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The Financial Situation
HE general business community may now be
accurately described as waiting for the return
of the President. In former years the absence of a
Chief Executive upon a relatively short vacation, or
his return, was a matter of no great moment to the
country. Such,on the contrary, were but incidents
in the fairly well ordered routine of a people ruled
by laws rather than by men. However, that was
before the New Deal program got under way and
before the President had been endowed with dictatorial powers by a subservient Congress. Now the
return of the President to the White House is an
event similar in nature to the convening of Congress in former years, and an event fraught with
interesting possibilities.
T
calling for attention before he left some weeks ago.
It is unfortunate, but a fact none the less, that business executives now find it extremely difficult, not
to say impossible, to arrive at any definite decision
on many matters before them until such time as
they learn what the President's intention is concerning a number of questions directly and in almost
controlling measure bearing upon their operations
and plans for the future.
Problems to Be Faced
President left for his well-earned
the
HEN
rest, the country was seething with labor
unrest. He will find it no less so upon his return.
Freak weather had done
untold damage in our most
A Weak Defense.
Several Possibilities
productive agricultural reIncredible as it seems, some defenders of
gions
before the President
No intelligent business
the fiscal policies of the Government are
left the White House. It
man supposes for a mofinding warrant for the enormous increase
in the national debt, and in some instances
has continued to inflict
ment that President Roosefor further augmentation of it, in the exfurther suffering upon the
velt has been, or could have
ceedingly low yields Government securities
now bring.
people of, those sections and
been, granted powers that
They point to the fact that the annual
to undermine in a large
enable him to rescue busiinterest charge upon the Federal budget
is substantially less than it was immedimeasure, at least, any hope
ness from its present diffiately after the war, when the volume of
being
cherished in Washingculties by methods that
outstanding national debt was approximately what it has now again grown to be,
ton that substantial • net
have been suggested by
and, relatively speaking, not very much
increases in the effective
Congress and toward which
larger than it was when the debt was at
demandfor consumers'goods
he himself has in the past
its post-war minimum. These facts, they
assert, indicate that we need not be anxthis
autumn and winter are
been plainly inclined. Moreious about the enormous volume of public
lilely to be produced through
over, it is generally realized
borrowings.
One would suppose from these arguments
further reckless public exthat further liberal doses of
that debts we now incur will never have
penditures. Strong and
the nostrums with which we
to be paid, that the day of settlement
with its insufferable load of taxation, congrowing dissatisfaction with
have been afflicted during
cerning which Senator Glass warned the
the price-fixing and kindred
the past year or so would
citizens of his home city of Lynchburg, Va.
the other day, would never arrive. For
provisions of the NRA codes
unquestionably do more
that matter, about the same impression
had become evident weeks
damage. At the same time it
likewise
be
would
gained from the reckless
spending of the Administration, if the opand even months ago. It
is usuallyconceded as a possiposite were not so obviously true.
has not disappeared during
bility at least that some
As for the boasts about low interest rates
the
President's absence. On
temporary stimulation of
on Government obligations, the idea on
which they are based is an old story and
the contrary, distrust of the
activity and perhaps a ceran old fallacy. Treasury officials in the
tain appearance of recovery
NRA program has conpast have often pointed with pride to reductions in the rates at which the Governfor a time might be effected
tinued to spread until now
ment could borrow at the same time the
in this manner. Equally as
in many instances it inTreasury was aggressively filling the portfolios of the banks with illiquid Governplain to clear-headed busicludes in its scope the labor
ment obligations.
ness men is the fact that the
provisions as well as the
We have of course out-Herodecl Herod in
President could, if he would,
others.
this respect during the past year, until
to-day the banks are more dangerously burmake use of the wide disA month ago business had
dened with Government securities than
cretion that is his under
begun to show marked deever before. The savings in interest charges
are beggared by the indirect costs of such
recent legislative Acts to
clines in activity. These
a system in terms of banking soundness.
turn the course of the activirecessions have now asties of the Federal Governsumed proportions substanment into distinctly more helpful channels, although tially larger than governmental forecasters are said
knowledge of this possibility is stronger than hope to have predicted. Little ground for expecting any
that something of real importance will come of it.
immediate improvement exists, and the outlook for
At all events it is not difficult to understand why autumn improvement is at best certainly not so.
most business leaders are to-day asking themselves, optimistic as it was said by many to be a month or
as others are also, what is to be expected from the two ago. The drouth with its enormous destrucWhite House when the President arrives there within tion, and the European developments of the past
the next week or ten days, or perhaps before his month with their inevitable effect upon our export
arrival while he is still en route across the continent, trade, have seriously complicated the situation. The
Nor is it strange that more attention is given to this President upon his return will find, if he has not
subject than to almost any other just at present. already been informed, that in consequence of all this
The President will find himself, as business has for the rank and file of the business community have,
some time past found itself, faced with several during his absence grown several degrees less hopedifficult problems of the very first importance, ful of the future and more dubious of the New Deal.
.
some of which have come definitely to a focus dur- With his insight into the workings of the public
ing his vacation while others were really urgently mind he will, one would suppose, not make the
W
mistake many of his subordinates have recently
made of expecting to correct the situation by insisting that there is nothing to worry about and that
adverse reports and natural foreboding are but the
work of "Tory" obstructionists.
What Will President Do?
What, then, will he do once he has had an opportunity to get first hand reports of conditions?
Reports, rumors, and plain guesses are abundant but
no well-authenticated information on the subject is
available. It is highly probable that the President
himself has not come to final conclusions. Certain
current accounts of the trend of thought in Washington are probably significant in that they may well
indicate the nature of the suggestions that will be
made to the President by his advisers, or indeed may
already have been made to him, for it is a fact that
Government officials have been industriously.engaged
in working out plans, and mysterious conferences
have been in progress for some time past.
It appears to be assumed on all sides that the
President will continue to carry the voluntarily assumed responsibility for artificially inducing recovery. What is really needed is a national policy that
would provide industry and trade with reasonable
conditions in which to generate their own recovery.
Sound and lasting improvement in general conditions
can be best promoted in this way,indeed can be really
promoted in only this way. The Administration is,
however, definitely committed, as was the regime before it, to a priming-the-pump philosophy of recovery
which may or may not be politically necessary in the
existing circumstances, but which in any event it is
unfortunately not very likely to abandon at present.
Such, at least, is the view widely held in the community. The practical business man, being a realist
under the necessity of making his commitments and
his plans for the future as definitely as he can,is now
quite generally taking this attitude of the President
for granted, although he may not like it.
Inflation
The question for him therefore is: Just what steps
is the President likely to take within the next thirty
days to bolster his program and to promote an
autumn recovery? Current reports of what is in the
official mind in this regard are confused and in several particulars disquieting. It is evident that the
inflationists have not given up the ghost, although
opinions differ greatly as to the hold their ideas now
have upon the public. Few doubt that the President
has been keenly disappointed in the results, or lack
of them, as far as prices are concerned, of the socalled Warren policies of tinkering with the dollar.
He is pictured in quarters that ought to know as regretting the whole procedure and as having no taste
for further experimentation of this sort. He has apparently been reluctant all along to adopt a fiat
money program, although he has, in fact, persistently
pursued approximately the same course through the
placing of Government obligations in the banks.
Such price increases as have been occasioned by nonmonetary factors have now fairly universally found
their way into retail trade, with the result that
higher prices as a political slogan are not nearly
so attractive as they once appeared to be.
Despite all this, however, there are many who are
again seriously raising the question as to whether
the President may not at some time in the relatively
;near future further devalue the dollar in terms of
Aug. 4 1934
Financial Chronicle
640
gold. Such suggestions gain strength in some quarters in view of the fact that European disturbances
of the past few weeks,as well as the obvious economic
difficulties that had come to a head in Germany prior
to that time, carry grave threats to our export trade
in raw materials. Apparently it is very difficult for
many to rid themselves of the notion that sound export trade can be stimulated by currency tinkering,
or perhaps it would be more exact to say that the belief is very persistent that the Administration is
either unconvinced of the fallacies of these tactics or
can be re-converted to the idea of further currency
tinkering, this time primarily for the sake of export
trade. The issue of greenbacks for the same purpose
is being suggested as a possibility within the next
half year. Predictions of this sort apparently rest
upon a belief that the President will presently feel
himself constrained to adopt a policy of desperation
in an effort to save himself and his party. We,along
with many who foresee such a course of events,
earnestly hope that nothing of the kind will occur,
but the possibility of it is evident.
Using Gold Profits
Another expedient the President's advisers are
said to have under serious consideration is that of
"making dramatic use" of the so-called gold profits
to stimulate business activity from this time forward.
This whole idea seems to us to be rather too childish
to be seriously considered in responsible governmental quarters. The funds obtained by the Government through devaluing the dollar are, except for
those now constituting the stabilization fund, only
part and parcel of the general funds of the Government, however the fact may be disguised in official
bookkeeping. They obviously have no more power to
stimulate business than other moneys in the Treasury. The time has passed, we should certainly hope,
when such arrant nonsense could have even the effect
of stimulating excitement in speculative circles.
If what is meant is that the President will, promptly upon his return, undertake to enlarge greatly Government outlays for the purpose of making the
inflationary financial policies of the Government
effective in stimulating business activity, the story
is somewhat different. This type of policy has, as
everyone knows, been in full force and effect for many
months past without doing more than to give at best
a temporary impetus to the production and distribution of goods, to say nothing of the unfortunate ultimate effects which may be set down as certain to make
themselves felt. At any rate, it would be perfectly
idle to expect any net addition to the effective demand for goods to result from such policies during
the remainder of this year and the first half of the
next, unless indeed the amounts so disbursed are to
be so greatly enlarged as to seem enormous even in
comparison with the astronomical figures to which
we have of late become accustomed. For every
dollar that present plans would add to the current
rate of public disbursements the destruction caused
by the drouth, unless it has been grossly exaggerated.
will take another from the people.
Evils to Correct
But the President will obviously not be able to
confine his attention to the formulation of positive
plans for the promotion of recovery. Business is now
being seriously retarded by a number of circumstances of the Government's own creation. Presumably the President is aware of the fact, for it is so
Financial Chronicle
Volume 139
plain that he could hardly fail to recognize it. Of
these retarding factors none are more serious and
more pressing than those growing out of the NRA
program. It is said in responsible quarters that the
Administration for the most part now recognizes the
monopolistic provisions of the codes as a blunder of
the first magnitude. The President must also be
aware, one would suppose, that the labor ferment,
still distressingly evident throughout the Nation, is
a direct and natural outgrowth of NRA labor philosophy and practice. But whether all this is understood
in Washington or not,the fact remains that the whole
NRA program has long ago lost any power it may
have had to provide even a temporary stimulus to
industry and trade, and has become a serious load
for business to carry.
There is good reason to believe that the President
will be strongly advised, if he has not been already,
to face the facts of this situation frankly, and to set
to work promptly to rectify past blunders. There
are those who cherish the hope that this sound counsel
will prevail, but of course the President will doubtless be given other advice also, as is indicated by the
suggestion made by one responsible member of the
NRA staff, a week or ten days ago, that the Administration would "gamble on" a satisfactory business
recovery this autumn, meaning thereby apparently
that no changes would be effected in the policies of
the Recovery Administration. Decision in this matter has been postponed long enough. It should not be
further deferred. If it is, the President will soon find
any positive action he may take to induce recovery
much less effective than otherwise might be the case.
It is certain, in any event, that no sound recovery of
great importance is likely to occur so long as industry and trade are obliged to carry existing NRA
burdens.
Clarification Essential
The truth is, of course, that nothing the President
could possibly do at this time would be so helpful in
promoting recovery as a complete abandonment of
the specious doctrines upon which the larger part of
the New Deal rests, and the initiation of a program
which would as rapidly as feasible undo the harm
that the AAA, the NRA, the RFC, and all the other
alphabetic nightmares have wrought, and in their
place revert promptly to common sense in the management of the affairs of government. As a practical
matter of politics, this would probably be asking too
much, but any steps in this direction would by so
much hearten business and encourage initiative. The
very least that the President can do is let it be known
as definitely and as soon as possible just what he
does intend to do. The uncertainty on this score,
much of which is inherent in experimentalism, is, as
a matter of fact, one of the most troublesome factors
in the current situation.
Foreign Trade in June
ERCHANDISE exports from the United States
in June were somewhat higher in value than
those for May, owing chiefly to the larger movement
abroad of cotton than in the preceding month. This
is quite unusual, for exports of cotton at this time
of the year are generally downward, and to quite a
marked degree. This continues until the early fall
months. On the other hand, merchandise imports in
June were below those for May. Compared with a
M
641
year ago, both exports and imports this year continue to show a considerable increase.
Exports last month were valued at $170,574,000
and imports at $136,082,000, the excess of exports
amounting to $34,492,000. For May this year merchandise exports were valued at $160,207,000 and imports at $154;647,000, the former showing an excess
value for that month of only $5,560,000, an unusually
small export balance. In June of last year merchandise exports amounted to $119,790,000 and imports
to $122,197,000, imports exceeding exports for that
month by $2,407,000, a position which had not been
shown previously since August 1931, and then also
for a very small amount. The increase in exports
last month over a year ago was 42.4%, and in imports 11.4%.
For the 12 months of the current fiscal year ending with June, exports amounted to $2,041,927,000
and imports to $1,720,797,000. For this period there
was an excess of exports of $321,130,000. For the
preceding fiscal year ending with June 1933, the
value of merchandise exports was $1,440,333,000 and
imports $1,168,080,000, exports exceeding imports by
$272,253,000. Exports in the past 12 months were
higher than in the preceding period, covering the
corresponding 12 months, showing an increase of
41.6%; the increase in imports for the same time
was 47.5%.
Higher cotton exports in June were contrary to
the usual custom, and clearly indicated the caution
shown in foreign markets on account of the probable
shortness of the cotton crop here this year. Cotton
exports in June amounted to 473,479 bales, compared
with 294,129 bales in May. The value of cotton exports last month was $28,916,846 against $17,585,689
for May. Exports other than cotton in June this
year were only slightly higher than they were in
May. Last year at this time cotton exports were considerably higher than they had been in the earlier
months of the year, owing to the efforts made then
to expedite all movements. In June 1933 foreign
shipments of cotton were 635,625 bales, the value for
that month being $29,287,982.
Both exports and imports of gold were substantially higher in June than they had been for the
months immediately preceding, gold exports being
the largest of the year. The value at the higher price
recently established was $6,586,000, while gold imports amounted to $70,291,000. For the 12 months
of the fiscal year ended with June, gold exports were
valued at $286,161,000, and imports at $862,071,000,
the excess of imports being $575,910,000. In the preceding fiscal year exports of gold were $135,393,000
and imports $398,979,000, imports in that year also
being the largest by $263,586,000.
'
The Federal Reserve'Bank Statement
INTER-RELATED activities'of the Federal Reserve banks and the Treasury, as revealed in
this week's Federal Reserve bank statement are
much in accordance with previous tendencies. A
new item appears in the accounting, in relection of
the provision by the last Congress for industrial
loans by the System. It is revealed that the banks
made direct advances of $5,000 to industry, the
occurrence taking p'ace elsewhere than in the New
York district. The appearance of this item is of
more political than financial significance, since such
loans are limited initially to the amount of capital
surplus of the Federal Reserve banks. It is not
642
Financial Chronicle
Aug. 4 1934
were the rule Tuesday. Overnight announcement
of good second-quarter results by the United States
Steel Corp. was a stimulating factor on Wednesday,
and the trend in that session was favorable, most
groups of stocks moving forward substantially.
Minor gains appeared on Thursday in most of the
important groups of issues, but there were also
some recessions. Inflation fears prevailed to a small
degree in that period, owing to the Treasury announcement that large amounts of silver certificates
would be issued, and largest gains were recorded
by stocks with a gold interest. The trading yesterday was colorless, and declines predominated. The
death of Piesident Paul von Hindenburg in Germany was not attended by any related fluctuations
in any securities on the New York markets.
In the listed bond market some uncertainty appeared. United States Government securities were
not greatly changed as a consequence of the small
advances and declines which followed each other in
see-saw order. Best-rated corporate bonds were
firm, but speculative issues moved much in accordance with the trends of equities, and the results
also corresponded to those in the stock market.
After sharp advances last Saturday, commodity
prices drifted higher one day and lower the next,
and they were not an important influence so far as
securities are concerned. In the foreign exchange
market, dollar quotations turned weak yesterday,
owing to the silver certificate plans of the Treasury.
Traders and investors now are inclined to await
further developments in Administration circles and
in, business trends. Indices currently reflect the
customary seasonal decline. Steel-making operations for the week beginning July 30 were estimated
at 26.1% of capacity by the American Iron and Steel
Institute, against 27.7% last week. Production of
electrical energy throughout the country for the
week ended July 28 was 1,683,542,000 kilowatt hours,
against 1,663,771,000 kilowatt hours in the preceding week, the Edison Electric Institute reports.
The American Railway Association announces that
car loadings of revenue freight in the week ended
July 28 were 608,848 cars, or a decrease of 1% from
the preceding week.
As indicating the course of the commodity markets, the September option for wheat in Chicago
78c. as against 981/
2c. the
closed yesterday at 102/
last
week. September corn at
close on Friday of
Chicago closed yesterday at 102%c. as against 65%c.
the close on Friday of last week. September oats
at Chicago closed yesterday at 46%c. as against
441/
2c. the close on Friday of last week. The spot
price for cotton here in New York closed yesterday
at 13.10c. as against 12.95c. the close on Friday of
last week. The spot price for rubber yesterday was
15.00c. as against 14.37c. the close on Friday of last
week. Domestic copper closed yesterday at 9c., the
same as on Friday of previous weeks. The silver
The New York Stock Market
market reflected a better tone the present week, and
HERE was no recurrence this week of the lively closed firm and moderately higher. In London, the
1
2pence per ounce as against
sessions which marked the trading on the New price yesterday was 20/
York Stock Exchange last week, but the pronounced 20 1/16 pence per ounce on Friday of last week, and
weakness of that period also did not return, and the New York quotation yesterday was 47.30c. as
stocks fluctuated without important net changes in against 46c. on Friday of last week. In the matter
either direction. The chief characteristic of the of the foreign exchanges, cable transfers on London
/ as against $5.035
/ the
market in all sessions this week was dulness, the closed yesterday at $5.045
trading volume being materially under 1,000,000 close on Friday.of last week, while cable transfers
shares in all sessions. Prices moved irregularly on Paris closed yesterday at 6.613
/
4c. as against
lower on Monday, and very small recessions also 6.591/
8c. on Friday of last week. Included among
apparent that such industrial loans will be of great
importance for the recovery of the country, or for
the Reserve banks themselves, but it will be interesting to observe the tendency in future weekly
statements.
Treasury activities again were the most important
factors making for changes in the regu'ar accounts
of the Federal Reserve banks. Deposits of the
Treasury's gold certificates, which now represent
the sole interest of the Reserve banks in the monetary stocks, amounted to $32,837,000, but the actual
increase in the country's monetary gold stocks was
only $21,000,000, so that nearly $12,000,000 of
certificates over and above the gain in gold stocks
were employed to make funds available to the
Treasury. It is well established that deposits of
certificates in excess of the gold additions now represent use by the Treasury of the so-called "profit"
from devaluation of the dolar, but on the other
hand such use of the "profit" is known to be very
rafted as yet. In the week between July 25 and
Aug. 1 the Treasury built up its balance with the
Federal Reserve, and these actions resulted in a
decline in member bank deposits with the System
on reserve account. The drop in such member
bank deposits was slightly more than $105,000,000,
and the changes reduced the excess reserves over
requirements to abou $1,800,000,000, from the
record total of about $1,900,000,000 attained a
week ago.
Actual holdings o gold certificates by the Reserve
banks on Aug. 1 were $4,906,009,000, against $4,873,172,000 on July 25. Other cash decreased nearly
$10,000,000, and the total reserves thus advanced
only to $5,155 903,000 from $5,133,119,000. Discounts were only nominally changed at $21,370,000.
Bill holdings of the System fell very slightly to
$5,206,000, while the total of United States Government security holdings also was virtually unchanged
at $2,431,780,000. Month-end and vacation requirements for currency are reflected in an advance of
Federal Reserve notes in actual circulation to $3,078,823,000 on Aug. 1, from $3,060,241,000 on
July 25. The net circulation of Federal Reserve bank
notes showed a reversal of its long downward tendency, the amount increasing to $33,864,000 from
$33,743,000. This trend is unfortunate, but only
subsequent statements will reveal whether it has any
significance, as the amount involved at present is
comparatively small. Member bank deposits on
reserve account declined to $3,914,813,000 from
$4,020,030,000, but the Treasury deposits increased
comparably to $159,594,000 from $47,801,000. Total
deposits were not greatly changed, while the increase in circulation was offset by the gain in total
reserves, and the ratio of total reserves to deposit
and Federal Reseive note liabilities combined was
unchanged at 69.9%.
T
Volume 139
Financial Chronicle
dividend actions of a favorable nature this week
were the American Agricultural Chemical Co. of
Delaware, which declared an initial quarterly dividend of 50c. on its capital stock, payable Sept. 29;
Deere & Co. increased the quarterly rate on the 7%
cumulative preferred stock from 5c. a share to 10c.
a share, which becomes payable Sept. 1. On July 31
the directors of the Inland Steel Co. resumed dividends on the no par capital stock by the declaration
of 25c. a share, payable Sept. 1. This disbursement
will be the first made by the company since March 1
1932, when a like amount was paid on this issue.
The Crown Cork & Seal Co., Inc., also resumed the
dividend on its no par common stock by the declaration of 25c. a share. The last previous dividend of
30c. a share was paid on this issue on June 30 1932.
On the New- York Stock Exchange 13 stocks
reached new high levels for the year, while 67
stocks touched new low levels. On the New York
Curb Exchange nine stocks touched new high levels
for the year, while 56 stocks touched new low
levels. Call loans on the New York Stock Exchange
remained unchanged at 1%.
On the New York Stock Exchange the sales at the
half-day session on Saturday last were 468,900
shares; on Monday they were 805,830 shares; on
Tuesday, 593,450 shares; on Wednesday, 778,660
shares; on Thursday, 563,530 shares, and on Friday,
464,980 shares. On the New York Curb Exchange
the sales last Saturday were 88,430 shares; on Monday, 145,675 shares; on Tuesday, 108,460 shares; on
Wednesday, 133,425 shares; on Thursday, 109,7.61
shares, and on Friday, 97,735 shares.
The stock market followed an irregular course
the present week, with the exception of Wednesday,
when greater activity occurred and prices reflected
substantial gains. To-day, Friday, prices generally
were higher at the close than a week ago. General
Electric closed yesterday at 181/
/8 on
2 against 177
Friday of last week; Consolidated Gas of N. Y. at 28
8; Columbia Gas & Elec. at 9% against
against 271/
81/2; Public Service of N. J. at 34 against 31; J. I.
Case Threshing Machine at 395/s against 37%; International Harvester at 26/
1
2 against 25%; Sears,
Roebuck & 'Co. at 347
/
8 against 36%; Montgomery
Ward & Co. at 23 against 2234; Woolworth at 50
against 473%; American Tel. & Tel. at 109% against
1081/
2,and American Can at 95/
1
4 against 941/
2.
Allied Chemical & Dye closed yesterday at 127
against 1241/
4 on Friday of last week; E. I. du Pont
de Nemours at 871/8 against 86; National Cash Register A at 131/
2 against 13%; International Nickel
at 241/2 against 237
/
8; National Dairy Products at
16% against 15%; Texas Gulf Sulphur at 33 against
301/
4; National Biscuit at 33/
1
4 against 32%; Continental Can at 77% against 76½; Eastman Kodak at
981/
4 against 93%; Standard Brands at 191/
8 against
18; Westinghouse Elec. & Mfg. at 307
/8 against 29½;
Columbian Carbon at 64/
1
2 against 62/
1
4; Lorillard
2 against 16%; United States Industrial Alcoat 171/
hol at 38 against 35½; Canada Dry at 16 against
147
/8; Schenley Distillers at 20% against 19%, and
National Distillers at 191/
2 against 18/
1
4.
The steel stocks recovered some of their losses of
the previous week. United States Steel closed
yesterday at 34% against 34% on Friday of last
week; Bethlehem Steel at 27% against 2678; Re8 against 117
public Steel at 131/
/8, and Youngstown
2 against 147
Sheet & Tube at 151/
/8. In the motor
group, Auburn Auto closed yesterday at 20 against
643
16% on Friday of last week; General Motors at 27/
1
4
against 26%; Chrysler at 32% against 341/
2, and
Hupp Motors at 2% against 2/
1
4. In the rubber
group, Goodyear Tire & Rubber closed yesterday at
21 against 20 on Friday of last week; B. F. Goodrich
%
at 9% against 8%,and United States Rubber at 133
1
4.
against 12/
The railroad stocks are irregularly changed for
the week. Pennsylvania RR. closed yesterday at
23% against 24 on Friday of last week; Atchison
8 against 54; New York
Topeka & Santa Fe at 501/
% against 201/2; Union Pacific at 102
Central at 203
against 102; Southern Pacific at 16% against 16%;
1
4, and NorthSouthern Railway at 14% against 13/
ern Pacific at 16% against 16. Among the oil
stocks, Standard Oil of N. J. closed yesterday at
43/
1
4 against 41 on Friday of last week; Shell Union
1
4
Oil at 7 against 61/2, and Atlantic Refining at 24/
against 22.
In the copper group, Anaconda Copper closed
2 against 10% on Friday of last
yesterday at 111/
week; Kennecott Copper at 18Y8 against 17½;
1
2 against 33,
American Smelting & Refining at 33/
and Phelps Dodge at 15 against 14%.
European Stock Markets
TRADING on stock exchanges in the foremost
1 European financial centers continued at a very
slow pace, this week, with the trends uncertain in all
instances. The London Stock Exchange was fairly
steady, but the major movements at Paris and Berlin
were toward lower levels. The markets were patently
suffering still from the unsettlement of the Austrian
putsch and the war scare it caused. Another blow
was struck this week, when President Paul von Hindenburg died in Germany. The death occurred Thursday, but it was foreshadowed early in the week, and
it leaves some questions regarding governmental
stability in Germany. Sessions of the Boerse in Berlin were suspended Thursday because of the President's death, while the French markets also were
closed in honor of Marshal Lyautey, who died early
in the week. Political developments dominated all
the European exchanges and caused trading to
dwindle sharply, but the numerous economic uncertainties also were important factors. In the London
market some encouragement was occasioned by a
speech before the Commons,in which Walter Runciman, President of the Board of Trade, pointed out
that comparison of trade conditions with a year ago
establishes the fact of "unmistakable revival." Some
seasonal reductions in various lines are noted in the
United Kingdom, but the undertone of trade is
strong. In the Paris market disappointment was
caused by the inability of the French Government to
find buyers for all of its 3,000,000,000 franc loan announced three weeks ago. The lists were closed on
Wednesday, with the quota "almost" filled. Indicative of the trends in Germany are indications that
the Reichsbank hereafter will not make known its
note coverage ratio.
Business on the London Stock Exchange was exceedingly quiet, Monday, partly because of the disturbing political news from the'Continent and partly
because of the approach of the August holiday season. British funds registered small gains at first,
but these issues sold off again in later dealings. Industrial securities were firm, while some international issues also showed small gains. The trend
Tuesday was lower in almost all departments of the
644
Financial Chronicle
market, while the trading volume diminished still
further. British funds dipped on indications that
large amounts will be spent by the Government on
aviation. In the industrial section the tone was easy,
but changes were small. German and Austrian bonds
declined, while other international issues showed few
changes. The London market was uncertain, Wednesday. British funds fluctuated rather more than
usual, but closed with only nominal changes. Interest
in industrial issues increased, with aviation shares
quite strong, while international securities also displayed a firm tone. A very quiet session Thursday
resulted in modest advances in British funds, and a
cheerful tone in industrials. Anglo-American trading favorites improved on better advices from New
York. The dull trading yesterday again resulted
in small gains, with all groups of issues affected.
On the Paris Bourse the downward trend of the
previous week was resumed as trading started again
last Monday. The session was very dull, but even
the small offerings caused substantial recessions as
no interest was taken either by professional traders
or the investing public. Rentes were slightly lower,
while larger recessions appeared in French bank and
industrial stocks and the internatonal issues. The
soft tendency was resumed Tuesday, with trading
again on a small scale. News of President von Hindenburg's grave illness caused selling at Paris, where
it was realized that the death of the German Executive would complicate the European situation even
more. All classes of securities suffered small losses.
In Wednesday's trading the trend toward lower levels
again was in evidence, with rentes especially weak
owing to the announcement that books had been
closed on the Treasury issue without the total of
3,000,000,000 francs being attained. French equities
and international securities were almost equally
weak. Trading on the Bourse was suspended, Thursday, in honor of Marshal Lyautey. A better tone
developed yesterday, when trading was resumed and
gains were general.
The Berlin Boerse was dull and depressed in the
initial session of the week, with uncertainties of the
Austrian situation an important factor. There was
no sign of panic, but liquidation was continuous and
prices of all groups of securities fell sharply. Potash
stocks fell more than others, the losses in this group
amounting to 3 to 5 points. Official announcement
on Tuesday that President von Hindenburg was
gravely ill caused renewed liquidation on the Boerse.
The weakness was general, and most of the leading
stocks showed losses of 3 to 4 points. Bonds also
dipped sharply. The downward tendency was resumed on Wednesday, but transactions were on a
modest scale. Indications that the President's illness would be his last resulted in a fresh wave of
liquidation, and prices gave way all along the line
even though the selling pressure was moderate. The
death of the President early Thursday was followed
by an order for the suspension of trading on the
Boerse, and business probably will not be resumed
until after the funeral, which takes place next Tuesday.
President von Hindenburg Dies
RESIDENT PAUL VON HINDENBURG of
Germany, soldier and state=man, died at his
country estate near Neudeck, East Prussia, early
Thursday, and his passing has occasioned another
crisis in the series which has afflicted Europe in re-
P
Aug. 4 1934
cent months. The venerable German President was
nearly 87 years old and his health had been failing
for several years, so that his death was no surprise.
It is, however, a political event of the first importance, since Conservative forces in Germany have
rallied around the old Field Marshal to an increasing
degree under the regime of Chancellor Adolf Hitler
and his Nazis. The Reichswehr, or regular army of
the German Government, was responsive to the commands of the President, and under President von
Hindenburg this force was an offset and balance to
the Storm Troops, Special Guards, and other unofficial forces that the Nazis set up. In this situation
President von Hindenburg was regarded both within
Germany and outside its borders as a stabilizing
force. He was, in a very real sense, the final court
of appeals in German political matters, and his stern
honesty and unselfish patriotism attracted the devotion of all his countrymen and the respect of all
others. His military figure loomed large beside that
of the Chancellor,and his acceptance of Hitler doubtless had much to do with the acceptance of the Chancellor by the German people generally. What the
situation will be hereafter is a matter of conjecture.
It was apparent early this week that President von
Hindenburg's end was near,and special Cabinet meetings were held hastily to consider the situation.
Chancellor Hitler went by airplane to Neudeck to
confer with the aged President of the Reich. The results of such deliberations were not made known, but
actions taken immediately after the death of the
President are highly indicative. The President will
be buried Tuesday, at Tannenberg, East Prussia,
where he turned the tide of battle against the Russians in 1914. The huge fortress-like memorial erected
at Tannenberg will be his mausoleum. Throughout
the German Reich homage was paid to the President,
as news of his death spread through the country. The
report of his passing was received in subdued silence,
as it was realized that the event is one of profound
historical significance to Germany. Messages of condolence were sent to the German Government from
all nations. President Roosevelt sent a telegram of
condolence and Secretary of State Cordell Hull issued a statement paying personal tribute to the old
warrior. King George V sent the personal condolences of the British royal family, and corresponding
tributes reached Germany from all corners of the
earth.
Chancellor Hitler took immediate personal advantage of the situation, and Berlin reports indicate that
he made himself absolute master of the Reich within
a few hours of the death of the President. The functions of the President were added to those of the
Chancellor, under a series of decrees passed by the
Cabinet for the purpose. Herr Hitler will not assume
the name of President, because, he said, "the greatness of the deceased has given to the title of Reichspresident unique and non-recurring significance."
Whether this means the end of the last vestige
of Republicanism in Germany remains to be seen. The
Chancellor called for and received an oath of personal
allegiance from the officers and men of the German
army and navy, and the oath, if upheld, will mean
that Hitler hereafter will exercise absolute control
over all armed forces within the Reich. This prospect
is not considered a pleasant one in foreign countries,
where a full and satisfactory explanation of the
counter-revolUtionary steps of .Tune 30, which resulted in the deaths of 77 persons, still is awaited.
Volume
139
It was announced in Berlin that free elections to affirm the acts taken Thursday will be held August 19,
but the precise nature of the questions to be voted
upon has not yet been revealed. It is recalled that
previous Nazi plebiscites called for simple answers
of yes or no to such questions as whether the German
people desire peace, and the inevitable answers were
linked to approval or non-approval of the Nazis. For
this reason it is held that recent German elections
have been little more than rubber stamps of approval
on Nazi activities, and in other countries no great
hope is entertained that the election on August 19
will really result in a genuine expression of political
opinion by the German people.
Chancellor Hitler made his plans for assuming
absolute dictatorial powers in the Reich known by
means of a letter to Wilhelm Frick, Minister of the
Interior. Henceforth, the Chancellor said, he desires
to be known as "Fuehrer und Reichskanzler" (Leader
and Chancellor). The moves taken on Thursday for
concentration of power in the Chancellor amounted
to a virtual coup d'etat, a Berlin report to the Associated Press remarked. It was considered especially
significant that Hitler required the army and navy
personnel to take oaths of allegiance and obedience
to the Chancellor in person, as previous oaths have
been general and to the Constitution and the people.
The soldiers and sailors were asked to swear:"That
I shall be absolutely obedient to the Leader of the
German Reich and people, Adolf Hitler, supreme
head of the army, and that I will be ready as a brave
soldier to give iv life for this oath." Among the
powers granted to Hitler by the special Cabinet decree is that of determining who shall be his Deputy,
which throws doubt upon the continuance of Col.
Franz von Papen in the Vice-Chancellorship. Among
the actions taken is the appointment of Dr. Hjalmar
Schacht,President of the Reichsbank, as Acting Minister of Economics.
Austrian Putsch
UIET conditions were restored in Austria, this
week, with all traces of the Austrian Nazi uprising in Vienna and the provinces blotted out by the
stern and uncompromising actions of the Cabinet.
There were,of course, many echoes of the revolt which
caused the death of Chancellor Engelbert Dollfuss,
and of these the international repercussions were
probably of more importance than those within Austria. Italian troops, concentrated on the Austrian
border to the number of 100,000, were maintained
there, and it was generally assumed that Italy had
the support and approval of the French and British
Governments in her threatening actions. Semi-official circles in London and Paris declared, however,
that there would be no need for intervention in Austria by Italy, and apprehensions on this score gradually subsided. Some tension between the Italian and
German Governments was reported early this week,
but it is now said to have diminished, which also indicates that the international crisis occasioned by
the putsch is passing. The Yugoslavian Government
made a dramatic move in the situation, Monday, when
a statement was issued through the Berlin legation of
that country to the effect that the League of Nations
is the only competent authority to deal with the Austrian question as an international problem. It is
hardly to be doubted that this statement was directed
at Rome, and it caused some tension between the
Italian and Yugoslavian Governments. But in Lon-
Q
645
Financial Chronicle
don dispatches the British Government was represented as insisting that the crisis is passed, and there
is no occasion to doubt the correctness.of that view.
Under Acting Chancellor Prince Ernst von Starhemberg, the Austrian Cabinet made short work last
week of the remnants of Nazi opposition, and by last
Sunday all the country was said to be quiet and under
full control. Chancellor Dollfuss was buried last
Saturday, and huge silent throngs lined the route of
the cortege. Rumors of a new revolt spread through
Vienna' on Sunday, but they proved to be without
foundation. The Cabinet met early on Monday, with
President Wilhelm Miklas in attendance, and decision was reached to appoint Dr. Kurt Schuschnigg as
Chancellor to succeed Dr.Dollfuss. Dr. Schuschnigg
was Minister of Education in the Dollfuss Cabinet,
and he will hold the portfolios of War and Justice in
addition to the Chancellorship. Prince Starhemberg
will again be Vice Chancellor, and he was also appointed Minister of Security. Major Emil Fey was
retained as Special Commissioner of Security, and
he was named Minister of the Interior. It was indicated by Dr. Schuschnigg that.all the policies of
the Dollfuss regime will be continued. In a court
martial, Monday,the Government tried the leader of
the putsch in Vienna and the Nazi who confessed to
the killing of Dr. Dollfuss, which he maintained was
accidental. They were found guilty and hanged soon
thereafter, while a third Nazi was hanged on Wednesday, these being the first executions of members of
the Austrian Nazi party. It was realized that the
hangings would alienate the Nazis still further, and
the Government made overtures for Socialist support.
The Vienna authorities declared they had evidence
of German complicity in the putsch, and relations
between Germany and Austria have not improved.
The offer by Germany to appoint Vice Chancellor
Franz von Papen as Ambassador to Vienna was
examined by the Austrian Government, and it is indicated that conditions have been stipulated for considering Col. von Papen as persona grata.
Armaments and Diplomacy
QTANLEY BALDWIN, Acting Prime Minister of
the British National Cabinet, made some highly
important statements before the House of Commons
in London, Monday, regarding the need for a larger
British air force in view of the current diplomatic
situation on the European Continent. The British
desire for some sort of disarmament convention will
be pursued, Mr. Baldwin stated, but he declared
frankly that the prospects are not bright. With other
nations rearming or increasing their armaments
rapidly, Britain at length is forced to do likewise, he
said. Attacked by Labor party members for the recent declarations that air forces will be increased
greatly in the next few years, Mr. Baldwin remarked:
"Since the day of the air the old frontiers are gone,
and when you think of the defense of England, you
no longer think of the white cliffs of Dover, but you
think of the Rhine. That is where to-day our frontier
lies." This comment by Mr. Baldwin made a profound impression on the House, and it was pointed
out a little later by Winston Churchill that Mr. Baldwin's phrase would travel from one end of the world
to the other. The Acting Prime Minister gave no
further details of the plan for increasing the British
air force from 844 planes to 1,304. But the motion
of censure presented by the Labor Opposition on this
point was defeated by 404 to 60.
646
Financial
Mr. Baldwin admitted at the outset that the question of Imperial defense and disarmament has never
been involved in greater difficulties and more constant change of environment than in the last twelve
months. The tendency has been unfavorable, he
added, partly because Germany has been absent from
the General Disarmament Conference. Recent disturbing events, moreover, "have shown that there is
a spirit abroad in parts of Europe which, if not exorcised, may some day make the task upon which our
thoughts are concentrated impossible of achievement." A majority of the nations working for disarmament have found it necessary to increase their
armaments, Mr. Baldwin added. "The future is uncertain as is the immediate past," he continued."We
cannot tell yet whether success will or will not attend
the formation of that Eastern agreement which has
commended itself in principle to the British Government and, I believe, to this House. Another factor
the results of which must exercise an important influence on the whole question is the success or otherwise of the Naval Conference due to take place next
year." Citing the steady increase in air armaments
by France, Italy and the United States, as well as
the apparent secret air arming of Germany, Mr.
Baldwin remarked that the British air increase is
nothing more than a step toward parity. He :expressed the firm conviction that there is no risk in
the immediate future of peace being broken, but added
that Britain will be in a much better position for effective cooperation in any system of collective security with a larger air force.
The Eastern Locarno pact to which Mr. Baldwin
referred again received study in all the capitals concerned, but there were no indications that it would
prove acceptable to Germany. It has been recognized from the first that German acceptance is essential, but the German authorities have not tried to
conceal their aversion toward a pact that is designed
to confine them to the frontiers of the Versailles
treaty. The tendency in Berlin is to await developments, in the hope that other countries which have
been invited by Britain to enter the agreement will
find fault with it. Warsaw reports of last Saturday
indicate that Germany may receive some aid in this
attitude from Poland. In a dispatch to the New York
"Times" it was remarked that Poland opposes the
Eastern Locarno pact on the ground that it is not
sufficiently specific. "What, Poles ask, is the use
of creating new pacts and weakening old ones without adding to Europe's security?" the dispatch said.
Some of the Baltic States, which are important elements in the scheme, were reported for a time as opposed to the Eastern Locarno proposal. But Moscow
reports of Tuesday state that Estonia, at least,is now
on record as favoring the proposal.
Chr.0111610
Aug. 4 1934
bank was formed to promote trade with Cuba, and
the activities of this institution now are to be
widened to cover all countries, with the exception
of Russia. This indicates a distinct change of plans,
since it was originally intended to form three banks,
the first and second to deal with Russian and Cuban
credits, respectively, while the third was to cover
all other countries. Washington reports state that
the Cuban, or Second Export-Import bank, has
actually been of little use other than in the financing
of a silver metal purchase by the Cuban Government,
and the decision to extend its facilities to cover all
the world with the exception of Russia probably is
due to the small actual utility of the bank in a field
that was already served admirably by existing institutions. The Second Export-Import bank has a
capital of $2,500,000 in preferred stock and $250,000
in common stock, all subscribed by the United States
Government, while additional sales of preferred
stock can be made to the Reconstruction Finance
Corporation if the need arises.
Mr. Peek issued a statement of policy in which he
declared that the main emphasis in the new work of
the Export-Import bank will be on financing the
seller in this country. Wherever possible, the bank
will supplement the activities of existing export and
import credit facilities, rather than compete with
them, he added. "It is to be noted, particularly,"
the statement said, "that opportunity will be given
to commercial banks and financial institutions to
participate in special loans wherever they desire
to do so. It is not the intention to set up branches
of the bank outside of Washington, but to deal with
proposals directly and through regular banking
channels. We have shaped our policy to accord with
our conclusions from a comprehensive canvass of
the situation during the last six months with American producers and business men, with whom we
have carefully studied, case by case, their actual
needs in relation to export and import business. We
believe these new credit accommodations will be of
decided value to American shippers, who will be
able to bring employment and profit to the American people." On exports of manufactured articles,
the bank proposes in "exceptional cases" to share
in the credit risks up to 75% of the net delivered
costs or the total credit, whichever is the lower.
But each case will be considered separately, and
in the case of non-fabricated articles, credit underwriting by the bank will be on an individual basis,
Mr. Peek explained. "I believe in assisting our foreign trade, but I also believe in making sure that
we get paid for it," he added. The bank will operate
on short-, intermediate- and long-term credits, which
are defined as less than 180 days, from 180 days to
one year, and from one to five years, respectively.
Some 1,200 inquiries for assistance on credits covering proposed exports to 25 countries were sifted in
the investigation, it was revealed.
Government Aid for Trade
OME changes in the scope and facilities of the
Export-Import banks, which were formed by
Chaco War
the Administration in Washington some months ago
LTHOUGH a score of efforts to end the Chaco
as aids to international trade, were announced, Monwar between Bolivia and Paraguay have been
day, by George N. Peek, head of the banks and
President Roosevelt's special adviser on foreign unsuccessful in the last two years, a further effort
trade problems. The first of these Export-Import was started by the Pan-American Union in Washbanks was designed to stimulate trade with Soviet ington, Monday, and it is earnestly to be hoped that
Russia, but it has been completely inactive under it will prove beneficial. This conflict over the borthe Johnson Act, which prohibits loans to foreign ders of the forest area known as the Gran Chaco was
countries in default on indebtedness to the United started in the summer of 1932, and it is now well in
States Government. The Second Export-Import its third year. It is proving one of the most san-
S
A
647
Financial Chronicle
Volume 139
guinary of all struggles in the Americas, and the
costs in materials also are enormous. Recent fighting has been entirely in territory that is nominally
Bolivian, but this appears to be due to the relative
nearness of Paraguayan bases to the front lines.
Neither side has made gains that might be considered really important. It is no secret that both
countries are tired of the exhausting warfare and
are ready to conclude peace, but the national honor
is involved on both sides and a formula that might
induce the two opponents to lay down their arms
has not yet been evolved. At the Pan-American Conference, in Montevideo, last December, a truce was
arranged, but the League of Nations Chaco Committee was unable to further that advantage. The
League recently endeavored to arrange a universal
arms shipment embargo, in order to halt the conflict, but the United States Government, which is
not a member of the League, is the only Government
in the world observing that embargo. The PanAmerican Union, acting in this situation, adopted a'
resolution, Monday, calling upon all neutral American Governments to indicate their attitude on unified action to bring the conflict to an end through
arbitration. The result of this request is not in
doubt, as even the representatives of the two disputants expressed hearty agreement. But there is
much doubt in diplomatic circles regarding its ultimate effectiveness, since much more promising situations have proved abortive.
with 44.92% a week ago and 42.07% last year.
Loans on Government securities decreased £2,218,000
and those on other securities rose £1,067,080. Other
securities include discounts and advances which
increased £1,337,010 and securities which decreased
£269,930. The discount rate remains at 2%. Below
we show the different figures with comparisons for
five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Aug. 1
1934.
Aug. 2
1933.
Aug. 3
1932.
Aug. 5
1931.
Aug.6
1930.
£
£
£
£
£
389,310,000 382,184,173 374,727,992 365,251,566 372,978,274
Circulation
11,860,000 21,517,023 11,491,339 11.438,012 8,865,662
Public deposits
133,433,683 143,267,249 121,252,018 96,612,240 98,339.647
Other deposits
Bankers'accounts_ 96,506.961 89,457,395 84,951,848 63,436,883 61,552,286
36,926.722 53,809,854 36,300,170 33,175,357 36,787,361
Other accounts
Gov't securities.— 81,249,071 90,020,963 75,979,220 49,310,906 53.145,547
19,344,663 23,557,274 35,231,342 32,301,752 31.574,416
Other securities
Disct. & advances_ 8,868,748 11.171,929 14,314,101 9,018,855 7,960,057
10,475,915 12,385,345 20,917,241 23.282.897 23.614.359
Securities
Reserve notes ez coin 62,848,000 69,337,015 39,671,682 44.576,189 40,616,565
Coin and bullion
192,157,793 191,521,188 139,399,674 134,827,755 153,594,839
Proportion of reserve
37.88%
41.25%
29.88%
42.07%
43.25%
to liabilities
3%
2%
494%
2%
2%
Bank rate
Bank of France Statement
HE Bank of France statement for the week
ended July 27 reveals a further increase in gold
holdings, the advance this time being 260,014,202
francs. The total of gold is now 80,252,198,856
francs, in comparison with 81,976,107,582 francs a
year ago and 82,167,515,132 francs two years ago.
French commercial bills discounted and creditor
current accounts register increases of 532,000,000
francs and 569,000,000 francs, while advances
against securities show a decrease of 35,000,000
francs. Notes in circulation record an expansion of
Discount Rates of Foreign Central Banks
113,000,000 francs, bringing the total of notes
HERE have been no changes the present week in outstanding up to 80,808,274,110 francs. Circuthe discount rates of any of the foreign central ation a year ago aggregated 82,852,960,270 francs
banks. Present rates at the leading centers are and the year before 82,117,772,110 francs. The
shown in the table which follows:
proportion of gold on hand to sight liabilities stands
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
now at 79.56%, as compared with 78.17% last
year and 76.16% the previous year. Below we furnish
PreRate in
Rate in
PreDate
vious
Country. Effect
Country. Effect
Dale
vious
a comparison of the different figures for three years:
Aug. 3 Established. Rate.
Aug. 3 Established. Rate,
T
T
Austria. ___
Belgium_
Bulgaria__
Chile
Colombia _ _
Czechoslovakia__
Danzig_ ___
Denmark_
England...
Estonia__
Finland....
France_ _ _ _
Germany _ _
Greece
Holland.. _ _
43I
3
7
434
4
334
4
234
2
534
414
234
4
7
234
June 27 1934
Apr. 25 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
Jan. 25 1933
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
May 31 1934
Sept. 30 1932
Oct. 13 1933
Sept. 18 1933
5
334
8
534
5
434
5
3
24
634
5
3
5
734
3
Hungary— 434 Oct. 17 1932 5
India
334 Feb. 16 1933 4
June 30 1932 355
Ireland__ _ _ 3
3
Dec. 11 1933 314
Italy
Japan
3.65 July 3 1933 4.38
Java
414 Aug. 16 1933 5
Jugoslavia. 634 July 16 1934 7
Lithuania
6
Jan. 2 1934 7
Norway. _ 334 May 23 1933 4
Oct. 25 1933 6
Poland_ _ _ _ 5
Portugal... 534 Dec. 8 1933 6
Rumania _ _ 6
Apr. 7 1933 6
South Africa 4
Feb. 21 1933 7
Spain
6
Oct. 22 1932 04
Sweden___ 234 Dec. 1 1933 3
Sla,11.7arland
2
Jan
22 1031
1.6
Foreign Money Rates
TN LONDON open market discounts for short bills
1 on Friday were 4
3 %, as against 13-16% on
Friday of last week• and %@13-16% for three
months' bills, as against 13-16% on Friday of last
week. Money on call in London yesterday was
34%. At Paris the open market rate was raised on
1 % to 23/2%; at Switzerland the
Aug. 2 from 23'.
rate remains at PA%.
Bank of England Statement
HE statement of the Bank of England for the
week ended August 1 shows a gain of £3,366
in gold holdings which brings the total up to £192,157,793 in comparison with £191,521,188 a year ago.
As this was attended by an expansion of £5,361,000
in circulation, reserves declined £5,357,000. Public
deposits increased £921,000 and other deposits fell
off £7,448,256. The latter consists of bankers'
accounts which decreased £8,281,427 and other
accounts which rose £833,171. The proportion of
reserve to liability is now at 43.25% as compared
T
BANK OF FRANCE'S C1MPARATIVE STATEMEN"
Changes
for W'eek.
Gold holdings
Credit bats. abroad_
a French commercial
bills discounted_.
b Bills bought abr'd
Adv. against securs_
Note circulation...
Credit.current ACM.
Proport'n of gold on
July 27 1934. July 28 1933. July 2... '932.
Francs.
Francs,
Francs.
Francs.
+260,014,202 80,252,198,856 81,976,107,582 82,167,515,132
15,522,429 2,572,202,265 3,384,489,391
No change
+532.000.000 4,249,772,227 3.461,143,316 3,904,828,003
1,040,255,371 1.403,277,396 2,097,323.167
No change
—35,000,000 3,054.316.942 2,661,344,061 2,747,067,243
+113,000.000 80,808,274,110 82,852,960,270 82,117,772.110
+569,000,000 20,061,750,168 22,018,504,097 25,773,523,064
76.16%
79.56%
78.17%
hand tn Right nab_
—0.28%
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
HE Reichsbank's statement for the last quarter
of July shows an increase in gold and bullion of
165,000 marks. The Bank's gold holdings are now
at 74,874,000 marks, in comparison with 244,960,000
marks a year ago and 766,216,000 marks two years
ago. Reserve in foreign currency, silver and other
coin and notes on other German banks record decreases of 21,000 marks, 67,266,000 marks and
9,694,000 marks, respectively. The proportion of
gold and foreign currency to note circulation is now
at the low level of 2.1%, in comparison with 9.2%
a year ago and 22.5% the year before. Notes in
circulation record an increase of 296,279,000 marks,
bringing the total of the item up to 3,768,495,000
marks. Last year circulation stood at 3,492,125,000
marks and the previous year at 3,966,868,000 marks.
An increase appears in bills of exchange and checks
of 300,934,000 marks, in advances of 49,900,000
marks, in investments of 4,284,000 marks, in other
assets of 59,845,000 marks, in other daily maturing
T
648
Financial Chronicle
obligations of 28,798,000 marks and in other liabilities of 13,070,000 marks. A comparison of the
various items for three years appears below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Assets-Gold and bullion
Of which depos. abroad
Reserve In foreign curr.
Bills ot exch. and checks
Silver and other coin
Notes on other Ger. bks.
Advances
Investments
Other assets
LtahtIttles—
Notes in circulation__ _ _
Other daily matur.oblig
Other liabilities
Propor. of gold & torn
eurr tn nnta rireffi'n
July 31 1934. July 31 1933 July 30 1932.
Retchsmarks. Rekhsmarks. Retchsmarks. Retchsmarks.
+165,000
74,874,000 244,960,000 766,216.000
62.722,000
No change
33,439,000
17,916,000
3,147.000
—21,000
77,612,000 127.870,000
+300,934,000 3,432,105,000 3,181,003,000 3,155,143,000
—67,266,000 226,276,000 204,848,000 180,040,000
2,430,000
4,731,000
5,656,000
—9,694,000
+49,900.000 109,027,000 164,538,000 224,032,000
+4,284,000 713,464,000 320,176,000 365,218,000
+59,845,000 653,623,000 526,339,000 792,661.000
+296,279.000 3,768,495,000 3,492,125,000 3,966,868,000
+28,798,000 649,027,000 412,332,000 379,591,000
+13,070,000 186,853,000 196,599,000 699,725,000
—Si
1 o7.
21 W.
9.2t1
22.5.Z,
New York Money Market
EALINGS in the New York money market were
largely routine this week, with rates unchanged
in all departments of the market. Funds remained
available in enormous amounts because of the official
easy money policy, but there was little effective
demand. The Treasury sold on Monday an issue
of $75,000,000 discount bills due in 182 days, the
average rate of discount being 0.09%, as against
0.07% on the last previous issue, sold a week earlier.
More striking than the slight increase in the rate was
a drop in the amount offered the Treasury to $115,000,000, althOugh three- and four-fold oversubscription is common. The Canadian Government obtained
a bank loan of $50,000,000 here, Tuesday, at an
interest cost of 2% for one year. Call loans on the
New York Stock Exchange were 1% for all transactions, whether renewals or new loans. In the unofficial street market loans were reported done every
day at 4
3 %. Time loans held to former levels of
Yt©1%. Both the usual compilations of brokers'
loan totals were made available this week. The
comprehensive New York Stock Exchange tabulation
shows a recession during the entire month of July
of $159.;184 300, to an aggregate of $923,055,826.
The 'sew York Federal Reserve Bank tabulation,
covering the week to Wednesday night, reflects a
decline of $123,000,000 in that period to a total of
$885,000,000.
D
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day,1% remained
the ruling quotation all through the week for both
new loans and renewals. The market for time money
remained at a standstill this week, no movements
in any maturity having been reported. Rates
are nominal at 4
3 @1% for two to five months, and
1®13.% for six months. The demand for prime
commercial paper has been good this week and the
market continued very active, practically all paper
being disposed of as soon as received. Rates are
4
3 % for extra choice names running from four to
six months and 1% for names less known.
D
Bankers' Acceptances
HE market for prime bankers' acceptances has
continued quiet this week. Very little interest
has been apparent in this section of the money market
and very few bills have been available. Rates are
unchanged. Quotations of the American Acceptance
Council for bills up to and including 90 days are
4%
1
bid and 3-16% asked; for four months, 4% bid
and %% asked;for five and six months, IA% bid and
4% asked. The bill buying rate of the New York
Reserve Bank is M% for bills running from 1 to 90
T
Aug. 4 1934
days,and proportionately higher for longer maturities.
The Federal Reserve banks' holdings of acceptances
decreased from $5,271,000 to $5,206,000. Their
holdings of acceptances for foreign correspondents,
also decreased from $1,196,000 to $1,085,000.
Open market rates for acceptances are nominal in so
far as the dealers are concerned, as they continue to
fix their own rates. The nominal rates for open
market acceptances are as follows:
Prime eligible bills
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid.
Asked.
Bid.
Asked. Bid.
Asked.
34
34
Si
34
34
34
—90 Days— —60 Days— —30 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
M
34
sio
34hs
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
34% bid
34% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
effect an
Aug. 3.
2
134
231
2
a
234
234
3
3
2
Date
Established.
Previous
Rate.
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Feb. 0 1934
Feb. 8 1934
Feb. 16 1934
234
2
3
234
334
334
3
3
334
334
334
234
Course of Sterling Exchange
TERLING exchange in the main shows little
change from last week. Fluctuations are within
narrower limits, with quotations neither quite so low
nor greatly higher than last week. There was a
spectacular rise in the French franc on Friday, due
to heavy selling of dollars in Paris and on the Continent. The movement Was quite unexpected owing
to the essential weakness of francs over the past few
weeks. The upswing had its origin in speculative
quarters which interpreted the new United States
silver certificates as a step to further dollar inflation
and devaluation. Remarks by Senator Thomas
respecting the currency program to be followed here
in the fall gave force to the speculative drive against
the dollar. The selling of dollars abroad doubtless
had the encouragement of official sources in both
Paris and London, motivated to halt an ou ward
flow of gold from Paris to New York. The franc
rose to 6.614, well below par but safely above the
gold import point. While sterling has been in demand for the past three weeks owing partly to tourist
traffic but more to American buying of gold in the
London open market, there was enough selling to offset these factors of firmness, so that on the whole
sterling may be considered as more or less under pressure. The steadiness of the sterling-franc quotation
as reflected in the London check rate on Paris seems
to be due entirely to official intervention on the other
side in favor of the franc.
The range this week has been between $5.03 and
$5.0434 for bankers'sight bills, compared with a range
of between $5.0234 and $5.044 last week. The range
for cable transfers has been between 85.034 and
4, compared with a range of between $5.03
$5.043
2 a week ago.
and $5.043/
The following tables give the mean London check
rate on Paris from day to day, the London open
S
Financial Chronicle
Volume 139
market gold price and the price paid for gold by the
United States:
MEAN LONDON CHECK RATE ON PARIS.
Saturday, July 28
76.437 Wednesday, Aug. 1
Monday, July 30
76.42
Thursday, Aug. 2
Tuesday, July 31
Aug.3
76.425
Friday,
LONDON
Saturday, July 28
Monday, July 30
Tuesday, July 31
OPEN MARKET GOLD PRICE.
138s. Md. Wednesday, Aug. 1
138s. Md. Thursday, Aug. 2
138s. Md. Friday,
Aug. 3
76.425
76.375
76.34
1388. id.
1385. 2d.
138s. %cl.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
Saturday, July 28
35.00
35.00 I Wednesday, Aug. 1
Monday, July 30
35.00
Thursday, Aug. 2
35.00
Tuesday, July 31
35.00
Friday,
Aug. 3
35.00
Sterling and the foreign exchange markets everywhere are extremely dull. The turnover remains
extremely small, as it has been for many months.
Transactions are confined to strict commercial requirements and tourist demands. Exchange controls
at all centers practically preclude other forms of
business. Speculative operations are conspicuously
absent, as arbitrage dealings are rendered almost impossible under conditions prevailing in the foreign
exchange markets. At the present juncture, owing
to fears as to further pending and more serious disdisturbance in Europe, foreign exchange operations
are more rigidly curtailed than ever. Under normal
conditions sterling should be strong in terms of the
dollar throughout August, and were normal conditions present in Europe, tourist demands alone would
suffice to give firmness to sterling in terms of the
dollar. Bankers everywhere seem to be hoping only
that greater economic disasters and political troubles
may by some good fortune be averted. It is evident
that they are shaping their policies in ne expectation
that most inauspicious events impend. Because of
the prevailing feeling of uncertainty foreign exchange
transactions are confined to the barest essentials.
Even apart from the fears which have been aroused
by the assassination of Chancellor Dollfuss and the
seizure of power in Germany by the National Socialist
cabal,foreign exchange transactions wou'd be limited
now, as they have been since 1931, by reason of the
constant recurrence of devaluation and inflationary
schemes. Oftficial denials and repudiation of such
projects only indicate that they are smoldering.
Sterling is no more free from these threats than any
other currency. A recent wireless to the New York
"Times" relating to this feature was prominently displayed a few days ago. It read: "Despite the assurances repeatedly given out that devaluation would
not be carried out in the gold exchange countries, it
is believed in many quarters that this may be forced
on some, if not all, of these countries and that in all
probability that would be the surest and quickest
way to world stabilization. That there are grave
doubts that the present situation can be maintained
s evident from remarks frequently heard in responsible quarters to the effect that international action
for stabilization of exchanges is still a remote possibility. Events in this direction might move rapidly,
however, upon an agreement among the gold exchange countries to revalue their currencies." Official banking authorities in London and the British
Treasury appear calm if not indifferent to all prognostications along this line. Nothing will be done to
lower the prestige of London in the eyes of the commercial world.
The Bank of England position is stronger than
ever and no serious efforts are made to increase
its gold holdings, which have been around L192,000,000 for nearly a year. Funds continue to flow
649
to London, as during the past few years, so that the
plethora of foreign deposits is greatly in excess of
what it was before their hasty withdrawal forced
the abandonment of gold in September, 1931. Bill
rates have for long been maintained, even at their
current low levels, only by the concerted efforts of
the leading London banks and the Bank of England
to support the discount houses. As noted here
last week, money rates in Lombard Street are the
lowest since March. Rates continue unchanged.
Call money against bills is in abundant supply at
M%to 4
3 %,two-months'bills at 34%,three-months'
bills at 4
3 % to 13-16%,four-months' bills at 13-16%
to 7A%,and six-months' bills 15-16% to 1%.
Practically all the gold available in the London
open market this week is believed to have been taken
for American account. On Saturday last £79,000
was so taken. On Monday £380,000 was taken for
unknown destination, believed to have been for
Continental account. On Tuesday £328,000, on
Wednesday £448,000, on Thursday £575,000 and on
Friday £209,000 was taken for American account.
On Monday the Bank of England bought £41,014
and on Thursday £55,796 in gold bars. The Bank
of England statement for the week ended Aug. 1
shows an increase in gold holdings of £3,366, the
total bullion standing at £192,157,793, which compares with £191,521,188 a year ago and with L150,000,000 recommended as a minimum by the Cunliffe
committee. At the Port of New York the gold
movement for the week ended Aug. 1, as reported
by the Federal Reserve Bank of New York, consisted
of imports of $14,555,000, of which $7,580,000 came
from England, $3,583,000 from India, $1,677,000
from Canada, $1,462,000 from Chile, $174,000 from
France, $71,000 from Egypt and $8,000 from Guatemala. There were no gold exports. The Reserve
Bank reported an increase of $770,000 in gold earmarked for foreign account. In tabular form, the
gold movement at the Port of New York for the week
ended Aug. 1, as reported by the Federal Reserve
Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, JULY 26—AUG. 1, INCL.
Exports.
Imports.
87,580,000 from England
3,583,000 from India
1,677,000 from Canada
1,462,000 from Chile
None
174,000 from France
71,000 from Egypt
8,000 from Guatemala
$14,555,000 total
Net Change in Gold Earmarked for Foreign Account.
Increase: $770,000.
We have been notified that approximately $858,000 of gold was received
from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday $6,034,300 of gold was
received, of which $5,047,500 came from England
and $986,800 from France; there were no exports of
gold or change in gold held earmarked for foreign
account. On Friday, $3,595,900 of gold was received,
of which $1,675,500 came from Canada, $1,656,100
from England and $264,300 from France. There
were no gold exports or change in gold held earmarked for foreign account.
Canadian exchange continues firm in terms of
United States dollars. On Saturday last Montreal
funds were at a premium of 1 11-16%; on Monday at
from 1 11-16% to 1 23-32%; on Tuesday at from
1 11-16% to 13
4%;on Wednesday at from 1/% to
13
4%;on Thursday at from 15A% to 13
4%,and on
Friday at from 9-16% to 134%.
650
Financial Chronicle
Referring to day-to-day rates, sterling exchange on
Saturday last was inclined to ease. Bankers' sight
was $5.03%®$5.03%; cable transfers $5.03%®
$5.04. On Monday sterling was dull and easier.
The range was $5.033/
2®$5.03% for bankers' sight
$5.03/@$5.04
for
cable transfers. On Tuesday
and
the pound continued to show softness. Bankers'
sight was $5.03 5-16@$5.03%;cable transfers $5.03%
@$5.03%. On Wednesday sterling was again under
pressure. The range was $5.03@$5.033/2 for bank8®$5.03% for cable transfers.
ers' sight and $5.033/
On Thursday sterling was steady in dull trading.
The range was $5.03@$5.03% for bankers' sight and
$5.03A®$5.03% for cable transfers. On Friday
sterling reacted sharply; the range was $5.033/2®
$5.045A for bankers' sight and $5.03%@$5.04% for
cable transfers. Closing quotations on Friday were
$5.043/ for demand and $5.044 for cable transfers.
Commercial sight bills finished at $5.043; 60-day
bills at $5.03M; 90-day bills at $5.03; documents for
payment (60 days) at $5.033/2 and 7-day grain bills
at $5.04 7,16. Cotton and grain for payment closed
at $5.40431. ,
Continental and Other Foreign Exchanges
XCHANGE on the Continental countries presents no new features of importance from last
week. These units are all easy in terms of the
dollar, but transactions are so light that wide variations in price are registered on small transactions.
French francs continued to show great ease until a
drive against the dollar began in Paris on Friday.
The French franc has been strongly supported by
the intervention of the British Exchange Equalization Fund and the Bank of France operating chiefly
in London and Paris. For the past few weeks the
franc has been ruling so low in terms of the dollar
that an export movement of gold from Paris to New
York seemed quite possible. On numerous occasions the dollar-franc rate has gone as low as 6.58%.
Francs were on the offered side at this price on Wednesday last. However, while even at this rate
banks in an exceptional position might import gold
from Paris, no really large movement of gold could
get under way unless francs were nearer 6.57. It
rose on Friday to 6.61%. The sharp rise in francs
on Friday is referred to in the remarks on sterling
exchange. It would seem that the small gold
shipments which have been engaged in Paris for
New York during the past few weeks were not
taken from the Bank of France. Current rates on
francs wou d not permit direct purchase of gold
at the Bank of France. It is believed that at least
most of the recent gold imports from Paris came
from private hoards which could be obtained at
slightly lower prices than gold from the Bank of
France. It might be though that considering the
steady improvement in the condition of the Bank
of France, the rate on Paris should be stronger both
here and in London. One reason given for the recent
softness is the almost complete lack of demand.
There are no substantial offerings of francs. The
political unrest in Europe is largely responsible for
weakness in the unit. There is an important body
of opinion in France and in other countries which
leans to the belief that political disturbances detrimental to the security of the French Government
itself are also in prospect.
The Bank of France has so far recovered from its
gold losses that gold holdings appear to be rapidly
E
Aug. 4 1934
approaching the high point of Sept. 1 1933, when
they stood at fr. 82,277,928,401. The Bank's statement for the week ended July 27 shows an increase
in god of fr. 260,014,202. This makes the 21st
successive increase in the Bank's gold, bringing the
aggregate for the period to fr. 6,323,999,410. Total
holdings on July 27 stood at fr. 80,252,198,856,
which compares with fr. 81,976,107,582 a year ago
and with fr. 28,935,000,000 in June 1928, when the
unit was stabilized. The Bank's ratio is at the
high figure of 79.56%. The Bank's ratio was at its
highest Nov. 17 1933, when it stood at 79.95%.
A year ago ,the ratio was 78.17%. Legal requirement is 35%.
There is nothing new of importance relating to
German marks. The prospect for mark stability
seems most remote. The Reichsbank statement as
of Aug. 1 shows a slight improvement, with a net
gain of rm. 100,000 in gold. For the past few weeks
the Reichsbank has been receiving gold from Russia
in payment of Russian debts due to Germany. At
present the reserve ratio is at 2.1%, compared with
the record low of 2.0% a few weeks ago. The
belief has been growing that the hoped-for equilibrium
in the German foreign exchange situation has not
followed the imposition of the transfer moratorium
on long-term debt service. Several times in the
past few weeks it became necessary tO ship German
gold to London to obtain foreign exchange and it is
understood that some has also been sent to Amsterdam.
During the week ended July 30 a total of L797,558 of German gold was received in London, the
equivalent of about rm. 10,368,000. On Thursday it was reported that a large part of the £575,000
of gold in the London open market came from
Germany. Were it not for the offsetting imports of
Russian gold, there can be no doubt that the Berlin
Bank's gold reserves would now be closer to the
vanishing point. It will be recalled that in the
disturbing news from Berlin in the last few days
is the announcement that Dr. Hjalmar Schacht,
President of the Reichsbank, was appointed Acting
Minister of Economics for the Recih and Acting
Minister of Economics and Labor for Prussia. His
commission is for six months. It is known that
influential forces in Berlin which advocate devaluation of the mark have been seeking Dr. Schacht's
ouster as President of the Riechsbank. Whether
his new appointment will tend to the furtherance of
his removal from the governorship of the Reichsbank
is a matter of market conjecture.
Italian lire have been under some pressure during
the past few weeks in the foreign exchange market.
This pressure is attributed to the recent unfavorable
turn in the Italian trade balance. The Bank of
Italy, it is understood, has been supporting the lira
through sales of gold in Paris. In the first half of
this year the Bank of Italy has lost a net of 623,600,000 lire in gold, thus reversing the previous
trend. Italian exports for the first six months of
this year amounted to 2,116,600,000 lire, compared
with 2,491,300,000 lire in the corresponding period
last year, while imports have risen to 3,265,300,000
lire from 3,121,000,000 lire. It is pointed out that
the gold operations between Rome and Paris show
that the gold standard is working automatically
within the European gold bloc.
The following table shows the relation of the leading
currencies still on gold t9 the United States dollar:
Financial Chronicle
Volume 139
France (franc)
Belgium (belga)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity.
Parity.
6.63
3.92
23.54
13.90
8.91
5.26
40.33
23.82
32.67
19.30
68.06
40.20
Range
This Week.
6.5874 to 6.61%
23.43% to 23.55
8.56% to 8.59%
38.60 to 39.05
32.59 to 32.75
67.59 to 67.85
The London check rate on Paris closed on Friday
at 76.34, against 76.47 on Friday of last week. In
New York sight bills on the French center finished
/, against 6.59 on Friday of last
on Friday at 6.615
cable
at 6.613A, against 6.593/s, and
transfers
week;
commercial sight bills at 6.593., against 6.561A.
Antwerp belgas finished at 23.54 for bankers' sight
bills and at 23.55 for cable transfers, against 23.42
and 23.43. Final quotations for Berlin marks were
38.99 for bankers' sight bills and 39.00 for cable
transfers, in comparison with 38.34 and 38.35.
Italian lire closed at 8.59 for bankers' sight bills and
at 8.593/ for cable transfers, against 8.573' and
8.57M. Austrian schillings closed at 19.00, against
18.95; exchange on Czechoslovakia at 4.17, against
4.153'; on Bucharest at 1.013,, against 1.01; on
Poland at 18.97, against 18.91, and on Finland at
2.233..., against 2.233.. Greek exchange closed at
0.943/ for bankers' sight bills and at 0.95 for cable
transfers, against 0.94M and 0.94/.
XCHANGE on the countries neutral during the
war presents no new developments from the
few
weeks. The outstanding factors relating to
past
sterling and French francs have a strong bearing
on the neutral exchanges. The Scandinavian units
move in harmony with sterling. The Swiss franc and
the Dutch guilder fluctuated this week within exceptionally narrow limits. Both Holland and Switzerland continue in well entrenched positions so far as
their currencies and their foreign exchange relations
are concerned.
Bankers' sight on Amsterdam finished on Friday
at 67.84, against 67.60 on Friday of last week; cable
transfers at 67.85, against 67.61, and commercial
sight bills at 67.82, against 67.58. Swiss francs
closed at 32.74 for checks and at 32.75 for cable
transfers, against 32.61 and 32.62. Copenhagen
checks finished at 22.54 and cable transfers at 22.55,
against 22.49 and 22.50. Checks on Sweden closed
at 26.04 and cable transfers at 26.05, against 25.98
and 25.99; while checks on Norway finished at 25.37
and cable transfers at 25.38, against 25.30 and
25.31. Spanish pesetas closed at 13.693' for bankers'
sight bills and at 13.703 for cable transfers, against
13.66 and 13.67.
E
XCHANGE on the South American countries
E
continues under the dominating influence of exchange control
units are not af-
.651
25.90@26.00. Brazilian milreis are nominally qUotid
for cable trans8.40 for bankers' sight bills and
or free
unofficial
The
fers, against 8.40 and 81A.
nominally
is
Chilean
exchange
.
4
63
market close was
quoted 103.1, against 103.. Peru is nominal at
23.00, against 23.00.
XCHANGE on the Far Eastern countries is
E
largely dominated by the position of sterling.
Japanese yen, while under the strictest of exchange
control regulations, move more or less in accord with
the sterling rate. The Chinese units are firmer in
terms of the dollar, due to a slight firming up in the
London price for silver, as buying or selling exchange
on Hong Kong and Shanghai is practically equivalent
to a transaction in silver. The Indian rupee fluctuates, of course, strictly with sterling, to which it is
legally affixed at the rate of is. 6d. per rupee.
Closing quotations for yen checks yesterday were
29.91, against 29.92 on Friday of last week. Hong
Kong closed at 37.90@38 1-16, against 37%©
37 13-16; Shanghai at 34 7-16, against 34@34 1-16;
Manila at 49.90, against 49.90; Singapore at 59.30,
against 593.(; Bombay at 38.05, against 37.92 and
Calcutta at 38.05, against 37.92.
Foreign Exchange Rates
URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
P
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANES TO TREASURY UNDER TARIFF ACT OF 1922.
JULY 28 1934 TO AUG. 3 1934, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Role for Cable Transfers in New York.
Value in United Mates Money.
July 28. July 30. July 31. Aug. 1. Aug. 2, Aug. 3.
EUROPE188625* .188625* .188641* .188641* .188641* .188658*
Austria.schilling
.234423 .234384 .234288 .234469 .234542 .234730
Belgium. belga
.012475* .012500* .012500* .012500* .012500* .012500*
Bulgaria. lev
Czecbaglovalda, krone .041528 .041534 .041521 .041521 .041516 .041565
.224958 .224941 .224908 .224681 .224727 .225033
Denmark, krone
England, pound
5.036750 5.035750 5.034541 5.030791 .032333 5.037166
sterling
.022291 .022283 .022308 .022275 .022283 .022304
Finland. markka
.065901 .065895 .065887 .065894 .065997
France franc
Germany. reichsmark .386607 .386207 .386169 .386930 .386891 .388523
.009455 .009447 .009447 .009447 .009470
009462
Greece. drachma
675860 .675864 .675853 .675871 .676050 .677135
Holland, guilder
.297000* .297000* .297000* .297000* .296833* .296900*
Hungary. pengo
085703 .085705 .085686 .085623 .085661 .085780
•Italy, bra
.253025 .253041 .253000 .252758 .252791 .253141
Norway, krone
.188866 .188966 .188866 .188833 .188966
.188833
Poland. zloty
.046075 .046093 .046093 .046093 .046081 .046068
Portugal, escudo
.010033 .010037 .010050 .010025 .010037 .010037
Rumania,leu
.136607 .136582 .136560 .136567 .136517 .136730
Spain. peseta
.259590 .259675 .259600 .251433 .259416 .259766
Sweden. krona
Switzerland, franc_- .326064 .325964 .325907 .325925 .325932 .326435
Yugoslavia. dinar__ __ .022825 .022800 .022833 .022833 .022800 .022866
ASIAChinaOnto° (yuan) dol'r .336666 .337083 .337291 .338750 .340000 .340416
Hankow(yuan)dorr .336666 .337083 .337291 .338750 .340000 .340416
Shanghla(yuan)dorr .336093 .336562 .336875 .333437 .339531 .339843
Tientsin(yuan)dol'r .336666 .337083 .337291 .338750 .340000 .340416
Hongkong. dollar_ .372812 .372812 .373593 .373906 .376093 .375156
.378550 .378600 .378540 .377850 .378400 .378670
India, rupee
298160 .298100 .298050 .298300 .298270 .298330
Japan, yen
Singapore (S. 8.) dar .590625 .590312 .590625 .590312 .589500 .590500
AUSTRALASIA- I
4.015000*4.014062* 4.012656* 4.010625* 4.011250* 4.014375*
Australia. pound
New Zealand, pound_ 4.02583304.026250* 4.024375*4.021875*4.023125* 4.025937'
AFRICASouth Africa. pound..4.980312'4.982750* 4.994000•4.977750*4.976500•4.982250.
NORTH AMER.-'
11.016335 1.016892 .017213 1.015885 1.016363 1.016692
Canada, dollar
.999150 .999150 .999150 .999150 .999150 .999150
Cuba. peso
Mexico. peso (silver)] .277500 .277500 .277500 .277500 .277500 .277500
Newfoundland. dollar 1.013750 1.014062 1.014625 1.013625 1.013875 1.014000
SOUTH AMER..335850* .335833* .335633* .335400* .335466* .335800*
Argentina, peso
084500* .084833* .084833* .084833*, .084800* .084833*
Brasil, mare's
.102625* .102625* .102625* .102625*, .102625* .102625*
Chile, peso
.800250* .800250* .800250* .800250*i .800250* .800850*
Uruguay, peso
.546400* .540500* .540500* .540500* .540500* .543500*
Colombia. Peso
regulations. These
fected by the threatening situation in Europe, but
look to London for all important influences affecting
the future of their exchange and monetary developments. The Argentine paper peso continues to be
officially quoted around 333' to 34,butthe unofficial
market continues at the same heavy discount as in
recent weeks. The free market shows a range this
* Nonimal rates: firm rates not available.
week of between 25.38 and 25.80, most transactions
Gold Bullion in European Banks
having apparently been concluded at around 25.75.
Argentine paper pesos closed on Friday, official
HE following table inlicates the amount of gold
4 for bankers' sight bills, against
quotation, at 333
bullion in the principal European banks as of
4 on Friday of last week; cable transfers at 34, Aug. 2 1934, together with comparisons as of the
333
against 34. The unofficial or free market close was corresponding dates in the previous four years:
T
Financial Chronicle
Aug. 4 1934
issued by the Yugoslav Legation at Berlin on Monday, directed, it was generally understood, at Italy.
E
i
£
E
England_ _ _ 192,157,793
139,399,674 134,827,755 153,594,839
"Although
the attitude is taken," the statement deFrance a_ _ 642,017,591
657,340,121 467,259.916 368,483,469
Germany b
2,847,900
35,957,350
64,082,300 124,956.100
events in Austria are of a purely inter"that
clared,
Spain
. 90,546,000
90,237,000
91,003,000
98,891,000
Italy
69,960,000
56,323,000
61,256,000
58,057,000
nal character, and although every measure is being
Meth'lands_
71,815,000
84,206,000
49,002,000
32,555,000
1'/at. Belg
75,000,000
74,244,000
42,649,000
34,347,000
3wIteland. 61,409,000
taken to preserve good-neighborly relations with Aus89,156.000
30.504,000
23,780,000
3weden
15,335,000
11,445,000
13,214,000
13,482.000
Denmark..
7,397,000
7,440,000
tria, the Yugoslav Government is of the opinion that,
9,546,000
9,567,000
Norway__ _
6,577,000
7,911,000
8,131,000
8,142,000
in
case of special complications, the League of NaFotal week- 1,235,062,284 1,250,700,698 1,258,592,145 968,275,971 924,126,408
Prey. week_ 1 222 OM AM 1..244 074.582 1.252.482_952 953.3)5.982 918.020.266
tions is the only competent authority to decide the
a These are the gold ho dings of the Bank of France as reported in the new form
Austrian question as an international problem.
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of wh ch the present year is £895.800.
Every other one-sided measure or intervention would
be a violation of peace treaties and could lead to furClouds and DarkLess Over Europe
ther consequences." The international position of
Not for many years has the political situation in Austria is, of course, regulated by treaties, and the
Europe offered so many occasions for anxiety. The country has long been the special protege of the
death of President von Hindenburg on Thursday, League, but to appeal to the League in the event of
followed immediately by the assumption of the duties further complications would be to invoke a body
of the presidential office by Chancellor Hitler, would whose political authority has ceased to be of any
of itself have been sufficient to give Germany,for the practical importance. What gave Europe a feeling
moment at least, the center of the stage and fix at- of assurance during the days when Government forces
tention upon whatever might seem to indicate its and Nazis were fighting in Austria was not the pofuture policy. President von Hindenburg was more tential resources of League intervention, but the
than a distinguished old warrior and a revered head prompt mobilization of Italian troops on the Ausof the State. He typified, more than any of the Ger- trian border and the belief that Mussolini would not
man commanders, the heroic aspect of the great war, hesitate to enter the country if the overthrow of the
and none of the Presidents of the Reich rivaled him Government seemed imminent.
in popular regard, but he had also, once the war was
Yet the demonstration of Italian preparedness is
over, thrown all his great influence on the side of itself an indication of the delicacy of the situation
peace and national recovery. Monarchist though he and of the changed position of the Powers. Whether
was,he accepted the republican regime of the Weimar or not Italy acted, as it probably did, with the tacit
Constitution and remained loyal to it until it had approval of Great Britain and France, it is nevertherun its course and a new order displaced it. To less Italy and not France that stands out now
as the
what extent the National Socialist movement had his special guardian of Austria's political integrity. In
fundamental sympathy we do not yet know, but there so doing it has not only assumed a role hitherto
is reason for thinking that he exercised for a time a played rather conspicuously by France, but
has also
restraining influence upon the Hitler Government, weakened such influence as France retains
in the
and that his incumbency of the presidential office councils of the League and challenged French
influwas regarded by many, in other countries as well as ence with the States of the Little Entente.
With a
in Germany,as an assurance that Nazi excesses, how- thoroughly organized and equipped Italian
force
ever violent and provocative, would not be allowed ready for action a few miles distant from the Austo plunge Germany into another war.
trian border, and maintaining its position until the
With the death of President von Hindenburg, how- failure of the Nazi putsch was assured, it is
imposever, German history begins a new chapter. Pre- sible for neighboring Powers any longer to
think of
cisely what the chapter will contain can only be sur- France as the one great Power on whose
support Ausmised, but it is clear that an important part of its tria may particularly rely. The Yugoslav
warning,
contents will have to do with the relations between on the other hand, calls attention sharply
to the deepGermany and Austria. The reported "confession" of seated hostility to Italy in that country
and the exformer Ambassador Rintelen, purporting to im- treme suspicion with which every
advance of Italy
plicate Germany in the recent outbreak in Austria, in international prominence is viewed.
is best taken with much reserve, but there can be no
Why France,jealous as ever of its prestige and predoubt that the Nazi movement in Austria owed much rogatives, should have acquiesced,
apparently withto the success and aggressive tactics of the German out demur, in Italy's action is
doubtless to be exNazis, and that the establishment of a Nazi Govern- plained not merely by Italy's
proximity to the seat
ment in Austria which the Hitler Government would of trouble, but still more by the
precarious political
more or less completely dominate was at least a Ger- situation at home. Not for
years has France
man Nazi dream. The defeat of the Nazi outbreak had so unstable a Government as
that of Premier
has temporarily dissipated that hope, but there seems Doumergue. Formed a few months
ago in a desperate
small reason to expect that the new regime which has effort to avert a political crisis
which the Stavisky
been set up in Austria will prove to be anything but scandal was rapidly bringing to a
head, it has done
essentially Fascist, and between Fascism and Na- little more than hold together
without winning either
tional Socialism there are many points in common. respect or confidence from the
country. Within a
There is no sign of a victory for democratic institu- few days its existence has again
been seriously threattions or truly representative government in the mo- ened in consequence of charges
made by one of its
mentary outcome of the Austrian struggle. Central prominent members, former
Premier Andre Tardieu,
Europe has a Fascist bloc, however antagonistic its while the whole party outlook
has been changed by
several members may for the moment be to one an- the conclusion of a working
agreement between the
other.
Socialists and Communists, two parties between
Tt is this Fascist bloc that has now become the dan- which bitter hostility has
hitherto been the rule.
ger spot of Europe. There is something ominous, and With a general election due
at an early date unless
at the came time slightly humorous, in the warning some remarkable political
transformation takes
1933.
1932.
§§1§§§g§n1
1934.
CW14CoV,
11.
3W.P .
ott
cbmwoo..00moobo
Banks of—
1931.
1930.
Volume 139
Financial Chronicle
place, the patchwork Government of Premier Doumergue faces a united radical opposition more powerful than any that France has seen for a long time.
With this contingency in the offing, it was no time
for a military adventure in Central Europe, especially since French intervention in Austria would have
been far more bitterly resented by Germany than anything that Italy might conceivably have done.
The position of Germany, on the other hand, is admittedly both difficult and perilous. The action of
Hitler in exercising at once the authority already
granted to him to alter the Constitution, and in
taking the office of President in addition to that of
Chancellor, together with the certainty that he will
be the only candidate for head of the State in
the plebiscite which has been ordered for August
19, not only clothes him during the next two weeks
with more comprehensive powers than those of any
other European ruler, but promises a continuance of
those powers for some years to come. What he will
do is of acute interest to all Europe. As far as domestic politics is concerned, his continuance in office and
his success as President will depend,in the first place,
upon the attitude of the Reichswehr, the national
army whose officers have thus far refused to be drawn
into any political alignments save that of unqualified
loyalty to President von Hindenburg as head of the
Reich. If, now that the great link with the past has
been broken, the allegiance of the Reichswehr is
secured by the new President, there is little doubt
that the aggressive Storm Troops can be kept in hand
and effective resistance to the new regime prevented.
The solution of the serious problems of economic recovery, on the other hand, has as yet hardly gone
beyond the announcement of elaborate plans for
reviving industry and trade, regulating labor, assisting agriculture and reducing unemployment, and
unless something of more practical importance is
done, and done soon, a financial, industrial and commercial situation which is already bad will rapidly
become worse.
In foreign relatio.ns the problems are many. Outstanding in the list is the struggle between Germany
and Italy for a controlling influence in Austria.
There is agreement among the Powers that the independence of Austria, in form at least, shall be preserved, but the events of the past few weeks have made
it clear that Mussolini, however much he may sympathize with a Fascist trend in Germany,does not mean
to allow Austria to pass under the political control
of the Reich. It will be for Hitler to say whether the
understanding which is believed to have been reached
between him and Mussolini, at their recent conference, by which German pressure upon Austria was
to cease, is to be honored, or whether it is to be
scrapped and official and unofficial intermeddling
resumed. The attempt to establish a German hegemony over Austria is only a part, moreover, of an
extensive Pan-German movement which Hitler has
cherished and which it is not clear that he has abandoned. The Austrian uprising is also reported to
have lessened the interest of Poland in the nonaggression pact which it recently concluded with the
Reich, intensified anti-German feeling in Czechoslovakia and further alienated Russian sympathy.
More than ordinary significance, accordingly, attaches to the action of the British Parliament in voting a large increase in the British air force, and the
declaration of Stanley Baldwin, Acting Prime Minister, on Monday, that "since the day of the air the
653
old frontiers are gone, and when you think of the defense of England you no longer think of the white
cliffs of Dover, but you think of the Rhine. That is
where to-day our frontier lies." The declaration,
which is reported to have made a profound impression in the House of Commons, is the more remarkable because the British Government, while naturally
concerned at the outbreaks in Austria and their
tragic accompaniments, steadily refused to magnify
the importance of the incidents or give aid or comfort to war talk. With the death of President von
Hindenburg, however, apparently only a matter of
days and with Hitler's accession to the Presidency
clearly foreshadowed, Great Britain prepared for
eventualities. Taken in connection with another
recent understanding between Great Britain and
France regarding the protection of Belgium, and of
The Netherlands if that country cares to accept it,
a powerful pressure has been put upon Germany to
follow the path of peace. It is earnestly to be hoped
that the new Chancellor-President may not fail to
heed the warning, for the last thing that Germany
can afford now is a war.
Railroads Conserve Human Capital
More Than Twenty-twofold Increase-2,170%—in Pension Payments in Past 26 Years.
Many railroad companies have already voluntarily
placed in effect pension plans, some of which have
been in existence for 50 years or more. This indicates that the companies generally are not opposed
to pension plans as such. The new pension bill recently signed by the President, however, will play
havoc with the present financial plight of the carriers. Even under normal conditions the additional
burden of cost would be unbearable, and in the face
of the present financial status of the carriers it is
inviting disaster.
Financial Status of Carriers
The transportation industry as a whole was in
sound financial position in 1929. The railway plant
was in excellent physical condition, and the safety,
adequacy, and efficiency of transportation service
offered to the public was probably at the highest level
ever experienced.
The downward trend in railway traffic and earnings, as in the case of industry generally, began late
in 1929 and continued nearly to the end of 1933.
Briefly summarized, the economic features of rail
operation since 1929 have been as follows: From
1929 to 1933 freight traffic declined 44%; passenger
traffic decline 47%; gross operating revenues declined 51%; net operating income declined 62%,and
net income after fixed charges, which amounted to
$896,000,000 in 1929, dropped to a net deficit in 1933
of $14,000,000.
Railways reporting a net deficit after fixed charges
in 1929 operated 4% of the total mileage of all Class I
carriers. This proportion increased to 16% in 1930;
further increased to 42% in 1931, and to 68% in 1932.
The corresponding percentage in 1933 was 58. That
is, more than two-thirds of the railway mileage in
1932 and nearly three-fifths of the mileage in 1933
failed to earn the fixed charges applicable to that
mileage.
At the recent hearings before the Senate Committee on Inter-State Commerce it was shown that if the
present pension bill had been in effect in 1933 the
percentage of mileage failing to earn a net income
654
Financial Chronicle
Aug. 4 1934
Year—
Pension.
Year—
Pension.
would have increased to 72%, or nearly three- 1908
$22,344,626
$1,508,437 1928
25,594.720
1923
11.815,702 1929
quarters.
28,872,875
1924
13.349.024 1930
32,288,960
1925
18,523.633 1931
Railway Pension Plans
1926
22.372,016 1932
33,175,931
34,244,000
1927
24,637.019 1933
At the request of the railroad pension committee
Thus,it is seen, pensions paid to retired employees
of the Association of Railway Executives, the Bureau
of Class I railroads of the United States in 1923
of Railway Economics recently made a study of 129
totaled $11,816,000, and $34,244,000 in 1933, an inClass I railways, whose employees, including some
crease of 190%. In the five years from 1923 to 1927
absent furloughed employees, aggregated 1,215,897
the amount of pensions paid more than doubled. In
workers at the time they made the report to the
the past 26 years they have increased more than
Bureau. In the table below this whole mass of em2,170%.
ployees is distributed according to age groups, the
The annual costs to the carriers of payments into
average age being 43 years:
the
fund set up by the present railroad pension bill,
Per Cent of
Total.
Number.
Age.
based on their operating revenues in 1933, would be
4.25
51,710
65 years and over
$80,200,000, and this amount would be in addition to
67.827
5.58
60 to 64 years
19.27
234,344
50 to 59 years
the pension payments of $34,244,000 actually made
29.90
363,505
40 to 49 years
by them on current pension plans in that year. Had
330.320
27.17
years
to
39
30
13.83
161,191
Under 30 years
the bill been in effect during 1933, the net deficit of
100.00
1,215,897
the railroads would have been increased to $94,The average experience, or years in service, of 000,000, and only a few of the individual companies
these same employees was 15 years, and their dis- would have earned any net income at all.
tribution according to years of service was as
While the gross revenues of the railroads may
follows:
increase in the future as business improves, at the
Per Cent of
same time the carriers are confronted with increases
Number.
Total.
Service.
3.588
0.30
50 years and over
in operating costs since 1933, caused by increased
32.980
2.71
40 to 49 years
prices of fuel and material. This is estimated at not
83,021
6.83
30 to 39 years
18.52
225.240
20 to 29 years
less
than $150,000,000 annually, which must, of
871,068
71.64
Under 20 years
course,
be met out of gross revenue. As a conse1,215,897
100.00
quence,
the railroad industry is in no position to
Formal pension plans have been set up on 51 railfinancial burdens added to its present
have
heavy
ways or systems, and at present 90.6% of all their
obligations
unless their charges for servcurrent
and
employees are protected by some plan. The earliest
increased.
likewise
are
ice
of these 51 plans was inaugurated in 1884, and the
•--------latest one in 1929.
States Court of Appeals Sustains Dr. Nicholas
United
Informal pension plans exist on 23 railways, the
Murray Butler in Suit to Recover Securities from
Harriman National Bank & Trust Co.
year of inauguration ranging from 1890 for the
The United States Circuit Court of Appeals in New
earliest to 1929 for the latest. Indefinite plans also
York
City on July 23 affirmed a judgment given last October
railways
which
grant
pensions
of speciexist on 10
by the United States District Court in Brooklyn which held
fied amounts to employees when they retire from the that Dr. Nicholas Murray Butler, President of Columbia
service, each case being handled separately and on University, was entitled to securities valued at between
$300,000 and $400,000 which he had delivered to the defunct
its merits.
Thus, a total of 84 railways now pay pensions to Harriman National Bank & Trust Co. in January 1932 to
be held for his account. The bank, through its receiver,
their retired employees on some more or less definite disputed Dr. Butler's claim and said that the bank had a
basis, and none of the plans involve any contribution right to hold the securities as collateral for two loans made
from the employees but are financed by the railway to Mrs. Joseph W. Harriman, wife of the former President
of the bank. One of these loans, for $150,000, was made in
companies themselves.
January 1932, and the other, for $83,000, was made in
Variations in Provisions
October 1924.
A recent reference to other court actions involving the
The provisions of these plans vary considerably.
closed bank was contained in our issue of July 28, page
formal
and
informal
plans, 62 546. We quote below in part from the New York "Herald
In the case of the 74
provide pensions on account of age, 72 because of Tribune" of July 24 regarding the decision sustaining
disability, and 10 for length of service. Except in a Dr. Butler:
A ruling on the appeal which the bank took from Judge Moscomitz's
few instances, retirement is compulsory at the age decision
in the Butler suit turned on the question of whether Dr. Butler
had acquiesced in Mr. Harriman's action in transferring his securities to
of 70.
the loan department of the bank and using them as collateral for the loans
The years of service required before employees be- to Mrs. Harriman.
Reviewing the evidence. Judge Swan declared that in December 1931,
come eligible for pension benefits also very. Where Dr.
Butler was notified by his stock brokers that his account was underretirement is on account of age, the minimum length margined by $15,000. He consulted Mr. Harriman, his friend, who advised
him to close out the account with the brokers and bring it to the bank.
of service ranges from 10 to 35 years. Where retire- The bank loaned Dr. Butler $126,000 on his unsecured note, dated Jan. 8
1932, and out of this loan paid to the brokers Dr. Butler's indebtedness
ment is on account of disability, the minimum serv- to
them of $125.526.50. receiving in exchange his securities which then
had a market value of $217,320.
ice period varies from 10 to 30 years.
On Jan. 8 1932 in a letter marked "strictly confidential" Mr. Harriman
The 74 railway companies with formal or informal informed
Dr. Butler he had guaranteed the bank's loan to Dr. Butler
had "borrowed temporarily" the securities turned over by Dr. Butler.
plans reported a total of 30,069 pensioners at the and
Upon receipt of this letter, Judge Swan pointed out, Dr. Butler called
end of 1925, and 49,547 at the end of 1931. Thus, the upon Mr. Harriman "and protested vehemently against any borrowing of
them, stating that he relied upon them to take care of his loan from the
number on their pension rolls increased 64.8% in six bank and under no circumstances could he part with them."
Mr. Harriman's Promise Cited.
years. The entire number granted pensions from the
Mr. Harriman treated the matter lightly, urging him to trust the bank
inauguration of all these pension plans down to the absolutely
and promised the securities would be there whenever Dr. Butler
end of 1931 aggregated 103,533 men, and the sum of wanted them.
Dr. Butler was satisfied with Mr. Harriman's statement and did not
the payments amounted to $339,693,000.
learn of the hypothecation of his securities, Judge Swan said, until July
1932, shortly after Mr. Harriman had been removed as the bank's
27
A resume of the increase in pension costs is shown president.
Regarding the bank's claim that Dr. Butler had ratified the
in the following table for the years 1908, and 1923 to hypothecation of his securities, Judge Swan wrote.
"There was no ratification or acquiescence by silence, since Dr. Butler
1933, inclusive:
was constantly protesting. . .. While it is true that the letters referring
Volume 139
Financial Chronicle
to the loan to our friend and the letter of Aug. 18 to Mr. Harriman are
scarcely in the tone one would expect, we ought not to impute ratification
because Dr. Butler preferred to use persuasion and tact (involving some
consideration for Mr. Harriman) rather than denunciations and formal demands. He was pressing for the return of his securities in the way he
thought most likely to succeed."
FCC Begins Investigation of Telegraph OperationsInquiry Into Whether Large Customers Receive
Preferred Service.
The Federal Communications Commission on Aug. 1
began an investigation to determine whether customers of
telegraph companies doing a large amount of business
receive better service than others. The companies were
directed to furnish detailed information regarding their
business not later than Sept. 15. In our issue of July 28,
page 537, it was noted that the FCC had started an investi-
655
gation into telephone and telegraph companies. The scope
of the latftt inquiry was noted as follows in Associated Press
Washington advices of Aug. 1:
Following up orders issued a few days ago requiring the five telegraph
companies to supply, by Sept. 15, information on their corporate set-ups
inter-locking directorates and such-the Commission asked information
on the rates charged and the service rendered in return.
By Oct. 1, the telegraph companies must send the FCC copies of all
their contracts, particularly those that may have to do with arrangements
with railroads and other concerns for exclusive service privileges.
The Commission, in this connection, wants to know whether either
Western Union or Postal has contracted for exclusive rights to send out
service on ball games.
One general fact sought was whether customers doing a large amount
of telegraph business get better service than the little fellows, and whether
any company offers special service inducements to get business.
Another item was whether legitimate cash business is being diverted
over sub-leased wires that amount to private systems. The FCC wanted
to know whether such leased facilities are used for the business intended,
or if everybody with access to the wires may use them for private telegrams
The New Capital Flotations in the United States During the Month of
July and for the Seven Months Since the First of January
New financing in the United States during the month of
July was on a larger scale than in any other month of the
year to date. The grand total for the month was $373,362,112, which compares with $305,521,890 for:June, $144,068,019 for May, $241,813,022 for April, $149,338,1E2 for
March, $88,904,981 for February and $90,385,665 for
January. Undue importance should not be given to the
increased volume of financing during June and July and the
conclusion should not be drawn that financing has now
become easy,for it has not. It is true that the amendments
to the Securities Act are helpful and reduce the liabilities of
the underwriter but the provisions of the Act still act as a
barrier to the free flow of capital.
The corporate issues which came to market duringithe
month aggregated only $145,778,914, while the amount of
State and municipal issues totaled i $92,583,198. There
was also an issue of $100,260,300 Federal Farm Mortgage
Corporation 3% bonds and an offering of $35,000,000
Federal Intermediate Credit Banks 13-% debentures. Of
the $373,362,112 grand total of financing reported for:the
month no less than $156,717,070 was for refunding purposes,
that is, to take up old issues outstanding, leaving the
strictly new capital demand at $216,645,042.
Financing by the United States Government continues
unabated and in a large measure is pre-empting the field
formerly dominated by ordinary financing. Because of the
importance and magnitude of United States Treasury issues
we furnish below a summary of the new of erings sold
during the month of July and also those put out during
the six months preceding, giving particulars of the different
issues, and presenting a complete record in that respect
for the first seven months of the current year.
New Treasury Offerings During the Month of July 1934.
Secretary of the Treasury Morgentlfau announced a new
offering on June 26 of $75,000,000 or thereabouts of 183-day
Treasury bills. The bills, however were dated July 3,
maturing on Jan. 2 1935, and hence form part of the Government's financing for the month of July. Applications for
the issue totaled $205,138,000 of which $75,167,000 was
accepted. The average price for these bills was 99.964, the
average rate on a discount basis being 0.07%.
This
financing provided for the refunding of $50,151,000 of
similar securities, leaving $25,016,000 as an addition to the
public debt.
Another new offering of $75,000,000 or thereabouts of
182-day Treasury bills was announced by Mr. Morgenthau
on July 5. The bills were dated July 11 and mature Jan. 9
1935. Tenders for the issue amounted to $208,743,000, of
which $75,235,000 was accepted. The average price for
the bills was 99.966, the average rate on a bank discount
basis being 0.07%. Issued to replace maturing bills.
Mr. Morgenthau on July 13 announced a further new
offering of $75,000,000 or thereabouts of 182-day Treasury
bills. The bills were dated July 18 and will mature Jan. 16
1935. Applications for the issue totaled $207,015,000 of
which $75,144,000 was accepted. The average price for the
bills was 99.965, the average rate on a bank discount basis
being 0.07%. The proceeds were used to refund a maturing
issue of bills.
A still further offering of $75,000,000 or thereabouts of
182-day Treasury bills was announced by Acting Secretary
of the Treasury Coolidge on July 19.
he bills were dated
July 25 and will mature Jan. 23 1935. Tenders to the
offering amounted to $157,856,000 of which $75,200,000 was
accepted. The average price for the bills was 99.966, the
average rate on a discount basis being 0.07% per annum.
Issued to replace maturing bills.
Secretary of the Treasury MorgenthauonJuly 26announced
another offering of 182-day Treasury bills to the amount
of $75,000,000 or thereabouts. The bills, however, were
dated Aug. 1, maturing on Jan. 30 1935 and hence form
part of the Government's financing for the month of August.
Applications for the issue totaled $115,497,000 of which
$75,025,000 was accepted. The average price for these bills
was 99.957, the average rate being 0.09% per annum on a
bank discount basis. Issued to replace maturing bills.
In the following we show in tabular form the Treasury
financing done during the first seven months of this year.
The results show that the Government disposed of $7,489,860,550, of which $4,324,135,400 went to take up existing
issues and $3,165,725,150 represented an addition to the
public debt. For July by itself, the disposals aggregated
$300,746,000, of which $275,730,000 represented refunding
and $25,016,000 was an addition to the public debt.
UNITED STATES TREASURY FINANCING DURING THE FIRST SEVEN
Morino OF 1934.
Date
'tiered. Dated.
>eo.
an.
an.
an.
an.
an.
an.
26 Jan.
3 Jan.
10 Jan.
17 Jan.
23 Jan,
23 Jan.
24 Jan.
Due.
125,493,000 Average 99.834
50,078,000 Average 99.524
75,008,000 Average 99.833
75.044.000 Average 99.501
100
418,291.700
428.730,700
100
75.155,000 Average 99.855
75,088,000 Average 99.688
393.054,000 3100.236.000 Average 99.781
455,175,000 455,175.500
100
344,987,000 100,110,000 Average 99.978
50.091,000 Average 99.980
194,789,000
50,025,000 Average 99.904
138,221,000
184,356.000 850.151.000 Average 99.98
50.096,000 Average 99.90
117.990,000
1049441,300 1049441,300
100
50.257,000 Average 99.98
182,226,000
147,811,000
50,225,000 Average 99.90
75,047,000 Average 99.980
164,508,000
50,033,000 Average 99.90
150,815,000
75.325,000 Average 99.980
184,572,000
50,040,000 Average 99.907
145,331,000
April total
26 may
26 May
3 May
3 May
10 May
10 May
17 May
17 May
4 June
4 June
14 June
21 June
193,076,000
198.699,000
156,841,000
199,266,000
172,335,000
153,646,000
190,788,000
164,466,000
$75,055,000 Average
50.037,000 Average
75,114,000 Average
50.173,000 Average
50,254,000 Average
50,080,000 Average
50.457,000 Average
50.140,000 Average
.451,310,000
99.981 .0.079.
99.918 .
0.169
99.983 .0.07%
99.926 .
0.151
99.984 .0.061
99.929 .0.141
99.995 .0.069
99.936 .0.139
.
15 12-14 yrs. 3,003,620,600 5824,816,550
100
15 5 years 4,931,780,600 528,591.700
100
20 182 days
234,994,000
75,226,000 Average 99.96
27 182 days
251,941,000
75,353,000 Average 99.96
June total
June
July
July
July
.0.08%
.0.19%
3.25%
.0.07%
.0.1899
.0.08%
.0.1999
.0.08%
.0.18%
51500615,300
2 91 days
2 182 days
9 91 days
9 182 days
16 91 days
16 182 days
23 91 days
23 182 days
May total
June
June
June
June
.0.43%
3.00%
.0.09%
*0.08%
.0.19%
8755.637.500
Marc h totaL
kyr.
Apr.
May
May
May
May
May
May
.0.66%
.0.94%
.0.66%
.0.99%
2.50%
3.00%
.0.57%
*0.62%
81322888,400
Febru ary total
4 90 days
4 182 days
16 10-12 yes
11 1 days
11 ,2 days
13
days
13 ,2 days
25 , days
25 .,2 days
Yield.
.0.82%
.0.62%
.0.67%
.0.87%
2.50%
1.50%
.0.72%
$1654676,100
302,858,000
7 91 days
244,427,000
7 182 days
230,078.000
14 91 days
178.326,000
14 182 days
19 22 mos. 1,332,409.900
2,285,754,500
193 years
307,110,000
21 91 days
420,115,000
28 182 days
gar. 1 Mar. 7 182 days
gar. 7 Mar. 15 4 years
Mar. 15 Mar. 21 91 days
Star. 22 Mar. 28 91 days
gar. 22 Mar. 28 182 days
War. 29 Apr,
War. 29 Apr.
.pr. 3 Apr.
kpr. 5 Apr.
kpr. 5 Apr.
kpr. 12 Apr.
.pr. 12 Apr.
kpr. 19 Apr.
kpr. 19 Apr.
Price.
$384,619,000 $100.990.000 Average 99.843
3 91 days
252,825,000 100.050,000 Average 99.843
10 91 days
289.397,000 125.340,000 Average 99.831
17 91 days
303.560,000 125,126,000 Average 99.831
24 91 days
100
29 1314 mos. 3,424,212.200 528.101.600
100
29 714 mos. 1,360,564.500 524.748,500
381.422,000 150.320,000 Average 99.819
31 91 days
Janus ry total
an. 31 Feb.
an. 31 Feb.
reb. 6 Feb.
reb. 6 Feb.
e'eb. 12 Feb.
reb. 12 Feb.
reb. 15 Feb.
reb. 21 Feb
Amount
Accepted.
Amount
Applied for.
28 July 3 183 days
5 July 11 182 days
13 July 18 182 days
19 July 25 182 days
3.001
2.125/
.0.079
.0.071
81503987.250
205,138.000
208,743,000
207,015,000
157.856.000
July total
Grand total.
• Average rate on a bank discount basis
$75,167,000 Average
75,235,000 Average
75,144,000 Average
75,200,000 Average
$300,746,000,
7,489,860.5501
99.96
99.96
99.96
99.966
.0.079
.0.079
.0.079
'0.071
656
Financial Chronicle
USE OF FUNDS.
Dated.
Jan.
Ian.
Jan.
Ian.
Ian.
Ian.
Jan.
3
10
17
24
29
29
31
Total Amount
Accepted.
Tape of
Security.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
255% Treas. notes
114% CUs of Ind.
Treasury bills
$100,990,000
100.050.000
125.340,000
125,126,000
528,101,600
524.748,500
150,320,000
Total
Feb. 7
Feb. 7
Feb. 14
Feb. 14
Feb. 19
Feb. 19
Feb. 21
Feb. 28
$1.654,676,100
Treasury bills
Treasury bills
Treasury bills
Treasury bills
23.4% Treas. notes
3% Treas. notes
Treasury bills
Treasury bills
Treasury bills
3% Treasury notes
Treasury bills
Treasury bills
Treasury bills
Total
kPr. 4
kpr. 4
kpr. 18
kpr. 11
kpr. 11
kpr. 18
kpr. 18
.pr. 25
kpr. 25
Treasury bills
Treasury bills
34% Treas. bonds
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2
2
9
9
16
16
23
23
15
15
20
27
.
3% Treasury bonds
24% Treas. notes
Treasury bills
Treasury bills
Total
itily 3
fuly 11
Mb, 18
fuly 25
$386,017,000
$100.236,000
455,175.500
100,110,000
50,091,000
50,025,000
$100,236.000
455.175,500
100,110,000
50,091.000
50,025.000
8755.637,500
5755,637,500
$936,871,400
$1,500,615,300 $1,500.615,300
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Total
rune
rune
rune
rune
$1,322,888,400
$74,757,000
418.291.700
428,730,700
15.092,000
$50,151,000
$50,151,000
50,096.000
50,096,000
1,049,441,300 1,049,441.300
50,257.000
50,257,000
50,225.000
50,225,000
75,047.000
75,047,000
50,033,000
50,033,000
75,325,000
75,325,000
50.040.000
50,040,000
Total
May
May
May
May
May
May
May
May
60,180,000
325.030.000
50.317.000
45.092.000
528.101.600
524,748,500
90.140.000
$391.247.000 31,283,429,100
$125,493,000 $125.493.000
50,078,000
50,078.000
75.008,000 1 75,295.000
78.044.000 f
418,291,700
428,730.700
75,155,000
60.063,000
75,088.000
75,088.000
Total
Mar. 7
Mar 15
Mar. 21
Mar. 28
Mar. 28
Refunding.
3100.990.000
75.020.000
75,023,000
80.034.000
New
Indebtedness.
Treasury
Treasury
Treasury
Treasury
Total
Grand total_
bills
bills
bills
bills
$75.055,000
50.037.000
75,114.000
50.173.000
50,254.000
50,080,000
50,437,000
50,140.000
375,055,000
50,037.000
75.114,000
50.173.000
75.008,000
325.326,000
75,115.000
25,482,000
$451,310,000
$400,502.000
$50,808,000
$824,816,550
528,591,700
75,226,000
75,353,000
$489,069,600
$335,746,950
528.591,700
75,226,000
50.091.000
25,262.000
$1,503,987,250
$614,386,600
$889,600,650
375,167,000
75,235,000
75,144,000
75,200.000
$50,151,000
75,235,000
75,144.000
75,200,000
$25,016,000
$300,746,000
3275,730,000
$25.016,000
$7.489.860.550 $4.324,135,400 $3.165,725.150
Aug. 4 1934
No foreign issues of any description were floated in this
country during July.
During the month there was but one new fixed investment trust flotation, namely:
The Maryland Fund, Inc., capital stock, offered at market
by Ross Beason & Co., Inc., N. Y.; Smith, Burris & Co.,
Chicago, and Ross Beason & Co. of California, Ltd.
None of the July corporate offerings contained convertible features, nor carried rights to acquire stock on a basis
of one kind or another.
Included in the month's financing was an offering by the
Treasury Department on a bid basis of $100,000,000 or
thereabouts of Federal Farm Mortgage Corporation 3%
bonds of 1944 49. The offering, made on July 23 by the
Secretary of the Treasury acting in behalf of the corporation, was an innovation in Federal financing, marking the
first time the Treasury has ever acted as fiscal agent for
another Government agency. The bonds, guaranteed as to
principal and interest by the United States, bear the date
of May 15 1934 and mature May 15 1949. They represent
contingent liabilities of the Government and will appear
as such in statements of the public debt. The bonds are exempt
both as to principal and interest from Federal, State, municipal and local taxation, except surtaxes, estate,inheritance
and gift taxes. They are redeemable at the option of the
corporation on and after, May 15 1944. It was announced
by Acting Secretary Coolidge on July 26 that tenders totaling
$195,081,600 had been received of which $100,260,300 was
accepted. The average price realized was 100.559, at
which the yield is about 2.92% to the earliest call date, that
of May 15 1944, and about 2.95% to maturity, May 15
1949. The proceeds will be used to repay advances by the
Reconstruction Finance Corporation to the Federal Land
Banks and to return deposits of public moneys made in
such banks by the United States Treasury.
The month's financing also included a new issue of $35,000,000 Federal Intermediate Credit Banks 13.6% debentures dated July 16 and due in three and six months, offered
as usual at price on application. The coupon rate of 13,6%
is the lowest ever affixed to the system's debentures and
represents a reduction of 3,6% from the previous low rate of
2% established in March. The debentures were heavily
oversubscribed.
The following is a complete summary of the new financing
—corporate, State and city, foreign Government, as well as
farm loan issues—for July and the seven months ending
with July:
SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
New Capital,
1934.
Refunding.
Total.
Features of July Financing.
$
MONTH OF JULY—
$
$
Making further reference to the corporate offerings Corporate—
Domestic—
announced during July, it is found that there were 10 new
400,000
50,000,000
Long term bonds and notes
50,400,000
18,300,000
75,500,000
Short term
93,800,0®
issues, totaling, as previously stated, $145,778,914. In
Preferred stocks
1.578,914
June there were only seven new offerings for an aggregate of
Common stocks
1,578,914
Canadian—
$33,167,000. The increase over June was largely accounted
Long term bonds and notes
Short term
for by two railroad issues, namely: $50,000,000 The
Ireferred stocks
Common stocks
Pennsylvania Railroad Co., gen. mtge. 43s E. 1984,
Other foreign—
priced at 973', to yield 4.37% and $50,000,000 The BaltiLong term bonds and notes
Short term
more & Ohio Railroad Co., 5-year 434% secured notes due
Preferred stocks
Common stocks
Aug. 1 1939, floated at par. Public utility issues sold in
20,278,914 125,500,000 145,778,914
Total corporate
July comprised $35,000,000 The Edison Electric Illuminat.
Canadian Government
ing Co. of Boston, 3% notes due July 16 1937, offered at
Other foreign Government
105,000.000
Farm Loan issues
30,000,000 135,000,000
par and ,500,000 Western Massachusetts Companies 4% •
91,366.128
Municipal, States, cities. &c
1,217,070
92.583,198
United States Possessions
notes due Aug. 1 1939, also offered at par. The rest of the
216,645,042 156,717,070 373,362,112
month's financing was represented by two small bond issues
Grand total
aggregating $700,000 and four small stock offerings amount7 MONTHS ENDED JULY 31—
Corporate—
ing to only $1,578,914.
Domestic—
57,939.900 128,460,200 186.400.100
Long term bonds and notes
The portion of the month's corporate financing used for
31,050.000
Short term
98.205,000 129,255,000
refunding purposes was $125,500,000, or more than 86%
2,908.800
Preferred stocks
2,908,800
27,675,399
Common stocks
27,675,399
of the total. In June the refunding portion was $23,747,000,
Canadian—
notes
Long term bonds and
or about 71% of the total. In May it was $2,958,000, or
Short term
Preferred stocks
approximately 9.3% of the total. In April it was $59,Common stocks
283,000, or slightly over 67% of that month's total. In
Other foreign—
Long term bonds and notes
March it was $12,569,200, or about 47% of the total. In
Short term
1,200,000
1,200,000
stocks
Preferred
February the amount for refunding was $2,308,000, or
Common stocks
about 15% of the total for that month, and in January it
119,574.099 227,865,200 347,439,299
Total corporate
was $1,400,000, or about 20% of the total. In July 1933 the Canadian Government
Other foreign Government
amount for refunding was $43,061,000, or over 44% of the Farm Loan issues
159,000,000 274,300,000 433,300.000
States, cities. &c
543,806,016
70,926,565 614.732,581
total for the month. The $125,500,000 raised for refunding • Municipal,
United States Possessions
in July (1934) comprised $50,000,000 new long-term debt to
822,380.115 573.091.765 1.395.471.880
Grand total
refund existing long-term debt and $75,500,000 new short*These figures do not include funds obtained by States and municipalities from
term debt to replace maturing short-term issues. There any agency of the Federal Government.
were three relatively large refunding issues announced in
In the tables on the two succeeding pages we compare the
July, namely: $50,000,000 The Pennsylvania Railroad Co., foreguing figures for 1934 with the corresponding figures for
gen. mtge. 43s E. 1984, used entirely for refunding; the four years preceding, thus affording a five-year com$50,000,000 The Baltimore & Ohio Railroad Co., 5-year parison. We also furnish a detailed analysis for the five
the corporate offerings, showing separately the
4s Aug. 11939, of which $43,000,000 represented refund- years of for
all the different classes of corporations.
amounts
ing and $35,000,000 The Edison Electric Illuminating Co. of
Following the full-age tables we give complete details of
Boston 3% notes due July 16 1937, of which $25,000,000 the new capital flotations during July, including every
issue of any kind brought out in that month.
comprised refunding.
25.000,000
611 a 11n104
Total.
262.291.500
61.040,000
50,625,000
19.805,000
10,000.000
428,761,500
2,600.000
42,100,000
112,358.085
585,819.585
Total.
$
62.632,00(
176,064,50(
4,000,001
630.001
27.540.00(
16,425.001
287,291,501
53.400,001
5.000,001
7,500,001
1,250,001
ap!tronto lepuerrig
SUMMARY OF CORPORATE,FOREIGN GOVERNMENT,FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JULY FOR FIVE YEARS.
1930.
1931.
1932.
1933.
MONTH OF JULY.
1934.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
CorporateDomestic21.181,000
241,110,500
52.382,000
30.424,000
21,965,
72,029.000
61.500,000
10,529,000
Long-term bonds and notes_
400.000
50,400.000
50.000.000
5,300,000
55.740.000
90,985.
10,440,000 101,425,000
38,842,000
342,000
38,500,000
13.061,000
13.061,000
Short-term
18,300.000
93,800,000
75,500,000
50,625.000
76,000
76,000
6,708.750
6,708.750
Preferred stocks
19,805,000
2,043,750
2,043,750
1,000.000
1,000,000
76,051.725
30.000.000
Common stocks
1,578,914
1,578,914
46,051,725
Canadian25,000.000
Long-term bonds and notes
Short-term__ _ _
Preferred stocks
133,332
133.332
Common stocks
Other Foreign-Long-term bonds and notes
10,000,000
Short-term
Preferred stocks
Common stocks
26,481,000
402.280,500
40,864,000 155,933.750
115,069,750
49,029,000 111,871,000
62,842,000
95,954,807
43,061,000
52,893,807
Total corporate
20,278,914 125,500,000 145,778,914
2,600,000
Canadian Government
42,100.000
Other foreign Government_
15,000,000
15.000,000
16.000.000
16,000,000
35.000.000
Farm Loan issues
30,000,000 135,000,000
105,000,000
35.000.000
5,058,225
107,299,860
3.708,500
93,057.726
96,766,226
1:2-9-2:486 27,831,232
26,538,782
1,845,813
30,395.055
28,549,242
91,366,128
*Municipal, States,cities, Ste1,217,070
92.583,198
1,250.000
1.250.000
United States Possessions31.539.225
554.280.360
44,572,500 267,699.976
223.127.487
50.321.450 155.702.232
105,380.782
44.906,813 162,599,862
216,645.042 156,717.070 373.362.112
117,693.049
Grand total
•These figures do not include funds obtained by States and municipalities from any agency of the Federal Government.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JULY FOR FIVE YEARS.
1930.
1931.
1932.
1933.
1934.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total
MONTH OF JULY.
New Capital. Refunding
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
S
S
$
$
$
$
S
$
$
$
Long-Term Bonds and Notes$
$
$
$
7,634.000
54,998,000
50,000.000
Railroads
50,000,000
13.547,000
162,517,500
36,300,000
10,326,000
25,974,000
72,029,000
10,529,000
61,500.000
Public utilities
4,000,000
Iron, steel, coal, copper. &c
630,000
464,000
464,000
Equipment manufacturers
Motors and accessories
27,540,000
14,825,000
4,450,000
10,375,000
Dther industrial and manufacturing
Dil
16,425,000
800,000
800.000
400,000
Land, buildings, &c
400,000
Rubber
Rapping
Inv, trusts, trading, holding,&c.
Miscellaneous
21.181,000
266.110.500
21.965,000
30,424,000
52,389,000
72,029,000
61,500,000
10.529,000
400,000
Total
50,000,000
50,400,000
Short-Term Bonds & Notes1,061,000
1.061,000
7,000,000
43,000.000
50,000,000
Railroads
53,400,000
90,060.000
10.440,000 100.500.000
38,500,000
38,500.000
Public utilities
11,000,000
32,500,000
43,500,000
5.000.000
Iron, steel, coal, copper. &c
12,000,000
12,000,000
Equipment manufacturers
7,500.000
Motors and accessories
950,000
300-,000
150,000
150,000
3ther industrial and manufacturing
300,000
300,000
)11
1,590,000
775,000
775,000
•
Land, buildings, &c
Rubber
*tipping
Inv. trusts, trading, holding. 8t02.300,000
342.000
342,000
Miscellaneous
5.300,000
65,740,000
90.985,000
10,440.000 101,425,000
38,842.000
13,061,000
38,500,000
342,000
13,061,000
75,500,000
93.800,000
Total
18,300,000
StocksRailroads
5,000,000
7090000
Public utilities
7,000.000
2,042,901
Iron, steel, coal, copper, &c
2,042.901
Equipment manufacturers
556.838
Hotors and accessories
556.838
1.000,000
1,000,000
3ther industrial and manufacturing
30,000,000 - 70,810.382
1.268.714
40,810,382
1,268,714
625,000
1,320.120
MI
1,320.120
4,055,000
76,000
76,000
Land, buildings. &c
Rubber
ihipping
10,000,000
843.750
813.750
1,088.566
fnv. trusts, trading, holding, &c--310.200
1,088.566
310,200
50,750,000
1,200,000
1.200,000
75.000
75.000
Miscellaneous
70,430,000
2,119,750
2,119,750
1.000,000
1.000,000
82,893,807
52.893,807
30,000,000
Total
1.578,914
1,578.914
Total7,634,000
54,998,000
1,061,000
1,061.000
lailroads
7,000,000
93,000,000 100,000,000
10,917.500
13.547,000
36,414.000 136,800,000
100,386,000
49,029,000 110,529,000
61,500,000
7.000.000
7,000.000
subtle utilities
11,000.000
32,500,000
43,500,000
4,000,000
5,000,000
2,042,901
2,042,901
rron, steel, coal, copper, &c
630,000
464,000
464,000
12,000,000
12,000,000
quipment manufacturers
7,500,000
556.838
556.838
1/lotors and accessories
300,000
28,490.000
4,450,000
14,975,000
10,525,000
1,000,000
1.000,000
70,810.382
30.000,000
40,810,382
3ther industrial and manufacturing
ii
,
1,568.714
f,-,5-6-13
625,000
1.320,120
NI
1.320,120
22.070.000
1,651,000
1.651,000
And, buildings, &c
400,000
400,000
lubber
thIpping
10,000,000
843,750
843,750
1.088.566
1,088,566
nv. trusts, trading, holding, &c
310,200
310,200
1,200,000
53,050,000
1,200,000
342.000
342,000
75.000
75.000
diseellaneous
26,481,000
402,280.500
40,864,000 155,933,750
115,069.750
62.842,000 _49,029.000 111,871.000
95.954.807
43,061,000
52.893,807
Total corporate securities
20.278.914 125.500.000 145.778.914
1,590,000
2.300,000
71,040.000
5,000,00C
625,001
4,055.001
10,000,001
50,750,001
70,430,001
62,632,001
234,464.501
9,000,001
630,001
7.500,001
28.790,001
625,001
22,070,001
10,000,001
53,050,001
428,761,501
cs)
cri
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE SEVEN MONTHS
ENDED JULY 31 FOR FIVE YEARS.
7 MONTHS ENDED JULY 31.
1934.
1933.
1932.
1931.
1930.
New Capital. Refunding.
n tal.
Corporate-New Capital. Refunding.
Total..
New Capital. Refunding.
Total.
New Capital. Refunaing.
Total.
Nrw Capital Rrfundina.
Total.
Domestic$
$
$
$
$
3
$
$
$
$
$
$
Long-term bonds and notes_
$
$
57,939,900 128,460,200 186,400,100
$
23,621,000 111.008.500 134.629,500
196.017,300
38,922.500 234,939,800
795,535,100
646,758,200
1,442,293,300
2,051,599.660
Short-term
211.628,250
31,050,000
2,263.227,910
98,205,000 129,255,000
16.600,000
57,536,700
74,136,700
16.936,000
97,849,000 114,785,000
247.311.350
77.099,500 324.410,850
346,489,250
Preferred stocks
57,613,000 404,102,250
2,908,800
2.908,800
11,033,75011,033,750
6,775,275
6,775,275
95,974,667
31,050,000 127,024,667
Common stocks
357,722,946
_ ____
357,722,946
27,675,399
27,675,399
61.147,225
32,-3-17:-7n1
93,465,003
3,296,900
1,-8-9ii
5,194,220
124,751.134
124,751,134
Canadian932,651,351
13,315,756 945,967.101
Long-term bonds and notes_
90,000,000
90.000,000
152,138,000
Short-term
38,000.000 190,138,000
5.000,000
Preferred stocks
5,000,000
13,000,000
Common stocks
13,000,000
133,332
133,332
Other Foreign'
Long-term bonds and notes
72,800,000
72.800,000
169,015,000
Short-term
4,000,000 173,015,000
1,200.000
1,200,000
1,600,000
1,600,000
5,000:6156
5.000,000
31,000,000
Preferred stocks
31,000,000
Common stocks
10.060,000
10,060.000
Total corporate
119.574,099 227,865.200 347.439,299
202.462,978 314,998,285
112,535,307
223.025,475 138.668,820 361,694,295 1,426.372.251 759.907,700 2,186,279.951 4,068,676.207 324,557,000
Canadian Government
4,393.233.207
60,000,000
60,000,000
40,922,000
9,500,000
50,422,000
46,742,000
Other foreign Government_
7,158,000
53.900,000
.
411,306,000
Farm Loan issues
5,500,000 416,806.000
159,000,000 274,300,000 433,300,000
45,900,000
45.900,000
46,000,000
92,500,000 138,500,000
44.600,000
31,000,000
75,600,000
*Municipal, States, cities, &c__ _ 543,806,016
30,500,00030,500,000
70,926,565 B14.732.581
237.497,291
19.332,890 256.820,181
502,280.946
54.019.826
556.300,772
932.438.662
15,516,000
947,954,662
855,028,030
2i,-8-66
--,ehi
United States Possessions_
877,894,667
1,400,000
1,400.000
692,000
692,000
295,000
295.000
9,675,000
9,675,000
Grand total
822.380.115 573.091.765 1.395.471 880 397,332.598 261.795,868 679.118.466
771,998.421 285.188,646 1,057.187.067 2,444,627,913 815.923,700 3,260,551.613 5.421.927.237 360,081.637
5.782.008,874
*Jhese figures do not include funds obtained by States and municipalities from any agency of the Federal Government.
1930.
Refunding.
Total.
177,585,750 801.361.000
67.547.500 1.174,260,500
21.500.000
8.380.000
455.000
6.950.000
70.000
183,056,910
149.500,000
108.767,500
30.000.000
10,000.000
75.250.000
1,020.000
64.305.000
253,628,250 2.626,380.910
2.500,000
15.628,000
5,000.000
17,200.000
600.000
685.000
15.000,000
14,500.000
194,150.000
33.000.000
12,000,000
10,100.000
88.305,000
7.250,000
47.497.250
15.800,000
1.000.000
1.000,000 16,500,000
57.613.000 440,102.250
66,055.600
11,562.250 666.334,011
115.879.875
1.371,500
4.132.662
175.513,895
82.323.463
16.320.000
82.987.079
382.000 117.203.462
13.315.75(1 1,326.750,047
180.085.750 881.916.600
94.737.750 2.0.14.794.511
5,000,000 170.379.875
20.390,000
14.232,662
16.-0f2-02,6 496.875,805
7.550,000 239.073.463
755.000 172.589.750
15.000.000
45.800.000
10.000.000
159.237.079
2.402.000 198.008.462
324.557.000 4.393 233 207
ki6T fr'fft1V
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE SEVEN MONTHS ENDED
JULY 31 FOR FIVE YEARS.
1934.
1933.
1932.
1931.
7 MONTHS ENDED JULY 31. New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital.
Long-Term Bonds and Notes5
Railroads
47,109,100 102,500,000 149.609.100
12,000,000
76,765.500
88.765.500
9,327,000
9,327.000
247.815.300
146,319,700
394.135,000
623.775.250
Public utilities
10.430,800
34.083,000
23.652.200
10,721.000
32.518.000
43,239,000
193.317,300 29.545.500 222.862.800
472,818.000 484,512.000 957.330.000 1,106.713,000
Iron, steel, coal, copper. &c
102,939.800
6.062.500 109.002,300
21,500.000
Equipment manufacturers
12.434.000
12,434,000
8.380.000
Motors and accessories
Other industrial and manufacturing
2.308.000
2.308.000
1.725.000
1,725,000
76.542.000
5.950,000
82.492,000
182,601,910
Oil
2,000.000
2.000.000
142,550,000
Land, buildings. &c
400.000
400.000
900.000
900.000
2,500,000
50.000
2.550.000
29,850,000
1.220.000
31.070.000
108.097.500
Rubber
30,000.000
Shipping
1,650,000
1,650,000
10.000.000
Inv. trusts, trading, holding, &c__ _
75,250.000
Miscellaneous
200.000
200.000
12,286,000
2,694.000
14.980,000
63.285,000
57.939.900
Total
128.460.200 186.400,100
23,621.000 111,008,500 134.629.500
196.017.300
38.922.500 234,939.800 958.335.100 646,758,200 1.605.093,300 3.372.752.660
Short-Term Bonds & Notes7.000.000
70,947.000
63,947.000
Railroads
7.277.000
7.277.000
7.375.000
1.000.000
8.375.000
24.970.000
12.530.000
37.500.000
12,000,000
55.500.000
23,000.000 32,500.000
Public utilities
16.500,000
23.295.200
39.795.200
2,850.000
96.749,000
99,599,000
162,447.500
30.277,500 192.725.000
178.522,000
Iron,steel, coal. copper, &c
5.605.400
5,605.400
100.000
100,000
899,000
3,101.000
4.000,000
28.000,000
Equipment manufacturers
12,000,000
12.000.000
12,000,000
Motors and accessories
10.100,000
300,000
3,258.000
Other industrial and manufacturing
100.000
2,958.000
5.000,000
5.100.000
21.535,000
33.500.000
55.035,000
71.105.000
500.000
500,000
9.649.000
791.000
10.440,000
6.650,000
Land, buildings, &c
4,101.000
4.101.000
7.710.850
1,400.000
9,110.850
46.812.250
Rubber
5,959.100
5,959.100
800,000
Shipping
Inv. trusts, trading, holding. &c__ _
500.000
500.000
1.000,000
250,000
Miscellaneous
250,000
2.610,000
2,610.000
20,100,000
20.100.000
15.500.000
Total
31.050.000
16,600,000
99,405,000 130,455.000
59.136.700
75.736.700
16,936.000
97.849,000 114.785,000
247.311.350
82,099.500 329.410.850
382,489,250
StocksRailroads
66.055,600
Public utilities
7.000.000
2.147.778
9.147.778
4,912.175
1.897,320
6,809.495
181,563.511
31,050.000 212,613.511
654.771.761
588,750
Iron,steel, coal, copper, &c
588.750
2,042.901
2.042.901
1,500,000
1,500,000
115.879;875
Equipment manufacturers
Motors and accessories
859.269
859.269
4.132.662
20.160.249
Other industrial and manufacturing
20,160.249
59.778.451
30.170.000
89.948,451
1.491.250
1.491.250
13.606.250
13.606,250
174.142.395
Oil
1,470.120
1,470.120
3.052.500
3,052.500
82.323.463
Land. buildings, &c
1.466,500
1.466.500
16.320,000
525.000
Rubber
525,000
2.168.750
2,168.750
Shipping
310.200
Inv. trusts, trading, holding, &c__ _
310.200
1,088.566
1.088,566
3.143.750
3,143.750
82,987.079
9,000.000
Miscellaneous
9.000.000
75.000
75.000
1.500.000
1.500.000
16.393.290
16.393.290
116.821.462
30.584.199
30.584.199
Total
72.314,307
32.317.778 104.632,085
10.072.175
1.897.320
11,969.495
220.725.801
31.050,000
251,775,801
1.313,434.297
Total54.109.100 166.447.000 220.556.100
12.000,000
Railroads
84.042.500
96.042.500
7.375.000
10.327.000
17.702,000
272.785,300 158.849.700 431.635.000
701.830,850
89.583.000
33.430.800
56.152.200
34,221.000
Public utilities
57,960,978
92.181.978
201.079,475 128.191.820 329.271.295
816.829.011 545.839.500 1.362,668.511 1,940.006.761
588.750
2.042,901
588.750
Iron,steel, coal, copper, &c
5.605,400
7.648.301
100,000
105.338.800
100.000
9,163.500 114,502,300
165.379.875
Equipment manufacturers
12,000.000
/2.000.000
12.434,000
12,434.000
20,390.000
859.269
Motors and accessories
859.269
14.232.662
20,460.249
5.266.000 25,726.249
59,878.451
Other industrial and manufacturing
36.895.000
96.773.451
1.491.250
1,491.250
111.683.250
39.450,000 151.133,250 427.849.305
500.000
1.470.120
500.000
Oil
1,470.120
14.701.500
791.000
15.492.500
231.533,463
400.000
400,000
900,000
Land, buildings. &c
900.000
6,601.000
50.000
6.651.000
39.027.350
2.620.000
41,647,350
171.839.750
525.000
525.000
5,959.100
Rubber
5.959.100
2.168.750
2,168,750
30.800.000
Shipping
1.650.000
1,650.000
10.000.000
310.200
1.088.566
310.200
Inv. trusts, trading. holding, &c_ _ _
1,088.566
3.143.750
500.000
3.643.750
159,237.079
9.250.000
75.000
9.250.000
Miscellaneous
75,000
4.310.000
4.310.000
48,779.290
2.694.000
51.473.290
195.606.462
119.574.099 227.865.200 347.439.299
112.535.307 202.462.978 314.998.285
Total corporate securities
223.025.475 138.668,820 361.694.295 1.426.372.251 759.907.700 2.186.279.951 4.068.676.207
00
659
Financial Chronicle
Volume 139
DETAILS OF NEW CAPITAL FLOTATIONS DURING JULY 1934.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Purpose of Issue.
Amount.
Price.
Railroads—
50,000,000 Refunding
To Yield
About.
4.37 The Pennsylvania RR. Co. Gen. Mtge. 4345 E. 1984. Offered by Kuhn. Loeb dr Co.
9734
Land, Buildings,
400,000 Retire development obligations
Company and Issue, and by Whom Offered.
Price on applicat'n St. Ann's Maternity Hospital (St. Louis), 1st M. 5s, 1937-44. Offered by Festus J. Wade Jr. &
Co., St. Louis.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
Railroads—
50,000,000 Refunding: pay bank loans
100
4.50 The Baltimore & Ohio RR. Co. 5-year 434% Secured Notes,due Aug. 1 1939. Offered by Kuhn.
Loeb & Co.; Speyer & Co., and EtrOWO. Harrirnan & Co., Inc.
Public Utilities—
35,000,000 Refunding; pay bank loans
100
3.00 The Edison Electric Illuminating Co. of Boston 3% Notes due July 16 1937. Offered by the
First Boston Corp.; Lee Higginson Corp.; F. S. Moseley & Co.; Kidder. Peabody & Co.; Burr,
Gannett & Co.;Brown Harriman & Co., Inc.: White, Weld & Co.; Goldman, Sachs & Co.; Hornblower & Weeks; Stone & Webster and Illodget, Inc.; Estabrook & Co.; R. L. Day & Co.; Blake
Brothers & Co.; Hayden, Stone & Co.; Paine, Webber & Co.: Jackson & Curtis;Tucker. Anthony
& Co.; Coffin & Burr, Inc.; Whiting, Weeks & Knowles. Inc.; Arthur Perry & Co., Inc.; Newton
Abbe & Co., and Spencer Trask & Co.
4.00 Western Massachusetts Companies 4% Notes due Aug. 1 1939. Offered by First Boston Corp.;
White, Weld & Co.: F. S. Moseley & Co.; Kidder, Peabody & Co.; Tifft Brothers, and Arthur
W. Wood Co.
8,500,000 Refunding; other corp. purposes-- 100
43,500,000
Other Industrial & Mfg.—
300,000 Expansion; acquire buildings
6.00 Mundus Brewing Co. (Mich.) 1st M. Cony.6% Notes due June 15 1939. Offered by Alison & Co.,
Detroit, and John C. Greer & Co., Detroit.
100
STOCKS.
Par or No.
of Shares.
To Yield
a Amount Price
Involved. per Share. About.
Purpose of Issue.
Other Industrial & MCg.—
200,000 Increase capacity of plant
238,964 Complete plant: working capital
Blumer Brewing Corp. Common stock. Offered by Webber-Simpson & Co., Chicago.
La Salle Wines & Champagne, Inc., Farmington, Mich., Common Stock. Offered
by Wm. C. Roney & Co., Detroit.
Uniontown (Pa.) Distilling Syndicate Units. Offered by Pitt Investment Co.. Pittsburgh, and Sterling Investment Corp.
240,000 1.20
238,964 2
351,000 General corporate purposes
Company and Issue, and by [Whom Offered.
789,750 234
1,268,719
Investment Trusts, Trading.
Holding, &c..
141,000 Provide funds for invest, purposes
PacificInvestors,Inc.,Common Stock.Offered to stockholdersof Amer.Capital Corp.,L.A
310.200 2.20
FARM LOAN ISSUES.
To Yield
Offered by
About.
Amount.
Price.
Issue and Purpose.
——
3
%
35,000,000 Federal Intermediate Credit Banks 134%
debentures dated July 18 1934 and due in 3
and 6 months (refunding and to provide funds
Price on applicat'n Charles R. Dunn, Fiscal Agent, New York.
for loan purposes)
100,260.300 Federal Farm Mortgage Corporation 3%
bonds dated May 15 1934 and due May 15
•
100.559 2.92-2.95 United States Treasury, Fiscal Agent.
1944-49 (repay advances by the RFC)
__
135,260.300
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No. a Amount
Involved. Price.
of Shares.
$
70.000 sin
3.780.000
54
To Yield
About.
Company and Issue, and by Whom Offered.
Corn Exchange Bank Trust Co. Capital Stock.
Offered by Lehman Bros.
* Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stock are computed at their offering Prices.
among low-grade and speculative rail issues. St. Paul mtge.
5s, 1975, were up 1 point to 32; Chicago & North Western
4s, 1949, closed at 29, up 2% points over last week;
The bond market has tended to stabilize this week,follow- cony. 43
ing last week's abrupt decline. Group movements within New York, Chicago & St. Louis deb. 6s, 1935, closed at 63
Denver & Rio Grande
the market, however, have been diverse, with recovery in compared with 62 the preceding week;
Western gen. 5s, 1955, were up 13 points, closing at 15.
the utility and industrial groups being offset by some further
In general, industrial bonds rallied after the decline of
weakness in second-grade rails. Many low-grade specula- last week. Steels, which held relatively well during the
tive issues have shown a good degree of recovery. Treasury general market weakness,-showed moderate gains. National
issues, after going slightly lower early in the week, recovered Steel 5s, 1956, advanced to 105 from 1043 and Bethlehem
partially at the week-end. The dissipation of sensational 5s, 1942, gained 17A to 112. The greatest recovery in the
war rumors in Europe has made for a greater degree of con- tire and rubber group was by U. S. Rubber 5s, 1947, up 2%
fidence in the foreign list, and the death of President von to 843.. Meat packing issues remained firm, as did the
Hindenburg of Germany had no apparent effect upon Ameri- oils. Motion picture bonds rallied, Loew's 6s, 1941, adcan markets. There have been no important domestic vancing 23 points to 1003 and Warner Bros. Pictures redevelopments affecting the bond market since last week. covering from 51 to 54%. International Cement 5s, 1948,
Business activity has continued to recede gradually and the recovered a good part of last week's loss, advancing 23j
drouth is now reported to have considerably damaged points to 033i•
Canadian crops. Labor disputes in many sections are still
Utility bonds likewise recovered this week from the lows
unsettled. The weekly Federal Reserve statements indi- of the previous week. Speculative and second-grade bonds,
cated a drop of $105,000,000 in member bank balances but such as Laclede Gas 532s, 1035, Gary Electric & Gas 5s,
excess reserves still remain very large and credit conditions 1934, International Hydro Electric 6s, 1944, recorded the
thoroughly easy.
greatest gains. Highest grade issues moved more or less
Higher-grade railroad bonds have shown resistance to horizontally while investment issues of lower grade advanced
further declines during the past week although medium-grade fractionally.
The foreign bond market has been irregular this week.
issues met with some further selling. Closing prices were
somewhat better than in the preceding week in most cases. Argentine bonds recovered and strength was shown in JapanAtchison General 4s, 1995, closed at 1043( compared with ese and Finnish issues. German issues were lower as a
103 last Friday; Texas & Pacific first 5s, 2000, were up frac- group, although certain individual corporate bonds rose fractionally; New York Central cony. 6s, 1944, showed no tionally. Italian issues were mixed, mostly somewhat lower.
change, closing at 1123.(. Numerous increases occurred Canadians and Scandinavians were comparatively strong.
The Course of the Bond Market
660
Financial Chronicle
During the past week municipal offerings have been small
in number, with no financing of outstanding importance.
Prices have been slightly easier, although Miami bonds continued strong on the announcement of the consummation of
the refunding plan and the resumption of interest payments,
on a revised scale.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND YIELD AVERAGES.t
(Based on butledual Closing Prices.)
91.67
91.67
91.39
91.11
91.11
91.25
91.25
90.97
92.10
92.39
92.68
93.11
93.55
93.55
93.26
93.40
93.40
93.55
93.40
93.55
93.26
93.11
92.97
92.97
92.82
92.88
105.20
105.20
105.03
104.85
105.03
104.85
104.85
104.68
105.89
106.07
106.42
106.80
106.42
106.78
108.60
106.80
108.80
106.78
108.80
106.80
106.25
106.25
106.25
106.07
108.07
106 07
97.00
97.00
81 78
81.90
99.52
99.88
97.18
97.18
97.16
96.39
05.78
96.23
96.70
96.85
97.00
97.31
97.31
96.70
95.78
82.02 99.68
81.90 99.88
82.26 100.17
81.51 99.20
80.72 98.57
81.07 98.73
82.02 99.04
81.66 98.88
81.78 99.68
83.48 100.00
83.60 100.33
82.74 99.84
81.18 99.04
92.82
92.82
92.53
92.10
91.53
91.67
92.39
91.96
92.53
92.53
92.39
91.87
90.27
106.07
106.07
105.89
105.37
104.85
104.85
404.68
104.85
104.68
04.51
104.33
103.65
102.81
94.43
95.18
94.14
93.11
93.26
93.28
92.10
91.81
89.31
87.98
84.85
82.02
98.09
81.78
89.31
71.87
79.88 97.47
80.60 98.41
78.88 97.47
78.66 96.54
79.88 97.16
80.37 97.31
78.88 95.33
78.99 95.33
75.50 92.68
74.36 91.39
70.52 88.38
66.55 85.74
83.72 100.49
86.38 85.61
77.86 93.26
53.10 69.59
89.17
89.86
88.50
87.96
88.36
88.36
87.43
87.04
83.97
82.38
78.44
74.25
93.55
74.25
89.31
70.05
101.81
102.47
101.47
100.49
100.81
100.81
100.00
99.88
98.88
98.73
98.00
97.00
108.78
96.54
99.04
78.44
92.88 108.07
92.88 108.25
89.31
75.29
92.25
85.35
98.41
68.31
53.58
65.37
76.78
73.75
Aaa.
Ac.
A.
Aug. 3_ 4.90
4.29
5.00
3.89
4.30
5.01
2__ 4.90
3.89
5.02
4.30
I__ 4.91
3.91
5.01
July 31._ 4.91
3.91
4.30
4.99
30._ 4.90
4.30
3.90
5.01
28__ 4.90
3.91
4.31
5.00
27__ 4.90
4.32
3.91
5.02
26__ 4.92
3.91
4.32
4.95
25__ 4.84
4.28
3.88
4.92
24... 4.82
4.28
3.88
4.26
4.90
23._ 4.80
3.88
4.89
21.. 4.78
3.87
4.26
4.88
20_ 4.77
4.26
3.86
4.88
19_ 4.76
4.28
3.87
4.89
18_ 4.77
4.26
3.87
4.88
4.28
17._ 4.76
3.87
4.88
4.26
16._ 4.76
3.87
4.87
4.25
14__ 4.75
3.87
4.88
4.28
13._ 4.75
3.87
4.89
12._ 4.76
3.87
4.27
4.91
11._ 4.77
4.28
3.88
4.92
4.28
10._ 478
3.89
4.92
9._ 4.79
4.29
3.89
4.93
4.29
7._ 4.79
3.90
4.29
4.94
3.90
6_ 4.79
4.95
4.30
3.90
5_ 4.80
4-_ Stock E xchang e Clear d.
4.94
4.29
3__ 4.80
3.91
4.94
4.28
2__ 4.80
3.9!
Weeny4.93
4.28
3.91
lune 29._ 4.79
4.93
3.92
4.28
22__ 4.80
4.93
4.29
3.91
15._ 4.79
4.98
4.33
3.93
8-- 4.83
5.02
4.35
3.96
I__ 4.87
4.99
4.35
1day 25._ 4.86
3.98
4.36
4.96
4.00
18._ 4.84
4.95
4.37
4.02
11_ 4.85
4.94
4.37
4.04
4_ 4.83
4.40
4.92
Or. 27_ 4.82
4.04
4.92
4.40
4.05
20.. 4.82
4.96
4.42
4.07
13_ 4.86
5.02
4.47
4.11
6__ 4.93
ilar.30... Stock E aohang e Closed.
4.54
5.11
4.15
23._ 5.01
5.06
4.50
4.11
18.._ 4.96
5.13
4.56
9._ 5.03
4.13
5.20
4.64
2__ 5.08
4.18
5.19
4.83
Peb. 23__ 5.06
4.16
5.19
4.68
4.18
16_ 5.05
5.27
4.75
4.22
9_ 5.14
5.29
4.77
4.24
2.. 5.15
5.47
4.85
an. 26_ 5.31
4.30
5.57
4.93
4.30
19_ 5.38
5.81
6.04
4.33
12.. 5.59
6.04
5.19
4.43
5_ 5.81
4.87
4.25
ow 1934 4,75
3.86
8.06
5.20
4.43
Ugh 1934 5.81
6.04
4.49
4.11
4.96
.ow I ”33
6.98
5.96
Ugh 1933 6.75
4.91
Ugh 1934
2 Yrs.Ago
oz.332
11
30
POT.
P. U. Indus. dant.
Baa.
RR.
6.41
6.39
8.41
6.42
6.39
6.36
8.37
6.43
6.25
6.21
6.10
6.11
6.08
6.03
8.04
8.03
6.01
5.99
6.00
5.99
6.01
8.02
6.04
6.03
6.04
6.05
4.96
4.95
4.96
4.93
4.91
4.90
4.91
4.94
4.85
4.83
4.80
4.79
4.77
4.76
4.75
4.74
4.74
4.72
4.72
4.73
4.74
4.76
4.77
4.77
478
4.79
5.30
5.30
5.32
5.34
5.34
5.33
5.33
5.35
5.27
5.2.5
5.23
5.20
5.17
5.17
5.19
5.18
5.18
5.17
5.18
5.17
5.19
5.20
5.21
5.21
5.22
5.23
6.06
6.05
4.78
4.77
5.23
5.23
7.50
7.51
6.04
6.05
6.02
6.08
8.15
8.12
6.04
6.07
5.96
5.92
5.91
5.98
6.11
4.77
4.77
4.74
4.80
4.84
4.83
4.81
4.82
4.77
4.75
4.73
4.76
4.81
6.22
5.22
5.24
5.27
5.31
5.30
5.25
5.28
5.24
5.24
5.25
5.30
5.40
7.48
7.49
7.53
7.35
7.29
7.25
7.20
7.14
7.16
7.28
7.21
7.20
7.22
6.24
6.16
6.31
6.33
8.24
8.18
6.31
6.30
6.62
0.73
7.12
7.58
5.90
7.58
6.16
9.44
4.91
4.85
4.91
4.97
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.72
5.75
4.83
7.22
5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.84
5.88
8.01
8.35
6.74
5.17
6.74
5.43
7.17
5.29
4.30
4.75
5.47
6.64
5.28
5.77
7.00
5.07
6.18
7.36
9.37
7.70
6.50
0'OOM0t-40..100..IWWWWWAA
96.70
96.85
96.70
97.18
97.47
97.62
97.47
97.00
98.41
98.73
99.20
99.36
99.68
99.84
100.00
100.17
100.17
100.49
100.49
100.33
100.17
99.84
99.88
99.68
99 52
99.38
120 Domestic
Corporate by Groups.
to
P. U. Indus.
77.77
77.99
77.77
77.66
77.99
78.32
78.21
77.55
79.56
80.03
80.60
81.18
81.54
82.14
82.02
82.14
82.38
82.82
82.50
82.62
82.38
82.26
82.02
82.14
82.02
81.90
120 Domestic Corporate
by Ratings.
WwWW.40.4WWW0WW
WW..•../Ww.-.W
RR.
90.08
95.93
95.78
95.93
96.23
95.93
96.08
95.78
96.85
97.31
97.62
97.78
97.94
97.94
97.78
97.94
97.94
98.09
97.94
97.78
97.47
97.31
97.31
97.16
97.00
96.85
AU
1934
120
Daily
Domes
Averages,
tic.
.
0
..
00.000ORMO0a0n000000000000
W-4
..1-4.4..4
WW
W
wWWW-4.4vvv.4.4.4
vOMWWW.0.40000000WW.-..=-4.40
-4,
-.1.MOW
W
Cot'aoick,b5:4bobb
Obo
Co'cobobobbi4kokr.WWWWk4WW:=bi4i44,,Coi
C0WW0WW4,
MWW
WO
i. g
O0i4L-6k0,468;Aioix...
W
.
8 .8.
8...
8.0
20.
.0.08080088
0
W
W
WW74W0. .......W. W
4MMWOO W
.....1
Aug. 3_ 105.97 97.62 115.41
2_ 105.95 97.82 115.41
1.._ 105.75 97.47 115.02
July 31_ 105.88 97.47 115.02
30_ 105.95 97.82 115.21
28... 105.88 97.62 115.02
27__ 106.06 97.82 115.02
26_ 106.12 97.31 115.02
25_ 106.54 98.57 115.61
24_ 106.57 98.88 115.61
23.._ 106.72 99.20 115.61
21_ 106.78 99.52 115.81
20._ 106.79 99.68 116.01
19.. 106.74 99.84 115.81
18_ 106.72 99.68 115.81
17_ 106.64 99.84 115.81
16_ 106.89 99.84 115.81
1C_ 106.71 100.00 115.81
13... 106.74 100.00 115.81
12_ 106.78 99.84 115.81
11._ 106.81 99.68 115.81
10.. 106.55 99.52 115.41
9__ 106.44 99.36 115.41
7_ 106.39 99.38 115.21
6_ 108.31 99.36 115.21
5_ 106.11 99.20 115.21
4... Stock E xchang e Close
3-- 106.04 99.20 115.02
2- 106.00 99.20 115.02
Weellylune 29._ 10604 99.36 115 02
22__ 105.79 99.20 114.82
15_ 106.00 99.38 115.02
8-- 105.52 98.73 114.63
I... 105.27 98.09 114.04
ktay 25-- 105.13 98.25 113.65
18- 105.05 98.57 113.28
11_ 105.11 98.41 112.88
4__ 104.75 98.73 112.50
&pr. 27- 104.21 98.88 112.50
20_ 103.65 98.88 112.31
13__ 104.35 98.25 111.92
8_ 104.03 97.16 111.16
1.far.30._ StockE xohar,g e Clo-...
23__ 103.32 95.93 110.42
16._ 103.52 96.70 111.18
9._ 103.06 95.63 110.79
2__ 101.88 94.88 110.23
Feb. 23._ 102.34 95.18 110.23
16_ 102.21 95.33 109.86
9_. 101.69 93.99 109.12
2.. 101.77 93.85 108.75
ran. 26_ 100.41 91.53 107.67
19._ 100.36 90.55 107.67
12_ 99.71 87.69 106.25
5_ 100.42 84.85 106.37
High 1934 106.81 100.00 118.01
.ow 1934 99.06 84.85 105.37
High 1933 108.82 92.39 108.03
Low 1933 98.20 74.15 97.47
3'r. Agomg.3'33 03.02 91.81 107.67
2 Yrs.Ago
Aug.3
A
_ 32 100.91 71.67 95.03
120 Domestic
C'orporate* by Groups.
co As
bo C4Co6C.46Coboo6O1
MOODY'S BOND PRICES.
(Based on Average Yields.)
120
120 Domestic Corporate.
U. S.
1934
Govt. Domesby Ratings.
Daily
Bonds. tic.
**
Averages.
Corp.• Aaa.
Ac.
A.
Baa.
Aug. 4 1934
7.37
7.39
7.40
7.41
7.43
7.44
7.47
7.53
7.36
7.35
7.35
7.36
7.36
7.38
7.37
7.38
7.38
7.35
7.37
7.37
7.37
7.40
7.42
7.43
7.45
7.45
7.34
7.23
7.25
7.38
7.49
7.52
7.56
7.57
7.97
8.06
8.3g
8.53
7.13
8.85
7.23
11.19
9.01
11.64
•These prices are computed from average yields on the basis of one "Ideal, bond (434% coupes, ma uring in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's Index of bond prices by months back to 1928, see the Issue of Feb. 6 1932. page 907a
•• Actu 1 average price of 8 long-term Treasury Issues. t The latest complete list of bonds used in computing these Indexes was published In the Issue of Feb. 10 1934j
Page 920. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME. Cotton was moderately active and higher, owing to adverse
weather reports and low crop estimates. Wheat was a
Friday Night, Aug. 3 1934.
little
more active, and advanced on buying stimulated by
showing
favorable
make
a
despite
continued
to
Business
adverse weather and crop news and bullish crop estimates.
a falling off in steel operations and lower car loadings.
The crops of corn, oats and barley were also estimated at
of 1%, and very low figures, and higher prices
Electric output, on the other hand, gained
resulted. Grain prices,
bituminous coal production increased, although it is smaller in some instances, reached new high levels for the movethan for the same week last year. Lumber production was ment. Sugar was rather more active and higher, and coffee
rising now that shipping on the Pacific Coast has been showed an advancing tendency.
The abnormally hot weather, which took scores of lives
resumed. Both orders and shipments were larger. Retail
In the Middle and Southwest in July, continued into August,
and wholesale business continued to increase. The conwith warm nights. Temperatures reached high marks over
tinued hot weather stimulated the retail demand for sum- Kansas, Missouri, Oklahoma, Iowa and
Nebraska. Emporia,
mer goods, which was also helped by special sales. Men's Kan., had 112 degrees on the 1st inst., and Pittsburg, Kan.,
and women's ready-to-wear lines sales were large, owing to had a maximum of 107. It was 95 in Kansas City on the
special offerings and price reductions. Cotton yard goods 31st ult., and Independence, Kan., had 108. Other high
and staple lines were also in good demand, and there was a marks on the 1st inst. were 108 at Newkirk, Okla.; 101 at
105 at Topeka, Kan., and 100 at Grand Island,
good call for sporting goods, electric refrigerators and Joplin, Mo.;
Neb. Forest fires in Washington, Montana and California
radios. The demand at the August sales of furs, women's
destroyed millions of dollars worth of timber and caused
coats and suits exceeded expectations, and general home considerable damage to watersheds. A
heavy wind and rain
furnishings sold rather freely. Wholesale orders were storm in central and eastern
Michigan, on the 2nd inst.,
larger and more diversified, helped by special sales, al- killed eight persons and did more than
$1,000,000 damage
though buying was on a conservative scale. Business fail- to property. A steamer enroute to
Detroit was driven ashore
ures in July declined to the lowest figure for that month on the Canadian side of the St. Clair River, near Algonac.
since 1920, and liabilities were smaller than those for Heavy crop damage was reported as a
result of the storm
June. Many active commodities advanced during the week In eastern and central parts of the State.
The Main Coast
as a result of continued hot weather and a lack of moisture. was shaken by a series of earth shocks on the 2nd inst.
661
Financial Chronicle
Volume 139
To-day, following a heavy rain in New Jersey, flood
waters swept down tributaries of the Cohansey River, causing $500,000 property damage and the breaking down of
two lake dams. No loss of life was reported. In New York
the weather was generally warm and clear until the night
of the 1st inst., when a heavy rain fell and gave relief. It
also rained a little last night. To-day it was fair and warm
here, with temperatures of 70 to 79 degrees. The forecast
was for fair to-night and Saturday; moderate temperatures.
Overnight at Boston it was 70 to 84 degrees; Baltimore, 68
to 82; Pittsburgh, 62 tp 80; Portland, Me., 66 to 70; Chicago,
70 to 96; Cincinnati, 66 to 94; Cleveland, 64 to 84; Detroit,
62 to 90; Charleston, 78 to 92; Milwaukee, 66 to 92; Dallas,
76 to 96; Savannah,74 to 90; Kansas City,66 to 104; Springfield, Mo., 76 to 96; St. Louis, 76 to 102; Oklahoma City,
78 to 102; Denver, 66 to 86; Salt Lake City. 80 to 100;
Los Angeles, 64 to 82; San Francisco, 56 to 66; Seattle, 56
to 06: Montreal, 64 to 82, and Winnipeg, 50 to 78.
Selected Income and Balance Sheet Items
Steam Railways for May.
of Class I
The Bureau of Statistics of the Inter-State Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of May.
These figures are subject to revision and were compiled from
143 reports representing 149 steam railways. The present
statement excludes returns for Class I switching and terminal companies. The report in full is as follows:
1934.
1933.
Fri.
July 27
Sat. July 28
Mon. July 30
Tues. July 31
Wed. Aug. 1
Thurs. Aug. 2
Fri.
Aug. 3
141.5
not compiled
143.4
143.2
144.1
144.4
144.6
For the E Months of
1934.
Loaded on Own Lines
Weeks Ended-
1933.
Total income
Rent for leased roads
Interest deductions
Other deductions
$52,764,260 $54.225,634 8250.719,952 $162,400,626
11,251,863 10,991.457 51,349.987 54.326,822
43,381,380 44,405,384 216,904,171 221.222,958
9,188,667
9,473.770
1,798,153
1,781,009
Total deductions
$56,414,252 $57,194,994 $281,442,825 $285,023,550
Net Income
c$3,649,992 c$2,969,360 c$30,722,873 c$122622924
Div. declarations (from income and surplus):
On common stock
12,183,515 11,686,639 31,733,103 25,948,629
On preferred stock
4.740,491
4,837.943
1.210.484
971,108
Balance Sheet Items.
Balance at End of May.
1934.
1933.
Selected Asset ItemsInvestments in stocks, bonds,&c., other than those of
affiliated companies
$767,924,839
8776.923,773
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bids receivable
Traffic and car-service balances receivable
Net balance receivable from a7ents and conductors..
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets --
312,253.527
33.154,726
45,130,517
43,298.532
8,184,251
55,182,239
45,401,141
145,124,70
305,423,575
45,000,C51
2,683,394
4.306,364
281,529,967
30,842,353
15,098,321
26,765,967
11,286,888
46,037,450
43,402,158
135.045,715
299.878,113
45,845,269
2,520,658
5,251,967
$1,045,543,023
5943,485,226
Selected Liability ItemsFunded debt maturing within six months_a
Loans and bills narablc-n
Traffic and carevice balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
854,057.300
$107,309,157
$337,367,189
69.889,403
211,504,808
47,430.641
257,830.547
4,639,692
248,818,971
12,894.561
121,434,514
39,878,808
16.653,162
$346,752,569
61,664,712
203,143,165
514,258,476
180,735,973
4,852,497
97,992,631
11,903,426
125,126.955
37,573,634
14,919,801
Index of Staple Commodity Prices
Registers Sharp Advance.
Most basic commodity prices engaged in a broad advance,
this week, although several registered declines. Drouth developments were responsible for the most important price
changes, with wheat, corn, hogs and cotton leading the
advance while hides suffered another sharp drop due to
failure to keep the surplus, hides resulting from drouth
relief purchases, off the market. Moody's Daily Index of
Staple Commodity Prices advanced 3.1 points to 144.6, very
close to the year's high.
Eight of the 15 staples included in the Index registered
gains during the week. In addition to those mentioned
rubber, sugar, coffee and silver also gained ground app
Daily
Receiced from Connea'ns
Weeks Ended-
July 28 July 21 July 29 July 28 July 21 July 29
1934. 1934. 1933. 1934. 1934. 1933.
Atchison Topeka & Santa Fe_ __ _
Chesapeake & Ohio
Chicago Burlington & QulncY---Chic. Milw. St. Paul & Pacific__ _
Chicago & North Western
Gulf Coast Lines
International Great Northern_
Missouri Pacific
New York Central Lines
New York Chicago & St. Louis
Norfolk & Western
Pennsylvania
Pere Marquette
Southern Pacific Lines
Wabash
20,614
21,496
16,557
20,465
15,856
2,030
2.851
14,202
40,042
4,791
17.373
52,905
4.859
26,068
5,628
22,028
19.425
16,372
19,798
17,132
2,235
3.039
14,102
41,011
5,045
17,224
56,470
4,847
26,690
6,040
17,322 4.845 5.038 4,588
24.368 8,065 9,541 9,439
16.259 6,121 6,090 6,205
17,999 6.402 6,339 6,610
15.206 8,378 8,350 9.027
2,218 1,105 1.125 1,007
2,407 1,930 1,958 1.306
13,602 7,136 7,451 6.840
46,822 49.860 49.382 61,915
4,527 7,435 7,508 8.504
20.990 3,507 3,588 3,751
64.760 31,562 33,675 40,328
4,676 3.878 3,676 4,221
20,862
x
5,242 6,234 6,571 6,849
265,737 271.458 277,260 146.458 150.292 170,590
TOTAL LOADING AND RECEIPTS FROM CONNECTIONS
Total
Week Ended-
Total current liabilities
$1.367.792.296 81.142,923,839
a Includes payments which will become due on account of principal of longterm debt (other than that in Account 764, funded debt matured unpaid) within
six months after close of month of report. b Includes obligations which mature
em than two years after date of Issue. c Deficit.
Moody's
144.0
138.8
136.2
148.9
78.7
144.8
126.0
Revenue Freight Car Loadings for Latest Week Continue to Decline, Contrary to Seasonal Trend.
Loadings of revenue freight for the week ended July 28
1934 totaled 608,848 cars, a drop of 6,016 cars or 1% from
the preceding week and a decrease of 35$91 cars or 5.6%
from the total for the corresponding week in 1933. Loadings, however, continued to show a gain when compared with
the same week in 1932, the increase totaling 97,745 cars or
19.1%. For the week ended July 21 total loadings were 6.3%
under those for the like week in 1933, but 22.5% higher
than the comparable period of 1932. Loadings for the week
ended July 14 showed a loss of 7.8%, but a gain of 19.7%
when compared with the same weeks in 1933 and 1932,
respectively.
The first 15 major railroads to report for the week ended
July 28 1934 loaded a total of 265,737 cars of revenue freight
on their own lines, compared with 271,458 cars in the preceding week and 277,260 cars in the seven days ended
July 29 1933. A comparative table follows:
Net railway oper. Income_ _ _ 539,491.413 $41,038,289 $183,967,608 894,897.579
Other income
13,272,847 13,187,345 66,752,344 67,563.047
Total current assets
2 Weeks ago, July 20
Month ago, July 3
Aug. 3 1933
Year ago.
1933 High, July 18
Low, Feb. 4
1934 High, July 19
Low, Jan. 2
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
TOTALS FOR THE UNITED STATES (ALL REGIONS).
For the Month of May.
preciably. Four commodities besides rubber showed losses,
i.e., wool tops, steel scrap, lead, and cocoa, but these were
largely negligible. Silk and copper were unchanged.
The movement of the Index number during the week, with
comparisons, follows:
July 28 1934. July 21 1934. July 29 1933.
Chicago Rock Island & Pacific RY
Illinois Central System
St. Louis-San Francisco Ry
Total
21,384
26,579
12,991
20,987
25,316
12.169
20,956
25,788
11,456
60,954
58,472
58.200
The American Railway Association in reviewing the week
ended July 21 reported as follows:
Loading of revenue freight for the week ended July 21 totaled 614,864
cars, which was an increase of 12.086 cars above the preceding week, but a
reduction of 41,516 cars under the corresponding week in 1933. It was.
however, an increase of 112,952 cars above the corresponding week in 1932.
Miscellaneous freight loading for the week ended July 21 totaled 227.054
cars, a decrease of 517 cars under the preceding week, and 10,483 cars
below the corresponding week in 1933, but an increase of 49,469 cars above
the corresponding week in 1932.
Loading of merchandise less than carload lot freight totaled 158,592 cars,
an increase of 794 cars above the preceding week this year, but 13,427 cars
below the corresponding week in 1933, and 8,904 cars below the same
week in 1932.
Grain and grain products loading for the week totaled 47.138 cars, an
increase of 4,070 cars above the preceding week, but 2,046 cars below the
corresponding week in 1933. It was, however, an increase of 5,952 cars
above the same week in 1932. In the Western Districts alone, grain and
grain products loading for the week ended July 21 totaled 28.263 cars, a
decrease of 5,148 cars below the same week in 1933.
Forest products loading totaled 22,059 cars, an increase of 148 cars
above the preceding week, but 7,147 cars below the same week in 1933.
It was, however, an increase of 6,410 cars above the same week in 1932.
Ore loading amounted to 32,496 cars, a decrease of 216 cars below the
preceding week. but 4,489 cars above the corresponding week in 1933. and
25.874 cars above the corresponding week in 1932.
Coal loading amounted to 96,816 cars, an increase of 2.236 cars above the
proceding week, but 21,434 cars below the corresponding week in 1933.
It, was, however, an increase of 20,108 cars above the same week in 1932.
Coke loading amounted to 4,502 cars, an increase of 86 cars above the
preceding week, but a decrease of 2,012 cars below the same week in 1933.
It was, however, an increase of 2,031 cars above the same week in 1932.
Live stock loading amounted to 26,207 cars, an increase of 5,485 cars
above the preceding week. 10.544 cars above the same week in 1933. and
12,012 cars above the same week in 1932. In the Western districts alone,
loading of live stock for the week ended July 21 totaled 22,600 cars, an
increase of 10,927 cars above the same week in 1933.
All districts except the Northwestern, Centralwestern and Southwestern
reported reductions for the week ended July 21, compared with the corresponding week in 1933, but all districts reported increases compared with
the corresponding week in 1932.
Loading of revenue freight in 1934 compared with the two previous
yaars follows.
662
Financial Chronicle
1934.
Total
17 127 700
C,Dtot.wcan,
00...010t,Dwaho
..-watw.woolwc.
.-oes,coco.u.to..4
2,177,562
2,308,869
3,059,217
2,334,831
2,441.653
3,078,199
519,807
602.778
614,864
, 000
,
-.4.00N0.
40
NNWN.
,N
•• •WM Cre,o...0w,00
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Five weeks In June
Week ended July 7
Week ended July 14
Week ended July 21
1932.
1933.
M107001
15520421
Aug. 4 1934
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
July 21 1934. During this period a total of 45 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Atchison Topeka & Santa Fe Ry. System,
the Southern Pacific Co. (Pacific Lines), the Union Pacific
System, the Great Northern Ry., the Chicago Milwaukee
St. Paul & Pacific Ry. and the Duluth Missabe & Northern
Ry.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED JULY 21.
1934,
Eastern District.
Group ABangor & Aroostook
Boston dc Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. H. & Hartford
Rutland
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1933.
1932,
1934.
1933.
883
2,546
7,057
954
2,621
9,310
642
630
2,914
8,190
965
2,880
11,209
742
632
2,602
6,789
599
2,456
9,119
556
262
3,793
8,493
2,679
1,497
10,294
961
217
4,743
9,930
2,701
1,555
12,334
1,031
24,013
27,530
22,753
27,984
32,511
4,882
8,233
11.838
149
1,759
7.572
1,913
20,280
2,047
360
246
.5,343
9,095
13,141
184
1,636
7,769
2.463
23,083
1,978
511
382
4,484
7,842
9,853
170
1,276
6,663
923
16,171
1,793
445
225
5,913
5,029
11,572
'1,485
921
6,481
35
24,797
1,946
22
160
6,973
5,809
14,415
1,792
1,073
6,972
25
28,975
2,051
27
263
59,279
65,585
49,850
58,361
68,375
631
1,287
6.958
59
213
234
2,124
3,650
6.899
3,210
5,045
4,847
4,319
888
6,040
2,861
536
1,440
8,718
28
184
271
1,664
3,800
7,267
4,054
4,932
4,906
6,056
1.575
5,845
3.837
430
1,572
7.039
37
291
137
1,445
2,148
5,071
2,815
4,756
3,522
2,892
916
5,389
2,397
889
1,605
9,374
65
116
1,990
890
5,423
6.906
223
7,508
3,676
3,939
849
6,571
2,350
1,044
1,822
12,445
67
113
2,072
846
5,535
8,272
256
8,685
4,425
6,023
1,049
7,258
3,144
49,265
55,113
40,857
52,374
63,056
Grand total Eastern District-- 132,557
148,228
113,460
138,719
163,942
372
26.498
3,965
227
5,036
100
280
63
828
985
56,470
12,196
6,201
32
03,207
565
31,601
3,239
308
5,308
2
279
59
1,046
1,222
64,291
12,423
10,836
66
3.146
a
22,060
1.000
93
5,219
1
142
53
926
1,019
49.202
10,114
2,832
20
2,110
545
13,031
1,497
6
8,981
92
15
20
1,989
852
33,675
12,588
3,698
2
4,525
778
15,404
2,515
7
10,163
36
17
31
2,104
1,398
40,436
15,254
3,149
116,460
134,791
94,791
81,566
95,868
19,425
17,224
710
3,424
22.953
20,253
806
3,661
15,812
13,562
649
2,620
9,541
3,588
944
637
9,349
4,073
1,074
536
40,783
47,673
32,643
14,710
15,032
6,160
5,961
9551,185
520564
133
139
51
49
1,507
1,451
482
395
415
337
6,721
6,394
20,791
18,477
120
165
5,665
648
388
121
39
1,276
363
293
6,617
15.607
145
3,943
1.181
701
245
69
805
676
2,993
2,903
10,600
524
4,674
1,595
681
342
76
974
969
3,944
3,472
13,026
733
Total
Group BDelaware Sr Hudson
Delaware Lackawanna dr West_
Erie
Lehigh & Hudson River
Lehigh dr New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western.
Pittsburgh & Shawmut
Pitts. Shawmut & Northern
Total
Group CAnn Arbor
Chicago Ind. & Louisville
C.C. C. dr St. Louis
Central Indiana
Detroit dt Mackinac
Detroit & Toledo Shore Line_ .._
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis.
Pere Marquette
Pittsburgh dr Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling & Lake Erie
Total
Allegheny DistrictAkron Canton dr Youngstown__
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Central RR. of New Jersey
Cornwall
Cumberland & Pennsylvania
Ligonier Valley
Long Island
b Penn.-Read. Seashore Lines._
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup AAtlantic Coast Line
Clinchfield
Charleston dr Western Carolina
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomao.Seaboard Air Line
Southern System
Winston-Salem Southbound
4,576
Total Revenue
Freight Loaded.
Railroads.
Group BAlabama Tenn. & Northern_ -Atlanta Birmingham & Coast-.
All. & W,P.-West.RR.of Ala
Central of Georgia
Columbus dr Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis_
Tennessee Central
Total
Total Loads Receir.a
Irons Connections.
1934.
1933.
1932.
1934.
167
879
630
3,572
228
369
930
287
1,188
17,590
15,368
230
130
1,557
2,414
332
273
1,697
913
4,564
234
273
833
380
1,333
17,981
18.863
191
141
1,843
2,695
346
137
601
491
2,904
159
290
775
295
1,082
16,219
13,646
171
142
1,593
2,268
235
142
446
775
2,374
183
296
1,278
283
605
8,135
3,840
287
254
1,203
2,332
540
1933.
133
496
1,060
2,747
171
274
1,505
313
641
9,382
4,424
299
254
1,308
3,282
563
45,871
52,560
41,008
22,973
26,852
Grand total Southern District
80,669
90,734
71,170
47,615
57,338
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific.
Chic. St. Paul Minn. & Omaha
Duluth Misaabe & Northern
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern.
GreatNorthern
Green Bay & Western
Lake Superior & IshpemIng
Minneapolis & St. Louis
Minn. St. Paul dr S. S. Marie
Northern Pacific
Spokane International
Spokane Portland dr Seattle--
671
18,907
2,426
19,798
3.622
10,408
1,258
3,605
379
15,327
481
1,305
1,906
5,510
8,353
232
1,229
804
20,147
2,706
19,022
3,751
7,188
917
5.521
485
12,432
532
2,188
2,340
5,044
8,648
280
978
994
13,098
2,192
14,278
3,165
1,934
470
2,709
301
7,215
459
a
1,801
4,169
6,514
a
1,068
2,167
8,350
2,274
6,339
3,011
226
368
2,950
86
3,117
314
70
1,273
1,901
2,625
183
1,450
2,189
8,927
2,355
7,010
3,536
62
350
4,785
138
2,290
385
109
1,452
2,282
2,337
149
968
95,417
92.983
60,367
36,704
39,324
22,028
3,087
227
16,372
1,134
11,396
2,503
816
1,681
203
1,190
1,880
972
133
21,190
331
532
11,646
153
1,480
18,761
3,265
174
18,167
1.653
12.587
2,719
677
1,339
234
1,113
2,040
668
253
15,873
288
530
11,065
181
1,153
22,764
3,330
132
13,220
a
12.465
2,403
595
1,195
192
1,201
a
579
215
15,491
241
376
10,195
98
1,213
5,038
1,952
60
6,090
626
5,801
1,428
1,012
2,014
14
839
895
680
48
3,979
301
978
6,800
7
2,801
4,630
1,931
19
6,183
728
6,726
2,127
896
1,919
686
1,070
289
38
3,105
291
1,093
6,310
4
1,316
98,954
92,740
85,905
41,363
39,370
125
156
159
2,235
2,939
156
1,487
1,233
103
262
586
96
4,636
14,102
44
113
7,718
2,006
5,500
4,537
1,818
13
259
118
124
2,126
2,510
161
1,489
1,224
116
311
480
147
4,564
15,245
61
63
7,296
2,006
5,069
3,541
2,300
21
85
114
88
1,697
1,461
133
1,318
1,221
a
67
437
38
4,528
12,872
35
80
7,626
1,943
4,607
3,311
1,852
63
3,308
277
158
1,125
1,958
876
1,381
784
333
772
185
232
2,650
7,451
16
90
3,016
1,542
2,032
3,715
2,056
33
3,708
283
124
976
1,275
809
1,362
795
235
720
156
274
2,266
7,123
28
104
3,246
1,468
2,089
3,408
2,665
35
Total
Central Western DistrictAteh. Top.& Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & Quincy_
Chicago & Illinois Midland___.
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois_ _ _ _
Colorado & Southern
Denver ,k Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City
Illinois Terminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island_ _
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton dr Southern
Burlington-Rock Island
Fort Smith es Western
Gulf Coast Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas.
Louisiana Arkansas & TexasLitchfield & Madison
Midland Valley
Missouri dr North Arkansas,,,.
Missouri-Kansas-Texas Lines.,
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford M. W. St Northw_
38,174
30.162
24,642
34,798
30,486
50,024
Total
49,231
33,149
33,990
43,576
a Not available. b Pennsylvania-Reading Seashore Lines Include the new c,n.solidated lines of the West Jersey 44 Seashore RR.. formerly part of Pennsylvania
RR., and Atlantic City RR., formerly part of Reading Co.
Total
Reviewing World Conditions and American Business
Guaranty Trust Co. of New York Cites Dependence
of United States Industry on Foreign MarketsPoints to Need of Accepting Imported Commodities.
"Whether we like it or not," says the Guaranty Trust Co.
of New York, "the fact remains that our economic structure
has been developed and our productive capacity adjusted to a
type of output that is dependent on foreign markets; and
those markets depend absolutely on our willingness to accept
foreign goods and services in exchange for our own." These
comments are made by the Guaranty Trust Co. in "The Guaranty Survey," its review of business and financial conditions
in the United States and abroad, published July 30. The
"Survey" observes that "our concern in international trade
is not merely a matter of the refusal of other nations to purchase our goods if we are not willing to buy theirs; it is an
economic impossibility for foreign countries to take our products unless we, by accepting imported commodities, provide
foreigners with the means to pay." Continuing, the "Survey" says:
While there is an abundance of irrefutable statistical evidence that the
physical volume of trade in most of the nations of the world has shown an
appreciable increase during the last several months, and while close observers
have been reporting for some time that the general tone in foreign business
quarters has been unmistakably better, there are some who hold a less optimistic view. Chiefly their concern centers around political, not economic,
developments. Among the factors that they find disturbing are the political
unrest in some nations-particularly the unsettlement in the Far East and
Volume 139
663
Financial Chronicle
the acute situation surrounding the Governments in Germany and Austriaand the inability of the nations to agree on a disarmament policy and the
resulting tendency toward a costly competitive armament race. These
political difficulties tend to impair confidence and retard recovery. On the
other hand, economic trends, in the final analysis, usually determine the
course of political events; and social and governmental crises that appear
very threatening now may vanish quickly under the influence of improved
economic conditions.
Our "Stake" Abroad.
It seems difficult for many American business men not directly engaged
in dealings in commodities and services with foreign nations to comprehend
fully the relationship between their profits and conditions abroad. To state
the matter simply, the individual business man becomes involved in developments abroad because he constitutes part of a domestic economic system that
is highly concerned with international factors. Any occurrence abroad that
either improves or retards our economic progress in general will affect his
profits in a similar manner. Very few types of business, if any, have been
able to run contrary to the forces of recession in general business during
the last few years.
The "stake" that our general economic organism has in developments
abroad, while at times somewhat indirect, is by no means obscure. First,
and without a doubt the most important, a sure method of easing political
tension in many parts of the world is by bettering economic conditions and
improving the standard of living. Business confidence, on which actual
business commitments are based, would be greatly furthered by a cessation
of political disorders in some parts of the world.
Second, an improvement in world economic conditions would be almost
automatically followed by a greater stability in international monetary conditions and by a clearing up of the exchange difficulties that have seriously
disrupted the normal flow of international trade. These developments, in
turn, would greatly facilitate international currency stabilization and the
elimination of destructive trade barriers, with highly beneficial effects on
international trade, including that of the United States.
Our third source of interest in foreign affairs lies in the fact that this
country since the war has grown into one of the leading creditor nations of
the world. Disregarding the war debts, foreign countries are indebted to
the United States to the extent of billions of dollars, excluding short-term
credits. This financial stake is made up of direct and portfolio investments;
the latter are mostly payable in gold and composed of holdings by Americans of securities of foreign governments and their political subdivisions
and of securities of foreign corporations. An improvement in economic conditions in these debtor nations would provide their governments with sources
of taxation with which to meet service payments, while the advantages of
security holdings in a private corporation whose business is operating profitably are obvious.
The subject of American investments abroad is closely related to that of
our monetary policies and foreign trade. In order to meet interest and
principal payments on these debts, foreign nations must be able to acquire
the dollar exchange necessary for the transactions. With a vast portion of
the world's gold held by the United States, the acquisition of this exchange
can be effected only by exporting commodities and supplying services to
this country; but our present tariff barriers and the fall of the dollar after
currency debasement have placed serious obstacles in the way of importing
goods into the United States.
A broad economic improvement, then, would go far in untangling the
present confusing state of international trade and exchange; first, by clearing the way for a reduction in the foreign trade barriers that have been
imposed for the purpose of national economic defense; second, by eliminating
the necessity of the network of exchange restrictions throughout the world;
and, third, by placing foreign nations in a better position to purchase our
goods and thereby furthering the expediency of reducing our tariffs under
the powers granted to the President by the reciprocal Tariff Act passed by
the last Congress.
Importance of Our Foreign Trade.
It is not only the investor in foreign securities, the American corporation
with plants abroad, the exporter, the importer, the international banker, and
the worker engaged in producing goods for the foreign market that depend
for their prosperity on conditions in other countries. Not some, but all, of
the people feel the effects of developments abroad, whether they realize it
or not. It has already been pointed out that the depression is a world-wide
upheaval, and it is hardly necessary to add that the effects of this international crisis have not been limited to certain groups. Workers, farmers,
and business men in the interior have suffered as much as anyone else.
Such individuals, having no direct contacts abroad, may regard themselves
as the victims of a purely domestic situation; but they are not. Their
plight is a result of a cataclysm that engulfed a highly integrated world
economic system, and their prosperity can be restored only by developments
that are as truly international in scope as the system of which they are a
part.
Any turning back from the existing economic structure to one of isolation
would require readjustments that would impose unwarranted hardships on
practically every individual in the nation. Such a reversal of policy is
advocated by some extremists, but it is not likely to be considered as a
serious practical possibility.
Internationalism does not mean giving all and receiving nothing, as some
would have us believe; nor does it mean that the United States Government
must become involved in irrelevant political intrigues in all parts of the
world. It does mean, however, a co-operation by the Government and
business with those international efforts that will tend to bring the most
good to all nations and particular benefit in the long run to the American
people. Greater knowledge and more accurate appraisal of world economic
conditions will be of inestimable value to American business interests,
especially when it is fully realized that recovery is not a domestic, but an
international, problem.
082.000. as compared with $154,647,000 in May. The export surplus of
merchandise totaled $34,492,000 in comparison with an export surplus of
$5,560,000 in May 1934 and an import surplus of $2,407,000 in June 1933.
Goods entered into bonded warehouses declined from $24,783,000 in
May to $19,650,000 during June, while withdrawals from bonded warehouses increased from $17,003,000 in May to $18,618.000. June imports
for consumption, which include goods entered immediately upon arrival
plus withdrawals from bonded warehouses, dropped from 6146,866,000 in
May to $135,048,000 in June, thus showing a smaller percentage decline
than in the case of general imports.
The upward movement in exports during June, amounting to 6.5% as
compared with a normal seasonal decrease of about 5%. caused the seasonally adjusted index to advance to 50% of the 1923-1925 average, or to
about the same level reached in March and April of this year. The reduction of 12% in imports, as compared with the usual decline of 7%, brought
the adjusted import index down to 44% of the 1923-1925 average in June
from 47% in May.
In comparison with the same month of 1933, the value of exports and
Imports in June 1934 was 42% and 11% greater, respectively. The volume
of exports in June was about one-fourth larger than in the same month of
1933. while that for imports was about the same as a year ago. From
April to June 1933, the quantity of imports had increased 38%. partly as
a result of forward buying in anticipation of a decline in the exchange value
of the dollar, while during the same period of 1933 exports advanced only
14%.
Exports and imports for the first half of 1934 increased 55% and 46%,
respectivly, in value as compared with the same period of 1933. For the
fiscal year ended June 30 1934, the value of exports, aggregating $2,009.000,000, was 42% greater than in the preceding 12-month period, and about
5% greater than in the year ended June 30 1932. Imports, totaling $1,721.000,000 for the year 1933-34,showed a gain of 47% over the preceding fiscal
year but they were slightly below the value for 1931-32.
Exports of crude materials showed the largest increase for the month, the
gain in this class amounting to $9,028,000 out of the total export gain of
$10,786,000. Smaller increases were also recorded in semi-manufactures
and finished manufactures. Exports of foodstuffs declined moderately.
The increase of $11,331,000 in unmanufactured cotton exports, which in
May had declined substantially, was the major factor in the advance in
crude material exports. Leaf tobacco, another important commodity in
the crude materials group, declined during June.
Finished manufactured exports reached a total value of $78.108,000 in
June in comparison with $76,191.000 in May and $83,440,000 in April.
Principal finished articles contributing to the June increase included mining,
well and pumping machinery, gasoline, kerosene, agricultural machinery
and implements, electric refrigerators and passenger automobiles. Motor
trucks and busses, radio apparatus, and cotton, wool and silk textile manufactures declined slightly in value during June. Among the semi-manufactures, refined copper exports increased considerably.
The principal changes among the foodstuff exports included declines in
lard, fish, wheat, wheat flour and vegetables, and increases in condensed
and evaporated milk, and dried and canned fruit.
A considerable part of the decline in total imports during June was due
to a reduction in sugar imports from the Philippine Islands. Furthermore,
imports of meats, fruits and vegetables, coffee, textile manufactures, hats
of straw, raw silk, undressed furs, hides and skins, flaxseed. unmanufactured cork, and sodium nitrate from all sources showed declines. Among
the great groups of import commodities seven declined in value during
June, while four groups, namely, vegetable products, inedible, wood and
paper, non-metallic mineral products and metals and manufactures increased slightly. All of these latter groups reached the highest level for any
month so far this year.
TOTAL VALUES OF EXPORTS, INCLUDING RE-EXPORTS AND
GENERAL IMPORTS.
(Preliminary figures for 1934 corrected to July 25 1934.)
Gold and Silver.
6 Months Ending June.
June.
GoldExports
Imports
Excess of exports_
Excess of imports...._
SilverExports
Imports
Excess of exports.
Excess of imports__ _ _
1934.
1933.
1934.
1933.
Increase(±)
Decrease(-)
1,000
Dollars.
6,586
70,291
1,000
Dollars.
4,380
1,136
1.000
Dollars.
13,213
852,387
1.000
Dollars.
93,704
183.514
1.000
Dollars.
-80,491
+668.873
839,174
89,810
3,244
63,705
2,404
5,431
343
15,472
7,725
19,365
2,800
26,578
3,027
15.129
11.640
23.778
+4,925
-7,213
Exports and Imports of Merchandise. by Months.
1934.
Exttorls, Including
Re-esportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1933.
1.000
1,000
Dollars. Dollars,
172,224 120,589
162,805 101,515
191.015 108.015
179,437 105,217
160,207 114,203
170,574 119,790
144,109
131,473
160,119
193,069
184,256
192,638
1932.
1931.
1930.
1929.
1,000
Dollars.
150.022
153,972
154,876
135,095
131,899
114,148
106,830
108.599
132,037
153.090
138,834
131,614
1,000
Dollars.
249,598
224.346
235,899
215,077
203,970
187,077
180,772
164,808
180,228
204,905
193.540
184,070
1,000
Dollars.
410,849
348.852
369,549
331,732
320.035
294,701
266,762
297,765
312,207
326,896
288,978
274,856
1.000
Dollars.
488.023
441,751
489,851
425,264
385,013
393,186
402,861
380,564
437,163
528,514
442,254
426.551
6 months ending June 1,036,262 669,329 840,012 1,315,967 2,075,717 2,623,088
12 months ending June 2.041,9271,440,333 1,948,335 3,083.429 4,693,626 5,373.456
12 months ended Dec
1,674,994 1,611,016 2,424,289 3,843,181 5,240,995
Country's Foreign Trade in June-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on July 28 issued its statement on the
foreign trade of the United States for June and the six
months ended with June, with comparisons by months
back to 1929. The report is as follows:
United States exports increased during June, while imports declined.
Exports,including re-exports of foreign merchandise, were valued at $170,574,000 in comparison with $160.207,000 in May. General imports which
include goods entered for consumption immediately upon arrival, plus
goods entered for storage in bonded warehouses, were valued at $136,-
General ImportsJanuary
February
March.,
April
May
June
July
August
September
October
November
December
135,513
132,656
157,908
146,523
154,647
136,082
96,006 135,520 183,148
83,748 130,999 174,946
94,860 131,189 210.202
88,412 126,522 185.706
106.869 112,276 179,694
122,197 110,280 173,455
142,980 79,421 174,460
154,918 91,102 166,679
146,643 98.411 170,384
150,867 105,499 168,708
128,541 104,468 149,480
133,518 97,087 153,773
310,968
281,707
300,460
307,824
284,683
250,343
220,558
218,417
226.352
247,387
203.593
208,636
388.897
369.442
383,818
410,666
400,149
353.403
352,980
369,358
351,304
391,063
338,472
309,809
6 months ending June 863,330 592,092 746,786 1,107,151 1,735,985 2,286,375
12 months ending June 1,720.797 1,168,080 1.730.270 2.432,074 3,848,971 4,291,888
1.449.559 1.322.774 2.090.635 3.060.908 4.399.361
12 months ended Dec-
Financial Chronicle
Merchandise.
June.
Exports
Imports
Excess of exports _ _
Excess of imports_ _
6 Months Ending June.
1934.
1933.
1934.
1933.
Increase(+)
Decrease(-)
1,000
Dollars.
170,574
136.082
1,000
Dollars.
119,790
122,197
1,000
Dollars.
1,036,262
863,330
1,000
Dollars.
669,329
592,092
1,000
Dollars.
+366,933
+271,238
172,932
77.237
34,492
2.407
EXPORTS AND IMPORTS OF GOLD AND SILVER. BY MONTHS.
Gold.
1934.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1933.
1932.
Silver.
1931.
1934.
1933.
1932.
1931.
1,000 1,000 1,000 1,000 1,000 1.000 1,000 1,000
Dollars Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
14 107.863
4,715
859 1,551 1,611 3,571
54
51 21,521 128.211 . 14
734
209
942 1.638
44 28.123 43.909
26
269
665
967 2,323
27 1,425
37 16,741 49.509
193 1,617 3,249
1,780 22.925 212.229
628 1,638
235 1,865 2.099
40 2,404
6.586 4,380 226,117
343 1,268 1.895
85.375 23.474 1,009
....-- 2,572
828 2,305
...... 7,015
81,473 18,067
39
433 2,024
60 28.708
58,282
---- 3,321
868 2.183
61 398,604
34,046
--- 2,281 1.316 2,158
16 4,994
2.957
464
---875
872
13 32.651
........ 10,815
590 1,260 2.168
__--
6 mos.end. June . 13,213 93,704 767,838
789 7,725 2,800 8,269 14,776
12 mos.end. June 286.161 135,393 1233844 107,094 23,968 8,380 19.979 38,931
12 mos. end. Dec
____ 19,041 13,850 26.485
____ 366,652 809,528 466,794
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1,947 128,479 34,913
452.622 30,397 37,644
237.380 14.948 19.238
54.785 6.769 19.271
35,362 1,785 16,715
70,291 1,136 20,070
.... 1,497 20.037
1,085 24.170
1,545 27.957
1,696 20.674
2,174 21,756
1,687 100.872
34,426
16,156
25.671
49.543
50,258
63.887
20,512
57,539
49.269
60,919
94,430
89.509
3,593 1,763
855
2.128
1.823 1,693
1.955 1,520
4,435 5,275
5,431 15,472
_-__ 5,386
......- 11,602
--- 3,494
---- 4,106
---- 4,083
---- 4,977
2.097
2,009
1,809
1,890
1,547
1,401
1.288
1,554
2,052
1,305
1.494
1,203
2,896
1.877
1,821
2,439
2,636
2,364
1,663
2,685
2,355
2,573
2,138
3,215
°mos.end.June 852,387 183.514 147,850 239,941 19,365 26,578 10,753 14,034
12 mos.end.June 862,071 398.979 520,028 403,796 53,013 35.474 25,384 33,522
12 mni, end. Dec
193.197 363.315 612.119
____ 60.225 19.650 28.664
TOTAL VALUES OF DOMESTIC EXPORTS AND IMPORTS FOR
CONSUMPTION OF THE UNITED STATES.
Merchandise-Domestic Exports and Imports for Consumption by Months.
1934.
Domestic ExportsJanuary
February
March.
April
May
June
July
August
September
October
November
December
1933.
1932.
1931.
1,000
1.000
1,000
1.000
Dollars. Dollars. Dollars. Dollars.
169,581 118,559 146.906 245,727
159,671
99,423 151.048 220.660
187,495 106,293 151,403 231.081
176.499 103,265 132.268 210,061
157,171 111.845 128.553 199,225
167.957 117,517 105,478 182.797
141,573 104,276 177,025
129,315 106,270 161.494
157,490 129,538 177.382
190.842 151,035 201,390
181,291 136,402 190.339
189,808 128,975 180,801
1930.
1929.
1,000
Dollars.
404.321
342,901
363,079
326.536
321,460
289,869
262.071
293,903
307,932
322.676
285,396
270,029
1.000
Dollars.
480,382
434,535
481,682
418.050
377,076
386,804
393,794
374,533
431,801
522,378
435,480
420,578
The following is also taken from Mr. Lubin's announcement
of July 31:
Prices used in constructing the weighted index numbers of the Bureau
are based upon reports from all types of retail food dealers in 51 cities and
cover quotations on 42 important items. The index is based on the
average price of 1913 as 100.0. Comparisons of the current index with
the indexes for the past five bi-weekly periods, one year ago and two
Years ago, are shown in the following table.
INDEX NUMBERS OF RETAIL PRICES OF FOOD. (1913=100.0.)
;,,fol
July 17 July 3 June 19 June 5 May 22 July 15 July 15
1934. 1934. 1934. 1934. 1934. 1933. 1932.
All foods
Cereals
Meats
Dairy products
Other foods
109.9
147.7
120.5
100.8
101.4
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
182,867
176,443
174,516
174,559
168.735
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
358,872
364,188
371,215
396,825
381,114
350,347
347.133
372,757
356,512
396,227
332,635
302,692
Increase of 0.3 of 1% in Retail Prices of Food During
Two Weeks Ended July 17 Reported by United
States Department of Labor.
Retail prices of food advanced 0.3 of 1% during the two
weeks' period ended July 17, Commissioner Lubin of the
Bureau of Labor Statistics of the United States Department
of Labor announced July 31. The strengthening in prices
which began the latter part of April placed the current
average at 109.9% of the 1913 level. Two weeks ago the
index was 109.6, four weeks ago, 109.1; and six weeks ago,
108.4. "Retail food prices have shown an accumulated
rise of 23/2% since April 24, when the index was 107.3,"
Mr. Lubin said. "The present level is at the highest point
reached during the past 30 months," he said, "being slightly
above Jan. 15 1932, when the index was 109.3." Mr.
Lubin continued:
As compared with the index 90.4 for April 15 1933, the low point reached
during the past few years, current prices are up by 21%%. They are
5% higher than on July 15 1933 and approximately 9% above the level
of two years ago, when the index numbers were 104.8 and 101.0,respectively.
Of the 42 articles included in the index, 17 showed advancing prices,
9 declining prices, and 16 remained at the level of two weeks ago. The
Important articles showing price increases were cabbage, sugar, eggs,
bacon, tea, bread, lard, raisins, sliced ham and cheese. Lower prices
were shown for white potatoes, onions, leg of lamb, pork chops, evaporated
milk, butter and macaroni. Among the important items which showed
no change in average prices during the two weeks were red salmon, fresh
milk, wheat flour, corn meal, rice, coffee, wheat cereal and prunes.
109.1
146.5
117.8
101.1
101.2
108.4
145.7
116.1
100.4
101.2
Per Cent Change on
July 17 1934
Compared with
City.
City.
92,718
84.164
91,893
88,107
109,141
123,931
141.018
152,714
147,599
149,288
125,269
127,170
6 months ending June 829,881 589,954 742,995 1,100,283 1,807,574 2,222,561
12 months ending June 1,672,940 1,172.051 1,734.936 2,406,786 3.915.530 4.253,454
109.6
146.6
120.0
101.1
101.2
108.4
144.4
115.3
99.9
102.7
104.8
128.0
103.5
97.7
110.3
101.0
121.2
122.6
91.4
94.8
Dallas, with an increase of 3.3%. showed the greatest advance of any
of the 31 cities recording a price rise. Other cities registering price advances of 1% or more were Birmingham, Bridgeport, Butte, Charleston.
Columbus, Fall River, Houston, Jacksonville. Los Angeles, Minneapolis,
New Haven, Omaha, Portland. Ore., and St. Paul.
Of the 17 cities showing decreases. Denver, where prices declined 2%
recorded the greatest price drop. Detroit and Manchester are the only
other cities showing decreases of 1% or more. Eight of the cities showing
lower prices decreased by ,4,6% or less. Retail food prices in Washington.
D. C.. were 0.6 of 1% lower.
As compared with July 15 of last year all of the 51 cities covered showed
material advances. Philadelphia, with an increase of approximately_
11%. showed the largest advance. In Washington, D. C., the increase
was 7.6%.
Compared with the corresponding period of two years ago, all of the
51 cities covered showed increases. The largest advance for the twoyear period occurred in Houston, where food prices advanced by nearly
18%. Chicago, with an average increase of approximately 2%. showed
the smallest price rise. Retail food prices in Washington, D. C., are
now 8% above two years ago.
The following table shows the percent change which has taken place
in each city and in the individual food items during the past two weeks
and since a year ago and two years ago.
CHANGES IN RETAIL FOOD PRICES (BY CITIES).
6 months ending June 1.018.373 656.902 819,658 1,289,551 2.048,166 2,578,529
12 months ending June 2,008,692 1.413.397 1,908,087 3.031,557 4.617,730 5.283,938
Importsfor Consump lion128,738
January
125,010
February
153,075
March..
April
141,143
May
146,866
June
135,048
July
August
September
October
November
December
Aug. 4 1934
Of the 51 cities covered by the Bureau, advances occurred In 31. Decreases were registered in 17, and 3, Butte, Newark, and Portland. Me.,
showed no change during the two weeks.
The 0.7 of 1% increase in cereal foods was the largest recorded for any
of the groups of items. The present index, 147.7, is 15;i% higher than
for July 15 1933, and 22% above July 15 1932, when the indexes were
128.0 and 121.2, respectively.
Meat prices registered the second largest increase for any of the groups
and advanced 0.4 of 1%. The present index is 120.5 and is higher by
163% than for July 15 1933, when the index was 103.5. This index.
however, is 1.7% below the level of two years ago, when the figure was
122.6. Meat prices have shown a steady increase since the beginning of
the year and present prices are nearly 203.5% higher than on Dec. 19 1933.
when the rise began. The other foods group which includes sugar, coffee,
tea and vegetables, advanced 0.2 of 1%. The present level, with an
index of 101.4. is 8% below the corresponding period a year ago, and 7%
above two years ago, when the indexes were 110.3, and 94.8, respectively.
Dairy products, on the other hand, showed a decline of 0.3 of 1%. with
present prices 3.2% higher than last year and slightly more than 10%
above two years ago.
July 15 July 15 July 3
1932. 1933. 1934.
Atlanta
Baltimore
Boston
Bridgeport
Buffalo
Butte
Charleston
Chicago
Cincinnati
Cleveland
Columbus
Dallas
Denver
Detroit
Fall River
Houston
IndianapolisJacksonville
Kansas City...
LittleRock-Los Angeles._ -Louisville
Manchester-Memphis
Milwaukee
Article.
+7.5 +6.2
+9.2 +8.8
+6.9 +5.0
+7.5 +3.6
+8.0 +7.1
+8.6 +5.4
+5.9 +2.7
+3.4 +6.9
+1.9 +0.8
+9.2 +4.8
9.3 +4.2
+11.5 +5.5
+16.1 +8.6
+7.4 +0.1
+12.3 +7.2
+9.7 +4.5
+17.9 +9.2
+4.3 +0.9
+13.8 +8.6
+13.7 +5.4
+10.1 +10.6
+8.2 +4.1
+12.1 +2.0
+11.3 +3.7
+11.1 +7.0
+6.8 +0.8
BY
July 15 July 15 July 3
1932. 1933. 1934.
+0.3 Minneapolis _
0.0 Mobile
+1.3 Newark
+0.7 New Haven
+1.4 New Orleans___
-0.5 New York
+1.5 Norfolk
+1.4 Omaha
-0.1 Peoria
+0.9 Philadelphia...
-0.3 Pittsburgh
+1.4 Portland, Me_
+3.3 Portland, Ore..
-2.0 Providence _
-1.2 Richmond
+1.4 Rochester
+1.9 gt. Louis
+0.3 St. Paul
+1.2 Salt Lake City.
+0.7 San Francisco__
+0.6 Savannah
+1.4 .cranton
-0.8 Seattle
-1.1 Springfield. III_
-0.9 Washlon,D.C.
-0.7 United States._
COMMODITIES,
Per Cent Change on
July 17 1934
Compared with
Article.
July 15 July 15 July 3
1932. 1933. 1934.
Sirloin steak... -6.8
Round steak__ -6.5
Plate beef
-6.2
Chuck roast- -8.3
Rib roast
-9.2
Ham, sliced_ _ _
+7.5
Pork chops
0.0
Bacon, sliced
+23.2
Lamb, leg of. +5.2
Hens
+0.4
Salmon, red
-12.6
Lard, pure.. _ _ +23.5
Veg. lard sub
-2.1
+15.4
Eggs. fresh
Butter
-(-25.9
Milk, fresh
+4.7
Milk. evap
+3.1
Cheese
+7.7
Flour, wheat
+53.1
Corn meal
+15.8
Rolled oats
-10.5
Corn flakes
-1.1
+10.4
+11.1
+9.4
+9.2
+8.1
+20.6
+40.1
+25.9
+17.5
+12.9
+10.8
+4.0
+1.1
+8.2
-2.6
+7.7
-1.5
+0.4
+22.5
+18.9
+15.3
+1.2
+0.9
+1.0
+1.0
40.6
40.4
+0.8
-1.9
+2.5
-2.6
+0.9
0.0
+1.0
0.0
+3.5
-0.7
0.0
-1.5
+0.4
0.0
0.0
0.0
0.0
Per Cent Change on
July 17 1934
Compared with
+14.3 +6.6
+8.8 +5.4
-1- 5.6 48.9
+8.7 +7.3
+9.5 +3.7
+7.7 +7.1
+4.1 +8.8
+16.5 +6.9
+11.5 +4.4
+11.8 +10.8
+10.9 +5.7
+6.7 +4.1
+5.1 +3.7
+6.7 +2.4
+11.5 +10.2
+10.4 +6.8
+10.5 +2.7
+14.4 +8.1
+8.4 +2.3
+8.0 +4.4
+11.1 +4.6
+8.0 +2.7
+4.1 +1.6
+9.7 +0.9
+8.0 +7.6
+8.8 +4.9
+1.3
+0.6
0.0
+2.2
+0.4
-0.6
+0.5
+2.2
+0.8
+0.1
-0.6
0.0
+1.1
+0.6
+0.3
-0.3
-0.2
+1.4
-0.1
+0.3
-0.5
+0.5
+0.6
-0.6
+0.3
Per Cent Change on
July 17 1934
Compared with
July 15 July 15 July 3
1932. 1933. 1934.
Wheat cereal.Rice
Macaroni
Bread, white
Bananas
Oranges
Potatoes, white
Cabbage
Onions
Raisins
Prunes
Tomatoes.can'd
Corn, canned._
Peas, canned
Pork and beam
Beans, navy
Oleomargarine_
sugar
Coffee
Tea
Peaches,canned
Pears. canned
+7.5 +6.1
+24.2 +32.3
+2.6 +4.7
+20.6 +13.9
+0.9 -8.4
+16.2 + 33.7
+10.5 -41.7
+3.0 -29.2
+16.7 +2.1
-15.7 +5.4
+23.4 +23.4
+10.5 +15.4
+7.6 +14.1
+30.7 +29.7
0.0
-5.7
+14.0 +3.6
-6.2 +2.3
+14.0 +3.6
-7.4 +1.9
+0.7 +10.0
____
_
____ _ __
0.0
0.0
-0.6
+1.2
+0.9
-2.1
-4.5
+6.3
-3.9
+1.0
0.0
0.0
0.0
0.0
-1.5
0.0
0.0
+3.6
0.0
+1.3
+0.5
0.0
665
Financial Chronicle
Volume 139
"Annalist" Weekly Index of Wholesale Commodity
Prices Higher for Week of July 31-Monthly
Average for July Up 0.1 Point.
The "Annalist" weekly index of wholesale commodity
prices shows a gain of 0.4 point, the figure for July 31 being
114.9, against 114.5 for July 24. The rise, the "Annalist"
said, was due to improvement in farm and food products
prices. The "Annalist" further announced:
Corn, wheat and cotton prices showed substantial gains. Eggs showed
the sharpest gain for the foods. Hides and lubricating oils registered
the largest declines for the week. Cotton yarn and worsted yarns declined
slightly.
The monthly average for July shows a slight increase of 0.1 point to
114.4, a new high for the year. The index shows a gain of 10.6% over
July of last year, and on a gold basis is the highest since October 1933.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation. 1913=100.
greater than seasonal." The Bank, in its "Business Conditions Report," of July 31, continued:
The expansion of 9% over a month previous in the grocery trade compared with one of 53- % in the 1924-33 average for the month, but declines
of 7, 10, and 13%, respectively, in the electrical supply, drug, and dry
goods trades were in contrast to gains of 4, M and 1% in the average
for June, and the decrease of 123% in hardware compared with one of
less than Yi% in the average. Furthermore, gains over last June in
drugs, and electrical supplies were smaller than in previous months this
year, and dry goods and hardware recorded the first decline in the year-ago
comparison since April 1933. As a consequence, the increases in cumulative
sales for 1934 to date over the corresponding period last year were, for
the most part, reduced rather sharply for the period ended June 30 from
those indicated through the end of May; in the six months of this year
grocery sales exceeded those of the first half of 1933 by 19%, drugs by
27M%, dry goods by 40%, hardware by 43%. and electrical supplies by
64%. Ratios of accounts outstanding at the end of June to net sales during
the month rose over those of the preceding month, except in groceries
where the ratio dropped further.
WHOLESALE TRADE IN JUNE 1934
Per rent Change
Prom Same Month Last Year.
July 311934. July 24 1934. Aug. 1 1933.
100.6
91.7
Farm products
101.4
103.9
113.0
Food products
113.7
128.9
Textile products
113.2
•112.9
118.7
Fuels
164.0
164.0
104.2
Metals
110.2
110.1
Building materials
107.3
113.6
113.5
Chemicals
97.2
98.9
98.9
Miscellaneous
86.5
88.7
87.3
103.1
All commodities
a114.5
114.9
77.0
b All commodities in old dollar basis
a68.0
68.3
• Preliminary. a Revised. b Based on exchange quotations for France,
Switzerland, Holland, and Belgium.
THE "ANNALIST" MONTHLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation. 1913=100.
July 1933.
June 1934.
July 1934.
Farm products
94.5
99.5
100.5
106.5
Food produ
113.4
113.2
Textile pro
116.0
8111.2
*112.1
Fuels
114.9
162.8
163.4
Metals
103.8
112.4
110.2
Building mat
is
107.0
113.9
113.8
Chemicals
96.9
99.5
98.9
Miscellaneous
83.8
89.5
88.4
All commodities
103.4
114.3
114.4
b All commodities in old dollar basis
74.2
67.8
68.0
* Preliminary. a Revised. b Based on exchange quotations for,.,France,
Switzerland. Holland, and Belgium.
Wholesale Commodity Prices Fairly Steady During
Week of July 28, According to National Fertilizer
Association.
Wholesale commodity prices, as measured by the index
of the National Fertilizer Association, were fairly steady
during the week of July 28. This index declined one point
for the week, receding from 72.4 to 72.3. During the
preceding week the index advanced four po,ints. A month
ago the index stood at 71.9, and a year ago at 67.5. (The
three-year average 1926-1928 equals 100.) The Association
also had the following to say on July 30:
Of the 14 groups in the index three advanced, five declined, and six
showed no change during the latest week. Fuel, fats and oils, and fertilizer materials advanced. Foods, grains, feeds and livestock, textiles,
metals, and miscellaneous commodities declined. None of the groups
were materially affected by price changes.
During the latest week prices for 22 commodities advanced and prices
for 26 declined. A week ago there were 42 advances and 23 declines. Two
weeks ago there were 34 advances and 18 declines. Cotton declined about
four-tenths of a cent a pound. Wheat declined from two to three cents
a bushel. Corn advanced about two cents a bushel. The list of advancing
commodities included butter, eggs, cotton yarns, feedstuffs, lead, anthracite
coal, cottonseed meal, soya bean oil, palm kernel oil, tin, and raw sugar.
The list of declining commodities included flour, oats, rye, good cattle,
hogs, lambs, finished steel, rosin, turpentine, hides. and rubber.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 478 COM MOD iTY
PRICEd (1926-1928=100).
Per Cent
Each Group
Bears to the
Total loam
Group.
Foods
23.2
Fuel
16 0
Grains, feeds and livestock.12.8
Textiles._
10.1
4.6
Miscellaneous commodities_ _
Automobiles_
6.7
Building materials
6.6
Metals
6.2
House-furnishing goods
4.0
Fats and cilia
3.8
Chemicals and drugs
I .0
Fertilizer materials
4
Mixed fertilizers
.4
Agricultural implements._ -.3
_-All groups combined__
100.0
Latest
11'eek
July 28
1934.
Preceding
Week.
Month
Ago.
Year
Ago.
70.7
70.2
62.0
71.0
69.1
88.7
80.7
82.1
86.2
52.0
93.2
67.1
76.3
98.8
71.0
69.8
62.3
71.9
69.3
88.7
80.7
82.2
86.2
51.6
93.2
66.9
76.3
98.8
69.8
69.3
60.3
64.8
69.9
90.8
81.2
83.8
86.2
51.6
93.2
68.9
76.9
98.8
69.4
58.0
56.9
67.1
68.0
84.4
74.1
78.2
77.2
54.0
87.0
66.7
65.9
90.1
72 2
79 A
71 0
AT e
Department Store Trade in Chicago Federal Reserve
District Decreased More Than Seasonal from May
to June-Decreases Noted in Most of Wholesale
Lines.
"With the exception of groceries which showed somewhat
greater than the usual June increase in sales over the preceding month," states the Federal Reserve Bank of Chicago,
"reporting groups of wholesale trade experienced recessions
in business during June from May which were either contrary to trend, or, as in the case of the hardware trade,
Commodity.
Na
Sales.
Arch
Stocks.
in
.sta: OgW
Ratio of
Accts. OutCol
standing to
leesions, Net Sales.
-2.5
+22.7
+11.5
89.4
+16.9
Groceries
+2.8
+37.1
200.2
+20.1
-1.2
Hardware
+23.2
+51.1
-3.8
242.7
Dry goods
-12.4
+11.4
+ 14.1
199.0
+4.4
Drugs
+61.9
+25.7
+2.7
153.5
+26.9
Electrical suPPlicil
The recession of 9% in June from May n Seventh District department
store trade represented a somewhat heavier than seasonal decline, one of
only 5% being shown in the 1924-33 average for the month. The size of
the decreases varied considerably among the several large cities and the
smaller centers of the district, Chicago trade falling off only 4%, while
sales by Milwaukee stores declined 9%, those of Detroit firms 11%. and
Indianapolis trade 13%, with sales by stores in smaller centers showing
a 15% drop. The gain of 10% recorded for district sales over last June
was the smallest in the yearly comparison since last November, but trade
in the first half of 1934 exceeded that of the same period in 1933 by almost
25%. A seasonal decline in stocks between the end of May and June 30
brought them to a level of only 16 Yi% above that of a year ago, whereas
a month previous they were 25% larger in a similar comparison. Stock
turnover in the first six months this year was 1.95 times, as compared with
1.87 times in the cumulative period last year
DEPARTMENT STORE TRADE IN JUNE 1934
Per Cent Change
June 1934
from
June 1933.
Locality.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Seventh District
P.C.Change
1st Semester
1934 from
Same
Period 1933
Ratio of June
Collections
to Accounts
Outstanding
End of May.
Net
Sat's.
Stocks End
of Month.
Net
Sales.
1934,
1933.
+4.4
+24.7
+8.4
+6.3
+11.3
+9.0
+21.7
+45.9
+19.0
+17.0
+16.7
+42.8
+19.6
+18.6
+29.1
36.0
42.4
40.8
37.4
32.7
30.4
32.6
38.1
30.8
28.4
+10 3
+16.5
+24.4
37.9
31.5
Sales of shoes by retail dealers and the shoe departments of department
stores fell off sharply-25%-in June from the preceding month,in contrast
to an increase in the 1926-33 average for the period of 4%. but following
an exceptionally favorable trade experienced in May. They continued
to exceed those of a year ago. although the gain over last June amounted
to only 2%. In the first semester of 1934 sales totaled 26% heavier than
in the six months last year.
The decline of 30% in June from May in the retail furniture trade was
somewhat more than seasonabfor the month, and the increase of 6% over
the corresponding month last year was the smallest since the beginning of
the current upward trend last May. Although instalment sales by dealers
dropped to a slightly greater extent from a month previous than did total
sales, they showed a much larger gatn-18% in the year-ago comparison.
Chain store trade for June recorded little change from the preceding
mouth in the aggregate for reporting groups, increases in drug, cigar, and
men's clothing chains being slightly more than offset by declines in fiveand-ten-cent store sales, shoes, and musical Latrume.ds. Total sales,
therefore, declined a little less than 1% in the period. As compared with
last June, all groups except musical instrinne.ns experienced gains, and
sales totaled 12% in excess of that month. Data covering the first half of
1934 showed an increase of 18% in aggregate sales of reporting groups
nver the corresponding period of 1933.
Increase of 0.8 of 1% Reported by United States
Department of Labor in Wholesale Commodity
Prices During Week of July 21.
The Bureau's index number of wholesale commodity prices
showed a decided advance during the past week and rose
by 0.8 of 1%, according to an announcement July 26 by
Commissioner Lubin of the Bureau of Labor Statistics of
the United States Department of Labor. "The index
number of all commolities for the week ended July 21
advanced to 73.1% of tne 1926 average as compared with
74.5% for the week ended July 14," Mr. Lubin said. He
continued:
The present increase places the general average of wholesale commodity
prices at the highest level which has been reached since March 1931, when
the index had declined to 76.0. Prices for the past week are 0.1 of 1%
above the previous high reached during the week of June 23. v% hen the
index was 75.0. They are 2.2% above the level of two months ago, when
the index registered 73.5 and 7.7% higher than the corresponding week
of last year, when the index was 69.7. As compared with the low point
of 1934, the week of Jan. 6 w ith an index of 71.0, current prices are up
by 5.8%.
The advance in prices was well distributed with seven of the 10 major
groups of commodities covered showing an increase, two a decrease and
one, metals and metal products, showing no change from the week before.
Of the 47 sub-groups of closely related items, 13 registered an incresse,
10 showed a decrease, and 24 remained unchanged from the week of July
14.
Financial Chronicle
666
The index of the important group of all commodities other than farm
products and foods advanced from 78.3 to 78.6.
Increases in market prices of grains, hogs, cotton, eggs, flasxeed, fresh
fruits, cereal foods, fresh and cured pork, tallow, vegetable oils, cotton
yarns, certain cotton textiles, raw silk, manila hemp, anthracite and
bituminous coal, gasoline, bar silver, pig tin, yellow pine lumber, rosin.
turpentine, and cattle feed were largely responsible for the present advance.
Among the important items showing decreases were steers, calves, live
poultry, onions, white potatoes, cheese, butter, dried fruits, fresh lamb,
mutton, hides, leather, cotton hosiery, raw juts, burlap, pig zinc, shingles,
crude rubber, cylinder oil and paraffin wax.
Mr. Lubin's announcement of July 26 also contained the
following:
Farm products registered the greatest advance of any of the major
groups of commodities. The increase for the group was 2.5%. The index
of 66.1 is now at the highest level for the year. Within the farm products
group grains rose by 8.8%, with wheat showing an average 14% over the
previous week. Cotton advanced 4.5% and eggs showed a rise of 7.3%.
As compared with the low point of the year. the week of Jan. 6, when the
Index was 57.4, market prices of farm products have advanced more than
15%. They are higher by 643% than during the week of Feb. 4 1933,
the low point of last year, when the index was 40.2. Corresponding indexes
for the group for a year ago and two years ago are 62.7 and 47.8,respectively.
Due to advancing prices of anthracite and bituminous coal and petroleum
products the fuel and lighting materials group increased 1.2% in the week.
The average for this group, with an index of 74.7, is also at the highest
level for the year. The sub-group of petroleum products increased 2.8%
during the week. Advancing prices of cereal foods, eggs, and vegetable
oils were largely accountable for the 0.6% increase in the index for foods.
Wheat flour registered an increase of 6%% in the week. The current index
for the group, 71.2, compares with 66.5 for a year ago and 61.0 for two
Years ago.
Higher prices for certain lumber items, paint materials, gravel and
sand were largely responsible for the 0.6 of 1% advance in the building
materials group. The general average for lumber prices was 2% above
the previous week. The present index of the building materials group,
87.4, compares with 79.1 for the corresponding week of 1933 and 69.5
for two years ago. Tactile products advanced 0.3 of 1% due mainly
to rising prices of cotton textiles, raw silk, and manila hemp. Chemicals
and drugs and the miscellaneous group of items each increased 0.1 of 1%.
Cattle feed showed a marked advanced in prices while crude rubber moved
sharply do nward. Only minor changes occurred within the chemicals
and drugs group.
A drop of approximately 5% in hides and skins caused the hides and
leather products group to decline 0.7 of 1%. The present index of the
group, 87.0, is the lowest point reached this year. This index compares
with 87.8 a year ago and 68.5 two years ago. The housefurnishing goods
group registered a fractional decrease. Minor fluctuations within the
metals and metal products group resulted in no change from the level
of the week before. Following a steady downward movement for the
past several weeks, the important group of all commodities other than
farm products and foods showed an increase of 0.4 of 1% during the week.
The index number of the Bureau of Labor Statistics is composed of
784 separate price series, weighted according to their relative importance
in the country's markets and based on the average prices for the year
1926 as 100.0. The accompanying statement showed the index numbers
of the main groups of commodities for the past five weeks, and for the
weeks ended July 22 1933 and Julty 23 1932:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JULY 21,
JULY 14, JULY 7, JUNE 30, AND JUNE 23 1934. AND JULY 22 1933
AND JULY 23 1932. (1926=100.0.)
Week KndedJuly 21 July 14 July 7 June 30 June 23 July 22 July 23
1934. , 1934. 1934. 1934. 1934. 1933. 1932,
Farm products
Foods
Hides & leather products_
Textile products
Fuel & lighting materials_
Metals & metal products_
Building materials
Chemicals and drugs..
Housefurnishing goods_ _
Miscellaneous
All commodities other
than farm products and
foods
All commodities
66.1
71.2
87.0
71.6
74.7
86.4
87.4
75.6
83.0
70.0
64.5
70.8
87.6
71.4
73.8
86.4
86.9
75.5
83.1
69.9
64.1
71.0
87.9
71.5,
74.2
86.9
87.5
75.7
83.1
69.9
64.8
70.9
88.2
71.8
73.3
87.0
87.8
75.8
83.2
70.1
65.8
71.3
88.1
72.5
73.4
87.1
87.6
75.5
83.2
70.5
62.7
66.5
87.8
68.3
66.8
80.7
79.1
73.2
74.3
64.6
47.8
61.0
68.5
51.3
72.8
79.0
69.5
73.0
75.6
64.3
78.6
78.3
78.6
78.5
78.7
72.9
69.7
75.1
74.5
74.7
74.8
75.0
69.7
64.5
Production of Electricity in June 3% Higher Than in
Corresponding Period of 1933.
According to the Geological Survey, Department of the
Interior, production of electricity for public use in the United
States for the month of June amounted to 7,452,695,000 kwh.,
an increase of 3% over the same month of 1933 when output
totaled 7,242,095,000 kwh. For the month of May 1934
production amounted to 7,681,400,000 kwh.
Of the June output a total of 4,745,034,000 kwh. was
produced by fuels and 2,707,661,000 kwh. by water power.
The Survey's statement shows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT-HOURS).
Total by Water Power and Fuels.
Changes n Output
from Previous Year.
May.
May'34. June '34.
April.
June.
New England
529,229,000 530,439,000 487,529,000
Middle Atlantic_ _ _ _ 1,969,178,000 2,004,909,000 1,973,756,000
East North Central. 1,706.981,000 1,763,102,000 1,724,464,000
West North Central_ 432,511,000 471,662,000 470.338.000
South Atlantic
900,231.000 882,644,000 827,765.000
East South Central_ 297.548,000 314,231,000 288.247,000
West South Central_ 341,440,000 367,395.000 401,975,000
Mountain
238,610,000 258,393.000 224,161,000
1 027,078,000 1,088,625,000 1,054,460.000
Pacific
+9%
+10%
+16%
+2%
-6%
+18%
+3%
+21%
+14%
-5%
+5%
+9%
-3%
-3%
-10%
+6%
-5%
+6%
Total for U. S
7.442.806,000 7.681.400.000 7,452.695,000 +10%
+3%
The average dai y production of electricity for public use in the United
States in June was 248,400,000 kilowatt-hours, a small ncrease from the
average daily production in May. The normal change from May to June
Aug. 4 1934
is an increase of 2%. The curves of average daily production of electricity
indicate that the usual seasonal decrease in output to June inclusive has
been somewhat less than normal. The total output for the first six months
of the year was 10%% more than for the same period in 1933.
The decrease in the production of electricity by the use of water power
which began in May with a marked drop in the average daily output continued in June, owing to the effect of the drouth on stream flow in different
parts of the country. The decrease in the output by the use of water power
is being offset by an increase by fuel-burning plants.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE.
1934.
1933.a
1933
Over
1932.
Produced by
Water Power.
1934
Over -1933.
1934.
1933.
Kilowatt Hours Kilowatt Hours
January _ _ ... 7,631.497,000 6,964,516.000 c8%
February_ _ _ 7,049,492,000 6,296,807,000 cb7%
March
7,716,891,000 6,687.462.000 c9%
April
7.442,806,000 6,478,090,000 c5%
May
5%
7,681,400.000 7,012.584,000
June
7.452,695,000 7,242,095,000 10%
July
7,490,718,000 14%
August
7,687,990,000 14%
September....7,349,509,000
9%
7,478.854,000
October_
6%
7,243,360,000
November _
4%
7,469,747,000
4%
December...
10%
12%
15%
15%
10%
3%
___
____
_ __
___
____
____
39%
33%
40%
47%
'42%
36%
____
____
____
____
____
____
43%
42%
45%
48%
49%
42%
38%
38%
40%
35%
35%
37%
Total
85.401.732.000 2.75t.
41.7.,
a Revised. b Based on average daily production. c Decrease under 1932.
Coal Stocks and Consumption,
Stocks of coal at electric power utilities increased slightly in June.
Bituminous stocks rose from 5,192,060 tons on June 1 to 5,209,198 tons on
July 1, an increase of 0.3% while the stocks of anthracite decreased 1.0%
standing at 1,306,833 tons on July 1 as compared with 1,320,304 tons at
the beginning of the previous month. The total stocks on July 1 amounted
to 6,516,031 tons, or 0.1% higher than on June 1.
Consumption of coal increased in June. On a daily basis the rate of
bituminous coal consumption showed an increase of 8.5% in comparison
with May while anthracite consumption rose 13.7%. The total consumption of both hard and soft coal in June was 2,789,586 tons as against
2,650,592 tons in May. At the rate of consumption prevailing in June, the
stocks of bituminous coal on July 1 were sufficient to last 59 days and
anthracite stocks were equivalent to 261 days' requirements.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 kilowatt-hours or more per month, engaged in
generating electricity for public use, including central stations, both commercial and municipal, electric railway plants, plants operated by steam
railroads generating electricity for traction, Bureau of Reclamation plants,
public works plants, and that part of the output of manufacturing plants
which is sold. The output of central stations, electric railway and public
works plants represents about 98% of the total of all types of plants. The
output as published by the Edison Electric Institute and the Electrical
World includes the output of central stations only. Reports are received
from plants representing over 95% of the total capacity. The output of
those plants which do not submit reports is estimated; therefore, the figures
of output and fuel consumption as reported in the accompanying tables are
on a 100% basis.
IThe Coal Division, Bureau of Mines, cooperates in the preparation of
these reports.]
Farm Price index of United States Department of
Agriculture Increased Three Points from June 15
to July 15-Purchasing Power Also Higher.
A gain of three points in the index of prices farmers receive for their products and a gain of three points in the
exchange value of farm products for commodities farmers
buy are reported for the period June 15 to July 15 by the
Bureau of Agricultural Economics, United States Department of Agriculture. An announcement issued July 27 by
the Department continued:
The index of farm prices was 80 on July 15, compared with 77 on June 15,
and 76 on July 15 last year. Eighty is the highest figure recorded since
June 1931. The index of exchange value was 66 on July 15, compared with
63 on June 15, and 71 on July 15 last year.
The advance in the index of farm prices the past month is attributed to
substantial reductions in the estimated production of 1934 crops, a considerable decrease in cotton acreage, a sharp drop in hog marketings, and a
decline in the farm output of animal products. The advance was not general,
however, since prices received by farmers for meat animals other than hogs
moved•downward as a result of heavy marketings of poor quality stock from
drouth-affected areas; prices of apples dropped sharply as the 1934 crop of
summer apples began to move to market in volume; wool prices dropped one.
half cent a pound, and prices of work animals declined seasonally.
Hog prices to farmers averaged $3.97 per 100 pounds in mid-July, compared with $3.52 in mid-June, and $3.98 in mid-July last year. The advance
during the past month is attributed to a seasonal decline in hog marketings.
Corn prices to farmers averaged 59.2 cents a bushel on July 15, compared
with 56 cents on June 15, and 55.4 cents on July 15 last year. The advance
during the past month is attributed to diminishing supplies and poor 1934
crop yield prospects on an acreage nearly 10% smaller than last year. On
July 15, only 6 7 bushels of corn were required to buy 100 pounds of hogs
at local farm markets, compared with 7.2 bushels on the same date last year.
Wheat prices averaged 78.8 cents a bushel in local farm markets on
July 15, or practically the same as on June 15. On July 15 last year, the
average farm price was 86.9 cents a bushel. Cotton prices averaged 12.3
cents a pound in mid-July, compared with 11.6 cents in mid-June, and 10.6
cents in mid-July last year. The price on July 15 this year was the highest
since June 1930.
Potato prices averaged 66.9 cents a bushel on July 16, compared with 64.4
cents on June 15, and 97.9 cents on July 15 last year. The lower price this
July compared with last July is attributed to a large increase in the prospective size of this year's crop. Eighteen surplus late-producing States are
expected to harvest about 6,400,000 bushels more potatoes this year than
last, and seven intermediate States are expected to harvest 8,300,000 bushels
more this year.
Egg prices to farmers averaged 14.1 cents a dozen on July 15, compared
with 13.2 cents on June 16, and 13.1 cents on July 15 last year. The increase
in prices during the past month is attributed to a greater than average decline
in egg production and a comparative strong storage price situation.
Financial Chronicle
Volume 139
Weekly Electric Production Higher-Gain of 1.3%
Over Same Period in 1933 Shown.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended July 28 1934 was 1,683,542,000 kwh. indicating a gain of 1.3% over the corresponding week in 1933 when output totaled 1,661,504,000 kwh.
Production of electricity for the week ended July 21 1934
totaled 1,663,771,000 kwh. an increase of 0.6% over the
week ended July 22 1933 when the amount produced was
1,654,424,000 kwh. The Institute's statement follows:
PER CENT INCREASES (1934 OVER 1933).
Major Geographic
Divisions.
Week Ended
Week Ended Week Ended
Week Ended
July 28 1934. July 21 1934. July 14 1934. July 7 1934.
New England
Middle Atlantic
Central Industrial
Southern States
Pacific Coast
West Central
Rocky Mountain
x7.1
1.7
0.2
4.0
4.6
8.7
x3.0
x9.0
3.0
10.1
1.2
5.1
4.8
12.0
x9.8
2.7
x1.0
x4.2
10.5
0.7
0.2
x11.3
5.8
x0.3
x4.2
11.9
1.6
1.7
L3
0.6
x0.0
1.1
Total United States_
Decrease from 1933.
Arranged in tabular form, the output in kilowatt-hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
ELECTRIC PRODUCTION FOR RECENT WEEKS.
(In Kllowatt-hours--000 Omitted.)
1934.
1933.
1932.
1931.
Week ofWeek ofWeek ofWeek ofMay 5 1,632,766 May 6 1,435,707 May 7 1,429,032 May 9 1,637.296
May 12 1,643.433 May 13 1,488.035 May 14 1.436,928 May 16 1,654.303
May 19 1,649,770 May 20 1.483.090 May 21 1.435,731 May 23 1,644.783
May 26 1,654.903 May 27 1,493,923 May 28 1.425,151 May 30 1,601,833
June 2 1,575,828 June 3 1,481,488 June 4 1.381.452 June 8 1.593,662
June 9 1,654,916 June 10 1,541,713 June 11 1,435,471 June 13 1.621.451
June 16 1,685.358 June 17 1,578,101 June 18 1.441,532 June 20 1,609,931
June 23 1,674,566 June 24 1,598,136 June 25 1.440,541 June 27 1,634,935
June 30 1,688.211 July 1 1.855,843 July 2 1,458,961 July 4 1,607,238
July 7 1,555,844 July 8 1.538,500 July 9 1,341,730 July 11 1.603,713
July 14 1,647,680 July 15 1,848,339 July 16 1,415,704 July 18 1,644,638
July 21 1,663,771 July 22 1,654,424 July 23 1,433,993 July 25 1,650,545
July 28 1,683,542 July 29 1,681,504 July 30 1,440,386 Aug. 1 1,844,089
Aug. 4
Aug. 5 1.850.013 Aug. 6 1.428.988 Aug. 8 1.642.858
%Inc.
1934
Over
1933.
+13.7
+11.9
+11.2
+10.8
+7.8
+7.3
+5.5
+4.8
+2.0
+1.1
--0.0
+0.6
+1.3
DATA FOR RECENT MONTHS.
Month of-
1934.
1933.
January-- 7,131,158,000 6,480,897,000
February ___ 6,608,356,000 5,835.263.000
March
7,198,232,000 6,182,281.000
April
6,978,419,000 6.024,855.000
May
7.249,732,000 6,532,686,000
June
6,809,440,000
July
7,058,600,000
August
7,218,678.000
September..6.931,652,000
October
7.094,412,000
November_
6.831,573,000
December.
7.009,164,000
1932.
1931.
7,011,738.000
6,494,091.000
8,771.684,000
6,294,302,000
6,219,554,000
6,130.077.000
6,112.175,000
6.310,667,000
6.317.733,000
6.633.865.000
6,507,804,600
6,638,424,000
7.435,782,000
6,678,915,000
7.370,687.000
7,184,514.000
7,180,210.000
7,070,729,000
7.288.576.000
7.166,086.000
7,099.421,000
7,331,380.000
6.971.844,000
7,288.025.000
1934
Over
1933.
10.0%
13.2%
16.4%
15.8%
11.0%
...-
......-
Total
80.009,501.000 77,442,112,000 88,063,969,000
Note.-The monthly figures shown above are based on reports covering approximately 92% of the electric ight and power industry and the weekly figures are
based on about 70%.
Activity of Industry in San Francisco Federal Reserve
District Lessened During June-Trade Reported as
Well Maintained.
"Twelfth (San Francisco) District industry was less
active in June than in May," states the review of business
conditions in that district by the Federal Reserve Agent of
the Federal Reserve Bank of San Francisco. "Trade was
well maintained, however," the review says, "except for the
movement of traffic through Pacific Coast ports, where
labor difficulties interfered with normal operations. Employment conditions did not change materially between midMay and mid-June." The review, issued on July 24, continues:
Lumber production receded sharply during June, operations in the coastal
Douglas fir region being the lowest on record for this time of year. Production of flour by mills dependent upon water transportation was restricted
further. In contrast, daily average crude oil output was the largest for
any month since April 1932, and refineries were more active than at any
other time this year. Further substantial expansion was recorded in contract awards for public works, but privately financed building was inactive
and continued to be but a small proportion of total construction. Consumption of electric power did not increase, although some expansion is usual at
this season.
Reflecting the diversion of water shipments as well as an earlier than
usual movement of agricultural products, freight car loadings continued to
expand by more than the seasonal amount. After seasonal adjustment, department store sales also increased slightly, and automobile registrations
were the highest in three years. Because of the longshoremen's and marine
workers' strikes, however, water-borne intercoastal traffic fell off sharply
further from 719,000 tons in May to 660,000 tons in lune, the smallest
amount of cargo moved since April 1933.
Weather conditions were fairly normal during most of June, and at the
end of the month the outlook for crops and livestock ranges was about the
same as at its beginning. Production estimates of most grains and deciduous
fruits showed no important change from June 1 to July 1. Livestock ranges
are exceptionally dry in most parts of the district except the Pacific Northwest, necessitating movement of animals and considerable supplemental
667
feeding. Following a sharp rise, prices of farm products declined in late
June, but at the middle of July were somewhat higher than a month earlier.
Marketing conditions for this season's large citrus fruit crops continued
satisfactory.
Comparatively minor changes took place in the condition of city banks
during the four weeks ending July 18. The Federal Government continued
to spend more than it collected in this area, and banks used the funds thus
received chiefly to increase their balances with Eastern correspondents rather
than to build up further their supply of excess reserves at the Federal Reserve Bank of San Francisco. Total deposits tended upward again, and
investments in both United States Government obligations and other securities expanded further. Total loans declined slightly, reflecting a small
reduction in commercial and real estate loans. While demand for currency
expanded, as is usual over the July 4 holiday, the customary return from
circulation did not materialize in the following two weeks because of cash
requirements of the banks and the public incident largely to the general
strike in the San Francisco region. Interest rates charged customers and
paid depositors by banks in the larger cities of the Twelfth District declined
slightly further from mid-June to mid-July.
Decrease of 2.4% Reported by National Industrial
Conference Board in Manufacturing Activity
During June-Employment and Payrolls Decline
for First Month Since November.
Manufacturing activity in June, as measured by total
man-hours worked, decreased 2.4%, according to the monthly
survey of the National Industrial Conference Board, based
on reports from 25 industries, issued July 30. Employment
decreased 2.1%, and total payroll disbursements 2.6%, the
first decreases in these two indexes since November 1933.
The pause in the advance in manufacturing activity indicated by a decline of 0.8% in man-hours in May, the first
check since November, has now extended to employment and
payrolls. The survey further noted:
In 13 of the 25 industries declines in man-hours ranged from 14% in the
Northern cotton Industry and 13% in the automobile industry to less than
% of 1% in the iron and steel industry. Such declines were partly offset
by increased man-hours in 12 industries ranging from 10.6% in meat
packing and 7.4% in the manufacture of heavy equipment to less than % of
1% in the chemical industry.
Hourly earnings in June of 58.6c. were unchanged from May, while weekly
earnings of $20.71 were less than % of 1% smaller than in May, by reason
of an insignificant decline in average hours per week.
A comparison of conditions in June 1934 with those in June 1933 in the
25 industries as a whole shows increases of 29.9% in average hourly earnings, 11.2% in actual average weekly earnings, 2.8% in real average weekly
earnings, 31.9% in employment, 12.6% in total man-hours, and 46.7% in
payrolls, and a decline of 14.7% in the average work week.
Similar stability was revealed by the index of changes in the cost of living. With an index of 78.8 in June, compared with 100 in 1923, the computed advance over May was less than % of 1% and in none of the main
components of the cost of living was there a change of as much as 1%.
Analysis of Imports and Exports of the United States
for June.
The Department of Commerce at Washington July 28
issued its analysis of the foreign trade of the United States
in June 1934 and 1933 and the six months ended with
June of 1934 and 1933. 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
IMPORTS INTO THE UNITED STATES FOR THE MONTH OF JUNE
1934.
(Value In 1,000 Dollars).
Month of June
6 Months Ending June
1933.
1934.
1933.
Per
Value. Cent.
Per
Value. Cent.
Per
Value. Cent.
1934.
Value.
Per
Cent.
Domestic exports... 117,517 100.0 167,957 100.0 656,002 100.0 1,018,373 100.0
Crude materials_ _ _ 40.257 34.2 47.003 28.0 207.314 31.6 300,752 29.5
Crude foodstuffs... 2,703
2.3 3.023
1.8 19.669
3.0
32.691
3.2
Manuf. foodstuffs_ 10,650
9.1 11,900
7.1 60,428
9.2
79,203
7.8
Semi-manurtures_ _ 18.178 15.5 27.923 16.6 96.819 14.7 164.329 16.1
Finished manuf. _
45.729 38.9 78.108 48.5 272,671 .41.5 441,399 43.4
Imports x
122.197 100.0 135,048 100.0 592.091 100.0 829.881 100.0
Crude materiels _ 34.293 28.1 42,578 31.5 152.214 25.7 244.030 29.4
Crude foodstuffs_ _ _ 17,775 14.5 17,283 12.8 108,258 18.2 123,133 14.8
Manuf. foodstuffs_ 19.083 15.6 21.977 16.3 95,739 16.3 134.187 16.2
Semi-manurtures
27,760 22.7 26.849 19.9 104,149 17.6 158,115 19.1
Finished manuf _ 23.286 19.1 26.361 19.5 131.732 22.2 170.416 20.5
I 1933 figures are general imports. 1934 figures are imports for consumption.
Business and Agricultural Conditions in Kansas City
Federal Reserve District --Rapid Decline Noted in
Crop Prospects During June-Wholesale and Retail Trade Decreased.
According to the Federal Reserve Bank of Kansas City,
"crop prospects in all but a few local areas of the Tenth
(Kansas City) District declined very rapidly during June
as a result of extremely high temperatures and subnormal
rainfall. The excessive heat and extreme drouth," the
Bank said, "continued throughout the first three weeks of
July, injuring crops severely and generally, particularly
corn which was in the critical stage of development." In
its Aug. 1 "Monthly Review" the Bank continued:
Much corn is now burned beyond recovery, pastures are furnishing little
or no feed, and there is an acute shortage of water for stock and irrigation
Financial Chronicle
668
purposes. June rains were too late to benefit spring grains. The winter
wheat crop, although larger than last year, was otherwise the smallest in
many years. Oats, rye and barley were very poor, with many fields being
pastured or cut for hay. Hay crops have been short and stocks of old hay
and feed are very low In many areas with feed supplies inadequate for fall
needs. Forced marketings of livestock, due to the shortage of water and
feed, are increasingly heavy.
Trade at wholesale and retail declined by somewhat more than the usual
seasonal amount in June but was 6.1% and 10.8%. respectively, better
than a year ago. Cumulative sales during the six months' period of five
representative wholesale lines were 26.8 and of 30 department stores 19.8%
larger than in the corresponding period of the preceding year. Collections
were better than a year ago and month-end inventories somewhat heavier.
Business failures showed a slight increase for the month of June and six
months' totals were the smallest for any corresponding periods since 1920.
Banks in 29 cities reported payments by check as 13% larger in June and
22.1% larger for the year to July 1 than in the like month and six months
of 1933.
An unprecejentedly early harvest ofspring grains was virtually completed
by July 15. Wheat was marketed liberally, June arrivals at Tenth District
markets being the largest of record. Gfferings of corn, oats, rye, barley
and kafir were light. Grain and hay prices strengthened during the first
three weeks of July as the effects of the drouth became more extetsive and
acute. On July 21 all grains but barley closed well above a year ago.
June marketings of cattle and cal,es,including Government purchases
in the drouth stricken areas, were heavy, nogs light, and sheep and lambs
about normal. Good cattle were scarce and prices advanced to close at
the best levels since October 1932, but poorer grades declined to the year's
low. Hogs scored a sensational rise, establishii.g a new peak for the year.
Sheep and lambs were sharply lower.
Flour mills in tea district produced 6.5% less flour in June than in the
previous month, but grindings were about equal to last year's volume.
The slaughter of cattle and calves for the account of the Government necessitated increased employment and operating time at packing houses.
Monthly Indexes of Federal Reserve Board-Factory
Employment and Payrolls Lower in June.
Under date of July 27 the Federal Reserve Board issued,
as follows, its monthly indexes of industrial production,
factory employment, &c.:
BUSINESS INDEXES.
(Index Numbers of Federal Reserve Board, 1923-1925=100.)a.
Adjusted for
Seasonal Variation.
June
1934.
June
1933.
May
1934.
Without
Seasonal Adjustment,
June
May
June
1934. 1934. 1933.
General Indexes01
89
p84
r9I
88
p84
Industrial production. total
192
89
p84
93
86
p83
Manufactures
87
82
p88
84
89
p88
Minerals
Construction contracts, value b32
21
p34
18
26
p29
Total
14
13
p13
13
11
p12
Residential
47
27
051
23
39
p43
All other
82.4
68.9
p81.0
67.4
82.4
P81.4
e
Factory r.ployment_c
47.2
p65.0 67.1
Factory payrolls.c
c63
c61
64
c62
c63
64
Freight-car loadings
64
77
p70
68
77
P73
Department store sales. value
Produettat Indexes by Groups and
IndustriesManufactures:
85
r91
r71
r7I
r84
85
Iron and steel
128
p89
p74
133
p89
p78
Textiles
99
96
95
100
98
96
Food products
p102 p102
p100 p101
Paper and printing
40
35
32
38
33
31
Lumber cut
74
98
93
65
78
82
Automobiles
114_
105
110
115
Leather and shoes
64
68
i2
51
57
58
Cement
153
153
154
153
Petroleum refining
102
115_
139
c81
Rubber tires and tubes
147
130
1:14
135
128
132
Tobacco manufactures
Minerals:
57
62
1.60
64
72
p67
Situ ninous coal
57
76
p60
65
76
089
Anthracite
137
128
p133
134
127
p130
Petroleum
60
106
30
15
40
54
Iron ore
53
66
55
55
65
57
Zinc
23
2443
44
Silver
42
65
37
41
66
56
Lead
p Preliminary. r Revised. c Corrected.
sales
on
based
store
daily
department
a Indexes of production, car loadings, and
averages.
b Based on three-month moving averages of F. W. Dodge data centered at second
month.
c Indexes of factory employment and payrolls without seasonal adjustment
compiled by Bureau of Labor Statistics.
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS
AND INDUSTRIES. (1923-25=100.) a
Employment.
Group and Industry.
Payrolls.
Adjusted for Sex- IVithout Seasonal Without Seasonal
Adjustment.
Adjustment.
sonal Varitdions.
June May June June May June June May June
1934. 1934. 1933. 1934. 1934. 1933. 1934. 1934. 1933.
Total
Iron and steel
Machinery
Transportation equipment_
Automobiles
Railroad repair shops
Non-ferrous metals
Lumber and products
Stone. clay and glass
Textiles and products
A. Fabrics
B. Wearing apparel
Leather and products
Food products
Tobacco products
Paper and printing
Chemicals at petroleum prods
A. chemical group, except
• petroleum refining
B. Petroleum refining_ _ _ _
Rubber products
p81.4 82.4 67.4 p81.0 82.4 66.9 p65.0 67.1 47.2
r76.3 74.3
81.2 82.0
p89.3 91.0
p100.1 104.1
59.4 59.2
76.8 78.2
49.8 51.3
54.9 56.2
92.3 96.0
91.2 94.8
90.8 94.8
91.4 94.0
107.3 106.4
62.7 61.6
95.5 96.5
108.9 107.9
55.6 r76.4
54.4 80.8
49.0 994.3
55.1 103.7
48.0 59.8
59.1 75.9
42.6 50.0
44.1 57.1
91.0 91.0
89.5 90.0
90.6 87.3
86.9 87.7
91.7 105.1
81.4 62.4
83.1 94.7
91.9 104.5
75.2
81.3
99.4
114.4
57.6
77.8
51.0
5/.7
96.1
94.9
94.7
91.4
99.6
61.3
95.9
106.1
55.7 r62.6
54.2 61.6
51.7 p80.2
58.2 988.6
48.4 53.8
58.4 57.9
42.7 33.9
45.9 38.8
89.7 66.5
88.4 67.0
89.0 61.7
83.4 72.9
81.7 91.9
61.2 47.5
82.3 78.9
87.9 88.1
61.3
62.2
88.0
100.4
53.8
60.6
34.6
31.6
74.1
74.9
68.1
78m
87.2
46.3
80.6
88.3
36.2
35.6
40.6
45.9
38.1
40.0
24.8
28.6
59.3
62.5
47.5
64.8
73.5
43.7
66.4
71.3
108.4 107.4 90.9 102.9 105.3 85.6 86.6 87.0 68.2
110.4 109.7 96.0 111.4 109.5 96.9 93.1 92.7 81.5
89.3 66.5 70.3 53.3
83.2 87.5 67.4
a Indexes of factory employment and payrolls without seasonal adios ment
compiled by Bureau of Labor Statistics. Index of factory employment adjusted
for seasonal variation compiled by Federal Reserve Board. Underlying figures
are for the payroll period ending nearest middle of month.
r Revised.
p Preli
Aug. 4 1934
Lumber Orders Gain-Highest in Nine Weeks.
As was expected following publication of the new cost
protection minimum prices by the Lumber Code Authority
involving a reduction of about 10% in all building lumber,
orders during the week ended July 28 were higher than in
any week of the last nine; production was higher than in
the previous four weeks, according to telegraphic reports
to the National Lumber Manufacturers Association from
regional associations covering the operations of leading hardwood and softwood mills. Reports were from 1,345 mills
whose production was 166,783,000 feet; shipments, 144,341,000 feet; orders, 203,553,000 feet. Revised figures
for the previous week were mills, 1,389; production, 162,535,000 feet; shipments, 134,672,000 feet; orders, 140,406,000 feet. In reviewing lumber operations during the
week ended July 28 the Association further reported, in
part,as follows:
During the week ended July 28. Southern pine, West Coast, Southern
Cypress. Northeastern and North Central hardwoods reported orders
above production. Total softwood orders were 25% above output; hardwood orders 2% below hardwood production. For the first time since
April, total orders as reported by identical mills were in excess of those
booked during similar week of last year. They were 8% above orders of
last year, the gain being in the Douglas fir region where they topped last
Year's week by 41%. Production was 30% below that of last year; shipments were 39% below the 1933 week.
Unfdled orders on July 28, as reported by 577 identical mills, were the
equivalent of 27 days average production compared with 29 days' on
similar date of 1933. Cross stocks at 1,658 mills on July 28 totaled
5,680,587.000 feet.
Forest products carloadings during the week ended July 21 were 22.059
cars, an increase of 148 cars over the preceding week; 7,147 cars below the
same week in 1933 and 6,410 cars above similar week of 1932.
Lumber orders reported for the week ended July 28 1934, by 921 softwood mills totaled 182,931,000 feet: or 25% above the production of the
same mills. Shipments as reported for the same week were 125,592,000
feet, or 14% below production. Production was 145,804,000 feet.
Reports from 470 hardwood mills give new business as 20,622,000 feet,
or 2% below production. Shipments as reported for the same week were
18,749,000 feet, or 11% below production. Production was 20,979.000
feet.
Unfilled Orders and Stocks.
Reports from 1,858 mills on July 28 1934 give unfilled orders of 927,338,000 feet and gross stocks of 5.680,587.000 feet. The 577 Identical
mills report unfilled orders as 641.804.000 feet on July 28 1934, or the
equivalent of 27 days' average production, as compared with 696.974,000
feet, or the equivalent of 29 days'. average production on similar date a
year ago.
Identical Mill Reports.
Last week's production of 422 identical softwood mills was 134,300,000
feet, and a year ago it was 193.566,000 feet; shipments were respectively
119,989,000 feet and 190.777,000; and orders received 167.822,000 feet
and 149,003,000 feet. In the case of hardwoods, 194 identical mills rePorted production last week and a year ago 12.652,000 feet and 18,930,000;
shipments 11,262,000 feet and 23.550.000 and orders 13,019.000 feet and
19.190.000 feet.
Weekly Crop Report of Bank of Montreal-Scattered
Showers Afford Slight Relief in Prairie Provinces
of Canada.
In its weekly crop report issued Aug. 2, the Bank of Montreal states that "in the Prairie Provinces of Canada scattered
showers during the past week have afforded some relief, but
all crops have suffered futher deterioration from the continued drouth, particularly in the southern half of Saskatchewan, southern Manitoba and the east central areas of Alberta." The Bank further stated:
Grains are ripening rapidly and cutting has commenced in southern
districts. In Quebec, while the soil has been drying rapidly, light rainfalls
early in the week were beneficial. Crops generally are in a fairly satisfactory condition. In Ontario the weather of the past week has been quite
warm and while heavy showers in some areas have been of benefit, more
moisture is urgently required in most localities, particularly in the southwestern section of the Province where protracted drouth is occasioning
concern. In the Maritime Provinces rainfall has been general. uith beneficial effect. In British Columbia weather conditions generally have been
favorable and crops continue to mature two to three weeks earlier than
usual.
Chile to Import Wheat-Crops Hurt by Rain.
Santiago (Chile) advices July 27 to the New York "Times"
stated:
Because of low stocks of wheat throughout Chile, the Government is
taking steps to make purchases abroad, principally in Argentina, it was
annoudced to-day.
Figures were issued to-day revealing that relatively small arose had been
sown to wheat, and poor crops from those areas are expected because of
heavy rains. Excessive exports are another factor in the situation.
Wheat quotations have been rising rapidly as the stocks diminished.
Prices are now being asked in foreign markets.
Profits of Saskatchewan Wheat Pool Reported as Over
$2,000,000 for Year.
With over 60,000,000 bushels handled, the Saskatchewan
wheat pool's net operating earnings for the crop year ended
July 31 amounted to over $2,000,000, it was announced on
July 25 by R. A. Robinson, Director for District No.6,in an
address at the annual meeting. Regina advices July 25
to the Toronto "Globe" added:
Volume 139
Financial Chronicle
Illustrating the efforts being made to develop the Hudson's Bay route,
Mr. Robinson announced that since Churchill was opened the pool has shipped directly through that port a total of 6,500,000 bushels of wheat out of a
total of 18,400,000 bushels consigned via the route by all companies.
The difference includes another 550,000 bushels which the central agency
supplied to a private company exporting in 1931.
The pool now has in storage at Fort Churchill 2,040,000 bushels, and it
is expected this will be shipped out during August and September. "We
are also holding further supplies in the country for shipment through
Churchill, if it can be worked without loss, as compared with shipping
through the company's terminals at the Head of the Lakes," he said.
Bank of Spain Takes Over Loans to Wheat GrowersReduces Interest Rate.
According to Associated Press advices from Madrid Aug. 1
the Bank of Spain announced that it is taking over all loans
made to wheat growers by private banks and is reducing
the interest rate to 4% from the customary 6%.
Consumption of 1,634,154 Bags of Coffee by World
During July Smallest for Any July Since 1926 According to New York Coffee & Sugar Exchange.
World consumption of coffee during July, the first month
of the new crop year, amounted to 1,634,154 bags, the smallest July disappearance since 1926 and 14.8% under July 1933
when 1,917,265 bags were delivered, according to figures released Aug. 2 by the New York Coffee & Sugar Exchange,
United States deliveries to consumption amounted to 701,154
bags, the Exchange said, a loss of 24.6% over the previous
July when 930,265 bags were delivered and the smallest July
figure since 1923. The Exchange further stated:
Europe accounted for 871,000 bags against 882,000 in July 1933, a loss
of 1.2% while the balance of the world took 62,000 bags, a loss of 41%.
The small deliveries in the United States,in the opinion of the trade, has
been due to the hot weather and the fact that roasters are still drawing
upon stocks accumulated during the winter months. It is expected in the
trade that the start of the heavy consuming season in the fall of the year will
see "invisible" "stocks in the United States low.
574,058 Long TonelofaSugar Consumed in United States
During June,Aas Compared with 519,404 Tons in
June 1933.
Sugar consumption in the United States during June 1934
amounted to 574,058 long tons, raw sugar value, according
to B. W. Dyer & Co., sugar economists and brokers. This
figure compares with 510,404 tons consumed in June of last
year, an increase of 54,654 tons, or 10.52%. The firm also
announced:
The consumption for the first six months of this year, however, shows a
decrease of 0.86% when compared with the corresponding period of 1933.
Through June 30 1934, consumption amounted to 2,822,047 long tons, compared with 2,846,563 tons in the corresponding period of 1933, a difference
of 24,516 tons in favor of last year.
Raw Sugar Production in Cuba Not Expected to Reach
Quota Fixed by Government.
Production of raw sugar in Cuba is not likely to reach the
official quota fixed by the Cuban Government at the beginning of the crop year, according to advices to the United
States Commerce Department from Commercial Attache
Walter J. Donnelly, Havana. The advices, as announced by
the Commerce Department, on July 26, continued:
According to the National Sugar Export Corp., the output of raw sugar in
Cuba on July 15 amounted to 2,219,737 long tons, while the official Government quota was 2,315,439 long tons.
Exports of raw sugar from Cuba during the current year totaled 1,016,569
long tons on July 15, not including 124,931 long tons exported by the
National Sugar Export Corp. The stock of sugar in Cuba on the same date
amounted to 2,118,556 long tons.
Increase Noted in Raw and Refined Sugar Shipments
to United States from Puerto Rico During Week
of July 28.
Shipments of raw and refined sugar from Puerto Rico to
the United States during the week of July 28 amounted to
37,172 short tons, against 18,946 short tons in the same week
last year, according to cablegrams to the New York Coffee &
Sugar Exchange. Under date of July 30, the Exchange further announced:
Raw sugar shipments from Jan. 1 to July 28 totaled 672,381 short tons,
an increase of 18.5% when compared with shipments of 567,457 short tons
during a similar period last year. Refined shipments amounted to 88,910
short tons, a 32% increase over the 67,352-ton total for the 1933 period.
About 95.6% of the quota for the United States under the Costigan-Jones
Sugar bill has been shipped to date. In addition to the general quota, each
mill has its respective quota, which in some cases has already been exceeded.
Such sugars are being handled in the same manner as excess Philippines,
being put in bond until Jan. 1 1935.
Plan for Rehabilitation of Puerto Rican Sugar
Industry Involves Cost of 33 Million.
A plan to spend $33,000,000 for the rehabilitation of the
sugar industry at Puerto Rico, as part of the Chardon reconstruction proposals, was made public on July 27 (according
to copyright advices from Puerto Rico to the New York "Herald Tribune") by Chancellor Carlos E. Chardon, of the University of Puerto Rico, head of the committee which prepared
it. The copyright advices continued:
Dr. Chardon, in releasing details, acted on instructions from A. J. S.
Weaver, representative of the inter-departmental committee on Puerto Rico,
who stipulated that it should be made clear that the sugar proposals were
recommended by the "brain trust."
Seeks to Break Monopoly.
The sugar industry is the Island's chief source of income and greatest
employer of labor, but it also provides the outstanding example of the evils
of land monopoly and absentee ownership. To break this monopoly and
eliminate the absentee owner, the Chardon plan proposes the creation of a
semi-public corporation, to be known as the United Puerto Rico Co. This
is to be organized with a capital stock of $30 in three shares of $10 each;
one to go to the Secretary of Agriculture, another to the Secretary of the
Interior, and the third to the Governor of Puerto Rico, as representative of
the President of the United States.
A board of directors will be named and authorized to select an executive
manager. The company will purchase and operate properties, including
mills, land, equipment and subsistence farms. To operate effectively it is
estimated that about $19,000,000 should be expended in the purchase of mills
with a production of 250,000 tons of sugar, 50,000 acres of cane land, and
15,000 acres of pasture land.
20,000 Acres to Be Bought.
As a step toward breaking land monopoly, the corporation is to buy 20,000
acres from large landowners at $50 an acre. The corporation also will
install a series of Colonia Centers, water systems, community houses, dairy
farms and 6,000 laborers' houses at a cost of $300 each. For the centers,
$3,200,000 will be spent. About $4,500,000 is to be expended in the equipment of 10,000 subsistence farms.
Of the $33,000,000 required for the rehabilitation of the sugar industry,
$24,000,000 is already assured as a result of Washington's decision to return to the insular treasury the sugar processing tax collected here over the
three-year period of the Sugar Control Act.
Sugar producers here have been frankly skeptical about the possibility of
keeping political influence from playing havoc with the industry.
Cuba's Alternative for Chadbourne Sugar Plan Reported Turned Down by International Sugar
Council.
From the "Wall Street Journal" of Aug. 1 we take the following from Paris:
Cuba's proposed alternative for the Chadbourne plan has been turned down
by members of the International Sugar Council now meeting in Brussels, it
is understood. Little hope is entertained of any agreement being reached
at the conference on export quotas because of the absence of the German
delegates. A reduction of at least 50% in exports is considered essential
as a result of reduced consumption requirements. It is probable the Chadbourne plan will not be renewed upon Its expiration because of the present
discontent in Java.
Domestic Sugar Beet Processors in United States
Receive Official Marketing Allotments.
Official marketing allotments to processors of sugar beets
grown in continental beet areas were announced on July 26
by Secretary of Agriculture Henry A. Wallace. These allotments are for the year 1934, and are made in terms of bags
of sugar of 100 pounds each. They are as follows:
Nome of ProcessorAmalgamated Sugar Co., Ogden. Utah
American Beet Sugar Co.; Denver, Colo
Central Sugar Co.. Chicago, Ill
Franklin County Sugar Co., Colorado Springs, Colo
Garden City County. Colorado Springs, Colo
Great T.akes Sugar Co.. Toledo, Ohio
Great Western Sugar Co.. Denver, Colo
Gunnison Sugar Co., alt Lake City, Utah
Holly Sugar Corp., e,olorado Springs, Colo
Isabella Sugar Co., Mt. Pleasant, Mich
Lake Shore Sugar Co., Detroit, Mich
Layton Sugar Co., Layton, Utah
Los Alamitos Sugar Co., Los Angeles, Calif
Menominee Sugar Co., Green Bay, Wis
Michigan Sugar Co.. Saginaw, Mich
Monitor Sugar Co.. Bay City, Mich
National Sugar Mfg. Co., Sugar City. Colo
Northeastern Sugar Co., Bay City, Mich
Ohio Sugar Co., Ottawa, Ohio
Paulding Sugar Co., Paulding, Ohio
Rock County Sugar Co.. Bay City, Mich
Spreckles Sugar Co., San Francisco, Calif
St. Louis Sugar Co., Detroit, Mich
Superior Sugar Refining Co.. Menominee, Mich
Utah-Tdaho Sugar Co.. Salt Lake City. Utah
West Bay City Sugar Co., Bay City, Mich
Total
Puerto Rico Sugar Producers Association Alleges
Injustices in Sugar Quotas.
From San Juan, P. R., July 28, a wireless message to the
New York "Times" said:
The sugar Producers Association, in a statement to-day, asserted that the
Injustice to the Island in the allotment of a sugar quota of 803,000 tons had
been aggravated by the Agricultural Department's delay in fixing of definite
669
mill quotas for the current crop, the exportation of which has resulted in
some mills profiting by hurried sales and shipments.
Others, in attempting to comply with the spirit sugar restriction law now
find themselves actually penalized by fixed export allowances. An analysis
of mill quotas, the Association says, will show which mills profited and
which suffered.
Allotment
100-Pound Bags
Direct-Consumptton
Minor.
1,089.128
2.885.242
187,120
221,241
226,804
584,725
9,597.193
194.304
3,878,497
287,362
66.940
287.322
93,605
188.099
1.389,931
431.027
97.145
191,807
195,971
199,913
118,948
2.180,549
207,608
135.340
2,878.328
147,015
28,639,164
These allotments, Secretary Wallace announced, were
made under United States continental beet sugar order No. 1,
which provides that any processor or other person aggrieved
by any allotment or by the Secretary's failure to make an
allotment, may make application to the Secretary of Agriculture for a public hearing to be held with respect to the adjustment of such allotment or to the making of an allotment.
670
Financial Chronicle
Puerto Rico Sugar Quota Under Jones-Costigan Act
Allotted Among Processors-Fixed at 73% of
Production.
Secretary of Agriculture Henry A. Wallace announced on
July 26 the signing of Puerto Rico sugar order No. 1 which
allots among Puerto Rican processors the Puerto Rico sugar
quota established under the provisions of the Jones-Costigan Act. The allotments were based upon the 1934 sugar
production of each company, and were calculated at approximately 73% of each company's production, the Secretary said, which percentage expresses the relationship between
the total 1934 production in Puerto Rico and the Puerto
Rico quota of 802,842 tons. The Secretary further announced:
Aug. 4 1934
called by Administrator Ickes following scores of complaints
made by consumers to the PA.b.
Citing excerpts from a score of written complaints from
consumers holding that present prices "spell disaster," look
like a "hold-up," or contain a hint of "monopolistic" tactics
on the part of the oil companies, Dr. Ayres said that "either
the price must come down or the industry must show conclusively that the price is indispensable to the recovery of
the industry." In making this statement, Dr. Ayres pointed
out that the rising level could not be attributed solely to
increased labor costs.
A. J. Baker,President of the American Steamship Owners'
Association, held that higher oil prices were a distinctly
adverse development, especially in foreign shipping where
The latest available figures upon which the calculation could be based
the added costs of operation were exceedingly burdensome.
were those of July 18 1934. As of this date, it was found that certain
A formal complaint against the higher prices will be filed
companies had already over-shipped their allotments. Consequently, it was
necessary to pro-rate the over-shipments among the companies which
with the PAB by the Association of Railway Executives,
had not yet shipped up to their allotment. For this reason, the total amount
L. M. Betts, who represented this group at the hearing,
of sugar allotted, 761,433 tons, is 41,409 tons less than Puerto Rico's
quota. This difference represents the amount by which certain companies
disclosed in making known his opposition to higher prices.
had over-shipped their quotas on July 18.
Representatives of the United States Navy also voiced
Companies which had not shipped their full allotment up to July 18 will,
protests against the sharp advances.
necessarily, be unable to ship their full allotment in 1934. It was explained,
however, that it is the intention of the Department of Agriculture, if
Allan H. Willett, speaking for the National Coal Associanecessary, to deduct from the 1935 quotas, when they are established,
tion, drew a quick reply from Dr. Ayres, when he urged a
amounts equal to the 1934 over-shipments of those companies which, in
fact, have over-shipped,and to add to the 1935 allotment of those companies
further advance in fuel oil prices, contending that low fuel
which were unable to ship their full allotment in 1934,the amounts deducted
oil prices have been "raising havoc" with the coal industry
for 1934.
and the coal operators were in a perilous, position due to
Sugar now afloat, and which is in excess of the shipper's allotment,
can be entered into the United States for storage only and may not enter
losing markets to competitive products. In reply, Dr. Ayres
consumption during the calendar year 1934.
warned Mr. Willett that "the coal industry is playing with
The Secretary's order provides that any person who considers himself
fire in suggesting that competition between industries be
aggrieved because of any allotment made to him, or because he has received
no allotment, may appeal in writing to the Secretary of Agriculture, setting
regulated by the Government."
forth, under oath,the basis for his complaint, and that any person aggrieved
While no defense of the oil industry was made at the
hearing
may
apply
to
the
Secretary
for
a
public
because of any allotment
hearings, the Planning and Co-ordination Committee,
for its adjustment.
In addition to this, the Secretary may adjust any allotment, after notice
liason group between the industry and the NRA code
and opportunity for hearing. if he finds "that any processor to whom an
authorities, is preparing a brief which will be filed with the
allotment has been made has failed to establish and maintain a just relation
between the price paid by him to producers of sugar cane and the price
PAB in the near future.
received by him for sugar manufactured therefrom, and that such failure
A revised production ruling made by the Texas Railroad
to establish and maintain such just relation is a material factor in preCommission last Saturday placed the daily average allowable
venting the maintenance of a just relation between the prices received by
domestic producers and the prices paid by domestic consumers."
for August at 979,444 barrels, an increase of 9,000 barrels
The allotments to Puerto Rico sugar processors were over the schedule announced the previous day. Several
announced by Secretary Wallace as follows:
producers in the State protested against the sharp reduction
ordered
for August in the East Texas field where the allowShort Tons,
NameRaw Value.
able was cut from 470,000 barrels daily to 400,000 barrels.
Central Aguirre Sugar Co. (Aguirre, Cortada & Machete)
94,124
Central Cambalache, Inc.(Cambalache)
Meeting in Oklahoma, the State Corporation Commission
29,463
Loiza Sugar Co.(Canovanas)
32,873
the August daily average allowable for the State
fixed
Carmen Centrale, Inc. (Carmen)
12,493
Central Coloso, Inc. (Coloso)
24,548
at 480,100 barrels, off 9,400 barrels from the level set for
Compania Azucarera del Tea (Constancla-Toa)
21,310
Compania Azucarera El Ejemplo (El Ejamplo)
10,998
July. This total is the same as that set for the State in
Central Eureka, Inc. (Eureka)
10,630
Administrator Ickes' orders.
The Fajardo Sugar Co. of Porto Rico (Fajardo)
63.026
The South Porto Rico Sugar Co. of Porto Rico (Guanica)
90,079
Authority of the Texas Railroad Commission to examine
Sues. de Jose Gonzalez (Guamani)
11,506
Herminia Colon Vda. de Semldey (Herminia)
1,334
the books and regulate operations of refineries was upheld
Central Igualdad, Inc. (Igualdad)
11,181
Central Juanita, Inc. (Juanita)
11,368
in a decision handed down by the State Appellate Court
Sum. C.& J. Fantauzzi (Lafayette)
26,250
last Saturday, which ruled that the refining of crude petroPlazuela Sugar Co.(Los Canos, Plazuela)
32,097
Jaime & Federico Calaf Collazo (Monserrate)
11,222
leum is a part of the oil industry and "within the scope and
Sum. Lucas P. Vaidivieso (Pel'Was)
929
Plata Sugar Co. (Plata)
8,410
purview of the conservation acts of the State." The decision
Venitez Sugar Co. (Playa Grande)
6,503
Mayaguez Sugar Co. (Rochefalse)
10,171
was handed down in a case in which G. L. Cylver, operating
Yabucoa Sugar Co. (Rolle)
25,226
a refinery in the East Texas area, sought to restrain the
Mario Mercadoe Hijos (Rufina)
19,456
Robert Moos. (San Vicente)
21,641
Commission
from enforcing this law.
Jayuya Development Co. (Santa Barbara)
1,868
Seller Sugar Co. (SoIler)
3,666
Other developments in Texas during the week included
Central Vannina, Inc. (Vannina)
14,240
Central Victoria, Inc. (Victoria)
13,350
a gain in the number of refiners agreeing to co-operate with
Eastern Sugar Associates
73,489
Porto Rican American Refinery, Inc
67,232
the Oil Administration in its drive to wipe out production of
Arturo Duberas & Sobrinas (San Francisco)
750
"hot oil" with several additional refiners swinging into line
Total
761,433
on the agreement whereby major companies agree to absorb
surplus gasoline stocks of the independent refiners in return
for promises not to purchase "hot oil." In addition to this
Gasoline Retailers in Mexico Stay Price Increase.
From Mexico, D. F., July 27, the New York "Times" clause, the independent refiners, of which approximately
90% in the area have now lined up with the Administration's
reported the following cablegram:
A holding that "no reason exists at this time for an increase in the wholedrive, agree to abide by all provisions of the oil code.
sale price of gasoline" gave retailers here at least a temporary victory in
Despite a small gain in daily average production in Texas,
their week-long fight against oil companies. A further ruling will be
made on completion of an investigation by Primo Villa Michel, head of
sharp declines in crude oil output in Oklahoma and California
the Department of National Economy.
last week brought the total for the nation down 45,450 barrels
Two strikes of chauffeurs and taxi drivers and one clash in which 12
to a daily average of 2,547,350 barrels, reports compiled by
persons were injured have marked the dispute.
American Petroleum Institute disclosed. This comthe
The proposed price increases were referred to in our issue
pared with the July allowable of 2,530,300 barrels set by
of July 28, page 521.
Administrator Ickes and production in the week of July 29
Petroleum and Its Products-Fuel Oil Price Advances last year of 2,697,850 barrels.
The report, wIlich does not include "hot oil" production,
Attacked at Hearing in Washington-Texas August
Allowable Revised-Crude Oil Output Dips Sharply revealed a dip of 41,950 barrels in the daily average figure
in Week.
for Oklahoma which brought the total for the State to
Price increases of from 20 to 40% in contract prices for 491,750 barrels, against a Federal allowable of 489,500
fuel oil for household heating from June 1933 to June 1934 barrels. California, although dipping 11,100 barrels during
were held "unjustified" by Dr. Ruth W. Ayres of the Na- the week, also exceeded its Federal allowable, daily average
tional Recovery Administration Consumers Advisory Board crude oil production reaching 518,300 barrels, against 509,in hearings held before the Petroleum Administrative Board 400 ordered by Administrator Ickes for the State. Texas
in Washington Monday to consider the sharp advances in showed an increase of 4,700 barrels in the daily average
fuel oil prices during the past 12 months. The hearings were which totalled 1,043,300, against a Federal allowable of
Volume 139
1,042,100 barrels. Scattered gains in other oil-producing
States were shown with Louisiana and the Rocky Mountain
States showing modest gains.
Chairman of the regional marketing committees have been
asked to aid their local district attorneys in the prosecution
of oil code violation cases in a letter sent by Russel B.
Brown, compliance director of the Planning and Co-ordination Committee. Referring to the recent agreement between the Oil Administration and the Department of Justice,
Mr. Brown's letter said, in part:
"Almost a month has passed since this announcement
was made, with relatively few prosecutions filed. I have
reason to believe, however, that a great number of prosecutions have been authorized by the Department of Justice
at Washington and referred to the local United States
District Attorneys for action."
A small decline in daily average crude receipts at refineries
in June and a sharp rise in daily average receipts of foreign
crude oil were reported by the Bureau of Mines Tuesday.
The first total showed a dip to 2,516,000 barrels from 2,517,000 barrels in May while the latter rose to 119,000 barrels
from 97,000 barrels in the previous month.
The daily average of crude runs to stills for June showed a
sharp gain over both the preceding month and the like 1933
month, the report pointed out, totalling 2,535,000 barrels,
75,000 barrels above May and 48,000 barrels above the
average of a year ago.
Stocks of domestic and foreign crude oil held in the United
States dipped 1,298,000 barrels in the week ended July 28
to a total of 341,313,000 barrels, the Oil Administration
reported. A week ago, stocks showed a decline of 1,576,000
barrels.
There were no price changes.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
51.00
Bradford, Pa
$2.55 Eldorado, Ark.. 40
1.08
Corning, Pa
1.32 Rusk. Tex., 40 and over
.87
Illinois
1.13 Darst Creek
90
Western Kentucky
1.13 Midland District, Mich
1.35
Mid-Cont., Okla., 40 and above.._ 1.08 Sunburst, Mont
Hutchinson, Tex., 40 and over_ __ _ 1.03 Santa Fe Springs, Calif., 40 and over 1.30
1.04
Spindletop, Tex., 40 and over
1.03 Huntington, Calif., 26
2.10
Winkler, Tex
.75 PetrolIa, Canada
Smackover, Ark.. 24 and over
.70
REFINED PRODUCTS-PACIFIC COAST FACTORS BUY EAST
TEXAS GASOLINE-BASIC CONDITIONS IN MOTOR FUEL
MARKETS FAVORABLE-STOCKS CONTINUE DECLINE.
Re-entrance of Pacific Coast purchasers into the East
Texas bulk gasoline market was indicated during the week
when it became known that several cargos of gasoline had
been shipped from the latter region to independent distributors operating in the West Coast marketing territory.
While such shipments are not new, it has been several
months since any activity has been noticeable in this field.
Trade circles interpreted the news as meaning that attempts of the major Pacific Coast distributors to stiffen
retail markets in their territory have resulted in "tightening"
on sales of unbranded gasoline to independents who,utilizing
such purchases, have followed a marketing policy of selling
such motor fuel from one to two cents a gallon under the
level posted for the advertised brands.
With the East Texas situation continuing to show an
improved tone, additional refiners signing up with the
Administration's drive on "hot oil" purchases bringing the
total to 90% of all refineries operating in that area, the
nation's principal bulk gasoline markets displayed a steady
tone during the week. Scattered price changes were due
primarily to local conditions, and speaking of the motor
fuel situation as a whole observers believe that immediate
prospects are very favorable.
The Isoston retail gasoline market continued unsettled
with the Standard Oil Co. of New York, Inc., reducing
service station prices 2% cents a gallon in its East Boston
and Cambridge territories and 2 cents a gallon in the Hyde
Park and Quincy areas Friday (yesterday). Prices in other
sections of the metropolitan Boston area remained unchanged.
Continued price-cutting has caused considerable confusion
in several marketing centers in the New England States in
the past few weeks with hoston the worst "sore spot." In
Providence, like conditions have brought the retail price
structure into a chaotic condition although no further price
changes developed there during the week.
In the local refined products market conditions showed
no changes during the week. Gasoline consumption is
holding up well and the steady drain on stocks has resulted
in a firm price undertone. Other refined products showed
-ittle change, activity in most instances,being confined to
671
Financial Chronicle
routine movements with prices unchanged. Pennsylvania
lubricating oils were slightly easier, however, under the
pressure of lower-priced mid-continent lubricants.
Stocks of finished gasoline dipped 584,000 barrels last
week, reflecting the continued drain on motor fuel stocks
as seasonal demands for gasoline bring consumption to the
high peaks of the year, reports compiled by the American
Petroleum Institute disclose. Total stocks on July 28
totaled 48,597,000 barrels.
Refinery operations again showed a fractional gain, reporting refineries operating at 73% of capacity with daily
average runs of crude to stills reaching 2,464,000 barrels,
compared with 72.1% of capacity in the preceding week
when crude oil runs to stills averaged 2,431,000 barrels
daily. Stocks of gas and fuel oil continued their seasonal
gain, rising 1,675,000 barrels to 110,883,000 barrels.
An aftermath of the recent labor troubles affecting the
Pacific Coast was an order issued by the Petroleum Administrative Board authorizing the delivery by distributors to
commercial consumers of gasoline of less than the 100 gallon
minimum required under the oil code. The ruling, which
will be effective only until adequate supplies are again
available, affects California, Oregon, Washington, Arizona
and Nevada.
Supplies of gasoline have been so shortened by the recent
labor troubles, the ruling pointed out, that the oil companies could not distribute such large minimum amounts
to commercial consumers without running the risk of a
shortage. The code provides that commercial consumers
using large amounts of gasoline monthly are permitted a
small price discount, provided purchases are -delivered in
lots of 100 gallons or more. The temporary ruling issued
by the Board allows companies to make smaller deliveries
at the same price discounts until adequate supplies are
again available to distributors.
The Oil Administration ordered an exhaustive survey of
price margins granted by distributors of gasoline and other
petroleum products to retail dealers and the general policy
of distributors in regards to their margin allowables in a
ruling issued by the Petroleum Administrative in Washington
early in the week.
The marketing division of the board will conduct the
survey, it was disclosed, and questionaires to be mailed to
refining companies and marketers representative of the
various sizes and classes of companies engaged in the distribution of such oil products are to be sent out shortly.
Price changes follow:
Aug. 3.-Standard Oil of New York, Inc., reduced service station
gasoline prices 216 cents a gallon in the East Boston and Cambridge Sections and 2 cents a gallon in the Hyde Park and Quincy Sections of Boston.
New York
Atlanta
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Gasoline, Service Station. Tax Included.
5.19
New Orleans
$.19
Detroit
$.175
Philadelphia
.145
Houston
18
.22
San Francisco:
Jacksonville
.22
165
Third grade__ _ _ .18
Los Angeles:
.185
Above 65 octane_ 20
Third grade.__ .155
.173
Premium
22
1716
Standard
18
145
Premium
.19K St. Lculs
18
.174
Minneapolis
.17
Kerosene, 41-43 Water White, Tank Car, F. 0. B. Refinery.
New York:
I North Texas
$.033 INew Orleans. ex. $.055
.0314-.0314
(Bayonne)
$.05K 1LOR Ang.,ex- .0416-.05 I Tulsa
Fuel Oil, F. 0. B. Refinery or Terminal.
Gulf Coast C
N. Y. (Bayonne):
California 27 plus 13
$1.00-1.101PhIla, bunker C
Bunker C
$1.30
1.15
Diesel 28-30 D.--- 1.95 New Orleans C
N. Y.(Bayonne):
28 plus GO $.O43
Gas 011, F. 0. B. Refinery or Terminal.
ITulsa
'Chicago:
-.O43 1 32-36 GO __$.0214-.0214
$1.15
1.80
8.02A-.02%
U. S. Gasoline. Motor (Above 65 Octane), Tank Car Lots. F. 0. B. Refinery.
Chicago
8.0416-.0414
N. Y. (Bayonne):
N. Y. (Bayonne):
0416
Shell Eastern Pet.S.06)4 New Orleans
Standard 011N. J.:
I.os Angeles, ex- -.05-.06
Motor, U. S.__$.0614 New York:
04H
Colonial-Beacon__ .06% Gulf ports
62-63 octane._ .0614
06K Tulsa
a Texas
t8tand. Oil N. Y_ .07
0416
06K
*Tide Water Oil Co .063
y Gulf.
:Richfield 011 (Cal.) .07
Republic 011
.0614
Warner-Quin. Co. .07
Sinclair Refining- .063
a Richfield "Golden." z "Fire Chief." 80.07. •Tydol. 50.07. y "Good Gulf."
$0.07K. t "Mobilgas."
Crude Oil, Output Off 45,450 Barrels During Week
Ended July 28 1934-17,050 Barrels Above Federal
Quota-Gas and Fuel Oil Inventories Continue
Gain.
The American Petroleum Institute estimates that the daily
average gross crude oil production for the week ended July 28
1934 was 2,547,350 barrels, a decrease of 45,450 barrels from
the previous week. The current figure, however, exceeded
the Federal allowable figure which became effective on
July 1 1934 by 17,050 barrels and compares with a daily
average production of 2,576,300 barrels during the four
week ended July 28 1934 and with an average daily output
of 2,697,850 barrels during the week ended July 29 1933.
672
Financial Chronicle
Further details as reported by the Institute follow:
Imports of crude and refined oil at principal United States ports totaled
747,000 barrels for the week ended July 28. a daily average of 106,714
barrels, against a daily average of 63,000 barrels in the preceding week
and an average of 117,821 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 366,000
barrels for the week ended July 28, a daily average of 52,286 barrels, against
a daily average over the last four weeks of 65,178 barrels.
Reports received for the week ended July 28 from refining companies
owning 89.7% of the 3,760,000 barrel estimated daily potentital refining
capacity of the United States, indicate that 2,464,000 barrels of crude oil
daily were run to the stills operated by those companies and that they
had in storage at refineries at the end of the week, 31,143,000 barrels of
finished gasoline; 6,589.000 barrels of unfinished gasoline and 110,883,000
barrels of gas and fuel oil. Gasoline at Bulk Terminals, in transit and in
pipe lines amounted to 17.454,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units, averaged 479,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels.)
Average
Actual Production.
Federal
4 Weeks
Agency
Allowable Week End. Week End. Ended
July 28
July 21
July 28
Effective
1934.
1934.
1934.
July I.
Oklahoma
Kansas
489,500
134,500
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Week
Ended
July 29
1933.
491,750
136,750
533,700
135,550
519,250
134,650
600,600
125.500
62,750
58,700
27,100
147,900
51,550
468,650
47,300
56,250
61,550
58,500
27,150
147,700
50,700
465,950
47,500
56,750
61,500
58,300
27,150
144,800
52,050
475,300
48,400
55,150
55,600
50,750
21,850
158,200
58,400
583,650
84,100
52,600
123,100
122,800
121,350
125,750
1,042,100 1,043,300 1,038,600 1,044,000 1,190,900
Total Texas
24,550
73,600
North Louisiana
Coastal Louisiana
Total Louisiana
Arkansas
Eastern (not Mel. Mich.)_
Michigan
Wyoming
Montana
adorado
Total Rocky Mtn.States
Hew Mexico
Dallfornia
24,850
70,200
24,800
71,250
26,050
46,450
88,900
98,150
95,050
96,050
72,500
33,000
108,900
33,200
32,050
100,000
30,100
31,800
101,950
29,500
31,900
100,600
30,400
31,250
93,100
19,950
33,200
8,000
3,000
37,250
8,900
3,400
36,650
8,850
3,000
36,650
8,800
3,350
29,700
7,250
2,400
44,200
49,550
48,500
48,800
39,350
46,600
509,400
47,400
518,300
48,750
529,400
48,300
522,350
37,600
487,100
2,530,300 2,547,350 2,592,800 2,576,300 2.697,850
Total United States
Note.--The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS. FINISHED AND UNFINISHED GASOLINE
AND GAS AND FUEL OIL STOCKS, WEEK ENDED JULY 28 1934.
(Figures In thousands of barrels of 42 gallons each.)
Stocks
Stocks a Stock,
of
b Stocks
of
of
Gas
of
FinUnand
Daily P. C. Med finished Other
Repor lag.
Aver- Oper- Gene- Gage- Motor Fuel
Oil.
Fuel.
line.
Total. P. C. age. Wed line.
Daily Refining
Capacity of Plants.
District.
East Coast__
AppaLschlan..
Ind., Ill., KY
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf__
La. Gu1f__
No. La.-Ark.
Rocky Mtn_
California_
Polontial
Rate.
Crude Runs
to Stills.
582
150
446
582 100.0
140 93.3
422 94.6
508 87.3 15,187
105 75.0 1,577
332 78.7 7,388
1,125
299
1,163
210 10,873
166 1,122
49 4,025
461
351
566
168
92
96
848
386
167
552
162
77
64
822
256
94
487
122
64
38
458
66.3 5,007
56.3 1,051
88.2 3,816
75.3 1,359
253
83.1
798
59.4
55.7 12,161
614
283
1,662
206
84
123
1.030
575 3,522
496 1,526
194 8.106
10 1.934
27
502
39
634
2,334 78,639
83.7
47.6
97.5
96.4
83.7
66.7
96.9
Totals week
July 28 1934 3,760 3,374 89.7 2,464 73.0 c48,597 6,589 4,100 110,883
July 21 1934 3,760 3,374 89.7 2,431 72.1 d49,181 6,747 4,100 109,208
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes urtb ended natural gasoline at ref nerles and plants also blended motor
fuel at plants. c Includes 31,143,000 barrels at refineries and 17,454,006 barrels
at bulk term nals in transit and pipe lines. d Includes 32.065,000 barrels at refineries and 17,116,000 barrels at bulk terminals, in transit and pipe lines.
Non-Ferrous Market Remains Quiet-Demand for Lead
Subsides.
"Metal and Mineral Markets" in its issue of Aug. 2
announced that with general business news hardly of a
character to cheer buyers, trading in major non-ferrous
metals was held down to a minimum during the last week.
The buying of lead that enlivened the market in recent weeks
has subsided, with the result that the price soon developed
weakness and fell back to the basis of 3.75c., New York.
Copper was unchanged here, and a shade lower in Europe.
Zinc was fairly steady on evidence that consumers are not
well covered. Tin showed little change until yesterday,
when the price declined about one-half cent on lower London
quotations. Tin-plate operations here are down to about
45% of capacity. Silver advanced one-quarter cent for the
week on buying said to be for the account of the Treasury.
"Metal and Mineral Markets" further continued:
Domestic Copper Quiet.
The week's business in domestic copper was slightly in excess of 1,500
tons, indicating that buying continues at a slow pace pending further
developments in connection with the permanent buying agreement. The
price was unchanged at 9c., Valley. Producers believe that domestic
.dellveries of copper since the first of the year about reflect the extent to
Aug. 4 1934
which the metal was consumed, and look for fiu ther steady improvement in
the domestic statistics. There was some talk of another reduction in stocks
of refined metal for July that may approximate 15,000 tons.
Details of the proposed permanent buying agreement were announced by
the Copper Code Authority during the week. Consumers are said to be
pleased over the moderate tone of the document. The temporary agreement will naturally remain in force until the permanent purchasing agreement is signed.
The foreign market for copper stood up well under the impact of the
unfavorable political news that came out of European capitals. Compared
with a week ago, the foreign quotation recorded a decline of only 0.25c.,
our avarage for yesterday being 7.225c., c.i.f. basis. Sales in EuroPe,
Including the United Kingdom, totaled more than 7.500 tons for the last
week.
Canada produced more copper during May than in any month on record.
The output came to 35,680.539 lb., against 31,739,138 lb. in April, and
21,056,268 lb. in May last year, according to the Dominion Bureau of
Statistics. Canadian production of copper during the first five months of
this year totaled 149,282,704 lb., contrasted with 102,657,012 lb. in the
same period last year. The heavy demand for nickel accounts for most of
the large increase in output of copper in that country. Nickel production
in Canada in May was 10,033,939 lb., against 5.480,554 lb. in May 1933.
Nickel production for the first five months of 1934 totaled 49.932,038 lb..
against 14,666,635 lb. in Jan.-May period last year.
The United States exported 27,883 tons of refined copper during June
against 19,812 tons in the preceding month, according to a summary of the
Department of Commerce figures issued by the American Bureau of Metal
Statistics. Imports of unrefined, &c., totaled 16,664 tons in June, against
17,995 tons in May.
The May and June exports of refined copper, in short tons, follow:
May.
June.
925
982
Belgium
5,008
4,931
France
2,817
Germany
2,651
8,095
Great Britain
2,158
1,885
Italy
1,503
2,096
679
Netherlands
2,215
982
Sweden
112
1
China
3,670
5,564
Japan
895
526
Other countries
19,812
27,883
Lead Reduced 10 Points.
The activity that caused the price of lead to advance in the preceding
seven-day period subsided to near the vanishing point last week, and, with
a number of sellers ready to offer lead rather freely, the rise failed to hold.
On July 27 the American Smelting & Refining Co. reduced its published
quotation to 3.75c., New York, a decline of 10 points. On the same day the
metal was offered in St. Louis at 3.60c. The leading Western seller held
to the old level until July 30 (Monday). on which day this operator lowered
his asking price five points. The fact that the Western seller held out for a
moderately higher level was taken to indicate that this factor had temporarily withdrawn from the market.
Two views are held in reference to the recent heavy buying of lead. One
Is that consumers replenished their "normal" stocks in anticipation of a
rising volume of business later in the year. The other interpretation is that
the buying was purely speculative.
Totals
Zinc Holds Steady.
Although the zinc market was outwardly quiet last week, final analysis
disclosed that well over 1,000 tons of metal had changed hands, with sales
for the calendar week ended July 28 totaling about 1,700 tons. The price
structure stood unchanged at 4.30c., St. Louis, throughout the seven-day
Period. Statistically the metal continues in a favorable position, with total
unfilled orders at about 17,000 tons and Prime Western unfilled orders at
about 15,000 tons. The Tri-State district carried on with its curtailment
scheme, but all mines with sufficient milling water available are reported to
have resumed operations on Monday. Production of concentrate during
the current calendar week is estimated at 5.550 to 7,000 tons.
Tin Continues Quiet.
Demand for tin in the domestic market was practically non-existent last
week, the total business on each trading day consisting of only a few small
lots aggregating about 50 tons. Yesterday the London market went off
55., and prices here declined in sympathy to a point well below the level
prevailing earlier in the week. A meeting of the International Tin Committee is scheduled for Aug. 8, at which meeting consideration will be given
to an extension beyond Sept. 30 of the prevailing 10% increase in production
quotas.
Chinese tin. 99%. was quoted as follows: July 26, 51.500c.; 27th.
51.450c.: 28th, 51.450c.; 30th. 51.450c.; 31st, 51.450c. and Aug. 1st, 51.050e,
Steel Producers Enter August with Sharply Depleted
Mill Backlogs-Automobile Industry Curtailing.
Negative influences continue in the ascendency in the
iron and steel trade and ingot production has declined
1JA points to 26% of capacity, the lowest rate with exception
of the.first week in July since the first of the year, states the
"Iron Age" of Aug. 2. In the face of seasonal influences
and the general preoccupation of consumers with the absorption of stocks, mills are entering August with extraordinarily small backlogs. The "Age" continued:
The recession in steel business in July was even sharper than had been
expected. Shipments decline even more than production, since operating
rates were sustained in part by the rebuilding of mill inventories. Now
that replenishment by producers has been virtually completed, ingot output will more accurately measure the colume of current consumer needs.
Those requirements will remain small until the Material accumulated by
users in the second quarter is worked off.
It is now clear to what extent Paul-the second quarter-profited at the
expense of Peter-the current quarter. But mills are less concerned about
the decline in output attributable to anticipatory buying than about the
accumulating evidence of receding consumption.
Several of their leading sources of tonnage are drying up. Most of the
remaining railroad tonnage on their books will be delivered before the close
of August and the decline in automobile output is becoming more pronounced. Estimates of car production for July have been revised downward
to 260,000, and August will see one of the largest motor car builders idle
for at least part of the month. Other manufacturers will complete their
runs on present cars in September, and production on new models will
probably not get well under way until some time in October. Tonnage
purchases of steel for the new car programs are not looked for before
September.
Tin plate business, which has been a bright spot in the steel trade for
many months, is also sharply receding. Tin mill output has slipped five
Points to 45% during the week and seems headed for further curtailment in
view of the heavy stocks in the hands of consumers.
Some benefits may accrue to tin plate producers if the enforced slaughtet
of cattle results in increased canning of beef. The drouth, however, remains
a serious threat not only to the purchasing power of farmers and the activity
of farm equipment makers and other industries directly dependent on
agriculture, but also to the revenues of the railroads which face heavy losses
in traffic.
Most of the carriers have already tightened up on their purchases. The
Pennsylvania, however, contemplates building 3,000 hopper cars in its
Altoona. Pa., shops, and various roads are still going ahead with the construction of streamlined passenger trains. The Gulf, Mobile & Northern
has ordered two high-speed trains and the Burlington has placed two
additional three-car trains of the Zephyr type.
Despite the combination of circumstances which has made the current
reaction in the steel trade so marked,there are scattered evidences of business
improvement of the type so essential to genuine economic recovery. An
Ohio electric refrigerator plant is booked for the remainder of the year.
Many new products and new and improved types of equipment, which have
been perfected during the depression, are now ready to be put on the market
and are being held back only by labor unrest and political uncertainty.
An example of the uncertainty now disturbing business men is that
growing out of the star chamber proceedings of the newly formed Committee
on Reciprocity Information Of the Tariff Commission. This body, in concluding trade agreements with other countries, can lower or raise duties
by 50% without giving a prior notice to the American producers concerned.
Government-financed projects remain the chief support of the steel
industry. Structural lettings of 11,150 tons include 3,200 tons for a New
York pier shed and 1,000 tons for a subway train shed at Jamaica, N. Y.
Among new projects of 9,250 tons is 3,000 tons for underground construction
in New York for the New York Central. The New York Board of TransPertation has bought 6,450 tons of rails and still has 5,000 tons of contract
rails to buy.
The European war scare has stimulated foreign inquiry for machinery
but has not yet been reflected in any demand for barbed wire. Scrap
exports continue heavy, the movement from Atlantic ports alone averaging
120,000 tons a month,or nearly one-tenth of the consumption of the domestic
steel-making industry.
A reduction of 21 a ton on long termes has been added to the list of price
cuts that have been made since July 1.
The "Iron Age" composite prices for finished steel, pig iron and scrap
are unchanged at 2.124c, a lb., $17.90 a ton and $10.42 a ton respectively.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
July 311934, 2.124c. a lb.
(Based on steel bars, beams, tank plates.
One week ago
wire rails black pipe, sheetsand hot
2 1240
One month ago
2.199c. rolled strips. These products make 8.5%
One year ago
1 953c. of the United States output.
Low.
High.
2.0080. Jan. 2
1934
2.1990. Apr. 24
1.867c. Apr. 18
1933
2.0150. Oct. 3
1.926e. Feb. 2
1932
1.977e. Oct. 4
1.945c. Dec. 29
1931
2.037c. Jan. 13
2.018c. Dec. 9
1930
2.273c. Jan . 7
2.2730. Oct. 29
1929
2.317c. Apr. 2
2.2170. July 17
1928
2.286c. Dec. 11
2.212c. Nov. I
1927
2.402c. Jan. 4
Pig Iron.
July 311934, $17.90 a Gross Ton.
(Based on average of basic iron at Valley
One week ago
817.901furnace foundry irons at Chicago.
One month ago
17.901 Philadelphia, Buffalo, Valley, and BirOne year ago
mingham.
15.94
Low.
High
$16.90 Jan. 27
1934
$17.90 May 1
Jan. 3
13.56
5
1933
Dec.
16.90
13.56 Dec. 6
1932
14.81 Jan. 5
14.79 Dec. 15
1931
15.90 Jan. 6
15.90 Dec. 16
1930
18.21 Jan. 7
18.21 Dec. 17
1929
18.71 May 14
17.04 July 24
1928
18.59 Nov. 27
17.54 Nov. 1
1927
19.71 Jan. 4
Steel Scrap.
July 311934, 810.42 a Gross Ton.
Based on No. 1 heavy melting steel
One week ago
$10.42 quotations at Pittsburgh, Philadelphia
One month ago
10.67 and Chicago.
One year ago
12.08
Low.
High.
1934
$10.42 July 24
$13.00 Mar. 13
1933
6.75 Jan. 3
12.25 Aug. 8
1932
6.42 July 5
8.50 Jan. 12
1931
8.50 Dec. 29
11.33 Jan. 6
1930
11.25 Dec. 9
15.00 Feb. 18
1929
Dec. 3
14.08
29
Jan.
17.58
1928
13.08 July 2
16.50 Dec. 31
1927
13.08 Nov.22
15.25 Jan. 11
The American Iron and Steel Institute on July 30 announced that telegraphic reports which it had received
indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry would be 26.1%
of the capacity for the current week, compared with 27.7%
last week and 23.0% one month ago. This represents a
decrease of 1.6 points, or 5.7%, from the estimate for the
week of July 23. Weekly indicated rates of steel operations since Oct. 23 1933 follow:
1933Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov.20
Nov. 27
Dec.4
Dec. 11
Dec. 18
Dec. 25
193431.8% '
26.1% Jan. 8
25.2% Jan. 15
27.1% Jan. 22
26.9% Jan. 29
26.8% Feb.5
28.3% Feb. 12
31.5% Feb. 19
34.2% Feb. 26
31.6% Mar. 5
30.74,
34.2%
325%
34.4%
37,5%
39.9%
43.6%
45.7%
47.7%
1934Mar 12
Mar 19
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
193446.2% May 21
46.8, May 28
6.
45
11
7a June 4
June 11
47
3%
3..4
% June 18
a June 25
3%
5.07
54
50
5
July 2
July 9
56.9% July 18
56.6% July 23
July 30
54.2%
56.1%
57.4%
589%
56.1%
44.7%
23.0%
27.5%
28.8%
27.7%
26.1%
"Steel," of Cleveland, in its summary of the iron and steel
markets, on July 30 stated:
July has been written off by steelmakers as a period of absorption of
consumers' stocks, and the year's low point in new tonnage, while they
appear confident the approaching month will bring some improvement,
especially in commitments by automobile manufacturers.
These manufacturers now are releasing only material to round out inventories, unbalanced by the seasonally strong rate of production, with
which to complete schedules for current models. Between Aug. 15 and
Sept. 1 they are expected to begin releasing for new models. Inquiries
have already been issued direct by some producers and partsmakers.
The reliance which steelmakers place on automobile manufacture to
supply tonnage in the future, and thereby absorb some of the slack in
673
Financial Chronicle
Volume 139
other channels of consumption is indicated by the construction or authorization of mills with annual capacity for rolling 3.690,000 tons of sheets and
strip, of the class mainly used by the automobile industry, at a cost of
effect last
842.000,000. In the same period-since the steel code went in
August-expansion in facilities for rolling other finished steel products has
been limited to two small tube mills, while no raw steel or pig iron capacity
has been built.
In contrast to the widespread contraction in steel orders from practically
all consuming groups last week, structural steel awards increased to 19,340
tons, nearly double the amount placed in the preceding week. Federal
and State government work still is the chief support of the structural steel
market, with only a sprinkling of industrial needs.
Demand for steel for Western dam projects is the most active feature of
the markets. For Boulder dam 5,500 tons of concrete bars was awarded.
General contractors for the Grand Coulee dam. Washington, which in
steel requirements rivals that of Boulder dam, are in the market for
$6,000,000 in machinery and equipment for delivery within three months.
New projects include 5,000 tons of structural shapes for a State viaduct
in Baltimore. Contractors for Cleveland's easterly disposal plant are expected this week to award 4,100 tons of steel.
Early action is contemplated on the 24 naval ships requiring 42.000
tons of steel, bids for which will be opened Aug. 15, half the number to be
placed with private builders, others with government yards. Oil companies have awarded a few tanks, requiring moderate size tonnages of plates.
The Pennsylvania Railroad has released 28 electric locomotives, originally
ordered in 1931. Construction of 2,500 to 3,000 hopper cars is being
considered by an Eastern railroad.
Municipalities, facing formidable tax delinquencies, despite offers of
Federal financing, are presenting the poorest market in years for pipe.
Boston has purchased 1,572 tons of steel pipe; Chicago is to award 2,228
tons of cast pipe shortly.
Steelmakers anticipate a good volume of buying from agricultural districts in the fall. In the areas where the drouth has not been severe.
heavy crops are maturing. In addition, farmers in the Central West will
be subsidized to the extent of a half billion dollars.
Scrap prices show further easiness in all districts, "Steel's" iron and
steel scrap composit off 4 cents to $10.25. Foundry operations in the
Middle West are down to 35%; pig iron producers do not look for resumption in buying until late in August. Domestic fluorspar has been reduced $1 to $1.50 a ton.
Steel prices show no further deflection, but lack a test. Rigid electrical
conduit, a product which does not come under the provisions of the steel
code, has been advanced 28 a ton.
Steelworks operations, as a national average, last week dropped a half
point to 293i%, lowest since the second week in January. Youngstown
advanced 4 points to 35%, Buffalo 8 to 29; Cleveland dropped 3 to 33.
New England 4 to 48, eastern Pennsylvania 2% to 224, Pittsburgh 1 to
20; while Detroit remained at 76. Chicago 34, Birmingham 20 and Wheeling 27.
"Steel's" iron and steel composit is unchanged at $34.19, while the finished steel composit remains $54.
Steel ingot production for the week ended Aug.6, is placed
at about 263,% of capacity, according to the "Wall Street
Journal" of Aug. 1. This compares with a little under 28%
in the previous week and with 28% two weeks ago.
United States Steel is estimated at 25%, against 27A % in the week
before and 28% two weeks ago. Independents are credited with a shade
under 26%,compared with 28% in the two preceding weeks.
The following table gives the production for the nearest corresponding
week of previous years, together with the approximate change from the
week immediately preceding.
'
1934
1933
1932
1931
1930
1929
1928
11127
Industry.
2635-135
55 -135
1435- 34
33 +2
5734
96 + 35
7234+135
AR t4
U. S. Steel,
Independents.
26-2
59-2
16
33 +335
52
92 +1
70 +2
65
25 -215
50 -1
13 -1
33
64
100
764+135
71 &4
Production of Bituminous Coal Continues to DeclineAnthracite Gains 3.8%.
Production of bituminous coal according to the United
States Bureau of Mines, Department of the Interior, showed
little change in the week ended July 21. The total output
was estimated at 5,890,000 net tons, as against 5,934,000
tons in the preceding week. Production during the corresponding week of 1933 amounted to 7,220,000 tons; in 1932,
4,458,000 tons.
Anthracite production in Pennsylvania during the week
ended July 21 was estimated at 826,000 net tons, an increase of 30,000 tons, or 3.8% over the, preceding week.
Production in the corresponding week of 1933 amounted
to 869,000 tons.
During the calendar year to July 21 1934 there was
produced a total of 199,621,000 net tons of bituminous coal
and 35,045,000 tons of anthracite, as against 165,772,000
tons of bituminous and 24,826,000 tons of anthracite during
the calendar year to July 22 1933. The Bureau's statement
follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Calendar Year to Date.
Week Ended.
July 21
1934.c
July 14
1934.d
July 22
1933.
1934.
1933.
1929.
Bitum. coals:
Weekly total 5,890,000 5,934,000 7,220,000 199,621,000 165,772,000 286,098,000
Daily aver_ _ 982,000 989,000 1,203,000 1,169.000
968,000 1,669,000
Pa.anthr.b:
Weekly total 826,000 796,000 869,000 35,045,000 24,826.000 38,559,000
Daily aver. _ 137,700 132,700 144,800
206,800
146,500
227,500
Beehive coke:
10,900
10,500
Weekly total
558,100
17,900
451,800 3,800.900
2,983
1,750
Daily aver_ _
1,817
3,226
2,612
21,971
a Includes lignite, coal made Into cake, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal: local sales, and colliery fuel. c Subject
to revision. d Revised.
.
674
Financial Chronicle
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS,.
Week Ended.
States.
July 14
1934.
July 7
1934.
July 15
1933.
July 16
1932.
July
1923 a
Average.
Alabama
142,000
175,000
110,000
199,000
389,000
Arkansas and Oklahoma
16,000
74,000
20,000
30,000
16,000
Colorado
43.000
56,000
37,000
38,000
165,000
Illinois
520,000
537,000
168,000 1,268,000
523,000
Indiana
205,000
172,000
203,000
165,000
451,000
Iowa
36,000
45,000
42,000
42,000
87,000
Kansas and Missouri
82,000
76,000
71,000
134,000
80,000
Kentucky-Eastern
652,000
443,000
515.000
735,000
400,000
Western
85,000
86,000
202.000
153,000
105,000
Maryland
34,000
20,000
42,000
18,000
29,000
Michigan
3,000
1,000
3,000
17,000
2,000
Montana
27,000
17,000
28,000
20,000
41,000
New Mexico
22,000
16,000
20.000
52,000
14,000
North Dakota
17,000
20,000
14,000
8,000
14,000
Ohio
310,000
378.000
854,000
160,000
388.000
Pennsylvania (bituminous) 1,645,000 1,363,000
e1,251,000 3,680,000
d
Tennessee
48,000
50,000
113,000
55,000
82.000
Texas
10,000
10,000
23,000
13,000
12,000
Utah
17,000
28,000
87,000
20,000
27,000
Virginia
114,000
155,000
239,000
116.000
203,000
Washington
18,000
24,000
37,000
19,000
27,000
West Virginia-Southern b 1,348,000 1,209,000 1,631,000
956,000 1,519,000
Northern _c
420,000
360,000 e532,000 e340,000
866,000
Wyoming
36.000
61,000
57,000
66,000
115,000
Other States
3,000
4,000
1,000
4,000
1,000
Total bituminous coal
5,934,000 5,118,000 f6.965,000 4,210,000 11,208.000
Pennsylvania anthracite._
603,000 1,950,000
743,000
657,000
796,000
TotalenRI
R rAn non A 775 nnn 7 708 000 4.813.000 13.158.000
a Average weekly rate for the entire month. b Includes operations on the
N. de W.; C.& 0.; Virginia; K.& M. and B. C.& G. c Rest of State, including the
Panhandle, and Grant, mineral and Tucker Counties. d Original estimates in
error. Figures being revised. e Revised figures. 1 Original estimate. No revision in the national total will be made until receipt of final operators' reports
from all districts.
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended August 1, as reported
by the Federal Reserve banks, was $2,464,000,000, an increase of $3,000,000 compared with the preceding week
and of $255,000,000 compared with the corresponding week
in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On August 1 total Reserve Bank credit amounted to 32.463,000,000,
an increase of $7,000,000 for the week. This increase corresponds with
increases of $24,000,000 in money in circulation, 3102,000,000 in Treasury
cash and deposits with Federal Reserve banks, $3,000,000 in non-member
deposits and other Federal Reserve accounts and a decrease of $3,000,000
in Treasury and National bank currency, offset in part by a decrease of
$105,000,000 in member bank reserve balances and an increase of $21.000,000 in monetary gold stock.
There were practically no changes in the System's holdings of hills
discounted, bills bought in open market and United States Government
securities.
The statement in full for the week ended August 1 in
comparison with the preceding week and with the corresponding date last year will be found on pages 718 and 719.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
Aug. 1 1934 were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (÷) or Decrease (-)
Since
Aug.1 1934. July 251934. Aug. 2 1933.
$
$
$
21,000,000
-143,000,000
5,000,000
-3,000,000
2,432,000.000
+394.000,000
5,000,000
+8,000,000
+6,000,000
TOTAL RES'VE BANK CREDIT__2,463,000,000
+7,000.000 +255.000,000
Monetary gold stock
7 932,000,000 +21,000,000 +3,899,000.000
Treasury and National Bank currency2,361,000,000 -3.000,000
+80.000,000
Money in circulation
5,315,000,000 +24,000,000
-16,000,000
Member bank reserve balances
3,915,000,000 -105,000,000 +1,596,000,000
Treasury cash and deposits with Federal Reserve banks
3 074.000,000 +102,000.000 +2,741,000,000
Non-member deposits and other Federal Reserve accounts
451,000,000
+3,000,000
-87.000,000
Returns of Member Banks in New York City
Chicago-Brokers' Loans.
and
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will
not be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows a decrease
of $123,000,000, the total of these loans on Aug. 1 1934
standing at $885,000,000, as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" decreased
from 38,000,000 to $720,000,000, loans "for account of
out-of-town banks" from $169,000,000 to $169,000,000,
while loans "for account of others" remained even at
$1,000,000.
Aug. 4 1934
Increase of 6,604 During June Brings Employment in
Steel Industry at Highest Level in Four YearsReport of American Iron and Steel Institute.
Employment.in the steel industry reached the highest level
in four years during June when there were 455,966 people
at work, according to figures announced Aug. 1 by the
American Iron and Steel Institute. This was an increase
of 6,604 over the previous month and 117,820 over June a
year ago, the Institute said, adding:
Of this total, 415,547 were wage earners, which is approximately 99%
of the number employed at the peak of 1929 and 110,308 more than were
working in June 1933.
Wages and salaries in the industry during June amounted to $49,466,664,
a decrease of $2,429,267 from the previous month, resulting from a small
reduction in hours, but an increase of $18,905,903 over the same month
last year. Average hours per week declined from 36.6 in May to 35.7 in
June. Average earnings per hour were 63.9 cents in June compared with
64.6 cents in May and 47.3 cents in June 1933.
Wage-earners paid on an hourly, piece-work or tonnage basis earned
340.630,314 in June 1934, compared with $24,441,054 during the same
month last year.
The June figures disclosed the spread of work in the steel industry.
While the operating rate in the industry was only 16% higher in June
than it was a year ago, employment had increased 35%, total wages 66%
and the average hourly earnings 35%. At the same time, the average
work week was reduced 9%. Although the industry was operating at
only little over half its capacity, its employment was virtually the same
as in 1929. The following table shows the current figures compared with
a year ago.
Per Cent
June 1934.
June 1933. Change.
All employees
455,966
338,146
+35
Wage earners
415,547
305,239
+36
Wages
$40,630,314
324,441,054
+66
Hours per week per worker
35.7
39.4
-9
Average earnings per hour
63.9c
47.3c
+35
Operating rate
52.68
45.37
+16
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Aug. 1 1934. July 25 1934. Aug. 2 1933.
:
7 191,000,000 7,227,000.000 6,732,000,000
Loans and Investments-total
Loans-total
3,100,000,000 3,184,000,000 3,374,000,000
On securities
All other
1,571,000,000 1,690,000,000 1,778,000,000
1,529,000,000 1,494,000,000 1,596,000,000
4,091,000.000 4,043,000,000 3.358,000,000
Investments-total
2,931,000,000 2,918.000,000 2,300,000,000
1 160,000,000 1,125,000,000 1,058,000,000
15.8. Government securities
Other securities
Reserve with Federal Reserve Bank_
Cash in vault
_1,367,000,000 1,366,000,000
38,000,000
38,000,000
749,000,000
36,000,000
Net demand deposits
Time deposits
Government deposits
6.215,000,000 6,209,000,000 5,221,000,000
677,000,000 678,000,000 776,000,000
704,000,000 704,000,000 254,000,000
Due from banks
Due to banks
65,000,000
82,000,000
72,000,000
1,612.000.000 1,645,000,000 1,116.000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers;
For own account
720.000,000
For account of out-of-town banks
164,000,000
For account of others
1,000,000
Total
On demand
On time
Loans and investments-total
838,000,000
169,000,000
1,000.000
742,000,000
125,000,000
9,000,000
885,000,000 1,008,000,000
870,000.000
553,000,000 880,000,000 627,000,000
332,000,000 328,000,000 249,000,000
Chicago.
11o69.
,000,000 1,448,000,000 1,257,000,000
Loans-total
On securities
All other
Investments-total
575,000,000
564,000,000
709,000,000
267,000.000
308,000,000
270,000,000
294,000,000
359,000,000
350,000,000
894.000,000
884,000,000
548,000,000
590,000,000
304,000,000
583,000,000
301,000,000
320.000,000
228,000,000
Reserve with Federal Reserve Bank- 43ggroo
Cash in vault
agg:000:000
292,000,000
26,000,000
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1 411,000,000 1,419,000,000 1,008,000.000
356.000,000 353,000,000 354,000,000
44,000,000
44,000,000
42,000,000
163.000,000
413,000,000
165,000,000
422,000,000
184,000,000
263,000.000
Borrowings from Federal Reserve Bank_
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week,instead of being held until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 91 cities
cannot be got ready.
In the following will be found the comme ts of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on July 25:
Financial Chronicle
Volume 139
The Federal Reserve Board's condition itatement of weekly reporting
member banks in 91 leading cities on July 25 shows increases for the week
of $58,000,000 in net demand deposits and $58.000,000 in reserve balances
with Federal Reserve banks, and decreases of $23,000,000 in loans and
$6,000,000 in investments.
Loans on securities declined $30,000,000 at reporting member banks
in the New York district and $29,000,000 at all reporting member banks.
"All other" loans increased $10.000,000 in the New York district, $8,000,000
in the Chicago district, and $6,000,000 at all reporting banks.
Holdings of United States Government securities declined $19,000,000
in the New York district, $9,000,000 in the St. Louis district and $16,000,000 at all reporting member banks, and increci 66,000,000 in the
Chicago district. Holdings of other securities increased 87,000,000 in the
Philadelphia district and $10,000,000 at all reporting banks, and declined
$6,000,000 in the New York district.
Licensed member banks formerly included in ths condition statement
of member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1.150,000,000 and net
demand, time and Government deposits of 61,252,000,000 on July 25,
compared with $1,146,000,000 and $1,244,000,000. respectively. on July 18.
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 July 25 1934. follows.
Increase (+) or Decrease (—)
Since
July 26 1933.
July 25 1934, July 18 1934.
Loans and investments—total_ _ _17,728.000,000
—29,000,000 +1,066,000.000
Loans—total
7,938,000,000
--23,000,000
--623,000,000
3,493,000,000
4,445,000,000
--29.000,000
+6,000,000
-.296,000,000
—327,000,000
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
9,790,000,000
—8,000.000 +1,889,000,000
6,671,000,000
3,119,000,000
—16,000.000 4-1,554,000.000
+10,000,000 +135,000,000
3.039,000,000
235.000,000
+58,000,000 +1,365,000,000
+47,000,000
12,755,000,000
4,501,000,000
1,296,000,000
+58,000,000 +2,157,000,000
—37,000,000
--9.000,000
--57,000.000 +736.000,000
1,644.000,000
3,845,000.000
—41,000,000 +530.000,000
—38,000,000 +1,281,000,000
5,000,000
—23,000,000
Canada Initiates Silver Purchases Under International
Agreement—Asks Tenders For 250,000 Fine Ounces
—Silver Eventually To Be Turned Over to Central
Bank.
Tenders have been invited by E. N. Rhodes, Canadian
Minister of Finance, for 250,000 fine ounces of silver. This
silver must be from ore mined in Canada and refined in a
Canadian refinery during the present calendar year, said
Canadian Press advices July 27 from Ottawa, which also
stated:
This will be the first purchase of silver by Canada under the international
agreement whereby this country agreed to purchase 1,671,802 fine ounces
a year for four years beginning this year. To strengthen the price of
silver the four leading producers of the white metal agreed to take off the
market 35,000,000 ounces a year. The other countries to the agreement
are United States, Mexico and Peru.
.
The silver to be purchased by Canada will be In the form of bars weighing 1,000 ounces each and will be held by the Department of Finance as
an additional security to the note issue. Eventually it will be turned over
to the Central Bank.
Increase in Canadian Silver Production In May—
Falling Off in Figures For Five Months.
An increase of more than 300,000 ounces was shown in
production of silver in May when the output amounted to
1,508,323 ounces as compared with 1,176,487 in the corresponding month last year, the Dominion Bureau of Statistics stated in a report issued July 24. Press advices from
Ottawa added:
In the five-month period ending May.6,263,979 ounces were produced,
a decrease of 3.7% as compared with the output of 6.504.279 ounces in
the same period in 1933. The average price of silver in May was 44.14
cents per ounce. At this price the output was worth approximately
$665,870.
Stanley Baldwin Declares British Frontier Now Extends to Rhine—Acting Prime Minister Defends
Increases in Air Armaments—Warns House Against
Ignoring German Expansion in Air Forces.
Stanley Baldwin, Acting British Prime Minister, told the
House of Commons on July 30 that Great Britain's frontier
is no longer the cliffs of Dover, but the Rhine River. Mr.
Baldwin opposed a motion for a vote of censure, offered
by the Labor Opposition, against the Government for its
policy of increasing the air force. The motion was finally
defeated by a vote of 404 to 60. Mr. Baldwin said that
one British motive for increasing its air force was the similar
program being carried out by the United States, and he
indicated that Great Britain must look to airplanes rather
than to the navy as the first line of defense against attack
by any other nation. He said:
Since the day of the air the old frontiers are gone and when you think
of the defense of England you no longer think of the white cliffs of Dover.
but you think of the Rhine. That is where to-day our frontier lies.
Mr. Baldwin discussed the troubled international situation, which he said had caused nations to move toward in-
675
creasing rather than decreasing armaments. With respect
to air armaments he said, in part:
There has been a general tendency in recent years to increase air armaments throughout the world, and there is a general trend toward the adoption of a definite air strategy wherein aircraft is contemplated as a primary
offensive arm.
In the United Kingdom, our actual increase in strength in the last four
Years has been a trifling 42 machines. The new program will raise the
number of machines from 844 to 1,304 if the program as I detailed it to the
House is carried out in its entirety to the term of five years.
France has increased her machines between 300 and 400 in the last four
years. But her scheme is for re-equipment and reorganization rather than
making a further increase. But for that purpose she has taken a budgetary
credit of £15,000,000 over and above the annual air estimates.
Italy, again, like ourselves, has increased her strength by only 65 machines. She has roughly 1,000 to 1,100 to-day. The United States have
increased their strength by 240 machines in the last four years. They have
just made the announcement that approval has been given for an addition
of 1.184 aircraft to the naval air service for fleet and shore-base naval units.
The position in Germany, again,is difficult to establish. There is no
doubt that under the present regime the greatest interest is being taken in
aviation. We know this is so from the speeches made and from what we
read and from the secrecy which is being maintained regarding manufacturit is
ing and the preparation of airdromes. But we have little doubt that
her intention—and we always have recognized that—that the moment she
feels free to re-arm the air will be one of her principal considerations. And,
indeed, it stands to reason, as has been said in this House, that if Germany
has that right or seizes the right to re-arm she has every argument hi her
secure.
favor from her defenseless position in the air to try to make herself
I shall say no more at this moment on what may lie behind that, but there
foolish
and
is a situation of potential gravity there which it would be idle
to ignore.
Speaking of disarmament negotiations, Mr. Baldwin said
that it is "a lamentable fact" that no nations engaged in
talks at Geneva "are themselves desisting in any way from
re-armament." He added that there is no cause for any
immediate panic, and that "so far as I can see there is
no risk in the immediate future of peace being broken."
He then added, in part:
many
It may well be that peace may not be broken. There are a great
broken, and
people in Europe who will do all they can to see that it is not
I want to emphasize that this is my firm conviction.
I cannot agree that what we are doing jeopardizes one iota of the Prospects
conclusion
of disarmament. The main obstacle, as the House knows, to the
on an immediate
of a convention to-day is the insistence of Germany
gulf is
measure of re-armament and France's refusal to agree to it. This
remedying
not easy to bridge, but it is not likely to be made wider by our
our
had
that
possible
the deficiencies of our national defenses. It is even
scale of armaments been higher we should have been better able to influence
the course of the disarmament conference.
of
Since the day of the air the old frontiers are gone, and when you think
but
the defense of England you no longer think of the white cliffs of Dover,
lies.
frontier
our
to-day,
you think of the Rhine. That is where,
Plans Made for Army Air Corps "Second to None"
Within Two Years—Minimum of 2,320 Modern
Planes Expected to Be in Use.
The Army Air Service will be made "second to none in
quantity of planes, pilots and morale within a period of two
years," according to a Washington dispatch of July 27 to
the New York "Times," which said that the nucleus of the
proposed General Headquarters Air Force will be placed
under the command of "suitable, high ranking officer."
The dispatch said that the program will be under the direction of Harry A. Woodring, Acting Secretary of War, and
General Douglas MacArthur, Chief of Staff, and that much
of the authority of Major-General Foulois, Chief of the
Army Air Corps, will be gradually taken over by the general
staff. It added that the plans had no connection with the
recommendations of the Baker Aviation Committee, which
were reported in our issue of July 28, page 533.
The dispatch mentioned continued, in part:
Disclosure of the program Indicated that it would surpass anything ever
before proposed for the Army Air Corps. It exceeds in scope the program of
the Morrow board of 1926 and the recent Baker board recommendations,
although closely following the latter's suggestions.
There are at present about 1,500 airplanes of every character in military
service in the army. Many are obsolescent, some in stations for survey
before salvage, while more than half the remainder are regarded as unfit
for combat duty. A minimum of 2,320 up-to-date planes is the new goal.
About 461 new-type craft will be purchased and delivered during the
Present calendar year, or by the end of the fiscal year at the latest. A
contract recently was awarded to the Glenn L. Martin Co. of Baltimore for
81 fast bombing planes, superior in performance to anything yet developed
in this country. They will be financed through Public Works Administration funds, as will be 30 new attack planes.
In addition bids have been asked for 65 other attack ships to be paid for
from the 1935 appropriation of $11,486,600 and will be opened early next
week.
Their purchase, it is expected, will leave funds for about 291 more ships
of pursuit, attack and bombing types, and these will be acquired on short
time bids.
That is only the start, it was said to-day. So certain is Mr. Woodring
that Congress will approve the proposal to reconstruct the air crops that
next month "eight-month" bids will be asked for a series of bombers.
attack and pursuit planes and training planes, to be paid for with 1936
fiscal year appropriations.
Bids to Be Asked in Groups.
"Of course Congress will not be asked to appropriate that money until
next winter," said an official to-day. "But we will attach a statement to
the long-time bids advising designers and builders that we expect money
for a certain number."
Mr. Woodring expects to ask for bids for groups of 60. 70. 80, 90 and 100
of the various types with that understanding. When funds are appro-
676
Financial Chronicle
priated he immediately will advise the Industry that a certain number can
be purchased and ask for renewals of the bids based on the number to be
acquired.
Aug. 4 1934
and provisionally effective July 1 1934, for a period of nine
months, subject to ratification by the respective governments, was signed at London on June 27, according to a
cablegram received in the United States Department of Commerce from Commercial Attache Lynn W. Meekins, London.
The agreement, said an announcement issued by the Commerce Department on July 3, terminates a series of trade
controversies between the two countries, which had been in
progress since the 'beginning of the year, and in the course
of which the British Government had imposed a special duty
of 20% ad valorem on specified imports from France following reductions in the French import quotas on British goods.
The Commerce Department's announcement continued:
New Zealand Tariff Revised—British Preferential
Import Duties Lowered—Rates Affecting Importations from United States Mostly Unaltered.
A revision of the New Zealand tariff, provisionally effective from July 11, accomplishes principally a scaling down
of the British preferential import duties, with the rates
under the general tariff (including importations from the
United States) for the most part unaltered, according to a
cablegram received in the United States Department of Commerce from Vice-Consul Walter W. Hoffman, Wellington.
In indicating that New Zealand's policy under the new tariff
British Concessions to France.
was announced on July 20 by Finance Minister J. G. Coates,
By the terms of the agreement, the United Kingdom grants to France the
Wellington advices to the New York "Times" reported Mr. lowest
duties applying to imports from any foreign (non-British) nation,
Coates as stating that New Zealand should make a strong with the exception of 14 Items; removes the special duty of 20%
ad valorem
effort to enter into negotiations with other countries, on certain French goods, and reduces by one-half the duties on raw silk,
silk cocoons and silk waste, and by one-fourth the duty on rayon waste.
especially with highly industrialized nations that offer pros- The duties
on silk and rayon piece goods are also adjusted by decreasing the
pects for the disposal of New Zealand's primary products. specific and increasing the ad valorem rates. The
United Kingdom also
undertakes
to maintain the existing duties on brandy and sparkling wines,
The advices went on to say:
To do this, Mr. Coates declared, the country should be prepared, subject
to the limitations of the Ottawa agreements, to reduce foreign tariffs or
adopt quotas and other regulative devices in return for concessions to New
Zealand's products. He conceded that the carrying out of such a policy
cannot be done in a short time, but in view of the outlook for some primary
products he held it was essential that the matter be taken up immediately.
New Zealand has undertaken to preserve the existing margin of preference
for British products, where that margin does not exceed 20%. When the
margin exceeds that figure New Zealand has agreed not to reduce it below
20% without British consent.
Where reductions have been proposed in the British tariff New Zealand
will not, except for a special reason, reduce foreign duties below the present
rates. Her aim is to be in a good position to negotiate with foreign countries.
Duties on British goods generally have been lowered 5%. Duties on
foreign automobiles have been raised 5%.
The Department of Commerce indicated, as follows, on
July 13, the principal revisions in the New Zealand tariff:
and grants special duties on cut flowers, lettuce, asparagus, cherries, glazed
kid, imitation jewelry, powder puffs, cigarette paper and certain advertising
matter.
French Concessions to the United Kingdom.
On the other hand, France concedes to the United Kingdom the rates of
the minimum tariff schedule on all imports except 11 items, restores full
import quotas to British goods, and accords most-favored-nation treatment
to the United Kingdom in respect of quotas.
The agreement also provides for the exchange of 40,000 tons of British
coal monthly for 20,000 tons of French pitwood until Dec. 31 1934, and
thereafter in a ratio of 3 to 2, }firming the basis of French guarantees to
maintain the existing normal import quota for British coal.
Anglo-Estonian Trade Agreement Signed --Effective
Until Dec. 31 1936—Provides Mutual Tariff and
Other Concessions.
A trade agreement between Estonia and the United Kingdom, providing mutual tariff and other concessions, was
signed at London on July 11 and is to become effective 10
days after the exchange of ratifications, until Dec. 31 1936,
subject to certain conditional rights of prior termination,
according to a cablegram received in the United States Department of Commerce from Commercial Attache Lynn W.
Meekins, London. In an announcement, issued July 17 by
the Commerce Department, it was also stated:
The following are the changes of chief interest to American export trade,
together with the new import duties under the general tariff followed by the
rates under the preferential tariff, with former rates in parentheses ; percentages are ad valorem; specific duties are per pound; "n.o.s." means not
otherwise specified in the tariff:
Automobiles, trucks, busses, and similar motor vehicles completely knocked
down,52% %,734% (formerly the duty under the
general tariff was 40% ad valorem
and in cases where such motor vehicles
were
having bodies suited or
designed for carrying passengers, an additional imported
known as "body duty" of
1634%, based on the value of the vehicle includingduty
the body, was assessed provided
that where the value for duty of the vehicle Including
the body exceeded £200,
body duty of 16). % was levied on the that £200 and body
duty of
% on the
remainder; the duty under the preferential tariff formerly was
Under the terms of the agreement, Eetonia reduces its commercial trav10% ad valorem,
with corresponding body duties of 11%% and 6%%, respectively);
other
autoelers' tax, grants tariff concessions on 68 British and six British colonial
mobiles, trucks, busses, and similar motor vehicles, 60%.
(same as above):
tires exceeding I% inches In diameter: (a) pneumatic 8d.15%
items,
including cotton, galvanized sheets, tin plate, and motor vehicles,
(40%), 234d. (10%):
(b) solid 4d. (40%), Id. (10%); traction engines, 20% (40%),
and agrees to take 85% of its total coal imports from the United Kingdom.
free (I0%); wireless
apparatus built up, mounted in cabinets or not, 35% (mounted
In cabinets, 35%;
The United Kingdom, on its part, undertakes to maintain the existing
not mounted in cabinets, 25%), free (mounted in cabinets 10%;
not mounted in
tariff status on 22 items, chiefly foodstuffs, lumber, and paper, and not to
cabinets, free); cut tobacco n.o.s. (from all sources),
6d. (65. 10d.); unmanufactured tobacco for manufacturing Into pipe tobacco 3s.
impose,
during the existence of the agreement, import restrictions on seven
or cigars (from an sources),
Is. 6d. (for pipe tobacco, 25. 6d.; for cigars, 2s.);
recording and reproducing
Estonian food products.
appliances for office use, 25% (45%), free (20%); voice
envelopes
paper
and bags, 55%
(printed envelopes, lithographed or embossed n.o.s., 50%; plain envelopes
n.o.s.,
45%; paper bags printed or lithographed n.o.s.,
60%; paper bags all kinds n.o.s.,
United Kingdom and Latvia Sign Commercial Agree55%), 25% (printed envelopes. lithographed or
embossed,
30%; plain
envelopes n.o.s., 25%; paper bags printed or lithographed n.o.s.n.o.s.,
ment Granting Reciprocal Trade Concessions.
30%; Paper bags
all kinds n.o.s. 25%); carbon and similar copying Paper, 25%'
(in
sheets not leas
than 20 in. by .15 in., or the equivalent, or in rolls not less than 10 in.
A commercial agreement between Latvia and the United
wide,
20%;
n.o.s., 40%); free (In sheets not less than 20 in. by 15 In., or the equivalent,
or In
Kingdom, providing reciprocal trade concessions, was signed
rolls not less than 10 in. wide, free: nos., 20%).
Other major exports from the United States to New Zealand are unat London on July 17, and is to become effective 10 days after
affected.
the exchange of ratifications, and to remain in force until
In the case of the following products, the present rates are unchanged,
but
Dec.31 1936, according to a cablegram received in the United
provision is made for the indicated new import duties to become effective
Nov. 1:
States Department of Commerce from Commercial Attache
Cigarettes (from all sources), 25s. 6d. (exceeding 2% lbs. In weight per thousand,
Lynn
W. Meekins, London. An announcement issued July 24
13s. 9d. per lb.; n.o.s., 33s. 9d. per thousand); tobacco
for manufacturing cigarettes (from all sources), Is. 6d. (2s. 6d.); unmanufactured
by the Commerce Department also said:
weighing machines, electric
cooking and heating appliances and builders' hardware, 45% (unchanged),
Under the terms of the agreement, Latvia undertakes to purchase 70% of
free
(20%); furs, dressed but not made up (from all sources), 15% (25%).
its annual coal imports from the United Kingdom, agrees to grant licenses
for specified annual quotas of salted herring, and accords tariff concessions
United Kingdom and Lithuania Sign Trade Agreement. on 72 British items (including motor vehicles, steel,
and textiles) and six
A most-favored-nation trade agreement, providing recipro- British colonial items (including oranges). Latvia also disclaims the intention
foreign
taxing
purchases
of
of
exchange to pay for British goods and
cal duty and other concessions, was signed by representatives
shipping services.
of Lithuania and the United Kingdom on July 6 1934, accordIn return the United Kingdom undertakes to maintain the existing tariff
ing to advices received in the United States Department of status of 23 items (including forest products and foodstuffs), and to grant
an import quota on Latvian butter of not less than 113,000 hundredweight,
Commerce from Commercial Attache Lynn W. Meekins, Lon- or
3%, of the total British annual imports
is greater) in the
don. Under date of July 12 the Commerce Department fur- event that quota restrictions should be imposed(whichever
on the importation of butter
Into the United Kingdom.
ther stated:
By the terms of the agreement, which is to become effective 10 days after
ratifications have been xchanged, and is to remain in force until Dec. Si
1936, Lithuania will reduce her import duties on coal, coke, herring,
iron
and steel sheets, tires, motor vehicles, and certain textile products, and also
agrees to purchase from the United Kingdom 80% of her total annual
imports
of coal (with a minimum of 178,000 metric tons annually), and 50%
of her
annual imports of coke.
The United Kingdom, on its part, agrees to maintain the present
tariff
treatment of bacon, hams, butter, eggs, wood pulp, plywood, and softwood,
and to operate present and future quotas on Lithuanian products on
terms
not less favorable than are, or may be, applied on similar goods
imported
from other foreign countries.
Temporary Trade Agreement Signed by United
Kingdom and France— Grants Reciprocal Tariff
and Other Trade Concessions.
A trade agreement between France and the United Kingdom, providing generally for most-favored-nation treatment
World Nitrate Cartel Reported Formed in Paris.
Regarding the agreement reported to have been reached
in Paris between representatives of the Chilean nitrate
industry and producers of synthetic nitrogen to form a
world cartel in order to avoid price wars, the Commerce
Department at Washington had the following to say as
to its advices in the matter:
Chilean nitrate, it is pointed out, has been offering keen competition
to synthetic production in world markets as reflected by the expansion
in Chilean exports in the year ended June 30 1934 to 1,162,000 tons, from
only 228,000 tons In the previous fiscal year. The reorganization of the
Chilean industry and reduction in its capital structure, as well as Chile's
trade policy of releasing frozen foreign debts and making compensatory
trade agreements with various European countries, have considerably
Improved the competitive position of Chilean nitrate.
Practically all the nitrogen exported from Chile is in the form of natural
sodium nitrate. Synthetic sodium nitrate is produced in Europe, chiefly
Volume 139
Financial Chronicle
by Germany, Norway and France. It is reported that according to the
terms of the new agreement European producers would discontinue production of synthetic nitrate of soda, at least for export, accepting as compensation increased export quotas for other nitrogenous materials.
Alprevious item regarding the above appeared in our July
28 issue, page 521.
Subscription Books to New French Loan of 3,000,000,000
Francs to Close To-Day (Aug. 4)—Reported Undersubscribed.
In Paris advices Aug. 1 to the New York "Times" it was
stated that subscriptions to the 3,000,000,000-franc Treasury
loan will be closed to-day (Aug. 4), the Ministry of Finance
announced. The Aug. 1 advices to the "Times" also said:
According to the communique, cash subscriptions "almost" fill the quota.
The fact that the Treasury has not been able to raise the desired total
In three weeks must be considered disappointing, particularly in view of
the sanguine hopes at the time of the issue and in view of the advantageous
rate of interest, which exceeds 5%.
However, the Government has had hard luck. The internal political situation became acute shortly after the lists had opened. Then the Austrian
troubles intervened, and now there is concern over the situation that may
• be created by the death of President Paul von Hindenburg of Germany.
Items regarding the new loans appeared in these columns
July 14, page 204 and July 21, page 355.
FrenchlBudget Deficit Exceeds Estimate.
The French provisional budget deficit for 1933 appreciably
exceeded estimates, said a report to the Commerce Department from Assistant Trade Commissioner Eugene Masuret,
Paris. As to the report the Department on July 26 said:
The actual deficit and the estimate were, respectively, 8,832,096,000 and
4,841,000,000 francs.
These figures, it is pointed out, are contained in a report to the French
Senate in connection with the opening and cancelling of appropriations under
the 1933 budget bill, which places the receipts and expenditures as of May
15 1934, at 43,635,310,000 and 50,467,406,000 francs, respectively.
The larger deficit is attributed to the only partial realization of economies
through salary reductions and administrative reforms, the decline in tax
receipts and increases in certain appropriations. This provisional deficit,
however, according to the report, is expected to be subsequently reduced
through larger returns from the National Lottery, revision of indemnities and
cancellation of certain appropriations.
677
have been consummated. Henceforth all German-Swiss payments, whether for
wares, movements of capital or tourist expenditures, will be conducted by
clearings between the central banks.
Transfer negotiations with Sweden have been retarded by the Swedish
contention that the $125,000,000 Kreuger loan to the Reich is on a full
parity as regards transfer with the Young loan. The Young loan conditions,
unlike those of the Dawes loan, however, contained no pledge of transfer.
Swedish Government's Finances.
Swedish Government finances continue on a notably sound
basis,according to American Commercial Attache T.0. Klath,
who is stationed in Stockholm, and who has recently been
in Washington on official business. The Department of Commerce under date of July 23 quoted him to the following
effect:
In order to meet the extraordinary expenses made necessary for relief
measures Mr. Klath points out, taxes were moderately increased, prices
charged by the liquor and tobacco monopolies raised, and steps taken to
obtain increased revenues from a number of Government-owned activities.
However, in addition to such steps, it was necessary to resort to short-term
borrowing on a large scale in order to finance new emergency activities.
Efficient management of numerous State-owned enterprises in Sweden
continue to result in sizeable revenues for the Government. Among such
enterprises may be mentioned the State Railways which during the past
decade have been electrified over all main lines; the State liquor monopoly,
including malt tax, which accounts at present for about 20% of all Government income; the tobacco monopoly which provided an amount of 85 million
crowns in the last budget; the Post Office which regularly reports a large
surplus; the telegraph and telephone service which is purely State-owned
and offers excellent service; radio broadcasting which results annually in
a sizeable profit; Government forests which add to the annual revenues;
the State Power plants which account for about one-third of all electric
power produced in the country, act as a regulator of all rates while at the
same time earning a fair return on the investment.
German Lines Will Not Accept Block Marks—Warn
Agents Certain Banks Again Offer Discounts to
Americans Going Abroad.
An echo of the famous "block-mark controversy," which
resulted last year in the Transatlantic Passenger Conference
fining the German lines for having accepted passage money in the form of reichsmarks sold at discounts by American
banking houses, was heard on July 27 (says the New York
"Herald Tribune") when the Hamburg American-North German Lloyd warned its United States agents that certain banks
were attempting to revive the practice. The account (July
28) in the paper indicated went on to say:
New German-French Commercial Treaty Reported as
Assuring Payment to France of Coupons on Dawes
and Young Loans This Year.
The signing at Berlin on July 28 of a new German-French * The German combine emphasized that it would not be a party to the plan,
commercial treaty is said to assure to France payment to as it would break down established fares.
The notice to the agents follows:
French bondholders of Dawes and Young loans coupons fall"We have certain information according to which prospective passengers
ing due next October and December.
in this country who wish to book passage by our steamers are invited by
A wireless message July 28 to the New York "Times" is certain banking houses to make arrangements for the booking of such passage
through connections in Germany and effect a saving.
further quoted as follows:
"Under the rules the regular tariff fares must be charged, and it Is not
France is the third country to win a concession from Germany in her
permissible to sell passage at reduced rates. Therefore, we with to empha-
transfer moratorium. Great Britain and Switzerland already had forced the
Reichsbank to reverse its decision not to pay. The moment appears to be
rapidly approaching when the moratorium on the Dawes and Young loans
holdings will apply almost exclusively to American claims.
The new commercial treaty provides for central clearing of all French
payments for German imports. The Reichsbank will receive the exchange
due to German firms after the amounts due to French citizens on their Young
and Dawes loans holdings have been deducted by the French Government.
Germany has given her consent to the forced clearing.
Associated Press advices July 28 from Berlin had the following to say:
Germany digressed still further to-day from her previously asserted In.
ability to make transfers on the Dawes and Young loans by announcing payment to France of coupons on these loans falling due next Oct. 15 and Dec. 1.
The new agreement, it is announced, safeguards Germany's trade surplus
with France. It will supplant a treaty which was canceled by France May
31, only to be extended several times to facilitate loans negotiations.
The Third Reich thus is credited with having preserved her economic
relations with one of her best customers. France buys annually about $90,000,000 more of goods from Germany than she sells to Germany. This balance
long has been a thorn in French trade. Negotiations for a new treaty were
started, it was understood, with the French determined to level out the matter.
The Government of Chancellor Hitler, on the other hand, even though
confronted with the prospects of treatiless commerce with France after Aug.
1, is believed to have used the Dawes and Young loan payments to good
advantage.
Germany Reported to Have Cut Interest on Debts to
Swiss—Principal Sum Also Reduced by Agreement
That May Be Applied to Americans.
The following cablegram from Berlin, July 27, is from the
New York "Times":
The Swiss-German financial agreement signed yesterday provides for reduction in the German debt and in the interest rate, two of the principal
demands of Dr. Hjalmar Schacht, President of the Reichsbank. Like the
British transfer agreement, however, it breaks the German transfer moratorium.
The agreement, -which may be applied to American creditors in view of
Washington's demand for equal treatment, provides for payment of Swiss
creditors through clearance arrangements covering trade and capital transactions and tourist traffic
Interest, however, is to be transferred only up to 41
/
2% in the future.
Sums due above this rate will go into an amortization fund to reduce Germany's Indebtedness.
The following from Berlin, July 28, is from the same paper:
Negotiations between Germany and Switzerland for a clearing agreement
size our determination not to accept for payment of passage marks which
may have been purchased at reduced rates."
Last year, as a result of the stand-still agreement reached by a committee
of international bankers, American banking houses hit upon a plan to thaw
out part of their frozen assets in Germany by selling their reichmarks at a
discount to Americans planning to travel on German liners. The prospective
passenger would take American dollars to one of the designated banks, which
would issue a form of travelers check that would be accepted by the German
lines here, as they could convert them into cash in Germany.
The plan worked smoothly until the other member lines of the TransAtlantic Passenger Conference protested on the grounds the transaction meant
that Americans actually were buying passage at savings of from 15 to 25%
under the tariff, these savings being the discounts allowed by the banks that
owned the reichmarks abroad.
Officers of the German Lines denied that they were violating the conference agreement and that the whole matter was a banking transaction which
had the approval of bankers in the United States and foreign countries.
However, Emil Lederer, sole arbiter of the conference, after studying the
whole question, ruled against the German lines and levied heavy fines against
them. He also ordered the companies to discontinue the practice, which they
did.
Ex-Kaiser Wilhelm Sends Message of Sympathy to
Family of President von Hindenburg.
Former Kaiser Wilhelm II of Germany on Aug 2 sent a
message of sympathy to members of the family of President
Paul von Hindenburg, expressing his grief at the death of
the head of the Reich. United Press advices from Doom,
Holland, gave the text of the message as follows:
The Kaiser and Katherine are mourning with moved hearts with you and
the entire German nation. A life which has been blessed by God has found
its destination. The Crown Prince will honor him in Neudeck and bring
our last greeting to the hero of Tannenberg, now gone to his last resting
place.
WILHELM I. R.
Chancellor Hitler's Storm Troops Return from OneMonth Vacation—Reduction of Force Uncertain.
The Storm Troops of Chancellor Hitler of Germany
returned from a one-month vacation on August 1. Reports
from Berlin differed as to whether or not the force had been
reduced, some press advices stating that a casual observation
indicated that such a reduction had already occurred and
others declaring that practical steps for a decrease in the
membership would be postponed for at least a month because
678
Financial Chronicle
of the political uncertainties at home and abroad. An
Associated Press dispatch from Berlin on August 1 discussed
the current strength of the Storm Troops As follows:
In the most reliable quarters it was estimated that the present strength of
the Storm Troops was between 200,000 and 800,000, whereas before the
vacation guesses as to the size of the organization ran as high as 3,000,000.
Great numbers were believed to have been eliminated through various
restrictions such as physical and mental tests and a requirement of unquestionable party loyalty.
The Storm Troops are not permitted to engage in purely military activity.
They devote their evenings to camping out, marching and drilling. In
public at least they are without weapons.
In most of the "sturm lokals" the troopers' gathering places, there was
a measure of the old hilarity to-night. Marching columns, singing spirited
martial songs, appeared this evening, but in sharply reduced numbers.
It was expected the Storm Troopers would be out in full force by Sunday
and that by then Berlin at least would have its normal martial air.
Adolf Hitler's Statement Indicating That His Title,
Following Death of President von Hindenburg,
Will Be Leader and Chancellor.
While assuming the functions of President von Hindenburg of Germany, with the death of the latter on Aug. 2,
Chancellor Adolf Hitler expressed his wish for a plebiscite
on the fusion of the two roles, in a letter sent to Dr. Wilhelm
Frick, Minister of the Interior. The letter, as reported in
Associated Press advices from Berlin Aug. 2, said:
The necessity for regulating the question of the chief of state, caused by
the national misfortune that has overtaken our people, leads me to issue
the following order:
First, the greatness of the deceased has given to the title of Reichspresident unique and non-recurring significance according to the feeling of all of
us, and in what it meant to us this title is indisolubly bound up with the
name of the great deceased. I therefore request that care be taken in
official and unofficial communications to address me just as heretofore, as
Fuehrer and Reichskanzler [Leader and Reich Chancellor] only. This
stipulation is to be observed in the future also.
Second, I desire that the vesting in my person, and thereby in the Reich
Chancellor's office as such, of the functions of the former Reich Presidency,
decided upon by the Cabinet and constitutionally valid, shall receive the
expressed sanction of the German people.
. Steeped in the conviction that all authority of the State must proceed
from the people and by them be ratified in free, secret election. I request
you immediately to lay the decision of the Cabinet, with possible necessary
additions, before the German people for a free plebiscite.
The oath of allegiance to Hitler taken by the army and
navy, and the Cabinet's announcement of the change in
governmental power were given as follows in the same
advices:
Army and Navy Oath.
I swear by God this holy oath: That I shall be absolutely obedient to
Der Fuehrer [the Leader] of the German Reich and people, Adolf Hitler,
supreme head of the army, and that I will be ready as a brave soldier to
give my life for this oath.
Cabinet's Declaration.
The Reich government has passed the following law, which is hereby
promulgated:
The office of the Reich President is united with that of Reich Chancellor.
In consequence thereof, powers heretofore exercised by the Reich President
are transferred to Der Fuehrer [Hitler] and the Vice-Chancellor [Franz von
Papen]. He [Hitler] determines who shall be his deputy.
Lost 'A Fatherly Friend' in Death of President von
Hindenburg, Hitler Tells the Cabinet.
The following from Berlin Aug. 2 is from the New York
"Times":
"In the death of President von Hindenburg I feel the loss of a fatherly
friend," said Chancellor Hitler, addressing the members of his Cabinet tonight. He recalled that the present government owed its existence to
President von Hindenburg's initiative.
Herr Hitler will deliver the official orations at the Reichstag services on
Monday and at the national memorial at Tannenberg on Tuesday. Local
commemorative services are planned throughout Germany on Tuesday.
Herr Hitler sent a telegram to President von Hindenburg's son, Oskar,
as follows:
"Still deeply moved by the minute unforgettable for my whole life in
which I was able to see and speak with our Field Marshal-General for the
last time, I receive the crushing news. United with the entire German
people in deepest grief I beg you to accept my own and the nation's condolences."
Dr. Schacht of Reichsbank Made Economic Dictator
of Germany—To Serve In Post for Six Months—
Replaces Kurt Schmitt.
Announcement that Dr. Hjalmar Schacht, President of
the German Reichsbank, has been made economic dictator
of Germany for the next six months, was made at Berlin
on Aug. 2. A copyright cablegram on that date (from
Berlin) to the New York "Herald Tribune" said:
For that period at least Dr. Schacht will succeed Dr. Kurt Schmitt,
Minister of Economics, who is ill and on a leave of absence seeking to regain
his health.
Just before Dr. Schmitt left Berlin the Government of Chancellor Adolf
Hitler passed a law which made the Minister of Economics the virtual
economic dictator of the Reich. Dr. Schacht is now taking over all these
powers and, as he also remains President of the Reichsbank, he will have
in his hands complete control over the currency and the rationing of raw
materials of the Reich.
The naming of Dr. Schacht as Provisional Minister of Economics probably was the last official act in the late President Paul von Hindenburg's
life, for the necessary warrant was signed only last Monday [July 30].
An official communique announcing Dr. Schacht's appointment stated:
"The intrusting of the Ministry of Economics to the Reichsbank President is all the more feasible now since the most pressing economic problems,
Aug. 4 1934
currency and raw material provisioning, which fall within the competency
of the Reichsbank, have now been grouped together in the economic sense."
As the Reichsbank President previously had taken part in meetings of
the Nazi Cabinet, it is not likely that the fundamental lines of recent German economic policy will undergo any change as a result of his temporary
appointment to the Ministry.
Dr. Schacht automatically also takes over the Prussian Ministry of
Economics, which some time ago was merged with the corresponding
federal portfolio.
Message From President Roosevelt to Adolf Hitler on
Death of President von Hindenburg of Germany—
Secretary Hull's Message.
Messages of sympathy on the death (on Aug. 1) of President von Hindenburg of Germany were sent to Adolf Hitler on
Aug. 2. President Roosevelt's message, it is stated, is the
first communication which he has addressed to Herr Hitler,
his intercourse having in the past been with President von
Hindenburg. President Roosevelt's cablegram to Herr Hitler
as given out by the State Department follows:
Aug. 2 1934.
His Excellency,AdolfHitler,
Germany.
Berlin,
Reich,
President of the
I learn with sincere sorrow of the death of President von Beneckendorff
und von Hindenburg, whose long life devoted to his country won for him the
love of his fellow-citizens and the respect of the entire world. I extend to
the government and the people of Germany my sincerest sympathy in
their great loss.
I beg of you to convey to Colonel Oskar von Beneckendorff und von
Hindenburg the deep personal condolence of Mrs. Roosevelt and myself.
FRANKLIN D. ROOSEVELT.
At the same time (Aug. 2) the following statement was
issued by Secretary of State 111111.
The news of the death of President von Hindenburg has just reached
me. In his passing the world has lost an outstanding figure, whose character,integrity and loyal devotion to his country have commanded the respect
and admiration of all peoples. I join with my fellow-countrymen in expressing sincerest sympathy with the people of Germany in the loss of their
beloved President.
The Secretary of State sent the following cablegram of
condolence:
His Excellency, Baron Constantin von Neurath,
Minister for Foreign Affairs, Berlin, Germany.
I extend to Your Excellency sincerest condolences on the death of your
beloved and venerable President. My fellow-citizens join with me in
mourning the passing of this great figure whose services to his country have
commanded universal respect.
CORDELL HULL,
Secretary of State.
Germany to Control Cocoa Imports.
In the London "Financial News" of July 17 it was stated
that the German Government is now to control the consumption of cocoa as it has already done with numerous
other products. The paper quoted went on to say:
Under a new decree, a State trustee has been appointed, and he has
power to allot quotas for the consumption of raw cocoa and to regulate
their purchase.
It is hoped to secure an adequate supply for the manufacture of chocolate.
It is estimated that stocks of raw cocoa in Germany are sufficient to meet
the consumption for about five months.
German imports of cocoa beans in 1933 totaled 78,217 metric tons
(compared with 78,021 metric tons in 1932), of which 67,569 metric tons
came from British West Africa, 1,145 metric tons from the Cameroons and
1,116 metric tons from the British possessions in Central America. During
the first five months of 1934, imports have advanced to 40,046 metric tons
(against 33,282 metric tons during the corresponding period a year ago),
34.923 metric tons of which were shipped from British West Africa.
Bulgaria and Soviet Union Resume Normal Diplomatic
and Economic Relations.
The Bulgarian Foreign Office announced on July 23 that
Bulgaria had resumed normal diplomatic and economic
relations with the Soviet Union, and on the same date sent
Maxim Litvinoff, Soviet Foreign Minister, a telegram informing him of this decision. Representatives of Bulgaria
and the Soviet Union on July 22 signed a protocol at Istanbul
in which they agreed not to interfere in each other's internal
affairs.
Prince von Starhemberg, in Radio Address, Declares
Austria Will Never Compromise with Nazis—Acting
Chancellor Says Nation Will Not Be Influenced
from Abroad.
Prince Ernst von Starhemberg, Acting Chancellor of Austria, in a nation-wide radio broadcast from Vienna, on
July 27, declared that the Austrian Government will never
"under any circumstances" compromise with National Socialism. He asserted that Austria will make no concession
in,any way limiting its freedom, honor and dignity, and
added that the Government would not permit anyone to
dictate or influence it from abroad regarding internal policies. Associated Press advices from Munich, on July 27,
quoted from his speech as follows:
He denounced the Nazis as "desperadoes and irresponsible elements."
He said "our leader is dead, but the idea he stood for lives more to-day
than ever. With the exeeption of a few insignificant places, order prevails
throughout Austria, and in a few more hours even these places will have
unequivocal order and law."
Volume 139
Financial Chronicle
The Chancellor said Austria was opposed "to all forms of bolshevism,
even that form which is camouflaged under nationalistic colorings. Austria is fighting against barbarism of the twentieth century."
Touching upon the conflict with Germany, he declared:
"We have never given occasion for conflict with the Reich. We have
done everything to fasten the bonds of blood and culture which tie us to
the German nation. At the same time, I must declare emphatically that
we shall never yield Austria's honor and that we shall resist every attempt
to limit the liberty and independence of our Fatherland."
Greece Supplies Funds for Payment in New York of
27./
1 6% on 6% Loan of 1914.
It was made known on Aug. 2 that there have been remitted to J. P. Morgan & Co., paying agents in New York
for the bonds of the Greek Government 5% Loan of 1914.
certain funds in sterling currency to be applied toward
effecting a payment of 273/% of the sterling currency face
value of the coupons due Sept. 1 1933 and March 1 1934 of
this loan. On each coupon presented acknowledgment of
partial payment is to be made by perforating thereon the
legend "273/2% paid." An announcement issued in the
matter also said:
In accordance with the terms of the bonds of this loan, these payments
will be made in dollars at the exchange rate of the day on which the coupon
Is presented for payment. Coupons presented for payment must be accompanied by a letter of transmittal, forms of which may be obtained from
the offices of the paying agents, 23 Wall Street, New York, N. Y. The
coupons will be returned to the holders and should be carefully preserved
and reattached to the bonds from which they were detached.
The above payments are made in accordance with the terms of an offer
made by the Greek Government to the League Loans Committee and the
Council of Foreign Bondholders (British), in London, in November 1933.
The League Loans Committee and the Council of Foreign Bondholders
agreed to recommend this offer to the bondholders and published the complete terms thereof in a joint communique dated London, Nov. 17 1933.
The communique of Nov. 17 1933 with regard to the agreement between the Greek Government and the League Loans
Committee was referred to in our issue of Nov. 18 ,page 3576.
Surplus of £1,302,000 for Australia in Past Year Indicated in Budget Speech of Prime Minister Lyons
—Internal Conditions of Government Reported as
Showing Many Evidences of Recovery Under
Present Government.
In his budget speech, delivered in the House of Representatives at Canberra, Australia, July 24, the Prime Minister and
Treasurer of the Commonwealth, J. A. Lyons, reported for
the year ended June 30 1934 revenues of £73,942,000 and expenditures of £72,640,000, resulting in a surplus of £1,302,000
compared with an anticipated deficit of £1,176,000. The
year's revenues exceeded the estimate by £5,362,000. The
Prime Minister reported that the principal revenue increases
were:
•
Customs and excise, £2,055,000.
Sales tax, £896,000.
Flour tax (since abolished), £1,254,000.
He also stated that expenditures exceeded the estimate by
£2,884,000, this being accounted for by relief to wheat growers totaling £3,045,000. In the case of the Postmaster-General's Department, the revenues exceeded the estimate by
£406,000, while the expenditures were £454,000 below the
estimate—a net improvement of £860,000. A summary of
the Treasurer's speech, received by D. M. Dow, Official Secretary for Australia, in New York City, is further quoted, in
part, as follows:
Improved Internal Conditions.
A survey of the internal conditions showed many evidences of recovery
under the present Government. Unemployment percentages had declined
steadily from 80% to 20.9%. Unemployment due directly to the depression
had been cut almost by half, the number of factory employees showing an
Increase from 337,000 to 1931-1932 to 504,000 in 1933-1934, an approximate
Increase of 20%.
The estimated National income had risen from £438,000,000 in 1931-1932
to about £497,000,000 in 1933-1984.
Bank clearings, excluding Treasury bills in capital cities, increased from
£25,000,000 weekly, in the first quarter of 1932, to £34,000,000, in the
first quarter of 1934.
Savings bank deposits increased by £11,000,000 between 1931 and 1934.
Overdraft rates of trading banks had been reduced from 7% in 1931 to a
maximum rate of 5%, this being the lowest maximum rate known in
Australia.
In September 1931, 4% 1938 local stock was £79 8s. 3d., while the latest
quotation was over £105. The redemption yield over all local 4%s, in the
same period, had decreased from E6 6s. 9d. to E3 4s. 6d.
Exports of merchandise increased from £79,000,000 sterling in 1931-1932
to £97,000,000 last year.
Despite the increase in imports, the commodity balance of trade was
highest for three years, and more than sufficient to cover °verse& interest.
Imports of merchandise had risen from £44,000,000 in 1931-1932 to £59,000,000 last year.
Successful Loan Conversions.
Since October 1932 loans amounting to £109,849,000 had been converted
in London, reducing the average interest rate from E5 us. Od. to £3 17s.
8d., and providing annual savings in interest of £1,827,000, and exchange
of £456,000. The Government confidently anticipates completion of further successful conversions during the next 18 months. The Commonwealth
Bank of Australia by September 1934 would have absorbed the whole amount
of outstanding London short-term debt, viz.: £33,625,000. This showed a
reduction from £38,000,000 in 1931. All loan services now being met
679
from long-term loans and yearly funding was slightly in excess of bills
provided for revenue deficits. The Commonwealth public debt bad decreased by £5,800,000 since June 1932. In the same period the short-term
debt showed a slight decrease.
State Deficits Decreased.
Deficits of State Governments showed improvement as follows:
1931-32 — £18,400,000
1933-34 — £7,000,000 (approximate)
1932-33 — 8,200,000
I 1934-35 — 5,880,000 (estimate)
The Commonwealth (Federal finance) has had no deficit since 1930-1931.
The budgetary position of the State governments continued to be difficult, and the Commonwealth (Federal authority) proposed a non-recurring
unconditional grant to States of £2,000,000 from accumulated balances of
the last three years.
£4,160,000 for Defence.
It is proposed also to allocate from excess receipts £4,160,000 for Defence development over a short period of years.
Taxation Concessions.
Expenditure and taxation concessions provided last year to an annual
value of £9,000,000 were being maintained, and would be supplemented by
liberalization of old age and war pensions, adjustments in Public Service
salaries, and further sales tax and primage duty relief.
No variations of rates of taxation were proposed in respect to income
tax, land tax, or estate duty. An income tax bill would be introduced to
simplify taxpayers' returns and administration.
Sales Tax.
Sales tax relief would amount to £220,000, and include exemptions of
certain articles included under the following heads: Building materials,
requirements of primary industries (including mining), and miscellaneous
foodstuffs.
Reductions in primage duties to the extent of £400,000 were proposed.
Of this amount, £250,000 was in respect of cotton piece goods of United
Kingdom origin.
Prospective Revenue Adjustments.
Summarized revenue adjustments for 1934-1935 were:
Taxation Remissions
Primage duty
.£400,000
Sales tax
220,000
Revenue Concessions
Telephone charges
120,000
Wireless (radio) licenses
90,000
Total taxation and revenue concessions
£830,000
Estimated revenue for the year ending June 30 1935 was £72,193,000.
Apart from remissions and reductions already stated, there are practically
no important changes from last year, except that no flour tax would be
collected.
The total estimated expenditure for 1934-1935 was £72,178,000, compared with £72,640,000 in 1933-1934.
In addition to the distribution of £2,000,000 to States, already referred
to, special grants to the smallei States would be increased by £270,000.
In summarizing the position for 1934-1935, Mr. Lyons said that the estimated receipts were £72,193,000, and expenditure £72,179,000, giving a
surplus of £14,000. Mr. Lyons, in concluding his budget speech, said it
was because of the Government's consistent policy of sound finance that
they were able now to point to a credit balance and complete restoration
of Australia's credit both at home and abroad; to a notable reduction in
unemployment, and a healthier internal situation; to easements in taxation,
and to a substantial measure of restoration of pension and Public Service
deductions.
Dutch East Indies (Netherlands) To Purchase Coupons
on Three Bond Issues—Holders Reminded of Dates
Gold Funds Will Be Available—Rulings on Two
Issues By New York Stock Exchange.
H. Cohn, Netherlands Minister of State for the Dutch
East Indies, issued a statement on Aug. 1, according to
the New York "Times" of Aug. 2, reminding holders of
Dutch East Indies 6% bonds due 1962, 5
bonds due
March 1 1953, and 53'% bonds due Nov. 1 1953, which
have been called for payment on Sept. 1 1934, in the case
of the first two loans and on Nov. 1 1934, in the case of
the latter, of the dates on which presentation must be made
if holders are to.be paid on a gold basis. We further quote
from the paper mentioned:
Bonds of the first two issues must be presented in Amsterdam on or
before Aug. 21 1934, and the other bonds before Oct. 22 1934, in order to
receive the benefit of gold basis payments, that is, 2.39k guilders per
dollar, against the current exchange rate of about 1 k guilders per dollar.
If the bonds are retained by the holders until the call dates payments will
merely be made at face value in dollars without the gold premium added.
The New York Stock Exchange on Aug. 2 issued, through
its Secretary, Ashbel Green, the following announcements
of rulings with regard to the two issues called for payment
on Sept. 1:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
August 2 1934.
Notice having been received that the Dutch East Indies Government
has announced that it will purchase at the rate of guilders 2.39k per
dollar, coupons due Sept. 1 1934, of Dutch East Indies 30-year external
sinking fund 04% gold bonds, due March 1 1953, which are delivered to
the Nederlandsche Handel Maatschappii, Amsterdam, Holland, on or
before Aug. 21, 1934—
The Committee on Securities rules that beginning Aug. 3 1934, the said
bonds, in addition to the regular method of trading (with next due coupon
attached. "and interest") may be dealt in "ex" the Sept. 1 1934 coupon.
transactions made in that manner to be "flat," and to be a delivery to
carry the March 1 1935 and subsequent coupons.
Unless otherwise specified, transactions in the said bonds shall be deemed
to have been made with the Sept. 1 1934 coupon attached.
Aug. 2 1934.
Notice having been received that the Dutch East Indies Government
has announced that it will purchase at the rate of guilders 2.39).4 per dollar, coupons due Sept. 1 1934 of Dutch East Indies 40-year external sinking
fund 6% gold bonds, due 1962, which are delivered to the Nederlandsche
Handel Mastschappij, Amsterdam, Holland, on or before Aug. 21 1934.
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Financial Chronicle
The Committee on Securities rules that beginning Aug. 3 1934 the said
bonds, in addition to the regular method of trading (with next due coupon
attached. "and interest") may be dealt in "ex" the Sept. 1 1934 coupon,
transactions made in that manner to be "flat." and to be a delivery to carry
the March 1 1935 and subsequent coupons.
Unless otherwise specified, transactions in the said bonds shall be deemed
to have been made with the Sept. 1 1934 coupon attached.
ASHBEL GREEN, Secretary.
New Zealand Loan Conversion.
Regarding the New Zealand Loan Conversion, we take the
following from the London "Financial News" of July 13:
The Bank of England is authorized to receive applications for £3,989,100
of New Zealand Government 314% inscribed stock of 1955-60 at 100%.
The premeds of the issue will be utilized in the repayment on Oct. 15 next
of the outstanding balance of New Zealand Government4% stock of 1933-43
so that the present issue does not involve any increase in the public debt
of New Zealand. Official announcement of the redemption of the 4% stock
has been made.
Holders of the 4% stock have the right to surrender their holdings in
exchange for the new 3%% stock on a par for par basis,and those who do so
will receive on Oct. 15 next an interest payment of £1 38. 2d.%. Although
cash applications are invited, preferential allotment will be given to holders
of the 4% stock electing to convert.
Redemption of Debt.
By the Repayment of the Public Debt Act, resources are made available
to purchase New Zealand Government securities on the open market for
cancellation or to pay them off at maturity, thereby ensuring an actual
reduction in the public debt annually. For this purpose there is issued
annually out of the Consolidated Fund a sum equal to %% of the debt
affected, and to this is added a sum equal to interest at 31,6% per annum
on the debt paid off under this scheme.
By this means a portion of the savings in interest on the debt paid off is
applied further repayments of debt,so that the debt reduction resources are
increasing year by year. Redemptions of debt amounting to £5,148,000
were effected during the year to March 31 1934, of which £1,183,000
represented long-term debt.
The gross public debt ofthe Dominion on March 31 last was £302,792,000,
against which must be set tangible assets valued on a conservative basis at
approximtaely £305,000,000. Of these, £265,000,000 are directly interest
bearing and productive, and the remaining £40,000,000 are indirectly
productive. During the year to March 31 1934, there was a favorable
visible balance of trade of £19,907,000. Returns at present to hand in
respect of the current financial year indicate that a favorable balance is
being maintained.
A Trustee Security.
The new stock, which is a trustee security, gives a yield of 3% . Interest will fall due on April 15 and Oct. 15; a first payment of £1 15s.% will
be made on April 15 next.
The list of conversion applications will open forthwith and will close on
Monday, July 30. The list of cash applications will be opened and closed
on Monday.
New Zealand's New Currency.
New Zealand's new coinage, designed by artists working
with the British mint, has gone into circulation at Wellington, said advices from that city appearing in the Chicago
"Daily Tribune" of July 11, in which it was also stated:
This means withdrawal of the British silver currency previously used in
this country.
The new coins bear designs closely related to New Zealand. The halfcrown holds the New Zealand coat of arms, and is much like the British
coin, but the shilling holds a crouching Maori warrior about to attack a foe,
the two shillings has the wingless and friendly kiwi bird, which has become
a National emblem and is found nowhere else in the world, the sixpence
shows the beautiful long-beaked hula, and the threepence shows crossed
meres, Maori weapons of atone.
New Zealand will net a profit of about £3,000,000 on the first year's
circulation of this currency, which is brought into being to stop the biggest
depression born trade—traffic in silver. Silver shortage has been acute at
times because thousands of dollar's worth of coins have been shipped to
Australia weekly. The Australians have had their national currency for
many years, but New Zealand used British coins, and there was a keen
demand for these in Australia. Sending them to England to pay debts,
they avoided the 25% adverse exchange rate levied by their banks.
Forms Cuban Bondholders'
Committee.
Bronson Cutting, U. S. Senator from New Mexico, is
Chairman of a Committee just formed for the purpose of
protecting the rights and privileges of holders of defaulted
Cuban Public Works bonds sold here some four years ago.•
According to Senator Cutting, "the Cuban Government
cannot, with impunity, repudiate obligations contracted in
the American market to the extent of tens of millions of
dollars, thereby depriving thousands of American investors,
institutions as well as individuals, of the income rightfully
due them on their investments."
Senator Cutting further says:
Senator Cutting
The Committee feels that a careful investigation should be made forthwith of the allegations by Cuba that bonds have been issued "in violation
of the laws" of Cuba,that they "were made with an usurping government."
and that they are "annulled by the vice and graft of the Machado regime."
If, as an investigation will doubtless reveal, substantial parts of the Public
Works bonds floated in the American market on behalf of Cuba have
actually been employed productively and for revenue-producing purposes,
the Committee is of the opinion that the Island Republic should be held
responsible to the extent to which it benefited from the financing.
At the same time, the unfortunate holders of these bonds, who for more
than eight months have received no interest on their investments, should
be informed of the revelations before the Seaate Committee on Banking and
Currency, to the effect that the syndicate of American bankers which sold
the bonds in question knew or should have known that economic
financial conditions in Cuba were in a deplorable state; that, for a number
of years preceding the flotation. Cuba had been unable to balance her
Aug. 4 1934
budget; and that the sale of new bonds under such circumstances would be
contrary to the laws of the Republic and in violation of the Platt Amendment which had been incorporated into the Cuban Constitution at the
Instance of the United States Government.
Inasmuch as the Cuban Government has defaulted on these bonds, and
a special commission appointed by the Government has recommended
their repudiation, and since the banking houses identified with the origination and distribution of the bonds have thus far taken no steps to make
restitution to the American investors, it is essential for the holders of these
bonds to unite promptly for their mutual protection, and to enforce collection of the interest and principal rightfully due on the bonds from the
Government of Cuba or seek appropriate remedies against the American
bankers who sold the bonds on its behalf.
The Protective Committee which I have agreed to head has been formed
by men who are not connected with or pecuniarily interested either in the
Cuban Government or in the American banks of issue. The sole Purpose
of the Committee is the formulation and putting Into effect of such measures
as may be necessary to protect the rights and interests of bondholders, including investigation and enforcement of any legal liability upon those
identified with the transaction.
In addition to Senator Bronson Cutting, the Committee
comprises:
Thomas H. Healy, Assistant Dean, Georgetown University School of
Foreign Service.
J. Fred nippy, Professor at Duke University.
Albert F. Coyle, recent Executive Vice-President of the American Insurance Union, Inc., and
Max Winkler, President, American Council of Foreign Bondholders, Inc.
United States Senator Burton K. Wheeler and Katz
and Sommerieh of 120 Broadway, New York City, are
Counsel, and Albert F. Coyle, 120 Broadway, is Secretary
for the Committee.
Exports of Cotton Cloth from Japan Increased 73,276,000 Square Yards During May, as Compared
with April—Sales Abroad of 265,633,000 Square
Yards New High Record.
Japanese exports of cotton cloth established an all-time
record during May, a report to the United States Commerce
Department, from its Tokio office points out, said an announcement issued by the Department on July 31. Total
sales abroad in that month, amounting to 265,633,000 square
yards, it was stated, registered an increase of 73,276,000
square yards over the preceding month and 66,000,000 square
yards over May 1933. The announcement by the Commerce
Department continued:
The record-breaking cotton cloth exports in May, the report states, are
attributed to the reissue of export licenses for the British India trade. Export licenses had been suspended until the formation of an export control
association and the heavy volume of exports to British India during May
totaling 45,901,000 square yards merely marked the resumption of shipments which had been suspended during the previous month.
The possibility of the imposition of restrictions on the import of Japanese
cotton cloth into the Dutch East Indies in the near future was also a contributory cause of the heavy exports, Japanese exporters being desirous of
fulfilling outstanding contracts before any definite action is taken;
New Foreign Exchange Curb in Uruguay—Law
Reported Passed Secretly.
•
According to United Press advices from Montevideo,
Uruguay, a law was passed secretly on July 27 under which
foreign exchange would be granted to importers in accordance with amounts purchased from Uruguay by the country
wishing to export there, and, secondly, by the necessity of
the article.
The United Press accounts added:
The law, details of which have not been published yet, enforces two rates
of exchange, free market and official. The former is open to importers
holding exchange permits and the latter is open to the Government for
foreign debt drafts and purchase of raw materials at easier rates.
Change of the name from Foreign Exchange Control to Foreign Imports
Control Commission is significant, indicating the trend toward evasion of
the most-favored-nation clauses of treaties through foreign exchange without
actual violation in tariff treatment of any particular country.
Simultaneously, the approaching agreement between Uriguay and Great
Britain on foreign exchange is trikingly similar to Argentine's move following her agreement with Britain.
Forecasts are made of the gradual displacement of United States exports
by British—especially textiles, steel, electrical goods evidenced in Argentina, will be repeated in Uruguay.
Secretary Hull Exempts from Embargo Order $621,569
of Arms Destined for Bolivia—Contracts Had Been
Concluded Before Presidential Proclamation—
Objection Voiced by Paraguay.
Secretary of State Hull announced on July 27 that he
had exempted from President Roosevelt's proclamation of
May 28, which placed an embargo on shipments of arms and
munitions to Bolivia and Paraguay, orders for arms and
munitions on which contracts had been concluded and substantial payments made prior to the date of the embargo.
President Roosevelt declared the embargo in the hope of
hastening the end of war in the Chaco. The text of the arms
embargo proclamation was given in our issue of June 2, page
3691. The exceptions made public by the State Department,
on July 27, included $621,569.39 in materials for which the
Bolivian Government had made contracts before May 28 and
on which manufacture had been practically completed. The
Volume 139
Financial Chronicle
State Department refused to accept other contracts amounting to $2,065,421.79.
A Washington dispatch of July 27 to the New York "Herald Tribune" gave further details of the exemption ruling as
follows:
The review of the contracts was made at the request of the Bolivian Minister in a note on June 19. The Department announced that after full investigation the Secretary of State had decided that "on grounds of equity
and fair dealing with the Bolivian Government" certain exceptions to the
embargo should be made.
It was stated officially that there will be "no further exemptions." The
action of the Government was communicated at once to the British Government and to the Secretary of the League of Nations.
New Ruling Affects Six Companies.
The original Presidential proclamation permitted export of only those
orders which had been completely manufactured and paid for prior to May 28.
The new interpretation adds to the exceptions some border-line cases.
The exceptions made by the State Department were:
Curtiss-Wright Export Corp.—Three Curtiss-Wright Falcon and two Curtiss-Wright Hawk airplanes, which has been completely manufactured but
not assembled on May 28, and for which payment had been made. $139,500.
American Armaments Corp. of New York.—Mortars, ammunition and
bombs, on which manufacture had largely been completed and paid for before
May 28. $416,407.25.
Remington Arms Co, Inc.—Ammunition contracted for on March 5 and
March 9, and manufactured and largely paid for before May 28. $11,200.
Colt's Patent Fire Arms Manufacturing Cm—Revolvers and revolver
equipment, contracted for on April 13, May 16, and May 21, almost completely manufactured and fully paid for before May 28. $15,555.50.
United Aircraft Exports, Inc.—Four engines, engine parts and accessories
contracted for at various dates between Oct. 26 1933 and May 14 1934, and
paid for in full and almost completely manufactured before May 28.
$38,906.64.
Makes Several Exceptions.
The State Department refused to except the following parts of contracts
with some of these same companies. The chief items involved were:
Curtiss-Wright Export Corp.—Four Curtiss-Wright Condor airplanes,
$290,000, and spare parts valued at $100,000.
American Armaments Corp.—Bombs and ammunition, $1,647,500.
United Aircraft Exports, Inc.—Engine parts, gun synchronizers, propellors and other equipment, valued at approximately $18,000.
All shipments of myna and munitions under contracts entered into
by the Paraguayan Government with American companies had been terminated before May 28, the State Department said it had been informed by
the Minister of Paraguay.
Senator Gerald P. Nye, Chairman of the special Senate Committee to Investigate the Munitions Industry, said that his Committee would
look into
everything in connection with the President's embargo on shipments
to the
Gran Chaco and with exceptions granted to it. He said he had been
informed that the State Department had been under "considerable
pressure"
to modify the embargo and that he had been told munitions
manufacturers
were "winking" at the proclamation.
Indicating that objection to the State Department's action
has been voiced by Paraguay, an Associated Press account
from Asuncion (Paraguay), July 30, to the New York "Herald Tribune" said:
The Foreign Ministry to-day issued the following statement:
"The resolution adopted by the United States Government conceding
permission to the Bolivian Government for embarking an important quantity
of war material after having decreed an embargo on arms caused a painful
surprise in Paraguay.
"The United States Government is well acquainted with the pacific efforts
actually under way (to end the war between Paraguay and Bolivia)
and
the source of the obstacles which have been placed before them.
In such circumstances, the permission conceded—in spite
of the technical and legal
reasons which were invoked in its support—appea
rs better destined to stimulate the continuation of the fight favoring one of
the parties.
"The Bolivian Government has tenaciously
opposed an embargo on arms,
reaching the point of threatening a commercial reprisal,
and powerful financial interests are aligned in its favor with no less vigor
in an attempt to
provide that country with a means to prosecute the
war with more advantages.
"Bolivian diplomats deliberately falsified the truth when they
affirmed
an embargo favors Paraguay as possessing factory
a
of arms and munitions.
The reality is that Bolivia enjoys all the facilities
to provide itself with the
material in factories and to transport them by the
railways of neutral States,
while Paraguay is denied such advantages."
Tin Agreement Fixes Quotas for Signatories—Bolivia,
Malay States, Dutch East Indies and Nigeria in
Pact.
The following copyright advices from London, July 29, are
from the New York "Herald Tribune":
Details have now been issued of an agreement between
the governments
of Bolivia, the Malay States, the Dutch East Indies and Nigeria
for the
operation of the much criticized "buffer tin pool."
The
administered by a committee of four, to be nominated by scheme is to be
delegations of the
signatory governments to the International Tin Committee.
The butter stock is to consist of 8,282 tons of metal which will
be
by a special quota apportioned among the signatory governmentsprovided
in proportion to standard tonnages. The agreement will expire on
Dec.
unless the signatory governments unanimously agree to continue 31 1935
it.
The announcement of an agreement for the pool, which its sponsors
will tend to prevent speculation and fluctuations in the price of the claim
metal.
served to stiffen the quotations in London. A few weeks
ago the price
slumped to £2.22 a ton chiefly due to the dwindling demand in
America.
It has now recovered to over £2.31. However, tin interests appear
rather
nervous about the immediate future of the metal since it is said that
additional tonnage is now coming on the market as the result of an
increase
in the quota in April, which isn't being absorbed. It is, therefore, suggested
that the quota may be reduced again in September.
681
Bolivia and Paraguay to submit their
Chaco dispute to arbitration. Associated Press advices,
July 30, to the New York "Herald Tribune" added:
nations to appeal to
The two countries have been at war for several years over territory lying
within the Gran Chaco zone.
The Governing Board, composed of ranking diplomatic representatives of
all the Latin-American nations, and the American Secretary of State, acted
to-day to adopt the resolution drawn up by a special committee following the
recent visit here of President-elect Alfonso Lopez of Colombia. The resolution said:
"That as soon as possible this resolution be communicated to the neutral
governments, members of the Pan-American Union, in order that, if they
deem it fitting, they shall jointly address a new call to the belligerents of
the Chaco so that this international tragedy may cease and they may submit
their differences to the process of conciliation or arbitration.
"That a vote of applause be given to his excellency, Dr. Alfonso Lopez,
President-elect of Colombia, for his humanitarian initiative on behalf of the
Peace of the continent."
Leonard Truda Named President of Banco Brazil.
Leonard Truda, a director of the Banco Brazil, was
appointed President of that institution and inducted on
July 27, according to Rio de Janeiro advices that day to
the New York "Times," which noted that he recently
organized the Brazilian sugar defense plan, regulating production.
Organization of Industrial Credit Banks in Brazil
Authorized Under New Decree.
In its July 29 issue the New York "Times" published
the following special correspondence from Rio de Janeiro
July 18:
Banks of industrial credit can now be organized in Brazil and a recent
decree of the Provisional Government regulates the form in which they
may operate subject to Government consent.
The aim of these institutions is to grant long-term loans at low interest
for the development of National industries. They will be organized by
private capital and without Government help.
The minimum capital with which each bank is allowed to operate is
set by the Government at $1,000.000 under a corporate charter authorizing
the issue of capital shares to be sold in Brazil or abroad.
Retirement and Pension System Created in Brazil—
Employees of Commercial Establishments Over
65 Years of Age Affected.
The creation of an institute for retirement and pension
of employees of commercial establishments is authorized in
a recent decree of the Brazilian Central Government, according to a report to the United States Commerce Department from Commercial Attache R. H. Ackerman,
Rio de Janeiro. All employees in occupations defined in
the text of the decree up to the age of 65 years are required
to participate in this institute, the report states. The
Commerce Department, on July 30, further announced:
The retirement fund will be derived from a variable percentage of monthly
wages paid from 3% to 5% contributed by labor, an equal sum contributed
by employees, and a sum contributed from a tax of 1% on accounts, invoices and receipts covering merchandise sales.
Workers disabled in such a way that their normal capacity is reduced
two-thirds may receive for a period of six months 50% of their respective
salaries. At the age of 65 years associates may retire and will receive
an income calculated on the contributions paid in on the minimum basis
of 70% of the average salary during the last 36 months for which quota
was deposited.
Dismissal or reduction of salary of employees or labor having been
employed by the same commercial house for 10 years can only be permitted for certain causes duly proved, such as disobedience, lack of discipline, circumstances of force majeure, or a serious offense.
The belief is current in business circles, Commercial Attache Ackerman
declares, that numerous modifications will be made in the retirement
and pension decree before it actually becomes effective, despite the provisions that it should be effective immediately.
Ecuador Drops Exchange Control—Acts to Provide
. More Funds for Foreign Trade.
Under date of July 29 a cablegram from Guayaque to the
New York "Times" stated:
An executive decree issued today suspends the Exchange Control measure
Impounding 25% of export drafts until Sept. 30 unless the sucre drops
below 8% cents.
The government says this measure will provide more exchange in the
open market, strengthening the sucre, and will not affect exchange control
or liquidation of registered drafts, as ample funds are held by the central
bank for this purpose, owing to the time taken by liquidators in approving
conversions.
As sugar men have dropped their price to 17 sucres a quintal. further
Importation is prohibited.
About 150 Classes of Goods Exempted Totally or
Partially by Australia from Primage (Supplementary Customs) Duty.
The Federal budget for the Commonwealth of Australia
for the fiscal year 1934-35, introduced in Parliament on
July 24, provides, among other tax reductions, for total or
Pan-American Union Acts to End Gran Chaco War— partial exemption from primage (supplementary customs)
duty provisionally effective July 25, for about 150 classes
Calls on Neutrals to Urge Belligerents to Arbitrate.
The Governing Board of the Pan-American Union adopted, of goods, principally products subject to the preferential
tariff, according to information made available to the
on July 30, a resolution calling for all the neutral American
United States Department of Commerce through the
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Financial Chronicle
courtesy of Mr. W. T. Turner, Australian Customs Representative in New York, and a cablegram from Assistant
Trade Commissioner Wilson C. Flake, Sydney. The principal articles affected, said an announcement issued by
the Commerce Department on July 30, include ran cotton,
cotton piece goods, paper, chemicals and turpentine.
Visaed Consular Invoice Required by Argentina on
Imported Merchandise—Replace Certificates of
Origin.
In order to simplify the procedure for verifying the value
of imported merchandise, an Argentine decree dated June 1,
and issued on June 26, requires shipments of merchandise
to be covered with a visaed consular invoice which will
replace the heretofore required certificate of origin, with
certain exceptions, according to a cable dated June 27,
from Commercial Attache Alexander V. Dye, Buenos Aires,
the United States Department of Commerce announced
June 29. It said:
This decree also establishes the following consular fees applying to the
consular invoice: for shipments valued up to and including 1,000 gold
Pesos, consular fee 1 gold peso;shipments valued at from 1,001 to 5.000 gold
pesos, consular fee 2 gold pesos; shipments values at from 5,001 to 10.000
gold pesos, consular fee 3 gold pesos; shipments valued at over 10,000 gold
pesos, consular fee 4 gold pesos.
Extra copies of the consular invoice, as well as the commercial invoice
will be visaed free of charge.
Pan-American Commercial Conference Will Be Held in March 1935—Saavedra
Lamas Named Head of Commission to Organize
Parley.
The Argentine Government announced on July 28 that
the Pan-American commercial conference which will meet in
Buenos Aires in accordance with a resolution adopted at
the seventh Pan-American conference at Montevideo will
be called for March 1935. The Government has appointed
a commission, headed by Foreign Minister Carlos Saavedra
Lamas, to organize the conference. A dispatch from Buenos
Aires to the New York "Times" on July 28 gave further
details of the pending conference as follows:
Argentina Announces
Aug. 4 1934
this international tragedy may cease and they may submit
their differences to the process of conciliation and arbitration."
Associated Press Washington advices of July 30 commented
on this action as follows:
Opinion was somewhat divided here tonight in Latin-American diplomatic
circles as to the effectiveness of to-day's action, but it had the hearty approval of both the Paraguayan and Bolivian Ministers here. In other quarters
some officials believed it might be the needed gesture to terminate the Chaco
conflict.
"Paraguay," Minister Enrique Bordenave told the union board, "always
has been disposed to end the war through complete cessation of hostilities
and general demobilization, to be followed by arbitration efforts. Our dispute cannot be discussed with reason and without rancor under the pressure
of battle."
Dr. Enrique Finot, in thanking the union, declared, "The Bolivian Government has always believed the solution of the Chaco conflict must be an
American solution. I am sure that the resolution of the union will be received in Bolivia with the greatest interest and sympathy."
$234,006 of External Sinking Fund 6% Gold Bonds of
Argentina to Be Purchased for Sinking Fund.
J. P. Morgan & Co. and The National City Bank of New
York, as fiscal agents, are notifying holders of Government of the Argentine Nation external sinking fund 6% gold
bonds, issue of Feb. 1 1927, due Feb. 1 1961, that $234,006
in cash is available for the purchase for the sinking fund of
so many of these bonds as shall be tendered and accepted
for purchase at prices below par. An announcement in
the matter said:
Tenders of these bonds, with Feb. 1 1935, and subsequent coupons attached, should be made at a flat price, below par, either at the office
of J. P. Morgan & Co.. or The National City Bank of New York, before
3 p. in. Aug. 31. If tenders so accepted are not sufficient to exhaust the
available moneys, additional purchases may be made upon tender, below
par, up to Oct. 30.
Uruguay to Pay August 1 Coupon of 8% Bonds of 1921
at Rate of 3%%.
The coupon of the 8% Uruguay Bonds of 1921, due Aug.1
1934, will be paid at the National City Bank, New York,
fiscal agents, at the rate of 33'%, according to an announcement concerning the external debt of the Republic made
July 30 by J. Richling, Minister of Uruguay.
The coming conference is one of several to which the Montevideo Parley
referred important questions for final settlement. It was to follow immediately the third Pan-American financial conference at Santiago, Chile,
which was to consider financial projects presented at Montevideo by the
Mexican delegation.
As there seemed little probability of Chile's calling a financial conference
in the early future Senor Saavedra Lamas requested and obtained the
agreement of other Pan-American Foreign Offices that the commercial
conference precede the Santiago conference.
The agenda of the commercial conference, approved at, the Montevideo conference, includes such matters as port facilities for entry, loading
unloading and departure of ships and aircraft, reduction of customs duties.
improvement of land for marine and fluvial aerial communications, police
regulations for the repression of smuggling, simplification of customs
procedure and tourist facilities and uniform classification of merchandise.
Brazil Pays 173/3% of Coupon Due Auguat 1 on City
of Porto Alegre 40-Year 7% Sinking Fund Gold
Bonds, External Loan of 1928.
Ladenburg, Thalmann Sz Co., as fiscal agents, announce
that they are notifying holders of City of Porto Alegre
(United States of Brazil) 40-year 7% sinking fund gold
bonds, external loan of 1928, that, pursuant to decree of
the Chief of the Provisional Government of the United States
of Brazil, known as Presidential Decree No. 23,829 of Feb.
5, last, funds have been deposited with them, on behalf
of the City of Porto Alegre, sufficient to make a payment,
the United States of America, of 173/%
United States Relinquishes Control of Haiti, as Army in lawful currency of
on the face amount of the coupons due Aug. 1 appertainIs Taken Over by Native Officers.
The United States Government formally relinquished con- ing to these bonds. The announcement said:
payment will amount to $6.12% for each $35 coupon and $3.0831
trol of Haiti on Aug. 1, in ceremonies at Port au Prince in forThe
each $17.50 coupon. Such payment, if accepted by holders of the
officers.
own
its
by
over
taken
was
Army
which the Haitian
bonds and coupons, must be accepted in full payment of such coupons and
The final withdrawal of United States marines from the of the claims for interest represented thereby. Payment will be made upon
Presentation
and surrender of the Aug. 1 coupons to the fiscal agents
Republic is expected to be completed within a fortnight. at their office,
25 Broad Street.
described
1
United Press advices from Port an Prince Aug.
the ceremonies marking the transfer of command of the Finland Residential Mortgage Bank Declares Operative Plan to Reduce Interest on 6% Gold Bonds
army as follows:
Due 1961.
The command passed from American to Haitian hands as 50,000 people
watched, ending 19 years of United States occupation. Colonel Demosthenes
Finland Residential Mortgage Bank is notifying holders
P. Calixte assumed command, replacing Major General Clayton B. Vogel,
of its first mortgage collateral sinking fund 6% gold bonds,
-who ranks as a lieutenant Colonel of United States Marines.
due Sept. 1 1961, that the proposal of April 30, last, for a
The Garde d'Haiti was organized September 15, 1916, with native enlisted men and officers from Marines, Navy men and qualified Haitians. It
in interest rate and governmental guarantee has
reduction
be
to
is
It
police.
rural
551
plus
men,
2,300
now numbers 170 officers and
been declared operative, deposits in sufficient volume havIncreased by 800 men when revenue permits.
ing been received to render the plan feasible. In stating
The final withdrawal of Marines began last Friday, when 242 sailed. The
last contingent will sail in two weeks, completing Haiti's "second indethis, an announcement issued in the matter continued:
pendence."
Holders of deposit receipts will be entitled to receive bonds in the aggreover
turned
be
to
A treaty signed a year ago provided that the Garde was
October 1, with all Marines out in thirty days. President Roosevelt speeded
up the withdrawal.
Governing Board of Pan American Union, Headed by
Secretary of State Hull, Asks Neutral Nations to
Seek End of Chaco War Between Bolivia and
Paraguay.
The Governing Board of the Pan American Union, headed
by Secretary of State Hull, on July 30 adopted a resolution
asking all neutral American Nations to indicate their attitude with regard to unified action designed to bring the Chaco
war between Bolivia and Paraguay to an end through arbitration. The resolution stipulated that peace efforts be brought
before neutral Governments that are members of the Pan
American Union "in order that, if they deem it fitting, they
.shall jointly address a new call to the belligerents so that
gate principal amount represented thereby, with Sept. 1 1934, and subsequent coupons attached, upon surrender of their receipts on and after
Aug 20. As nearly as can be estimated, there will be available for Sept. 1
1934, interest on bonds of this issue an amount approximately equivalent
to interest at the rate of 4 % per annum. Holders of stamped bonds will
receive interest at the rate of 5% per annum, the Government of Finland
supplying the deficiency.
Bondholders who have not deposited their bonds in acceptance of the
proposal are asked to do so either at the reorganization department of
The National City Bank of New York, 22 William Street; the London
office of the bank, 36 Bishopsgate; Finlands Bank, Helsingfors, Finland or
Stockholms Enskilda Bank. Stockholm, Sweden.
Tenders Invited for Purchase for Sinking Fund of
External 30-Year 5% Sinking Fund Gold Bonds of
New South Wales (Australia).
The Chase National Bank, New York, as successor fiscal
agent, has announced that it is inviting tenders for the
sale to it of State of New South Wales, Australia, external
Volume 139
Financial Chronicle
30-year 5% sinking fund gold bonds, due Feb. 1 1957, at
prices not exceeding their principal amount and accrued
interest, in an amount sufficient to exhaust the sum of
$143,129.98 in the sinking fund. Tenders will be received
up to 12 o'clock noon, Aug. 6 1934, at the Corporate Trust
Department of the bank, 11 Broad Street, New York.
683
Market Value of Listed Stocks on New York Stock
Exchange Aug. 1 $30,752,107,676, Compared with
$34,439,993,735 July 1-Classification of Listed
Stocks.
As of Aug. 1 1934 there were 1,199 stock issues aggregating
1,294,090,365 shares listed on the New York Stock Exchange,
with a total market value of $30,752,107,676. This compares with 1,203 stock issues aggregating 1,294,762,403
shares listed on the Exchange July 1 with a total market
value of $34,439,933,735, and with 1,202 stock issues aggregating 1,294,379,415 shares with a total market value of
$33,816,513,632 June 1. In making public the Aug. 1
figures on Aug.3, the Exchange said:
As of Aug. 1 1934, New York Stock Exchange member total net borrow-
Decrease of $159,184,300 in Outstanding Brokers'
Loans on New York Stock Exchange During July
-July 31 Total of $923,055,826 Compares with
$1,082,240,126 June 30.
Outstanding brokers' loans on the New York Stock
Exchange decreased by $159,184,300 during July-the July
Inge on collateral amounted to $923.055,826. The ratio of these Member
31 total being reported by the Exchange at $923,055,826, total
borrowings to the market value of all listed stocks on this date was
which compares with $1,082,240,126 June 30. The June 30 therefore 3.00%. Member borrowings are not broken down to separate
figure represented an increase of $65,853,440 over the May 31 those only on listed share collateral from those on other collateral; thus
these ratios usually will exceed the true relationship between borrowings
total of $1,016,386,686. In our issue of July .7, page 44, on
all listed shares and their market value.
we erroneously reported a decrease of $65,853,440 instead of
As of July 1 1934, New York Stock Exchange member total
an increase during the two months.
net borrowings on collateral amounted to $1,082,240,126.
The Exchange's report, issued on Aug. 2, showed that
The ratio of these member borrowings to the market value
demand loans during July amounted to $588,073,826, which
of all listed stocks, on that date, was therefore 3.14%.
contrasts with the June total of $740,573,126, while time
In the following table, listed stocks are classified by leadloans in July totaled $334,982,000 against $341,667,000 in ,sing industrial groups, with the aggregate market value and
June. The report for July, as issued by the Exchange, average price for each:
follows:
New York Stock Exchange member total net borrowings on collateral,
Aug. 1 1934.
contracted for and carried in New York, as of the close of business July 31
1934. aggregated $923,055,826.
The detailed tabulation follows.
Time.
Demand.
(1) Net borrowings on collateral from New York banks
or trust companies
8517,718,978 8330,509,000
(2) net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the City of
New York
4,473.000
70.354,848
8588,073,826 8334,982,000
Combined total of time and demand borrowings $923,055,826.
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
Below we give a two-year compilation of the figures.
1932Total Loans.
Time Loans.
Demand Loans,
July 30
$51,845,300
8241,599,943
8189,754,643
Aug. 31
331,699,320
68.183,300
263,516,020
Sept. 30
379.801,583
110.008,000
269,793,583
Oct. 31
324,702.199
122,884.600
201,817,599
Nov. 30
337,612,558
123,875,300
213,737,258
Dec. 31
346.804,658
120.352,300
226,452,388
1933Jan. 31
359,341.058
104,055,300
255,285,758
Feb. 28
359,957,056
137,455,500
222,501,556
Mar. 31
310.961,581
103.360,500
207.601.081
Apr. 29
322.492.188
115,106,986
207,385.202
May 31
528,509,438
130,360,986
398.148,452
June 30
197,694,564
780.386,120
582,691,556
916,243,934
July 31
236,728.996
679,514,938
917,215,274
Aug. 31
283,056,579
634,158,695
896,595,531
Sept. 30
272.145,000
624,450,531
Oct. 31
261,355,000
776,182,033
514.827,033
789,229,539
Nov. 30
244,912,000
544.317.539
845,132,524
Dec. 30
247,179,000
597,953,524
1934903,074,507
Jan. 31
276,484,000
626,590,507
938,010,227
Feb. 28
281,384,000
656,626,227
Mar. 31
267.074,400
981,353,948
714,279,548
Apr. 30
1,088,226,359
276,107,000
812,119,359
May 31
1.016,386,689
294,013,000
722,373.686
June 30
1,082,240,126
341,667.000
740.573,126
July 31
334.982,000
923,055,826
588,073,826
Meeting of Association of Stock Exchange Firms To
Be Held Next Monday For an Exchange of Views
on Conditions Confronting Business.
A meeting of the Association of Stock Exchange Firms is
to be held on Monday next Aug. 6 for an exchange of views
on the "unprecedented influences" on business conditions,
and possibly "to formulate ideas to dispel the uncertainties
that have become so manifest." Prank R. Hope, President
of the Association, in his letter to members announcing the
meeting said:
Business conditions have been subjected to so many unprecedented
Influences, and our problems have multiplied so rapidly in recent months,
we must now realize that if our business is to prosper we must face new
conditions in keeping with the spirit of the times. We feel that we must
take definite steps toward overcoming the present inertia.
A demand has appeared for an opportunity for an informal exchange of
views in order that we may obtain a clearer understanding of our common
problems; and, possibly, to formulate ideas to dispel the uncertainties that
have become so manifest.
Responding to this deamand, your association has arranged for a meeting
In the governing committee room of the Stock Exchange on Monday. Aug.
6,at 3:15 P. M.
In order that ideas may be freely exchanged, this will not be a public
meeting, attendance being limited to one (1) partner from each firm.
Enclosed find a card of admission, which should be signed by the partner
attending the meeting and presented at the door.
If you do not plan to attend, please destroy the card.
A similar meeting was held on July 30 at the instance of
Victor Paradise of Frazier Jelke & Co. According to the
New York "Times" of Aug. 2 that meeting, which was
attended by representatives of about 30 large brokerage
firms, was so successful in producing rehabilitating plans
that it resulted in many requests for similar gatherings,
according to brokers.
Market
Value.
Autos & Accessories
Financial
Chemicals
Building
Electrical Equipment Mfg
Foods
Rubber & Tires
Farm machinery
Amusements
Land & realty
Machinery & metals
Mining (excluding iron)
Petroleum
Paper & publishing
Retail merchandising
Railways & equipments
Steel, iron & coke
Textiles
Gas & electric (operating)
Gas & electric (holding)
Communications (cable, tel. & radio)
Miscellaneous utilities
Aviation
Business & office equipment
Shipping services
Ship operating & building
Miscellaneous business
Leather & boots
Tobacco
Garments
U. S. Companies operating abroad
Foreign companies (mnci Cuba & Canada)
All listed stocks
1,938.628,776
890,101,374
3,377,338,976
245,733,703
725.072,139
2,221,860,555
218,968,711
309.206,214
116.323,285
30,962,294
969,647.955
1,049.038.342
3.449,336,839
211.042,345
1.723,236,305
3,366,598,303
1.175.475,670
167,070.086
1,560.840.700
968,891,538
2,403,418.681
145,547.904
136,555,844
231,747,507
6.898.405
27,545,042
70,589,526
217,476,837
1,449.596,519
15,998.631
588.892,194
742,466.476
Aver.
Price.
18.24
16.18
46.87
15.68
17.73
30.09
21.67
25.12
8.06
6.25
20.28
19.13
18.89
12.55
27.82
29.19
30.41
14.00
22.46
10.04
63.92
15.09
7.04
21.40
3.29
7.61
12.57
34.25
55.94
15.78
17.54
20.11
30,752,107.676 23.76
Plans for Formation of Lazard Freres & Co. to Engage
in Underwriting and Investment Security Business.
Plans for the formation of Lazard Freres & Co., Inc., to
engage in underwriting and to conduct a general investment
security business are being completed, it was learned on
Aug. 2 from Lazard Freres', members of the New York
Stock Exchange. Stanley A. Russell, formerly Vice-President of the National City Co., will be President of the new
company and John D. Harrison, formerly Vice-President of
the Guaranty Co. of New York, will be a Vice-President.
Frank Altschul, of Lazard Freres, will be Chairman of the
Board of Directors of the new company. Other members of
the Board will include members of the firm of Lazard Freres
and certain of the officers of the new company.
In the advices made available this week it was stated:
It is expected that formal announcement will be deferred pending completion of the organization plans and personnel of the new company. The
new company will make its headquarters at 120 Broadway.
The long established firm of Lazard Freres, with its connections in Paris
and London, will continue as heretofore carrying on its Stock Exchange,
securities, and foreign exchange business.
The new enterprise of Lazard Freres-Lazard Freres & Co., Inc.-is
a logical step in adjusting the activities of the firm to the new order, and
accords with the traditional policy of the firm in conforming its activities
to the requirements of business in the United States. The firm of Lazard
Freres, New York, has been in existence for over 50 years, and is an outgrowth of a partnership formed in New Orleans in 1848. which shortly
thereafter moved to San Francisco, and which in 1884 became the London,
Paris & American Bank, Ltd., in that city. Shortly after the turn of the
century the interest in the bank was sold and all activities in the United
States concentrated in the New York firm.
National Credit Corporation Completes Retirement of
Gold Note Issue-100% Returned to Subscribing
Banks.
Announcement was made on July 27that the National Credi
Corporation had advised holders of its Gold Notes Notieet
that sufficient funds are now on hand to retire the remain-
684
Financial Chronicle
ing 5% of the principal of its note issue outstanding amounting to approximately $6,300,000. A series of partial disbursements have already retired 95% of the principal of
its Gold Notes and this payment of 5% to subscribers will
mean the refunding of 100% of the called subscriptions to
The National Credit Corporation's Gold Notes.
The foregoing announcement was made by Mortimer N.
Buckner, President of the Corporation, who also stated:
Interest at the rate of 3% per annum for the period ending October 15
1932 has been paid and from the procedes of the liquidation of the remaining outstanding loans made by the Corporation to its Associations of
interest will be forthcoming.
Due to the existing conditions in the comunities in which the remaining
National Credit loans are still outstanding collections will probably be
much slower than they have been in the past.
It will be recalled that The National Credit Corporation was organized
In October 1931 for the purpose of aiding and assisting banks throughout
the United States to utilize their resources and credit so as to further the
stabilization of financial and economic conditions. Within ten days after
the Corporation had been formed nationwide subscriptions to its Gold
Notes were received at the Home Office in New York, totalling approximately $425,000,000.
A month after the announcement of the organization of The National
Credit Corporation loans were being made throughout the country and
by February 1932 it reached the peak of its operations—loans and commitments then totalling $188,000,000. Over 1,200 advances were made
to banks in 31 different states.
The Corporation called upon the 4,182 banks that made up its membership for only 30% of the amount of their subscriptions. The New York
City banks alone subscribed to over $140,000,000 of Gold Notes and ins
addition loaned the Corporation directly at various times approximately
$90,000,000, thereby making it unnecessary for the Home Office to call
on the banks country-wide for additional payments on account of their
subscriptions.
The Corporation's function was a temporary one, intended solely to
meet the emergencies of the time and it operated actively until the Reconstruction Finance Corporation was created by Congress early in 1932,
and was ready to take over the work being carried on by The National
Credit Corporation.
Details of the previous payments aggregating 95% were
given in our issue of December 24, 1932, page 4320.
Governor Harrison of the Federa' Reserve Bank of
New York Confers with Officials of Federal
Reserve Board.
George L. Harrison, Governor of the Federal Reserve
Bank of New York was in Washington this week, and on
Aug. 1 is reported to have conferred with members of the
Federal Reserve tsoard. His visit to Washington followed
his return from abroad on July 23. The fact that he was
accompanied on his trip from Europe by Montagu Norman,
Governor of the tsank of England, was noted in our July 28
issue, page 536.
Forms on Which Member Banks May Supply Statistical Data Regarding New Loans Distributed by
New York Federal Reserve Bank.
In forwarding to member banks forms on which the latter
may supply information loans, the Federal Reserve Bank of
New York addressed to the banks the following circular:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 1405, Aug. 11934.]
To Member Banks in the
Second Federal Reserve District: •
I quote below from a letter recently addressed to me by the Federal
Reserve Board:
In order that the Board and the Treasury may have available statistical
data on the amount of new loans made by member banks during the present
year and on the amount of loans paid or written off, it will be appreciated
If you will obtain from every licensed member bank in operation on June 30
1934. a report in accordance with the attached form (B-1005a).
Two copies ofsuch form are transmitted herewith, one of which should be
completed and returned to me and the other should be retained for your
files. You will note that the form calls for only those loans which are included against items 5-c, 6-a, 6-b, 7, and 8 of Schedule E in the condition
report.
J. H. CASE. Federal Reserve Agent.
Industrial Advisory Committee in San Francisco
Federal Reserve District.
Shannon Crandall, head of the California Hardware
Company of Los Angeles and former President of the Chamber of Commerce, has beer appointed a member of the Industrial Advisory Committee named in the Federal Reserve
District of San Francisco to pass on industrial loans to be
made by the Bank. According to the Los Angeles "Times"
of July 12 announcement to this effect was made by John U.
Calkins, Governor of the San Francisco Federal Reserve
The paper
Bank, through the Los Angeles branch.
quoted stated that the other members of the committee are
Ralph Burnside, Pacific Spruce Corporation, Portland; Henry D. Nichols, Tubbs Cordage Company, San Francisco;
H. L. Terwilliger, Ingersoll-Rand Company, San Francisco,
and Stuart L. Rawlings, Calaveras Cement Company, San
Francisco.
Aug. 4 1934
Industrial Advisory Committee Ready to Pass on Loans
in Richmond Federal Reserve District.
In the Baltimore "Sun" of July 25 it was stated that the
Federal Reserve Bank of Richmond and its branch at Baltimore are prepared to receive applications for industrial
loans provided for in the amendment. to the Federal Reserve
Act, making provision for direct loans to industry by the
Federal Reserve banks. A notice to this effect, it is said, has
been sent to banking and other financial institutions in the
Fifth District by George J. Seay, Governor of the Richmond
Reserve Bank. The "Sun" added:
The applications will be submitted for consideration to the Industrial
Advisory Committee recently appointed for this District. Maryland is
represented on the committee by George E. Probest, Jr., Secretary and
Treasurer of the Bartlett-Hayward Company.
Application forms and other information concerning the loans have been
sent by the Reserve bank to chambers of commerce throughout the District.
Separate Insurance Fund for Mutual Savings Banks
Established by FDIC.
A separate insurance fund for mutual savings banks
has been established by the Federal Deposit Insurance
Corporation as provided in the recent amendment to the
Banking Act of 1933, Leo T. Crowley, Chairman of the
Corporation, announced on July 31. From the announcement we also quote:
1,397,619 depositors in 68 mutual savings banks with a combined total
deposit liability of $1.382,350,396 will be protected by the separate fund,
and each insured mutual savings bank may elect either $2,500 or $5,000
as the maximum individual protection it cares to offer.
Fundamental differences in the organization and operation of mutual
savings banks prompted their segregation from the fund for commercial
banks, Mr. Crowley said.
The fund for mutual savings banks will be operated separately from
the existing fund for commercial banks. However, the entire resources
of the Corporation will be back of both funds. The present personnel
of the Corporation will administer the new fund.
Government Sends Questionnaire to Small Manufacturers to Ascertain Information as to Whether
Difficulty Is Encountered in Obtaining Bank
Loans to Meet Maturities.
The Government Census Bureau on Aug. 1 distributed
a questionnaire to 16,000 small manufacturing firms employing between 30 and 190 wage earners each, asking
information to indicate difficulties that might have been
experienced in obtaining loans from local bankers to meet
maturing obligations. The data will be kept confidential,
but will be transferred to the Business Advisory and Planning
Council of the Department of Commerce, wihch requested
the survey. United Press Washington advices of Aug. 1
reported the investigation as follows:
William L. Austin, Director of the Census Bureau, said to-night the
Council feels the survey will "clarify the situation" and will demonstrate
whether existing facilities are successfully supplying small industries
needs or whether new measures to establish other capital sources are
necessary.
The move was the second made by the Administration to aid the little
business man who was reported by the Darrow Review Board as being
"oppressed" by the National Recovery Administration and in serious
danger of being eliminated from the economic picture by monopolistic
influences.
The first step was taken by the Seventy-third Congress which authorized the Reconstruction Finance Corporation to make direct loans totaling
$300,000,000 and the Federal Reserve bank loans reaching $280,000,000
direct to industry unable to obtain money through normal channels.
Secretary of Commerce Daniel C. Roper said to-day that small business
was finding it difficult to adjust itself under the NRA. Ile noted reports
that the little man was being ignored under the "New Deal," whereas
the "big fellow" was being generously aided.
Eleven Service Trades in New York State Plan Half-day
Stoppage Aug. 9 as Demonstration in Behalf of
Minimum Price Law.
Representatives of 11 service trades in New York State
on Aug. 1 voted to call a half-day stoppage of work on
Aug. 9 in order to impress on the Legislature, the Governor
and the public the desirability of an intra-State code of
fair practices which would permit the fixing of minimum
prices and would replace the fair practice sections of the
service codes which were abolished on May 27 by an Executive Order of President Roosevelt. The New York State
Emergency Committee of the Service Trades is sponsoring
the proposed stoppage incident to its demands for an
amendment to the Schackno Act, which is the State's
enabling legislation for the National Industrial Recovery
Act. The New York "Times" of Aug. 2 outlined plans for
the stoppage in part as follows:
John Lyons, Chairman of the Emergency Committee, said that he
had received indications from Service Trade Associations outside the
metropolitan area that they would join in the stoppage and hold similar
mass meetings.
Mr. Lyons estimated that between 80,000 to 100,000 shops would be
closed on Thursday [Aug. 91 in the metropolitan area. A State-wide
conference has been called at Albany for Monday to discuss plans for
co-ordinating the demonstrations in other communities.
Volume 139
.
Financial Chronicle
The trade associations voting for the stoppage yesterday included
those representing barber shops, beauty shops,cleaners and dyers,laundries,
linen suppliers, shoe repairers, chair renters, exterminators, auto renters,
bowling alleys and tailors
Garage Trade Aloof.
The garage trade is also affiliated with the group, but refused to join
in the stoppage. Nathan Hadlman, a director of the Metropolitan Garage
Board of Trade, said it would not take part, both because of the nature
of the garage business and because it was already making a move to obtain
a local code through National Recovery Administration at Washington
by proving that 85% of the trade in the locality desired it.
Senator Thomas Reported Advocating Nationalism of
Federal Reserve System.
A campaign for the nationalism of the Federal Reserve
System is reported as having been launched on July 23 by
Senator Thomas of Oklahoma, the Washington correspondent of the New York "Post" supplying the following as
to the Senator's plans:
He said he had assurance that members of the Senate Banking and
Currency Committee would press for action at the next session on a bill
giving the Government complete control of Reserve Banks.
"I introduced such a bill at the close of the last session with the idea of
bringing the issue to the attention of the public," Thomas said in an interview at his office on Capitol Hill. "Nothing was done with it. But you
may be certain it will have strong backing at the next session."
The Thomas bill would authorize the Treasury to buy all the stock in
the twelve Federal Reserve Banks. This stock is now owned by member
banks.
Government Control.
"The Federal Reserve system is now run by and for the benefit of the
large member banks," Thomas said. "Under my bill the Government
would be in control and the Nation's banking system would be run for the
benefit of the public."
His measure would leave the Federal Reserve Board, as now constituted,
in command. The relationship between the Federal Reserve banks and
member banks would be left untouched, except as to ownership of stock,
for the time being, Thomas said.
"Of course the change in stock ownership would reflect itself in a large
measure of Government control over member banks," he explained, "but
there would be no effort on the part of the Government to buy the member
banks."
They would remain in private hands. Thomas said his measure would
make the Federal Reserve Board "the most powerful tribunal in the world,"
adding that it is almost that already.
"The Board would have complete control over the monetary and credit
facilities of the nation," Thomas said, "It could contract and expand currency and credit as the need arose.
Central Bank, in Effect.
"In effect, my measure would create a central bank of issues. The system
would be similar to that of Great Britain and Canada. That is what we need.
'There have been enough people ruined in this country by bank failures.
We have had all of that we can stand. Canada came through the depression
without a single bank failure, demonstrating right here on our own continent the worth of the central banking system.
Thomas is a comparatively recent convert to the central bank idea. He
opposed the Goldsborough bill, which was reported favorably by the House
Banking and Currency Committee at the last session after lengthy hearings.
This measure would have created a central bank not unlike that proposed
by Thomas. However, the Federal Reserve Board would have been supplanted rather than taken.over. A Federal monetary authority would have
been placed in charge of money and credit. The Reserve Board would
have been stripped of most of its powers and become the puppet of the
monetary authority.
Under the House bill, sponsored by Representative Goldsborough of
Maryland, stock in the Federal Reserve banks would have been left in
private hands, but member banks no longer would have controlled the
system.
"The Goldsborough bill and mine would accomplish somewhat the same
objective, but in a different way." Thomas said. "I see no reason for
creating a new monetary authority. That power might as well be given to
the existing agency.
"Under my bill, the Federal Reserve Board would be the supreme court
of money in this country. Its powers and responsibilities would be as
great as those of the United States Supreme Court—in some respects greater.
"Few people realize now how great its powers are. Every citizen is
affected by its decision. But in the last analysis the board and the whole
system are controlled by private bankers.
Extension of Facilities of Second Export-Import Bank
to Assist in Financing United States Foreign Trade
with All Countries Except Russia—Statement By
George N. Peek.
The scope of the Second Export-Import Bank, originally
planned to foster trade with Cuba, has been broadened, and
according to an announcement from Washington July 30,
the Bank will aid in financing the foreign trade of the United
• States with all the other nations of the world except Russia.
According to George N. Peek, President of the Bank and
Foreign Trade Adviser to President Roosevelt, the Bank
is concerned chiefly with financing exporters through short,
intermediate and long term credits, with funds obtained
from the Reconstruction Finance Corporation.
Mr. Peek pointed out that "the main emphasis in the
new work of the Export-Import Bank will be, as I have
heretofore stated, on financing the seller in this country.
We will, wherever possible, supplement the activities of existing export and import credit facilities rather than compete with them." Mr. Peek further said:
"It is to be particularly noted that opportunity will be given to commercial banks and financial institutions to participate in special loans.
It is not the intention to set up branches of the Bank outside of Wasnington, but to deal with proposals directly and through regular banking
channels.
685
"We have shaped our policy to accord with our conclusions from a comprehensive canvass of the situation during the past six months with American producers and business men, with whom we have carefully studied,
case by case, their actual needs in relation to export and import business.
We believe these new credit accomodations will be of decided value to
American shippers, who will be able to bring employment and profit to
the American people.
"In exceptional cases on fabricated articles we are proposing to share in
the credit risks on a basis in no case exceeding 75% of the total credit or
the net delivered cost, whichever is lower; but we will consider each case
separately. The cost will have to be borne by the firm thus underwritten.
On non-fabricated articles underwritings will be treated on an individual
basis.
"Finally, I would remind the public at large that the operation of this
Bank will be carried on in line with a definite knowledge, in so far as we
are able to obtain it, of the current incoming and outgoing accounts of the
United States. I believe in assisting our foreign trade, but I also believe
in making sure that we get paid for it."
Under its expanded program the Second Export-Import
Bank, said a Washington dispatch July 29 to the New York
"Times" will operate on short, intermediate and long term
credits, which are defined as less than 180 days, from 180
days to 12 months, and trom one to five years. The dispatch continued:
Under the law any exporter or importer may apply for credit, of other
assistance, directly to the Bank in Washington or through any commercial
bank. Credits will be extended for short-term paper only when "unusual
circumstances" indicate that commercial channels cannot handle the business, while for intermediate credits the policy will be to supplement any
existing credit facilities in this field on terms and conditions which are considered "advisable for the specific credit proposed."
In long-term credits, the bank will endeavor to offer such credit facilities
to American exporters and importers on proposals which require finnacing
over a period of not more than five years.
In the granting of intermediate term paper, the bank will charge threefourths of 1% in excess of the rate paid by the Bank to the Reconstruction
Finance Corporation, which is 4%, while for long-term paper the rate will
be I% in excess of the rate charged the Bank by the RFC.
In cases where the export of agricultural surplusses is involved, Section
12 of the Agricultural Adjustment Act can be used to facilitate the transaction. This section permits the use of processing tax funds to develop
foreign markets for American agricultural products and reduce farm.surpluses.
In the dispatch Mr. Peek was quoted as saying:
"The minimum underwriting charge will be 4% for the first year plus
2% for each additional year. Commercial banks and financial institutions
also will be given an opportunity to participate in underwritings of this
character.
"All borrowers from the Bank will be required to certify that they are
complying with and agree to continue to comply with the provisions of
the National Recovery Act and with the terms of Executive Orders Involving the NRA."
Approval of the extension of the Bank's facilities was said
on July 29, to have been given by President Roosevelt in
a cablegram from Hawaii. The Washington correspondent
of the New York "Journal of Commerce" stated on July 29
that it was disclosed by Mr. Peek that a general advisory
committee representing agriculture, business and banking
interests in different parts of the country will be invited
to advise the Bank of its activities. From the same account
we quote:
The status of the First Export-Import Bank (for Russia) remains unchanged, its active operation still being dependent upon conclusion of
pending diplomatic negotiations.
Some consideration, it is reported, has been given to the possibility
of taking up to 25,000,000 bushels of rye from Poland. Poland in return
might increase her purchases of American cotton but, since she will take
this cotton year something like 175,000 bales and is buying little of the
staple elsewhere, the additional sales might not be very great.
Protest Is Seen.
Despite the fact of a rye shortage in this country, any move to take the
foreign product is expected to give rise to a great deal of protest from
the wheat farmer and the corn grower and organized labor, it is related, as
the latter is pledged to co-operate with organized agriculture in resisting consummation of such deals.
This is indicative of one type of difficulty that the traders face. Another
is in the resentment of third countries to bartering deals that shut them
out of one or the other of the markets involved. For instance, the Brazilian coffee-wheat deal brought Argentina into action with the result that
she obtained from Brazil an agreement not to extend or repeal the former
contract. Argentina argued that she was a near neighbor: her wheat prices
were satisfactory, and she normally was the supplier of Brazilian requirements—on the other hand, the United States would take Brazil's coffee
anyway.
The general policy of the Second Export-Import Bank
as approved by the board of trustees is outlined as follows:
1. Purpose.
The certificate of incorporation of the Second Export-Import Bank of
Washington, D. C. (hereinafter called the Bank) states that the object
and purpose of said bank "is to aid in financing and to facilitate exports
and imports and the exchange of commodities between the United States
and other nations or the agencies of nationals thereof."
2. General powers:
In connection with and in furtherance thereof, the Bank is authorized
"to do a general banking business; . . . to purchase, sell and negotiate,
with or without its endorsement, or guarantee, notes, drafts, checks, bills
of exchange, acceptances, including bankers' acceptances, cable transfers, and other evidences of indebtedness; to purchase and sell securities,
including obligations of the United States or of any state thereof; . . .
to accept bills or drafts drawn upon it; to issue letters of credit; to purchase
and sell coin, bullion and exchange; to borrow and to lend money; and to
do and to perform the necessary functions permitted by law to be done
or performed in conducting said enterprise or business."
3. Application for credit or other assistance.
Any exporter or importer may apply directly or through any commercial bank. Such banks should be prepared to co-operate in making re-
686
Financial Chronicle
quired investigations, and if necessary to undertake collections for the
bank. Opportunity will be given to commercial banks and financial institutions to participate in special loans.
Short-term and Intermediate and Long-term Credit.
4. Terms.
(1) Short-term credit. (Less than 180 days). Since the bank expects
to supplement, rather than to compete with existing sources of export and
import credit, short-term credit will be granted only when unusual circumstances indicate that commercial banks cannot handle the business.
(2) Intermediate credit. (180 days to 12 months). The Bank will
endeavor to supplement any existing credit facilities in this field on terms
and conditions which are considered advisable for the specific credit proposed.
(3) Long-term credit. (One to five years). The Bank will endeavor
to offer long-term credit facilities to American exporters or importers on
proposals which require financing over a period of not more than five years.
(4) General.
(A) A charge of ji% in excess of the rate (now 4%) paid by the Bank
to the Reconstruction Finance Corp. will be made for intermediate term
paper with full recourse on applicant or accepter. For long-term paper,
the minimum charge will be 1% in excess of such rate.
(B) The Bank is interested primarily in assisting nationals of this country
to finance export or import transactions. It is not interested in transactions involving it directly with foreign exporters or importers except
as outlined in 5 below.
(C) If export of agricultural surpluses is involved, section 12 of the
Agricultural Adjustment Act should be utilized to facilitate the Bank's
operations.
(D) Consumers' goods usually will be limited to intermediate credit:
capital and producers' goods will be considered for either intermediate
or long-term credits.
Guarantee of Credits.
(5) Guarantee of credits.
The guaranteeing of a credit risk or the acceptance of paper without
recourse is not considered to be a primary field for the Bank. However,
transactions of unusual character which involve terms and risks outside
the ordinary routine of export and import business may be undertaken
subject to underwriting charges commensurate with the risk. The Bank
will consider exceptional underwritings of this charcater in the case of
fabricated articles, on a basis of not to exceed 75% of the total credit or
the net delivered cost, whichever is lower. Underwritings in connection
with non-fabricated articles will be treated on an individual basis. The
minimum underwriting charge will be 4% for the first year plus 2% for
each additional year. Commercial banks and financial institutions also
will be given an opportunity to participate in underwritings of this character.
(6) Compliance with National Recovery Administration codes.
Each borrower from the Bank will be required to certify that it is complying with, and to agree that it will continue to comply with,the provisions
of the National Industrial Recovery Act affecting its trade or industry,
and with the terms of executive order No. 6646.
Items regarding the Second Export-Import Bank appeared
in our issues of March 31, page 2165 and May 5, page 3010.
Government Security Purchases Omitted byTreasury
During Week of July 30.
In the weekly statement issued on July 30 by the Treasury
Department, no mention is made of purchases of Government securities in the open market by the Treasury during
the week of July 30 for the investment accounts of various
Government agencies. The Treasury,. during the week of
July 23, purchased $400,000 of Government securities.
Since the inception of the Treasury's support to the Government bond market last November, reference to which was
made in our issue of Nov. 25, page 3769, the weekly purchases have been as follows:
$8,748,000 Mar. 31 1934
823.600,000
Nov. 25 1933
2,545,000 Apr. 7 1934
42,369,400
Dee. 2 1933
7,079,000 Apr. 14 1934
20,580,000
Dec. 9 1933
16,600,000 Apr. 21 1934
30,500,000
Dec. 16 1933
16,510.000 Apr. 28 1934
4,885,000
Dec. 23 1933
5,001,500
11,950,000 May 5 1934
Dec. 30 1933
500,000
44,713,000 May 12 1934
Jan. 6 1934
4,000.000
33,868,000 May 19 1934
Jan. 13 1934
5,000,000
17,032,000 May 26 1934
Jan. 20 1934
2.800,000 June 2 1934
Jan. 27 1934
7,900,000 June 9 1934
Feb. 5 1934
*22,528,000 June 18 1934
Feb. 13 1934
7,089.000 June 23 1934
Feb. 17 1934
1,861,000 June 30 1934
500,000
Feb. 24 1934
10,208.100 July 7 1934
Mar. 3 1934
3,828,000
6,900,000 July 14 1934
Mar. 10 1934
7,009,000July 23 1934
400,000
Mar. 17 1934
37,744.000 July 30 1934
Mar. 24 1934
•In addition to this amount, $638,400 of bonds held by the Treasury as collateral
security for postal savings deposits purchased Feb. 9 by FDIC.
Expansion of Bank Credit Urged Upon President
Roosevelt-President Also Told "Confidence Is
Messages urging upon President Roosevelt an "adequate
expansion of bank credit" and suggesting that confidence in
recovery is losing ground due to price declines blamed on
increasing value of the dollar were sent to the President in
Hawaii on July 28 by a group in New York which has been
active in the past in seeking revaluation of the dollar.
Regarding the messages we quote the following from the
New York "Journal of Commerce" of July 30.
The message urging expansion of bank credit is signed by Burgoyne
Hamilton, and that relating to falling confidence was sent by Robert
Harriss, John F. Hylan, William Neale, Joseph O'Donnell, and Clarence
Hensel.
Mr. Hamilton's message follows:
"The people of the country are fast realizing that the one thing necessary
to end the depression is an adequate expansion of bank credit which up to
the present time has not been provided. Contraction of bank loans still
continues. The country relies upon your power, vision and promises for
relief. Congress empowered you to give it. Our money supply has been
contracted 810,000.000,000 in checking accounts. My knowledge of conditions is gained through practical business contact and I know that immediate relief is imperative to prevent disaster."
Aug. 4 1934
That sent by the group headed by Mr. Harriss reads:
"Confidence decreasing, seriously affecting agriculture, commerce,
and prices. Situation is becoming acute, geld is piling up and
not being used, money in circulation is decreasing daily bringing contraction of credit and deflation, and value of the dollar is increasing thus
causing prices to decline. Friends agree it is vital that we have prompt
currency expansion."
industry
Silver Purchased by Treasury During Week of July 27
Totaled 292,719.48 Fine Ounces.
During the week of July 27, it is indicated in a statement
Issued by the Treasury Department on July 30, silver
amounting to 292,719.48 fine ounces was received by the
various United States mints from purchases made by the
Treasury Department in accordance with the President's
proclamation of Dec. 21 1933. The proclamation, which
was referred to in our issue of Dec. 23, page 4440, authorized
the Department to buy at least 24,000,000 ounces of silver
annually. During the week of July 20 the purchases
amounted to 292,719.48 fine ounces. Of the amount
purchased during the latest week, 126,926.93 fine ounces
were received at the San Francisco Mint 5,854 fine ounces
at the Denver Mint, and 159,938.55 fine ounces at the
mint at Philadelphia. The total weekly receipts since the
issuance of the proclamation are as follows (we omit the
fractional part of the ounce):
Week EndedJan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
• Corrected figure.
Ounces.
1,157
547
477
94,921
117,554
375,995
232,630
322,627
271,800
126,604
832,808
369,844
354,711
569,274
10,032
Week EndedApr. 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
July 27
Ounces.
753.938
436,043
647,224
800,631
503,309
885,058
295,511
200,897
206,790
380,532
64,047
*1,218,247
230.491
115,217
292,719
$1,183,167 of Hoarded Gold Returned During Week of
July 25-$220,937 Coin and $962,230 Certificates.
The Federal Reserve banks and the Treasurer's office
received $1,183,166.98 of gold coin and certificates during
the week of July 25, it is shown in figures issued by the
Treasury Department on July 30. 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 July 25,
amount to $94,752,056.23. Of the amount received during
the week of July 25, the figures show, $220,936.98 was gold
coin and $962,230 gold certificates. The total receipts are
shown as follows:
Received by Federal Reserve RanksWeek ended July 25
Received previously
Total to July 25
Received by Treasurer's OfficeWeek ended July 25
Received previously
Gold Coin.
$220.936.98
28,313,915.25
Gold
Certificates.
3954,830.00
63,356,480.00
$28,534,852.23 $64,311,310.00
$249,994.00
$7,400.00
1,648,500 00
3249,994.00 $1,655,900.00
Total to July 25
Note.-Gold bars deposited with the New York Assay Office to the amount of
$200,572.89 previously reported.
Bids of $75,025,000 Accepted to Offering of $75,000,000
or Thereabouts of 182-Day Treasury Bills Dated
Aug. 1-$115,497,000 Received-Average Rate 0.09%
In announcing on July 30 that tenders of $115,497,000
had been received to the offering of $75,000,000 or thereabouts of 182-day Treasury bills dated Aug. 1, Henry
Morgenthau Jr., Secretary of the Treasury, said that bids
of $75,025,000 were accepted. The tenders to the offering,
which were invited on July 26 (as noted in our issue of July
28, page 527),were received at the Federal Reserve banks and
the branches thereof, up to 2 p. m., Eastern Standard Time,
July 30. The average price of the bills, which mature on
Jan. 30 1935, is 99.957, according to Secretary Morgenthau.
The average rate is about 0.09% per annum on a bank dis- •
count basis, which compares with a rate of 0.07% at which
six preceding issues of bills sold, bearing dates of July 25,
July 18, July 11, July 3, June 27 and June 20. Secretary
Morgenthau further announced:
The accepted bids ranged in price from 99.975, equivalent to a rate of
about 0.05% per annum, to 99.949. equivalent to a rate of about 0.10%
per annum, on a bank discount basis. Only part of the amount bid for at
the latter price was accepted.
New Offering of $75,000,000 or Thereabouts of 182-Day
Treasury Bills-To Be Dated Aug. 8 1934.
Announcement was made on August 2 by Henry Morgenthau Jr., Secretary of the Treasury, of a new offering of
875,000,000 or thereabouts of 182-day Treasury bills, dated
Aug. 8 1934, and maturing Feb. 6 1935. On the maturity
date the face amount of the bills will be payable withouv
Volume 139
Financial Chronicle
interest. Tenders to the offering, Secretary Morgenthau
said, will be received at the Federal Reserve banks, or the
branches thereof, up to 2 p. m., Eastern Standard Time,
Monday, August 6. Tenders will not be received at the
Treasury Department, Washington. The bills will be sold
on a discount basis to the highest bidders, and the accepted
bids will be used to retire in part two issues of similar
securities of $50,078,000 and $75,114,000 which mature on
August 8. In his announcement of the offering Secretary
Morgenthau continued:
or
They [the bills] will be issued in bearer form only, and in amounts
denominations of $1,000, $10,000, $100,000. $500,000, and 11,000.000
(maturity value).
tender
No tender for an amount less than $1,000 will be considered. Each
on
must be in multiples of $1,000. The price offered must be expressed
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
in investand trust companies and from responsible and recognized dealers
ment securities. Tenders from others must be accompanied by a deposit
tenders
the
of 10% of the face amount of Treasury bills applied for, unless
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. 6 1934
up
all tenders received at the Federal Reserve Banks or branches thereof
to the closing hour will[be opened and public announcement of the acceptable
following
prices will follow as soon as possible thereafter, probably on the
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof.
at
Payment at tile price offered for Treasury bills allotted must be made
the Federal Reserve Banks in cash or other immediately available funds
on Aug. 8 1934.
and any
The Treasury bills will be exempt, as to principal and interest,
from
gain from the sale or other disposition thereof will also be exempt,
sale
all taxation, except estate and inheritance taxes. No loss from the
deduction,
a
or other disposition of the Treasury bills shall be allowed as
imposed
hereafter
or
now
or otherwise recognized,for the purposes of any tax
by the United States or any of its possessions.
687
velvet." It is this silver against which the inflationists would have the
Secretary issue certificates.
Backs $1.29 in Money.
With each ounce of silver backed by $1.29 of the new money issued under
the plan, Treasury experts estimated that there would be approximately
25.000,000 ounces of unobligated white metal remaining after the new
currency is placed in circulation.
This silver constitutes the "profit" by the Treasury on its purchases
made to carry out the mandate by Congress that in the future the Nation's
currency reserves must contain 25% silver. It was estimated the Government paid approximately 75 cents an ounce for the metal which, under
the new program, is being valued at $1.29.
The difference between the price paid and the new value represents the
"profit." . .
Issuance of certificates of all denominations will continue until all existing
silver in the Treasury has been utilized.
Issues Depend on Purchases.
this kind
Thereafter, Morgenthau said, the amount of new money of
by the
that will be printed will depend upon the extent of silver purchased
Government.
against our
"We expect to catch up with issuance of silver certificates
"and from
present silver in about sixty days," the Treasury Secretary said.
then on we'll keep issuing them as long as we buy new silver."
by the GovHe refused to say the extent of prospective silver purchases
by the Seventyernment. At the time of the passage of the silver legislation
of the
ounces
third Congress it was estimated that nearly 1,300,000,000
white metal would have to be purchased to provide the necessary silver
reserves ordered by the act.
the next few
Issuance of nearly $50,000,000 in new silver money over
to a record peak of
months will carry outstanding silver money of all kinds
more than 1750,000.000.
Since President Roosevelt took office on March 4 1933. silver money
a million dollars a
In the hands of the public has risen at a rate of nearly
about
week, while during the same period all other kinds of money declined
$1,250,000,000.
From Washington advices Aug. 2 to the New York
"Times" we quote:
moved
"To make the new silver certificates distinctive, the seal has been
from left to right and a large blue numeral on the left side indicates the
denomination. . . .
Issued on Siker Price Basis.
The notes are being issued, for the present at least, OD the basis of the
coat price of silver. For 1.000 ounces of silver bought at 50 cents an ounce,
at
not fewer than $500 in certificates would be issued. These certificates,
claim
the statutory monetary value of silver of $1.29 an ounce. would be a
against about 400 ounces of silver out of the 1,000 ounces.
bullion
The excess of 600 ounces would be placed in the Treasury as
at
but carried as of no value. Under the law the Treasury would have
ounce
against
per
any time authority to issue silver certificates up to $1.29
each
on
$1.29
of
profit
a
record
would
it
this silver bullion, and in so doing
ounce of silver.
Treasury to Issue $50,000,000 In New Silver Certificates
—Has 62,000,000 Ounces of Silver Purchased at
$47,035,935—Secretary Morgenthau Announces
Program Following Senator Thomas' Assertion
That Government Failed to Pursue Silver Policy.
Plans for the early issuance of some $50,000,000 in new
silver certificates against free silver in the Treasury, were
announced on Aug. 2 by Secretary of the Treasury MorgenReference to the demands of Senator Thomas for the
thau. His announcement came the day after Senator issuance of silver money is made in another item in this issue
Thomas (Democrat) of Oklahoma (referred to as a spokes- of our paper.
man for inflationists) had indicated that he would call upon
By Secretary Morgenthau Urged By
Mr. Morgenthau for the immediate is.uance of new currency Issuance of Silver
Senator Thomas In Furtherance of Inflation MoveCongress.
last
the
by
authorized
based upon silver purchases
ment.
It was observed on Aug. 2 by the Washington correspondent
Senator Thomas (Democrat) of Oklahoma, on August
counteract
to
that
Commerce"
of
"Journal
York
New
the
of
1 indicated as spokesman for inflationists that in furtherance
the impression, as voiced by Senator Thomas and others, that of plans to force the Administration to make use of the new
legislathe Treasury is not making use of the new monetary
monetary legislation, a demand would be made upon Section, Secretary Morgenthau on Aug. 2 assembled at his biMorgenthau for immediate issuance of new currency
retary
of
the
ent
Superintend
weekly press conference Frank Hall,
upon the silver purchases authorized by the last
based
bureau of Engraving and Printing, end Henry Oliphant,
Congress. As we indicate in another item in this issue; on
chief counsel of the Treasury, for the purpose of outlining
the
following day (Aug. 2) Secretary Morgenthau stated
technical features of the monetary program.
approximately $50,000,000 in new silver certificates
that
Incidentally the account in the "Journal of Commerce"
against silver held in the Treasury, would be issued at an
said:
early date. Senator Thomas is also said to have made known
Mechanical processes at the Bureau of Engraving and Printing have
that attempts would be made to elect expansionist advocates
made it impossible for the Treasury to keep up to date on its program for
Issuance of the certificates, it was explained.
in the fall campaigns.
As to Senator Thomas' proposals Associated Press acRas 62,000,000 Ounces.
counts from Washington August 1 reported that an effort
The Treasury has on hand 62,000,000 ounces of silver which cost the
Government $47,035,935.
would also be made to "line up"for the next Congress those
Silver certificates are now rolling off Government printing presses and
who favor new monetary policies and then to force issuance
will be issued to the amount of the latter figure, each ounce of silver to
of more currency, if necessary, by declining to dispose of
back each $1.29 worth of silver certificates.
Morgenthau displayed the first certificates rolled off the presses to newsanything else until the money issue is out of the way. This
papermen to-day and stated that $12,804,000 worth of $1 certificates and
it is stated, is aimed particularly at the Senate.
Treasury.
effort,
the
to
delivered
being
are
now
$5
in
certificates
111,640.000
He said that production of $20 silver certificates would begin around
From the same accounts we take the following:
September 1 and $100 silver certificates October 1.
From the Washington account to the same paper we also
take the following:
Used Old Design.
Superintendent Hall said that his bureau by using the old certificate
design and modifying it to conform with the silver certificate requirements
the production of the new certificates has been speeded up considerably.
He explained that the advertisement of bids from press machinery manufacturers would have taken twice as long to accomplish what the bureau
Is doing in turning out certificates on a modified plate.
Chief Counsel Oliphant outlined the legal formula for issuance of the silver certificates by the Treasury since the Act of 1878, which fixed the basis
of monetary value of silver at $1.29 an ounce, regardless of market price.
The Treasury has been observing the purchase price of 50 cents an ounce
as a result of the Thomas amendment to the Gold Reserve Act providing
that silver certificates might be issued against silver in the Treasury.
In response to questioning, Oliphant said that the Treasury's issuance of
silver certificates has been made in the uniform way under the 1878 Act
except for about 1500,000 in certificates put out on the basis of 50 cents an
ounce.
Secretary Morgenthau, in reply to a question as to what the Treasury
that will be "the
intended to do with its silver excess or seignorage, said
Mr. Thomas. who has taken advantage of the summer recess to conduct
a quiet and almost complete poll of members of Congress, asserted that he
had found encouragement for the belief that Congress would be inclined
to force direct inflation action next session.
He has outlined tentatively a speaking tour through the agricultural
Northwest and Middle West, designed especially to unify and rally farm
sentiment.
The Oklahoman plans to appeal to President Roosevelt and Secretary
Morgenthau for new money after Mr. Roosevelt's return.
"If the President will order action, we will go to the country in defense
and in explanation of his program," Mr. Thomas said.
"If the President is unwilling to act, we will be compelled to take the
Issue to the people. There is no desire to fight the Administration, but
many of us believe something has got to be done and done right away.
"The Treasury has authority, under legislation passed last scion, to
buy as much as 1.000.000,000 ounces of silver and to issue certificates
against it. But virtually nothing has been done and a deflationary process
Is increasing in vigor."
Mr. Thomas said it was conceded that an inflationary process might add
just now to the troubles of the drouth-stricken West, where, he said, "the
people have nothing to sell."
He argued that something must be done to avoid worse troubles, including a possible collapse in the bond market.
688
Financial Chronicle
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
June 30 1934 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
$5,373,469,752, as against $5,357,372,048 on May 31 1934
and $5,720,764,384 on June 30 1933, 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:
•
0.
.3
V
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§ HUI?
.
COoi m ..i e: a a;
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.005.100
4
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3,874,257,810
1.771,485,598
1,212.360,791
aaaa
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0
8,334,364,732
3.797.691,605
2.436,864,530
2.952,020,313
1,845,569,804
212,420,402
-
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0
0
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.0
.
5.332,696,297
1.711,721,413
718,674,378
2.681,691.072
1,507,178,879
21,602,640
•
g'
poR
4
.4
.
0
I0
4
0
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0
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.0
0
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54 4 8' 4 8
8,408,392.036
Total.
28 22 CON
AU
Other
Money.
MONEY OUTSIDE OF THE TREASURY.
r.N0'.v040
'
1. !
RR 0 R 0
NV.ir
M
N
N
00
CM
Om
000
v.
5-0
S.
Held for
Federal
Reserve
Banks
and
Agents.
MONEY HELD IN THE TREASURY.
WV
• 'l el
.4
o9
I Amt. Held as Reserve Against
Security cienst United States
Gold and Silver
Notes
Certificates (ift (and Treasury
Treasury Notes
Notes
of 1890).
of 1890).
CIRCULATION STATEMENT OF UNITED STATES MONEY—JUNE 30 1934.
N
5,373,469.752
aa "8
ilts
hig........
=-0,...-0
CO
A
13,560,051,924
10,078.416,523
8,479.620.824
5,396,596.677
3,797,825,099
1,007,034,483
.030
13.634,380,567
TOTAL
AMOUNT.
A
L'iiE §gg§E.0C'.00R
-1°718. .0.84.0,
-A
'P
'0
0
00' a4
Kicillt-g 5r
CC
330000030
72MMMMM
0.50 33
cf,
0
E.
•Revised figures.
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 81,580,000 secured by sliver bullion held in the Treasury (Act May 12 1933).
d This total includes 825,722,722 deposited for the redemption of Federal Reserve
notes ($1,740,745 in process of redemption).
e Includes 31,800,000 Exchange Stabilization Fund.
I Includes $32,843,393 lawful money deposited for the redemption of National
bank notes ($21,585,067 in process of redemption, including notes chargeable to the
retirement fund), 64,335,000 lawful money deposited for the redemption of Federal
Reserve bank notes (32,331,357 in process of redemption, including notes chargeable
to the retirement fund), $1,350 lawful money deposited for the retirement of additional circulation (Act May 30 1908), and 860,700,367 lawful money deposited as
a reserve for Postal Savings deposits.
g 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
Treasury to arrive at the total amount of money in the United States.
Aug. 4 1934
11 Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
I The money in circulation includes any paper currency held outside the Continental limits of the United States.
Note-Gold 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 by 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 1935, 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
States 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 and
Federal Reserve bank notes.
Consular Invoices Required on Gold Imports in Excess
of $100.
Consular invoices on gold imports in excess of $100, are
required under an order effective Aug. 2. Announcement of
the requirement was made as follows on Aug. 1 by Secretary
of the Treasury Morgenthau:
"Effective to-morrow, consular invoices will be required for all shipments
of gold to the United States exceeding 8100 in value. Exceptions are made
for gold already in transit, gold imported into the United States for re-export
and crude gold."
At the Treasury it was explained that the Department is
often unaware of gold shipments until the metal actually
arrives, and it was with a view to keeping a more accurate
check that the new order was put into force.
Filing of Registration Statements With Federal Trade
Commission Under Securities Act.
Ten security issues totaling almost $11,000,000, filed for
registration under the Securities Act, were announced July
27 by the Federal Trade Commission. More than $3,000,000 of the total is represented by certificates of deposit in
refinancing matters. Approximately $3,000,000 is for reorganizations and more than $3,000,000 is a registration
statement by an investment trust corporation in Jersey City.
Industrial-commercial issues aggregating $1,430,000 represent three gold mining projects operating in Canada, said
the Commission, which gave as follows the list of registration statements (1010-1019):
Domestic Finance Corporation (2-1010, Form D-2), 231 South La Salle
Street, Chicago. a Delaware corporation carrying on a small loan business
through subsidiaries, and proposing, under a plan of readjustment, to
issue 96,848 shares cumulative preference stock of which up to 50,000
shares may be offered at a maximum price of $28.50 a share, and up to
46,848 shares may be issued in exchange on a share for share basis for
shares of prior preferred stock, $3.50 dividend series, of Merchants and
Manufacturers Securities Co., which are to be carried as an investment.
The total issue as filed for registration amounts to $2,760,168. Proceeds
will be used for working capital, payment of bank loans and expansion of
business. The company's subsidiaries operate in Akron, Ohio; Albany,
N. Y., Alexandria, Va., Aurora, If., Binghamton, N. Y., Cleveland,
Chicago. Endicott, N. Y., Johnson City, N. Y., Mt. Ranier, Md..
Niagara Falls, N. Y., Pittsburgh; Poughkeepsie, N. Y., Rosalyn,
Va., Schenectady, N. Y., South Bend, Ind., Syracuse, N. Y., Troy, N. Y.,
and Youngstown, Ohio. Among officers are. Arthur Greene, President;
L. E. Mickle, Treasurer and E. S. Stienmetz, Secretary, all of Chicago.
Riverton Lime Co., Inc. (2-1011, Form D-2), Riverton, Va., engaged in
quarrying and selling limestone and other lime products, and now proPosing, under a plan of re-adjustment or re-organization, to issue the following. $11,250 in aggregate principal amount of scrip certificates, 1,875
shares 7% cumulative preferred stock of $100 par value, and 4,000 shares
$1 par value common, the aggregate issue amounting to $202,750 face
value. The plan provides an exchange on the basis of one share of 7%
cumulative preferred stock of $100 par value each for each $110 principal
amount of bonds deposited under the plan. William E. Carson is President of the company; A. C. Carson is Vice President and Secretary and
C. A. Stokes, Treasurer, all of Riverton, Va,
Refinance Corporation (2-1012, Form D-1), 111 West Monroe Street,
Chicago. acting as re-adiustment manager for Riverton Lime Co., inc..
of Riverton, Va., and calling for deposit $187,500 principal amount first
mortgage 6% serial gold bonds. The proposed re-adjustment is to enable
the company to meet its fixed charges. Ninety-nine per cent plus of the
company's capital stock is owned by the estate Of Samuel Carson, Deceased, Inc., a Virginia corporation.
Berendo-Wilshire Apartments First Mortgage Bondholder's Committee
(2-1013, Form D-1), 712 Spring Arcade Building, Los Angeles, calling for
deposits of $615,000 (market value $129,159) first mortgage bonds of
Joseph E. Rafael, an individual, who died July 27 1923. United action
of boadholders is asked because of existing defaults. A reorganizationplan is contemplated. Committee members are: H. H. Cotton, Charles
C. Irwin, John Treanor and J. B. Van Nuys, all of Los Angeles,
Medical Center Building First Mortgage Bondholder's Committee (2-1014,
Form D-1), Los Angeles, calling for deposit of $524,500 (market value
$110,145) first mortgage bonds of Morgan Building Corporation, owning
and operating the Medical Center Building (now known as Medico-Dental
Building), Los Angeles. The corporation defaulted in certain financial
obligations. A re-organization plan contemplates organization of a new
company to acquire the property securing the bonds. Members of the
protective committee are: H. H. Cotton, Charles C. Irwin, John Treanor
and J. B. VanNuys, all of Los Angeles.
Majestic Gold Mines, Ltd. (2-1015, Form A-1), Toronto, Canada, a Canadian corporation organized January 1921, to engage in gold mining in
Ontario; now proposing to issue 1,200,000 shares common stock at an
aggregate price of $600,000. Proceeds are to be used for equipment, cor_
Volume 139
Financial Chronicle
struction, working capital and expenses. The United States agent and
underwriter, Antonio Ricca, Elkins Park, Pa., is to pay 20 cents a share
for the stock which will be sold to the public at 50 cents a share or less.
Among officers are. Antonio Ricca, President; Lon H. Warnica, Toronto,
Secretary and Charles Gregory, Parry Sound, Ontario. Treasurer.
Soocana Mining Corporation (2-1016. Form A-1), Sault Ste. Marie, Mich.,
a Delaware corporation organized June 1934, to deal in mining securities
and furnish money for development of mining properties; now proposing
to issue 250,000 shares common stock at not more than $1 a share. Estimated net proceeds of $60,000 are to be used for purchase of mining securities, that is, stock of Soocana Mining Co., Ltd., of Ontario. Canada,
which is to sell its stock to Soocana Mining Corporation, to be used for
developing the mining property held by the Soocana Mining Co., Ltd.
The underwriter, W. M. Harvey, Grand Central Annex, Box 585, New
York City. is to pay the company 24 cents a share for the stock, offering
It to the public at not to exceed 40 cents a share. Among officers are.
Clyde A. Saunders, President and Edward Thompson, Secretary-Treasurer, both of Sault Ste. Marie, Mich.
Stephen A. Ingersoll And Others (2-1017, Form D-1), 713 Couway Building, Chicago, calling for deposits of certificates of capital stock of $1,878,560
common stock and $10.200 preferred stock of Tax Security Corporation,
Chicago, a corporation organized to buy and sell tax securities. "No reorganization or plan of re adjustment is proposed; but the object in view
is to effect a dissolution of Tax Security Corporation in such manner as
to best serve the interests of its shareholders and protect them against
loss; the plan embodied in the trust agreement amounts to a pooling of the
interests of the depositing shareholders to prevent a sale of the assets of
Tax Security Corporation at a price which would result in great loss and
sacrifice by the shareholders of the ultimate realizable value thereof."
The committee consists of Stephen A. Ingersoll, Galesburg, Ill.; John W.
Stipes, Champaign, Ill. and James W. Parker, Peoria,
American Trustee Share Corporation (2-1018, Form C-1), 15 Exchange
Place, Jersey City, proposing to offer 560,000 certificates of "Diversified
Trustee Shares, Series D", at an aggregate offering price of $3,331,250.
Officers are: Mahlon E. Traylor, New York City. President; Donald K.
Walker, New York City, Vice-President and Secretary and Herbert I.
Shaw, Jersey City, Vice-President and Treasurer. (See also File 2-29).
Two-In-One Gold Mines. Ltd. (2-1019, Form A-1). Exelsior Life Building,
Toronto, Cacada, a Canadian corporation organized Apr117 1921 to mine,
mill and refine gold; owning mining property at South Porcupine, Ontario.
Canada. The company proposes issuing 1.000.000 shares common stock
at various successive prices aggergating $580,000; Proceeds to be used for
buildings, equipment and property development. The underwriter is
Two-In-One Gold Mine Sales Corporation, 434-435 S. A. & K. Building,
Syracuse, N. Y. United States agent is Paul Shipman Andrews. 311-21
S. A. & K. Building Syracuse. Among officers are: William D. Cochrane.
South Porcupine, Ontario, President; John Benson Adams, Summit Hill,
Pa., Treasurer and Richard Townsend, New York City, Secretary.
On August 2 the Commission announced the filing for
registration of 14 additional security issues totaling approximately $45,700,000. These include three issues amounting
to $32,960,014, under the re-organization plan of United
Aircraft & Transportation Corpoartion. Other issues filed
are $6,000,000 realty re-organization in New York City, a
half-million dollar oil processing company in New York
City, a $390,000 vineyard enterprise at Conesus, N. Y.,
and more than $5,000,000 in certificates of deposit in refinancing matters. The list of registration statements
(1020-1033) follows:
Mineral Machines, Inc. (2-1020, Form A-1). 2800 Spruce Street, Boulder.
Colo., a Colorado corporation organized March 1 1934, to carry on a business of milling, smelting, preparing for market and merchandising gold.
silver, copper and other metals; now proposing to offer 315,000 shares common stock at a proposed maximum aggregate offering price of $438,833.50.
Proceeds are to be used for equipment, working capital and other organization expenses. The underwriter, Miller-Murray & Co., Inc., 444 Madison Ave.. New York City, will purchase 100,0000 shares at 75 cents each,
60.000 at 95 cents each, 70,000 at $1.10 each and 70,000 at $1.50 each,
selling the stock to the public at $1, $1.25. $1.50 and $2, respectively, or
an aggregate of $420,000. In lieu of selling expenses, the issuer agrees
to turn over to the underwriter 15,000 shares of stock, 5,000 shares to be
deliverable on the signing of the contract and the balance of 10,000 shares
on the basis of one share for every 30 shares sold. This 15,000 shares will
be offered at $18,833.50. Among officers are: H. H. Nicholson, Boulder,
Colo., President; F. B. Beard, Newark, Ohio, Secretary and William Power,
West Lafayette, Ohio, Treasurer,
O-Neh-Da Vineyard & Distillery, Inc. (2-1021, Form A-1), Conesus,
Livingston County, N. Y., a New York corporation proposing to issue
300,000 shares common stock at $1.30 each of $390,000; proceeds to be
used for rehabilitatian of vineyard and installation of distilling machinery
and equipment for producing wines and distilling fruit products and cordials.
The Society of the Divine Word, an international religious organization
with American headquarters at Techny, Ill., promoters and former owners
of O-Neh-Da Vineyard, are to receive 150,000 shares of the issuer's common stock in exchange for property, plant and equipment valued at $201,920. The Society will not use its funds, which are primarily for missionary and educational purposes, in the enterprise, but will raise capital
through the sale of stock.
The new corporation's stock will be purchased by Financial & Security
Corporation, 521 Fifth Avenue, New York City, at $1 a share and sold
to the public at $1.30. Among officers are. John E. Sullivan, Chicago,
President; Rev. Bernard J. Bonk, S. V. D., Techny, Ill., Treasurer and
Joseph Fritsch, Jr., Rochester, N. Y., Secrerary.
Bondholders' Committee For Gatsert Municipal Securities Trust Certificates
Series CC, K, KK, MOO and T (2-1022. Form D-1), 231 South La Salle
Street, Chicago, calling for deposit of $222,500 Municipal Securities Trust
Certificates issued under indenture dated December 28 1924 between
Gatzert Co. and Illinois Merchants Trust Co., as trustee, now known
as Continental Illinois National Bank and Trust Co., as successor trustee.
The certificates are payable out of proceeds and avails of deposited municipal street improvement bonds or tax bills issued in Series CC. K. KK,
MOO and T. Members of the committee are: Barnett Faro11, Walter A.
Gatzert, Robert L. Leopold, Henry R. Platt, Jr., and T. G. Romer, all
of Chicago.
Assessment Bond Service (2-1023. Form D-1), 231 South La Salle Street,
Chicago. calling for deposit of $316,700 face value Municipal Securities
Trust Certificates issued under indenture date of December 18 1924 between Gatzert Co. and Illinois Merchants Trust Co., as trustee, now known
as Continental Illinois National Bank and Trust Co., as successor trustee,
which certificates are payable out of proceeds and avails of deposited
689
municipal street improvement bonds or tax bills, issued in Series A, CM7,
CM9 E. F. L. LA3, M, MF, N, S. T02, V and W.
L. H. Witwer (2-1024, Form 0-1), 217 Cole Building, Tulsa, Okla., proposing to offer $36,000 in oil and gas royalty interest in a tract in Noble
County, Oklahoma, on the Shell-Ludwig Miller farm, Southeast quarter.
Section 18, Township, 20, North; Range: Two. West.
L. H. Witwer (2-1025, Form 0-1), 217 Cole Building, Tulsa. Okla.,
proposing to offer $41,200 in oil and gas royalty interest in a tract in Noble
County, Okla., on the Shell-J. Belay and A. & B. Farm, northeast quarter.
Section 18, Township 20, North; Range: Two. West.
TVP Corp. (2-1026, Form A-1), 90 West St., New York City, a Delaware
corporation organized April 5 1934 for sales and engineering work for
equipment and installations of oil refineries to be operated pursuant to
license from Petroleum Conversion Corp., owner of the process known
as the "TVP" or "True Vapor Phase" process. The corporation proposes issuing 99.800 shares common stock at $5 a share or an aggregate
amount of $499.000; proceeds to be used for expenses and working capital.
Among officers are: V. Victor Jacomini, President, and William A.
Fine, Secretary-Treasurer, both of New York City.
Foundation Properties, Inc. (2-1027. Form D-2). 60 East 42d St., New
York City, a New York corporation organized March 26 1934 to administer
the assets acquired pursuant to the reorganization plan, dated March 1
1934, formulated by the bondholders' committee which called for deposit
certificates representing guaranteed 6% secured gold bonds of Realty
Foundation, Inc. Assets securing the bonds were acquired in May and
June 1934. The new corporation is now engaged in servicing the mortgages which constitute the bulk of the assets acquired, with a view to
ultimate liquidation for the benefit of the security holders. The new
corporation proposes issuing to the depositing bondholders $1.577,950
certificates of indebtedness, $4,422,050 liquidation certificates and 12,000
shares capital stock, the latter to be distributed in the form of voting
trust certificates. Among officers are. Robert P. Marshall, President.
and John J. Pulleyn, Secretary-Treasurer, both of New York City,
Bondholders' Protective Committee of Canadian Rail and Harbour Terminals, Ltd.,for First Mortgage 6.% Sinking Fund Gold Bonds, Due March
1 1951 (2-1028, Form D-1). 60 Wall St., New York City, care Robert T.
Crouch, Secretary. The committee is calling for deposit of $3,500,000
(market value $743,750) of the above named bonds of Canadian Rail
and Harbour Terminals, Ltd., of Toronto, Canada, which has defaulted
In its March 1 1934 interest and other payments. Committee members
Winniare: Ralph W. Hemenway, Northampton, Mass.; Charles Gerrie,
peg, Canada, and E. Harold DeNoyelles, New York City.
Noteholders' Protective Committee (2-1029. Form D-1), 1500 Walnut St..
Philadelphia, calling for deposit of $1,297,500 10-year 5%% convertible
sinking fund gold notes, series B and C. of United States Dairy Products
Association, Philadelphia, a holding company which defaulted in payment of 1934 interest charges on the above mentioned notes. Committee
members are: Arthur G. Deane, New York City; Milton G. Hulme.
Pittsburgh, and Carl H. Chaffee, Philadelphia.
United Air Lines Transport Corp., Voting Trustees of United Air Lines
Transport Corp., United Aircraft Corp., Boeing Airplane Co. (2-1030 to
1033, incl., Forms E-1 and F-1). The foregoing numbers have been
assigned to the above named issuers who filed statements for proposed
security issues July 27 1934. as announced that day. The number 2-1030
Chicago. The number
is assigned to United Air Lines Transport Corp..
2-1031 is assigned to the voting trustees of United Air Lines Transport
Corp., issuing voting trust certificates for capital stock. The number
2-1032 is assigned to United Aircraft Corp.. of East Hartford, Conn.,
and the number 2-1033 to Boeing Airplane Co., Seattle, Wash.
Reorganization of United Aircraft & Transport Corp., New York City,
is involved in this series, proposed issues totaling about $32,960,014.50.
According to the plan, three new corporations have been organized
to effect a separation of United's transport system from its equipment
manufacturing companies. The three new companies are United Air
Lines Transport Corp.. of Chicago; United Aircraft Corp., of East Hartford, Conn., and Boeing Airplane Co., Seattle, Wash.
Additional shares of capital stock for each corporation are included
in the registration statements for issuance upon the exercise of outstanding
stock purchase warrants of United Aircraft & Transport Corp., expiring
on Nov. 1 1938.
In addition to the registration statements for the three new companies,
United Air Lines Transport Corp. is registering voting trust certificates
for its $9.417,147 capital stock. Martin C. Ansorge, Philip G. Johnson
and Joseph P. Ripley are voting trustees pursuant to the voting trust
agreement for a period of two years, unless sooner terminated.
In making public the above the Commission said:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits
of the issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
in our issue of July 28, page 529.
Federal Trade Commission Suspends Registration
Statements of Two Western Gold Mining Companies Filed Under Securities Act—Orders Issued
Against Abbe Gold Mining Corporation and Cariboo King Gold, Inc.
Stop orders indefinitely suspending the registration statements of two Western gold mining companies, filed with the
Federal Trade Commission under the Securities Act of 1933,
have been issued by that Commission, it was announced by
the Commission on July 30. In one case, the papers were
referred to the Department of Justice for possible criminal
action, said the Commission whose announcement continued:
The stop orders were issued against the Abba Gold Mining Corporation, a
Nevada corporation, with offices in Carson City, Nevada, and Los Angeles,
Calif., and Cariboo King. Gold, Inc.. of Seattle, Wash. Papers were referred to the Department of Justice in the matter of the Abba corporation.
In both stop orders, the Federal Trade Commission held that the registration statements included "untrue statements of material facts" or
omitted to state "certain material facts required to be stated therein"
necessary to make the statements not misleading.
The Abba corporation's statement was originally filed with the Securities
Division of the Federal Trade Commission last January. It indicated that
the corporation was organized to mine gold, silver and other ores and proposed to issue 4.000.000 shares of capital stock at $1 par value in exchange
for the properties. One million shares of the stock were to be offered ..co the
public at $1.12% per share, but which the underwriters were to obtain at
85 cents a share. Security Loan & Investment Corporation, Carson City.
Financial Chronicle
690
Nevada, was listed as underwriter, with Max E. Socha, of Los Angeles,
as President of the corporation, and Thomas W. Cochran, of Hollywood,
as Treasurer. In the papers referred to the Department of Justice, B. H.
Schwarz, 347 South Cloverdale Ave.. Los Angeles, is named as promoter
of the company.
Cariboo King Gold. Inc., with offices at 1116 Vance Building, Seattle,
was registered as an extra-provincial company in British Columbia, to develop metal mining property in that province. It proposed to issue 5,000
shares of common stock. with J. Wolff Teitel, a Seattle broker, holding
an option to purchase the stock at 25 cents per share, he to sell the stock
to dealers and brokers at 30 cents per share and they to offer it to the public at approximately 45 cents per share.
In the case of the Abba corporation, deliberate misstatements are charged
as having been made in the registration statement, hence the reference of
the papers to the Department of Justice for possible criminal action.
In a memorandum in this case prepared by the Securities Division, upon
which the stop order was based, it is shown that in answer to Item 45 in
the registration statement it is stated that the total cost of the mining claims
to Schwarz as paid to one Fred H. Nett, from whom they were acquired,
was $2,550.000 in cash, securities and notes and 1.000,000 shares of the
capital stock of the issuer. At a subsequent hearing. Nett testified that
the cash received by him did not exceed $10,000. that this figure was an
estimate of various amounts advanced to Schwarz over a period ofseveral
months, and that he received no note or security from Schwarz other than
the 1.000,000 shares of issuer's stock.
It was further stated in answer to Item 45 of the registration statement,
that the stockholders listed in an exhibit accompanying the statement
advanced money to Schwarz to the extent of 85 cents per share and that
this money went to pay for the property purchased by Nett. Seven of the
largest stockholders named in the statement were subpoenaed and testified
that they had advanced no such amounts as set out in the statement.
•
Federal Trade Commission Issues Stop Order Suspending Registration Statement of Sauk City Brewing
Company.
The Federal Trade Commission announced on July 24
that it had issued a stop order suspending indefinitely the
registration statement of the Sauk City Brewing Company,
Sauk City Wisconsin. The Commission held that the statement omits certain material facts required by law to be
stated therein. The Commission also said:
The Sauk City Brewing Company's registration statement was filed with
the Federal Trade Commission under the Securities Act of 1933 on January
8th, last. It is a Wisconsin corporation proposing to manufacture and
sell fermented malt beverages, and proposed to issue 8125,000 in common
stock for corporation purposes. The company's offices are at Sauk City.
President Roosevelt Reported as Planning Conference
to Discuss Decentralization of Industry—Henry
I. Harriman May be Asked to Head Committee of
Industrialists.
President Roosevelt plans to call a conference of leading
industrialists to discuss plans for the decentralization of
industry, according to press advices from Washington on
July 30. The program will seek to chart the gradual transfer of many factory units from congested metropolitan areas
to semi-rural scetions, thus giving factory employees an
opportunity to own their homes and raise food for their own
use. It is said that the date for the conference is still indefinite, although it may be held in September. Associated
Press advices from Washington on July 30 described further
tentative plans for the meeting as follows:
Men who represent between 60 and 70% of the Nation's industrial output will be represented at the White House industrial conference, if it
goes through as tentatively scheduled.
Henry I. Harriman, President of the Chamber of Commerce of the
United States, may be asked to head a committee of industrialists to
aid in drafting the program.
Mr. Harriman is in accord with Mr. Roosevelt's views that industry,
in many instances, has massed itself to its own disadvantage and the disadvantage of its employees. He said that a transfer of small factory units
to suburban surroundings where employees would have better living conditions would do much to bring social security.
One of the things under discussion at the conference will be the possibility of budgeting factory production to give employees some idea in
advance what to expect in the way of work during a year.
The results of the discussion probably will be seen also in the social
legislation which Administration experts are already drafting for next
session.
This program includes unemployment insurance and old age pensions,
conservation of land and water resources and housing. The decentralization of industry and the related activity or subsistence homesteading
is closely allied to all three.
President Roosevelt Returns to United States After
Vacation Cruise—Arrives at Portland, Ore., from
Hawaii—In Speech at Honolulu He Asserted
United States Seeks Peace and Has No Imperialistic
Aims.
President Roosevelt returned to the United States from
his vacation cruise yesterday (Aug. 3) when the U. S. S.
Houston arrived at Portland, Ore., from Hawaii. The
President left Honolulu after a 2-day visit, on July 28, and
before his departure addressed a crowd of several thousand
persons in the grounds of the old palace. During his visit
to Honolulu the President toured the military and naval
defenses, including the Pearl Harbor naval base. In his
address before sailing on July 28 the President thanked the
people of Hawaii for their hospitality and praised "the
efficiency and fine spirit of the army and naval forces."
He added that these forces must be regarded as "an instru-
Aug. 4 1934
ment of continuing peace,for our Nation's policy seeks peace
and does not look to imperialistic aims." Newspaper reports from Tokyo on July 29 said that Japanese officials
were disappointed that the President's speech failed to contain any important declaration on American policy in the
Pacific or any mention of possible methods of improving
Japanese-American relations.
Our latest reference to Mr. Roosevelt's vacation cruise
was contained in the "Chronicle" of July 28, pages 531 and
532. The text of his speech at Honolulu on July 28,follows:
Governor Poindexter, my friends and fellow Americans of the Territory
of Hawaii.
I leave you to-day with reluctance; for the friendly spirit and the generous
reception given me everywhere by the people of the Islands make me
greatly wish that my visit could be prolonged. I leave also with pride in
Hawaii, pride in your patriotism, and in your accomplishments.
The problems that you are solving are the problems of the whole Nation,
and your Administration in Washington will not forget that you are, in
very truth, an integral part of the Nation.
In a fine old prayer for our country, I found these words, "Fashioned
into one happy People those brought hither out of many kindreds and
tongues."
That prayer is being answered in the Territory of Hawaii. You have a
fine historic tradition in the ancient peoples of the Islands, and I am glad
that this tradition is so well maintained. You have built it, built on It
wisely, and to-day men and women and children from many lands are united
in loyalty to and understanding of the high purposes of America.
And I have seen with my own eyes that you are doing much to improve
the standards of living of the average of your citizenship.
That is as it should be, and I know that you will put forth every effort
to make further progress. There are indeed many parts of the mainland
of the United States where economic and educational levels do not come
up to those which I find here.
And may I compliment you also on the excellent appearance of neatness
and of cleanliness in the homes which I have seen in all parts of the Islands.
They deserve emulation in every part of the Nation.
And on leaving I want to say a word of congratulation on the efficiency
and the fine spirit of the army and navy forces of which I am Commanderin-Chief. They constitute an Integral part of our National defense, and
I stress that word "defense."
These forces must ever be considered an instrument of continuing peace,
for our Nation's policy seeks peace and does not look to imperialistic aims.
And so, my friends, I leave you in gratitude for all the kindnesses that
you have shown me. I carry with me the hope that I shall have the opportunity to return. I shall ever remember these days—days that were all
too short—your flowers, your scenery, your hospitality, but, above all,
the knowledge that America can well be proud of the Territory of Hawaii.
And I say to you "Aloha" from the bottom of my heart.
Treasury Department Revises Specifications for Federal
Buildings in Effort to Cut Cost—Secretary Morgenthau Also Orders All Treasury Employees to
Resign Political Posts by Sept. 1.
Secretary of the Treasury Morgenthau announced on
Aug. 2 that'revisions will be made of Federal building
specifications where contracts have not yet been let, in
an effort to save enough to build a number of additional
structures. Revisions will be completed within 60 to 90
days. Mr. Morgenthau said that experts had already cut
$500,000 from the estimated cost of the $6,200,000 New York
City post office.
Mr. Morgenthau on the same day (Aug. 2) issued regulations forbidding Treasury workers to engage in political
activity. Officials and employees were ordered to resign
from their political posts or from the Treasury by Sept. 1.
The regulations provide that after that date no officer or
employee of the Department will be permitted:
1. To hold any other public or political office.
2. To become a candidate for a political office.
3. To be a member or officer of any official committee of a political
party, or of any other committee that solicits funds for political purposes.
4. To own, edit or manage a political publication.
5. To display such obtrusive partisanship as to cause public scandal.
6. To attempt to manipulate party primaries or conventions.
7. To use his position to bring about his selection as a delegate to conventions.
8. To act as chairman of a political convention.
9. To assume the active conduct of a political campaign.
10. To use his position to interfere with an election or to affect the
result thereof.
11. To neglect his public duties.
Department of Justice to Speed Investigation of
Aluminum Co. of America—To Inquire into
Charges of Monopoly Following Conclusion of
Suit Brought by Bausch Machine Co.
Attorney-General Cummings indicated at a press conference, on July 31, that the Department of Justice is preparing to expedite its investigation of the Aluminum Co. of
America in order to determine the validity of complaints of
monopoly in the aluminum industry. The company has denied charges of monopolistic control of supplies of the metal
and of price-fixing. The Federal inquiry has been delayed
to await the result of civil litigation involving similar
charges, Attorney-General Cummings said. United Press
Washington advices of July 31 discussed the current status
of the Department's investigation as follows:
Suit for $3,000,000 was brought against the Aluminum Co. by Bausch
Machine Co., Springfield, Mass., which claimed It had suffered losses of
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139
Financial Chronicle
the Aluthat amount due to monopolistic practices and price-fixing by
minum Co.
The lower Federal Court in Connecticut found for the Aluminum Co., but
that
the Circuit Court of Appeals in New York City this week reversed
decision and ordered a new trial.
will
it
The Appellate Court's ruling was a "highly important opinion and
Mr.
be taken into account in the Department of Justice's investigation,"
Cummings said, explaining that the Federal study had been in abeyance
pending the decision.
Monopoly charges revolve around the complaint by independent manufacturers buying aluminum ingot from the Aluminum Co. of America, that it
has maintained prices at a consistent and unduly high level out of line with
costs of production.
Where the Government has run into difficulties is in attempting to ascertain the cost of production in relation to prices. Congressional committees
and the Federal Trade Commission have had a try at it. One report by
Justice Department investigators was rejected by Mr. Cummings and a second
inquiry ordered some time ago.
In the Bausch case, in which the law firm with which Mr. Cummings
formerly was associated, represents the plaintiff, evidence on costs was submitted to the Court under seal. This prevented it being made available to
investogators.
Officials explained that unless the Government can obtain affirmative evidence to support a complaint in the courts it is impossible to obtain court
orders that would compel the company to bring its book into the open.
Decision Sustaining Congressional Abrogation of Gold
Clause Appealed to Higher Court—Bankers Trust
Company Lists 14 Alleged Errors in Ruling of Judge
Faris Given in Case of Bonds of St. Louis Iron
Mountain & Southern Ry.
Federal Judge Faris of St. Louis on July 30 granted the
petition of the Bankers Trust Company of New York to
appeal to the United States Circuit Court of Appeals from
an order entered in June by the District Court which ruled
that the company had no right to collect principal and
interest of bonds originally issued by St. Louis Iron Mountain
& Southern Ry. (now a part of the Missouri Pacific System)
in money or gold of former standard of value. Judge Faris
had decided that Congress was within its power in abrogating the "gold clause" in contracts. The bank is plaintiff
in an action against the Missouri Pacific R. R. Co. The
bank, in asking for the right to appeal, listed 14 assignments
of error in the original ruling. Associated Press advices
from St. Louis on July 30 noted these various contentions
as follows:
It is asserted in the appeal that Judge Faris erred in holding that Congress
had the power under the Constitution to enact so much of public resolution
No. 10 as purports to provide that contracts for which there is an agreement to pay in gold, could be discharged by coin of public tender.
Further allegations of error made by the trust company are: Failure to
hold that the holders of bonds such as those at suit "were entitled to payment in gold coin of the United States of the standard of weight and fineness
of May 11903. or the equivalent, if such equivalent could be determined."
Failure to hold that the equivalent could be determined, that it was at
the time of Judge Faris's decree on June 29, and that it still is, the number
of dollars current obtained by multiplying 1,000 by 25.8 and dividing that
by 15 5-21.
Holding that all amounts payable should be paid in any lawful money
of the United States, and that it should be accepted by the trustees as the
nominal value thereof,and in discharge, dollar for dollar,of the face amount
of the indebtedness, including interest:
The trust company asked the court to declare the bonds payable in gold
of the quantity called for in the gold clause of the face of the contract.
Since payment of gold now is impossible, the trustee further sought payment in present currency equivalent to the amount of gold called for in
the contract.
To have paid the bonds on this basis would have required about $1,695
for each $1,000 bond. The depreciation in currency in terms of gold resulted from President Roosevelt's act in revaluing the gold dollar at 59.06%
of its former gold content.
— The ruling of Judge Farris was referred to m our issue of
June 23, page 4224.
Governor Lehman Asked to Recommend Enactment of
Law Making New York State Liable for Cost of
Liquidating Bank of United States ,and Other
Closed Banks.
A committee of depositors from the closed Bank of United
States asked Governor Lehamn on July 31 to recommend
enactment of a law making the State liable for the cost of
liquidating the assets of this and other closed banks. Associated Press advices from Albany further stated:
Abraham C. Weinfeld, attorney for the committee, told the Governor
that liquidation had already cost the depositors of the bank $6,000,000, and
probably would cost $4,000,000 more.
"We feel the State is under a strong moral obligation to do this," he said.
"The State permitted the bank to use the impressive name, Bank of United
States,' and in addition the bank advertised that it was under the supervision of the State."
Mr. Weinfeld and Simon Kesselman, Secretary of the committee, also
told Governor Lehman that in the last 30 months the bank had spent
$5,000,000 to collect $7.000,000 in liquidating assets.
The spokesman said 50,000 of the 400,000 depositors were members of
the committee which made the request.
Governor Lehman took their request under advisement.
Salary Standardization and Administration—Report
of Metropolitan Life Insurance Co.
"When an organization becomes as large as our company,"
states an executive as quoted in "Salary Standardization
691
and Administration," a new report issued by the Metropolitan Life Insurance Co. of New York, "the administration of salary and promotion ceases to be the function of a
proprietary individual and becomes a problem to be handled
scientifically." This new report is the result of a survey
that was made by the Policyholders Service Bureau of the
Metropolitan to determine the details of such scientific
methods as now are in effective use. An announcement
issued by the insurance company with regard to the new
report also said:
Although considerable progress has been made in developing scientific
control of the pay of wage earners, few organizations, according to the
report, have attempted to evolve similar procedures with reference to
salaried positions. The outstanding reasons for such control vary from
that of obtaining a complete, accurate and impersonal description of
the work done by each employee, to the determination of fair minimum
and maximum salaries for each position or kind of work done throughout
the organization. . . .
With reference to the question, "What positions will come within the
scope of the plan?" the report points out that in some cases supervisory
positions up to the rank of department heads have been included, but
that most of the companies co-operating in this study limit standardization
to those positions paying up to a maximum of about $300 a month. A
few companies have extended the plan to include all salaried employees
receiving up to $5,000 and $6,000 Per year.
The report states that it is generally recognized that the success of
salary standardization depends to a considerable extent upon the intelligence with which jobs are evaluated and classified. The list of grades
used by a number of organizations is given in detail in the report and the
methods of making evaluations are discussed. The next step, according
to the report, is the determination of salary limits for each group. Pointing
out that actual methods of determining salary methods differ considerably,
the report quotes the actual practices of several companies.
The report is illustrated with reproductions of a number
of forms used by the contributing companies and, in an
appendix, sets forth the classification of jobs used by three
organizations.
Decision in New Jersey Lighterage Case Regarded by
New York State Chamber of Commerce as Substantial Victory for New York Business Interests.
The decision in the New Jersey lighterage case, handed
down 'Aug. 2 by the Inter-State Commerce Commission,
represents a substantial victory for the business interests of
New York,in the opinion of the Chamber of Commerce of the
State of New York, which led the long fight to preserve the
unity of the harbor rate structure of the Port of New York.
Lawrence B. Elliman, chairman of the Executive Committee
of the Chamber, said that the Commission, according to the
published reports, had upheld the principle that freight rates
in the port of New York should be uniform, which was the
chief contention of the state, city, Chamber of Commerce
and other organizations and business interests here. These
interests did not oppose an extension of the lighterage limits
of the harbor. Mr. Elliman said:
The decision, as I understand it, will have little if any effect upon business
interests and shippers in New York, it will impose no additional charge upon
them in the shipment of freight and will work no inconvenience in any way.
New York had everything to lose and little to gain in the lighterage controversy. Our principal effort was directed toward preserving the uniformity of the the presnt freight rate structure in the port, which the Commission
has upheld. We made no objection to an extension of the harbor lighterage
limits, which the Commission has ordered.
Parker McCollester, who represented the Attorney General
and was also special counsel for the Chamber of Commerce
of the State of New York at the hearings, characterized the
decision as "a complete victory for New York." In part he
said:
The principal issue was whether the Port of New York should be split
and whether the railroads should be required to charge higher rates to and
from the New York side of the harbor on freight handled by lighterage over
the waters of the harbor than on freight received and delivered on the New
Jersey shore. The Commission has upheld our contention that this should
not be done. It has found that the grouping of all points in the New York
harbor area at the same rates and the performance of lighterate in New York
harbor without charge in addition to the rail rates is not unreasonable. It
has held that to change the long established rate basis, as sought by New
Jersey, would so disrupt the commerce through the port and the rate making
methods of the country that it should not be permitted.
Following its decision that the New York rate group should be maintained
the Commission has found that the railroads should not make an extra
charge for lighterage on freight handled by lighter to and from Port Newark
and points along the Passaic River so long as lighterage is performed at the
rail rates to and from other point in the New York harbor area. The
railroads, however, are given the option of removing this discrimination
by extending free lighterage to interior New Jersey points. New York State
and the New York State Chamber of Commerce have had no objection to
the extension of the free lighterage limits to include points in New Jersey
not now included therein, provided it was found the evidence was justified.
Likewise, consistently with this view that the New York rate group should
be maintained, the commission has found that the grouping should be
observed in connection with traffic to and from New England on the same
basis that it has long been observed in connection with traffic to and from
the west. The New York interests have likewise made no objection on this
Point, recognizing that the important point was the maintenance of the
group adjustment and that in fairness the group should be observed equally
in all directions unless really distinguishing circumstances were shown.
With the New Jersey lighterage case there was also tried the complaint
of Boston interests, who alleged that the rates on import and export freight
through the Port of Boston should be lower than on freight handled through
the Port of New York because of the alleged expense of the terminal services
692
Financial Chronicle
n New York, or else that an added charge should be made at New York
for all freight handled in lighterage service. The commission has held
against these contentions and has dismissed the Boston complaint.
In short, New York has won all of the points for which it contended and
the two points which New Jersey has won represent simply an extension of
the idea of port unity for which New York has contended.
Texas Court Holds Unconstitutional State Moratorium
Law to Prevent Property Foreclosures.
The act recently passed by the Texas Legislature providing for a moratorium in cases where foreclosure against
real estate for rent is threatened has been declared unconstitutional by the Fourth Court of Civil Appeal at Austin,
Texas, according to adviees from that city to the New York
"Post" which also said:
The Court held that the measure "impairs obligations of contract."
The specific ease at issue involved a petition for an injunction restraining
the sale of lots in San Antonio owned by M. A. Harrigan, to satisfy an indebtedness and deed of trust for $22,000.
The injunction had been granted in the District Court, the sale of the
property being enjoined until further orders, but not beyond Feb. 1 1935,
the expiration date of the moratorium. The case was appealed, with the
Court of Civil Appeals reversing the decision.
The latest decision was handed down July 25.
Aug. 4 1934
Convention of the Young Democratic Clubs warned that
"pay day is coming." He is reported as follows in a Lynchburg account to the Richmond "Times-Dispatch":
"Payday is coming," Senator Glass reiterated, "and it will be pay for
all this Federal aid. See if it really is aid. Where does the Government
get the money? Does the Secretary of the Treasury pluck it from trees?
That's what the free silver and greenback fanatics talk like. Dr. White's
account of the French revolutionary period of inflated currency sounds
like the Congressional Record now.
"We need sound money," he shouted, "the sort of sound money the
party declared for. I wrote it into the platform myself and I'm never
going to vote for any greenbacks. The President doesn't want it done.
He accepted power to do it, but did not exercise the power; and if he has
half the sense I think he has, he won't do it. He had to take the power
for fear the fanatics might make printing press money mandatory."
In part the account went on to say:
Flays City's PWA Plea.
The Senator was annoyed at his home city for taking a PWA grant.
"Lynchburg" he said, "has high credit. Did they sell their bonds at a
premium and get their public work done for themselves? Oh no. They
were fooled by stupid talk of grants and the result was that somebody in
Washington issued out the money and paid at a wage scale which has depleted every farm through which an improvement ran. The farms simply
can't pay labor 45 cents an hour.
"These grants seem to be gifts, but we'll pay them all. We in Virginia
will pay ours and we'll help pay for 14 Western States that all together
do not pay as much Federal tax as Virginia." Senator Glass even feared
Federal aid in education one day would specify what textbooks might
be taught.
"Farmers have been paid for having their sows killed to keep them
from having little pigs. They got paid for plowing under their cotton
and they're pleased. And you're not much bothered. But wait until
we raise taxes. They are already high in other countries.
Resents Aid to State.
"I know there's a pay day coming and it won't be pleasant. I want to
appear again for the Jeffersonian democracy States' rights and I resent
the proposition that Virginia, whose bonds sell higher than the Government's, can't take care for her own indigent. We could and would have
too, but for this delusion about grants."
High Taxation Confiscatory Declares 0. W. Adams
Vice-President Utah State National Bank of Salt
Lake City—More Than One-Fourth of National
Income in United States Absorbed by Taxes-37%
Expended by Governmental Agencies—Lowered
Incomes Contrasted with Extravagance in Government Spending.
More than one-fourth of our national income is being absorbed by taxes and 37% expended by governmental agencies,
Orval W. Adams, Vice-President of the Utah State National
Bank at Salt Lake City, says in the August issue of the
Restates Principles.
American Bankers Association "Journal." "It is not for us
Senator Glass admonished the Young Democrats to "dedicate your
to determine whether we shall permit confiscation," says Mr. thought
and service to the good of our State. Study both
State and
Adams,"because it is already here. The Government and all national constitutions and learn the Jeffersonian principlesthe
in following
its political subdivisions under which we live are spending axioms:
"1. That government should accord equal rights to all, special priviannually $14,700,000,000, which represents approximatleay leges
to none:
37% of our total national income. While this is far beyond
"2. The government should accomplish the greatest good to the greatest
our ability even to estimate or imagine, this thing we can number with the reservation of Jefferson, that rights of the minority should
always be respected and conserved.
understand: that it is far beyond our ability to meet. How,
"3. That the best governed people are the least governed."
and when, shall we bring to bear all our power, concentrate
In answer to criticism of himself and Senator Byrd for
all our intelligence to call a halt to such wild abandon?" Mr. opposing certain Roosevelt policies, Senator Glass was
Adams, in further viewing the situation, says:
quoted as follows in the Lynchburg advices to the "Times-
But that is only half the picture. While we are spending $14,700,000,000
to meet the obligations of government, we are paying out of our current
taxes only $7,975,000,000 annually. But what of the balance? That is
the legacy which we are transferring to the future generations as an impressive evidence of our solicitude for their well being. So, at the present
rate of spending, those who follow us will be obliged not only to assume
the current expenses of government—if government they still have—but the
nearly $7,000,000,000 of indebtedness which we have authorized annually
to pay for the government of our day.
In 1913 our tax bill was $22 per capita; in 1933 it was $70. In 1913 the
public expenditures per capita were $30, and in 1933 they had grown to
$120. Public expenditures for the 15 years ending 1929 doubled our rate
of income and since then new dizzy heights have been reached, while income
has fallen one-half. Public debts of all our governmental subdivisions new
total $43,000,000,000.
This is $343 per capita as compared with only $50 in 1913, or, put in
terms of the average family of five, $1,715 now as compared with $250 in
1913. It is also a distressing fact that in 1933, as compared with 1913, on a
per capita basis, taxes were 220%, governmental costs 300%, and public
debts 600% increased. And while we were employing this extravagance in
spending, our income lowered 7%.
No one objects to a certain amount of taxation. We need government.
We need public improvements. We need protection. We need culture, refinement and all the other things that add to the joy and happiness of life.
We most certainly are obligated to furnish relief to the worthy needy. But
when public spending becomes an obsession and a mania—the point which it
has now reached—it is a distinct menace not only to business but to our
civilization.
We should go back to the policies and principles that have thus far
made us great: stop petitions for public improvements far beyond our means
to afford; realize that we cannot solve our problems of governmental finance
by easy expedients, and have the courage to admit that there is nothing
that can take the place of collective thrift, self-denial and intelligent citizen
participation in the processes of government. I would not have our people
practice parsimony, but I would have them exalt economy in governments
as well as in individuals.
I would place the welfare of the many above that of the few. I would
attempt to limit expenditures everywhere and at all times to the ability of
the people to pay. I would attempt to prevent further growth of the per
capita debt that hangs like a threatening mortgage over every home
and
every farm, and I would curtail in every unnecessary public expenditure
until the per capita burden is, in a large measure, lifted from the
backs
of the producers of our country.
And, finally, I would adopt as the fundamental policy to which all
govern.
ment action must conform, the principle that good government cannot
exist
with impaired or threatened credit and a constantly increasing tax
burden.
Senator Glass Warns"Pay Day is Coming"—In Address
Before Young Democratic Clubs Characterizes as
a Delusion System of Federal Relief Grants—
Criticism of "Free Silver and Greenback Fanatics."
Characterizing as a delusion the whole system of Federal
relief grants, Senator Carter Glass in an extemporaneous
address at Lynchburg, Va., on July 28, before the State
Dispatch":
•
"The President," the Senator said, "is not simple enough to object
when we disagree. He is man enough and has enough sense to respect
people who differ with him, rather than supine politicians who say yes,
yes, yes and nothing but yes.
Not "Cloak-Room Type.
"Harry Byrd will never be a cloak-room senator: One who denounces
things in a cloak room and then goes through a door to vote for the policies
he has just denounced. Harry is no rubber stamp and neither am I. When
Virginia wants that kind of a representative I no longer want to represent
Virginia.
"When I differ with the President, I go to him first and tell him so. The
public does not know what has not been done—what has been prevented.
Frequently that is more important than what has been done. It is my
earnest desire to support the President whenever I can,
"He offered me a Cabinet post and I would be an ingrate to criticize him
save when I thought the interest of the people suggested that I do it.
"Some anticipated I would thresh old straw, but I'm neither foolish
enough nor have any inclination to do it. This does not mean I have
come within a thousand miles of abandoning anything or that I offer one
apology to any one on earth for anything I've said or done."
Even with all his disagreements with the President, the Senator added,
"I suppose I'm just as welcome at tne White House as any of these pettifogging critics of myself and Harry Byrd are."
Regarding the President, Senator Glass said: "He has made some mistakes as any man would, but no man, however partisan, ever impugned
the integrity and good purpose of Franklin Roosevelt."
Former Senator Owen Contends Way Out of Depression Is to Re-Create $10,000,000,000 of Credit
Money—Opposes Views of Senator Glass.
The one sure way out of a depression is to re-create the
$10,000,000,000 of credit money which evaporated through
the contraction of credit brought about by panic, according
to former Senator Robert L. Owen, Democrat of Oklahoma.
In thus reporting hfir the New York "Post" of July 31
continued in part:
•
Interviewed to-day in his offices at 501 Madison Avenue, Mr. Owen declared that Senator Carter Glass, in his speech at Lynchburg, Va., in which
he cried out for a halt in Government expenditures, proved to the country
that he had "no adequate knowledge of monetary science."
Mr. Owen explained:
"The money of the United States consists of 10% currency issued by
the Government and 90% credit money issued by private corporations to
citizens who urgently need it and give adequate security for it.
"This private credit money amounted to about 24 billions in 1929 and
Is 14 billions now. It has contracted 10 billions, or ten thousand million
dollars.
"Normally the banks would lend and the people would borrow. But
the economic shock of this terrifying contraction has paralyzed industry
and has made men afraid to borrow and banks afraid to lend.
"The Government of the United States alone has the power to provide
money necessary and sufficient to transact all the business of the country.
Volume 139
Financial Chronicle
Our national business required 1,200 billions in checks, or credit money,
in 1929 and even at the depth of the depression, last year, 400 billions in
checks were required to transact the business of this country.
Two Processes Cited.
"The Government can provide all the money necessary by the simple
process of:
"First—Buying the stock of the Federal Reserve Banks and paying
for it with a cross entry in the books of the banks.
"Second—With the Government owning the Federal Reserve Banks
(thus establishing a central government bank), they can be required to
buy Government bonds in sufficient quantity to furnish all the money
necessary.
"It would not be necessary to issue currency which would prove inconvenient and useless. The money would appear in the form of bank demand deposits, or credit money, the form in which it disappeared.
"Of course, Senator Glass does not understand this; and therefore he
cries aloud to know where the money for the Government spending program is coming from. With great reluctance I must, in the public interest, affirm my belief that Senator Glass never has had any adequate
knowledge of the monetary science, and he is giving the country evidence
of it now.
"I most certainly wish him well, but he is doing a grave injury to the
American people and does not deserve the ostentatious ballyhoo given him
by the ultra-conservatives who think that the only real money is gold,
coin. The world has now discarded gold as a medium of domestic exchangereserving its use for payment of international trade balances.
Inadequacy of Gold.
"The inadequacy of gold is proved by the fact that there is not one
tenth enough of it in all the world to finance American business alone.
Credit money is the only real money demanded by commerce and industry. This kind of money has been and still is issued by private corporations. It should be issued by the Government, along with currency."
Mr. Owen ended the interview and his argument for a central Government bank to control credit, by quoting from the Democratic platform:
"The depression was due to uncontrolled expansion and contraction
of credit for private profit at the public's expense."
Representative Bacon Criticizes Postmaster-General
Farley's Announcement of First Surplus Since
1919—Charges Showing Was Made at Expense of
Demoralized Service and Poorly-Paid Employees.
I he Post Office Department was able to record a surplus
in the fiscal year ended June 30 1934, only "at the expense
of a demoralized postal service and poorly-paid employees,"
Representative Bacon of New York charged in a statement
issued on July 29. Mr. Bacon referred to PostmasterGeneral Farley's radio message to President Roosevelt on
July 20, when he said that postal revenues had exceeded
expenditures for the first time since 1919. The text of that
announcement was given in our issue of July 28, pages 532
and 533. United Press advices from Washington July 29
quoted Mr. Bacon as follows:
The truth is, he [Postmaster-General Farley] took $80,000,000 from the
pay of postal employees through a 15% wage reduction, then put them
on an involuntary 11-day furlough, which took $11,000,000 from them.
And not satisfied with this parsimony he cut their allowances and suspended enough promotions to save 84,000,000 more at their expense.
In order to show how sincere is the Administration in urging business
to take on more employees until it hurts, Mr. Farley retired 5,000 Postal
employees and never filled their places. These employees vary in age
from 50 to 60 years and will no doubt appreciate the "social justice" of the
new deal.
Henry I. Harriman Praises Subsistence Homestead
Projects—President of Chamber of Commerce
Says They Aid in Giving People Social Security—
Sees Less Need for Unemployment Insurance.
The Administration's experiments with the establishment
of subsistence homesteads were described as "the most
fundamental and far-reaching movement under way" by
Henry I. Harriman, President of the Chamber of Commerce
of the United States, in an interview on July 29 after he had
returned to Washington from Reedsville, W. Va., where,
with the assistance of Mrs. Franklin D. Roosevelt, one of the
firbt subsistence homesteads was begun. We quote below
from Associated Press Washington advices of July 29 describing the remarks of Mr. Harriman:
"Social security has got to be given the people of this country." Mr.
Harriman said in an interview. "The subsistence homestead Projects will
show us the way to the necessary decentralization of industry, the relief of
mass congestion in the cities, provide for workers to own their own homes
and contribute to their own support.
"I believe that if the subsistence movement already had been carried out
that there would be little need for unemployment insurance, or rather unemployment reserves.
"I am not opposing unemployment reserves, or old age pensions, but my
fear is that they may impose too heavy a burden upon business at this time.
"Unemployment reserves must come through contributions from both the
employer and worker. The British have had quite a lot of experience with
such legislation and we might take a few lessons from them."
Mr. Harriman said what he saw at Reedsville and a project near Mount
Pleasant in Westmoreland County, Pa., had made him certain that the
"Administration is on the right track." He made the trip in company
with M. L. Wilson, Assistant Secretary of Agriculture, and until recently
head of the Subsistence Homestead Unit under the Department of the
Interior.
"I am not endorsing everything that may be done at these projects,"
Mr. Harriman explained. "Mistakes will be made but gradually hundreds
of thousands of workers will be moved to new and better surroundings.
They will be given oportunities to buy their own homes and garden plots
where they can contribute to their own support.
"This change will not come over night. It will take years and it may be
20 years before one million to .two million families, perhaps more will be
693
moved from crowded tenements to a decent place to live. It will not be
the city nor.the country, I would say the suburbs, but if the plan goes
through as outlined it will give this country the stability we must have."
J. P. Morgan's Yacht "Corsair" Returns After Taking
Banker to England.
J. P. Morgan's yacht "Corsair," on which the banker
sailed for England on July 12 returned to its home mooring
off the New York Yacht Club at Morgan Memorial Park,
Glen Cove, L. I., on Aug. 2. In reporting the yacht's
return, advices from Glen Cove, Aug. 2, to the New York
"Times" of Aug. 3 said:
Mr. Morgan sailed on the yacht July 12 and arrived in England July 20
for a stay at Wall Hall, his English home,and to visit Scotland in August.
The Corsair left the English port on July 25 and arrived off Sandy Hook
early to-day.
On Aug. 9 as flagship of the fleet of the New York Yacht Club from
the Glen Cove station, with Junius S. Morgan, Commodore, on board,
the Corsair will leave New London for the annual cruise of the New York
Yacht Club.
J. P. Morgan's departure for England was referred to in
our issue of July 14, page 215.
Return from Abroad of T. W. Lamont of J. P.
Morgan & Co.
Thomas W. Lamont, of J. P. Morgan & Co., returned on
Aug. 2 on the North German.Lloyd liner "Bremen" from a
trip to England and France. Mr. Lamont sailed on June 20
and spent about three weeks in London and 10 days on the
Continent. His departure was noted in our issue of June
30, page 4396.
Return from Abroad of Thomas J. Watson, Chairman
of American Committee of International Chamber
of Commerce—Next Year's Meeting of Chamber
to Be Held in Paris.
European business conditions are generally satisfactory,
with the nations concentrated on their own internal affairs,
said Thomas J. Watson, President of International Business
Machines Corp., on his arrival July 27 on the Berengaria.
from a visit to England, France, Germany, Austria, Jugoslavia, Hungary, Czechoslovakia and Italy. Declaring he
found no desire for war in Europe, Mr. Watson said "the
nations are paying much less attention to what is going
on outside their borders than to setting their own houses
in order. Business is generally satisfactory in the countries
I visited. Europe is favorable to the principle of the
National Recovery Act and President Roosevelt."
In Paris, Mr. Watson, who is also Chairman of the
American Committee of the International Chamber of
Commerce, attended the 46th annual meeting of the Council
of the Chamber, at which international monetary and
trade restriction problems were discussed. Mr. Watson
was the head of the American delegation and the chief
spokesman for American business interests. At the meeting
France extended an invitation to hold the Chamber's
Eighth Biennial Conference in Paris on June 24-29 next
year, which was accepted by representatives of all the
nations present.
Commenting on his company's business, Mr. Watson said:
Our foreign sales for the first half of 1934 were the best for any similar
Period since 1931 and 10% ahead of the same period last year. Our
domestic sales (including Canada) have improved even more, the total
for the first seven months being the best for any similar period since 1929'
and the July sales running more than double those of July last year.
W. R. White Appointed Deputy Superintent of Banks
of New York State—Succeeds J. T. Heenehan,
Resigned.
James T. Heenehan, of New Rochelle, resigned on July 24
as Deputy Superintendent of Banks and general counsel of
the New York State Banking Department. The resignation
became effective Aug. 1. Mr. Heenehan, who had been with
the Banking Department since April, 1930, has returned to
the private practice of law, with the firm of Sullivan &
Donavan. The appointment of William R. White, of New
York City, as Deputy Superintendent of Banks, succeeding
Mr. Heenehan was announced by the Department in its
weekly bulletin of July 27. Mr. White has been associated
with the Department for the past four years and previous to
his appointment as Deputy Superintendent had been principal attorney -(banking). He has been succeeded to this
position by Jackson S. Hutto of Brooklyn.
Death of William F. Duffy, President of Federal Home
Loan Bank of Los Angeles.
William F. Duffy, President of the Federal Home Loan
Bank of Los Angeles, died of a heart attack on July 24 at his
home in Los Angeles. He was 60 years old. Mr. Duffy had
694
Financial Chronicle
Aug. 4 1934
been a banker in San Francisco for many years from where he
moved to Los Angeles about 18 months ago.
•
agent for Oklahoma and Kansas, has received the first shipment of 25,000
tags and certificates which will permit owners to sell the 1933-1934 cotton
crop without payment of the tax.
Death of Paul May—Belgian Envoy to Washington
Was 61.
Paul May, Belgian Ambassador to the United States,
died in Washington on July 30, following an operation for
gallstones. He was 61 years old. Mr. May was born Oct.
12 1872. When he entered the diplomatic service in 1895
he was attached to the staff of the Foreign Office at Brussels.
In 1896 he was appointed attache to the Belgian Legation at
Washington, and later in the same year was transferred to
Tokyo. He successively served at London, Constantinople,
Mexico City, Peking and Stockholm. In 1925 he was appointed Ambassador to Brazil and in 1930 was named
Ambassador to the United States.
Activity of RFC from July 1 1933 to June 30 1934—
$21,785,439 Earned During Fiscal Year—Loans of
$1,177,135,106 Disbursed, of Which $931,340,828
Has Been Repaid—Total Disbursements Amount
to $3,062,809,660.
Details of the activities of the Reconstruction Finance
Corporation from July 1 1933 to June 30 1934, made available July 19 by Jesse H. Jones, Chairman, show loans of
$1,177,135,106.20 disbursed by the RFC during the period.
Repayments, according to Mr. Jones, totaled $931,340,827.93, leaving loans of $245,794,278.27 outstanding. Mr.
Jones said that the proportion of returns indicated a
definite improvement in economic conditions, it was
stated in Washington advices July 19 to the New York
"Times." The loans made, it was stated, do not include $889,358,768.14 which the RFC allocated to other
Government agencies in the year and $763,727,021.92 disbursed for the purchase of preferred stock and capital
notes of banks. Disbursements of all types by the RFC
totaled $3,062,809,660.35. The advices to the "Times"
continued:
Death of William McC. Hardt Formerly Bank Examiner
For Philadelphia Clearing House Association.
William McCulley Hardt, for years National Bank Examiner in Philadelphia, and later, until his retirement,
Bank Examiner for the Philadelphia Clearing House Association, died at his home in Wynnefield (Philadelphia) on
July 27. He.was 82 years of age. Mr. Hardt's three sons
are all Philadelphia bank executives, viz.: Frank M. Hardt,
Vice-President of the Fidelity-Philadelphia Trust Co.; J.
William Hardt, Vice-President of the Philadelphia National
Bank, and Walter K. Hardt recently was named Chairman
of the Executive Committee of the Integrity Trust Co., of
which he formerly was President. The late Mr. Hardt was
born in Frederick, Md., on May 23 1852. As to his career,
we quote the following from the Philadelphia "Inquirer"
of July 28:
Became Banker in 1870.
He was educated at Frederick College, Md., and following his graduation became associated with the Franklin Savings Bank of Frederick, serving as Cashier from 1870-1873. From 1873 to 1881 we was Assistant
Cashier of the Frederick-Town Saving Institution, and for the next ensuing
nine years was retained in the same capacity by the Farmers & Mechanics
National Bank.
In 1890 he went to the office of the Comptroller of the Currency in
Washington, and the following year was appointed National Bank Examiner
for the State of Maryland and the District of Columbia. One year later,
he was given temporary assignment in the same capacity to Philadelphia,
but—shortly after it became permanent, and he continued as such until
his resignation in May 1909.
From that time until his retirement in 1928 he was Bank Examiner for
the Philadelphia Clearing House Association.
Samuel Insull, Sr., Files Petition for Separate Trial—
Government Indicates It Will Oppose Request
When Case Is Heard Sept. 18.
Samuel Insull Sr., former utilities head, filed a petition
in the Federal Court in Chicago, on July 31, asking the Court
to grant him a trial apart from the other defendants who
were indicted with him in February 1933, and expressing his
willingness to reveal all details pertaining to his business
operations "as soon as I am given the opportunity to testify
at my trial." Dwight H. Green, United States Attorney, said
the Government would oppose the petition, which will probably be argued when the case is called for trial on Sept. 18.
Mr. Insull said that he was psysically unable to stand the
strain of a protracted trial, and that he feared that his
Identification with the other 16 defendants would complicate and prejudice his position. Other features of the petition were noted as follows in a Chicago dispatch of July 31
to the New York "Times":
Mr. Insult said in his petition that only eight of the defendants, including
his son, Samuel Insult Jr., have been closely allied with him in business.
The others he named are Edward J. Doyle, Philip J. McEnroe, John H.
O'Keefe, Fred H. Scheel, Robert W. Waite, Frank R. Evers and George A.
Kemp.
Mr. Instil also expressed the fear that if he is tried with the others, evidence admissable against some of the defendants might be produced which,
in a separate trial, would not be admissable against himself.
The confusion of the large mass of evidence created in the jurors' minds
might prejudice his case, Mr. Insult said.
Wants Full Challenges.
Another important point made in the petition is that the defense is allowed
only 10 peremptory challenges, whether there be one defendant or 17. If
tried alone, .Mr. Insult would have the whole benefit of the 10 challenges,
It was pointed out.
The petition also pointed out that the positions of the other defendants
might be in jeopardy by the "unfavorable atmosphere" created by the "misinterpretation" of Mr. Insull's departure from the United States in June
1932 and his contesting the efforts to extradite him from Greece.
First Bale of Cotton Registered in Oklahoma Under
Bankhead Cotton Control Plan.
The "Oklahoman" of July 15 stated:
The first bale of cotton to be registered jn Oklahoma under the Bankhead
control program was tagged Saturday afternoon at the Traders' compress by
Melvin Sharpe, official tagger for Oklahoma County. I. E. Nutter, regional
Mr. Jones pointed out that a number of classes of borrowers repaid
more than they borrowed as a group. This, he said, was strikingly illustrated by the banks and trust companies, which actually received $447,614,009.43 in the 12 months and repaid $534,234,350.28.
The railroads received during the year $31,917,442.53 and repaid over
the same period $37,717,226.38, and the outstanding balances of all loans
to railroads on June 30 aggregated $353,384,567.36.
Holds Rail Credit Improved.
Mr. Jones expressed an opinion that the railroads would not need much
more money from the Government. The $50,000,000 note issue just
marketed at 4%% by the Baltimore Sr Ohio RR., he said, indicated that
railroad credit and the open market for railroad securities were improving.
He had been informed, he went on, that about half of the issue had been
subscribed already with the proposal before the public only one day.
The RFC has agreed to take any part of this issue which is not sold
privately, and Mr. Jones said it would be prepared to adopt the same
attitude in dealing with other railroads which had refinancing problems.
The RFC records show that against the outstanding railroad loans there
Is collateral appraised at $584,657,091. The collateral covering loans of
about $59,000,000 to 10 railroads, however, is deficient by about $23,000,000. All of these loans were made by the RFC after approval by the
Inter-State Commerce Commission.
$4,200,000 to Industries.
The RFC was making progress, Mr. Jones said, on loans to industries
and had already received 4,150 inquiries and 135 applications. Most of
these had been for relatively small loans, the limit under the law which in
the RFC may aid any industry being $500,000.
So far 45 loans aggregating $4,200,000 have been authorized on applications received under an earlier offer by the RFC to make advances to
community mortgage loan companies organized by groups of industries.
Every effort would be made, Mr. Jones said, to co-operate with the Federal
Reserve System In the extension of industrial loans.
The report for the fiscal year ended June 30 1934 showed
that the RFC had made an operating profit of $21,785,438.51.
Earnings of the RFC were reported at $81,268,175.58,
against expenses of $59,482,737.07. The report was issued
as follows:
SUMMARY OF THE ACTIVITIES OF THE RFC FROM JULY 1 1933 TO
JUNE 30 1934.
Authorizations and Commitments.
Number of Amt. Authorized
Loans or
(Including
Purchases.
Commitments).
Loans secured by preferred stock of banks and insurance companies
$41,615,450.00
964
1,580,937,809.55
Loans for other purposes
4,126
Purchases of preferred stock of 3,591 banks and one
Insurance company (5652,731,320), and purchases
of capital notes and debentures of 2,642 banks
(5396.558,8001
1,049,290,120.00
6,394
$2,671,843,379.55
Loansfor Distribution to Depositors.
The amount of loan authorizations and commitments includes loans
aggregating $614,882,735.21 to release frozen deposits by ratable distribution to depositors.
Allocations.
The RFC is required, or may be required, under the provisions of existing
statutes, to allocate sums in the amount of $1,625,000,000 to other Government agencies and for the relief of destitution (exclusive of sums the RFC
may be required to make available to the Federal Housing Administrator
under the Act approved June 17 1934). The amounts of such allocations
disbursed during the fiscal year are as follows:
Amount.
Secretary of the Treasury to pay for:
Capital of Federal Home Loan banks
$38,475,700.00
Capital of Home Owners' Loan Corporation
153,000,000.00
Farm Loan Commissioner to make loans:
To farmers
143,000,000.00
To Joint Stock Land banks
2,400,000.00
Federal Farm Mortgage Corporation
55,000,000.00
Farm Credit Administration
40,500,000.00
$432,375,700.00
For relief:
Under 1932 Relief Act
Under 1933 Relief Act
$1,445,150.23
455,537,917.91
$456,983,068.14
Total allocations and relief
Cash on deposit with Treasurer of United States JUne 30 1933.-- -
$889,358,768.14
$3,088,587.90
Financial Chronicle
Volume 139
Income:
Interest earned
Dividends on preferred stock
Other
$79,105.313.02
2.147.219.75
15,642.81
$81.268.175.88
Expense:
Interest on notes issued:
To Secretary of Treasury
To banks
Other interest
Operating expense
848,082,415.75
2,313,975.85
14,021.08
9,072,324.39
59,482,737.07
$21,785,438.51
Earnings above interest and expenses
No reserves have been set up to cover losses (except $100,000 reserve for selfinsurance).
Loans to Railroads and Railroad Receirers.
(Included in total Authorizations and commitments above.)
$12,460,504.00
Authorized (six loans to six railroads)
1,779,953.47
Canceled or withdrawn
31,917,442.53
Disbursed
37,717,226.38
Repaid (five roads paid in full during fiscal year $35,906,823.94)._
The outstanding balances of all railroad loans on June 30 1934 aggregated $353,384,567.35. The aggregate market or appraised value of all collateral Is 8584,657.091.00.
$3,066,070,389.30
Funds Disbursed.
Disbursed for loans
$1,176,023,308.18
Disbursed for purchase of preferred stock,
capital notes and debentures of banks
763.727,021.92
S1,939.750,330.10
Disbursed for allocations:
For relief of distress
$456,983,008 14
To other Government agencies
432,375,700.00
889,358.768.14
$2,829.109,098.24
Disbursed for redemption of notes series of Feb. 1 1934
131,575.460.82
Disbursed for increases of capital of regional agricultural credit
corporations and return of deposits
27,900,000.00
Disbursed for expenses of regional agricultural credit corporations
4,517,100.00
Disbursed for care and preservation of collateral and other reimbursable items
3,182,698.99
Disbursed for expenses:
Interest paid to Secretary of the Treasury... $48.907,459.08
Interest paid on notes sold to banks
1.723,741.87
Operating expenses of the RFC
9,102,798.88
59,733,999.83
Miscellaneous disbursements (including interest and discount refunded to borrowers, refunds of suspense items, (kc.)
6.791.30247
While all railroad loans were authorized by the Inter-State Commerce
Commission and the collateral certified as fully and adequately securing
the loans, there appears to be at this time a deficiency in the present
market or appraised value of collateral securing loans to 10 roads.
Two roads, the Central of Georgia and the Chicago North Shore &
Milwaukee, have gone into receivership, and four roads, the Missouri
Pacific, St. Louis-San Francisco, Chicago & Eastern Illinois. and Chicago
Rock Island & Pacific, have gone into bankruptcy since the loans were
made. These appear to be inadequately secured at this time.
Also the collateral securing loans to four other carriers appears somewhat deficient on the basis of present market and estimated value of
collateral not readily marketable.
Our Railroad Division estimates the total deficiency of the ten roads
Involved to be approximately $23,000.000.
Cancellations of Aulhoriiations.
Loan authorizations for all purposes canceled before disbursement $197,172,938.31
Preferred stock, capital notes and debenture purchase authorize44,943.638.08
Borer canceled before disbursement
$3,062,809,660.35
Cash on deposit with Treasurer of United States June 30 1934---
695
Earnings.
Funds Remised.
From United States Treasury: Purchase by the United States
$1,670,000.000.00
Treasury of the RFC's notes
From sale of the RFC's notes to banks whose preferred stock,
234,814.666.67
capital notes or debentures were purchased by the RFC
From repayments:
Of loans (including $918,939.53 on loans
8892,953,368.14
secured by preferred stock of banks)
Of relief advances (1932 Act)
958,218.00
Of preferred stock, capital notes and debentures (retirements)
1,655,800.00
Of advances for care and preservation of collateral and other reimbursable items
2,732,128.91
898,299.515 05
From operating income:
Interest
$00,050,749.60
Dividends on preferred stock
2,189.736.58
62,240,486.18
131,977,955.52
Sale of gold to Secretary of the Treasury
From regional agricultural credit corporations as reductions of
24,900,000.00
capital and for deposit
From miscellaneous sources, including suspended credits and
accrued Interest and premium on notes sold, &c.(approximately
$16.000,000 re-allocated as repayments on loans, interest and
reimbursable expense and $22,294,759.87 unallocated at end
of period)
43.837,765.88
$242,116,576.39
Total
Conditional agreements (commitments) outstanding June 30 1933 canceled
during the fiscal year totaled $146,972,356.05.
$6.349,316.85
COMPARATIVE STATEMENT OF CONDITION.
Assets—
June 30 1934.
June 30 1933.
Cosh on deposit with Treasurer of United States
Cash held by Federal Reserve banks as collateral
Loans outstanding
Preferred stock, capital notes and debentures of banks
Advances for relief (under 1932 Relief Act)-- - - --- - -------- -_- -- ----, --'
- -,—"
Allocated to other Government agencies (including advances under 1-933 -Relief
Act)
Advances for care and preservation of collateral and other reimbursable expenses
Accrued Interest
Other assets
Total
Liabi!Wei—
Notes _ _ _
Accrued interest
Liability for funds held as cash collateral _
—
Remittances not credited on borrowers' Indebtedness
---Unearned interest and discount
Other liabilities
Capital stock
Surplus
Total
inc.(+)or Dec.(—).
. $3,088,587.90
658,483.87
1,546,085,107.18
31,283.000.00
298.073,703.77
241.571,874.86
543,914.01
29,441,722.46
2,326,474.55
86,349,316.85
7,210,141.28
1,791,683,906.79
793,354,221.92
298,560,636.00
1,137,004,867.13
1,015.532.87
41.915,604.93
2,294,394.31
+$3.260,728.95
+6.551,657.41
+245.598.799.61
+762.071,221.92
+486.932.23
+895,432,992.27
+471,618.86
+12,473,882.47
—32,080.24
$2,153,072,868.60
$4,079,388,622.08
+81,926,315,753.48
$1
585 000,000.00
„
8,803,211.26
975,802.89
27,476,281.13
2,472,447.92
50,174.36
500,000,000.00
28,294,951.04
$3,489,814.666.67
8,971,109.88
7,461.279.77
22.294,759.87
412,036.12
355,432.38
500,000,000.00
50.079,337.39
+81,904,814,666.67
+167,898.62
+6,485.476.88
—5,181.521.26
—2,060,411.80
+305,258.02
a2.153.072.868.60
84.079.388.622.08
+81,926.315.753.48
+21.784.386.35
MEMORANDUM.
June 30 1934.
June 30 1933.
Undlsbursed authorizations and commitments to make loans; to purchase preferred stock, capital notes
and debentures; to make advances for care and preservation of collateral, and for relief under 1932 Act,
UndLsbursed allocations to other Government agencies (including advances under 1933 Relief Act)
Total
/tic.(+)OT Dec.(—)•
8660,819.588.38
1,088,429,125.14
81,000,275,479.82
198,166,916.87
+8339,455,891.44
—890,262.208.27
S1.749.248.713.52
$1,198,442,396.69
—8550.806.316.83
AUTHORIZATIONS AND COMMITMENTS, DISBURSEMENTS, AND REPAYMENTS BY CLASSES FROM JULY 1 1933 THROUGH JUNE 30 1934.
Loans—
Co banks and trust companies (Including loans for distribution to depositors
In closed banks)__________________________________________________
Credit unions _______________________________________________________
Building and loan associations
Insurance companies
Federal Land banks
Joint Stock Land banks
Livestock credit corporations
Mortgage loan companies
Regional agricultural credit corporations
Other agricultural credit corporations_
Railroads (including receivers)
Processors or distributors for payment of processing taxes
State funds created to insure deposits of public moneys
Industrial and commercial businesses
fo aid in financing self-liquidating construction projects (including loans for
the repair and reconstruction of property damaged by earthquake, fire,
tornado, and cyclone in the year 1933)
Co aid In financing the sale of agricultural surpluses In foreign markets
Co finance the carrying and orderly marketing of agricultural commodities
and livestock produced in the United States
Yo Secretary of Agriculture to purchase cotton
to drainage, levee, and irrigation districts
3ecured by preferred stock of:
Insurance companies
Banks and trust companies
5
Total loans
v.
— Preferred Stock, Capital Notes and Debentures—
Preferred stock
72apital notes
Debentures
Total preferred stock, capital notes and debentures
total loans, preferred stock, capital notes and debentures
Number of
Loans and
Purchases.
Amt. Authorized
Including
Commitments.
Authorizations
Withdrawn or
Canceled.
Amount
Disbursed.
2,516
3
37
17
44
5
2
423
622
79
6
7
2
5
8647,772.808.82
15,966.80
7,040,403.87
4,576,100.00
110,700,000.00
3,509,500.00
635,000.00
209,463,414.72
53,768,046.51
824,447.28
12,860,504.00
26,089.27
8,387,715.88
924,500.00
$92,922,649.33
261.29
2.559,698.68
7.536,955.57
6,900,000.00
3,953,443.27
126,416.14
18,018,367.06
4,941,773.30
315,448.27
1,779,953.47
11,187.90
$447,614,009.43
15,705.51
5.348,483.70
5.115.603.50
171,818,000.00
7,251,949.75
481,642.88
89,670,583.30
52.068,373.20
936,834.35
31,917,442.53
14,150.38
8,387,715.88
$534,234.350.28
131,604.77
47,206,307.86
44,689,180.42
1
4
464,580.83
2,880,542.80
12,480,304.00
30,077,098.05
67,430,958.55
14.595,988.41
4,561.281.72
648,151.83
36,224,913.56
3.300,000.00
Amount
Repaid.
5,699,318.76
3,149.451.80
53,427,691.02
152,219,805.05
2,274,402.66
37,717,226.38
5,428.00
4,911,538.55
84
465,778,801.00
269
51,369.387.77
10,876,671.67
20e,000.00
749,315.31
240.148,517.66
3,300,000.00
4,636,392.17
6
953
19,375,000.00
22,240,450.00
3,723,395.00
15,875,000.00
10.107.755.00
5,090
$1,622,553,259.55
$197,172,938.31
.81177,135,106.20
x5931,340.827.93
3,655
192
2,547
8652,731,320.00
167,194,500.00
229,364,300.00
831,789,138.08
1,292.500.00
11,862,000.00
8467,435,221.92
113,153,500.00
183,138,300.00
$412,300.00
1,040,000.00
203.500.00
6,394
$1,049,290,120.00
844,943,638.08
$763,727,021.92
$1,655,860.00
11,484
S2,671,843.379.55
$242,116,576.39
"41940,862.128.12
x$932,996.627.93
.
940,175.27
• Includes $1,111,703.02 discount on loans by way of rediscount. x Includes $22,370,047.02 allocated during year from funds received prior to July 1 1933 and
$16,017,412.77 from suspended credits.
Financial Chronicle
696
Monthly Report of RCC for July—$726,502 Repaid
July 31, Representing Ninth Liquidating Dividend.
The Railroad Credit Corporation has returned, through
liquidating distributions and tax refunds, $18,689,152 of
the emergency freight revenues collected by the participating
carriers through March 31 1933, and pooled under their
Marshaling and Distributing Plan, according to the July
report filed with the Inter-State Commerce Commission
Aug. 3. An announcement issued by the Corporation
also said:
In a letter accompanying the report Mr. E. G. Buckland, President
of the Corporation,said that cash receipts during July aggregated $272,725,
including payments of $234.223 in reduction of loans. In compliance
with the provisions of the plan, surplus funds are promptly distributed,
and a ninth distribution, amounting to $726,502, was made July 31, of
which $339,357 was paid in cash and $387,145 in credits. The aggregate
of the nine liquidating distributions made to date amounts to 23% of
the pooled fund, or $16,961,370, of which $7,353,891 has been paid in
cash and $9,607,479 credited on obligations due the Corporation.
That the ninth liquidating dividend would be paid on
July 31 was noted in our issue of July 14, page 218. The
Corporation's statement of condition as of July 31 follows:
Report to Inter-State Commerce Commission and Participating Carriers
as of July 31 1934.
Balance
Net Change
Assets-During July 1934. July 31 1934.
Investment in affiliated companies (loans outst'g)- x$621,798.61 $58,115,027.49
157 200 00
Other investments
Cash (reserved for tax refunds, $58,680.96)
x82,339.53
245,785.66
Petty cash fund
25.00
Special deposits (reserve for tax refunds)
300,000.00
Miscellaneous accounts receivable (due from conx 118.67
58,027.93
tributing carriers)
23,368.24
Interest receivable
134,101.51
x565.25
Unadjusted debits
62,577.71
9,835.21
Expense of administration
78,913.41
Total
x$671,618.61 $59,151,658.71
Liabilities—
x$732,871.26 456,733,258.71
Non-negotiable debt to affiliated companies
x563.61
Unadjusted credits
1,912,514.69
Income from securities and accounts (interest ac61,816.26
crued on loans, dm.)
504,685.31
Capital stock
1,200.00
Total
x Denotes decrease.
''' Emergency revenues to July 31 1934
Lees: Refunds for taxes
Distributions Noe. 1-9
Fund share assigned to RCC
x$671,618.61 $59,151,658.71
$75,422,410.62
81,684,257.38
16,961,370.08
43,524.45
18,689,151.91
856,733.258.71
Correct:
ARTHUR B. CHAPIN, Treasurer.
Approved:
E. R. WOODSON, Comptroller.
Washington,.D. C., Aug. 1 1934 (No. 29).
More Than $1,050,000,000 Loaned by Federal Land
Banks and Land Bank Commissioner Since Start
of Program to Assist Farmers in Refinancing
Debts.
The widespread drouth conditions apparently have caused
no break in the lending activity of the Federal Land Banks
or in the number of farmers applying for long-term loans
to refinance their debts, according to a statement made
July 28 by Governor W. I. Myers of the Farm Credit Administration. Mr. Myers said that during the past three
months the 12 Land Banks and the Land Bank Commissioner
loaned a sum almost as large as the amount advanced during
the first 3 months of the year when the Banks first began
to make loans under the refinancing program as rapidly as
applications were received from farmers. The amount
loaned during the three months ending July 27 is approximately $390,000,000 compared to $420,000,000 loaned during January,February and March. Governor Myers stated:
The Land Banks and the Commissioner have loaned more than $1.050,000,000 since the program of refinancing debt-ridden farmers began last
summer,and they now hold approximately 26% of the total farm mortgage
indebtedness in the country. Lending this hugh sum has met the urgent
demand for refinancing successfully, and the Banks and the Commissioner
are now handling currently a steady stream ofapplications for refinancing
that continue to come in from farmers in all parts of the country.
At this time last summer a veritable deluge of applications from farmers
were pouring in and a backlog of over 400,000 finally piled up before the
Land Banks could step-up their facilities to handle them currently. By
October 1933. however, the banks were making more than 20,000 appraisals of farms a week—a rate higher than the rate of incoming applications—and by January and February they were closing more than 13,000
loans a week, which exceeded the weekly average for applications then
being received.
Since then the banks have continued to appraise farms and close loans
more rapidly than new applications are received. During the first 13
months the Banks closed more than 400,000 loans. The backlog of applications, at one time more than 400.000, has been reduced to less than
300,000 at present. The properties have been appraised in connection with
nearly 90% of the applications on hand and more than 80% have been
approved for loans by the Banks.
The number of loans closed during the first months of the year, averaged over 13,000 a week. During the month of April, while the Land
Banks were in tne process of shifting their method of payment from a
cash to a bond basis, the number declined to about 4,000 weekly. The
program of closing loans in Government-guaranteed bonds proved 80
successful, however, that the rate of closings jumped to over 10,000 weekly
in May and this high velocity has been maintained in June and July.
Following the first rush of refinancing last year which gave assistance
to the most urgent needs, the number of farmers applying for loans leveled
off during the first months of this year, decreasing from a weekly average
of 13,000 applications in January and February to less than 6,000 during
Aug. 4 1934
the last two weeks in May. The average weekly volume has continueb
in excess of 5,000 during June and July.
Frank W. Peck, Co-operative Bank Commissioner, FCA,
on Aug. 1 told the Institute of Rural Affairs meeting at
Blacksburg, Va., that there was no appreciable let-up during July in the lending activities of the Federal Land Banks.
Mr. Peck stated:
There should be a sharp distinction drawn between the inability to pay
because of distressed conditions over which farmers have no control and
the deliberate attempt to ignore obligations undertaken with apparent
good faith. Farm people for generations have been known for their integrity and their desire to repay all obligations.
Farmers Paid 83% of Interest Due Up to June 30 on
Land Bank Commissioner's Loans According to
W. I. Meyers of FCA.
Eighty-three per cent of the interest due on Land Bank
Commissioner's loans on June 30 or before was paid promptly
by farmer borrowers, according to a statement made July 31
by W. I. Myers, Governor of the Farm Credit Administration. The statement continued:
Payments ranged from 61.8% in the St. Paul district to 96.7% in theHouston, Tex., District. Collections of interest due on Commissioner'sloans in other Land Bank Districts were as follows:
91.4%'Omaha
85.5%
Springfield
93.5% j Wichita
85.2%
Baltimore
89.2% I Berkeley
86.2%
Columbia
89.8% I Spokane
Louisville
89.0%1
St. Louis
Since practically all loans in the New Orleans District were made on an
annual basis, interest on these loans is not yet due.
Districts showing the smallest collections include one or more states in,
which the drouth is more severe.
Land Bank Commissioner's loans are about equally divided between
first and second mortgages on farms. They are being made in the bonds
of the Federal Farm Mortgage Corporation which are guaranteed both as
to principal and interest by the Federal Government. Such loans are
handled by the Federal Land Banks for the Land Bank Commissioner.
From June 1 1933 through July 25 1934, Commissioner's loans numbering 250,847 were made for $423,986,948.
Henry P. Fletcher of Republican National Committee
Alleges Federal Relief Disbursements Are Made
With Fall Elections in Mind—Secretary Wallace
Denounces Statement That AAA Has Deliberately
Deferred Mailing Checks for Farm Benefits.
Federal relief disbursements are being distributed in a
manner calculated to aid the Democratic political campaign
next fall, Henry P. Fletcher, Chairman of the Republican
National Committee, charged in a statement issued on
July 27 after his return to Washington from a trip through
New England. Mr. Fletcher said that the money for these
expenditures constitutes a "great campaign fund" which
must be paid for by the thrifty. He said that benefit checks
for crop reduction had been deliberately withheld by the
Democrats so that they would reach the farmers shortly
before election time and perhaps influence their votes.
Answering this charge,• Secretary of Agriculture Wallace
. said, on July 27, that it has been the constant effort of"
officials of the Agricultural Adjustment Administration to'
distribute the checks as quickly as possible. He said it was
"a contemptible thing" for Mr. Fletcher "to make deliberately, for partisan purposes, a completely unfounded statement designed to stir up Ill will."
Mr. Fletcher's statement was described as follows in a
Washington dispatch of July 27 to the New York "Times":
"From now on in an increasing volume, as the elections near, there will
be a great outpouring of more Government funds," Mr. Fletcher said.
He charged that the Democrats had deliberately delayed sending out checks
for crop reductions so that they would reach the farmers at a psychological
time, just before election, or when the campaign was at its height.
The Republicans will have ample funds to conduct the fall campaigns,
Mr. Fletcher went on. He asserted that opposition to the New Deal wasincreasing and that small business men were making contributions to the
Republican cause.
Reports Reaction to New Deal.
In his trip through New England Mr. Fletcher found, he said, a mounting
New
Deal policies which would be reflected in the Novemthe
to
opposition
ber elections by an increased Republican membership in the House and the
holding of all Republican Senate seats in those States.
The farm belt and drouth-stricken States were reacting strongly against
the National Recovery Administration and the AAA, with indications that
these former Republican strongholds captured by Roosevelt in 1932 would
send many Republican members to the House.
Speaking of the fall campaigns in general, he said:
"I think the issues for the campaign are pretty well joined already.
think some of the features of the New Deal are finding a growing opposition
and people are beginning to rebel against the desire of the Administration
to make some of the so-called emergency measures permanent law. This
desire on the part of the Administration would mean putting the Government further into business, and I find that people are beginning to realize
that this idea is bad."
Secretary Wallace in denouncing, on July 27, charges that
the Administration was deliberately withholding AAA benefit checks for farmers, said:
Charges that we are intentionally holding up the issuance of checks for
benefit payments reflect ignorance of the real situation.
It has been our constant effort to get these checks out just as quickly as
we possibly can get them out. On the other hand, we cannot pay out money
Volume 139
Financial Chronicle
'unless we know the individual farm contract will result in the proportionate
adjustment intended.
It is a contemptible thing, indeed, for a man of Mr. Fletcher's intelligence and stpIing in the Republican party to make deliberately, fo parill.
es, a completely unfounded statement designed to stir up i
tisan pu
mmodity Credit Corporation Acts to Make Effective
Extension of Cotton Producers' Notes Under
Government 10% Loan Plan.
A ruling was announced by Commodity Credit Corporation on July 28 to make effective the recent extension of
cotton producers' notes representing loans under the Government 10% loan plan to February 1, 1935, where such notes
are taken up from Commodity Credit Corporation by the
original payee. The Corporation on July 28 further stated:
Commodity Credit Corporation recently announced that the maturity
of all cotton producers notes held by it had been extended from August 1
1934 to February 1 1935. The ruling announced to-day was made by the
Corporation because of complaints received by it that in certain instances
the notes are being recalled from Commodity Credit Corporation by the
original payee apparently for the purpose of taking over the cotton on
August 1st, when the producer's note, by its original terms, matures.
Hereafter cotton producers' notes will be released by Commodity Credit
Corporation to the original payee only where the original payee presents
specific authority in writing from the producer authorizing him to obtain
the release of the collateral against payment and the note will be stamped
to show that its maturity has been extended to February 1 1935, it was
announced to-day.
This ruling of Commodity Credit Corporation means that none of the
apprcudmately 1,000,000 bales of cotton pledged as security for producers'
notes and presently held by Commodity Credit Corporation will be taken
over by Commodity Credit Corporation or any other holder prior to February 1 1935, without the producer's consent except as provided under
the terms of the loan agreement when middling 4 inch spot cotton reaches
15 cents on the New Orleans market.
G. A. Sloan of Cotton Textile Institute Urges Tax on
Rayon.
.
Conferring with Acting Secretary of Agriculture Rexford
G. Tugwell on July 31, George A. Sloan, President of the
Cotton Textile Institute, urged that a compensatory tax be
placed on rayon in order to prevent a shift in consumption of
cotton products'. Indicating this in a Washington account
the "Wall Street Journal" of Aug. 1 also said:
The cotton textile industry has contended since the processing tax of
4.2 cents a pound was placed on cotton last year that the competitive position of rayon has been improved.
At the request of the cotton industry, the Agricultural Adjustment
Administration has held hearings to determine to what extent if any, rayon
has invaded the market for cotton goods as a result of the tax. Findings
have not been made public. The Agricultural Adjustment Act states that
If the Secretary of Agriculture finds that a processing tax levied on a given
product is causing a shift in consumption to a competing product or resulting
in the accumulation of surpluses he shall place a compensatory tax on the
competing product.
Liquidation of Cotton Producers' Pool to Be Orderly
According to Oscar Johnston—Cotton Not to Be
Dumped on Market—To Be Sold Without Disturbing Market or Economic Conditions.
Announcement was made on July 31 by the Agricultural
Adjustment Administration that cotton consigned to the cotton producers' pool, which, after that day, can be sold at the
discretion of the pool manager, subject to approval of Secretary of Agriculture Henry A. Wallace, will not be dumped on
tile market, sacrificed or marketed in any manner calculated
to unduly disturb the spot market or general economic conditions. Under the provisions of the pool agreement, the
announcement said, the approximately 1,950,000 bales held
by the pool could not be sold prior to July 31 at less than 15c.
a pound basis middling %-inch. As the price of cotton has
not reached this figure since the pool was formed, none of
the actual cotton has been sold. In a statement authorized
by Oscar Johnston, manager of the cotton pool, the public
was assured that the pooled cotton "will be liquidated without disturbing the market." Mr. Johnston's statement said:
It would be unwise for the pool manager to adopt a hard and fast or
arbitrary rule with reference to the sale of this cotton, but I can and do
say to the public that the cotton will be marketed in an orderly fashion in
accordance with sound business judgment and with a view to avoiding competition with normal trade channels. We do not intend to dump or force
this cotton on a weak or unwilling market, but we shall have the fixed
purpose of liquidate the pool account as early as practical and consistent
with good business principles. When and if any of this cotton is offered for
sale, the public will be advised and the trade given an opportunity to
purchase.
Mr. Johnston pointed out that the pool had liquidated its
futures without disturbing the market, and reiterated the
same good results would be obtained in liquidating the actual
cotton.
Cotton Processing Tax to Remain Unchanged for
1934-35 Marketing Year, According to AAA.
The Agricultural Adjustment Administration announced,
July 31, that the cotton processing tax will continue to be
in effect for the 1934-1935 cotton marketing year, and that
no change in the-rate of tax is being made. The announce-
697
meat was made in order to dispel the uncertainties that had
developed regarding the cotton tax, said the Administration,
which added:
It has been recognized for several months that the tax would be continued during 1934-1935, since a rental and benefit program with respect
to the 1934-1935 crop has been developed and is in operation. The Agricultural Adjustment Act provides that when the Secretary of Agriculture deterines that rental or benefit payments are to be made with respect to any
agricultural commodity he shall proclaim such determination, and a
sing tax shall be in effect with respect to such commodity from the
pr
begin ing of the marketing year therefor next following the date of such
proclamation. The Act also specifies that the processing tax shall terminate
at the end of the marketing year current at the time the Secretary proclaims
that rental or benefit payments are to be discontinued with respect to such
commodities. On July 14 1933 the Secretary of Agriculture proclaimed that
rental and/or benefit payments were to be made with respect to cotton.
Part of the rental payments under the 1934 program have already been
made, and the rest of the rental payments and the benefit payments are to
be made during the fall and winter.
With respect to the rate of tax, the Act provides that the rate shall be
determined by the Secretary of Agriculture in accordance with the formula
prescribed as of the date the tax first takes effect, and the rate so determined
shall, at such intervals as the Secretary finds necessary to effectuate the
declared policy of Congress, he adjusted by him to conform to such requirements. No adjustment of the rate of tax may be made unless the Secretary
finds it necessary to make such an adjustment to effectuate the declared
policy of the Act. The Secretary has not done so, nor do the facts warrant
a finding at this time. In accordance with the formula prescribed in the
Act the rate of tax as of the beginning of 1933-1934 cotton marketing year
was found to be 4.2c. per pound net weight.
In view of the requirements of the Agricultural Adjustment Act, the Ad.
ministration feels warranted in assuring industry that no redetermination of
the rate of the raw cotton processing tax is at present contemplated.
Fall River Cotton Manufacturers Association Protests
Against Process Tax in Telegram to Secretary
Wallace—Asserts Operations and Sales Are Interfered with.
Cotton processing tax protests were again voiced by mill
men on July 26 when Frank L. Carpenter, complying with
the vote of the Fall River Cotton Manufacturers Association,
telegraphed Henry A. Wallace, Secretary of Agriculture, in
Washington. In the Providence "Journal" of July 27 it is
further reported that the Association declared in its telegram that it believed the additional cost of cotton goods made
necessary by the tax interferes with the sale of products and
the operation of their mills. "We believe the tax should be
abolished at the earliest opportunity," the telegram concluded. The "Journal" also had the following to say:
The action was taken because of persistent reports that not only was repeal
of the tax lacking consideration, but, on the other hand, an increase was contemplated. Reports prevalent some few weeks ago reported that statistics
submitted to Secretary Wallace substantiated claims that the increase of
the tax by one full cent could be justified.
Mr. Carpenter has stated that the imposition of the tax is costing Fall
River mills millions of dollars a year. According to his figures, one local
concern which consumes 300 bales of cotton a week is paying $6,300 weekly,
or $327,000 annually.
Added costs of brokerage and labor have puthed prices to levels where
mills are unable to do business, it is said, and prevailing quotations are at
such low figures that they cannot afford to absorb the loss that business
done at the current levels would necessitate.
Several Fall River mills yesterday declined to quote prices on certain
lines. Increased curtailment has been forecast for the next fortnight because of the situation.
Cotton Farmers of Texas Reported Circulating Petitions
to Have President Roosevelt Declare Inoperative
Bankhead Cotton Control Act.
Advices, July 25, from Austin, Tex., to the Chicago "Daily
Tribune" state that growing antagonism on the part of cotton farmers of Texas toward the Bankhead cotton-acreage
reduction law has led to the circulation of copies of a petition
In various parts of the State, asking that the Act be made
inoperative for this season. Continuing, the advices said:
This action is the outgrowth of the disastrous effects of the drouth in
curtailing production prospects. It is asserted in the petition, which is
addressed to President Roosevelt, that many Counties will produce less than
their fixed quota. It says, in part:
"Since it was the purpose of the law to restrict the production of cotton
for the season to not exceeding 10,000,000 bales; and, whereas, the normal
acreage of cotton in the United States is approximately 46,000,000 acres;
and, whereas, the acreage in cotton for the season of 1934-1935 is now
definitely ascertained to be approximately 28,000,000 acres, it would appear
that the purpose of the bill has been accomplished and that the production
will, under normal conditions, with no restrictions, not exceed the 10,000,000bale limit fixed for this year; and, whereas, the normal condition of the crop
at this season of the year is approximately 74%; and, whereas, the condition of the crop, as reported by the Government some two or three days
ago, is 58%, it would, therefore, appear that, based upon the aforesaid
acreage and the present condition of the crop, that the production of cotton
will be well within the 10,000,000-bale limit."
China Will Establish Cotton Control Bureau.
From the New York "Journal of Commerce" of Aug. 2 we
take the following:
The Cotton Control Committee of the Chinese National Economic Council
has decided to establish a Cotton Improvement Bureau in Changsha, the
capital of Hunan, says the Chinese Economic Bulletin, Shanghai. The expenses are estimated at $1,000,000, which will be jointly borne by the Cotton
Control Committee and the Hunan Provincial Government.
698
Financial Chronicle
A cotton improvement station was formally opened at Nentung, Northern
Kiangsu, in the spring, for the object of developing cotton production in the
Province. The station is under the joint control of the Chinese National
Economic Council and the Riangsu Provincial Department of Reconstrution.
Aug. 4 1934
and other than turning it over to our attorneys, we haven't thought about
t, for it means nothing."
Secretary Wallace Criticizes Those Who Point to
Nationwide Drouth in Attacking Agricultural
Adjustment Program—Says There Will Be no
Loans Totaling $6,000,000 Made or Approved to 100,000
Abandonment of Plans.
Members of Production Credit Associations, According to W.F. Morgan, Deputy-Governor of FCA.
The use of the present Nation-wide drouth as an excuse
One hundred thousand farmers have joined their co- for attacking the agricultural adjustment program was deoperatively managed production credit associations in the scribed as typical of short-sighted leadership by Secretary
past few months, according to an announcement made at of Agriculture Henry A. Wallace in an address delivered at
Washington, D. C., Aug. 3 by W. Forbes Morgan, Deputy- Ruston, La., on July 30. Secretary Wallace asserted that
Governor of the Farm Credit Administration. The 660 "the emergency will not be met until either the foreign market
production credit associations, the announcement said, is restored or the surplus acres have been retired. Ordinary
already have made or approved loans to their 100,000 weather in 1935 or 1936 with no agricultural adjustment
members amounting to more than $60,000,000. The program will bring us right back to the 1932 situation."
In one part of his address he made the statement that "unannouncement continued:
The farmer-borrowers become members of their co-operative lending
doubtedly the drouth in the far West and Middle West will
agencies by buying stock in their associations equal to $5 for each $100
make it necessary to change many of the agricultural proborrowed. Each member of the association has an equal voice in the
grams for 1935. We have always figured that adjustments
affairs of the association because he is limited to one vote without regard
to the amount of stock he owns.
would be needed year by year—that is the reason we called
Farmers borrow from these associations to finance the production,
it an adjustment act." Extracts from Secretary Wallace's
harvesting and marketing of their crops, to finance their livestock operaaddress follow:
tions, to purchase seed, feed, fertilizer, spray materials, work stock, live
stock, machinery and equipment, or for general agricultural purposes.
At the present time a large number of the borrowers from the production
credit associations are obtaining loans to hire labor and buy supplies to
harvest and market their products or to finance their fall and winter live
stock or dairy operations.
The loans bear interest at the rate of 5% a year. They are made on a
purely business basis and are made to mature when the borrower expects
to market his products.
Since the interest on their loans is charged only for the time they actually have the money, many farmers arranged to obtain their loans this
Year in a series of instalments timed to meet their expenses as they arose
during the season. Of the total of $60,000,000 farmers have arranged
.to borrow, about $15,000,000 remains to be advanced as they need it.
Suit Charging Conspiracy to Defraud Federal Farm
Board and United States Government Brought
Against Farm Board Affiliates and Former Aides
of Board—Defendants Include American Cotton
Co-operative Association, Grain Stabilization Corporation, &c.
A suit said to charge conspiracy to defraud the Federal
Farm Board and the United States Government of $564,766,500 in grain and cotton stabilization operations conducted
through subsidiaries of the Farm Board, chiefly from 1929
to 1931,and asking double indemnity, was filed in the Federal
District Court in New York on July 28 by Robert A. Gilchrist of Philadelphia in his own behalf and in behalf of the
United States, against 33 individual and corporate defendants. The defendants were indicated as follows in
the New York "Times" of July 29:
The corporate defendants include five Farm Board affiliates, the American
Cotton Co-operative Association, Cotton Stabilization Corporation,
Grain Stabilization Corporation. Farmers National Grain Corporation
and Farmers Warehouse Corporation.
The individual defendants include James C. Stone, former head of
the Federal Farm Board; E. F. Creekmore and George S. Milnor, former
Presidents of the Cotton and Grain Stabilization Corporations; other
officers of the five corporations. and Julius H. Barnes, former President
of the United States Chamber of Commerce, and formerly of the BarnesAmes Grain Co.
Other Defendants.
Another group of defendants is composed of Continental Export Co.,
Continental Grain Co. of New York, Continental Grain Co. of Chicago,
National Milling Co., Louis Dreyfus & Co., Rosenbaurn Bros., Inc.,
Bunge North American Grain Corp.. George N. Gano, Inc., and six partners in the Rosenbaum Grain Corp.
According to the same paper the total amount which it is
sought to recover is $1,129,563,000. The "Times" also said:
The suit alleges $451,814,000 was lost through "fraudulent misappropriation, waste, theft and dissipation," and calculates the remaining
$112,952,500 as the income tax due on the $451,814,000 "misappropriated
by the said defendants." Alleged losses on the Farm Board's transactions
with Brazil, China and Germany accounted for $68,000,000 of the $451,814,000 "misappropriated."
$5,000,000 Fines Asked.
In addition to the double indemnity, the plaintiff asked for $5,000,000
in fines for 2,500 alleged violations of law. The law provides that any
sums recovered would be divided equally between the Government and
Mr. Gilchrist, according to the latter's attorney, John N. Landberg, of
Philadelphia, who filed the suit here through David T. Rosen. Mr.
Gilchrist was a grain importer and exporter and was for three years manager
of the Chicago office of the Grain Stabilization Corporation, Mr. Landberg
said.
The complaint alleged "illicit commissions" of $85,742.000. Payroll
padding to the extent of $7,520,000, losses of $132.000,000 through an
"orgy of speculation" with 3.110,000 bales of cotton, loss of $25,000,000
by shipping cotton to Canada and storing it at "great, needless, wasteful
expense," and many smaller losses through resales, "washed sales" and
similar transactions.
The local office of the Grain Stabilization Corporation had no comment
on the suit, nor did Mr. Barnes, reached at his office at 42 Broadway.
Mr. Gilchrist was not definitely known to Philadelphia grain merchants as having been active in the trade there or in New York, and persons
close to the trade here were not familiar with his activity.
George S. Milnor, President of the Farmers National Grain Corp. and
former head of the Grain Stabilization Corporation, in a Chicago dieparch July 28 to the "Times" was quoted as saying "the suit is ridiculous
The old dealers are trying this fall to elect a Congress of men who are
unfriendly to the Agricultural Adjustment Administration and unfriendly
to the farmers except in terms of superficial lip service. They hope to do
away with the processing tax. They recently have been pointing out the
fact of the most extraordinary drouth in 40 years as an argument for abandoning the entire agricultural adjustment program. They say that the
drouth has disposed of the surpluses and that the agricultural adjustment
effort should, therefore, be abandoned. In a few cases they have even
seduced hard-headed farmers to hit spoint of view.
This effort to use the fact of the drouth as an attack on the agricultural
adjustment program is typical of the short-sighted leadership which characterized the Republican party from 1921 to 1932. There have always been
men of high integrity and excellent executive ability in the Republican
party but the party has always been short on statesmanship and never more
strikingly than during the period from 1921 to 1932. During this period
the high command in the Republican party steadfastly refused to see that
the market for the 50 million acres which had been put into crops during the
war had been destroyed by our sudden change from a debtor to a creditor
Nation. They refused to do anything to take this into account either by
appropriate changes in tariff policy or by giving farmers centralizing power
of government with which to retire gradually the acres producing stuff for a
market which no longer existed.
The old dealers, because they never had any real sympathy with the farmers anyway, would doubtless like to see the farmers in the United States
harvesting their full 60 million acres of wheat, 105 million acres of corn, 41
million acres of cotton, and maintain the crop land acreage in the United
States at the 370 million-acre total of recent years. I am sure the old
dealers would like also to see next year, as I know everyone else would, a
return to normal or better than normal weather conditions. The battle
cry of the old dealers, therefore, seems to be,"Pileup the surpluses again,
but hold the tariff at a point which will make it impossible to dispose of the
surplus on the world market." This is the plan which they followed from
1921 to 1932 and, judging from their statements, I would gather it is the
plan they propose to follow again if the people of the United States give
them an opportunity for mismanagement.
Undountedly, the drouth in the Far West and Middle West will make it
necessary to change many of the agricultural programs for 1935. We have
always figured that adjustments would be needed year by year—that is the
reason we called it an Adjustment Act. Fortunately, the Agricultural
Adjustment Act is adjustable and makes it possible to make such adjustments. As the drouth increased during June, we made a number of these
adjustments which made it possible to put the contracted acres into feed
crops. It may be that certain acreage control programs will not be necessary at all in 1935, but with ordinary weather, the surplus will be such by
the fall of 1935 that it will again be necessary to launch on a Government
loan campaign hooked up with acreage control for 1936.
In any event, no modification of the production control program would
mean going backwards to the laissez faire basis on which farmers would be
compelled to take what they could get for what crops they would raise, and
would be denied the assistance of the Government, in obtaining farmer by
farmer, on equitable return for their products. The contracts already in
effect on cotton, wheat and tobacco, extend into and through the year 1935
and provide for benefit payments on 1935 harvests. Neither for these
commodities nor for others, regardless of the revisions that may be made,
will there be any abandonment of the principle of Governmental assistance
to farmers in establishing the necessary balance between supply and demand.
and giving just compensation for their co-operation.
It must be remembered that the surplus which piled up during the Hoover
Administration was not merely one of bushels and bales, but also was one
of acres. The emergency will not be met until either the foreign market
restored or the surplus acres have been retired. Ordinary weather in 1935
and 1936 with no agricultural adjustment program will bring us right back
to the 1932 situation.
The AAA is, after all, an adjustment act, not merely a reduction act.
It was recognized from the beginning that the important thing was to make
It possible for agricultural production to be adjusted to whatever situations
might develop. Reduction was the first aim, because surpluses had accumulated. Every year's plan must be determined by what has gone before.
The land is still here; it must be managed continually as a fundamental
factor in the relationship between production and consumptive demand.
AAA Intensifies Drouth Relief Efforts—Renews Cattle
Buying, Purchases Seeds for 1936 Crops, Modifies
Restrictions on Planting Lands—Federal Relief
Now Furnished 800,000 Families in Drouth Area.
The Agricultural Adjustment Administration this week
expanded its program of drouth relief, with one of its most
important steps viz.: the resumption on July 30 of Government purchases of cattle. The AAA announced on July 28
that it expected to buy 360,000 head of cattle and calves
during the week, and that of this number approximately
Volume 139
699
Financial Chronicle
half would be slaughtered and processed and the balance
would be shipped to grazing areas in the East and South to
be slaughtered later. On July 26 the AAA stated Government cattle purchases would amount to 4,000,000 head and
might continue for six months.
Officials of the Federal Relief Administration said on
July 28 that Federal relief is now being furnished to about
800,000 families in the drouth area. In order to aid destitute farmers the AAA on Aug.2announced plans for purchase
of seed stocks to insure sufficient supplies for 1935 crops.
The AAA also made public modifications of acreage adjustment contracts and said it would speed up payments under
corn-hog contracts.
The DepartmeLt of Agriculture on July 28 estimated the
damage from drouth in the United States at $1,500,000,000,
and said that the drouth has assumed world-wide proportions
injuring growing crops in practically all countries of the
Northern Hemisphere.
A Washington dispatch of Aug. 1 to the New York "Times"
described the modification of AAA restrictions on planting
lands as follows:
Farmers may now plant wheat or other small grains on lands covered by
reduction contracts, provided that the grains are used for hay or pasture;
these may not be used as cash crops, however. Feeder pigs may also be
bought in unlimited numbers until Nov. 30. but must be kept separate
from hogs produced on their new owners farms.
C. W. Alvord, assistant to the chief of the cotton division of the AAA,
said it was the official opinion that any relaxation of the Bankhead Act
would be unfair to cotton farmers who limited production in expection of
the act. He indicated that, even should the total cotton crop fall below
the level of 10.460.251 bales which may be marketed without a ginning
tax under the act, the individual who exceeded his allotment would be
taxed.
did confer very wide authority—it was to readjust relationships among our
old institutions, to overhaul them, to repair them, to make them work if
they could be made to work, to modify them when they failed to function
and to demonstrate by the old method of trial and error, which of those
Institutions could be readjusted to the new economic environment of the
post-war world, a world of super-power, automatic machinery, mechanization, specialization, photo-electric and chemical short-cuts, and all of
the accelerated growth of the technology which is the basis for an abundance
which the old order seems to fear.
Mr. Tugwell described the "Tory outcry" against the AAA
adjustment program as "infantile" and "inconsistent."
He declared that the critics of the Administration resent the
fact that the American people have organized themselves to
deal effectively with economic problems as they arise. These
critics, he continued, "want nothing so much as the cancellation of the social insurance with which agriculture
has been provided. They want the human beings who
live on the land to be subject only to the will and convenience of the speculators who thrive on confusion and
calamity." He concluded:
They are doomed to disappointment. Through the program of President
Roosevelt's Administration there has been created a democratic control
for an agricultural industry which was in chaos. The first steps which
we had to take were in the direction of immediate reduction of certain
crops for which, under our traditional business system, there were no profitable markets. From these drastic and emergency measures we are moving
ahead toward a better use of our land, a better balance of agricultural
production and a storage system which will provide an ever-normal warehouse as a safeguard against future catastrophes. The drouth which
afflicts the great farming regions of the northern Mississippi Valley is
throwing and will continue to throw a tremendous burden on the Nation.
but we are organized to deal with it and to mitigate its ravages. The
allotment payments which go to the wheat and corn and hog farmers for
their blasted crops, the payments which we are making to the cattle farmers
for their starving herds and their transportation to better pastures, the
rush of relief funds into the stricken area and the impetus which the drouth
has given to the creation of the great shelter-belt of forest, a hundred
miles wide,from the Canadian frontier to the plains of Texas. all constitute
an economic insurance fund for the American farmer and for the American
People against this disaster.
This fund of money, of services, of relief, of permanent improvements,
of swift, flexible social accommodation to economic circumstances did not
exist before the New Deal. Without it, we should face famine and political
revolution in the farm States and food riots in the cities. I am proud to
have been associated from the outset with the men and the measures which
have created this form of social insurance, for thereby I feel that we have
helped to preserve the America which we know and love, from the chaos
and suffering which the advocates of the old order would so light-heartedly
force upon us and to which they would have us return.
Under-Secretary of Agriculture Tugwell Assails "Tory
Critics" of AAA Adjusment Program—Calls
Opponents of Production Control "Reactionary
Obscurantists"—Describes Benefits to Farmers
from New Deal.
Rexford G. Tugwell, Under-Secretary of Agriculture, in
a radio address on July 31, attacked the "reactionary obscurantists" who are criticizing the program of the Agricultural Adjustment Administration and who "have seized
on the great natural calamity of a drouth in the entire
Northern Hemisphere as a means of destroying or discrediting Representatives of Wisconsin Swiss Cheese Producers
Urge Government to Purchase Surplus for Disthe will of the American people." Mr. Tugwell inferred
Through Relief Channels.
tribution
•
in
been
force,
not
had
policies
the
that if
New Deal farm
On July 27 a delegation of Wisconsin Swiss cheese proriots would have occured in the drouth area. Referring
to the drouth in Arkansas in 1930 under the "old order," ducers urged immediate purchase and removal by the
Mr. Tugwell said that at that time cattle were dying in the Government of 3,000,000 to 5,000,000 pounds of Swiss
fields, farmers were ruined and bankrupt, meat prices were and Limburger cheeses from factories for diversion to
rising under speculative impulses, food riots occurred in the relief channels. Washington advices July 27 to the Chicago
cities. "That," he said, "was the answer of the old order "Journal of Commerce" reported:
The producers, comprising a committee delegated by Governor A. G.
to such calamities as this. We have said goodbye to all Schmedeman,
talked with A. H. Lauterbach, Chief of the Agricultural
ready
that. When this drouth came, the Government was
Adjustment Administration Dairy Section, and Agriculture Department
market specialists.
to deal with the emergency when it arose."
They said that as a result of the drouth and a heavy carry-over from
Mr. Tugwell described the main objectives of the AAA 1933,
the amount of fresh Swiss cheese now occupies all available storage
as follows:
space.
Putting the thing in the simplest possible terms, it has been our assigned
task to persuade the American farmers to work together so as to cultivate
the soil of the United States as though it were one single farm, to keep out
of certain kinds of production 50,000.000 acres of land, to assure the production of the foods and fibres we need, with ample reserves both for export
and carryover, to protect drainage and water supplies through a great
program of reforestation, and through special credit and financial institutions to keep the farmer on his farm and the farm-family in the farm home
during a period of terrible economic insecurity throughout the entire world.
There have been many features of the AAA program which
"offend the sensitive and surprise the many who do not
realize that under our present system it is good business
to prevent the production of surplus wealth," he said, and
continued:
it has, for example, been taken for granted that when an automobile
factory could no longer manufacture automobiles at a profit, it would
stop production. Unfortunately and inexplicably, it has also been taken for
granted that when a farmer could no longer grow wheat at a profit, he ought
to increase his production. Out of this business system grew the industrial
unemployment which is still with us, and the agricultural bankruptcy
which still lurks just around the corner for millions of our farmers and
which would return to destroy them if they relaxed the co-operation which
they have initiated through the AAA. tinder such a system it would
have been sheer madness for our farmers to continue to produce super
abundantly at the same time that industry was destroying purchasing power
by wage cuts and lay-offs.
Mr. Tugwell asserted that the production-control methods
adopted by the AAA are essentially temporary methods of
adjustment, which can be modified or abandoned "as industry attuned itself to an economy of abundance." He
added,in part:
However, despite the lamentations of the Tory obscurantist& we know
that we are living in a democracy and we know that the American People
have given no mandate for the final abandonment of our traditional business
system. When the American People gave this Administration authority,
and the Tories seem to forget that the American people, by a record vote.
Mr. Lauterbach pointed out that there were certain limitations upon
the removal of dairy products for relief distribution which must be considered. If it resulted that all cheese be purchased on the bid basis, then
the Government would be unable, Mr. Lauterbach said, to distribute
fresh Swiss cheese in relief channels In original drum or block style.
Federal Trade Commission Begins Milk Investigation
Ordered by Congress—Col. C. H. March, Supervisor
—P: D. Converse of University of Illinois to Aid
Inquiry.
Complying with the provisions of a concurrent resolution
adopted at the past session of Congress, the Federal Trade
Commission has begun the so-called "milk investigation"
directed by the resolution, it was announced July 7. The
resolution calls upon the Commission to investigate conditions with respect to the sale and distribution of milk and
other dairy products within any milk shed of the United
States, to determine whether any person, partnership, association, co-operative or corporation is operating within any
milk shed in such a manner as to lessen competition or tend
to create a monopoly in the sale or distribution of such dairy
products, is using unfair methods of competition, or operating to depress the price of milk sold by producers.
The resolution was passed by the House of Representatives on May 14. The Senate amended and passed the
resolution on June 15, with the House concurring in the
Senate amendments on June 16. The resolution follows:
House Concurrent Resolution 32.
Whereas an audit made by the Agricultural Adjustment Administration
has revealed that distributors in four of the largest milk sheds in the United
States, for the five years ended Dec. 31 1933, made a net profit of 25.71%
on their net plant investment; and
700
Financial Chronicle
Whereas this audit shows the net profits of distributors in each of the
milk shedsfor the five-year period to be: Philadelphia (distributors handling
85% of volume). 30.76%; Boston (distributors handling 75% of volume).
22.45%; St. Louis (distributors handling 67% of volume), 14.64% and
Chicago (distributors handling 90% of volume), 25.84%; and
Whereas during this same five-year period the wholesale price of milk
sold by farmers declined 50%,resulting in severe hardships and suffering to
milk producers throughout the United States and strikes and violence in
many rural and metropolitan centres; and
Whereas the aforesaid audit by the AAA has revealed net profits of milk
distributors which tends to establish that similar conditions exist in other
milk sheds throughout the United States; and
Whereas an investigation in the District of Columbia pursuant to Senate
Resolution 76, Seventy-third Congress, first session, revealed testimony
which abundantly sustains the contention that over a period of years large
milk distributors have attempted to create a monopoly in the District of
Columbia, and largely as a result of these efforts farmers producing milk
for the District of Columbia milk shed have received low returns for their
products and have been placed at a serious disadvantage; and
Whereas the testimony adduced at hearings in the aforesaid investigation
in the aforesaid investigation in the District of Columbia tends to prove
that similar monopolistic efforts likewise exist in other milk sheds in the
United States;and
Whereas there is reason to believe that there exists a close tie between
certain leaders of milk producers' co-operatives and milk distributors, which
tie is unknown to milk producers and detrimental to their interests; and
Whereas the continuation of the practices now engaged in by milk distributors and certain leaders of milk co-operatives seriously endangers the
efforts of the AAA and of the several States to alleviate and remedy the
distress now wide-spread among dairy farmers in the United States, which
distress if permitted to continue will result in the destruction of the already
sorely pressed agricultural industry Therefore be it
Resolved, That the Federal Trade Commission is authorized and directed
to investigate conditions with respect to the sale and distribution of milk
and other dairy products within the territorial limits of the United States
by any person, partnership, association, co-operative, or corporation, with
a view to determining particularly whether any such person, partnership,
association, co-operative, or corporation is operating within any milk shed
of the United States in such manner as to substantially lessen competition
or tend to create a monopoly in the sale or distribution of such dairy products or is a party to any conspiracy in restraint of trade or commerce in
any such dairy products, or is in any way monopolizing or attempting to
monopolize such trade or commerce within the United States or any part
thereof, or is using any unfair method of competition in connection with the
sale or distribution of any such dairy products, or is in any way operating to
depress the price of milk sold by producers. The Federal Trade Commission shall report to the House of Representatives as soon as practicable
the result of its investigations, together with its recommendations, of any,
for necessary remedial legislation.
As indicating the scope of its inquiry the Trade Commission made public on July 24 the resolution adopted by
it to carry out the requirements of the Congressional resolution:
Be It Resolved, That, in response to the above concurrent resolution
and upon motion of the Commission in pursuance of authority granted
it by law, the Federal Trade Commission conduct an investigation of
all the facts relating to conditions with respect to the sale and distribution
of milk and other dairy products in accordance with the above concurrent
resolution, including facts relating particularly to (a) supply and demand
of milk and milk products; (b) costs of producing, processing and distributing milk and milk products; (c) prices of milk to the producer and
prices of fluid milk and cream to the consumer; (d) the spreads between
producer prices and consumer prices; (e) acquisitions, consolidations and
mergers by companies engaged in the milk industry; (f) concentration of
control of markets and prices by corporations or by groups of producers
or distributors; (g) trade practices which may amount to unfair methods
of competition or which may restrain trade or tend to create a monopoly
in purchasing, assembling, processing, sale and distribution of milk and
milk products.
Aug. 4 1934
tinue in effect the general plan to maintain improved prices for the 1934
crop by a series of minimum prices to growers and a crop-control program.
Approved by Millers.
The amendments, approved by millers of at least 65% of the volume of
the industry, are designed to give more equal representation to small millers
and to induce a freer rice market.
The only change in the crop-control program is the exemption of rice
from crops prior to 1934 from the provision that contracting millers shall
make payments for the benefit of producers co-operating in the control
program. Under this plan millers agree to pay 40% of an agreed price to go
into trust fund, the remaining 60% being paid to the growers upon delivery
of rice to the mill. Thus, growers who co-operate in the crop-control program will receive an adjustment payment approximately two-thirds as large
as the sale price of their rice, while non co-operators will receive only the
initial price. . . .
The amended agreement and license establish a Producers' Committee
and Millers' Advisory Council which will select a millers' committee of
seven members to supervise the permanence of the agreement. Representation of smaller millers is assured by revision of the voting system.
The amended agreement and license continue minimum prices which
millers must pay to producers for number one, grade A prime milling
quality of all varieties of rough rice. In order to support these rough rice
prices and to prevent unfair competition between millers, it is provided that
clean rice must not be sold below certain prices which take into account
the efficiency of the miller, and stipulate that such minimum prices are
to be calculated on the basis of the minimum prices applicable to rough
rice, and not upon the actual replacement cost as formerly agreed.
Five Cents a Barrel Tax.
The administrative costs of the program are to be met by a fund into
which all millers pay five cents a barrel of rice milled. A voluntary marketing fund for increasing the consumption of rice and creating new markets
is to be formed by a similar contribution.
$13,870,190 Paid to Farmers in 22 States in Corn-Hog
Adjustment Program, According to AAA.
Disbursement of corn-hog adjustment payment checks to
date, the Agricultural Adjustment Administration announced
July 28, total $13,870,190. Total disbursements through
July 23 were $10,819,728, an increase in less than a week of
over $3,000,000. The number of States having received
payments increased from 21 on July 23 to 22 on July 28
with the addition of Utah. The AAA announcement of
July 28 said that first installment payments by States thus
far are as follows:
Alabama
Arkansas
Colorado
IllinoIs
Indiana
Iowa
Kansas
Maryland
$45,132
50,737
19.212
16,985
209.226
6,283,796
264.526
2.636
Michigan
Minnesota
Missouri
Montana
Nebraska
Nevada
Ohlo
$3,860
2,083,265
2,281,556
3,117
577,473
17,774
1,188,536
So. Carolina ___
So. Dakota._
Virginia
Washington_ ___
West Virginia_ _
Wisconsin
Utah
$152
185,870
40,187
145,670
9,009
440,901
561
Distribution of corn-hog reduction payments to Iowa has
been temporarily suspended, pending a recheck of the county
hog quotas established within the State and of the adjustments made in hog production figures in individual contracts
on the basis of these quotas, it is reported by A. G. Black,
chief of the AAA corn-hog section. In noting this, the
announcement issued by the AAA said:
The temporary suspension was made when checking work in the Rental
Benefit-Audit Section indicated that a discrepancy, presumably due to
misunderstanding or to errors in calculation, exists between the aggregate
of county quotas actually used as a basis for contract adjustment, and the
State hog quota established by the Department of Agriculture.
Transmittal sheets on blocks of contracts not yet mailed from Iowa also
are being withheld, pending a conference between AAA officials and the
Iowa Corn-Hog Board of Review to determine whether and to what extent
the aggregate of county quotas used as a basis for adjustment may differ
from the official State quota figure established by the Department of
Agriculture. The three members of the Iowa Board are Leslie Carl. Des
Moines, State Statistician; J. L. Boatman, Ames, representative of the
Iowa Extension Service. and R. M. Evans, Laurens, Chairman of the Iowa
Corn-Hog Committee.
In the announcement of July 7 it was stated that the
Federal Trade Commission has placed the dairy products
inquiry under the immediate supervision of one of the Commissioners, Col. Charles H. March, and members of the
staff of two divisions of the Commission, the Economic
Division and Examiners' Division, are already engaged upon
the preliminary work. The announcement said that it has
not yet been determined whether any public hearings will be
necessary or in what milk sheds the first investigation will be 12,000 Men Received Direct Employment as Result of
made.
PWA Loans to Railroads—Twice as Many Said to
Be Indirectly Employed in Producing Raw and
The Federal Trade Commission announced on July 17 that
Finished Materials.
Paul D. Converse, Professor of Marketing at the University
The Bureau of Labor Statistics on July 29 announced
of Illinois, Urbana, has joined the economic staff of the
Commission to assist in the milk investigation. The Com- that loans by the Public Works Administration to 18 railroads, totaling $61,973,000, had made possible direct
mission said:
Mr. Converse, who has obtained leave from the University of Illinois,
employment for more than 12,000 men in railroad car and
was a member of the Commission's economic staff several years ago when be
locomotive shops. The PWA stated that "at least twice
assisted in the farm implement and canned goods inquiries. He is author
as many men are estimated to be indirectly employed in
of one of the best known text books on principles of marketing and has also
written a volume on sales policies.
producing and processing raw and finished materials."
On the same day (July 29) George J. Ryan, President of
Amended Marketing Agreement for Rice Milling Indus- the New York City Board of Education, announced that
try Signed by Secretary Wallace—Licensing Pro- the PWA had assured the city that it would endeavor to
visions Also Amended.
expedite approval of the city's application for Federal
The signing, on July 20, by Secretary of Agriculture Wal- funds to erect 14 new school buildings at a total cost of
lace of an amended marketing agreement and license for $13,127,670.
the rice milling industry of Louisiana and other Southern
A Washington dispatch of July 29 to the New York
States was reported in Washington advices that day to the "Journal of Commerce" outlined the principal features of
New Orleans "Times-Picayune," in which it was stated that PWA loans to railroads as follows:
the agreement would become effective July 21. The agreeThe $61,973.000 of loans were made by PWA for purchase of 14,475
ment applies to Louisiana, Texas, Arkansas and Tennessee. freight cars. 264 passenger train cars, 68 steam locomotives and 20 separate
tenders for steam locomotives, 73 electric locomotives, 21 Diesel electric
From the dispatch we also quote:
locomotives and four articulated stream lined trains. All of this equipThe amended agreement changes the provisions of the agreement effective
March 6 and the provisions of the license effective Oct. 16 1933, but con.
ment is being manufactured in the so-called "outside shops" not owned
by railroad companies.
Volume 139
701
Financial Chronicle
perPWA
also has made leans totaling $23,226,000 for manufacturing 7,920
freight cars, 75 passenger cars and 25 electric locomotives in shops owned
companies. These loans have created a great amount
railroad
by the
of employment for railroad shipment, it was stated. Additional employment has been created by $28.697,343 of loans to railroad companies
for repairing or rebuilding old cars and engines in their own shops.
Employment Is Aided.
Employment for thousands of trackmen and other outside railroad
employees has been created through the $45,000,000 loan to the Pennsylvania for completing its electrification between Washington and New
York, and other loans totaling $32,132,657 made to a number of roads
for miscellaneous roadway improvements and purchasing new rails.
Twenty-two companies have received orders for the equipment being
built in outside shops with the $61,973,000 loaned by PWA for that purpose and the 12,000 men employed reported by them to the Bureau of
Labor Statistics are at work in their assembly plants located in 23 cities.
Only 100 freight cars, 59 electric locomotives, 13 Diesel electric engines
and one high-speed train remain unordered.
NRA Hearing on Code for Advertising Agency Trade
Set for Aug. 7—Proposed Pact Would Establish
36-Hour Week and $15 Minimum Wage.
A public hearing on a proposed code of fair competition
for the advertising agency trade will be held on Aug. 7.
according to an announcement July 28 by the National
Recovery Administration. The proposed code was prepared
by the American Association of Advertising Agencies, representing 54% of the total volume of advertising business in the
United States. The code would establish a 36-hour week
and a $15 minimum wage, although the limitation on hours
would not apply to employees engaged in managerial capacities, or as outside salesmen, copy writers or artists who are
paid not less than $35 weekly. The President of the Association would be a member of the Code Authority and its
executive officer. The authority would include 13 members
of the trade and such other individuals as might be appointed
by the Administrator.
Other provisions of the proposed code were indicated as
follows in a Washington dispatch of July 28 to the New York
"Herald Tribune":
The voting power of trade members selecting the members of the Code
Authority would be based on their gross income for the preceding year.
The member with an income of only $25.000 would have one vote. Two
votes would be cast by the member showing an income of$50,000 and three
by one whose income totaled $100,000. The number of votes thereafter
allowed would be based on multiple increases in gross income.
The basis for apportioning contributions by trade members to the expense
of administering the code would be 1-10th of 1% of agency gross income
during the previous calendar year to $1.500,000, and 1-20th of 1% on the
gross income in excess of 31.500.000.
By-Laws For Code of Fair Competition For Real Estate
Brokerage Industry Approved By N. R. A.
By-laws for the Code of Fair Competition for the Real
Estate Brokerage Industry, as worked out by the code
authority of the industry, have been approved by National
Recovery Administration, it was announced on Aug. 2 by
the National Association of Real Estate Boards. It was
further stated by the Board:
The by-laws provide a method of registration for all members of the
industry, and provide for code authority administration.
Hearing on proposed amendments to the Code and on the proposed
budget for the National code authority will be held August 6 1934 at 10
A. M.in Room 2062-64, Department of Commerce Building. Washington,
D. C., according to a formal notice of the hearing sent out by N. R. A.
The proposed amendments clarify the functions of local code control
boards and describe how they may be established.
Under the amendments local code control boards would be established
only where desired by the members of the industry in the locality. This
would give a maximum of local option. There might be a single local code
control board for an entire state, but the amendments, following the experience of other codes, provide that there be no concurrent jurisdiction
of state and local code control boards.
Let us consider the situation of the small business man who finds that
the successful conduct of a purely private business will be seriously jeopardized by the enforcement of some ruling promulgated by the Code Authority. If he violates the ruling he will be guilty of a criminal offense and
subject to prosecution; but if the case does not involve immediate and
irreparable damage, his only means of testing his legal rights in the courts
will be to violate the code and take his chances in defending such a
prosecution.
Me may, to be sure, appeal to the Administrator in Washington, who will
refer the matter to some subordinate. But in that situation, the decision,
either of the Administrator or the subordinate, will necessarily be influenced
by questions of policy affecting the industry as a whole, not by unbiased
consideration of the rights involved in that particular case.
To coerce compliance with code provisions the Government has employed
the boycott by declining to purchase products which are not entitled to fly
the Blue Eagle. The effect of this boycott goes far beyond the great volume
of Government purchases. . . .
That the Administration will not reform the NRA unless compelled to do
so by vigorous opposition in Congress seems certain. No well-intentioned
bureaucrat ever relinquished his power to decide an issue arising between
the Government and one of its citizens, for in rendering such decisions, if he
be honest, he cannot fail to be influenced by his concern for the opposing
interest of the public and at once becomes a judge in his own case. The
power to make the law, to interpret and administer it, to prosecute and
judge the oases arising under it, free from any adequate review in the courts,
will not voluntarily be surrendered by General Johnson and his storm troopers. It is for the people to say, in the coining elections, whether such powers
shall be continued without restraint.
Federal Judge Rules NRA Has No Power to Regulate
Intra-State Commerce—Issues Temporary Injunction to Prevent Code Authority from Interfering
with Chicago Hat Company.
Judge John P. Barnes of the United States District Court
in Chicago ruled on July 31 that National Recovery Administration Code Authorities have no power to regulate
intra-State commerce and that such regulation does not
come within the authority of the Federal Government.
This ruling was handed down in granting a temporary injunction restraining the Chicago Retail Code Authority and
Chicago members of the National Retail Code Authority
from enforcing code provisions against the Irma Hat Co.,
which operates seven stores in and around Chicago. The
company filed the injunction petition May 12, and it is
expected that the case will be tried in September, since
representatives of the Code Authorities filed objections to
the Court's order.
In his ruling Judge Barnes repeated his doubts as to the
constitutionality of the National Industrial Recovery Act
which he had expressed in an earlier decision involving the
NRA. A Chicago dispatch of July 31 to the New York
"Times" summarized his opinion in part as follows:
The Court found that the hat company, which operates its stores under
the name Charm Hat Shops, purchased three-quarters of its merchandise
outside Illinois and sold exclusively within the State.
He also found that the company did not come under the Millinery Code
because it did not manufacture its merchandise and was not, therefore.
governed by the section of that code concerning Blue Eagle labels.
"The only constitutional provision which has seriously been said to
authorize the enactment of the NRA and the promulgation of codes is the
commerce clause thereof," Judge Barnes ruled.
"That clause authorizes said Act and codes only to the extent they
regulate interstate and foreign commerce. To the extent they attempt
to regulate intra-State commerce they are unauthorized and void.
"It may be observed that the principal purpose of the retail code is to
regulate 'retail trade' which, in the case of the company, is wholly intrastate commerce. It may also be observed that the principal purpose of
the Millinery Code is to regulate 'the manufacture of millinery.' s hich
is not commerce of any kind.
"If all the provisions of these two codes are held constitutional and valid.
and if they are held to apply to all activities of the plaintiff (the hat company) and to all of the manufacturers of millinery from whom the plaintiff
buys its hats, the result will be that the Federal Government will be regulating retail activities of the plaintiff and wholesale activities of the plaintiff
which are wholly intra-State commerce—if they are commerce at all—and,
furthermore, will be regulating manufacture, which has never been held to
be commerce of any kind.
Gist of the Ruling.
Thomas D. Thatcher Assails NRA as Abhorrent to
American Sense of Justice—Ex-Solicitor-General
Says Permanency of NRA Will Be Dominant Issue
at Fall Elections.
Thomas D. Thatcher, former Solicitor-General of the
United States, in a radio address, on July 30, charged that
the National Recovery Administration, as now administered,
is "abhorrent to the American sense of justice and fair play."
Speaking on "Tile Next Congress and the NRA," Mr.
Thatcher asserted that the controlling issue in the Congressional elections next fall would be the question of whether
the American people were willing to include in their permanent system of government a grant of such powers as the
NRA now possesses. He said that the codes formulated
under the supervision of the NRA are in many respects
actually charters of authority granted to members of an
industry to exercise against their competitors all the administrative and judicial powers of government. His speech, in
part, follows:
"The Court's ruling in this case may be stated somewhat as follows:
"The plaintiff is entitled to carry on its Intro-State activities without
interference by the defendants, and to carry on its inter-State activities
with others without regard to whether those others do or do not carry on
their intra-State activities in accordance with somelcode."
Copper Code Authority Asks Consumers to Sign Permanent Buying Agreements— Fabricators Asked
to Pledge Themselves to Use Only "Blue Eagle"
Copper.
Harry 0. King, Managing Director of the Copper Code
Authority, moved on July 31 to obtain permanent buying
agreements from copper consumers, when he addressed
letters to the signers of temporary purchase agreements
asking that they sign permanent agreements which will be
effective for a period of four months after approval. These
permanent agreements would provide that signers co-operate
in making effective the applicable provisions in the copper
code and the Executive Order approving it. Signers would
also pledge themselves to "neither purchase nor fabricate
on toll any copper other than 'Blue Eagle copper.'" Mr.
702
Financial Chronicle
King said that agreements were so formulated that copper
fabricators may purchase metal at the foreign price for
exclusive use in the products to be sold abroad. He explained that in view of the fact that there is a current spread
of almost 2 cents a pound between foreign and domestic
prices, this provision will enable American fabricators to
retain their foreign markets. His letter read, in part, as
follows:
The almost universal acceptance of the temporary buying agreements,
a willingand the response to the questionnaire on July 7 indicate not only
ness but a desire to corporate in making the terms of the Cooper Code
effective.
We feel that the successful operation of the Copper Code is dependent
buyupon the continuance of this same spirit and the form of permanant
simplify
ing agreement which we are submitting herewith is designed to
and
form
simple
in
believe,
the procedure in carrying this Out. It is, we
provides adequate protection both for you and for the copper industry.
your
In regard to purchases, it merely provides for an agreement on
commitments and
Part to purchase a certain percentage of your new sales
changes
make
to
right
the
an estimate of what this tonnage will involve with
saitsfactory.
and cancel the agreement if the changes you suggest are not
GovernorlEly of Massachusetts Sees NRA Leading to
Socialistic State if Made Permanent—Governor
McNutt of Indiana Defends Recovery Program at
Annual Conference of State Executives.
A warning that the National Recovery Administration program would "end in a Socialistic State" if carried to its ultimate conclusion was voiced July 27 'by Governor Ely of
Massachusetts, at the annual Governors' Conference, held at
Mackinac Island, Mich. Governor McNutt of Indiana, on the
other hand, took issue with Governor Ely, and urged that all
States co-operate in the enforcement of codes established
under the NRA. Mr. McNutt asserted that conditions have
Improved under the Administration's recovery program, that
the country is "on the way back," and that the "pump has
been primed." Governor Ely said that the NRA was of value
"as a temporary emergency measure," but added that he
could not "conceive the Government of the United States permanently under the NRA and remaining the Government of
the United States that we have known and loved."
A dispatch from Mackinac Island to the New York
"Times," on July 27, quoted further from his remarks as
follows:
"There is no stopping short of the end of the road," he asserted, "and at
the end of the road we shall have a Socialistic State."
of
The great defect of the NRA, he said, was that "it ignores the diversity
the
hopes, ambitions, jealousies and dispositions of our people." While
public was made docile by the existence of a great emergency, such legislation was tolerable, he said, but the end of the emergency "may see our Government altered in a way few of us would desire."
Opposes Business Dictator.
The rule of American industry by "an industrial dictator," Mr. Ely declared, "is contrary to the principles which have made the United States
the happiest and most prosperous nation on earth."
Mr. Ely said he feared that domination resulting from New Deal paternalism would increase over a people "made happy, contented and prosperous by
the rugged individualism of the past."
He declared that in Italy under Mussolini, Germany under Hitler, and
Russia under Stalin, individualism has passed from the people to dictators
and the people had become "children of Government."
"Is that the sort of Government we want?" Mr. Ely asked. "You may
want it; but my desire is to stick as closely as possible to the Government
that made us happy and contented."
He urged that the good points of the NRA might be made a permanent
part to "guide American business," and said that such features as child
labor elimination and the right to collective bargaining would serve as
beacons for business without the danger of a sudden change in codes by the
edict of an industrial dictator.
Sees Home Forgotten.
"In these times," he said, "we have come to think of Government as the
sole preserver of our liberties and our civilization. I'm afraid we have
forgotten the home and the church."
Mr. Ely expressed adherence to Grover Cleveland's theory that the Government "should lay out the course and establish the lighthouses, but not
attempt to steer every vessel."
Taking up Governor McNutt's statement that the public works program
had "primed the pump of industry," he warned that in "priming a pump"
care should be taken not to exhaust the supply of priming before water comes
from the pump.
"The race at the present time," he said, "is a race between the business
of the United States and credit of the United States."
Mr. Ely disclaimed any intention of criticizing "our great President,"
explaining that Mr. Roosevelt had shown no disposition to make the NRA
a permanent feature of Government.
New York Automobile Dealer Sentenced to 3 Months
Imprisonment for Selling Car Below Price Fixed by
NRA Code—Conviction Is First of Kind in State.
Gordon S. Harris, a New York City automobile dealer, was
sentenced to three months imprisonment on Aug. I after
Justices Kernochan, Flood and Dale in Special Sessions
Court had found 'him guilty of violating the Schackno Act,
State enabling legislation of the National Recovery Administration, in selling an automobile last February for $50 less
than the list price fixed by the Motor Vehicle Retail Code.
This was the first conviction under the Act obtained in New
York State. Mr. Harris was given the alternative of a $500
Aug. 4 1934
fine or imprisonment and was sent to jail after he had refused to pay the fine.• Two other defendants faced similar
charges. The New York "Times" of Aug. 2 outlined the case
as follows:
Justices Kernochan, Flood and Dale also reserved decision on a similar
charge against Walter M. Down and Edgar J. Wicks of the Autocraft Organization at 1,775 Broadway: after a trial, in which Mr. Straus was the prosecutor and Max Levy the defense lawyer.
Harold A. Boyd, an investigator for the code, was the complainant. He
alleged Down and Wicks sold him an automobile for $64 less than the code
price. In both cases the defense admitted the sales, but contended the defendants acted as brokers and not as dealers, and therefore the code did not
apply to the transactions.
When Harris was declared guilty, Chief Justice Kernochan directed Special
Assistant District Attorney Straus to take up with District Attorney Dodge
a possible forgery charge arising from Harris's trial. He also instructed Jacob
Lichter, the court probation officer, to make a separate investigation along
this line.
At Harris's two-day trial, Mr. Straus charged that an agreement, admittedly signed by the investigator, and introduced as evidence for Harris in
the sale of the automobile, had been altered by the substitution of the
name of William S. Willis, an automobile dealer at Haledon, N. J., as the
seller, for Harris's name.
Grain Code AuthoritS, Proposes Change in Margin
Requirements on Speculative Purchases—Request
Made to Secretary Wallace.
A change in the margin requirements on speculative grain
purchases has been proposed to Secretary of Agriculture
Wallace by the Grain Exchange Code Authority. Associated
Press advices from Washington report that with such a
change floor traders on grain exchanges will be allowed
to buy or sell up to 100,000 bushels of grain without having
to put up the 10% margin required for speculative transactions. The advices added:
The Code Authority, Farm Administration officials said, has approved
the change on the assumption that allowing floor traders more leeway
would help furnish a market for legitimate hedging and spreading trades,
which are exempt from margin requirements. In effect, hedging and
spreading are price-insurance transactions.
There have been complaints since the code went into effect that the
clauses requiring speculators, large and small, to put up more cash had
so cut down trading as to interfere with hedging operations.
The Code Authority, however, did not discuss any general modification
of margin requirements. It was said that many floor traders unload their
holdings near the end of a trading day rather than have their funds tied
up in margins overnight. The Farm Administration has been informed
that this depressed the market.
The floor traders, however, would be forced to put up margins required
under Clearing House rules. These are considerably less than 10%.
The traders suggested that they be allowed to buy up to 260,000 bushels
without having to meet margin requirements, but the Code Authority
adopted a compromise.
Observers are watching the effects of the added margins of 15% on all
speculative trades above 2,000,000 bushels. These requirements went into
effect yesterday.
June Unemployment Placed at 8,499,000, Against
8,577,000 in May—William Green of American
Federation of Labor Says Government Relief
Projects Accounted for Drop—Finds No Prospect
of Improvement in Industry Before Fall.
Industrial unemployment in June numbered 8,49T0CRT,
William Green, President of the American Federation of
Labor, said on July 27. This compared with an estimate
of 8,577,000 in May. Mr. Green said that the decrease
was due to a spread in public works activity, with 1,813,000
persons employed on Government relief projects in June.
Trade union figures indicated that industrial unemployment
increased in the early part of July, he 'added. Declaring
that there was little prospect for new jobs in industry
before the fall, Mr. Green advocated a National stock-taking
to "see where we stand." His survey Was reported as
follows in a Washington dispatch of July 27 to the New
York "Times":
Those unable to find work in normal pursuits totaled 10,312,000, as
with 10.122,000 in October.
"Although business activity during the first six months this year averaged
7% higher than last October," Mr. Green asserted, "this was not enough
to create jobs.
"Business firms have succeeded in increasing activity without making
any important reduction in the great standing army of job seekers. Recent
surveys show that a large proportion of this standing army has been without work for two years or more."
Nearly 2.000.000 more were employed in industry and agriculture
than in June 1933, however, and more than 3,000,000 more than in March
1933. There were 6,841,000 unemployed in June 1931 and 11,853.000
in June 1932.
Mr. Green found a hopeful sign in the smallness of the summer layoff. Factories laid off 100.000 and stores 25.000. but this was largely
offset, Mr. Green said, by 75,000 taken on by farmers, 15,000 for road
building and 10,000 on railroads.
In all trades the number of unemployed increased 64,000 from May
to June.
The statement said there were 4,447.503 on relief rolls in April, representing 16.826,000 persons.
"The Government Is endeavoring to meet increasing unemployment
with increased work on Public Works and Federal Emergency Relief."
Mr. Green went on.
"PWA added nearly 100.000 to its payrolls in June, and the number on
the FERA program rose from 858,000 at the end of May to 983.000 on
July 5. The number in conservation camps declined from 312,000 in
May to 256,000 in June.
compared
Financial Chronicle
Volume 13S
"Thus the average number at work on all three of these emergency
programs rose from 1,671,000 in May to 1,813,000 in June, and the payroll
increased from 679.143,000 in May to $86.779.000 in June."
Relief payments totaled $112,527,000 in June as compared with $73.000,000 in April 1933.
The Federation's unemployment estimates for the first six months
of this year follow:
Month—
Total.
Month—
Total.
January
11,755,000 April
10,551,000
February
11,443.000 May
10,248,000
March
10,849,000 June (preliminary) ---- 10,312.000
A. F. of L. Warns Government May Have to Take Over
Means of Production Unless Private Employment
Expands—Sees No Likelihood of Substantial Business Gains This Fall.
The Government may have "to take over the means of
production" unless private industry contributes a greater
share toward re-employment, the American Federation of
Labor warned in its monthly survey of business made public
on Aug. 2. The survey said that the National Recovery
Administration program and huge Government expenditures
have accounted for important gains, but declared there is
urgent need for more general business expansion. There
is no promise of any substantial business improvement in
the near future, the Federation said, but found instead that
business observers "who have been forecasting a gain of
fair proportions this fall are now expecting postponement
of the gain till next spring." A Washington dispatch of
Aug. 1 to the New York "Times" quoted further from the
survey in part as follows:
"The present situation is a challenge to the Administration to give us
a plan by which industry, labor and the Government may co-operate to
restore business. When private business is not able to resume its functions,
then society is forced to take over the means of production. It is essential
to get the unemployed back to work producing wealth."
Increased Productivity.
Discussing the problem of how the unemployed could be put to work,
the survey indicated the labor belief that the heart of the difficulty rested
in the increased productivity per worker and the lack of corresponding
increase in wages or purchasing power.
After stating that during the depression the productivity per worker
increased more than 4% annually, with the average factory employee produclng 22.3% more per hour in 1934 than he did in 1929, the report said
that "at present we are living through the results of a long period when
balance was not kept between producing and consuming power."
"We see the consequences on every side," it continued,"farmers plowing
cotton under and reducing crops because industrial wages have fallen so
low, proportionately, that farm prices could not be kept up; industry running at half capacity or less because people cannot buy enough to keep
mines, mills and railroads busy.
"Meanwhile, men out of work walk the streets when they should be
creating wealth and buying goods and millions live in poverty when there
could be enough for all to live in comfort. We have attempted to restore
the balance by stopping production and reducing the living standards of all.
Sees One Big Lesson.
'Through all of this experience one lesson stands out clearly: Our present
effort to control industry cannot succeed unless we make the constant increase of workers' income a foundation stone in all our planning."
Although the deficit in buying power since 1929 has been partly restored
through the NRA, in June there were still 10,312,000 who had no work,
with many others working part time, the survey went on. The buying
power of the workers' total income from industry in June 1934, was still
29% below the 1929 level, it said.
The total buying power of workers' income from industry and from
Government emergency work during the first half of 1934, according to
the report, was increased by 23.9% as compared with the same period in
1933.
Those Leaving CCC to Take Outside Employment
Shows Gain in May and June.
J. J. McEntee, Acting Director of Federal emergency
conservation work, on July 24 made public figures which
showed that more men had left the Civilian Conservation
Corps in May and June to accept private employment than
in any two previous months since the CCC was formed last
year. The figures were compiled by the War Department
and showed that 10,028 CCC men had obtained private
employment in May, with an estimated 10,286 in
June.
During the first six months of emergency conservation work,
ended Sept. 30 1933, a total of 18,377 men left the CCC for
outside employment. Figures for other months since that
time are given below.
October
November
December
January
February
• Estimated.
4,927
5,971
7,023
8,331
6,601
March
April
May
June
9,126
6,678
10,028
•10,286
Minneapolis Continues Under Martial Law—Truck
Drivers' Strike Still Unsettled—Newspapers Ignore
Censorship Order.
The city of Minneapolis continued to be governed by martial law this week, as a result of failure to reach a settlement in the strike of 6,000 truck drivers, which began on
July 17. Declaration of martial law by Governor Olson of
Minnesota was described in our issue of July 28, page 545.
Both strikers and employers have recently denounced the
703
use of troops in maintaining order in the city, but National
Guard officers assert that through their efforts the city's
trucking facilities have been restored to 65% of normal.
Only trucks engaged in transporting so-called "necessities"
have been granted permits to operate. Representatives of
the strikers charged, on July 31, that Governor Olson was
discriminating against the unon, and threatened to halt
trucks unless troops were withdrawn from Minneapolis.
Adjutant-General E. A. Walsh issued a warning,on July 31,
that violence had shown signs of increasing, and that if picketing was not stopped the militia would take steps to suppress it. Governor Olson on July 30 had asked the employers
to make "at least some concession" toward ending the strike.
Meanwhile, Minneapolis newspapers continued to ignore that
section of the orders placing the city under martial law
which was construed as an attempt to censor press reports,
although General Walsh declared on July 27 that there would
be no attempt to "gag" the newspapers. The order construed
as applying to newspapers and other publications read as
follows:
"It shall be unlawful and be construed to be a violation of this proclamation subjecting the offender to punishment:
"1. To perform or commit, or permit to be committed, any act obstructing or attempting to obstruct the military forces; to print, post or distribute
by any means, publish or transmit within the said described area notice
bills, documents or newspapers defaming the State of Minnesota or any
member of the Minnesota National Guard in the field.
"2. To circulate or induce or attempt to induce or circulate alarmist
reports—."
A Minneapolis dispatch of July 31 to the New York "Times"
outlined the strike situation as follows:
The employers through their spokesman, Joseph It. Cochran, publicly
answered a proposal made to them yesterday in secret by the Federal mediators, Father Francis J. Haas and E. H. Dunnigan, with a statement that
they would not recede from their position that any settlement so far suggested would be "surrender to a group of Communist leaders who do not
represent our employees but do represent the entering wedge of revolutionary communism."
"A deliberate effort is being made in several quarters," the statement
said, "to spotlight a wage increase and to ignore or conceal that we are
being asked to grant an increase before negotiation, which would enable
these Communist leaders to claim a victory and to appear thereby to deserve
the confidence and following of union labor."
Governor Olson requested all employers to-day to return the men to work
at the scale of wages suggested by the Federal mediators, leaving the details
of the strike settlement to the mediators after the men had returned to work.
"The citizens of Minneapolis want to know who the so-called 'chiselers'
are that have paid poverty wages and thus precipitated the strike. They
will also be glad to know what employers have maintained a decent wage
scale," the Governor continued.
"In order to place responsibility and to give the public a chance to deal
with the 'chiselers' I shall expect every employer in the city of Minneapolis
who moves merchandise by truck to pay the wage scale determined by Father
Haas and Commissioner Dunnigan to be a fair wage scale."
More Trucks Operate.
While the Governor's statement seemed destined to appeal to the strikers
rather than the employers, the fact that under the special permit system a
great many additional trucks were placed in operation to-day tended to
destroy any hopes the strikers may have had of help from official sources.
Practically unrestricted delivery of wholesale and retail meats and groceries was authorized by General Walsh, with the result that an additional
1,000 trucks were placed in operation.
Striking Longshoremen Return to Work on Pacific
Coast—To Submit Demands to Arbitration—Other
Maritime Workers Accept Terms of Settlement.
Longshoremen and other maritime workers on the Pacific
Coast, many of whom had been on strike since May 9, returned to work on the morning of July 31, following a settlement which was announced on July 29 by the President's National Longshoremen's Board, which said that "the longshoremen will return to work without discrimination for
union affiliation or strike activity." Employers agreed,
pending arbitration, that the National Longshoremen's
Bolird place.a representative in the hiring halls and that the
workers should have observers to see that there should be
no discrimination. The Board praised the strikers for conceding part of their original demands "in recognition of public interest in the termination of the strike," and added:
The men believe they should not have been required to hire through
these
halls, but in recognition of public interest in the tertnination of
the strike
they have even waived this point.
All questions of discrimination are to be referred to representatives
of the
National Longshoremen's Board and the Board's decision will be
binding on
all parties. Any readjustment in wages after arbitration
is to be made
retroactive to the date the men return to work.
The most recent reference to this strike was contained in
our issue of July 28, pages 544 and 545. While the settlement
negotiated by the Board affected only the 12,000 striking
longshoremen, representatives of two other maritime groups
on July 30 notified the Board that they would return to work
the following day. Other striking maritime workers were
expected to submit their demands to arbitration, returning
to their jobs in the meanwhile. Associated Press advices
from San Francisco on July 30 described the settlement, in
part, as follows:
Financial Chronicle
704
An agreement to meet with seafaring representatives for collective bargaining was announced by officials of 42 shipping companies, banded together under the name of the Ship Owners' Association of the Pacific. "In
the event that collective bargaining fails, arbitration will be resorted to,"
F. J. O'Connor, spokesman for the shippers, informed 0. K. Cushing, a
member of President Roosevelt's Board.
Working conditions for the longshoremen will be the same as before the
strike went into effect 83 days ago, except that union observers and Government supervisors will be stationed at the hiring halls.
The next move of the Mediation Board will be to call representatives of
the International Longshoremen's Association and employers into conference here and at Seattle, and possibly other ports, to determine which points
shall be arbitrated. The longshoremen have demanded wage increases,
shorter hours, better working conditions and complete control of their hiring halls or employment agencies, by which longshoremen are sent to jobs.
Alfred H. Lundin, President of the Seattle Chamber of Commerce,informed
the Board that business interests in Washington State were opposed to the
closed shop, believing it to be economically unsound and a violation of the
National Industrial Recovery Act. Mr. Lundin expressed opposition also to
union control of the hiring halls.
Brooklyn Coal Company Agrees to Abide by Minimum
Prices Set by Code Authority, Pending Definite
Ruling by NRA—Latter Indicates Change in
Method of Fixing Emergency Prices in Industry.
The Newtown Creek Coal & Coke Co. of Brooklyn, which
recently announced that despite a ruling of the National Recovery Administration it would continue to sell coal for $1
a ton less than the prices fixed by the Retail Solid Fuel Code
Authority, has agreed to conform with NRA fixed prices, it
was stated on July 30. Burton A. Zorn, New York State
Trade Practice Commissioner, conducted a hearing on the
case and afterward announced that the company had agreed
to "co-operate with the Administration and sell coal at the
local established prices," pending a ruling on the situation
by the Research and Planning Division of the NRA in Washington. The original contentions of the company were noted
In our issue of July 28, pages 542 and 543.
The NRA announced on July 28 that hereafter its approval
would be required for all Code Authority declarations of
emergency in retail solid fuel industry. This action followed
the recent disapproval of the basis on which minimum prices
were calculated by the St. Louis divisional Code Authority
for the industry. The NRA announcement said that under
the new policy "an opportunity will be afforded to the interested divisional Code Authorities for conferences with NRA"
In cases of disapproval. The New York "Times" of July 31
outlined the decision in the case of the Newtown Creek Coal &
Coke Co. as follows:
"The Newtown Creek Coal & Coke Co., Inc.," Mr. Zorn said, "maintains
and will continue to urge at Washington that it believes the established
prices are unjust, unreasonable and excessive, although it will co-operate
with the administration."
Supreme Court Justice Valente reserved decision on the application by
the Scranton & Lackawanna Coal Corp. for an injunction restraining members of the divisional board of the Coal Code Authority in this city from
fixing purchase and sale prices. David J. Gladstone, counsel for the company, challenged the authority of the NRA and the State Legislature to
extend the power of Congress to "purely internal affairs."
Asserting that the Scranton company buys and sells its coal only in this
State, the attorney argued that the law under criticism "practically surrenders the sovereign rights of the State." Isaac H. Levy, counsel for the
New York Coal Code Authority, insisted that every ton of coal sold in this
State is mined outside.
41.
Chicago7Stockyards Strike Threatens to Spread to
Packing Plants-400 Packers in Sympathetic
Walkout—General Johnson Plans to Investigate
Strike Situation.
The strike of GOO Chicago stockyards handlers, which began
eleven days ago, threatened late this week to spread to the
large meat packing companies. Four hundred packing house
employees struck on July 31 in sympathy with the stockyards
strikers. William Collins, international organizer for the
Amalgamated Meat Cutters and Butcher Workers of North
America, said that other members of the union would also be
called out. The union is said to have 8,400 members in
Chicago packing houses, most of them employed by the
smaller companies.
Meanwhile trading in the Chicago yards has been discontinued pending settlement of the strike difficulties. General
Hugh S. Johnson, National Recovery Administrator, planned
to return to Washington from a vacation in Texas by way of
Chicago to investigate the stockyards strike, but said on July
31 that he did not intend "to get mixed up in the strike" if
he could avoid it.
The walkout in the Chicago yards was referred to in our
Issue of July 28, page 545. We quote below from a Chicago
dispatch of July 31 to the New York "Times" with regard
to recent developments in the dispute:
The packing companies have company unions, although it is reported that
some of their employees belong to the Amalgamated unions, which are affiliates of the American Federation of Labor, as well as to the company
'organizations.
Local 517, the organization of striking stock handlers, Is also affiliated
'with the Amalgamated unions.
Aug. 4 1934
If packing house strikes are called it will be against the judgment of international officers of the organization. They have been endeavoring to hold
the lid down for several days, but have reported that strike sentiment was
strong among their local members.
Redmond S. Brennan of Kansas City, attorney for the Amalgamated unions,
who has been in Chicago for a week representing the stock handlers in their
dispute with the stockyards campany, said when he was informed of the new
strike:
"We didn't want that to happen."
Meanwhile a new factor was introduced in the mediation efforts in progress
at the Stock Yards, but the general strike situation seemed little changed
by it.
This factor was the Chicago Live Stock Exchange, composed of the commission men who receive cattle at the yards from stock men and act as sales
agents in disposing of them to packing houses or other buyers. They are
hoping for a quick settlement.
According to their spokesman, the commission men have suffered more
from the strike than any other group. Their losses in commissions were
estimated at $1,000 a week for each house in commissions, while the bulk
of their operating expenses has gone on.
The commission merchants have in a sense cooperated with the striking
union, with which their own employees are affiliated, by refusing to accept
any shipments of stocks from their country clients.
Not only have they lost commissions immediately, but some of them now
fear that during the strike their clients will start shipping to other markets.
Hence the commission men, eager to see the strike settled, offered their
services as informal go-betweens on Monday to 0. T. Henkle, general manager of the stock yards. He replied that he feared their efforts would only
conflict with those of the Department of Labor conciliators who have been
trying to settle the walk-out.
Wide Range of Activities Open to Those Attending
American Bankers Association Convention in
Washington in October—Nation's Capital Pictured
at Its Best in Fall.
A unique range of activities will be offered to delegates
who attend the American Bankers Association Convention
in Washington from October 22 to 25, according to an
announcement on July 27 by the Greater .National Capital
Committee. October, the statement said, is Washington's
most beautiful month. The Committee pointed out that
the mammoth Government building program in the capital
will be nearing completion and that "the tall fences which
surround Uncle Sam's new headquarters will be taken down
to reveal some of the finest buildings in the world." The
statement listed a few of the attractions that await visitors
as follows:
Twenty-five up-to-date golf courses all available from any downtown
hotel and always in good condition.
Miles of bridle paths in the 1,700-acre Rock Creek Park, located in the
heart of the city, and winding through other picturesque scenery.
Speed boat rides and steamer excursions down the historic Potomac
River, and deep-sea fishing on Chesapeake Bay, only an hour's distance
from Washington.
Regular polo games between Uncle Sam's crack Army teams from Fort
Myer.
Hundreds of parks, planned by the finest horticulturists in the country.
Wide streets and roads both within and without the city to carry you
to sights of National historic interest, sights of unusual beauty, and sights
Peculiar to Washington alone.
Discussing some of the lesser-known facts about Washington, the Committee mentioned the exhibit of strange kinds
of money from all parts of the world on display at the
Smithsonian Institution, the registration of automobiles,
which is the largest for any city of the size in the United
States, and the size of the Union Station, which could house
a standing army of 50,000 men. "Washington, the people's
city, is as it should be," the announcement concluded.
"It is a many-sided city and is at its peak in activities of
all kinds in the fall of the year. The Nation's capital opens
wide its doors to the members of the American Bankers
Association."
A previous reference to the convention was contained in
our issue of May 26, page 3551.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of July 28 (page 547),
with regard to the banking situation in the various States,
the following further action is recorded:
GEORGIA.
J. H. Dorminey has been elected President of the re-
organized National Bank of Fitzgerald, Fitzgerald, Ga.;
which was expected to open for business Aug. 1, according
to Associated Press advices from Fitzgerald on July 28,
which continued:
Other officers: J. L. Perry. Vice-President; Battle Sparks, Cashier;
C. A. Newcomer, Jr., Assistant Cannier. The old institution closed Mar 4
1933.
MICHIGAN.
Concerning the affairs of the two defunct Detroit, Mich.,
banks—the First National Bank Detroit and the Guardian
National Bank of Commerce—the Detroit "Free Press" of
Aug. 2 had the following to say:
The Reconstruction Finance Corp.is prepared to lend at least $90,000,000
to Receiver C.0. Thomas, of the First National Bank, Detroit. to permit
Volume 139
Financial Chronicle
depositor relief dividends of 22%, Chairman Jesse H. Jones indicated
Wednesday.
Several weeks will be necessanq to complete the transaction, but a rechecking of the collateral will be completed within a week as the basis for
actual negotiations, Jones said:
First National creditors already have received 50% of their deposits, and
the new relief which, through the probable subordination of claims of larger
depositors, will permit payment in full to those in the lower brackets, will
bring the total disbursement to 72%.
Depositors Await Action
The First National relief is understood to be independent of the plans of
Guardian National Bank of Commerce depositors for lifting the receivership
of B. C. Schram, negotiations on which seemingly have stagnated in Washington during the last few days in the absence of Comptroller J. F. T.
O'Connor. ...
Jones Sends Message
The attitude of Chairman Jones toward the First National payoff was
revealed in a message from Mackinac Island, where he is vacationing as a
guest of Fred J. Fisher's yacht Nahkoda, in which he said:
"I have been going over First National figures and the entire situation
regarding it with our manager, Charles Fisher, Jr., and am convinced we
can lend $90,000,000. or enough to pay depositors 22% dividend. Inasmuch as several weeks are required to complete the transaction, we are
rechecking collateral with a view to lending the greatest amount we should
lend, and will require about one week to complete recheck."
Twenty-eight former officers and directors of the Detroit
Bankers' Co. and the Guardian Detroit Union Group, Inc.,
Detroit, Mich., were indicted by the Federal Grand Jury on
Aug. 1. Twenty-five it is stated were accused Of fund misapplication involving $544,221.35 of the Detroit Bankers'
Co. and its one-time subsidiary, the Peoples Wayne County
Bank of Detroit. Three former officers of the Guardian
Detroit Union Group, Inc., and its subsidiaries it is alleged
are charged with false entries. Detroit advices on Aug. 1
to the New York "Times",from which we quote went on to
say:
Robert 0. Lord,former President of the Guardian Detroit Union Group,
Inc.; Herbert R. Wilkin, former General Manager, and James Walsh,
former executive Vice-President, were named in one indictment charging
false entries in a report to the Federal Reserve Board concerning the condition of the Union Industrial Trust & Savings Bank of Flint as of Dec. 31
1931.
The second indictment named the other 25 persons, of whom were former
directors and members of the executive committee of the old Peoples Wayne
County Bank and 11 of whom were directors of the Detroit Banking Co.,
the holding unit that owned the Peoples Wayne County stock.
14 Named on 35 Counts.
Fourteen former directors are named on 35 counts charging misapplication
of $544,221.35 of the funds of the Peoples Wayne by purchasing notes from
other banks which were not sufficiently secured and on which the bankers
were not financially able to pay. The eleven others indicted, directors of
the holding company, are charged with having "aided, abetted, counseled
and commanded" the fourteen bank directors in the purchase of the notes.
The three named in the "Guardian indictment" had been involved in
previous criminal proceedings. Wilkin, who was Executive Vice-President
and Cashier of the Flint Bank, was named last week in a State warrant.
Lord and Walsh were, respectively. President and Vice-President of the
Guardian Detroit Union Group, Inc., and both were among the thirteen
indicted several weeks ago on.false-entry charges.
It is charged in the new indictments that Wilkin, aided and abetted by
Lord and Walsh, "eliminated bills payable in the amount of $600,000" in
his report as to the condition of the Flint bank on Dec. 311931.
"The government contends," Guy K. Bard, Special Assitant Attorney
General, said, "that the $600,000 referred to in the Wilkin-Lork-Walsh
indictment was due and owing to the Guardian National Bank of Commerce
and that Wilkin failed to include the amount in his report."
Officials of the First State Bank of Central Lake, Mich.,
recently decided to close the institution permanently, according to the Michigan "Investor" of July 28, which also stated:
This is the first time the village has been without banking facilities in
46 years, as the bank has been operated by a conservator since the banking
holiday and receiving trust funds which are now to be paid out in full.
According to the same paper, decision has also been
reached to close permanently the Citizens' State Bank of
Ubley, Mich., which has been operated by Verne M. Geiger
as conservator and who has since become receiver of the
institution. The "Investor" added:
The bank has deposits of $200,000 and the first step in liquidation will
be an application to the Reconstruction Finance Corporation for a loan.
The town may not continue to be without a bank, because citizens have
begun agitation for an entirely new institution.
On July 26 a Municipal Court in Flint, Mich., issued
warrants for two bankers who have figured in the testimony
taken in the open investigations of the events leading up to
the Michigan bank holiday in February 1933. Associated
Press advices from Flint on the date named said:
Those named in the warrants, issued by Municipal Judge Frank W.
Cain, are Herbert R. Wilkin, former Executive Vice-President and Cashier
of the Industrial Trust & Savings Bank, of Flint, and James L. Walsh, a
Director and Vice-President of the Guardian Detroit Uhion Group. Inc.,
holding company for the Flint institution and more than a score of other
banks throughout the State.
The warrants charge Wilkin, on five counts, with making false entries,
and Wilkin and Walsh, Jointly on eight counts, with conspiracy to make
false entries, to deceive stockholders, depositors and the State Banking
Department and to publish false bank statements.
Walsh is one of 13 bankers indicted by the Federal Grand Jury several
weeks ago on like charges of conspiracy to make false entries. At present
Walsh, who had pleaded "not guilty" to the Federal charges, is employed
as a financial counsellor in New York.
The charges against Wilkin and Walsh specifically grow out of what was
described through two investigations as "window dressing"—the switching of assets from one unit to another to make a favorable showing in the
705
Periodical statements called for by the Comptroller of the Currency. They
directly concern a transaction by which $600,000 in "bills payable" were
allegedly omitted from the annual report for 1931 of the Flint bank. . . .
Announcement of the warrants Thursday (July 26) came unexpectedly
and after Circuit Judge James S. Parker, who conducted a one-man grand
jury investigation, had announced that there might be evidence of illegal
acts but that he did not believe indictments would serve the public interest.
As the warrants were turned over to deputy sheriffs for service in Detroit.
the Federal Grand Jury met in closed session, the procedure customarily
followed when voting on whether to return indictments. There were no
witnesses before the jury Thursday.
Judge Parker in his report pointed out that the Federal Grand Jury had
power to go into any of the matters he had considered, and held that there
was no question that the State banking laws had been violated. There
was a question, however, he added, as to intent to break the law. "None
of the parties who participated in the making of these reports," he said,
"profited or expected to profit a penny in their making."
The People's State Bank of Milan, Mich., was to reopen
for normal business on July 30, according to a dispatch from
that place on July 27, printed in the Toledo "Blade," which
added:
Depositors will receive 45% of their claims, amounting to about $135.000.
in cash at once, it was stated.
That the Newberry State Bank at Newberry, Mich., had
opened for unrestricted business was reported in theMiehigan
"Investor" of July 28. The reorganization of the institution, it was stated, was achieved without selling preferred
stock. The officers, as named in the paper, are as follows:
President, Dr. F. P. Bohn; 1st Vice-President, Hon. Louis
H. Fead; 2d Vice-President, W. G. Fretz; Cashier, Arvid
Nelson. Mr. Nelson was formerly of Mankota,
and later connected with an Ontonagan bank. He served
as conservator of the Newberry bank.
Depositors of the State Savings Bank of Royal Oak, Mich.,
are to receive a 20% dividend on their deposits about Oct 1,
Harry W Gross, receiver, announced on July 30, according
to advicesfrom that place on the date named, which added:
A loan of $1,175,000 has been authorized by the Reconstruction Finance
Corporation, but approximately $300,000 will be held as a reserve against
delinquent taxes. The receiver has collected $400,000.
A new bank is being organized at Lake Odessa, Mich., to
succeed the two banks of that place, it is learnt from the
Michigan "Investor" of July 28, which said:
Lake Odessa, which has been without normal banking facilities since the
banking holiday, is looking forward to the opening of a new bank to take
the place of the Lake Odessa Savings and the Farmers' & Merchants'
banks. Both banks will be merged under the name of the Union Bank of
Lake Odessa. Forty per cent will be paid to the depositors of the old
banks when the new one opens.
In regard to the affairs of the Pentwater State Bank of
Pentwater, Mich., the Michigan "Investor" of July 28 had
the following to say:
For a time it looked as though Pentwater would join the small towns
without a bank, because the State Banking Department had frowned on
starting one up again. Business men have convinced the Department
that the community is large enough to support a bank, and approval was
given to the new set-up.
The new set-up is on a 50-50 basis, making one-half of the deposits totaling
$130,000 immediately available. The capital stock, which will be owned
locally, is $25,000, and new officers will be elected. B. P. Sherwood, of
Grand Haven, who had served as President, has asked to be released from
participation in the new undertaking.
From the Michigan "Investor" of July 28 it is learnt that
the First People's Bank of Traverse City, Mich., has reopened, releasing $600,000, or 40% of the impounded funds.
The remaining 60% has been placed in the hands of a
depositors' corporation. The paper continued:
The bank opened with a new Cashier in the person of C. W. Collins, who
had been Cashier of the People's Wayne County Bank of Wyandotte. Reed
Chapin is Assistant Cashier and Trust Officer.
NEW JERSEY.
With a capital of $50,000 and surplus of $10,000 obtained
by voluntary subscriptions from depositors of the First
National Bank of Newfield, N. J., closed since the National
bank holiday of March 1933, the "First National Bank in
Newfield" was to open Aug. 2 after a delayed reorganization
in which Elmer B. Woods, receiver, took the leading part.
Advices from Vineland, N. J., on Aug. 1 to the New York
"Times," from which this information is obtained, went on
to say:
The new officers are: President, W. R. Lewis; Vice-President, Joshua
Richman; Cashier, W.Clifford Davis; Directors, Mr. Lewis, Mr. Richman,
Samuel P. Musto, Ralph Rambone and Raymond J. Lowder.
OHIO.
Small depositors of the Lorain Street Savings & Trust Co.
of Cleveland, Ohio, will be paid off in full and large depositors will receive 30% of their deposits under a plan submitted by Robert M.Huston,conservator for the institution.
The plan has been approved by the State Banking Department and tentatively approved by the Reconstruction Finance Corporation. Cleveland advices to the "Wall Street
Journal," in reporting the above,furthermore said:
Approval of the approximately 4,000 large depositors and the Common
Pleas Court will be necessary.
706
Financial Chronicle
Under the plan depositors with $100 or leas will be paid in full and other
depositors will receive a minimum of $100, or 30% or their balance. There
are 14,182 small depositors who will be paid in full.
Total disbursement will amount to around $2,500,000, or about half of
the bank's deposits. To make the plan possible a loan of $1,000,000 from
the RFC will be necessary. Borrowings from that source at the present
time amount to around $200,000 which will be repaid before the present
plan Is consummated.
Ira J. Fulton, State Superintendent of Banks for Ohio,
has ordered assessment of double liability against stockholders of the Union Trust Co. of Cleveland, now in liquidation, according to Cleveland advices to the "Wall Street
Journr.1" on Aug.1, which continuing said:
The order gives the 4,000 stockholders until Nov. 1 1934, to pay without
interest $22,850,000, the par value of 914,000 shares of the bank stock
outstanding.
The last statement of condition as of Jan. 31 1934 showed approximately
$26,000,000 in excess liabilities over estimated liquidation value of assets.
As of that date Oscar L. Cox, liquidator, reported book value of assets at
$167,534,482 and estimated liquidation value at $111,500,000. Liabilities
were $137,346,957.
That a new bank is being planned for West Milton, Ohio,
which will replace two closed banks of that place, would
appear from the following dispatch from Troy, Ohio, under
date of July 25, to the Cincinnati "Enquirer":
Preliminary to the opening of a new bank in West Milton,0.L.Buchanan
conservator of the First National Bank of that city, has been authorized to
sell assets of the bank of a value aggregating $75,000 to the Citizens'
National Bank of West Milton, (which it is understood, is to succeed the
First National Bank and Citizens' State Bank), according to an approved
entry in the Common Pleas Court here to-day.
Both banks have been closed since March 21, and it is believed by the
conservator that under the sale of the assets dividends will be paid to
creditors without sacrificing cash, Government, State and municipal bonds
and other similar papers, which will be selected by the bank and designated
as Class A assets.
A new bank is being formed at West Milton by buying up the assets of
the two closed banks, and it is expected to open within the next ten days.
L. A. Pearson will be President, with Buchanan as Cashier. The name
will be the Citizens' National Bank.
OKLAHOMA.
The Bank of Agra, Agra, Okla., was reopened without
restrictions on July 26 after having operated on a 10%
restricted withdrawal basis for the last 18 months, according
to the "Oklahoman" of July 27. The institution is now a
FDIC member, it was stated.
' PENNSYLVANIA.
We learn from the Pittsburgh "Post-Gazette" of Aug. 2
that a first payment of 58%, amounting to $231,704, will
be paid to depositors of the closed Indiana County Deposit
Bank of Indiana, Pa., the State Secretary of Banking announced Aug. 1. The remaining net deposit liability of
the institution is $167,796 and there are on hand assets with
a book value of $169,422, appraised at $84,711, for further
liquidation, the paper said.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made, Aug. 2, for the transfer of a
New York Stock Exchange membership at $95,000. The
previous transaction was at $96,000, on July 17.
A Chicago Board of Trade membership sold, Aug. 3, at
$7,600, which is $100 over the last previous sale of Aug. 1.
Ernest Pickney Davies, partner of the New York Stock
Exchange firm of E. H. H. Simmons & Co., New York,
died in St. Luke's Hospital on July 24. He was 53 years
old. Following his graduation from high school Mr. Davies
entered the brokerage firm of Rutter & Cross in which he
later became a partner. E. H. H. Simmons, former President of the New York Stock Exchange, became a partner
of the firm in 1900 and in 1927 the name of the firm was
changed to E. H. H. Simmons & Co.
Aug. 4 1934
Charles Hayden, Hayden, Stone & Co.
Charles L. Hogan, President, International Cement Corp.
Alfred J. Rieckhefer, President, National Enameling & Stamping Co.
Franklin D. Mooney, President, Atlantic Gulf & West Indies S.S. Lines.
Hayward Niedringhaus, President, Granite City Steel Co.
Arthur J. Ronaghan, Vice-President, Granby Cons. Meg. Smelt. & Pow.
Co., Ltd.
A. F. Stock, Treasurer, American Agricultural Chemical Co.
Philip D. Wagoner, President, Underwood Elliott Fisher Co.
J. H. Van Alstyne, President, Otis Elevator Co.
At the July 31 meeting, Arthur J. Ronaghan, a Vice-President, was designated Acting President pending the election
of a permanent President; Edward E. Steele was elected Executive Vice-President.
The Equitable Trust was recently purchased by Charles
Hayden, of Hayden, Stone & Co., and associates from the
Amerex Holding Corp., formerly the Chase Corp., and all of
the directors of Chase interests, including Winthrop W. Aldrich, resigned from the board of the Equitable Trust. Reference to the purchase of the Equitable by Mr. Hayden and
associates was made in our issue of June 30, page 4382. On
July 30 the Equitable Trust moved into new quarters on the
eighth floor of 25 Broad Street, the building in which Hayden, Stone & Co. is located. Permission to move from its old
quarters at 15 Broad Street was granted to the institution
on July 26 by the New York State Banking Department.
The following, regarding the taking over, on July 20, by the
Superintendent of Banks of New York State of the People's
Credit Union, 2270 Seventh Avenue, New York City, is from
the July 27 weekly bulletin of the New York State Banking
Department:
Superintendent of Banks Joseph A. Broderick, pursuant to the provisions
of Section 57 of the Banking Law, as amended by Chapter 664 of the Laws
of 1930, has taken possession of the property and business of the People's
Credit Union for the reason that the Superintendent deems it unsafe and
inexpedient to permit it to continue in business.
The amount due depositors and shareholders, as shown by the books of the
institution as at the close of business June 30 1934, was $4,621.85.
On July 23 the Exchangebanc Financial Corp., affiliate of
the National Exchange Bank & Trust Co., Brooklyn, both in
liquidation, began disbursement of a liquidating dividend of
$3.65 a share, or a total of $146,000. In a letter to the stockholders of the Exchangebanc Financial Corp., under date of
July 20, President Henry R. Lathrop, in advising them of
the proposed payment, said:
Several weeks ago there was sent out to you a notice of an application to
the Supreme Court of the State of New York for permission to dissolve and
liquidate the affairs of Exchangebanc Financial Corp. That permission has
been secured from the Court and an order of dissolution has been entered.
Mr. Lathrop also stated that "we have retained in the
treasury, pending any possible claims for taxes or otherwise,
approximately $4,000, which will be distributed at a later
date, provided it is not used for any of the purposes for which
it is held."
Payment of an initial liquidating dividend of $35 a share
by the National Exchange Bank Trust Co. was referred to in
our issue of March 31, page 2194.
Frank L. Sniffen, member of the advisory board of the
Brooklyn banking department of the Title Guarantee &
Trust Co., Brooklyn, and President and Director of the
Long Island Safe Deposit Co., died on July 30 at Richfield
Springs, N. Y. Mr. Sniffen, who was 67 years old, began
his career with the Manufacturers Trust Co. in 1896, becoming Vice-.President and Secretary. In 1903 when the
Manufacturers merged with the Title Guarantee & Trust
Co., he became Vice-President of the Brooklyn banking
department of the latter institution. Mr. Sniffen resigned
this position in 1929 but continued as a member of the advisory board.
' On Aug. 1 W. V. Tresckow resigned as Assistant Vice.
President of the Central Hanover Bank & Trust Co., New
York. He had been in charge of the new business activities
of the institution. Mr. Tresckow is head of the Committee
on Trust Delevopment of the American Bankers Association.
At a meeting, on July 31, of the Directors of the Equitable
Trust Co. of New York, the following board of 18 directors
was elected constituting the new board since the purchase of
the company by Charles Hayden and associates, viz.:
Edward M. Allen, President, Mabhieson Alkali Works, Inc.
Gordon Auchincloss, Auchincloss & Duncan.
Alfred J. Brosseau, President, Mack Trucks, Inc.
John IL Barber, Treasurer, Ward Baking Corp.
Thomas L. Chadbourne, Chadbourne, Stanchfield & Levy.
Paul D. Cravath, Oraveth, DeGersdorff, Swaine & Wood.
Harry W. Croft, Chairman, Harbison•Walker Refractories Co.
William C. Dickerman, President, American Locomotive Co.
Edgar A. Doubleday, Hayden, Stone & Co.
The New York State Banking Department on July 23 authorized the Morris Plan Co. of Albany, Albany, N. Y., to
change its name to the Morris Plan Industrial Bank of
Albany. The change in name, which is made under legislation recently passed by the New York State Legislature
granting the status of State banks to industrial banking companies, was approved by stockholders of the company recently, as noted in our issue of July 28, page 548.
The Morris Plan Co. of Rochester and the Morris Plan Co.
of Schenectady have filed applications with the Banking Department to change their names, respectively, to the Morris
Plan Industrial Bank of Rochester and the Morris Plan Industrial Bank of Schenectady.
At the regular meeting of the Board of Trustees of the
Security Trust Co. of Rochester, Rochester, N. Y., held
Volume 139
Financial Chronicle
July 11), the regular dividend of $5 per share was declared,
payable Aug. 1 to stockholders of record as of July 29, the
books closing July 30 and reopening Aug. 2.
The New York State Banking Department on July 25 gave
its approval to plans whereby the State Bank of Randolph,
Randolph, N. Y., will change its capital from $100,000 with
a par value of $100 a share to $50,000 with a par value of
$50 a share.
On July 16 the New York State Banking Department approved plans to reduce the capital stock of the Bank of Le
Roy, N. Y., from $200,000 to $100,000 and the par value of
the shares from $100 each to $50 each.
Hiram Sherrill, former President of the East Hampton
National Bank, East Hampton, L. I., died on Aug. 1.
He was 81 years old. Mr. Sherrill was President of the
Bank from the time of its organization in 1905 until 1931
when it merged with the Osborne Trust Co. Since 1931
he had been a director of the Osborne Trust Co. and also
a director of the Home Water Co. of East Hampton.
The Comptroller of the Currency on July 27 granted a
charter to the Poultney National Bank, Poultney, Vt.
The new bank succeeds The Citizens' National Bank of the
same place and is capitalized at $50,000,consisting of $25,000
preferred and $25,000 common stock. Elmo J. Hudson is
President and J. E. Holmes, Cashier, of the new institution.
We learn from Boston advices on Aug. 1 to the "Wall
Street Journal" that Louis J. Hunter, for the past 10 years
a Vice-President of the National Shawmut Bank of Boston,
has resigned effective that date to open offices where he
will render advisory services on corporate financial and
policy matters. In addition to a Boston office, he will
maintain a New York office, it was said.
Wilmot R. Evans, President of the Boston Five Cents Savings Bank, Boston, Mass., since 1926, died suddenly of a heart
attack on July 29. He had been in poor health since last
October. Mr. Evans was graduated from Harvard in 1900.
He practiced law in Boston several years and served in the
Massachusetts House of Representatives in 1905 and 1906,
and in the Senate from 1909 to 1911. He had been a United
States Commissioner for the Massachusetts district since
1924. He was President of the Massachusetts Bankers Association and the Lawyers Title Insurance Co. He was also
President of the Lawyers Mortgage Investment Corp. and a
director of several institutions, among them th e Bluehill
Bank & Trust Co. of Milton; the Everett National Bank, and
the Old Colony Trust Co. He was also a member of the local
Advisory Committee of the Reconstruction Finance Corporation and a director of the Saco-Lowell Shops. The deceased
banker was 56 years old.
James L. Lord, of Lyme, Conn., and formerly Vice-President, has been elected President of the Essex Savings Bank,
Essex, Conn., to succeed the late William H. Parmelee, according to Hartford advices, on July 27, to the "Wall Street
Journal." Charles S. Gates, of Old Saybrook, has been
elected Vice-President to succeed Mr. Lord, it was stated.
The first dividend checks for the 5,800 depositors of the
closed Broad Street National Bank of Red Bank, N. J., were
issued July 31. Red Bank advices appearing in the New
York "Herald Tribune" went on to say:
They amounted to $500,000, about 35% of the amount on deposit when
the bank closed on March 4 1933. The notice accompanying the checks
indicated other dividends might be paid later.
James Bishop Stout, a partner in the produce brokerage
firm of Stout Brothers, of Newark, N. J., and New York
City, and President of the Irvington Trust Co., Irvington,
N. J., died of a heart attack on Aug. 1 at his home in Irvington. He was 59 years of age.
The National Bank & Trust Co. of Erie, Erie, Pa., with
capital of $300,000, was chartered on July 10 by theComptroller of the Currency. The new organization replaces
The Second National Bank of Erie. A. G. Postlethwait
and A. E. Keim are President and Cashier, respectively, of
the new bank.
George H. Wilcox,former President of the closed Suburban
Title & Trust Co. of Upper Darby (Philadelphia), Pa., on
July 27 began a three- to six-year sentence in the Eastern
707
Penitentiary, according to the Philadelphia "Inquirer" of
July 28, which also said:
He was convicted, in July 1932, of conspiracy to cheat and defraud depositors in the bank of $350,000.
He was to have begun serving his sentence July 13, but upon his plea that
he wished to remain at that time with his 73-year-old mother, who is seriously ill, Judge John M. Broomall, in Media, permitted him a two weeks'
reprieve, which ended yesterday. Deputy Sheriff Charles W. Pierson took
him from Media to the Penientiary.
The payment to depositors in two closed Philadelphia, Pa.,
banks and one at East Lansdowne, Pa., of dividends by the
end of July was indicated in a statement issued July 21 by
the State Banking Department. In all three cases, said the
Philadelphia "Inquirer" of July 22, this will bring the total
amount received by the depositors to more than 50% of their
accounts. The paper went on to say:
(PhilaOn July 25 the Manheim Trust Co., Manheim and Wayne Avenues
delphia), will pay 13.5%, or a total of $37,402.50. This will make 53.5%
of the
that depositors will have received. The remaining deposit liability
have a
bank, which closed Oct. 2 1931, is $129,174. The assets remaining
$32,055.
only
of
present
book value of $64,777, but an appraisal value at
(Philadelphia),
The Haddington Title & Trust Co., 60th and Market Streets
bank
will pay a dividend of 31%, or $324,603, on July 28. Previously the
liability
has paid 20%, making the total 51%. The remaining net deposit
book
of this institution, which was closed Oct. 13 1931, is $513,103. The
value of the remaining assets is $716,033, with an appraised value of
$357,668.
Trust Co. of
A dividend of 22.5% will be paid by the Citizens' Bank &
to
East Lansdowne. This will total $54,381. Previous dividends amounted
30%. The one payable July 30 will bring the amount to 52.5%. The net
$98,029,
deposit liability which will remain after the dividend is paid will be
with assets having a book value of $164,465, appraised at $81,844.
The Philadelphia "Record" of July 22 stated that in addition to the above payments Dr. William D. Gordon, State
Secretary of Banking, announced the distribution of
$517.100.59 to depositors of four out-of-town banks (namely,
the Royersford Trust Co., Royersford; Agricultural Trust &
Savings Co., Lancaster; People's Trust Co., Frackville, and
the Shenandoah Trust Co., Shenandoah). These payments
would be made by Aug. 6,it was said. The payments by these
banks, as given in the "Record," were to be as follows:
Royersford Trust Co., 15%, or $115,158.93, on July 25, bringing total
payments to 25%.
on
Agricultural Trust & Savings Co., Lancaster, 20%, or $282,690.64,
Aug. 1, making total payments of 45%.
bringing
6,
People's Trust Co. of Frackville, 5%, or $19,804.18, on Aug.
total disbursements to 42.5%.
Shenandoah Trust Co. (Shenandoah), 10%, or $99,446.84, on Aug. 6, making total distribution of 42.5%.
Waldo Newcomer, former Chairman of the Board of the
Baltimore Trust Co. of Baltimore, Md., and for many years
one of the leading financiers of that city, died suddenly on
July 28 in Honolulu, where he had gone on a trip for his
health. Mr. Newcomer, who was 66 years old, was born in
Baltimore and was graduated from Johns Hopkins University in 1889. Shortly thereafter he entered the banking business and made a study of commercial banking. After various positions in Baltimore banks, he became President of the
National Exchange Bank of Baltimore. In later years there
followed a series of consolidations of Baltimore banks, including the National Exchange, and eventually the Baltimore
Trust Co. was formed. Mr. Newcomer resigned as Chairman
of the trust company in 1932. He was associated with the
late Henry Walters in the development of the Atlantic Coast
Line RR., and was a director in many railroads, trust companies, steamship lines, steel mills, etc. For many years he
was President of the Baltimore Clearing House Association.
The Washington County National Bank of Abingdon,
Abingdon, Va., was chartered by the Comptroller of the
Currency on July 17. It succeeds The First National Bank
of Abingdon and is capitalized at $100,000, consisting of
half preferred and half common stock. F. H. Smith and
A. T. Buchanan are President and Cashier, respectively,
of the new institution.
Regarding dividends to be paid to depositors of two closed
Toledo, Ohio, banks during the early part of August—the
Ohio Savings Bank & Trust Co. and the Commercial Savings
Bank & Trust Co.—the Toledo "Blade" of July 27 stated:
Distribution of approximately $4,000,000 to depositors of closed banks
here during the first half of August was assured to-day (July 27) when
Judge James S. Martin of Common Pleas Court approved applications by
liquidation officers of the Ohio Savings Bank & Trust Co. for authority to
borrow $2,500,000 and to pay a 10% dividend amounting to from $2,500,000
to 82,700,000.
Date for the payment was fixed as Aug. 6. Depositors of the Commercial
Savings Bank & Trust Co. will be paid dividends amounting to $1,300,000 on
Aug. 15.
A copy of the journal entry approving the applications was sent to the
Chemical Bank & Trust Co. of New York, through which the loan will be
made. Negotiations with Eastern banking interests for the loan were handled
by Henry Corbett, President of the Ohio-Citizens Trust Co., with offices in
the Ohio Bank Building. Assets of the bank, amounting to $5,500,000, will
708
Financial Chronicle
be pledged to guarantee payment of the loan through liquidation of the bank.
Had the bank obtained the loan from the Reconstruction Finance Corporation it would have been necessary to pledge all of its assets.
The applications were filed by Maurice Meyer, Assistant State AttorneyGeneral, who is in charge of legal aspects of bank liquidation here. William
Konzen, Assistant State Banking Superintendent, is liquidating officer for
the Ohio bank.
The Comptroller of the Currency on July 18 issued a
charter to The Knisely National Bank of Butler, Butler,
Ind. The new institution replaces The Knisely Brothers
& Co. Bank of Butler and is capitalized at 850,000, consisting of $25,000 preferred and $25,000 common stock.
Lyston C. Harding and Otis E. Fisher are President and
Cashier, respectively, of the new organization.
According to a dispatch from Bloomington, Ill., on July 26,
to the Chicago "Tribune," depositors of the First National
Bank of Foosland, Ill., near Bloomington, on that date were
receiving their third dividend, representing 16% of proven
claims. The dispatch added:
The new payment brings the total paid out to 81%, H. 0. Feldman,
receiver, announced.
-4-A charter was issued by the Comptroller of the Currency
on July 25 to The First National Bank of Oconto, Oconto,
Wis. The new organization replaces The Citizens' National
Bank of that place and is capitalized at $50,000, half of which
is preferred and half common stock. R. G. Flanders heads
the new institution, while T. G. Bailey is Cashier.
Two first dividends and an additional one were paid by
the Nebraska State Banking Department on July 20 to depositors in failed banks, according to a dispatch by the Associated Press on that date, which added:
Depositors in the State Bank of Red Cloud got a first payment of 15%, or
$32,022, and those in the Security State Bank of Osmond got 10%, or
$5,932.
Hooper State Bank depositors received 17%, or 839,536, in addition to
20% previously.
The appointment of R.M. Davis as Executive Vice-President of the Bank of Wayne,Goldsboro, N. C., was announced
recently by Frank B. Daniels, President of the institution.
Other appointments were those of Borden Cobb as Cashier
of the instution and J. B. Borroughs as Assistant Cashier.
Announcement was made,
-July 20, by W. C. Patterson,
liquidating agent, that the Bank of Thomasville, Thomasville, Ga., would pay an 8% dividend to depositors with
proved claims, the dividend payable as of July 23, according
to a dispatch from that place on July 20, printed in the
Florida "Times-Union," which added:
The amount of the dividend is $60,489.73. Payment of this dividend is
made possible by the recent sale of the Bank of Thomasville Building to the
Commercial Bank, involving a transfer of $40,000.
The Comptroller of the Currency on July 20 chartered
The Calcasieu-Marine National Bank of Lake Charles, Lake
Charles, La. The new bank succeeds the Calcasieu National Bank in Lake Charles and is capitalized at $500,000,
consisting of $300,000 preferred stock and $200,000 common
stock. U. A. Bell is President of the new organization
with Alfred E. Roberts as Cashier.
Aug. 4 1934
The payment of its July 31 dividend was announced as
follows by the Transamerica Corp. (head office, San Francisco, Calif.):
Purchasing power of California residents was increased by more than
$2,600,000 to-day (July 31) with the issuance of checks covering the
current dividend disbursement on the capital stock of Transamerica Corp.
Total amount of the dividend, which is payable to stockholders of record
July 12, is $2,960,000, and as 90% of the stock is held in California, that
proportion of the total will be paid to Californians.
Together with the dividend paid on Jan. 31, the total amount disbursed
to Transamerica stockholders in the current year to date is $5,920,000. Over
a period of years, Transamerica Corp. and its predecessor have paid a
total of $113,000,000 in dividends.
In announcing the opening of a new head office by the
First National Bank in Reno, Reno, Nev., the Transamerica
Corp. (bead office, San Francisco, Calif.), which owns the
Reno bank, issued the following statement:
Opening of a new head office of the First National Bank in Reno will
take place on Aug. 1, it was announced by Carl F. Wente, Chairman of the
First National Board.
The bank will then have two banking offices in Reno, with the present
bank being known as the First and Virginia Street Branch.
Mr. Wente, L. S. Reese, Cashier, E. J. Questa, Assistant Cashier, and
Craig Thorburn, Comptroller, will have their offices in the head office.
Walter J. Harris, Vice-President, will have his office in the First and
Virginia Street Branch. Gordon B. Harris will be Manager of the branch,
and Richard Rieman Jr. will be Assistant Manager. Hugo M. Quilici and
Miss L. R. Mudd will be the Assistant Cashiers at the branch.
First National in Reno now has four offices, its head office and a branch
in Reno and branches at Carson City and Winnemucca.
Course of Bank Clearings.
Bank clearings this week again show a decrease as compared with a year ago. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
Aug. 4) bank exchanges for all cities of the United States
rom which it is possible to obtain weekly returns will be
3.1% below those for the corresponding week last year.
Our preliminary total stands at $4,897,926,329, against
$5,057,204,254 for the same week in 1933. At this center
there is a loss for the five days ended Friday of 12.4%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended Aug. 4.
1934.
1933.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
Ban Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,515,521,718
192,490,730
248.000,000
*170.000.000
88,155,202
58,900,000
92,127,000
82,394,307
67,307,412
48,581,575
52,440,554
21,237,000
82,870,828,372
188,791,639
212,000,000
183,000,000
55,893,194
48,800,000
77,398,000
75,154,329
42,935,214
52.295,895
44,558,519
19,099,000
-12.4
+2.0
+17.0
+4.3
+21.9
+17.1
+19.0
+9.8
+58.8
-7.1
+17.7
+11.2
Twelve cities, 5 days
Other cities, 5 days
23,815,155,408
488.448,110
13,850,359,982
482,009,880
-8.1
+1.0
Total all cities, 5 days
All cities, 1 day
84,081,803.808
818,322,721
$4,312,389,822
744,834.832
-5.4
+9.8
24,897,928,329
15.057.204.254
-3.1
Total all cities for week
* Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
A charter was issued on J-uly 18 by the Comptroller of (Saturday)
and the Saturday figures will not be available
the Currency to The First National Bank of Delhi, Delhi, until noon to-day. Accordingly,
in the above the last day
La. The new bank is capitalized at $50,000, consisting of of the week in all cases has to be
estimated.
$25,000 preferred stock and $25,000 common stock. P. J.
In the elaborate detailed statement, however, which we
Reed and F. W. Miles are President and Cashier, respec- present further below, we are able
to give final and complete
tively, of the institution.
results for the week previous-the week ended July 28. For
The Comptroller of the C- urrency on July 27 issued a that week there is a decrease of 9.7%, the aggregate of
charter to the Central National Bank of McKinney, Mc- clearings for the whole country being $4,627,083,281, against
Kinney, Tex. The new institution replaces the Central $5,121,811,378 in the same week in 1933.
Outside of this city there is an increase of 3.7%, the bank
State Bank of the same place and is capitalized at $100,000,
half of which is preferred and half common stock. F. B. clearings at this centre having recorded a loss of 16.3%. We
Pope and A. H. Eubanks are President and Cashier, respec- group the cities according to the Federal Reserve districts
in which they are located, and from this it appears that in
tively, of the new organization.
the New York Reserve District, including this city, the
From the Denver "Rocky Mountain News" of July 21 it is totals record a loss of 16.2% and in the Boston Reserve
learnt that the Comptroller of the Currency the previous day District of 11.7%, but in the Philadelphia Reserve Distriot
advised Senator Alva B. Adams of Colorado that a reorgan- the totals show a gain of 20.4%. In the Cleveland Reserve
ization plan for the South Broadway National Bank of Den- District there is a decrease of 5.3% but in the Richmond
ver, Colo., under which it will be known as the Union Na- Reserve District there is an increase of 24.2% and in the
tional Bank, has been approved. The paper continued:
Atlanta Reserve District of 16.6%. The Chicago Reserve
Officials of the bank said they expected the new organization to be funcDistrict shows an improvement of 1.0% and the St. Louis
tioning about Aug. 1.
Reserve District of 12.9%, but in the Minneapolis Reserve
The plan calls for depositors to put up 80% of their deposits to provide
half of the capital stock. The Reconstruction Finance Corporation will proDistrict the totals register a decline of 14.9%. In the Kansas
vide the remainder and make a $92,000 loan.
City Reserve District the totals are larger by 12.8%. in the
The new bank will have a capitalization of $100,000, of which $50,000
Dallas Reserve District by 4.2% and in the San Francisco
will be in common and $50,000 in preferred stock.
Reserve District by 7.3%.
Financial Chronicle
Volume 139
In the following we furnish a summary of Federal Reserve
districts:
709
Month of July.
Week End. July 28 1934.
1934.
Inc.or
Dec.
1933.
1934.
1932.
$
I
$
$
%
225,704,759 -11.7
198,195,358
413.875,542
199,377,444
2,939,771,391 3,506,430,968 -16.2 2533,379,791 4.337,298,726
252.563,081
388,730,811
301,229,450
250,220,551 +20.4
270,317,250
183,981.437
195,693,932
206,650,174 -5.3
130,797.437
89,353,276
91,716,505
23,841,800 +24.2
62,755,193
96,062,013
90,402,751
77,537,422 +16.6
320.722,740 +1.0
269,843,704
476,434,288
323,811,193
65,209,586
103,342311
99,926,651
88,540.837 +12.9
55,268.974
76,326,686
84,434,212 -14.9
71,886,306
88,443.791
126,195,721
112,920,500
100,114,539 +12.8
38,089,915
30,926,227 +4.2
29,288,457
32.221,165
136,350,363
223371.565
168,125,993
158,687,149 +7.3
Total
111 cities
Outside N. Y. City
4,627,083,281
1,766,686,700
22/IRIAN
0cic Cog I go
Total
..116 511 070
MI RILI ARI;
We also furnish to-day a summary of the clearings for
the month of June. For that month there is a decrease
for the entire body of clearing houses of 10.5%, the 1934
aggregate of clearings being $21,517,481,447, and the 1933
aggregate $24,048,057,931. In the New York Reserve
District the totals record a decline of 18.5% and in the
Boston Reserve District of 12.3%, but in the Philadelphia
District the totals show an increase of 15.6%. In the
Cleveland Reserve District the totals are larger by 8.2%,
in the Richmond Reserve District by 26.5% and in the
Atlanta Reserve District by 16.6%. The Chicago Reserve
District registers a gain of 4.3% and the St. Louis Reserve
District of 7.3%, but the Minneapolis Reserve District
records a loss of 12.0%. In the Kansas City Reserve
District the totals record an improvement of 17.4%, in
the Dallas Reserve District of 18.2%, and in the San Francisco Reserve District of 7.4%.
July
1934.
July
1932.
Inc.or
Dec.
July
1933.
July
1931.
Total
164 cities 21,512,481,447 24,048,057,931 -10.5 19.296,068.085 34,718,165,142
Outside N. Y. City
8,469,088,904 7,986,188,466 +6.0 7,620,804,797 12792532,496
29 /Atlas.
1 101 cue.
aaa
I nal
KRO
Oil -,., a
1 Ina 450 108
1 195 470 1fiA
We append another table showing the clearings by Federal Reserve districts for the seven months for each year
back to 1931:
7 Months
1934.
7 Months
1933.
Federal Reserve Diets.
s
1st Boston_ __ _14 cities 6,654,485,838
2nd NewYork.-13 " 103,006,883,221
3rd Philadelplal2 "
8,895,462,767
4th Cleveland_ _13 "
8,011,740,212
5th Richmond. 8 "
2,900,822,426
6th Atlanta_ _- _15 "
3,058,113,335
7th Chicago - _.25 "
9,924,169,593
8th St.Louls_-- 6 "
3,069,817,639
9th Minneapolls13 "
2,260,101,369
10th Kansas CIty14 "
3,918,050,267
11th Dallas
10 "
2,089,140,624
12th San Fran_ _21 5,496,789,123
$
6,198,099,813
94,888,935,345
7,606,936,699
4,866,394,854
2,265,333,728
2.232453,341
7,423,404,560
2,433,328,772
1,952.087,344
3,010,218,957
1.595.549,430
4,503,651,777
Inc.or
Dec.
7 lifonths
1932.
7.3foaths
1931.
%
s
$
+7.4 7,543.974,791 13,061,982,585
+8.6 103,909,535,152 176,231,774,425
+16.9 8363.884,966 12979,674,393
+23.5' 6,285,435.034 9,871,260,614
+28.0 3,286373368 4,433.835,896
+32.0 2.790.762.244 3,915.335.891
+33.6 11,063,163,415 19,824,255,096
+26.2 2.783156,966 3,993,701,647
+15.8 2.159,022329 2,955,987,934
+30.2 3,792,242.244 5,351,052,818
+30.9 1,843,725,29
2,606,063,757
+22.1 6,649,626,855 3075,406,605
Total
164 cities 157,285,571,414 138,933,694,823 +13.2 156.975.903.361 233,300.931561
Outside N. Y. City
57,053,323,987 46,681,509.419 +22.2 59,178,378,083 91,298,452095
Canada
32 011194
8.914 117 107 5860 006 558 -1-7.8
1933.
$263,752,000 $384,014,300 62,322,913,700 $2,096,151,800
1934.
1933.
1932.
1931.
No. Shares. No. Shares. No. Shares, No, Shares.
Month of January
February
March
54,565,349
56,829,952
29,900,904
18.718.292
19,314,200
20,096,557
First quarter
141,296,205
58,129,049
29,845,282 52.896,596
25,335,680 104,213,954
16,800,155 125,619,530
21.113,076 120,271,243
April
May
June
July
34,362,383
31,716.267
33.031,499
42,423,343
64,182,836
65,658,034
99,110,149 172,264,213
31,470,916
23,136,913
23,000,594
23,057,334
54,346,836
46,659,525
58,643,847
33,545,650
213,277,322 340,859,129 176,718,572 331,914,421
Six months
The following compilation covers the clearings by months
since Jan. 1 1934 and 1933:
MONTHLY CLEARINGS.
Clearings Outside New York.
Clearings. Total All.
onsh.
1934.
1933.
1934.
1933.
$
3
$
%
%
$
Jan___ 21,395,408,904 20,113,128,506 +6.4 7,843,154,510 7,467,203,481 +5.0
Ftb...... 20,505,980,52718,375,981,819 +11.6 7,006,078,529 6,212,264,821 + 12.8
ar _.23,512,613,085 16,454,868,471 +42.9 8,354,246,029 4,998,543,205 +67.1
lsI cm_ 65,414,002,516 54,943,978,596 +19.1 23,203,479,068 18,678,011.507 +24.2
Ain'iL_ 24,350,127,423 16,682,416,146 +46.0 8,261,512,721 5,893,593,135 +40.5
ay__ 22,955,288,561 20,040,993,182 +14.5 8,496.373,211 6,680,048,937 +27.2
JuLim__ 23.048,671.467 23,268.248,965 -0.9 8,622.867,083 7.443,669,374 +15.8
2d nu_ 70,354,087,451 59,991.658,293 +17.3 25.380,753,015 20,017,311,446 +27.3
Federal Reserve Diets.
$
$
$
3
%
1st Boston_ ___14 cities
919.797,053 1,939,110.537
958,433,346 1,092,786340 -12.3
2nd NewYork._13 " 13,436.733.215 16,479.860,371 -18.5 12,087,606,012 22,545,690,931
3rd Philadelpla 12 "
1,340.323,694 1.159,899,191 +15.6 1,217,525,207 1.896,571,022
4th Cleveland_ _13 "
850,926,238 1,385,896,632
910,418.537
841,428,313 +8.2
5th Richmond _ 8 "
436,237.580
631,980,947
434,403,237
343,303.748 +26.5
6th .Atlanta_ __15 "
332,607,616
518,086,916
362,986,805 +16.6
423,123,975
7th ChIca20 --.25 "
1,482803,117 1,421.107,482 +4.3 1,316,204.853 2362,734,795
8th St.Louts___ 6 "
341.381,577
534,777,301
416,702,813 +2.3
448,997,345
9th Minneapoll313 "
314,889,124
422314,708
393,768,662 -12.0
346,623,368
10th Kansas City14 "
521,525,890
643.043,499
547.841,831 +17.4
781,804,765
11th Dallas
10 "
224,591,241
344,001.213
247,427.765 +18.2
292,531,262
12th San Fran 21 732,775,194 1.157,195,507
802,046,852
747,112,168 +2.4
Canada_ _ _
1934.
The volume of transactions in share properties on the
New York Stock Exchange for the seven months of 1931 to
1934 is indicated in the following:
5,121,811.378 -9.7 3,968,133,011 6,680,541,395
1,703,558,746 +3.7 1,515,592.972 2462764,690
AR,1.107 -.1A a
1933.
Stocks, number of shares. 21,113,076 120,271.243
461,130,372
234,390.398
Bonds.
Railroad & misc. bonds_ _ $159,245,000 3283,435,000 $1,528,217,000 $1,346,870,900
State, foreign, &c., bonds 35,223,000 79.674,000
468,128,500
396,994,000
69,284,000 20,905,300
U.S. Government bonds_
397,702,700
281,152,400
1931.
Federal Reserve Diets.
let Boston._ _ _12 cities
2nd NewYork__12 3rd Philadelpla 9 4th Cleveland__ 5 "
5th Richmond _ 6 "
6th Atlanta...-_10 7th Chicago - - -19 8th St.Louls___ 4 9th Minneapolis 7 "
10th Kansas City10 11th Dallas
5 "
12th San Fran 12 "
Canada
Seven Months.
Description.
SUMMARY OF BANK CLEARINGS.
6 mos_ 135768089,967 114935636,889 +18.1 48,584.232,083 38.695,322,953 +25.5
Juiv
The course of bank clearings at leading cities of the country
for the month of July and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN JULY.
-July
Jan. 1 to July 31
1933.
1932. 1931.
(000.000:
1934. 1933. 1932. 1931. 1934.
$
$
$
$
omitted.)
$
$
$
New York
13,048 16,062 11,675 21,926 100,232 92,302 97,798 172,002
799 1,577
6,324
5,434
7,012 12,689
960 1,018
Chicago
788 1,731
5,770
5,383 6,509 11,653
829
951
Boston
8,339 12,178
7,245
1,281 1,102 1,147 1,779 8,511
Philadelphia
299
281
229
379
1,991
1,620
1,887
2,849
St. L091.9
330
568
2,613
2,121
403
361
2,554
4,217
Pittsburgh
445
432
402
621
3,061
2,581
3,088
4,367
San Francisco
175
236
343
1,533
1,131
1,733
2,347
234
Baltimore
177
179
181
256
1,236
1,036
1.284
1,749
Cincinnati
351
302
279
401
2,039
1.605
1,957
2,700
Kansas City
248
287
464
1.730
1,376
2,051
265
3,175
Cleveland
227
280
214
274
1,463
1,346
1,416
1,900
Minneapolis
93
85
98
164
685
502
817
1,246
New Orleans
294
202
261
516
2,097
811
2,079
4,001
Detroit
96
83
71
95
685
507
535
689
Louisville
118
96
90
148
805
534
685
1,066
Omaha
34
36
33
50
239
217
259
342
Providence
60
54
64
105
391
315
499
732
Milwaukee
118
114
106
173
786
685
801
1,206
Buffalo
85
70
62
85
576
404
458
614
St. Paul
93
78
74
114
565
442
566
751
Denver
58
48
56
81
346
277
388
530
Indianapolis
117
102
101
145
809
680
782
1,027
Richmond
50
47
33
50
382
274
306
377
Memphis
95
88
95
140
649
543
702
968
Seattle
40
37
61
296
246
284
429
Salt Lake City_ _._
43
253
353
39
45
35
51
260
239
Hartford
Total
19,912 22,579 17,783 31,971 146,074 129,856 145,042 246,157
9,168 11,934 17.143
1,605 1,475 1,513 2,747 11,212
Other cities
21,517 24,054 19,296 34,718 157,286 139,024 156,976 283,300
Total all
7.397.678.433 10.105.572.547
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for July and the seven months of 1934 and 1933 are given
below:
21 517 401 442 24.048.057.931 -10.5 8.469.088.904 7.986.186.466 +6.0
Outside N.Y.City. 8,469 7,992 7,621 12,792
57,053 46,722
59,178 91,298
We now add our detailed statement showing the figures
for each city separately for July and since Jan. 1 for two
years and for the week ended July 28 for four years:
CLEARINGS FOR JULY,SINCE JANUARY 1, AND FOR WEEK ENDING JULY 28.
1934.
1933.
$
$
First Federal React ye District-B estonMe.-Bangor
2,121,301
2,226,936
Portland
7,543,592
7,890,491
Mass.-Boston
951,002,544
829,000,000
Fall River
2,602,085
2,590,636
Holyoke
1,354,703
1,588,870
Lowell
1,136,325
1.106,691
Bedford
New
2,649,391
2,617,926
Springfield
10,880.780
12,831,233
Worcester
5,517.242
5.902,183
Conn.-Hartford
39,412,697
45,102,219
14,822,899
New Haven
17,258,330
Waterbury
5,006,100
4,084,700
35,751,300
34,289,900
R. 1.-Providence......
N. H.-Manchester_ _
2,043,768
1,984,654
Total (14011188)
7 MorUhs Ended July 31.
Month of July.
Clearings al-
Inc. or
Dec.
1934.
%
$
Week Ended July 28.
1933.
Inc. or
Dec.
1934.
1933.
Inc. or
Dec.
1932.
1931.
$
%
$
$
%
8
$
+5.0
-4.4
-12.8
+3.5
-14.7
-2.6
-1.2
-14.4
-6.5
-12.6
-14.1
-0.4
-4.1
-2.9
15,138.013
50,093,664
5,769,904,091
18,329,275
10,112,507
8,447,750
17,499,463
79,671,404
37,112,681
259,643,322
101,027,550
34,644,700
239,148,200
13,713,218
11,468.943
38.206,843
5,383,146,260
16,337,777
9,620,185
7,631,737
15,053.941
79,601,446
37,195,218
239,379,671
103,713.225
27,655,600
216,798,800
12,290,167
+32.0
+31.1
+7.2
+12.2
+5.2
+10.7
+16.2
+0.1
-0.2
+8.5
-2.6
+25.3
+10.3
+11.6
424.207
1,670.975
175,000,000
550,793
958,433,346 1,092,786,140 -12.3
6,654,485,838
6,198.099,813
+7.4
388.023 +9.3
1,761,352 -5.1
198,000,000 -11.6
496.682 +10.9
355,177
1,608,713
172,607.725
483,961
519,531
2,807,779
377,000,000
731,109
287.656
675,698
2,049,217
1,039.902
7,210,902
3,495.719
242,827
516,788
2,575.900
1,104,327
9,765,797
3,808.924
+18.5
+30.7
-20.4
-5.8
-26.2
-8.2
262,819
464,870
2,481,199
1.563,382
8,584,032
3,365,832
431,128
663.726
3,781,066
2,419,957
10,714,081
5,522.446
6,633,900
338,475
6,633.300 +0.01
410,839 -17.6
6,038,900
378.748
8,758,300
526,419
199,377,444
225,704,759 -11.7
198,195,358
413,875,542
Financial Chronicle
710
Aug. 4 1934
CLEARINGS-(Continued).
7 Months Ended July 31.
Month of July.
IVeek Ended July 28.
Clearings al
1934.
1933,
$
S
Second Federal Res erve District- -New YorkN. Y.-Albany
44,578,655
32,676,083
3,999,713
Binghamton
3,641,608
Buffalo
113,553,973
118,076,639
2,488,575
1.962,934
Elmira
Jamestown
1,683,720
2,064,076
New York
13,048,392,543 16,061,871,465
29,885,441
Rochester
25,572,313
14,388,401
14,910,360
Syracuse
Conn.-Stamford
10,091.894
10.988.720
1,920,696
1,312,723
N. J.-Montclair
69,013,328
66,433,619
Newark
123,813,610
106,615,173
Northern New Jersey
2,929,005
3,728,319
Oranges
Total (13 cities)
Inc. or
Dec.
1934.
%
$
1933,
Inc. or
Dec.
1934.
1933.
Inc. or
Dec.
1932.
1931.
$
%
$
$
%
$
$
263,115,523
-26.7
262,440,671
26,097,702
+9.8
23,381,300
+4.0
785,905,744
684,831,595
15,249,764
-21.1
17,363,630
13,673,372
+22.6
10,910,808
-18.8 100,232,250.427 92,302,185,401
-14.4
184,726,906
180,517,796
101,663,695
+3.6
95,903,584
80,453,821
+8.9
70,949,029
10,779,657
-31.7
11,906,003
504,388,348
-3.7
469,723,093
-13.9
763,555,333
735.244,471
25,022,929
+27.3
23,577,064
13,436,733,215 16,479,860,371 -18.5 103,006,883,221 94,888,935,345
Third Federal Rese rte District- Philadelphia--1,555,741
Pa.-Altoona
1,321.738 +17.7
b
b
b
Bethlehem
1,293,743 -12.7
1,129,758
Chester
7,869,913 -7.2
7,303,702
Harrisburg
4,028,408
+4.5
4,210,209
Lancaster
+4.3
1,351,374
1,409,838
Lebanon
1,850,914 +23.3
2,282,644
Norristown
1,281,000,000 1,102,260,000 +16.2
Philadelphia
5,417,561 -10.4
4,855,374
Reading
+7.1
8,539,244
9,148,211
Scranton
7,1143,680 -34.9
4,585,116
Wilkes-Barre
5,562,716 -9.2
5,053,001
York
13,359,900 +33.2
17,790,100
N. J.-Trenton
10,365,418
b
8,041,477
47,056,976
23.974,143
8,894,389
13,911,795
8,511,000,000
31,615,877
63,720,886
40,741,846
30,992,760
105,142.200
7,376,532
b
7,553,296
49,566,502
21,802.696
8,544,213
11,711,575
7,244,870,000
33,207,095
55,372,713
44,313,895
28.465,182
96,155,200
8,876,925
5,679,373
+0.3
707,171
705,648
+11.6
27,761,652
26,086,304
+14.8
574,958
388,381
-12.2
293,778
415,435
+25.3
+8.6 2,860,396,581 3,418,252,632
5,360,689
4,957.669
+2.3
3,107,451
2,801,925
+6.0
2,500,000
2,400,806
+13.4
285.184
207,917
-9.5
14,777,695
15,480,736
+7.4
24,239,882
19,943,567
+3.9
+6.1
-36.0
4,481.038
6,021,976
+0.2
1,086,299
763,456
--6.0
22,729,091
35,512,162
-32.5
781,011
502,269
+41.4
597,309
392,224
-16.3 2,452,540,039 4,217.776,705
-7.5
7,538,873
4.903,800
+10.9
4,133,530
3,024,499
--4.0
2,754,738
2,002,688
-27.1
484,320
767,727
+4.8
26,533,050
16,058,890
-17.7
34.078.753
25,214,070
----
+8.6 2,939,771,391 3,506,430,968 -16.2 2,533,379,791 4,337,298,726
+40.5
b
+6.5
-5.1
+10.0
+4.1
+18.8
+17.5
-4.8
+15.1
-8.1
+8.9
+9.3
337,581
b
226,568
298,447 +13.1
b
b
230,255 -1.6
329,385
b
312,404
575,151
b
953,436
1,169.546
973,314 +.20.2
--
1,120,102
2,531,206
241,000,000
1,021,531
1,814,932
1,675,139
1,095,933
2,111,000
+19-.6
-11.9
-0.5
-42.8
-14.2
+179.2
243,000,000
1,637,431
1,966,765
1,407,496
971,498
1,818,000
371,000,000
2,630,678
3,888,738
2,641,823
1.506.779
3,003,000
301,229,450 -250,220,551
+20.4
252,563,081
388,730,811
c
c
39,332,080
57,767,986
7,418,000
c
c
c
c
43,449,420 -9.5
70,943,968 -18.6
6,169,400 +20.2
-
c
c
42.050,221
63,000,000
6,188,400
c
c
49,444,785
93,321,253
11,493,500
1,120,991
b
983,907 +6-.9
b
b
832.704
b
1,361,521
b
289,000,000
900,000
1,805,502
957,387
939,866
5,893,000
1,340,323,894 1,159,899,191
+15.6
8,895,457,767
7,608,938,899 +16.9
Fourth Federal Res erve District- -Clevelandc
Ohio-Akron
4,497,930
4.939,847
Canton
178,644,738
Cincinnati
177,143,716
248,439,599
265,200,064
Cleveland
29,774,000
38,191,200
Columbus
1,344,265
1,606,324
Hamilton
397,020
624,922
Lorain
4.717,792
Mansfield
4,395,305
b
Youngstown
b
1,082,948
818,338
Pa.-Beaver County
443,102
317,792
Franklin
945,440
677,119
Greensburg
360,678,834
402,807,925
Pittsburgh
5,218,117
3,880.000
Ky.-Lexington
7,563,373
7,497,140
W. Va.-Wheeling_
c
+9.8
-0.8
+6.7
+28.3
+19.5
+57.4
+7.3
b
+32.3
+39.4
+39.6
+11.7
+34.5
-0.9
c
34.595,048
1.236,488,438
1,729,693,589
252,744,300
11,459,530
3,917,015
33,053,857
b
4,732,015
2,581,795
5,380,024
2,613.251,876
35,621,653
48.221.072
c
23,065,239
1,036,198,892
1,375,821.795
192.454,350
9,958,161
2,088,133
24,069,585
is
4,390,486
1,952,789
4,560,794
2.121,140.951
27,664,099
43.029,580
841,428,313
+8.2
6,011,740,212
4,866,394,854 +23.5
+59.0
-3.1
+15.5
c
+2.5
+2.5
+15.2
b
+22.9
4.122,271
60,617,000
809,139,074
c
24,267,178
42,556,582
1,532,973,793
7,395,700
is
419.750,828
5,294.095
64,925,000
679,707,292
c
19,068,084
d6,205,325
1,131,077.017
5,902,883
b
353.454.032
13,354,029
- -7:0
9,748,235 +3
14.489,747
18,815,056
343,303.748 +26.5
2.900,822.426
2,265,633,728 +28.0
91,716,505
73,841,800 +24.2
89,353,276
130.797,437
1,946,501
9,905,329
32,600,000
894,638
3,267,212 -40.4
10,326,644 -4.1
26,400,000 +23.5
693,541 +29.0
1,815.765
6,995,909
20,700,000
498,759
3,255,090
9,197,817
29,300,000
1,059,157
583,463
10,445.000
457,276 +27.6
8,631,000 +21.0
301,601
5,856,261
548,329
8,649,355
12,830,705
859,053
8,658,286 -I--48.2
781,958 +9.9
-
7,168,910
594,792
10,486,722
1,032,036
Total (12 cities)
Total(13 cities)
910,418,537
Fifth Federal Reser ye District- Richmond427,304
679,268
W. Va.-Huntington
10,346,000
Va.-Norfolk
10,675,000
Richmond
101,609,647
117,310,797
c
N.C.-Raleighc
3,013,844
3.088,392
S. C.-Charleston_ _ _ _
5,010,299
b
Columbia
175,217,964
233,697.915
Md.-Baltimore
1,031,819
1.188,238
Frederick
b
Hagerstown
b
D. C.-Washington._ _
51.328,170
63,082.328
Total(8 cities)
434,403.237
Sixth Federal Reset ye District- Atlanta13,208,000
0,274,703
Tenn.-Knoxville
46,612,694
43,496,400
Nashville
149,900,000
128,000,000
Ca.-Atlanta
3,664,704
4.263,410
Augusta
1,841,529
2,173,177
Columbus
2,230,496
2,801,966
Macon
37,476,897
30,254,925
Fla.-Jacksonville
3,879,028
3,270,594
Tampa
62,597,734
40,156,951
Ala.-Birmingham__
4,202,430
4.268,843
Mobile
Montgomery
1,952,629
2,335,046
Miss.-Hattiesburg_
3,219,000
3,460,000
b
Jackson
b
1,069,941
1,135,225
Meridian
431,822
441,926
Vicksburg
La.-New Orleans..,...
93,167,316
85,323,394
c
+50.0
+19.3
+25.7
+31.3
+15.1
+87.6
+37.3
b
+7.8
+32.2
+18.0
+23.2
+28.8
-22.1
-6.6
+19.0
c
+27.3
+585.8
+35.5
+25.3
b
+18.8
90,054,875
85.103,479
-I--5:8
----
71,910,112
114,696,191
195,693,932
206,650,174
-5.3
183.981,437
270,317,250
98,466 +52.6
2.528,000 -18.5
22,873,119 +15.7
272,973
2,109,000
21,174,334
470,821
3.578,931
29,067,768
150,242
2,060,000
26,456,144
658,987
49,037,103
564,629 +
.
16.7
38,029,351
+28.9
--
554,727
1,323,000
50,752,495
77,541,861
-29.8
+7.2
+17.1
-14.4
+18.0
+25.6
+23.9
+18.6
+55.9
+1.6
+19.6
+7.5
b
-5.8
+2.3
+9.2
65,707,340
332,767,880
1,087,000,000
28,649,332
14,370,140
18,359,392
307,278,046
31,012,463
404,682,704
29,707,366
17.282,523
24.742,000
b
7.909,252
3,399,488
685,245,409
74,292,804
258,953,051
772,700,000
23,949,436
11,818,943
12,239.010
225,054,356
25,321,786
258,883,243
24,151,299
12,765,921
20,045,000
b
7,793,743
2,949,703
501,535,046
-11.6
+28.5
+40.7
+19.6
+21.6
+50.0
+36.5
+22.5
+56.3
+23.0
+35.4
+23.4
b
+1.5
+15.2
+36.6
74,465
20.263,597
82,316 -9.5
18.239,189 +11.1
60,072
18,763,124
80,844
32,452,603
302,986,805 +16.6
3,058,113,335
2,232,453,341
+37.0
90,402,751
77,537,422 +10.6
62,755,193
96,062,013
Seventh Federal R eserve Distric t-Chicagoa30,055 +758.7
258,089
Mich.-Adrian
2,005,353 +22.2
1,560,766
Ann Arbor
201,603.691 +45.7
293,745,724
Detroit
3,317,404 -9.5
3,003,820
Flint
4,377,200 +67.6
7,334,965
Grand Rapids
6,352,051 --83.4
1,051,586
Jackson
2,483,246 +75.1
4,348,734
Lansing
2,067.846 +42.7
2,951.249
Ind.-Ft. Wayne
Cary
6,988,271 +18.2
8,259,522
47,818,000 +20.6
57,648,000
Indianapolis
2,213,433 +57.5
South Bend
3,486,633
Terre Haute
16,095,291
13,513.366 +19.1
Win.-Madison
1,680,983 +32.7
2,230,713
53,621,916 +11.7
59,881,131
Milwaukee
+0.5
Oshkosh
1,197,011
1,274,350
Iowa-Cedar Rapids
2,467,402
934,198 +164.1
b
b
b
Davenport
Des Molnes
24,015,107
22.257.153 +7.9
b
b
Iowa City
b
9,945,764 +8.9
Sioux City
10.828,870
b
b
b
Waterloo
794,074 +8.5
111.-Aurora
861,469
Bloomington
1,348,978 +60.8
2,168.721
960,060,081 1,017,716,076 -5.7
Chicago
Decatur
2,265,260 -5.0
2.152,112
10,027,114 -3.8
Peoria
9,644,232
+5.9
Rockford
2,476,354
2,623,143
Springfield
4,072,685 +19.1
4,8.51,407
1,700,055
13,409,219
2,096.790,123
31,385,187
46,523,457
8,669,569
27.911.072
18,506,729
53,441,546
345,998,000
23,511,224
110,361,649
14,032,812
391,491,040
8,851,848
11,679.614
b
173,734,979
b
71,551,894
b
6,115,333
11.726,853
6,324,239,984
15,631,527
72,417.015
18,208,497
26,280,367
e551,298 +208.4
14,643,025 -8.4
810,896,117 +158.6
19,870,851 +57.9
29,746,068 +56.4
25,315,006 -65.8
10,920,647 +155.6
14,908,368 +24.2
38.454.558 +39.0
276,642,715 +25.1
16,859,964 +39.5
87.703,794 +25.8
8.942,470 +56.9
314,627,192 +24.4
4,594,757 +02.7
84,687,258 +149.2
b
is
133,473,940 +30.2
b
b
54,982.912 +30.1
b
b
4.216,823 +45.0
11,095,911
+5.7
5,434,223,906 +16.4
12.201,161
57,911,021 +25.0
15,544.061 +17.1
25,390,737 +3.6
33,937
249,369
72,577,879
11,625 +191.9
255,810 -2.5
52.212,714 +39.0
61,476
364.341
55,471,931
116,251
595,482
111,856,581
1,593,095
949,793 +67.7
2,127,094
4.182,801
716,497
532,737
560,570 +27.8
404,024 +31.9
1,195,900
1.733.889
2,340,028
1,464,178
11,269,000
683.842
2,993,579
10,572,000 +6.6
509,562 +34.2
2,705,531 +10.6
10,793,000
738,793
2,578,949
14,055,000
887,670
3,647.692
12,962,979
11,817,505
+9.7
11,342,893
19,159,812
190,554 +175.7
524.462
2,129,646
+4.3
9,924,169,593
7,428,404,560 +33.6
Eighth Federal Re serve District -St. Louisb
b
Ind.-Evansville
b
b
b
New Albany
b
299,223,216
Mo.-St. Louis
280,672,639 +6.6
Ky.-Louisville
83.149,878 +15.4
95,972.572
Owensboro
b
b
b
Paducah
b
4,000,000
Tenn.-Memphis
50,183,557
47,266,730 +6.2
b
Ill.-Jacksonville
273,566
--Quincy
1,618,000
1,340,000 +20.7
b
b
1,991,093,004
685,391,032
b
b
381.733,434
f858,450
10.572,000
b
b
1.620,437,195
506,754.206
b
24,040,978
274,003,111
798,990
7,292,292
3,069,817,639
Total (15 cities)
Total(25 cities)
Total(6 cities)
423,123,975
1,482,803,117 1,421,107,482
446.997,345
416,702,813
+7.3
b
525,308
b
b
b
b
4.989.622
4.880,267
+2.2
4.061,673
5,142,525
2,353,820
b
2.164,707
b
-1-8.7
b
1,757,065
b
3,725,000
b
456,980
208,021,050
556,718
1.878,523
512.154
904.104
293,174 +55.9
229,039,165 -9.2
508,727 +9.4
2,264.179 -17.0
503,630 +1.7
879.203 +2.8
801,715
172,026,003
461,935
1.770,022
539,900
1,492.663
1,205,859
299,146,204
784,370
2,521,066
1,307,078
2,167,045
323,811,193
320,722,740
+1.0
269,843,704
476,434,288
b
b
+22.9
+35.3
b
b
is
67,900,000
20,240,290
b
b
is
is
61,200.000 +10.9
17,519,756 +15.5
b
b
47,200,000
14,486,307
76,300,000
17,715,646
+39.3
+7.4
+45.0
11,443,361
is
343,000
9.524,081 +20.2
b
b
297,000 +15.5
6,152,707
b
370,572
8,687,547
b
,
639,118
2,433,326.772 +26.2
99,926,651
88,540,837 +12.9
68,209,586
103,342,311
b
h
711
Financial Chronicle
Volume 139
CLEARINGS-(Concluded.)
Week Ended J'sdy 28.
7 Months Ended Ju,y 31.
Morah of July.
Clear i11I/S at
1934.
1933.
Inc. or
Dec.
$
$
%
Ninth Federal Rese rve District- MinneapolisMinn.-Duluth
14,638,998
10,573,212
Minneapolis
280,082,689
227,237,792
Rochester
814.483
898,391
69,954,756
St. Paul
84,544,007
N. D.-Grand Forks
3,061.000
3,302,000
675,000
Minot
608,000
S. D.-Aberdeen
1,997,665
2,015,123
Sioux Falls
3,929,206
3,558,117
Mont.-Billings
1,286,135
1,756.501
Great Falls
1,891,426
2,444,179
Helena
9.091,997
9,501,046
Lewistown
177,949
.185,000
1934.
$
1933.
Inc. or
Dec.
1934.
1933.
Inc. Or
Dec.
1932.
1931.
$
%
$
8
%
$
$
-27.8
-18.9
+10.3
+20.9
+7.9
-9.9
+0.9
-9.4
+36.6
+29.2
+4.5
+4.0
66,112,630
1.463,434,904
5,328,929
575,880,882
22,339,300
3,776,302
12,924,554
25,072,998
10,166,685
13,072,456
60,885,472
1,106,317
68,508,438
1,346,169,539
4,926,543
403.727,783
17,324,000
3,756.026
13.495,711
22,889,694
7,498,130
9,699,766
53,082,003
1,009,711
-3.5
+8.7
+8.2
-42.8
+29.0
+0.5
-4.2
+9.5
+35.6
+34.8
+14.7
+9.6
1,944,618
48.789,692
2,836,449 -31.4
64,267,357 -24.1
1,726.296
38,907,444
3,647,759
53,231.425
18,278,782
14,991,706 +21.9
12,269,967
16.245,768
671,202
393,768,662 -12.0
2,260,101,369
415,448
429,954
-3.4
562,417
381,686
287,152 +32.9
215,865
397,606
2,076,080
1,621,594 +28.0
1.586,985
2,132,926
1,952,087,344 +15.8
71,886,306
84,434,212 -14.9
55,268.974
76.326,686
Tenth Federal Res rye District- Kansas CityNeb.-Fremont
2,353,227
272,327 +70.5
464,217
b1,969,858
Hastings
nm000
60.681,911
Lincoln
8,205,012 +-12-.5
9,212,184
805,270,131
Omaha
96,166,582 +22.4
117,744,530
42,903,687
Ran.-Kansas City5,998,374 +6.9
6,409,683
53,758,427
Topeka
7,654,900 +25.4
9,602,146
71,246,943
Wichita
14,016,361 +3.6
14,515,743
Mo.-Joplin
9,250,925
1,442,263 -16.9
1,198,355
Kansas City
302,068.209 +16.0 2,038,568,302
350,502,691
86,008,373
13,682,000
St. Joseph
13,679,000 +0.1
153,088,354
Okla-Tulsa
16,304,750 +33.7
21,797,014
13,829,055
2,524,944 -8.2
Colo-Colo Springs_
2,317,400
564,997,980
Denver
77,529,612 +20.1
93,127,903
14,145.101
Pueblo
1,979,497 +11.1
2,199,633
1,847,518 +27.4
d950,000 +107.4
46,368.370 +30.8
533,713,125 +50.9
38,893.096 +10.3
45,491,977 +18.2
70,929,890 +0.4
8,680,308 +6.6
1,605,484,264 +27.0
73,507,597 +17.0
108,800,045 +40.7
15,619,378 -11.5
442,492,464 +27.7
17,460,925 -19.0
79,507
32,733
1,773,938
25,715,476
47.776 +66.4
is
1.584,683 +-1-3:i
21.615,951 +19.0
109,382
97,682
1.229,058
18,257,404
195,926
270,087
2.383,356
30,465,451
1,719,420
2.555,256
1,488,815 +15.5
2,515,732 +1.6
1,275.530
3,889,752
1.837,770
4,324,501
78,948,407
3,161,340
69,048,498 +11.4
2.825,572 +11.9
60,325,221
2,219,928
81,077.551
3,742.333
3,918,050,267
3,010,218,957 +30.2
Total(13 cities)
Total(14 cities)
Eleventh Federal
Texas-Austin
Beaumont
Dallas
El Paso
Fort Worth
Galveston
Houston
Port Arthur
Wichita Falls
La.-Shreveport
346,623,368
643,043,499
547.841,831 +17.4
eserve Distric t-Dallas2,926,467
3,305,573
2,185,121
2,971,775
110,367,150
134,825,411
9,134,475
10,783.074
23,508,913
22,233,750
7,166,000
7,604,000
97,204,230
80,997,310
933,807
1,175,000
2,327,993
2,893,675
9,155,692
8,259,611
+13.0
+36.0
+22.2
+18.0
+5.7
+6.1
+20.0
+25.8
+24.3
-9.8
23,076,399
20,038,180
967,509,348
76.508,526
149,028,548
59,209,000
708,106,218
8,169,493
18,702,739
58,792,173
247,427,765 +18.2
2,089,140,624
1,595,549,430 +30.9
Twelfth Federal R serve District -San Franci eelsWash.-Bellingham _
1,833,000 -12.2
1,610,000
Seattle
88,478,204 +6.9
94,590,168
Spokane
19,811,000 +59.2
31,532,000
Yakima
1,340,937 +46.0
1,957,373
Ida.-Boise
2,596,017 +56.4
4,060,976
Ore.-Eugene
454,000 +33.9
608,000
Portland
77,386,482 +10.1
85,165,604
'Utah-Ogden
2,263,550 -3.6
2,182,227
Salt Lake City
39,619,426 +8.1
•
42,829,914
Arts -Phoenix
6,899,893 +16.9
•
8,066,261
Calif.-Bakersfield__. .
2,845,399 +19.9
3,411,598
Berkeley
12,211,768 +44.0
17,589,416
Long Beach
11,256,543 ' 12,773,132 -11.9
Modesto
1,938,190 +12.5
•
2,180,758
Pasadena
11,983,091 -17.5
•
9,882,776
Riverside
2,856,256 -17.7
•
2,349,855
14,022,103 +37.6
Sacramento
•
19.287,790
432,219,130 +2.9
San Francisco
444,828,308
6,174,064 +38.2
San Jose
8,531,506
Santa Barbara
4,206,821 -9.9
•
4,622,393
Stockton.....-_ •
5,199,705 +5.8
5,503,386
Total(21 cities)
747,112.168 +7.4
802,046,852
11.420,000
648,991,197
194,246,000
13,067,136
23,429,299
3,914,000
598,725,666
13,745,030
296,191,966
59,024,630
22,723,747
136,306,870
79,733,839
13,208,053
77,426,528
19,014,770
112,100,651
3,061,125,722
48,695,327
29,080,278
34,618,414
5,496,789,123
9.440,000
542,941,814
129,215,000
7,719,994
15,184,077
2,644,000
450,145,005
11,583,240
245,967,292
43,927,831
16,705.683
80,821,690
79,580.964
9,452,949
75,420,427
17,809,044
93,052,587
2,580,526,849
37,060,216
25,591,207
28,861,908
4,503.651,777
Total(10 cities)
292.531,262
20,121,762
16,358,855
696,916,472
60,411,756
131,295.855
47,312,000
544,272,483
6,294,942
14,196,639
58,368,666
+14.7
+22.5
+38.8
+26.6
+13.5
+25.1
+30.1
+29.8
+31.7
+0.7
513,283
563,225
-8.9
583,895
762,918
421,140
446,289
-5.6
455,939
1,135,828
100,114,539 +12.8
88,443,791
112,920,500
417,799
24,221,900
4,924,774
1,000,000
126,195,721 .
539,520 -22.6
440,002
1,005,639
+6.2
21,550,595
27,183,041
4,794,796 +2.7
1,296,000 -22.8
4,326,782
1,583,000
5,647,392
1,885,000
22.803,927
1,491.984 +11.0
1,388,078
2,357,973
+4.2
29,288,457
38,089,045
21,229,214
6,994,000
412,239
19,675,676 +7.9
4,260,000 +64.2
253.250 +62.8
18,878,451
4,336,000
306,340
27,699,396
7,658,000
629,289
18,525,197
19,073,825
-2.9
13,831,408
22,737.516
8,624,734
8,100,094
+6.5
7,074,318
11,830,383
2,683,595
2,747,363
-2.3
2,396,336
4,163,686
2,046,467
2,469.686 -17.1
2,015,831
3,559,181
+15.3
+8.4
+56.8
+17.9
+15.1
+7.3
4,067,303
81,079,463
1,220.399
744,785
899,729
136,850,363
5,251,270
134.561;705
2,496,319
1,230,040
1,254,800
223,071,565
1,656,692
32,221,165
30,926,227
.
+21.0
+19.5
+50.3
+69.3
+54.3
+48.0
+33.0
+18.7
+20.4
+34.4
+36.0
+68.7
+0.2
+39.7
+2.7
+6.8
+20.5
+18.6
+31.4
+13.6
+19.9
+22.1
3,154,415
100,378,072
1,977,694
945,018
1,155,348
168,125,993
2,736,221
94,305,211
1,261,195
801,274
1,003,354
156,687,149
Grand total (164 cities 21,517,481,447 24,048,057,931 -10.5 157,285,571,414 138,983,694,820 +13.2 4,627,083,281 5,121,811,378
-9.7 3,968,133,011 6,680.541.395
Outside New York__ _
+3.7 1,515,592,972 2,462,764,690
8,469,088,904 7,986,186,466
+6.0 57,053,320,987 46,681,509,419 +22.2 1,766,686,700 1,703,558,746
CANADIAN CLEARINGS FOR JULY, SINCE JANUARY 1, AND FOR "WEEK ENDING JULY 26.
1934.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchner
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total(32 cities)
7 Months Ended July 31,
Month of July.
Clearings at-
$
399,946,763
439,476,933
289,590.837
65,315,783
19,437,378
18,093,665
9,995,601
15,775,783
21,012,131
7,650,355
6,400,825
10,788,935
14,902,374
12,205,317
1,419,056
1,600,000
5,192,843
2,238,354
3,523,922
2.819,247
2,286,855
890,951
2.841.190
2,506,467
4,223,530
8.365,767
1,183,553
2,959.228
2,428,761
1,755.143
1,660,845
3,156,549
1933.
$
460,724,432
567,975,330
499,883,837
64,151,022
17,106,049
17,942,873
9,364,864
18,661,178
27,393,368
6,962,628
6,606,357
11,555,434
14,538,509
14,391,715
1,466,589
1,539,466
5,263,508
2,658,07
3,787,90
2,419,73
1,970,74
926,93
2,870,48
2,580,34
4,098,85
11,441,12
1,086,26
2,788,73
2,765,688
2,187,948
1,912,103
2,537,145
Week Ended July 26.
Inc. or
Dec.
1934.
1933.
Inc. or
Dec.
%
$
i
%
-13.2 2,604,445,713 2,360,872,347 +10.3
-22.6 3,212,104,989 2,794.978,122 +14.9
-42.1 1,428,087,397 1,576,010,182 -9.4
+1.8
432,525,245
369,206,453 +17.2
124,896,493
+13.6
112,709,014 +10.8
113,465,773
+0.8
109,138,580 +4.0
63,777,515
+6.7
57,638,559 +10.7
110,813,800
-15.5
99,954,369 +10.9
132,218.527
-23.3
144,189,586 -8.3
47,66430i
+9.9
41,820,321 +14.0
43,512,991
-3.1
38,580,317 +12.8
73,127,043
-6.6
68,004,669 +7.5
104,802,612
100,03.5,911
+2.5
+4.8
83,775,368
-15.2
87,297,082 -4.0
8.414,537
-3.2
7,874,319 +6.9
+3.9
10,525.849
9,003,196 +18.1
32,990,538
-1.3
32,197,140 +2.5
13,387,221
-15.8
14,220,516 -5.9
22,532,183
-7.0
21,507,760 +4.8
17.198,425
+16.5
14,815,450 +16.1
14,168.997
+16.0
11,878,169 +19.3
5,750,728
-3.9
5,146,819 +11.7
-1.0
17,904,150
15,636,39 +14.5
-2.9
16,578,414
15,562,83
+6.5
29,822,283
+3.0
24,040,540 +24.0
63,659.676
-26.9
62,210,388 +2.3
7,639,537
+9.0
6,481,74 +17.9
+6.1
19,609,930
17,471,67 +12.2
-12.2
14,970,955
14,543,95
+2.9
-19.8
12,408,654
12,129,24
+2.3
-13.1
12,156,436
10.722,36 +13.4
+24.4
19,250,332
14,118,56 +36.3
1,381,531,354 1,791,559,241 -22.9
8,914,205,612
8,269,996,599
+7.8
a Two weeks' clear ngs. b No clearings available. c Clearing House not functioning at present
months' clearings. g Four tconths.figures. * Estimated.
1934.
1933.
Inc. or
Dec.
$
t
%
1932.
$
1931.
$
78,033,333 104,612,371 -25.4
98,515,233 137,208,217 -28.2
66,371,963 151,304,682 -56.1
14,891,525
16,332,338 -8.8
3,561,800
3,815,225 -6.6
3,745,421 -6.4
3,504,422
1,986,017
1,830,010 +8.5
3,400,949
3,784,429 -10.1
4,725,455
6,546,621 -27.8
1,645,010
1,481,550 +11.0
1,339,671
1,473,519 -9.1
2,231,712
2,304,140 -3.1
3,142,795
3,051,984 +3.0
2,604,931
2,409,744 +8.1
294,103
296,933 -1.0
323,498
337,672 -4.2
1,111,972
1,059,474 +5.0
348,028
418,169 -16.8
623,274
754,386 -17.4
522,024 +16.4
607,538
580,148
444,410 +30.5
166,264
195,869 -15.1
-7.3
563,336
607,39
499,683
606,750 -28.3
841,398
899,974 -6.5
1,851,589
2,897,36 -36.1
246,889
228,428 +8.1
761.899
864,458 -11.9
483,522
557,35 -13.2
481,07 -23.1
*370,000
369,598
454,52 -18.7
697,603
621,68 +12.2
65,796,404
70,776,326
40,672,877
11,519,999
3,380,210
3,109,594
1,849,364
3,049,530
3,352,714
1,321,008
1,187,853
2,278,184
3,353,531
2,345.542
310,926
258,999
1,169,076
422,371
617,700
640,664
428,880
145,037
491,991
472,567
790,224
2,288,099
229,568
718,872
500.595
304,028
346,130
424,815
82,297,169
77,057,404
41,712,667
15,288,181
4,413,009
5,589,319
2,353.453
3,865,492
4,191,457
1,686.259
1,883,251
2,328,364
3,580,396
2,511,652
355,879
363,324
1,469.311
504,229
728,660
513,473
527,386
351,941
600,603
591,053
807,600
2,241,339
302,739
650,612
547,207
356,840
295,339
719,058
296,695,159
224,553,678
260,684.666
452,148,192 -34.4
d Clearings for two months. e Three months' igures.
f Six
712
Financial Chronicle
THE CURB EXCHANGE.
Sharp irregularity and limited trading were the outstanding features of the curb market during most of the
present week. There were occasional periods of strength,
but these, as a rule, were brief and most of the gains, which
usually were within a narrow range, were lost before the
trading closed. There has been some interest displayed in
some of the more active of the public utilities and a few of
the mining and metal stocks were in demand at times, but
the general list recorded only a few changes and none of
these were especially noteworthy. Trading has been
extremely quiet as most of the transactions were for professional account.
Leading curb market shares moved moderately higher
during the two-hour session on Saturday, and while some
of the most active of the specialties advanced over a wide
range, there was also a large number of popular stocks,
including public utilities, oils, alcohols and metals, that
were bid up from fractions to a point or more. American
Gas & Electric and Electric Bond & Share were in good
demand and showed fractional gains at the close. This
was true also of stocks like American Cyanamid B, Wright
Hargreaves, Creole Petroleum, Swift & Co., Distillers Corp.,
International Petroleum and National BeHas Hess. Technicolor gained 13% points at its top for the day; SherwinWilliams advanced 3 points, and Newmont Mining, 33%
points.
Curb stocks were irregularly lower on Monday and the
turnover was smaller than the final sessions of the previous
week. The market was fairly firm during the first hour,
but turned heavy as the day progressed. Mining and metal
shares were the strongest and held their ground fairly well
until the close. Fractional losses were recorded in the
public utilities, particularly American Gas & Electric,
Niagara Hudson and United Light & Power A. Oil issues
were somewhat confused and uncertain, small gains being
recorded by Gulf Oil of Pennsylvania and Standard Oil of
Indiana, while Humble Oil sagged. Specialties were
moderately active though prices were irregular at times, and
alcohol stocks were generally weak.
Trading interest was small on Tuesday and the market
moved irregularly within narrow limits, the turnover being
the smallest in several days. There were occasional strong
spots, but the gains were largely fractional and without
special significance. Mining and metal shares were somewhat stronger, including Aluminum Co. of America, Newmont Mining and Lake Shore Mines. Public utilities
moved moderately upward around mid-session, but failed
to hold their gains. Oil issues were fairly steady and the
specialties moved around in a rather thin market in most
issues, though Carrier Corp. was firmer in the late afternoon
and Greyhound Corp. eased off near the closing hour.
The market displayed a firmer tone on Wednesday, and
while trading was fairly active the advances were moderate
all along the line. In the public utility group the tone
was firm, especially among stocks like Electric Bond &
Share, United Light & Power and American Gas & Electric.
Oils were practically at a standstill. The specialties were
unusually active throughout the day, the trading interest
centering around such stocks as American Cyanamid B,
Swift & Co., Pittsburgh Plate Glass and afew other favorites.
Fajardo Sugar had one of its spectacular jumps and forged
ahead more than 13 points to a new top. Alcohol stocks
moved ahead under the guidance of Hiram Walker, though
the gains, on the whole, were modest. Mining shares were
fairly strong, small advances being recorded by Aluminum
Co. of America, Newmont Mining and Lake Shore Mines.
There was little or no trend apparent in the curb market
on Thursday as many prominent stocks moved backward and
forward within a comparatively narrow range. There were
a few isolated shares that showed moderate firmness, but
these were in the minority. Glen Alden Coal was one of
the weak spots and American Cyanamid B eased off as the
day progressed. Gulf Oil of Indiana and Swift & Co. were
firm but made little change from the previous close. Hiram
Walker was again the best among the alcohol stocks, though
the gains were small. Most of the utilities were inclined
to sag and mining and metal stocks were selling lower.
Price movements were again irregualr and trading extremely dull on Friday, and while there was a slightly firmer
tone during the early dealings, it failed to hold in all instances
and many of the active stocks moved fractionally lower.
Mining and metal shares were steady and only minor changes
were recorded. Electric Bond & Share continued to move
within a narrow channel and American Gas & Electric lost
its early gain. American Cyanamid B and Technicolor
Aug. 4 1934
were firmer and Distillers Seagram held steady but showed
very little change at the end of the session. As compared
with Friday of last week, many popular stocks showed modest
gains, Aluminum Co. of America closing on Friday night at
57 against 51 on Friday of last week, American Cyanamid
13 at 18 against 163/2, American Gas & Electric (4) at 223/2
against 22, American Light & Traction (1.60) at 11 against
10%, American Superpower at 2 against 1%, Associated Gas
& Electric A at against %,Atlas Corporation at 83% against
8, Canadian Industrial Alcohol (Cl. A)at 8% against 53
4,
Central States Electric at 15-16 against %, Cities Service at
14
7 against 13
4, Commonwealth Edison (4) at 49 against
4532, Consolidated Gas of Baltimore (3.60) at 663% against
613%. Cord Corporation at 33% against 3, Creole Petroleum
at 113% against 113%, Electric Bond & Share at 113
4 against
103%, Ford of Canada A (pi) at 193
4 against 173
4, Glen
Alden Coal Company at 20 against 183
4, Gulf Oil of Pennsylvania at 553% against 503%, Hudson Bay Mining & Smelting at 13% against 13, Humble Oil(new) at 42N against 40,
International Petroleum at 263% against 253%, National
Bellas Hess at 2 against 23
%, Pennroad Corporation at
23/i against 13%, A. 0. Smith at 173/i against 16, Standard
Oil of Indiana (1) at 253% against 254
1 , Swift & Company
(%) at 173/i against 153
4, United Gas Corporation at 2
against 13
4, United Light & Power A at 23% against 2 and
Wright Hargreaves at 93% against 9.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE,
Week Ended
Aug. 31934.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
DOnlertie. Government. Corporate.
88,430 $1,008,000
145,675 1.705,000
108,460 2,090,000
133,425 2,467,000
109,761 2,219,000
97,735 2,635,000
$22,000
65,000
102,000
54,000
385,000
51,000
683,486 $12,124,000
$679,000
Week Ended Aug. 3.
1934.
Total.
$46,000 $1,076,000
42,000 1,812,000
52,000 2,244,000
32,000 2,553,000
9.000 2.613,000
20,000 2,706.000
$201,000 $13,004,000
Jan 1 to Aug. 3.
1933.
1934.
1933.
Stocks-No.of shares_
683,486
1,453,398
Bonds.
$12,124,000 $12,699,000
Domestic
679,000
Foreign government _
562,000
201,000
Foreign corporate
457,000
42,844,302
71,573,646
$647,661,000
23,722,000
18,977,000
$581,854,000
27,763,000
26,373,000
$13,004,000 $13,718,000
$690,360,000
$635,990,000
Total
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 18 1934:
GOLD.
The Bank of England gold reserve against notes amounted to
£191,
523.825 on the 11th inst., as compared with £191,461,382 on the previous
Wednesday.
During the week the Bank announced purchases of bar gold to a tots
of £56,146.
Business in the open market has again been quiet; prices ruled at abo u
dollar parity and slightly under E1,000,000 was disposed of during the week.
Quotations during the week:
Equivalent Value
Per Oz. Fine.
of £ Sterling.
July 12
137s. 11;id.
12s. 3.79d.
July 13
1385. ;id.
12s. 3.70d.
138s.
July 14
12s. 3.758.
July 16
137s. 11d.
12s. 3.79d.
July 17
137s. lid.
12s. 3.84d.
138s.
July 18
12s. 3.75d.
Average
137s. 11.75d.
12s. 3.77d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 9th inst. to mid-day on the 16th. inst.:
Imports.
Exports.
£4,892 Netherlands
Netherlands
£7,770
107,228 France
France
11.257
11,124
Belgium
Belgium
3,500
Switzerland
76,752 Switzerland
1,670
1,903,238 Poland
British South Africa
14,670
415,782 U. S. A
British India
1,442,801
Australia
170.528 Other countries
3.912
3,901
New Zealand
12,991
Peru
19.476
Venezuela
9,371
Other countries
£2,735,283
£1,485,580
The SS. Kaisar-i-Hind, which sailed from Bombay on the 14th inst.,
carries gold to the value of about £1,039,000, of which £725,000 is consigned
to London and £314,000 to New York.
The following are the details of United Kingdom imports and exports
of gold for the month of June last:
Imports.
Exports.
British West Africa
£204,891
Union of South Africa
5,264,401
Southern Rhodesia
346,618
British India
3,156,030
British Malaya
69,706
Hong Kong
24,584
China
438,621
Iraq
31,243
Australia
596,203
New Zealand
62.201
British West India Islands and British Guiana
13,678
Austria
£78
Poland
11.200
Germany
1,138
3,416,158
Netherlands
244,071
123.212
Belgium
69.234
17,700
France
64,634
1,314.035
Switzerland
11,717
1,769,815
U. S. A
7,047,247
251,890
Peru
24,456
Venezuela
22.647
Other countries
70,268
117,269,981
£7,397.785
Financial Chronicle
Volume 139
SILVER.
The market showed an easier tendency during the past week. China
and America have sold and although the Indian Bazaars and speculators
gave some support, buyers were inclined to hold back and prices declined
in consequence of rather poor demand.
At the moment the tone appears somewhat uncertain, as the market
is sensitive and would react readily to any pressure.
The following were the United Klndom imports and exports of silver
registered from mid-day on the 9th inst. to mid-day on the 16th inst.:
Imports.
Soviet Union (Russia)
France
Japan
Australia
Other countries
Exports.
£48,809 Sweden
£2,688
30,892 France
658
24,673 French Possessions in India_ 7.000
9,432 Straits Settlements
3,150
902
564 Other countries
£14.398
£114,370
Quotations during the week:
IN LONDON.
IN NEW YORK.
-Bar Silver per Oz. Std.(Per Ounce .999 Fine.)
Cash. deliv. 2 Mos. dello.
2050.
July 12
20 Ad.
46.84 cents
July 11
20 9-16d. 20 11 16d. July 12
July 13
4676 cents
July 14
20%d.
20 11-16d. July 13
4634 cents
July 16
209/sd.
20 11-16d
Closed
July 14
20 7-150. 20 9-16d.
July 17
46% cents
July 16
20 9-16d, 20 11-16d. July 17
July 18
4634 cents
Average
20.594d. 20.698d.
The highest rate of exchange on New York recorded during the period
12th
inst.
to the 18th inst. was $5.04%, and the lowest $5.03%•
from the
INDIAN CURRENY RETURNS.
(In Lacs of Rupees)July 7. June 30. June 22.
Notes in circulation
18026
18158
18087
Silver coin and bullion in India
9655
9716
9787
Gold coin and bullion in India
4155
4155
4155
Securities (Indian Government)
3018
3018
3008
Securities (British Government)
1198
1198
1208
The stocks in Shanghai on the 14th inst. consisted of about 112.400,000
ounces in sycee, 374,000,000 dollars and 30,800,000 ounces in bar silver.
as compared with about 112,900.000 ounces in sycee, 374,000,000 dollars
and 31.300,000 ounces in bar silver on the 7th inst.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Thurs..
Fri.,
Mon.,
Wed.,
Tues.,
Aug. 3.
July 28. July 30. July 31. Aug. 1.
Aug. 2.
9-16d,
3014d.
Silver, per oz_. 2011d.
203-led. 20 5-165. 207-led. 20
Gold, p.fine oz. 138s.Hd. 13138.44(1, 1388.145. 1388.15. 1383.2d. 1388.1345.
8o3-10
80%
Consols. 234% Holiday.
8034
7974
7934
British 334%10434
10414
Holiday. 10434
W. L
10314
11334
British 4%11531
11534
1960-90
Holiday. 11534
115
11534
French Rentes
Holiday.
72.60
(in Paris) 3%fr. Holiday.
72.20
73.60
73.30
French War L'n
l'aris)
(in
Holiday. 110.30
1920 amort
110.10
Holiday. 110.80
110.60
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz. (cis.)
4534
453f
4614
4634
46.1.4
4614
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:
June 30 1934.......
May 31 1934____
Apr. 30 1934____
Mar. 31 1934____
Feb. 28 1934__
Jan. 31 1934..___
Dec. 31 1933____
Nov.30 1933____
Oct. 31 1933____
Sept. 30 1933____
Aug. 31 1933____
July 31 l933.._
June 30 1933._ ._
National Bank Circulation
Afloat on-
Amount Bonds
on Deposit to
Secure Circulation for National
Bank Notes.
Bonds.
Legal
Tenders.
$
736,948,670
750,869.320
799,699,770
847.058.170
887,005,520
890,191.530
890,136,780
859.736,430
852,631,430
857.210.430
855.781.930
852,529,890
856.394,230
729,973,968
743,980,298
791,996,353
840,848,330
884,147,835
886,086.290
885,835,678
853,937,995
849,453,595
852,464,810
851,509,995
848.207,263
8.53.935,968
224.720,785
219.211,255
182,152,445
140,669,333
100,489.113
99,508,223
101,678,700
107,333,292
112,094,540
110,533.735
114,422.100
118,426,910
116,665,120
Total.
954,694,753
963,191,553
974,148.798
981,547,663
984,636,948
985,594,513
987,514,378
961.271.287
961,548.135
962.998,545
965,932,095
966,634,173
970,601,088
52,432,763 Federal Reserve bank notes outstanding July 2 1934, secured by
lawful money, against $2,581,934 on July 1 1933.
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 June 30 1934:
U. S. Bonds Held June 30 1934.
Bonds on Depostt
July 2 1934.
28. U. S. Consols of 1930
28. U. S. Panama of 1936
2s. U. S. Panama of 1938
38, U. S. Treasury of 1951-1955
334s, U. S. Treasury of 1946-1949
3348, U. S. Treasury of 1941-1943
346s, U. S. Treasury of 1940-1943
334s, U. FL Treasury of 1943-1947
3s, U. S. Panama Canal of 1961
3s. U. S. convertible of 1946-1947
3348, U. S. Treasury of 1933-1941
310. U. S. Treasury of 1944-1946
38, U. S. Treasury of 1946-1948
Totals
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
$
522,693,900
34,784,860
15,720,860
36,424,850
21.665,650
27,492,000
10,646,150
25,434,750
1,000
1,015,000
26,334,650
12,480.000
2,255,000
522,693.900
34.784.860
15,720,860
36,424,850
21,665,650
27,492,000
10,646,150
25,434,750
1,000
1,015,000
26.334,650
12,480,000
2,255,000
736,948,670
736.948,670
713
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits June 1 1934
and July 2 1934 and their increase or decrease during the
month of June:
National Bank Notes-Total AfloatAmount afloat June 1 1934
Net decrease during June
$963,191,553
8,496,800
Amount of bank notes afloat July 2
Legal-Tender NotesAmount deposited to redeem National bank notes June 1
Net amount of bank notes redeemed In June
$219,211,255
5.509,530
5954,694,753
Amount on deposit to redeem National bank notes July 2 1934___ $224.720,785
CURRENT
NOTICES.
-S. A. O'Brien and John H. Sundberg have retired as general partners
in the firm of A'Elearn & Sheriden and together with W. L. Cogghill, G. J.
McGahan and Thomas F. Daly, Jr., announce the formation of the copartnership of S. A. O'Brien & Co. for the transaction of a general brokerage and unlisted securities trading business. The new firm, with membership on the New York Curb Exchange, has offices at 150 Broadway.
New York, and 75 Federal Street, Boston. The firm of A'Hearn & Sheridan
will continue to transact a general brokerage business in new offices at 19
Rector Street.
-The new brokerage house of Morrill & Rich. Chicago, opened August
let to succeed Morrill, Clarke & Rich. The latter dissolved at that time.
The new firm will occupy the quarters of the old house on the fourteenth
floor of 134 South La Salle Street. Stanley Morrill, Kenneth F. Rich, and
Edmund C. Coultry, three of the six partners of the old firm, will be partners in the new organization. Claire A. Dunham and William L. Underwood become partners, while Broadus J. Clarke, George McGhie, Jr., E.
Worthington Walters and Albert F. Lippmann retire.
-C. J. Devine & Company, Inc., specialists in United States Government bonds, have issued an eight-page booklet, containing a series of
tables showing the various net annual returns possible on an investment in
Fourth Liberty 434s as of August 1 and subsequent dates. In the computations, consideration has been given to the possibility of a call on or prior
to October 15 1934 for one or more series, for payment on April 15 1935,
and to the possible value of a privilege of exchange for a refunding issue.
-Announcement is made of a change in firm name of The Greenhall
Company, Inc., of New York City, to Aspell & Company,Inc. The officers
remain as heretofore, E. W. Brinckerhoff, President, Harvey D. Carle,
Vice-President; James Aspell, Treasurer and D. Begler, Secretary. The
firm, established in 1927, will continue to transact a general business in
over-the-counter securities, specializing in bank and insurance stocks.
NATIONAL BANKS.
The following monthly statement of National banks is
issued by the Comptroller of the Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
July 9-The First National Bank of Hutchinson, Hutchinson,
Minn
$50.000
Capital stock consists of $20,000 common stock and $30,000
preferred stock. President, F. W. Luedtke; Cashier, J. H.
Julig. Will succeed No. 10147, the Farmers National Bank of
Hutchinson.
July 9-First National Bank in Olney, Olney, Ill
50,000
President, George T. Weber; Cashier, IL H. Nooner. Will succeed No. 1641, the First National Bank of Olney.
July 9-Boonville National Bank, Boonville, Ind
60,00
Capital stock consists of $30,000 common stock and $30,000
preferred stock. President, T. D. Scales; Cashier. A. J.
Bieber. Will succeed No. 10613, First National Bank of
Boonville.
July 10-The National Bank & Trust Co. of Erie, Erie, Pa
300,000
President, A. G. Postlethwait; Cashier, A. E. Kelm. Will succeed No. 606, the Second National Bank of Erie.
July 11-National Bank of Commerce in Mankato, Mankato,
Mimi
100,000
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President, Otto Lamm; Cashier, F. A.
Buscher. Will succeed No. 6519. the National Bank of
Commerce of Mankato.
July 12-The National Bank of Rochelle, Rochelle, Ill
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, Frank Carney; Cashier, Elmer G.
Boltz. Will succeed No. 1907, the Rochelle National Bank.
July 13-The First National Bank in Trinidad, Trinidad,
300,000
Capital stock consists of $100,000 common stock and $200,000
preferred stock. President, F. S. Graham; Cashier, Eli
Jeffryes. Will succeed No. 2300, the First National Bank of
Trinidad.
July 17-The Washington County National Bank of Abingdon.
Abingdon, Va
100.000
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President, F. H. Smith; Cashier, A. T.
Buchanan. Willsucceed No.5150,the First National Bank of
Abingdon.
July 17-The First National Bank in Fort Kent, Fort Kent, Me_
50,000
President, Arthur J. Nadeau; Cashier, David Garceau. Will
succeed No. 11403, the First National Bank of Fort Kent.
July 18-The First National Bank of Delhi, Delhi, La
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, P. J. Reed; Cashier, F. W. Allies.
Primary organization.
July 18-The Knisely National Bank of Butler, Butler, Ind
50.000
Capital stock consists of 525,000 common stock and 825,000
preferred stock. President, Lyston C. Harding; Cashier,
Otis S. Fisher. Will succeed the Knisely Brothers & Co..
Bank of Butler.
July 18-State National Bank in Comanche, Comanche, Texas. _ 50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, E. E. Anthony; Cashier. J. W.
Moore. Will succeed the First State Bank of Comanche.
July 20-The Calcasieu-Marine National Bank of Lake Charles,
Lake Charles, La
500,000
Capital stock consists of $200,000 common stock and 8300,000
preferred stock. President, U. A. Bell; Cashier, Alfred E.
Roberts. Will succeed No. 13573, Calcasieu National Bank
in Lake Charles,
July 21-Cherryville National Bank, Cherryville, N. C
50,000
Capital stock consists of 825,000 common stock and $25,000
preferred stock. President, A. H. Huss; Cashier, E. V.
Moss. Will succeed No. 12896, the Cherryville National
Bank, Cherryville, N. C.
714
Financial Chronicle
Capital
July 21-First National Bank in Corcoran, Corcoran, Calif
Capital stock consists of $20,000 common stock and $30,000 5q).°°15
preferred stock. President, J. W. Guiberson; Cashier, B. G.
Crary. Will succeed No. 9546, the First National Bank of
Corcoran.
July 23-The First National Bank in Rockwood, Rockwood,Tenn. 50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, Jas. A. Ervin; Cashier. Win.
Ensminger. Will succeed No. 4169. the First National Bank
of Rockwood.
July 23-First National Bank in Painesville, Painesville, Ohio...
100,000
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President, F. W. Milbourn; Cashier, L. J.
Gelb. Will succeed No. 13318, the Painesville National Bank
& Trust Co., Painesville, Ohio.
July 25-The First National Bank of Oconto, Oconto, Wis
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, R. G. Flanders; Cashier, T. G.
Bailey. Will succeed No. 5521. the Citizens National Bank
of Oconto
July 27-The Poultney National Bank, Poultney, Vt
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, Elmo J. Hudson; Cashier. J. E.
Holmes. Will succeed No. 9824. the Citizens National Bank
of Poultner.
50,000
July 27-The First National Bank in Madison, Madison, Ill
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, John E. Lee; Cashier, Frank J.
Fijan. Will succeed No. 8457, the First National Bank of
Madison.
July 27-Central National Bank of McKinney. McKinney, Texas 100,000
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President, F. B. Pope; Cashier, A. H.
Eubanks. Will succeed Central State Bank of McKinney.
July 27-The Peoples National Bank of Cambridge. Cambridge,
50.000
III
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, John H. Gault; Cashier, S. Fay
Rishel. Will succeed No. 2572, the Farmers National Bank
of Cambridge.
50,000
July 28---The Malvern National Bank, Malvern, Ark
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, A.J. Knight; Cashier, Andrew I.
Roland. Will succeed No. 7634. the First National Bank of
Malvern, Malvern, Arkansas, and Farmers & Merchants
Bank Malvern Arkansas.
VOLUNTARY LIQUIDATIONS.
July 9-The Union National Bank of Mount Wolf, Mount Wolf,
$50,000
Pa
Effective June 30 1934. Liq. Committee,John Hassler, John W.
Fritz and Fred. Kling, care of liquidating bank. Succeeded
by Union National Bank in Mount Wolf," Charter No.
14121.
July 11-The National Trust Bank of Charleston, Charleston,
111
200,000
Effective June 30 1934. Liq. Committee, J. Scott Rogers,
C. G. Adkins and J. H. Goodwin, care of the liquidating
bank. Succeeded by the Charleston National Bank, Charleston, Ill., Charter No. 14024.
July 12-The American National Bank of Woodstock, Woodstock,
III
100,000
Effective July 2 1934. Liq. Committee, C.Percy Barnes, D.R.
Joslyn Jr., and F. M. Gaulke, care of the liquidating bank.
Succeeded by First National Bank of Woodstock," Charter
No. 14137.
July 13-The Carbonate American National Bank of Leadville,
Colo
100,000
.bk
k, Effective close of business July 11 1934. Liq. Agent, Jesse F.
McDonald, Leadville, Colo. No absorbing or succeeding
association.
25,000
July 16-The First National Bank of Metcalf, Ill
Effective July 15 1934. Liq.. Committee, J. B. Kendall, Chairman;James C. Kizer, Ed Hildreth, D.C.Speelman and Riley
McClain, care of the liquidating bank. Liq. bank not
absorbed or succeeded by any other banking association.
30,000
July 17-The First National Bank of Bellevue, Texas
Effective June 30 1934. Liq .Agent, The First National Bank of
Henrietta, Texas. Absorbed by the First National Bank of
Henrietta, Texas. Charter No. 13815.
50.000
July 18-The Gouger National Bank of Robstown, Texas
Effective July 3 1934. Liq. Committee, H. T. Kellam, J. E.
Thompson and H. E. Gouger, care of the liquidating bank.
Succeeded by the Robstown National Bank, Robstovrn,
Texas, Charter No. 14157.
July 19-The First National Bank of Williamsburg. Williamsburg,
50,000
Penn
Effective July 18 1934. Liq. Agent, C. A. Cunningham, care of
the liquidating bank. Succeeded by First National Bank of
Williamsburg." Charter No. 14182.
50,000
July 19-The First National Bank in Gallitzin. Gallitzin, Pa_ _ _ _
Effective July 16 1934. Liq. Agent, K. A. Reed, Gallitzin. Pa.
Succeeded by "First National Bank at Gallitzin," Charter
No. 14181.
July 20-The Central National Bank of Cambridge, Cambridge, 150,000
Ohio
Effective July 14 1934. Liq. Committee, Roger Kirkpatrick,
C. S. Sheppard and Eliza M. Scott, care of the liquidating
bank. Succeeded by The Central National Bank at
Cambridge," Charter No. 13905.
100,000
July 20-The First National Bank of Traer, Traer, Iowa
Effective July 17 1934. Liq. Agent. K.P. Moore, Traer, Iowa.
Succeeded by "the First National Bank in Traer," Charter
No. 14172.
July 20-The First National Bank of Ville Platte, Ville Platte„ La. 25,000
Effective July 14 1934. Liq. Committee. Board of Directors
of the liquidating bank. Absorbed by the Evangeline Bank &
Trust Co. of Ville Platte, La.
60,000
July 26-The First National Bank of St. Marys, St. Marys, Ohio_
. Agent, Chas. H.Pauck, St. Marys,
b.. Effective July 23 1934. Liq.
Ohio. Succeeded by First National Bank in St. Marys,"
P
r" Charter No. 14132.
50.000
July 27-The First National Bank of Lamar, Lamar, Mo
hn Effective July 24 1934. Liq. Committee, J. E. Krebs, Chas. B.
Edwards and W. B. Dimond, care of the liquidating bank.
Succeeded by the "First National Bank in Lamar," Charter
No. 14196.
100.000
July 30-The Buchel National Bank of Cuero, Cuero, Texas
Effective July 24 1934. Liq. Agents, Jos. Sheridan and LeRoy
Hamilton, Cuero, Texas. Succeeded by the Buchel National Bank in Cuero," Charter No. 14164.
BRANCHES AUTHORIZED.
July 9-Bank of America National Trust & Savings Association, San
Irrancisco, Calif. Location of branch: 100 El Monte Boulevard, Baldwin
Park, Los Angeles County, Calif. Certificate No. 1003A.
July 11-First National Bank at Portland, Portland. Me. Location of
branch: 575 Congress St., Portland, Maine. Certificate No. 1004A.
July 18-First National Bank in Reno, Nev. Location of branch: First
No.1005A,
p, and Virginia Streets, Reno, Washoe County, Nev.of Certificate
Lake Charles, Lake
July 21-The Calcasieu-Marine National Bank
Charles, La. Location of branches: Pine St., DeQuincy, Calcasieu
St.. Suliphur, Calcasieu Parish, La.: and Horridge
Parish,Huntington
La.;
St., Vinton, Calcasieu Parish, La, Certificates Nos. 1006A, 1007A and
1008A.
CHANGE OF TITLE.
July 23-The American National Bank & Trust Co. of Valley City, Valley
City. N. Dak. To: The American National Bank of Valley City.
Aug. 4 1934
AUCTION SALES.
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
per Share.
Shares.
Stouts.
$8 lot
25 Continental 011 ,k Refining Co. (Del.), Dar $I
$17 lot
200 The Fisk Rubber Co. (Mass.) common, no par
1 Colonial Club Corp. (N. Y.), par $100; 200 Mitchell Mining Co. (Ariz.),
par $10; 300 Storage Power Co. (W. Va.), par $50; $40 Mitchell Mining
$5 lot
Co. (Ariz.) participation loan certificate
By Adrian H. Muller & Son, Jersey City, N. J.:
No sales.
By R. L. Day & Co., Boston:
$ per Share.
Shares.
Stocks.
20
25 National Shawmut Bank, Boston, par $25
20)1
18 Eastern Utilities Associates common
301
1 Boston Athenaeum, par $300
100 Plymouth Cordage Co., par El®
734
Per Cent.
Bonds$1,000 Boston Metropolitan Building 58, June 15 1942, coup. Dec. 1932_37H flat
By Crockett & Co., Boston:
$ per Share.
100Si
158.
155
Stocks.
Shares.
1 Columbian National Life Insurance. par $100
1.000 Gold Circle Consolidated Mines, par El
10 Old Colony Investment Trust
By Barnes & Lofland, Philadelphia:
Stocks.
Shares.
44 Central-Penn National Bank, par $10
25 Philadelphia National Bank, par $20
40 Corn Exchange National Bank ,Sr Trust Co., par 520
100 Real Estate-Land Title & Trust Co., par $10
75 Pennsylvania Co. for Ins. on Lives & Granting Annuities, par $10
4 Philadelphia Bourse, common, par $50
$ per Share.
24
6814
34
5
30
8)4
By A. J. Wright & Co., Buffalo:
$ per Share.
$0.95
Stocks.
Shares.
15 The Como Mines
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
50c Sept.2 9Sept 20
American Agricultural Chemical (Dela.)(quar.)
10c July 25
Allied Laboratories, Inc.(guar.)
10c Oct. 1 Sept.26
Quarterly
87 hc Oct. 1 S pt. 26
$33 convertible preferred (quar.)
10c Sept. 10 Aug. 31
American Factors (monthly)
100 Sept. 1 Aug. 22
American Laundry Machinery Co.(guar.)
60c Sept.29 Sept.15
American Steel Foundries, 7% pref
sig Sept. 1 Aug. 15
Artloom Corp. cumulative preferred
Aug. 1 Aug. 1
Atlantic Macaroni Co., Inc. (quar.)
50c Sept.10 Aug. 31
Atlas Powder (guar-)
Sc Aug. 25 Aug. 14
Bankers National Investing (quar.)
32c Aug. 25 Aug. 14
Class B (quar.)
15c Aug. 25 Aug. 14
6% preferred (quar.)
$1 Aug. 15 Aug. 10
Belden Mfg.(quar.)
Sept.15 Sept. 1
1
Birmingham Water Works,6% pref. (quar.)_ _ _
Aug. 1 July 28
Blue Ribbon 634% Preferred
Aug. 20 July 31
bc
(monthly)
Petroleum
Bondini
40c Sept. 1 Aug. 15
Borden Co.common (quar.)
SIM Oct. 1 Sept. 14
Borg-Warner Corp. preferred (quar.)
10d Sept. 1 Aug. 11
Brach (E. J.) & Sons common (quar.)
$2 Aug. 1 July 30
Bronx Trust Co.(N• Y•)(quarterly)
(quar.)
Sept.15 Sept. 1
$131
pref.
7%
Butler Water.
12Mc Aug. 14 Aug. 4
Byron Jackson
Calif, Pacific Tel. & Tel.7% preferred (quar.)_ 62;ic Aug. 1 July 23
$2 Oct. 1 Sept. 24
Carolina Telephone & Telegraph (quar.)
Aug. 25 Aug. 15
Casey Jones
Central Mississippi Valley Electric 6% Pref.(qu.) $25c Sept. 1 Aug. 15
Sept.29 Sept. 1
Chrysler Corp., common (quar.)
1214c Aug. 15 Aug. 5
Cincinnati Advertising l'roducts (extra)
Sept. 1 Aug. 20
(Mar.)--- $
Citizens Gas of Indianapolis 5% Pref.(
Aug. 1 July 25
$1
City Bakeries 7% preferred (guar.)
Sept. 1 Aug. 20
City of New Castle Water Co.,6% pref. (quar.)
Aug. 1 July 20
Coast Breweries (guar.)
Aug. 31
Collateral Trust Shares of New York
Columbia Dental Manufacturing 7% Pref. (qu.) sig July 31 July 25
July 31 July 25
Quarterly
75c Sept. 1 Aug. 16
Columbia Pictures Corp.. pref. (guar.)
1 Sept. 1 Aug. 15
Compania Swift International (8.-a.)
17 c Oct. 1 Sept. 21
Consolidated Paper 7% preferred (guar.)
Sept. 1 Aug. 20
Quarterly
lbc Sept. I Aug. 15
Continental Casualty
Oct. 1 Sept. lb
Continental Steel Corp. pref
4111 Aug. 15 July 28
Cosmos Imperial Mills 7% preferred
Sic Sept.15 Aug. 31a
Crown Cork & Seal, pref. (quar.)
258 Sept. 6 Aug. 220
Common (quar.)
10c Sept. 1 Aug. 15
Deere & Co., 7% cumul. pref
Aug. 1 July 25
$1
Diamond Ice & Coal7% prof.((Man)
47.7c Aug. 8 July 10
Distillers Co., Amer. dep. rec. ord. reg
50c Aug. 1 July 23
Domestic Finance, pref. (quar.)
gAU.
July f3
50c
Dominion Finance, pref. (quar.)
b50c Sept. 1 Aug. 15
Durham Hosiery Mills 6% preferred
East St. Louis & Interurban WaterSept. 1 Aug. 20
7% preferred (quarterly)
1 h Sept. 1 Aug. 20
6% preferred (quarterly)
1234c Aug. 16 Aug. 6
Electric Products (Pa.)
$1
Sept. 1 July 31
Empire Gas & Electric 7% pref. C (guar.)
S pt. 1 July 31
$1
6% preferred (guar.)
Sept. 1 July 31
$1
6% preferred E (quar.)
4c Aug. 15 July 31
Employers Re-Insurance (quar.)
158 Aug. 15 Aug. 2
European Elec. Corp.. Ltd., COM. A & B (guar)
$1% Sept. 1 Aug. 15
Federal Light & Traction. $6 pref. (quar.)
3c Aug. 8 Aug. 1
56 Petroleum Corp
Fitz Simons dc Connell Dredge & Dock Co.
121c Sept. 1 Aug. 21
Common (quar.)
2 Aug. I July 25
Franklin Co
1 Aug. 2 July 25
Franklin Mutual Fund (semi-annual)
40c Sept.10 Aug. 31
Golden Cycle (quar.)
$1)4 Sept. 1 Aug. 7
Great Atlantic & Pacific Tea (guar.)
25c Sept. 1 Aug. 7
Extra
Sept. 1 Aug. 7
$1
Preferred (quar.)
Sept.15 Aug. 31
Gulf States Utilities. $53 pref.(quar.)
Sept.15 Aug. 31
11
$6 preferred (quar.)
Sept. 1 Aug. 13
2
Harbison Walker Re ctories Co. common
Oct. 20 Oct. 1
Preferred (quar.)
$1
20c Aug. 31 Aug. 25
Hawaiian Agricultural (monthly)
lbc July 20 July 15
Hawaiian Electric (monthly)
258 Sept.15 Sept. 1
Hazeltine Corp
258 Sept.15 Aug. 24
Hiram Walker, Gooderham & Worts. pf. (qr.)._
oc
Volume 139
Name of Company.
When Holders
Per
Share. Payable. ofRecord
15c Aug. 20 Aug. 11
Honolulu Gas(monthly)
15c Aug. 10 July 31
Honolulu Plantation (monthly)
Sept. 1 Aug. 15
Hooven & Allison, preferred (quarterly)
Aug. 1 July 27
Hope Webbing Co
Horn & Hardart Co.(N. Y.),7% pref. (quar.). $1% Sept. 1 Aug. 11
Huntington Water Corp., 7% Pref. (quar.)- --- 3131 Sept. 1 Aug. 11
$13i Sept. 1 Aug. 11
6% preferred (quarterly)
Sept. 1 Aug. 16
Imperial Tobacco of Gt. Britain & Ireland
Aug. 16
71 Sept. 8
Amer. dep. rec. for ord. rag
Sept. 1 Aug. 15
Industrial& Power Securities, corn.(qr.)
Sc Sept. 1 Aug. 15
Extra _
25c Sept. 1 Aug. 15
Inland Steel Co
International Milling, original ser., pref.(quar.) $1H Sept. 1
Sept. 1
$1
Series A. preferred (quar.)
50c Sept.15 Sept. 1
Investment Corp. of Pnlla. (quar.)
Aug. 1
Jefferson Standard Life Insurance(N.C.)(8.-a.)_
$11.05 July 30 June 30
Jones(J. E.) Royalty Trust,ser. El ctfs
$2.86 July 30 June 30
Series E
$1.68 July 30June 30
Series F
$2 July 30 June 30
Series G
$1.79 July 30 June 30
Series H
$1.56 July 30 June 30
Series I
20c Sept. 1 Aug. 25
Kekoha Sugar (monthly)
Aug. 15 Aug. 10
$1
Keokuk Electric 6% preferred (quar.)
7.54c Aug. 15 July 31
Keystone Custodian Fund,series E-2
141% Aug. 17 Aug. 10
Lerner Stores,6H% pref
31H Sept. 1 Aug. 4
Ludlow Mfg. Assoc.(quar.)
12Hc Aug. 15 Aug. 4
Lunkenheimer Co.(quarterly)
r20c Sept.15 Aug. 15
McColl-Frontenac 011, com.(quar.)
3131 Aug. 1 July 21
Mallory Hat 7% Pref. (guar.)
Sc Aug. 15 Aug. 1
Managed Investments (quarterly)
Aug. 31 July 31
$1
Mercantile Stores, 7% pref. (quarterly)
47 c Sept.15 Aug. 31
Metro-Goldwyn Pictures, pref. (quar.)
Aug. 1 July 19
Metropolitan Storage Warehouse (quar.)
e5a Aug. 31 Aug. 15
Michigan Cooperage
Aug. 31 Aug. 11
Mohawk Mining Co.(liquidating)
50c Aug. 15 July 26
Morse Twist Drill & Machine Co.(quar.)
$2 Sept.15 Sept. 1
Muncie Water Works Co., 8% pref. (quar.).-1 7.2376c July 31
Mutual Depositor Corp., (semf-annual)
30c Sept. 1 Aug. 20
National Life & Accident (quar.)
$3}4 Sept. 1 Aug. 20
National Linen Service, 87 pref. (5.-a.)
Aug. 1 July 15
75c
of
(qu.)
pf.
6%
Products
Western
Neon
Canada
80c Aug. 21 Aug. 8
New Jersey Insurance(semi-annual)
$1% Sept. 1 Aug. 20
New Rochelle Water 7% cum. pref. (quar.)
75c Sept. 1 Aug. 15
Northam Warren Corp., pref. (quar.)
Sept. 1 Aug. 21
Northern RR. of N. J.. 49' gtd. (guar.)
$111 Sept. 1 Aug. 15
Nova Scotia Light & Power(quar.)
30c Aug. 15 Aug. 4
Occidental Insurance Co., initial (quar.)
$1.14 Sept. 1 Aug. 7
Ohio Power Co., 65,,, pref. (quar.)
Oklahoma Gas & Electric, 7% pref. (quar.).-- S1fi Sept.15 Aug. 31
$1H Sept.15 Aug. 31
6% preferred (guar.)
50c Sept. 1 Aug. 20
Oshkosh Overall $2 cony. pref.(quar.)
75c Aug. 20 Aug. 10
Parker Rust Proof, common (quar.)
e10% Aug. 20 Aug. 10
Common
He Sept. 1 Aug. 20
87
Pender (David) Grocery Co., class A (quar.).50c Sept.15 Sept. 1
Penick & Ford, Ltd., corn. (quarterly)
$131 Sept. 1 Aug. 20
Fenn State Water $7 preferred (guar.)
Pennsylvania Gas az Electric Corp.
37He Sept. 1 Aug. 16
Common class A (quar.)
313£ Oct. 1 Sept.20
7% preferred (quarterly)
Oct. 1 Sept.20
$7 ;preferred (quarterly) 0
14 Sept. 1 Aug. 31
- 11
Peoples Telep.(Butler, Pa.)77 pref.(guar.)
$1g Oct. 1 Sept. 1
Philadelphia Co.. E5 cum. pref. (guar.)
Oct. 1 Sept. 1
$6 cum. preferred (guar.)
25c Sept. 1 Aug. 10
5% preferred (s.-a.)
87HC Sept. 1 Aug. 15
Phoenix Hosiery 7% first preferred
40c Sept. 1 Aug. 15
Pillsbury Flour Mills (quar.)
20c Oct. 1
Pioneer Gold Mines of Brit. Columbia (quar.)-50c Aug. 31 Aug. 20
Portland & Ogdensburg By., gtd. (guar.)
21 Si Oct. 1
Public Service Corp. of Texas, pref
Sc Aug. 27 Aug. 10
Royalties Management Corp
$155 Aug. 15 Aug. 1
Rutland & Whitehall RR
Sept.15 Sept. 1
15c
Seaboard Oil of Delaware (quarterly)
10c Sept. 15 Sept. 1
Extra
Sept. 1 Aug. 15
75c
Second Investors Corp.(R.I.) pref. (guar.).
Southern California Edison Co., Ltd.
43 C Sept.15 Aug. 20
79' series A preferred (quar.)
37 c Sept.15 Aug. 20
69' series B preferred (quar.)
Sept. 1 Aug. 15a
1
Southern Pipe Line Co
$131 Oct. 15 Oct. 15
(quar.)
7% preferred
25c Aug. 1 July 24
Southington Hardware (quar.)
12Sic Oct. 1 Sept. 20
Standard Coosa Thatcher (quar.)
25c Sept. 15 Aug. 15
Standard Oil Co. of Calif. (quar.)
$1 Sept. 1 Aug. 15
Swift Internacional Co. (a.-a.)
Sept. 1 Aug. 20
Water
7
21%
Works,
Haute
pref.(quar.)- -Terre
10c Aug. 31 Aug. 15
Trans-Lux Daylight Picture Screen Corp
15c Sept. 1 Aug. 15
Tri-State Telep. & Teleg., 6% pref. (quar.).-13c Aug. 15 July 3
Trustee Food Shares. series A
Trusteed New York Bank Shares (bearer) (s.-a.) 3 2-5c Aug. 10 July 31
$1H Aug. 10
Tyer Rubber Co., 607 pref. (quarterly)
75c Oct. 1 Sept. 4
United Corp., $3 preferred (quar.)
22Si Sept. 1 Aug. 18
United States Envelope, common
Sept. 1 Aug. 18
33)4
Preferred (s.-a.)
3c Aug. 15 July 31
United States Electric Light & Power, B (quar.)
25c Sept. 1 Aug. 21
United States Freight Co.common (quar.)
Aug. 30 Aug 2
United States Steel Corp. pref.(quar.)
Aug. 1 July 26
1
14
Universal Winding 7% pref.(quar.)
Sept.
1 Aug. 16
Inc.,
Raalte
1st
$131
Co.,
Van
pref. (quar.)
50c Sept. 1 Aug. 16
Vick Chemical Co.(quar.)
10c Sept. 1 Aug. 16
Extra
$13i Sept.20 Aug. 31
Virginia Elec. & Power Co. pref. (quar.)
Wesson Oil & Snowdrift Co., Inc.$1 Sept. 1 Aug. 15
convertible
preferred
(quarterly)
$4
Oct, 15
Western Canadian Collieries
Aug. 20 Aug. 1
31
Western Cartridge 6% pref. (quar,)
10c Sept. 1 Aug. 15
Westvaco Chlorine Products Corp. corn. (quar.)
75c July 31 July 19
Weymouth Light & Power
10c Aug. 15 Aug. 2
Will & Baumer Candle Co. common (quar.)..
Williamsport Water 26 pref.(guar.)
$1 H Sept. 1 Aug. 20
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.
Per
When Holders
Share. Payable. ofRecord.
Affiliated Products (mo.)
Sc Sept. 1 Aug. 15
Agnew Surpass Shoe Stores
20c Sept. 1 Aug. 15
referred(quar.)
Oct. 1 Sept. 15
$1
3
Alabama Great Southern RR. Co.. preferred
Aug. 15 July 14
AlleghenySteel Co. common
1
Aug. 15 Aug. 1
7% 5referred (quaiterly)
El% Sept. 1 Aug. 13
75c Sept. 1 Aug. 20
Allen Industries, Inc.,$3 pref.(guar.)
h75c Sept. 1 Aug. 20
$3 preferred
Allentown-Bethlehem Gas. 7% pref. (guar.)... 87A: Aug. 10 July 31
Sept.30 Sept.15
Aluminum Mfg.(guar.)...
500 Dec. 31 Dec. 15
Quarterly
Sept.30 Sept.15
7% preferred (quar.)
Dec. 31 Dec. 15
7% preferred (guar.)
Sept. 1 Aug. 21
2
American Arch (guar.)
American Bank Note preferred (guar.)
75c Oct. 1 Sept. 11
American Can Co. common (quar.)
$1 Aug. 15 July 25a
75c Oct. 1 Sept. 12
American Chicle Co.(quar.)
Sept. 1 Aug. 25
American Envelope,7% pref. (quar.)
Dec. I Nov.25
7% preferred (guar.)
Aug. 10 July 31
1
American Factors (monthly)
25c Oct. I
American Hardware Corp.(guar.)
Jan. 1
Quarterly
20c Sept. 1 Aug. 14
American Home Products (mo.)
715
Financial Chronicle
III!
Name of Company.
Holders
When
Per
Share. Payable. ofRecord.
3734c Sept. 1 Aug. 28
American Hosiery Co.(quar.)
75c Aug. 15 July 31
American Investors, preferred
6234c Aug. 15 July 31
American Re-Insurance (guar.)
h$414 Sept. 1 Aug. 3
American Smelting & Refining preferred
50c Oct. 2 Sept. 5
American Sugar Refining Co.common (quar.)-3134 Oct. 2 Sept. 5
Preferred (quar.)
;4c Oct. 1 Sept. 20
87
(guar.)
pref.
7%
Bottle.
Thermos
American
$114 Sept. 1 Aug. 10
American Tobacco, corn. & corn. B (guar.). _
Aug. 7 June 8
Anglo-Persian Oil Ca.. Am.dep.rec.ord. reg.. w7
12)4c Sept. 1 Aug. 15
Armstrong Cork Co.. corn. (special)
2 Sept. 1 July 31
Atchison Topeka & Santa Fe y. Co.common-Sept. I Aug. 20
Atlantic & Charlotte Air Lines (5.-a.)
Slit Sept. 1 Aug. 20
Atlas Corp.,$3 pref. A (guar.)
75c Dec. 1 Nov.20
$3 raeferred (guar.)
$1% Sept. 1 Aug. 15
Bamberger (L.)& Co.6)4% pref.(quar.)
75c Aug. 8 Aug. 6
Bankers & Shippers Ins., N. Y.(quar.)
$1% Oct. 1 Sept.20
Barber(W.H.)& Co., pref.(quar.)
Jan. 1 Dec. 20
31%
Preferred (quar.)
3734c Aug. 15 July 25
Best & Co., Inc., common (quar.)
Oct. 1 Sept. 7
$1
pref
cum.
7%
Corp.,
Steel
Bethlehem
Aug. 15 Aug. 1
2
Blauner's. Inc.,common (quar.)
75c Aug. 15 Aug. 1
Preference (quar.)
Aug. 15 Aug. 11
37J4c
v Tobacco (quar.)
ret.
te
k rB
Qcua
Blo
3734c Nov. 15 Nov. 11
Sept.30 Sept.25
$1
Dec. 31 Dec. 24
$1
Preferred(
(q
uair.3
qua
375c Sept. 1 Aug. 6
Blue Ridge, preferred (quarterly)
Oct. 30 Oct. 15
El
Bon Aml Co., class A (guar.)
50c Oct. 1 Sept.24
Class B (quar.)
31 Aug. 15 July 31
Boss Mfg. Co., common
$4 Oct. 1 Sept. 20
Boston Insurance(Mass)(quarterly)
02.125 Oct. 1 Sept. 1
Boston & Providence R.E.Co.(quar.)
Aug. 15 Aug. 1
6831c
(quar.)
preferred
Bourjois, $2%
60c Sept.29 Sept. 15
Bridgeport Gas Light(guar.)
50c Sept. 1 Aug. 10
ttolraMyers Co.(guar.)
Brisx
10c Sept. 1 Aug. 10
$2 Aug. 31 Aug. 10
Brooklyn Edison Co.(quar.)
$134 Oct. 1 Sept. 4
(quar.)
Co.
Gas
Union
Brooklyn
Aug. 15 Aug. 1
1234c
Buck Hills Falls (quar.)
75c Sept.15 Aug. 24
Buckeye Pipe Line Co
Aug. 15 Aug. 1
Sc
-a.)
(s.
Mines
Buffalo Ankerite Gold
10c Sept. 5 Aug. 3
Burroughs Adding Machine Co
Oct. 1 Sept. 15
400
Estates
Sugar
(guar.)
Calamba
35c Oct. 1 Sept. 15
7% preferred (quar.)
3734c Sept. 15 Aug.31
California Packing Corp
$1 H Aug. 15 July 31
California Water Service Co.pref.(quar.)
200 Sept. 1 Aug. 15
Campe Corp.,common
50c Aug. 15 July 31
(quar.)
common
Co..
Converters
Canadian
opt. 1 u8.
r$134
pref.
(quar.)
Canadian Hydro-Electric,
12Sic Aug. 1S Aug. 1
Canadian Oil Cos., con'. (quar.)
2 Sept.20
Oct.
2131
(quar.)
pref.
Carnation Co 7%
$13( Jan. 1 Dec. 20
Preferred (guar.)
3131 4-1-35 Mar. 20
Preferred (quar.)
$131 7-1-35 June 20
Preferred (quar.)
25c Aug. 31 Aug. 15
Caterpillar Tractor Co
75c Aug. 15 July 31
(quar.)
Co.
Power
&
Mfg.
Cedar Rapids
e Aug. 15 Aug. 5
12
Central Cold Storage Co. common (quar.)
Aug. 15 July 31
Central Massachusetts Lt.& Pow..6% pref.(qu.) S1
Aug. 15 Aug. 5
1
Centrifugal Pipe Corp. (guar.)
100 Nov.15 Nov. 5
Quarterly
Sept. 1 Aug. 20
$131
(quar.)preferred
Inc..
Mills,
Ribbon
Century,
100 Aug. 15 Aug. 1
Chain Belt Co.,common (quar.)
Aug. 15 Aug. 10
Champion Coated Paper Co.,common (quar.).. $1
10c Aug. 15 July 31
Champlain Oil Products. corn. (initial)
15c Aug. 15 July 31
Preferred (guar.)
50c Aug. 10 July 31
Chase (A. W.) Co., Ltd., pref. (quar.)
25c Sept. 1 Aug. 10
Chicago Mail Order Co
25c Sept. 1 Aug. 20
Chicago Yellow Cab Co. (quarterly)
20
$134 Oct. 11 Sept.
Cincinnati Union Terminal,4% pref.(quar.)
Dec. 20
Jan.
31
4% preferred (guar.)
7 July 30
Aug.
common
Co.,
Investing
City
Sept. 1 Aug. 10
Cleveland & Pittsburgh,reg. gtd.(quar.)
87 c Dec. 1 Nov.10
Registered guaranteed (quar.)
Sept. 1 Aug. 10
(quar.)
Special guaranteed
50c Dec. 1 Nov.10
Special guaranteed (guar.)
Aug. 15 July 15
18c
A
Shares,
Investment
Colonial
Aug. 15 July 20
Columbia Gas & Electric Corp.,6% pref. A (qu.) 31
Aug. 15 July 20
81
59' preferred (guar.)
Aug. 15 July 20
$1
(quar.)
5% cony. preference
Aune 27
Commerce Liquidating (St. Louis. Mo.)(WO-- Si 34 Oct. 7 Sept.15
Commonwealth Utilities, 7% pref. A (quar.)......
1
15
Oct.
Sept.
$I
6% preferred B (quarterly)
$111 Aug. 15 July 30
Concord Gas Co.. preferred (guar.)
25
Sept.
Sept.30
(guar.)
Association
Confederation Life
Dec. 31 Dec. 25
Quarterly
400 Sept.15 Sept. 1
Congoleum-Nairn, Inc.. corn. (quar.)
Sept. 1 Aug. 15
314
(quar.)
prof.
-Connecticut Light& Power 634%
$15i Sept. 1 Aug. 15
534% preferred (guar.)
1 Aug. 15
Sept.
Sic
62
(quar.)
corn.
Co..
Connecticut Power
31.125 Aug. 15 July 31
(quar.)
.)
ight
Luar
ed&(ci
Rrry.
te
eruer
irp
Co4nf
31.125 Aug. 15 July 31
Sept. 1 Aug. 15
Connecticut River Power.6% Preferred (quar.). 3154 Sept.
1 Aug. 15a
$131
Consol.Cigar Corp.. preferred (quar.)
15 Aug. 10
Sept.
50c
corn
Y.,
N.
of
Consolidated Gas
Aug. 1
Aug.
15
$2
Consolidated Oil Corp.8% pref.(guar.)
5134 Oct. 1 Sept.15
Consumers Power Co..$5 prof.(guar.)
Oct.
Sept.
1
15
3131
79' preferred (quarterly)
Oct. 1 Sept. 15
$1
6% preferred (quarterly)
15
Oct.
Sept.
1
El.
(quarterly)
6.6% preferred
50c Sept. 1 Aug. 15
69' preferred (monthly
50c Oct. 1 Sept.15
)
(monthly
t7Ied
6
55c Sept. 1 Aug. 15
6.6 preferred (monthly)
55c Oct. 1 Sept.15
6.6 0 preferred (monthly)
Aug. 15 July 25a
75c
(guar.).
common
Inc.,
Co.,
Continental Can
4c Aug. 15 July 31
Corporate Investors. Ltd. (guar.)
1Si% Aug. 18 July 18
Courtaulds. Ltd., common (interim)
3c Aug. 15 July 31
Cresson Consol. Gold Mining & Milling
$2 Sept.30 Sept.19
Crum & Forster.8% pref.(guar.)
Oct. 1 Sept. 15
8734c
-a.)
(s.
RR.
Dayton & Michigan
Oct. 1 Sept. 15
8% preferred (guar.)
$1 Aug. 15 Aug. 4
Delaware Division Canal Co. of Pa. (s.-a.).....
Oct. 1
50c
Denver Union Stockyards (guar.)
50c Jan. 1
Quarterly
Sept. 1 Aug. 20
$131
(guar.)
7% preferred
3151 Dec. 1 Nov.20
7% preferred (quar.)
$2 Jan. 5 Dec. 20
Detroit Hillsdale & So. West. RR.Co
25c Sept. 1 Aug. 15
Diamond Match Co., corn. (quar.)
75c Sept. 1 Aug. 15
Participating preferred (5.-a.)
Sept. 1 Aug. 17
50c
(guar.)
mm.
Dictaphone Corp.,
$2 Sept. 1 Aug. 17
Preferred (quarterly)
1211A Aug. 8 July 10
Distillers Co.. Ltd.. common (final)
Sept. 1 Aug. 15
Doctor Pepper Co.(quar.)
15c Dec. 1 Nov. 15
Quarterly
Aug. 15 July 31
r50c
(guar.)
common
Co.
Bridge
Dominion
r50c Nov. 15 Oct. 31
Common (quar.)
50c Aug. 15 Aug. 1
Dow Chemical Co. common (guar.)
$1% Aug. 15 Aug. 1
Preferred (guar.)
50c Aug. 15 Aug. 3
Duplan Silk Corp.common (semi-ann.)
$2 Oct. 1 Sept. 18
Preferred (quar.)
S3.60
Dwight Mfg. Co
15c Sept. 1 Aug. 15
Eastern Gas & Fuel Assoc
51.125 Oct. 1 Sept. 15
Prior preferred stock (ouar.)
$134 Oct. 1 Sept. 15
$6 preferred (quarterly)
$134 Sept. 1 Aug. 10
Eastern Shore Public Service. $6 pref. (guar.)
Sept. 1 Aug. 10
$1
(quar.)
$634 preferred
Oct. 15 Sept.15
3
Eastern Township Telep. Co
Aug. 15 Aug. 1
25c
(quar.)
Co.
Eaton Manufacturing
h50c Oct. 1 Sept. 10
Electric Storage Battery Co.common (quar.)_ _
h50c Oct. 1 Sept. 10
Preferred (quar.)
100 Aug. 31 Aug. 21
Empire Capital, A,(guar.)
Sc Aug. 31 Aug. 21
A.extra
100 Aug. 31 Aug. 21
B (initial)
871
716
Financial Chronicle
Aug. 4 1934
Per
When Holders
Share. Payable. ofRecord.
Per
When Holders
Name of Company.
Share. Payable. ofRecord.
Elizabeth & Trenton (s-a)
$1 Oct. I Sept. 20
Models Oils, Ltd
3c Aug. 18 July 28
5% preferred (s-a)
5134 Oct. 1 Sept. 20
Monmouth Consul Water, 7% pref.
$134 Aug. 15 Aug. 1
Empire & Bay State Teleg.,4% guar.(quar.)__ _
$1 Sept. I Aug. 22
Chemical Co. (quar.)
(
q
u
a
r
.
)
M
o
n
s
t
25c
Sept. 15 Aug. 25
4% guaranteed (guar.)
$1 Dec. 1 Nov. 21
Montreal Light. Heat & Power Co.(quar.)._ _ _
$2 Aug. 15 July 31
Escanawba Power & Traction.8% pref.(quar.). $134 Nov. 1 Oct. 26
Moody's Investors Service, pref.(guar.)
75c
Aug. 15 Aug. 1
Faber Coe & Gregg (quarterly)
25c Sept. 1 Aug. 15
Moore Dry Goods Co.(guar.)
3134 Oct. 1 Oct. 1
Quarterly
25c Dec. 1 Nov. 15
Quarterly
$134 Jan. 1 Jan. I
Quarterly
25c 3-1-35 2-15-35
Morris 5 & 10c. Stores,7% Pf.(guar.)
$134 Oct. 1 Sept.20
Fairbanks (E. T.). 7% pref. (s.-a.)
$334 Oct. 1 Sept. 29
Morris Plan Ins. Soc.(guar.)
$1 Sept. 1 Aug. 25
Farmers & Traders Life Insurance Co.(quar.).
3234 Oct. 1 Sept. 10
Quarterly
$1 Dec. I Nov. 26
Firestone Tire & Rubber, pref. (guar.)
Sept.
1 Aug. 15
$134
Muskogee Co.,67
0 pref. (guar.)
$1.35 Sept. 1 Aug. 13
Florida Pow Corp., pref. A (guar.)
Sept. 1 Aug. 15
$1
Mutual
Chem.
of
America.
pref.(guar.)
$134 Sept.28 Sept.20
7% _preferred (quar.)
8734c Sept. 1 Aug. 15
Preferred (guar.)
13.4 Dec. 28 Dec. 20
Food Machinery. 634% preferred (monthly)
Aug. 15 Aug. 10
Mutual Telephone (Hawaii),(mo.)
8c Aug. 20 Aug. 10
634% preferred (monthly)
50c Sept.15 Sept. 10
National
Hellas
Co.,
Hess
pref. (liquidating)
$334 Aug. 15 July 31
Freeport Texas (quarterly)
50c Sept. 1 Aug. 15
National Biscuit Co.. corn. (guar.)
50c
Oct. 15 Sept. 14
Preferred (guar.)
$13.4 Nov. I Oct. 15
Preferred (guar.)
$13150c Aug.31Aug.
General Cigar Co., pref. (guar.)
1 Aug.A
115
Sept. 1 Aug. 23
$1
National Container Corp.,common
Sept.
Preferred (guar.)
$1% Dec. I Nov.22
Preferred (guar.)
50c Sept. 1 Aug. 15
General Electric (Great Britain) ord.reg
zw8
Preferred
h50c Sept. 1 Aug. 15
Amer. dep. rec. for ord. reg
zw8 0
Preferred (guar.)
50c Dec. 1 Nov. 15
General Foods Corp.(guar.)
45c Aug. 15 Aug. 1
Preferred
h50c Dec. 1 Nov. 15
Glidden Co.,com.(guar.)
25c Oct. 1 Sept.14
National
Lead Co.,corn.(guar.)
$13.1 Sept. 29 Sept. 14
Extra
15c Oct. 1 Sept.14
Preferred A (quarterly)
3131 Sept. 15 Aug. 31
Preferred (guar.)
$134 Oct. 1 Sept.14
Preferred B (quarterly)
3134 Nov. 1 Oct. 19
Gottfried Baking Co.. Inc.. preferred (quar.)
134% Oct. 1 Sept. 20
National Liberty Insurance Co. (s.-a.)
10c Aug. 13 Aug. 1
Preferred (quar.)
131% Jan. 2 Dec. 20
Extra
Sc Autt. 13 Aug. 1
Grace(N.R.)6% first pref. (semi-annual)
33 Dec. 29 Dec. 27
National Power & Light (guar.)
20c Sept. I Aug. 6
Grand Union Co.. :5,3 cony. pref.(guar.)
75c Sept. 1 Aug. 10
National Telep. & Teleg., class A (guar.)
15c
Sept. 1 Aug. 16
Great Lakes Dredge & Dock Co.(guar.)
25c Aug. 15 Aug. 4
Newberry J. J. Co.,7% pref.(quar.)
$IX Sept. 1 Aug. 16
Great Western Electro-Chemical (guar.)
$I Aug. 15 Aug. 5
New Jersey Zinc (guar.)
.5(ic
Aug. 10 July 20
Great Western Ry. (initial)
Xofl%
New York Steam,corn.(guar.)
30c Sept. 1 Aug. 15
Great Western Sugar, corn. (guar.)
60c Oct. 2 Sept. 15
Nineteen Hundred Corp., class A (guar.)
50c Aug. 15 Aug. 1
Preferred (guar.)
$134 Oct. 2 Sept. 15
Class A (quarterly)
50c Nov. 15 Nov. 1
Green & Coats Street Phila. Passenger Ry..pref- $134 Oct. 6 Sept.22
Class B (quarterly)
25c Aug. 15 Aug. 1
$134 Oct. 1 Sept. 21
Greyhound Corp., 7% cum. pref. A (quar.)
Nlpissing Mines
1234c
Aug. 15 Aug. 1
Guggenheim & Co., 1st pref. (guar.)
$14 Aug. 15 July 29
Norfolk & Western Ry.common (guar.)
$2 Sept. 19 Aug. 31
Hale Bros. Stores.Inc.(guar.)
Sept. 1 Aug. 15
Adjustment
preferred
$1 Aug. 18 July 31
Quarterly
Dec. 1 Nov. 15
North American Edison Co. preferred (quar.)._ 3134 Sept. 1 Aug.
Handley Page.10% partic. pref.reg
15
=10
115
7
Northern RR.of N. J.4% guaranteed (quar.)
Sept. 1 Aug.
mar2
21
2
10% partic. pref.(Am.dep. rec.)
zw10
4% guaranteed (quar.)
$
511 Dec.D
Harbauer Co., 7% preferred (guar.)
Oct. 1 Sept.21
Norwalk
(Conn.)—
Rubber
Co.
Tire
&
79' preferred (guar.)
Jan. 1 Dec. 21
Preferred
(quarterly)
8734c Oct. 1 Sept.21
Hardesty (R.) Mfg..7% pref.(guar.)
Sept. 1 Aug. 15
11
Norwich Pharmacal Co.(guar.)
$14 Oct. 1 Sept.20
7% preferred (guar.)
Dec. 1 Nov. 15
Qiurterly
$131 Jan. 1 Dec. 20
Hartford & Connecticut Western RR. Co.
Oahu By.& Land (monthly)
15c Aug. 15 Aug. 10
29' preferred (s.-a.)
$1 Aug. 31 Aug. 20
Oahu Sugar Ltd.(monthly)
10c Aug. 14 Aug. 6
Hartford Times.Inc.,partic. pref.(guar.)
75c Aug. 15 Aug. 1
Old
(quarterly)
Colony
Insurance
Co.
$2 Nov. I Oct. 20
Hawaiian Commercial Sugar (guar.)
75c Aug. 15 Aug. 4
Onomea Sugar (monthly)
20c Aug. 20 Aug. 10
Hercules Powder Co.. pref.(guar.)
Aug. 15 Aug. 3
1X
Ontario Mfg. Co. common (guar.)
25c Oct. 1 Sept. 20
Hershey Chocolate(quar.)
Aug. 15 July 25
7
Preferred
(guar.)
$P Oct. 1 Sept. 20
$4 cony. preferred (guar.)
$1 Aug. 15 July 25
Oswego & Syracuse RR.(semi-annual)
$2
Aug. 20 Aug. 8
Hibbard. Spencer,Bartlett & Co.(MO.)
10c Aug. 31 Aug. 24
Owens-Illinois Glass Co.,corn
377715c A
Aug.
g 11655 JulyAJulu y 34
Montnly
0
1
10c Sept.28 Sept.21
Pacific Fire Insurance Co. (quar.)
Aug.
Hickok Oil Co. (semi-annual)
Aug.
50c Sept. 15 Sept. 8
Pacific Gas & Electric Co.6% preferred (quar.)_
Aug.
Hobart Mfg. Co
e6%
June 25
preferred
5
X
(guar.)
%
3434c Aug. 15 July 31
Common (guar.)
25c Sept. 1 Aug. 18
Pacific Lighting Corp. common (guar.)
7
Aug. 15 July 20
Hollander (A.)& Sons, Inc., common (quar.)
12Xc Aug. 15 July 31
Peninsula Telephone Co., 7% Pref. (quar.)__ _
$175Xe Aug.
Aug.A
Hollinger Consol. Gold Mines,Ltd.(monthly).. r1% Aug. 13 July 27
1155 Aug.A g 6
Penmans,Ltd.. common (quar.)
Extra
)1.7 Aug. 13 July 27
Pennsylvania Power Co..$6.80 pref.(mo.)
55c Sept. 1 Aug. 20
Holophane,Inc.,pref.(s-a)
$1.05 Oct 1 Sept. 15
preferred
$6
(quarterly)
3134 Sept. 1 Aug. 20
Honolulu Gas Co., Ltd.(mthly)
15c July 30 July 12
Pennsylvania RR. Co
50c Sept. 15 Aug. 1
Honolulu Plantation (monthly)
15c Aug. 10 July 13
Peoria & Bureau Valley Hit.(semi-annual)
$334 Aug. 10 July 20
Hormel (Geo. A.)& Co., common (guar.)
25c Aug. 15 July 28
Peterborough
RR.(semi-ann.)
$1
h Oct. 1 Sept. 25
6% class A preferred (quar.)
Aug.
15
$134
July 27
Philadelphia Elec. Power Co.8% pref.(quar.)_ _
50c Oct. 1 Sept. 5
Hutchinson Sugar Plantation(mo.)
10c Aug. 5 July 31
Philadelphia Suburban Water.6% pf.(qu.)_
$134 Sept. 1 Aug. 11
Illuminating & Power Security Corp. (quar.)
$131 Aug. 10 July 31
Phillips Petroleum Co
25c Sept. 1 Aug. 6
7% preferred (guar.)
$134 Aug. 15 July 31
Phoenix Finance. pref. (guar.)
50c Oct. 10 Oct. 1
Imperial Life Assurance (guar.)
$351 Oct. 1
Preferred (guar.)
50c Jan. 10 •In 1
Quarterly
Jan.
$331
I
Photo Engravers & Electro, Ltd
50c Sept. 1 Aug. 35
Imperial Tobacco Co.of Gt. Brit.& Ireland—
15
Pittsburgh Bessemer & Lake Erie .R.(s.-a.).
75c Oct. 1 Sept. 15
Common (interim)
Pittsburgh Fort Wayne & Chicago R.R.(quar.). $131 Oct. 2
Ingersoll-Rand Co., common
Sept.10
Sept. 1 Aug. 6
Quarterly
$134
Jan.
1 Dec. 10
International Business Mach. Corp.(guar.),
Oct. 10 Sept. 22a
7% preferred (guar.)
$1.
Oct. 2 Sept. 10
International Harvester, pref. (guar.)
707 preferred (guar.)
Sept. 1 Aug. 4
$131 Jan. 1 Dec. 10
Interstate Hosiery Mills (guar.)
50c Aug. 15 Aug. 1
Youngstown & Ashtabula R.R.Pittsburgh
Quarterly
50c Nov. 15 Nov. 1
7% preferred (guar.)
$134 Sept. 1 Aug. 20
Intertype Corp., st pref. (guar.)
Oct. 1 Sept. 14
7% preferred (guar.)
$131 Dec. 1 Nov.20
Iron Fireman Mfg. Co.. corn. (quar.)
2re Sept. 1 Aug. 10
Pleasant Valley Wine Co.,corn.(guar.)
I5c Sept. 1 Aug. 15
Common (guar.)
20c Dec 1 Nov. 10
Plymouth Fund, A
3c Sept. 1 Aug. 15
Jefferson Standard Life Ins
$131 Oct. 1 Sept. 21
Pollock Paper & Box Co., pref. (guar.)
$lyt Sept.15
Kalamazoo Vegetable Parchment Co.(quar.)._
15c Sept.30 Sept.20
Preferred (quarterly)
5
10
D
Au
$131
ec
g 31
15
1
Quarterly
I5c Dec. 31 Dec. 20
Portland & Ogdensburg RR• (quar.)
Kelvinator Corp
Ati
ug
g.2
10
5
12 c Oct. 1 Sept. 5
Potomac Electric Power. 6% pref. guar.)
$
Sept.34
Kelvinator of Canada Ltd.. 7% pref. (quar.).__
Aug. 15 Aug. 4
% preferred (guar.)
$1
Sept. 1 Aug. 15
Kendall Co.cum.& partic. pref.. ser. A (guar.)_ $134 Sept. 1 Aug. 10a
Powell
preferred
River.
7%
Klein (Emil D.) Co.. common (guar.)
3134 Sept. 1
25c Oct. 1 Sept. 20
7% preferred
$131 Dec 1
Kroger Grocery & Baking,corn.(guar.)
40c Sept. 1 Aug. 10
Procter Sr Gamble Co.,corn.(guar.)
3734c Aug. 15 July 25
69' 1st preferred (guar.)
$134 Oct. 1 Sept. 20
common
(guar.)._
Public
Service
Corp.
N.
J.
of
70c Sept.29 Sept. 1
7% 2d preferred (quar.)
$134 Nov. 1 Oct. 19
8% preferred (guar.)
$2 Sept.29 Sept. 1
Landers, Frary & Clark,corn.(guar.)
3734c Sept.30
7% preferred (guar.)
$134 Sept.29 Sept. 1
Common (quar.)
37)4c Dec. 31
$5 preferred (quar.)
$134 Sept.29 Sept. 1
Landis Machine. pref.(guar.)
$1 X Sept. 15 Sept. 5
6,preferred (monthly)
50c Aug. 31 Aug, 1
Preferred (guar.)
$1X Dec. 15 Dec 5
6% preferred (monthly)
50c Sept. 29 Sept. 1
Lansings Co.(guar)_
25c Aug. 10 July 31
Public Utilities Corp.(guar.)
$7151
Lanston Monotype machine Co.(guar.)
10
5 Ju
uly 3
24
1
$1 Aug. 31 Aug. 21
Pullman. Inc. (guar.)
Aug.
Lee(H. D.) Mercantile Co.(guar.)
35c Aug. 10 Aug 1
Quaker Oats Co.,6% preferred (guar.)
8114 Aug. 31 Aug. 1
Lehigh Power Securities Corp.(quar.)
25c Sept. 1 Aug. 17
Quebec Power Co. (guar.)
r25c
Aug.
Lehn & Fink Products,common
15
July 25
374c Sept. 1 Aug. 15
Railway Corp
e2% Aug. 15 Aug. 2
Libbey-Owens-Ford-Glass Co.,corn.(quar.)_
Sept. 15 Aug. 31
Reading Co.(guar.)
50c Aug. 9 July 12
Life Savers Corp. (guar.)
40c Sept. 1 Aug. 1
1st
preferred
(guar.)
50c
Liggett & Myers Tobacco Co., corn. (guar.)._ _
Sept. 13 Aug. 23
$1 Sept. 1 Aug. 15
2d preferred (guar.)
50c Oct. 11 Sept. 20
Class B (quarterly)
$1 Sept. 1 Aug. 15
Reliance Insurance Co.(Philadelphia)
58c
Lincoln Nat. Life Ins.(Ft. Wayne)(guar.)
30c Nov. 1 Oct. 26
(quar.)
Texas
Republic
Insurance,
20c Aug. 10 July 31
Lincoln Telephone & TelegraphQuarterly
20c Nov. 10 Oct. 31
69' preferred A (quarterly)
$1.35 Aug. 10 July 31
Republic Supply 0o. (guar.)
2255ce Sept.0 t. 5
1O
Ac
ut.
59 special preferred (guar.)
g. 12
5
$131 Aug. 10 July 31
common
Reynolds
Inc.,
(quar.)___
Co..
Metal
Lindsay Light Co., corn
10c Aug. 13 Aug. 4
Rich's Inc., 63.4% preferred (guar.)
3134
Sept. 29 Sept. 15
Link Belt Co.,common (guar.)
10c Sept. 1 Aug. 15
pref.
Rochester
C
&
D
Elec..
Gas
(quar.).
&
6%
_
$136 Sept. 1 July 27
Preferred (quar.)
$13' Oct. 1 Sept. 15
$18/ Sept. 1
7% preferred B (guar.)
Little Miami RR.special guaranteed (quar.)
July 27
50c Sept. 10 Aug. 25
Rolland Paper, Ltd.,6% pref.(guar.)
31X S
Special guaranteed (guar.)
Aoupgt.
„ 15
1 Aug. 15
50c Dec. 10 Nov. 24
Safety
Lighting
Heating
Car
Co
&
Original guaranteed (guar.)
$1.10 Sept. 10 Aug. 25
San Carlos Milling(monthly)
422
3
!
8
0 Aug. 15 Aug..
Original guaranteed (guar.)
$1.10 Dec. 10 Nov. 24
Scotten Dillon Co
Aug.
c s
opt.3
Loblaw Groceterias Co..class A & B (quar.).-- _
10
5s
Aoupgt 15
6
25c Sept. 1 Aug. 14
Scott Paper Co.. common (guar.)
Lock Joint Pipe.8% pref. (guar.)
Oct.
$2
1 Sept. 20
Second Twin Bell Syndicate(monthly)
20c Aug. 5 July 31
Loew's, Inc.. 3634 pref. (guar.)
$134 Aug. 15 July 28
Seaboard
(quar.)
(Balt)
Co.
Ins.
1534c Aug. 15 Aug. 4
Loose-Wiles Biscuit Co. 1st preferred (quar.)- - $131 Oct. 1 Sept. 18
Shawinigan Water St Power Co.common (guar.) r13c
Lord & Taylor. 1st pref. (guar.)
Aug. 15 July 25
$134 Sept. I Aug. 17
Elhenango Valley Water.6% pref. (guar.)
Los Angeles Gas & Elec.,6% pref.(guar.)
3134 Sept. 1 Aug. 26
$114 Aug. 15 July 31
6%
(quar.)
preferred
$134
Louisville & Nashville RR. Co
Dec. 1 Nov. 20
Aug.
25 July 31
$1%
Sherwin-Williams, pref. (quar.)
16134 Sept. 1 Aug. 15
Lunicenheimer Co.. X% Pref.(guar.)
Oct. 1 Sept.21
11
1
Common (quar.)
75c Aug. 15 July 31
8X% preferred (guar.)
Jan. 2 Dec. 22
Sioux City Gas & Electric, 7% pref. (quar.).
$134 Aug 10 July 31
Luzerne County Gas & Electric.$7 1st pf.(qu.). $14 Aug. 15 July 31
Sioux City Stockyards Co., pref. (guar.)
134 Aug. 15 Aug. 14
$6 first preferred (guar.)
$134 Aug. 15 July 31
Preferred (guar.)
Lynch Corp. (quarterly)
134 Nov. 15 Nov. 14
50c Aug. 15 Aug. 4
Smith (R Morgan) Co.(guar.)
MacMillan Co.(guar.)
Nov. 1
25c Aug. 15 Aug. 15
Smith
O.)
(A.
Corp.,
preferred
(guar.)
Preferred (quarterly)
Aug. 15 Aug. 1
$134 Aug. 8 Aug. 8
Solvay Amer. Investment Corp.. pref. (quar.)._ $131
S1
Macy (R. H.)& Co.. common (guar.)
X
Aug.
15 July 16
50c Sept. 1 Aug. 10
South American Gold & Platinum Co
hlOc Sept.25 Sept. 15
Magnin (I.) & Co., preferred (guar.)
31 34 Aug. 15 Aug. 5
South Carolina Power Co.$6 pref.(guar.)
Preferred (guar.)
Oct.
$134
1 Sept. 15
Nov.
Nov.
15
13.4
5
Southern Acid & Sulphur (guar.)
50c Sept.15 Sept. 10
Manhattan Shirt Co. (guar.)
15c Sept. 1 Aug. 8
7% preferred (quar.)
$1
Manufacturers Casualty Ins.(guar.)
Oct.
1
3734c Aug. 15 Aug. 1
Southern Calif. Edison Co., Ltd.. common (qu.) 3•73ic Aug. 15 Sept. 10
Matson Navigation (guar.)
July 20
Aug. 15 Aug. 10
$1
Southern Canada Power Co.. Ltd.. corn. (riu.)_
20c Aug. 15 July 31
May Department Stores (guar.)
Sept. 1 Aug. 15
4
Southern
Pacific Golden Gate, A & 13 (quar.)_ _ 3734c Aug.
May Hosiery Mills $4 cum. prof
15
July
31
?Mg Sept. 1 Aug. 15
6% preferred (guar.)
McClatchy Newspapers. 7% pref. (guar.)
$134 Aug. 15 July 31
4334c Aug. 31 Aug. 30
South Pittsburgh Water,5% pref.(1.-a.)
7% preferred (quarterly)
Aug.
$114
20
Aug.
10
433lc Nov. 30 Nov. 29
Stamford
Water
(guar.)
McIntyre Porcupine Mines. Ltd. (guar.)
$2 Aug. 15 Aug. 4
Sept. 1 Aug. 1
Standard 011 Co. of Kansan;(Delaware) (quar.).
50c Oct. 31 Oct. 1
Meadville Telep. Co.(guar.)
37
Aug. 15 July 31
Stanley
Securities
Minneap.-Honeywell Regulator Co.,com.(qu.).
$4 Aug. 15 Aug. 7
Aug. 15 Aug. 4
Stanley Works,6% preferred (guar.)
3734c. Aug. 15 Aug. 1
Common (extra)
50c Aug. 15 Aug. 4
Sterling Products. Inc.(quar.)
95c Sept. 1 Aug. 15a
Name of Company.
7.5a
I
Financial Chronicle
Volume 139
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
Strawbridge & Clothier,6% pref. A (quar.) -Sun Oil Co.common (guar.)
Preferred (quar.)
Susquehanna Utilities, 6% pref. (guar.)
Sutherland Paper Co. common
Sylvania Industrial Corp. (quar.)
Syracuse Lighting. 8% pref. (quar.)
6Si% Preferred (quarterly)
6% preferred (quarterly)
Tampa Electric (quar.)
Preferred A (guar.)
Telephone Investment Corp. (monthly)
Monthly
Tennessee Elect. Pow.Co.,5% pref.(guar.)-6% preferred (guar.)
7% preferred (guar.)
7.2% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
Texas Gulf Sulphur (quar.)
Thatcher Mfg. Co., pref.(quar.)
Thayers, Ltd
Third Twin Bell Syndicate (bi-mo.)
Thompson (John R.)Co
Tide Water Oil Co.5% pref.(quar.)
Tide Water Power.$6 preferred
Timken Roller Bearing Co.(quar.)
Toburn Gold Mines (quar.)
Trunz Pork Stores
Twin Bell Oil Syndicate. monthly
Union Oil Co. of California (quar.)
United Biscuit Co.of Amer.,corn.(quar.)
Preferred (quarterly)
United Electric Service Co. (Am. shs., special)
United Engineering & Foundry Co.(quar.)
Preferred (guar.)
United GasImprovement(quar.)
5% preferred(quar)
United Light & Rys.,7% prior prf. (monthly)7% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
63 prior preferred (monthly)
United N. J. RR.& Canal (quar.)
Quarterly
U. S. Petroleum Co.(quar.)
Quarterly
U. S. Pipe & Foundry Co., corn.(quar.)
Common (guar.
Preferred (quar.
Preferred (quar.
United Stores Corp. preferred (quar.)
Sept. 1 Aug. 16
Sept.15 Aug. 25
Sept. 1 Aug. 10
Sept. 1 Aug. 20
Sept. 1 Aug. 21
Sept.15 Sept. 5
Aug. 15 July 20
Aug. 15 July 20
Aug. 15 July 20
Aug. 15 July 31
Aug. 15 July 31
Sept. 1 Aug. 20
Oct. 1 Sept.20
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Sept. 1 Aug. 15
Oct. 1 Sept.15
Sept. 15 Sept. 1
Aug. 15 July 31
Sept. 1 Aug. 15
Aug. 30 Aug. 2
Aug. 10 Aug. 1
Aug. 15 Aug. 1
Sept. 1 Aug. 10
Sept. 5 Aug. 17
Aug. 22 July 28
Aug. 10 Aug. 3
Aug. 5 July 31
Aug. 10 July 19
Sept. 1 Aug. 9
Nov. I Oct. 16
July 31
Aug. 10 July 31
Aug. 10 July 31
Sept. 29 Aug. 31
Sept. 29 Aug. 31
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Sept. 1 July 16
Oct. 1 Sept. 15
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Oct. 10 Sept. 20
Jan. 1 Dec. 20
Sept. 10 Sept. 5
Dec. 10 Dec. 5
Oct. 20 Sept. 29
Jan. 20 Dec. 31
Oct. 20 Sept. 29
30c Jan. 20 Dec. 31
81Sic Sept. 15 Aug. 25
$1 Si
25c
$1 Si
$1%
10c
25c
$2
$1%
$1 Si
56c
$1 S)f
20c
20c
$1
$1
$1't
$1.80
50c
50c
60c
60c
50c
90c
25c
10c
123c
$1.
h$2
25c
2c
15c
$2
25c
40c
$1%
Sc
25c
$14
30c
USX'
58 1-3c
58 1-3c
53c
53c
50c
50c
$2Si
$2Si
lc
lc
12 c
1234c
717
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
United States Playing Card (quar.)
25c Oct. 1 Sept.20
Extra
25c Oct. 1 Sept.20
Upper Michigan Pow.& Lt.,6% pref. (quar.)_
$1% Aug. 15
6% preferred (quar.)
Nov. 15
$1
6% preferred (guar.)
Jan. 1
$1
Upressit Metal. preferred (quar.)
Oct. 1 Sept. 15
Utica Clinton & Binghamton (s.-a.)
$1 Aug. 10 Aug. 1
Debenture (s.-a.)
$2Si Dec. 26 Dec. 26
Utica Gas & Electric Co.7% pref.(quar.)
5l'4 Aug. 15 Aug. 1
Vanadium Alloys Steel
50c Aug. 10 Aug. 1
Vapor Car Heating Co., Inc 7% pref
h$334 Sept. in
Vick Financial Corp. common (semi-ann.)
73iC Aug. 15 Aug. 1
Virginia Coal & Iron (quar.)
25c Sept. 1 Aug. 15
Vulcan Detinning Co.. preferred (quar.)
1%% Oct. 20 Oct. 10
Washington By. & Electric (guar.)
S3 Sept. 1 Aug. 15
5% preferred (guar-)
Sept. 1 Aug. 15
Watab Paper,8% pref. (quar.)
Aug. 15 Aug. 15
Weill & Co.,8% pref (s.-a.)
$4 Sept. 1 Aug. 1
Westmoreland, Inc. (quar.)
30c Oct. 1 Sept.15
West Penn Electric Co.,7% pref. (quar.)
$13i Aug. 15 July 20
6% preferred (quar.)
Si
Aug. 15 July 20
West Virginia Pap & Paper Co. preferred (qu.)_
$13i Aug. 15 Aug. 1
Weyenberg Shoe Mfg.. preferred (quar.)
$1% Sept. 15 Sept. 5
Preferred (quarterly)
Dec. 15 Dec. 5
$1
Whitaker Paper Co.common
Aug. 10 July 31
Winstead Hosiery (quar.)
$13$ Nov. 1 Oct. 15
Woodley Petroleum Co
f10% Sept.30 Sept. 15
Woolworth (F. W.) Co.(quar.)
60c Sept. 1 Aug. 10
Worcester Salt. 6% preferred (quar.)
$134 Aug. 15 Aug. 6
Wrigley (Wm.) Jr. Co. (monthly)
25c Sept. 1 Aug. 20
Monthly
25c Oct. 1 Sept.20
Yale & Towne Mfg. Co.(quar.)
15c Oct. 1 Sept.21
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until furtner notice.
j The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on tnis date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
Payaole in common stock. g Payable in scrip. h On account of accumulated dividends. 5 Payable In preferred stock.
m Any holder of Standard Fruit & S. S. Corp., cumulative $7 pref.
stock who presents the same for conversion into participation preference
stock and common stock on or before the date last mentioned will thereby
become a holder of record of participating preference stock,entitled to share
In such dividend.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
s Blue Ridge Corp. has declared the reg. quar. div. on its opt. $3 cony.
pref. stk., ser. of 1929, at the rate of 1-32d of one sh. of the coin. stk. of
the corp. for each sh. of such pref. stk., or. at the opt. of such holders
(providing written notice thereof is received by the corp. on or before Aug.
15 1934) at the rate of 75 cents per sh. in cash.
U Payable in U. 8.funds. o A unit. w Less depositary expenses.
Less 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.
The weekly statement issued by the New York City
Clearing House is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Aug 1 1934,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 28 1934.
Clearing House
Members.
• Surplus and
Undivided
ProlUs.
• Capital.
Bank of NY & Trust Co
Bank of Manhattan CoNational City Bank._ _ _
Chem Bank & Trust Co_
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Each Bank Tr CoFirst National Bank
Irving Trust Co
Continental Bk & Tr Co
Chase National Bank.__
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co_
New York Trust Co.._
Comml Nat 13k & Tr Co
Public Nat Bk & Tr Co_
$
6,000,000
20,000,000
127,500,000
20.000.000
90.000,000
32,935,000
21,000,000
15,000.000
10,000,000
50,000,000
4,000.000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
8,250,000
Net Demand
DeposUs.
Average.
$
$
9,928,100
97,306,000
316.681.000
31,931,700
38,018,700 a918,822,000
319,958.000
48,945,300
177,466.200 61,019.384,000
249,649,000
10,297,500
61,312,500
549.204,000
178,642.000
16.170,300
88,495,500
358,447,000
373,976,000
57.693,500
3,507,900
28,466,000
66.520,800 c1,277,338,000
41,825,000
3,251,600
60,009.000 d586,886,000
17,521.000
8,206,000
48,545,000
7,346,200
21,714,500
210,430,000
50,116,000
7.664.500
46,269,000
4,932,400
Time
Deposits,
Average.
$
11,097.000
31,488,000
175,504.000
25,961,000
56,106.000
101,746,000
27,734,000
21,989,000
14,734,000
11.892,000
2,775,000
79,608,000
852,000
24.279,000
240,000
5,052.000
20.498,000
1,774,000
33,998,000
Totals
614,955,000 723,312,200 6,689,465,000 647,327,000
• As per official reports: National, June 30 1934; State. June 30 1934;
trust
companies. June 30 1934
Includes deposits In foreign branches as follows:(a) $204,208,000;(b)
$59,172,000:
(c) $72,916,000: (d) $18,965,000.
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 July 27:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE
CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. JULY 27
1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Divestments.
Manhattan
$
Grace National
23,924,000
Trade Bank of N. Y. 3,159,474
Brooklyn-People's National_
4.674.000
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere, Trust Cos.
$
98,900
103,636
$
1,793,000
932.731
713 non
nvo non
4 09.1 Ann
TRUST COMPASSES—AVERAGE FIGURES.
Loans
Disc. and
Investments,
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
Kings County
Cash.
Res. Dep.,
N. Y. and
Elsewhere.
$
$
$
54.195,000 *3,089,100 *8,413.800
6,493,964
107,263
$483,714
9,004,220
*507,316
371,938
16.322,900 *2,557,900 1,498,500
29,791.000 *4,778,000
441,800
66,426,210 8,334.389 16,798.326
93,258,000
26,527,972
2,262,000 16.770,000
1.781.566 5.888.776
Dep. Other
Banks and
Trust Cos.
Gross
Deposits.
f
$
1,241,800 54,565.700
685,316 6,116,061
62.385 8,051,355
1,485,800 16,924,500
32.419,100
63,158,355
275,000 96,494.006
27.512 nsn
• Includes amount with Federal Reserve as follows: Empire. $2,030.600;
Fiduciary, $274,526; Fulton. $2,419,800; Lawyers County. $4,107,600.
Audi—
S
$
bald certificates on hand and due from
1,721,912,000 1,643,694,000
U. S. Treatiury_z
lold
tedemption fund—F. R. notes.-.
976,000
1,098,000
50,418,000
ither cash
56.702,000
257,610,000
633,284,000
7,843,000
74,583,000
1,773,306,000 1,701,494,000
Total reserves
tedemption fund—F.R. bank notes.—
1,855,000
2,054,000
973,320,000
3,067,000
Ma discounted:
Secured by U. S. Govt. obllgaUons—
Other bills discounted
3
4
1,672,000
10,223,000
2,080,000
9,816,000
15,612,000
32,259,000
11,895,060
11.896,000
47,871,000
1,937,000
2.007,000
2,532,000
165,752,000
395,159,000
216,844,000
165,752.000
395.159.000
216,844,000
180,972,000
274,950,000
309,944,000
777,755,000
777.755,000
765,866,000
35.000
35.000
1,267,000
Total bills and securities
791,622,000
791,693,000
817,536,000
Gold held abroad
Due from foreign banks
F. It. Dotes of other banks
Uncollected Items
Bank premises
All other tweets
1,192,000
4,068,000
111,596,000
11,455,000
33,602,060
1,192,000
4,827,000
98,976,000
11,455,000
36.453,000
1,472,000
6,907,000
98,415,000
12,818,000
25,195,000
Total bills discountedMlle bought In open market
1U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S.Government securities._
Other securities
Total asseta
2,728,696,600 2,648,144.000 1,938,730,000
Liabilities —
Gross
Deposits.
$
$
1,683,200 22,826,000
74,806 3,182,082
401 non
Aug. 1 1934. Jute 25 1934. Aug. 2 1933.
F. R. notes in actual circulation
650,933,090 638,109,000 '642,856,000
F. R. bank notes in actual circulation net
32,946,000
33,357,000
52,999,000
Deposits—Member bank reserve noel— 1,605,980,000 1,603,956,000 927,815,000
U. S. Treasury—General account....._
76,669,000
17.228,000
22,412,000
Foreign bank
2,508,000
2,723,000
7,792,000
Other deposits
124,179,006 127,539.000
29,869,000
Total deposits
Deterred availability Items
Capital paid in
Surplus
Reserve for contingencies_
All other liabilities
1.809,336,000 1.751.446,000
106,816,000
97,136,000
59,474,000
60,228,000
45,217.000
45,217,000
4,737,000
4.737,000
19,237,000
17.914,000
987,888.000
99,204,000
58,532,000
85,058,000
1,667.000
10,526,000
Total liabilities
2 728,696,660 2,648,144,000 1,938,730,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
72.1%
71.2%
59.7%
Contingent liability on bills purchased
for foreign correspondents
356.000
199.000
12.401,000
•"Other cash" does not include Federal Reserve noted or a bank's own Federal
Reserve bent notes.
a Thew are certificates given by the U. 8. Treasury for the gold taken
from the Reserve banks when the dollar was on Jan. 31 1934 devalued fromover
100
cents to 59.06 cents, these certificates being worth less to the extent of the difference, the difference itself having been aPPrOPriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
Financial Chronicle
718
Aug. 4 1934
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug. 2, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions.'
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 1 1934.
Aug. 1 1934. July 25 1934. July 18 1934. July 11 1934. July 3 1934.1June 27 1934. June 20 1934. June 131934. Aug. 2 1933.
$
3
3
53
3
$
S
S
ASSETS.
S
Gold etfs, on hand & due from U. S-1--. 4,906,009,000 4,873,172,000 4,897,634,000 4,810,603.000 4,782,684,000 4.781,748,000 4,788.726,000 4,787.162,000 948,173,000
2 572,777,000
Gold
38,560,000
24,972,000
28.200,000
25,231,000
26,254.000
24.620,000
25.003,000
24,003,000
25,051,000
Redemption fund (F. R. notes)
225,891,000 235,327,000 228,824,000 231,324,000 211,608,000 237,803.000 232,810.000 233,854,000 251,784,000
Other cash 44
5,155,903,000 5,133,119,000 5,101,461,000 5,066,978,C00 5,019,523,000 5.044,523,000 5,047,790,000 5.049.216,000 3,811,294,000
Total reserves
2,105,000
2,304,000
2,996,000
3,504,000
4,187,000
4,335.000
4,352,000
9,695.000
7,640,000
4,130,000
17,240,000
4,346,000
16,952,000
5.536,000
17.716,000
4.140,000
18.544.000
4,571,000
24,417,000
6.732,000
20,283,000
6,760.000
21,196.000
6,047,000
21.829,000
39,834,000
123,708,000
21,370,000
21,298,000
23,252,000
22,684.000
28,988,000
27.015,000
27,956,000
27,876,000
163,542,000
5,206,000
5,000
5,271,000
5,259,000
5,259,000
5.317.000
5,215.000
5,200,000
5.201.000
8,213,000
U.S. Government securities-Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
467,809,000 468,094,000 467,805,000 467,820,000 467,807,000 469,253,000 472,206.000 406,416,000
1,252,320,000 1,252,308,000 1,252,331,000 1,227,107,000 1.221,884,000 1.219,172,000 1.192.609,000 1.202.264,000
441,463,000
730,678,000
Total U. S. Government securities
Other securities
2,431,780,000 2,432,052,000 2,431,787,000 2,431.779,000 2,431,790,000 2,430,274,000 2.430,180,000 2,430.406,000 2,037,928,000
1,846,000
519,000
527,000
539.000
471,000
512,000
465,000
483,000
483,000
Redemption fund-F. R.. bar& notes
Bills discounted:
Secured by U. S. Govt. obligations...-.
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial Advances
--
711,651,000
711,650.000
711,651,000
736,852.000
742,099,000
741,849,000
765,365,000
821,726,000
865,787,000
2,458,826,000 2,459,092,000 2,460,781.000 2.460,205,000 2.466,607.000 2.463,023,000 2.463,863,000 2.464,017.000 2,211,529,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks._..
Uncollected items
Bank premises
Federal Deposit Insurance Corp. stockAll other resources
3,124,000
17,298,000
438,558,000
52,727,000
3,128,000
18,700,000
399,143,000
52.728,000
3,139,000
18,980,000
459,915.000
52,719,000
3,138,000
20,361.000
429,215,000
52,717,000
3,129,000
15,585,000
474,866.000
52,682,000
49,674,000
52,754,000
50,339,000
48,353.000
47.277,000
3.129,000
20,517.000
435.509,000
52,630,000
139.299,000
46.206,000
3,129,000
17,318,000
466,297,000
52,630,000
139.299.000
44,247,000
3.128,000
18.165,000
994.632.000
52.610,000
139,299.000
53.824,000
4,029,000
17,821,000
374,170,000
54,417,000
50,143,000
8,178,215,000 8.120,968,000 8,150,330,000 8.084,471.000 8.087.856.000 8,209.171,000 8.238,925,000 8,279.586,000 6,531,083,000
Total assets,
LIABILITIES.
3,078,823,000 3,060,241,000 3,084,823,0003.098,273,600 3,121,703.000 3,055,994.04)0 3,054.216.000 3.054.479.000 3,004,605,000
F. R. notes In actual circulation
46,347,000
55,353.000
57,340.000 126,632,000
F. R,. bank notes in actual circulation...-.
33.743,000
44,852,000
33,864,000
38,560,000
41.045,000
Deposits-Member banks. reserve account 3,914,813,000 4,020,030,000 3,987,312,000 3,902,098.000 3,745.739,000 3.836,536.000 3.768,556,000 3,895.108.000 2,319.239,000
56,229,000
47,893,000
47,801,000
169,594,000
U. S. Treasurer-General account.a
21,340,000
63,136,000 152,150,000 134,396.000 196,951,000
4,484,000
4,322,000
18,664,000
5,767.000
7.885,000
6.864,000
4.530,000
Foreign banks
5,285,000
5,211,000
211,978,000 211,851,000 216,693,000 217.700,000 227.241.000 219,281,000 219,943,000 246.474.000 169,786,000
Other deposits
4,293,299,000 4,287.567,000 4,230,630,000 4.188.145,000 4.129,660,000 4.195.980,000 4,189,934,000 4.193,797.000 2,563,918,000
Total deposits
Deferred availability items
Capital paid in
Surplus
Reserves(FDIC stock. self insurance, &a.)
Reserve for contingencies
All other liabilities
Total liabilities
Ratio of total reserves to deposits and
F. R.. note liabilities combined
ontifigent liability on bills purchased for
foreign correspondents
Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-16 days bills bought in open market.-16-30 days bills bought in open market.31-60 days bills bought in open market
81-90 days bills bought In open market. Over 90 days bills bought in open market
Total bills bought in open market
1-15 days U. S. certificates and bills....
16-30 days U. S. certificates and bills....
31-60 days U. S. certificates and bilis.-61-90 days U. S. certificates and bills
Over 90 days U. S. certificates and bills
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
81-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
437,474,000
146,552,000
138,383,000
405,799,000
147,285,000
138,383.000
463,920,000
147,306,000
138,383.000
424.880.000
147,246,000
138.383.000
460.997,000
147.121,000
138.383.000
436,342,000
147.129,000
138,383,000
161,834,000
464.856.000
197,107,000
138,383.000
161,83' 000
489,990.000
146,460,000
138,383,000
161,833,000
381,537,000
146,256,000
278,599,000
22,540,000
27,33C,000
22,540,000
25,410,000
22,541.000
24,167.000
22,540.000
23,959,000
22,540,080
22,600.000
27.162.000
27,242.."0
37.304.000
12,105,000
17.431,000
8.178.215,000 8,120.968,000 8,150,330,000 8.084.471,0008,087.856.000 b.f'09.171.000 8,238,925,000 8.279,586,000 6,531,083,000
69.9%
69.9%
69.7%
1,085,000
1,196,000
1,399,000
3
8
$
69.5%
1,401,000 _
$
69.2%
69.6%
89.7%
69.7%
68.4%
1,450,000
1,740,000
1.957,000
2,093,000
37,123,000
$
$
3
$
$
14,498,000
1,007,000
4,919,000
805,000
141,000
14,499,000
639,000
5,102,000
905,000
153,000
14,967,000
2,161,000
4,312,000
1,598,000
219.000
14,755.000
1,593,000
1.336.000
4,749.000
251,04,0
20,630,000
2,003.000
1,550.000
4,544,000
261,000
18,766.000
1.392.000
1.268,000
5.276,000
313,000
20.006.000
1,075,000
1,514,000
5.064,000
297.000
23,927,000
1.805,000
1,856,0410
2,927,000
601,000
121,061,000
13,839,000
14,671,000
11,782,000
2,189,000
21,370,000
21,298.000
23,252,000
22.684,000
28.988,000
27,015,000
27,956,000
27,876,000
163,542,000
606,000
1.413,000
400,000
2,787,000
654,000
473,000
1,511,000
2,633,000
2,675.000
550.000
1,475.000
559,000
2.723,000
618.000
475,000
1,443,000
520,000
2,675,000
767,000
1.355,000
1.411,000
2,762,000
844,000
198.000
1.358,000
371,000
3,128,000
343,000
197,000
1,404,000
3,354,000
246,000
1,250,000
688,000
488,000
5,786,000
1,000
5,206,000
1,271,000
5,259,000
5,259,000
5,317,000
5,215.000
5.200,000
5,201,000
8,213,000
54,263,000
36,997,000
98,122,000
104,325,000
417,944,000
44,280,000
38,232,000
92,369,000
110,497,000
426.272,000
17,000,000
55,262,000
105,719,004)
88,047,000
445,623,000
19,600.000
48,280.000
114,680,000
87,537,000
966.755.000
33,225,000
16,999,000
100,259,000
102,222,000
489,394,000
31,470,000
19.600,000
82,462.000
116,769,000
491.548,000
33,105.000
33,225,000
80,262,000
129.469,000
489,304,000
88,604,000
31,470,000
67,880,000
110,629,000
523,143,000
113,644,000
46,700,000
275,001,000
73.413,000
359,029,000
711,651,000
711.650,000
711,651,000
736,852,000
742.099.000
741,849,000
765,365,000
821,728.000
865,787,000
430,000
436,000
448,000
448,000
477.000
484,000
492.000
492,000
7,000
35,000
35,000
35,000
35,000
35,000
1,706,000
48,000
23,000
35,000
35.000
35,000
519,000
527,000
534.000
69,000
465,000
471.000
483,000
483,000
512,000
1,846,000
Federal Reserve NotesIssued to F. R. Bank by F. R. Agent.... 3,367,162.000 3,376,082,000 3,387,639,000 3,392,326,000 3,376,193,000 3.338,310,000 3.348,703,000 3,351,519,000 3,270,681,000
288,339,000 315,841,000 302,816.000 294,053,000 254,490,000 282.316,000 294,487.000 297,040,000 266,076,000
Held by Federal Reserve Bank
In actual circulation
3,078,823,000 3,060,241,000 3.084,823,0003.098,273.000 3,121,703,000 3.055,994,000 3,054,216,000 3,054,479.000 3,004,605,000
Collateral Held by Agent as Security for
Notes Issued to BankI
Gold ctfs. on hand & due from U.S. Trees
3,098,156,000 3,118,656,000 3.113,656,000 3.115,156,000 3.093,656.000 3,073,656.000 3.102.871.0003.078.771,000 1515854000
By gold and gold certificates
1231435 000
Gold fund-Federal Reserve Board
J
15,672.000 100,480,000
11,026,000
15,725,000
10,831,000
16,245,000
12,457,000
18,071,000
11.626,000
B eligible paper
297,400,000 293,000,000 309,000,000 302,000,000 305,000.000 292,000,000 267.000,000 302,700,000 477,200,000
U. S. Government securities
Tots collateral
3,406,387,000 3,422,682,000 3,435,113,000 3,428,782.000 3,416.727,000 3.381,381.000 3,386,118.000 3,395.143,000 3,324.969,000
•"Other cash" does not include Federal Reserve notes or• bank's own Federal Reserve boor notes.
These are certificates given by the U. S. Treasury,for the gold taken over from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100 cents to
59,06 cents. these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as profit by the Treasury under the provisions
of the Gold Reserve Act of 1934.
•Caption changed from "Government" to "II. 9 Treasurer-General amount" and $100.000,000 Included in Government deposits on May 2 transferred to "Other
deposits."
Volume 139
Financial Chronicle
Weekly Return of the Federal Reserve Board (Concluded).
719
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. I
1934
Two Ciphers (00) Omitted.
Federal Reserve Bank Or-
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Mtnncap. Kan.Cuy. Dallas. San Fran.
Total.
RESOURCES.
$
$
$
$
$
$
$
$
5
$
$
$
$
Cold certificates on hand and due
from U.S.Treasury
4,906,009.0 388,761,0 1,721.912.0 273,323,0 378,641,0 163.920,0 112,464.0 1,048.597,0 166,191,0 108.245,0 169.496.0 86,923,0 286,816,0
Redemption fund-F.R. notes
24,003,0 1,925,0
976,0 2.329,0 3,205,0 1,912,0 4.035,0
1,808.0
877,0 1.130,0
923,0
518.0 4,365,0
Other (sash
225,891,0 19,338.0
50,418,0 36,309,0 13,397,0 8,641,0 13,037,0
32,194,0 10,785.0 13,127,0 10,287,0 5,501,0 12,857,0
Total reserves
5,155,903.0 410,024,0 1,773,306,0 311,961,0 395,243,0 174,473,0 129,536.0 1,082,599,0 178,573,0 122,502,0 180,706.0 92,942.0 304,038,0
Redem. fund-F. R. bank notes.
2,105,0
1,855,0
250,0
Billsdiscounted:
Sec. by. U.S. Govt.obligations
4,130,0
1,672.0 1,592,0
66.0
173,0
158,0
24,0
230.0
100,0
25,0
10,0
30,0
50,0
Other bills discounted
10,223.0 4,615,0
163,0
17,240,0
332,0
167,0
553,0
20,0
90.0
317,0
156,0
338,0
266,0
Total bills discounted
21,370,0
229,0
11,895,0 6,207.0
505,0
191,0
711,0
190,0
250,0
342,0
166,0
368,0
316,0
Bills bought In open market
5,206,0
371,0
1,937.0
488,0
537,0
178,0
193,0
122,0
650,0
85,0
142,0
142.0
351,0
Industrial advances
5.0
5,0
U. S. Government securities:
Bonds
467,809,0 27,226.0 165,752,0 30,020,0 35.996,0 17,502.0 15,951,0
76,078,0 16,165,0 17.350,0 17,273,0 20,389.0 28,107,0
Treasury notes
1.252,320,0 82,798,0 395,159,0 87,393,0 112,357,0 54,622,0 49.687,0 222,281,0 48,893,0 30,633,0 48,345,0 32,424,0 87,728,0
Certificates and bills
711,651,0 47,655,0 216,844,0 49,707,0 64.671,0 31,439,0 28.599,0 129,984,0 28,142,0 17,626,0 27.826.0 18,662,0 50,496,0
Total U.S. Govt. securities 2,431,780,0 157,679,0 777,755,0 167,120,0 213,024,0 103,563,0 94,237,0 428,343,0 93,200.0 65.609,0 93,444,0
71,475,0 166,331,0
Other securities
•
465,0
430,0
35,0
Total bills and securities
. 2,458,826.0 158.279,0
Due from foreign banks
3,124.0
236,0
Fed. Res. notes of other banks- _ .
17,298,0
356,0
Uncollected items
438,558,0 49,253,0
Bank premises
52,727.0 3,224,0
All other resources
49,674,0
697,0
Total resources
791,622,6 174,294,0 214,017,0 104,467,0 94,606,0
1,192,0
341,0
300,0
119,0
109.0
4.068,0
696,C
1.036,0 1,629,0 1,047,0
111,596,0 35,307.0 43,267,0 36.261.0 10,959,0
11,455,0 4,252,0 6,788,0 3,128,0 2,372,0
33,602,0 5,182,0 1,408,0 1,811,0 2,309,0
429,183,0 93,572,0 66,041,0 93.752,0 71,985,0 167,008,0
414,0
10,0
7,0
87.0
87,0
222,0
3,001,0
427,0 1,480,0
706,0
261,0 2.591,0
58,293,0 16,016,0 10,983.0 28,740.0 16,599.0 20.284,0
7.387,0 3,126,0 1,664,0 3,485,0
1,757,0 4,089.0
1,204,0
279,0 1,099,0
979,0
523,0
581,0
. 8,178,215,0 622,319,0 2,728,696,0 532,033,0 662,059,0 322,888,0 240,938,0 1,582.081.0 292,282.0 202,723.0 308,773,0 184,610,0 498.813,0
LIABILITIES.
F. IL notes in actual circulation. 3,078.823,0246,003.0 610,933,0246,932.0 307,955,0
140,289,0 132,457,0
F.R.bank notes In act'l cirourn_ 33,864,0
32,946,0
918,0
Deposits:
Member bank reserve account- 3,914,813,0 297,968.0 1,605,980,0 203,094,0 256.557,0 125,550,0
72,065,0
U. 8. Treasurer-Gen. acct._. 159,594,0
76,669.0 2,706.0 16,734,0 5,832,0 7,237.0
914,0
Foreign bank
6,864,0
2,508,0
479,0
693.0
639,0
253,0
233,0
Other deposits
- 211,978,0 4,294,0 124,179.0 13,367,0 8.328,0 2,168,0 5.244,0
Total deposits
Deferred availability Items
Capital paid in
Surplus
Regerve for contingencies
All other liabilities
764,103,0 133,303,0 98,589.0 111,026,0 41,225,0 206,008,0
685,247,0 111,984,0 74,861,0 148,747,0 110,272.0 222,488.0
26,632,0
685,0 1,298,0 9,331,0 2,308,0 9,248,0
839,0
153,0
220,0
187,0
473,0
187,0
4,934,0 18,384.0 8.617,0 4,608,0 1,660,0 16,195,0
.4,293,249,0 303,655,0 1,809,336,0 219,860,0 282,258,0 133,803,0 84,779,0
437,474,0 49,742,0 106,816,0 33,438,0 42,024,0 37,362,0 11,248,0
59,474,0 15,350,0 12,934,0 4,975,0 4,441,0
146,552,0 10,699,0
138,383,0 9,610,0
45,217,0 13,352,0 14.090,0 5,171,0 5,145,0
4,737,0 2,500,0 2,300.0 1,155,0 2,581,0
22,540,0 1,053,0
19.237,0
27,330,0
639.0
601,0
498,0
133,0
287,0
Total liabilities
717,652,0 131,273,0 84,929,0 162,873,0 114,427,0 248.404,0
60,988,0 17,752,0 10,853,0 26,349,0 18,725,0 22,177,0
12,672,0 4,034,0 3,078,0 4,122.0 4,000,0 10.773.0
20,681,0 4,756,0 3,420,0 3,613,0 3,683,0 9,645.0
2,969.0
617,0 1.130,0 1,619,0
853,0 1,026,0
3,016,0
828,0
311,0
173.0
1.420,0
187,0
- 8,178,215,0 622,319,0 2,728,696.0 532,033,0 662,059,0 322,888,0 240,938,0 1,582,081,0 292,282,0 202,723,0 308,773,0 184.610,0 498.813,0
Memoranda.
Ratio of total res. to del). & F.
note liabilities combined
69.9
72.1
74.6
66.8
67.0
59.6
63.7
untlogent liability on bills p ._
based for torn corresponden
1 11115 n
800
356.0
116.0
107.0
42_0
39.0
•"Other Cash" does not include Federal Reserve notes or banks own Federal Reserve
bank notes.
73.1
67.5
66.8
66.0
59.7
66.9
141.0
37.0
26.0
31.0
31.0
79,f
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Total.
Boston. New York.
Phila.
Cleveland. Richmond Atlanta.
Chicago.
Federal Reserve notes:
S
$
Issued to F.R.Bk. by F.R.Agt_ 3,367,162,0
271,907,0
Held by Fell Reserve Bank_ _ _ 288,339,0 25,904,0
$
$
$
$
5
745,323,0 263,713,0 324,295,0 150,328.0 152,333,0
94,390,0 16,781,0 16,340,0 10,039,0 19,876,0
St. Louis. Mintteap. Kan.City. Dallas. San Fran.
-$
$
$
$
S
$
802,812,0 137.210,0 102,522.0 117,365,0 46,329,0 253,025,0
38,709.0 3,907,0 3,933,0 6,339,0 5,104,0 47,017,0
In actual circulation
3 078 823 0 246 003 0
Collateral held by Agent as se- ' '
' ' .
entity for notes issued to bits:
Gold certificates on hand and
due from U.S. Treasury_ __ 3,098,156,0 276,117,0
Eligible paper
10,831,0
229,0
U. S. Government securities_ 297,400,0
650,933,0 246,932,0 307,955,0 140,289,0 132,457,0
764.103,0 133,303,0 98,589,0 111,026,0 41,225,0 206,008,0
753,706,0 221,500.0 277,431.0 117,340.0 86,385,0
6,194,0 2,271,0
191,0
369,0
505,0
40,000,0 50,000,0 34,000,0 67,000.0
809,513,0 118,936,0 85,000,0 105,290,0 47,175,0 199,763.0
242,0
190,0
67,0
368,0
73,0
132,0
19,000,0 18,400.0 15.000,0
54.000,0
Total collateral
3 4n6
237 11 27ft %IR (1
7511
goon 2fi3 771 n
327 936
n isi 7990 153 576 0
809.703.0
138.178.0 103.467.0 120.363.0 47.543.0 253,895.0
FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent atFederal Reserve bank notes:
Issued to F. R. Bk.(outatdg.).
Held by Fed'I Reserve Bank__
In actual circulation-net
Collat. Pledged agst. outat. notes:
•Discounted dr Purchased bilis-U. S. Government securities_
Total oollateral
Total.
Boston. New York.
Phila.
Cleseland Richmond Atlanta.
S
3
33,399,0 10,208,0
453,0 10,208,0
$
45,118,0
11,254,0
S
1,511,0
593,0
33,864,0
918,0
50,474,0
5.000,0
33,474,0 12,000,0
50.474.0
5.000.0
33.474.0 12.000.0
*
3
$
Chicago. St. Louts. Minneap Kan.Citp. Dallas. San Fran.
$
$
3
$
3
3
32,946,0
• Does not Include $100,131,000
of Federal Reserve bank notes for the retirementof which Federal Reserve banks have deposited lawful money with the Treasurer
the United States.
of
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
immediately preceding which we also give the
figures of New York and Chicago reporting member banks for Discussions,"
a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING
MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JULY 25 1934 tIn Millions of Doi ars).
Federal Reserve DistrictLoans and Investmente-total
Loans-total
On securities
All other
Investments-total
U. B. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand dePatilla
Time deposits
Government dePasIts
Due from banks
Due to banks
R.rrnsincr• fvnm F
. I/ Rank
Boston. New York
Total.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Aftnticap. Kan.C11y. Dallas. San Fran.
s
8
1,056
1,178
3,689
499
410
1,913
1,776
232
267
194
216
$
17,728
$
1,164
$
8,139
7,938
668
3,493
4,445
255
413
$
345
$
$
s
$
$
s
s
338
1,827
551
414
162
167
717
206
157
211
184
868
58
104
61
106
322
395
75
131
39
118
62
149
58
126
224
644
525
354
1,837
9,790
496
4,450
557
768
183
171
1,110
319
197
340
230
969
6,671
3,119
325
171
3,100
1,350
288
269
571
197
129
54
116
55
765
345
217
102
141
56
230
110
179
51
610
359
3,039
235
12,755
4,501
1,296
1,644
3,845
270
49
887
340
109
122
197
1,419
49
6,607
1,103
741
145
1,710
147
12
679
317
70
147
236
158
19
645
467
53
111
185
49
11
218
135
8
82
91
30
6
173
133
31
79
77
563
44
1.650
479
65
236
515
72
7
340
165
34
96
152
42
4
224
124
9
77
101
84
11
420
167
24
227
270
73
8
271
125
66
142
126
132
15
641
946
86
180
185
I%
k
720
Financial Chronicle
SinttnriaI
glt
Tilmintroc-
Aug. 4 1934
United States Government Securities
Bankers Acceptances
dinntirle
PUBLISHED WEEKLY
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
Cameo.,Orricz—In charge of Fred. H. Cray. Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON OFFICE—Edwards & Smith, 1 Drapers Gardens. London, E.C.
WILLIAM B. DANA COMPANY, Publishers,
NEW YORK AND HANSEATIC CORPORATION
37 WALL ST., NEW YORK
U. S. Treasury Bills—Friday, Aug. 3.
Rates quoted are for discount at purchase.
William Street, Corner Spruce, New York.
Bid.
Railroad and Miscellaneous Stocks.—For review of the
New York stock market, see editorial pages.
The following are sales made at the Stock Exchange this
week (July 28 to Aug. 3 inclusive) of shares not represented
in our detailed list on the pages which follow:
STOCKS.
Week Ending Aug. 3.
Sales
for
Week.
Range for Week.
Lowest.
Range Since Jan. 1.
Highest.
Lowest.
Highest.
Railroads—
Par Shares. $ Per share. $ per share. $ per share.$ per share.
Havana Elect RS Pf 100
Jan 844 Apr
10 4 Aug 2 4 Aug 2 3
Hudson & Mardi pf_100
500 1054 July 31 1034 July 28 9% July 2644 Jan
lot Rys of Cent Amer—
Preferred
100
220 11 July 30 1134 July 30 7H Jan 2234 Apr
Market St Ry
100
70
54 Jan 2% Mar
M Aug 1
% Aug 2
2d pref
100
10 3,14 Aug 1 3% Aug 1 1
Jan 4% Apr
Northern Central. _ _50
10 87 Aug 1 87 Aug 1 81
Mar 88
July
Miscellaneous—
Am Mach & Mets ctts_.
Amer Radiator & Stand
Sanitary pref _ _100
Art Metal Construct_10
At1G&WISSLpf 100
Bloomingdale 7% pf 100
Bon Am! class A
Briggs & Stratton_ _ _
Brown Shoe pret_ _ _100
400
734 July 31
7% July 28
Jan 10
May
40 12134 Aug 1 122 July 30 11134
40 5 July 31 5% July 30 4
200 10 July 31 1034 July 28 10
40 100 July 30 10244 July 28 88
100 7834 July 31 80 July 28 76
200 16 July 31 1644 July 31 14
50 124 Aug 3125 Aug 2 11834
Jan 112
July 931
July 24
Jan 10744
May 86
July 24%
June 125
July
Apr
Apr
July
July
Apr
Aug
Checker Cab Mfg Corp5
Chicago Yellow Cab_.*
Coll & Aikman pret_100
I Col Fuel & It pret_100
Conde Nast Publica'ns*
Cushm Sons pf (7%)100
Devoe & RaYn 1st P1100
Durh Hos Mills pf__100
500 6
100 1134
50 78%
120 13
100 5
30 8434
170 110
10 2454
Aug 1 7
July 30 1134
July 30 79
July 31 18
Aug 2 544
July 31 85%
July 30 11034
Aug 1 2444
Aug 3
July 30
July 30
Aug 3
Aug 2
Aug 2
July 30
Aug 1
Aug 1644
Apr 16
June 94
Jan 32
Aug 13%
Mar 91
Feb 110%
Feb 30
Mar
May
Apr
Feb
Apr
May
July
May
Fed Min & Smelt p1100
Freeport Texas pref_100
Greene Cananea Cop100
Guantanamo Sug p1100
Interst Dept Sts p1100
Kansas City P & L—
Pref series B
Keith-Alb-Orph p1.100
Kresge Dept Stores._ _*
Preferred
100
100 75
100 116
10 40
20 26
100 5434
July 28 75
Aug 3116
July 31 40
Aug 2 26
July 31 5434
Jan 98
July 28 70
Aug 3 116
Aug 16044
July 31 18
Jan 59
Aug 2 7% Jan 31
July 31 21% Jan 72%
July
Jan
Apr
Feb
Apr
15011234
100 3744
100 234
10 39
Aug 3113
Aug 2 3744
July 21 231
July 31 39
July 30 97% Jan 113% July
Aug 2 20
Jan 37% Aug
July 31 244 Jan 744 Feb
July 31 19
Jan 55
Apr
Maytag Co pf x-warr_*
Norwalk T & Rub p1_50
Peoples Drug Stores. _*
Revere Cop & Br p1.100
Stand Brands pref._100
The Fair pref
100
10 28% Aug 2 28%
240 36 July 28 3744
300 45 July 28 45
40 81 Aug 3 82
170 125 July 28 12634
50 6444 Aug 2 71
United Amer Bosch....,'
100
U S Express
US Tobacco pref ._100
Unlv Leaf Tob pref.100
Union Pipe & Rad p1100
Webster Elsenlohr 0100
Wilcox-Rich cl A cony *
40 9% Aug 3 10 Aug 2 8
200
% Aug 3
% July 31
%
70 145% Aug 2145% Aug 2 126
30 125 Aug 3125% Aug 2 11244
70 7% July 31 7% Aug 1
434,
20 90 Aug 2 90 Aug 2 65
200 30 Aug 2 30 Aug 2 2744
431
6
1144
7744
1044
5
8044
99
21
Aug 2 9
Jan 28%
July 30 32
July 40
July 28 21
Jan 55
Aug 1 46
Jan 90
July 30 121% Jan 126%
July 30 50
Jan 83
July 17
May 134
Jan 145%
Jan 125%
Jan 24
Jan 90
Jan 32
Aug
July
June
June
July
Apr
Feb
Apr
July
Aug
Apr
Aug
Feb
• No par value. f Companies reported in receivership.
The Week on the New York Stock Market.—For
review of New York stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ended
Aug. 3 1934.
Railroad
State.
Stocks.
Number of and Miscell. Municipal ct
Porn Boncts.
Shares.
Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
468.900
805,830
593,450
778,660
563,530
464,980
Tntql
$3,218,000
5,208,000
4,991,000
5,845,000
4,655,000
5,360,000
..1 Rix anal S90 977 0410
Sates at
New York Stock
Exchange.
Total
Bond
Sales.
$2,407,000
3,009,000
2,178,000
3,407,000
1,489,000
1.719,000
86,264,000
9,345,000
8,162,000
10,587,000
7,106,000
8,053,000
SR CISI AM &IA 900 nnn 540 Al7 nnn
Week Ended Aug. 3.
1934.
Jan. 1 to Aug. 3.
1933.
Stocks—No, of shares_
3,675,350
Bonds.
Government bonds_ _ _ $14,209,000
State & foreign bonds_
6,031,000
Railroad & misc. bonds 29,277,000
Total
$639,000
1,128,000
993,000
1,235,000
962,000
974,000
United
States
Bonds.
1934.
1933.
8.606,143
236,250,568
466,651,452
53,893,000
11,956,000
29,572,000
$404,283,200
400,197,000
1,544,130,000
$283,350,400
476,859,500
1,368,467,900
$49,517,000 $45,421,000 $2,348,610,200 $2,128,677,800
Quotations for United States Treasury Certificates of
Indebtedness, &c —Friday, Aug. 3.
Maturity.
In:.
Rate.
Bid.
Sept.15 1934....
Aug. 1 1935__
June 15 1939_-Dec. 151934...
Mar. 15 1935....
Dec. 15 1935._ _
Feb. 11938..
Dee. 15 1936_ _.
IH%
1M %
234%
234%
234%
234%
254 %
2fi %
10090.,
10117n
1021.,
1010,,
10191.,
1039.,
10310.,
10477.,
Asked.
Maturity
10090.4 Apr. 15 1938_ _
1011°., June 151938....
1024., June 151935,...
101H, Feb. 151937....
10194 , Apr. 151937...
1030,, Mar. 15 1938_ _
10370., Aug. 1 1936-10430., Sept.15 1937,..
Aug. 8 1934
Aug. 15 1934
Aug. 22 1934
Aug. 29 1934
Sept. 5 1934
Sept.26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
(..15%
0.15%
0.15%
0.15%
0.15%
Asked.
Bid.
Nov. 7 1934
Nov. 14 1934
Nov.21 1934
Dec. 19 1934
Deo. 26 1934
Jan. 2 1935
Jan 9 1935
Jan. 15 1935
Jan. 23 1935
Jan. 30 1935
Asked.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
United States Government Securities on the New
York Stock Exchange.—Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Daily Record of U. S. Bond Prices. July 28 July 30 July 31 Aug. 1
Aug.2
Aug.3
104
High
104
First Liberty Loan
104
104
____ 10310., 103142, 10331,2 104
334% bonds of 193247__ Low_
104
__ __ 104
Close
10310,, 104
(First 344s)
104
104222
35
____
28
Total sales in 31.000 units_ _
16
1
26
_
_
_
{
Converted 4% bonds of_ Hlgli
---1932-47 (First 4a).- - - 1,0vr_
Close
Tatra tales in 31,000 units—
-- 102-2 .;
Converted 431% bonda.{ High 103
10-2-3(72; 103 1039.,
1022a,
of 1932-47 (First 4tis) Low.. 103
1022% 102",, 103
10224n
Close 103
1021032 103
103,,,
2
5
Total sales in 11,000 units_ __
18
8
25
Second converted ,
III %I High
---bonds of 1932-47 (First Low.....
---Second 4If s)
Total sales in $1.000 units...
Fourth Liberty Loan
{High 10-3-1i;
3 10-3-2,;
10-31iL 10
.
31;s; 10-3-2.
454% bonds of 1933-38_ Low_ 10313., 10322a2 10322a2 1031,n 103,83( 103",,
Close 10319,, 10322,, 1032o,, 10322a2 103
(Fourth 43(s)
1031%
71
18
16
units___
Total sales in 31.000
57
31
21
(High 10110, loll',' 101",, 1012a2 10111,2 101%
Fourth Liberty Loan
4H% bonds (2d called)_ Low_ 1019,, 101",, 1012a2 101222 1012aa 101932
bill,,
loll", 1012a2 101",, 101",,
Close 10110,,
2
10
22
Total sales in 51.000 units___
25
5
4
. 113882 1132
, 113421 113",, 11310,,
r High 1130
Treasury
113
1134a2 1132at 1132,2
444s 1947-52
1132a2 1132a2 1132a1 1131.12 11310.,
1110:e lig
149
160
43
Total sales in 31.000 units--:
581
25
9
High 10811.2 10822a2 10822,2 10822a2 108"s2 108708
48. 1944-54._ --........{Low- 10822n 10820,2 108"al 108.12 1081232 108"a2
Close 1082214 10824a2 1082212 108":2 108"32 10820n
48
1
23
18
Total sales In 51.000 units-360
40
1031a8, 103"32
103i
103',High
{
10320i, 10322a2
Low_ 1031,, 103'82 103.32 103,31 1032n 103"a2
4H.,-334.1, 1943-45
(Close 10301, 103"as 10311,, 1032a2 1032.32 10322n
308
33
398
Total sales in 11,000 units-188
124
230
{High
-- 107(ii 1074as 107,
(2 1072n 107222
___ _ 107
Low_
1074at 10742 1074n 1074a2
354s, 1946-56
...._ 107..( 1074,2 1071.2 1072n 107432
114
11
170
Total sales in 31.000 units...
180
53
(High
linicLowit. 0-4-63; 104,2s2 10424n 104",, 104",, 104":2
104,8,2 10416,2 10412,, 10420a2 104123, 104"a2
3,45, 1943-47
Close 10416,, 104"a2 10424a2 1042'n 1041422 104"as
488
91
174
Total sales in 51,000 units__
7
35
11
i
10122,2 101 22a: 101",, 101":2 10124n
gh 101 2i.::
lliw
ICLo
101",, 1011.
82 loll,
3a, 1951-55
', 101 2182 10122,2
1012.22 10112,2 101",, 10122n 101242
101.2
17
120
81
143
Total sales in 31,000 unital..°7_
180
99
133
1012482 10121,, 101033 101 1H, 101",,
High
10119,,
109,Low_
101":2 101 228s 101 1% 101"82 10110st
35, 1948-48
•
1012282
101",,
(Close
1011882 101 1233 101",, 10110.,
100
168
Total sales in $1,000 units.-204
165
9
25
1 High 10411,1 1114"al 1013o,, 104",, 10490,2 104un
10418,
10414a2 10411,, 10470,, 10494n
Low_ 10429,1
3Ma, 1940-43
Close 10427,1 10421s3 104",, 10410s, 10410s, 10424,,
246
41
Total sales in 31,000 anus...
7
254
1
14
{High
---_ 10426.2 10419n 10419,, 104101, 10416,,
Low_
3Hs. 1941-43
--- - 1042212 104",, 1041.31 10422n 104901,
Close
--- 10424s2 104Issi 10416,, 1042282 10191,,
24
---Total sales in 81.000 units__
8
203
46
34
I High 10210,, 102"82 10224,, 1021,s, 10288,2 10210s,
Low_ 102",, 102":2 102.,, 10217s, 10220a2 1028822
334s, 1948-49
Close
__. 1021.32 1022222 1022832 10222,2 10222a2 10228,2
655
186
Total sales in 11.000 units
171
129
78
125
1 High 16419,, 1042282 10419ii 10422n 104"82 105
33-4s. 1941
Low_ 104",, 1042422 10419., 10444,2 1042222 10488,2
1042022 10411.2 10422,2 1042282 10488s,
310
309
Total sales in 51,000 unik
Ci_°_
se 1°4"
66
304
216
82
{High 1030,2 103"a: 103"s, 1034n 1032:2 103",
Low_ 103'32 103411 1034a2 103
334s. 1944-46
1032a2
1032a2
uni,C,ifia_e 103,8 103",, 1034n 103an 103282 1032a2
114
Total sales In $1,000
182
66
359
245
170
Federal Farm Mtge
{ High 10110,2 10110,2 10122a2 101.'22
_ 101",,
Low_ 10111,, 10119., 101", 1012422
3,34a, 1944-64
101"82
Close 10197,2 10100,2 10122a2 101"n
10112
7
Total sales in $1,000 units_
35
44
168
50
Federal Farm Mortgage (High 1000,2 101 2'82 100"a2 1000,2 lo-o-CD; 10022at
3s, 1949
Low. 1000., 100222 1002a2 1004n 1002n 1002a2
Close 1009,, 10020,, 100"a2 1002n 10010n 1002,2
49
175
Total sales in $1,000 unites.._
81
195
46
163
Home Owners' Loan
{High 10019,1 100,8,2 100n, 10012,2 10022112 10024n
is. 1951
Low_ 10012,, 100032 1002032 1002n 100242 100"a2
Close 10010,, 100"a2 10024a2 1001.32 1002282 10011,,
Total sales in 11.000 units-110
62
101
170
45
34
Home Owners' Loan
High 10010,2 100"3, 10010.2 1002n 100"82 100l,,
3a.series A. 1952
{Low_ 1000,, 100.32 1004a2 1004n 1002n 1002,2
Close 1009,, 10003, 1002n 1002n 100212 1002,2
Total sales in $1.000 units__
614
383
483
98
175
160
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
Int.
Rate.
Bid.
Asked.
234%
234%
3%
3%
3%
3%
334%
3tif %
1049,,
10414.,
1021/,,
10479n
10419,,
10427,,
1050.,
10511,.
1049,,
104".•
10210a,
105
105
1041H,
1057.,
105",,
1 Fourth 414s (uncalled)
3 Fourth 4445 (2nd called)
35 Treasury 444s, 1952
1031.13 to 10324,2
101% to 101%
1122(.2 to 1134,,
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 712.
A complete record of Curb Exchange transactions for the
week will be found on page 739.
721
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Or FOR SALES DURING THE WEEK OF' STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
NOTICE.-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day. No account is taken of such
sales In computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 28.
Monday
July 30.
Tuesday
July 31.
Wednesday
Aug. 1.
Thursday
Aug. 2.
Friday
Aug. 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
Chi basis of 100-share tots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933
&meet.
Highest.
$ per share $ per share $ per share
Par $ Per share
Railroads
3458 Feb 8018 July
7384 Feb 5
Atch Topeka & Santa Fe__ 100 4814 July 31
50
Apr 7984 June
100 2412July 31 90 July 14
Preferred
5414
1612 Feb 59 July
Feb
16
26
100 25 July
Atlantic Coast Line RR
81 Feb 377 July
100 1314 July 26 3412 Feb 5
Baltimore &Ohio4
912 Apr 3914 July
100 1634 July 26 378 Feb 6
Preferred
20
Jan 41% Dec
50 3512July 27 46% Feb 1
Bangor & Aroostook
6858 Jan 110 Aug
100 9518 Jan 5 111 June 30
Preferred
6
Apr 30 July
612July 27 19% Feb 5
100
Boston dr Maine
312 Mar
83 Feb 7
95 July
338July 27
Brooklyn & Queens Tr_No par
3534 Apr 6018 July
No par 38 July 26 5814 Apr 26
Preferred
2184 Feb 4114 July
No par 2814 Mar 27 42 July 14
5,900 Bklyn Mash Transit
64 Mar 8312 June
$6 preferred series A_No par 8218 Jan 4 97 July 21
300
7% Apr 2078 July
25 1178July 26 1814 Mar 12
12,900 Canadian Pacific
5014 Apr 7912 July
Cam Clinch & Ohio stpd__100 70 Jan 6 9212June 23
38
Apr 122 July
Central RR of New Jersey _100 53 July 27 92 Feb 3
24% Feb 4914 Aug
25 3912 Jan 5 4838June 16
11,800 Chesapeake & Ohio
7 Feb 17
8 July
12 Apr
18 Aug 2
600 :Chia ,k East Ill Ry Co_ _ _100
8 Feb 16
812 July
12 Apr
138July 23
100
100
6% preferred
512 Feb 1
18 Apr
758 July
2 July 26
100
1,200 Chicago Great Western
212 Apr 147 July
4 July 23 1178 Feb 19
100
1,500
Preferred
812 Feb 5
1
Apr 11% July
212July 26
4,700 Chic Milw SIP & Pee_ _No par
1814 July
112 Feb
358July 26 13% Feb 5
100
11.200
Preferred
114 Apr 16 July
412July 26 15 Feb 6
13.600 Chicago & North Western_100
2
16
Apr
28
Feb
26
24%
July
814July
100
1,800
Preferred
614 Feb 7
2 Apr 1018 July
2 July 24
2,200 :Chicago Rock Isi & pactflo100
1912
Apr
July
312
Feb
6
July
26
958
34
100
500
7% preferred
27 Apr
15 July
8 Feb 6
2 July 23
100
400
6% preferred
1514 Feb 51 July
100 19 July 27 4018 Feb 1
240 Colorado & Southern
1212 Apr 4218 July
100 1812 Aug 2 3314 Feb 9
20
4% let preferred
10 Mar 30 July
100 20 Jan 12 30 Feb 3
4% 2d preferred
1058 June
114 Feb
634 Feb 5
218 Jan 5
300 Consol RR of Cuba pref _ _ _100
18 June
212 Jan
314 Jan 15 1012 Jan 23
100
Cuba RR 8% prof
3758 Feb 9384 July
100 3612July 26 7312 Feb 1
1,400 Delaware & Hudson
1714 Feb 46 July
10,000 Delaware Lack & Western_60 14 July 26 3334 Feb 5
19% July
2 Feb
418July 26 1314 Mar 28
900 Deny & Rio Or West pref_ _100
334 Apr 258 July
100 1018July 26 247 Feb 5
3,400 Erie
4% Apr 2912 July
100 1534 July 26 2814 Apr 26
1,900
First preferred
212 Apr 2314 July
100 11 July 28 23 Apr 21
400
Second preferred
418 Apr 338 July
100 1214July 26 3212 Feb .5
13,100 Great Northern pref
1% Mar 1112 July
5 July 25 1814 Feb 20
100 Gulf Mobile & Northern 100
212 Mar 2312 July
100 12 July 28 3534 Feb 21
200
Preferred
284 June
% Dec
112 Jan 23
58July 2
Havana Electric Sty Co No par
612 July 19 June
5 July 24 1218 Feb 7
100
500 Hudson & Manhattan
812 Apr 50% July
100 1358July 26 387 Feb 5
7,400 Illinois Central
16 Mar 6018 July
100 3112July 20 50 Apr 26
8% pref series A
31 Mar 60 July
100 4834 Jan 5 66 May 2
10
Leased lines
412 Apr 34 Jul
Feb
8
2414
1
14%July
1000
*12
*912
123
4
RR
Sec
ctfs
series
A
123
4
123
*912 1434 *912 124 *912 1234 .10
1334 Dec
418 Feb
512July 26 1334 Jan 2
7% 8
1,800 :Interboro RapiciTran vie 100
6
7
7
614 .01
634 64 *634 714
7
612 Feb 2478 July
Ois July26 1934 Apr 21
100
*8
812
800 Kansas City Southern
8
8
812 *818 81
8
718 718 *718 8
14 July
34
s12
Mar
21
Apr
2712
3
Aug
12%
100
1214
1214
200
14
*12
Preferred
L•12
1378 1314 1314 *12
1334 *1212 14
858 Feb 2734 July
012July 26 2114 Feb b
60
1118 1118 1114 1078 1118 3,600 Lehigh Valley
1053 108 10
103
934 1038 11
67
Jan
2114
6212
Apr
20
.,r 50
12 July
July
26
47
47
46%
50
45
*45
Nashville____100
1,700
y4734 4810 47
471
Louisville
&
4714 47
Oct
12 Mar 28
20 :Manhattan Ry 7% guar _100 20 Jan 3 3212 54ar 29
*23
27
23
27
22
22
22
L.22
27
22
*20
22
Oct
6
Jan 20
192* Jan 12
100 1034July 2
1314 1458 5,900
Mod 5% guar
11% 1214
1212 1314 1212 13
1112 11'2 1112 12
5
47
8
June
I%
Mar
Apr
12%
24
Jan
16
100
100
8
3
*5
Market St Ry prior pref
*558 8
*5,
8 7
*512 7
.512 8
534 5
214 July
138 Mar 28
%I Jan
% July 30
3s .5,800 :Minneapolis & St Louls _ _ 100
38
14
38
14
14
14
38
14
14
%
3
57 July
ii
% Mar
358 Feb 6
1 July 26
*1
112
112
100 Minn St Paul & SS Marle_100
112 .1
112
*1
112 el
*1
11
812 July
1
21
34 Apr
518 Apr 20
13 Jan 8
100
7% preferred
*112 2 4
*1
214 .112
*1
3
*1
3
•1
3
212 Dec 1412 July
712Mar 10
212July 26
*212 312
100
4% leased line Mfg
*212 3
*212 314
212 31
*254 412 *212 31
1718 July
51% Jan
438July 27 1478 Feb 5
6
6
538 6
512 512
5%
9,400 Mo-Kan-Texas RR____No pa
515
5
5
558
558
1112 Jan 3714 July
100 1312July 26 3458 Feb 6
1634 1634 1,500
17
17
144 144 1414 15
Preferred series A
17
18
1434 15
1014 July
118
Apr
6
Feb
5
26
2
July
233
100
25
8
27
258 258
1,000
*212
258 278
:Missouri
Pacific
212
258 2o
258
92 Feb 7
3l July 24
1 2's Apr 151.4 July
4
4
4
100
4
358 312
314 358
Gong preferred
2.900
312 358
334 334
13
Jan 57 July '
*2212 2958 *2212 37
.24
2612 •24
Nashville Chatt & St Louis 100 25 July 26 46 Jan 24
2612 *2212 2958 *2512 27
312 June
18 Mar
214 Feb 23
I May 16
Nat Rys of Mex 1s94% pf_100
114
*38
1,2
*34 112 *1
"58 112
*12 11
*12
78
138 June
18 Jan
1 Mar 7
38 Jan 5
100
88
12
*12
*12
12
2d preferred
500
58
12
*88
58
*38
12
12
8 2158 48,200 New York C,entral_-No
14 Feb 5812 July
2018 2118 1958 2058 1858 20
par 1812July 26 4514 Feb 5
__
2112 2018 2114 20,
20
218 Jan
121
2758 Aug
117 12
12
1012 1012 10
9 July 26 263 Apr 24
100
2,500 NY Chic & St Louis Co
1118 11
1112 12
12
25 Apr 3414 July
21
21
2012 2112 2012 2012 1,700
21
100 1712 Jan 3 4314 Apr 23
21
19
21
Preferred series A
18's 21
.11213 122 .11212 127 *11212 1161 *11212 120 .11212 118
117 117
50 108 Jan 2 139 Feb 1 100 Mar 15884 June
20 N Y & Harlem
97
93
Feb 3474 July
7
1118
2418
Feb
5
July
26
10
1058
1012
9
100
10.000 NY N H & Hartford
958 1012 10%
9
918 9
9'2
Apr 56 July
18
16
1512 16
100 1412Ju1y 26 3738 Feb 5
2.300
15
Cony preferred
1612 1612 1712 16
1514 1534 158 15
712 Dec 15 July
6
6
55g 6
.612 6
512 57
514 514
412July 27 11% Feb 5
6
6
1,400 N Y Ontario a. Western_ 100
.58
I
.58
1
312 July
e8., 1
*5, 1
18 Mar
184 Jan 16
*58 1
58July 23
.
58
1
No par
N Y Railways pref
47 July
12 Apr
418 Apr 20
•114
134
134
134
134 *114
118July 23
100
200 :Norfolk Southern
112 *158
112
14
134 *114
11112
Mar
July
18
178 178 *175 182 *178 182 *178 180 *17912 181 *179 180
177
July
187
Jan
5
100 161
100 Norfolk & Western
74 May 8712 Sept
9814 9814 595
9814 *95
60
Adjust 4% pref
100 82 Jan 8 100 June 9
9814 9514 9514 .95
9814
9814 .95
15% 1612 143 1512 1412 157
958 Apr 3478 July
100 1412July 31 36% April
1512 174 1838 17% 1638 1634 16,800 Northern Pacific
7 July
Jan
1
312
*1
312 *1
638 Mar 14
312 *1
312 *1
2 Jan 4
Pacific Coast
10
312 *1
312 *1
10 July
158 Feb
*218 5
.2
•1
5
*218 5
5
*2
5
.2
5
334 Jan 19 1114 Apr 20
1st preferred
No par
7 July
Feb
1
Mar
14
`14
•14 312 *15
611
2
Jan
3
2d
*14
No par
334
514 .14 3
preferred
334
.134 5%
2418 2458 2334 2458 23% 2418 2334 2458 2314 2418 2358 24
138 Jan 4214 July
24,800 Pennsylvania
60 23 July 26 377 Feb 19
2% 2% *214 212
9 July
% Feb
8 Feb 17
400 Peoria & Eastern
210 *214 3
218July 28
100
*214 3
"212 3
214
37 Mar 37 July
*15
•1412 16
16
400 Pere Marquette
14
100 14 July 26 38 Apr 24
17 .1314 16% *1218 167
1412 •12
*34
*3012 40
Jan 4412 July
37
6
3414 3414
35
100
*34
*34
Prior preferred
100 18 Jan 13 5112 Apr 23
35
3658 .34
*20
24
*20
412 Feb 3812 July
.1318 2012
213., 20
43
Apr
23
100
*1218 21
Jan
10
21
20 .15
100 1612
Preferred
57 July
*214 3
2 June
6 Apr 25
3 Feb 8
*3% 312 "23
Philadelphia Rap Tran Co_ _50
5212 314 .214 312 *214 312
314
538 538 *558 8% *514
*5
658 *514 678
818 *558 8
3 Dec 10 July
200
412 Jan 12 16 Apr 24
7% preferred
50
1114 1114 12
*1114 15
200 Pittsburgh & West Virginia 100 1114July 30 27 Feb 21
*12
20
20
612 Apr 3534 July
*11
20 .12
12
*38% 42 .3812 4012 3812 3812 .3312 3912 *3478 3912 3714 3714
2312 Apr 6212 July
200 Reading
50 3714 Aug 3 5638 Feb 5
.37
3712 37
.3412 42
37
25 Apr 38 July
200
*3218 42
lst preferred
3712 3712 .3312 42
50 3378 Feb 7 4112June 9
*32
37 .32
2312 Mar 37 July
37
36
37 .33
*33
3912June 19
2d preferred
37 .32
36
50 2918 Jan 11
*32
1812 July
.518 9
Jan
*558 9
*558 9
6
*558 9
7 July 26 15 Feb 7
Rutland RR 7% pref
100
*538 9
*558 9
938 July
134 2
17
1%
43
24
2,100
2
2
2
2
8
Feb
8
4July
2
2
5
78 Jan
13
1St
Louls-San
Francisco_
_
100
1
1%
218 218
914 July
Apr
212 2,000
1
818 Apr 4
2% 218
2 July 23
181 preferred
214 212 *214
2
214
100
2% 218
1412
*512 1412 *434 1412 •458 1412 *458 1412 *5
51s Mar 22 July
1412 .5
8 July 26 20 Mar 8
St Louis Southwestern
100
7, 1,100 :Seaboard Air Line__ _No par
78
78
78
•78
1
3 July
% Jan
2 Feb 6
7s July 24
78
78
*78
78
78
1
11 July 25
38 Mar
•114
2
48 July
318 Feb 21
*114
2
100
*114 2
Preferred
*114
134 *112 134 *Vs Ps
1118 Feb 3834 July
1634 1758 26,100 Southern Pacific CO
168 1718 1534 1678 1518 1638 1678 174 1634 17%
100 1518July 31 3334 Feb 5
4% Mar 36 July
1318 1334 1212 1312 1212 1358 1358 1434 1358 1412 1458 1478 13,300 Southern Railway
100 12 July 26 3612 Feb 5
57 Jan 49 July
1712 1814 1014 1678
100 14 July 26 4114 Apr 26
16
1614 1712 1712 1758 1712 1734 3,300
17
Preferred
8
Jan 4014 July
*3012 42
.32
40
*3012 40
*3012 40
*3012 40
Mobile & Ohlo stk tr Ws 100 39 Jan 19 473 Apr 20
*3012 40
15 Apr 43 July
1,300 Texas & Pacific Ry Co
15
15
100 1312 July 27 43% Feb 1
16
1838 1534 16
16% 1514 1514 16
16% 16
*48
45
1218 June
418 Feb
*4
5
814 Jan 12
*45
614
5
4 July 26
100
400 Third Avenue
412 43
*4
434 434
414 *37
484 June
812 Apr 24
138 Jan 10
414
414 414 *5
34 Dec
200 Twin City Rapid Trans No par
418 418
434
414 *37
*37
15 June
412 Deo
2212
*16
21
6 Jan 12 39 Apr 24
100
20
19
19
160 Preferred
2012 2012 22
21
22
20
8114 Apr 132 July
102 10414 101 102
100 9934July 26 133% Apr 11
102 1034 4,500 Union Pacific
10234 104
102 102
10112 103
Apr 7512 July
58
100 71% Jan 18 89 July 13
900 Preferred
8434 8478 847 84% a8438 8458 .8478 87
.947 8512 847 847
712 July
112 Jan
478 Jan 30
178 July 27
100
2
2
*2
238
212 *2
238 *2
2
2% *2
214
800 :Wabash
97 July
238July 20
3% 312
34 314
100
312 312
3
3% *318 312
1% Apr
Preferred A
3% 312 2,600
833 Apr 26
18 July
4 Feb
718July 26 1714 Feb 20
9% 9% 5.100 Western Maryland
100
9%
8
8
812
8
812
9
833 914
812
1912 July
5% Jan
958July 26 23 Feb 20
100
*1014 144 *034 1234 *1034 123
11
1234
11
2d preferred
100
.93 1012 *10
912 July
1
Apr
812 Mar 29
258July 27
100
318 3% *314 3,2
3
318
3,2 1,100 Western Pacific
314 312 *Xs 312 *3,4
1% Mar 18 July
100
433 Jan 5 1712 Mar 28
Preferred
718 712 4.400
612 64
638 7
6% 714
712
014 612
63
l$ per share $ per share $ per share
per share $ per share $ per share
5018 52
50
517
52
50
4814 .51
5412 555 x5018 523
*81
8334
*8058 84
84
*8018 86
85
85
8318
83
84
27
2612 2714 27
253 265
2612 2712 2412 2614 2578 27
1518 158 1538 157
15
157
1412 155
1538 1578 1434 157
18
1814
19
*18
1812 1834 *1712 19
18
18
*17
18
*39
407
4112 *3814 41
373 375
36
36
37
3714 *38
*100 109 *100 109 *100 109
109 109 *100 110 *100 110
*7
8
8
8
*712 9
*712 9
*712 9
8
8
45
438
334 334
334 334 "334 43
*37
414
38 4
.39% 44
*393 44
*3812 445 .3878 44
*3878 4678 *387 44
397
3612 3612 355 3612 358 3534 36
372 375 3778 38
9112 9112 90
•9112 94
9334
90
*86% 9334 *8858 9334 *89
1278 1318
1238 1234 125 1238 1212 1238 1212 1234 125 128
92
*84
*84
92
.0_ _ __ 92 *____ 92 *__-_ 92
*8512 92
60
60 .50
*50
*53
60
60
*50
60
*50
*50
60
42% 4278 4214 428 4218 428 42% 4318 4212 4314 427 43
3
"2
2
.115 212
334 *158 33
*2
334 .2
*2% 238 *238 3
02% 314 *214 314
238
258 *2% 31
212 212
212
2
212 212
214 214
21
214 *214 21
43
5
5
5
5
434
412 434
434 47
412 434
3
314
314 314
313 314
3% 314
318 3,
3
314
43
458 434
414 43
434 .5
4
412 47e
414 412
6
614
614
6
558 534
5% 55
534 6
514 552
97 1018
1114
1012 1012 1114 1114
.1014 1012
984 1014 10
212 212
214 212
214
2
214 .2% 212
2
212 212
412
438 *4
412 45
458 434
•414 458 *4
4
4
3% 3%
314
278 *3
312
*234 3
27
3
3
*3
*17
25
20
20
2018 *20
20
20
20
25
*1812 25
*__-_ 1934 .____ 1912 .____ 198 *18
1918 1812 1812 *---- 1918
20
20 *_ 20 *____ 20 *____ 1912 *_ ___ 20 *__
'
234 234 *278 318 .318 354 *3% 312
234 234
234 3
*4
612 *418 612 *418 612 .418 412 *414 712 *414
7,2
3812 3912 38
38,2 3812
38
4012 4012 *3812 397
3712 39
1478 1538 1412 1512 1418 15
15
1618 1518 1618 15,2 1534
512
.43
5
5
54 514 *5
.438 5
434 5
5
1212 1218 114 13
13% *1212 1312
13
13
1214 1258 13
*1718 18
*17
18
17
1814 *1712 18
174 1614 1614 18
1212 *858 1212
11
11
11
1212 *10
11
*914 1212 *9
1412 15
1334 1414 1234 134 1234 1378 13% 1518 144 1514
*5 4 7
*538 7
4538 7
5% 5% *5.32 7
4558 7
*14
15
12
*1318 14
12 .12
14
15
13
*14
13
*58
78
78
*53
78
*58
*58
78
78
*58
11158
78
55
53
57
*534 6
*534 6
534
534 6
•51s 6
1518 1534 1412 1518 1412 1538 1512 1612 1512 1612 153 16
31
*25
3034 *20
33
*20
*20
32
*20
*2012 32
32
*5112 6012
56
*50
*51
52
53
53
*5014 6012 *5014 56
•Bid and asked prices, no sales on this day.
Shares.
25,400
800
3,700
19,300
500
500
10
200
700
:Companies reported In receivership. a Optional sale. c Cash sale. a Slid 15 days.
-
r Ex-dividend.
y Ex-rights.
New York Stock Record-continued-Page 2
722
Aug. 4 1934
Ur FOR SALES DURING THE WEEK OF STOCKS NOT RECORDE
D IN THIS LIST. SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 28.
Monday
July 30.
Tuesday
July 31.
Wednesday
Aug. 1.
Thursday
Aug. 2.
Friday
Aug. 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range SOW Jan. 1.
On basis of 100-share lots.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
,
$ per share $ per share $ per share $ per share $ per share 5 per share Sharer.
Industrial & Miscel. Per $ ver share
$ per share $ per share 5 Per share
614 612
614 612
618 658
8/
1
4 7
812 83
812 634 8,800 Adams Express
No par
8 July 26 1178 Feb 5
3 Feb 13/
80 .7912 85 "7912 85
80
1
4 July
*7912 85
*7912 85
*7912 85
10
Preferred
100 7014 Jan 25 84 July 18
39 Apr 71 June
24
24/
1
4 2312 2458 2434 25
25
28
26
2814 2814 2634 2,100 Adams Millis
No par 18 Jan 5 347 Apr 5
8
Apt
213
8 MY
734 734
"8
8
8
812
8
83
838 " 838 "8
812
700 Address Multigr Corp
51 Apr 124 June
10
734 Jan 5 11% Feb 8
33, 312
*333 412
338 338
312 312 *358 438 *334 4
500 Advance Rumely
No par
318July 27
738 Feb 5
15
4
Feb
9
3
8
July
3,
51
/
4 6
358 378
Ms 353
558
3
553 534
512 534 2.800 Affiliated Products Ino_No par
512 Aug 3
958 Feb 8
558 July
111/
1
4 May
97
96
96
9612 975, 99
9912 9912 9938 9912 *9714 9938 1,700 Air Reduction Inc__ _No par
9134June 2 10614 Jan 24
4712 Feb 112 Sept
*112 134 *112 1/
1
4 '112 14 '112 134
134 2
*158 2
200
Alr
Way Elea Appllance
33, Apr 28
- No par
158July 24
h Feb
193
1812 1878 1812 191
/
4 19
4 May
193, 2118 2014 2078 20
2034 33,400 Alaska Juneau Gold Mm.__10 17 July 28 237s Jan 16
434 518 *4
1118 Jan 33 Aug
512 *4
5
*4
5
*4
5
*4
5
A P W Paper Co
No pat
7/
1
4 Apr 24
334July 27
93, July
11
1
/
4 2
Jan
178 2
11
/
4 2
173 214
2
218
2
2
7,800 Allegheny Corp
No par
158Ju1y 213
54 Feb 1
77
7a Apr
814 July
71/4
712 71
/
4 '7% 834
714 812
838 858
832 838
900
Pest A with $30 warr_100
578 Jan 4 1818 Apr 10
Apr 2178 July
1
"8
7
*8
7
'6
7
'8
714
678 678
7
7
200
Pest A with $40 warr_100
55 Jan 3 1458 Apr 10
118 Apr 21 July
*8
712 '8
8
*8
8
83, 858
858 1358 •7
812
200
Prof A without warr__-100
514 Jan 8 143, Apr 9
114 Mar 20 July
*18
20
18
18 '18
20
•18
20
•18
20 "18
20
100 Allegheny Steel Co
No par 15 June 18 23% Feb 23
6 Mar 28 July
127 12712 124 127
124 12438 125 126
127 127
127 127
2,500 Allied Chemical & Dye_No par 120 July 28 18034 Feb 17
703, Feb 152 Dec
*12514 128 '125 128 *12518 128 *125 126 *124 126 *124 125
Preferred
'100 12218 Jan 18 130 June 22 115 Apr 125
11
1114 11
12
Oct
1112 1134 1214 1178 1314 1258 1314 8,800 Arne-Chalmers
11
Mtg---NO Par 1038July 28 2338 Feb 5
8 Feb 2838 July
1112 11% •114 1178 *1114 12
*1214 1512 '1212 13
1214 1238
500 Alpha Portland Cement No par 112 July 28 2018 Feb 5
5/
1
4 Jan 24 July
24 234
214 23,
212 212
212 234
234 2/
1
4 .258 3
3.000 Amalgam Leather Co
218July 27
1
734 Mar 12
138 Feb
"27
94 July
3334 *2812 3012 *2612 3334 *2612 3012 *25
3334 '25
30
7% preferred
50 25 Jan 8 45 Mar 13
5 Feb 40 July
4312 4434 42/
1
4 4312 4278 4312 4334 45
44
45
44
44
5,200 Amerada Corp
No par 411
/
4 Jan 4 5558June 8
1812
Mar 473, Nov
2914 29
29
29
2834 2914 2914 304 31
3214 32
3234 3,100 Amer Agrio Chem (Del) No par 2514 Jan 4 38 Jan 24
714
Mar 35 July
14
15
14
1412 1433 1412 1438 1434 1412 15
15
1514 3.300 American Bank Note
10 1258Ju1y 26 2514 Apr 27
8 Mar 2812 July
*4112 4312 414 43
4134 43
4412 4412 *4312 4412 4412 4412
90
Preferred
1
4 Apr 27
50 40 Jan 4 50/
84 Apr 4978 June
812 878
814 9
834 914
914 10
938 10
958 978 5,600 American Beet Sugar_No par
26
July
7
1312June
19
1
Jan
1834 July
*5612 59
5812 5614 58
58
5814 80 '55
71
*5538 71
330
7% preferred
100 4612 Jan 4 7278June 18
234 Jan 64 Sept
2018 2012 2012 22
22
22
23
2312 2312 24
2312 2312 1,900 Am Brake Shoe & Fdy_No par 1978July 27 38 Feb 8
94 Mar 4212 July
*100 105 *100 105 *100 105 *100 105
105 105 *105 110
100
Preferred
100 96 Jan 10 11012 Apr 18
80 Mar 106 Aug
9312 9418 92
9378 93
94
94
9534 9478 9512 9514 9514 7,600 American Can
25 9014May 14 10734 Feb 15
494 Feb 10012 Dec
"134 150
143 143 *14334 148
144 144
148 148 •14818 149
300
Preferred
100 12812 Jan 8 14812Ju
Felb
y 24
6 116
2,4 F
u
en
b 1339434
1312 1438 12/
1
4 14
1338 14
1418 1514 1412 1514 15
163g 8,500 American Car & Fdy.._ _No par 12 July 26 331/4
*35
July
3618 "33
5
3578 35
35
38
38
3458 34
38
36
400
Preferred
100 34 July 28 51312 Feb 5
15 Feb 5934 July
•44 5
*4
*4
5
5
*4
5
*414 6
*414 8
American Chain
July
No par
25 1214 Feb 27
5
158 Mar 14 July
"1812 25 "1812 25 "12
25
*12
30 "13
30 '13
30
7% preferred
100 2012 Jan 10 40 Apr 24
34 Mat 3112 July
5912 6014 5814 5814 .58
581s 5834 584 58
58
58
58
1,800 American Chicle
No par 4814 Jan 8 80323June 18
34 Mar 5114 July
•214 3
*214 3
*24 3
*214 3
*214 3
*214 3
Amer ColortFPe Co
812 Feb 5
10
3 July 25
2 Feb
818 June
231
22
/
4 2334 2212 24
2414 2318 2434 24
2834 26
2638 5,100 Am Comml Alcohol Corp 20 2034July 28 6212 Jan 31
13 Feb 8978 July
*112 1%
112 1/
1
4
112 134 '112 13
*158
134 .158 134
500 Amer Encaustic Ttling_No par
118June 27
5 Feb 18
1
Jan
6 June
*412 812 *434 534 *5
*5
6
634
514 514
514 514
400 Amer European Sec's-No par
1
4 Aug 2 101
:Feb 3
5/
378 Apr 13 July
4/
1
4 538
5/
1
4 538
5
5313
5
512 558
52
54 534 8,800 Amer dr For'n Power-No par
412July 26 13/
1
4 Feb 13
3/
1
4 Feb1958 June
14
14
1412 1512 1412 15
15
15
1814 1734 '17
1734 1,100
Preferred
13'lJuly 27 30 Feb 7
No par
714 Apr 44/
1
4 June
"812 75,
612 612 *612 712
758 73,
8
8
8
8
500
2nd preferred
613July26 1712 Feb 6
No par
438 Apt 2714 June
*12/
1
4 13/
1
4 1112 1214 1178 12
1
4 125
•12/
1234 1312 1313 1334 1,800
$8 preferred
25
30
1112July
Feb
No
par
8
353
618
Apr
July
1138 12
11
1112 1112 1112 *1218 1278 127g 1278 1314 1314 1,200 Amer Hawaiian 8
S Co----10 1012J1lly 27 2258 Feb 16
418 Jan 214 July
514
5
5
434 434
414 434
5
514 512 *5
512
700 Amer Hide & Leather-No par
312July 2
1012 Feb 5
212 Mar
113 June
194 20
19/
18
17/
/
4 18
1
4 191
1
4 191k 1938 2078 201s 2018 2,300
Preferred
Aug
4214
1
17%
Mar
15
100
1312 Feb 5712 June
*3058 3134 31
313
31
31
311
/
4 32
32
32 '3112 32
1,100 Amer Home Products
1 2618 Jan 5 3838 Apr 28
2434 Dec 4212 May
418 438
414 414
414 414
414 4'2
Cy 412
412 43, 2,200 American Ice
312July26 10 Feb 5
No par
334 Feb
1712 June
30
30
2912 2912 *2832 3118 *2812 32
3278 33
32
32
500
8% non-cum prof
July
4514
26
100
29
Mar
26
25 Feb 6778 June
578 8
.512 84
A 6
5/
5/
1
4 612
1
4 8
5/
1
4 6
4,500 Amer Internet Corp__No par
414July26 11 Feb 6
414
a
s
Feb
1518 July
34
*58
34
34
*53
34
*58
34
*58
34
200 Am L France & Foamite No par
%July 27
11
/
4 Apr 4
14 Apr
312 June
*418 4/
73, a4
42 412 *414
1
4
414
4
4
*4
512
80
Preferred
4 Jan 18 10 May 22
100
114 Jan
12
June
*1714 1712 1812 1712 1834 1714 18
19
1912
1858
1812 19
3,100 American LocomotIve__No par
1518July 26 38% Feb 6
5/
1
4 Jar
3918 July
*441
/
4 47
*4414 46
45
45
*4018 4414 *40114 45
*4138 4412
100
Preferred
8July
7453
26
100
447
Mar
13
17% Jan 83 July
1234 1314 1234 1312 13
1314 1314 1314 *1314 1334 1334 1334 1,600 Amer Mach & Fdry Co_No par 123sJuly27 19
34 Feb 5
834 Feb 2238 July
814 814 *734 814
8
734 8
812
8
8
8
814 3,800 Amer Mach & Metals__No par
314 Jan 3 1014M ay 11
1
Jan
8 June
1734 1814 17
1712 1678 167s 171$ 174 1712 18
1734 1814 2,700 Amer Metal Co Ltd___Ns pat 16 July31 27% Feb 16
318 Feb
2333 July
*701g 86
*7018 76
*7018 76
*704 77 .701g 76
*7018 76
6% cony preferred
91
2
Jan
Feb
100
73
15
154
Jan
7578 Nov
24
24
2358 2378 *2312 24
24 •24
24
25
*24
25
110 Amer News Co Ino____No par 21 Jan 3 34/
1
4
Mar
13
17
Jan 304 July
42 434
412 43,
412 4/
1
4
478 5
433 478
5
514 8.900 Amer Power & Light__No par
4 July 26 1214 Feb 6
4 Feb
19/
1
4 July
1312 1312 14% 1438 141
/
4 1412 14/
1
4 15
1512 1512 1512 1534 1,200
68 preferred
NO par
13 July 27 2978 Feb 6
9/
1
4 Apr 414 July
1114 1114 1114 115, 1134 11/
1
4 1318 1312 1314 1314 *1312 1412 1,100
$5 preferred
July 26 2814 Feb 7
No
pa
11
9 Apr
35 July
1078 1138 1012 1118 1012 11
1058 1134 1114 1178 1138 12
28,800 Am Rad & Stand San'y No par 10 July 28 171 Feb 1
4% Feb
19 July
1412 14/
1434 1538 1578 18/8 1534 1638 1534 1614 19,100 American Rolling MIll
1
4 148 15
25 1312July 26 2814 Feb 19
584 Mar 3178 July
•52
5312 5214 5214 5214 5212 52
5212 *5112 53
*5112 53
500 American Safety Razor No Par 36 Jan 13 58 July 2
2018
Apr 4734 July
3
3
3
3
3
3
234 3
318 34 *3
314
700 American Seating v t o_No par
73, Feb 1
218July 27
/
1
4 Mar
7% July
1
1
34
34
1
1
3
34
1
1
78
78
1,700 Amer Ship & Comm__ _No par
34July 24
23, Jan 3
Is Apr
412 June
19
19
"20
20
20
22
21
21
•20
•20
21
21
150 Amer EildpbulidIng Co_No par 1758Ju1y 27 30 Jan 30
114 Mar 31334 June
3234 33'2 3133 3278 3134 3258 3258 3438 3314 34511 333s 34'2 30,400 Amer
SIElelt1eft & Retit-No par 3014July 26 5114 Feb 1
10114 Feb 5312 Sept
12014 120'4 118 11812 118 118
11812 12018 •115 11712 116 116
800
Preferred
100 100 Jan 2 125 June 2
31
Jan 991
/
4 Dec
'90
97 "90
•89
92
93
92
92 •92
*92
97
97
100
2nd preferred 8% eum_100 7114 Jan 2 9814July
2012
Jan 73 July
5914 5914 5934 60
*59
60
60
60
*59
6018 59
59
800 American Snuff
6314 July 1
5
Jan
4
483
25
324
Jan
5114 Sept
*12034 123 *12034 1221 .12034 1221 "12034 12212 12214 12212 *12034 12214
20
Preferred
x125
2
Feb
106
100
June
10218 Jan 112 July
1212 118 12
1233 11
12
12
12
12/
12
1
4 1234 1314 3,200 Amer Steel Foundries-No par 1018July 26 284 Feb 1
43, Feb27 July
*6418 67 •6418 87
"13418 67
*6418 67
67
70 .6418 79
80
Preferred
373 Mar 85 July
100 5978June 2 81 Jan 3
*4014 417 *4014 41
411
/
4 42
41
41
*4112 42
*4114 42
600 American Stores
No par 37 Jan 3 4414 Feb
Feb47/
30
1
4 July
6334 65
634 6412 13212 84
8414 13834 66
8878 85/
1
4 88
4,200 Amer Sugar Refining
100 48 Jan 3 72 July 1
2112 Jan 74 July
*11838 11958 11838 11838 •118 11958 *11814 11912 11912 11912 *118 1197
200
Preferred
100 10312 Jan 3 12014 July
Jan 11214 July
80
17
1714 1814 1614
1814 l7'2 1758 1812 18
18
1712 1758 2.300 Am Sumatra Tobacco_No par 1334May 10 2114 July 2
8 Jan 28 July
10818 109
10534 1088 10634 108'4 10818 110
109 11058 10938 11O'z 42,400 Amer Telep & Teleg
100 10534July 30 12514 Feb
884 APr 13434 July
*72
7212 72
721
72
72
74
74
74
74
74
73
1,2130 American Tobacco
25 6514 Jan 6 8238 Feb
49 Feb90/
1
4 July
7534 75
74
7412 75
75'2 7534 7612 7558 7612 7612 7714 8,500
Common class B
25 67 Jan 8 8412 Feb
5034 Feb94% July
122 122 *12114 123 .12114 123
122 122
124 124 *12312 125
300
Preferred
100 10714 Jan 3 124 June 1
10234 Mar 120 July
4312 4
4
*312 4
•312 4
*312 33
4
*4
47
100 tAm Type Founders___No par
3 July 25 13 Feb 21
218 Dec 25 July
834 834
9
9
9
1112 1112 1153 1134 *1112 14
9
170
Preferred
100
734 Jan 6 2834 Feb 21
7
Oct3778 July
1514 1514 1538 16
1512 1612 1614 1612 16
1538 16
1858 7,500 Am Water Wks & Eleo_No par 1412July 26 2758 Feb 7
1078 Apr 4314 July
"80
81
"50
"137
81
"65
81
75 "87
7212 *80
72'1
1s1 preferred
No par 54 Jan 3 80 Feb 5
35 Mar 80 June
714
7
712 72
714
734
732 778
734 878
834 9
9,100 American Woolen.___No par
7 July 31 1718 Feb 5
312 Mar
17 July
43
4334 42
4234 41
41'2 3912 4038 41
4534 45
46
9.000
Preferred
100 3912 Aug 1 8334 Feb 7
2258 Feb 6712 Dec
118
113
*118
11
118
*118
11
114
llg
lie *113 114
300 :Am Wilting Paper
/
4 Mar 14
1 June 27
1
41
41 June
Feb
Is
*33g
318 35,
314 31
3'2
312 312 *312 4
34 314
500
Preferred
27 July 27 1712 Apr 23
No par
% Feb 14114 July
4
4
418 413
*438 478
Cs 41
412 412
412 458 1,000 Amer Zino Lead & Smelt-1
334July26
9 Feb 113
214
Feb
1078
July
*39
44
*39
443
3
*39
4514
ME
*39
45
3912
*39
45
100
Preferred
25 3712 Jan 4 5018 Feb 113
20 Feb 88 July
11
1114 1058 1113 1012 11
1078 1112 Ills 1112 1133 1134 24.100 Anaconda Copper Mining-50 10 July 26 171 Apr 11
5 Feb 2278 July
1058 1038 *1038 13
•1058 13
*11
13 •1058 1312 *1112 13'z
100 Anaconda Wire & CableNo par
914 Jan 12 13I July12
4% Jan
1512 June
•1434 1512 1434 15
144 15
1512 16
17
1712 17
1754 2,000 Anchor Cap
2434 Jan 31
No par 1318July 2
8
Jan 391
/
4 July
"913 100
"98 100
9558 9538 *94
96
•94 100
95
95
20
38.50 cony preferred_No par 84 Feb 5 100 Apr 17
8212 Jan 90 June
2912 2912 *29
3114
•2912 31
31
"3118 32
31
30
3114
400 Archer Daniels M1dI'd_No par 2814 Jan 9 3414 July19
934 Mar 2914 July
*11312-_ *11312 - - *1134 _-- *11312 __ •11312 ___ •11312
- --- 7% preferred
100 110 Jan 24 11512July 17
95 Feb 115 July
90/
1
4 -9014 *88 -91-12 90
90
9012 -9012 *90 -9212 92 -9213
ill() Armour & Co (Del) pref_100 7814 Jan 2 934 Apr 28
-41
Jan 90 .11117
41
378 418
4
418 438
418 458
412 434
4118 472 24,400 Armour of Illinois new
558July 9
312July 26
5
48
4912 48
4914 47/
4812 5312 53
1
4 49
5514 4312 4312 8.500
513 cony prof
4614
July26
No par
61 July 9
57
56
5714 5714 62
58
84 • 2
62
"564 57
8412 2,400
Preferred
100 54 July 26 7558 Apr 13
7 Feb 1*3 July
33, 358
333 312
3/
1
4 33*
313 33,
373 378
37s 378 1,100 Arnold Constable Corp
818 Fan 9
3 July 27
5
7 July
*31, 928 •3
l's Jan
*3
6
8
*312 6
*312 8
*4
6
Artioom Corp
414 Jan 5 1012 Apr 21
No par
2
Mar
912 June
____ ____ ___.
--__
13July 13
Aseoelated Apparel had NO par
312 F A) 15
34 Apr
514 June
8% 812
814 828
814 838
84 918
812 8/
9
1
4
9
1,900 Associated Dry Goods
7l4July26
18
/
1
4
1
Feb 13
34 Feb 20 July
*48
.50
.50
50
5114 511
55
51
51
/
4 *51
.50
55
400
8% lot preferred
100 46 July 26 7712 Apr 20
18
Feb (HI: July
"40
*3812 45
45
*3812 4212 *3812 40
40 .3812 4212
40
100
7% 2d preferred
100 36 July 26 8478 Apr 20
15
Jan 5134 July
*3634 4978 *3634 4978 *3634 4978 .3634 4978 *3634 49711 *3634 4972
Araoclated Oil
25 2912 Jan 5 4012 Apr 25
1334 Mar 3512 July
53
464 12
9
9
16
"5
12
812
512 *7
5
980 At0 & W I SEI Lines_No pat
5 Aug 1
113 Apr 12
44
Mar
26 July
2218 2238 2218 23
2214 2234 2278 2414 2338 2414 2418 2438 9,800 Atlantic Refining
25 2112July 26 3.514 Feb 6
1238 Feb 3212 Nov
4412 45
4412 4412 *4512 47
47
47
4712 4778 *4614 48
600 Atlas Powder
NO VW 3514 Jan 8 551:Mar 13
9 Feb 3918 July
102 103
102 102
102 10212 *102 10314 102 102 *102 _ 370
Preferred
100 83 Jan 9 10314July 27
60 Apr8318 Sept
*7
71
'714 712 .
714 .688 8
*7
714 712
7
Its
200 Atlas Tack Corp
No par
7 Aug 1 1614 Mar 14
14 Feb 34/
1
4 Dec
17
17
1612 17
17
19
1733 17
1814 19
18/
1
4 2012 10,200 Auburn Automobile
No par 1812Ju1y 30 5738 Mar 13
Oct8414 July
31
94 10
934 934
1014 1953 1112 1114 1134 1,800 Austin Nichols
914 914 10
7 Jan 4 1858May 5
No par
78 Feb 914 July
45,
412
414
3/
1
4 414
414 438
438 4/
4
414
4
1
4 14,800 Aviation Corp of Del (The)__5
4July
10
26
3
4
3
3
Jan 81
1638 July
612 Feb
7
714
81/4 73j
8/
71:
7
1
4 74
73
712
714 714 11.800 Baldwin Loco Works No pat
612July 213 HI Feb 5
31: Apr
1758 July
29
291 *2912 32
•32
30
30
37 "30
34 .30
32
300
Preferred
100 27 July 27 8434 Apr 21
94 Apr 60 July
991 9918 *97
991 "97
9912 •98
9912 99
99 •98 104
50 Bamberger (L) & Co prof _100 8812 Jan 9 9912June 20
Feb99
8814
78 Aug
*258 3
*258 3
3
3
*238 3
*258 3
238 3
300 Barker Brothers
No par
214 July 24
84 Feb 5
714 June
ss Jan
22's 19
*19
19
*20
20
20
*2018 22
22
*2018 22
130
61,4% cony preferred__ _100 1618 Jan 9 3812 Apr 12
file Apr 244 July
64 7
64 7
858 678
878 7
858 7
83
68 18,100 Barnsdall Corp
6
8 July 27 10 Jan 22
3 Mar 11 July
*2918 321 *31
3212 3034 303
3112 32 '3214 3278 32
3214
500 Bayuk Cigars Inc
No par 23 May 8 39 Feb 5
314 Jan 524 July
.0538 100
*0558 9612 9538 061 *95'2 981 *9512 99
*9512 94513
150
151 preferred
100 89 Jan 15 100 July 13
27
Jan 100 July
12/
1238 13
1234 2234 1312 13'2 1338 1358 1312 13'2 2,100 Beatrice Creamery
1
4 13
25 1014July 27 1834 Apr 21
7 Mar 27 June
.7918 83
*7918 911 *7918 9114 *7914 9114 *8038 9114 .803g 911
Preferred
100 55 Jan 13 91 July 13
45 Feb 85 May
"59
*58
83
*6058 811 .6038 611 *6034 611
62
6112 6158
200 Beech-Nut Packing Co
20 58 Mar 2 87 Apr 23
45 Jan 7012 June
1014 101
1033 1012 1034 11
10
/
4 1114 3,800 Belding Heminway Co.No par
113, 1134 11'4 111
1
4 Jan 3 1514 Apr 24
8/
:July
34 Feb 121
*11712 119
1184 1181 11912 1191 "12118 12458"121'1211212458
200 Belgian Nat Rye part pref._
951
:Jan
11978May 25
8214 APT 10114 Nov
1118 117
1118 121
1138 113
1134 1278 1218 12-21218 123 18,800 Bendlx Aviation
5
934July 26 2378 Feb 1
Feb
658
2114
JULY
1512 16's 1518 153
1514 i5'2 1514 1534 16
16
1538 157
4,900 13eneflelal Indus Loan__No par 1218 Jan 31 1918 Apr 28
1314 Sept 15 Aug
•Bid and sated Prices, no sales on this day 1 Companies reported In receivership. a Optional !sale. c Cash sale. I Es-dividend. y Ex-rights.
New York Stock Record-Continued--Page 3
723
Or FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Jum 28.
Monday
July 30.
Tuesday
July 31.
21
212
5
6%
3
8
114
2
3
1012
13*
13*
314
151
/
4
45
35
38
358
618
15
32
82
321
3734
*51
2414
1934
*112
*1
8
29
*618
*85
355*
4
*10
3734
414
1412
2412
414
*7
3414
*1814
*8312
/
1
4
38
67
2484
20's
212
11
8
2911
9
95
363*
4
24%
385*
414
1412
25
414
12
34%
20
84
34
Thursday
Aug. 2.
Friday
Aug. 3.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share
3014
30
2714 2834
611
/
4 6138
2038 21
734 8
*1614 18
5314 54
2478 2534
19% 2012
*72
112
1434 1514
3312 3312
6034 6034
*50
52
558 538
4
414
*718 83*
55
*50
414 458
$ per share
*29
3034
2714 288
6218
62
2034 21
8
8
*1614 18
54
544
25/
1
4 254
197 2058
*78
112
1514 1512
33
3338
6018 6034
*5012 52
534 534
438 43*
*714 8
*50
53
438 458
«25
*38
12
*13* 31
*34 3
1012 1012
*25
29
*110 112
*12714 131
*5458 55
1258 1318
91
*89
1012 10¼
4
414
6214 63
23
2358
9
93*
•66
72
*3114 70
26
2638
*2778 30
*44
463*
*28
281
1043* 1043*
5034 51%
"10918 110 *109 110 '10914 110 *10914 110 *10914 110 *10914 110
1718 1758 167 1758 1678 174 17
173 174 1812 1814 1812
134
134
13*
18g
134
134
18
158
15
134
15*
15*
/
4 3834 39
37
3712 3812 381
36
37
36
3512 35's 36
2512 26
2578 26
27
2738 27
26
265* 2638 2738 27
*734 11
*73 10
*734 10
*734 812 *734 11
*734 10
*612 7
*614 7
718 718
7
64 634
7
6% 7
*535* 59
*533* 59
5812 581
*5812 59
57
5812 5811 57
214
21g
212
2
2/
1
4 2/
1
4
2% 214
234 234 "212 3
1212
*12
12
114 lISi 1158 121
125* 123* 12
1112 111
2714 28
264 28
2634 275* 274 28% 2818 2938 27% 2918
9114 91/
9034 904 9114 9114 91
1
4
92¼ 9118 911
9114 *91
218 218
*2
21
214
2% *2
24 213 *2
214 *2
77
812 884
812 834
8
814
8
814
818 8%
81
*110 113 *110 112 *10873 111 *10873 112 *10873 112 *10878 112
5g
7
34
34
3
,
78
%
54
%
54
78
9
91
9
9
834 884
9
9
9
101
9*9
*3% 312
3% 31
314 314
*314
312 32
34 314
3l
57
578 61
6
*57
67s 67
638 833
6
618
858
78
1
1
1
1
1
1
1
78
1
1
1
54
5278 *50
*50
527 *50
51'2 527g 5278 5278 527 "52
7713 7734 764 78
7734 785*
7613 77
7534 7714 7612 771
6
6
*6
614 *6
634 634
658 658
614
614 658
28
28
2814 2734 28
2714 28
2734 28
2712 28
27
78
1
72
1
1
1
kt
1
*72 1
72
1
161z 1713 1638 17¼
165s 1714
174 1814 178 1814
173* 1814
6314 6112 6278
6118 6284 6018 617s 6078 6382 62
6212 627
•145 166 *145 166 *144 166 *14334 160 .14518 166
14812 14812
434 43
412 484
434 5
438 434
412 434
412 438
32
32
32
32
3134 32
*3134 32
3134 32
323* 32
1413
•1212 13% 12
128
128 14
1514 1514 *14
14
16
2414
22
2113 2112 21
23
2218 2314 2314 237
2354 237
40
40
*3814 40
*37
381 *3813 40
40
40
40
40
37
37
37
4
414 438
414
4
4
3/
1
4 414
4
18
18
18
18
18
1912 1912 195* 1958
18
1914 191
*49
54
*51
*48
55
51
53
.5212 53
3.51112 53
51
12
11
14
114
112
14 14 *112 134
133
138
133
714 758
6
614
714 712
612 7/
1
4
6
678
612 634
51
5612 544 55
491g 51
5914 6112 6034 6214
5634 59
*4314 46
45
*4312 46
4512 4512 4512 4512
*44
46
45
1733 1738 18
17
1788 174 18
1873 18% 1812 *1714 1814
80
*78
80
784 80
80
80
7812 79% 80
7912 80
234 31g
234 278
234 278
2/
1
4 2/
1
4
258 278
2/
1
4 2/
1
4
834 914
73* 8%
814 8%
84 834
734 83*
74 8%
14
1418 14
*12
13
13
13
134 1412 14
12% 123
PER SHARE
Range Sines Jan. 1.
On basis of 100-share lots.
Lowest.
$ per share Shares. Indus.& Miscall.(Con.) Par
No par
3034 3114 1,300 Best dr Co
2734 2834 16,500 Bethlehem Steel Corp No par
100
7% preferred
6112 6214 2,700
2058 2034
490 Bigelow-Sant Carpet Inc No par
No par
81g 818 1,100 Blaw-Knox Co
Bloomingdale Brothers_No par
*1614 18
5
534 3,000 Bohn Aluminum de Br
*53
25
2513 257 10,500 Borden Co (The)
10
7,600 Borg-Warner Corp
19/
1
4 20
:Botany Cons Mills claw A_50
.
78 112
1514 1578 9,900 Briggs ManufacturIng_No is..1
5
3312 3312 1,300 Bristol-Myers Co
6018 6018 1,100 Brooklyn Union Gas___No par
No par
100 Brown Shoe Co
*5012 52
514 514 1,100 Bruns-Balke-Collender_No par
10
412 412 1,000 Bucyrus-Erie Co
5
300
Preferred
73* 73*
7% preferred
100
80
53
53
No par
4% 43* 7,300 Budd (HG) Mfg
100
7% preferred
*1612 21
2512 *21
*1712 2713 *19
254
3312 *21
No par
212 212 *212 238 1,100 Budd Wheel
24 214 *214 212
212 212
No par
300 Bulova Watch
4
4% *334 5
*4
478
*334 434 *418 5
No par
700 Bullard Co
7
7
6/
1
4 634
612 6/
1
4
57
614
*534 614
No par
Burns Bros class A
*2
3
3
*2
*2
3
*2
3
*2
3
100
7% preferred
60
1058 *83* 912
*8
1012
1058 *8
814 814 *8
11
118 1114 1114 1114 118 x1118 1112 1118 113* 7,700 Burroughs Add Mach-No par
*13* 2
No par
200 :Bush Term
158 18
*158 2
15*
13* *13* 2
100
Debenture
*24 318 *212 318 *212 318 *212 338 *212 3/
1
4
*83* 1012 1012 1012 124 1212 13% 13% *11
50 Bush Term BI gu prof ctfs_100
13%
14 112
400 Butte & Superior MInIng__10
*112 13* *113 13* *112 158 *112 158
*13* 2
6
700 Butte CODDer & Zino
214
218 *2
2
*134 17
2
2
No par
134 2
212
500 Butterick Co
*2
3
378 *2
214 214 *2
No par
1414 1514 1412 1412 15
1514 1534 *1538 1534 2,800 Byers Co(AM)
16
100
90
41
41
Preferred
*41
45
41
41
*42
45
41
42
333* 348. 3414 3434 3514 37/
1
4 3612 3734 3612 3718 14,400 California Packing_ __No pa
88
58
88
34
*12
34
*12
34
*88
34
N
900 Callahan Zino-Lead318 338
3/
1
4 312 3,800 Calumet & Hecht Cons Cop_25
312 3/
1
4
312 358
314 314
612 612 *634 83* *612 814
634 7
500 Campbell W &0 Fdy..-No pat
67
67s
1618 3,300 Canada Dry Ginger 4j0____5
15/
1
4 16
1414 15
1434 1514 15
14-38 15
34
No par
300 Cannon Mills
34
*3014 32
*3218 34
32
*31
32
32
73
73
100 Capital Adminla al A
*63* 712 *614
614 614 *614
- *614
10
80
Preferred A
*25
31
31/
1
4 3012 3012 3114 -3114 3112 3112
100
3912 3938 5,800 C21313 (J I) CO
401
3712 38'4 3834 4084 39
367 39
100
10
Preferred certificates
*51
67
6414 641 *51
67
*51
67
641 *51
2614 2612 2638 5,500 Caterpillar Tractor---No par
24
2412 2413 2412 2514 26
26
207s 13,600 Celanese Corp of Am__No par
20s 20
1812 19
20'2 20
174 1811 19
No par
100 I0elotex Corp
*114 11
13
*114
112 21
*14 2
112 11
No par
500
*1
112
118 11
Certificates
118
11
*1
11
*1
11
100
510
Preferred
8
8
812 9
*834 10
8
10
7
8
2914 2834 2824 28
2834 29
28
28'l 2814 2812 1,800 Central Aguirre Asso__No par
200 Century Ribbon Mille_No par
*63* 912
*7
*658 81
7'2
71
*7
7
7
100
10
95
Preferred
*85
95
*85
*85
*85
95
85
85
95
3634 3734 27,900 Cerro de Pasco Copper_No par
3614 38
3434 365* 3434 3612 3534 37
47
47
434 47
*44 434
43* 45* *433 47 10,200 Certaln-Tead Products_No pat
100
*20
243
7% preferred
25
*18
*1518 24
*15
24
*1518 25
No par
3912 2,300 Chesapeake Corp
4012 39
40
3812 3858 384 385* 393* 40
par
Tool_No
2,800
514
Chicago
5
Pneumat
518
518
512
45*
414 4%
5
4%
No par
Cony preferred
1612 1612 1612 1812 1,600
*13
1512 17
15
148 15
10
23% 244 1,200 Chickasha Cotton Oil
2312 2312 *2358 24
2458 248 2312 24
1,900 Childs Co
No par
4
4
412 458 *412 5
4
412 412
418
26
12
Chile Conner Co
*10
16
*9
*9
1212 *9
*9
12
11
5
3258 3418 3278 3418 3312 3514 34% 3534 325* 343 109,100 Chrysler Corp
No par
1,900 City Ice dr Fuel
20
2038 20
1812 1912 195* 193* 20
2034 *20
100
130
Preferred
834 8312 83
838 8312 8312 8314 8314
8312 *82
No par
% 1.100 City Stores
*34
78
78
34
*34
78
34
34
34
Voting trust certifs. _No par
500
*38
12
*32
12
12
*38
12
38
38
38
Class A
No par
3
100
3% *214 318
214 2% *112 3% *1
*13
8113 3
No par
Class A v t e
*112 3
*2
3
el
3
*34 3
No par
400 Clark Equipment
1314
*10
1934 1014 1014 104 1012 "1034 1314 *11
100 Cluett Peabody & Co No par
*2813 33
*28
34
34
*26
*28
29
29
29
100
Preferred
10
110 110 *111 116 *111 116 *111 116 *111 116
800 Coca-Cola Co (The)_....No par
127 127 *12812 13034 13012 13012 13078 13114 *132 136
par
8
No
Class
A
1,300
543
4
543
4
545
8
543
8
*5434 55
54
5434 5434 54-34
1418 1434 15,200 Colgate-Palmolive-Peet No par
144 147
:458 1438 15
1212 1314 13
100
91
924 91
6% Preferred
91
91
*89
91
300
913* 918* *91
No par
1218 4,800 Collins & Alkman
10% 105* 104 10% 1078 1134 1112 1214 12
43
1.800 :Colorado Fuel & 1ron_No par
434 48
54
418 438
414 414
414 43
62
6178 6212 61
638 6512 6412 6412 6412 641z 2,900 Columbian Carbon v t a No par
2712 2,500 Columb Pict Corp•t o-No pa
2314 2334 2414 2433 248 257
2512 2658 27
912 934 33,200 Columbia Gas & Elee No par
914 958
9
93*
918 9%
834 93
7213
100
6714
300
6714
Preferred series A
*67
*66
7212 68
66
68
66
100
*65
70
70
*59
70
*50
70
*59
*60
70
5%
10
2514 26
25% 2614 2634 2734 2718 283* 2712 28'2 8,100 Commercial Credit
25
7% 1st preferred
*2768 30
*2778 2934 '2778 293
*2778 29/
1
4 *2778 29
50
477
*45
Class A
400
4658 4714 *45
46
4658 46
465* *45
25
70
*28
2812 28
Preferred B
*2712 281 *2712 2812
28
2512 28
534% UM preferred_-__100
40
10412 10412 '10412 106 •10412 106
10512 106 *10412 106
5,500 Comm Invest Trust-No par
52
504 5114 5014 51
/
4 5234 52
5234 511
51
$ per share $ per share $ per share
2914 2914
2912 2812 29
29
2734 26% 278 2612 2714
27
6078 6138 6013 62
6014 61
2134 2012 21
*2134 2212 21
78 78 *778 8
8
8
*1614 23
•1614 2478 *1614 23
5212
5112 5412 5212 5334 52
2412 2478
2458 2514 241 25
18
1912 1838 1912
1812 19
*78
112
*78
112
*84
112
1438 1434 1414 147s 1414 1434
3334 3312 3312
33/
1
4 3438 33
60
60
60
60
60
60
*5014 $414 504 5012 *50
52
458 5
412 44
*412 512
418
378 38
4
334 334
634 634
658 658
*612 8
50
50
*50
56
50
.50
41
3 8 412
4
33* 4
*164
*214
*4
614
*2
8
11
•1
*212
101z
*112
15*
*2
151
/
4
*41
343*
38
318
61a
1478
*31
*614
*25
Wednesday
Aug. 1.
Sales
for
the
Week.
preferred
No par
Cony preferred
24,700 Commercial Solventa No par
28,300 Commonw'Ith St Sou_ No par
No par
$6 preferred serles
2,400
4,100 Congo:Ileum-Nairn lne No par
No par
Congress Cigar
1,500 Consolidated Clgar____No par
100
200
Prior preferred
1
1,000 Consol Film Indus
No par
1,200
Preferred
No par
39.700 Consolidated Gas 0o
No par
1,100
Preferred
200 Conical Laundries Corp_No par
No par
27,000 Conan! 011 Corp
100
8% preferred
3.400 Consolidated Textile.__No par
20
1,400 Container Corp class A
Clam B
No par
500
1,190 Continental Bak class A No par
Claw B
No par
2,600
200
100
Preferred
20
4,200 Continental Can Inc
600 Cont'l Diamond Fibre
5
2,200 Continental
-2.50
2,800 Continental Insurance_.
Motors_ __No par
5
20,000 Continental 011 of Del
7,900 Corn Produots Reuning--25
100
100
Preferred
No par
3,000 Cot)
, Ine
900 Cream of Wheat ono_ No par
6,600 Croeley Radio Corp__ No par
No par
2,300 Crown Cork & Seal
400
No par
$2.70 preferred
3,400 Crown Zellerback v t c_No par
1,000 Crucible Steel of America__100
100
300
Preferred
No par
2,200 Cuba Co (The)
10,600 Cuban-American Sugar.___10
100
1,730
Preferred
50
400 Cudahy Packing
2,600 Curtis Pub Co (The)_ --No par
No par
1,300
Preferred
1
23,000 Curtiss-Wright
I
12,800
Class A
1.200 Cutler-Hammer Ine___No par
8 Per share
26 July 26
2514July 26
55 July 26
2018 Aug 1
712July 1
18 Jan 12
48 July 28
1978 Jan 6
1618Ju1y 26
78 July 25
12 Jan 6
26 Jan 4
5912July 27
6014 Jan 5
4 July 23
312Ju1y 27
6 July 26
.50 July 30
3 July 26
16 July 25
2 July 26
2/
1
4 Jan 9
578July 31
158 Jan 26
4 Jan 9
1012July 26
118July 27
3 June 29
518 Jan 3
112 Jan 13
158July 27
14July 27
1334July 26
41 July 30
1834 Jan 4
12July 27
234July 26
6 July 27
1211July 26
284 Jan 4
538 Jan 2
2634 Jan 24
35 July 26
6414July 30
2312 Jan 4
17 July 26
118July 27
1 July 27
612 Jan 18
24 Mar 22
612July 2
82 Mar 31
3014May 16
314 Jan 2
174 Jan 19
34 Jan 4
358July 2
1414 July 26
1914 Jan 8
334July 2
1012July 26
32 July 26
1714 Jan 5
67 Jan 3
12July 27
Highest.
8 73•
7 share 8
3414 Apr 10
494 Feb 19
82 Feb 19
40 Feb 5
1614 Jan 30
26 Feb 7
68% Jan 24
2814 July 14
28.8 Feb 5
3 Feb 9
1938 Apr 26
3712July 18
8012 Feb 6
61 Feb 16
1078 Mar 17
933 Feb 5
1413 Apr 24
75 Jan 16
734 Apr 25
44 Apr 25
538 Jan 30
612 Apr 28
1512 Feb 18
6 Feb 21
1512 Feb 20
s1938 Feb 1
373 Feb 9
8 Mar 8
154 Feb 23
218 Feb 16
3 Feb 16
434 Feb 1
323* Feb 7
6778 Apr 23
3734 Aug 2
134 Jan 23
658 Feb 5
1578 Feb 23
2912 Apr 24
38 Apr 2
10 Apr 13
39 Apr 20
8634 Ireci 6
8412 Feb 6
335* Apr 21
4474 Feb 5
453 Apr 12
4 Apr 12
223* Apr 13
324 Feb 5
1238 Feb 19
95 Jan 2
4312July 5
734 Apr 5
35 Apr A
48% Apr 21
97 Feb 6
2834 Apr 24
3034 Feb 5
1158 Feb 19
173* Apr 9
60/
1
4 Feb 23
243 Jan 30
86 Apr 23
218 Feb 6
%July 24
214July 25
2 July 20
834 Jan 5
28 Jan 3
95 Jan 17
9514 Jan 2
5018 Jan 11
933 Jan 3
6812 Jan 8
10 July 26
38 Jan 2
58 Jan 8
2112July 26
734July 26
52 Jan 5
41 Jan 9
185* Jan 4
2312 Jan 5
38 Jan 3
24 Jan 3
9112 Jan 3
3534 Jan 4
91 Jan 3
1534 July26
112July 26
211
/
4 Jan 2
22 July 26
9 July 26
5'4July26
4514 Jan 2
158July 27
10% Jan 2
2573July27
82 Jan 4
24 Jan 8
71iJuly26
108 Feb 9
12July 26
61g Jan 5
233 Jan 2
5'4 July 26
%July 2
4614 Jan 6
63%may 14
6 July 28
238 Jan 6
34 July 24
1534July 26
6018July 31
135 Jan 4
358July 26
28 Jan 3
8 Jan 2
1834July 26
3512 Jan 2
358July 27
17 July 27
48 Jan 12
1 Jan 2
312 Jan 10
2018 Jan 9
37 Jan 2
1312 Jan 8
4312 Jan 3
212 Jan 2
54 Jan 3
11 Jan 4
114 Feb 6
55 Feb 6
518 Feb 21
2134 Mar 5
45 Apr 7
115 Apr 23
13838July 12
5518July 10
1818 Mar 13
9214 Apr 18
284 Feb 19
834 Feb 6
7714 Apr 23
3434May 28
1914 Feb 6
7834June 21
71 Apr 24
351s Apr 21
30 July 19
50 Mar 9
30 Mar 3
106 Apr 30
5934 Apr 11
110 July 10
36% Jan 30
3$4 Feb 8
5234 Apr 23
3114 Feb 16
1412 Mar 5
1333 Mar 17
62 July 12
55 Feb 15
174 Feb 15
475 Fen 8
95 July 23
438 Feb 7
1414 Feb 13
112 July 24
2/
1
4 Feb 7
1334 Apr 23
53* Apr 18
Ws Jan 24
23* Feb 7
84 Feb 9
8314 Apr 21
1154 Feb 8
354 Ape 20
25* Feb 21
22$4 Apr 21
844 Jan 26
14812July 24
95 Fen 5
35 Jan 31
1712Ju0e 16
361
/
4 Feb 1
4114 Apr 20
833 Apr 27
3838 Feb 19
71 Apr 19
3% Feb 9
978 Feb 8
64 July 9
5034 Feb 18
2938 Apr 12
854 July 17
514 Jan 31
1214 Apr 2
2112 Feb 21
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
Per share 8
9 Mar
1018 Mar
2514 Feb
84 Apr
312 Feb
858 Feb
912 Mar
18
Feb
511 Feb
38 May
253 Feb
25 Dec
60 Dec
2812 Mar
134 Mar
2 Feb
23* Feb
204 Max
% Am
3 Mar
1
Feb
78 Mar
24 Feb
12 Apr
134 Jan
618 Feb
1
Apr
1
Apr
413 Dee
Feb
1
12 Mar
14 Apr
813 Feb
3018 Mar
73* Mar
811. JIM
2 Feb
2 Feb
713 Feb
14 Feb
414 Oct
254 Jan
Per share
3318 Aug
4914 July
82 July
294 June
19/
1
4 July
21 July
5812 Dee
3712 July
2214 Dee
412 July
1458 July
3814 Sept
8812 June
5374 July
1812 June
1278 June
1954 June
72 June
97 July
35 July
514 July
5 June
134 July
5 June
13 June
207* July
8 June
912 June
8 Dec
278 June
414 June
712 June
4314 July
80 July
343* July
214 JUDO
93* June
1614 July
41/
1
4 July
354 July
1212 July
3513 July
3014 Feb 10312 July
4.1
Feb WA July
512 Mar 29/
1
4 July
413 Feb 15872 July
II Mar
578 July
4% July
38 Feb
1254 July
112 Jan
14
Jan 41 July
2 Apr
115* July
52 Feb 100 Dec
Ws Jan 4484 Sept
78 July
1
Jan
4 Mar 3014 July
5212
July
Jan
147*
24 Mar 1234 July
54 Feb 2514 June
5 Mar 34 July
2 Feb 1018 July
/
4 July
8 Apr 211
754 Mar 5784 Dec
7ls Mar 25 June
45 Apr 72 July
14 Feb35s July
21 July
18 Mar
812 July
112 Jan
514 July
34 Nov
5 Mar 144 June
10
Jan 411/ July
Jan 100 June
90
734 Jan 105 July
44 Apr 51 Dee
7 Max 2238 July
49
Apr 88 Aug
3 Apr 26 Sept
2% Dec 1738 July
2318 Feb 7112 July
858 Mar 28 Nov
9 Mar 284 July
50 Dec 83 June
40 May 7412 June
4 Feb 194 Dec
1812 Mar 25 Sept
16
Feb 391/ Aug
1818 Mar 2518 Sept
70 Mar 957k Sept
18 Mar 4312 July
84
Jan 9778 Jan
9 Feb 5714 July
64 June
114 Dec
17% Dec 6012 June
73* Jan 2758 July
612 Feb 18 June
34 Apr 1934 June
Apr .65 June
31
534 May
154 Jan
57 Mar 1414 May
34 Dec 6418 June
Jan
8118 Dec 99
512 Jan
14 Dec
VA July
5 Mar
Oct
954 Mar 108
14 M
Mar
314 July
104 July
118 Jan
14 Feb412 June
3 Mar 181/ July
4 Jan
34 July
Jan 64 July
36
3514 Feb783* Dec
34 Feb174 July
104 Mar 384 J114
4 June
I Mar
4/
1
4 Mar 1958 Sept
4538 Feb 9053 Aug
11712 Mar 1453* Jan
712 June
238 Mar
23 Feb 3912 July
24 Mar 1484 June
14/
1
4 Feb 65 July
24/
1
4 Feb 384 July
812 July
1
Apr
9 Mar 3712 July
16
Feb 6058 July
433 June
12 Feb
1112 May
11 Jan
Jan 68 June
10
2034 Feb 5912 June
612 Mar 324 June
30 Feb 66 June
113 Feb
43* July
1 Mar
8 July
414 Jan 21 July
•Bid and asked prices, no sales on this day. 1 Companies reported In receivership. a Optional sale. e Cash sale. 2- Ex-dividend. y Ex-rights.
724
tar
New York Stock Record-Continued-Page 4
Aug. 4 1934
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
HICH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 28.
Monday
July 30.
Tuesday
July 31.
Wednesday
Aug. 1.
Thursday
Aug. 2.
Friday
Aug. 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER ..411ARE
Range r 'se Jan. I.
On eazis of 100-share lots.
Lowell.
Highest.
$ per share $ per share $ per share $ per Share $ per share S per share Shares. Indus.& Miscell.
$ per share
(Con.) Par 3 per share
451
*514
7
•514
7
*514 7
7
*54 7
*514 7
Davega Stores Corp
5
814 Feb 5
6 Jan 10
1212 127
1134 1314 11% 1258 1212 1334 13
1334 13
1338 8,100 Deere & Co
No par
1018July 26 3418 Feb 1
1114 1114
1012 1012 11
11
1114 1112 1178 117 •1114 1134
700
Preferred
20 1014July 27 1512 Jan 30
*69
70
70
8812 683
70
70
70
.65
70 '64
6912
800 Detroit Edison
100 6313 Jan 5 84 Feb 23
*313
39
37
37
3714 3712 '3814 40
40
431 1
4014 *40
700 Devoe & Reynolds A__No par 29 Jan 6 5518 Apr 25
23
22
23
22
2178 21% *2214 23
2178 22
2134 2234
700 Diamond Match
No par *2134May 14 281j Jan 18
*33
3312 *33
3312 *33
3312 3313 3312 3334 34
*34
35
400
Participating preferred...25 2814 Mar 27 3414July 23
3814 3834 3838 4012 40
4114 4034 4258 4158 4214 4113 42
17.300 Dome Mines Ltd
No par 32 Jan 25 4614June 27
•1712 187s 1714 1734 1734 17; 1818 1813 1834 1834 1818 1818
800 Dominion Stores Ltd No par 15 July 26 23 Mar 10
1614 1714 163 1712 1658 17,8 17% 18
16% 1758 17
1838 21.000 Douglas Aircraft Co Ina No par 1414 Jan 2 2812 Jan 31
9
9
834 9
1
.834 11
10,2 10 2 .8
104 .834 1012
600 Dresser(SR) Mtg cony A No par
812July 26 19 Feb 17
*412 6% •5
634 "5
634
634 64 *834 812 *834 8
100
Convertible class B No par
634 Aug 1 11% Mar 28
*334 6
318 358 *4
7
*4% 5
418 418 *4
400 Dunhill International
638
1
318July 27 1134 Mar 26
10112 10113 *10112 108 *10218 108 *103 108
103 103 *104 108
20 Duquesne Light lot pref__100 90 Jan 16 10512July 23
434 514
478 .5
*478 5
518
558
5
5
473 5
1,300 Eastern Rolling Mills__No par
418July 25 1234 Feb 19
9713 98
*9713 98
9734 08
97
99
9834 99
9814 9814 2,300 Eastman Kodak (N J)_No par 79 Jan 4 10118July 18
*130 145 *130 145 *130 145 *130 145 .135 140 *130 140
8%
cum
preferred
100
Jan 16 147 June 27
120
1314 1338 133 14
1312 14
14
1412 1414 1412 1414 143
5,200 Eaton Mfg Co
No par 1218July 26 2212
8618 8712 8414 8634 8458 858 8610 883* 8634 8814 8718 8814 19,800 El du Pont de Nemours____20 80 .May 16 1037 Apr 19
8 Feb 16
12412 12412 *12312 12412 12412 12412 12412 12412 12413 12412 *12458 125
800
6% non-voting deb
100 115 Jan 2 125 July 20
*738 812 '714 121 2 *73412
8
8
*812 1212
818 818
200 Eitingon Schild
No par
614July 26 1914 mar 6
1634 1612 17
17
161 2 1634 16
1778 1714 1814 1712 1814 14,300 Elea Auto-Lite (The)
5 15 July 26 3158 Feb 21
.90
9412 *8212 94
90
90
90
90
92
*90
92
94
60
Preferred
100 80 Jan 5 101 Apr 8
314 312
314 312
314 312
334 4
4
4
4
4
4,700 Electrio Boat
3
3 July 26
712 Jan 29
6
6
6
6
612
618
618
612
612 612
613 653 2,200 Elea & Mus Ind Am shares__
9185,Iay 8
414 Jan 3
31
458
38 4
418 414
334 4
4
4
48 438 6,100 Electric Power & Light No par
312July 26
953 Feb 7
9
914
9
912 912
978
978 1058 1018 1038 *934 1014 1,300
Preferred
No par
734July 26 21 Apr 18
8
8
934
914 *9
8
9
818 812
813
834 834 1,300
$6 preferred
7 July 27 1934 Feb 7
No par
3314 3814 *38
3814 3814 3812 38% 3812 3812 *38
39
3812
500 Elea Storage Battery
No par 37 July 27 52 Jan 24
1
*34
78
78
*34
*34 1
•78 1
1
78
1
3,000 :Elk Horn Coal Corp No par
%May 11
173 Feb 21
*114
138 *114
112 *114
13*
138
134 178
178 1% 1,200
158
6% part preferred
1 July 26
50
334 Feb 23
*4914 50
4914 4914 4938 50
50
5112 *50
5212 *51
55
500 Endicott-Johnson Corp_ _ 60 4914July :30 63 Feb 16
*12514 12712 126 126
127 127 .127 12712 127 127
127 127
60
Preferred
100 120 Jan 3 12712July 26
278 278
314 358 *278 314 *278 314
324 314
278 278
500 Engineers Public Serv__No par
8% Feb 7
212July 27
1018 1018 *1014 11
1034 11
1134 12
12
12
*12
1212
700
$5 cony preferrod____No par 1018July 27 2312 Feb 6
•1118 13
*1118 1212 1112 1112 13
13
1238 1234 1234 13%
600
$53. preferred
No par
11 Jan 8 2412 Feb 5
15% *13
•13
1518 *1313 1518 *1312 15 "13
1518 *1312 14,8
$6 preferred
No par
13 July 26 2512 Feb 5
514 534
514 514
514 512
5,2 6
512 534 *512 534 2,100 Equitable Office Bldg No par
5 July 24 1033 Jan 22
8
8
*838 834
8
8
734 734
838 838
834 10
1,400 Eureka Vacuum Clean
5
7 July 26 1458 Feb 19
1814 1812 175 1914 174 1858 18
194 19
1934 1918 19% 14,200 Evans Products Co
9 Jan 3 2714 Apr 27
5
2
33
33
'314 4
34
312
3,2 312 "338 4
4
4
60 Exchange Buffet Corp_No par
3 July 27 1012 Apr 2
*12 218
*12 134
*12 178
*12 114
*12 218
•12 228
Fairbanks Co
158 Mar 9
25
233 Apr 17
412 5
6
612 612
4% 412 *413 814 *4
512 512
70
Preferred
100
4 July 26 1213 Apr 14
9
914 5812 934 *9
912 *914 92
934 934 10
10
400 Fairbanks Morse & Co_No par
7 Jan 6 18 Feb 19
48
*37
*37
*37
48
41
*38
*39
41
48
*3812 48
Preferred
100 30 Jan 10 58 Apr 24
*433 412
414 412
4% 5
5
5
514 512
5
5
1,300 Federal Light & Tree
15
4 July 27 1114 Apr 3
4873 4878 48
4834 47
4712 *46
49
"46
49
4834 4834
80
Preferred
No par 3413 Jan 12 62 Mar 13
•60
95 .30
80
*50
80
80 '50
*50
*50
80
80
Federal Min & Smelt Co__100 75 May 10 107 Feb 14
322 312
318 324
31
314 338
310
338 338
314 314 2,200 Federal Motor Truck__No par
834 Jan 30
278July 25
2
2
218 214
2% 218 *218 214 "2
214 *2
214
58 Feb 23
500 Federal Screw worta__No par
2 Jan 13
112 112
112 112
138 112
112 112 '138
112
112
112
700 Federal Water Seri A__No par
4 Feb 6
138July 27
.21
22
21
2038 22
21
*2014 22
*2014 22 '2014 22
100 Federated Dept Stores_No par 1912July 20 31 Mar 6
*2712 2912 2712 2734 2712 2712 28
28
*2734 28; *2712 29
600 Fidel Plzen Fire Ins N Y__2.50 2334 Jan 5 35 Apr 20
*815 914 *813 9,4 .812 1,124 *813 914 .812 914 *812
my
Fifth Ave Bus Sec Corp.No par
7 Feb 15 11 Jan 3
32 .23
"23
32
32
*23
*23
32
32 "23
*23
32
Filene's(Wm)Sons Co.No par 23 July 25 30 June 21
*10358 104 *10358 104 *10338 104
10358 10338 10334 104 *104 106
100
100 87 Jan 10 105 Apr 25
6).% preferred
14% 144 134 1414
1414 1412 143 1414 1412 1438 1458 2,200 Firestone Tire & Rubber___10 1312July 26 252 Feb 10
14
57612 80
*77
80
80
*77
*77
80 .78
80
78
78
300
Preferred series A
100 71 Jan 9 86 Apr 21
614 82
6112 6112 61
64
64
63
62
6514 6634 6634 1,900 First National Stores__No par 5414 Jan 5 6914July 16
3
3
358
3
3
3
314 314
3
3
3
311 2,000 :Follansbee Bros
2 July 26 1738 Feb 21
No par
*1038 17
1612 .1613 1712 *17
16
18
*1714 2034 *1853 18
300 Food Machinery Corp_No par
1012 Jan 9 21 May 4
914 10,8
914 1024
912 934 1012 11
11
11
11
11
2,800 Foster-Wheeler
No par
812July 27 22 Feb 16
74 712
7
7
712
712
734 858
812 8%
814 2,800 Foundation Co
8
No par
614July 26 1714 Jan 30
18
18
*1812 1834 *1812 1834 19
1913 *19
20
*19
191
600 Fourth Nat Invest w w
1 1712July 26 2712 Feb 5
912 938
914 912
918 914
958 10
934 1033 1014 1014 3,500 Fox Film class A
No par
8'4 July26 1712 Feb 26
3413 3412 35
35 '3533 40
*3512 40
*40% 4312 40
4013
130 Fkln Simon & Co Inc 7% pt100 3412July 28 63 Feb 7
28
2834 273* 28
28% 2834 2878 287
2834 2914 29
2912 2,800 Freeport Texas Co
10 2673July 26 5058 Feb 10
•17
18
17
*16
*1612 18 '17
1612 17
1812 .16
40 Fuller (G A) prior pref _No par 14 July 26 3312 Apr 26
1813
*514 6
*5% 8
.6
.61s 8
8
*6
*6
8
8
5 July 26 1958 Apr 26
36 2d pref
No par
114 *114
14
112 *112 17
13
1% *112 2
178
13
1,300 Gabriel Co (The) cl A No par
118July 25
438 Mar 12
*12
12
12
1212 12
13
1213 •1214 13
12
*1218 13
80 Gamewell Co (The)
No par 1112 Jan 18 20 Feb 19
6
614
8% 614
614
6
638 638
612 612
614 614 2,900 Gen Amer Investors
53*July 27 1112 Feb 6
No par
"70
*65
75
75 .6613 75
75
*6612
*70
75
*70
75
Preferred
No par 79 Jan 29 87 Mar 13
313 31; 3112 32
31% 3234 3234 34
333* 34% 327's 334 2.000 Gen Amer Trans Corp
5 3078July 26 4338 Feb 19
.1313 13% 1314 138 13
1312 133 14% 1414 14% 144 147
3,500 General Asphalt
10 12 July 26 2313 Apr 24
813 81
814 812
838 812
84 9
914 94
914 94 2.500 General Baking
8 July 26 1433 Feb 5
5
•102 10378 104 104 *102 104 *102 10412 105 105
103 10414
90
$8 preferred
No par 100 May 8 10812 Feb 7
578 578
534 6
578 614
613 614
8
64
61
618 2,100 General Bronze
4 Jan 9 1018 Mar 9
53
5
234
234
3
3
23* 3
3
3
3
3
*3
333 1.300 General Cable
No par
813 Feb 1
214July 26
5
5
514 54 '54 6
6
6
8
6
'6
7
500
Class A
414July 27 12 Feb 1
No par
•1512 20
1712 171 *12
1812 .15
19
1712 171 "16
19
400
7% cum preferred
Jan
33
1412
9
100
Apr 20
3812 3838 40
374 3714 38
42
42 .4112 43
*42
43
1,700 General Cigar Inc
No par 27 Jan 2 43 June 26
*113 114
114 114
114 114 '115 11578 1158 1157 '115 116
310
7% preferred
Jan 8 116 July 24
97
100
7
17
1814
173* 18
1734 1814 18
1834 1814 1858 183* 1834 42,700 General Electric
1678July 26 2514 Feb 5
No par
1212 1212 1212 1212 1238 1212 1238 121
1212 1212 1212 1212 4.600
Special
10 1138 Jan 2 123 Feb 26
2953 29% 2938 30
z2934 30
2933 3038 2912 30
30,4 3012 10.100 General Foods
July 26 3678 Jan 30
No
28
par
72
I11
58 58
23 &a
22 23
53 58
53
53 4,000 Gen'l Gas & Elea A
12July 24
No par
18 Feb (1
*913 1114 "10
*97 1013 103 103
1114 1218 12
11
1214
600
Cony pref series A No par
64 Jan 2 19 Mar 13
*5
15 •____ 15
*1075 1512 118 1178 '123* 15
•13
15
10
$7 prof class A
11 July 25 21 Mar 13
par
No
*5
15 •____ 15
*1134 20
"1213 15 '1334 15
1414 1414
100
$8 pref class A
14 Jan 19 22 Mar 12
No par
*55% 6018 '5618 5714 *551
6018 *56
--- '55
6014 '55
61
Gen Ital Edison Elea Corp__ 50 Jan 2
8114 Feb 16
553 5534 5412 55
5412
3-55
5434 55
548 5514 54% 54% 1,900 General Mills
No par 5373Mar20 6413 Jan 15
•11278 1144 '11378 11434 .11414 115
115 115 *11412 115
11412 11412
200
Preferred
100 103 Feb 27 115 Aug 1
2634 2713 26
2634 2618 2718 27
2838 273 2812 2758 2838 109,400 General Motors Corp
10 2458July 28 42 Feb 5
10014 10014 10058 1003* 101 101 '101 10212 102 10212 *10012 102
500
$5 preferred
No par 89% Jan 6 10312July 11
11
*11
11
1034 1034 .11
14
14 '12
1378 12
12
300 Gen Outdoor Adv A_ No par
8% Jan 5 21 Apr 14
4l
423
4114
413
418 *4% 458 54% 412
418 418 5413 43*
300
Common
No par
338 Jan 2
638 Apr 20
1558 17
*1538 l8lz 17
17 .1714 1912 18
19
1812 19
130 General Printing Ink
No par 1012 Jan 3 2512 Apr 23
88
*86
*86
*86
88
89 .80
90 .85
89 "85
90
36 preferred
No par 7312 Mar 10 88 Apr 24
214 214
213 214
218 218
2,8 214
24 214
213 213 1.000 Gen Public Service
No par
538 Feb 7
218July 2
*2412 29
26% 2934 29
29
30
30
30 '30
30
31
2.300 Gen Railway Signal_
No par 2312July 27 45;Mar 3
118
118
118
114
118
118
112
114
Ds 14 "114
13* 2,800 Gen Realty & Utilities
July 26
1
1
3
58 Jan 30
•12
*12
14
14
12
12
*10
*10
14
11
13
11
300
86 preferred
No par
11 Aug 3 2618 Jan 30
12
12
12
12
*1118 1218 *1233 1312 1212 1212 1278 127
400 General Refractorles
Jan 3 2333 Feb 23
No par
1018
1118 1118 1114 1114 11
1214 1212 1212 13
12
11
11
4,100
Voting trust certlfs No par
10 July 26 1913 Feb 21
26
26
.25
25
28
25 *
3412 *26
35 '25
35
30 Gen Steel Castings pref No par 25 July 31 4812Mar 15
1114 1112 1078 113* 1034 11
1118 11% 1114 118
1112 1178 11,700 Gillette Safety Razor No pa
812 Jan 6 1314July 20
*60
63% 5914 .5914 5912 60 '6213 63% 8312 8312 6334 8334
600
Cony preferred
No par 47 Jan 11 6512July 6
234 3
278 278
3
314
34 338
314 314 *314 312 1,700 Gimble Brothers
2SsJuly27
No par
els Feb IS
•17
2212 *1612 2238 •1714 2233 *1714 2238 •1758 2253 •1714 2238
Preferred
100 1614 Jan 8 30 Feb 5
2112 22
2114 2214 2114 2113 217 2238 2218 2333 2212 2273 5,100 Glidden CO (The)
No par 1558 Jan 4 283 Apr 26
102 1038 10112 10112 102 10314 *10112 10358 103 103
10312 10334
330
Prior preferred
100 83 Jan 19 104 July 26
4% 414
458 423
44 412
413 438
412 434
434 4% 3,300 Gobel (Adolf)
5
912 Feb 27
334July 28
1712 17; 1714 1753 1733 177
1814
18
1713 18
1838 1812 3.000 Gold Dust Corp vi c___No par 16% Jan 11 23 Apr 23
"112 11512 .112 11518 *112 11518 *112 120 *112 120 '112 120
$6 cony preferred___No par 9612 Jan 6 11412July 18
9l8
84 834
878 918
9
10
912 9%
(54 934 5,300 Goodrich Co(B F)
No par
8 July 26 18 Feb 19
3623 36
3512 36 '36
394 394 40
36
40 '371 41
900
Preferred
100 3512July 26 6234 Apr 21
197 2034 1914 2012 1914 2012 2012 2158 2078 2112 21
2118 8,700 Goodyear Tire & Rubb_No par 1838July 26 4158 Feb 19
"62
6812 '62
*62
69
69
*62
6712 .85
*65
69
69
1s8 preferred
No par 69 July 27 8614 Feb 10
434 43
412 5
4% 5
5%
514 524
558
518 514 2,500 Gotham Silk Hose
No par
378July 26 1134 Feb 5
•4814 56
*4814 56 '4814 51
*4811 51 '4811 58
20
56
5
6
Preferred
100 4912 Jan 22 71 12 Apr 26
17
13
112 153
158 534
15
2
14
178 2
2
1,900 Graham-Palge Motors
1
112July 26
412 Feb 1
838 63
614 612
618 612
614
634 68
678
678 7
4.100 Granby Cons M Sm & Pr__100
512July 27 1358 Feb 16
414 414
4
414
4
412 412
4%
453 434
418 434 1.800 Grand Union Co tr ctfs
1
4 Jan 8
8% Jan 31
*33
3938 .32
3512 .30
3512 '31
3512 .30
2
35% *30
35 2
Cony pref series
No par 23 Jan 6 40 Apr 24
•____ 25 •____ 2412 .538 2413 .2113 2413 .2118 2412 .
2113 2422
Granite City Steel
No par 23 Jan 15 3118 Apr 25
*3158 3314 32
32
32
3212 323 34
3212 33
32
32
1,900 Grant (W T)
No par 30 June 8 4053 Feb 10
3g
3
8o 878
853 834
0
973
9,2 9
912 08
A 034 2,500 at Nor Iron Ore Prop No par
812July 27 1513 Feb 10
3012 31% 3018 31
3012 313
32
3253 32
323n 7,200 Great Western Sugar No par 25 May 14 35l July9
3253 32
115 11533 •11314 11534 *11314 11534 11312 11312 *1134 11534 *11312 11534
130
Preferred
100 102 Jan 2 11534June 23
*158 2
134 2
*I%
2,4
214
2
214 *2
214
24
1,200 Guantanamo Sugar____No par
As Jan 2
$12 Feb 8
'17
2312 *17
2312 *17
30
*17
30 .17
30
*1712 30
Gulf States Steel
No par 1514July 26 42 Mar 13
*3514 75 .40
75
75 '40
"40
75
*3314 75
*35,4 75
Preferred
100 47 Jan 8 83 Apr 20
•Itid and asked prices, no sales on this .lay
I Companies reported In receivership. a (optional sale. c Cash sale.
r FA-dividend
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share
158 Feb
2438 July
64 Feb
48 Apr
10 Mar
1712 Feb
2818 Feb
12 Feb
1012 Feb
1014 Feb
634 Feb
212 Mar
% Apr
85 Nov
1% Mar
46
Apr
110 May
31 Mar
3218 Mar
9712 Apr
$ per share
834 July
49 July
1858 June
9112 July
337 Aug
2912 July
31 July
3913 Sept
2633 July
1814 July
18 June
1034 June
1434 July
10218 June
10 July
892* July
130 mar
18 July
9658 Dec
117 July
Io
Apr /712 July
75 Oct 8812 July
1
Jan
814 July
1
412 Dee
Feb
3% Feb 1538 June
712 Apr 3612 June
612 Apr 3214 June
21
Feb 54 July
4 June
18 Jan
58 Apr
6 June
26 Feb 6273 July
107 Feb 123
Oct
334 Dec 1434 June
11 Dec 47 Juno
11 Dee 4978 June
12 Dec 55 June
612 Mar 1358 July
3 Apr 1814 July
% Mar 10 Nov
312 Nov
11% July
74 May
258 June
1
Feb
814 June
212 Mar 1114 June
10 Feb 4212 Nov
458 Apr 1412 June
33 Dec 5912 July
15 Mar 103 Sent
es Mar 1134 July
47 July
54 Feb
I% Dec
834 June
712 Feb 30 July
1014 Mar 36 July
5 Mar
938 Nov
9 Apr 30 July
81
Apr95 Sept
918 Apr 3113 July
42 Mar 75 June
43 Mar 70% July
212 Feb 19 June
612 Apr 16 July
42 Feb 23 July
2 Feb 2338 July
1338 Mar 2614 June
12
Oct10 Sept
12
Jan 50 Aug
1618 Feb4958 Nov
9
Jan 31 June
4
Jan 23 June
1 Feb54 Aug
812 Jan 207 Aug
238 Feb12 June
42 Feb85 July
1334 Feb434 July
453 Mar 27 July
1012 Dec2078 July
9934 Mar 10814 Sept
218 Feb1012 July
114 Mar 1112 June
214 Feb23 June
812 Mar 46 June
2414 Dec4858 June
90 July 112
Jan
1011 Feb30.4 July
1078 Apr 1214 July
21 Feb3973 Sept
12 Dec2% June
318 Apr 1612 June
8% Deo 1812 Julie
5 Apr 20 Juno
2414 Jan 551 Nov
3512 Mar 71 June
92% Mar 10612 Sept
10
Feb 3534 Sept
6512 Mar 95 July
513 Jan 24 June
213 Mar 1018 June
314 Jan 17 June
31 Mar 82 Aug
2
Apr
814 June
1314 Jan 4912 July
458 Juno
33 Feb
512 Jan 2234 June
212 Feb
10% July
714 Sept 18 Juno
933 Feb 3812 June
758 Dec 2014 Jan
Jan
4512 Dec 75
733 June
14 Feb
54 Mar 33 July
334 Mar 20 July
48
Apr 0112 Aug
3 Feb
16 July
12 Feb 2758 July
0813 Dec 105 July
3 Mar 2112 July
9 Feb 63 July
94 Feb 4713 July
27% Mar 8014 July
612 Oct1712 June
Apr 73 July
41
Apr538 July
I
37 Mar 1538 June
35* Mar 1038 June
20 Sept3638 July
1118 Mar 3038 July
1534 Feb 3612 Dee
1634 July
5% Feb
6% Jan 4158 Sept
7213 Jan 110 Sept
413 May
14 Jan
634 Feb 38 July
1814 Jan 64 June
y Ex-rights.
New York Stock Record-Continued-Page 5
car FOR
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 28.
725
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
Monday
July 30.
Tuesday
July 31.
1Vednesday
Aug. 1.
Thursday
Aug. 2.
Friday
Aug. 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share $ per share S per share S per share $ per share $ per share Shares. Indus.& Misc.II.(Con.) Par
400 Hackensack Water
25
.2434 2578 *2434 2558 2514 2514 *2518 2578 .25% 2578 2578 2578
29
2812 2812 29
25
29
30
70
.29
30
30
30
.29
29
7% preferred class A
37
4
414
4
418
4
334 4
334 4
418 418 4,600 Hahn Dept Stores____No par
34
*31
Preferred
100
.31
34
100
.31
35
*33
3978 •3418 397
34
34
47
10
434 5
5
412 434
558 *5
514 538
518
534 2,300 Hall Printing
Hamilton Watch Co_No par
*5
8
*5
8
8
.5
.5
8
712 .5
.5
712
*40
46
.40
4678 .40
100
*41
45 .41
45
467 *41
Preferred
45
110 Hanna (M A) Co $7 pf_No par
101 101 *101 10112
100% 10112 101 101
100 100 *100 101
1512 1512 15
1414 1434
1514 1514 1514 .1434 1512 1,700 Harbleon-Walk Refrac_No par
1412 15
*212 338 *212 338
100 Hat Corp of America cl A__1
•212 3
3
*278 312 *314 358
3
48
48
48
48
*49
100
*4914 5912 *49
50
50
50
634% preferred
70
5912
2
2
2
2
218
.2
218
218 212
212 212
212 212 1,200 Hayes Body Corp
25
85
85
86
85
85
"86
90
85
500 Hazel-Atlas Glee. Co
.86
90
8634 8634
25
109 109 *109 11312 *109 11312
200 Helme (Cr W)
•10738 11312 .108 109 *108 109
578 57
*512 8
.6
558
No par
400 Hercules Motors
818
.
534 812 *534 638
53*
7014 6914 7012 7134 7258 7312 7312 737 738
No par
900 Hercules Powder
.7012 7278 70
100
$7 cum preferred
30
*12218 125 *12218 125 *123 125
123 123 2123 123 .122 125
*62
6312 62
6212 63
*6212 64
62 .62
500 Hershey Chocolate____No par
63
63
*62
Cony preferred
9814 9814 *98
No par
500
9918 9918 100 100
99
99
9912 .9818 99
512 534 3,600 Holland Furnace
514 6
538 538
No par
512 6
512 6
58 618
838 838 .734 812
8
8
400 Hollander lc Sons (A)
"834 9
.838 9
5
834 834
415 415
100
400 Homestake Mining
.380 415 .395 415
41812 428 .410 430 *400 430
18
1818 .1512 18
400 Houdaille-Hershey Cl A No par
"18
1812
1834 1834
19
1812 1812 .18
3
3
3
Class B
338
312 334
No par
1,800
334 37
358 334 *352 334
.4512 4814 .4512 48 .48
Household Finance part pf_50
4814 "461 4814 .4638 4818
477 *46
1312 1312 1358 1358 14
1412 1514
14
1412 1512 "1.5
4,000 Houston 011 01 Tex tern ctft3100
16
3
234 234
3
3
3
314
314
3
3
1,500
3
3
Voting trust otts new____25
4512 4614 4334 4612 4512 468 4612 4834 4612 4912 4812 4958 15,600 Howe Sound v t a
5
73
634 718
68 714
634 7
714 712
718
738
758 11,400 Hudson Motor Car____No par
214
212
238 232
238 212
214 212
10
238 212 9,100 Hupp Motor Car Corn
212
214
2078 2112 2012 2134 2058 2112 2112 23
No par
7,400 Industrial Rayon
2212 23
2218 23
.52
54
53
.54
55
54
55
55
No par
1,800 Ingersoll Rand
54
5334 5434 .52
3612 3612 3612 .36
36
par
Inland
Steel
No
1,300
37
37
38
38
3878 *37
3812
*318 312
3% 3,4
314 338
312 312
3% 312
33
334 1,700 Inspiration Cons Copper___20
1
800 Insuranshares Ctfs Inc
*334 378
334 334
334 334
'334 37
334 334 .334 37
.3
4
314
400 Intercont'l Rubber____No par
314 314 *314 4
3'4 *234 4
318 33
43
412 412
412 412
No par
412 5
412
5
538 *478 .512 2,000 Interlake Iron
2
2,2 *218 234
2,2 238
No par
214 2,2
212 212 5212 252 1,700 Internet Agricul
16
.1812 20
100
1612 *1512 17
Prior preferred
300
2314
19 .17
17
1834 19
*13312 140 *13312 135 *13212 13412 13418 135
400 Int Business Machines_No par
134 134 *132 136
534 6
6
618
5,2 534
1
6
6
512 6
512 512 2,100 Internet Carriers Ltd
1958 1958 1834 1934
1912 20
22
2214 2114 2112 2114 2114 2,200 International Cement__No par
25
2512 2434 2538 2434 255,1 251 2714 2614 27
2612 2612 11,400 Internal Harvester____No par
•__. 119 ...___ 11812 .____ 1181z15___ 119 .____ 119 *__-- 11812
100
Preferred
37
37
414 '
4
25
41
4
414 458 3,400 Int Hydro-El Sys cl A
414 438
4
418
*232 212
212 212
2,2 212
300 lot Mercantile Marine_No par
258 2,
8 *212 314 *252 3
233 2418 2314 2358 2314 2312 233 2414 2334 2412 2414 2455 34,100 lot Nickel of Canada__No par
.123 12934 .123 12934 .123 12934 .123 12934 .123 12934 .123 12934
Preferred
100
*10
1512 *11
1512 1012 1012 11
100
360 Internal Paper 7% pref
1138 •114 1258 114 12
212 212
214
33
33
212 212 .24 338
234
800 Inter Pap & Pow cl A__No par
338 358
114
114
14
15
Class B
No par
114
114
114
114
112 112
1,4
15, 1,300
*1
112 '1
1% .1
1111
118
Class C
No par
11
114
114 1,100
I'2
158
100
Preferred
4,800
12
12
912 1018 11
912 934
953 658
113* 1114 12
•1812 20 .1814 20
.1814 19
700 lot Piloting Ink Corp_No par
19
193
19% 198
20
20
•8614 88
*8614 88 .8614 88
Preferred
100
10
88
.86
88 .86
87
87
.27
2812 273* 273* .2714 28
No par
28
600 International Salt
277 28
28
2914
29
40
4014 '40
4012 .40
No par
600 International Shoe
41 '4034 41
40'2 4012 408 41
1912 2112 2112 2112 *20
100
2358 23
600 International Silver
2214 2214 .2114 25
23
*65
74
65
100
65
*60
65
7% preferred
120
65
65
65 .64
65
65
9
914
812 938
91
934 30,300 Inter Telep & Teleg___No par
812 878
9
934
918 958
812 812
812 812
8
858 834
814 878
812 834 1,900 Interstate Dept Stcres_No par
858
734
'5
73
5
7,
8 .
Intertype Corp
No par
738 *5
734 *5
5
73* .5
2814 2814 .2838 29
.2838 29
1
2838 2812 29
600 Island Creek Coal
*2812 29
29
.43
45
44
44
*44
No par
4612 •45
200 Jewel Tea Inc
45
45
46
*4414 4512
423 4278 4112 4314 4118 4214 42
No par
4458 437 4434 4314 448 11,100 Johns-Manville
•110 118 .110 115 .110 115 .110 118 .111 115 *111 115
100
Preferred
47
47
46
4913 45% 51
46
*43
45
45
520 Jones dr Laugh Steel pref_100
49
49
*7
*6% 7
71
63* 61
.6
614
*7
714 .7
714
400 Kaufmann Dept Stores $12.50
*137 14
14
1418 137 14
5
14
14
1414 1,400 Kayser (J) & Co
14
14
14
112 158
112 14
112 15,
134
158
134 4,300 Kelly-Springfield Tire5
134
134
134
57
6
No par
618
678
858
8
7
8
8
8
8% preferred
.634 858
800
3
3
'3
434 .
400 Kelsey Hayes Wheel conv.c1A1
41
318 47
.412 5
4
412 412
1
*212 32 *212 312 *212 3
Class B
312 31
100
•35, 512 .234 4
1238
1218 123
12
1258 12
No par
1214 128 1212 13
1212 1258 8,800 Kelvinator Corp
88
•86
95 .86
86
86
120 Kendall Co pt pf ser A-No par
88
88
86
86
•88
90
No par
1734 18%
1714 1734
1712 1813 1778 1838 1818 183 26,800 Kennecott Copper
1758 18
144 *12
.12
144 .12
No par
143 .12
14
Kimberly-Clark
1434 .12
14% .12
No par
312 312 .
*312 37
358 4
100 Kinney Co
*334 418 *312 4
.312 4
•16
40 .18
2412 .17
No par
241 .1714 25 .173 2434 .1714 25
Preferred
1712 1734 1718 18
1718 1758 1734 1814
10
9,000 Kresge (S S) Co
1712 1734 1712 177
.10612 110 .10612 110 *1064 110 *10614 111 .109 111 *109 111
100
7% Preferred
91
No par
"5014 5 2 *5058 59,2 .51
Kress (S H)& Co
*54
55
5912 *54
5912 .5418 56
2714 2812 2818 2872 2812 287
No par
2812 2938 2834 29
2878 2914 5,900 Kroger Groo dr Bag
•2118 25
.2114 25
20
2118 *2012 25 .2014 25
100 Laclede Gas Lt Co St Louis 100
*2018 25
.33
40 .33
40
*34
100
5% preferred
38
*34
.34
38
38
38
*34
2414 25
24
25
243* 2434 24
2,500 Lambert Co (The)____No par
2434 '2414 2412 237 24
•738 1018 .9
10,8 *9
1018 .9
Lane Bryant
No par
1018 *9
10,8 "9
10%
8
812
83* 812
5
858 812
812 912
3,200 Lee Rubber & Tire
9
912
93* 10
1312 1312 .1114 14% *12
.1258 1312 .12
.1212 13
13
300 Lehigh Portland Cement_ __50
13
80 .75
•7412 80 .74
100
80
.75
7% preferred
80
•75
80 •75
80
278 3
3
3
33
27
27
27
*3
314
314 314 3,100 Lehigh Valley Coal____No par
1018 11
1018 108 1034 1034 11
50
4,000
1314 1134 1278 1214 13
Preferred
651z 6558 .65
*65
87
66
66
6512 663* 6612 6634 1,500 Lehman Corp (The)___No par
67
18
18
18
18
17
800 Lehn & Pink Prod Co
5
17
1712
17
17
17
17
17
27% 28
2658 28
2714 2778 2734 2812 277 2834 28
2812 5,300 Libby Owens Ford Glass No par
*1914 2012 1912 20
.1918 20
20
20
5
.2014 2034 2012 2078
600 Life Savers Corp
9458 .92
9314 9314 •92
94
95
9434 9434 95
300 Liggett & Myers Tobacco__25
"93
97
9412 9512 9434 9534 95
Series B
95
3,400
972 973
9534 9634 9612 973
25
*145 1547 .145 1548 '14514 1547 *147 155 *14718 15478 •14812 1547
Preferred
100
2178 2234 2112 2112 21
22
2212 2214 2214 4,800 Lily Tulip Cup Corp__No par
2112 21
223
18
18
1712 18
*17,2 18
900 Lima Locomot Works__No par
1818 1814 *1818 1834
18
18
•1312 1514 *134 14
133* 1355 1378 1378 14
14
460 Link Belt Co
1312 1312
No par
1914 2058 1978 2012 2014 2112 21
1912 20
2178 2218 22,2 5,000 Liquid Carbonic
No par
2158 2278 2134 2212 2278 24
2218 23
2312 2514 2434 2558 22,200 Loew'a Incorporated-No Par
797 797 .80
•78I2 85
Preferred
85 .80
92
No pay
100
*8114 90 .8258 89
134
134
138
13*
178
14 172
No par
178 *134
178 1,400 Lott Incorporated
134
172
•lig
114 .
14
Long Bell Lumber A No par
114 "1,8
114 "Ds
114 "Ds
114 •118
114
39
40
39
39
40
40
40
1,400 Loose-Wiles Blacult
4034 .40
4012 *3934 40
25
_ __ *12134
*120.121
..12214 . . _._
7% 1st preferred
..12134 _ _ •12214
100
1612 1-678 1634 17
16744 .-17
17 -1-iI2 1712 17-12 4,700 Lorillard (P) Co
1634 1712
-10
•112 135 .112 135 *115 135 .115 135 .115 140 .115 140
100
7% Preferred
114
138
114 .114 2
*114
13*
112 5112 2
200 Louisiana 011
.112 2
No par
*912 14
.912 14 '
*914 14
*912 14
Preferred
*914 14
100
9,2 14
15
1514
144 15
1414 1412 1412 1412 14
1,400 Louisville Gas & El A_No par
*1412 15
14
918 914
9
9,2
Ms 952
912 934
.10
1012 1,700 Ludlum Steel
103
1
978
85 .4812 81
•40
85 .40
Cony preferred
85
.40
85 .40
.40
81
No par
.3112 34
.32
•314 34
34
*32,2 33
200 MacAndrews & Forbes
3212 3212 .3212 33
10
109 109
108 108 "109 110
-_ .105
108 108
6% preferred
70
_
100
2358 23% 2314 2312 2314 2334 24
No par
2412 2-458 2418 ii58 3,000 Mack Trucks Inc
25 *1052,600 Macy (R H) Co Inc_No par
39
393s 384 3914 3812 3878 3814 3958 3914 4012 4012 41
43
3
43
5418 434 .438 48
434 4 4 .412 5,2
300 Madison Sq (lard v I o_No par
434 434
19
1912 *1912 2312 .1855 2312 *197 2314 *18% 2312 .1958 2112
200 Magma Copper
10
*112 134
112
112 .112 1% •112 2
500 Mallinson (H RI & Co_No par
134
134 "158 238
1112 .934 1112 10,8 10,8 10
210
*10
7% preferred
12
13
100
11
12
11
•112 134 •112 134 .112 134 .158
100
100 alanati Sugar
I%
IN
134 *112 134
Preferred
100
*3
5
.314 5
*31s 618 .312 412 .
*3
7
312 412
.3
314 314 .
6
23* 6
100 Mandel Bros
*338 6
.338 6
.33
6
No par
"II
1112 .11
12
12
400 Manhattan Shirt
.11
1112 1112 12
12
14
25
.12
114
300 Maracaibo 011 Explor_No par
.138
112
114 .
138 .138 2
114
112
1,2 5114
158
438 412 543
.412 458
412 412 1,200 Marancha Corp
412
412 412
4% 438
5
5
5% 6
6
6,2 6,100 Marine Midland Corn
578 618
534 6
6
6,8
534 578
1818 17
No par
17
1878 1878 1,400 Marlin-Rockwell
17
19
1814 1814 .17
1714 18
97 103
958 10
958 10
912 978
No par
1018 1034 5,200 Marshall Field lc Co
1014 103
418 434
54 518
clati
500 Martin-Parry Corp__._No par
7
*4,
8 534 *5
534
5
5
•Bid and asked prices, no sales on this day. 1 Companies reported in receivership.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
a Optional sale.
Mallen.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share
$ per share $ per share $ per share
15 Mar 2512 July
2012 Jan 9 2614 July6
25
Apr 2878 Jan
27 Jan 4 3012June 27
912 July
118 Feb
814 Feb 15
312July 26
9 Apr 3812 July
2514 Jan 9 5234 Apr 21
318 Feb 104 July
934 Feb 14
312 Jan 8
212 Apr
358 Jan 26 117 Apr 20
9 July
25 Jan 15 5312 Apr 25
15 Feb 35 July
454 Jan 85 Aug
84 Jan 8 10134July 21
13 July 26 2434 Feb 21
618 Feb 2512 July
% Mar
812 Apr 13
112July 26
712 June
518 Apr 30 June
1934 Jan 4 6214June 27
114 Jan 2
34 Feb
64 Feb 15
34 July
65 July 9712 Dec
85 May 14 967 Apr 23
894 Jan 105 Dee
101 Jan 9 115 June 27
3 Mar 17 July
514July 10 1218 Mar 15
15 Feb 6852 Dec
.59 Jan 4 8158July 17
85 Apr 110% Dec
111 Jan 4 125 July 14
35% Mar 72 July
4812 Jan 15 68 July 16
8434 Apr 90 July
83 Feb 18 101 July 17
312 Jan
1012 June
5 July 26 1014 Apr 23
214 Mar 1012 June
21
534 Jan 2 13 June
Jan 373
310 Jan 4 243018July 19 145
Oct
4% Apr 15 June
11 Jan 8 2314 Jan 30
1 Mar
672 Jan 26
258July 26
6% June
43 Nov 5114 Jan
43 Feb 5 M Mar 12
814 Mar 38 July
1212July 26 21)h Feb 5
1% Feb
738 July
558 Apr 6
2I2July 27
512 Jan 3838 Dec
3512 Jan 3 5714June 28
3 Feb
1632 July
618J0ly 23 2414 Feb 5
78 July
I% Mar
714 Jan 30
17 July 23
1938July 26 2658June 14
.50 May 14 7334 Feb 3 1918 Feb ii July
12 Feb 457k July
35 May 23 495 Feb 21
912 June
2
Feb
678 Feb 5
3 July 23
37g June
1% Mar
414 Apr 25
218 Jan 2
412 July
38 Mar
578May 4
214 Jan 15
218 Mar 12 July
4'4 July 24 1114 Feb 19
78 Feb
618 Feb 5
53* July
2 Jan 8
6
Jan 274 July
15 Jan 8 3714 Feb 3
7534 Feb 15314 July
131 June 2 14914 Jan 30
278 Jan
10 July
1218 Feb 21
412July 26
618 Mar 40 July
1834July 30 378 Feb 5
1358 Feb 46 July
2314July 26 46% Feb 5
1 Aug
80
Jan 119,
11512 Jan 13 12538May 11
212 Apr 137k July
918 Feb 7
334July 26
114 Jan
214 July27
678 June
6 Jan 24
634 Feb 2314 Nov
21 Jan 4 2914 Apr 27
72
Jan 115 Dec
11534 Jan 13 130 June 26
212 Jan
2134 July
10 July 27 25 Apr 24
12 Apr 10 July
612 Apr 20
2 July 23
534 July
14 Apr
312 Apr 21
118July 27
4 July
14 Jan
234 Apr 23
1 July 25
224 July
2
Apr
812July 26 24% Apr 23
14
312 Feb
Oct
9 Jan 13 25 Apr 21
35
Apr 71 Aug
66 Jan 2 90 July 13
1334 Mar 2734 July
21 Jan 3 32 June 19
2432 Jan
5838 July
40 May 12 502 Jan 26
5912 July
934 Feb
19 July 27 4534 Feb 15
2412 Mar
7172 July
59 Jan 4 8412 Apr 9
2134 July
518 Feb
712July 26 1734 Feb 6
878 July
112 Ma
312 Jan 4 163* Apr 20
515* Jan 3 10 Feb 8
1114 July
PI Jan
32 July
11
Feb
2434 Jan 29 3058July 18
45 July
23 Feb
33 Jan 9 52 Apr 20
1214 Mar 6312 Deo
4038July 26 66% Jan 30
July
42
17
Apr10612
11314July
Jan
4
101
35 Feb91 July
45 Aug 1 77 Jon 23
93 June
258 Mar
6 July 20 1038 Apr 13
678 Feb1912 July
13% Jan 4 1812 Apr 20
72 M
Mar
6% July
412 Mar 12
114July 26
8 Feb3118 June
5 July 26 20 Jan 30
2 Feb8 May
3 July 28 10 Feb 16
112 Dec834 June
712 Feb 16
258 Jan 2
3% Feb15% Sept
115 July 26 2114 Mar 14
6518 Jan 18 90 July 20
Jan 73 July
30
73 Feb28 Sept
16 July 26 2318June 13
578 Apr 253, July
12 Jan 2 1814 Apr 12
Apr
614 June
1
7% Apr 13
3 Jan 16
455 Feb30 July
1312 Jan 8 41 Apr 26
512 Mat 167 July
133* Jan 2 22% Feb 5
Apt 105 June
88
101 Jan 4 111 Mar 16
27
Jan 4414 July
36 Jan 3 61 Apr 27
1412 Feb3558 July
2314 Jan 8 335 Apr 23
30 Nov80 June
20 July 26 6312 Feb 13
Jan
3712 Apr 61
32 June 9 60 Feb 9
1938 DeC 4112 July
2214 Jan 4 313* Feb 5
3 Feb101,June
5 Jan 6 1414 Apr 19
38 Mar
123* July
7 July 26 144 Apr 26
57 Jan 27 June
11 May 14 20 Feb 23
34 Feb 78 Sept
7358June 22 81 Apr 26
638 July
1
Jan
5 Feb 21
212 Jan 8
212 Apr 12 June
5 Jan 3 1638 July 19
3712 Feb 7938 July
6414July 26 78 Feb 6
14 Feb 2314 June
1634 Jan 23 2312 Apr 19
44 Mar 373 July
2514July 26 4372 Jan 19
15% Oct 2218 Sept
1718 Jan 8 24 Apr 23
49
Feb 98 Sept
18
9712June
6
. 73 Jan
4914 Feb 9958 Sept
7412 Jan 8 9814June 18
129 Jan 13 14838June 18 121 Mar 14018 Sept
13 Apr 2112 May
16 Jan 15 2812July 18
Jan 3134 July
10
1712July 30 3614 Feb 5
19% July
634 Apr
1214 Jan 3 193* Feb 6
1014 Feb 50 July
1618July 26 3538 Apr 23
84 Mar 3612 Sent
2078July 26 3518 Apr 12
Apr 7818 July
85
72 Jan 2 9714 Apr 24
414 June
112 Dec
3 Jan 31
112July 24
512 June
234 Feb 20
% Feb
1 July 26
1914 Feb 4434 Dee
3812 Feb 26 2445 Jan 17
Jan
11934 Jan 11 12812July 13 11312 NI ty 120
10% Feb 2514 July
1534 Jan 8 1912 Feb 5
8712 Feb 106 Nov
102 Jan 26 113 Apr 11
33 Apr 4
4 July
38 Jan
114 Jan 10
312 Feb 29 July
714 Jan 2 2312 Apr 4
13% Apr 28114 June
13 July 28 21 Feb 7
Feb 2018 July
4
814July 26 1912 Feb 20
1438 Mar 9512 Dec
80 June 14 97 Feb 20
94 Feb 3134 Dec
30 Jan 5 34%June 25
74 Apr 96 Nov
95 Jan 13 110 July 12
1312 Feb 4638 July
22 July 26 4134 Feb 6
2414 Feb 6558 July
38 July 26 6218 Jan 30
7 June
158 Mar
7 Apr 27
258 Jan 2
1512 Jan 17 22314June 28
532 Mar 1955 July
514 June
414 Apr 24
112July 26
72 Feb
3 Feb 2834 July
758 Jan 9 333 Apr 24
534 July
1 Jan 8
334 Jan 23
14 Jan
97 July
914 Apr 26
134 Jan 3
% Jan
97 June
812 Jan 26
3 July 26
112 Jan
512 Apr 23 July
,Feb 1
1012July 27 203
118July 25
4 June
3% Feb 17
58 Jan
47 Nov
53 Feb 5
4.58 July 30
532 Nov
512July 27
9 Feb 6
5 Dec 1112 Jan
17 July 31 32 Jan 25
8 Feb 2314 Des
1838 June
458 Jan
912July 261 19% Apr 11
,Mar 3
4 July 271 123
778 Dec
12 Jan
c Cash sale
e Sold 15 days.
3 Ex-dividend.
v Ex-rights.
•
New York Stock Record-Continued-Page 6
726
tarFOR
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 28.
Aug. 4 1934
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH
PAGE PRECEDING.
Monday
July 30.
Tuesday
July 31.
Wednesday
Aug. 1.
Thursday
Aug. 2.
Friday
Aug. 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range MOO. Age. 1.
On barn of 100-share lac
Lowest.
Highes8.
PER SHARE
Range for PT*010118
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& M1sce11.(Cos.) Par 8 per
share
8 Per share
per share $ per share
2614 2634 2.584 27
27
2712 27
28
2712 2814 2712 2712 6,100 Mathieson Alkali WorksNo par 2434Ju1y 26 4054 Jan 24 8 14
Feb 4621 Nov
36
36
3334 36
36
3618 3634 3714 365 3718 37 37
1,900 May Department Stores___10 30 Jan 2 448 Apr 23
91 Feb 33 Sept
412 5
428 5
*412 5
434 5
5
51g 518 1,300 Maytag Co
5
412July
par
No
26
Feb
83,
21
Ils
812 July
Apr
21
21
2134 2134 "2214 2318 237 24 *23
24 '23 24
400
Preferred
No par 10 Jan 2 2818 Apr 26
318 Apr 1514 Aug
*7212 727 .7212 7278 '7212 7278 7212 7212 *7212 7278 •7212 7278
20
Prior preferred
No par 49 Jan 3 92/
1
4 Apr 3
15
Apr
58
Oct
26
26
26
26
26
2612 26
26
25
2512 *2518 26
1,600 McCall Corp
No par 24 Jan 11 32 Apr 13
13 Mar 3024 Sept
•138 17a
132 138 *134 2
.172 2
*17g 2
2
400 :McCrory Stores olassANo par
2
Ils Jan 8
44 Feb 6
47 June
% Apr
*112 2
*112 134 *112 2
*112 134 *112 134 *112 134
Class B
114July 24
No par
44 Feb 6
11 Dec
6 Jan
13
13 '1312 15
1312 15
16
16 '16
17
17
17
600
Cony preferred
100
5/
1
4 Jan 2 21534Mar 17
218 Mar 21 Jan
.6
634
6
6
*412 634 '6
/
4 634 *612 634
634 *61
100 McGraw-Hill Pub Co_No par
4 Jan 4 104 Apr 21
3
Apr
81
/
4 June
4412 4434 4312 45 24412 4512 455, 47
46
4658 4578 4638 9,400 McIntyre Porcupine Mines_5 384 Jan 25 501/June 19
18 Mar 4884 Oct
*8212 8312 82
8212 8412 8412 *8412 8914 *8412 89
86
86
600 McKeesport Tin Plate_No par 60 Aug 3 94/
1
4 Feb 21
44% Jan 9534 Aug
47
514
514 55, 7,400 McKesson & Robbins
434 513
48 5
5
538
514 512
918 Apr 10
5
4¼ July 26
154 Mar 134 July
23
2334 2484 24
24
2412 24
251
2412 2534 "2412 2514 3.100
Cony prat series A
50 1172 Jan 2 341: Apr 27
352 Mar 25 July
4
414
4
418
4
414
4
438
414 414
414 432 8,900 :McLellan Stores
1 Jan 6
No par
552 Mar 17
38 July
14 Feb
56
56
*5513 5912 *5518 5912 5714 5714 56
56
5412 55
8% cony pref ser A
600
100
9% Jan 2 834June 8
2% Jan 227 July
33 33
315, 32
331 34
3412 3614 36
3612 35
3534 3,200 Melville Shoe
No par 26 Jan 2 39 June 28
83, Feb 283, Oct
4
414 453
458
418 414
414 414 '458 434
434 434 2,200 Mengel Co (The)
1
31 2July 26 11 Jan 22
2 Mar 20 July
*1612 24 *2514 34
*2712 34 *30
34
*2514 34
*2514 34
7% preferred
100 30 Mar 21 52 Apr 19
22 Jan 57 July
19
19
19
1912 19
19
1934 1934 1912 1912 *2014 2112 1,300 Mesta Machine Co
1612 Jan 4 30 Feb 19
5
7
Feb 21 Sept
*2312 2658 24
24
2434 '2438 2434 '243, 2434
*2384 2434 *24
100 Metro-Goldwyn Pict pref_27 21 Jan 5 2634MaY 22
1312 Mar 22 Sept
318 338
312 312 '353 334
313 3/
1
4
31z 3/
1
4 *Ps 334
3 July 26
5
612 Feb 16
900 Miami Conner
98g June
15 Mar
1014 1012
934 1012 1012 1012 1012 1074 1072 1072 1078 11
4,600 Mid-Continent Petrol
93 July 26 1424 Feb 5
10
324 Mar 16 Jar
*81/ 912
818 832
818 814
914 914
812 9
834 834 1,100 Midland Steel Prf5c1.-_No par
2July 26 2178 Feb 19
81
3
Mar
17
24 July
*51
74
*51
70 *51
70
64 64 *60
75
60 60
200 8% cum let pref
100 60 Aug 3 8514 Apr 21
26 Mar 72 Sept
*47
51
51
4914 4914 *4912 52 "4938 5078 *4914 5034
51
200 Minn-Honeywell Regu_Ne par 36 Jan 4 59 July 10
13 Apr 3638 Del
2
218 *2% 214
2% 2%
214 214
214 214
214 23, 1,800 Mbm Moline Pow Imp! No par
17s July 26
57s Jan 30
7s Feb
534 July
*151
/
4 25 '1514 18
*1514 18
1734 1734 *1514 1978 •17
18
100
Preferred
No par 1512July 26 3554 Feb 1
6 Feb 30 July
"1338 14
1312 1318 131
141
13
1312 1312 14
14 "14
900 Mohawk Carpet Mils
20 1212 Jan 4 2232 Apr 21
7
Jan
22
July
497
49
49
5014
4912 49
498
498 4812 4912 487 493, 4,200 Monsanto Chem Co
10 39 May 14 5512 July 13
25 Mar 83 Dec
2234 2314 2134 23
2218 23
2238 2334 2234 2332 23
2312 55,400 Mont Ward & Co Ino__No par 2114 Jan 4 35% Feb 15
8% Feb 287
,July
481 "48
*45 484 "45
4812 "45
4834 48 48 "47 4834
100 Morrel (I) dr Co
No par 37 Jan 4 5114 Apr 13
25 Jan 56 July
52
12
12
12
12
*12
,12
28
12
1
*12
38 1.000 Mother Lode Coalition_No par
12July 17
15, Feb 8
Is Jan
218 June
*5
7/
1
4 *6
*5
9
7
*614 734
634 634 '62g 9
200 Moto Meter Gauge as Eq....._1
6 July 27 12 Feb
14 Jan
8% Dec
1734 1914 188 1914 193, 1911 3,800 Motor Products CorpNo par 15141uly 27 4424 Feb 21
1618 1612 1534 1612 1614 17
78 Mar 3634 Sept
15
71: 7%
7
7/
1
4
7
714 7%
7
7% 75s
5
734 77
658July
3,000
Motor
26
Wheel
1612
Feb
16
Ili Mar 1158 July
614 612
6
'612 634
6
634 634
74 784
714 732 1,300 Mullane Mfg Co
1
4 Jan 12 1558 Apr 23
5/
NO par
11* Mar 10% July
2378 *20
22
24
2434 *23
"22
28
2412 2412 24
24'8
70
Cony preferred
No par 1218 Jan 12 46 Apr 21
5 Mar 25 June
19
19 '17
17
.17
17
17
17 "1412 17 '14
17
200
Jan
par
Munelnewear
133,
6
Inc
2514
No
Apr 13
8 June
5 Mar 18,
415 434
47
47
432 434
432 5
5
42 434
5
7,600 Murray Corp 01 Amer
378July 26 1153 Feb 16
10
158 Feb 11% July
17 *14
•1414 17 '14
17 '15
17 '15
17 "15
17
Myers F & E Bros
No par 14 July 26 2154 Feb 21
8 Jan 20% July
1334 14
14
138, 13% 1312 14
1434 14
1458 14
8,400
1258July 26 3214 Jan 30
145,
NO par
Nash Motors Co
11% Apr 27 Jul
/
37
412 412
412 434
1
334 334 *372 414
372
438 484 1,100 National Acme
3I4July 23
87 Feb 23
118 Feb
734 July
614 614
614 614
*534 614 *554 614
578 634 1.300 National Aviation Corp.No par
5s 6
534July 24 1314 Jan 31
93 Dec 1014 Dec
.814 812 z412 412
412 412
538
5
434 434
512 5/
1
4
pre1.100
1284
314
700
Jan
6
:National Hellas Hess
Mar 19
97 July
114 Jan
333
333 337
333 333
34
33
33 34
33
3314 3314 9,000 NatiOnal Biscuit
10 31 July 26 4912 Jan 18
311: Feb 605, June
147 147 "146 147
*145 147 "14612 148
147 148 "142 148
700
7% cum prat
100 131 Jan 3 14812July 23 118 Mar 145 Aug
135, 1334 131g 1334 1314 1312 1332 1418 1312 1384 1312 1384 3,700 Nat Cash Register
No par 12 July 26 2358 Feb 6
518 Mar 235, July
1558 1618 1558 1638 158 1618 16
164 1612 17
1638 168 18,000 Nat Dalry Prod
13 Jan 4 1834June 9
NO par
1012 Feb 255 July
118 118 *Vs 114
11
*118 2
114
118 114 •118 114
1 Jan 9
500 :Nat DepartmentStoresNo par
3 Mar 16
Is Mar
21: June
10
1112 1112 1014 1112 10
1114 1274 141 *1114 13
11
280
5 Jan 17 221: Apr 18
Preferred
100
114 Feb 10 June
1734 1734 1918 1818 201
18
1812 1714 1818 17
1984 197 45,300 Nati Distil Prod
No par 16 July 26 311 Feb 1
2072 Dec 33% Nov
1712 1612 1612 1712 18
1612 1712 17
1912 20
20% 22
1,900 Nat Enam & Stamping_No par 1612 Jan 5 327 Apr 24
5 Feb 19% Dec
142 142 •143 150 •1441
'145 150
/
4 150 •1461
/
4 150 146 1461
300 National Lead
100 135 Feb 10 163 July 14
4314 Feb 140 Nov
*130 14318 *130 14318 .130 1431g 142 142 •140 143s 142 145
100
100 122 Jan 16 145 July 18 101 Mar 12814 Nov
Preferred A
'109 116% *109 116% '109 1163, 113 113 *113 114
114 114
60
Preferred B
100 1004 Jan 9 114 Aug 3
75 Feb 10918 July
77
88
8,4
8
814
8%
812 834
834 91
2812 9g 8,700 National Pow & Lt----No Par
712 July 26 1513 Feb 8
67 Apr 2012 July
3834 39
3834 395
3914 3914 391
/
4 4014 3812 391
39
391
7.100 National
25 371/July 28 5814 Feb 5
CorD
15 Feb 5518 July
/
4 1012 101/ 1112 1112 12'I 1284 1284 3.000 National Steel
*1034 11
0101
1012 11
Supply of Del_-_25 10 July 26 2112 Apr 24
4
Apr 2858 June
41
42 42 "41
44
44
44
44
44
100 3312 Jan 4 60 Apr 23
47 '41
48
100
Preferred
17 Feb 6014 June
912 912
10
914 934
IA 934 10
934 984
934 10
9 July 26 1824 Feb 1
2,200 National Tea Co
No par
6
/
1
4
Jan
27 J1117
1612 1612 1612 1612 *1612 17
18
18 *19
191
19
1912
612 Jan 4 3014 Apr 13
600 Neisner Bros
_No par
11
/
4 Jim W.June
"3118 32
*33
3218 34
38 "34% 38 *34% 38
3712 37'2
600 Newberry Co (J J)--No par 31 July 26 4974 Apr 10
/
4 "101 104% *103 10412 10412 1041 *101 10614
"101 1041
/
4 '101 1041
100 100 Apr 3 105 June 21 - - --100
7% preferred
--- 63, 632
612 714
7
75, 1,700 Newport Industries
634 714
7
7
7
'7
6 Jan 10 13 Mar 6
1
-1-% Mar1154 31;6
12
1312 12
*12
1112 1112 12
12
12
12
1212 1212
1112July 26 2424 Feb 7
500
No
N
par
Y
Air
Brake
618 Apr 234 July
'25, 51g
.234 57
25, 25,
334
3
3
334 334
300 New York Dock
814 Mar 19
2¼ July 31
100
23, Dec 1172 June
*638 712 '634 712 *634 712
"7% 10
712 8
100
'718 10
5 July 26 20 Mar 13
300
Preferred
6 Oct 22 June
12
12
12
12
12
58
*12
12
12
12
12
Jan
12 2.700 IN Y Investors Ino___No par
2
11
/
4 Feb 7
12
38 Dec
234 June
1058 1012 108 1058 1012 11
1114 13
Corp
pan
ea../
1234 1334 12% 1338 11,500 NY ShIpb1c14
912July 26 2278 Feb 1
154 Jan 22% Aug
•__ 82 •__-_ 7112 '70 82
73
75 '74
80 "73
82
100 72 July 26 89% Apr 13
30
7% preferred
31
Jan 90 June
97 *97 98 '97 98
97
96
96
96
9612 *96
98
40 NY Steam $6 prof
No par 82 Jan 5 991: Apr 10
70 Nov 10172 Aug
*107 1094 *107 108
107 108 *107 10934 '10712 1094 '10712 10934
50
No par 90 Jan 15 10978May 26
$7 let preferred
83 Nov 110 Jan
4128 41
39
404 3934 4012 40
3912 40
4138 40/
1
4 4034 6,100 Noranda Mines Ltd_.-No par 33% Jan 4 455sJune 11
17% Jan 3872 Sept
13
1234 13% 131 143
13% 1258 135, 1258 13
14
1412 21,500 North American Co---No par 12 July 26 2511 Feb 6
1214 Dec 361: July
•41
4418 "41
44% *41
4434 411 4112 *41% 43%
44% •42
100
Preferred
50 34 Jan 9 4514 Apr 20
31 Dec 46 Jan
27g 314
314 312
312 314
352 334
312 334
332 4 15,000 North Amer Aviation
258July
26
1
8 Feb 1
4 Feb
9 July
67
67
89
*67
*64 68 "60 66
66
66 "6014 66
200 No Amer Edison pref __No par 471: Jan 4 748g Apr 28
39 Nov 79 July
*38
4112 "38
4112 .38
4112 *39
4112 "39 4112 4112 4112
10 Northwestern Telegraph...50 34 Jan 9 43 Apr 26
26% Apr 43 June
*178 2
134 17 '14 2% *2
2% *2
218 *2
413 Feb 19
218
158July 27
200 Norwalk Tire & Rubber No par
57 July
Ila Feb
918 912
912 97g
91g 912
914 10
934 972
812July 26 1578 Feb 5
912 972 9,100 Ohlo 011 Co
No par
454 Feb 17% July
212 234
212 212
25
212 25,
212
234 234
234 234 1,800 Oliver Farm Eaulp
2 July 25
No par
7 Feb 5
1%
834
Feb
July
95, 958
1018 1014 *93, 10
958 10
1114 1114 11
1114 1,100
9 July 27 2732 Feb 5
No par
Preferred A
314 Feb 3034 June
•4
4/
1
4 *4
4/
1
4 •4
414 414
41
/
4
438 45, "414 5
358Ju1y 27
400 Omnibus Corp(The)vto No par
634July 9
1% Mar
834 July
6
6
.6
7
:6
612
612 612
812 684
612 612
518July 27 1452 Mar 31
400 Oppenbeim Coll & Co No par
212 Feb 15 June
137 14
134 14
1418 1418 14
1353 14
143
14
145, 4,000 Otis Elevator
No par 1338July 26 193, Feb 16
1012 Feb 2514 July
'10112 103 101 101
10112 10112 *10012 101
10012 10012 *100 101
100 92 Jan 18 102 May 12
50
Preferred
931:
Apr 106 July
4
4
414
4
/
1
4
4%
418
414 414
412 412
432 434 2,500 0228 Steel
358July 27
No par
8 Feb 19
11
/
4 Mar
914 June
13
12
1414 15
13
1312 1312 12
1514 1514 16. 16
1,000
9 Jan 2 25 Feb 2
100
Prior preferred
24
2134 June
Feb
65 66
6412 66
6512 6512 65% 67
66 67 '6612 69
Co____25 6112Ju1y 26 94 Jan 3
1,700
Owens-1111nola
Glass
3112 Mar 9654 Jul,
153 16
1558 1578 1534 1812 1572 1632 16
1512 167
6,100 Pacific Gas & Electric
16
25 1518July 27 2312 Feb
15 Dec 32 July
271: 27
27
27
27
28
27
27
2738 28
27
27
2,200 Pacific Ltg Corp
:Jan 2 37 Feb
No par 231
22 Dec 43% Jan
.2112 2318 2112 2112 21
*2112 2318 231g 231g *24
21
25
100 20 July 27 34 Feb
500 Patina Mills
6 Feb 29 July
'78
7814 80
7912 7812 7812 79
79
80 80 *79 80
130 Pacific Talon & Teleg
100 72 Jan 11 85/
1
4 Marl
65 Mar 9434 July
114 115 115 115 '105 115
*__
,
114 *--._, 114 *112 114
100 103 Jan 3 116 June 2
70 6% preferred
991
/
4 Nov 11112 Sept
6
6
5
3
*534 6
53
*5711
4
*534 6
534 534
6
534
600 Pao Western 011 Corp_ _No par
July 26
53 Dec
874 Apr 2
913 Sept
27
278 3
3
3
27
27
278 3
278
278 3 26,900 Packard Motor Car---No par
284 July 26
684 Feb 2
124 Mar
672 July
'1034 1114 "1034 11% '104 111
/
4 1034 1034 41034 1118 *1034 1118
100 Pan-Amer Petr & Trans -.5 1034 Jan 9 111
/
4 Jan 3
8
14
June
July
1814 2034 20
20 '19
20
20
20
19
19 '1814 2434
700 Park-Ttltord Inc
1 17 July 26 351
:Feb
8 Jan 8634 Oct
34
os
84
58
7a
228
%
%
34
34
34
34
400 Parmelee Transporta'n-No POT
53 July 30
2 Feb
Is Mar
July
3
34
1
4
1
*54
118
34
*3
*34 14
1
*34 118
%July 24
300 Panhandle Prod & Rot-No Par
212 Apr
414 June
% AV
97
97
934 10
12
10
*934 11
*934 11
*97s 18
8% cony preferred
80
934 Aug 1 2112 Apr
100
554 Jan 20 June
3
314
272 31s
3
272 3
312 314
314
312 314 18,600 :Paramount Put:111x etb.---10
57 Feb 1
15 Jan 2
2
Apr
/
1
4 June
4
23
3
234 272
25, 278
272 314
312 312
314 312 11,300 Park Utah 0 M
1
212July 26
674 Feb 1
24 Jan
414 July
18
1
114
1
1% 1,4
114 138
153 138
114 138 15,200 Paths Exchange
12July 27
No par
414 Mar
312 July
14 Jan
12
1412 1312 1412 14
14
1234 1184 12
13
12
1412 4,900
_No par 10/
Preferred class A
1
4 Jan 4 2434June 1
114 Jan 141
/
4 Dec
1318 1312 13
131
13/
/
4 1278 13
1
4 1314 14
13
137g 14
4,600 Pattno Mines & EnterprNo par 1258July 26 211
/
4 Jan
Pa Jan 25 Nov
2.2% 24
218 218
218 214
212 212 *214 3
212 212
3
2 Jan 2
900 Peerless Motor Car
478June
24 Feb
9/
1
4 July
49 4912 481/ 49 *471/ 49
4834 4834 *4714 49 *48 49
700 Penick & Ford
No Par 4712July 26 84 Jan 30 32514 Feb OM Dee
55 56
55
55
56
5524 551/ 58
57
57
56% 4,400 Penney (JO)
55
No par 5118 Jan 4 6774 Mar 3
1914 Mar 56 Deo
•10538 ---- •1053* -- _ •1055, --- 106 106 *105 -_ - •105 -_ -100 1051:Mar 8 10812May 16
Preferred
100
90 Jan 108 Aug
*2
31/ *2
*2
3
*214 3
3
*214 3
*238 254
_10
Penn Coal & Coke Corp
178July 27
514 Apr 26
932 July
34 Feb
353 318
3% 312
1,100 Penn-Dixie Cement___No par
315 312 *312 4
334 334
274July 26
334 38
7% Feb 5
114 Jan
91
/
4 June
12/
1
4 124 *1234 19
*121/ 16
1312 1312 *1412 16
1484 1484
300
100 1214July 26 32 Apr 24
Preferred series A
412
Mar
July
32
2234 2312 2318 2312 02312 2478 23% 238
2412 25
2418 24% 1.100 People's 0 L dt 0(CW0_100 2214July 27 4372 Feb 6
25 Dec Is
Jan
1434 "1312 1412 *1312 1412 *1312 1412 1412 1412 *1312 15
"13
100 Pet Milk
No par
914 Jan 8 15 Feb 23
612 Fat
151, June
87
812 812
8% 8%
884 83
9
953 914 *918 914 2,600 Petroleum Corp of Am
814July 27 1414 Feb 3
5
452
15
Jan
July
1412 144 137 141
/
4 1334 1412 14% 151
/
4 1434 1512 15
15
7,200 Phelps-Dodge Corp
25 1334July 31 187 Apr 26
4/
1
4 Jan
18% Sept
*2712 30 *2712 30
32% *28
3012 *2812 30% .29
phliadelobla Co 6% pref.- 50 2414 Jan 2 87 Feb 9
3018
211/ Nov 36 July
*__-- 60 *50 60 •50 60 •50 60 '50 60 *50 60
No par 49 Jan 12 6434 Feb 17
preferred
116
3814 Dee 62 July
33
37
4
4
4
4
414
4
41
/
4 414
45, 43, 5,500 Plana & Read 0 & I___No par
3/
1
4 Jan 4
63, Feb 21
1
4 July
213 Feb
9/
31
31
3014 3134 31
31
303 32
28
307e 2838 2934 7.600 Phillip Morris at Co Ltd--10 1112 Jan 3 3512July 19
8 Feb 147: June
*713 9
.74 9
*714 9
*812 10
852 8/
1
4 .
7 July 27 21 Apr 2
8
100 Phillips Jones Corp---No pay
924
3 Feb 16% July
*5434 60 '5434 59 *5434 59
*5434 59 *5434 59 "5434 59
747k
preferred
5434July
100
23
7%
Apr 7
35 June 35 June
1512 1534 1518 1558 15% 1534 151
/
4 1614 1553 16 31523 16
10,800 Philips Petroleum
No par l4' July26 x2014 April
434 Jan 1884 Sent
*5
*5
6
8
8
*5
*5
.5
8
8
8
*5
Phoenix Boater?
5
412July 26 1318 Feb 3
11, Mar 1724 Dee
128 134
1% 17/
178
,
18g
1% 134
134
15
15,
2
3,400 Pleme-Arrow Mot Car Co.5
11/July 27
6111 Feb 19
3
718 Nov
Dee
12
62
*12
38
12
12
•12
%
32
52
%
32
-25
4July 24
700 Pierce 011 Corp
118 Jan 30
17 June
14 Jan
*44 54 *424 55
612 .4
*4
Igo
612 *5
514 July 28 1024 Feb 14
612 *5
Preferred
8
378 Feb 13% June
11
*118 14
*1
14
14
1
1
1
1
*1
400 Pierce Petroleum
118
1 July 28
No par
2 Feb A
33, June
Jan
%
2614 2634 267g 2712 •2672 2712 2712 2712 2732 28
2772 28
1,000 Pillsbury Flour MIlls.--No par 18/
1
4 Jan 8 29 July 12
93, Feb 2674 June
*8238 85 •8132 90 *8538 90 *8212 90
*821s 85 *8278 85
Pirelli Coot Italy Amer shares 7014 Jan 22 8418 Mar 24
333* Apr 75 Nov
400 pirtopurpp coal of pa
*8
9
9
9
100
10
74 712
10
10
712,luly 26 181
10
*828 10
:Feb 9
4 Feb 23 July
30 .30
30
30
36 '3212 36
*20
100
36 '30
*30
36
Prefwrrerl
..
. inn
30 Jan 8 424 Feb I
17 Jan 48 July
*278
274
• Bid and asked prices, no sales on this day. I Companies reported In receivership. a Optional sale. a Cash sale. s Sold 15 days. x Ex-dividend. r Ex-righta
I' FOR SALES DURING THE
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 28.
Monday
July 30.
Tuesday
July 31.
727
New York Stock Record-Continued-Page 7
WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
Wednesday
Aug. I.
Thursday
Aug. 2.
Friday
Aug. 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
os oast, of 100-share iota.
Lowest.
Highest.
PER SHARE
Range for Preview
Year 1933.
Lowest.
Highest.
$ Per Mare $ Per Mare $ Per snare
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& MIscell.(Con.) Par $ Per share
178 Feb 1134 July
412Ju1y 26 1138 Apr 4
514 54
638 64 4,100 FIttaburgh Screw & Bolt No par
612
534 6
6
6
638
58 64
1014 Jan 3834 May
120 Pitts Steel 7% cum pref___100 1514July 28 43 Fab 21
26
22 22 *20
21
*1712 22
17
21
1514 1612 17
12 Feb
312 Feb 21
112July 26
100
64 July
Pitts Term Coal Corp
258
*2
212 *2
*112 2
*138 3
*138 238 *138 3
4 Jan 2312 July
818 Jan 4 1712 Feb 23
100
10 6% preferred
*1214 1678 *1214 1678
14
14
14
*1014 1678 *1014 1678 *12
5
Feb
19
112July
27
612 July
34 Feb
25
200 Pittsburgh United
*2
3
*2
3
3
212 212 *2
112 112 *112 212
1534 Feb 64 July
100 29 July 21 5978 Feb 19
Preferred
50
38
*28
38 *28
29
29
*29
3112 29
29
*2418 37
88
Apr
5
Feb
21
7 June
134
Jan
4
par
No
Co
(The)
Pittston
300
312
212 212
*214 312 *214
212 24
3
3
*24 278
634 Feb 1738 July
8 July 26 1634 Jan 30
5
834 914
914 958 3,600 Plymouth 011 Co
9
938
912 95/
94 912
941 914
134 Apr 1334 July
6 June 2 1478 Feb 5
No par
400 Poor & Co class B
7
7
612 7
74 *74 712
*634 7
*7
7
7
614 Jan 30
258July 27
158 Mar
8 June
300 Porto Rio-Am Tob al A_No par
258 238 *258 338 *258 338 *258 338
258 258
258 258
314 Jan 30
4 May
58 Feb
1 July 27
No par
Class B
100
118 118 *118 138 *118 138 •118 138 *114 138
*1
138
3938
Feb
6
1012July
27
4
Feb
40
34 June
100
•1314
Cable
7%
pret
Tel
&
Postal
1438
1414 3,500
1112 1218 1212 1338 1358 1438 1314
1114 12
114 July26
54 Feb 16
512 June
4 Jan
No par
2
2
1,700 :Pressed Steel Car
*178 2
134 134
134 2
178 2
134 134
22
Feb
17
26
3
Jan
5581uly
18
June
100
Preferred
500
812
812
9
9
9
9
*8
11
8
8
714 714
1953 Feb 4712 July
No par 3318June 2 4114 Jan 23
3612 3534 3618 4,700 Procter & Gamble
344 3434 3412 3478 35
3434 35
3614 36
97 Apr 11034 Nov
10
5% prof (Der of Feb 1 '29)100 10213 Jan 22 114 June 20
112 112 *110 112 *110 112
*112 114 *112 114 *112 114
114 Mar 15
278 June
14 Jan
14 Jan 3
--- --- ---- ---- ---- ---- ---- ---- ___ ____ ____ ____ ______ :Producers & Refiners Corp_50
2 Nov 13 June
678 Feb 19
118May 2
50
Preferred
3114 I1I2 Eis 323; 5214 -if
3114 illy 5114 ii
-----5,500 Pub Ser Corp of N J.-.No par 31 May 27 65 Feb 6 11258 Nov5718 June
5978 Nov 884 Jan
No par 67 Jan 2 84 Feb 6
$5 preferred
78
*71
79 *71
*74
78 *71
78
79
*71
78
*71
75 Dee 10138 Jan
100 79 Jan 8 9734July 11
500 6% preferred
93 *8812 9412 •8912 9412 *90 944 *92 9412 •9218 9412
93
84 Dec 11212 Jan
100 90 Jan 8 106 Feb 21
7% preferred
*100 -- - *10018 - - *10018 10334 *100 10334 *100 10334 *100 10334
99 Nov 125 Jan
100 105 Jan 12 11912 Feb 17
*11812 121 *11812 121 *11812 121 *11812 121 *11812 121 *11812 121
8% preferred
400 Pub Set El & Gas NI $5-No par 90 Jan 10 10418 Aug 3 834 Dec 10312 Jan
*100 10358 *10014 10352 *10234 1035/3 *10234 10358 10338 1037s 10418 10418
18 Feb 5818 July
No par 4214 July 26 5918 Feb 5
44
4412 3,500 Pullman Inc
4312 44
4334 4334 43 444 4438 4412 44
44
212 Mar 1538 Sept
714July 26 1478 Feb 16
No par
734 814
758 734
758 818
8
818
778 8'4 10,600 Pure 011 (The)
8
838
30 Mar 6978 Sept
100 5834 Jan 9 80 Feb 6
70 8% cony preferred
*55 60 *56
•57 65
.55 61
60 61
5978 60
60
57
8 Feb2538 July
19
3
4
Feb
5
918July
26
par
No
Purity
Bakeries
4,300
1138
1034
1014
1014
1012 1012 11
10
1014
1138 1134 1114
3 Feb1214 July
918 Feb 6
412July 26
54 54
5
514
514 512 48,700 Radio Corp of Amer-No par
434 5
478 5
518
5
1314 Feb40 May
50 2314 Jan 4 4112May 11
36
36
700 Preferred
•33
36
36
36
36
3714 3714 3734 3734
36
611 Feb27 July
No par 15 Jan 4 3538May 11
Preferred B
22
21
2134 2234 21
2178 2134 2312 23
2378 2358 2438 9,600
1 Mar
414 Feb 17
534 June
112July 23
158 14
3.600 :Radlo-Keith-Orph____No par
14 134
178 2
134 178
178 178
134 2
5 Feb2058 Sept
5
1412Ju1y
23
Feb
26
par
Manhattan_No
Raybestos
*1512
17
600
151
17
17
1512 1.512 *16
1512
17
17
17
512 Feb2078 June
5 July 27 14 Feb 8
10
6
614
600 Real Silk Hosiery
534 53
618 618 *614 712
7
7
*614 7
25 Jan 60 May
100 45 Jan 23 6014 Apr 26
Preferred
70
*37 5934 *37
*37
461 *37
50
60 *37 50 *37
6 Apr 2
412 July
158July 27
14 Jan
214
400 Eels (Robt) & Co----No par
*178 2
2
2
•14 214
2
*2
214 •2
2
118 Jan 184 June
538July 26 3834 Apr 2
100
714 714 *814 1158 1012 1012 *10
188 preferred
*714 10
200
12
12 *10
July
Feb1114
212
1338
Feb
23
July
26
6
1
Remington-Rand
758 8
8
814
5,300
8
8
8
9
834 94
858 878
712 Feb3712 July
100 3238 Jan 5 6912 Mar 14
lin preferred
100
*5014 60 •5038 60
5114 5114
4'5038 6212 *51
*5118 55
60
8 Feb 3534 Dec
100 30 Jan 8 67 Mar 14
58
45
*50 60 .45
200
46
4618
47
45
2d Preferred
46
45
45
638 June
138 Feb
512 Feb 23
2 July 26
5
214 212
24 24
238 212 3.600 Reo Motor Car
24 214
214 238
212 212
4 Feb 23 July
1284 1218 1258 1213 1358 13
1314 15,800 Republic, Steel Corp-No par 1012July 26 2534 Feb 23
1134 1258 12
1312 13
9 Feb 5412 July
100 38l4JUly26 674 Feb 23
40
41
41
6% cony preferred
700
40
39
40
4078 *3918 40
40
3934 40
114 Jan 12 June
*54 7
5 Jan 8 1412 Apr 11
*6
5
*6
7
7
7
7
*64 9
100 Revere Copper & Brass
*74 9
214 Mar 35 June
10 1114 Jan 29 2812 April
Class A
*104 22
•1012 22
*1414 22
ell
22 *1212 22
*1338 22
8 Feb 2112 June
Apr 28
1814 1814 1818 1814 1878 1212 19
1934 1978 2038 2018 2038 3,400 Reynolds Metal Co __No par 1513 Jan 2 2734
112 Feb 1534 July
612 Jan 9 1312 Feb 25
No par
600 Reynolds Spring
8
8
*758 8
712
2 '72 8
758 758
8
8
2612 Jan 55414 Sept
45
4418 4434 44
454 9,000 Reynolds (H.7) Tob claw B_10 3934 Mar 21 4658June 14
4418 4538 454 45'z 4434 4512 45
6012
July
60
Jan 6254 Jan
6
5
Jan
67
10
Class
A
50
*57
59
59
59
59
5934
*57
5934
593 *57
5934 *57
612 Feb 1634 June
512July 25 1312 Feb 8
512 512 *5
No par
*518 7
100 Ritter Dental Mfg
*518 7
*5
9
r5
7
7
2338 Nov 2612 Nov
*2214 2212 224 2258 *2158 22
224 5,600 Roan Antelope Copper Mines. 21 Aug 1 3318 Apr 26
2134 214 22
21
22
2 Apr 1078 June
4 Jan 3 1014 Feb 6
5
800 Rossia Insurance Co
6
514 51
6
614 614
•5
512 51
512
512 512
1738 Mar 3934 Nov
3238 3238 *3178 3258 *3218 324 • 3214 3214 3212 3212 3258 3258 1.400 Royal Dutch Co (N Y shares) 321* July26 3918 Feb 19
618 Feb 3134 Sept
10 1538 July31 2778 Feb 5
4,500 St Joseph Lead
1534 163
17
17
1738 1714 18
1538 1578 1638 1712 17
28 Mar 6238 July
No par 44 Jan 6 57 Apr 23
MOO Safeway Stores
46
4534 46
454 46
4618 46
45
4534 4512 4612 46
72 Apr 944 July
100 8434 Jan 3 108 July 5
80 8% preferred
*10312 10412 10312 10378 *10334 10412 *10334 1041 *104 10512 10412 10412
8014
Feb 105 Sept
113
June
16
Jan
15
9812
100
preferred
7%
40
*10912 110 *10912 10978 10912 1094 10914 1091 10912 10912 *10918 10912
214 Apr 12 July
512July 30 1214 Feb 15
400 Savage Arms Corp____No par
612
512 6
*6
612 *6
61
614 612 *6
*6
7
24 Nov 4514 Aug
April
3878
1718
July26
5
Corp
21,300
Schenley
Distillers
2112
2058
2112
1918 194 184 1914 1814 1878 19
19
2034
4 Mar 1014 July
8 Feb 5
334 Jan 4
1
1,200 Schulte Retail Stores
4
4
414
4
438 438
4
4
4
4
378 4
318 Apr 3534 July
100 15 Jan 2 3034 Apr 16
Preferred
210
19
19
18
17
184 17
18
164 1614 1734 1858 18
28 Jan 4478 July
No par 41 Jan 10 50 Apr 5
90 Scott Paper Co
50
48
48
48
4713 474 4734 4734 *4712 4934 *4734 48
15 Feb 4338 Sept
3,500 Seaboard 011 Co of Del_No par 2412July 27 384 Apr 11
26
2412 25
25
25
2538 2678 26
25
2412 25
27
118 Feb434 July
478 Feb 7
358 Jan 18
No par
100 Seagrove Corp
*258 3
*258 3
*258 314 *258 314 •258 314
3
3
1213
Feb47 July
Feb
5
514
30
3318July
par
3612 3712 3318 3658 3418 35
3438 3638 354 3614 344 3614 25,500 Sears. Roebuck & Co No
5 June
114 Feb
26
Jan
4
14
25
4Ju1y
1
*134 2
13
200 Second Nat Investors
*178 2
*178 2
*134 178
134 134 *134 2
24 Feb 48 July
1 $3 Jan 8 4518 Feb 2
Preferred
*2038 4978 *30
494 *3212 4978 *3212 4978 *3212 4978 *3234 40
Is Max
22
5
4
32* June
Jan
2
16
July
par
*34 1
:Seneca
No
Copper
100
78
"4
*34 1
34
34
•34 1
78
"4
112 Feb713 July
Apr 24
438July 26 9
1
7,200 Serval Inc
478 5
518
5
5
5
478 5
478 5
478 5
1314
July
534
Apr
1378
Mar
9
2
Jan
634
par
No
2,500
Shattuck
8
(F
734
0)
734
74
714 714
714 758
74 714
714 712
112 Feb13 July
512 Jan 11 1314 Feb 23
No par
712 1,600 Sharon Steel Hoop
738 738 *7
74 714
634 634 *658 678
634 7
211 Feb84 June
74 Feb 5
4 July 26
No par
300 Sharpe & Dohme
434 434
434 44
412 412 *414 514 *412 518
*44 41
2114 Max 417e July
200
Cony preferred per A_No par $814 Jan 8 49 May 3
4712
47 47 *47
4634 4634 *4612 47
*4638 47 *4638 47
312 Feb 1158 July
612July 26 114 Jan 27
No par
678 714 6,100 Shell Union 011
738
*7
612 612
634 7
638 678
64 7
2813
Max 61 July
Jan
26
89
31
July
57
100
7112
Cony
preferred
40
*61
7112
*6212
57
*59
62
60 61
59
*59
71
44
Feb 31 July
2418
Feb
5
818July
26
No
par
1038 10,200 Simmons Co
978 1014 10
94 1014
94 912
94 10
918 934
714 July 26 1112 Feb 5
478 Feb 124 June
10
600 Simms Petroleum
*8
834 *818 9
8
8
8
8
778 8
778 8
Apr
25
94 June
3
Feb
1118
634Ju1y
25
25
100
Skelly
712
011
CO
712
*712 814
8
*658 74 *658 718 *678 878 *7
22 Feb 5712 Jily
100 54 July 26 6818 Apr 26
57
Preferred
57 *52
*52
561 •52
*52
57 852
56
*52
58
7 Jan 35 .11.1y
*518 25
Sloss-Sheff Steel & Dr:m..100 15 Jan 9 2712 Feb 17
*518 25
.54 251
*254 251
.512 2512 *518 25
814 Feb 42 July
100 20 July 26 42 Apr 23
120
*21
22'z
7% preferred
2112 22
26
25
24
*1714 25 •17
25
24
134 July
118 Mar
634 Jan 3 17 May 5
9
918
878 9
978 1112 1118 1212 1178 1258 6,800 Snider Packing Corp__No pen
9
914
8 Mar 17 bre v
Feb
5
1978
26
1212Ju1y
Inc__15
Oil
Co
Socony
'Vacuum
24,100
1414
137
8
1378
1418
1358 1418 1312 14
1358 14
1334 1418
58 Feb 93 July
300 Solvay Am Invt Tr pref-100 88 Jan 6 10414June 28
10314 IO3s
*104 1061 *104 105 *104 105
104 104 •103 104
1578 Jan 4858 July
334 3334 2.200 Bo Porto Moo Sugar...No par 294May 14 3938 Feb 5
33 331s 3318 3334 3414 3412 3412 35
3234 33
100 115 Jan 16 137 July 23 113 Jan 132 July
50
Preferred
*130 144l 130 130 *127 14412 *127 14412 •128 14412 *130 14412
1418 Nov 28 Jan
25 13 July 26 2218 Feb 7
1438 1414 1412 7,100 Southern Calif Edison
1314 1338 1338 1378 1312 14
1358 1334 14
4 Jan 114 July
534 Jan 10 13 Apr 21
Spalding (A (3) & Broe_No Par
*6
83
*618 834 *618 834 *64 834 *612 834 *612 834
254
Mar 61 June
Apr
21
74
Jan
11
30
14
100
preferred
58
1st
50
58
58
*50
*50 68
.50 68
68
*50 68
*50
44 Feb 1512 July
6 July 19 1538 Apr 23
Spang Chalfant & Co Inc No par
_ - _ _ _
- -1712 Feb 50 June
100 30 Jan 23 62 Apr 24
Preferred
*16T2 -66 ;iaii 16 *KIT:16 ;ii 16 *ii WO .iii -4iii
8 June
34 Feb
8 Feb 21
318Ju1y 2
318 33, *312 4
312 34 3,500 Sparks Withington____No par
34 358
338 312
34 312
12 Jan
512 June
738 Apr 18
2 Jan 3
No par
10 Spear & Co
4
*314 5
4
*314 5
*314 4
*314 378
*314 4
22
July
Apr
712
23
Feb
2412
Jan
5
1554
Sons
No
par
*21
22
Spencer
Kellogg
&
400
2238
19
20
19
19
*21
2212 *21
20
19
74 July
218 May
538 Jan 5 1138 Apr 2
1
758 814 31,400 Sperry Corp (The) v $c
74 712
678 734
74 758
712 734
734 77a
5 Jan 16 June
6 July 19 13 Feb 7
No par
500 Spicer Mfg Co
*614 8
8
812 *6
•614 8
*6
8
*6
6
6
1134 Mar 3212 Jur e
Cony preferred A__ _No par 214 Jan 2 3112 Feb 20
2734 *25
*25
2734 *25
2734 *2518 2734 *2518 2734 *2518 2734
1 Feb 2112 Dee
4012 374 404 4134 43
4078 43 *4034 4234 3,900 Spiegel-May-Stern Co-No Par 19 Jan 4 6711 Apr 25
424 4312 40
1334 Mar 374 July
Feb
1
254
171*
July26
24,700
1912
Standard
No
par
1918
Brands
1912
18
184
18
1818 1812
184 1858 1938 1858
938 Aug
Jan
1
314 July27
8 Mar 13
312 312 *312 378
414 44 1,000 Stand Comm Tobacco_No par
*414 44
312 312
378 4
51s Mar 2212 June
714 814
714 784
6l July26 17 Feb 6
8
814 8,500 Standard Gas & El Co_No par
712 8
758 8
734 8
2578
June
64
Dec
6
Feb
17
658July
26
par
No
838 834 3,100
712 834
Preferred
814 838
678 74
84
8
734 778
15 Dec61 June
$6 cum prior pref
No par 15 July 27 33 Feb 6
200
•16
1718 1634 1634 *1678 1758 •1758 19
1834 1834 •1738 1834
June
68
3812
Apr
24
16
Dec
4
1712
Jan
No
pa
23
23
$7
cum
prior
pref_
900
22
2034 2134 22 22 •21
22
2134
2134 21
278 June
4 Mar
172 Jan 5
100 Stand Investing Cori...No pa
72 Jan 13
14 138 *14 15* •118 134 .118 134 *118 14
*118 138
9212 Mar 10234 Sept
200 Standard 011 Export pref.._100 9812 Jan 2 11014M8y 26
109 10912 *10734 110 *10714 1094 *108 110 '108 110 *108 110
1912 Mar 45 Nov
No par 23058May 14 4278 Jan 30
3112 324 314 3178 3178 3278 33 334 3278 33'z 10,200 Standard Oil of Callf
3112 32
1334 Apr 3918 Dec
500 Standard 011 of Kansas____10 30 July 31 41 Apr 21
3012 3012
32
*30
*31511 334 314 3138 30
30
30
30
2234
Mar 474 Nov
Feb
17
5018
4318
4312
8July
27
Standard
Jersey2S
17,500
4338
403
Oil
of
New
8
4118 4112 4078 4112 4118 4158 4112 43
427
4 Feb 114 June
84 1,300 Starrett Co (The) L S No par
6 Jan 15 1414 Apr 19
8
814 84
9
814 814 *8
74 8
74 8
454 Dec 6034 Sept
10 4714 Jan 4 6612July 30
6112 62 39.500 Sterling Products Inc
6518 664 6334 6612 6412 6538 6434 6514 6058 64
378 June
58 Jan
3 Feb 6
138 Jan 2
200 Sterling Securities ol A_No par
138 138
•138 158
138 138 *138 158 *138 158 •138 158
*34 4
734 June
14 Feb
7 Feb 6
3 Jan 3
.312 418
Preferred
No par
*34 4
*318 34 *34 4
•315 4
20 Mar 3614 July
Convertible preferred__ __60 30 Jan 12 3634 Feb 1
3418
36
•29
•29
36 •29
3518 *3012 3518 *3012 3518 *31
212 Feb 1112 July
412July 26 1058 Feb 21
5
618 4,000 Stewart-Warner
6
618
6
512 57a
534 614
534 6
534 6
54 Dec 1914 July
No par
534 618 8,300 Stone & Webster
518 534
478July 26 1314 Feb 6
54 6
538 538
54 578
54 534
838 June
112 Mar
914 Feb 21
214July 24
234 278 17.700 :Studebaker Corp(The)No par
278 3
234 3
234 3
234 3
278 3
9 Apr 3818 June
200 Preferred
100 1112July 24 47 Feb 19
*1212 18
*1214 1418 1212 1212 124 1212 *1258 1712 *1212 18
35 Feb 59 Nov
No par 5113 Jan 2 64 Aug 2
600 Sun 011
*6212 64
5914 5914 5914 594 6312 6312 634 64
59
59
89 Mar 103 July
200
100 100 Jan 17 116 July 21
Preferred
115 11514 11514 1154 *11538 116
116 116 *11512_
*115 116
712 Feb 27 July
400 Superheater Co (The)__No par 1112July 27 2514 Feb 5
1234 1234 1334 134
1112 1112 •1214 1434 *1258 1434 *13
16
412 July
3 Feb 1
114July 26
4 Jan
1
114 114
138 1321
114 114 .114 112 1,900 Superior 011
138 112
114 138
2 Feb 2238 July
458July 26 1534 Feb 19
6
514 558
100
6
634
612 612 3,100 Superior Steel
632
612 682
612 634
1 Mar 10 July
314 314 *314 334 *314 334
534 Jan 26
318July 27
200 Sweets Co of Amer (The)___50
*314 334
334 334 *314 4
*78 1
444 1
3 June
212 Feb 19
38July 24
18 Apr
No par
400 Symington Co
4
54
78
*34
34
34
"4
78
514 July
538 Feb 23
14 Apr
112Ju1y 27
No par
Class A
300
*178 278 *178 234 •178 234 *178 3
134 2
•158 2
818 Feb 1638 July
5 10 July 23 1514 Feb 1
300 Telautograph Corp
1012 1012 1034
104 1014 *10
11
1034 *10
1034 *10
*10
714 Aug
138 Feb
634 Feb 19
5
318July 26
2,400 Tennessee Corp
378 4
4
414
4
4
314 3511
312 334 *312 4
1034 Feb 3018 Sept
35 20 July 26 294 Feb 5
2214 2218 2258 10,200 Texas Corp (The)
2212 22
2134 2238 22
214 2178 2114 22
4514
Nov
6
1514
Feb
Feb
4314
30
July
26
Sulphur____No
par
Texas
Gulf
7,300
324
3318
3258
3314
314
33
315
8
3114
303
4
3114
3034 314
612 May
612 Apr 4
212July 27
14 Mar
1,700 Texas Pacific Coal & OU___10
3
3
3
3
3
34
278 278
24 3
278 278
312 Mar 1118 June
634 Jan 6 12 Apr 2
_ _I
914 9,400 Texas Pacific Land
9
878 912
84 94
84 814
771i 84
778 8
5 Feb 2218 July
8 July 26 1512 Jan 30
TrustN. par
800 Thatcher Mfg
1014
10
9
94 *94 1014 *94 10
812 812
812 81s
2758 Feb 44 July
No par 39 Jan 15 44 Jan 29
$3.60 cony pref
431 .40
43
4312 *40
434 *40
434 *10
*4038 4313 *40
•Bid and asked Prime, no sales on thin day. t Companies reported in receivership. a Optional sale. c Cash *ale 7 Ex-dividend. V Ex-rigbts.
.
New York Stock Record-Concluded-Page 8
728
,
Aug. 4 1934
LAr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED
IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 28.
Monday
July 30.
Tuesday
July 31.
Wednesday
Aug. 1.
Thursday
Aug. 2.
Friday
Aug. 3,
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sinee Jan. 1.
On basis of 100-share lots.
PER SHARE
Rangel°, Previous
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
Shares. Indus.&Miceli.(Cowl.) Par $ per share
5 Per share $ per share S per share
The Fair
No par
5 Aug 3 1218 Feb 16
24 Mar
1212 May
3,400 Thermoid Co
312July 23
918 Feb 19
1
1
Feb 1013 July
Third Nat Investors
1313 Jan 2 1938 Feb 6
1
10 Mar 2114 July
900 Thompson (J R)
5 Aug 3 11 Feb 5
2s
6 Dec 154 June
5,500 Thompson Products Inc No pal
10 July 26 2014 Feb 16
538 Jan 2014 Sept
3,500 Thompson-Starrett Co_No par
134 July 26
513 Jan 29
13 Mar
913 June
500
$3.50 cum pref___. _No par
184July 23 2413 Jan 30
12
Jan 30 June
17,600 Tidewater Assoc Oil_ __No par
812 Jan 4 1433 Apr 23
34 Jan
11114 Sept
400
Preferred
100 6413 Jan 4 8518 Apr 30
2313 Apr 6514 Nov
Tide Water 011
No par
31 Mar 26 40 Apr 27
914 Apr 26 Dec
400
Preferred
100 80 Jan 11 9613 Apr 27
45 Feb 80 Dec
4,900 Timken Detroit Axle
10
378 Jan 4
812 Apr 24
14 Mar
814 June
5,000 Timken Roller Bearing_No par
24 July 26 41 Feb 5
1334 Feb 3512 July
16,200 Transamerica Corp____No par
518July 2(1
81,Feb 5
258 Mar
933 July
400 Transue & Williams St'l No par
412July 26 134 Feb 17
278 Mar 1713 July
5,400 Tri-Contineatal Corp_No par
3l July 27
634 Feb 3
234 Feb
84 July
6% preferred
No par 804 Jan 9 78 Apr 20
41
Apr z75 May
300 TrIco Products Corp
No par
33 Jan 6 40 Feb 3
204 Feb 3878 July
200 Truax Traer Coal
No par
1113 Jan 3
418 July 12
13 Apr
514 July
1,600 Truscon Steel
34July 23
10
958 Feb 19
2 Mar 1234 June
300 Ulen St CO
1 July 23
No par
4 Jan 15
%
June
Jan
614
700 Under Elliott Fisher Co No par 36 Jan 5 5112 Jan 20
914 Feb 3912 July
1.900 Union Bag & Pap Corp_No par 3914July 26 6078 Feb 23
54
July
60
Jan
13.600 Union Carbide & Carb_No par 3578May 14 5078 Jan 19
1934 Feb 517s July
5,300 Union Oil California
25 1314July 27 2012 Feb 5
813 Mar 2338 July
400 Union Tank Car
No par
1553 Jan 9 2114June 18
1012 Feb 2234 June
31,100 Crated Aircraft & Tran_No par
134July 26 374 Feb 1
1613 Mar 4C7
,July
1,500 United Biscuit
No par 23 Jan 8 2914 Apr 26
1313 Feb 27,
1 July
Preferred
100 107 Jan 9 120 June 30
92 May 111
Dec
2,400 United Carbon
No par
35 Jan 4 4612June 16
104 Feb 38 Deo
27,200 United Corp
No par
312July 26
878 Feb 7
4 Dec
1413
June
2,600
Preferred
No par 2414 Jan 3 3773 Feb 7
2218 Nov 404 June
7,000 United Drug Inc
914 Jan 8 1814 Apr 28
5
618 Dec 12 Sept
100 United Dyewood Corp
34 Jan 2 1078 Apr 26
10
4 Feb
678 June
2,200 United Electric Coal___No par
34 Jan 10
6 Apr 25
I Mar
878 July
2,900 United Fruit
No par 59 Jan 5 77 Apr 21
23% Jan 68 Aug
13,700 United Gas Improve_ No par
1418July 27 2018 Feb 6
1378 Dec 25 July
700
Preferred
No par 86 Jan 8 9953July 18
8212 Deo 100
Jan
:United Paperboard
100
134 Feb 13
358 Feb 19
51* July
4 Jan
800 United Piece Dye Wks_No pa?
4 July 26 1334 Feb 20
312 Mar 2174 July
100
61i% preferred
100 38 Aug 3 68 Feb 21
35 Dec 85 July
1,100 United Stores class A_ _No par
214July 26
6 Apr 20
74 July
4 Feb
•50
6278 "__ 63
*50
63 '50
63 .50
62 .50
62
Preferred
A____No
Mar
5418
par
21
class
66
Apr
16
45 Mar 66 July
*4318 45 .4218 4512 *4314 4534 .4413 46 .44
46
*43
46
Universal Leaf Tobacco No par
404 Feb 26 5012 July 13
2113
Apr
511,
July
.28
33
30
30 .24
4019 .25
401 '20
4012 .26
10 Universal Pictures 15t pfd_ 100
401 2
163* Jan 8 4612 Apr II
10
Apr 35 June
114
114
118
118
118
118
118
114
114
114 *I
114 1,000 Universal Pipe & Rad
78July 27
1
3 Feb 16
14 Apr
338 July
1658 1738 16
1678 1578 1678 1618 1734 17
1778 1711 174 7,700 US Pipe & Foundry
1512July 26 33 Feb 7
20
613 Mar 2218 July
•1813 19
1838 184 •1718 19
'1814 1878 1834 1834 .1814 1878
300
lst preferred
UN Jan 11
1958 Feb 23
No par
1234 Apr
19 May
*1
134 "I
134 "1
13
.1
134 '1
134 "1
US Distill:. Corp
134
112 Jan 5
4 Jan 31
No par
I
Oct6 June
•1212 13
13
13
1334 14
15
15
1412 1512 .1412 15
900 U S Freight
11 July 26 2713 Feb 5
No par
712 713
7 Feb 2058 July
718 74
718 718 *714
7'2
74 738
712
712
July26
600
U
S
7l
&
Foreign
par
Secur
1514
No
Feb
5
318 Feb
.5813 76
174 July
.5813 75
•5813 75 '584 75 .5813 75 .5812 75
Preferred
6314 Jan 5 78 Feb 26
No par
3611 Mar 84 July
•38
40
38
.38
38
39
39
40 .39
40
40
40
1,100 US Gypsum
20 3414June 1 501, Jan 24
18
Feb 5312 July
*13818 145 *13818 145
13818 13818 •13818 145
13818 13818 13818 13818
230
7%
Jan
116
preferred
100
10
1407
8July
27 10114 Jan 121 Bent
618 7
7
7
.612 7
7
8
713 713 *634 8
1.000 U S Hoff Mach Corp
5
45s Jan 9 1018 Apr 24
13 Apr
1172 June
3538 3578 3512 36
3814 3712 39
36
3514 37
38
3818 4,200 U 0 Industrial Alcobol_No par 3412July 26 6434 Feb 0
1312 Feb 94 July
534 6
.534 534 .6
5,2 534
7
.6
7
.5
612 1,000 U S Leather v t o
July
26 1178 Jan 24
No par
518
253 Mar 1714 July
838 812
814 834
814 838
834 9
9
9
918 94 1.200
71,July 26 1934 Feb I
Class A v t a
No par
414 Feb 2734 July
•__ 55 •____ 5712 •____ 5712 *30
54 .31
54
.40
55
100 S5' July 21 80 Jan 30
Prior preferred vi a
30 Feb7814 Sept
418 44
44 434 '412 434
54 514
434 5
5
518 2,900 U S Realty & Impt___No par
1 July 26
1234 Feb 2
213
Feb141, July
1214 1238 1214 1234 1218 1278 1234 141 1 1314 1418 1334 1412 15,900 U S
No par
11 July 26 24 Apr 21
Rubber
278 Feb25 July
2912 2978 28
30
2913 30
3038 3412 33
35
334 35
11,000
1st preferred
100 2415 Jan 8 6114 Apr 20
54 Feb4378 July
12114 12334 11814 12378 12112 12412 124 12734 12512 12858 127 12812 22,200
U S Smelting Ref & Mln___50 9638 Jan 13 141 July 19
1312 Jan 10558 Sept
.61
65
"6278 65
.61
63
63
63
6418 6418 .61
65
200
Preferred
5() 5412 Jan 13 65 June 18
3913 Jan 58 Sept
3478 3518 3334 35
34
3458 3413 36
344 3558 3413 3538 41.500 US Steel Corn
100 3312July 26 5978 Feb 19
2338 Mar 674 July
81
81
824 8213 .28214 8313 8214 83 .8138 8234 2,900
7913 81
Preferred
100 7918June 2 9913 Jan 5
53 Mar 10512 July
•111 113
110 110 •107 110 .107 110 .107 110 .107 110
100 U 9 'tobacco
No pa. 99 Jan 5 120 July 10
59
Jan 10913 Deo
2
24
24
2
2
218 .218 214
218 214
218 218 3,900 Utilities Pow & Lt A
538 Feb 6
2 July 23
1
178 Apr
878 June
"4
78
34
34
34
34
34
78
334
"4
78
700 Vadsco Sales
78
34July 21
14 Jan 25
No par
33 Jan
318 July
1514 1533 1514 1512 1518 154 1538 1614 1633 1714 '1638 17
4.300 Vanadium Corp of Am_No par 14 July 26 3134 Feb 19
758 Mar 3614 July
*7
712 .7
712
712 712
7
7
7
74
758 818
800 Van Raalte Co Inc
5
4% Jan 2 1133 Apr 18
I%
May
July
10
•70
*70
74
75
70
70
70
70 .68
70
68
68
30
7% let pret
100 z5414 Mar 1 98 Feb 5
2013 May 65 Sept
3378 3378 334 3312 3334 3334 3434 3434 3312 3414 3412 3412 2,000 Vick
Chemical Inc
5 244 Jan 4 3634July 20
2318 Dec 31 Sept
218 218
238 238
24 24
238 258
212 258 •213 234
800 Virginia-Carolina Chem No par
l* July 23
538 Jan 23
58 Feb
738 July
1214 1213 12
12
12
12
14
14
1513 1512 1458 1458 1.000
6% preferred
100 10 July 26 26 Feb 5
338 Mar 2813 July
*73
*73
74
.73
74
76 '73
.73
76
76 .73
76
7% preferred
100 5934 Jan 8 8113June 29
3 Mar 6313 July
35
•79
7912 7914 7914
7934 80
7913 80
80
80
80
80
360 Virginia El & Pow $6 pf No par 65 Jan 6 80 July 31
80 Dec 8558 Jan
'312 74 .
3,2 5
34 34 '3,2 7,2 "312 712 .31 2 712
10 Virginia Iron Coal & Coke_100
358July 31
9 Feb 23
218 Feb
15 May
.60
63
58
57
5813 60
59
6013 6013 61
.5813 63
330 Vulcan Detinning
100 62 Jan 4 79 Mar 9
1234 Feb 6772 June
434 434
434 5
478 5
434 5
44 5
.434 5
1,200 Waldorf System
434July 23
878 Feb 20
No par
54 Dec 12 July
2334 2334 2338 2338 2312 24
24
24
"2414 2478 •2334 2478
500 Walgreen Co
No par 2214 Feb 26 2914June 18
'107 108
107 107
107 108 .107 10712 10712 10712 .10712 108
140
63i% preferred
100 8412 Jan 4 108 July 31
-75 Apr -91113 Sept
.3
338
3
3
3
3
*314 334
358 358
34 334 1,300 Walworth Co
No par
214July 27
638 Feb 1
4 Apr
838 June
*518 558
54 54 *518 512 '51s 54 .54 54 *518 558
200 Ward Baking class A No par
518July 27 12 Feb 6
24 Mar 20 July
112
158
158
158
112
112 *112 14
112 Ilz
112 113
900
Class B
114July 27
35 Feb 5
No par
54 July
254 26
4 Apr
25
28
2534 .25
.25
29 .27
29
.25
29
600
Preferred
100 25 July 30 36 Jan 24
1112 Apr 4478 July
312 334
3,2 334
3,2 34
334 4
334 4
334 378 21,200 Warner Bros Pictures
234July 26
5
8,4 Feb 5
Feb918 Sept
1
*9
20
'9
20 .1014 20
1938 '9
*1114 20
*9
20
$3.85 cony pref
1812 Jan 19 3178 Apr 24
No par
414 Feb2412 Oct
113
112 .112
112
112
112
113
178
14
178 .112 178
800 Warner Quinlan
138July 26
No par
34 Feb 16
58 Mar
478 June
534 6
54 658
534 6
534 618
614 634
64 638 6,100 Warren Bros
26
par
512July
135
No
8
Jan
24
213 Feb 2238 June
.11
12
10
10
.913 11
104 1213 124 13
*1134 1314
900
Convertible pret
10 July 30 2878 Apr 23
No par
713 Feb 3558 June
1512 154 15
17 .1638 19
18
18
*15
19 .151z 19
500 Warren Fdy & Plpe
_No par 1313July 27 31 Jan 20
5 Feb 30 Dee
318 34 •318 4
*3
4
4
4
418 .418 438
4
800 Webster Elsenlohr
3 July 27
No par
7 Jan 25
*34
1
•34
1
Jan
1
8 July
*34 1
.34 1
1
1
1 14
*34
34 July 27
10 Wells Fargo & Co
1
214 Jan 23
18 Apr
313 June
"2158 25
214 22
21
23
2313 2312 2318 2318 2234 23
1,600 Wesson Oil& Snowdrift No par
Jan
1924
4
273
8
Feb
21
7
Mar
371
,July
60
60 .59
61
5913 5913 *5934 60
6014 "6014 61
60
400
Cony preferred
5212 Jan 5 61'4 July12
No par
40 Mar 63 July
33
333.8 32
33
3234 3334 34
3512 3458 36
35
3558 9,200 Western Union Telegraph.100 30% July 27 667
,Feb 6
1714
Feb
July
7714
17
175
1718 17% 1714 1712 1733 18
18
18
18
18
1,800
Brake_No par
1573July 26 36 Feb 6
1134 Jan
3553 July
2914 3013 284 294 2834 2978 3012 3178 304 3134 3013 3134 21,800 Westingb'se Air
Westinghouse El & Mfg___50 2778July 26 4714 Feb 5
1933 Feb 584 July
*8418 8412 *8418 8412 8418 8418 834 8418 83
8358 .81
8418
150
1st preferred
50 83 Aug 2 95 July 11
601, Feb 96 July
•5
8
6
6
64 638 •714 778 *714 734
8
8
600 Weston Eleo Instruml_No par
6 July 30 14 Feb 5
31, Feb
1314 July
'15
2512 .15
2.512 .1513 2512 •154 2513 .17
2538 •17
254
Class A
We Jan 5 2513June 29
No par
10 Mar 2214 July
60
60
59
59
60
60
"54
60 .50
60 .50
60
50 West Penn Elea class A_No par 441, Jan 8 70 June 13
30
Apr 73 June
.70
72
70
7012 .704 72
7012 72
72
72
7212 7212
80
Preferred
4
8
Jan
513
100
80
July 13
37
Apr 7734 June
.5713 65
*5712 644 *5713 644 .60
6434 *60
65 .6058 65
6% preferred
100 45 Jan 3 x6812July 19
3313 Apr 6913 July
•109 110
110 110 .110 11018 11018 11018 11018 11038 11018 11018
70 West Penn Power pref
100 8912 Jan 2 11058June 12
88% Dee 11038 Jan
•10314 1054 10314 10314 .102 10314 '103 10314 10314 10314 103 1034
90
6% preferred
100 7834 Jan 10 105 June 29
80 Dec 101
Jan
•134 24 •134 212 •134 218
178
14 •14 212 .14 2
100 West Dairy Prod al A__No par
178 Aug I
614 Jan 30
212 Apr
1134 June
sa
34
&a
58
34
34
*4
34
'4
38
,
58
s 1.100
Class B v 1 o
No par
13July 27
212 Jan 30
78 Mar
414 June
•I8
10
1734 18
*1734 1878 1878 20
1913 1934 1914 1914 1.700 Westvaco Chlorine Prod No par
7
14 e Jan 12 274 Feb 8
5 Mar 20% July
13
13
•13
14
13
13
15
15 .14
17 .14
15
300 Wheeling Steel Corp
13 July 26 29 Feb 21
No par
71, Jan 35 July
*40
•40
46
47 '40
464 *40
4634 *40
4634 •40
4634
Preferred
Jan 4 57 Feb 26
38
100
15 Feb 67 July
•1512 19
.1413 19
.144 19
*1412 19 .1514 19 .1514 19
White Motor
60 15 July 26 2812 Feb Ill
Jan 2612 July
14
2312 2334 2312 234 2312 2313 .2312 24
24
24
25
25
1,200 White Rk Min Spr ott _No par 211 4July 26 31 13 Apr 19
23 Oct 29
Oct
112
112 •113 134
14 .14
178
113 112 "113 2
134
400 White Sewing MaChine_No par
14 Jan 8
34 Feb 6
414 July
38 Jan
*334 9
*334 61s .334 638 •334 9
.4
638 .4
9
Cony preferred
No par
5 July 25 1114 Apr 20
11
July
Jan
1011
234 234 '234 3
212 278
234 234 *24 3
258 318 1,600 Wilcox 011 & Gas
212July 26
5
534 Apr 5
2 Mar
513 June
6
6
512 513
558 558
6
638 .6
55* 612
63, 1,600 Wilson es Co Ina
No par
434 Jan 8
9 Apr 11
11 June
78 Jan
1812 164 18
18
1734 18
1813 2014 1934 2058 20
204 8,900
Class A
Jan 9 2653 Apr 13
1214
par
No
4
Jan 22 June
7512 7512 7412 7412 7413 75
75
7814 •77
78
77
77
900
Preferred
Jan
53
100
8
8412 Apr II
10 Mar 7212 July
48
484 4714 48
4718 4734 4734 4838 4814 49
4878 50
11,200 Woolworth (F W) Co
10 4114 Jan 3 5478 Apr 21
254 Apr 5078 July
•1412 16
14
15
1514 1514 •16
17
154 164 17
17
600 Worthington P & W
100 1312July 24 317
,Feb 5
8 Mar 397k July
•3112 38
*3112 38
*3113 38
.3112 38
38 .3812 40
38
100
Preferred A
100 34 Jan 10 53 Jan 24
14 Mar 51 June
.26
32
.24
31
.24
26
.24
26
28
26 .24
25
100
Preferred Is
27
July
26
100
42
Jan
24
14
Feb 47 June
38
44
40
40
38
38
404 44
4378 4278 4918
42
830 Wright Aeronautical...No par
1671 Jan 8 75 Jan 27
Apr 24 May
6
.63
65
63
63
86234 65 '6338 65 •6314 65 '6312 6418
300 Wrigley (Wm) Jr (Del)No par 541,Jan 11 6618July 11
Feb
5714 Dec
3412
•16
1712 1612 1612 '15
18
17
1714 '15
.15
17
1714
300 Yale & Towne Mfg
_ __25 14 Jan 5 22 Apr 24
Jan 23 June
7
3
333
313 312
312
338
338
312
338 34 .338 3'2 3,400 Yellow Truck & Coach
234July 26
olB_10
Co714 Feb 19
218 Mar
784 July
•36
38
*37
38
38
38
39
39 .39
41
36
36
50
Preferred
100 28 Jan 2 4712 Apr 26
18 Mar 42 July
.1333 1434 134 14
14
14
14
144 1434 15
1414 15
2,800 Young Spring & Wire No par
13 July 26 2234 Feb 19
1918 July
312 Mar
1478 15,4
1412 1534 15
1512 1512 1613 1513 1614 154 1512 6,200 Youngstown Sheet & T_No par
125*July 26 331 Feb 19
712 Feb 375 July
218
218 .238
212
238 24 .218 24 .218 235 .218 238
300 Zenith Radio Corp____No par
178July 26
434 Feb 5
5 Dec
12 Feb
334 334
358 334
34 378
34 34
418
4
418 418 3,500 Zonite Products Corn
334July 26
1
734 Feb 19
812 July
358 Feb
$ per share 5 per share $ per share $ per share $ per share S per share
.412 7
*478 712 '412 614 .414 534 '414 534 .
414 534
358 4
358 378
334 4
34 4
3'2 319
4
4
*1314 1712 .1314 14
*1314 14
.1314 1712 *1314 1712 .15
17
•513 614 *512 534
*538 634
518
538
518 518
5
5
1112 111, 1058 1112 11.14 1134
12
1212 1214 13
1212 134
2
2
2
218
2
2
24 24
238 24
218 213
•19
19
2112 19
19
19
'1834 19
.1834 19
"1834 19
918 94
9
938
9
914
9
912
914 958
938 912
•77
79
*77
82 .78
82
7812 8018 .81
82
82
82
.25
37 .25
37 '25
32 .25
32
*25
32
*25
32
91
93 .92
9412 *9034 93
921, 93
0213 9212 .92
9313
515 54
5
514
44 54
.514 534
514 534
558 55s
2612 27
2434 27
26
27
27
2738 2758 2758 2613 271z
513 578
538 54
512 534
558 6
54 6
578 6
*5
512
54 538
6
6
.5
638
578 578 *534 6
3,2 338
312 34
334 334
34 34
334 4
34 378
"67
72
"67
72
*67
7112 "67
75 '67
56978 75
75
*3334 3612 *3413 36
3412 3413 36
36
.35
3612 *3434 36
*258 3
234 234 *238 314
314 314 "3
314 *3
314
*4
438
4
418
4
4
414
414
414 414
414 414
*Ii2 134 .112 134 .112 2
.112
134
113 113
134
134
*4214 4313 4038 4213 4178 42 .4313 4634 .4313 4534 4413 4413
42
42
4214 424 4213 44
42
46
4538 4734 47
4713
3958 405.8 3914 4034 3913 4034 3934 4178 41
4178 41
4134
1438 1434 14
1438 1418 1414
1434 15
1478 1538 15
15
.1814 1914
1813 1858 1814 1814 81814 1978 .184 1978 *1814 1978
1413 1514 1414 154 1418 1434 1478 1512 15
1538 15
1618
2414 2414 2414 2412 2458 2458 25
25
2434 2538 25
2512
•10814 118 *10814 113 .11014 113 .11014 113 .110 113 .110 113
3813 3812 3778 38
37
3712 37
38
38
3812 38
3812
378 4
378 4
378 4
378 4
4
418
4
418
27
27
27
2712 2734 2813 2734 29
2813 2913 2834 2834
1178 12
114 1214
1138 1178 1158 1178 1138 1178 1114 1134
*458 512
5
5
.4
558 *5
512 *4
558 •4
558
434 434
434 434 *478 5
458 434
478 5
5
518
6712 6812 6612 6612 6813 67
6634 69
6812 6934 6978 70
1412 14% 14% 147
1438 147
145s 1478 1434 15
1434 15
•9614 9938 *96
9938 .97
98 '97
98
97
97
97
97
.218 3
*218 3
*218 3
.218 3
'218 3
.
34 3
.438 5
434 434
5
412 412
5
*5
558
478 5
.33
.38
45
45
.38
45 .38
45 .38
45
38
38
213 212
212 24
234 234
24 3
*24 3
"234 3
• Bid and asked prices, no sales on this day. 1 companies reported In receivership. a Optional sale, c Cash sale.
s Sold 7 days. r Ex-di Mend. V 13X-1'00M
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
729
O. Jan. 1 1909 Ilse Exchange nsahod of quoting bonds was changed and prices are now "and interesr-esceyt for Income and defaulted bonds.
NOTICE.-Cash and deferred delivery sales are disregarded In the week's range. unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown in a footnote in the week in which they occur. No account is taken of such sales In computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 3.
•
iI
.• a.
Price
Friday
Aug. 3.
Week's
Range or
Last Sale.
I,
4
di
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 3.
ij
i ia
...a.
Price
Fid
ray
Aug. 3.
Week's
Range or
Lan Sale.
1.
4_
so OS
Range
Since
Jan. 1.
High No.
High No Low
MO
Ask Low
Foreign Govt. a Munie. (Con.)
High
12
94
Low
High :uba(Republic) 58 of 1904-.1944 M El 9018 ____ 9334
7478 9912
93
9512
95 June'34 --__
95
External 58 of 1914 eer A__1949 F A
10008210410n
7113 -78 a7214 a721
I
,
External loan 44,
100142 10342
6278 78
1949 F A
Sinking fund 51.5s Jan 15 1953 J J 7834 Bale 783
1014210411u
8172 8418
, 276/
1
4 14
102102210220e
57
28
225 4178
Public wks 510 June 30 1945 .1 D 27 Bale 2612
1234 Bale 1078
12/
1
4 22
10111821041022 Cundinamarea 6%e
1018 1952
1959 MN
11
99
101122 1021022 rsechoelovakla(Rep of)88-1951 A 0 9812 Bale 9812
88 101
97
99
5
99
1952 A 0 98
1041421141n
90 101
Sinking fund 8a set B
13
1
4
96
Denmark 20-year extl 6&..1942 J 2 96 Bale 95/
8813 981
:
9112 53
9112 Bale 90
8334 9511
97134,10424n
External gold 5 Hs _
.1955 F A
1013421091382
71
87
8012 40
External g 4 Ha....Apr 15 1982 A 0 80 Sale 7912
100538 108122 Deutsche Bk Am part ctf 6s.1932
52
52
7714
2
9821n1051082
52
501
/
4 58
Stamped ext4 to Sept. 1 1935.. -.7-43/
1
4 8778
6
674
93%2102142 Dominican Rep Cum Ad 530'42 M B 6718 ___ 6534
11/40 A 0 58.._ 5812
36
60
4
58
let set 541 of 1928
1001022102142
37/
1
4 597
6
57
5812 58
2d aeries sink fund 5;58_1940 A 0 58
981022105042
454 5315
2
4534
474 4534
9844210530n Dresden (City) external 78_1945 M N 44
1
4 18512
7 151/
9514810310e Dutch East Indies extl es 1962 M 8 18013 183 15912 16014
1 151 18412
163
30-year exti 534a____Nov 1953 MN 158 160 163
9717221051122
4 15112 165
159
101722 10410n
30-year ext 5H11----Mar 1953 M 5 159 Bale 159
1
56
4812 80
101022 1021422 El Salvador (Republic) es A_1948 .1 8 5118- - 58
88
55
1
45
45
.1 .1 43 -52
99342101782
Certificates of dement
731
9
5778 76
100 1011022 Estonia (Republic of) 75-....1987 3 2 7312 Bale 73
6
9918
101722 Finland (Republic) ext 68_1945 M 5 9918 Sale 99
79 100
100
10018 18
8612 1014
External sinking fund 78-1950 M 5 100 Bale 100
9978 14
State a City-Bee note below.
781
: 9978
External sink fund 8448_1956 M 5 99 Bale 99
95
76
47
94/
1
4 Sale 9412
External /rink fund 534e_1955 F A
9512
77
98
4
1
4
98
Foreign Govt. A Munieloals.
Finnish Mun Loan 6302 A-1954 A 0 98 Bale 97/
External 6248 serial es __ 1954 A 0 9814 98's 9814
3
7512 984
9814.
264 48
8
27%
/
4 Frankfort (City of).f 8141-1953 M N
Agri° Mtge Bank a t ea
1947 P A
2514 27'e 2712
28 May'3 ---2612_
1834 271
Aug 1 1934 subeeq coupon_ - ,... 2338 2-8- 2312 July'34 ____
30 1544 18712
187
20
2614 French Republic eat' 73411-1941 8 I) 187 Bale 185
20 180 185/
185
2715
Sinking fund es A _ _ Apr 151940 A--o 23 Sale 23
1536 2934
7
1
4
External 7: 01 1924
19411.0 D 185 Bile 183
With Oct 15 1934 coupon_ _ -16
1
231
2678 German Government Intern,2314
25
, 23
mi
6
305 83/
189
35
Akershus (Dept) ext Se
6612 811
1963 MI/ 784 Bale 78
1
4
/
4
Lionel 35-yr 54e01 1930-1965 1 D 3438 Bale 3212
471g
3
912
10
1042 11
Antioquia (Dept) coil 78 A....19451 J
45
8712
59
8/
1
4 17/
1
4 German Republic eau 7s....1949 A 0 48% Sale 4634
External at 78 aer B
1945 3 1 1038 Bale
9
17
914
10's 11
German Pro, & Communal Bk.
353
48
External 8 1 7,ear '...)
315k 7112
/
4 Sale 3412
1945.0 1 . 1033 12
958 17
2
97
(Cone Aerie Loan)814s A71958 8 D 341
973
57/
1
4 8834
2
8512
Externals 1 7sser D
1
901 8512
8/
1
4 1714 Gras (Municipality) Ss.. _ . _1954 MN 86
1945 3 3 1034 Bale 10/
1
4
103
85 Mara __-External CI 78 let ser
75
7% 1434
62
- 664 70
Only unmatured coupons on__
1957 A 0
6512
778 July'34
812 10
56 1115, 1241:
118
External sea at 78 2d ser_ _1957 A 0
11712 Bale 117
7.-8
1438 Gt BrIt & Ire (11 H of) 534a. 1937 FA
1
81
81
/
4
812 111
3
91
:
912 sale
96 109 11713
8
External see 8 f 7,34 eer_ _1957 A 0
1434
912
S4% fund loan i opt 1960.1990 MN al1514 Bale all5 al153
3312
22
28
35 a30 July'34 ____
824 991
3
Antwerp (City) external 521-1958 J D 89
/
4 Greek Government a f ser 75_1964 M N
92
1
4
95 90/
18/
1
4 31
4
1
4
8
7614
80
2334
5312 84
Argentine Govt Pub Wks 88_1960 A 0 7918 86
9leer es Aug '33 coupon...196a F 4 224 25'x 23/
74/
1
4 82
Argentine tta of June 1925_1959 J D 7912 Sale 75
5312 844 Haiti (Republic) at es ser A.I952 A 0 80 Bale 80
8l'x 23
79
80
Ext1 a 1 es of Oct. 1925_7-1959 A 0 794 80
27
58
53
28'z 27
84
28's 15
1948 A 0 25
7578
80'x 25
Hamburg (State) ea
23
44
External a f 68 series A_
23 July'34
23
8378 Heidelberg(German)0107Hs'50 1 1 16
53
1957 MS 79/
54
80
1
4 Bale 75
External 612 series B .Dec 1958 ..1 D 794 Bale 7512
72
3
4
95
5
94
94
/
1
4
94
0
25
80
94'x
A
Helaingfore (City) ext 810_1960
533484
Esti a f 68 of May 1926._ -1980 M N 7918 80
6
371
2834 444
5358 84
1
764
764
Hungarian Muni° Loan 734,1943 3 3 374 Sale 361
Externals t es (State Ry)_1980 M S 7934 Sale 75
274 274
274 May•34 ___
53/
1
4 8418
48
80
Only unmet coup attached_ J 2 ---Exti es Sanitary Works__ _1961 F A
3011 45
7912 797 75/
35
1
4
3834 36 July'34 -___
5258 83%
18
80
External if 78 Warn). _1944 J J
EMI es pub wks May 19271981 51 N
30
30
30 June'34 --35
6258 84
80
Only unmat'd coups attached J J ___ 42
7918 Sale 75
Public Works 2,01 5348-1962 F A 7434 Sale 71
2
4618
33/
1
4 604
4712 78
75/
1
4 111
Hungarian Lams M last 7348 '81 M N 4618-_-. 4618
Argentine Treasury 58 £.....1945 M 8 9138 Sale 91%
6
4618
31
501a
SO% 99
911
/
4 22
4818 4712 46
Shaking fund 7Hs set B._1981 M N
, Hungary (King of) a I 7343_1944 F A
Australia 30-yr 5s....-July15 1955 7 J 94/
3
3738
3112 424
8812 975
9538 61
375 Bale 3534
1
4 Sale 9413
External 58 of 1927..Sept 1957 M S 95 Sale 9434
89
9734
9514 40
13 110 116
111
External g 434s of 1928...1958 MN 9018 Bale 9018
83
1
4 46
95
90/
Irish Free State extl a t 5a_..1960 M N 109 11414 110
9034 102
9112 10012 Italy (Kingdom of) exti 713-1951 7 0 94 Sale 9212
Austrian (Govt) if 75
94/
1
4 88
9712 41
1943 3 T1 97
971 954
9314 100
1
9712
Internal sinking fund 78_1957 1 3
Italian Cred Consortium 75 A '37 M 8 9712 Bale 9712
50
77
6812 13
65
69
894 100
2
9234
External ant a f 7a ser B_ _ _1947 Si 8 92 Sale 92
9318
Bavaria (Free State)654a...1945 F A
76
29
82
85
85
591
/
4 Italian Public Utility ext17a _1952 3 3 84
31
3312 18
3112 Bale 31
Belgium 25-yr ext1840
86
9278 91
22
101
9812
9234 Sale 91
95 105
Japanese Gov't 30-yr a f 6/0_1954 F A
1949 M S 1004 Sale 100
Externals t ea
1
4 88
73/
77/
1
4 17
94 104
10018 51
7712 Sale 7612
19553 J 100 Sale 100
Extlainking fund 634t._..1965 MN
External 30-year a t 7s.._.1955 8 0 10712 Sale 1074
99 109
24
108
Jugoelavia (State Mtge Bank)
2318 4212
5
31
1
4 33
1957 A 0 29/
1344 22
Stabilization loan 7.
31
9578 106/
1
4
Secured e f g 7,
1958 M N 1044 Bale 19314
821s
68
Bergen (Norway)5a_ _Oct 15 1949 A 0 7934 Bale 7938
1534 27
8
1534 July'34 --__
80
75 with all unmet coup _1957 --------25
13/
1
4 1712
External sinking fund 621_1980 M S 75
6
1712
18
684 8212
1
With Oct 1 '35 & sub coups on_ --------18
77
79's 77
3012 52
Berlin (Germany) a t 8 Hs.-1950 A 0 32 Bale 3012
31
37% 6514
2
1
4
45/
1
4
321
4514 Sale 45/
Leipzig (Germany) is 1718._ 1947 FA
8912
80
4
External, I es__ _June 15 1958.5 13 33 Bale 3012
87
301: 49/
1
4 Lower Austria (Prov) 734,..1950 3 D 85/
51
33
1
4 ___ 87
50
63
Bogota (City) extl a f 8a
Fela'34 ____
Only unmatured coups attach'd ------------50
17/
1
4 24
19'x 25
1945 A 0 1838 Sale 18
_
20
7
6/
1
4
8 149 17034
7 sale
Bolivia (Republic of) extl 88_1947 M N
Cl, 1114 Lyons (City of) 15-Year ea-1934 M I4 16932 __ a16938 a16933
17
54
51
514 101: Marseilles (City of) 15-yr 621_1934 M N 16934 ____ a170 July'34 ___ 149 171
5)2 sale
External secured 7,(1580.1958 J J
9
912 1012 Medellin (Colombia) 61
312
External a f 78 (flat)
84 leas
84
912 Bale
54
1969 Si S
D'z 44
312 Bale
/
45_7_1954 7 D
413 734
, 1 149 1704 Mexican IrrIg Amine 434s.1943 M N --------51 Apr'34 ___
Bordeaux (City of) 15-yr 68.1934 MN 16934 ___ 189% 1895
.
4 Sept'33 ____
2912 11
Brazil(US of) external es... _1941 3 D 291
6
2234 3612 Mexico (US) extl 5. of 1899 £'45 Q 1 ____
/
4 Bale 28
els Ili
____
Ju1y
.
3
254 30
External a t 634e of 1928_1957 A 0 24/
84
204 32
84
1
4 Bale 2438
6
Apsenting 5a of 1899
---1945
114
7
2538 26
------------7 June'34 ____
204 32
External a f 6 Ne or 1927._1957 A 0 2434 Sale 24/
1
4
Assenting 518 large
721 (Central Ry)
818 8
els Jtlly'3 ____
__
____ ____
204 32
17
25
1952 J D 2418 Bale 2334
Assenting 58 small
43
Bremen (State of) ext178._ 1935 M S 3412 381 3513
4
41
25
36
S's
714
412 _-5
35/
1
4 834
1954 --Assenting 45 of 1904
Brisbane (City) 8 f 58
..
44 Mar'3 __
864
44 5
_-_734 88
3
88
1957 Si 8 8518 88
Assenting 4s of 1910
Sinking fund gold 5a
a-ifai
ii
51
8818 29
5
51
73
1958 F A 8518 861 8512
5
87%
-.-Assenting 411 of 1910 large
20-year a 1 es
4/
1
4 834
9714
1
83
9712
1950 J D 95
1
4 July'34 ____
Assenting 4s of 1910 small._ 7--, --_- --- 4/
975s 9714
Budapest (City) exti If 6s.1962 3 D 4012 Bale 38/
40/
1
4 10
311, 4612 .Frees fia of'13 aseent(large)'33 3 3 ---- ---- 973 July'34 ---.7
1
4
Buenos Aires (City)°Ha 2B 1955 3 J
J .1
11
7278
74
8
5
1
554
53
____
74
75
,
1 11
1/
4
1 1
08mall..
4812 7934
External, f ea aer C-2._.5950 A 0 6618
9172
71
82
__ 71
8433 46
47
6
723
, Milan (City. Italy) extl 8 He 1952 A 0 -84 Sale 83
External If es ser C-3.._.1945) A 0 6618 7/5 71 July'34 ____
4514 74
Minas Geraes (State) BrazilBuenos Aires (Pro,) extl 88_1981 Si 5 47
24
17
28
18
50
2
304 51
_ _ 50
External s f 834,
1958 Si S 18 Sale 1738
/Rod (Sep 1 '83 coup 00)1961 Si 5 434 Sale 42
434 51
17
1812 20
234
2614 4418
Ext sec 1314s aeries A
1959 M 5 1818 Sale 174
Externals 16)4,
Ms 52
14
52
10
274
33
1961 F A 52 Sale 5118
324
33
Sale
D
384
Montevideo (City of) 7s_ _ _1952 .1
44
Stpd (Aug 1'33 coup 08)1961 e A 4134 ails 4022
37
27
2614 3278
3012 10
424
30/
1
4 ____ 3012
External s f 6s series A-- _1959 M N
Bulgaria (Kingdom)a f 78_7.1967 J J 201
1871 24
/
4 2214 224 July'34 ____
Stabil% 8 I 7148-Nov 15 1968 M N
___
July'34
85
96
1
4
9314 26
2112 2812 New So Wales (State) extl 8.1957 F A 934 Sale 92/
234
2112 25
May coupon on
8514 9538
20
5
2038
20/
2035
9234 20
927 92
1
4
17
20
External a f 5s
Apr 1951,A 0 92
Caldas Dept of(Colombia)734s45 1 J 13 Bale 10%
9112 1014
7
13
10034 20
1033 185* Norway 20-year ext fis
1943 F A 10012 Sale 100
Canada(Dom'n of) 30-Yr 45-1980 A 0 102/
,1014
901
10234 55
92 10234
1
4 Bale 102 •
20-year external 58
1944 F A 10014 Bale 9934 10038 12
8912 100
11034 52 10314 1114
54
1952 MN 110/
1
4 Sale 11018
9912 39
30-year external ea
1952 A 0 9912 Bale 9814
4%s
83/
1
4 9512
0 19034 105
1043s
1936 F A 1045, Bale 10418
/
4
9338 18
40-year al 51421
1965i D 9338 Bale 911
Carlsbad (City)et 8s
68 July'34 ____
19643 J 65
891
/
4 19
68
8012
89
8013 9215
External a f 15s__Mar 15 1963 M 8 884 8934 89
Cauca Val (Dept) Colom 73.4,'48 A 0 12 Sale 10/
8312
91
1
1014 19
9
891
12
8934
8912
9012
1
4
Municipal Bank extl a t 5,19673 0
Cent Agile Bank (Ger)
48/
81
91
1
4
.1950 Si S 4812 Sale 4812
454 73
6
8912 92 a9014 July'34 ____
Municipal Pank tail a t 5E1_1970 1
Farm Loan at es_ _July
4234 45
41
7a.15 1980 2 J 40
2618 5512
43
6
28
35/
1
4 69
29/
1
4 27
26
Nuremburg (City) tut] 68-.1952 F A
Farm Loan 51 88..Oct 15 1960 A 0 40
743
4212 74
85
774
18
4012
354 89
42
1
4
Oriental Devel guar es
953 Si 8 74 Bile 73/
Farm Loan ea set A Apr 15 1938 A 0 4212 Bale 42
4312 43
6258 74
8934 32
1958 M N
6912 Sale 8833
Extl deb 5158
3814 70
Chile (Rep)-Ext1 a f 7s..„1942 M N
76ls 93
8/
1114 23
1
4 16
1118 Bale 1014
18
0510 (City) 30-year if 68_1955 Si N
88
88 Bale 8714
External sinking fund ea_.1980 A 0 1914 Sae
912
1013 13
7.2 16
Ext sinking fund ea_ _Feb 1961. F A
98 10312
2
7
1014 21
1018 Sala 2918
1534 Panama (Rep) eat! 5 Ha... .1953 J D 103/
1
4 Bale 10312 1031±
Ry ref ext a f 68
912
104 37
2918 44
Jan 1981 3 J
6
35/
1
4
7
15/
1018 Bale
1
4
Extl a t 58 ear A_ May 1-5 1963 Si N
3538 Sale 35
Ext sinking fund 8a-Sept 1961 M S 104 Bale
9%
1014 21
7/
1
4 15/
2952 44
6
36
3512 Sale 35
Stamped
1
4
External sinking fund 8s_ _1962 Si 8 1018 1134 10 July'34 _ _
74 1538 Pernambuco (State of) extl 78 '47 Si S 1334 Bale 13%
13/
1
4 31
107s 1818
92
External sinking fund @s.1983 Si N
7/
1
4 le
1014 12
1018 11
Peru (Rep of) external 7,..1955 M 5 114 12 21134
6
1134
81 17
Chile Mtge Bk 634'June 30 1957 3 D 1134 Sale 11%
9/
1
4 151:
1234 14
578 Hia
Nat Loan eat]s f (48 1st ser 1960 J D
45
74
8
734 Bale
B f eke of 1928.-June 30 1961 J 13 14 Bate 1312
14
10
6
64 1412
184
Nat loan exti a f as 24 ser. 1981 A 0
26
7/
1
4 8/
1
4 714
8
Guar 5 f 88
Apr 30 1961 A 0 111
8/
1
4 151: Poland (Rep of) gold 6s_ _ _194u A 0 71 Sale 7012
31
12
/
4 Bale 1078
79
59
8
71
8
121
/
4 21
Guar B t tte
151
/
4
1134 Bale 1112
1962 Si N
118 11812
Stabilization loan,f be...1947 A 0 114 Bale 113
114/
1
4 110
ChlIODD CODA Munk 78
11
8
8 Bale
1960 M S
7
12
8
External tank fund g 8a_ 1950.0 2 8334 Bale 83
891, 90
8334 28
Chinese(Hukuang Ry)Si..1951 1 D 3738 Bale 374
2728 4278 Porto Alegre (City of) Os.. 1981 J 0 195s 2112 1912
3738 10
1712 2472
6
1913
Christiania (081o) 20-yr If es •54 Si 8 8812 Bale 864
2
8812
8134 93
1655 2412
201
/
4 10
Ext1 guar lank fund 734a.. 1966 J J
2012 Sale 1912
Cologne (City)Germany 83261950 Si S 2633 295, 27
27
50
278 29
Prague(Greater City)7/58_ _1952 Si N 9812 100
83 100
98 July'34 ____
Colombia (Rep)lis of'28_ _Oct•el
Prussia (Free State) extl 634451 14 S 311
3114 5812
334 47
/
4 Bile 314
Oct 1 1934 and sub coupons on A 0 28 Sale 254
97
28
3112 3558
3118 571
External a t tla
/
4
3338 52
1952 A 0 3134 Sale 3118
Exter 8s (July 1 '34 coup on)'el J .1
21
50
28
3514 Queensland (State) en!8175 1941 A 0 10514 10554 105
2778 Bale 2518
3 102 10812
10514
Colombia Mtge Bank 8Hs 011947 A 0 2212 26
1
23
23
15
2478
25-year external 68
94/
1
4 103
7
10178
1947 F A 101 102 10078
Sinking fund 7,01 1920...1944i M N
23
2214 24
1511 2412 Rhine-Main-Danube 78 A__ 1950 M S 4812 Sale 4812
2
234
8
47
4612 69%
Sinking fund 7s of 1927...1947 F A
15
1
2312
2312
26
2212 25
Ftio Grande do Sul eat] a f Ss 1946 A 0 22
26
19
22
24
2234
9
Copenhagen (City) 5a
1952 ./ 13 76 Sale 7534
6312 84
7712 15
1833 20
1918 July'34 ____
Apr'32-Oct'33-Oct•34 con on 7 ,. 194 21
25-year g 43.4a
1953 Si N 7334 Bale 73
1
4
591
/
4 78/
External sinking fund 6._1968J--13 204 2012 1912
9
154 24
7334
14
20
Cordoba (City) extl e 1 7B__.1957 F A
384 Sale 334
1414 3712
363a 36
External 8 f 7a of 1928_ _ _1968 MN 204 Sale 1938
174 24
2012 39
Externals f 7e.--_Nov 15 1937 11.4 N
2978 3934
5
3912
3934
39
40
External a t 7s mimic loan 19673 13 204 201
1714 244
204 18
: 20
Cordoba(Prov) Argentina 761942 1 J 56 Bale 53
25/
21
58
1
4 56
Rio de Janeiro 25-year s f 58.1948 A 0 22 sais 2012
171: 2275
5
22
Costa Rica(Republic)22
16
204 Salo 1912
External s f 634.
2038 38
1953 F A
5
40
4212 40
80
40
Ts Nov 1 1932 coupon on_1951 MN 39
83
92
Rome (City).n16;0
35
85
1952 A 0 84% Bala 834
1
4 2.54
76 May 1 1938 COMM 00-1951 ____ 25 27 25 July'34 __- 18/
U. S. Government.
INd
Ask Low
First Liberty Loan-334 of '32-47 8 13 104128 Sale 1033022104122 107
J D
10202:May34 Cony 4% of 1932-47
1 D 10342 Sale 102302810342 132
Cony 434% of 1932-47
.1 D 103 103022 1023432Jun'34 _....2d cony 434% of 1932-47
Fourth Lib Loan 434% of '33-'38 A 0 103142 Sale 1031421031022 216
- 1011022 Sale 1011
4 H % (2d called)
/
42 101ne 63
113Ien 456
1947-1952 A 0 11.31012 Sale 113
Treasury 434C
Treasury 444s to Oct 15 1934,
thereafter 3H%
1943-45 A 0 1031'n Sale 103128 1031128 1243
1944-1954.0 D 10810n Sale 1081421081in 492
Treasury 4s
1948-1958 M 8 107021 Sale 10742 107022 509
Treasury 84(1
1943-1947 J D 10433n Sale 10410n1042122 806
Treasury 840
Treasury 38-Sept 15 1951-1955 M 8 ii",, Sale 101132210130n 753
Treasury 3s___Dec 15 1946-1948.0 D 1012028 Bale 10111221013022 509
Treasury 84ts June 15 1940-1943 J D 104048 Sale 1041%210411n 562
Treasury 33413 Mar 15 1941-1943 M 13 104tin Bale 1041022104w,, 467
Treasury 3/0 June 15 1946-1949 / D 1020022 Sale 10214810230n 1344
1372
Treasury 34e
Aug 1 1941 F A 1042322 Sale 1041422105
10312n 1089
Treasury 3 Hs- - - ----1944-19
.
7 10348 Sale 103
Fed Farm Mtge Corp 3315.71984
467114 S 101.07,, Sale 1013421010n 269
1944-1949 M S 10042 Sale 10042 10014 696
as
Home Owners Mtge Coro 43_1951 J 3 1001ln Sale 100022 1001422 521
3s series A
1952 31 N 10042 Sale 100028 100132 2127
For footnotes see page 734
NOTE.-Sales of State and City securities Occur very rarely on the New York Stock Exchange, dealings In such securities being almost entirely over the counter.
Bid and asked quotations, however, by active Is der.In tim0n semritles, will be found on a subsequent page under the general head ,st "Quotation,for 17ulisted .ecuritle. ••
730
New York Bond. Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 3,
•
i3
bt
u
22 3,
Price
Friday
Aug. 3.
Week's
Range or
Last Sale.
14
00
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 3.
1I
-1 b
..5..
Aug. 4 1934
Price
Priam/
Aug. 3.
Week'sRange
Range or
14
Since
Lass Sale.
0
Jan. 1.
Foreign Govt.&Munk.(Cond.!
Rotterdam (City) anti 68_1964 MN
Roumania (Monopolies) 78_1959 F A
Saarbruecken (City) 68
.1
1953
Sao Paulo(City) at 88-Mar 1952 MN
External 8 f 8318 of 1927-1957 M N
San Paulo (State) exti if 813_1936
J
External sec 6 f 88
.1
1950
External s f 78 Water L'n_1956 M S
External s f 68
1968.3 J
Secured s t 7s
1940 A 0
Santa Fe (Prov Arg Rep)76_1942 131 S
Saxon Pub Wks(Germany) 78'45 F A
Gen ref guar 634e
1951 MN
BAUM State Mtge Inet 7s
1945.3 D
Sinking fund a 6318__Dec 1946 J D
Serbia Croata & Slovenes 8s_ _1962 MN
All unmatured coupon on___.__
Nov 1 1935 coupon on
External sec 78 ear B
1962 MN
November coupon
__ ____
7e Nov 1 1935 coupon
on__-on19132-- Silesia (Prov of) extl 78
1958 I D
Silesian Landowners Men 68 1947 F A
Solssons (City on extl 66_ _ _1936 MN
Styria (Prov) external 7s__1046 F A
Sweden external loan 534e_1954 MN
Sydney (City) el 1531e
1955 F A
Bid
Ask Low
filoh No Low
High
Rallroads (Confinued)Bid
Ask Low
High No Low
High
11812 120 11812 11812
1 112 134
Canadian North deb s f 78_1940 J D 10812 Sale 10814
10812 27 105 10958
3112 Sale 31
3314 40
23
40
25-year .t deb 8318
1946 J .1 120l2 ewe 120
12012 17 10834 121
7834 Sale 7834
7884
6
6618 81
10-yr gold 4316___Feb 15 1935 J J 10218 103 10134
10214 20 1004 103
r2712
3
2238 2678 r27
22
30
Canadlan Pao By 4% deb stock__ ".- 8138 Sale 8138
8214 74
61
8512
2238 Sale 2218
2212 20
174 24
Coll ti 431e
1946 M S 9738 98
9714
98
33
7434 9934
3334 Sale 3312
3478
3
18
354
56 equip tr ctts
1944 J J 10938 Sale 10938
110
44
9918 110
234 Sale 2212
2312 15
1358 25
Coil tr g tas
Deal 1954 J D 101 Sale 10012 10112 49
774 102
18
22
2058
21
3
134 24
Collateral trust 434s-1960 J J 9478 Sale 94
9518 95
/118 97
1912 Sale 19
1912 25
1258 22
:Car Cent let cone g 48
45
45 July'34 __1949 1 J 41
3213 45
8834 Sale 8512
8834 50
65
8834 CaroClInch AO 18SW-71'56_1938 J D 10714 Sale 10718
10714 10
9534 10714
3612 39
38
4014 10
1813 434
let & Was it 61111er A-Dee 15'52 J D 10758 Sale 10758
10734 13
901s 109
____ 4358 4318
4614 73
434 67
Cart & Ad let gu ft 4(4
1981 J D 76
8112 80 July'34 --70
84
3234 Sale 3234
3312 19
32
6073 Cent Branch U P let g 48_1948 I D 49
53
54 July'34 --28
56
4312 56
45
45
2
45
71
2Central of Ga let g 56_Noy 1945 F A
41
5934 58 July'34 -_
41
65
50
56
56 July'34 --_554 70
1345 M N
Coneol gold tas
1612 Sale 1612
1812 11
1612
88
2412 Sale 24
244
2
2118 28
Ret & gen
series B 1959 A 0 10
13
10
12
9
10
26
Ref. & gee 534.
58 aerial c_ _ _1959 A 0 10 Sale
17
20
18 July'34 --__
16
22
Ws
10
3
94 26
1212 1612 1412
15
2
134 1512
Chan Div our money ft 46_1951 1 D -_-- 25
25 July'34 -.18
3
7
23 Sale 23
2314 11
18
2538
Mac 63 Nor Div let g 56_1946 I J __- 37
35
Jan'33
1614 17
1614
17
2
1214 20
Mid Ga 413 All Div our in 56'47 1 J ___ 25
21
Jan'34 ____
2112
20
1238 16
15
15
1
11
17
27
Mobile Div 1st g 56
27 July'34 ---1946 1 J 25
27
35
6312 6412 62
64
8
524 71
Cent New Engl let 8u 46. __1961 I J 794 Sale 7912
80
16
65
8384
____ 3912 4418 June'34 --4314 69
Cent RR & Bicif of Ga coil-63.1937 MN 69
72
70 July'34 _--53
73
167
7012 July'34___ 150 171
Central of NJ gang 56
J 10714
- 064
1987
108
18
95 10878
____ -6-84 87 July'34 --55
88
- 9714 July'34 ____
96'2
General 48
J ---- -1987
78
9713
10278 Sale zlOZ7e 10278
7 102 10934
9012
5
80
8912 Sale 8912
93
Cent Pee let ref 8u g 4s____1949 F A 9514 Sale 9438
9534 143
754 9612
Through Short L let gu 4e..1954 A 0 9278 95
9278
9278 11
734 9378
Taiwan Elea Pow 8 t 5346_1971 1 J 6918 694 69
6912 12
8134 7312
7834 Sale 764
1960 F A
Guaranteed g 58
79
60
6378 87
Tokyo City 541 loan of 1912_1952 53 S 6658 68
6678
6678
1
6614 7312 Charleston 63 Say% let 78_1936 I J 106
____ 106
106
2 103 106
External at 5318 guar----1961 A 0 72 Salo 7123
73
40
6134 7334 Chee (33 Ohio let con g 58_1939 M N 111 Sale 11012 111
12 10512 111
Tolima (Dept of) ext178
1012 Sale 1012
1947 MN
1014
3
104 17
General gold 431e
1992 M 13 11018 -_ 110
111
101
9884 1114
Trondhlem (City) let 5348_1957 MN ____ 8678 8312
674 874
Ret &Im ps 4%8
24
83
1993 A 0 10412 Sale 10312 10412 56
884 106
Upper Austria (Prey) 7s____1945 J D ____ 8312 8134 July'34 ---62
86
Rat & !rapt 4316 ear B
1995 J J 10414 Sale 10334 10458 41
884 1064
Only unmatured coups attch --------75
84 May'34 ---74
76
Craig Valley let 56-Mai 1940 J J 10514 Sale 10514 10514
1
974 10514
External it 6316-June 151957 1
7114 77
7312 July'34 ___4812 7712
_ 101
Potts Creek Branch lst 44_1940 J .1
101
2
9012 101
Uruguay (Republic) call 88_1946 F A
3512 Sale 35
3512 10
3412 46
1024 11if 10238
Ft .33 A Div let con g 43_1989 J .1 1011024
1
9718 10384
External a f 6s
31 Sale 2914
31
36
1960 M N
2714 42
J
10112
2d consol gold 48
10312 10112 July'34 ---1989 1
874 1014
External at 68_ __May 1 1964 MN 29
3218 3014
3014
1
294 42
____ 9912 Jan'34 ___
Warm Spring V let a 58_1941 M 8 102
99
9912
Venetian Prov Mtge Bank 78 '52 A 0 ____ 9478 94 July'34 __-94 109
Chic & Alton RR ref 8 36_1949 A 0 55 Sale 55
57
9
514 704
VIOL= (City of) extle
89
15
at 60_ _1952 MN 89 Sale 8734
58
9012 ChM Burl& Q-Ill Div 3346.1949 J J 10034 Sale 100
10078 31
88
10114
Unmatured coupon(' attached_ M N __ _-_ 7018
704
8
50
76
Illinole Division 48
1949 J J 10534 Sale 10458 10534 20
97 107
Warsaw (City) external 78_1958 F A
6034 Sale 5918
61
60
53
6814
1958 M El 10412 Sale 10412 105
General 48
30
924 10514
7542
5
66
77
734
Yokohama (City) ext1 68_1961 .1 D
7458 76
1977 F A 10278 Sale 10178
let & ret 4346 ser B
103
19
884 10434
let 413 ref be ear A
1971 F A 10912 Sale 10834
10984 21
96 10934
8278 80 July'34 -__
(Chicago & East III let 66-1934 A 0 79
53 83
Railroad.
2C & E In Ry(new go) gen 58 1951 MN
94
10
10 elle
16
84 354
____ 1212 1258 July'34 ___
Certificates of deposit
934 21
Ala Gt Sou let cone A 5.,_j943 J D 10334 ____ 104 May'34 __-94 104
Chicago & Erie let gold 58__A982 M N 109 11018 110 July'34 ___
91
110
lit cone 48 ser B
9912 12
1943 J D 9912 Sale 99
96 10012 Chicago Great West let 48_1959 M S 3934 Sale 3878
41
56
3511 57
Alb & Susq let guar 3348_1946 A 0 99 Sale 99
9914 38
85
9914 (Chic Ind & Louisa( ref 68_ _1947 I J 204 30
3012 July'34 ____
3012
474
Alleg & West 1st gu 48
96
1994 A 0 89
9038 July'34 --7384 91
Refunding gold tag
1947.3 J 2014 31) 25 July'34 -_25
424
Alleg Val gen guar a 46
10412 16
96 10434
1942 M e 103 10412 10358
2014 2634 25 July'34 ---1947 J J
Refunding 46 series C
25
41
:Ann Arbor let g 4e.. July 1995 Q J 564 Sale 474
8678 54
29
60
let dc gen 5.eerie. A
612 1012 10
1966 M N
10
2
94 2378
Atch Top & S Fe-Gang 46_1995 A 0 10414 Sale 10324
10414 125
93 106
94 Sale
'let At gen 6s series B_May 1966.1 J
9
10
25
9
254
9738
1
Adjuatment gold 48-July 1995 Nov 96.__ 9738
84
9934 Chia Ind & Sou 50-year 4s1956 I J 9214 9438 934 July'34 .--.
71
9534
Stamped
98
9812 14
83 100
July 1995 M N 9712 98
Chic L 8 & East let 431s____1969 1 D 105 Sale 105
105
5
99 1054
Cony gold 4e of 1909_ _ _1965J D 9538 ____ 96 July'34 --__
824 9612 Chi M & St P gen 48 ser A__1989 J .1
Sale
2
5
53
6
74
14
Cony 4s of 1905
D 9518 Sale 9518
96
1965
18
90 9713
8
78 5
Gen 5( 33113 ear B___MaY 1989 J J _5_7_12
57'2 July'34 __
Cony 8 48 issue of 1910_ _ _1960
may /989 j j 61 Sale 61
954
1
D 9514 ---- 9514
784 9512
Gen 431s sew C
63
ii
60
80's
Cony deb 4316
19481 D 10538 Bale 10412 10538 28
954 107
Gen 4%8 ser E
614
664
61
J
May 1989.3
61
5
60
81
Rocky Mtn Div let 4s_A965 I J 100 102 100
100
5
82 10014
00043(s ear?
May 1989.3 J ---- 7112 65
66
5
65
84
Trans-Con Short L let 444_1958 J J 10412 10534 10512 10512
4
9514 106
Cal-Aria let & ref 4348 A_1962 M 13 10678 10734 1064
10734 12
32
95 10818 Chic Milw St P & Pao 5s A--1975 F A
Sale 30
3258 536
29
564
All Knox & Nor let g 58_1946 J D 10412 ---- 10012 June'34 _--9924 103
914 Sale
8
Cony ad) 58
Jan 1 2000 A 0
938 615
8
2358
All & Charl AL let 4318 A__1944 J J 10118
__ 102
102
2
5134 Sale 5134
864 103
5312 25
Chic & No West gang 3348_1987 MN
504 70
1987
let 30-year be aerial B____1944 .1 J ____ 10614 10512 106
36
N
2
57
88 10634
6512 564
59
General 48
7
aela 77
Atlantic City let cons 4e_1951 J J 9012 96
90 May'34 ---75
90
5614 68
62 July'34 ___
58
78
fined 48 non-p Fed Inc tax '87 M N
All Coast Line let cons 48 July'52 M S 97 Sale 97
9738 40
82 10013
4 July'34
N _6_5_ „BB._ 62j
an4
3 ______ n_
Gen 43(8 stpd Fed ins tax_1
56 N
282
7 14
19
60
3125
2 6
82
254
General unified 43115 A_1964 I D 86
8778 8758
8812 47
74
65
92
66
Gen 58 stpd Fed ins tax.,.,_ 1987MN 6718 70
16
65
874
L & N cell gold 4s__Oot 1952 MN
7714 7778 75
78
22
68
85
4318 stamped
All 64 Dan iota 4e
1
41
Sale
41
4212
- Sale 78
19483
15
39
8114
5378
15-year secured g 631e__1936 M 8 8114
7
78
98
284a
35
3712 38 Ju'y'34 ---1948.3 J
35
41
46
lot ref g 58
May 2037.3 D 46 Sale 4114
34
4012 664
AD & Vad let guar..%
5712 July'34 --1949 A 0 5112 56
44
64
let & ref 434e etpd__May 2037.3 D 37 Sale 35
3912 39
35
607
s
Austin AN W let fruit 58_1941 .1 J ____ 907
)90
9078
5
7914 92
liat & ret 434s ser C__May 2031
D 384 Sale 36
3812 46
34
61
2934 624
Cony 43(s series A
1949 M N 29 Sale 26
534
24
Bait & Ohio let g 46___July 1948 A 0 100 Sale 994 101
.56
99
Sale 56
884 10314 (Chia RI & P By gen 4*
1988 J J
5934
5158 734
4
Refund 63 gen be series A_I995 J 0 75 Sale 7358
76
113
____ 65
6412 July'34 --6754 88
Certificates of deposit
64
73
let gold 58
10614 20
July 1948 A 0 10534 106 106
9812 109
*Refunding gold 4s
1934 A 0 19 Sale 18
1934 153
18
3112
Ret & gen 6e series C
1995 J D 8612 Sale 85
8714 34
9712
19 Sale 1812
77
19
Certificates of dePoeit..____ „__
24
18
29
P L E 63 W Va Sys ref 4s_ _1941 MN 9838 Sale 9712
9812 43
2112 1813
85 100
2012 13
*Secured 4348 series A____1952 116 S 20
184 3234
Southwest Div let Sa_ _1950 J 1 9534 Sale 95
9718 124
831t 1004
184
CortItlootas of deposit..
2
-,-, 18 ---- 1834
1834 98
Tol & Cin Div let ref 4sA
844
1
- _1959 J J 844 Sale 8414
66
8812
Nilo MN
814 Sale
718
Cony g 434s
812 73
718 1814
Ref & gen 58 series D____2000 M 8 7334 Sale 73
7434 37
67
851s Oh St L & NO 58.-June 15 1951 J D 106 Sale 106
10612
2
83 107
Cony 43.05
5912 190
51
1960 F A 5834 Sale 56
7214
6312 SePt'33
Gold 510
1
June 15 1931 1 D 8534
Ref 64 gen M 58'eer y5
1996 M 13 744 Bale 7334
76
30
674 8578
Memphis Div iota 4e..___19613 D 8412 8-6- 8514
8514
1
6314 8634
Bangor 43 Aroostook let 5._1943 1 J 108 109 108
1 101 110
108
5812
61
5
054 80
Ohio T H 63So East let 58_1960 J 11 -„- 60
Con ref 48
9778 97
98
3
1951 J J 97
75
48
9878
4312
Inc gu 58
Deal 1960 M 8 46
48
43
42
62
Battle Crk & Slur let gu 319893 D 65
73 6514 July'34 ---, 60
6514 Ohio Un Sto'n let an 431e A19633 J 106 1074 10534
1074 59 10018 10718
Beech Creek 1st gu a 48._ _ _1936 J J 10112 102
0112 102
7
90 102
let 5e series B
19633 J 10778 109 10758 109
6 1054 11012
2d guar g 58
___ 101
101
1
92 10134
1936.3 J 101
1944 .1 D 108 Sale 10712 10814 39
Guaranteed g 56
9714 10812
Beech creek ext iota 3Hs__ igsi A 0 90 ___ 95 July'34 ---83
95
let guar 6348 series C.• _ _ _1963 I J 11212 Bale 112
113
31 11114 115
Belvidere Del moo VI 3348_1943 J .1
Chic & West Ind con 48
1952 J J 924 Sale 9012
924 124
724 9312
Blg Sandy 1st 48 guar
1944 J D 103
__ 10212 June'34 _ _
9618 10212
let ref 5348 series A
1962 NI II 102 Sale 10138
10214 14
8438 1044
Baton 64 Maine let 58 A C.1967 M S 80 Sale 80
8534 53
73
47
9018 Choc Okla & Gulf cons 68_1952 MN 30
46 July'34 ____
46
62
et M Be series!!
85
1955 MN 81 Sale 81
10
734 90
Cin H & D 2d gold 431e
1937 1 .1 102144 --__ 103
103
5
96 1034
let g 448 ear JJ
804 34
1961 A 0 77 Sale 7614
68
844 C 1St LA Clot ft 48-Aug 2 1936 Q F 103 ____ 103 July'34 ___
99
103
5812 60
574
64
14
Boston & NY Air Line let 481955 F A
51
734 Cin Leb 63 Nor let con gu 48_1942 MN 9712 __ 964 May'34
85
984
Bruns & West let gu g 413_1938 1 l 100
_ __ 10012 May'34 ---884 10034 Cfn Union Term let 4318_2020 J 1 108 Bala 108
10818
ii 10018 10812
Butt'tech k pute gen go 58
._ 1937 NI 5 10512 1116 10412 July'34 _ --97 1054
let mtge Ss serial B
2020.3 J 110 111 110
11012 13 10418 11112
7018
Consol 4318
6934 7018
2
60
1957 MN 69
8034
1st mtge g 58 series C
1957 MN 110 Sale 10912 110
11 1044 111
2:13uri C R & Nor let & colt 5.9'34 A 0 2712 30
294 July'34 ___
2912 4814 Clearfield & Mah let an 5s_1943 1 .1 99
_ 9658 Feb'34 ___
9658 9658
--------27 40 Apr'34 ____
34
_-Certificate.Certificate.ot deposit
96
40
Cleve Cin CChi& St L gen 48_1993 1 D 94
9414 July'34 __
754 97
General 58 series B
1993 1 D 10814 1134 10834 10834
1
02la 10814
109
110
1093
8
A
0
1094
3
Canada Sou cons an 56 A_ __1962
92 10912
1941 J i 100 102 10012 10012
Ref A Impt 68 ser C
1
80 10012
10534 16
9858 1054
Canadian Nat guar 4318____1954 lad S 10514 Sale 105
Ref 64 impt 158 earl)
1963 J J 83 Bale 83
85
11
7438 9112
30-year gold guar 434e.,,.19573 .1 10934 Sale 10914
10978 41
984 110
Ref A inapt 434s ser E__ _ _1977 J J 74 Sale 7111
7413 55
64
82
10758 31
994 10778
Guaranteed gold 434e__ _1988 J D 10758 Bale 107
Cairo Div let gold 48
1939.3 J 102 1034 01
101
1
92
10414
11484 27 105 11434
Guaranteed g be
July 19693 J 11434 Sale 11378
Cin W & M Div 1st g 46_1991 J J 88
92
92 July'34 ____
68
924
8
Sale
115
1154
1155
44
Guaranteed a 58
A
0
1044
11614
Oct 1949
St L Div let coil IF g 48_1990 MN 9212 9412 95 July'34 -_
77
95
11512
Guaranteed g 58
4 105 11538
1970 F A 1154 ____ 115
filor & Col Div lst g 48____1940 hi S 98 104
99 Apr'34 _-92
99
11312 17 10218 114
Guar gold 4348___June 15 19551 D 11338 Sale 11318
W W Val Div let a 4e___1940 J J 89
95
95 July'34 __
7378 954
11112
79 100 1114 Cleveland & Mahon Val 55 1935 J J 10314 __ 0318 July'34 ____
Guar a 431e
1956 F A 111 Sale 11012
994 1034
11114 29 1004 11114 Olen A Mar let all ft 434s-1935 M N 10112 ___ 0112 July'34 ____
a 4318
SeptGuar
1951 M $ 111 11138 11014
894 1014
4' mu
For footnotes see Page 736
,
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
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NEW YORK
Private Wires to Chicago. Indianapolis and St. Louis
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 3.
•
....,:i
Price
Friday
Aug. 3.
Range
Since
Jan. 1.
i
Price
Week's
4_,
Range
tI
t
Friday
Range or
SS_
Since
.-.8.. Aug. 3.
Last Stat, 404
Jan. 1.
Railroads (Continued)Bid
Bid
High No. Low
Ask Low
High No. Low
Ask Low
Railroads (Continua)High
High
3933J D
Clev & P gen gu 4)is ser B 1942 A 0 10312 ____ 98 June'33 ---- ____ ___. :Iowa Central 58 otts
5
7
4 July'34 -- -4
1135
1942 A 0 go
Series B 3348
1951 M S
234 334 212 July'34 ____
1st & ref a 4a
86
Jan'33 213 513
Series A 434s
1942 1 J 10378 ____ 10134 May'34 --__ 10134 10134 James Frank & Clear lot 45_1959 J 13 8312 8712 8712
8712
694 8814
1
1948 MN
Series C 334a
Belles D 3345
1950 A F 15112
_ 103 Mar'31 ---Kal A & GE lit ICU g fie
1938 J i
83
Oct'32 _
_ __
Gen 4545 aer A
1977 F A 102 104 10132 July'34 _
94
10012 104
9618
- - 9413 July'34 ---- ..__Kan &M lat gug 48
1990 A 0 1001279
97
Cleve Elbo Line lat gu 4328_1961 A 0 10314 Sale 10314
1
4132
82 10414 :EC C Ft f; & M RY ref g 4s-1936 A 0 4218 4374 41
10314
36
5
5388
A 0 42
Cleve Union Term 1st 5328_1972 A 0 10112 Sale 10112 10212 12
44
46 July'34 ____
8412 104
3512 52
Certificates of deposit
1st a f 5a series B
1973 A 0 9914 Sale 9834
8212 7712
33
76
82 10072 Kan City Sou let gold 381950 A 0 7412 Sale 7412
9934 42
let a f guar 4342 aeries C_ _1977 A 0 9314 Sale 93
9414 34
12
68
75
66
84
66
68
Ftef & Impt Si
Apr 1950 4 J 67
a6
Coal River Ry let gu 4s___ _ 1945 J D 100
95 102
____ 102 July'34 ____
Kansas City Term let 4s____1960 4 3 10314 Sale 10212 10314 89
9312 10412
Colo & South ref & ext 4342_1935 M N 96 Sale 9534
84
9614 39
9773 Kentucky Central gold 4s___1987 J J 10035 103 1003s
9012 103
3
1003a
8112 Kentucky & Ind Term 4345.1961 J 3 90 Sale 90
General mtge 4342 set A_ _1980 M N
65
7012 Sale 7012
90
43
72
73
2
92
Col & H V let ext g 45
1948 A 0 10212
9512 July'34 ---10184 May'34 _
1961 4 J 9514 100
Stamped
96 102
80
9512
1961 J J 97
1955 F A 10638
____ 9812
Col & Tol 1st ext 42
5
9812
_ 1043s July'34 _
93
97 105
Plaln
9812
Conn & Passum Ely let 48_1943 A 0 9614 992 9813 June'34 _--92
9812
__ 10112 10112
48
Control Ry non-conv deb 48-1954 2 J 40
1
47 July'34 -- -8312 10134
43
5912 Lake Erie & West lig g 5s_1937 J J 10118
Non-c(aw deb 42
92 July'34 - - -_ _ _ 12
1955 J J
1941 J
50
58
70
95
2d gold Si
49'l 50 July'34 _
Non-cony deb 42
J-93
1955 A 0 ____ 52
943k 94 July'34 ---59 Mar'34 ---81
98
443a 59
Date Sb & Min BO g 330- _1997 J D
Non-cony deb 42
7472 75
44
1956 2 J ____ 53
7
75
5812 Lehigh & NY 1st gu g 4a__ _1945 M S 73
52 July'34 ____
57
83
8212 10382
Cuba Nor Ry 1st 5;42
1942 J D 3311 Bale 33
Leb val Harbor Term eu 58_1954 F A 10313 104 103 July'34 ____
1914 39
8
3334
9732 100
27
Cuba RR 1st 50-year Si g 1952 J J 2612 Bale 2534
18
34
10
3212 Leh Val NY lat gu g 4328_ _1940 3 J 9732 98
8314 10034
let ref 7342 series A
1936 .1 D 21% 25
16
59
16% 30
2
23
47
23
68
Lebleb Vat(Pa) cons g 48-2003 M N 59 Bale 5614
7003 M N 62
1st ilen & ref 65 ser B
1
63
667 63
1936 3 D 19
52
1713
20
7412
15
7
20
General cons 434a
29
7174 22
7014 Sale 70
54
2003 M N
83
General cons Si
Del& Hudson let & ref 4s_1943 MN 9412 Sale 9438
94 10534
3
10514
10514
9512 125
Leb V Term Ry let Itu g M 1941 A 0 10514
8014 97
Si
1935 A 0 10112 102 10112 10112
2
97 10212 Lox & East 1st 50-Yr Si gu-1965 A 0 106 fib 110 July'34 _- -91 11015
Gold 534a
Little mjsmi gen 48 aeries &Aim MN 101___ 10032 June'34 ___1937 MN 10214 10312 10214
92 105
11
103
95 1005a
D RR & Bridge let gu g 45 1936 F A 10134
7935 A 0 10012 102 10332 July'34 --_ 101% May'34 _-- 99 10332
9914 10134 Long Dock coma g 68
Den & R G let cone g 4s
1936 J J 4112 Sale 40
72
42
3512 6112 Long IslandConsol gold 434a
4
42
4612 3812
1936 J J 38
2
10414
38i2 63
9914 10434
1938 4 D 104 10412 10412
General gold 45_
Den & R G West gen Si Aug 1955 F A
15 Sale 1314
95 105
1534 46
1949 M S 10234 10334 10212 July'34 _--13
32
Unified gold 4s
1937 MN 104 Sale 104
Assented (sub, to plan)
10412 12
9334 10434
1334 33
12
1534 1112
11
2312
20-year pm deb Si
Ref & impt Si ser B__Apr 1978 A 0 28 Sale 27
10214 15
9212 10473
2818 16
1949 M S 10072 102 10012
237 4911
Guar ref gold 42
5934 Sale 5612
:Des M & Ft Dodge 42 0.12_1935 J J
5934 63
5018 6834
4
6 July'34 ---3
6
834 Louislana & Ark let Si se. A.1969 J J
Des Plaines Val let gen 4%11_1947 M 18 ---- 868z 8714 July'34 _-__
84 1013*
65
8712 Louis & Jeff Bdee Co icti g 48 1945 M S 10014 10112 100 July'34 __-1988 3 D 2012 48
2012 July'34 ____
Del & Mao 1st lien g 42
20
2412 Louisville & Nashville 55-1937 M N 10714 ____ 107 July'34 ____ 102 10712
Second gold 4s
19953 D 10
10412 82
9412 105
1940 J 1 10412 Sale 10334
2812 12 May'34
Ills 12
Unified gold (la
Detroit Myer Tunnel 4348_1961 1121 N 10435 _ _ _ 105
10412 32
9235 105%
105
5
2003 A 0 104 Sale 104
84 106
1st refund 5348 series A
Dui Missabe & Nor gen 52
101
14
1941 J .1 10514
90 1043s
_ 10378 Jan'34 --- 10378 10373
2003 A 0 10012 Bale 100
1st & ref 58 series B
Dial & Iron Range let 5s__-.1937 A 0 10772 Sale 10774 108
9788 79
83
9912
2003 A 0 9612 Sale 9612
5 10212 10814
let & ref 430 881188 C
Dul Sou Shore & Atl 9 5s..
1941 A 0 106 107 10512 May'34 ____ 10112 10613
1937 J J ___ 3878 39 July'34 ---2388 4912
Gold be
82 101
Paducah & Mem Div 43_1946 F A 9012 100 101 July'34 ---East Ry Minn Nor Dly 1st 45'48. A 0 99l,,_ 98 July'34 --73 July'34 _ _ - 73
6074 7412
1930 M El 72
62 LOUIS Div 2d gold 3a
89121 98
East T Va & Ga Div let 52_1956 M N ____ 1061
_ 105
105
18
9613 105
5
4 10814 July'34
91 10912
Mob & Monte 1st g 430_1945 M S 105
Elgin Joliet & East lat g 5s_1941 M N 9712 10372 104 July'34 --._
81
7812 If 81
941k 10513
641s 8412
1
South Ry joint Mono!)45_1952 .7 J
El Paso & 8 W 1st 55
10114
1
1965 A 0 9012 9288 9012
85 10114
81% 94
2
927s
Atl KDOXV & Can Div 421-1955 MN 10118 ____ 10118
Erle & Pltta g gu 332s ser B 1940 J J 10078 ____ 96 Feb'34 ---9414 99
'Series C 332a
68
3
68
1940 J J 10074 ___ 10012 June'34 _- - 57% 75
95 10012 MullsER Mouth Lines)43_1939 M N 6814 70
Erie RR lat cone e 48 prior_1996 J J 94
65
7214
6712 July'34 ____
1959 MN 63% 68
7912 98
34
La szs 42
94
9412 9388
1st conaol gen lien g 42_1996 1 J 7413 Sale 7312
597 70
7412 35
6614 793s Man GB & NW lift 3328-- _1941 J J ____ 6412 70 June'34 -- -Penn coll trust gold 45_1951 F A 104
____ 104 July'34 ___
17
214
9914 104
Max Internal let 48 845M-1977 M S --------17 June'34 ____
50-year cony 42 aeries A
1953 A 0 741z Sale 7212
7412 36
6238 78
Mlegdgan Central Detroit & Bay
Series B
1940 1 J 10288-- - 102% 10232
1
94 10232
1953 A 0 7435 Sale 73
63
78
7488 18
City Air Line 42
Gen cony 48 series D
875
4
91
____
91
May'34
8712
92
1953 A 0 73 ____ 75 July'34 --62
78
Jack Lags & salc 340____2951 NI S
Ref &!mot 5s of 1927
98
98%
9878
1
1967 M N 6814 Bale 6614
86 100
8014 7978
6834 92
1952 M N 95
let gold 3348
Ref & Impt Si of 1930
97 July'34 _ _
97
1975 A 0 6758 Bale 6612
7514 97
69
139
1979 3 J 94
60
Ref & impt 4328 set C
798
Erle & Jersey 1st s f 68_1955 J J 111 114 111
11113
62
2
85%
98 114
Mld of N .7 let ext 58 _ -__.1940 A 0 ____ 793 8114 July'34 _ _ _ -__
94
Genessee River In at 612_1957 J J 11012 Sale 11012 111
8712
July'34
-D
5
7814
97
4
97 III
'34
1st
ekt4348(1880)
*Milw&Nor
NY & Eric RR ext 1st 43_1947 MN 10112 10332 104
95 May'34 __,
2
104
65
95
9334 10512
•Cons ext 4542 (1884)--.1934 4 D „-- 91
3d mtge 4343
58'z 5514
1938 M 5 ____ 1035s 100 Mar'34 -5514 7512
5975 12
100 100
Mil Spar* NW 1st gu 46_1947 M 8 56
708g 75
Mew & State Line let 3;45 1941 1 ---------75 June'34 _- -98
4
iFla Cent & Penn 55
7
7
7
6
34
1943 1 J 43
4
93s
___ 4115 June'34 ___
46 :Minn & St Louis Si ctf3_1934 MN
:Florida East Coast 181 4343,1959 2 D 50
314
2
3
6
314
212 578
55 July'34 ___ 55
lit & refunding gold 4s,_.1943 M El
55
84
244 414
let & ref Si aeries A
314
3's 32 June'34 ____
612
812 20
712 Sale
1974 M 5
812 19
Ref & ext 50-yr Si ear A _1982 Q F
Certificates of deposit
112 234 314 July'34 ____
Q F
614
7
Da 434
40
7 Bale
6
1712
Certificates of deposit
I Fonda Jame & Glov 4;42._1952
16
36
3212 49
M St P & 83 M con g 4a Int gu'34 J 4 36 Sale 3214
71 13
31
Proof of claim filed by owner_. MN
1
788
31
4212
1938 „I J 2012 304 31
758
7
15
3
lat cons Si
40
(Amended) lat cone 2-45_ _1982
38
56
2
la cons 58 gu as to Int
1938 J 4 3912 Sale 3912
Proof of claim filed by owner M N
257s
2
1
514
514
20
38
me J J 2212 29 257s
5
7
let & ref 118 aeries A
313 15
Fort Bt II 13 Co let g 4 Wi_1941 2 J 9834 _-__ 9712 June'34 ---1614 34
183* 10
83
1949 M 8 1835 Bale 1714
9712
35-year 53,48
6812
6812
Ft W & Den C lot g 5345_---1961 J D 10314 _--- 104 July'34 ---5
60
80
9614 10512
1978 J J 6812 71
1st ref 545 set B
85
Jan'34 ____
___
85
88
1st Chicago Term at 45- _1941 MN 77
Galv Hous & Mend 1st 532s A '38 A 0 80
85 July'34 ____
85
75
7688 884
9114 Mississippi Central tel 58
1949 3 J 8818 ____ 8814 July'34 __-:Oa & Ala Ry let cons Si Oct '45 J .1 28 ---- 1911 July'34 -1512 26
31(3a Caro & Nor lat gu g 52'2922
22
3
14
28
IMO-Ill RR 15t Si set A__ _1959 2 J 2234 26
3012
92
1
Extended at8% to July 1 1934 3 3 28 -__ 3082
42
2014 3012 Mo Han & Tex let gold 45-1990 2 D 9118 9212 9118
7578 933
Georgia Midland 1st 32_ _1948 A 0 ____ 58
5614 May'34 --- 7934 15
40
70
60
9112
Mo-E-T RR pr lien 55 ser A.1962 2 3 704 Sale 7812
.44 4,2144,B
40_mi
_
Jan'31 ____ _
61
65
64
Gouv & Oswegatchle 1st 58_1942 2 D 9612 10338 100
10
61
79
1982 J J 61
Gr R & I ext let gu g 4 l4s__ _1941 J .1 102
75
1
70
70
____ 103 July'34 ---6318 8334
684 1-0-4
1978 2 J 67
Prior lien 434s 2.1' D
10812 13 105 10912
44
Grand Trunk of Can deb 75_1940 A 0 10814 Bale 108
61
41
6212
Cum adjust 52 act A_Jan 1967 A 0 4312 Bale 42
15-year s 1 65
2312
27
2414 16
1936 M S 10734 Sale 10714 1083 50 10235 109
23
39
2Mo Pac 1st & ref 5s set A__1965 F A 24
_
Grays Point Term let 52.
2712 July'34 ____
1947 J D --------96 Nov'30 ----I _ _
22
35
Certificates of deposit
,-- ---- 27
L; 19-12
Great Northern gen 76 serA _1938 J J 911% Sale 89%
9118 141
814
10
114
oo
814 2034
General 42
1975 RI 8 10 Sale
1st & ref 4348 series A_
33
96
95
2414 86
1961 J J --__ 95
23
3814
1977 M 8 24 Sale 2312
78
99321 let & ref 58 series F
General 534s series I)
_ ____ 24
88
50
26 July'34 __
76% 99
1952 1 1 86 Bale 86
2314 35
Certificates of deposit
General Is series C
8112 47
2414 20
6878 9234
1973 J J 7735 Sale 7738
1978 ITN 24 Bale 2314
2234 3812
1st & ref 58 ser 0
General 4328 series D
35
29
34
____
Bale
May'34
6812
34
25
71
27
1976 J J 6812
67
8738
Certificates of deposit
Geneml 432s series E
46
72
612
814 135
8 Sale
1977 J .1 69 Bale 684
1949 MN
6
1612
Ms 861
: Cony gold 554e
Green Bay & West deb Otte A____ Feb 35 - - 3814 J1114'34 --- 24%
5
2412 2314
2234 38%
26
38%
1980 A o 24
let ref g 55 series H
834
53
4
___,
July'34
Debentures etre B
29 June'34_-__
4% 152 6
24
Feb
2212 34
Certificates
of
deposit
..
------102
Greenbrier Ry let(al 4s
5
25
2478 2314
98% 102
1940 MN 9934 -- __ 102
63
jig F A 24
2314 3812
1st az ref baser I
Gulf Mob & Nor let 534s 11.19150 A 0 ____ 807 82 July'34 ---26 July'34 ____
6213 8612
20
26
34
Certificates of deposit_
let mtge Si series C
70
1
1950 A 0 70 Bale 70
59
7214 89
81
Mo Pao 3d 7s art at 4% July 1938 Sill ---- 827e 84 July'34 ____
Gulf& S I let ref & ter 5sFeb 19523 J --------67 Feb'34 ____
93 July'34
93
85
93
57
70
Mob & Bir prior Ilan g 54-1945 J J 83
Stamped (July 133coupon on) J .1 ---- 6
_
55 Dec'33 ---- _
90 June'34 ..-_91
83
91
J 2 81
Small
Hocking Val 1st cons g 442s_1999 J J 110 Bale 110
11014
60 May'34 ____
9
60
iiiis 17148
60
1946 J J 40
613
15* M gold 4,
Housatonic Ry cons g 58_
1937 MN 9812 10014 10018 July'34 _ _.
5974 60 July'34 ---82 10114
55
80 '
J J 43
Small
H &T C lag 52int guar_ _1937 J J 10534 Bale 10412 10534
7
99
99
Jan'34 _-__
9988
97 10534 :Mobile & Ohio gen gold 44.1938 MS _- 89
Houston Belt & Term 1st 5s 1937 J J 10012 101 101
5
101
1714 July'34 ____
1714 27
1714 20
9134 102
Montgomery Div let g 58_1947 F A
Hud & Manbat 1st baser A _ _1957 F A 85 Sale 8433
1178 8 July'34 ---85's 60
8
8
72
21%
Ref & impt 430
8912
1977 M S
413s 39
AdjustmentIncome 58 Feb 1957 A 0 4012 Sale 3712
99
9
2
32
28
5058
Sec 5% notes
1938 M S
'
9 8 12
85
85
1
83% 86
Mob & Mal let EM gold 45
1991 M S 8212 85
Minot° Central let gold 44.A951 J J 100 --- 10212 July'34 ---,
8772 103%
921 10213 Mont C Let KU 65
1937 J J 102 103 10234 July'34 ____
1951 3 3 9734
98
98
let gold 3348
ov
1
101
1
81 10238
1st guar gold Si
1937 J J 10132 10134 101
..
9812
Extended let gold 332s_ 1951 A o 98% ---- 98 July'34 __ _
89% 36
92
7434 8935
98
Morris & Ewa let gu 3328_2000 J D 8912 Bile 8812
1st gold 38 sterlIng
1951 m 8 7614 ____ 73 Mar'30 ____
77 103
5
Constr M 58 ser A
1955 M N 10112 10218 10114 10112
Collateral trust old 48
1952 A 0 7834 Sale 77
7834 43
9611 19
-gi
73
Conatr M 454e set B
971
1955 MN 96 Sale 96
Refunding 45
79
23
7$
74
8814
78
1955 M N 77
Purchased lines 334s
7812 July'34 ____
78
1952J J 73
83
82
Nash Chatt & St L 4seer A 1978 F A 911s 9335 9412 July'34 ___,
8212 9512
Collateral trust gold 48_ _1953 MN --,- 73
8
7114
6212 79% N Fla & 81st gu g Si
7
70
99 106
1937 F A 10438 Sale 1048 10438
Refunding 55
917 91 July'34 --__
1955 MN 88
81
9888 Nat Ay of Max pr lien 4348.1957 J J --------18 July'28
15-year secured 6328 g__ 1936 .1 .1 101 Bale 101
10138 23
90 10372
____
July'34
37s
212 11z
35:Assent cash war rct No 4 on -------71
40-year 434s
58
Aug 1 1966 F A 5712 Bale 563s
____ _ _
53
7612
Guar 42 Apr '14 coupon_1977 A0 --------1234 July'31 ____
Cairo Bridge gold 48
9712
97%
1
1950 J D 9935 100
2% "4
87 100
Assent cash war rct No 5 on --3 --._ 334 July'34 ____
Litchfield Div 1st gold 38_1951 2 .1 83- 8118 May'34 ---,
75
8235 Nat RR Max pr lien 434e Oct'28
Louis
'
, My & Term e 3325 1953 J J 8512 -883- 8512
76
88
8818 12
45 July'34 _-_32 4
Assent cub war rot No 4 on
234 5
Omaha Div let gold 38_ ..1951 F A 68
7112 May'34 ---__
1951 ;Co --------22
Apr'28 ____
____
lit oonsol 48
7112 76
66
79
St Loula Div & Term 838,1951
79 July'34 ____
J J 69 -79
2
2
313
Anent cash war rot No 4 on -- s 312 312
Gold 3318
85
1951 J J 85 Bale 8335
11
69
7112 Nov'32._ _ _
85
__
81
Naugatuck RR let g 42
1954 MN 71
Springfield Div let g 3328_1951 J 1 8434 -___ 80 May'34 ___
67
80
80
9212
New England RR cons 58___1945 J J --------8914 July'34 ____
Western Lines 1st g 48_ _1951 F A 8511 _--- 8712
8712
65
4
66
75
90
Gomel guar 45
1945J J --------8182 July'34 __
Ill Cent and Chle St L & NO____ 92 June'34 ____
N J Junction RR guar 181 4. 1986 F A 96
8213 92
Joint list ref 5s series A_ _ _1963 J D 727 Sale 71
76
97
68
87
65
New Orl Great Nor 513 A
15
5712 77
1983 3 J 64 Bale 64
let & ref 4425 Berke C_ __ _1963 2 D 6888 Sale 67
68% 29
75:2
62
81
NO & NE let ref&impt 432s A '52 J J --- 65
6114
6118
54
6
New Orleans Term 1st 45,.1953 J J 8412 8683 86
8712 18
6284 90
Ind Bloom & West let:at 4s 1930 A 0 70-- 9834 July'34 -.z
95 100
1758
28
1788
IN 0 Tex & Me: n-c Inc U 1935 A 0 12
2935
2
16
Ind Ill & Iowa 1st g 45
1950 J J ---- -9712 97%
9712
76
1
9712
lst 58 aeries B
17% 32
4
1712
1812
1954 A 0 17% 20
:Ind & Louteville let gu 48_ _1956 J j 17
2014 25 Feb'34 _--25
1718 24
25
20 July'34 ____
let Si series C
20
33
1956 F A
__
Ind Union Ry gen 55 ser A_ _1965 J J 10112 ____ 104 July'34
9812 10412
: 3112
20 July'34 ____
23
Irt 4325 series D
1956 F A 17
171
Gen & ref 55 series B
1965 J J 10112 _._ 10334 July'34 --- 100 10334
18
let 534.series A
18
33
38
19
1954 A 0 1812 21
2Int-Grt Nor 1st 64 ser A_ _1952 J .1 2712 Bale 26
2712 65
25
44% N & C 13dge gen guar 4348_1945 J J 102% ____ 10211 July'34 .._ _ _
97 102%
712
9
Adjustment 68 set A-July 1952 A 0
51
7
8 Bale
:814 NY 23 & m 33:
88 sons 58_1935 A 0 10234 ____ 10314 July'34 ____ 10114 10312
let Si scrim B
19563 J 26 Bale 2518
26
6
25
40% NY Cent RR cony deb 612_1935 MN 100 Bale 100
10012 22
83 101
24
25% 20
26
let g Si series C
19583 .1 24
24
41
Cony secured 68
1123* 1115 110 11812
1944 MN 11214 Sale 110
70
Int Rys Cent Amer 1st 581I 1972. MN 69 Bale 69
22
4514 7214
87
Conaol 48 Berke A
7338 90%
95
1998 F A 8612 Sale 86
70
1
7412 70
let coil trust 6% g notes_ _1941 M N 67
49% 7413
64
Ref & impt 432s series A2013 A 0 6312 Sale 62
50
6014 75
6912 July'34 ___
71
lat lien & ref 1330
1947 F A 68
4313 72
Ref & impt 54 series C___ _2013 A 0 6814 Bale 67
66
82
69
69
a
Bt
.-.a..
Week's
4
Range org -`1
Last Sale. :0,53
731
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 3.
--
ail,
For footnotes see page 736.
--
New York Bond Record-Continued-Page 4
732
t3
Aug. 4 1934
•
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug• 3.
1u
3+ a.
Price
Friday
Aug. 3,
Week's
Range or
Last Sole.
1....
.3,
41
Range
Since
Jan, 1.
Railaaaaa (Continued)Bid
Ask Low
High No. Low
High
NY Cent & Mid RI,M 330 1997 J 1 90 Sale 90
79% 96
31
92
30-year deoenture 48
1942 3 1 98 Sale 9658
10
804 99
98
Ref & impt 434s ser A_ _ 2013, . 634 Sale 6214
60
75
77
64
Lake Shore coll gold 3345A998 li--A 8314 8412 834
8412 62
694 8812
Mich Cent coil gold 3345_1998 F A
7834 85e r88
71
1118
2
r88
N Y Chic & St L lst g 4s
1937 A 0 10014 Sale 9934 10012 60
851s 10075
Refunding /330 series A-.1974 A 0 6812 Sale 6514
6912 57
5512 804
Ref 431s series C
1978 M 3 574 Sale 5512
58/
1
4 151
4714 70
3-yr6% gold notes
1935 A 0 63 Sale 6118
63/
1
4 81
49
80
N Y Connect let gu 4NO A_1953 F A 10618 Sale 10138 10634 55
96 10634
Ist guar bs eerie, B
1953 F A 10538 ---- 10512 July'34 ---- 101 10714
N Y & Erie-See Erie RR.
N Y Greenwood L gu g Ba__ _1948 M N 75
8478 87 May'34 ---68
88
NY & Harlem gold 330_ _.2000 M N 91- 9514 June'34
86
9514
NY Lack & West 455er A_1973 M N 96 0-614 9534
9614 138
944 9734
430 soles B
1973 M N 10318 .--- 10114 June'34 ---7 100 10114
NY & Long Branch gen 45_1941 M 3 10012 _-__ 10012 10012
954 10034
1
NY & N E Bost Term 45_1939 A 0 ____ _ _ 954 July'29 ---_ __
NY NH & II n-c deb 45_1947 M S 4614 60
54/
-- 60 June'34 -- -1
4 65
Non-cony debenture 3345_1947 M S 46
50
58 July'34 -77
51
6012
Non-cony debenture 3315.1954 A 0 --------46
50
15
15
58
Non-cony debenture 4s_..1955 J J 4912 Sale 48
51
35
48
6412
Non-cony debenture 45_1958 MN 49
4818
50
28
50
4818 64
Cony debenture 310
19563 J 46
49
47
47
5
45
5975
Cony debenture Os
1948 1 J 6612 Sale 6512
73
94
6512 5778
Collateral trust Si
1940 A 0 69 Sale 69
7312 57
69
894
Debenture 4a
1957 M N 4112 Sale 4114
42
18
4073 58
let & ref 431e ser of 1927..1967 J D 5338 Sale 5338
5514 68
33
7012
Harlem R & Pt Choi lit 451054 M N 9812 Sale 984
99
52
83/
1
4 994
M
S
6158 Sale 6118
N Y 0& W ref g ki____June 1992
6212 40
574 71
General 48
1955 J D 54 Sale 51
54
50
21
6841
NY Providence & Boston 45 1942 A 0 9278 _ _ 90
90
90
Jan'34 --__
N Y & Putnam lit con gu 45.1993 A 0 83
81-4 8614
8834 12
7178 8734
NY Sueq & West let ref 154_1937 J J 68
50
757
9
71
7134 70
43
514 65 53 July'34 --__
2d gold 430
1937 F A
5812
5212 50 July'34 _-_,
General gold 5s
1940 F A 49
3834 5812
Terminal 18t gold be
1943 M N 9612 Sale 96
9612
8258 9812
2
NY Westcb & B lit ser I 4 Ng '46 3 3 43 Sale 424
45/
1
4 43
12
5914
--
--
Nord R3
,ext sink fund 6 y44.1950 A 0 16814 Sale 6814 1694 31
16 Sale 1318
':Norfolk South let & ref 55_1961 F A
25
16
. 1212 Sale 1212
13
Certificates of deposit
30
3012 July'34 ---*:Norfolk & South let g 5s_ _1941 ill -N 2512 30
N & W By lat cons g 4s_ _1998 A 0 10712 Sale 0612 10712 19
DWI lit lien & gen g 15._ .1944 J 1 0108 Sale 10818 10814 35
Pocab C & C joint 45
1941 J D 10634 Sale 10684 10634
5
98
North Cent gen & ref 513 A 1974 M S 106.
Oct'33 ---1974 M S 10414 10512 10514 July'34 --__
Gen & ref 430 series A
51 July'34 -:North Ohio let guar g 5s_1015 A 0 ___- 65
60 June'34 ---____ 49
Ex Apr'33-Oct'33-A pr'34 cpna_
Stmpd as to sale Oct 1933, &
------------48
Apr 1934 coupons
4
48
North Pacific prior lien 4s.. 1997 013 J 99 Sale 9714
99
109
Gen lien ry & Id g 3s Jan 2047 Q F 874 Sale 6718
67/
1
4 35
1
4 Sale 8314
Ref As impt 4341 series A...2047 J J 83/
6
834
97
Ref & Impt 68 series B--.2047 J J 95 Sale 9434
151
9112 20
Ref &11/311t 58 series C___ 2047J 1 8778 Sale 8778
9112 37
Ref & ImPt 5,series D-__ 2047 J J 9012 Sale 8912
Nor Ry of Calif guar g 5s.. _1938 A 0 10318 ---- 100
Jan'34 -----_
o/& L Cbam let gu g 4s___1947. J
J
Ohio Connecting Ry let 44_ 1443 M S
1936 J D
Ohio River RR 1st 865
General gold 55
1937 A 0
Oregon RR & Nay oom g 0.1946 .1 I)
Ore Ruin Line let cons g 58_1916 3 j
19463 J
Guar stpd cons Is
Ore-Wash RR & Na,45_ _1961 1 3
____ 58
101
104 104
--14
1034 104
10354 Sale
____ 112
11334 ---993s Sale
59 July'34 ......
97 Mar'32 --_10412 July'34 ___,
104
104
i
10212 104
45
2
ill's
ill's
115
115
1
9878
9912 111
128 17114
8
25
714 22
1414 40
9834 10778
10011 10814
9934 10834
_
.
kits 10618
35
60
3534 64
1
4 52
34/
83 101
60
71
7312 904
8618 103
7614 9713
754 97
100 100
51
_
rj
_ _
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 3.
11
1E
3.. a.
Raliroads (Concluded)St Louis Iron Mt & Southern*Rly &0 Div let g 43_ _1933 M N
Certificates of deposit _ __ ----81 1. Peor & N W let gu be_ .19482 .1
t‘it 1,-Ban Fran pr lien 4s A_1950 J .1
C.ertifIcates of deposit
Prior lien Maeda B
19502 1
Certificates of deposit
Con M 41.4, series A.
1978 M B
CUs of deposit
- r,.
St L SW let g 45 bond
Nampa&Mrs_ _1989 MN
25 g 4s Inc bond othi_ -Nov 19892 1
lit terminal & unifying 5.19523 3
Gen & ref g5,ger A _ _. _1990 J .1
St Paul &I1 C Sh I. lst 430_1941 F A
SIP & Duluth let coo g 45..1968 1 D
St Paul E Or Trk lit 4444._1447 J 3
St Paul M & M 53
1943 J J
Mont tot let gold 48
1 37 J D
Pacific ext gu 1s(eterling).1940 1 3
St Paul Lin Dep let & ref 5&19723 .1
Pries
Friday
Aug. 3.
Bid
Week's
Range or
Last Sale.
Ask Low
1
;
53
Range
Since
Jan, 1.
High No. Low
High
58 Sale 5634
58
4712 64
40
_--- ____ 59
59
6
59
59
63 Sale 63
64
11
574 82
1412 Sale 1334
1512 41
13/
1
4 28
1312 1412 1314
1334 14
13
26
1112 1678 15
1512 31
1412 30
15 Sale 1412
15
3
1412 28
1414 Sale 134
144 55
12
2512
14 Sale 1212
ii% 24%
14
43
70
78
75
75
3
644 814
____ 62
6212 July'34 ---4258 63
5418 Bale 5418
55
16
48
6912
42
4912 4312 July'34 ---43
5812
1978 Sale 194
20
18% 378
33
93
99 100 July'34 ---84 100
50
73 June'34 --__
69
63
7612
10534 Sale lO5l8 106
61
97 10658
10114
_ 10138 10138
94 10112
1
9812 Sale 97
9812
6
89
99
112 Sale 11118 112
22 101 112
BA & Ar Pass let go g 43. _ _1943 J .1 80 Sale 78
81
42
604 8534
Santa Fe Prea OS Phen 1st 56.1942 MS 10634 -_ 10612 July'34 ---97 108/
1
4
Scioto V & N E let gu 45._ .1989 M N
- 10612 July'34 ---9712 1074
---- 243
- 4 23 June'34 ---**Seaboard Air Line 1st g 45_1950 A 0 1051220
27
26
Certificates of deposit
16 July'34 ---16
2312
17
*Gold 0stamped
1950 A 0 16
164 July'34 --16
27
2212 16 July'34 ---Certlfe of deposit stamped__ A 0 18
lb
25
4
414 4 July'34 ____
Adjustment ba
Oct 1949 F A
4
712
534 Sale
*Refunding 4s
1959 A 0
5
6
11
5
14
Certificate, of depoalt..____ -- 612 July'34 _-__
34 8
612 13
712 Sale
let & cone 8s eerie., A
1945 M S
634
634 Hos
778 31
_.
612 Sale
534
Certifleates of deposit --612 21
534 14/
1
4
*Aff & Birm 30-yr lat g 45_1933 M S 1234 18
15 July'34 --1118 2514
3
3/
1
4 3
tBeaboard All Fla 68 A 0t58_1935 A 0
3
712
334 11
212 312 3
Series B certificates
1935 F A
3
214 714
I
So & No Ala cons gu g ba_ __ _1936 F A 10418 ____ 0412 104%
b 10058 10412
Gen cona guar 50-year ba_ _1983 A 0 10918 Sale 1091a
1094
2
91 110
So Pao 0011 4,(Cent Pao coil) 1949 J D 65 Sale 65
6838 27
56
747
152 4315(Oregon Line,) A.1977 M 13 7918 Sale 7818
7914 53
634 8414
Gold 430
60
1988 M B 60 Sale 5334
29
5312 72
Gold 4%,with warrants_ _1989 M N 5912 Sale 5734
60
86
53
72
1981 m N 59 Bale 5712
Gold 4348
5914 102
5212 71
1
4
San Fran Term let 45_ _ _ _1950 A 0 9634 Sale 96/
9713 39
8278 994
1
4 0614 10614 20 101 106
So Par of Cal let con gu g 55_1937 MN 107 107/
14
/
4 100 July'34 ____
J 10014 1011
So Pao Cowl let go g 4a__..19377
99 loo
So Pao RR let ref 4e.
1955 1 J 8734 Sale 87
8814 71
70
90k
Stamped (Federal tax)
1955 3 3 ---- ---- 924 May'30 --__ .
1
4 Sale 96/
1 96/
1
4
Aouthern Ry let cons g 58_ _1994
98
43
iiit- 10-.17
;
8s
e series A _1958 A 0 5714 Sale 54i2
5778 116
en 4
538 7358
a
,ge
eli 1
ev
ve
,
De
195o A 0 75,2 Sale 73
75,2 13
71
95
1955 A 0 80 Sale 77
804 42
Dave! & gen 6 Na
7334 9734
199e
j _.._ 95 9614 July'34 _-,..
Mem Div let g be
8044 100
844 8012
86
St Louis Div let g 0
2u
go% 91
J 80
1951
102
East Tenn reorg lien g 65_1939 34 S ____ 102 102
5
84 10258
Mobile & Ohl° coll tr 4a.. 1930 34 5 6012 65 60 July'34 _ _ _
56
81
958 13
10
11
2
tSpokane Internet let g 55_1955 J 1
934 17
Staten Island Ry let 430_11143 J D --------60 May'32
f
100
---100 FelY31 -__ jorf foliSunbury & Lewiston let 4e._19341 1
62
5614
Tenn Cent 1st Se A or B..._ 1917 A 0 61
60
4
413
6978
Term Assn of St L Ist If 4315_1939 A 0 108 Bale 10734 108
26 10038 1084
1
4 ---- 110
1944 F A 100/
89 104
110
let cons gold ba
2 10118 111
Sale
1004
993
4
.1
92 164
10034 97
Gen refund s f g 45
19533
82 101
10414 112
92
19
Texarkana & Ft S let 530 A 1950 F A 90 Sale 90
7514 97
1044 115
8714
1
Tex & N 0000 gold 58
19483 j --__ 8714 8714
64
91
10914
1
8312 10034 Texas A Pau Ingot(' 511
Sale
094 10934 20
2000 3 D
91% lit
7912 27
Gen & ref be series B.__ _ 1977 A 0 791g Sale 78
84
87
824 10084
19
Pao RR of Mo 1st ext a 45-1938 F A 100 Sale 9912 100
7914
Sale
78
0
05
24
814
A
Gen & ref be series C
1979
86i
9812 95
95
3d extended gold ba
1938 3 J 92
10
84 10013
79/
1
4 21
Gen & ref bs series D
1980 J D 79 Sale 79
65
8612
Faonean & Ills let,f g 430_1955
1 9712 104 104 July'34 ---- 10034 104
861
/
4
Tex Pee-Mo Pac Ter 530 A_1964 74 5 8614 89
864
2
67
914
Paris-Orleans RR ext 5345_1968 M S 1604 Sale 6012 16212 61 12314 16212 Vol & Ohio Cent let HU 5s__ _1935 3 J 10134 103 014
3
10134
2
944 1034
79 July'34 --__
80
1942 NI S 75
Pauline Ry let ref s f 75
102
50
79
2
1935 A 0 102 Sala t02
Western Div let g Si
9712 10278
Pa Ohio & Det let & ref 41.4e A'77 A 0 10134 Bale 10058 10134 30
1935 3 D ---- 102 l0l12 July'34 ____
85 10334
General gold Ere
90 102
Pennsylvania RR cons g 48..1943 M N 10818 ---- lOB July'34 --7 101 10618 Tel St L & W 50-year g 45_1950 A 0 80/
/
4 8213
1
4 811
8212
2
6758 8758
1948 141 N 10612 - -_- 0614 10614
Consol gold 4,
3 100 10678 Vol W V &0gu 4s ser C__ _ _1942 M 13 100 -. 9618 Apr'3I -__
- 4 108
18 °teri stpd dollar May 1 1948 NI N 10614 1085
107
11
98
9978 107
9812
Toronto Ham & Buff let R 45 1948 J D 97
97/
1
4
7
82 9738
CODBOI sinking fund 430_1960 F A 11014 11112 11114 11112 20 103 112
j 1077s Sale 107
108
Dillon Par RR let Aid gr 48 1947
54
9954 10834
102/
1
4 69
19663 D 10234 Sale 101
General 4Na series A
8838 103/
1
4
1021
/
4 42
let Lien & ref 4,
June 2008 M 13 102 Rile 101
/
4
89 1031
109
Gereral bs series 13
1968J D 109 Sale 108
j 103 Bale 102
8
974 110
103
33
o
Ns_
105
8958
1065
5
Bale 1063s 10834 127 10334 10712
1936 F A
15-year secured 6341
22 10212 11534
lit lien & ref Si
June 2008 M 13 115 Sale 11434 115
10-year secured gold 5...1964 MN 10312 Sale 1034 10412 33
1968
9114 10434
D
971
/
4 Sale 9634
9814 82
40-year gold 4s
8212 994
9014 85
Deb g 430_
1970 A 0 90 Sale 8912
7814 9278 17 NJ RR & Can gen 45
1073,
1944 NI 8 10738 ____ 10738
1
9878 193
1981 A 0 97 Sale 9612
General 414e eerie/ 17
A 10212 -- -- 10114 May'34 ____ 10012 10738
83N 987a Vandalla cone g 45 eerie, A_ _1955
99 102
70
75 July'34 ___
Peoria & Eastern lit cc,,45_1910 A 0 55
10212
__
101
Apr'34 _ _ _ Cons s f 45 seriae B__ _ _ _1957 M N
57
811
/
4
971a 101
6
634 8
2
614
Income 4a
April 1990 Apr
1
4 June'34 ____
14 34 3/
19', siVera Cruz & P mat 4-30...1933 3 1
2% 5
5
j
Peoria & Pekin Un lit b31s._1974 F A 10212 Sale 10212 10212
3
312
.
318
8612 10212
July'34 __
July coupon off
3% 3%
82
11
Pere Marquette let .or A 55 19563 J 80,8 8178 8112
5812 90
N 10378 ---- 10312 July'34
111
Virginia
55____1936
Midland
gen
10358
69/
1
4 7214 July'34_77
1,1 4,solo B
19663 J 68
96 July'34 ----9858
604 7812 Va & Southwest lit go 6.._2003 1 J 9118 98
757 97
1980 m o 68
7212 72
7212 au
let g 430 series C
5112 81
82 8212 July'34 __
1958 a 0 78
1st cone Si
67
87
:7
107
---.
July'34 - 10012 10714 Virginia Ry
Phil, Bait & Wash 1st g 45..1943 M N 1074
83
lst 5s series A--1962 MI N 10312 Sale 10814 109
9918 110
General fie series B
1974 F A 110 ---- 110
1101
/
4 12 100 11012
let mtge 434,series B
1962 M N 10134 104 10312 10312 1 90 1034
1
General g 430 sada, C..19773 J 10412 Bale 10412 10412
9214 10512
2534 19
Philippine RY tel 30-yr 4 101937 .1 J 2434 Sale 2434
914
234 3114 fWabasb RR 1st gold 5s _ _ _1939 131 N 904 92
924 25
74
95
mg F A
71
75
80 July'34 _
2d gold Si
me 83%
Sale
08
108
108
6 1014 10814
P C C & St L go 4 Ns A
1940 A 0
-_- _60 Feb'34 __
1st
lien
1
3
50
4s
.1954
-_
-year
g
term
60
60
1942 A 0 10738 ---- 0712 July'34 ___ 102 108
Series B 430 gust
82
100
1
00
J
1
July'34
1941
Det & Chic Est let as__
70 100
__:1942 MM 1064 ---- 10758 July'34 ...... 103
Series( 13411 guar
55
5114
5114 10
10758
Doi Moines Div let g 48_ _1939 1 j 52
44
a
1945 m N 1004 .--- 100 May'34 ___
Serlee D 45 guar
994 101
55 July'34 ---Omaha Div 1st g 310_1941 A 0 504 53
45
55
Series E 434s guar gold
1949 F A 9412 _--- 8912 Aug'33 ____ _ .
90
7.5 May'34 --__
73% 75
Toledo & ChM Div g4.. 1941 01 El 65
-..
.,..
:
__
lO3Sg
July'34
---104
Serial F41 goat gold
19532 D
ayr lu-314 :Wabash Ry ref &gen 530 A .'75 M B 16 Sala 1534
16
19
29
15
1957 m N 10058 10534 l043g June'34 __
og 105
___ - 2012 25 Apr'34 __
Series G 0 guar
Certificates of deposit.. _. - --1415 25
77
Series H cons guar 0...___1960 P A 1044 --- Ob July'34 _ _ __
1618 Sale 15
. 10212 10512
Ref & gen 58(Feb'32 coup) 13111 F A
164
15
id
284
11012
084
10712
10812
Berke I COOS guar 414a
_1963 F A
1 10054 11.09
2414 Apr'34 _-_ 7
Certificates of deposit.- •_ _ 18
16
2414
Series.) cone guar 4 Ns__1984 MN _-_- 10812 08 June'34 __ 101/
1
4 108
Ref & gen 4315 solo 0-1978 A- -6 i0 Sale 15
16
25
15
2812
6
10812
General M Miseries A_..1970 J D 10734 ---- 108
94 110
---- ---- 20 May'34 ---Certificates
of
deposit16
2512
9482 110
Gen mtge guar Is ser B__1975 A 0 10812 Bale 0812 10878 27
Net & gen 56 &nue D_
jetja ic ii 16 Bale 154
16
5
1418 28
804 103
10218 12
1 102 Sale 02
Gen 430 series C_ .....1977
--------2313 Apr'34
Certificated
of
____
deposti
2312
14
1
4 Sale 96
Gen mtge 4s ser-E
1984 J J 96/
97
365
97
Warren let
g 3315_ _2000 F A - --• 79
77
77 May'34 -6
_.._ ..._ Washingtonref gu let
____ 0412 Deo'33 _ ----Pitts St. & 1. h. 3st g be
1040 A 0 105
Cent
gold 4,1948 Q AI -- -. 884 79 June'34-79
79
ist consol gold 5s
19433 J 104 .___ 100 Mar'33 ____
99 10034 10034 July'34 ____
1945 F A
Wash Tern) let gu 330
98 103
Oct'33 ____ .
____ 94
1943 m N 101
PIM Va & Char 1st 4a
A 102 ---- 95 Nov'33
let 40-year guar 4e
F
1945
-3
572
Pitts & W VA 1st 410 set A_ 19583 D r74 Sale 72
843
4
Sala 844
66
80
87
Western Maryland let 0._ _1952 A 0
106
iiiif 8.413
2
78
lit M 430 series B
1958* 0 78 Sale 7512
66
794
let & ref 5%!series A__ 1977 J 1 904 Sale 90
9112 30
80
9734
73
lat M 43.4s eerie,C
1980 A 0 7134 Sale 7134
10
1061
/
4
---10612
56
West N Y & Pa let g ba
80
1937 1 J
10834
2 102/
1
4 10634
Pitts Y & Ash let 48 so A1948 J D 10012 __ 100 May'34 ____
/
4 10318 10134
9414 100
General gold 45
1943 A 0 1011
10134
2
85 10312
1052 r A 10612 ____ 10915 July'34 ___ 101 10912 Western Pee 1st Meer A.,_l946 NI ti 35/
1s1 gen 55 series B
1
4 Sala 314
bl
3578
30
4854
__.- 50 May'34 __
Providence Scour deb 4s_ __ _1957 M N 50
837
8
Sala
50
50
83
West Shore let 4s guar
84
2381 1 .1
35
6878 86
____ 9112 Apr'34 ____
Prtvidence Term 151 41
1956 PA 8 94
814 9112
81
Registered
23613 J 7934 851e 7934
14
6614 824
Wheel & L E ref 44s ser A...1968 el $ 10034 Bala 10034
10114 21
85 10112
9812 31
1
4 sae 9512
Reading Co Jersey Cent coll 45'51 A 0 97/
82
9812
Refunding Es serles B
10278
8
1988
934 105
M S 102 83.1a 102
40
mg M
Gen & ref 430 series A.1997 J J 10358 Sale 1.0134 104
86 105
$ 1004 10112 10034
RR let consol 45
10114
9
8634 1014
A
Gen & ref 430 series B
1997 J J 10312 Sale 10214 10312
504
Ma 105
48 July'34 --Wilk & East let gu g 5s
1942 1 D 4212
39/
1
4 5998
Rensselaer & Saratoga 6s.._ _1941 IA N --_- ---.
/
4 102 102
10212
1938 1 D 1011
2 100 102/
1
4
Rich & March 18* g 4a
1948 MN 39 ___ 40 July'34 ____ .
- Winaton-tialem 8 B lit 45_19601 j 100 10112 10014
10014
1
90 10213
_ _ 1015s June'34 ---1952 J .1
Mehra Term Ry 1st go 5e
13 Sale 12
iiiila 10188 tWis Cent 50-yr let gen 41_1949 3 J
13
31
1134 324
Rio Grande June let gu 55_ _1939 J 0 1057312 9(f14 934 July'34 _-_73964
813 81
/
4 7
814
Sun & Dul dly & term lit 45'38 111 N
8
7
1712
____
14 Oct'33 ____
4
illio Grande Sou lit gold 45.1949 3 1 ___
70 -- -- 66 May'34 _ _ _
Wor & Coon East let 430._1943 .1 J
86
66
Guar 4e (Jan 1922 coupon)1940 J 1 -,r _,- 34 Julr33 --- ---._
86
Rio Grande West let gold 48_1939 J J 834 --7
87
8
4
68 -9371
INDUSTRIALS.
1st con & coil trust0 A 1949 A 0 5512 Sale 554
55/
1
4
4458 47
3
12
17
*IR I Ark & Louis let 434',,.1934 M 8 1134 Sale 1112
1112 25
1
4
a:Abitibi Pow & Paper 1st 551953 1 D 30 Bale 29/
311
/
4 23
181 6834
Rut-Canada 1s1 gu g 4.___1949 J 1 51
67 6018 June'34 _ _
47
72
Abraham & Straus deb 5318.1943
1941 j j
_ 67/
1
4 68 July'34 _ . 5312 784
Rutland lit con 430
a 0 1027a 10413 10234 July'34 --With warrants
93 10512
St Joe & Grand laid 1st 44_1947 .1 J iOoki Sale 10O4 10114
5
86 103
7912 78N
Adams Expreas coil tr g 4s___1948 11411 B 79
7812
62
2
83
9514 July'34
94
St Lawr & Adr let g fie
1998 .1 1 90
77
9514 Adriatic Else Co exti 7,
9418
1952 A 0 9414 99
9188
5
9014 110
20 gold 65
93 93 July'34 --1998 A 0 89
7978 93
6938
Albany Pertor Wrap Pap 68.1948 A 0 6955 75
6938
1
66
6034
fontnoton
PO
'
,
sf.P
nage 734
iiiii 1412
New York Bond Record-Continued-Page 5
733
r. .
BONDS
r.3
Price
Week's
.g _r
N. Y. STOCK EXCHANGE .1'4 t
Friday
Range or
g a_
Week Ended Aug. 3.
•::: a. Aug. 3.
Last Sale.
co,
-Industrials (Conanued)Bid
Ask Low
High No I
Allegany Corp coil tr Is
1944 F A
66 Sale 65
66
39
Coll & cony 5a
1949 J D
5912 Sale 57
5912 90
Coll & cony 58
. 1950 A 0 2834 sale 2634
29
135
Certificates of deposit __ ___.
30 Sale 28
30
38
Allis-Chalmers Mfg deb 58..1937 -9912 20
MN
9914 Sale 99
Alpine-Montan Steel let 7e. 19155 M S 7412 79
7714 July'34 ___
Amer Beet Sugar 6s
7
1935 F A
99 100
9978
100
9
68 extended to Feb I 1940_ _ F A
90
92
9178
92
2
American Chain 5-yr lis_ 1938 A 0 8818 8812 88
8814 12
Amer Cyanamid deb 58____ 1942 A 0 102/
1
4 Sale 10238
1027o
11
Am & Foreign Pow deb 5s
2030 M 8 5012 Sale 49/
1
4
51
93
American Ices 1 deb be
1953 J D 66
6812 6712
6818
3
Amer I G Chem cony 54s...1949 M N
96 Sale 9412
96
34
Am Internat Corp cony 5128 1949 1 .1
81% 15
811
/
4 Sale 81
Amer Mach & Fdy 6 f 6s
1939 A 0 103
___ 10412 10412
1
Am Rolling Mill cony be_ _1938 M N 10412 Sale 10034
10412 159
Ala Sm AR let 30-yr 1543 serA
- '47. A 0 10112 Sale 10112
10314 68
Amer Fug Ref 5-year 6a
1937 .1 J 10558 Sale 105/
1
4 1067s 12
Am Telep & Teleg cony 4s
1936 M S 10338 ____ 10314
10412 15
30-year coll tr be
1946 J D 10834 Sale 10712 109
50
35-year 6 f deb bs
1900 J J 11014 Sale 10912
10058 154
20-year it f 5545
1943 M N 112 Sale 11012 11214 156
deb
Cony
44*
1939 J J 10814 Sale 10638
10812 40
Debenture 55
1965 F A 1101
/
4 Sale 10912
11012 214
(Am Type Founders 65 ctfe_1940 ---- ---- 26
26
1
26
Am Water Works & Electric10-yr Is cony colltr
1949 M S 10234 Sale 9912 10234 155
Deb a fli aeries A
_ __ 1975 M N
81 Sale 7618
81
22
:Am Writing Paper let g 84_1947 J J
2212 Sale 2212
25
30
Anglo-Chilean Nitrate 75_1945 M N
658 10
8
8
17
Ark & Mem Bridge & Ter 5&1964 M S 85
90
864 July'34 ___
Armour & Co (111) 1st 4 48_1939 J D 100 Sale 9934
100
438
Armour & Coot Del 54s__ _1993 .1 .1
9614 Sale 9618
97
171
Armstrong Cork cony deb 5,1940 .1 15 10114 Sale 101
10114 56
A.soclated 0116% g notes_ _1935 M S 10234 10314 10278 July'34 ____
Atlanta Gas L lst bs_
1947 J D 10034_
10018 May'34 _
All Gulf & WI AS coil tr 58_1959 .1 J
5518 -5612 56
5612
5
Atlantic Refining deb tie_ _1937 J J 10714
10718
10712 24
Baldwin Loco Work,let 58__1940 M N
Batavien Petr guar deb 4 48_1942 1 .1
11411 Telep of Pa be series 13_1948 J J
let & ref tur series C
1960 A 0
Beneficial lndue Loan deb 6,1946 M 9
Berlin City Flee Co deb 64a 1951 J D
,inking
Deb
fund 63.48..._ _1959 F A
Debentures 6s_ __ __._ _ _ 1955 A 0
Berlin Eke El & Underg 61411956 A 0
Beth Steel 1st & ref 58-guar A '42 M N
30-year pm dr Rept St 58_1939 J 1
Bing & Bing deb 64*
1950 M 13
.111otany Cons Mills 6 Sis 1934 A 0
Certificates of deposit
A 0
Bowman-Bilt Hotels 1st 7s__1931
'StmP as to Pay of $435 pt red_ M S
*(11'wity & 7th Av lot cons 55I943 J D
Brooklyn City RR 1st ba.._ 1941 1 1
Bkiyn Edison Inc gen be A...1949 J J
Gen mtge 58 series E
1952 1 J
liklyn-Manh R T sec 6e
1968 .1 .1
fis series A
1919 J J
liklyn Qu Co & Sub con gtd tei '41 Si N
1st 5s stamped
1941 J J
liklyn Union El 1st g 5e.-_1950
F A
liklyn Un Gaa let cons g 50_1945 M
N
let lien & ref 6s seriesA 1947 M N
Cony deb g 54s
1936 .1 J
Debenture gold be
1960 .1 D
let lien & ref series B
1957 M N
Buff Gen El 44e series B 1981 F A
:Bush Terminal let 48
1952 A 0
Como! be
1955 J I
Bush Term Bldge 58 gu tax ex '30 A 0
By-Prod Coke let 534s A... _1915 SIN
Cal G & E Corp tint & ref 56_1937 M N
Cal Pack cony deb be
1940 J J
Cal Petroleum cony deb 41 5s '39 F A
Cony deb a 1 g 54e
1938 M N
Camaguey Sugar 78 ette__1942
Canada SS L 1st & gen 68 1941 A-0
Cent Dist Tel 1st 30-yr 58.A943 J D
Cent Hudson 0 & E 58_Jan 1957 M S
Cent Ill Mac & Gas let 55.._ _1951 F A
Central Steel 1st g e f 811__ _ _1941 M N
Certain-teed Prod 55.4, A _1948 M S
Cheeap Corp cony be May 15 '47
Ch G I. & Coke 1st gu ir 58.-1917 M N
4:cideago Railways 1st 5setpd 1 1
Aug I 1933 25% part pd
F A
Childs Co deb be
1943 A 0
Chile Copper Co deb 56_ _ _1947 1
J
Cin GA E let M 4e A
1968 A
Clearfield Bit Coal let 4e_ 1940 .1 0
J
Colon 011 cony deb 6e
1938 J J
:Colo Fuel A hr Co gen n f 56 1943 F A
(Col Indus let & 0011 5* gu_.1934 F A
Columbia 0.4 E deb 58 may 1952 M N
Debenture 58
Apr 15 1952 A 0
Debenture be
Jan 15 1961 J I
Columbus R1 PAL let 44e 1957 J J
Secured cony g 54e
1942 A 0
Comm'l Invest Tr deb 5344_1949 F A
Conn Ity & L 1st & ref g 44e 1951 .1 J
Stamped guar 44*
1951 .1 J
Consolidated Hydro-Elec Works
of Upper Wuertemberg 75_1956 .1 .1
(Cone Coal of Nidlet & ref 581950 J D
Certificates of deposit
Consol Gas(NY)deb 548_1945 F A
Debenture 4346
1931 1 11
Debenture 55
1957 .1 .1
Consumers Gas of Chic gu be 1936.2 D
Consumers Power 155 5* C I952 MN
Container Corp 1st 68
1946 J D
15-year deb be with wart 1943 J D
Copenhagen Telep be Feb 15 1854 F A
Crown Cork & Seal a 1 Bs
1947 J D
Crown Willame
@FedFRASER