,180
a2,098,393 -89.6
Chester
248,182
211,841 +17.1
Lancaster
879,223
887,962 -1.0
Philadelphia_ 306,000,000 241,000,000 4 27.0
Reading
982,840
940,179 +4.5
Scranton
1,789,274
2,124,696 -15.8
Wilkes-Barre..
854,706
829,206 -3.1
York
1,086,043
816,258 +33.1
N.J.-Trenton_.
3,543,000
1,838,000 +92.8
Total(9 cities).
315,650,685
248,910,229 +26.8
Fourth Feder al Reserve D istrict-Clev eland
Ohio-Akron _ _
Canton
C
Cincinnati._ _
41,678,011
34,049,075 +22.4
Cleveland
59,720,761
54,597,159 +9.4
Columbus
8.664,500
7,076,500 +22.4
Mansfield
1,279,890
896,875 +42.7
Youngstown_ _
11
Pa.-Pittsburgh _
90,013,303
73,900,022 +21.8
219,083
607.588
205,000.000
738.405
1,582,656
1.407,568
756,455
1,554,000
274,419
a1,886.386
218,365
825,029
223,000,000
1,299,573
1,716,017
1,287,446
691,979
1,825,000
212,139,705
231,137,828
31,601,883
52,947.816
5.827.500
890,559
273,950
71,025,876
33.721,796
52,234,775
6,119,700
785,448
11
70,153,592
170,519,631 +18.1
162,293,634
163,015,311
Fifth Federal Reserve Dist rict-R(ohm ond
W.Va.-Hunt'ton
142,865
154,233 -7.4
Va.-Norfolk_
1,844,000
2,176.000 -15.3
_
Richmond
36,258.267
29,947,232 -I 21.1
_S.C.-Cahrleston
844,444
40.8
599.912
Md.-Baltimore _
47,356.156
40,253,495 +17.6
D.C.-Washing's
15,015,624
11,992,160 +25.2
99,546
1,489,000
24,956,492
625,234
32,292,779
8.458,634
233,617
1,752,000
21,176,050
500,000
48.448,392
13,622,774
67,921,685
85,732,833
3.668,982
8,000,837
29,900,000
848,514
499,051
8,078,000
9,163,099
821,308
1,721,222
7.378,448
21,300,000
700,316
364,031
6,086,047
7,006,123
682.930
107,638
16,229,543
66,729
20,326,321
77.316.972
65.632,167
Total(5 cities) _
Total(6 cities).
201,356,465
101,461,356
85,123,032 +19.2
Si rth Federal Reserve Dist act-Want a
Tenn.-Knoxville
2,731,003
2,033,961 +34.3
Nashville
11,627,736
9,780,285 +18.9
Ga.-Atlanta._
41,100,000
33,400,000 +23.1
Augusta
935,483
774,148 +20.8
Macon
782,255
684,263 +14.3
Fla.-Jack'nville.
12,848,000
10,416,000 +23.3
Ala.-BiraVham _
14,500,851
11,519,114 +25.9
Mobile
1,118,457
920.493 +21.5
Miss -Jackson._
11
Vicksburg
86,968
88,026 -1.2
OrIns.
-New
La.
23,580,275
20,703,544 +13.9
Total(10 cities)
109,311,028
90,319,834 +21.0
Inc. or
Dec.
1933
1932
$
Seventh Feder al Reserve D istrict -Chi CROO
Mich.-Adrian_.
43,216 +79.1
77,417
Ann Arbor....
259,233 +36.2
353,030
67.122.849 +10.4
Detroit
74,133,977
1,279,474 +76.6
Grand Rapids_
2,259.280
Lansing
830,678 -I- 31.4
1,091,278
Ind.--Ft. Wayne
536,330 +25.1
671,132
Indianapolis__ _
10,729.000 +10.6
11,862,000
South Bend...
585,435 +35.7
794,324
Terre Haute...
3.070,070 +36.9
4.204,437
Wis.-Milwaukee . 14,181,230
12,579,925 +12.7
Ia.-Ced. Rapids
564,930 +64.6
929,865
Des Moines_ _ _
5,512,977 +19.3
6,581,874
Sioux City_ _ _ _
2.503.427 +15.2
2,882,715
Waterloo
b
Ill.-Bloomington
531,793 -49.0
271,120
Chicago
229,272,031 197,001.854 +16.4
Decatur
539,227
475,973 +13.3
Peoria
1,891,751 +22.5
2,318,016
Rockford
492,596 +31.9
649,573
724.827 +21.7
Springfield_
882,406
12,735
350,538
47,740,253
922,732
538.146
425,633
8,352,000
363,661
2,706.214
10,656,019
185,643
3,914,795
1,776,039
48,022
433.327
51.799,91
2,041,389
808,100
775,209
9,133,000
620.763
2.378,442
10.914,307
509,450
3,713,709
1,481,336
250,000
177,593,248
427,297
1,685,147
493,979
760,545
724,102
176,999.277
388,288
1,558,426
395,914
1,147,737
306,736,338 +15.4
259,154,624
265,870,189
353,954,932
1932
Federal Reserve Diets
18t Boston....12 cities
2nd New York _12 "
3rd Philadelphia 9 "
4th Cleveland__ 5 "
508 Richmond - 6 "
6611 Atlanta.....10 "
7611 Chicago ___19 "
Stti St Louis.4 "
9th Minneapoili 7 "
10th Kansas City 10 "
5 "
11th Dallas
12th San Fran 12 "
32 cities
1934
S
Total(19 cities)
•
Week Ended Aug.24 1935
[lemma
1385
Financial Chronicle
Volume 141
Eighth Fedora I Reserve Die trict-St. Lo
Ind.-Evansville
11
11
MO.-St. Louis
61,100,000
73,700.000
19,471,251
Ky.-Louisville
23,693,350
Tenn.- Memphis
10,401,404
11,649,300
Ill.-Jacksonville
11
Quincy
322,000
392,000
uls
+21.7
11
53,600,000
17,211,324
7,974,017
11
246,000
91,294,655 +19.9
79,031,341
67,181,722
Ninth Federal Reserve Die trIct-Minn capons
Minn.-Duluth_ _
2,554,199
2,399,658 +6.4
Minneapolis....
54,332,288 +15.6
62,826,348
St. Paul
18,697,083 +20.4
22,515,709
N. D.-Fargo. _
1,799,729
1,535,226 +17.2
S. D.-Aberdeen.
688,801
519,598 +32.6
Mont.-Billings _
572,194
393,458 +45.4
Helena
2,496,289
1,839,122 +35.7
3,262,190
50,265.505
12,863,415
1,357,462
435,551
239,786
1,428,308
2,423,471
43,443.767
11,915,475
1,380.931
554,659
246,680
1,574,788
79,716,433 +17.2
69,852.217
61.539,771
Tenth Federal Reserve Ms trIct-Kans as City
71,634 +56.8
112,348
Neb.-Fremont...
49,089 +102.5
Hastings
99.429
Lincoln
1,549,472 +40.5
2,177,414
Omaha
25.030,204 +25.1
31,306,733
Kan.-Topeka
1,870,309 -7.2
1,736,444
Wichita
2,111,729 +22.5
2,586,910
76.206,427 +23.2
Mo.-Kan. CRY.
93.888,269
St. Joseph _ _
2.811,472 +12.1
3,151,980
Colo.-Col.Spgs_
500,276 +17.4
587,130
Pueblo
496,834 -2.5
484,588
48,291
1,544,379
18,656,866
1,435,920
1.255.777
52.366.884
2,369,334
384,628
404,817
85,927
72,478
1,148,572
17,955,788
1.169,938
3,181,758
51.956,134
2,132,713
452,050
489,227
110,697,446 +23.0
78,466,896
78,644,585
Eleventh Fede ral Reserve District-Da Has
Texas-Austin _ _
670,006 +7.9
723,201
Dallas
25,977.830 +16.1
30,160,323
Ft. Worth_
4.537,013 +17.1
5,312,312
_
1,357,000 -0.7
Galveston
1,348,000
La.-Shreveport.
2.074,273 -9.0
1,888,476
485,783
20,266,736
3,875,485
1.217,000
1,288,432
374,006
17,526,789
4,235,108
1,125,000
1,893,337
34,616,122 +13.9
27,133,436
25,154,240
Twelfth Fede ral Reserve District-Se 11 Fran cisco
Wash.-Seattle
22,147,201
24,293,761 +22.3
29,718,123
4,376,000
Spokane
7,654,000 +21.5
9,297,000
Yakima
251,048
622,294 -20.6
494,306
Ore.-Portland _
16,099,423
27.899,212
20,774,505 +34.3
8,281.161
Utah-Salt L. C.
11,011,949 +22.1
13,444,205
Calif.-Long 13'h.
2,635,681
3,359,039
2,623,256 +28.0
2,057,721
Pasadena
2,548,254
1,782.516 +43.0
2,751.817
Sacramento_ _ _
8,893,837
6,098,555 +45.8
San Francisco. 126,797,000 114,900,000 +10.4
86,923,000
San Jose
1,594,467
2,575,583
2,083,576 +23.6
Santa Barbara_
872,265
1,031,829
925.736 +11.5
942,770
Stockton
1,549.098
1,264,538 +22.5
19,221,044
4,483,000
312,887
14,125,546
6,901,708
2,552,002
1,870,701
5,389,713
86,913.456
1,300,225
718,402
893,600
Total(4 cities).
Total(7 cities).
Total(10 cities)
Total(5 cities)_
109,434,650
93.453,269
136,131,245
39,432,312
+20.6
+21.7
+11.9
45.600,000
14,413,079
6,731,399
437.244
Total(12 cities) 227,607,486 194,034,686 +17.3 148,932,554 144,682,284
Grand total 111
cities)
4 921,230,405 4,032,162,179 +22.0 4,053,334.503 3,982,311,975
Outside N.Y... 1,973,919,386 1,648,898,598 +19.7 1,432.083.485 1,439,141,846
Week Ended Aug. 22
Clearings at1935
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St.John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _
New Westminster
Medicine Hat _ _.
Peterborough_...
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Sudbury
'I otal(32 cities)
1934
Inc. or
Dec.
3
$
%
91,190,818
95,784,268 -4.8
87,443,019
76,905,671 +13.7
68,411.934
45,762,792 +49.5
14,598,669
12,936,513 +12.8
13,892,160
4,087,988 +239.8
3,524,904 +0.6
3,544,556
2,076,557
1,866,752 +11.2
3,597,727
3,133,241 + 14.8
5,533,021
4,689,238 +18.0
1,866,648
1,839,163 +1.5
1,461,590
1,243,999 +17.5
2,595,487 . 2,246,820 +15.5
3,564,755
3,500,358 +1.8
3,064,153
2,821.632 +8.6
312,373
242,277 +28.9
414,712
401,530 +3.3
1,361,773
1,186,238 +14.8
533,890
399,288 +33.7
671.541
635,267 +5.7
682,148
567,390 +20.2
518,648
408,843 +26.9
251,769
215,495 +16.8
540,989
524,758 +3.1
547,519
461.669 -1-18.6
896,802
837,989 +7.0
1,859,530
1,708,714 +8.8
319,742
250,360 +27.7
637,813
602,219 +5.9
484,486
464,765 +4.2
341,873
340,450 +0.4
473,663
402,535 +17.7
711,602
676,557 +5.2
314,401,967
270,669,683 +16.2
1933
1932
8
77,129,890
67,528,195
59,633,366
12,598,906
3,411,104
3,282.423
1,810.129
2,956,827
4,391,814
1,677,803
1.289,266
2,332,912
3,008,763
2,621,142
257,784
306,811
1,067,491
929,292
604,732
567,390
401,305
213,402
514,765
546,642
756,092
1,764,681
241,331
555,574
459,844
333,804
330,820
526,763
8
67,094.123
64,646.331
40,725,397
10,949,657
3,688,066
3,365,521
1,621,509
3,096,165
4,664,675
1,510,017
1,160,903
1,959,736
3,579.744
2,606,233
308,251
294,883
1,174,739
443,287
644.029
494,396
413,446
160,455
479,719
556,480
728,447
2,323,931
217,846
570,727
493,884
312,986
378,329
444,801
254,051,063
221.108,713
a Not included in totals. b No clearings as allable. c Clearing House not functioning at present. * Estimated.
CHANGES IN NATIONAL BANK NOTES
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
July 31 1935____
June 30 1935____
May 31 1935____
Apr. 30 1935____
Mar.31 1935____
Feb. 28 1935__
Jan. 31 1935____
Dec. 31 1934____
Nov.30 193C ___
Oct. 31 193C___
Sent.30 1934____
Aug. 31 1934....
July 31 1934____
Aug. 31 1935
Financial Chronicle
1386
National Bank Circulation Afloat an-
Amount Bonds
on Deporn to
Secure Circula
ton for National
Bank Notes
Bonds
Legal
Tenders
$
2.351,280
141,945.660
283,529,310
330,642,140
478.777.490
657,937.080
677,472,540
684,354,350
690,752.650
696,720.650
700,112,950
707,112,660
718.150.910
$
13,984,735
220.605,430
244,006,952
271,360,682
430,477,157
653,340,478
671,167.407
678,808,723
686,236,828
692,796,653
694,482,633
702.209.638
713.013.985
8
735.754,750
548,490.215
550,975,223
553,161,838
418.780.298
214,371,617
205,204.723
209,127,752
212,667,960
214,595,435
223,506,135
226.778.812
228.770.240
Total
$
749,739,485
769,095.645
794,982,175
824,522,520
849,257.455
867,712,095
876,372.130
887,936,475
898.904,788
907,392,088
917,988,768
928,988.450
941.784.225
$2,380,123 Federal Reserve bank notes outstanding Aug. 1 1935. secured by
lawful money, against $2,432,763 on Aug. 1 1934.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes July 31 1935:
U. S. Bonds Held, July 31 1935
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes
Notes
Bonds on Deposit
Aug. 1 1935
$
25, IL S. Consols of 1930
25,17. S. Panama of 1936
28, U. S. Panama 01 1938
3s, U. S. Treasury of 1951-1955
3s,U. S. Treasury of 1945-1949 _
334e, U.S. Treasury of 1941-1943
314s, U. S. Treasury of 1940-1943
3548, U. S. Treasury of 1943-1947
33s, U. S. Treasury of 1933-1941_
230, U. S. Treasury of 1955-1960
Totals
Total
Held
865,000
296,020
442.740
159,500
6,750
15,000
100.000
262,500
78,750
125,000
865.000
296,020
442,740
159.500
6,750
15,000
100,000
262.500
78.750
125,000
2,351.260
2,351.260
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits July 1 1935
and Aug. 1 1935 and their increase or decrease during the
month of July:
National Bank Notes-Total AfloatAmount afloat July 1 1935
Net decrease during July
8769,095,645
19,356,160
Amount of bank notes afloat Aug. 1 1935
Legal Tender NotesAmount deposited to redeem National bank notes July 1
Net amount of bank notes issued in July
$749,739,485
$548,515,235
187,230,515
Amount of deposit to redeem National bank notes Aug. 1 1935._ -- $735,754,750
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 14 1935:
GOLD
The Bank of England gold reserve against notes amounted to E192,774.457
on the 7th inst. showing no change as compared with the previous Wednesday.
Larger supplies of gold have been offered this week in the marketaltogether about £1 750000 having been dealt in. In consequence the
premium over the gold exchanges has narrowed, to-day's price being practically on the parity of the Bank of France's buying price.
Quotations during the week.
Equivalent Value
Per Fine
of Sterlina £
Ounce
12s. 1.12d.
140s. 6d.
Aug. 8
12s. 1.I6d.
140s. 53id.
Aug. 9
1.20d.
12s.
5d.
140s.
Aug. 10
128. 1.20d.
1401. 5d.
Aug. 12
12s. 1.33d.
140s. 33.d.
Aug. 13
12s. 1.55d.
140s. id.
Aug. 14
12s. 1.26d.
1405. 4.33d.
Average
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 3d inst. to mid-day on the 12th inst.:
Imports
British South Africa
British India
British Malaya
Australia
New Zealand
Canada
Netherlands
France
Venezuela
Kenya
Other countries
£1,874,037
1.175,014
14,350
37,788
32,213
50,000
202.347
66,760
27,477
5.786
14,441
Exports
United States of America-£1,525,427
132,820
France
139,870
Netherlands
509.811
Sweden
2,825
Palestine
1,257
Other countries
£2,312,010
E3,500,213
The $S. Rawalpindi which sailed from Bombay on the 10th inst. carries
to
is
consigned
£150,000
which
gold to the value of about £323,000, of
London and £173,000 to New York.
The Transvaal gold output for July 1935 amounted to 927:803 fine ounces
as compared with 889,026 fine ounces for June 1935 and 876,094 fine ounces
for July 1934.
SILVER
The steady sequence of prices was broken on the 12th inst. when prices
eased 1-16d., being fixed at 303.id. for cash and 30 3-I6d. for two months'
delivery, the American Treasury only being willing to acquire silver at this
price. Although the decline in itself was small, the fact that America had
and large
not maintained the previous level caused further nervousness
offerings were made by Indian Bazaar and speculative bulls, while in addition there was selling on China account. offerings. America again showed
Yesterday in the face of further heavy
falling to
reluctance, with the result that there was another setback, prices
Similar conditions prevailing to-date, prices
29 15-16d. for both deliveries.
large
a
amount.
secured
America
figure
which
at
3-16d.,
29
to
sharply
fell
of course, upon the attitude of
The market Is uncertain and depends,price
may, in some measure, be
the American Treasury, whose buying
exchange.
dollar-sterling
the
Influenced by
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 3d inst. to mid-day on the 12th inst.:
Experts
Imports
£22,100 United States of America-£1,509,445
British India
1,359
countries
Other
8,123
Aden & Dependencies
6,211
British Malaya
4,888
New Zealand
504,377
Japan
20,986
French Somaliland
32,678
Soviet Union
21.300
Poland
20,006
France
5,321
Iraq
16,605
Belgium
9.150
Netherlands
7,661
Other countries
E1,510,804
£672,406
Quotations during the week*
YORK
IN NEW
IN LONDON
(Per Ounce .999 Fine)
-Bar Silver per Or. Std.0S.
as
68 cents
Aug. 7
30 d.
Aug. 8
303-16d.
68 cents
Aug. 8
303.d.
303-16d.
Aug. 9
68 cents
Aug. 9
00 d.
303-16d.
Aug. 10
68 cents
303-16d. Aug. 10
30Sid.
Aug. 12
cents
63
29 15-16d. 29 15-16d. Adg. 12
Aug. 13
67% cents
09346d.
Aug. 13
293-16d.
Aug. 14
30.010d.
29.968d.
Average
•
The highest rate of exchange on New York recorded during the period
from the 8th inst. to the 14th inst. was $4.98q and the lowest $4.96 Si •
Stocks in Shanghai on the 10th inst consisted of about 276,000,000
dollars and 44,600,000 ounces in bar silver, showing no change as compared
with last week's figures.
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:
Frt.,
Thurs..
Wed..
Tues.,
Hari.,
Aug. 30
Aug. 29
Aug. 24 Aug. 26 Aug. 27 Aug.28
254.
29d.
29d.
29d.
Silver, per oz__ 2940. 29d.
140s.
Gold, p.fine oz.1395.1140.1395.10I4d. 1398.950.1393.1134d. 1408.
8331
8414
8331
8331
Consols,2%%_ Holiday 833.4
British 335%10534
10534
10531
10534
10634
Holiday
W. L
British 4%11631
11634
1163.1
Holiday 11634
noi
1960-90
The price of silver per oz. (in cents) in the United States
on the same days has been:
Bar New York
(foreign)---- 6531
U. S. Treasury 50.01
U. S. Treasury
(newly mined) 77.57
6534
50.01
6531
50.01
65%
50.01
65%
50.01
65%
50.01
77.57
77.57
77.57
77.57
77.57
NATIONAL BANKS
regarding National banks is
information
The following
from the office of the Comptroller of the Currency, Treasury
Department:
Amount
VOLUNTARY LIQUIDATION
Minn
Aug. 20-The First National Bank of Belle Plaine,preferred
stock,
Capital stock consists of common stock. $25,000:'Theo. Albrecht,
$5,000. Effective Aug. 19 1935. Lici. Agent,
Minneapolis, Minn. Not absorbed or succeeded by any other
banking association.
830.000
DIVIDENDS
Dividends are grouped in two separate tables. In the
the
first we bring together all the dividends announced
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 Laboratories (quarterly)
Extra
Alabama Power Co. $7 preferred (quar.)
$6 preferred (quar.
$5 preferred (quar.
Allied ChemicalSz Dye Corp. pref. (quar.
American Bakeries Corp. 7% :,ref. (quar.
American News, N. Y. Corp.(hi-monthly
American Safety Razor (quar.)
American Tobacco Co. preferred (quar.)
Appalachian Electric Power.$7 pref. (quar.)__ _
$6 preferred (quarterly)
Automatic Voting Machine(quar.)
Quarterly
Quarterly
Quarterly
Balfour Building, Inc. ((mar.)
Bankers National Life Insurance (5.-a.)
Battle Creek Gas Co.,6% pref.(quar.)
Beech-Nut Packing Co.common (quar.)
Extra
Bell Telep. of Penna.,631% pref. (guar.)
Bellows Sr Co., Inc., class A (quar.)
Bell Telephone of Canada (quar.)
Biltmore Hats, Ltd., 7% preferred (quar.)
Bloomingdale Bros., Inc.,common
Bohn Aluminum & Brass(quar.)
Bridgeport Brass Co.common (quar.)
Brillo Manufacturing Co., Inc., common (quar.)
Class A (quar.)
Budd Realty
Canada Northern Power Corp., Ltd.(quar.)
7% cum. preferred (quar.)
Canadian Foreign Invest.nent (quar.)
Preferred (quar.)
Canadian Wirebound Box, class A
Carleton Dry Goods (liquidating)
Central Ohio Light & Power Co.. $6 pref. (qu.)_
Chesapeake & Ohio By. Co.,corn.(quar.)
Chicago Flexible Shaft (quar.)
Extra
Chicago Junction Rys.& Union Stockyards
Preferred (quarterly)
Chickasha Cotton 011 (quarterly)
Christiana Securities, 7% pref. (guar.)
Citizens Water Co.(Wash., Pa.) 7% pf. (qu.)._
Clinton Trust(N. Y.)(quar.)
Clorox Chemical (quar.)
Extra
Coats (J. & P.)(interim)
Commercial Credit (quarterly)
534% preferred (initial)
Commonwealth Loan (Ind., Ind.) pref. (guar.).
Per
Share
When Holders
Payable of Record
Oct. 1 Sept. 18
Oct. 1 Sept. 18
Oct. 1 Sept. 14
Oct. 1 Sept. 14 I
Nov. 1 Oct. 15
Oct. 1 Sept. 11
.54 Oct. 1 Sept. 16
25C Sept. 16 Sept. 6
$1 Y Sept.30 Sept.10
Oct. 1 Sept. 101
Oct. 1 Sept. 3
$131 Oct. 1 Sept. 3
1234c Oct. 1 Sept. 20
12%c Jan. 1 Dec. 20
12Sic Apr. 1 Mar. 20
123.c July 1 June 20
Aug. 31 Aug. 21
50c Sept. 15 Aug. 29
$134 Oct. 1 Sept. 20
75c Oct. 1 Sept. 12
50c Oct. 1 Sept. 12
$1% Oct. 15 Sept.20
25c Sept.10 Aug. 31
41;4 Oct. 15 Sept. 23
$1% Sept.14 Aug. 15
10c Sept.27 Sept. 17
750 Oct. 1 Sept. 13
10e Sept.30 Sept. 13
15c Oct. 1 Sept. 14
50c Oct. 1 Sept. 14
S2 Sept. 1 Aug. 26
30c Oct. 25 Sept.30
Oct. 15 Sept.30
40C Oct. 1 Sept. 20
$2 Oct. 1 Sept. 20
h25c Oct. 1 Sept.14
Aug. 29
$2.60
$1.% Aug. 30 Aug. 15
70c Oct. 1 Sept. 60
30c Sept.30 Sept.20
10c Sept.30 Sept.20
$2M Oct. 1 Sept. 14
$134 Oct. 1 Sept. 14
50c Oct. 1 Sept. 9
Oct. 1 Sept.20
$1
Oct. 1 Sept. 20
$1
Oct. 1 Sept. 23
5
50c Oct. 1 Sept. 20 I
12;ic Oct. 1 Sept.20
6d Sept.30
6234c Sept.30 Sept. 10
Sept.30 Sept. 10
Sept. 1 Aug. 20
Volume 141
Name of Company
Financial Chronicle
Per
Share
When Holders
Payable of Record
Commonwealth & Southern $6 preferred
75c Oct. 1 Sept. 6
Connecticut Electric Service (quar.)
75c Oct. 1 Sept. 14
Consolidated Oil Corp
25c Oct. 10 Sept. 10
Crow's Nest Pass Coal (interim)
$2 Sept. 14 Aug. 30
Crowell Publishing Co.(quar.)
25c Sept.24 Sept. 14
Danahy Faxon Stores(quar.)
25c Sept.30 Sept.20
Extra
25c Sept.30 Sept.20
Dejay Stores, Inc., A'
h11Xc Oct. 1 Sept. 16
Class A (quar.)
43rg Oct. 1 Sept. 16
De Long Hook & Eye Co.(quar.)
Oct. 1 Sept. 20
Deposited Bank Shares, N. Y.,series A (s.-a.)
Sc Oct. 1 Aug. 31
Deposited Insurance Shares"A"
Sept.17
(s.-a.)
e2ii
Diamond State Telep.,
Oct. 15 Sept.20
Dickens & Jones(London) % pref. (quar.)
4
Duke Power Co. (quarterl(interim)
y)
Oct. 1 Sept. 14
Preferred (quarterly)
Oct. 1 Sept. 14
Draper
Oct. 1 Aug. 31
(qua
"
EasternCorp'
Malleaole
Iron (quar.)
Sc Sept.10 Aug. 22
Edison Bros. Stores (quar.)
25e Sept.25 Sept.10
Preferred (quar.)
Sept.16 Aug. 31
81
Electrical Securities Corp., pref.(quar.)
Sept.30
$1
Famise Corp.(quar.)
6Xc Oct. 1 Sept.27
Class A (quar.)
6X C Oct. 1 Sept.27
Fanny Farmer Candy Shops
1234c Oct. 1 Sept. 14
Federated Publications, Inc. (special)
Sept.15 Aug. 23
General fly. Signal Co.,common (quar.)
25c Oct. 1 Sept. 10
Preferred (quarterly)
Oct. 1 Sept. 10
SUI
Gold Dust $6 preferred (quar.)
Sept.30 Sept. 17
$1
Goodall Security Corp.(quar.)
Sept. 2 Aug. 27
Grant(W.T.)(quar.)
25c Oct. 1 Sept. 12
Hackensack Water. class A pref. (quar.)
43 jc Sept.30 Sept. 13
Haloid Co.(quar.)
Oct. 1 Sept. 14
Extra
50c Oct. 1 Sept. 14
7% preferred (quar.)
Oct. 1 Sept. 14
$1
Hanes(P. H.) Koitting 7% pref.(quar.)
Oct. 1 Sept. 20
$1
Hanna(M. A.) $7 preferred (quar.)
Sept.20 Sept. 7
$1
Harrods (interim)
5%
Hawaiian Sugar (quar.)
60C Oct. 15 Oct. 5
Extra
600 Oct. 15 Oct. 5
Helme (Geo. W.) Co.common
(quar.)
Oct. 1 Sept. 10
$1(
Preferred (quar.)
Oct. I Sept. 10
Hercules Powder Co. common (quar.)
7c Sept.25 Sept. 13
Holophane Co.,Inc., preferred
Oct.
$1.05
(semi-ann
1 Sept. 16
.)
Home Fire & Marine Insurance
50c Sept.16 Sept. 5
Hoskins Manufacturing (quar.) (quar.)
50c Sept.26 Sept. 11
Extra
25c Sept.26 Sept. 11
Hygrade Sylvania (quarterly)
50c Oct. 1 Sept. 10
Preferred (quarterl
$1 X Oct. 1 Sept. 10
Illinois Bell Telephoney)
$1)1 Sept.30 Sept. 2
Imperial Paper & Color Corp.
$3 Oct. 1
Indiana General Service,6% (resumed)
Oct. 1 Sept, 3
$1
Indiana & Michigan Electric Pref.(quar.)
-_7% pref.(quer.). $1
Oct. 1 Sept. 3
International Cement (guar.)
2
Sept.30 Sept. 11
International Salt Co.(quer.)
3715c Oct. 1 Sept. 164
International Silver pref. (quar.)
$1 Oct. 1 Sept. 14
Investment Corp. of Philadelphia
(quar,)
50c Sept. 14 Aug. 31
Extra
25c Sept. 14 Aug. 31
Jones (J. E.) Royalty Trustseries A participating trust
certificates
$3.41 Aug. 26 July 31
Series 13 participating trust certificate
s
$2.77 Aug. 26 July 31
Series c participating trust
certificates
$6.87 Aug. 26 July 31
Kansas City Power & Light
Co.
1st
pref.
B
Oct. 1 Sept. 14
$1
Kansas Utilities. 7% pref.(quar.)
Oct. 1 Sept.20
$1
Keystone Public Service, $2.80
pref.(quar.)Oct. 1 Sept.15
7
Isckawanna RR.of New Jersey,
gad.(guar.)
$1 Oct. 1 Sept. 6
Lazarus(F.& R.)(quar.)
15c Sept.30 Sept.20
Preferred (quar.)
$1% Nov. 1 Oct. 19
Leslie-California Salt (quar,)
35c Sept. 15 Aug. 31
Lindsay Light & Chemical pref.
1714c Sept.16 Sept. 7
Little Miami RR.special gtd. (quar.)
(guar.)
Sept. 10 Aug. 26
Original capital
$1.10 Sept. 10 Aug. 26
Lorillard (P.) Co.(quar.)
30c Oct. 1 Sept. 13
Preferred (quar.)
$1% Oct. 1 Sept. 13
Loudon Packing Co.,common
1254c Oct. 1 Sept. 16
Mabbett (Geo.) & Sons first &(initial)
second pref.(qu.) $18
4 Oct. 1 Sept. 20
Mapes Consolidated Mfg.
(quar.)
50c Oct. 1 Sept.16
Marion Water Co.7%
Maryland Fund, Inc pref. (guar.)
SIM Oct. 1 Sept. 20
10c Sept.15 Aug. 31
Extra
5c Sept. 15 Aug. 31
Mock. Judson, Voehringer
25c Sept. 11 Sept. 3
Preferred (quarterly)
El% Oct. 1 Sept.15
McKeesport Tin Plate (quar.)
$1 Oct. 1 Sept. 17
Memphis Power & Light $7 pref.
Oct. 1 Sept. 14
$1
Merrimack Hat Corp. (guar.) (quar.)
$1 Sept. 3 Aug. 26
Preferred (quar.)
$1 Sept. 3 Aug. 26
Mississippi Valley Public Service
Co
$1 Oct. 1
7% preferred A.(guar.)
$1,1 Sept. 2 Aug. 23
6% preferred B (quar.)
$1
Oct. I Sept. 23
Monroe Chemical
25c Oct. 1 Sept. 14
Preferred (quar.)
8734c Oct. 1 Sept. 14
Murphy (G. C.) common (quar.)
40c Sept. 3 Aug. 22
Myers (F. E.) & Bros
50c Sept.30 Sept. 14
National Breweries (quar.)
40c Oct. 1 Sept. 16
Preferred (quar.)
44c Oct. 1 Sept. 16
National Oil Products Co
300 Sept.30 Sept.20
Neiman-Marcus Co.7% pref.
(quar.)
$15‘ Sept. 1 Aug. 20
7% preferred (quar.)
$IX Dec 1 Nov.20
Neptune Meter 8% preferred
552 Sept. 4 Aug. 30
New England Gas & Electric
37J4c Oct. 1 Aug. 30
New Jersey Water Co.7% Assoc. preferred
I.
Oct. 1 Sept. 20
No Method Laundr_y Co.pref.(guar.)
6X9' pref.(quar.)-1
Sept. 1 Aug. 21
New York & Queens Elec. Lt.
&
Pow.
(quar.)...
.
Sept. 14 Sept. 6
non-c
$5
um. preferred (guar.)
$1)4; Sept. 3 Aug. 27
New York Lackawanna & Western
Ry. Co.5% guaranteed
$1
Oct. 1 Sept. 13
York Steam $6
(quar.)New preferred (quar.)
13 Oct. 1 Sept. 15
$7 preferred (guar.)
1i Oct. 1 Sept. 15
New York Telephone, 6X%
Oct. 15 Sept. 20
Newark & Bloomfield RR'. preferred (quar.)-- $1.
(semi-ann.)
$135 Oct. I Sept.20
Newark Telephone Co.
(Ohio)(quar.)
$1 Sept. 10 Aug. 31
Extra
25c Sept. 10 Aug. 31
North American (guar.)
25c Oct 1 Sept. 10
Preferred (guar.)
75c Oct. 1 Sept. 10
Norwich & Worcester RR.,
prof.
8%
(quar.).
$2 Oct. 1 Sept. 12
Ohio Edison Co. $5 pref.(quar.)
$1
Oct 1 Sept. 14
$6 Preferred (quar.)
EX Oct. 1 Sept. 14
$6.60 preferred (guar.)
$1.65 Oct. 1 Sept. 14
$7 preferred (quar.)
511 Oct. 1 Sept. 14
$7.20 preferred (guar.)
51.80 Oct
1 Sept. 14
Ohio Finance 8% preferred
55134 Oct
Onomea Sugar (monthly)
1 Sept. 10
200 Sept. 20 Sept.10
Pacific Lighting preferred (quar.)
$1% Oct. 15 Sept. 30
Pacific Finance (quar.)
30c Oct. 1 Sept. 14
Preferred A (quar.
200 Oct. 1 Nov. 15
Pr
Preferred C (quar.
163(c Nov. I Oct. 15
Preferred D quer.
17)4c Nov. 1 Oct. 15
Parke, Davis & Co.(quar.)
25c Sept.30Sept. 19
Extra
200 Sept.30Sept. 19
Package Machinery Co.(quar.)
500 Sept. 3 Aug. 20
Pantheon Oil Co.(guar.)
.L
2Mc Aug. 28 Aug. 26
Parker Wolverine Co. 5% pref.
Penn Central Light & Power. (semi-ann.)- - 373c Sept.20 Sept, 2
$2.80 prof.(guar.)
Oct.70
1
Sept. 10
$5 preferred (quarterly)
$1
Oct. lSept.10
Pennsylvania Glass Sand
h$1
Oct. 1 Sept. 14
Preferred
hS1h Oct. 1 Sept. 14
Peoria Water Works Co. 707
$151 Oct. 1 Sept. 20
Perfection Stove (quarterly) pref.(guar.)
30c Sept.30 Sept.20
Petroleum Exploration (quarterly)
25c Sept. 16
Pinchin, Johnson & Co.(interim)
Portland & Ogdensburg RR.
Sept. 17
)
Aug. 31 Aug. 20
Power Corp.of Can.. Ltd.,6%quarterly
cum. pref.(qu.)_
% Oct. 15 Sept. 30
6% non-cum. preferred 'quar.)
% Oct. 15 Sept. 30
70
I
I
71
11
Name of Company
1387
Per
Share
When Holders
Payable of Record
Publication Corp. 7% orig. pref.(quar.)
$151 Oct. 1 Sept. 20
1st preferred (quar.)
$1% Sept. 16 Sept. 5
Public Service Co.of Okla.7% pr.lien stk.(qu.)
Oct. 1 Sept. 20
6% prior lien stock (quar.)
Oct. 1 Sept. 20
Quaker Oats (quar.)
Oct. 15 Oct. 1
Extra
$1 Oct. 15 Oct. 1
Preferred (quar.)
$1% Nov.30 Nov. 1
Reynolds Spring (quar.)
25c Sept.29 Sept. 15
Rich's, Inc., preferred quarterly)
$1,4 Sept.30 Sept. 15
Ruberoid Co.(quar.)
25c Sept. 14 Aug. 31
San Jose Water Works8% pref.(quar.)
37Mc Sept. 1 Aug. 20
Safety Car Heating & Lighting
$1 Oct. 1 Sept. 14
Scranton Electric, $6 preferred quarterly)
$IX Oct. 1 Sept. 3
Senior Security, Inc. (guar.)
30c Sept. 10 Aug. 31
Smith Alsop Paint & Varnish 7% pref
5871€g Sept. 1 Aug. 15
South Penn Oil
Sept.30 Sept. 13
South Porto Rico Sugar Co. common (quar.)_
50c Oct. 1 Sept. 11
Preferred (quar.)
2% Oct. 1 Sept. 11
Southern Canada Power Co.
6% cum. partic. preferred (quar.)
Oct. 15 Sept. 20
1
Southwest Portland Cement (quar.)
Oct. 1
Preferred (quar.)
$2 Oct. 1
Spang, Chalfant & Co.. Inc., preferred
551M Oct. 1 Sept. 16
Sparta Foundry Co. (quarterly)
25c Sept.30 Sept. 14
Extra
25c Sept.30 Sept. 14
Standard Brands (guar.)
200 Oct. 1 Sept. 5
$7 cum. preferred (guar.)
51% Oct. 1 Sept. 5
Superior Portland Cement A
h2734c Sept. 3 Aug. 26
Sylvania Industrial Corp., extra
Sept. 14 Sept. 5
Texon Oil & Land Co., common (quar.)
15c Sept.30 Sept. 10
Thompson Electric Welding (quarterly)
25c Sept. 3 Aug. 27
Todd Shipyards
50c Sept.20 Sept. 5
Union Carbide & Carbon Corp
1 se
t.
t.16
400 O
Sep
. 6
secp
5
pt.
United-Carr Fastener
250
United Grain Growers
Sept. 3 Aug. 27
$1
United Profit Sharing preferred (s.-a.)........
50c Oct. 31 Sept. 30
United States Industrial Alcohol (quar.)
50c Oct. 1 Sept. 16
Universal Products
400 Sept.30 Sept.20
Waldorf System, Inc., common (quar.)
Oct. 1 Sept. 20
1234c
Ward Baking Corp., preferred
Oct. 1 Sept. 14
Warren RR.,guaranteed (semi-ann.)
87
$14.i
c
4,. Oct. 15 Oct. 4
Wesson Oil & 'Snowdrift Co., Inc.,corn.(guar.). 12Xc Oct. 1 Sept. 14
Extra
Oct. 1 Sept. 14
West Kootenay Power & Lt. pref.(quar.)
st
Oct.
1 Sept. 20
Westmoreland Water Works $6 pref.(quar.)....
Oct. 1 Sept. 20
$1
Westvaco Chlorine Products Corp. (guar.) Aug. 16
Wheeling Steel, preferred
pt... 15
h5s3 Sept.Oa. 1 S
Aeus
12
White Villa Grocers, Inc.(semi-ann.)
Wilton RR. (semi-ann.)
$3 Oct..16
1 Sept. 24
Wisconsin Power & Light 7% preferred
h58 1-3c
Aug. 31
6% preferred
Aug. 31
Wiser Oil (quarterly)
h66c
25c 0
643er:16
1
Wright-Hargreaves Mines, Ltd. (quar.)
100 Oct. 1 Sept. 10
Extra
Sc Oct. 1 Sept. 10
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given in the preceding table.
Name of Company
Abbott Dairies, Inc.(quar.)
707 1st & 2d preferred (quar.)
Acadia Sugar Refining Co.6% preferred
Acme Glove Works,63.5% Preferred
Adams Express Co.5% preferred (quar.)
Affiliated Products (monthly)
Monthly
AvewaSurpass Shoe Stores(s.-a.)
Alabama & Vicksburg Ry. Co.(serni-ann.)
Alabama Water Service. $6 preferred
Allen Industries. corn (quar.)
Preferred (guar.)
Alexander & Baldwin (guar.)
Extra
Allegheny Steel
Preferred (guar.)
Allied Laboratories. Inc.(quar.)
$3% cony. preferred (guar.)
Allied Stores Corp.,5% pref.(initial) (guar.)...
Aluminum Goods Mfg. Co.(guar.)
Aluminum Mtgs.(guar.).
Quarterly
7% preferred (quarterly)
7% preferreduarterl
(quarterly)
American Arch Co. (quarterly)
American Bank Note, pref.(guar.)
American Business Shares
American Can Co.,7% pref (quar.)
American Capital, prior preferred (guar.)
American Chicle (quarterly)
American Cigar (quarterly)
Preferred (quarterly)
American Crystal Sugar.6% pref. (initial)
American Dock, preferred (quar.)
American Elec. Securities Corp., part. pref.(qu.)
American Envelope 00.7% pref. A & B (quar.)_
American European Securities Co., pref.(qu.)-American Factors, Ltd.(monthly)
American & General Securities Corp., el. A corn..
$3 cum. pref
American Hardware Corp.(guar.)
Quarterly
American Home Products (monthly)
Monthly
American Hosiery Co.(quarterly)
American Investors of Illinois, B.(quar.)
American Laundry Machinery Co.(quar.)
Amezlean Metals, preferred
American Paper Goods,7% preferred (guar.)._
7% preferred (guar.)
American Radiator & Standard Sanitary Corp.
Preferred (quar.)
American Smelting & Refining 6% 2d pref
7% 1st preferred (guar.)
American Steel Foundries, preferred
American Stores (quarterly)
American Sugar Refining (quar.)
Preferred (quarterly)
American Sumatra Tobacco Corp
Extra
Extra
American Telephone & Telegraph (quar.)
American Tobacco Co., corn. & com.B
Anglo-Canadian Telephone, class A (Initial).Class B (initial)
Archer-Daniels-Midland (quar.)
Special
Art Metal Works, Inc.. common
Armour of Delaware preferred (guar.)
Armour of Illinois $6 preferred (guar.)
7% preferred (quar.)
Armstrong Cork (quar.)
Aitloom Corp., preferred
Associated Dry Goods, 1st preferred
Associated Investment new (initial)
7% preferred (ne w)(initial)
7% preferred (quar.)
Per
Share
When Holders
Payable of Record
25c
$1 X
515c
581 Xc
$1
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 2 Aug. 18
Sept. 16 Aug. 31
Sept.30 Sept. 6a
Sept. 1 Aug. 15
Oct. 1 Sept.13
Sept. 2 Aug. 15
Sept. 2 Aug. 15
Oct. 1 Sept. 9
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Sept.14 Sept. 3
Sept.14 Sept. 3
Sept. 14 Aug. 31
Sept. 3 Aug. 5
Oct. 1 Sept. 25
Oct. 1 Sept. 25
Oct. 1 Sept. 20
Oct. 1 Sept. 20
Sept.30 Sept. 15
Dec. 31 Dec. 15
Sept.30 Sept.15
Dec. 31 Dec. 15
Aug. 31 Aug. 20
Oct. 1 Sept.11
Aug. 31 Aug. 15
Oct. 1 Sept. 19
Sept. 1 Aug. 15
Oct. 1 Sept.12
Sept.16 Sept. 3
Oct. 1 Sept.14
Sc
20c
200
$3
$1S
50c
750
$1H
$1
25c
$16i
1oa
87ic
:IX
100
50c
50c
$1
$1
2
75c
2c
$1
$1
7
$2
$1
$1
7)ic
$P4
$1M
20c
714c
254
250
200
20c
25c
12 c
1
552
31 Si
Sept. 1 Aug. 15
Sept. 3 Aug. 200
Sept. 1 Aug. 25
Aug. 31 Aug. 26
Sept.10 Aug. 31
Sept. 3 Aug. 15
Sept. 3 Aug. 15
Oct. 1 Sept.15
Jan.I '16 Dec. 14
Sept. 3 Aug. 14
Oct. 1 Sept.14a
Sept. 2 Aug. 21
Sept. 1 Aug. 20
Sept. 1 Aug. 22
Sept. ii Aug. 21
Sept.lb
Dec. 15
$1% Sept. 3 Aug' 19
556 Sept. 2 Aug. 9
$1( Sept. 2 Aug. 9
50c Sept.30 Sept.16
50c Oct. 1 Sept.13
500 Oct. 2 Sept. 5
$1% Oct. 2 Sept. 5
25c Sept.16 Aug. 31
50c Sept. 16 Aug. 31
50c Dec. 16 Dec. 2
$23j Oct. 15 Sept.16
$I X Sept. 3 Aug. 10
121.ic Sept. 3 Aug. 15
100 Sept. 4 Aug. 15
250 Sept. I Aug. 21
250 Sept. 1 Aug. 21
100 Sept.25 Sept. 11
SIN Oct. 1 Sept. 10
$1
Oct. 1 Sept. 10
h$1
Oct. 1 Sept. 10
12)c Sept. 2 Aug. 15
h$1j Sept. 1 Aug. 15
553 Sept. 3 Aug. 9
200 Sept.30 Sept.20
$1.14 Sept.30 Sept.20
$1.3i Sept.30 Sept. 20
Financial Chronicle
1388
Name of Company
Per
Share
When Holders
Payable of Record
Name of Company
Aug. 31 1933
Per
Share
When Holders
Payable of Record
Sc Sept.30 Sept 15
Climax Molybdenum Co. (quar.)
35c Nov. 1
Asbestos Mfg Co..$1.40 cony. pref.(quar.)____
Sc Dec 30 Dec. 15
Quarterly
35c Feb.1'36
Sept.30 Sept. 14
50c
$1.40 convertible preferred (qua:.)
Increased
$2 Sept. 3 July 31
Sept.16 Aug. 26
Atchison Topeka & Santa Fe
514
Coast Counties Gas & Elec. Co.,8% pref.(q11.)Sept. 2 Aug. 20
$4
Sept. 2 Aug. 6
Atlanta & Charlotte Air Line By.(8.-a.)
1234c
(quar.)
ive-Peet
Colgate-Palmol
16
Sept.
2
Oct.
$13
Oct. 1 Sept. 5
Atlantic & Ohio Teleg. Co.(guar.)
$134
Preferred (quarterly)
26c Sept.16 Aug. 21
Atlantic Refining (quay.)
lOc Aug. 31
Collateral Trust Shares of N. Y.. series A
30c Sept.16 Aug. 31
Sept. 3 Aug. 20
Atlas Corp.(initial)
5134
(qua:.)
preferred
&
Aikman,
Collins
20
Aug.
3
75c Sept.
$3 preferred, series A (quar.)
314c Sept.30 Sept. 7
Colt's Patent Fire Arms (qua:.)
50c Sept.10 Aug. 30
Atlas Powder (quar.)
40c Sept.30 Sept.16
Columbia Broadcasting System (quar.)
414c Sept.11 Aug. 20
Automotive Gear Works,Inc., pref.(quar.)
750 Sept. 2 Aug. 15
_
(quar.)__
preference
Corp..
Pictures
Columbia
10c Oct. 1 Sept.20
Babcock & Wilcox
$1 Sept. 3 Aug. 16
Columbian Carbon Co. (qua:.)
Sept.14 Aug. 31
$1
Baldwin Co.6% preferred A (quar.)
70c Oct. 1 Sept. 50
Commercial Investment Trust,com.(qua:.)_Sept. 3 Aug. 15
$1.6
Oct. 1 Sept. 5a
Bamberger (L.) di Co..63% pref.(qua:.)
40c
(extra)
Common
63c Oct. 1 Aug. 31
Bangor & Aroostook RR.Co..common
65134 Oct. 1 Sept. 5a
Cony. preference (opt.ser. 1929)(guar.)
Oct. 1 Aug. 31
Preferred
1935)(quar.) _ 81.0634 Oct. 1 Sept. 50
of
ser.
($434
Cony.
preference
10
1
Sept.
Oct.
Bangor Hydro-Electric, 7% preferred (quar.).
tug Sept. 1 Aug. 20
Commonwealth Loan Co., preferred (quar.)_ _ _
Oct. 1 Sept. 10
6% preferred (qua:.)
Commonwealth Utilities Corp.
$14 Sept. 3 Aug. 15
Sept. 3 Aug. 15
Baton Rouge Elec. Co. $6 pref. (quar.)
$14
(quarterly)
C
preferred
634%
31
Aug.
50c Sept.15
Bayuk Cigars
$1 V Oct. 1 Sept.14
preferred A (quarterly)
$13i, Oct. 15 Sept. 30
First preferred (quar.)
5154 Oct. 1 Sept.14
B
preferred
6%
(quarterly)
31
Aug.
Sertt.14
$132
Dec. 2 Nov. 15
Belding-Corticelli. preferred (guar.)
$1
614% preferred C. (quarterly)
20c Sept. 1 Aug. 21
1 Sept. 1 Aug. 15
Beneficial Loan Society (Del.)(guar.)
Compania Swift Internacional (semi-annual)
Oct. 1 Sept. 6
$1
Bethlehem Steel, preferred
1231c Sept. 1 Aug. 24
(quarterly)
Shoe
Machinery
Compo
17
Aug.
1
Sept.
$114
Bigelow-Sanford Carpet, preferred (qua:.)
50c Sept.15 Aug. 31
Compressed Industrial Gases (quar.)
$1.561 Sept. 1 Aug. 24
5
. 26
i
30 S
Binghamton Gas Works6 % pref.(quar.)
1 Sept 31
1i
Confederation Life Assoc.,"Toronto" (quar.)
$2 Sept. 1 Aug. 6
Bird-Archer Co
Quarterly
6
Aug.
1
Sept.
$4
3
Sept.
16
Sept.
Preferred (8.-a.)
40c
(quar.)
rn
Congoleuin-Nai
$14 Sept.16 Sept. 3
Sept 1 Aug. 15
Birmingham Water Works Co.6% pref. (qu.)
Connecticut Lt. & Power Co.,634% pf. (quar.) $14 Sept.
514 Sept. 1 Aug. 25
1 Aug. 15
Black-Clawson, preferred (quar.)
$14
534% preferred (qua:.)
Sept.25
Sept. 3 Aug. 15
Block Bros. Tobacco Co.,6% preferred (quar.)_ $134 Sept.30
6254c
Connecticut Power (quarterly)
5134 Dec. 31 Dec. 25
6% preferred ,quar.)
$134 Sept. 2 Aug. 15
Power. 6% pref. (quar.)_
River
Connecticut
5
Aug.
1
Sept.
m7Sc
Blue Ridge Corp.. preferred (quar.)
20c Oct. 1 ept.20
Consolidated Bakeries of Canada (quar.)
50c Oct. 1 Sept. 18
Bon Aim. class B (qua:.)
$134 Sept. 2 Aug 15
Consolidated Cigar. 7%, preferred (qua:.)
40c Sept. 3 Aug. 15
Borden Co., common (quar.)
h$7 Oct. 1Sept.11
preferred
7%
Corp.,
Container
31
Aug.
Sept.30
$2
Boston & Albany RR
h25c Oct. 1 Sept. 10
Consolidated Film Industries preferred
1734c Sept.30 Sept. 19
Boston Acceptence. 7% pref.(quar.)
90c Oct. 1 Sept.14
Consolidated Gas & Electric Lt. of Bali
Oct. 1 Sept. 10
$
Oct. 1 ept.14
Boston Elevated By.(qua:.)
$14
(quarterly)
preferred
5%
20
Sept.
1
Oct.
Boston Insurance (quar.
25c Sept.16 Aug. 9
Consolidated Gas, N. Y
52.125 Oct. 1 Sept. 20
1 Aug. 21
Sept.
Boston & Providence RR.(quar.)
15c
Consolidated Paper Co. (qua:.)
82.125 Jan.2 '36 Dec. 20
Quarterly.
1736c Oct. I Sept.20
Preferred (quar.)
Sept.30
$1
Boston Storage & Warehouse Co.(guar.)
Consumers Power Co25c Oct. 25 Oct. 1
Oct. 1 Sept. 14
Bower Rollerliearing Co.(quar.)
51
$5 preferred (quarterly)
25c Sept. 1 Aug. 10
ct 1 Sept. 14
O.
Brach (E. J.) & Son (quar.)
$1
6% preferred (quarterly)
$1 Sept.25 Sept. 20
Oct. I Sept. 14
Brewer (C) & Co.(monthly)
$111
6.6% preferred (quarterly)
$1 Sept.25 Sept.20
Oct. 1 Sept. 14
Brewer (C.)& Co.. Ltd (monthly)
5132
preferred
73'
(quarterly)
16
Sept.
Sept.30
60c
Bridgeport Gas Light Co
50c Sept. 3 Aug. 15
63 preferred (monthly
750 Sept. 14 Sept. 4
Briggs & Stratton Corp.(quarterly)
50c Oct. 1 Sept. 15
6% preferred (monthly
734c Sept.15 Aug. 31
Bright (T. G.), Ltd.(quarterly)
550 Sept. 3 Aug. 15
(monthly)
preferred
6.6%
$134 Sept.15 Aug. 31
6% preferred (quarterly)
550 Oct. 1 Sept. 15
6.6% preferred (monthly)
374c Sept.14 Aug. 31
Bristol Brass (qua:.)
$154 Sept. 15 Aug 31
Consumers Glass,7% pref.(qua:.)
50c Sept. 3 Aug 9
Bristol-Myers Co., corn. (quar.)
150 Sept. 2 Aug. 15
(guar.)
(Chicago)
Casualty
Continental
10c Sept. 3 Aug 9
Extra
h$134 Oct. I Sept.16
Continental Steel, preferred
w 10d. Sept.30 Aug. 31
$1 Sept. 1 Aug. 26
British-American Tobacco Co.. Ltd.(interim)
(quar.)
pref.
S4
Varnish
Paint
&
Cook
9
Aug.
31
Aug.
$2
124c Aug 31 Aug 15
Brooklyn Edison (qua:.)
CoPnerweid Steel (quar)
5134 Oct. 15 Oct. 1
Nov 30 Nov 15
124c
Brooklyn-Manhattan Transit pref (quay.)
Quarterly.
1-15-36 Jan. 2
$1
h$1 34 Sept. 9 Aug. 16
Preferred (qua:.)
Corrugated Paper Box.7% preferred
4-15-36 Apr. 1
$1
Sept. I Aug. 10
874c
Preferred (quar.)
prof.
(qu.).
$314
Inc..
America.
of
Creameries
?Mc Oct. 1 Sept.14
nc Sept. 6 Aug. 22a
Brooklyn & Queens Transit $6 Preferred
Crown Cork & Seal Co., Inc.,common (quar.)..
$1.25 Sept. 1 Aug. 20
67c Sept. 13 Aug. 31a
Brooklyn Telep.& Messenger (qua:.)
Preferred (quar.)
5134 Oct. 1 Sept. 3
h$1 Sept. 14 Aug. 31
Brooklyn Union Gas (quarterly)
preferred
Crown Williamette Paper. 7%
$1 Feb. 29 Feb 15
h$1 Oct. 1 Sept. 16
Brown Fence & Wire (initial)
7% preferred
$1 Aug. 31 Aug. 15
75c Sept. 1 Aug. 13
Class A (initial)
B
&
A
class
preferred
Zellerbach,
Cruvrn
. 31 Aug. 15
50c MP,
Class B (initial)
$2 Sept.30 Sept.20
Crum & Forster 8% pref (quar.)
750 Sept. ,.Aug. 20
Brown Shoe Co. common (qua:.)
Crum & Forster Insurance Shares Corp.
$132 Oct. 311
15c Aug. 31 Aug. 21
7% preferred (qua:.)
(quarterly)
B
&
A
Common
30c Oct. l5Sept.J4
10c Aug. 31 Aug. 21
Bruck Silk Mills (qua:.)
Common A & B extra
75c Sept.14 Aug. 23
$134 Aug. 31 Aug. 21
Buckeye Pipe Line Co
7% preferred (quarterly)
45c Oct. 1 Sept. 20
Sept. 1 July 20
$14
Bucyrus-Monighan, A (quar.)
preferred
634%
Chine* Press. Inc.,
$334 Sept.30 Sept.16
1Sept.14
Budd Wheel 7% cum. pref. (resumed)
Curtiss-Wright Export Corp. pref. D (qua:.) _ $14 Oct.
40c Oct. 1 Sept. 14
514 Oct. 1 Sept.14
Buffalo Niagara & Eastern Power preferred
E
(quarterly)
Preferred
3
21
UM Nov. 1 Oct. 15
Aug. 2
1
3
.
.
t
p
ep
lst $5 preferred (qua:.)
(quar.)
preferred
7%
Cushman's Sons,
w 5 ann Oct. 5 Aug. 27
$2 Sept. 3 Aug. 23
Burma Corp., Ltd., Am. dep. rec. (final)
$8 preferred (quar.)
150 Sept. 5 Aug. 3
$134
(quar.)_
Burroughs Adding Machine Co
preferred
64%
Stores,
Fisher
&
Daniels
$134 Sept.16 Sept. 3
8734c Oct. 1 Sept. 16
ButlexiWater Co.7% pref. (qua:.)
Dayton & Michigan RR. Co.(semi-ann.)
40c Oct. 1 Sept.14
$1 Oct. 1 Sept. 16
°Mamba. Sugar Estates. corn.(guar.)
8% preferred (quarterly)
51 Oct. 1 Sept. 14
50c Sept. 1 Aug. 20
(mo.)
Extra
pref.
6%
Co.,
Light
&
Power
Dayton
50c Oct. 1 Sept. 21
Sept.3 Aug. 15
35c
California Ink (quay.)
Deere & Co., 77 cumul. prof
3734c Sept.16 Aug. 31
$134* Sept. lAug 20
California Packing Corp. (qua:.)
• Denver Union itockyards. preferred (quar.)
20c Aug. 31 Aug. 10
Sept. 3 Aug. 24
$134
(qua:.)
Campbell, Wyant & Cannon Foundry Co
preferred
6%
City
Gas.
Detroit
20c Sept. 1 Aug. 15
$2 Jan 6'36 Dec. 20
Campe Corp common (quar.)
Detroit Hillsdale & Southwestern ER.(5.-a.)_.
r3736c Sept. 1 Aug. 15
Sept. 2 Aug. 20
250
Canada & Dominion Sugar,Ltd.(qua:.)
(quar.)
Products
Paper
Detroit
r374c Dec. 1 Nov. 15
20c Sept. 2 Aug. 25
Quarterly
Dexter Co.(qua:.)
31
Aug.
Sept.14
3735c
Sept. 3 Aug. 15
50c
)
(
Canada Malting (quarterly
Diamond Match (irregular)
52 Oct. 1 Sept.14
25c Dec. 2 Nov. 15
Canada Permanent Mtge. quar.)
Irregular
40c Sept. 3 Aug. 15
Sept. 3 Aug. 15
750
Canada Vinegars (quar.)
Preferred (semi-annual)
$1 Oct. 1 Sept.13
750 Sept. 3 Aug. 16
Canadian Cottons (quarterly)
Dictaphone Co
5134 Oct. 1 Sept.13
Sept. 3 Aug. 16
$2
Preferred (quarterly)
(quarterly)
Preferred
414 Sept. 2 Aug. 1
8734c Oct. 1 Sept. 20
Canadian Hydro-Electric Corp.6% 1st pref._
Doehler Die Casting 7% pref.(qua:.)
r$1
31 lept. 30
Oct. 1 Sept. 20
5134
Canadian Industries, Ltd.,class A & B (quar.). r$134 Oct.
(qua:.)
$7
preferred
30
15
Sept.
Oct.
h2Sc Oct. 1 Sept. 20
7% preferred (qua:.)
Dominion-Scottish Investors 5% pref
15
Aug.
1
Sept.
3736c
(quar.)
Oct. 1 Sept. 16
A
Products
$14
Canadian Silk
Dominion Textile (quarterly)
5134 Oct. 15 Sept.30
Can. Western Nat. Gas, Light, Heat & Power- $134 Sept. 3 Aug. 13
Preferred (quarterly)
Aug. 31 Aug. 24
150
(monthly)
Co.
Fields
Oil
6% preferred (guar.)
Dominguez
$131 Sept.30 Sept.20
75c Sept.27 Sept. 9
Canfield Oil Co.. 7% preferred (qua:.)
Douglas Aircraft (resumed)
1 Sept.20
Oct.8134
90c Sept. 14 Aug. 28
(qua:.)
Nenunws
Carnation CO..7% Preferred (Quarterly)
de
I.)
(E.
Pont
du
Jan1'36
35c Sept. 14 Aug. 28
7% preferred (quarterly)
Extra
$154 Aprl'36
$14 Oct. 25 Oct. 10
7% preferred (quarterly)
Debenture stock (qua:.)
¶254 Oct. 1 Sept. 24
Oct. 15 Sept. 16
$154
pref.(quar.)
1st
5%
Co.
Carolina Telep. & Teleg. (quar.)
Light
Duquesne
$134 Sept.16 Sept.10
20c Sept. 2 Aug. 28
Carter(Wm.) Co., preferred (quar.)
Durham Duplex Razor $4 preferred
hSl Oct. 1 Sept. 12
Oct. 1 Sept. 14
51.12:
(quar.)...
Pref.
434%
Assoc..
Case (J. I.). 7% preferred
Fuel
Gas
&
Eastern
250 Aug. 31 Aug. 15
$14 Oct. 1 Sept. 14
Caterpillar Tractor (quar.)
6% preferred (quarterly)
Aug. 15
31
250
Aug.
1 Aug. 10
Sept.
Extra
Eastern Shore Public Serv. Co.. $834 prof.(qu.) $134
134% Sept. 3 Aug. 15a
$134 Sept. 1 Aug. 10
Central Arkansas Public Service Corp.. pf. (qu.) 1367
$6 preferred (quarterly)
Oct. 1 Sept. 14
1 Sept. 5
Oct.
(quar.)
$134
common
Co..
Central Illinois Light Co.6% pref.(guar.)
Kodak
Eastman
Oct. 1 Sept. 14
250 Oct. 1 Sept. 5
7% preferred (quay.)
Common (extra)
Sept. 1 Aug. 15
1 Sept. 5
Oct.
514
Cenral Mississippi Valley Elec. Prop. pref.(qu.) 1$1
(quarterly)
Preferred
htl}i Aug. 30 Aug. 15
Central Ohio Light & Power $6 pref
East St. Louis & Interurban Water Co.
10c Nov.15 Nov. 6
Sept. 3 Aug. 20
$1%
(quar.)
Centrifugal Pipe corp.(qua:.)..
preferred
7%
20
$134 Sept. 3 Aug.
$14 Sept. 3 Aug. 20
Century Ribbon Mills, pref.(qua:.)
6% preferred (qua:.)
50c Sept. 3 Aug. 29
30c Aug. 31 Aug. 20
Charis Corp. (special)
Eddy Paper (initial)
$134 Sept. 2 Aug. 1
(qua:.)
50c Oct. 1 Sept. 20
Mfg.
Chartered Investors.$5 pref.(quar.)
Controller
Electric
75c Oct. 1 Sept. 6
50 Sept. 3 Aug. 5
P51
pref.
(twinned)
$6
Chesapeake Corp.(quar.)
Electric Shareholdings.
70c Oct. 1 Sept. 6
50c Oct. 1 Sept. 9
Chesapeake & Ohio (qua:.)
Electric Storage Battery CO., COM. (quar.)
Jan r36 Dec. 6
Oct. 1 Sept. 9
50c
Preferred (semi-annual)
(guar.)
Preferred
Sept.27 Sept. 6
$13f Sept. 3 Aug. 22
Chesebrough 'Mfg.(guar.)
Electrographic Corp.7% pref.(qua:.)
50c Sept.27 Sept. 6
16e Sept. 16 Aug. 31
Extra
(qua:.)
Co.
Watch
Elgin
750 Sept. 3 Aug. 20
1 Sept. 20
Oct
Chestnut Hill RR. Co.(guar.)
Elisabeth & Trenton RR ,(semi-ann.)__
250 Sept. 1 Aug. 15
Sept 20
Oct.
Chicago Corp. preferred (qua:.)
5% preferred (semi-annual)
Oct. 15 Sept.30
(quar.)
$1
pref.
$6
Chicago District Electric Generating Corp.
(Texas),
Co.
Electric
Paso
El
31 Aug. 15
Aug.
$14
Aug. 22
2
Sept.
250
(quar.)
preferred
(quar.)
Goods
$6
Ely & Walker Dry
250 Sept. 3 Aug. 10
50c Oct. 1 Sept. 1
Chicago Mail Order (quarterly)
Emerson's Bromo-Seltzer. 8% Preferred (guar.)
1234c Sept. 3 Aug. 10
Aug 22
1
Sept
(quar.)
$1
gtd
Extra
4%
Telep..
State
Bay
&
Empire
373c Sept.14 Aug. 30
$1 Dec 1 Nov 21
Chicago Rivet & Machine
4% guaranteed (quar )_250 Sept. 3 Aug. 20
Aug. 31 Aug. 20
10c
A
Chicago Yellow Cab (quarterly)
class
Corp.,
(quarterly)
Capital
Empire
25c Sept.30 Sept. 3
$134 Oct. 1 Sept. 16
Chrysiei Corp.(qua:.)
Empire Power Corp $6 preferred (qua:.)
250 Sept 30 Sept. 3
25c Sept.20 Sept. 10
Extra
Enloe° Derrick & Equipment
150 Sept.20 Sept. 3
Sept. 1 Aug. 5
h37
Chuengold Corp
cony. preferred
$3
Corp.
Equity
Sept. 10 Aug. 31
iquar.),
8734c
gtd.
Cincinnati New Orleans & Texas Pacific By.,
7%
Co.
Erie lc Pittsburgh RR.
$14 Sept. 3 Aug. 15
8704 Dec. 10 Nov 30
5% preferred (quar.)
(guar.)
guaranteed
7%
20
Sept.
1
Oct.
$134
Sept. I Aug. 31
(qua:.)
Cincinnati Union Terminal, preferred (quar.)
betterment
Guaranteed
Tan 1 '36 Dec. 20
$I
80c Dec 1 Nov. 30
Preferred (guar.)
Guaranteed betterment (qua:.)
$134 Sept. 1
Sept. 1 Aug. 15
50c
Citizens Gas Co.ofIndianapolis,5% pref
Inc
Gregg.
&
Coe
Faber,
15
Sept.
50c Sept.30
$134 Sept. 3 Aug. 15
City Ice & Fuel, common (qua:.)
Fajardo Sugar Co of Porto Rico, corn
23
Aug.
3
Sept.
$14
(quarterly)
734c Sept.27 Sept. 12
Preferred
Faiconbridge Nickel Mines
$14 Sept. 3 Aug. 20
11
$234 Oct. 3I Sept.
City of New Castle Water6% pref.(qua:.)
Farmers & Traders Life inn (guar
20c Sept.14 Aug. 29
Aug. 190
Sept.
(guar.)
$1
pref.
Co.,
Clark Equipment (guar.)
Federal Light & Traction
1 Aug. 29
$g1.
16
.2 Sept.14
1 31
Sept. 1 Aug 15
Preferred (guar.)
$1
Rubber nref. quar.)(
&
Tire
Firestone
Oct. I Sept.20
1
Cleveland Electric Illuminating, pref. (guar.).- First Bank Stocks Corp.(increased) 8734c Sept. 1 Aug. 10
Cleveland & Pittsburgh Ry.7% guar.(quar.)
First Holding Corp. (Pasadena, Calif.)
874c Dec. 1 Nov. 9
Sept. 1 Aug. 20
$14
7% guaranteed (quar.)
(quar.)
Preferred
6%
10
50c Sept. 1 Aug.
20
Special guaranteed (quar.)
State Pawners Society (Chicago, Ill.) (qu.) $1K Sept.30 Sept.
First
9
Nov.
1
Dec.
50c
(qua:.)
Special guaranteed
111
1
,sje
$33i
Financial Chronicle
Volume 141
Name of Company
Per
Share
When I Holders
Payable of Record
First National Stores (guru.)
624c Oct. 1 Sept. 10
1st preferred (guar.)
31% Oct. 1 Sept. 10
Fishman(M.H.)(quarterly)
15c Aug. 31 Aug. 15
Fitz Shnons & Connell Dredge (guar.)
124c Sept. I Aug. 21
Extra
12 c Sept. 1 Aug. 21
Florence Stove (guar)
Sept. 3 Aug. 21
Preferred (guar.)
$14 Sept. 3 Aug. 21
Florida Power. 7% Preferred (guar.)
874c Sept. 1 Aug. 15
7% preferred A (guar.)
$14 Sept. 1 Aug. 15
Florin:101m Shoe Co.,class A (guar.)
25c Oct. 1 Sept.113
Class B (quarterly)
124c Oct. 1 Sept.15
Fort Wayne & Jackson RR..54% pref.(r.-a.)... 32Nt Sept. 2 Aug. 20
Franklin Simon & Co., preferred
Sept. 3 Aug. 17
31
Franklin Telep. Co. 24% gtd. stk. (5.-a.)
$i3 Nov. 11 Oct. 15
Freeport Texas(quarterly)
25c Sept. 2 Aug. 15
Preferred (quaiterli)
$1.4 Nov. 1 Oct. 15
Fulton Market Cold Storage,8% pref.(guar.)_ _
az Sept. 3 Aug. 24
Gates Rubber Co.. 7% pref. (guar.)
Spit Sept. 1 Aug. 15
General American Corp
Sept. 1 Aug. 15
General Cigar preferred (guar.)
Sept. 2 Aug. 23
Si
Preferred (guar)
Dec. 2 Nov. 22
51
Preferred (guar.)
Mar. 2 Feb. 20
$1
Preferred (quar.)
Junel'36 May 22
Si
General Mills, Inc., preferred (guar.)
$1 3. Oct. 1 Sept. 14a
General Motors (quar.)
50c Sept.12 Aug. 15
Extra
25c Sept.12 Aug. 15
Preferred (guar.)
Nov. 1 Oct. 7
Si
General Railway Signal
25c Oct. 1 Sept. 10
Preferred (guar.)
Oct. 1 Sept. 10
$1
Georgia Power Co.$6 preferred (guar.)
Oct. 1 Sept. 14
$1
$5 preferred (guar.)
Oct. 1 Sept. 14
$1
Gillette Safety Razor Co. common
25c Sept.30 Sept. 3
$5 cony. preference (guar.)
$11i Nov. 1 Oct. I
Glens Falls Insurance Co.(guar.)
40c Oct. 1 Sept. 14
Globe Democrat Publishing pref. (guar.)
$16( Sept. I Aug. 20
Globe Wernicke preferred (guar.)
50c Oct. 1 Sept. 20
profaned (guar.)
50c Jan 1'36 Dec. 20
Goldblatt Bros.(guar.)
37 c Oct. 1 Sept. 10
Gold & Stock Telegraph (quar.)
Oct. 2 Sept.30
sl
Goodman (H. C.) 1st pref. (guar.)
314 Sept. 1 Sept. 1
Goodyear Tire & Rubber,7% preferred
Oct. 1 Aug. 31
Goebel Brewing (guar.) increased
Sc Sept.30 Sept. 9
Extra
Sc Sept.30 Sept 30
Gordon Oil Co.(Ohio)class B (guar.)
25c Sept. 15 Aug. 31
Gottfried Baking (Jo.. Inc . preferred (guar.).— 141
Sept 20
*1 Oct.
Grace(W. R.)& Co., pref.6% pr.
Dec. 30 Dec. 27
ef.
Preferred A (quarterly)
$2 Dec. 30 Dec. 27
Preferred B (semi-annual)
$4 Dec. 30 Dec. 27
Grace National Bank (N. Y.)(semi-annual)
$24 Sept.30 Aug. 28
Grand Union, preferred
Sept. 1 Aug 9
h37
Grand Valley Brewing Co
10c Sept.25 Sept. 5
Great Atlantic & Pacific Tea Co. of America—
Common (guar.)
Sept. 1 Aug. 9
Si
Common (extra)
25c Sept. 1 Aug. 9
7% 1st preferred (guar.)
Sept. 1 Aug. 9
$I
ti
Great Eastern Fire Insurance(N.Y.)
30c Oct. 1
Great Northern Paper (guar.)
25c Sept. 2 Aug. 20
Great Western Sugar (quarterly)
600 Oct. 2 Sept. 14
Preferred (quarterly)
$1% Oct. 2 Sept. 14
Great Western Electro-Chemical 6% pf. (initial)
30c Oct. 1 Sept. 20
Green Mountain Power Co. $6 pref.(guar.).— $14 Sept. 3 Aug. 15
Greene Cananea Copper (guar.)
50c Sept. 16 Sept. 6
Greyhound Corp., preferred A (guar.)
Oct. 1 Sept. 21
Si
Gulf State Utilities.$54 Pref.(quar.)
Sept.16 Aug. 30
$1
$6 pref.(quarterly)
Sept 16 Aug. 30
$1
Hackensack Water Co.7% pref. A (guar.)
43 MC Sept.30 Sept. 13
Hale Bros. Stores (guar.)
15c Sept. 3 Aug. 15
HammermIll Paper Co.,6% pref. (guar.)
$14 Oct. 1 Sept. 16
Hancock Oil.class A & B (quarterly)
25c Sept. 1 Aug. 15
Hanes(P.11.) Knitting Co.,corn.& COM.B (qu.) 124c Aug. 31 Aug 20
Harriman Investors Fund inv. shs. (guar.)
35c Sept. 3 Aug. 31
Harrisburg Gas preferred (quar.)
31A Oct. 15 Sept. 30
Harttord & Connecticut Western RR.(s.-a.)- -Aug. 31 Aug. 20
Harbison-Walker Refractories common
25e Sept. 3 Aug. 15
Preferred (guar.)
$1.4 Oct. 21 Oct. 7
Hardest)(R.) Mfg.Co.,7% pref.(guar.)
Sept. I Aug. 15
Si
7% preferred (quarterly)
$1 Dec. 1 Nov. 5
Hawaii Consol Ry.,7% pref. A (war)
20c Sept.15 Sept. 5
7.7,. preferred A (quarterly)
20c Dec. 15 Dec. 5
Hazel-Atlas Glass Co
Oct. 1 Sept. 18
$1
Hazeltine Corp. (guar.)
25c Sept. 14 Aug. 31
Extra
25c Sept. 14 Aug. 31
Heyden Chemical Corp.. (quarterly)
25c Sept. 3 Aug 22
7% preferred (quarterly)
$11( Oct. 1 Sept. 20
Hibbard. Spencer Bartlett & Co.(mo
10c Sept. 27 Sept. 20
.
Hiram Walker, Gooderham & Worts pref.(qu.)
25c Sept.14 Aug. 23
Hires(Chas II.) Co..class A com.(guar.)
50c Sept. 3 Aug. 15
Hobart Mfg..class A (quar)
374
:
a Sept. 1 Aug. 19
Hollinger Consol. Gold Mines
Sept. 9 Aug. 23
Honolulu Plantation Co. (rnonthly)
Sept.10 Aug. 31
Hooven & Allison Co.,7% pref.(guar.)
Sept. 1 Aug. 15
Horn & Hardart of N.Y preferred (auarterly)Sept. 3 Aug. 14
Huason Bay Mining & Smelting (initial)
Aug. 31 Aug. 9
Humble Oil & Refining (guar.)
Oct. 1 Aug. 31
Huntington Water Corp.7% pref.(guar.)
Sept. 3 Aug. 20
preferred
(quar.)
6%
Sept. 3 Aug. 20
Hutchinson Sugar Plantation Co.(monthly)_ _
Sept. 5 AMC. 31
Illinois Water Service 6% preferred (quar.)
Sept. 1 Aug. 20
Imperial Life Insurance (guar.)
P
Quarterly
Jan.:'36 Dec. 31
Im_perial Tobacco of Gt. Britain & Ireland—
Interim
w7 % Sept. 9 Aug. 16
Indiana Hydro-Electric, 7% preferred
87 c Sept.16 Aug. 31
Indianapolis Power & Light 6% pref. (quar.)
Oct. 1 Sept. 5
$1
% preferred (guar.)
6%
Oct. 1 Sept. 5
Indianapolis Water (Jo..5% cumul. pref muar.) 31
Oct. 1 Sept. 12a
Industrial Rayon (guar.)
4c Oct. 1 Sept. 16
Ingersoll-Rand
50c Sept. 3 Aug. 5
Inland Steel (quarterly)
50c Sept. 3 Aug. 15
Extra
25c Sept. 3 Aug. 15
Insuranshares Certificates, Inc
8c Sept.20 Sept. 12
International Etedness Machines Corp. (quar.). $1
Oct. 10 Sept 21
International Haryana. Prof. (quar.)
Sept. 3 Aug. 5
51
International Harvester Co
Oct. 15 Sept. 20
1
International Milling 1st pref. (quar.)
Sept. 3 Aug. 21
$1
Preferred A (cilia.)
Sept. 3 Aug. 21
Si
International Mining
Sept.20 Aug. 31
1
International Nickel of Canada
20c Sept.30 Aug. 31
International Safety Razor. A (guar.)
60c Sept. 1 Aug. 20
Intertype corp first preferred
52 Oct. 1 Sept. 16
Investment Trust of New York,Inc.,collateral
trustee shares, series A (remi-ann.)
100 Aug. 31 July 31
Investors Fund of America Inc.(guar.)
2c Sept.15 Aug. 31
Iron & Bessemer Ry.& Light Co..-7% pref.(gm) 31
Sept. 2 Aug. 15
Iron Fireman Mfg.(guar.)
250 Sept. 2 Aug. 10
Quarterly.
250 Dec. 2 Nov 9
Irving Air Chute (quar.) ltc Co
15c Oct. I Sept. 16
Extra
10c. Oct. I Sept. 16
Jantzen Knitting Mills 7% preferred (quar.)
$14 Sept. 1 Aug. 25
Jefferson Lake 01100.,Inc.,7% pref.(8.-a.).35c Sept. 10 Aug. 31
Jewel Tea (quarterly)
75c Oct. 15 Oct. 1
Jewel Tea Co Inc
75c Oct. 15 Oct. 1
Johns-Manville
25c Oct. 15 Sept.24
Preferred (quarterly)
314 Oct. 1 Sept. 17
Kalamamo Vesetable Parchment (guar.)
150 Sept 30 Sept 20
Quarterly
150 Dec 30 Dec 30
Katz Drug (guar.)
75c Sept.14 Aug. 31
Preferred (guar.)
E14 Oct. 1 Sept. 14
Kaufmann Department Stores, pref. (quar.)
51g Oct. 1 Sept. 10
Kaiser (Julius) & Co
65c Sept.10 Aug. 26
Kelvinator Corp. (quarterly)
124c Oct. 1 Sept. 5
Kendall Co.. Preferrea Class A (guar.)
$1.50 Sept. 3 Aug 10a
Name of Company
1389
Per
Share
When I Holders
Payable of Record
Kennecott Copper Corp
Sept.30ISept 6
Keraha Sugar. Ltd.(monthly)
Sept. 1 Aug. 26
Kimberly-Clark Corp. common (guar.)
Oct. 1 Sept. 12
Preferred (quar.)
Oct. 1 Sept. 12
Kings County Lighting Co.common (quar.)_ _
Oct. 1 Sept. 16
7% preferred ii (quar.
Oct. 1 Sept. 16
6% preferredC (quar.
Oct. 1 Sept. 16
5% preferred D (guar.
Oct. 1 Sept. 16
Kirby Petroleum
Sept. 15 Aug. 31
Klein (D. E.) & Co., common (guar.)
Oct. 1 Sept. 20
7% preferred (guar.)
Oct. 1 Sept.20
Holes Sugar, Ltd.(monthly)
Aug. 31 Aug. 26
Kresge (S. S.)
Sept.30 Sept. 11
Preferred (quar.)
Sept.30 Sept. 11
Eroenier Mfg. co., 7% pref. (quar.)
Sept.30
7% preferred (quarterly)
Dec. 31
Class A preferred (quar.)
Sept.30
Class A preferred (guar.)
Dec. 31
Kroger Grocery & Baking (quarterly)
Aug. 31 Aug. 9
7% preferred (quarterly)
Nov. 1 Oct. 18
6% preferred (quarterly)
Oct. 1 Sept.20
Lake Shore Mines, Ltd.(guar)
Sept. 16 Sept. 2
Bonus
Sept.16 Sept. 2
Lake Superior District Power Co.
73' cumulative preferred (quar.
$1 f,‘ Sept. 2 Aug. 15
6%
69 cumulative preferred(guar.
314 Sept 2 Aug. 15
Lanaers Imary & Clark (quar.
3754c Sept.30 Sept.20
Quarterly
374c Dec. 31 Dec. 20
Landis Machine. 7% Preferred(quarte
313i Sept. 15 Sept. 6
rly)
7% preferred !quarterly)
Dec. 15 Dec. 6
Si
Lannon Monotype Machine CO.(guar.)
Aug. 31 Aug. 21
Lehigh Portland Cement Co. preferred
h8731c Oct. I Sept. 14
Lexington Water preferred
Sept. 1 Aug. 20
h31
Libby-Owens-Ford Glass (guar.)
Sept.16 Aug. 30
3
Life Savers Corp
40c Sept. 3 Aug. 1
Liggett & Myers Tobacco (guar.)
Si Sept. 2 Aug. 15
Class B (quarterly)
Si Sept. 2 Aug. 15
Preferred (quar.)
$1,4" Oct. 1 Sept. 10
Lily-Tulip Cup Corp
374c Sept.16 Aug. 31
Lincoln Stores (guar.)
25c Sept. 1 Aug. 23
Preferred (guar.)
$14 Sept. 1 Aug. 23
Link Belt
20c Sept. 1 Aug. 15
Preferred (guar.)
$14 Oct. 1 Sept. 14
Loblaw Groceterlas,class A and B (guar.)
T25c Sept. 3 Aug. 14
Lock Joint Pipe, preferred (guar.)
$2 Oct. 1 Oct. 1
Preferred(guar.)
$2 Jan.1 '36 Jan. 1
Long Island Lighting Co.,7% pref. A (guar.).- - $1% Oct. 1 Sept.16
6% preferred B (quarterly)
$14 Oct. 1 Sept. 16
Louse- Viies ifiSCII.t, Cu.. 1st Pref. (guar.)
$131 Oct. 1 Sept. 18
Loose-Wiles Biscuit Co.,7% 1st pref.(quar.)
Si Oct. 1 Sept. 18
Lord & Taylor Co.. 1st prof. (quar.)
$1.50 Sept. 3 Aug. 16
Quarterly
$24 Oct. 1 Sept.17
Louisville Gas & Electric Co.(Del.)—
Class A & B common (guar.)
37
Ludlow Manufacturing Associates (quar.)
$
S
ge
uPt
pt.. 23
5 Aug
ug.
•3
17
1
Ludlum Steel, preferred (guar.)
$131 Oct. 1 Sept. 23
Lunkenheliner Co. preferred (quarterly)
$131 Oct. 1 Sept.20
64% preferred (quarterly)
514 J an.1 '36 Dec. 21
Macy (R. H..) & co.. inc.. (guar)
50c Sept. 3 Aug. 9
Manhattan Shirt (guar.)
150 Sept. 3 Aug. 8
Marancha Corp. (liquidating)
$6 Oct. 30 Sept. 20
Masonite Corp., 7% pref.(semi-ann)
$3.50 Sept. 1 Aug. 25
Mathieson Allied' Works (guar.)
37).lc Oct. 1 Sept. 9
Preferred (guar.)
5131 Oct. 1 Sept. 9
Maui Agricultural Co
15c Oct. 1 Sept.20
Extra
300 Oct. 1 Sept.20
May Dept. Stores (guar.)
40c Sept. 3 Aug 15
Maya (Oscar) & Co.. Inc.,7% prof.(guar.)— $131 Aug. 31 Aug. 24
Mayflower Associates (guar.)
50c Sept. 14 Aug. 31
May Hosiery Mills. $4 pref.(guar.)
$I Sept. 1 Aug. 15
McClatchy Newspapers. 7% pf. tqu.)
4331c Sept. 1 Aug. 31
7% preferred (quarterly)
43 3ic Dec. 1 Nov.30
McColl-Frontenac Oil (quar.)
r20c Sept. 14 Aug. 15
McCahan(W.J.) Sugar Refining pref.(guar.).- $14 Sept. 2 Aug. 21
Mclutyre Porcupine Mines (guar.)
50c Sept. 2 Aug. 1
McLennan, McFeeley & Prior class A & B (qu.)..
10c Sept.30 Sept.23
McWilliams Dredging (quarterly)
50c Sept. 1 Aug. 20
Special
25c Sept. 1 Aug. 15
Memphis Natural Gas Co. $7 pref. (guar.)
$131 Oct. 1 Sept. 20
Merchants & Manufacturers Securities pref....
$1 Oct. 15 Oct. 1
Mesta Machine
50c Oct. I Sept. 16
Metal Textile, preferred (guar.)
874c Sept. 2 Aug. 20
Metropolitan Edison $6 preferred (guar.)
$1.4 Oct. 1 Aug. 30
7% preferred (guar.)
$ly Oct. 1 Aug. 30
$5 preferred (guar.)
5131 Oct. 1 Aug. 30
Michigan Steel Tube Products (resumed)
25c Sept.10 Aug. 31
Middlesex Water Co.(quarterly)
750 Sept. 1 Aug. 26
Milwaukee Elec. Ry.& Lt. CO,6% prof.(qu.)
$14 Sept. 1 Aug. 15
Milwaukee Gas Light Co.7% yret. A (quar.)_
Sept. 11A
$
s11u
Au
6i s
ug.
g. 20
4
Minneapolis Gas Light (Del.) % prof.(guar.).6% preferred (guar.)
$131 Sept. 11Aug. 20
Minneapolis-Honeywell Regulator Co.pf. Amu.) $134 Oct. 1 Sept. 20
Missouri Utilities Co..7% preferred (quar.).. $131 Sept. 2 Aug. 21
Monarch Knitting Co.7% pref.(guar.)
314 Oct. 1,8e)t. 14
Monarch Life Ins. Co.(Springfield, Maas.)(8.-a.) $14 Sept. 15'Sept. 1
Monogram Pictures Corp.(quar.)
15c Nov. 11
Quarterly _
Monroe Loan Society, $7 preferred A (quar.).... $1.
15
4 Sept.1161 Aug. 20
Monsanto Chemical (quarterly)
250 Sept. 14:Aug. 25
Extra
25c Sept. 14Aug. 25
Montgomery Ward, class A (guar.)
s131 Oct. 1Sept.20
Montreal Cottons preferred (quar.)
ral
Sept. 15 Aug. 31
Montreal Loan dr Mortgage Co.(guar.)
624c Sept.15 Aug. 31
Moore Dry Goods(guar.)
$14 Oct. I Oct. 1
Quarterly
$1 4 Jan 1 '36 Jan. 1
Morrell(John) & Co.(quar.)
90c Sept.14 Aug. 24
Morris Finance Co. A (guar.)
$14 Sept.30 Sept.20
Class B (guar.)
300 Sept.30 Sept. 20
7% preferred (guar.)
5131 Sept.30 Sept.20
Morris5& 10c to l Stores. Inc.,7% Pref.(qu.)_ 311
/
4 Oct. 1 Sept.20
Morn. Plan Insurance Society.(guar)
Si Sept. 1 Aug. 27
Quarterly
$1 Dec. 1 Nov 26
Motor Finance Corp.(guar.)
200 Aug. 31 Aug. 24
Motor Wheel Corp
15c Sept. 10 Aug. 20
Muncie Water Works8% prof.(guar.)
$2 Sept.16 Sept. 2
Murphy (G. C.) Co.(guar.)
400 Sept. 3 Aug. 22
Muskogee Co..6% cum. pref. (guar.)
Mutual Chemical Co. of Amer..6% pref.(qu.). 5
$164 41
Allg
pi. 19
8'3 . Se
5
6% preferred (quarterly)
3114 Dec. 28 Dec. 19
Mutual Telephone. Hawaii (monthly)
.
.201 Sep.10
78c Sept
Oct.se
Nassau & Suffolk Lighting Co.7% pref.(quar.)_
Sept. 16
National Biscuit Co. (guar.)
400 Oct. 15 Sept. 130
Preferred ;guar.)
$14 Aug. 31 Aug. 15a
National Bond & Share
250 Sept. 16 Aug. 30
National Casualty
100 Sept. 15 Aug. 30
National Container (quarterly)
50c Sept. 1 Aug. I
$2 cony. pref.(quar)
50c Sept. I Aug. 15
National Dairy Products pref. A & B (guar.)... $131 Oct. 1 Sept. 4
Common (guar.)
30c Oct. 1 Sept. 4
National Finance Corp of Am.pref.(quar.)___ _
15c Oct. 1 Sept. 10
National Lead (quarterly)
$1$ Sept.30 Sept. 13
Class A preferred (guar.)
$1
Sept. 14 Aug. 30
Class B iireferted (guar )
Nov. 1 Oct. 18
$1
National Life & Accident Insurance (quar.)
350 Sept. 2 Aug. 20
National Linen Service Corp.. $7 pref.
$331 Sept. 1-Aug. 20
National Oats (guar.)
25c Sept. 1 Aug. 21
National Power & Light Co.. common (guar.)._
200 Sept. 3 Aug. 5
National Short Term Securities. pref.(quar.)_
1734c Oct. 10 Oct. 1
National Sugar Refining (guar.)
SOc Oct. 1 Sept. 3
Nebraska Power. 7% preferred (guar)
$14 Sept. 3 Aug. 15
6% preferred (quarterly)
$14 Sept. 3 Aug. 15
Nehi Corp 1st pref.(resumed)
$13131 Oct. 1 Sept. 14
Financial Chronicle
1390
Name of Company
Per
Share
When Holders
Payable of Record
25c Sept. 15 Aug. 31
Neisner Bros.. Inc
25c Sept. 3 Aug. 14
New Bedford Cordage
25c Sept. 3 Aug. 14
Class B
$13 Sept. 3 Aug. 14
7% preferred (quar.)
40c Oct. 1 Sept. 16
Newberry (J. J.) Co.(quar.)
$1.% Sept. 1 Aug 16
7% pref.(quar.)
10c Sept. 16 Aug. 15
New Bradford Oil
10c Sept. 16 Aug. 15
New Bradford Oil Co.(semi-ann.)
$1) Sept.30 Sept. 10
New England Telep. & Teleg. Co
51Si Oct. 1 Aug. 30
New Jersey Power & Light $6 pref.(guar.)
$11.‘, Oct. 1 Aug. 30
$5 preferred (quar.)
Sept. 1 Aug. 20
$14
(quar.)
Co.
oreferred
Water
New .Rochelle
13
Niagara Shares Corp. of Md.,class A pref.(qu.)_ SISi Oct. 1 Sept.31
$2 Sept.19 Aug.
Nortolk & Western Ity.(quar.)
15
Aug.
3
Sept.
(quar.)_
$1
Co.
preferred
North American Edison
h$1 Oct. 20 Sept. 30
North American Invest. 6% preferred
h91 2-3c Oct. 20 Sept.30
53i% preferred
75c Aug. 31 Aug. 15
Northam Warren, pref.(quar.)
$1 Sept. 1 Aug. 20
Northern RR.Co. of N.J.4% gtd.(quay.)
$1 Dec. 1 Nov. 21
(quar.)
4% guaranteed
15c Sept. 10 Aug. 30
North River Insurance (guar.)
Sc Sept. 10 Aug. 30
Extra
1.16 2-3 Sept. 2 Aug. 20
Northwestern Public Service, 7% pref
$1 Sept. 2 Aug. 20
6% preferred
$13i Sept. 1 Aug. 28
Northwestern Utilities 6% pref.(guar.)
661S4 Sept. 3 Aug. 15
Nova Scotia Light & Power pref. (qual.)
$1% Sept. 3 Aug. 15
Nova Scotia Light & Power Co.,8% pref
16c Sept.20 Sept. 10
Oahu Ry. & Land Co. (monthly)
5
Sept.136 Sept.20
104 s
2
Oahu Sugar Co.. Ltd.(monthly)
Aug.
$
,lour Mills, preferred (quar.)
'
Ogilvie
10
Sept.
1
Oct.
h$14
preferred
Ohio Finance 8%
SI Si Sept. 14 Aug. 31
Ohio Oil preferred (quar.)
$1)4 Sept. 3 Aug. 6
Ohio Power Co.6% preferred
1-3c Sept. 1 Aug. 15
58
preferred
(monthly)
Ohio Public Service Co.,7%
50c Sept. 1 Aug. 15
67 preferred (monthly)
Sept. 1 Aug. 15
2-3c
41
(monthly)
preferred
57
Sept.16 Aug. 31
(qu.)
1M7
pref.
Oklahoma GM & Elec. Co.,6% cum.
% Sept.16 Aug. 31
7% cum. preferred (quar.)
h75c Sept.14 Aug. 31
Oneida, Ltd.. 7% preferred
50c Sept. 3 Aug. 23
Oshkosh Overall, preferred (quar.)
10c Sept. 5 Aug. 20
Paauhu Plantation (monthly)
Sept. 5 Aug. 31
10c
(monthly)
Paauhau Sugar Plantation
15c Oct. 1 Sept. 15
Pacific Indemnity (resumed)
50c Sept.27 Sept. 17
Paraffin° Cos. (quar.)
15c Sept. 1 Aug. 15
Parker Pen Co., common
25c Aug. 31 Aug. 15
Patterson-Sargent (quarterly)
87Mc Sept. 2 Aug. 20
Ponder (David) Grocery, class A (quar.)
75c Sept. 16 Sept. 3
Penick & Ford (quarterly)
$14 Oct. 1 Sept. 10
Penn Central Light & Power,$5 pref.(quar.)
Oct. 1 Sept. 10
70c
preferred
(quarterly)
$2.80
514 Sept. 1 Aug. 20
Penn State Water, $7 preferred (quar.)
Aug. 20
Pennsylvania Gas & Elec. Corp.. cl. A (quar.)_ - 37Sic Sept. 2
51g Oct. 1 Sept.20
$7 preferred (quarterly)
31% Oct. 1 Sept.20
7% preferred (quarterly)
51M Sept. 2 Aug. 20
Pennsylvania Power Co.. $6 preferred (quar.)
31% Dec. 2 Nov. 20
$6 pref. (quar.)
55c Oct. 1 Sept. 20
$6.60 preferred (monthly)
55c Nov, 1 Oct. 21
(monthly)
$6.60 preferred
55c Dec. 2 Nov. 20
$6.60 preferred (monthly)
75c Oct. 1 Sept. 16
Pennsylvania Water & Power Co. (quar.)
Oct. 1 Sept. 16
514
Preferred (quar.)
25c Oct. 1 Sept. 9
Peoples Drug Stores, Inc.(quar.)
514 Sebt. 16 Aug. 31
Preferred (quar.)
$13( Sept. I Aug. 31
Poodles Telep. Corp., 7% preferred (quar.)__
20c Sept. 1 Aug. 15
Popper (Dr.)(quarterly)
20c Dec. 1 Nov. 15
Quarterly
25c Oct. 1 Sept. 10
Pet Milk (quar.)
514 Oct. 1 Sept. 10
Preferred (quar.)
Oct. 1 Sept. 25
513
Rh.
(semi-annual)
Petersburg
Apr.l'li Mar. 25
SI
Semi-annual
Sept. 1 Aug. 20
$I
Pfaudier Co., preferred (guar.)
Sept. 20
Sept.30
25c
Pfeiffer Brewing (quarterly)
15c Sept.30 Sept.20
Extra
51X Aug. 31 Aug. 10
Philadelphia Co.,5% preferred (s.-a.)
Oct. 1 Sept. 3
31
$6 cum. pref.(guar.)
31)4 Oct.1 Sept. 3
$5 cum. preferred (quar.)
1 Sept. 10
(qu.)
Oct.
prei.
50c
cum.
0
87
Power
Philadelphia Electric
5 Aug. 20
Philadelphia Germantown & Norristown ER...... 3134 Sept.
Aug. 12a
PhiladelphiaSuburban Water Co. pref. (quar.).. $134 Aug. 31
3234 Oct. 10 Sept.30
Philadelphia & Trenton RR.(Qual.)
50c Oct. 10 Sept.30
Phoenix Finance Corp.,8% pref. (qual.)
50e Jan.10.36 Dec. 31
8% preferred (quarterly)
h8734c Sept. 1 Aug. 20
Phoenix FinelerY. 1st preferred
50c Sept. 3 Aug. 15
Photo Engravers & Electrotypers (s.-a.)
40c Sept. 2 Aug. 15
Pillsbury Flour Mills, Inc. (guar.)
r20c Oct. 1 Sept. 3
Pioneer Gold Mines (quar.)
20c Sept. 1 Aug. 20
Pioneer Mills (monthly)
20c Sept. 2 Aug. 21
Pioneer Mill Co.(monthly)
75c Oct. 1 Sept. 14
Pittsburgh Bessemer & Lake Erie (s-a)
Oct. 1 Sept. 10
(quar.)....
31)4
Ry.
Chicago
&
Wayne
Ft.
Pittsburgh
Jan.2 '36 Dec. 10
313(
Quarterly
31)4 Oct. 8 Sept. 10
7% preferred (quar.)
Jan.7 '36 Dec. 10
31%
7% preferred (quar.)
Pittsburgh Youngstown & Ashtabula RR.
31% Sept. 3 Aug. 20
7% preferred (qual.)
3134 Dec. 1 Nov. 20
7% preferred (qual.)
I2c Sept. 1 Aug. 15
Plymouth Fund, Inc., class A
Sept. 15 Sept. 1
$I
Pollock Paper & Box Co.,pref.(quar.)
Dec. 15 Dec. 1
$1
Preferred (quarterly)
$184 Oct. 1 Sept. 14
Ponce Electric. 7% preferred (quarterly)
1 Aug. 15
Sept.
$lSi
(quar.)
pref.
6%
Co.,
Power
Potomac Electric
$1.34 Sept. 1 Aug. 15
% preferred (guar.)
$14 Sept. 1
Powell River Co., Ltd.,77 pref.(quar.)
$134 Sept. 1 Aug. 21
Pratt Food Co. (quarterly)
50c Sept. 3 Aug. 20
Prentice-Hall, Inc. common (guar.)
50c Sept. 1 Aug. 20
(quarterly)
Hall
Prentice
75c Sept. 1 Aug. 20
Preferred (quarterly)
1234c Oct. 1 Sept. 16
Pressed Metals of America
25c Sept.25 Aug. 30
Procter & Gamble, extra
$Isi Sept.14 Aug. 23
5% preferred (quar.)
Proprietaries Mints, Ltd
-- - $134 Sept. 1 Aug. 21
Public Electric Light Co.,6% p.ref.
(mthly.) 58 1-3c Sept. 3 Aug. 15
(quar.)Public Service Co. of Colorado 7% pref.
50c Sept. 3 Aug. 15
6% preferred (monthly)
41 2-3c Sept. 3 Aug. 15
5% preferred (monthly)
Public Service Co.of New Hampshire514 Sept. 16 Aug. 31
$6 preferred (quarterly)
$14 Sept. 16 Aug. 31
$5 preferred (quarterly)
60c Sept.30 Sept. 3
Public Service Corp. of N.J.. corn.(qual.)
$134 Sept.30 Sept. 3
$5 preferred (guar.)
50c Aug. 31 Aug. 1
6% preferred (monthly)
50c Sept.30 Sept. 3
6% preferred (monthly)
Sept.30 Sept. 3
$14
7% preferred (quar.)
$2 Sept.30 Sept. 3
e% preferred (quar.)
Gas
&
Electric
Public Service
$134 Sept.30 Sept. 3
7% preferred (guar.)
$131 Sept.30 Sept. 3
$5 preferred (quar.)
25c Sept. 3 Aug. 23
(quar.)
Purity Bakeries
$134 Aug. 31 Aug. 1
Quaker Oats pref (quar.)
Queens Borough Gas & Elec. Co.
$134 Oct. 1 Sept. 16
,
6% cum. preferred (quar.)
7 Oct. 1 Sept. 4
Radio Corp. of America-A' pref. (quar.)
$2 Sept. 1 Aug. 20
A
Paper,
&
Pulp
Rainier
Sept. 15 Sept,. 1
60c
Rapid Electrotype
25c Sept. 14 Aug. 30
Raybestos-Manhattan, Inc
Sept. 12 Aug. 22
50c
(quarterly)
preferred
Reading Co. 1st
500 Oct. 10 Sept. 19
2nd preferred (quarterly)
Sept. 16 Aug.ug. 3
1
31
123.4c
(quar.)
(Daniel)
Reeves
1234c Sept. 15
Reeves (D.), Inc.(qual.
$1, Sept. 15 Aug. 31
6)% preferred (guar.
$134 Sept.14 Aug. 31
Reliance Grain, preferre (quar.)
SOc Sept. 3 Aug. 5
Reliance International. $3 Preferred
11
Name of Company
Aug. 31 1935
Per
Share
When Holders
Payable of Record
3c Oct. 1
Reno Gold Mines ,Ltd. (guar.)
25c Sept. 1 Aug. 15a
Reynolds Metals Co. common
Oct. I Sept.160
3134
(guar.)
preferred
cum.
%
534
25c Sept.11 Aug. 26
Rike-Kumier (quarterly)
15
Rice-Stix Dry Goods, lit & 2d pref. (guar.)... 3134 Oct. 1 Sept.
h25c Oct. 1 Sept. 15
Riverside Silk Mills class A
25c Oct. 1 Sept. 15
Class A (quar.)
14
Rochester Gas & Electric Corp..7% pref. 13(qu.) $1.4 Sept. 2 Aug.
$1.34 Sept. 2 Aug. 14
6% preferred C and D (quar.)
Rockvllle-Willimantic Lighting Co$134 Oct. 1
7% preferred A '& B (quar.)
$134 Oct. I
6% preferred,0,D & E (quar.)
$134 Sept. 2 Aug. 15
Holland Paper. Ltd.. preferred (quar.)
h25c Sept. 2 Aug. 21
Rubinstein (Helena). preferred
10c Sept. 16 Sept. 6
Ruud Mfg. Co. (quar.)
10c Dec. 16 Dec. 6
Quarterly
10c Sept.20 Sept. 9
St. Joseph Lead Co
St. Louis Rocky Mountain & Pacific RR.Co.
$13.1 Oct. 21 Oct. 50
Preferred (quarterly)
20c Sept.16 Sept. 3
San Carlos Milling (monthly)
Sept. 3 Aug. 15
3
Sandusky Bay Bridge Co.,7% pref.(quer.). _ h1%
0 Oct. 1 Sept. 15
14
preferred
7%
(quarterly)
Aug. 31 Aug. 20
1
Sanford Mills
75c Sept.30 Sept. 15
San Francisco Remedial Loan Assn. (quar.)---Sept.I6Aug.31
&
A
(quar.)
B
$134
pf.
&
6%
Lt.
Pow.
San Joaquin
$134 Sept.l6Aug.31
7% preferred A (quarterly)
$14 Sept.l6Aug.31
7% prior preferred (quar.)
Sept. 1 Aug. 20
434c
preferred
(quar.)
Savannah Gas Co.. 7%
50c Sept. 15 Aug. 31
Schiff Co. common (guar.)
$134 Sept.15 Aug. 31
Preferred (quar.)
h75c Sept. 3 Aug. 20
Schine Chain Theatres, $3 preferred
45c Sept.30 Sept. 16
Scott Paper Co., common (quar.)
15c Sept. 15 Aug. 31
(guar.)
Delaware
of
Oil
Seaboard
10c Sept. 15 Aug. 31
Extra
75c Sept. 1 Aug. 15
Second Investors Corp.(R.I.), 163 pref.(quar.)_
20c Sept. 16 Aug. 30
Second Twin Bell Syndicate (monthly)
75c Aug. 31 Aug. 15
Secord (Laura) Candy Shops (guar.)
2.1c. Sept. 15 Aug. 31
Selected American Shares (semi-ann.)
e2% Sept.15 Aug. 31
Semi-annually
314 Oct. I Sept. 20
Servel. Inc., 7% preferred (quar.)
6c Oct. 10 Sept.20
Shattuck (Frank G.) (quarterly)
(quar.)
$1.50 Sept. 1 Aug. 20
Shenango Valley Water. 6% pref.
31134 Sept. 3 Aug. 15
Sherwin-Williams Co.,6% preferred (AA)
Sioux City Stockyards (Jo.51.34 part pref tquar.) 3734c Nov. 15 Nov. 14
Sc Sept. 16 Aug. 31
discoe Gold Mines (guar.)
15c Sept.16 Aug. 230
Socony-Vacuum Oil Co
Oct. 1 Sept. 15
(quar.)
$I
pref.
$6
Co..
South Carolina Power
Southern Acid & Sulphur Co.,7% pref.(guar.)_ $134 Oct. 1 Sept. 10
6234c Oct. 1 Sept. 14
Southern & Atlantic Teleg. gtd. (semi-ann.)....
Southern California Edison Co.. Ltd434c Sept. 15 Aug. 20
Preferred A (quarterly)
374c Sept. 15 Aug. 20
Preferred B (quarterly)
Southern Colorado Power Co..7% prof.(quar.). hl% Sew,. 16 Aug. 31
I5c Octt. 3 Aug. 150
Southern Pipe Line Co
50c Oct. 1 Sept. 161
Southwestern Light & Power preferred
40c Sept.30 Sept. 14
Spencer Kellogg & Sons, Inc
Standard Coosa-Thatcher 7% preferred (guar.) 514 Oct. 15 Oct. 15
25c Sept. 16 Aug. 15
Standard Oil Co.of Calif
25c Sept. 16 Aug. 16
Standard Oli of Indiana (quar.)
$14 Oct. 15 Sept.30
Standard Oil Co.(Ohio), 5% preferred
25c Sept. 14 Aug. 30
Standard Oil of Kentucky (quar.)
25c Sept.30 Sept. 14
Starrett (L. S.)
3134 Sept.30 Sept.14
Preferred (quarterly)
95c Sept. 3 Aug. 15a
Sterling Products,Inc.(quar.)
6
Strawbridge & Clothier Co..6% pr. pref. A (qu.) $134 Sept. 2 Aug. 26
Sept.16 Aug.
25e
Sun 011 Co.. common
3134 Sept. 3 Aug. 10
Preferred
3134 Sept. 2 Aug. 20
Susquehanna Utilities, 6% pref. (quar.)
10c Aug. 31 Aug. 20
Sutherland Paper (bi-monthly)
Sc Aug. 31 Aug. 20
Extra
h4334c Sept. 3 Aug. 15
Swan-Finch Oil, preferred
1234c Oct. 1 Sept. 1
Swift & Co.(quar.)
25c Sept. 15 Sept. 5
Sylvania Industrial Corp.(quar.)
Sc Sept.30 Aug. 24
Sylvanite Gold Mines (quar.)
50c Sept.30 Sept. 10
Tacony-Palmyra Bridge (quar.)
50c Sept.30 Sept. 10
Class A (quar.)
$2 Sept. I Aug. 20
Tampa Gas, 8% preferred (guar.)
$14 Sept. 1 Aug. 20
7% preferred (quarterly)
10c Oct. 1 Sept. 10
Teck-Hughes Gold. Mines
25c Sept. 1 Aug. 20
Telephone Investment (monthly)
$1.25 Oct. 1 Sept.14
Tennessee Electric Power.5% pref. (quar.)
Oct. 1 Sept. 14
$1.50
(quar.)
preferred
6%
$1.75 Oct. 1 Sept. 14
7% preferred (quar.)
$1.80 Oct. 1 Sept.14
. 7.2% preferred (quar.)
50c Sept. 2 Aug. 15
6% preferred (monthly)
50c Oct. 1 Sept.14
6% preferred (monthly)
60c Sept. 2 Aug. 15
7.2% preferred. (monthly)
60c Oct. 1 Sept.14
7.2% preferred (monthly)
3134 Sept. 3 Aug. 20
Terre Haute Water Works.7% pref.(quar.)_ _
25c Oct. 1 Sept. 6
Texas Corp. (titian)
50c Sept.16 Sept. 3
Texas Gulf Sulphur (guar.)
3134 Sept. 2 Aug. 21
Texas Utilities, preferred (guar.)
15c Oct. 1 Sept. 14
Tex-O-Kan Flour (quar.)
15c Jan 236 Dec. 14
Quarterly
15c Apr2'36 Mr14 '35
Quarterly
25c Oct. 1 Sept.14
Thatcher Mfg
10c Aug. 31 Aug. 27
Third Twin Bell Syndicate (bi-mo.)
$14 Sept. 1 Aug. 24
Thompson Products, preferred (quar.)
SlM Sept. 1 Aug. 10
Tide Water Power, $6 pref. (guar.)
3134 Sept. 3 Aug. 20
Timken Detroit Axle. preferred (quar.)
25c Sept. 5 Aug. 20
Timken Roller Bearing Co
50c Sept. 5 Aug. 20
Extra
1234c Aug. 31 Aug. 21
Title Insurance Corp. of St. Louis (quar.)
preferred
(monthly).__
7%
58
1-3c Sept. 1 Aug. 15
Toledo Edison Co.,
50c Sept. 1 Aug. 15
67 preferred (monthly)
3c Sept. I Aug. 15
2
41
preferred
(monthly)
5
10c Sept. 3 Aug. 20
Trans-Lux Daylight Picture Screen Corp
3s Sept.28 Aug. 28
Triplex Safety Glass (annual)
15c Aug. 31 Aug. 15
Tri-State Tel. & Tel.6% pref. (quar.)
15c Aug. 31 Aug. 15
Tri-State Telep.& Teleg. Co..6% pref. (quar.)_
8.6c Sept. 1 July 31
Trustee Standard Oilshares. ser. B (8.-a.)
Twentieth Century Fixed Trust Shares4.822c Sept. 1
Original series (bearer)
$2 Sept. 5 Aug. 30
Twin Bell Oil Syndicates (monthly)
50c Sept.30 Sept.120
Underwood Elliott Fisher Co.,common
$134 Sept.30 Sept. 120
l'referred (quar.)
10c Sept. 1 Aug. I
Union Copper Land & Mining Co
3134 Oct. 1 Sept. 4
Union Pacitic,common
ill Oct. 1 Sept. 4
Preferred (s.-a.)
Sept. 1
Union Refrigerator Transit Co.6Si% pf. (s.-a.)_ 33
30c Sept. 3 Aug. 16
Union Tank Car Co. (quarterly)
1 Aug. 6
Sept.
40c
(guar.)
America
of
Biscuit
United
3134 Nov. 1 Oct. 15
Preferred (quarterly)
10c Sept.24 Sept. 6
United Elastic Corp. guar.)
16
United Gas & Electric Corp.. preferred (guar.)._ 14% Oct. I Sept.30
25c Sept.30 Aug.
United Gas Improvement (guar.)
.5134 Sept.30 Aug. 30
Preferred ((mar.)
$1.75 Oct. 1 Sept.13
United Dyewood. preferred (guar.)
United Light & By. Co. (Del.)
Sept. 3 Aug. 15
581-3c
(monthly)
preferred
7%
Mc Sept. 3 Aug. 15
6.36% preferred (monthly)
50c Sept. 3 Aug. 15
67 preferred (mJnthly)
58 1-3c Oct. 1 Sept. 16
77 preferred (monthly)
53 Oct. 1 Sept.16
6.36% preferred (monthly)
50c Oct. 1 Sept.16
6% preferred (monthly)
Oct. 10 Sept. 20
(quar,)
$234
Canal
&
United New Jersey RR.
Sept. 3 Aug. 15
$2
United States Envelope Co
3 Aug. 15
Sept.
$3
(s.-a.)
preferred
7%
1 c Oct. 1 Sept. 16a
United States Foil Co., corn. cl. A & 13
$134 Oct. 1 Sept. 16a
I'referred (quarterly)
25c Sept. I Aug. 21
U.S. Freight(quarterly)
$14 Oct. 1 Sept. 13
United States Gypsum Co. preferred
Financial Chronicle
Volume 141
Per
Share
Name of Company
When Holders
Payable of Record
United States Gypsum (quar.)
25c
Extra
25c
United States & International Securities—
$5 1st preferred (resumed)
50c
United States Petroleum (semi-annually)
lc
United States Pipe & Fdy Co., common (quar.) 1234c
Common (guar.)
12hc
lit preferred (quar.)
30c
lit preferred (quar.)
30c
United States Playing Card (quar.)
25c
Extra
25c
United Wall Paper Factories, 6% preferred__ - h$1355
Upper Michigan Power & Lt. Co..6% IA.((PO. $134
% preferred (quarterly)
$1 4
Upressit Metal Cap 8% preferred
h$1
Utica Clinton & Binghamton Ky.—
Debenture stock (semi-ann.)
$2A
Utica Chenango & Susquehanna Vail. RR.(s.-a.)
Vanadium-Alloys Steel Co
25c
Van Raalte Co. (initial)
25c
Preferred (quarterly)
$1 4
3
Veeder-Root(quarterly)
50c
Vick Chemical Co.(guar.)
50c
Extra
10c
Vicksburg Shreveport & Pac. Ry. Co.(semi,ann.) $234
Preferred (seml-ann.)
$23,4
Victor Equipment preferred
(o)
Victor-Monaghan Co. 7% pref. (quar.)
$1%
.
Viking Pump Co.$2.40 pref.(quar.)
60e
Va. Coal & Iron (guar.)
25c
Virginia Electric & Power.$6 pref.(quar.)
$134
Virginia Public Service,7% pref.(quar.)
$1%
6% Preferred (quarterly)
$135
Vogt Mfg. Co
25c
Vortex Cup (guar.)
37.15c
Class A (guar.)
62
Vulcan Detinning. preferred (Oust.)
1
Wagner Electric Corp., pref.(guar.)
7/
Waialua Agricultural Co.. Ltd
$1.20
Warren RR. (semi-annual)
$1A
Washington Ry. & Electric Co.(quar.)
5% preferred (guar.)
$13,
4
5% preferred (guar.)
El 3(
5% preferred (5.-a.)
$2
Washington Water Power $6 pref.(guar.)
Weaver Piano (8.-a.)
Well (Raphael) & Co.,8% pref.
$4
Welch Grape Juice Co.. 7% pref.(semi-ann.)
(guar.)
Wellington Fund (quar.)
15c
Western Auto Supply, A and B common (guar.).
75c
Wesson Oil& Snowdrift Co.. Inc.. pref. (guar.).
$1
Western Public Service. $l) preferred A
1t3734c
West Jersey & Seashore RR.(8.-a.)
$134
Westinghouse Electric & Mfg
50c
Westland Oil Royalty Co.. class A (m0.)
10c
Oct.
Oct.
1 Sept. 13
1 Sept. 13
Sept. 10 Sept. 3
Dec. 15 Dec. 5
Oct. 20 Sept.30
Jan.20.36 Dec. 31
Oct. 20 Sept. 30
Jan.2036 Dec. 31
Oct. 1 Sept.20
Oct. 1 Sept.20
Sept. 1 July 31
Nov. 10 Oct. 31
Feb.10'36 Jan. 31
Oct. 1 Sept. 16
Dec. 26 Dec. 16
Nov. 1 Oct. 15
Sept. 2 Aug. 20
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Aug. 31 Aug. 17
Sept. 3 Aug. 16
Sept. 3 Aug. 16
Oct. 1 Sept. 9
Oct. 1 Sept. 9
Aug. 14
Oct. 1 Sept. 20
Sept .15 Sept. 1
Sept. 3 Aug. 15
Sept.20 Aug. 30
Oct. 1 Sept. 10
Oct. 1 Sept. 10
Sept. 3 Aug. 15
Oct. 1 Sept. 16
Oct. 1 Sept. 16
Oct. 19 Oct. 10
Oct. 1 Sept. 20
Aug. 31 Aug. 21
Oct. 1 50ct. 5
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Dec. 1 Nov. 15
Dec. 1 Nov. 15
Sept.14 Aug. 23
Aug. 31 Aug. 31
Sept. 2 Aug. 1
Aug. 31 Aug. 15
Sept. 1 Aug. 15
Sept. 3 Aug. 22
Sept. 2 Aug. 15
Sept. 3 Aug. 9
Jan.1 '36 Dec. 14
Aug. 30 Aug. 12
Sept. 15 Aug. 31
1391
Per
Share
Name of Company
Westmoreland. Inc.(quar.)
Westvaco Chlorine Products (quar.)
West Virginia Water Service, $6 preferred
Wheeling Electric,6% pref. (quar.)
Whitaker Paper, 7% preferred (quar.)
Whitman (Wm.), preferred
Williamsport Water (quarterly)
Wilson & Co
Wisconsin Michigan Power,6% pref.(quarterly)
Wisconsin Public Service Corp.
7% cum. preferred
% cum. preferred
6% cum. preferred
Wolverine Tube Co., 7% pref. (quar.)
Woolworth (F. W.) quar.)
Worcester Salt
Wrigley (Wm.)Jr. Co.(mthly.)
Monthly
Yale & Towne Mfg. Co
Zion. Cooperative Mercantile Ins. (quar.)
When Holders
Payable of Record
30c
10c
hil 34
$1;i
$I
h$1
$134
1234c
Oct. 1 Sept. 14
Sept. 2 Aug. 15
Oct. 1 Sept. 16
Sept. 3 Aug. 6
Oct. 1 Sept.20
Sept. 16 Aug. 31
Sept. 1 Aug. 20
Sept. 1 Aug. 15
Sept.16 Aug. 31
8735c
815
7
SlN
60c
50c
25c
25e
15c
50c
Sept.20 Aug. 31
Sept.20 Aug. 31
Sept.20 Aug. 31
Sept. 3 Aug. 26
Sept. 3 Aug. 9
Sept.30 Sept. 20
Sept. 2 Aug. 20
Oct. 1 Sept.20
Oct. 1 Sept. 10
Oct. 16
I* Quarterly dividend, but amount varies.
a Transfer books not closed for this dividend.
c The following corrections have been made:
e Payable in stock.
f Payable in common stock. p Payable in scrip. h On account of accumulated dividends. I Payable in preferred stock.
m Blue Ridge Corp.(opt. $3 cony. pref., ser. 1929) 1-32d of one share of
coin, stock, or at the option of holder. 75 cents cash. Holders desiring
cash must notify the corporation on or before Aug. 15.
o Payable in preferred stock and is on account of accumulations. Paymentclears up all arrears, which amount to $6.75 a share on Victor Equipment.p Electric Shareholding, pays 44-1000ths of oneshare of common stock
or at the option of the holder. S136 cash.
q Proprietaries Mines Ltd., div. in stock of one sh. of Omega Gold Mines.
Ltd., for each share held.
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.
I Commercial Investment Trust Corp. has declared a div. payable
in common stock of the corporation at the rate of 5-208 of one share of coin.
stock per sh. of cony. pref. stock, opt. ser. of 1929, so held, or. at the
option of the holder (exercisable in the manner stated in the certificate of
designation, preferences and rights of the cony. pref. stk., opt. ser. of 1929).
in cash at the rate of $1.50 for each share of cony. pref. stock, opt. ser. of
1929, so held.
u Payable in U. S. funds. o A unit. w Less depositor"
,expenses.
x Loss tax. y 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
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, AUG. 24 1935
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug. 28 1935,
in comparison with the previous week and the corresponding
date last year:
The weekly statement issued by the New York City
Clearing House is given in full below:
Clearing House
Members
• Capital
Surplus and
Undivided
Profits
Na Demand
Deposits,
Average
Time
Deposits.
Average
$
$
$
$
Bank of N.Y.& Tr. Co.
5,830,000
122,703,000
6,000,000
10,564,300
Bank of Manhattan Co-32,048,000
340,690,000
20,000,000
25,431,700
National City Bank__ 127,500,000
41,898,100 a1,172,839,000 147,322,000
Chemical Itk.& Tr. Co..17,510,000
384,822,000
20,000,000
48,725,100
Guaranty Trust Co
90,000,000 177,067,100 51,254,133,000
51,640,000
Manufacturers Trust Co.
05,203,000
335.373,000
32,935,000
10,297,500
Cent. Hanover Bk.& Tr.
18,836,000
659,216,000
21,000,000
61,523,900
Corn Exch. Bk. Tr. Co.
20,254,000
198,296,000
15,000,000
16,538,000
First National Bank—._
5,081,000
448,376,000
10,000,000
90,301,700
Irving Trust Co
1,473,000
467,000.000
50,000,000
57,918,100
Continental Bk.ArTr.Co.
34,240,000
2,878,000
4,000,000
3,689,000
Chase National Bank
150,270,000
53,271,000
70,850,900 c1,085,260,000
Filth Avenue Bank
44,641,000
3,438.900
500,000
Bankers Trust Co
38,979,000
63,316,100 d732,017.000
25,000,000
Title Guar.& Trust Co
15,447,000
293,000
7,957,900
10,000,000
Marine Midland Tr. Co_
3,327,000
61,434,000
5.000,000
7,789,700
New York Trust Co
12,500,000
281,988,000
18.931,000
21,361,500
Comm'
. Nat. Bk. & 'Pr.
1,871,000
57,913,000
7,000,000
7,682,400
Pub. Nat. Bk. dr Tr. Co_
38,596.000
58,312,000
8,250,000
5,272,500
Totals
1114 OCc one 'RI aga Ann StqC470nonn AAR 24R non
* As per official reports: National June
29 1935; State, June 29 1935; trust
companies, June 29 1935.
Includes deposits in foreign branches as follows: a $205,204,000; It $70,418,000;
c $63,499,000; d 22,561,000.
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. 23:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, AUG. 23 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans,
Other Cash, Res, Dep., Dep. Other
Disc. and Including N. Y. and Banks and
Cross
Investments Bank Notes Elsewhere Trust Cos. Deposits
Manhattan—
g
$
$
$
$
Grace National
21,756,300
74,200 2,233,400
971,900 22.320.700
Trade Bank of N.Y
4,520,549
821,364
113,496 4,172,718
158.990
Brooklyn—
people's National__ 4,382.000
83000
996.000
428.000 5.419.000
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
Rings County
Cash
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos.
$
$
$
47,613,600 *10,844,300 2,884,700
7,185,273
808,257
159,558
10,570,043
524,137
*550,874
19,214,400 *3,026,100
864,000
28,379,400 *9,122,600 1,021,500
69,029,325 15,117,354 18,049,930
79,731,000
29.471 347
2,590,000 27,490,000
9 91c AAR R :194. 933
Cross
Deposits
$
$
2,621,600 58,041,800
2.063,730 8,484,817
62,697 9,537,633
578,500 18,786,800
36,407,200
73,483,201
99.000 100,874,000
219011 ass
Includes amount with Federa Reserve as follows: Empire, $9,729,500; Fiduciary, $299,407; Fultcn. $2,828,700; Lawyers County. $8,419,500.
Aug. 28 1935 Aug. 21 1935 Aug. 29 1934
Assets—
S
Gold certificates on hand and due from
S
$
U. S. Treasury.'
2,760,148,000 2,737,074,000 1,771,711,000
1,149,000
1,046,000
Redemption fund—F. R. notes
1,187,000
48,474,000
Other cash*
48,718,000
58,000.000
Total reserves
2,809,668,000 2,786,941,000 1,830,898,000
Redemption fund—F. R. bank notes......
1,862,000
Billsdiscounted:
Secured by U. B. Govt. obligations
direct & (or) fully guaranteed
1,636,000
1,543,000
2,920,000
Other bills discounted
10,788.000
2,562,000
3,007,000
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
Foreign loans on gold
5,927,000
4,105,000
12,424,000
1,800,000
6,985,000
1,810,000
6,96.5,000
1.979,000
46,000
98,412,000
492,016,000
148,890,000
98,412,000
486,479,000
154,427,000
165,749,000
405,332,000
206,674,000
739,318,000
739,318,000
777,755,000
•
35,000
Total bills and securities
•
754,030.000
752,198,000
792.239,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premise('
All other assets
•
•
•
.
258,000
6,670,000
102,923,000
11.977,000
34,027,000
247,000
3,764,000
118,928,000
11,977,000
32,580,000
1,195,000
4,590,000
105,693,000
11.455,000
41,228,000
Total assets
. 3,719,553,000 3,706,635,000 2,789,160,000
Liakfttfles—
F. R. note: in actual circulation
718,294,000 716,517,000 648,705,000
F. It. bank notes in actual circulation net
30,876,000
•
Deposits—Member bank reserve &col_. 2.605,564,000 2,559,558,000 1,742,367,000
U. S. Treasurer—General account_.
3,429.000
10,255,000
20,170,000
Foreign bank
,
6,882,000
7,066,000
7,675,000
Other deposits
146,552,000 154,814,000 125,591,000
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
.2,769,437,000 2,742,217,000 1,878,269,000
101.935,000 118,285,000 100,741,000
.
59,498,000
59,509,000
59,498,000
49,964,000
45,217,000
49,964,000
6,863,000
6,863,000
7,500,000
4,737.000
7,500,000
6.062,000
21,106,000
5,791,000
Total liabilities
. 3,719,553,000 3.706,635,000 2,789,160,000
Ratio of total reserves to deposit an 1
F. R. note liabilities combined
80.6%
•
72.5%
80.6%
Contingent liability on bills purchase 1
for foreign correspondents
148,000
Commitments to make industrial adVallee8
9738001)
9314 nnn
•"Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
These are certificates given by the U. S. Treasury tor 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 (Inference: the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
Aug. 31 1935
Financial Chronicle
1392
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, Aug. 29, showing the condition of the
twelve Reserve banks at the close of business on Wednesday. The first table presents the results for the System as a
whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
And the Federal Reserve banks. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG, 28 1935
Aug. 28 19351 Aug. 21 1935 Aug. 14 1935 Aug. 7 1935 July 31 1935 July 24 1935 July 17 1935 July 10 1935 Aug. 29 1934
$
$
$
$
$
$
$
$
3
ASSETS
4,979,482,000
Gold Mts. on hand & due from U.8.Treas.: 8,482,231.000 6,441,513,000 6.385.767,000 6.288,615.000 6,224.116,000 6.226,004,000 6,226,200.000 6,226,231,000
24.293,000
22,529,000
21,746,000
21.546.000
21,829,000
20,705,000
21,527,000
21,588,000
20,407,000
notes)
R.
Redemption fund (F.
227,124,000 227,630,000 236,987,000 238,928,000 269,230,000 265,497,000 251,848,000 241,301,000 235,917,000
Other cash •
6,689,848,000 6,624,281,000 6,549,129,000 6,515,175.000 6,513,247,000 6,499,594,000 6,490,061,000 5,239,692,000
6,729,762,000
Total reserves
2,112,000
notes
bank
R.
fund-F.
Redemption
Bills discounted:
Secured by U. S. Govt. obligations
4,519,000
3,939.000
3.083.000
3,608,000
3,432,000
3,646,000
2,728,000
2.950,000
5,423,000
direct and(or) fully guaranteed
16,488,000
2,902.000
3,026,000
3,057,000
3,138.000
3,986,000
3,460,000
3.427,000
3,350,000
Other bills discounted
Total bills discounted
Bills bought In °Pen market
Industrial advances
U.S. Government securities-Bonds
Treasury notes
Certificates and bills
Total D. S. Government securities
9,409.000
7,106,000
6,153,000
6,300.000
6,570,000
6,109.000
6,665,000
6,841,000
21,007,000
4,685,000
29,447,000
4.695,000
29,284,000
4,693.000
29.147,000
4,685,000
29,096,000
4,687,000
28,354,000
4,676,000
28,358,000
4,679,000
28,268,000
4.687,000
28,175.000
5,247,000
810,000
290,316,000 290,255,000 290,213,000 290,297.000 292,212,000 292,214,000 292,222,000 292,416,000 467,839,000
1,618,354,000 1,602,284,000 1,597,783.000 1,583,826,000 1,569.963,000 1,564,987.000 1,543.136.000 1.528,108.000 1,281,420,000
521,661,000 537,701,000 542,209,000 556.209.000 568,034,000 573,034,000 594.889.000 609,889.000 682,543,000
2,430,331,000 2,430,240,000 2,430,205,000 2,430,332,000 2,430,209,000 2,430,235,000 2,430,247,000 2,430,413,000 2,431,802,000
391,000
Other securities
Foreign loans on gold
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other assets
Total assets
2,473,872,000 2,471,325,000 2,470,198.000 2,470,413,000 2,489.820.000 2.469,378,000 2,469,859,000 2,470,116,000 2,459,257,000
640,000
21,196,000
443,265,000
49,966,000
46,350,000
628.000
18,490,000
479,811,000
49,966,000
45,040,000
631,000
18,484,000
530,511,000
49,965,000
45,717,000
637.000
19,771,000
443.728,000
49.908.000
44.577,000
835,000
17,127,000
455,435,000
49,904,000
a47,516,000
646,000
18,977,000
459,960,000
49,904,000
46,230.000
643.000
22.075,000
543.628,000
49,904,000
45,325,000
637.000
21.863,000
472,720,000
49,849,000
44,709.000
3,127.000
17,834,000
401,225,000
52,775.000
56,824,090
9,765,051,000 9,755.108,000 9.739,787,000 9,578,163,000 a9,555,612,000 9,558.342.000 9,631,028,000 9,549,955,000 8.232,846,000
LIABILITIES
3,352,057,000 3,340,983,000 3,321,028,000 3.303,113,000 3,261.622,000 3,242.240,000 3,258,418,000 3,267,401,000 3,103,289,000
F. R. notes In actual circulation
31,933.000
in actual circulation.notes
F.R. bang
De006its-Member banks' reserve aecowst 5,348,437,000 5,291,407,000 5.254,282,000 5,114,722,000 5,099,616,000 4,944,603,000 4,924,402,000 5.051,797,000 4,126,973,000
29,936,000
33,798,000 112,811,000 125,981,000 282,077,000 250,889,000 101,588,000
53,724,000
49,877.000
U. s Treasurer-General account__ -11,238,000
24.930,000
25,258,000
24,656,000
23,288,000
22,802,000
23,995,000
22,053,000
19,122,000
Foreign bank;
239,827.000 277,405,000 277,526,000 192,686,000
226,588,000
207,161,000
231,342,000
193,429,000
229,553,000
deposits
Other
5,808,865,000 5,575,184,000 5.538,663,000 5.480,928,000 5.478,438,000 5,491.765,000 5,477,332.000 5.455,841.000 4,360,833,000
Total dem:sifts
447,201,000 483,442,000 524,540,000 438,997,000 460,873,000 469,872,000 542,264,000 470,026,000 400,800,000
Deferred availability Items
146.741,000 146,730,000 146,665,000 146.655,000 146,647,000 146.630,000 146,608.000 146,613,000 146,529,000
Capital paid In
144,893,000 144,893,000 144,893,000 144,893,000 144,893.000 144.893.000 144.893,000 144,893,000 138,383,000
(Sectiot
7)
Surplus
20,871,000
21,287,000
21,288,000
22,621.000
21,572,000
22,621,000
22,621,000
22,621,000
Surplus (Section 13-B)
22,545,090
30.780,000
30,780,000
30.780.000
30.781,000
30,782,000
30,782.000
30,775,000
30.776,000
Reserve for contingencies
28,534,000
13,530,000
10,875,000
9,445,000
m10.786,000
11,898.000
10,479,000
10,597,000
10,174,000
All other liabilities
9,785,051,000 9,755,108,000 9,739,787,000 9,578,163,000 a9.555.812,000 9,558,342,000 9,631,028,000 9.549,955.000 8,232,846.000
Total liabilities
Ratio of total reserves to deposits and
F. It. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make industrial advances
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 bl Is bought In open market...
16-30 days bids bought in open market_81-60 (lays bills bought in open market_
61..90 days olds bought In open market.- Over 90 days bills bought In open market
Total bills bough In open market
1-15 days Industrial advances
16-30 days industrial advances
31-60 days industrial advances
1-90 days Industrial advances
Over 90 days Industrial advances
75.1%
75.0%
74.8%
74.6%
74.5%
74.6%
74.4%
74.4%
22.197.000
21,696,000
20,850.000
Total U.S. Government securities
Total municipal warrants
Federal Reserve NotesIssued to F. R Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
357,000
-
26,363,000
24,781,000
23.981,000
23,529,000
23,022,000
'3
7,025,000
916,000
564,000
776.000
128,000
E
5,404,000
777,000
392,000
385,000
148,000
E
4,453,000
56,000
1,044,000
433,000
167,000
$
4,165,000
593,000
987,000
384,000
171,000
4,388070
617,000
876,000
468,000
223.000
4,071.000
55,000
1,301,000
479,000
203.000
4,796,000
98,000
594,000
971,000
206,000
5,055.000
92,000
604,000
866,000
224.000
17,667,000
1,584.000
811,000
884.000
61.000
9,409,000
7,106,000
6,153,000
8,300,000
6.570,000
6,109,000
6.665,000
6.841,000
21,007,000
898,000
2,036,000
502,000
1,249,000
1,474,000
695,000
1,660,000
866,000
1,249.000
804,000
2,137,000
503,000
787,000
393,000
1,112,000
2,393,000
463,000
566.000
1,350,000
2,308,000
2,502,000
632,000
567,000
975,000
2.356,000
633.000
638,000
1,052,000
667,000
373.000
891,000
2,756,000
3,594,000
456,000
741,000
456,000
4,685,000
4,695,000
4,693,000
4.685,000
4,687,000
4,676,000
4,679,000
4,687.000
5,147,000
1,331,000
188,000
1,732,000
527,000
25,869,090
1,270,000
275,000
1,678,000
508,000
25,553,000
1,210,000
267,000
1,413,000
843,000
25,414,000
1,239,000
206,000
682,000
1,624,000
25,345,000
1,259,000
110,000
461,000
1,779,000
24,745,000
1,178,000
184,000
469,000
1,762,000
24,765,000
1.288,000
104,000
492,000
1,609,000
24,775,000
1,250,000
125,000
369,000
728,000
25,703,000
s
8
$
s
28,175,000
28,268,000
28,358,000
29,096,000
28,354,000
29,147.000
29,284,000
29,447,000
Total Industrial advances
51,255,000
43,023,000
44.853,000
52.407.000
40.614.000
24,930,000
31,870.000
32.260,000
1-15 days U. 13 Government securities
43,023,000
50,419,000
40,614,000
32.260,000
31,870.000
24,930,000
20,163,000
27.463,000
16-30 days If. S. Government securities
88,034,000
57,190,000
52.033,000
52,393,000
50,963,000
55,066,000
31-60 days U S. Government securities- 112,318,000 109,576,000
50,963,000
109,344,000 115,812 000 109,072,000 105,834,000
103.930,000
35,985,000
51,360,000
securities_
Government
S.
U.
days
61-90
2.214,019,000 2,197,541,000 2,177,337.000 2,185.491,000 2.171.951,000 2,197,138.000
Over 90 days U.S. Goverpment securities- 2,229,635,000 2,217,271,000
1-15 days municipal warrants
16-30 days municipal warrants
81-80 days municipal warrants
61-90 days municipal warrants
Ovor 90 days municipal warrants
70.2%
573,000
2,430,331,000 2,430,240,000 2,430,205,000 2.430,332,000 2,430,209.000 2,430,235,000 2.430,247,000 2,430,413,000
s
b
2,000
5,000
10,000
793.000
810,000
42,600,000
54,523.000
104,325,900
110,815,000
369,280,000
682,543,000
391,000
391,000
3,631,472,000 3,616,100,000 3,601,173,000 3,575,446,000 3,532.140.000 3,540.798,000 3.548,339,000 3,586,978,000 3,392,499,000
279.415,000 275,117,000 280,147,000 272,333,000 270,518,000 298.558,000 289,921,000 299.577,000 289,210,000
3,352.057,0003.340,983,000 3,321,026,000 3,303,113,000 3,281,622,000 3,242,240,000 3,258.418.0003,267,401,000 3,103,289,000
Collateral Held by Agent as Security for
Notes Issued to BankGold Offs on hand St due from U.S. Treas. 3,436,984,000 3,443,914,000 3,410.889,000 3,399,339,000 3 389,839 000 3,398.839,000 3,420,339.000 3,414,839,000 3,130,656,000
10,685.000
4,627,000
5,174,000
5,349,000
5.090,000
4.683900
5,638.000
4,826,000
7,940,000
By eligible paper
218,500,000 207,000,000 230.000,000 222.400,000 205.000,000 201.000,000 175.000,000 188,000,000 296,000,000
U. S. Government securities
Total collateral
3,663,424,000 3,656,552,000 3,645,572.00013.626.565.000 3.599.929.00) 3.604.466.000 3,600,513,000 3.608,188,000 3,437,341,000
•Revised figures. b Less than $50,000.
•"Other cash" does not include Federal Reserve notes.
g These are certificates given by the U S. Treasury for the gold taken over from tile Reserve banks when the dollar was devalued from. 100 cents to 59.06 cents
the
of the difference, MO difference itself baying been appropriated as molls by the Treasury under the
extent
to
leas
worth
being
certificates
these
on Jan. 31 1934.
DrOVOOOP. Of toe Gold Reserve Ain 01 1934.
Financial Chronicle
• Weekly Return of the Federal Reserve Board (Concluded)
Volume 141
1393
WEEKLY STKI&MINT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 23 1935
Two Ciphers (00) Omitted
Federal Resale Bank of-
New York
Boston
Total
Cleveland Richmona Allan's
Phila.
Chicago
St. Low Minnea,. Kan. City
Dallas
San Fran.
RESOURCES
Gold certificates on hand and due
from U. B. Treasury
6,482,231,0 425,867,0 2,760,143,0 301,762,0 445,833,0 199,617,0 148,864,0 1.236,003.0 187,405,0 140,564,0 184,959.0 95,062,0 356,137,0
Redemption fund-F.R. notes
1,046,0 • 1,962,0 1,359,0 1,523,0 3,136,0
20,407,0 3,520.0
723,0 3,511,0
473,0
1,527,0 1,041,0
536,0
Omer cash.*
48,474,0 29,232,0 11,761,0 8,598,0 9,366,0
227,124,0 31,569,0
29,766,0 11,952,0 12,547,0 12,983,0 6,902,0 13,974,0
Total reserves
6,729,762,0 460,956,0 2,809,668,0 332,956,0 458,958,0 209,738,0 161,366,0 1,267,301,0 200,398,0 153,584,0 198,528,0 102,687,0 373,622,0
13111s discounted
Sec. by U S. Govt. obligations
direct &(or) fully guaranteed
412,0
90,0
2,920,0
241,0
6,0
125,0
75,0
5,423,0 1,245,0
205,0
20,0
84,0
Other bills discounted
25,0
74,0
3,007,0
30,0
34,0
24,0
120.0
93,0
3,986,0
514,0
65,0
Total bills discounted
BM bought in open market_
Industrial advances
C.8 Government securities:
Bonds
Treasury notes
Certificates and bills
9,409,0
1,269,0
5,927,0
486,0
115,0
271.0
40,0
4,685,0
29,447,0
345,0
2,864,0
1,800,0
6.985,0
475,0
3,869,0
445,0
1,77,0
173,0
4,581,0
169,0
1,057,0
290,316.0 17,279,0
1,618,354,0 106,062,0
521,661,0 34,336,0
Total U.8. Govt.securities. 2,430,331,0 157,677,0
557,0
1,977,0
98,413,0 20.005,0 23,032,0 12,330,0 10,010,0
492,015,0 119,115,0 147,306,0 78,858,0 63,677,0
148,890,0 38,000.0 47,687,0 25,528,0 20,605,0
84,0
85,0
168,0
719,0
245.0
80,0
418,0
64,0
2,110,0
127,0
1,141,0
122,0
1.830,0
328,0
808,0
33,547.0 11.378,0 14,263,0 11,452,0 17,550.0 21,057,0
236,528,0 73,266,0 46,436,0 72,063.0 48,292,0 134.676,0
85,614,0 23,556,0 14,885.0 23,329,0 15,633,0 43,598,0
739,318,0 177,120,0 218,025,0 116,716,0 94,292,0
355.689,0 103,200,0 75,644,0 106,844,0 81,475,0 199,331,0
2,473,872.0 162,155,0
754,030,0 181.950,0 220,362,0 121,741,0 95,558,0
358,223,0 108,812,0 77,903,0 108,280,0 84,146.0 200,712,0
Due from foreign banks__ .
48,0
640,0
Fed. Rem. notee of otter banks
339,0
21,196,0
Uncollected items
443,265,0 46,458,0
Bank premises
49,966.0 3,168,0
All other resources
562,0
46,350,0
60,0
258,0
66.0
23,0
23,0
6.670,0
638,0 1,266.0 1,556,0 1,037,0
102.923,0 33,447.0 41,438,0 38,044.0 13,942,0
11,977,0 4,660,0 6,632,0 3,028,0 2,331,0
34,027,0 4,181,0 1,568,0 1,170,0 1,621,0
44.0
17,0
3,0
77,0
17.0
4,0
363,0 2,837.0
2,606,0 1,412,0 1,025.0 1,447.0
60,389.0 19,065,0 13,430,0 28,458,0 20,827,0 24,844,0
4,959,0 2,628,0 1,530,0 3,449.0 1,685,0 3,869,0
464,0
897,0
719,0
259,0
542,0
340,0
Total bills and securities__ _
Total resources
9,765,051,0 673,686,0 3,719,553,0 557,898,0 730,284,0 375.300,0 275,878,0 1,694,274,0 332,578,0 248,067,0 340.519.0 210,622,0 606,392,0
LIABILITIES
F. R. notes in actual circulstion_ 3,352,057,0 291,834,0
718,294,0 243,978,0 327,494,0 157,455,0 135,002,0
804,354,0 142,675,0 99.834,0 126,971,0 61,995,0 242,121,0
Deposits:
Member bank reserve account_ 5,346,437,0 302,240,0 2,605,564,0 241,437,0 322,390.0 157,913,0 109.292,0
U. S. Treasurer-Gen. acct._
816,0 2,513,0 4,568,0 1,506,0
10,255,0
49,877,0 3,221,0
Foreign bank
7,086,0 1,889,0 1,813.0
708,0
19,122,0 1,374,0
687,0
Other deposits
193,429,0 2,858,0 146,552.0 3,169,0 2,339.0 2.061,0 2,343,0
759,666,0 149,296,0 115,043,0 172,637,0 109,873,0 301.136,0
16.943,0 1,570,0 2,432,0 2,603,0 2,371,0 1,014,0
2,213,0
572,0
496,0 1,336,0
458,0
512,0
5,230,0 7,775,0 6,966,0
339,0 2,118,0 11,679,0
Total deposits
Deferred availability Item'
Capital paid in
Surplus (Section 7)-___
Surplus (Section 13-b)
Reserve for contingencins
All other liabilities
Total liabilities
784,052,0 159,213,0 124,959,0 176,046.0 114.858,0 315,165,0
101,935.0 32,601,0 41,830,0 37,085,0 13,443,0
53.498,0 15,121,0 13,141,0 5,010.0 4,456,0
49.964,0 13,470,0 14.371,0 5,186,0 5,540,0
6,863,0 2,098,0 1,007.0 3.335,0
754.0
7.500,0 2,995,0 3,000,0 1,411,0 2,601,0
324,0
386,0
6,062,0
540,0
249,0
52,473,0 20,207.0 14,186,0 28,000,0 23,085,0 25.623,0
12,816,0 3,973,0 3,134,0 4,011,0 4,013,0 10,750,0
21,350,0 4,655,0 3,420,0 3,613,0 3,777,0 9,645,0
695,0
1,391,0
802,0 1,252,0
547.0 1,003,0
5,325,0
831,0 1,363,0 2.041,0
891,0 1,169.0
352,0
2,513,0
417,0
279,0
312,0 ' 215,0
447,201,0 46,728,0
146,741,0 10,758,0
144,893,0 9,902,0
22,621,0 2,874,0
30,775,0 1,648,0
249,0
11,898,0
9,765,051,0 673,686,0 3,719,553.0 557,898,0 730,234,0 375,300,0 276,878,0 1,694,274,0 332,578,0 248,037,0 340,519,0 210,622,0 606,392.0
Ratio of total rem to dep. & F. R.
note liabilities combined
Contingent liability on bills pur
chased for torn correspondents
Committments to make industrial
advances
•"Other Cash
5,608,865,0 309,693,0 2,769.437,0 247,311,0 329,055,0 165,248,0 113,828,0
75.1
76.6
80.6
67.8
69.9
65.0
64.8
79.8
66.4
68.3
65.5
58.1
67.0
26,363,0
3,312,0
9,733,0
756,0
1,803,0
1,813,0
607,0
521,0
1,931,0
149,0
1,185,0
448,0
4,094,0
does not include Federal Reserve notes
FEDERAL RESERVE NOTE STATEMENT
Tice Ciphers (00) Omitted
Farm, Reserve Agent at-
Nets York
Boston
Total
Phila.
Cleveland Richmond Atlanta
Chicago
$
St. Louts Mtnnsay, Kan,City
Dallas
Ban/Fran.
Federal Reserve notes:
s
s
Owned to F.R.13k.by F.R.Agt. 3,631,472,0 321,094,0
Held by Fed'. Reserve Bank_.,
279,415.0 29,260,0
$
$
$
$
819,744,0 256,730,0 342,969,0 167,294,0 153,118,0
101,450,0 12,752,0 15,475,0 9,839,0 18,116,0
3
S
S
$
$
$
833,202,0 148,849,0 104,751,0 135,167.0 68,541,0 280.013,0
28,848,0 6,174.0 4,887.0 8,196,0 6,546,0 37.892,0
In actual simulation
3,352,057,0 291.834,0
Collateral held by agent an security for !lutes Issued 10 tiel:
Gold certificates on hand and
due from U E4. Treasury
3,436,984,0 326,617,0
Eligible paper_
7,940,0 1,269,0
U. B. Government securities._ 218,500.0
718,294,0 243,978,0 327,494,0 157,455,0 135,002,0
804,354,0 142,675,0 99.884,0 126,971,0 61,995,0 242.121.0
818,706,0 232,000,0 318,440,0 145,000,0 99,685,0
486,0
4,464,0
115,0
271.0
40,0
25,000,0 25,000.0 23,000.0 55,000,0
845,466,0 132,632,0 105,500,0 125,000,0 56,675,0 231,263,0
240,0
719,0
167.0
84,0
85,0
12,000.0 11,500,0 50,000.0
17.000.0
823,170,0 257,488,0 343,555,0 168,271,0 154,725,0
845,466,0 149,716,0 105,585,0 137,167.0 68,894,0 281,503,0
Total collateral
3,663,424,0 327,886,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING
(In Millions of Dollars)
Federal Reserve MariaLoans and investments-total
Total
Boston
New York
PAW.
Cleveland Richmond
Atlanta
purno. BY
Chicago
DISTRICTS. ON AUG. 21 035
St. Lasts Miranda, Kan. City
Dallas
San Fran.
18,567
1,140
8,420
1,078
1,255
350
331
2,152
545
342
604
422
1,925
Loans on securities-total
2,980
186
1,784
179
166
49
42
226
53
32
46
41
171
To brokers and dealers:
In New York
Outside New York
To otners
849
156
1,975
6
27
153
825
59
900
13
12
154
3
6
157
1
48
3
39
1
29
196
4
54
1
31
1
3
42
1
40
10
161
acoeptanees and comml napes bough
oans on real estate
Other loans
296
949
3,192
38
87
274
132
238
1,332
22
70
178
5
72
143
6
17
75
3
12
106
30
30
313
9
37
95
6
5
110
24
14
121
2
24
110
19
343
335
IL R. Government direct obligations
Oblige, fully guar. by U. B. Govt_.
Other securities
7,283
916
2,951
369
18
168
3,302
386
1,246
270
83
278
648
31
190
116
27
60
99
19
53
1,135
94
324
213
42
91
129
17
43
236
44
119
160
43
42
60(
111
334
Reserve Will, Federal Itmerve hanks_
Cash in vault
4,080
296
235
96
2,347
54
172
14
165
20
69
11
41
6
542
44
98
9
65
5
100
11
67
9
171
11
15.799
4,398
522
1.003
312
32
8,307
1.007
269
833
281
35
802
472
25
252
139
6
215
134
16
1,993
537
39
423
169
14
264
124
5
533
158
11
350
122
20
824
94:
5(
1,865
4.580
112
209
176
2,104
146
265
137
211
99
110
95
104
303
619
108
192
94
91
241
311
147
137
201
221
Net demand deposits
Time 'le:melts
Government deposits
One from banks
Due to banks
Borrowlose from F. R. banks
1394
Financial Chronicle
United States Treasury BillsFriday, Aug. 30
Rates quoted are for discount at purchase.
Sinanrial
Eire
Lt arxtutrig
Bid
101.2
101.1
101.2
9
115.24
115.20
115.24
110
110.30
110.24
110.29
108
105.18
105.16
105.18
13
109.20
109.19
109.19
10
106.13
106.10
106.13
30
102.19
102.10
102.19
331
102.15
102.10
102.15
197
107.19
107.19
107.19
35
107.22
107.22
107.22
7
103.15
103.10
103.15
14
103.7
102.30
103.7
682
108.1
108
108
8
105.12
105.8
105.12
29
100.1
99.28
100.1
200
101.26
101.26
101.26
1
100.15
100.15
100.15
1
101
100.20
101
126
99.24
99.24
99.24
11
100.16
100.8
100.16
86
99.16
99.9
99.16
194
101
100.29
100.29
Si
115.20
115.14
115.14
76
110.26
110.18
110.18
458
105.23
105.11
105.11
194
109.16
109.14
109.14
85
106.12
106.5
106.5
114
102.17
102.4
102.4
186
102.13
102
102
215
107.18
107.4
107.4
422
107.20
107.7
107.7
71
103.14
103.5
103.5
216
103.3
102.19
102.19
570
108
107.19
107.19
116
105.16
105.3
105.3
468
100.1
99.16
99.16
2,862
---100.13
100
100.1
194
100.28
100.16
100.16
107*
99.20
99.16
99.20
2
100.11
99.30
99.30
720
99.17
99.3
99.3
269
100.27
100.26
100.27
26
115.11
115.7
115.7
90
110.16
110.6
110.8
176
105.10
105.1
105.2
195
109.10
109.2
109.7
239
106.4
106
106
65
102.3
101.27
101.27
21
102
101.24
101.24
336
107.4
106.31
106.31
153
107.6
106.30
106.30
99
103.2
102.26
102.28
90
102.19
102.13
102.16
244
107.18
107.12
107.18
134
105.2
104.24
104.24
866
99.16
99.8
99.12
2,168
101.20
101.15
101.15
8
100.8
100
100.6
452
100.18
100.14
100.18
59
99.9
99
99
419
100.8
100
100.6
413
99.8
08.30
99.3
949
100.27
100.26
100.27
9
115.8
115.4
115.8
111
110.12
110.8
110.12
15
105.9
105.6
105.6
388
109.10
109.6
109.10
2
106.1
105.30
106.1
76
102.2
101.29
102.2
38
102
101.29
101.31
158
107.2
106.31
107
136
107.2
107.2
107.2
25
103
102.27
103
149
102.21
102.17
102.19
117
107.17
107.13
107.17
27
104.31
104.24
104.24
385
99.19
99.14
99.16
660
101.24
101.21
101.24
14
100.14
100.10
100.12
96
100.26
100.21
100.23
19
99.14
99.10
99.10
40
100.11
100.6
100.10
243
99.9
99.4
99.9
244
100.31
100.28
100.31
14
115.10
115.6
115.10
6
110.24
110.16
110.24
31
105.18
105.4
105.18
345
_
108:1
106.2
106.4
86
102.20
101.31
102.20
181
102.10
101.28
102.10
124
107.5
106.24
107.5
423
107.6
106.26
107.6
323
103.19
103
103.19
19
102.30
102.26
102.30
6
107.20
107.13
107.20
113
105.6
104.26
105.3
297
100.2
99.16
100.2
1,719
101.30
101.26
101.30
19
100.26
100.8
100.26
249
101.4
100.23
101.4
57
99.23
99.18
99.23
63
100.20
100.6
100.20
200
99.25
99.6
99.25
333
101.3
100.31
101.3
16
115.16
115.14
115.14
3
110.24
110.20
110.20
8
105.16
105.11
105.11
92
109.16
109.11
109.16
5
106.4
106
106.4
75
102.14
101.6
102.10
52
102.13
102.4
102.6
85
107.4
107
107
17
107.6
107.6
107.6
5
103.12
103.10
103.10
7
103.8
103
103
172
107.22
107.20
107.20
101
105.3
104.30
104.30
91
100.7
99.24
99.28
1,784
102.2
101.30
102.1
48
101
100.22
100.22
120
101.4
100.31
101.2
45
99.28
99.24
99.24
7
100.29
100.17
100.17
40
09.29
99.16
99.16
153
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
5
1
1
4
10
4th 43,18. 1933-38
Treasury 434s, 1952
Treasury 44-3318. 1943-45
Treasury 48, 1944-54
Treasury 24s, 1955-60
100.28 to
115.4 to
105
to
110.17 to
99.8 to
100.31
115.4
105
110.17
99.28
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0 20%
0.20%
0.20%
0.20%
Int.
Rate
Bid
June 15 1936._
Dec. 15 1939._
June 15 1940._
Sept.15 1938_
Mar. 15 1940_
June 15 1939...
Sept. 15 1938._
Dee. 15 1935._
Feb. 1 1938...
14%
14%
14%
14%
14%
24%
24%
24%
254%
100.28
100.3
100.3
101.14
100.22
102.22
104.9
101.1
104.24
diked
Int.
Rate
ma
Asked
24%
24%
24%
3%
3%
3%
34%
34%
00000000
Daily Record of U. S. Bond Prices Aug.24 Aug.26 Aug.27 Aug.28 Aug.29 Aug.30
Maturity
103.16
101.22
105.12
104.3
104.19
105.1
103 2
105.12
Maturity
trotne4
666.4Ocu4.-..
000000000
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange.
Quotations after decimal point represent one or more 32ds
of a point.
Asked
Bid
Jan. 22 1938
Jan. 29 1936
Feb. 5 1938
Feb. 11 1936
Feb. 19 1936
Feb. 26 1936
Mar. 4 1936
Mar. 11 1936
Mar. 18 1936
Mar.25 1936
Apr. 1 1936
Apr, 8 1936
Apr. 151930
Apr. 22 1936
Apr. 29 1936
May 6 1936
May 13 1936
May 20 1676
May 27 1936
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Aug. 30
Figures after decimal point represent one or snore 32ds of
a point.
WILLIAM B. DANA COMPANY, Publishers,
William Street. Corner Spruce. New York.
Asked
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
0 20%
020%
0.20%
llllllllllllllllllll
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
of
Fred.
H. Gray. Western Representative.
Crimea° °sines-In charge
208 South La Salle Street. Telephone State 0613.
LONDON Orrice-Edwards & Smith. 1 Drapers' Gardens, London, E.C.
NOTICE.-On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
in New York funds.
.-4,4C4
Including Postage6 Mos.
12 Mos.
United States, U. S. Possessions and Territories
$15.00
$9.00
In Dominion of Canada
16.50
9.75
South and Central America. Spain, Mexico and Cuba.- 18.50
10.75
Great Britain, Continental Europe (except Spain), Asia,
Australia and Africa
20.00
11.50
The following publications are also issued:
COMPENDIUMS-MONTHLY PUBLICATIONSBANE AND QUOTATION RECORD
PUBLIC UTILITY-(semi-axmually)
RAILWAY & INDUSTRIAL-(fMW a year)
MONTHLY EARNINGS RECORD
STATE AND MUNICIPAL-(IM'ann.)
14 tO 144tO .0.0.0ti .0.0141401410'0.0010
MMMMMMMCIMMMMMCIMMOMM
0.=00,00.000.00=p00.0a
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
mo.mattttt000..ESStog
tsUct00000zzzzammmoZ.,
(
'
(Comma
{High
Fourth Liberty Loan
ax% bonds of 1933-38_ Low_
Close
(Fourth 44s)
Total sales in 51,000 units___
{High
Treasury
Low_
44.4 1947-52
Close
Total sales in 51,000 units...
(High
Low_
is. 1944-54
Close
Total sales in $1.000 units_ __
{High
Low_
4(I-33O. 1943-45
Close
Total sales in $1,000 units___
(High
Low
354s. 1946-58
Close
Total sales in 51.000 units_
(High
Low_
554s. 1943-47
Close
Total sales in $1,000 units___
{High
Low_
Es, 1951-55
Close
Total sales in $1,000 wins_ .._
(High
Low_
Si. 1948-48
Close
Total sales in $1,000 units___
(High
Low_
34e. 1940-43
Close
Total sales in $1.000 units___
(High
Low_
1154s. 1941-43
Close
Total sales in 51.000 units_ __
(High
Low_
3J41. 1946-49
Close
Total sales in 51.000 units___
(High
Low_
544s. 1949-52
Close
Total sales in $1,000 units__
(High
Low_
Ws. 1941
Close
Total sales in $1.000 units_ __
(High
Low_
34s. 1944-46
Close
Total sales in $1,000 units___
(High
Low_
24s, 1955-80
Close
Total sales in $1,000 units___
Federal Farm Mortgage (High
Low_
axe. 1944-84
Close
Total sales in $1.000 units__
Federal Farm Mortgage (High
Low_
3a. 1944-49
Close
Total sales in $LOW units.._
Federal Farm Mortgage {High
Low_
3s. 1942-47
Close
Total sales in $1,000 units__
Federal Farm Mortgage {High
Low.
24s. 1942-47
Close
Total Bakst,' $1,000 units_ -{High
Home Owners' Loan
3a, series A. 1941-52_ Low_
Close
Total same in 5'.000 units___
{High
,ners' Loan
Berne 13,
Iths, series IL 1939-49._ Low_
Close
Total sales in 81.000 units__
Aug. 31 1935.7
Dee. 15
Apr. 15
June 15
Feb. 15
Apr. 15
Mar. 15
Aug. 1
Sept.15
1936._
1936._
1938._
1937...
1937._
1938._
1936._
1937._
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,
GAILY. WEEKLY AND YEARLY
Week Ended
Aug. 30 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Railroad
Stocks,
State,
Number of and Miscall. Municipal dr
Bonds
Shares
ForeignBonds
53,474,000
5,126,000
7,822,000
6,556,000
5,049,000
4,870,000
5650,000
1,106,000
1,896,000
1,670,000
1,202,000
1,071.000
7 571 OM S32 807 non
57.1100 non
1,124,960
1,455,610
2,125,720
1,390,390
903,640
830,730
Sales at
New York stoat
Exchange
Week Ended Aug. 30
1935
1934
Stocks-No,of shares_
3,187,320
7,831,050
Bonds
Government
$26,461,000 525,532,000
State and foreign
7,595,000
9,281,000
Railroad An industrial
32,897.000 23,229,000
Total
United
States
Bonds
Total
Bond
Sales
52,205.000
6,670,000
7,149,000
2,941,000
4,599,000
2,897,000
56,329,000
12,902,000
16,867,000
11,167,000
10,850,000
8,838,000
non
(10410A1 01141
590 .101
Jan. Ito Aug. 30
1934
1935
196,710,302
5517,510,000
258,359,000
1,418,340,000
251,134,370
$548,890,200432,095,000
1,658,987,005
566.953,000 $58,042,000 $2.194,209,000 52,639,972,200'
Members Appointed to New Committee on Foreign
Business of New York Stock Exchange
At a regular meeting held Aug. 28 the Governing Committee of the New York Stock Exchange appointed themembers to the newly-created standing Committee on Foreign Business. An amendment to the cons.itution of the
Stock Exchange providing for the appointment of this committee was referred to in our issue of Aug. 17, page 1017.
Those appointed on Aug. 28 to the new committee, which will
have complete supervision over the business of members or
the Exchange in foreign countries, follow:
Otto Abraham
Elton Parks
A. C. Beane
Robert L. Stott
S. M. Bijur
Arthur Turnbull
Harry H. Moore
Herbert G. Wellington
Richard Whitney
FOOTNOTES FOR NEW YORK STOCK PAGES
•Bid and asked prime, no sales on this day.
Companies reported In receivership.
a Deferred delivery.
n New stock.
r Cash sale.
x Ex-dividend.
y Ex-rights.
1, Adjusted for 25% stock dividend paid Oct. 1 1934.
par, share for share.
03 Listed July 12 1934; par value 10s. replaced
"Par value 550 lire listed June 27 1934; replaced 500 lire par value.
ss Listed Aug. 24 1933; replaced no par stock share for share.
2, Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
Adjusted for 66 2-3% stock dividend payable Nov. 30 1934.
"Adjusted for 100% stock dividend paid April 30 1934.
"Adjusted for 100% stock dividend paid Dec. 31 1934.
44 Par value 400 lire; listed Sept. 20 1934; replaced 500 lire par value.
•I Listed April 4 1934; replaced no par stock share tor share.
42 Adjusted for 25% stock dividend paid June 1 1934.
43 Listed under this name Aug. 9 1934; replacing no-par stock. Former name.
American Beet Sugar Co.
44 From low through first classification, loan 75% of current.
45 From last classification and above, loan of 55% of current.
45 Listed April 4 1934; replaced no-par stock share for share
47 Listed Sept. 13 1934: replaced no-par stock share for share
mi Listed June 1 1934; replaced Socony-Vacuum Corp. $25 stock share for share.
The National Securities Exchanges; on which low prices since July 1 1933 weremade (designated by superior figures in tables), are as follows*
,0 Cincinnati Stock
la Pittsburgh Stock
New York Stock
"Cleveland Stock
2, Richmond Stock
New York Curb
"Colorado Springs Stock 04 51. Louis Stock
New York Produce
New York Real Estate "Denver Stock
2, Salt Lake City Stock
25 San Francisco Stock
14 Detroit Stock
Baltimore Stock
IS Los Angeles Stock
Boston Stock
12 San Francisco Curb
"Los Angeles Curb
Buffalo Stock
Ban Francisco mining
"Minneapolis-St. Paul
California Stock
02 Seattle Stock
"New °risen 'Stock
Chicago Stock
20 Spokane Stook
1 Chicago Board of Trade 07 Philadelphia Stock
21 Washington(D.C,1
I Chicago Curb
Volume 141
1395
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deterred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
sa es in computing the range for the year.
MOH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug.24
Monday
Aug.26
Tuesday
Aug.27
IVednesday Thursday
Aug.28
• Aug. 21)
Friday
Aug.30
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range SIsce Jan. 1
On Basis of 100-share Lots
Lowest
S per share S per share S per share $ per share S per share S per share Shares
Par 3 per share
45
4312 45
_ 45
2
.4012 45 .42
No par 32 Apr 3
170 Abraham & Straus
4412 4378 4378
11412 11412
___ 114 114 *114
___ *114 ____ •114
Preferred _
__
100 110 Jan 10
30
*57
59 *1145812 5812 *56
5878 .56 -58
100 Acme Steel Co
*55
68
*55 - 8
25 51 June 25
8
814 812
838
8
834
734 818
8
814
8
814 13,700 Adams Express
No par
414 Mar 15
*92
*9214
_
*9112 95
*9112 95
*9112 95
Preferred
*9112 95
100 8434 Jan 2
3038 303-4 3034 -303-4 3012 3012 3078 3078 31
31
900 Adams MIllis
3058 3058
No par 28 June 6
12
1278 1214 1278 1214 1212 1212 1338 1238 13
1212 12
8,900 Addrees Multigr Corp
10
8 Jan 12
13
13
13
1312 1212 13
12
12
1218 1212 1212 1212 1,800 Advance RumelY
413 Mar 18
No par
712 712
714
738 712
V2
74 7,4 *7
714 *74 714 2,000 Affiliated Products Ine
No par
634 Jan 15
14214 143
*139 142
14234 14312 *14014 14112 *140 14134 14112 14134 1,100 Air Reduction Inc
No par 10433 Mar 18
1
*118
114 *118
114
114
1
118
1
118 1,300 Alr Way Elee Appliance No par
1
118
34 Apr 3
1614 1612 1638 1718 1658 1718 1614 1678 1638 1658 1614 1612 16,900 Alaska Juneau Gold Mln
10 1518 July 2'
*158 2
.112 2
112 112 .134 2
*134 2
100 A P W Paper Co
*134 2
112June 24
No par
158 134
158 134
112 134
112 158 9,600 :Allegheny Corp
112 158
112 158
4 Mar 30
No par
6
*614 634
6
618 614
6
6
6
6
*5
Prof A with $30 warr
238 Mar 21
614 1,300
100
512 512 *412 6
534 6
*5
578
578 578 *5
6
1,000
Peel A with $40 warr
2 Mar 27
100
5,2 512 .5,2 6
*514 614 *5
6
300
Prof A without warr
514 514 *514 6
134 Mar 28
100
1612 1778 *1512 1612 1512 1512 *14
16
1414 1414 *1412 16
500
214% prior cony pret__No par
64 Apr 2
26
2614 26
2612 26
2658 2514 26
26
*26
x26
2612 1,600 Allegheny Steel Co
No par 21 Jan 12
161 161
16038 16314 18112 16358 16114 1614 161 162
161 161
3,500 Allied Chemical & Dye
No par 125 Mar 13
*127 128 *127 12812 127 127
12712 12712 *12678 129 *12678 129
200 Preferred
100 123 Apr 20
612 64
612 634
6
634
6
638
638 638 12,400 Allied Storm Corp
614 638
34 Mar 13
No par
7214 7214 7112 7134 7034 7034 7012 71
*70
7012 7038 71
1,100
5% pret
100 x49 June 17
2712 28
2758 2814 2512 28
2514 26
2614 2634 2614 2638 16,900 Allis-Chalmers Mfg
No par 12 Mar 13
*16
1634 16
1614 1534 16
*1534 1614 16
1614 1618 1614 1,200 Alpha Portland Cement No par 14 Mar 13
*3
3i
338 338
312 312
312 378
4
334 4
418 10,700 Amalgam Leather Co
1
24 Mar 14
291 *27
*27
29
.27
28
27
28
29
31
3038 31
800
7% preferred
50 26 Julie 25
69
6934 6914 6934 68
7018 6814 694 67
6810 6738 6712 6,500 Amerada Corp
No par 4813 Jan 11
5212 5312 53
5358 5114 5412 5112 5134 53
53
54
53
2,700 Amer Agile Chem (Del) No par 4112June I
2734 2734 2714 2712 2612 2758 2612 27
2718 2714 2718 2718 2,200 American Bank Note
10 1313 Jan 12
6312 .6014 6312 63
*61
63
63
63
6312 *6212 6234 63
180
Preferred
50 43 Jan 11
*344 3538 3512 35,2 344 3514 *3412 36
3412 3412 " 800 Am Brake Shoe & Ftly___No par 21 Mar 29
*3412 36
•128 12812 *128 12812 12812 12812 *12818 12812 12812 1281 *12812 129
20
Preferred
100 119 Jan 8
138 13834 138 13934 137 14012 13612 13714 137 137
4,500 American Can
13712 138
25 110 Jan 18
*15534 160 *15534 15978 15978 15978 .157 160 *158 161 *157 160
100
Preferred
100 16134 Jan 4
2214 2278 2112 22
2018 2134 2014 2112 2114 21'2 2058 21
4,800 American Car & FtlY
No par 10 Muir 13
4934 50
4914 50
*46
49*4812 50
50
900
Preferred
48
100 2512 Mar 13
48,2 49
16
1614 *15
1612 1612 1738 16
173
1718 17
1712 1712 5,300 American Chain
8 Jan 30
No par
*87
*87
93
95
87
*9012 95
904 87
900
90
90
87
77 preferred
100 38 Janll
9012 9012 9012 9012 *8912 90
*8912 90
300 American Chicle
89,4 89,4 *8912 90
No par 66 Feb 8
*30
*30
35
35
*30
*30
35
35
Am Coal of N .1 (Allegheny Co)21 30 Mar 26
*30
35
35 .30
*334 414 *334 4,
8 *358 458 *314 458 *358 458 *338 458
Amer Colortype Co
232 Mar 14
10
26
*2512 26
.25
2414 25
2478 2558 2,800 Am Oomrall Alcohol Corp
2414 2434 2478 25
224 Mar 18
2
14
1478 1418 1418 1334 1438 1358 14
14
14
14
14
2,200 American Crystal Sugar
612 Feb 5
10
*119 120 *11814 120 *119 11934 *119 120
12014 12014
270
120 120
7% 2nd prof
Inn 5752 Jan 2
*7312 7434 7434 7434 735* 7434 7434 744 744
410
6% lot pref
7532 76,2
3 75
72 Aug 1
10
138 138
114 138
114
114
14 2.000 Amer Eneaustle TIling-No par
1
14 11s
114
114
34May 24
*638 8
*74 812 •888 812 to, 982 *872 832 *634 838
234 Apr 2
Amer European Sec's____No par
*175 500 *175 500 *175 500 •175 .500
175 175 .125 175
10 Amer Express Co
100 150 July 22
4 7
s 614
512 65*
538 6
618 617
614 634 48,700 Amer & torn Power.,____No pJr 2 liar 13
3218 3518 3112 34
30
35
3058 3312 3234 3414 3312 3518 15,800
No par
Preferred
14 Mar 15
1034 1112 1018 12
10
12
12
2nd preferred
1234 11,700
12
1014 1138 11
No Par
373 Mar 14
27
29
3178 27
2634 3038 26
31
6,700
2834 2812 2812 29
$8 preferred
No par 12 Mar 30
104 1034 .1058 1078 1034 1034 11
700 Amer Hawaiian El 8 Co
*1114 1112 1112 1112
11
8 Apr 18
10
458 458
5
5
44 478 .458 5
5
5
700 Amer Hide dr Leather__ _No par
*478 5
214 liar 13
3314 34
3214 3414 3438 3438 35
3314 34
2,000
35
Preferred
35,2 36
100 17 Mar 13
314 31
31,8 334 31
3112 314 311, 3158 32
3238 3238 10,100 Amer Home Products
x 2913 Apr 12
234 3
278 318
278 278
234 278
234 234 5,200 American Ice
234 234
No par 238 July 24
2414 2414 *24
2412 24
24
22
2218
*23
23
24
900
23
6% non-cum pret
100 22 July 18
834 918
84 914
858 94
858 858 9,100 Amer Internal Corp
814 838
No par
412 Mar 18
838 834
418 418
37.8 378
312 34 *212 3,2
90 j Alll L France & FoamItepret100
312 312 *212 3,2
144 Mar 13
16
1612 1512 1612 154 15,
1614 16
1512 1513 3,000 American Locomotive
8 1514 16
9 Mar 13
No par
52
5178 5178 5038 52
52
*4914 5012
700
Preferred
5014 5014 *4914 50
100 32 Mar 19
2312 2312 2314 2334 2214 2338 2214 23
4,400 Amer Mach & Fdry Do___No par 1812 Mar 13
2234 2234 2234 23
834 84
834 84
8
84 *814 834
838 834 *838 878 1,500 Amer Mach & Metals____No par
44 Apr 4
812 81. *812 83
8
8i2 *8
834 08
834 *8
Voting trust ctts
834
800
No par
412 Apr 4
4 231 2414 2278 2434 2214 2212 2234 2314 23
2312 2332334 10,400 Amer Metal Co Ltd
1312 Mar 15
No par
*114 118 •113 118
115 11512 *113 118 *112 115 a112 112
900
6% cony preferred
100 72 Jan 2
*2312 2978 .2834 2978 2912 2912 2914 2914 *2812 2958 *2812 2958
200 Amer News, N Y Corp__ No par z24 Jan 3
834 712 102,100 Amer Power 4 Light____No par
618 838
54 7,8
54 6,2
538 614
54 678
112 Mar 13
33
3814 3412 3612 3212 37
3212 34
3912 36,600
3512 36
34
$6 preferred
1018 Mar 13
No par
26
3012 2778 2912 254 2934 26
2714 2712 2812 2834 3314 32,300
55 preferred
838 Mar 13
No pa
1738 1814 174 18
1714 18
1712 1714 1712 44,500 Am Red & Stand San'y
1634 1738 17
1012 Mar 13
No par
._ *15214
*15214 ___ .15214
*15214
__ __. Preferred
•15214
__ *15214
100 13412 Mar I
2412 -254 2412 2518 23 1518 2258 -2338 2318 238
-- 2312 -2334 3-1,600 American Rolling Mill
25 1534 Mar 18
*87
92,2 8714 8714 *87
92
100 American Safety Razor __No pa
*8712 92 .8712 92
*8712 92
66 Mar 14
1134 1174 1134 1134 11 '1218 1034 1114 1112 1158 1138 1138 4,300 American Seating v t a_ __No pa
413 Mar 12
2412
245
8
2412
2412
24
2478 25
25
410 Amer Shipbuilding Co___No pa
2412 24
2412 25
20 Mar 14
4512 4714 444 4714 4418 45
453 47
4512 52,000 Amer Smelting & Retg___No pa
4434 4512 45
3133 Apr 3
*135 13912 *134 13918 *13678 140
*135
13812
13914 13914 *135 13812
100
Preferred
100 121 Feb 4
10812 10912 107 107
10812 10812 *10814 10912 *10814 110 *10814 110
500
2nd preferred 8% oum
100 103 Feb 14
72
72
74
*71
7212 7212 7014 72
7038 7038
*70
71
800 American Snuff
25 83 Jan 18
*135 140 *135 140 .135 140 *135 140 *135 140 .135 140
Preferred
100 125 Feb 20
1834 1914 194 1912 184 1938 174 1814 18
18
1778 18
3,800 Amer Steel Foundriee____No pa
12 Mar 14
99 100 *-_-- 100 ..--- 10112 *___ - 10112 •____ 10112
9912 100
110
Preferred
100 88 Feb 4
364 3634 3612 3612 3658 3658 364 3638 36
364 3618
36
700 American Storm
334 Apr 4
No pa
5434 5434 5358 5418 5234 5312 5334 5334 5312 5312 1,400 Amer Sugar Refining
*5412 55
100 5114 Aug 3
*135 13718 *136 13718 *136 13718 13718 13718 138 138
137 137
400
Preferred
10 12013 Jan 3
254 Ms 2558 2634 2534 2614 x2538 26
2578 26
2512 254 4,700 Am Sumatra Tobacco____No pa
184 Jan 29
1354 13812 13434 13634 13414 13612 13414 135
13514 136
13514 136
21,400 Amer Telep & Teleg
9872 Mar 18
10
98
98
9814 9814 98
*97
98
98
9834 9734 9734 98
1.600 American Tobacco
724 Apr 3
2
10014 100,2 100 101
100 10112 99 10058 100 10114 9912 9934 4,600
Common class B
7454 Mar 21
2
*136 14014 .135 13812.
135 13812 *13512 138 .135 13812 *135 13778
Preferred
100 1294 Jan 18
.414 438 *414 412 *414 438
4
44
518 534 2.900 :Am Type Founders
44 54
No pa
212 Mar 18
5712 173.1
1678 1712 1558 1614
2112 2.290
1538 1658 1714 1934 19
Preferred
9 Mar 15
10
1414 154 1438 1534 1312 1534 1334 1434 1434 1538 1518 1512 48,500 Am Water Wks & Elec___No pa
74 Mar 13
7612 7612 *63
77
77
500
77 .70
1s8 preferred
754 754 7579 *73
No pa
68 Mar 19
76
8
814
84 814
778 812
*734 814 2,200 American Woolen
8
8
47 Mar 13
74 74
No pa
4612 4512 4612 4412 464 45
46
3,100
4512 4512 4612 *4512 46
Preferred
3512 Mar 18
10
7
8
'
1
78
1
34
434
4 1,300 :Am Writing Paper
42
78
78
78
78
5* Mar 29
418 *334 414 *3i2 414
4
334 334
800
334 334
Preferred
334 334
214Mar 15
No par
438 434 *412 478
418 412
438 438 1,200 Amer ZInc Lead & Smelt_100
414 414 *414 434
3 Mar 13
47
*4612 50
47
4912 *46
47
4912
47 .46
4912 *46
200
Preferred
25 31 Mar 20
1912 2038 1958 2012 1834 20,
8 184 194 184 1938 1838 19 175,30 Anaconda Copper MinIng
8 Mar 13
50
2712 2712 2712 2712 *2514 27 .25
*25
2658
27
300 Anaconda Wire & Cable-No par
2712 .25
me Apr 1
13
1358 1358 1334 133
1338 1314 1314 1312 1312 1312 1312 1,000 Anchor cap
1212MaY 15
No par
*102 105 *10234 1031.2 *10234 10312 .10212 10312 *10234 10313 *10234 103,2
$6.50 cony preferred-No par 100 July 6
812 812
858 9
838 834
*712 9
1,000 Andes Copper AllnIng
*712 9
8
8
10
313 Mar 21
50
50
49,4 4914 49,4 4934 4812 4834 4912 50
4978 494 1,600 Archer Daniels MIdI'd___No par 36 Jan 18
111)
91612
119
*11612
*117
•116
119
110 *11612 119 .117 119
7% preferred
100 117 Aug 22
•l0512 106 .10512 1064 .105 10618 •10,5 10618 108 106 .10518 106
100 Armour & Co (Del) pret
100 97 Apr 3
418 438
4
414 412
44 438
44 414
414 22,400 Armour at Illinois new
5
34 Apr 3
418 414
6212 63
6234 63
63
1,800
61 14 8212 6134 6134 6214 6214 .62
16 cony peel
No par 5512May 1
*100 110 *100 110 *100 104 *1004 10112 10012 10012 .98 1034
100
Preferred
100 R5 Jan 2
3014 2934 31
3012 3138 30
30
3114 314 3112 3118 3112 14,400 Armstrong Cork Co
No par 2538July 19
For footnotes see page 1394
No account is taken on such
Highest
July 1
1933 to Rang,for
July 31 Year 1934
1935
High
Low Low
-$ per it $ per star.
35
43
30
111
39
89
21
414
65
7014 z85
3472
1413
18
634 1133
34
Ws
74
473
952
473
8012
9144 113
14
338
1518
1852 2$73
18
14
2
24
773
114
54
443 1618
238
2
4
1452
372 1442
134
658
8
-2-3-113,g
15
10712 11512 10044
117
12212 130
318
312
814
49
2514 6312
1038
1012 234
1112
1112 20
212
218
734
2114
25
45
39
27
5558
2514 48
20
1112 2514
3412
40
5013
1912
1912 38
122
88
96
80
90,4 1144
120
12012 15212
3374
12
10
5612
32
2512
4
413 124
20
14
19
4312
4814 7038
22
20
3512
2
218
612
2034
2034 6212
41 512
813 1312
64 7373
32
74
$ per share
43 Aug 12
115 Aug 23
6258Ju1y 31
938 Aug 17
9134 Aug 23
3311 Jan 2
1414 Aug 12
1378 Aug 17
833 Feb II
14934July 18
178 Jan 7
x2018 Jan 1
313 Jan E
212 Aug 17
812 Aug 11:
714 Aug 11
7 Aug 11
1938 Aug It
3012June it
165 Aug 14
12711 Feb 21
738 Aug I
7334 Aug E
2938 Aug E
2014 Jan 1
Aug 3(
33 Apr 2:
71 Aug 2:
5754 Feb 1(
3078 Aug I
65's July2;
8818 Aug I:
12812 Aug 2'
14614 Aug :
168 May 1
2538July 3
5712 Aug :
1734 Aug 2!
9012 Aug 2(
98 June 1
3414 Aug :
414 Aug 11
334 Jan :
1734June 1
12712June I.
78 July 2:
3 Jan !
878 Aug I',
24
175 July 2! 105
914 Aug l'
42 Aug 1:
1134
378
17 Aug 1'
384 Aug 1:
1014
814
13 Jan 11
612May 2'2
214
3912 Aug 1 2
17
244
3714 Aug 12
238
473 Jan 17
22
3744 Feb 11
412
978 Aug 2
14
6 Jan 1
9
2014 Jan
32
58 July 3
12
2458July 3
3
934 Apr 2
3
94 Apr 2
124
2434 Aug 2
63
11512 Aug 2
2034
3018May
912 Aug 1
1 12
1012
4912 AUg 12
838
4112 Aug 12
944
1834 Aug 15
10712
1525g Aug
1218
2538 Aug 19
9534 July 25
33,
2
2
1218 Aug 17
15
2614 Jan 7
2812
4714 Aug 26
71
144 May
57
11714 Aug 8
43
78 June 2
106
143 July 1
2014 Aug 23
1018
52
106 July 27
43 Jan 9 31 3318
4612
7012 Feb 16
102
14012MaY
11
27 Aug 22
984
142 Aug 1 3
99 Aug
63,2
10112 Aug 27
6473
14058July 2 1 105
218
694 Jan 1 8
2112 Aug 20
7
718
1914 Aug 1 7
48
80 Aug 16
473
938May 2 1
5112May 2 1
3512
134 Jan 1
214
611 Jan I
538May 2 3
3
49 Aug 2 1
31
8
20,
8 Aug 27
28 Aug 2 1
732
1212
1732 Jan 4
80
109 A Pr 26
312
9 Aug 2
2173
52 Aug 1
122,4JulY 19 106
108 Aug 1 5
64
1312 Jan 3
3,4
4614
7042 Jan 1
3118
lnals Feh 4
3112 Aug 29 2 13
6
1134
012
11
1012
312
1744
Mkt
3
2544
04
314
1412
3512
1222
314
412
1272
63
21
3
1152
912
10
11112
1312
38
218
1758
3014
100
7114
484
106
10,8
5972
37
46
1034
1314
1004
6514
67
10712
a
734
1252
54
7
26
1
272
344
38i2
10
914
1312
84
418
2614
10
764
34
484
54
10
134
30
1712
25
2232
1012
42,4
WA
10
4514
11
10
3852
7454
2322
19,4
10
2752
91
3444
1214
2972
2612
1732
13772
2814
854
74
30
51 14
125
10912
71
1274
26,2
92
443,
72
12912
24
1254
854
89
13C14
13
2882
2752
80
1712
8344
CI
1712
9
150,2
1744
1822
2444
106
1018
39,2
117
10332
644
714
85
New York Stock Record-Continued-Page 2
1396
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug.24
Monday
Aug.28
Tuesday
Aug.27
Wednesday
Aug.23
Thursday
Aug.29
Friday
Aug.30
$ per share $ per share $ per share $ per share $ per share $ per share
612 612
634 7
634 634
634 7%
*634 67
68 65
*634 714 *634 714
634 64 *634 7
*634 714 *634 714
4704
_ *7014
*7914
*7014
_
*7014
_
*7014
1312 1371378 -1-4
8 1334 -1-418 13% -1112 1312 -1134 1312 1312
105 105
106 106 *104 105
10438 105
105 105
105 105
8214 8214 86
*8214 86
*81
86
*8112 86
86
*8514 90
39
39
*38
42
*38
42
*38
42 .38
*38
42
42
4812 4812 4933 4812 49
4812 5034 48
50
51
50
515
8738 8614 8614 86% 8612 87
*8614 8754 8734 8734 87
87
25
2434 26
23% 2512 2334 2412 2412 2472 2458 25
26
638 638 *638 712 *632 778
638 658
*612 712 *612 712
*9
*9
11
*8
934 *8
11
934 *8
934
934 *8
23
2334 2234 2314 2238 2318 2218 2212
2312 2318 2312 23
4612 44
4414 4513 44
x4434 45
45
4612 44
4314 4412
113 113 *11318 114 *11312 114 *11318 114 *11318 114 *11312 114
- - -- - _ _
- - --- --- - -684 14 *1
-i14
*634-i
.
6F2 1/1
.
3i3 /
;
1
*634 -714
3438 32
3514 3112 3312 3212 3334 3214 3338
3134 3434 32
14
14
733
7
*7
*734 8
734 734
7
7% *612 71s
734
only 42
*3712 42
*37% 42
*3712 42
*3712 42
4114 4114
-578 178
214
238
238 212
238 212
238 212
238 212
238 212
2112 2178 2134 218
2212 2018 21
235* 21
2112 247* 23
1534 1634 1534 1612 1512 1612 1414 1538 1514 1558 1514 1558
2018 2012 1914 2034 18% 2012 1812 1914 l88 1912 1934 2014
*109-_- *109
109 109 *106 109 *10612 109 *10538 109
*4534 46
*45
46
*4334 46
*4412 451
8 4512 -4512 4534 46
114 114 *114 115 *114 115 *11214 115 *11214 115
*114 115
5,2 512 *514 534
52 512
512 512
514 514
558 558
50
57
56
55
55 *55
55
56
56
56
56
56
938 10
934 1012
9
954 10
938
978 1012
10
1012
46
47
46
47
x4512 4512 *4414 46
*45
40
40
47
*11034 112 *11034 11112 11034 11034 *11038 11112 *11038 11112 *11038 1 1112
1512 1512 *1512 1534 1512 1534 1514 1512 1514 1512 *1514 1558
104 104 *102 10412 10412 10412 *104 105
•__ 104 *---- 104
*88
897
89
90
89% 8978 89
*88
904 *8812 89% 89
1234 1234
1314 1234 1318 1254 1278 *1234 13
1234 1338 13
*855* 8612 *8514 8618 *8514 8618 *8514 861 *8514 8618 *8514 8618
1834 1978 185* 1953 1818 1934 177 185a 1812 187s 1838 1834
1814 1814 183* 1838 1814 1838 1818 1814 1814 183* 1838 183
4814 4834 4912 4912 49
4934
484 4912 495 49% 484 497
3912 3612 39% 3614 3738 364 3712 36% I 37%
3712 3914 38
9912 9934 9934 9912 9934
10018 10034 98
99 10212 97 101
19
2018 1834 19
1814 1858
*19
20
1912 1912 1912 20
13
1314 127* 131
13
1378 1314 1338 1234 1378 1258 13
*2014 2314 .20% 2212 *2012 2314
*2034 23
*2012 23
*2012 23
*108 10812 *108 10812 1081z 10812 *108 10812 10812 10812 *108 10812
*6033 74
6012 6012 6012 6012 *6012 74
*6012 64
*6012 64
151
1518 1434 1512 15
1538 1414 1618 14
1353 14% 14
464 4734 4012 4634 4712 477 *4714 477
4714 4812 473 48
*96
98
98
98
9712 98
98
98
98
98
*97
99
44
44
44
4434 4434 44
44
44
4478 45
*4212 45
2412 25
2414 247
2538 2414 25
2512 2533 2514 2512 25
4714 48
4918 4614 47
48
49
4734 4838 4734 4812 47
634 *6
634 634 *6
*6
8
8
*PI 718
7
7
112 112
112 *118 13s
*118 112 *118
l's 1% *11s 114
14
1312 1414 134 1414 1353 1414 1312 1334 135g 137
1418
4112 4114 4172 4118 4134
4258 4314 4234 4312 4132 4378 40
44
44
44
4212 44
437
45
4212 435* 4234 4314 43
3514 3514 3514 36
36
35
3512 3518 3512 3518 3514 35
258 258 *258 318
234 234
258 258
212 212
*214 3
*2238 25
*225* 25
2413 2534 *225* 25
*2412 26
25
25
4334 4334
4353 435* 4153 4314 414 4234 4213 435
4312 44
*9912 9912 9912 9912 99
*99 100
99
*99 100
*99 100
x66
66
66
6514 6638 6538 654 66
6734 6734 6712 68
63
*60
63
*60
62
62
63
*62
6314 63
6112 6112
12112 12112 *12112 122 *12112 122
*12112 122 *12112 122 *12112 122
5
51 1
434 478
5
5% • 514 518
518 512
514 5,2
658 658
634 634
638 718
634 6%
634 634
634 672
13
1314 1312 1334 131* 1414 1314 1338 1314 1378 1332 14
*85
90
90
*85
*85
*8614 90
*8614 90
*86
90
90
5,2 538
612 634
53
514 5,2
5% 514
518 55*
512
4512 4512 4638 4734 *46
46
4614 48% 4738 47% 45
47
57
55*
5,2 55*
512 55*
512 6
612 558
55* 6
938 938
958 1014
912 912
958 10
952 934
912 912
1634 174 1738 1734 1738 1712
17
177
17
1853 1712 18
114 114
*114 158
1
1
1
1
1
1
114
112
....---,---, _ _
'8 Ii4
*12
-78
"2
-78
*1?,
-78
•12
1
8
.
62 1
*518 534
5
*5
512 *5
5
5
514
512
518 714
1718 1758 1712 1734 1714 1712
1712 1778 1714 177
1738 18
17
14 214
154 134
134 214
17
2
2
*2
214
712 712 *638 758
712
612 618 *6
*614 814 *612 7
1512 1512 1512 *1512 18
*1514 17% *1514 1612 1514 1514 *14
212 258
238 212
212 2%
214 234
212 234
• 212 24
75
4
38
58
58
58
34
*54
813
34
7s
78
1714 17% 17% 1733
16% 17
1878 1633 18
1734 1914 18
*58
5838 58
58
*56
60
57
57
81
*57
614 *57
*3212 34
33
33
3353 *3278 34
34
3438 33
34
34
34
34
84
54
%
34
58
52
%
52
52
54
47
47s 514
5
514
538
5
5
5l8 55*
S's 534
2014 2034 *2014 2034 2052 2078
2038 2114 2038 20% 201* 21
938 958
912 958
9
958
958 10
958 934
041 1014
*53
56
*53
56
*53
56
56
5612 *53
*5318 5612 *53
1058 1112 1012 1078 1014 1078 1014 1012 1014 1012 10% 103*
3434 3434 *337 3478
337 337
*3378 35
*3372 343 *3378 34
1114 11
11
1012 1012 *11
11
11
12
117 1178 *11
4514 4514
45
441 44% *4412 45
4312 45
43
4412 43
88 *_ 92
88
92
*
92 *
*88
*88
9434 *93
9434 *93
9434
9434 *93
*93 -944 *93
*93 -95
6858 6838 6914 6858 6914
68
7112 67
7014 7234 6934 72
110 111 *108 113 *108.
110 112
*112 115 *11112 115
6212 -621
4
5158 5234 5234 53
5312 5454 5312 5412 5152 54
2834 2534 2678 2652 2714 2612 2634
2814 2958 2814 2872 26
33
33
33 - 33
312 358 *312 4
334 334
*334 4
-- ---- --- ---- ---- ---- - --- -------- ---2914 2914 i0
2812 -28% 28
30 -3-0 *30 1012 30 10
*2514 26
2534 2534 2534 2534 *2514 26
*2534 26
*2534 26
5452 54%
13
*5312 58
56
*53
56
54%
*56
58
*57
60
734 *71s 712
714 714 *718 78 *7
*714 7% *714 8
*99 102
*99 102
*99 102
*99 102
*99 102
*99 102
5534 569 564 5733 56% 578
58
5534 5734 5612 5818 56
614 6%
534 633
6
618
6
6%
55* 612
512 5%
4812 .564 5414 5512
4612 47
47
49
48
40
4812 47
*634 77a *838 64 *68 78 *63s 77
7
7
7
7
447 *4438 46
4514 4512 445 4434
44
46
45
4514 46
4538 4534 4515 4618
468
46
4634 46
455* 4612 4514 457
134
*1
134 *1
8
*1
2
Ds
*1
17
1
1
*lls
214 212
*134 2
*134 2
2
2
*214 23*
13* 2
1
1
78
1
114 138
78
1
153
1
1
114
35
3
3
314 3,4 *3
312 312
3,2 3,2
*3,2 334
•112 234 *112 234 *112 234 *112 254 *112 234 *112 234
3012 3053 3034 3012 3034
3038 32
32
3178 3212 32
30
114
114
112 1,2
138 112
112 112
112 158
•112 158
2
214
214 214
218
2
2
238 2%
214 212
25*
212 212
25* 234
24 234
212 25*
234 234
213 27
614 614 *612 634
7
68 68
67
678 67
*7
738
814 83s
814 838
8% 87
8% 87
812 812
854 9%
3912 414 4134 *397 4172
39
41
411s *403s 4134 39'2 41
138 134
15
112 112
112 1%
112
Vs
158 •112 154
338 3%
333 38
234 234 52% 3
*234 3
3
3
312 312
234 314
2% 2%
*255 234
214 238
214 214
*1012 147* *1012 1478 *1012 147 *1012 1478 *1012 1478 *1012 1478
--- - - -- - - - -4
it.
4
118 578 -it,- --578 -i- -- -ii
iig
For too notes see page 1394
Saks
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Aug. 31 1935
Ramos MOGI dam. 1
On Basis of 100-share Lots
Lowest
Highest
Jots 1
1933 to Ranee for
July 31 Year 1934
1935
H101
Low Low
8 per share 5 per lb $ per share
Par 8 per share
27
712 Aug 9
4 Mar 8
J
Arnold Constable Corp
5
8%
3%
734 Aug 14
334 Mar 15
4
10%
Artioom Corp
No par
83% 7018
8354
Preferred
100 70 Apr 25 7018 Jan 22
74 1814
7114
7% Mar 13 1458 Aug 12
1
Associated Dry Goods
46
44
100 8074 Apr 3 100 Aug 27
90
6% let preferred
38
36
847a
7% 2d preferred
100 48 Mar 12 86 Aug 29
29% 4012
26
25 293g Feb 21 4012 Aug 7
Associated 011
3534
4514 73$4
ttch Topeka & Santa Fe__--110 35% Mar 28 5718Ju1y 29
7018 90
53%
100 6658 Mar 28 91 June 26
Preferred
2412 541
.
1912
100 191k Apr 3 3714 Jan 4
Atlantic COM1 Line RR
5
16
S
714 Aug 19
3 Mar 6
At G & W I SS Ltnes___-No par
778 24
6
6 Mar 5 1012 Aug 17
100
Preferred
3113 1514
2118
25 2138 Mar 12 28 May 16
9,500 Atlantic Refining
18
No par 3234 Apr 3 46% Aug 26
3514 5553
5,500 Atlas Powder
83
75
107
Preferred
100 10834 Jan 2 114 Aug 23
20
_ 111 Apr 30 111 Apr 30 111
-Pref called
___
4
754 Jan 8
4 Mar 13
No par
iiiil Atlas Tack Corp
112 1614
1612 67%
15
No par 15 Mar 18 365 Aug 21
28,000 Auburn Automobile
61* 1658
4
512May 6 14 Jan 2
No par
700 Austin Nichols
3512May 7 63 Jan 2
No pa
Prior A
3114 65
27%
10
. 558 Jan 3
354 1054
3
Aviation corn of Del (The)----5 3 Mar 13
2341u1y 10
414 Aug 23
NOW
3
_____7 66
- 234
2 Ye
-4111 Feb 20
1%
858 Jan 9
13,900 Baldwin Loco Works-No par
1614 8454
712
712 Apr 3 2854 Jan 21
Preferred
100
3,200
71
71 Mar 13 1714 Aug 17
1234 3412
100
33,500 Baltimore & Ohio
3732
15
91*
91g Mar 13 2234 Aug 17
100
8,100
Preferred
86
86% 102%
100 1004 Feb 21 109% Aug 2
30 Bamberger(L)& Co pref
3511 46%
2914
50 3618 Mar 12 4912 Aug 9
700 Bangor & Aroostook
9518 115
91%
10
Preferred
100 10614 Mar 18 115 May 8
314 Feb 25
2%
612
214
62 Aug 9
No par
1.100 Barker Brothers
14
200
18% 38's
614% cony preferred
100 32 June 21 61 Aug 13
32,900 Barnsdall Corp
572
57s Mar 6 1054May 16
5
572 10
23
4554
23
1,200 Bayuk Cigars Inc
No par 3712 Mar 14 51% Aug 15
89
10912
80
10
let preferred
100 1078* Jan 11 115 May 16
814
1014 1933
1,300 Beatrice Creamery
25 1418July 6 19 Mar 1
100
55
55
200
Preferred
100 100% Jan 6 10818June 18
MN
58
64
400 Beech-Nut Packing Co
20 72 Feb 2 92 July 30
818 1514
4,400 Belding Hemingway Co--No par 111s Mar 18 1334 Aug 7
7
85 Apr 26 117% Mar 7
9512 127
8334
Belgian Nat Rye part pref
954
44,400 Handl: Aviation
933 23%
5 1178 Mar 13 1978 Aug 24
12% 19%
2,300 Beneficial Indus Loan..___No par 1518 Mar 13 1938July 5 5 12
28
40
21
1,700 Best & Co
No par 84 Jan 30 50 Aug 8
2418 694
2133
No par 2158 Mar 18 3912 Aug 23
68,000 Bethlehem Steel Corp
12
5478
44%
18
1033
4
Aug
23
Mar
4,500
7% preferred
100 5534
490 Bigelow-Sant CarpelInc- No var 1434 Mar 19 2853 Jan 23
1914 4u
14%
6
1614
933 Mar 14 14 Aug 22
6
11,500 Blaw-Knox Co
No par
17
26
16
Bloomingdale Brothers-No par 1658Juno 19 2378 Aug 16
109
88
65
100 10314 Jan 22 112 June 19
80
Preferred
28
28
5814
100 2814 Mar 13 7212Ju1y 23
20 Blumenthal & Co prat
618 Mar 18 1618 Aug 27
6% 1114
818
5
56,300 Boeing Airplane Co
4418 0854
3384
5 3938July 10 5978 Jan 8
2,100 Bohn Aluminum & Br
76
94
68
No par 90 Jan 31 100 July 18
200 Bon Ami class A
-,-Clam B
No par 42 Aug 16 4734Ju1y 17 45
390
191
; 1814
18
15 21 Mar 29 263s July 23
11,200 Borden CO (The)
1618 3133
1112
10 2814 Jan 15 497 July 31
9,400 Borg-Warner Corp
734 Aug 13
354 Mar 27
100
514 1912
334
200 Boston a Maine
12June 6
153 Jan 9
%
3
200 tBotany Cons Mills clans A-50
12
-812
812 Apr 30 1412 Aug 22
No par
9,500 Bridgeport Brass Co
-1-2
614
2412 Feb 7 4533 Aug 14
-18-3*
No po
21,800 Brigga Manufacturing
14
10%
2712
No par 231s Jan 17 4538July 30
1,800 Briggs & Stratton
26
25
3712
5 3038May 25 3612 Aug 7
1,700 Bristol-Myers Cm
38
13 Apr 18
,
3% Jan 5
85
158
600 Brooklyn & Queens Tr_-_No par
3114 281.
14
No par 1418May 2 3178 Jan 3
300
Preferred
2814 4478
2534
No par 3812 Mar 15 4634 Aug 10
5,900 Bkiyn Manb Transit
8218 97
6914
300
$8 preferred series A---No par 90 Jan 4 100 Aug 8
48
8012
43
No par 43 Mar 18 7112 Aug 13
1,400 Brooklyn Union Gas
45
81
41
No par 53 Mar 11 6354 Aug 2
300 Brown Shoe Co
1181* 12514
100 12118July 24 12514 Apr 11 117
Preferred
20
338July 6
4
107s
338
872 Jan 9
2,100 Brime-Balke-C011ender___No par
313
818May 23
933
312
4% Mar 14
10
2,800 Bucyrus-Erie Co
6
144
6
818 Mar 15 15 May 23
5
5,700
Preferred
50
75
47
100 8254 Mar 22 91 12July 18
7% preferred
3
734
3
6 Aug 22
314 Mar 15
No par
8,300 Budd (E CI) Mfg
14
16
16
100 23 Mar 14 488 Aug 24
1.600
7% preferred
2
58*
618 Aug 19
2
212 Mar 21
NO par
12,800 Budd Wheel
2%
2%
653
334May 13 10,8 Aug 21
No par
1,900 Bulova Watch
418
Fs 15%
814 Mar 13 1938 Aug 12
NO DOT
6,600 Bullard Co
6
158
14
254 Jan 25
14July 9
No par
1,900 Burns Bros elate A
at
1% Jan 23
%June 17
32
4%
No par
Class A vs o
___
No par
1
312
1
14 Mar 20
138 Feb 7
Class B
310
97 Jan 23
4
1512
3
3 Mar 16
100
1,630
7% preferred
1012
101* 519%
5,400 Burroughs Add Mach---No par 1314 Mar 14 1834 Aug 14
3% Jan 21
54
372
34
1 Apr 8
No par
1,400 Mush Term
2
234
9%
514 Apr 3 1012 Jan 22
100
300
Debenture
518 21
41a
100 10 Mar 28 2212 Jan 21
40 Bush Term 131 gat prof otfs
118
5
11*
118
28
314
234 Apr
mar 12
6,800 Butte Copper & Zino
1%
45
.
%
14 Jan 3
%June 3
No par
600 :Butterick Co
13114 82%
1138
5/0 par 1132 Mar 14 204 Jan 7
7,600 Byers Co(AM)
675*
40
32
100 32 Mar 14 6034 Aug 21
100
Preferred
1854 4435
1658
4212 Feb 18
No par 3012 Aug I
2,300 California Packing
14
14
114
ils Jan 3
14July 8
1
4,300 Callahan Zino-Lead
655
2%
254
53
4
Aug
21
13
Mar
212
14,100 Calumet & Heels Cons Cop.._25
6
1584
6
712 Mar 13 2218July 6
3,100 Campbell tv & c Pdy___No pat
12% 2912
854
814 Aug 3 1655 Jan 7
5
4,700 Canada Dry Ginger Ale
48% 561s
t4
100 50 Apr 9 54 Aug 19
Canada Southern
95
107* 18%
9% Mar 18 121s Aug 9
25
23,300 Canadian Pacific
28% 8814
2214
No par 30 June 1 36 Jan 10
200 Cannon Mills
43 Mar 21
518 10%
414
I278 Aug 16
1
400 Capital Adminis al A
2654 39
25
10 8253 Feb 25 4512 Aug 13
170
Preferred A
85
74
80
30 Carolina Climb & Ohio Ry__100 8214 Feb 27 88 Aug 29
9213
70
70
100 85 Mar 20 95 July 18
Stpd
35
733
4
Aug
23
Mar
18
35
Has
4
45
3
100
22,000 01800 (J I) CO
5874 93
8872
100 8312 Apr 11 112 Aug 22
300
Preferred certificates
23
38%
15
No Dar 86% Jan 16 5512 Aug 1
7,700 Caterpillar Tractor
1718 447
:
17%
26,200 Celanese Corp of Am-No Par 1918 Apr 26 355 Jan 7
478May 21
118
57s
lls
17g Apr 3
No par
500 Welotex Corp
4
1
78
434May 21
1% Mar 8
No par
Certificates
___
618 2088
212
100 11% Mar 20 33341une 13
420
Preferred
18%
1833 32Is
300 Central Aguirre Aseo-No par 2214 Feb 13 29 May 8
92
53
34
_ _100 34 Mar 18 6212 Aug 17
300 Central RR of New
Ms Jan 16
518July 31
553 12%
512
Jersey- par
100 Century Ribbon Mills...-No
82
1101*
75
100 9614 Mar 14 10912 Jan 2
Preferred
23%
3014 44%
13,400 Cerro de Pasoo Copper-No par 3833 Jan 15 8354 Apr 25
314
I%
85s Jan 7
233
Xi Mar 13
10,000 Certain-Teed Produote---No par
1713 35
105*
100 23 Mar 12 5614 Aug 29
7% preferred
1,630
43*
7 Aug 24
412 1812
433 Mar 27
5
200 Checker Cab
34
29%
487
No par 38 Mar 12 4734 Aug 15
1,200 Chesapeake corn
324 48%
8718
25 3718 Mar 12 4714 Aug 13
9,700 Chesapeake & Ohio
118
7
218 Jan 12
1
1 Apr 26
100
100 iCble 04 East Ill Ry Co
8
78June 3
1%
258 Jan 8
78
100
1,100
6% preferred
2% Jan 7
lls
512
58
5s Feb 28
100
2,700 Chicago Great Western
312 1178
11
4% Jan 4
13* Feb 28
100
700
Preferred
15
7
2 Apr 13
1
1 Mar 30
100
:Chic Ind & Louis. oref
5 tgioune 7 3414 Aug 17 3 834
834 19
4,600 Chicago Mail Order CO
2
812
14
3 Jan 3
iiMar 29
2,200 :Chic Mllw St P & Paa---No Pa,
312 1314
54
34 Mar 29
433 Jan 4
100
5,100
Preferred
58 Jan 7
138June 28
312 15
13
ioo
4,100 anew & North western
35
534 28
358July 1 1058 Jan 8
100
900
Preferred
97
35
934July 25
338
3,000 Chicago Pneumat Tool---No par
43* Mar 14
1414 283
1414
No par 20 Mar 13 4414July 11
1,500
Cony preferred
13,
255 Jan 9
%July 9
6I4
84
1,700 Mbleago Rook lel & Paciflo--100
955
158
4% Jan 9
I% Mar 30
23*
100
1,800
7% preferred
8
4 Jan 10
2
114
114July 22
100
4,800
e1% preferred
914 July 19 12 Aug 1
9% :16
9%
No par
Chicago Yellow Cab
Shares
2,900
100
_
2,900
_700
400
20
15,700
900
7,000
100
New York Stock Record-Continued--Page 3
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug.24
Monday
Aug.26
Tuesday
Aug.27
Wednesday
Aug.28
Thursday
Aug.29
Friday
Aug.30
Sales
for
the
Week
$ per share $ per share $ per share $ per share $ per share $ per share Shares
28
253 27
29
2958 27
2578 257
26
2634 2612 2612 4,600
47
5
558 558
5
514
514
1,700
5
5
54 54
48
24/
1
4 24/
1
4 2478 2478 *21
24
2312 2378 *2134 2314 *21
80
2314
5914 608 5938 6158 58
6258 577 5938 60
6034 5978 6112 170,300
1834 1834 *1858 1834 1858 1858 1834 1834 1834 1834 1834 188
1,100
8714 *8412 8612 85
*8412 8714 87
130
8612
8514 *8514 8612 85
*37
44 44
4
4
4
1,000
378 373 *334 378 *334 4
1613 *1434 1578 15% 158 *1558 15% 1,100
16
1614 161 164 15
*89
_ *89
*89
_ *89
10
*87
_ _
89
_ _ 89
32 1218 3034 11-58 3058 -31-18 3134 3318 3214 33-18 4,000
32 -32
*8412 ---- "83 ---- *834 -___ *83 ____ *8414 ___ *8414 ____
*48___ *48
_- *43
*44
*43
_ _ *43 -___
*224 -241 *2212 14
234 2314 2318 2318 *2212 -23-12 *2212 2412
200
*112 115 *112 115 *112 115 *112 115 *112 11434 *112 115
7
*237 248 *240 245 *240 245 *236 2433 *236 243/
1
4 *236 243
5512 554 *554 5658 *5513
*5512 56
300
5658 5512 5558 *5558 5618
_ *435
*435
_ *435
__ *435
.-- *435
_ *435
Isis 1138 174 -184
18 -ill
1718 177; 18 1838 1752 -10,700
1858 -104 104 *10312 104
*10358 104
300
104 104 *10418 10512 10418 1044
27
2818 2714 2778 25
2778 2478 2534 2512 2614 2534 26
17,800
9838 99
97
98
99
260
98
98
27
9718 *9534 27
98
50
*7
8
7
9/
1
4
*8
91
/
4 *8
*13
91
7
8
8
213 238
258 258
24 213
213 258
252 238
212 258 2,300
1514
15
15
14/
15/
1
4
1
4 1412 1413 15
250
1412 141 *1412 15
2012 *16
201 *16
*16
2012
2012 *16
2012 *16
2012 *17
*14
16% 14
*14
15
14
20
*1118 16
15
*11
*11
15
*9
1434 *9
*9
143
1434 *9
144 *94 1434
144 *9
87
8734 88
88
88
88
1,800
*87
8914 85
87 *8614 88
67
6718 63
*67
68
67
6238 8414 6614 70
6758 6934 5,800
1012 1158 1012 1178 10/
1
4 12
1
4 11/
1
4 190,300
1018 1078 1058 1112 11/
80
80
*7612 80
75
1,300
774 78
75
8014 7414 7414 75
68
71
69
69
71
200
70
70
70
71
*69
69
69
4818 4914 4914 5114 49
483 49
5014 5058 5158 50% 5114 15.300
STOCKS
NEW YORK STOCK
EXCHANGE
•
Rouge Mee Jas. 1
Os Basis of 100-shars Lots
Lowest
Highest
1397
July 1
1933 lo Rases for
July 31 Polar 1934
1935
Low Low
HOS
$ per share
2512 Mar 12
312 Mar 15
9 Feb 23
81 Mar 12
10 July 31
85 Aug 38
314 Apr 30
1214May 15
89 Aug 23
2738July 3
80 Mar 213
48 June 25
20 July 27
110 Aug 19
161/
1
4 Jan 2
63% Apr 20
8 per share 596r oh $ per share
30 Aug 19
15
1914 30%
712 Jan 7
3/
312
1
4 111
/
4
25 Aug 22
1014 1758
9
284
6234 Aug 10
2914 6058
144
1714 243*
243451ay 20
07 9212
100 May 3
6338
314
5 Apr la
/
1
4
21.
1814July 31
834 218.
612
71
89 Aug 23
71
9034
278
3534July 27
--- _
60
85 July 20
7012 7838
31
48 June 25
45
24/
1
4 46
20
28/
1
4 Jan 7
115
95
90
1213 May 20
9514 1011
85
/
4
245 Aug 22
5732 Mar 8
4512
501
/
4 57
200
814
932 181
9
/
4
1518June 1 1918 Aug 15
1
4
081
/
4 102/
60
101 Jan 3 1051:Mar 15
10
281.
9
9 Mar 13 2834 Aug 22
74
94
6934 Mar 13 10112Juli 17
6934
5
9
5
814 Aug 12
' 854 Jan 10
8/
1
4
8/
1
4
12
51
/
4 Jan 21
12 Mar 13
5
1012 32
/
4 Jan 21
5 Mar 14 281
1034
1658 4058
1058 Feb 28 21 Aug 13
13
3314
7
7 Feb 20 1712Ju1y 19
11
30
638
652 Mar 9 1358 Aug 1
58
45
77'.
al Jan 16 94 July 23
2112 41%
174
3414 Jan le 81 July 8
338
658 191
358 Mar 13 14 Aug 17
.
3511
62
7884
3512 Mar 13 8612 Aug 14
al
71
31
31 Mar 15 71 Aug 19
1114
394 Jan 2 5358 Aug 10
1858 4014
22
234 301
/
4
29 Jan 6 3212May 14
38
53
32
1
4 Jan 7 5934May 13
63/
3014
24
23
2912 Jan 3 83 Jan 25
85
911
/
4 110
10934June 13 11814May 13
5%% preferred.
--_112 June 27 11912 Aug 10 112
*115- 1155-8 *HO- 1113; .11213 Ili- *11212 ifer *11213 fii *1i2i2 iiii
6912 70
3534 81
7038 10,000 Comm Invest Trust
694 70
69
Mg Feb 7 72 Aug 15 "22'4
No par
7014 7012 70
70
6914 70
*113
11412
11412 113 113 *113 11412 114 114 *113 11414 1,400
*113
114
91
844
Con* preferred
No par 111 Mar 13 1154 Jan 29
10014 10012 997 10118 100 10012 10012 10034 10012 10012 5,600
1008 101
$4.25 cony pf see of 1936 No par 978 July 29 10258 Aug 15
---977
1914 1934 1918 1912 1834 1912 1838 19
1534 31334
1838 188 1813 1914 22,500 Commercial Solvense__-No par 1752 Mar 13 2378 Jan 7
1534
1/
1
4 2
138 17
278 Aug 14
134 2 107.900 Commonwlth & Sou
134 2
.54
1
/
1
4 Mar 6
3/
1
4
No par
114 173
114 178
33
5612 5134 5314 47
2112 52/
1
4
17/
1
4
53
5312 9,600
1
4 Jan 4 13514 Aug 12
86 preferred series
No par 29/
524 4818 4912 5012 51
51 Mar 18
*71
/
4 9
*71
/
4 9
5
late
5
10 May 17
Conde Neat Pub., Ine--No par:
*712 8
*712 9
*712 8
*712 8
3714 3614 37
36/
1
4 3712 37
22
85%
164
*3512 3614 3,200 Congoleum-Nairn Inc.-No par 27 Mar 15 3778 Aug 5
36
35% 3614 36
137 1378 *1334 1458 *1334 1458 *1334 1438 *1378 14
7/
1
4
200 Congress Cigar
1378 1378
71
/
4 141r
9 Feb 7 1514 Aug 17
No par
43
431
43
45
42
43
32
61
2334
600 Connecticut sty & Lighting_100 2384 Mar 1 49 July 19
4313 4234 4234 4218 4212 42
5818 *55
*55
5818 *55
55
68
41
Apr 2 56 July 24
Preferred
100 41
57% *55
584 *55
5818 "55
57%
814 812
77
838 838
8
514 138*
5/
1
4
7 Mar 14 1012 Jan 9
8%
No par
8
734 734 1,200 Consolidated Cigar
*734 78
*1341
/
4 68 "6612 68
*8414 88
31
75
301
/
4
Preferred
100 62 Mar 28 74 Jan 24
*6414 68 *6414 68
*6414 68
77
77
80
*7818 77
451
/
4 7478
451
/
4
Prior preferred
77
100 71 Apr 2 82 Feb 28
*7734 80
78
*77
80 *7734 80
49
70
4514
20
79
Prior pre ex-warrants
79
100 73 Mar 28 80 Mar 6
79
*77
*77
*77
79
79
*77
79
*75
79
64
15
8
414 414 4
412 412
158
74 Jan 10
418 413 3,100 Canso! Film Indus
1
4
312May 31
1
4/
1
4 4/
438
4/
1
4 418
72
1638 1638 1814 1634 1618 1612 1614 163
10% 2038
2218 Feb 16
4,100
Preferred
No par 1414May 31
1618 1658 1618 17
29
3058 2812 3014 2812 2938 2818 2714 2714 28
157
1811
47a.
s
3412
Aug
14
2778 28% 115,500 Consolidated Gas Co
Feb
20
1574
No ear
171
95
loi14 10114 loo lows 9812 1104 9812 984 9814 9834 99 99
Preferred
2,800
No par 724 Feb 23 10134 Aug 21 271
384 338 2,700 Coneol Laundrlee Oorp
11
/
4
458 Aug 12
112
458
358 338
358 3%
112Mar 12
No par
3,2 4
338 358
378 37
914 912
IN 012
1
4 Mar 13 1012May 17
714 144
6%
No par
834 94 68.400 Consol Oil Corp
9
912
614 934
6/
914 938
108
*10912 1104 *10978 1103 *109% 11038 *10978 11058 *109714 11058 *1097s 11038
1121
/
4
8% preferred
100 10812 Feb 5 112 Jan 28 103
5 May 14
100 Como!RR of Cuba prof
*37k 414 *31
218
*378 4
418 *373 4
212
1354
4
4
2/
1
4 Jan 25
100
*378 4
12
12
212
11
/
4 Jan 5
38 3.400 Consolidated Textile
34
34
38 Aug 10
No ear
38
34
58
84
58
84
14
34
34
44
1034 1078 1078 1114 1012 111
618 1334
1
4 Jan 10
834June 5 13/
/
4 1014 1078 *1058 104 1034 1034 2,900 Container Corp class A
20
37
37
58
33
418
334 4,000
37
4
2
5/
1
4 Jan 9
4
2/
1
4
270une 10
Class B
418
No par
*334 4
4
77
73
8
814 812
514 14/
1
4
4/
1
4
9/
1
4 Aug 14
4/
1
4Mar 13
734 734 2,900 Continental Bak class A No par
734
84
74 73
814
118 114
11
/
4 114
/
1
4
2/
1
4
1/
1
4 Aug 17
Clads B
4,300
1
1
118
52 Apr 1
1
No ear
1
118
/
1
4
1
11
/
4
200
*8314 85
*83/
1
4 65
4414 $A
444
Preferred
6214
*8314 136
100 4614 Jan 28 6734 Aug 9
6314 6314 K6214 6214 *32
8414
84
8412 84
37
8218 86
50/
1
4 048
20 6234 Jan 15 9118July 22
82
8278 8234 8312 8212 8212 5,100 Continental Can Inc
1258 13
1212 1318 1234 13
0
/
4 Aug 30
6
VA
7 Jan 15 141
5
1214 1238 1234 1414 1312 1378 7,700 Cont'l Diamond Fibre
20
*39
39/
1
4 1,500 Continental Insurance
23/
1
4 3614
40
40
398 4012 3934 3934 40
2.80 28% Mar 13 423 Aug 14
40
39
40
114 1/
1
4
114 138
114
11
/
4 Jan 8
44 Jan 2
No par
11
/
43 114 7,300 Continental Motors
138
34
118 114
114
24
118
118
2178 2214 2138 221s 21
1214
1534 22/
2058 24,100 Continental 011 of Del
1
4
5 1518Mar 14 23 May 23
2213 2118 2112 2014 2112 20
4013 61
1,310 Corn Exchange Bank Trust0o20 41/
60
6032 60
404
59
1
4 Mar 11 6034 Aug 19
6038 59
6014 5734 5812 5814 5914 59
6734 67% 6714 6734 67
5512
5512 8412
6738 67
26 62 Feb 6 7838July 10
8712 6534 6634 6534 6614 5,700 Corn Products Refining
*14714 158 *14714 158 *148 158 *14714 158 *1474 158 "14714 158
136
Preferred
1504
100 149 Jan 2 165 May 23 133
43
3/
1
4
iPs
418 Mar 13
434 4,900 Coty Inc
314
672 Jan 3
No ear
518 518
54 62
434 48
48 5
48 5
3712 3738 3712 3734 3712 3712 3712
3752 37:2 374 3713 374 3.300 Cream of Wheat etre
28
23
3614
No par 3538 Jan 16 391 Mar 4
1414 1378 14
7
1414 1414 *14
8
800 Crosley Radio Corp
1712
No par 124 Jan 15 1634May *4
1312 13% 1318 1314 *134 133
3314 3334 3314 333
3314 3334 3312 34
34
3414 7,600 Crown Cork & Seal
No ear 2312 Mar 14 36 July 10
34
34
DM 30'.
181
/
4
47
474 *46
*46
*454 47
32
1
4 Apr 20
$2.70 preferred
100
*453 463
3512 441
/
4
No par 434 Jan 4 47/
46% 465* *4534 47
47
84
1089% 9434 *904 943 *9014 943 *9014
/
4 Mar 13 8912 Aug 22"40
Crown W'mette Pap let ON° par 741
_ *9012 9258 *9012 9258
4/
1
4 434 *412 434
332
61
/
4
3/
1
4
6/
1
4 Jan 10
812 Mar 18
434 54
54 514 9,400 Crown Zellerbaok v t o-No par
5
5
434 --478
25
2513 2512 2614 2414 26
17
3858
14
23% 24% 2334 2418 2412 2413 3,200 Crucible Steel of Amerloa____100 14 Mar 15 27 Aug 22
7812 79
79
474 Apr 12 83 Aug 27
*78
44
71
30
8012 83
Preferred
8112 8112 1,100
82
82
*8012 83
4
118
118
114 114
14 114 *114 18
72
34
700 Cuba Co (The)
1 Jan 28
No ear
118 Feb 19
118 114 *118 114
w712 8
34 104
*712 8
712 74 *618 8
10 Cuba RR 6% prof
*612 8
3
1116% 8
6 Jan 5 10 May 15
100
3/
1
4
212
9 N.
638 68
11534 612
812May i3
6
614 61
54July 22
64 3,100 Cuban -American Bug.,
10
618 614 11618 612
*6918 7012 6914 7012 *67:2 684 *664 69 *66
1412
69
20,s 65
70
69
Preferred
70
100 4012 Jan 3 8034May 13
42
4218 4218 *41
37
6258
3518
4012 41
1
4 Jan 2
50 40 May 3 47/
4014 4134 4014 40% *4014 4012 1,100 Cudahy Packing
1312 2952
1312
1812 1812 2,600 Curtis Pub Co (The)
1812 1858 1858 1858 18
18
18
1814 18
No par 15 Mat 15 2272 Jan 8
18
434 95/
384
1043* 105
10418 10418 105 105
1
4
Preferred
No ear 8912 Mar 14 10514June 13
10438 10434 10414 10458 10412 1041z 1,800
318
614
2
218 278
3 Jan 2
234 2/8 35,100 Curtiss-Wright
234 3
2 Mar 12
27
3
1
234 3
234 278
38
77
8
812
812
51
/
4 12,
818 24,400
77
8
Cia,, A
8
8
818
818
858
614 Mar 15 104 Jan 2
1
*8114 87
*8114 87
751
/
4 91
73
85
*8114 87
8./ .80
30 Cushman's Sons 7% prof ___100 73 Mar 23 88 Aug 21
8114 8114 "80
72
72 .59
841
/
4 go
72
*59
61
*59
7134 *59
72
8% preferred
*59
No par 81 June 8 72 July 27
*59
72
28
28
2812 28
912
2634 271
11
214
2714 2738 273g 2738 2,900 Cutler-Hammer Inc
No par 16 Mar 13 2834 Aug 21
2612 27
678 678 *634 714
5/
1
4
*612 7
6
400 Davega Stores Corp
638 634 *612 7
81
/
4
814 Feb 14
*612 7
6 June 7
5
3812 3912 3812 39
3712 40
10% 3412
104
3734 374 3778 11,600 Deere & Co
No par 221 Mar 18 4() Aug 23
36
3738 37
2613 2712 2634 27
268 27
1014
1014 191
284 2634 263 2634 2,300
/
4
Preferred
2658 27
20 19 Jan 15 2734 Aug 19
35/
1
4 37
38
36
1
4 3512 8,100 Delaware & Hudson
34
35
2312
7312
100 231* Mar 26 434 Jan 7
3658 3312 3434 343 3558 35/
11
1614 15
14
1558 1818 18
3334
/
4 Jan 7
1638 143 1518 1514 155 147s 1514 9.700 Delaware Lack & weetern___ao 11 Mar 13 191
200 Deny & Rio Or Wein pref.-100
112
*314 3/
1
4 *314 312
3% 1314
14 Feb 27
34 *34 312
314 *3
34 314 *3
454 Jan 8
9412 95
94
94
95
68/
1
4 84
94
94
94
55
1,500 Detroit Edison
95
9413 9413 *92
100 85 Mar 13 95 Aug 23
5
7
312 31
30 Detroit & Mackinac RY Co 100
514 "3
312 3/
1
4 *312 514
234
6 Jan 17
2 Aug 12
514
*3
514 *3
_
*312 --- *5
6% non-cum preferred
__ _
___
10
Ds
-- *5
*5
_ *5
18/
1
4
6 June 28 1212May 1
100
4 38 38
*312-_3914 3,600
383
4 3833834 -37 -37
Devoe & Raynolds A...-No ear 3513 Aug 28 50/
20
1
4 Jan 2
3534 19
3512 Ili
29
561
/
4
117
*118 12012 *118 12012 118 118 *118 120 *118 120 "118 120
99
894
lst preferred
10
100 11412Mar 8 12012July 8
3714 3738 37% 36
37
37
3714 3/14 1,900 Diamond match
3712 3712 *3714 373
21
21
2812
No par 2012 Jan 2x4034 Aug 14
3
8
39
*394 3934 39
200
*39
40
40
*3914 40
1139
Participating preferred
284 3412
25 34% Jan 7 4112May 3
*3834 40
2758
38
37/
1
4 38
6,100 Dome mines Ltd
3734 3718 38
3878 3734 38% 3718 3713 37
No par 8418 Jan 36 4312May 17
25
32
461
/
4
84 *8
818 83, 2,100 Dominion Stores Ltd
8
812 834
8
812
834 878
23
83*
11
834
634May 29 125* Jan 28
No par
3058 3238 314 3232 3014 325* 2934 30% 3034 3112 30% 3112 53.100 Douglas Aircraft Co Inc No par 174 Mar 12 3258 Aug 27
1414 284
1118
22
22
2112 2112 2112 2112 21
8
29
814
21
1,500 Dresser(SRI Mfg oonv A No ear 1312 Mar 15 233 Aug 19
21
2114 *2038 23
*10% 11
10
*1012 11
10
638 Mar 18 1112 Aug 19
Convertible class B
No par
1012 *97 1018 *978 1014 *978 104
5
11%
34
53
15*
100 Duluth 88 & Atlantic
58 Aug 27
/
1
4June 13
100
*38
%
%
"14
414
88
*38
38
*4
72
%
4
%
11
218
*12 114
*12 114
Preferred
*13 114
*12 114
*12 11
/
4
*12 114
14June 21
•
100
34 Aug 6
14
113
.
358 338 "358 4
358 3/
1
4 1,300 Dunhill International
33* 313
8
1
4 4
338 3/
1
4 *3/
2
5/
1
4 Jan 18
2 June 0
1
1634 15
1634 *15
13
237s
100 Duplan Silk
*14
15
*15
128
19 Aug 6
1234May 21
*1418 15
15
No par
*14
15
Preferred
40
113 113
*112 113 *112 113 *112 113
92
11012
92
100 103 Mar 20 113 Aug 20
113 113 *112 113
11758 12034 x117 1224 1154 118
11634 11712 11634 11712 19,700 DuPont deNemoure(E.I.)&Co.20 8852 Mar 18 z12212 Aug 27 11 5972 100
110 117
103
128
6% non-voting deb
*12712 129 *1274 1284 *1274 12813 *12712 1281 *12712 12812 *12712 12812
100 12072 Feb 8 131 Apr 22 1044 115
11414 11414 *11414 115 *1144 11412 *11414 11412 *11414 11412
20 Duquesne Light let pret
90
107/
1
4
*11414 115
85
100 104 Feb 18 115 Aug 5
*12. - -- *12
_ _ _ _ _ _ Durham Hosiery Mills pref-100 1712May 1
3012
. *12
-- *12
_ __ *1214 _ _ *12
21
13
23 Mar 6
612 -613 6,300 Eastern Rolling Mills
613 --714
63 214
8
612 -738
8 Jan 7
334 Mar 13
5
65* _-67612 -5-1
die 12
312
2,100 Eastman Kodak (N J)---No par 11012 Jan 16 152 July 9
147 147
116
14612 147
149 149
148 148/
149 149
654
1
4 14512 147
79
147
120
6% cum preferred
50
153 153 *14014 155
*14934 155 *14934 153 *14934 153 *149 153
100 141 Jan 4 164 July 28 120
23/
1
4 24/
1
4 23/
1
4 Aug 28
No par
1
4 2378 2312 23% 10,900 Eaton Nue Co
10
1654 Jan 15 24/
1
4 2478 2234 2434 2314 2378 23/
1212 32
$/
0
19
800 Eltingon Schild
*8
678
1
4
1
4 Mar 27
No pal
6
8
8
3/
734 Jan 4
6
8/
1
4 *512 534 *534 612
0
27/
1
4 26
6 1938June 1 29 Jan 3
15
31
2814 2818 267k 2632 2714 2718 2714 42,700 Mee Auto-Lite (The)
2634 2838 27
11/
1
4
1
4 110/
110
Preferred
90
'119341107
8
/
4 11078 110/
80
112
Apr
26
Jan
23
100
1
4 11014 110/
11014 1101
75
107
1
4 *11034 11078
1
4 110/
37 Mar 15
84 812
834 918 48,800 Electric Boat
814 9
734 83
818 832
3
7
3
918 Aug 30
3
738 834
414
9
1
4
838 Feb 18 44 2/
634July 2
618 61
/
4 *614 638 4.000 Eleo & Mut. ind Am shares
61
/
4 614
6% 64
618 64
618 614
24
g
lig
14 Mar 16
5
538 54,300 Eleetrle Power & Light --No par
4/
1
4 638
712 Aug 17
434 5
452 514
438 434
458 53
638 21
$7 preterred
32,300
21
23
3
3 Mar 13 32 Aug 17
No pay
1912 2314 20
20
24
2118 2114 2214 2134 23
Vo err
212 Mar 18 28 Aug 17
0.
,
00.,,....- - 19
19% 12.700 .
el
219
10
1612 184 1734 1938 1612 2012 171
/
4 1714 1758 19
For footnotes see page 1394
Par
Chickasha Cotton 011
10
=de 06
No par
Chile Copper Co
25
Chrysler Corp
5
City Ice 4 Fuel
NO par
Preferred
100
City Stores new
5
Clark Equipment _ ____No ear
C C C &St Louis prat
100
Cleve Graphite Bronze Co(The) 1
Cleveland & Pittsburgh _ _ .50
(Veal grt 4% betterment elk 50
Met* Peabody 4 tio...-No par
Preferred
100
Coos-Cola Co (The)
No par
Class A
No par
Coca Cola Internal Corp_No par
Colgate-Palmolive-Peet- No par
6% preferred
100
CollIne & Alkman
No par
Preferred
100
Colonial Beacon 011
No par
/Oolorado Fuel de iron
No par
Preferred
100
100
Colorado & Southern
4% 114 preferred
100
4% 2d preferred
100
Columbian Carbon v I a --No par
Columb Plot Corp vs o-Plo par
Columbia Gas & Elec__--No par
Preferred eerie, A
100
5% preferred
100
Commercial Credit
10
25
7% 181 preferred
50
Class A
26
Preferred B
614% first preferred
100
,
1
I
I
New York Stock Record-Continued-Page 4
1398
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug.24
Monday
Aug.26
Tuesday
Aug.27
Wednesday
Aug.28
Thursday
Aug.29
Friday
Aug.30
Sales
for
the
Week
STOCKS
NEW YORE STOCK
EXCHANGE
Aug. 31 1935
Ewe Mice Jan. 1
On Basis of 100-s8ars LtAs
Lowest
Highest
July 1
1933 to Range JOT
July 31 Year 1934
1935
Mob
Low Low
8 per share $ per oh
Par $ per Mars
$ per share $ per share $ per share $ per share $ per share $ per share Shares
900 Eleo Storage Battery
No par 39 Mar 21 494 Jan 7 11 Ws
*47
457k 458 457 457
4718 4658 4718 4612 464 4512 46
14
78 Jan 10
14 Mar 29
100 :Elk Horn Coal Oorp---No par
*53
%
*53
%
*58
ki
*58
34
5a
58
*5s
54
17 Aug 17
58 Apr 1
60
ss
200
*114 158 *114 134 *114 112 *14 112 *114 112
a% part preferred
112 1%
45
400 Endloott-Jobnaon Corp
6458
*64
643 *64
50 52% Jan 16 6514June 14
64
6412 64
6318 6318 6312 634 *63
100 12534 Jan 10 132 Apr 23 112
Preferred
120
127 128
128 128
12818 1284 12818 12814 129 129 *129 1294
473 5
778 Aug 19
33
118
Ds Mar 16
3,100 Engineers Public Berv_..-No par
452 434
414 5
*414 434
414 5
434
104
No par 14 Mar 19 41 Aug 17
2,900
*3312 354 3312 353
32
32
35
35 cony preferred
3112 32
3312 3153 34
11
No par 1412 Feb 7 4112 Aug 17
39
3534 *35
2,400
33 *35
33
3112 3358 3212 344 32
35
$154 preferred
1512 Mar 19 42 Aug 9
12
NO OW
37
37
36
36
36
$6 preferred
1,600
34
3512 3414 3612 *33
3412 35
714
412 Aug 8
434
753 Aug 21
634 634 5,800 Equitable Office Bldg„ No par
7
612 6%
612 678
64 74
634 7
718
74 Mar 20 14 Jan 4
100
4,800 Erie
1034 114 1034 11
1214 1034 11
12
1214 1178 1214 11
84 Mar 26 174 Aug 14
812
100
144 1434 1434 1,900
First preferred
16
16
1334 1453 14
1512 1553 144 15
634
653 Mar 12 13 Jan 7
100
Second preferred
104 1012 *1014 11
500
1014 1014 *812 97
972 978
918 94
50 6912 Feb 18 70 Feb 2
50
Erie & Pittsburgh
*6114 74
*6114 74
*6812
*6114 74
*68
74
74
__ *68
5 1012 Mar 19 1478 Aug 17
653
1358 134 1334 1334 1353 1334 2,500 Eureka Vacuum Clean
1334 14
14 14
133 14
5 15 May 7 3314 Feb 21
3
1812 13,000 Evans Products Co
1638 1658 1653 1658 1514 1612 1514 1534 164 1753 17
2 Apr 30
2
8 Jan 18
270 Exchange Buffet Corp___No par
3
3
3
3
27
3
*278 3
.234 3
*234 3
Mar
26
4
214 Jan 19
38
25
112 134
740 Fairbanks Co
114 114
132 134
*114 112 *114 112
14 114
4 Mar 19
34
938 Jan 16
100
614 712 1,730
54 7
Preferred
512 512
6
614
653 64
6
618
44
2412 2413 2478 4,100 Fairbanks Morse & Co___No par 17 Jan 11 2612 Aug 23
234 2553 23
257
2514 2534 25
2312 24
25
100 72 Jan 17 120 July 18
70
Preferred
11612 11612 *11212 117 *11212 11412 11412 11512 115 11613 *114 117
4
538 Mar 15 1934 Aug 17
15
5,500 Federal Light & Trim
17
18
1653 1814 1612 1638 1614 1634 1614 17
16
17
33
No par 48 Jan 8 z85 Aug 16
160
Preferred
794 8014 804 804 8012
8112 8112 79
*8112 85
*8112 85
40
*61
6778
100 Federal Mbn & Smelt Co--100 40 Apr 3 72 Apr 26
*61
68
*554 70
*55
68
65
65
*61
65
100 54 Apr 1 95 May 26
50
Preferred
*50
90
90
*70
90 *50
*70
90
*70
84
*70
90
314 Mar 23
634 672 *612 653
738Ju1y 18 w 28
6
618 1,300 Federal Motor Truck..-No par
614 634
618 612
64 612
44 Jan 7
2 July 6
234 234
1
600 Federal Screw Work...___No par
212 21 *234 278
*258 3
3
3
*3
34
78 Feb 25
17
318 Aug 19
2
2
5.600 Federal Water Berg A.---No par
*14 24
72
134 2
24
134 2
134 214
164
2253 217s 214 *2214 2212 1,700 Federated Dept Stores_ -No par 1618 Mar 29 25 Aug 8
2314 2334 2314 2312 2314 234 21
204
*3834 4012 1,200 Fidel Phen Fire Ins N _ „2.50 2812 Mar 14 4112 Aug 12
3814 39
394 3818 3914 3814 39
*39
40 •39
16 Apr 9 24 Aug 2
16
f- par
Filene's(Wm)Sons Co___No
*1934 2414 *2214 2414 *2214 2114 *2214 2312 *2214 2312 *2214 2312
100 1064 Mar 6 114 July 3 285
10
1114 1114
6 IS % preferred
*110 113 *110 113 *110 113 *111 113 *1114 113
134
10 1318May 2 181s Jan 7
900 Firestone Tire & Rubber
1453 1434 1453 1478 *1412 1434 *1438 15
1438 15
15
15
6718
100 8412 Apr 8 96 Aug 13
954 9512
900
9578 96
9514 96
Preferred series A
*9512 96
96
96
*9553 96
4534
514 52
50
52
2,900 First National Storee____No par 4534May 6 547 Aug 12
5114 *5112 53
51
5112 5012 504 51
125*
100 Florshelm Shoe class A__No par 19 Feb 21 2312 Aug 15
*2214 2312 *2214 2312 *2214 2312 *2214 2312 3.2214 2312
23
23
214 Mar 6
2
358 358 4,100 /Follansbee Bros
418
611 Jan 7
No par
4
418 418
414 438
412 458
414 434
49
*4914 4912
400 Food Machinery Corp-No par 2014 Jan 16 4912 Aug 12 g,1058
*4812 4912 4812 4912 4812 4812 49
*48
49
84
978 Mar 15 174 Jan 2
16
16
1558 16
No Par
4,300 Foster-Wheeler
16
1714 1538 16
1612 1714 1612 17
4414
No Par ems Mar 15 90 Aug 23
Preferred
250
8812 8912
88
8814 8812 894 894 88
89
90
90
90
258June 7 104 Jan 7
No par
253
__ _ _----.. ----- Foundation Co
1 198 Mar 21 3334 Aug 13
1858
2,400 Fourth Nat Invest w w
3112 -31712 3114 3114 3118 -31758 3012 3112 3178 -31-7i *3134 -3-1
81 Mar 15 1734July 15
814
No par
1514 1538 1514 1658 1614 1634 16,700 Fox Film class A
1534 1614 1558 1534 1.518 157
20
*53
55
55
50 Fkln Simon & Co Inc 7% px-..wo 3014 Apr 2 60 July 24
*5212 5534 524 524 524 5218 *53
*52
55
1714
10 1714 Mar 18 2812May 23
2614 26
2653 6,700 Freeport Texas CO
2612 2634 2612 2753 2618 2734 2534 2613 26
100 11212June 27 1204 Aug 23 11212
Preferred
*12012 1248 *12012 1244 *12012 12478 *12012 12478 *12012 12478 *12012 12478
26
25
2612 25
2612
2638 *24
124
140 Fuller(0 A) prior pret-No par 16 Mar 13 2712 Aug 14
*2512 2612 *2412 2638 *24
434 Mar 13 12 Jan 24
434
No par
1014 11
10
110
36 2d pref
*878 1012 10
*878 1053'88g 108 *834 10
%May 21
24 Aug 22
24 *2
214 2,000 Gabriel Co (The) of A___..No par
2
218
78
2
2
258 *218 214
253 23
812 9
7
Pa Aor 22
7 Mar 30
No par
230 Gamewell Co (The)
8
812
834 878 *813 913
87
9% *878 94
612 Mar 13 10 Aug 16
512
No par
812 81 5,200 Gen Amer Investors
84 83
814 834
834 918
9
914
914 94
6412
994
9912 *97
No par We Jan 10 100 June 24
500
Preferred
9612 9712 *94
99
99
*94
99
*94
99
5 3253 Mar 12 44 July 15
3918 394 394 4,800 Gen Amer Trans Corp
25%
39
3958 384 3912 3832 384 39
3834 39
11%
10 11% Mar 15 2058July 31
1734 173
6,400 General Asphalt
177 1818 1758 18
19
19
1958 1834 1918 18
5
738 Mar 29 1212 Aug 14
64
124 1233 1138 1134 1134 1134 113 1138 4,900 General Baking
12
1238 1253 12
No par 115 Jan 10 146 Aug 13 100
30
$8 preferred
14212 1421 1424 14212 *14212 144 *14212 144
*140 144 *142 142
814 Aug 23
511 Mar 4
5
6
758 734 8.600 General Bronze
74 734
77
818
712 814
712 74
712 814
512 512 2,200 General Cable
514 54
54 514
512
618 Aug 21
5
518 512
2
2 Mar 20
512 558
No par
4 Mar 26 14 Aug 22
4
No par
12
12
12
12
118
Class A
4,500
1234 134 1213 1314 1012 124 11
100 19 Mar 14 49 Aug 21
*43
46
*4312 474
43
14
800
43
1% corn preferred
4734 4414 46
48
4814 *47
*56
244
No par 60 Mar 25 644July 27
5612 1,000 General Cigar Inc
554 5512 5513 56
58
56
*5712 58
*574 59
*14018
141
100 1274 Jan 2 143 May 21
140
14018
142
97
7%
preferred
50
*14018
*14018
142
*139 142 *14018 142
2912 3012 303* 3078 3038 3073 69,300 General Elootrie
No par 204 Jan 15 33 Aug 14 I 16
3034 3134 301* 314 304 32
28
No par 3214 Mar 15 3778July 8
3434 10,100 General Foods
334 3438 344 3434 3438 344 34
3458 3514 3418 35
NO par
34 Feb 25
14 Aug 22
78
78
4
78
78
37.900 Gen I Gas & Elea A
1
78
1
4
78
1
1
118
514
No par 10 Mar 15 1512 Aug 19
*10
15
Cony prat series A
*10
15
15
*10
*10
15
*10
15
*10
15
*1534 18
*1534 18
$7 pref class A
No par 11 Mar 6 18 Aug 20
30
653
*1534 18
1534 1534 *1534 18
•1534 18
No par 1514 Jan 16 18 Apr 6
$8 pref class A
---- 20 *---- 20
718
21 *____ 211 *-__ 2112 ---43 Aug 5 6134 Feb 5 343958
49 *____ 49
100 Gen Ital Edison Elea Corp
454 454 *
*444 46
*45
50
*44
50
*6738 6858 678 674 1,800 General Mille
61
No par 59% Feb 6 7012July 8
6834 67% 68
*6834 6912 6834 68% 68
Preferred
100
100 116 Jaw 3 119 Aug 23 1004
*11814 11914 *11814 11914 11814 11814 *11712 119 *11778 118 *11838 11858
10 2658 Mar 13 4512 Aug 10 •• 2253
4234 4134 424 126,700 General Motors Corp
4114 424 42
4212 435* 4258 4314 4178 44
No par 510712 Jan 4 11834 Aug 29
84
35 preferred
1,400
11814 1184 11812 11812 *118 11838 118 11812 11812 11834 118 118
No par 10 Mar 20 1312May 10
600 Gen Outdoor Adv A
*11
12
12
*1112 1214 *1112 1218 1112 1112 1112 1112 *11
84
3
e3
312
3
3
3
3
*3
3
4 Mar 21
3 Aug 9
No par
353 *3
314
Common
500
353
No par 17% Feb 5 38 Aug 27
36
374 364 3612 36
104
900 General Printing Ink
36
38
35
37
3514 3612 36
$6 preferred
No par 9312 Jan 22 106 May II
40
6114
10558 106 *10538 10514 105 10512 10512 10512 *10534 106
*1051 106
118 Mar 13
4 Aug 12
No par
5,000 Gen Public Service
318 34 *318 33
14
3
3
3
314
314 314
312 35*
32
No par 155 Mar 13 348 Aug 14
3112 3112 1,300 Gen Railway Signal
32
3078 317
33
334 32
*3212 34 •33
1553
100 80 Jan 2 10812 Aug 2 80
Preferred
10
106 106 *100 109 *100 109 *100 109
106 109
*106 109
17
13
94 Apr 2
1
214 Aug 14
84
I% 3,600 Gen Realty & Utilities
134 134
24
17
I%
24
2
218
17
4 Mar 20 3112 Aug 14
POT
10
300
3014 *2834 3012 2912 294 *2934 3012
*28
30
$6 Preferred
*28
3012 *28
1164384 Jan 30 247 Aug 23
N
A pa
2234 234 2234 2334 2358 237
818
4,900 General Refraotorles
24
247
2358 2478 2312 24
No par 164 Jan 15 23 July 9
_
_ _ _
_
_
Voting trust certifs
- _ ...
_
_ _
_
714
iio Gen steel castings pref No par 14 Apr 13 4012July 29
14
ii *His /4.3-4 ii "if
""
352 ;56
5 72 15.12 ;55 ----No par 12 Mar 14 1912 Aug 7 s 74
1712 1734 z1712 1734 15,900 Gillette Safety Rasor
1734 1838 173* 177
1718 18
17
18
454
No par 7012 Jan 4 93 Aug 6
90
*88
89
Cony preferred
88% 2,100
91
8712 87% *88
9014 9114 8614 88
47
47
218 Mar 13
47
514 Aug 22
N. oar
34
458 434
48 9,400 Gimbel Brothers
478 514
478 54
434 514
100 18 Mar 27 48 Aug 24
*44
4512 454 4512 1,200
Preferred
43
1312
4712 4314 4714 43
4718 48
47
23
5
s
Feb
7
3314
par
3213
3314
NO
33
32
12
Aug
29
Glidden
Co
6,700
3214
(The)
31
30%
313
4
3112
3118
314 3214
100 1047w Jan 2 10938June 10
Prior preferred
108 10812
440
8053
10712 10814 108 10812 10812 10812 108 108
*107 109
%July 15
138July 19
Rights_
711
5
118 Apr 26
(Adolf)
/Whet
7,800
23
4
21
23
4
23
4
2%
21
118
41* Jan 35
234 3
3%
3
234 318
NO par 1438May 2 18 Jan 7
1438
8,600 Gold Dust Dory vs e
164 1612 1614 1613 1538 1618 153* 1534 1534 1534 1534 16
No par 11112May 3 120 June 29
964
100
$6 cony preferred
*116 119 *115 119
117 117 *115 119 *115 119 *115 119
74 Mar 13 11% Jan 7
812 8% 8,300 Goodrich Co(BF)
No par
812 8%
74
812 85
9
85
834 94
834 88
100 40 Mar 15 55 Aug 23
5234 52
2612
Preferred
2,100
52
5434 5214 5214 *52
5434 53
5414 5412 54
1534
1934 2053 1978 2034 1914 2012 1834 1938 194 1938 1938 195* 17.100 Goodyear Tire & RUbb-No par 1534 Mar 13 2678 Jan 7
17531
g
Apr
11
92 Jan 10
No par 70
let preferred
2,500
85
85
*83
8312 8312 84
83% 8518 844 8418 *8314 85
612 Aug 16
24 Apr 4
No par
24
533 53* 2,200 Gotham Bilk Hose
512 552
534
5
538 534
534 534
*53
57
20
Apr
100
4512
50
3
110
4512
454
Jan
Preferred
*41
45
20
3
45
454
4512 4512 4512 454 45
114June 25
1
314 Jan 3
17
114
184 134 5,600 Graham-Paige Motors
134 178
134 178
134 2
178 2
2
54 Mar 19 1114 Aug 23
4
1038 1012 104 1012 1012 1034 3,600 Granby Cons he Elm & Pr____100
11
1114 1078 11
1012 107
214 Mar 15
1
5 Jan 7
33* 358
35* 312 1,100 Grand Union Co Cr oils
214
314 314
33* 312
312 312
*314 312
No par 144May 20 2953 Jan 3
144
Cony pref series
400
1734 18
*1734 19
18
1912 18
1958 *18
1838 1838 *18
No par 184 Mar 29 2912July 31
2713 *234 2612
400 Granite City Steel
271 *27
1818
*27
274 28
28
*28
2812 28
No par 26 Mar 213 3734 Aug 10
25
3413 3418 3414 3414 3412 2,700 Grant (W T)
354 34
3514 357 *35
355* 34
914 Mar 19 13 Aug 21
1214 1214 124 1214 5,100 GI Nor Iron Ore Prop____No par
714
13
1214 1234 1214 1234 12
125* 128
95* Mar 12 2234July 15
95
100
20
2014 204 2038 23,400 Great Northern prof
2014 214 204 2114 1914 2114 1918 20
2812 2914 5,200 Great Western Sugar-No par 26% Jan 15 324May 6
29
25
2914 29
2912 2834 2912 29
2914 2938 29
Preferred
100 119 Jan 2 140 May 4
132 132
180
131 131
99
131 132
133 133
•131 13334 13334 134
Green Bay & Western RR Co 100 21 Apr 12 25 June 8
*23
45
45
21
45 *23
*23
*23
45
*23
45
*23
45
34
Feb
Greene
Cananea
100
8 65 May 16
Conner
10
5212 •45
18
5212 *45
*45
5212
*40
55
50
50
4.40
55
5 464Ju1y 17 5514 Aug 3 9 5
19,300 Greyhound Corp (The)_
4834 5134 4934 5034 5012 51
5518 51% 547
525 5314 53
234May 13
1 Feb 1
No par
300 Uunntaname Sugar
113 14 *112 134
58
134
138 138 •14
*158 134 *112 134
100 19 Feb 16 4314May 14
Preferred
29
20
*2714 29
74
2934 2714 2714 *27
2934 *27
*2634 2934 *27
4
Mar
7
9
Mobile
&
Northern-A0°
77
Aug
Gulf
200
7
77
4
16
7
884
74
*67
8
*63
4
714
*74
88g
*734
6 Apr 3 26 Aug 16
Preferred
100
6
800
2212 2212
22
*20
22
*20
22
22
2212 23
24
24
No par 12 Mar 29 28 Aug 23
2314 24
600 Gulf States Steel
12
*244 28
*27
28
-24
2412 *2314 2412 *2314 24
Preferred
100 48 Mar 29 79 Aug 23
*70
79
2514
•70
79
79
*70
*70
79
*72
79
•70
79
Hackensack Water
25 2114 Jan 15 2912July 31
191s
*2814 2914 *2814 2914 •2812 2914 •2834 294 *2834 2914 *2834 2914
7% preferred clam A
25 30 Jan 18 34 June 29
26
50
*33
34
33
33
*33
34
34
34
33
33
*33
34
No par
als Mar 13
Hahn Dept stores
614 Jan 13
34
10
4 Mar 19
74 Jan 2 • 314
5% 1,000 Hall Printing
5
514 *5
512
514 514 *5
514 512
512 512
64 Apr 30 1112July 23
No par
358
200 Hamilton Watch Co
1112 1112 •11
1153 *1114 1112 1118 114 *1118 1133 •1114 117
Preferred
100 63 Jan 4 96 July 25
20
270
95
95
95
9413 95
947 947g 94
•9338 9478 9478 947
77
360 Hanna(M A) Co 27 pt_-_No par 101 Jan 2 108 June 3
106 10614 106% 1061 *10614 10634 10658 10634 *10614 10634
106 106
16 mar 15 2438 Aug 19
12
2312 2312 2334 2312 2414 4,300 Harbleon-Walk Refrao-No par
23
24
2314 2334 223 234 23
Preferred
100 9934 Jan 7 118 Aug 17
_ _
_ ..
82
_ *11814
_ *1184
_ *118
- *118
_ - *118
54 Feb 8 1238July 26
158 6,200 Hat Corp of America ol A____1
14
4 1034 Ills 1114 1105* -1-08*1181114 1112 11 1114 1034 li
1412
100 81 Feb 6 109 July 24
64% preferred
140
*10512 10612 *10512 10612 *10512 10612 10512 10512 *10312 10612 *10312 10612
18 Apr 27
I May 15
Is
---- --- ---- ____ ---- ____ -- ____ -- ....- -- --- ...... Havana Electric Rt. Co -No par
24 Apr 17
612May 25
100
Preferred
_
912
For footnotes see pare 1394.
3 per share
34
62
ss
1%
353
1
65
63
128
120
8%
2
1018 234
11
2412
13
254
5
1013
9% 2478
1453 2814
23
9
50
68
141*
7
374
9
3
104
1
2%
314 1212
7
18%
30
7712
114
A
3418 62
107
52
98
62
8%
27
553
2
1
4
31
20
2353 354
23
so
87
106
13
2514
714 9214
53
09'4
25
16
1753
2
104 2153
84 22
80
55
64 1714
174 2712
84 17.2
83
20
2112 5053
1134 1604
334
Id
0
1958
14
4%
8
20
51
1112
87
73
43%
30
2312
12
612 100
1084
100
104
5
51a
314
414 12
144 33
27
593
1274
97
1678 25%
36%
28
4
1
64 19
11
13
50
51
103
24%
898
853
314
1012
734
2
234
90
1
10
104
10
1788
sis
42
253
1614
Has
88
- -las
16
964
8
54
1818
64
37
384
112
4
4
23
21
28
84
1214
25
102
---18
--1.1
714
5
12
1514
47
2012
27
34
34
31
25
84
13
87
118
1914
38
3
21
22
624
ova
118
42
109
21
652
254
96
558
451*
10112
352
26%
231*
20
4812
1478
72
63*
36
28%
1074
--.2v's
23
120
18
6234
411*
8814
11%
714
412
133*
8'4
40
3118
4052
154
324
8514
11812
-59
- --358
31
1614
351*
42
83
Ma
31
81g
• 9%
117
63
10114
24%
100
71*
92
Its
812
Volume 141
-
New York Stock Record-Continued-Page 5
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Aug.24
Monday
Aug.26
Tuesday
Aug.27
Wednesday
Aug.23
Thursday
Aug.29
Friday
Aug.30
Sales]
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
8 per share $ per share $ per share $ per share $ per share $ per share Shares
Par
4
4/
1
4
4
44
3% 418
31
312 378
334 37
2
324 5,200 Hayes Body Corn
1064 10614 10612 10815 108 10884 107 107 *106 110 *106 110
600 Hazel-Atlas Glass Co
25
*131 141 *131 141 *131 141 *131 141 *13312 141 *131 141
Helms (13 W)
25
*1601
- -- *16012 --- •1801: __ *16012
__ *1604 -.--_ •16012 --_ _ ___
Preferred
100
237224 -24
8 24
21% -2418 22 1212 23
23
22
4,701) Hercules Motors
22No par
*8134 8338 8318 8334 84/
1
4 86
82/
1
4 8438 8312 83/
2,400 Hercules Powder
85
1
4 *83
par
No
1264 12812 1204 12634 138 127 *12618 12715 12712 12712 *126 12712
$7 sum preferred
100
110
*1211
/
4 122 *12112 122 *12112 122
12112 12112 121/
1
4 1215* --------20
Preferred called
7714 774 •7612 7812 7814 78/
1
4 78
*78
*77
78
78
78
500 Homey Chocolate
A0 par
.11312 114 *11312 114 *11312 114 *11312 114
113 113/
200
1
4 *11118 112
Cony preferred
No par
1418 147
1458 15
14
1518 1318 14
14
1451 1418 1434 5,100 Holland Furnace
No par
9
938 *9
912
824 9
824 834 *858 878
814 878 1,300 Hollander & Sons (A)
5
*378 385 *380 385
380 380 *377 385 *378 385 *379 385
100 Homestake Mining
100
*41
4112 *41
4112 39
4012 3918 3918 40
1,000 HoudaIlle-Hershey 01 A -No par
4018 40
40
1858 194 1824 2038 1812 201
/
4 18l4 1938 1914 2014 1978 2018 49,800
Clam 13
No par
*6234 8451 8458 6451 *8224 8651 *6234 6612 *65
200 Household Finance pail Df-50
13612 *8518 6812
1514 1514 •15/
1
4 16
1414 15
1414 1414 14
*1312 14
14
/
1
4
800
Houston
01106
Tex
tern
otfs-100
31: 318
318 34
314 312
3
318
3/
3
1
4
3
5,200
3
Voting trust We new
25
471: 4724 48
4851 47 4734 47
4728 *47
4712 4712 2,100 Howe Sound Co_
48
5
*4
412
4
4
4
4
4
4
334 334
314 32 1,200 Hudson & Manhattan
100
•1014 1112 *1014 12
1014 1014
9
9/
1
4
938 938 *834 1012
600
Preferred
100
9% 10% 10
1118 1014 1138 1014 1138 Ills 111
1114 48,400 Hudson Motor Car
/
4 11
No par
2
2
178 2
14 2
178 2
18 2
17
2
5,400 Hupp Motor Car Corp
10
1414 1478 1414 14/
1
4 1238 1434 12/
1
4 13/
1
4 1378 1414 1418 14/
1
4 10,000 Minnie Central
100
•19
3 *18
2314 *18
22 .5184 2351 •18
*18
23
23
6% Dref series A
100
*54
59% *5414 5912 54
54
*54
10
554 *54
Leased lines
5512 *54
100
5512
*8
9
*8
9
8
8
*7
8
*734 9
20
RR See etfe serlee A-___1000
751 *7
•212 234 *212 24 *238 23
*232 21y
238 238 *238 212
100 Indian Refining
10
30,8 31
3012 30/
1
4 291
/
4 3112 291
/
4 30
2912 298 29% 3018 12,900 Industrial Rayon
NO par
9412 9412 •94
97
9212 4
93
941 *9414 96
*9412 98
700 Ingersoll Rand
No par
--- *130
- _ *130 138 *130
___ •130
_ •130
__ Preferred
100
*13088
89 -89-12 8614 891
89
86 -871
89
88 -8-8i 8812 -9-,000 Inland Steel
No par
458 4%
451 5
412 5
418 434
414 438 .414 412 6,500 Inspiration Cone Copper
20
*612 624 *612 64
612 612
612 61
*812 6/
1
4 *812 8%
800 Insuransharee CDs Inc
1
184 1924 1818 1914 1714 18% 1714 19
193* 1834 1918 17,800 Unterboro RapidTran vs. _100
17
.3 • 31
: *3
312 *3
312 .3
*3
31
Internet Rye of Cent Amer..100
•3
351
312
*24 3
*212 3
*212 3
•212 3
*212 3
*212 3
Certificated
No par
*1278 1412 *1312 1414 1234 1334 *11
*11
13
14
14
*11
30
Preferred
100
2
2
2
2
2
2
•178 21
•124 2
*178 2
1,000 Interconfl Rubber
No
par
7
84
712 84
7% 814
712 73
17,900 Interlake IronNo par
714 81
77s 8
351 4
358 378
351 3%
312 328
338 338
3/
1
4 334 4,700 Internal Agricul
par
No
3814 3914 *3711 3834 37
3914 3651 37
3712 3814 3814 1,200
37
Prior preferred
100
•179 183/
1
4 181 18012 18012 18212 *18012 18212 18011 1823* 18012 18012
800 Int Business Machines-No par
8118 7
68s 634
614 612
512 6
6
6
614 4,800 Internal Carriers Ltd
6
1
2912 2912 2912 30
294 3018 2914 2912 28% 2914 29
4,000 International Ceruent____No par
29
5351 5454 54
5518 53
5614 5214 5312 5318 5312 5334 5418 13,200 Internal Harvester
No par
•141 143 *141 1428 *141 143 *141 14278 *141 14278 141 141
100
Preferred
100
314 358
3
33*
3
314
314 314 9,000 Int Hydro-El Sys al A
278 3
314 314
25
*278 318
3
318
3 ' 3/
1
4
2/
1
4 3
*234 3/
1
4
314 334 3,000 Int Mercantile Marine___No par
287 2918 2834 2914 2834 2912 2834 29
x2824 29
2878 2918 30,800 lot Nickel of Canada....-No par
*126 1283 .312512 12834 12634 127 *126 127 *126 12851 126 1261
200
Preferred
2
100
____ _ __
Internal Paper 7% pref
100
2I4 it*
214 14
2'8 -2-18 '
2
1,800 Inter Pap & Pow 01 A__--No par
2
1
1.:3
2
%
i
114
138
138
158
114 114
114
1% 13
114
114
138 2,200
Clam B
No par
1
118
1
1
73 1
78
78 2,300
Class 0
"4 1
78
34
No par
1018 1012 10
1012
9% 101
: 10
104 1014 1014 1018 1014 4,700
Preferred
100
*254 26
*2512 27
26
26
*23
28
26
26
26
26
500 lot Printing Ink Cori)---No par
*10534 107 *10524 107 *10534 107
10534 107
10424 10512 10524 10534
140
Preferred
100
2934 2914 30
30
*29
2978 29/
1
4 29/
30
1
4 *2978 30
30
800 International Salt
No par
4738 4738 47
47
47
47
4612 4838 464 4812 *46
47
900 International Shoe
No par
•1812 191 *1712 1912 18
*1733
18
1914
*18
19
19
19
600 International Sliver
100
65
851
64'2 6612 *6412 6518 85
67
6512 6512 66
67
7% Preferred
100
700
1014 ills 1014 11
1018 111
/
4
934 1018 10
1014 74,700 Inter Telep & Teleg
10/
1
4 10
No par
1524 1524 1538 15/
1
4 1424 1578 1451 147
15
3,200 Interstate Dept Slone-No par
15
15
15
8874 887 *87
92 *85
88
*8478 88
*8478 88
100
88
Preferred
*87
100
*1114 121 *1114 1212 *1114 121
/
4 *Ills 1212 *1114 1212 *1114 124
Inteny De Corn
No pa
26
261 *2524 2714 26
26
28
500 Island Creek Coal
26
*2814 2712 *2614 27
1
•11212 - *11212
_ •1121: ___ •1124 ___ •11212 ___ *11212 _ _
___
Preferred
1
*5912 -60
5912 Ii12 591 -80
*5812 -59
*584 -587-11
5812 -59
700 Jewel Tea Ina_.
No par
6814 8724 8812 6711 6414 88
8412 8534 8424 6512 85
6558 20,000 Johns-Manville
No par
*124 128 *124 128 *124 126 *125 126 *125 126
125 125
10
Preferred
100
*13314 153 *13314 153 *13314 153 *13314 153 •13314 153 •1331
/
4 153
Joliet & Chlo RR Co 7% gtd-100
7712 7712 7715 80'1 78
81
n
so
81
80
80
80
880 Jones & Laugh Steel peel-100
118 118 *118 120 *118 120 *118 120 *118 120
*118 120
10 Kansas City P & L pf sec BNe par
2 751 *74 81
652 7
*838 714
8/
8/
1
4 874
1
4 878
800 Kansas City Southern
100
1138 1138 *1112 12'2 1118 1112 *1012 111
/
4
500
/
4 111s 1118 *1018 111
Preferred
100
•1514 158 •1514 157
1514 1512 1518 15/
1
4
1
4 15/
700 Kaufmann Depl Stores $12-50
1
4 1512 1512 *15/
1912 1912 1912 1938 1914 1912 19
*19
1938 3,100 Kayser (J) & Co
191
19
/
4 19
5
*55
75 *55
75
*55
75
*55
*55
75 *55
75
75
Kelth-Albee-Orpheum pref.-100
1/
1
4 138 ---- --- ---__
400 /Kelly-Springfleld Tire
5
207 20% ---- --- -___
_ _ _ - ---_ __ __
_
100
6% preferred
No par
2014 2014 *1912 -29
1912 -2614 15- 19-18 1813 1812 1838 -183- 4 1,900 Kelsey Hayes Wheel oonv.cIA__1
1778 18
18
18
1718 1734 113/
1834 1634 1878 17
1
4 17
2,500
Class B
I
1058 1112 1034 1114 1014 11
12% 1214 128 31,200 Kelvinator Corp
1028 1034 11
No par
891
*88
8912 *88
88
8912 88
9012 91
140 Kendall Co DI pf see A
91
*90
90
No par
22
23% 223* 24
22% 24
2124 2234 22% 23
228 2338 63,800 Kennecott Oopper
No par
•1714 17% *1824 1754 *1612 1734 *1612
*1612 1724 *164 178*
18
Kimberly-Clark
No par
*35* 4
*353 4
.3% 37
*358 3% *351 324
100 Kinney Co_
35
324
No par
*3014 33 •305s 32
30
3058 *2858 30
30 •291s 31
Preferred
30
80
No par
282
8
2814
2614
2812 2618 2638 25/
1
4 26
2534 26
/
4 25/
1
4 2131
8,700 Kresge (SS) Co
10
*109 111 *109 111 *109 111 *109 111 *109 111 *109 111
7% Preferred
100
*4
412 *4
413
4,34 41
4
.3t1 412
4
4
4
200 Kresge Dept Stores
No
par
*86
*86
75
75
*86
75
*86
75
75
*813
*86
75
Preferred
100
8312 831
/
4 64 8414 8334 84
64
84
8312 634 62/
1
4 8244
900 Kress (8 II) & Oo
No par
3024 31
301 31
3024 3114 3018 3014 301
/
4 3034 3034 3118 8,200 Kroger Oro° & Bak
par
No
2578 23
'20
23
23
23
21
217
21
*21
2278 21
120 Laclede Gag Lt Co St Louis -100
*44
49
*44
47
44
44
45
*41
*41
*41
45
45
10
5% preferred
100
2514 2514 25
2518 2438 2514 24/
1
4 24/
1
4 2418 2438 2412 245* 3,200 Lambert Co (The)
No par
*614 71
*828 7
838 632 .444 751 *534 714 •412 714
100 Lane Bryant
No par
1014 10% 10
10
pi
: 934
974
Vs 10
9 e 97
10
LOGO
Lee
Rubber
&
Tire
5
•1278 137 •1278 1324 *1278 134 1278 12/
1278 12
12
1
4 *12
300 Lehigh Portland Cement
50
*100 10114 •100 10114 *100 10114 *100 10114 *100 10114 *10012 10114
preferred
7%
100
918 97
812 914
8/
1
4 914
918
9
834 824 5,100 Lehigh Valley RR
8'z 9
50
2/
1
4 238 *214 234
238 238 *212 2/
1
4 *212 238
234 278 1,000 Lehigh Valley Coal
No par
1078 107
11
11
1018 11
11
1178 3,300
10
1033 •10l4 11
Preferred
50
9112
92
914
9112 9012 92
9002 91
91
90
92
91
3,900 Lehman Corp (The)
NO par
/
4 1351 13
1314 131 *131
1212 1234 2,300 ll'Alm k Fink Prod Oo
13% 13
13
13
13
354 3652 3512 36
3414 36
3455 3414 344 8,700 'Abbey Own.Ford Dia._ v.ear
3412 35% x34
73* 722
74 751
824 718
7
8% 671{
7
4.300 Libby, McNeill & Libby_ No par
7
7
23
22% 2224 23
2234 23 *2278 23
2278 23
23
23
2.400 Life Savers Gorp
5
*115 1171 *115 117
11712 11712 *114 117 *114 11634 *113 118
200 Liggett & Myers Tobs000---25
11712 1173 *116 118
11634 11712 116 11614 *115 11834 115 115
1,500
Series B
25
*160 163 *159 163
159 159 *1804 16412 *18012 16412 18412 18412
200
Preferred
100
•1728 181 •18
184 175* 18
*175* 1814 *1724 1814 1724 1734
300 Llly T3Isp Out) Oorp---No par
*21
2251 *21
2233 *204 22
2114 *21
2134
2024 2024 21
400
Lima Locomot worts...-No par
324 33
33
33
33
3318 334 3312 3312 337
331
: 334 2,600 Link Belt Co
No par
2912 30
30
3051 2914 3014 29
294 30
2914 29
304 2,800 Liquid Carbonic
No par
4114 417
405* 41's 40
4134 393 4012 405* 4118 4058 4158 14,100 Loewl Incorporated
No par
10512 10512 *105 1054 105 10551 *105 10512 105 105 *10458 10551
300
Preferred
No pat
112 112
112 112
112 111
138 132
112 112 .138
121 1,500 Loft Incorporated
No par
134 134
14 2%
2
214
134
134
134 3,500 Long Bell Lumber A
184
13t
Vs
No par
*3918 40
*3914 40
39% 3914 3812 381
3818 3812 3718 3718
500 Loose.WIles Blacull
25
*12112 12324 12112 12112 12158 12334 1215* 121% 121% 121/
1
4 *12138 122
60
7% let preferred
100
2411 2478 2412 25
2458 251
24
2451 244 2451 242* 2458 12.800 Lorillard (P) CO
10
*13814 142 *13614 13978 139 139 *13614 139
139 139
13912 1391
250
7% preferred
100
88
88
34
8$
24
54
58
34
58
24
58 1,700 2Louislana 011
58
No par
*814 1012 *824 10
*84 10
*814 10
*814 10
*814 10
Preferred
100
195* 20% 184 1912 19
1914 Hp zip'
192
: 194 194 1951 4,200 Louisville Gas & El A...-No par
*41
4314 *41
43
41
41
4012 401
41,4 4138 *4114 42
500 Louisville a Nashville
100
: 233* 24
2254 241
2228 233* 22
2284 2224 2378 23
2352 5,800 Ludlum Steel
1
12412 12412 •12334 12824 120 120 *119 l233s 120 120 *119 125
400
Cony preferred
No par
44
*4312 4412 4314 431
44
4
41% 417 *40
*40
412
413
400 MacAndrewe & Forbes
10
*12851
*12812 ---- *12812 --- 12812 1281: *1284 ___ •12812 ____
10
8% preferred
--100
For footnotes see page 1394.
1399
12(17194 SiCCO Jan. 1
Os Basis of 100-shate Lots
Lowest
8 DOI Share
15 Mar 18
85 Jan 2
127 Jan 5
14212 Jan 10
11 Jan 8
71 Mar 12
122 Feb 9
12112 Aug 28
73/
1
4 Apr 4
104 Jan 25
524 Mar 15
858 Mar 29
338 Feb 5
3072 Mar 14
84 Mar 13
49 Jan 2
94 Mar 15
14 Mar 13
43 Jan 15
224 Feb 27
84 Mar 14
614 Mar 26
24 Apr 5
94 Mar 14
15 Apr 11
40 Mar 21
414 Mar 30
24 mar 16
2313May 8
8011 M ar 13
109 Jan 7
464 Mar 22
24 Feb 27
4 Mar 1
834 Mar 15
214May 27
24 Apr 28
914May 21
11:May 1
414 Mar 7
2/
1
4July 11
28 June 1
1494 Jan 15
34 Mar 12
22/
1
4 Mar 15
3418 Mar 18
135 Jan 2
114 Mar 15
11
/
4June 20
2214 Jan 15
12378Ju1y 11
118 Mar 15
34July 11
%May 7
413 Mar 13
2112 Jan 15
984 Jan 2
29 Jan 21
4214 Mar 19
16 July 19
8012 Mar 21
558 Mar 13
878May 8
701:June 27
618 Mar 13
25 June 3
110 Jan 22
49 Mar 13
381
/
4 Mar 13
1174 Mar 15
130 Feb 19
50 Apr 4
11514 Mar 20
33 Mar 13
8158 Mar 12
711 Feb 6
1524 Jan 17
34 Mar 7
4 Apr 4
6 Apr 4
6 Jan 25
314 Mar 1
1014 Aug 27
84 Mar 2i
1334 Mar 13
10 Mar 5
3 Mar 19
23 Mar 29
1924 Mar 13
10311 Apr 28
2 May 21
42 Jan 11
584 Apr 5
2214May 16
12 Mar 22
194 Mar 27
2218 Aug 10
5 May 13
81:Mar 14
10% Mar 14
893* Jan 3
5 Mar 13
14 Mar 13
511May 1
671g Mar 28
l0' July23
21 12 Mar 30
61
/
4 Aug 16
21 Mar 14
9414 Apr 5
9364 Apr 4
1514 Jan 30
181:June 8
134 Mar 14
171
/
4 Mar 13
244 Mar 13
314 Feb 7
102 Feb 1
1 Mar 15
114 Mar 12
33 Apr 25
121'4 July6
181* Mar 28
124 Ant 5
%July 16
412Illtie 19
101 Mar 18
34 Mar 29
1264 Mar 28
9014 Jan 4
40 Jan 24
113 Feb 8
Highest
hap 1
1933 to Range for
June30 Yoe 1934
1935
4,,, Low
High
7
3 per share S Mr OO 5 Der Shari
434 Aug 17 45 1
14
6%
11712July 24
65
74
9671
141 June 4
94
101
145
182 June 19 120
123/
1
4 153
2512June 18
514
/
4
41
/
4 121
86 Aug 27
40
59
8151
128 May 3 10414 111
125/
1
4
12158 Aug 2) -----------44
8164 Jan 19
4812 7334
118 July 17
80
83
1054
4
1518 Aug 21
434 1014
11 Jan 2
5%
5% 13
412 May 14 200
310 x43018
42 July 31 • 7
11
34
8%
24
2051 Aug 26
251
43
63
6812July 31
54
918
1212 3924
1764 Jan 2
112
518
211
318 Aug 19
20
58 Apr 28
354 571
/
4
4
224
54 Jan 21
Ms
1311 Jan 21
612
9
2614
1224 Jan 7 21 6
els 2214
378 Jan 7
54
11
/
4
714
1714 Jan 7
1351 38%
94
15
21
50
2364 Jan 4
574 Jan 10
40
6824 66
414
713 3414
10 Jan 4
454
238
21
/
4
234May 10
1314
.
33 Jan 7
1938 321
/
4
9714 Aug 7
45
4912 7334
105
130 July IS 105
116/
1
4
8978 Aug 23
26
3414 58
5 Aug 22
212
67*
251
2
318
44
678 Aug 2
51
:
512 1751
1978 Aug 23
2
2
7
451 Jan 25
215
5 Jan 3
24
628
75t. 2214
184 Jan 10
8%
57
3 Jan 7
112
24
4
4
851 Aug 23
114
5 Jan 2
14
2
618
15
4234 Jan 25
10
3712
1
4 131
18478July 29 125/
164
714 Aug 131
351
413 1218
1818 2154
1825
33 Jan 7
5614 Aug 27
231
/
4
23/
1
4 4678
110
152 May 9 110
137
434 Aug 19
114
212
94
2
334 Aug 30
178
6
21
2912 Aug 27 111451
2914
13012 Mar 14 101
11534 130
814
10
25
2
3 Jan 8
64
l's
72
31
/
4
112 Aug 23
/
1
4
4
l's Jan P.)
58
224
121
/
4 Aug 3
412
84 2472
9
2878 Aug 14
9
2512
IOU
66
107 Aug 20
65
3814May 14
20
21
32
4814July 26
38
38
50%
28 Jan 4
16
19
4524
75 Jan 3
40
59
8412
121
/
4 Aug 5
538
74 1724
1612 Aug 12
214
315 1651
90 Aug 19
1614
2138 811
/
4
1312July 23
424
551 10
36 Jan 8
2424 30
2064
1204 Apr 9
85
90
1101
,
37 Aug 8
574
33
26
68 Aug 27
364
66%
39
87
101
12524 Aug 14
21
130 Feb 19 115
135
40
8214 Aug 23
45
45
77
120 Aug 1
97%
9772 Ws
33*
658 1924
8% Jan 7
858
1014 2712
135 Aug 14
1678 Aug 9
514
6
1018
2114 Aug 7
1378 181
12
/
4
69 Aug 1
15
20
371
/
4
44
1
4
23* Jan 17
6
22 Aug 12
5
20
2312 July 18
24
3
10
2114 July26
1,1
258
7111
11% 214
Ms Jan 9.672
55
6518 94
wi July 9
16
13/
1
4
21 Aug 21
2314
19 July 16
9/
1
4
978 1814
24
3
528 Jan 3
7,4
134 41
12
38 Jan 23
1014
13% 22114
2612 Aug 22
9914
101 2114
113 Apr 9
218
5 Aug 10
2
714
12
19
70 Aug 10
55
36
694 Jan 7
274
651:
19
3218 Aug 12
2314 33/
1
4
27 Aug 18
12
20
634
1914
27
46 Aug 20
60
/
4
224 311
1928
2812 Jan 8
9 Jan 3
44
1414
6
1278 Jan 7
54
7
144
173 Jan 7
9
11
20
102 June 21
1
4 90
73
73/
912 211,
Ills Jan 7
5
314 Aug 14
113
215
6
1314 Aug 14
4
5
163*
95 Aug 12
5624
5414 78
1078
Ills 2312
1714 Jan 25
3814 Aug 1
21
224 £1178
712 Aug 23 2 214
--2415 Apr 22
1553
-1-7-18 -24
120 Aug 6
73
714
110
122 Aug 8
7314
744 11114
1524
129
167 May 4 123
sai,
1614
194 Apr 25
16
24/
1
4 Jan 3
134
154 3814
34 July 18
114
1113 1925
3478July 29
184
184 35%
4418July 9
1912
203* 37
10812 Apr 5
68
72
103
1% Jan 2
1
Ds
3
212 Feb 14
1
1
3
411
/
4July 25
33
3314 s4424
130 AV 16 116
1193* 1284
2514 Aug 27
1424
153* 2211
1444 Aug 7
981
: 102 z130
178 Jan 7
%
24
3
,
8
14/
1
4 Jars 3
74 234
451
234 Aug 19
1058
12
21
474 Jan 7
34
3764 6212
2434 Aug 22
74
84 1912
1244 Aug 24
60
80
97
46 FeD 19
21
30
4214
130 May 111
87%
96
1114
New York Stock Record-Continued-Page 6
1400
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug.24
Monday
Aug.26
Tuesday
Aug.27
Wednesday
Aug.28
Thursday
Aug.29
Friday
Aug.30
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Aug. 31 1935
iJuly 1
Rams Slats Jas. 1
11933 lo Ramis for
Os Basis of 100-s3410 Lots July 31 Year 1934
1935
High
Lotoat
MOM
Low Low
pas $ pas shars
$ per Mars $ WWI $ Pb? gams
$ Per share $ per share $ per share $ per share $ per share $ per share Shares
l85
22
41114
No par 1858June 1 2818 Jan 8
23
2338 2214 2234 20,200 Mack Trucks Inc
2118 23/
1
4 2134 2312 214 23
2112 22
3012
3514 621s
No par 8012 Apr 1 50 Aug 12
46
464 3,700 Macy (R H) Co Ins
4634 48
4812 47
45
4714 4478 4512 4538 46
8
7
2
5
10
Aug
23
24
54
Jan
2
par
SG
Gard
•
2
a-No
Madison
*958 10
*938 10
1,500
*934 1014 10
10
*95810
10
10
1214
1512 22314
10 1838 Jan 16 36 May '22
3414 33
3414
400 magma Copper
*33
3478 344 3478 *3312 3434 *33
35
35
50 515 Aug 20 515 Aug 20
*515 _ _ *515 - -- .515 _ - •515 _ _ *515 _ _ *515 . _ ______ MahonIng Coal RE Co
214May 14
is
7II
314
100
is Feb 8
/Manati Sugar
*118 112 *118 -112 *118 112 *118 112 *118 112 *118 14
1
1114
914
4 Jan 7 10 May 24
100
Preferred
20
*5
634
512 512 *558 678 •54 87.1 *512 634 *512 64
638 Aug 15
3
3
84
No par
3 Apr 29
*412 578 *412 618 *412 612 *412 618 *412 618 ____. _ Mandel Bros
*412 5
14
20
41
51
48
514 5014 52
o50 :Manhattan By 7% guar-100 29 Apr 23 52 Aug 30
51
*45
51
*48
50
50
50
1034 294
1034
100 1314 Mar 15 ,2738 Aug 23
Mod 5% guar
2618 25
2614 10,100
2518 2612 2578 2614 2378 2578 2312 2534 23
Mar
104
10
28
15
July
10
10
204
25
Manhattan
Shirt
1434
1412
1412
"1414
1412
1412
1412
3,000
1438
143
4
1414
144
1412
3/
1
4
1
118
1
1 Feb 23
3 May 23
500 Maracaibo 011 Explor
14 112
*158 134 *14 134
158 134 *112 134 *112 134
5/
1
4
218
44
44 Mar 23 5342 Aug 7
5
53134 51132 1.800 Marancha Corp
53132 53134 53134 53134 5342 53132 53134 53132 *53134 6
9'
512
1
514
Apr
1
812
Aug
19
5
(Del)
Corp
Marine
Midland
10,100
814
778 8
773 8
778 8
8
8/
1
4
8
814
8
12
24
100
%June 14
112 July 22
*58 1
12
*52 1
12
12
12
as
*12 1
120 Market Street By
*12 1
2
84
2
100
258 Jan 2
5 Jan 8
Preferred
*278 334 *2/
1
4 334 *27s 334 "278 334 *278 334 *Vs 334
Mar
1
3
1214
*614
812
4
1014J11ne
3
84
812
812
100
33
27
•514
84
Prior
preferred
84
80
812 812
*812 9
44
75
1
100
1 Mar 15
214 Jan 8
2nd preferred
*138 2
*138 178 *138 134 "138 214 *13g 214 *188 2
all
17
12
No par 20 Mar 13 334 Aug 2
1,000 Marlin-Rockwell
30
3134 30
3034 *30
304 304 30
*31
3212 *3138 32
/
4 Jan 3
6.2'
No par
634 Mar 14 111
834 1958
9/
1
4 934
94 1038
912 938
978 978 4.900 Marshall Field & Co
934 10
034 1014
1238
4
214
4 June 27
*54 678
No par
918 Jan 7
*54 7
*54 654 *612 7
*54 678 *54 0
Martin-Parry Corp
2312
234 4034
294 30
2918 30
294 30
1
4 294 3,900 Mathleson Alkali Works_Ne par 2334 Mar 14 32 Jan 8
2914 30
2914 2912 29/
138
Apr
1
1054
110
100
136
Jan
2
150
Preferred
30
148 148 *1484 150 *14918 150 *14818 150 *14818 150 *14812 150
23
SO
4534
1
4 Mar 29 5211 Aug 30
10 35/
4978 5112 5014 51
51
5134 52
5214 8,500 May Department Stores
4912 5012 4934 51
44
314
834
NO par
813 Jan 30 1434 Aug 12
13
2,100 Maytag Co
13 .1278 1318 13
13
1314 134 1314 13
14
13
38
10
83
Jan 15 6034 Aug 13
834
par
No
Preferred
494 49
4934 48
48
*474 4812 *474 4812
300
494 *49
*49
3234
9
8
_
Preferred ex-warranta-No par 324 Jan 7 50 Aug 13
10
49
*4712
*474 _ _ *4712
*49
50
49
*49
50
924
49
27
No par 844 Jan 4 103 June 17
Prior preferred
80
100 102 *10018
10018 10618 *100 10112
*100 102 *100 102
32
24
22
No par 28 Mar 14 3512June 17
3,400 McCall Corp
30
2912 30
3112 29
3112 3112 3034 31
3214 31
32
Its 1212
714 Apr 3 13 Jan 3
34
1138 1112 1134 1118 114 8,200 2McCrorY Stores classA-No par
1218 11
1218 1212 1134 1214 11
124
118
114
612
Apr
3
1212
Aug
13
par
No
Claas
B
"1118
12
2,200
12
4
11
1114
1114
1034 1114 103
1214 12
12
514 634
100 574 Feb 5 91 Aug 12
314
Cony preferred
*87
90 *88
90
88
88
200
95
88
88
95 .87
*87
4
4
1012
714 Mar 26 14 Aug 16
*1212 33
*1214. 13
100 McGraw-11M Pub 03--No par
1212 1212 *1214 13 .1214 13
*1212 13
2838
88/
1
4 5012
37
374 5,100 McIntyre Porcupine Mlnes..-6 3478 Aug 23 4558 Mar 4
3612 3712 3638 3738 3634 3834 3818 3634 364 37
8714
79
954
300 McKeesport Tin Plate-No par 9012 Jan 15 123 July 25
11912 11912
*11612 11814 *11712 1204 11814 12018 *1164 118 *11612 124
914
44
34
5
54M/131 22
87.. Jan 2
74
7
778
873 714
19,300 McKesson & Robbins
7
7
74
634 7
714
7
94
114 4234
50 32 May 24 45 Mar 4
39
42
39
3912 3934 40
Cony pref series A
39
3934 4012 4,700
3834 39
38
1
1718
812 Apr 1 1538 Jan 3
34
No par
1312 1212 1312 1212 13
1234 1338 1234 13
11,400 McLellan Stores
1314 1378 13
6
94 9212
100 8512 Mar 13 110 Aug 9
6% cony pref ser A
*102 108 *100 108 *---- 10312 *9512 10312 *9512 10312 *9512 10312
62
1712
20
No par 41 Jan 2 604 Aug 14
400 Melville Shoe
5812 *5/14 5912
5912 5912 5812 5878 5812 534 *57
60
*59
84 11
1
3 Mar 12
578 Aug 30
3
412 5
434 538
44 5
434 434
412 412
5
578 15,500 Mengel Co (The)
52
24
2034
4114
20
3
4
Mar
20
3712
100
4114
Aug
30
39
3512
preferred
3812
38
3712
3578 38:4
36
7%
1,290
3412 35
2512 3354
March & MM Tramp Co-No par 22 Apr 12 2714June 1 11 22
*22
24
*2314 24 *24
24
2412 *24
*22
2412
*2214 24
5 244 Jan 15 3538July 24 33 834 57014 2534
3338 3314 3378 334 3478 8,200 Mesta Machine Co
3338 3412 3358 3418 3338 3414 33
24 Mar 13
64
278
5
538 Aug 22
212
453 44
512 512
5
5
*5
514 8,400 Miami Copper
54 538
44 512
918
94 1434
912 Mar 15 1378May 23
10
1034 114 1012 1118 1012 104 1012 1034 1012 1053 6,000 Mid-Continent Petrol
1034 11
84 Mar 12 1918July 30
No par
612
64 214
1838 16
17
1718 1818 1814 1918 12,400 Midland Steel Prod
1634 1814 1753 1818 17
100 604 Mar 6 115 Aug 12
64
854
44
8% cam let pref
30
112 112 *10912 112 *10912 111 *107 10912 109 10912 *10734 109
65
102 102
2032
36
102 102
600 Minn-Honeywell Regw___No par 58 Jan 15 105 July 30
*101 103 *101 10234 *10118 10234 10112 102
107
100 105 Jan 9 21114June 19 3 68
87
90
6% prat seties A
109 109 *10812 10978 *10812 10978 •10812 10978 *109 10978 10812 109
57s
378 Mar 15
172
434 538
534 Jan 2
112
58g
13,700 Minn Moline Pow Impl --No par
434 5
434 5
4 8 518
5
54 54
No par 31 Mar 14 5712July 8
15/
1
4 41
15
300
51'
Preferred
52
50
50
*49
51
*49
5112 *49
*50
52
51
4
14
l's
Is Mar 4
sa Jan 7
*4
500 :Minneapolis & St Louls--100
38
*14
3s
"14
/
1
4
*1
/
4
4
38
*1
/
4
/
1
4
33
212July 11
/
1
4
352
34 Apr 24
Minn St Paul & SS Marls-100
14
/
4
134 *114
134 *112 134 *112 134 *112 11
•114
134 *114
1 Mar 6
4 July 10
1
54
100
114
*134 3
100
7% preferred
218 218 *134 3
*218 278 *218 3
•218 3
14 Mar 29
114
14
712
3 Jan 14
100
120
4% leased Ilne etts
112 14 *158 238 •134 218 "134 238
24 218
*114 258
1
4 Apr 9 161
/
411.1ay 18
1038
---No par 10/
1
4 1238 •12
1218 1,000 Muudon Corp_
1212 1212 1212 1212 1212 1212 *1238 124 12/
212July 22
614 Jan 7
212
No par
44 438 2,200 Mo-Kan-Texas Rli
414 412
414 414
412 478
44 478
414 412
12
34/
1
4
100
578May 7 144 Jan 7
54
912 978 5,400
Preferred series A
934 11
934 94
934 1018
1014 1034 1038 1012
1 July 8
3 Jan 4
1
100
112
6
2
2
500 /Missouri Pacific
14 14 •112 2
14 178
*178 214
2
2
218
954
112 Mar 30
4 Jan 7
112
100
Cony preferred
234 278
234 3
34 338 2,200
234 318
34 318 *318 312
1212 2238
20 1034 Mar 13 1812 Aug 7
1034
16
900 Mohawk Carpet Mills
1838 18
18
18
1618 18
1618 1618 1834 1634 *18
39
814
10 55 Feb29 7712June 12 "24
7212 4,700 Monsanto Chem CO
7414 7412 7334 7478 7214 7414 724 7234 7212 7234 72
20
3558
334 3538 . 3234 334 3334 3438 3334 3414 59,200 Mont Ward & Co Ino____No par 2134 Mar 12 3634 Aug 10 I 1514
3312 3538 3378 35
634
No par 5614 Aug 29 66 Feb 25
37
3472
300 Morrel (J) & Co
*5614 5812 57
57
*5812 80
*5812 60
5314 5812 *5418 60
71
58
60 6112 Apr 18 6512May 24 I 5534
*61
64
100 Morris & Essex
64
65 •63
65
63 63 *61
*60
66
*60
4
14 Apr 4
118May 1
h
58 2,400 Mother Lode Coalition-No par
as
1
58
58
*h
34
h
h
34
78
78
34
Mar
18
1718
3912
Motor
par
6,200
-No
Aug
24
1514
164
4478
37
38
Products
Corp.
3712 .38
3814
3612 3914 36
3734 394 3712 39
5
712 Mar 12 114 Jan 7
614
658 1684
4,000 MotOr Wheel_.
1
4 9
8/
912 984
938 94
94 912
958 10
934 934
914 Aug 21
1112 Aug 21
--- ---____
2,900 Mullins Mfg Co Class A....7.50
978 1014 10
10
1014
*1014 101 *10
1014 11
1034 11
Class B
1
912 Aug 23 1134 Aug 24 .......
1,800
978 10
---- -*10
1012 10
1018
1012 11
1134 1058 11
11
No par 65 Aug 23 65 Aug 21
Preferred new
*6012 64
100
--65
65
*58
871 *5978 75
*64
70
402
65
15
No pas 11 Apr 3 1838 Aug 2 -1-0
13
Munsingwear Inc
*15/
1
4 17
*16
17
*154 17
*1578 1714 *154 17
17
*16
Mar
13
434
1434 Aug 26
372 1114
10
34
47,500 Murray Corp of Amer
1334 1418 1378 14
1358 1438 1358 1434 1312 1438 1338 14
333
*
No par 80 Jan 12 3912May 17
600 Myers F & E Bros
134
40
14
3914 "3814 3878 3812 384 *38
394 3918 39
40
*39
1258 32
NO par 12 Apr 27 1912 Jan 7
11
1434 1538 1458 1518 1414 1514 1418 1458 144 1434 1478 1518 14,000 Haab Motors Co
1934 264
Nashville Chaff.& St Louis __100 14 Mar 14 274 Jan 8
14
22
•17
22 .17
2178 *1712 2178
*1712 22 .17
*1818 22
31,
87.
1
412 Mar 13
3,100 National Acme
84July 25
3
738 8
758 734
712 734
734 818
84 84
734 84
514 1314
514
oh Feb 20 1014 Aug 9
10
1.200 National A viallOn Crap.-No pa
812 9
*9
9
938
838 918
912 912
3,9
10
10 22/
1
4 Apr 1 3312July 16
22/
1
4
2838 2814 2838 9.700 National Biscuit
2672 491,
274 284 28
2834 2914 2834 2878 2812 29
100 1414 Mar
1484
7% cum prat
152 Aug 17 1294 131
200
152 152 *152- 152 152 *14834 153 *14834 153 *14834 152
No par 1312 Mar 14 1812 Aug 12
235s
12
12
1618 164 1618 1612 1618 1614 4,700 Nat Cash Register
1678 1718 184 1-738 184 17
13
18s.
1114
No par 127a Mar 21
1711 July 23
1512 16
1512 1578 1538 1512 1538 1512 17,000 Nat Dairy Prod
1534 16
1514 16
100
10812July
25
pref
class
A
11012
Aug
28
,
*109
11012
40
7%
80
11012
------*109
111
11012
11012
4,10834 111 no no 4,10312
100 10612 Aug 5 108 Aug 19
7% pref class B
*10738 108 *106 108 *106 108 *106 10734 *106 10731 *108 10734
Ifs
112 Mar 7
a
452 Jan 17
-12
214 238 4,200 /Nat DepartmentStores-No par
238 238
214 238
238 212
212 238
238 212
284
5
Preferred
100 17 Apr 2 3434 Feb 16
26
25
2514 1,720
3
2512 2414 2534 25
2614 2434 2634 24
25
3134
No par 2312May 2 2912 Aug 30
16
16
2814 2912 44,200 Nati Distil Prod
2734 2734 28
2734 2834 2734 2838 2718 2812 27
No par 21 May 31 3212July 8
164 324
1.000 Nal Enam & StaMPIng
10
2434 2434 25
25
2534 *2412 28
2614 24
*26
2714 26
170
100 145 Jan 18 185 Aug 5
300 National Lead
873s 135
181 181 *170 180 *172 180
185 185
185 185
*181 185
1464
100 150 Jan 18 18212May 23 122
Preferred A
123
*15814 161 *15814 161 *15814 161 *15814 161 *15612 16012 *15612 16012
12112
100
1215
8
B
Jan
26
Preferred
14012July
10012
30
995
4
140
*138
140
"138
*1333
4
140
4
140
*1333
4
140
*13334 140 *1333
Vs Mar 15 1438 Aug 17
No pa
64 154
472
1018 1014 1034 1014 1078 54,100 National Pow & L11
1014 1138 1018 1114 1018 1118 10
34
232
12July 12
100 Nat Bps of Max lat 4% Pf---100
1 Jan 10
*58 113
4
34
34
*34 1
*34 1
*34 1
*34 1
13
100
14 btu 19
4 Jan 2
14
30 preferred
ss
1
*38
12
*38
*h
12
h
58
*38
ss
*38
4
25 404 Mar 13 8834 Aug 26
3412 58'4
33
844 6513 8,000 National Steel Corp
8834 8512 884 8414 8434 844 65
6634 6714 67
25
9 Mar 13 2078 Aug 17
9
10
2118
1812 1878 184 1811 1814 2,300 NatMnal 8111)CO3, a Del
1938 18
1918 19't 19
1934 18
100 86 Mar 20 7738 Aug 17
Preferred
33
1,040
3312 60
7212 7212 7212 73
73
73
7514 757k 7358 7514 7134 74
1834
No par 3814 Mar 13 1132 Jan 4
9
x814
978 98 1,000 National Tea Co
94 978 *934 978
94 10
978 10
•978 10
714
1038
712 Jan 15 12 June 11 It 354
No par
'2,300 Natomas Co
11
1118 1012 1078 1034 1034 *1012 1078 *1053 103
11
11
04
301
/
4
No
par
2114June
8
3138
Aug
12
4
Neisner
Bros
*2714
30
500
32714 28
28
31
28
*28
*28
291 *284 30
4972
No par 434 Jan 2 61 Aug 9
31
15
6038 1,200 Newberry Co (.1 J)
6018 *60
6018 *60
6012 6053 604 6012 6018 6012 60
112
Jan
100
109
25
117
80
100
preferred
114
May
7
114
60
7%
114
114
114
114
*113
114
*113
114
.114
*11212
25
358July 13
6
*353 10
8 July 29
358
10
10
*5
INew Orleans Texas& Mex--100
*5
*34 10
*318 10
*5
10
I
438 Mar 12
54 13
8 Jan 3
44
812 612
612 812 1,500 Newport Industries
838 818
814 812
614 812
614 658
1812
Mar
2834
gar
12
1112
No
2814
Jan
114
25
Air
Brake
4
26
25
1,500
N
Y
2412
257
8
2412
26
26
25
2512 2512 *25
NO par 1214 Mar 12 25/
1
4 Aug 17
1214
184 4514
2212 2214 2234 93,100 New York Central
2214 22
2318 2438 2314 244 214 2438 21
2678
6
Mar
12
100
13
&
St
Louts
Co
Jan
4
6
V
Y
Ohio
*9
93
500
N
10
4
912
94
*Oh
*Oh
10
*034 1012 1014 1012
978 Mar 12 25 Jan 7
130
978
16
6314
Preferred series A
2012 194 194 1912 1934 1912 1912 2,100
21
2114 21
2112 19
2 Mar 14
100
514 Aug 29
a
253
814
310 New York Dock
334 514
412 5
*218 378 .212 334 *212 334 *212 234
100
5
20
4 Mar 29 1112 Aug 30
4
Preferred
8
1114 1012 1112 1,880
8
834
734 734
712 734 *712 8
139
108
50 112 Mar 11 139 June 12 101
N Y & Harlem
*126 130 *126 130 *126 130 *126 130 *128 130 *126 130.
120
50 11414 Mar 14 11414 Mar 14 :112
112
Preferred
12212 160 *12212 160 *12212 160 *1224 160 *12212 160 *12212 160
38
114
IsMay 31
78 Aug 14
No pa
4
58 1,600 2N Y Investors Inc
38
/
1
4
58
58
*58
34
38
38
38
34
34
95
99
11,1
ay
22
Western_100
99
May
22
83
NY
Lackawanna
&
784
*90
98
*90
98
98
*90 _ - *9612 9812 *9612 9812 *96
2415
278 Feb 26
6
100
84 Jan 4
278
6
634
634 714
634 74 11,500 N Y N 11 & Hartford
578 714
671‘ 114
638 74
6 Feb 26 184 Aug 13
1012 3711
100
6
Con" preferred
1334 1214 1234 1314 1334 1314 1338 6,100
134 1478 1234 1312 12
2/
1
4 Mar 15
6 Jan 19
612 1132
100
24
414 414
800 NY 033ario & Western
434 434
44 438
412 418
458
412 412 *4
18 Mar 29
08
134
114 Aug 26
Is
No pa
1,900 N Y Railways pref
*34 1
.h
1
1
1
14 114
14 118
14 118
14May
22
Preferred
stamped
118
Aug
28
*34
2
100
14
*34
2
*
14
- '178
118
•118
-- *118 2
*78
14 -227i
818 Mar 14 1618 Jan 7
818
19,900 NY ShIPISMI Carp part stk....1
1212 1358 1314 14
1214 1334 1278 134 1278 1312 124 13
8934
72
70 Apr 18 87 Jan 7
6912
80
7812 7812
*7312 75
80
75
75
78
80
784 7838 78
Na par 60 June 5 9212July 15
69
10 NY Steam $6 ore
73
99'1
8812 *8412 8612
*8412 8612 *844 8612 8412 8412 *844 8812 *85
10972
90
79
No par 79 May 28 100 Aug 2
50
$7 1st preferred
9/
91112 9612
9812 *94
99
96
*94
*98
9934 99
98
3014 6578
8034 Jan 15 43 May 22
25
No pa
*39
3938 3914 3914 374 3334 3814 3834 3858 3834 3812 3878 3,000 Noranda Mines Ltd
44
34 Aug 6
158 Aug 13
112
100
78
100 /Norfolk Southern
118 *114 14 *114 178
112 *114
11
*114
112 112 *114
157
161
100 158 Mar 13 190 Aug 26 133
400 Norfolk & Wistern
18734 189
190 190 *19014 193 *189 191
190 190
*18714 190
10012
10
108
99
Jan
June
18
82
lull
77
50
Adios
.4%
pre
108
*105
108 106 *105 106
105 105
105 105 *105 106
104 2514
9 Mar 13 2414 Aug 17
9
No pa
1934 204 136,100 North Amen= Co
1814 1918 1914 20
19
2112 1918 2012 184 201
50 554 Mar 15 5358 Aug 16
45
34
31
Preferred
4978 4978 4912 4913 4834 4834 4812 494 4914 4914 1,100
51
51
Mar
13
418
Aug
12
2
2
25s
833
18,900
1
North
Amer
Aviation
378 41g
334 378
334 34
334 34
34 44
378 4
474 744
39
500 No Amer Edison pref__No par 57 Jan 3 9738 Aug 16
•9134 83
94
9112 9113 9112 9112 *91
9314 9334 *9134 93
71
81
924
__ ______ Northern Central
50 8812 Mar 29 99 Aug 20
*0034
_ *00 ____ *00 ____ *00 ____ *00 ____ *in
1614
43* Yii
For footnotes see page 1394.
New York Stock Record-Continued-Page 7
Volume 141
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug.24
Monday
Aug.26
Tuesday
Aug.27
Wednesday
Aug.28
2 Per share 2 per share 8 per share $ per share
17
1714 17
173
1612 1712 1612 1654
*42
4212 *42
4212 42
42
*41
42
*112 11* *112 I%
112
112 *112 114
29
*21
297 *21
*21
2812 *20
2812
1114 1112 1114 1158 1119 1158 11
1114
21
2112 2058 2158 194 2112 19
194
718 758
718 712
634 714
638 7
*90 103
*90 102
*90 100
*90 100
7
7
*74 832
718 714
678 678
19
1912 19
19
1834 1912 484 1878
*123 124 *123 124
12312 12312 1231 123%
7
14
1634 158 174 15
1712 154 1688
8212 8112 8413 80
8014 8014 81
8112
*50
..... .
50 ____ 4,5
0 ____ .
80 _ _ _ _
*115
•115
*115
__ *115
_
9712 98
98
8
9712 184 97 1112
1614 17
1614 1614 154 1658 1512 1534
*24 212 *2
258 *2
2
2
258
Thursday
Aug.29
Friday
Aug.30
Sales
far
the
Week
$ per share 8 per share Shares
1612 1678 1614 1612 15,300
*41
42
42
42
100
500
112 112
I% 112
2812 *21
2812
*21
1012 1034 11,500
1034 11
*1958 2014 4,500
20
20
738 734 14,700
5
8
*90 100
*90 100
800
7
7
714 74
1812 1878 1858 1858 6,800
125 125
90
125 125
15/
1
4 16% 158 1614 136.200
82% 2,200
8212 8212 *79
*50
60
so
____ ...._ _
20
11512 11512
9714 91334 3,000
4
4 *115-154 1558 1514 1512 6,800
2
2
*114 2
700
412 788 *412 612 *414 612 *472 732 *4131 612 *44 672
STOCKS
NEW YORK STOCK
=CHANGE
1
4 *212 278 *212 278 *212 I 314 *2
*212 2/
*238 3
314
2678 2714 2658 2718 24
2658 23/
1
4 244 24141 254 2458 254 27,000
/
4 3914 4014 394 4012 3814 395* 39
3914 411
3912 398 4012 10,800
*1415 15
1418 141
*1458 16
1414 144 1412' 1412 *1478 15
500
*109 114 *109 114 *109 111 *10914 11058 1105811058 *10914 111
100
*13214 138 *13214 138 •13214 138 *13214 133
10
13312,13312 *13254 138
1012
1078
•
912
1114
10/
1
4
1012
914
958 98
91g 94 9,900
58
41
458 4s4
412 4/
44
1
4
411 458
Cy 45 35,400
4121 454
/
4 1114 *1114 1158 *1154 118 *11141 1158 *1114 1132
*1114 1112 111
100
%
78
1
1
1
1
1,400
554 1
*78 1
4 I
110
1612 16
1512 1612 *16
16
*1312 154 *1312 16
*9
16
---- ---- ---- ---- ---- --__
818 912 61,400
8
838 834
8s
85
871
: 2,700
---- ---- ---- ---- ---- ---- 84
86
8658 86
52,700
958 11
978 1014
914 10313
---- - :-- --:- --:_- ---- -- 4.8
43
8
4
5
8
4
4-88
..
_ _
412
_ 38,700
*1454 1612
16
15
15
*15
400
1458
44 42
418 438
4
44 16,200
412
4
418
4
4
4
118
*1
118 *1
1
1
1
1
400
*1
119
14 *1
78 1
78
78
78
78
12
78 1
78
ly
58 32,500
11
1012 1012 11
1012 1012 104 1118 ----------------1,800
14
14
13/
1
4 14
13% 14% 131: 1314 1358 14
13% 332 4,300
4,114
138 *114 14
*78
114 154
114
1
1
1
600
1
72
72
*704 72
721 72
400
72
*72
7212 725 7212 511
8012 8134 804 81
804 8058 804 81
8058 8012 791g 8014 3,600
512 534
554 54
512 534
558 1,800
5
518
514
514
5
,
2
33
38
38
31/4
334
35
35
3/
1
4
2,100
312 35
3%1 312
*2358 2678 *2358 2678 2358 2358 *2218 251 *22, 2512 *2212 26/
100
1
4
2738 2812 274 2714 2612 28
2612 2714 27, 273
2738 23,300
27
3554 3519
34/
1
4 351
358 3412 34% 35' 3514 3414 3412 2,100
115 115 *115 11654 *11338 11834 11634 11614
•115 116 *115 116
60
3812 37
381s 4014 38
6,900
385* 3612 374 37% 3812 3812 39
*2
3
*2
3
*2
3
3
*2
3
*2
3
1612 1612 15/
1
4 16
16
16
1218 *1512 1714
1512 1512 *16
500
*26
30
28/
1
4 284 2812 283
600
2814 2834
294 2914 *28h 293
22
23% 22
*22
2212 221 *214 2212 *2112 2279 2275 2275
300
14
*14
1412 14
1412 1413 144 1418 *1478 15
300
*1478 15
1018 1012
978 978
97s 1038 10
95* 934 5.300
1018 1 978 1018
2114 2218 214 22
20
2058 205* 2058 2012 2054 20,300
40
4112 39
40
3814 39
3812 39
39
39
40
40
1,600
*7514 - - *7514 78
*74
78
778
100
75
75 *7314 773 574
*158 -2-58 *154 258 *04 21s
24 218
110
178
24 24
178
*412 458
412 412 *4
41
*4
459
458 458
458 458
70
214 278
284 254
255 23
258 258 3,800
254
23
255 235
4913 4934 10,400
4834 5012 4914 50
484 511
494 51)
4814 493
94 *8
*8
*8
91
10
48
912 *8
912 *8
9,2
7412 *60
*7112 7412
741 *60
7412
7412 *60
7412 *60
27
2788 2658 2872 2734 2938 27% 2814 268 2838 2514 2614 126.200
*74 75*
712 72
712 778 *712 8
8
812
812 812
900 Pheamis Koille17
5
*694 70
*6814 70
70
70
75
130
Preferred
*70
70
100
70
70
70
12
12
h
12
12
12
It 6,600 Pierce Oil Corp
*38
12
12
1
h
25
412
4
*4
434 *4
4
*4
43
378 378
312 312
600
Preferred
100
71,
78
578 1
78
78
84 1
31 2,00(1 P113708 Petroleum
34
78
-No par
78
34
*333 3458 333 34
3458 34
34% 3438 3458 3412 3412 1,900 Pillsbury Flour Mille
No par
65
5
8
655
8
80
*6618 80
*6512
100 Pirelli Co of Italy Amer shares__
*6558 80 *____ 80 *____ 80
1112 1012 1012
*11
84 1018
9
1072
91
800 Pittsburgh Coal of Pa
.915 1072 *9
100
*3612 3934 *38
*3712 40
40
3812
300
3812 *38
3612 38 *37
100
Preferred
180 180
179 179 *17114 --- *17114 1964 *17114 19614
*180 181
60 Pitts Ft W & Chic pref
100
658 634
612 6$8
612 658
612 612 2,800 Pittsburgh Screw & Boll-- No par
64 61
614 614
42
42 *42
44
40
40
41%
110 Pitts Steel 7% cum pref
4014 41
39
40
100
39
*111 2
*1
*138 2
134 .1
2
*14 2
414 2
Pitts Term Coal Corp
100
*1434 16
*144 15
15
15
15
70
15 *1012 15 *1012 16
6% preferred
100
700 Pittsburgh United
*214 3
214 2/
3
1
4 *214 3
3
3
3
3
3
25
544 55
5418 561
410
5212 55
5214
5318 *51
Preferred
51
52
53
100
*14
178
14
1418 17
14
260 Pittsburgh & West Virginia -100
12% 1318 1312 14
*1212 14
1% 158 *114 2
*158 2
24 23
*158 2
900 Pittston Co (The)
2
2
No par
1018 1018
10
10
935 6.500 Plymouth 011 CO
9
978 1038
912 972
978 10
$
578 94
828 8%
784 73
818 818
8
84 2,400 Poor & Co elms B
839 812
No par
338 338
338 338
*388 31
312 332 *3
312 *314 3%
400 Porto Rio-Am Tob el A
No par
*1
132 *1
1% *118 118 *118
,
Class 13
pa *Vs
15* *118 13
No par
84 884
82 84
8
5,800 :Postal Tel & Cable 7% peel -100
8
ni 8
7% 85
74 8
*2
21
2
218
218 218
2
178 1/
1
4 1,600 2Pressed Steel Car
2
2
24
No par
13
1312 1312 13
1212 13
*1178 1212 1,000
12
Preferred
12
11
100
118
5114 52
52
513 5212 5112 5112 x5112 52
52
5112 517s 2,300 Procter & Gamble
No par
1163 1163 *11612 117
11614 11612 11612 11634 *11434 11634 *11454 1168* .
4 70
5% pref (ear of Feb 1'29)100
4012 4184 4018 411
40
411
39
404 403* 4034 24014 4078 19,800 Pub Ser Corp of NJ
No par
*9878 9914 9912 9912 *9878 995* • 9878 98/
700
25 preferred
1
4 9912 9984 29812 9812
No par
•107 1107 *110 11014 110 110 *1084 11014 *109 110 210975 10978
400
6% preferred
100
122 122 512112 12212 *12112 12212 12212 12212 *122 l23'8 s122 122%
400
7% preferred
100
*130 138 •130 140 •130 140 *130 140 •130 140 *131 140
8% preferred
100
*112 1131 *112 1134
-.
-.
- Pub Ber El & Gas pf $5___No par
- - *11278
*111%
- *1125*
41% 427 *11244112 4212 41 1112 4114 -i1-1
4158 421
--411
7,400 Pullman Inc
No par
9
914
84 9
814 812 13,800 Pure 011 (The)
812 884
812 918
838 854
No par
924 93
924 93
59112 94
90
9112 9112 9012 911
90'2
570
8% cone preferred
100
78
75
75
.76
74
*70
74
75
74
1,000
73
6% preferred
7314 74
100
1
4 14
13% 13s 13/
134 134 138 134 1312 1313 1312 1312 2,000 Purity Bakeries
No par
67
71
68
74
612 7
65
8
612
63
612
90,400 Radio Corp of Abler
858 65*
No par
5558 5558 5559 5519 55
5532 55
554 55
5535 5535 555* 2,700
Preferred
50
6112 62'z 62 6212 58
60
SO's 11,600
Preferred 13
034 584 604 5912 60
No par
212 258
22 258
212 258
238 258 9,600 :Radio-Keith-Orr/4
238 238
238 212
No par
2014 2014
2018 201
1914 2058 1978 19/
1
4 x1934 194 2018 2018 2,400 Raybesto8 Manhattan-No par
384 381
38
38
3612 3612 36
364 *351 37
38
600 Reading
50
*38
404 *38
*38
40
4018
404 *3814 4018 *38
4018 435
let preferred
50
371 *3414 3712 *3414 3712 *3414 3712 *3414 3712 *3414 371
*35
2d preferred
60
*812 94 *84 912 *8
9
91g *8
9
*8
834
Real Silk Hordery
10
5718 5712 5713 57% 5358 53% *55
*5412 57 I
80
57
56 *54
Pref wred
100
112 14
*112 158
112
11
li: 112 *14
153 •112 Ps
300 Rale (Rohl) & CO
No par
131 *11
1312 *11
*11
131
100
1312 *1012 1312
11
*11
lel preferred
11
100
1078 1118 10781 1112 1115 113
1132 1112 1114 1112 27,600 Remlagton-Rand
11
113
1
---- -----------9514 9554 9612 99
_ ---- ------------1,700
Da preferred
100
_ ---- ---. ---- --- _ ____
_
9614 96 100
95
___
170
28 preferred
100
7018 7014 72
70
73 -ii *72
7314 74 -74
4,200
73
86 preferred
73
25
224 2218 218* 2212 22
223
Prior preferred
25
223* 2258 2212 225* ,*2212 228 4,800
3
3
24 3
3
3
278 318
3
318
3
34 10,300 Reo Motor Car
6
1812 1912 1834 1912 1818 194 1712 1812 1818 1858 1814 1858 36,200 Republic Steel Corp
No par
7314 6914 7312 69
71
734 72
14,800 6% cone preferred
7034 7014 72
70
71
100
73
72
7212 73
7314 7314 *6934 7041 *69% 71
*7012 713
700
6% pref MN of deo
*84 834 *712 834 *712 812
100 Revere CoPPer & Bram
*712 9
712 712 *712 9
5
*18
20
*17
•1812 20
20
19
*17
20
*16
194 *17
Clam A
10
92
9252 924 93
92
92
*90
9412
93
250
93
92
92
Preferred
100
2214 22
2214 3,300 Reynolds Metals Co .._....N, Par
2054 2054 2034 2134 2112 2178 2114 2211 22
108 10818 108 108 *10712 1084 107 10712 *107 108
*10758 108
1,000
5I4% cone pref
100
22
2232 2112 22
22
22
21 8 22
22
2,500 Reynolds Spring
22
20
21
1
5412 65
5458 55
544 55
54
5458 5433 5434 5412 5434 12,600 Reynolds (14 J) Tob clam B.-10
*6012 6312 a60
60
6012 6012 *6019 6312 *6012 6312 *6012 6312
40
Class A
10
*114 12
1114 1114 11
•1114 12
300 Ritter Dental Mfg
1114 1134 *1034 12
11
No par
278
:
200 Roan 4et.lepe inflow.,mine. ._
2758 2738 *274 284 *2714 281
For footnotes see page 1394
;IA yi
-144 ..ii .ii
204 2178
.7112
*38I9
.819
2712 .2734 281z 2714 2814
Rasps Steed Ian. 1
Os Basis of 100-14aro Leto
Lowest
Par
Northern Pacifier
100
Northwestern Telegraph
50
Norwalk Tire & Rubber ....No par
Preferred
50
Ohio Oil CO
No par
Oliver Farm Equip new_No par
Omnibus Corp(The)vie_ No par
Preferred A
100
Oppenlaeim Coll & Co____No par
Otis Elevator
No par
Preferred
100
Otis Steel
No par
Prior preferred
100
Outlet Co
No par
Preferred
100
ovrene-1111nols Mass Oo
25
Pacific Amer. Fisheries Ine .5
Pacific Coast
10
let preferred
No par
2d preferred
No par
Pacific Gas & Electric
25
Pacific Ltg Corp
no par
Pacific Mille
No par
Pacific Telep & Teleg
100
6% preferred
BS,
Pao Western Oil Corp ____No par
Packard Motor Car
No pa,.
Pan-Amer Petr & Tram
6
Panhandle Prod & Ret___No par
8% e0n. preferred
100
Paramount Pictures new
1
First preferred
100
Second preferred
10
:Paramount Pu011x one
10
Park-Tilford Inc
1
Park Utah 0 M
1
Parmelee Transporta'n_. _No par
Pathe Exchange. .. -No par
Preferred class .A
No par
Patine) Mines & Enterpr --No par
Peerless Motor Car
3
No par
Penick & Fnrd
Penney (J C)
...No par
Penn Coal & Coke Corp
10
Pena-Dixle Cement
No par
Preferred aeries A
100
Pennsylvania
50
Peoples Drug Storm
No par
Preferred
100
People's GI L & 0(01110-100
Peoria & Eastern
100
Pere Marquette
100
Prior preferred
100
Preferred
100
Pet Milk
No par
Petroleum Corp of Am
5
Phelpe-Dodge Corp
25
Philadelphia Co 6% pref
50
86 preferred
No par
:Philadelphia Rap Tran Co-__50
7% preferred
Phila & Read 0 & I
No par
Phillip Morris ac Co Ltd
10
Phillips Jonas Corp
No par
7% preferred
100
Philips Petroleum
No par
1401
Mama.
Jour I
1933 to Emma for
Juts 31 Year 1934
1935
Low Low
High
$ per Mare $ per oh $ per skard
21/
1
4 Jan 7
134
144 36/
1
4
4412July 25
33
33
43
214 Jan 4
14
11
412
3219 Jan 3
20
29
4014
1418May 17
812
812 Ws
2158 Aug 26
100 Aug 22 -7-0
-70
9
-570
100 Aug 22
70
95
84 Aug 10
494
15% 1458
124 1922
1118
22 Aug 5
125 July 5
92
92
108
3
174 Aug 27
35*
8
8412 Aug 27
712
9
25
30
50 Aug 7
47
28
97
1154 Mar 29
97
11612
64
60
00
104 June 11
174 Aug 23 17 5
1
24 Jan 7
8 Mar 30
312
34 11 14
1
2
612
4 Jan 71258 2312
134 Mar 8 2814 Aug 12
1258
15058 37
19
19 Mar 18 4412 Aug 17
12
34
19
12 June 19 21 Jan 2
69
23 76811
70 Jan 2 112 July'
854
103
110
9914
11112 Jan 14 13414 Aug 12
54
958
1138 Aug 23 I 5
034July 11
578 Jan 7 " 258
25* • 658
312 Mar 13
. 12
814
108
1034 Jan 9 12 June 14
1:
12June 20
118 Jan 7
58
212
612
7
314
64 Mar 12 1912 Aug 14
912 Aug 30
8 Aug 28
84 Aug 28 8712 Aug 30
914 Aug 28 11 Aug 30
558 Aug 7
Si
1-4
154
214 Mar 27
854
11 May 20 17% Jan 11
11
17
2
8 Apr 26
2/
1
4 Mar 21
21s
678
4
1% Feb 18
h Apr 18
12
2
„
4
112 Jan 2
4,4
12 Mar 8
458
104 2414
8 July 12 1714 Jan 2
952 2112
814
814 Feb 275 15 May 23
h
1
%July 12
158 Jan 4
478
644 Feb 5 81 July 8
4458
448* 67
354
5112 7454
574 Apr 3 818 Aug 27
514
1/
1
4
1/
1
4
612 Aug 21
i 214 Mar 13
55: Aug 6
258
278
3 Mar 9
7
1214 824
10
18 Mar 11 27% Aug 17
174
2018 37
1714 Mar 12 2914 Aug 17
5
195* 66
30 Feb 5 39 Apr 1 35 104
80
86
1108* Jan 9 11654 Mar 28
1124
1734
194 4374
1714 Mar 7 4312 Aug 17
8
2
2
3 Jan 7
218 Feb 26
94
12
38
954 Mar 13 19 Jan 31
1411
18
1612 Mar 13 32 Jan 9
5112
1318 43
12
13 Mar 15 244 Jan 11
914
914 1772
14 Aug 26 1938 Feb 4
84 1414
74
758 Mar 14 1158May 23
1134
1314 1878
1214 Mar 15 2214 Aug 23
23 Feb 27 45 July 9
24(4 87
214
6458
3814
49
384 Mar 5 7618 Aug 20
2
6
158July 21
4 Jan 8 55 14
3
412 16
6 Jan 12
312July 30
478 Jan 9
158
3,
184 Mar 21
8
654
1018
1112 488*
35h Mar 12 5312June 15
512
7
21
54 Mar 22 11 Jan 4
48
48
7478
5312 Apr 1 76 Aug 12
11
1314 Mar 12 2938 Aug 27
13% s2084
812 Aug 19
3
3 Mar 21
418 134
64
24
50
50 July 8 70 Aug 27
„
58 Jan 8
4 Apr 27
se
11
/
4
'
23
flla Apr 15
234July 2
418 1014
53
58 July 16
l's Jan 8
34
2
18
1812 344
31 Apr 8 3554July 19
72
7014 87
6553 Aug 26 7612 Jan 25
7
74 1812
7 Mar 14 1275 Aug 13
24
26
4434 Aug 13
2812July Ii
4212
14112 189
172 Feb 1 180 Aug 21 14114
412
9 Jan 11
412 11%
512 Mar 13
1514
151
/
4 43
224 Mar 13 49 July 25
14
1
312
1 Mar 21
21a Jan 12
815
1912
615
1014 Apr 4 15 Feb 25
5
118
118
34 July 29
114 Mar 20
241:
2558 1*95
.
244 Apr 4 568 Aug 22
6%
10
27
678June 4 1714 Aug 14
114
5
1 Mar 21
258 Aug 30
1
64
74 165*
812 Mar 15 1158May 17
1478
618 Mar 15 1112 Jan 9
6
6
218
458May 10
614
132
14 Mar 19
104
14
1
/
1
4 Feb 28
112 Jan 8
43*
1012 39/
458June 13 1658 Jan 7
1
4
5
58
114
34 Jan 211
%May 14
558 22.,
514
612May 14 17 Jan 21
334
334 44
42% Jan 12 5334 July 23
1024 117_..
115 Jan 2 212014May 23 "101
2018
25
45
201* Mar 5 45 Aug 17
84
597g
07
625* Feb 20 100 Aug 6
73
78
97%
73 Mar 14 11158 Aug 22
106
88
84
85/
1
4 Mar 18 12414 Aug 16
99
106
1194
100 Mar 14 1404 Aug 1
8372
87% 104%
99 Jan 5 113 July 30
3514 5958
34 Apr 30 5278 Jan 9I 34
572
612 1478
1
4 Mar 21 1018June 19
5/
/61
49
49
495* Mar 18 93 Aug 26
3312
3312 63
65 June 25 764 Aug 22
658
858 11184
147s Aug 14
85* Feb 1
754 Aug 13
4
412
94
4 Mar 13
22
33/
1
4 561s
50 Mar 18 6212 Jan 25
16
46
1318
3514 Mar 12 653 Aug 12
114
14
3 Aug 14
4/
1
4
14 Mar 13
1418 23
1118
1612 Mar 13 21 Jan 2
2978
3518 5618
29/
1
4Mar 28 434 Jan 7
8818 4111
28
36 Apr 6 424July 10
27
33 Apr 17 3714May 14
291a 394
318
6
14
11 Aug 16
318 Apr
2018
2018 Apr 2 6312 Aug 19
35
6014
1
24 Jan 7
6
1 Mar 26
158
53
8 Mar 12 15 Jan 7
5/
1
4 3834
514
1134 Aug 27
6
7 June
1358
241
7144 Jan 15 99 Aug 26
II358 71
100 Aug 26
24
30
70
7u Jan
6918 Aug 23 74 Aug 27
21/
1
4 Aug 28 2212 Aug 23
414May 9
2
214 Mar 13
-2-6-12
104 25/
1
4
9
9 Mar 15 1958 Aug 22
2858 Mar 18 74/
1
4 Aug 22
19
334 6218
28 Mar 16 731 Aug 22
28
394 4214
6
8/
1
144
4 Aug 22 54 3
512 Apr 3
13 Apr 17 20 Aug 22 0410
114 28%
35
46
90
75 Apr 9 93 May 27
154 27h
1712 Apr 29 2412 Jan 10 is 958
101 Juno 10 1081* July 5 101
-612 -1-6
1214 Mar 20 2378July 26 47 6
3914
4318Mar 26 55 July 29
MN 5324
624
5514
57
554 Apr 22 6112July 16
54 1312
54
54 Mar 26 1278June 14
217,, pet, 26 3022mrav 17
2118
70
20
$ per Shari
134 Mar 28
3578 Jan 18
118July 12
s20 Mar 20
914 Mar 18
16% Aug 14
312July 23
75 Jan 16
414 Apr 3
1118 Apr 4
106 Jan 7
414 Mar 14
2214 Jan 16
38 Mar 12
11412 Mar 23
80 Mar 12
14 Aug 5
1 Mar 26
358 Jan 2
1 Mar 27
i's
Ws;
1402
•
New York Stock Record-Continued-Page 8
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug.24
Monday 1
Aug. 26
Tuesday
Aug.27
Wednesday
Aug.28
Thursday
Aug. 29
Friday
Aug. 30
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Aug. 31 1935
Rowe Slate .144. 1
Os Basis of 100-shore Lots
Lowest
Nwhest
.11s4p 1
1933 to Range lot
July 31 Year 1934
1935 -Le
, Lose
High
5 Per share
$ per share $ per oh h Per share
2858 394
2858
2912 Mar 12 4434 Aug 14
412 15
3
54 Jan 3
3 Apr 18
104 Mar 13 2214 Aug 27 1014 1514 2774
DE
438
34June 6
2 Jan 8
34
61
/
4
112
1
1 Apr 3
212 Jan 8
20
8
6
8 Apr 15 14 Jan 12
27
13
12
12 Mar 4 2178May 13
3814 57
3584
3634June 13 46 Jan 2
/
4 108
80
841
10434 Mar 11 11314June 29
9818 11312
904
10613 Feb 7 11412June 19
618 124
412
6 Jan 15 1134 Aug 21
1
4
174 38/
22 Mar 12 35 Aug 22
174
8
3
11
/
4
154 Apr 4
4 Jan 2
15
3034
8
8 Apr 4 2018 Jan 18
6038
41
3714
55 Jan 2 70 Aug 16
14
74 J88 4
2
laune 29
'a
I
34
58 Aug 1
34
158 Aug 14
19
2034 3838
2034 Mar 12 3578May 9
558
212
24
3/
1
4July 24
472 Jan 26
5114
31
31 Mar 12 5978 Aug 9
30
113
414
118
lIsMay 6
234 Aug 14
52
32
80
40 Apr 3 65 Aug 12
738 Mar 13 1112 Aug 27
34
08 9
884 1374
8
714mar1
914 Ayr 22
rya 134
9 Mar 14 1838 Aug 6
4
314 Mar 12
314
514July 31
4
Tis
43 Aug 22 50 July 23
3814 49
30
19
264
2038 Jan 2 37 July 29j 19
513 Mar 19 13 May 19
6
114
54
6314 Mar 21 9812 Aug 15"4512
57
39
8
124
8/
1
4 Feb 15 1935 Apr 26 el 54
818 244
6 Mar 15 1614 Aug 14
6
5 July 19 18/
74 174
1
4 Jan 9
5
114
6
84 Jan 15 111
/
4 Aug 27
6
5112 684
60 Jan 22 98 Aug 23
42
274
13 Mar 20 39 Aug 23
15
12
18'i 412
24 Mar 12 53 Aug 21
16
1514 Apr 3 20 Feb 15
34
51
/
4 1934
1212 197g
10/
1
4 Aug 30 1534May 24 68 912
10713 Jan 16 11178July 2 I 76
86
1084
394.
20
20 Jan 30 2838May 24
20
137 116
132 Feb 4 150 July 5 112
104 224
1058 Mar 13 2138 Aug 22 I 1018
54 10.18
51 July 12
3 May 6
3
314
11 July 12
14
2 June 10
118
1478 331
1234 Mar 18 2114 Aug 17
1234
/
4
11 3 3612
512July 8 164 Jan 4
512
414
7 July 8 201s Jan 4
14
7
15 July 23 3314 Jan 12
3112 4734
15
6
13
5 Mar 14
5
8 Aug 17
42 Apr 2 6812 Aug 19
$04 74
8014
60
30
594 Apr 8 94 Aug 27
20
34 Mar 13
534 Jan 2
2/
1
4
2/
1
4
3
314June 25
7 Jan 22
14
3
71
/
4
644
65 Mar 23 74 Jan 7
39
304
32 Apr 3 3614May II
1214
1554 334
/
4
553 111
358
714 Mar 14 1318 Aug 21
6
13
812Mar 14 1412July 22
6
$314 Feb 14 4712July 22
2134 4114
18
43/
1
4 Mar 27 791: Jan 17
19
7634
74
10134 July 26 10358 Aug 29 8 45
-- ---6 July 27
94 Aug 12
8
-- - =1358 Apr 30 1918 Jan 3
17-14 -304
1338
12258June 4 530 Apr 9 120
12114 127
8
3
24 Mar 15
24
5 Aug 19
358 17
112 Mar 15
14
94 Aug 17
458 17
184 Mar 15 11/
1/
1
4
1
4 Aug 17
33
10
434 Mar 15 2558 Aug 12
454
6 Mar 15 2712 Aug 17
6
114 384
178
/
1
4
78July 17
11
/
4 Aug 23
Is
944
Ms 114
Ill Jan 3 116 Apr 6
2734 Mar 15 3878May 24
2614 4278
2612
23 Mar 15 28 Aug 15
234 2714
23
41
26
23 Aug 14 32 Feb 18
19
3534 Mar 18 5012May 23
3914 6018
334
6
1514
1211 Mar 14 20 July .9
6
58/
1
4 Jan 15 671
6714 664
4534
/
4 Aug 13
11
/
4
3
14 Mar 19
11
/
4 Jan 18
1
34 Mar 28
$
7
514 Aug 17
258
884
36 Mar 5 43 Aug 9
30
2818
44 104
658 Mar 5 1314July 30
44
212 Mar 14 10/
3/
1
4 1338
34
1
4 Aug 3
214 Apr 17
414 Aug 18
2/
1
4 -- -601s Mar 20 7512June 13
5113 7414
42
118
11512 Jan 10 121 Mar 23
96
100
144 2514
sll Apr 4 2438 Aug 27 511
314
114
lis Jan 2
14
8 Apr 17
1
4 1534
4/
5 Mar 18 1234 Aug 27
458
314 Mar 6
31, 534
IP*
534 Aug 21
1514July 15 1714July 18 8 11
-- - ---24
18
14
ra Jan 4
14 AIM 15
Ds
534
14
114 Apr 29
234 Jan 4
658July 18
9/
1
4 „Ian 9
6/
1
4
74 151
/
4
34
634
4 Mar 15
84
512 Jan 26
164 Mar 13 2334May 17
1612
1858 293*
661
28/
1
4 Apr 4 36/
1
4 Feb 19
30
4
2234
814 Jan 2
24 84
24
858 Aug 23
5/
1
4 12
813 Jan 16 1211May 14
6
14 Apr 12 254 Jan 10
1312 4314
134
0
18
1318May 8 2612 Aug 17
8
524
50 May 4 58/
39
1
4 Aug 16
385s
124
4
54 Apr 10 1178 Aug 13
4
65
50
83
• 614 Jan 7 91 Aug 20
34Mar 7
21s
94
578 Aug 1
24
4
84
2 June 28
2
5 Jan 5
10 Mar 15 3534 Aug 12
13
WI 2212
438 11
VI Jan 7
41
/
4
74 Aug 21
10
204
133* Mar 13 1838July 29
10
54
138 Mar 15
134
1/
1
4
84 Jan 7
245*
17
17 Apr 23 234 Aug 8
17
8
14/
1
4
758 Mar 18 12 May 23 *7 74
84 Jan 8 10358 Aug 17 37 4338
1114% 87
40
24
We Mar 15 424 Aug 27
No pa
18
434 '42
50 Tide Water 011
434 *42
4312
42
42
424 *42
*42 _ __ 42
$/
1
4
84
10
41
/
4 Mar 15
9/
1
4 Aug 9
3
8/
1
4 9
858 878 21,200 Timken Detrolt Axle
838 9/
1
4
812 834
858 -918
8/
1
4 91s
41
26
21
1
4 Aug 12
4834 494 6,900 Timken Roller Bearing-No par 2858 Mar 15 51/
4912 5018 494 50
484 5014 4738 48
471
/
4 49
Vs
Mar
12
No
pa
8
Aug
10
4
/
1
4
518
Ws
Transamerica
Corn
25,800
712
7
3
4
712
7
/
1
4
712
7
5
8
758 77
758 8
758 77
714
74 Mar 29 111
/
4 Aug 12
2,000 Transco!)& Western Al? Ino___ 5
1018 1018 *978 10
9/
1
4 10
11
11
1034 107g
9/
1
4 1058
-£12 1312
44
54 Mar 14 11 Aug 21
912 97
9/
1
4 93s
101
958 958 "918 934 1,400 Tritium & Williams filti-- No par
1018 '1012 10
17e Mu 13
614 Aug 17
51
/
4
1/
1
4
3
6
'
1 2 67
614 67
5
658 6
535
514 538
534 534 13,200 TO-Continental Corp.-No par
8014 78
51
No par 69 Apr 4 9338 Aug 2/
0% preferred
30
1
4 *9012 9278
93
*9012 9278 *9012 92/
93
9318 92's 93
93
54
Ds
vi
per
Vs Jan 15
In
No
6
7
4May
Trott
Coal
43
4
434
412
45
8
1,900
Truax
*45
8
45
8
4
5
8
4/
1
4 478
434 434
41/4
318 Mar 13
10
758 Aug 27
318
PO
338
7
74
7
74 9,800 TrUsenn Steel.
758
678 7
7
712
7
7
712
---- ---312
312
31g
3
34 312 *3
312 *3
200 20th cent Fox Film Corp_No par 13 Aug 28 1514 Aug 30 __.334 '318 312
par
30-No
25
Aug
28
25
Aug
Preferred
2212
23
223
8
224
260
223
4
2212
*23
24
2212
23
23
2318
2i2JIMO 5
11
/
4
84
5 bob 19
-34
1312 1314 14's 1514 1514
900 Twin tnty Ratan Trans Nu p4
13
1.10
14 '1012 14 '114 14
39
6
411
100 18 Mar 18 2754 Feb 18
254 26
1,100 Preferred
2514 251
28
25
25$
*25
28
*25
28
*24
1
e
No
par
118June
10
23
8
Aug
6
1
400
&
Co
4
2
1
/
1
4
1
/
1
4
Ulen
*13
*134 2
24
2
2
*2
218 *2
58/
1
4
36
224
700 Under Elliott Fisher Co ..No par 5334 Mar 29 6912July 9
681 *6814 671
6658 663 '66
68
8612 87
8612 6612 68
102
1287s
12812July 17 133 Apr 5
95
100
133Preferred
*12912
133
'1294
133
133
*12912
133
*12912
*12912
133
'129
507,1
3914
May
29
par
29
28
504
Jan
22
Cory-No
Bag
&
Pan
311
/
4 31
314 30
3078 10,500 Union
1
4 3234 334 3138 3258 31
32/
1
4 33/
1
4
364 50/
1
4 Aug 13 II 34
6334 644 15,800 Union Carbide et Carb-No par 44 Jan 16 65/
1
4 6212 6312 6314 64
84
644 6312 654 6312 85/
1112
1112 2012
25 1434 Feb 6 2014May 23
1818 1712 174 1712 1784 8,300 Union 011 California
1
4 1814 1878 18
1
4 1834 18/
1812 18/
Par
Shares
700 Royal Dutch Co (N Y lihares)__
100
Rutland RR 7% pret
10
21,500 St Joseph Lead
1,400 :Si Louis-San Franolsoo.-100
100
1st preferred
1,700
100
St Louie Southwe5tern
100
Preferred
No par
7,600 Safeway Stores
100
210
6% preferred
100
130
7% preferred
No par
1,400 Savage Arm, Corp
5
19,700 Schenley Distillers Corn
1
1,000 Schulte Retail Store,
100
210
Preferred
No par
260 Scott Paper Co
No DV
2,800 ISeaboard Air Line
100
Preferred
200
6,300 Seaboard Oil Co or Del-No par
No par
Seagrave Corp
No par
28,600 Bears. Roebuck & Co
I
700 Second Nat Invest011
1
Preferred
310
1
40,200 Bervel Inc
No pa
@FedFRASER