Full text of Commercial and Financial Chronicle : December 15, 1934, Vol. 139, [No. 3625]

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The Financial Situation
such confidence. Moreover, the time available for
such an improvement as is apparently demanded by
the Administration is short. He would be an optithe rate of steel production are rather conspicuously mist indeed who had great hopes that the President
in the vanguard of the movement. Yet that would stand fast for more than another sixty days.
vague phenomenon known as sentiment does not If he undertook to do so, he would, without question,
seem to have kept pace. Indeed, at times dur- be faced by the necessity of entering a vigorous struging the past few days it was apparent that the gle with groups for which he has in the past shown the
confidence of the financial community, or of those utmost consideration and sympathy. Meanwhile,
sections of it which are given to frequent changes industry and trade must struggle with uncertainties
of mood, was not so strong as was the case a week on every side as well as with a continuance of burdenor two ago. For this divergence of popular esti- some governmental policies already in force.
But fully as important during the past week in
mates of the outlook on the one hand, and the
actual course of business on the other, there are their effect upon the public mind are several indications that the President, regardless of vague assurprobably several reasons.
ances, may not make any
To begin with,it is fairly
Struggle at all against
real
generally recognized that
A Worthy Deliverance
unsound prothoroughly
much the larger part of the
of the program of huge
continuance
A
before him,
brought
grams
Improvement shown is the
public works expenditures and of enormous
any but
against
least
at
or
direct or indirect result of
Federal deficits must inevitably "plunge
effects
destructive
the
into
people
125,000,000
exmore
hopelessly
the
exlavish governmental
of a collapsed currency" and into a "ghastly
or
does
he
them,
if
of
treme
The
thoughtpenditures.
social and economic calamity."
This is the warning of Lewis W. Douglas,
take such steps, they will
ful elements in the public
formerly Director of the Budget in Washingbe confined to co-ordinahave of course come to
ton, to a gathering of the Economic Club of
tion of proposals and probNew York at the Hotel Astor on Wednesday
recognize that permanent
evening.
ably to curtailing figures
progress is not to be atIt was the reply of Mr. Douglas to those who
made purposely high to alcharge with heartlessness all who object to
tained in this manner. All
name
the
in
wasteful
expenditures
shamefully
low for such reductions.
groups whose memories are
of relief.
Of course it is understood
longer than their noses reThe address, the first he has made since
has
life,
caused
all
official
thoughtful
leaving
there is no finality in
that
member full well that the
people to regret more than ever that Mr.
of these indications.
most
substantial increases in
Douglas could not have had his way with our
budget.
certainly, and we
But
they
business activity which
The picture painted by Mr. Douglas of the
raised
inevitably,
think
took place last winter, inbudgetary and financial outlook in this
certainly
not
premany
He
pleasant.
doubts.
is
country
by
stigated and supported
dicts enormous Federal deficits extending as
public expenditures, disapfar as he can see into the future. He, as is
Co-operation Demanded
true of most sensible people, evidently has
peared as soon as the outor no faith in public works and other
little
IT IS very difficult for the
lay was seasonally reduced
programs designed to restore prosperity.
public to know to what
The country sadly needs more such public
in the spring. Again, carespirited men with financial vision who dare
extent the Chairman of the
ful students of public quesspeak the whole truth about these matters.
Reconstruction Finance
tions and the course of
Those who heard Mr. Douglas on Wednesday
evening assert that he made a profound imCorporation speaks for the
business progress have,
pression upon his audience, as indeed he
or to what
Administration
upon mature reflection,
done.
have
must
may
coincide
inspire
views
example
other
his
his
degree
We hope that
come to believe that the
practical-minded men of influence so that
prevailing
the
of
those
with
most that can be expected
an active and urgent demand for sanity in
groups in the Government
the financial affairs of the coontry may be
of the Administration is
and vigorous.
alive
kept
Washington. But howat
that.it refrain for a time
this may be, his reever
from giving effect to new
ambitious and semi-socialistic experiments, most of marks at a Bond Club luncheon in New York City
them involving large outlays, pending the time when during the week past are worthy of notice. He dethe President may conclude by experience whether manded, in effect, at times using very strong lanbusiness will revive sufficiently to induce him to make guage, that the bankers of the country submerge
their own opinions as to what is sound or wise and
such restraint a permanent part of his policy.
follow where the President leads with his recovery
How Much Improvement?
program. At one point he used the following words,
Meantime, it is becoming increasingly difficult for which seemed to have an ominous ring: "Experience
many to convince themselves, or to keep themselves teaches that our great game of business needs umpirconvinced, that, under prevailing conditions, business ing quite as much as any other game. If business and
will be able to show the dramatic improvement that banking co-operate with the Government, the fight
may be necessary to induce the President to take a will soon be won, and the Government participation
consistent and persistent stand against the forces of in business gradually withdrawn. But if every purradicalism and fanaticism with which he has sur- ported plan by the head of some governmental
rounded himself and by which he is certain to be agency is to give us a chill, we will get nowhere and
faced when Congress convenes a few weeks hence. An the Government will be forced to further spending."
improvement, even though marked, which is largely If this is the price that the Administration is asking
created and nourished by the very kind of expenditures for co-operation with business, the question may well
the business community hopes to induce the President be raised whether the game is worth the candle.
to eliminate is not the best basis for the erection of The plan—which Mr. Jones said he journeyed here

HE usual indexes of business activity continue
T
to show marked improvement. Such items
output, the volume of retail sales, and
power
as




3684

Financial Chronicle

Dec. 15 1934

from Washington to urge—that the banks organize a
War Munitions
large corporation for the purpose of lending money
STRANGE kind of controversy seems to have
to existing mortgage lending companies, most of
developed between the President and the Senwhich are now in difficulties and have been for a ate Committee
that for some time past has been
good while past, is, one would suppose, not likely to inquiring into
the records of the munitions industry.
be taken too seriously. The proposal, however, The President
quite unexpectedly on Wednesday
serves to remind the public once more how incorrigible announced the opinion
that the time had come for
a preacher of unsound banking doctrines Mr. Jones is. legislation designed
to eliminate private profits
from industry during times of war, and that he had
Work for Everybody
arranged a series of conferences at the White House
HE address of Miss Perkins, Secretary of Labor, to discuss
ways and means of accomplishing this
before the New York Board of Trade -on end. The
conferees included, in addition to a numWednesday was rather more disturbing since she, it is ber
of public officials, certain gentlemen in private
to be assumed, speaks with somewhat more author- life. The
Senate Committee seems to suppose that
ity for the Administration. It would be difficult,
the action of the President may have the effect of
indeed, to know just how much importance ought to impeding
its further work of investigation. The
be attached to her statement that within a week one cynical possibly
could find in the words of some
of the President's many committees will lay before of the members
of the Senate the implication that
. him a plan providing work for every able-bodied man the action of
the President might have been designed
in the United States for 25 years. It is certainly an for this purpose.
amazing assertion from one so highly placed in govFor our part, we should feel much inclined to
ernmental affairs, the more so since the manner of commend the President
if he is seeking to do someher speaking seems to imply that she herself approves thing effective about
this rather nauseating investithe program in question. She also announced that gation. Of course
it has not been particularly
the social insurance program soon to be placed before difficult to discover
certain transactions and some
the President would contain both unemployment and evidence of practices
that are abhorrent to the
old age insurance, despite the fact that the President average American
citizen. They are probably as
in his recent Washington address was thought by distasteful to
the munitions manufacturers as to
many to frown upon the latter, at least for this win- anyone else. We
should rejoice, as we believe the
ter. What Miss Perkins had to say naturally munition makers
for the most part would, if some
strengthened the growing belief that the so-called means where
found to prevent such practices. The
social security legislation would be a good deal point is that no such
investigation and no such
broader this winter than some had supposed imme- scandal-mongering
was or is necessary for the purdiately after the Psesident's recent address on the pose, we think, and we
doubt whether it will be of
subject
much service in developing a constructive remedy.
Mr. Green's Ideas
As to war profits, the situation here becomes a
Mr. Green, President of the American Federation little absurd. Who in the length and breadth of the
of Labor, has meantime conae forward with an ac- land did not know that many if not most corporacount of the kind of unemployment insurance system tions made enormous profits during the war? In
he believes the American Federation of Labor will the case of the large listed corporations, the figures
demand and insist upon. As might have been ex- have been available for years past to all who wished
pected, and doubtless was, he demands that the to read. But who also does not know that labor
premiums under the plan be all paid by the employer, was also a profiteer, if that unpleasant word may
the insured obtaining all and, directly at least, be applied to the situation? We do not believe that
paying absolutely nothing. In this Mr. Green fol- there are many among our readers who do not underlows the so-called Wisconsin plan, which, according stand that both the profits of corporations and
to rumor, the committee about to report to the excessive wages for little work were in very subPresident has adopted in principle, at least so far stantial part the result of the highly inflationary
as loading the cost of the scheme entirely upon the program adopted by the Government in fina,pcing
employer is concerned, although it is expected that the war. If the Administration can find some efpremiums required will be substantially larger than fective way to prevent all the economic turmoil
those paid under the Wisconsin law. If some such during a period of war—though we have little faith
plan is actually adopted and put into effect it will that it will—by all means let it be brought forward.
without doubt add a very serious burden to those It must however be really workable, that is it must
now carried by industry.
within reasonable limits accomplish that for which
More encouragement could be found in the words it is intended without at the same time so disruptof the President and the Secretary of State on ing the ordinary routine of business that it becomes
Monday in Tennessee had it not been for the fact disastrous in time of war. Its first plank ought to
that sound advice concerning the relation between provide that the Government itself will not underindustrial recovery, foreign trade and agricultural take to finance the next war—if, God forbid, there
progress was mixed with further defense of the Agri- is a next one—as it did the last, and as it is now
cultural Adjustment Administration program of financing its "war" on depression, by simply decurtailment and subsidy. Although assurances of manding that the banks create the funds needed
a sort were again given during the week that no by crediting the Government accounts on their books.
broad program of banking legislation was under
Federal Reserve Bank Statemeni
serious consideration for this winter, the community
would feel more comfortable if there were not so
HE condition statement of the 12 Federal Remany conferences on the subject and always a vague
serve banks for the period of one week to
or doubtful note introduced.in the reassurances Dec. 12 again reflects only routine operations and a
continuance of tendencies previously noted. Alvouchsafed.

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3685

though currency circulation normally increases at
this time of the year because of holiday demands, a
small decrease now appears. Federal Reserve notes
in actual circulation fell to $3,201,456,000 on Dec. 12
from $3,213,805,000 on Dec. 5, while the net circulation of Federal Reserve bank notes dropped to $27,054;000 from $27,477,000. Nor is the decrease to
be accounted for by any gain in other forms of
currency, as the credit summary shows a decline of
$13,000,000 in the circulating medium. Gold certificate holdings of the Federal Reserve System
again advanced, and the new total represents a
further high record. But the increase of $11,528,000
in the certificates during the week accounts only for
part of the $19,000,000 gain in monetary gold stocks
recorded in the credit summary, indicating that the
Treasury continues to withhold part of the accretions. The monetary gold stocks now aggregate
$8,180,000,000, whereas one year ago the sum was
only $4,144,000,000. This increase of nearly 100%,
occasioned chiefly by devaluation of the dollar and
partly by imports and domestic production, is perhaps a sufficient commentary on the current credit
situation.
The unprecedented credit conditions are reflected
in a decline of borrowings from the Federal Reserve
System to the lowest figure on record, the total of
discounts being only $9,256,000 on Dec. 12 against
$10,466,000 a week earlier. Industrial advances by
the System continue to increase very slowly, and an
aggregate of $10,622,000 now has been attained.
Changes are nominal in the bankers' bill holdings
of the System and the holdings of United States
Government securities, which are reported at
$5,690,000 and $2,430,217,000, respectively. The increase of gold certificate holdings raised the figure
to $5,123,148,000 on Dec. 12 from $5,111,620,000 on
Dec. 5. A gain in "other cash" advanced the total
reserves to $5,378,506,000 from $5,350,191,000. Deposits of member banks on reserve account were up
$38,564,000 in the weekly period, and excess reserves
now are approximately $1,800,000,000. Total deposits were $4,393,314,000 on Dec. 12 as against
$4,347,662,000 on Dec. 5. The gain in deposit liabilities offset the drop in circulation and the increase of reserves, so that the ratio of total reserves
to deposit and Federal Reserve note liabilities combined was unchanged at 70.8%.

its ordinary stock, whereas the actual amount declared was $2 per share; the dividend is payable
Dec. 31. Aetna Life Insurance Co. declared an extra
dividend of 10c. per share, in addition to the regular
quarterly distribution of like amount, on the capital
stock, both panble Jan.2. Aetna Casualty & Surety
Co., an affiliate of Aetna Life Insurance Co., increased the quarterly distribution on its capital
stock to 50c. per share, and in addition declared
an extra of 50c., both payable Jan.2; previously 40c.
per share was paid quarterly. Loew's, Inc., in addition to the usual quarterly dividend of 25c. per
share, declared an extra of 75c. per share on the
common stock, both to be paid Dec. 31. United
Shoe Machinery Corp. declared a special dividend of
$2 per share and the regular quarterly dividend of
62y2c. on the common stock, payable Jan. 5. Consolidated Mining & Smelting Co. of Canada, Ltd.,
announced declaration of an extra dividend of $1
per share and a semi-annual of like amount, to be
paid Dec. 31. Island Creek Coal Co. declared a
dividend of $1 per share on the common, payable
Dec. 28, which compares with 50c. per share quarterly previously. Pond Creek Pocahontas Co. declared an initial quarterly dividend of 50c. a share
on the common stock, payable Jan. 2. Unfavorable
actions, in addition to the Chicago Burlington &
Quincy RR. noted above, included the Standard Gas
& Electric Co., which voted to omit the quarterly
dividends on the $7 and $6 prior preference stocks,
ordinarily payable Dec. 30, on which dividends were
paid at the annual rate of $2.10 and $1.80 per share,
respectively, from Dec. 30 1933 to Sept. 30 1934;
prior to the latter date, payments were made at
the regular rates. Standard Power & Light Corp.,
which owns a majority of the common stock and a
substantial interest in the $7 prior preference stock
of Standard Gas & Electric Co., decided to omit the
dividend due Dec. 30 1933 on its $7 cumulative preferred stock, on which dividends have been paid at
the annual rate of $2.10 since Sept. 30 1933; prior to
the latter date, regular quarterly payments, at the
full rate, were made. American Superpower Corp.
decided to omit the dividend due at this time on the
first preferred stock. United Verde Extension
Mining Co. declared a dividend of 10c. a share on
the capital stock, payable Feb. 1, against 25c. a share
in previous quarters.

Corporate Dividend Declarations
UMEROUS dividend changes were announced
by corporate entities the current week principally of a favorable nature. However, there were
some adverse declarations, among them that of the
Chicago Burlington & Quincy RR., which declared
a dividend of $1 per share on the capital stock, payable Dec. 26; on June 25 last $2 per share was paid,
while on Dec. 26 1933 a distribution of $3 per share
was made. Virginian Ry., on the other hand,
resumed dividends with a declaration of $2 per share
on the common stock, payable Jan.2; the last previous disbursement was a quarterly payment of $1.50,
made July 1 1932. Albany & Susquehanna RR. declared a special dividend of $1.50 per share on the
capital stock, payable Jan. 12; the usual semi-annual
dividend of $4.50 per share will be paid on Jan. 2.
It would be proper to note here that in our columns last week a typographical error caused it to
be stated incorrectly that the Alabama Great Southern RR. had declared a dividend of $3 per share on

Cotton Crop Report
COTTON crop this year of 9,731,000 bales is
the final estimate of the Department of Agriculture. This record was based on conditions Dec.1.
The estimate, based on the condition on Nov. 1, was
for a yield of 9,634,000 bales, the increase for the
past month being 97,000 bales. The final estimate
for the crop of last year was 13,047,000 bales, there
having been a reduction for November of 53,000
bales. For the 1934 cotton crop there has been an
increase in the estimated production of cotton every
month, the final estimate in December being 536,000
bales higher than that indicated for August. Production this year was on the basis of 169.2 pounds
to the acre. For the 1933 yield, production was indicated at 208.5 pounds per acre. The area picked this
year, the Department declares, was 27,515,000 acres,
compared with 28,412,000 acres estimated in cultivation on July 1 of this year. For the 1933 crop, the
area was 29,978,000 acres, against 40,852,000 acres
in cultivation July 1 1933. With the restricted area,

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3686

and presumably more intensive cultivation, the yield
per acre was less this year. This, of course, was due
to adverse weather conditions in large sections early
in the growing season.
Only two States show yields in excess of one million bales each in this year's production. These
two States were Texas and Mississippi. For the
1933 crop there were five such States. Of the nine
principal cotton-producing States, five States show
an increase in production in December over the
November estimate—Mississippi, Georgia and Arkansas leading in the order named. Texas and Alabama also report increases. There was no change
for North and South Carolina, while Oklahoma reports a further sharp decline. Louisiana was also
slightly lower. Tennessee and Missouri were down
for a greater yield in December than in the earlier
estimate, particularly,the former. A feature worthy
of note was the larger yields for California, Arizona
and New Mexico, where the production per acre is
high.
Ginnings of cotton to Dec. 1 was 9,029,792 bales,
which were 92.8% of the total indicated yield for
this year. Up to the same time a year ago, ginnings
were 12,106,377 bales, the ratio to the total being
the same as for 1934. Ginnings of Texas cotton to
Dec. 1 this year were 90.9% of the indicated yield
for the year.
The New York Stock Market

TRREGULAR price trends and general uncertainty
1 marked the dealings in securities on New York
stock markets this week, with average transactions
on the New York Stock Exchange slightly under
1,000,000 shares. The speculative enthusiasm that
marked the preceding week was not in evidence, and
in its place a modest wave of profit-taking occurred
late Tuesday. Owing to that recession and the
rather dull trend of most other periods, closing
prices for most equities yesterday were somewhat
under those prevalent a week earlier. Some of the
metal stocks and steel shares were in demand, however, giving the price structure an appearance of
unevenness. That a vastly improved general atmosphere prevails was demonstrated by the transfer of
a New York Stock Exchange seat on Tuesday at
$95,000 as compared with the figure of $70,000
on the last sale, reported six weeks earlier. Also
indicative is a continued good demand for investment securities.
Stocks were dull in the initial session of the week,
with price movements of no consequence. Small
advances in some sections were balanced by small
losses elsewhere, with the gains a little more pronounced than the recessions. The dealings Tuesday
were similarly dull during the first part of the session, but in the last hour a selling flurry developed
which carried figures down rather sharply in all
groups. The liquidation occasioned the most active
trading of the week, the turnover in the session being
approximately 1,281,000 shares. After early uncertainty on Wednesday prices steadied and the general
level at the finish was about even with that of the
preceding close. Predictions of swift and vast improvement in trade and industry were made by some
leaders, but the market failed to respond to such
statements. Slight declines were the rule on Thursday in most groups of stocks, but there were indications of a resumption of speculative activity in




Dec. 15 1934

others. Preferred stocks were in good demand,
while merchandise shares moved forward on reports
of expanding retail trade. The upward movement
became more general yesterday, and small advances
were registered in almost all groups with the exception of utility stocks.
In the listed bond market the tone was quite good
throughout the week. United States Government
securities moved fractionally higher, while a number of well-rated corporate bonds advanced to best
levels of the current year. Second-grade railroad
securities and low-priced issues generally were quiet.
Italian bonds dropped sharply in the foreign section,
owing to the new credit mobilization decrees of the
Italian Government. Commodity markets failed to
continue the improvement of recent weeks, and the
small recessions in grains and other staples contributed to the dulness of stocks. Sterling exchange
was well maintained in the foreign exchange market, but gold units proved vulnerable and large further -shipments of gold from Europe to the United
States were engaged. Indices of business and industry in this country were not unfavorable, but this
influence was counteracted largely by the impending
holiday season and the approaching resumption of
the legislative session in Washington. Steel-making
operations in the United States for the week beginning Dec. 10 were estimated at 32.7% of capacity
by the American Iron and Steel Institute, against
28.8% last week. Electric power production in the
week ended Dec. 8 was 1,743,427,000 kilowatt hours,
according to the Edison Electric Institute. This
compares with 1,683,590,000 kilowatt hours in the
preceding week, which contained a holiday. Car
loadings of revenue freight for the week to Dec. 8
were 551,011 cars, or 62,893 more than in the preceding period, according to the American Railway
Association.
As indicating the course of the commodity markets, the December option for wheat in Chicago
closed yesterday at 101c. as against 101%c. the close
on Friday of last week. December corn at Chicago
closed yesterday at 92I/2c. as against 937
/8c. the close
on Friday of last week. December oats at Chicago
closed yesterday at 571/
8c. as against 55%c.the close
on Friday of last week. The spot price for cotton
here in New York closed yesterday at 12.80c. as
against 12.70c. the close on Friday of last week.
The spot price for rubber yesterday was 12.87c. as
against 13.07c. the close on Friday of last week.
Domestic copper closed yesterday at 9c., the same
as on Friday of last week.
In London the price of bar silver yesterday was
24 7/16 pence per ounce as against 24 11/16 pence
per ounce on Friday of last week, and spot silver in
New York at 54%c. against 543
/
4c. on Friday of
last week. In the matter of the foreign exchanges,
the cable transfers on London closed yesterday at
7s as against $4.94% the close on Friday of
$4,94/
last week, while cable transfers on Paris closed
yesterday at 6.59%c. as against 6.59/
1
4c. on Friday
of last week.
On the New York Stock Exchange 76 stocks
reached new high levels for the year, while 34
stocks touched new low levels. On the New York
Curb Exchange 46 stocks touched new high levels,
while 40 stocks touched new low levels. Call loans
on the New York Stock Exchange remained unchanged at 1%.

Volume 139

Financial Chronicle

On the New York Stock Exchange the sales at
the half-day session on Saturday last were 458,740
shares; on Monday they were 851,017 shares; on
Tuesday, 1,282,350 shares; on Wednesday, 787,330
shares; on Thursday, 997,450 shares, and on Friday,
938,700 shares. On the New York Curb Exchange
the sales last Saturday were 136,970 shares; on Monday, 221,395 shares; on Tuesday, 243,455 shares; on
Wednesday, 163,325 shares; on Thursday, 195,220
shares, and on Friday, 194,864 shares.
Trading in the stock market this week was again
given over to &illness and irregularity. Prices on
many days of the week tended toward lower levels,
with the close yesterday under that of Friday one
4
week ago. General Electric closed yesterday at 191/
4 on Friday of last week; Consolidated
against 201/
8 against 231/
8; Columbia Gas &
Gas of N. Y. at 221/
1
2against 8; Public Service of N. J. at 30
Elec. at 7/
against 30½; J. I. Case Threshing Machine at 511/
4
against 54½; International Harvester at 381/8
4 against
against 391/4; Sears, Roebuck & Co. at 393
1
2against 297
41/
1
4; Montgomery Ward & Co. at 28/
/8;
Woolworth at 51% against 5434; American Tel. &
Tel. at 105% against 109, and American Can at
105% against 107.
Allied Chemical & Dye closed yesterday at 132/
1
2
against 137 on Friday of last week; E. I. du Pont de
Nemours at 93% against 98%; National Cash Regis1
4; International Nickel at
4 against 18/
ter A at 171/
227
/8 against 23%; National Dairy Products at 1634
against 17; Texas Gulf Sulphur at 33/
1
4 against
/8 against 29%; Conti343
4; National Biscuit at 277
nental Can at 60 against 62; Eastman Kodak at
110% against 11214; Standard Brands at 181/2
against 18%; Westinghouse Elec. & Mfg. at 33%
against 34/
1
2 against
8; Columbian Carbon at 72/
73%; Lorillard at 20 against 2214; United States
Industrial Alcohol at 43% against 46; Canada Dry
at 15% against 17; Schenley Ditillers at 25 against
27%, and National Distillers at 26% against 28.
The steel stocks are lower for the week as compared with Friday a week ago. United States Steel
8 against 38/
1
2 on Friday of
closed yesterday at 371/
last week; Bethlehem Steel at 29/
1
2 against 307
/8 ;
Republic Steel at 13% against 1414, and Youngstown Sheet & Tube at 1814 against 19. In the motor
group, Auburn Auto closed yesterday at 251/
4 against
26% on Friday of last week; General Motors at 31
8; Chrysler at 38 against 397
/
against 331/
8,and Hupp
Motors at 2% against 3. In the rubber group, Goodyear Tire & Rubber closed yesterday at 23% against
24% on Friday of last week; B. F. Goodrich at 1034
8,and U. S. Rubber at 16% against 171/
against 111/
8.
The railroad shares at the close yesterday record
losses over Friday of the previous week. Pennsylvania RR. closed yesterday at 24 against 24% on
Friday of last week; Atchison Topeka & Santa Fe
1
2 against 5514; New York Central at 2114
at 53/
against 22½; Union Pacific at 106 against 1067
/8;
Southern Pacific at 17% against 181/2; Southern
Railway at 16 against 17; Northern Pacific at 20
against 2114. Among the oil stocks, Standard Oil
of N. J. closed yesterday.at 40% against 42 on Friday of last week; Shell Union Oil at 6% against 7,
1
2 against 25. In the
and Atlantic Refining at 23/
copper group, Anaconda Copper closed yesterday at
107
/8 against 12 on Friday of last week; Kennecott
Copper at 16% against 17%; American Smelting &
8 against 37%, and Phelps Dodge at
Refining at 361/
•
14% against 15%.




3687

European Stock Markets
EAL.INGS on all the principal stock exchanges
in European financial centers were unusually
quiet this week, partly because of the approach of
the holidays and partly because of the political and
financial disturbances in Southern and Southeastern Europe. Prices on the London Stock Exchange were maintained rather well, British funds
especially being in demand. But at Paris and Berlin the main trends were toward lower levels. There
were no sharp movements, however, and the slow
downward drift was attributed in good part to the
lack of public interest. The dispute at Geneva
between Yugoslavia and Hungary caused apprehension early in the week, but when a compromise
settlement was announced on Tuesday, no advance
in stock prices followed and there was also no increase in buying. The markets were much more
impressed by the new Italian regulations for the
mobilization of all external credit resources of
Italian citizens and corporations, which reflected
the current strain on the lira, and by the German
decrees for forced loans to the Reich Government
of corporate earnings in excess of 6 or 8%. These
incidents were depressing, and the end of the
Austrian standstill agreements did little to lighten
the atmosphere. The trouble encountered by the
French Cabinet in its plans for overcoming the
depression were not encouraging. Trade and industrial reports of the chief European countries
reflect little change at present. The London market
was somewhat impressed, however, by another small
increase in the British roster of the unemployed.
The official November returns showed 2,120,785
jobless, an increase of 1,150 for the month.
Dealings on the London Stock Exchange were
very quiet, Monday, with the trend generally adverse owing to the political and financial developments on the continent. British funds were firm
at the start but they eased in later dealings. Slight
irregularity was noted in the industrial section,
while most securities receded in the international
group. The tone was more cheerful on Tuesday,
although business did not increase to any appreciable extent. British funds moved fractionally
higher and most industrial securities were steady.
Bonds of various continental countries showed gains
because of the agreement at Geneva, while other
international issues were firm. Wednesday's session was marked by a rapid advance in prices of
British funds, the movement being stimulated by
official assurances that the easy money policy of
the Treasury would be continued. There were a
few good features in the industrial group, but most
issues were neglected. International securities
receded owing to unfavorable advices from New
York. British funds remained in keen 'demand
Thursday, and quotations again were marked higher,
the 2/
1
2% consols advancing nearly a point. Industrial issues were dull, but international stocks
showed a better tendency. After a firm opening,
yesterday, prices slowly receded at London and net
changes for the day were unimportant.
After an uncertain opening at Paris, on Monday,
prices tended to recover and the net losses in that
session were small in all groups of securities. The
concern regarding the Yugoslav-Hungarian dispute
weighed on the market, while reports that a large
loan would be required to finance the French Government's wheat plans also proved unsettling. The

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loan reports were denied and the final rally was
due largely to that circumstance. Settlement of the
Geneva dispute was followed by a more cheerful
session at Paris, Tuesday, but the price changes
were very modest. Trading volume did not increase
much and even the small price gains of the early
dealings were not fully maintained. It was noted
Wednesday that public interest was almost entirely
lacking, and quotations drifted slowly lower, partly
because of inflationary rumors respecting Belgium.
Net losses in rentes were very small, notwithstanding charges in the Senate that the new budget would
result in a deficit of 3,000,000,000 francs. In another dull session on Thursday, prices again were
marked lower, but the losses were confined to small
figures. Small declines were general in a further
dull session yesterday.
On the Berlin Boerse the opening was firm on
Monday, but reactionary tendencies later in the day
wiped out most of the gains and the close was uncertain. A few 1 to 2 point advances were registered
in leading stocks, but there were also some recessions. Fixed-income issues were generally soft. Dealings on Tuesday were limited largely to professional
operators and most changes were toward lower
levels. Reichsbank shares proved an exception, this
issue advancing 4 points, but almost all others
drifted lower and in some instances the recessions
amounted to 2 and 3 points. Bonds remained weak.
The adverse trend again was in evidence on Wednesday, although a few gains also were reported.
Most stocks declined slightly and recessions also
were general among fixed-interest obligations. Even
small offerings were hard to place in Thursday's
session, and the decline was accentuated on that
day. There were a few recessions of as much as 4
to 6 points, while most issues were 1 to 2 points
lower. Bonds held better than equities. Buying
interest again was absent on the Boerse yesterday
and small recessions appeared.

Dec. 15 1934

Government circles it was remarked on Tuesday
that Rome will follow the British and French lead
in defaulting on the debts to the United States Government. But Finland promised to pay her instalment, according to Washington reports, and is
depositing to-day the $228,538 due under the funding agreement with that country.

Austrian Standstill Agreement
IT WAS the Austrian financial collapse in 1931
which touched off the series of developments
that left Central Europe depleted of gold and foreign
exchange reserves and finally carried Great Britain
off the gold standard, and it is to be hoped that the
termination of the Austrian standstill agreement
last Monday will prove of comparable significance.
Siegfried Stern, Vice-President of the Chase National Bank and Acting Chairman of the Austrian
Standstill Committee, announced that the end of
the accord had been made possible by reduction of
the credits to so low a figure that mutual protection
of the creditors and of the Austrian gold and exchange supplies no longer is necessary. British and
American banking creditors originally made separate agreements to continue their short-term credits
granted to Austrian banks other than the Creditanstalt fuer Handel und Gewerbe. These agreements were merged early in 1933 into a single understanding to which the British and American institutions were parties. The credits involved totalled
approximately $50,000,000 at the beginning, but
the current figure is naturally far under this. The
agreements originally were found necessary in
August, 1931, when Austrian institutions requested
an understanding for renewal of the short-term
credits extended by British and American banks.
A rapid start was made toward reduction, some
16% being repaid at the end of 1931, but the difficulties increased and three more years were required
for a return to normal conditions. The termination
of the agreement follows several other indications
Intergovernmental Debts
of Austrian improvement, such as the current reHERE were no surprises in the replies received funding of the 7% League of Nations Loan with a
at Washington this week to the notices regard- 41/
2% issue, and the repayment last year of the
ing intergovernmental debts due today which the $14,000,000 loan by a group of European central
State Department sent to all debtor countries some banks and the Federal Reserve banks.
weeks ago. Decisions in every case were similar
Stabilization Prospects
to those made last June, when Great Britain,
France, Italy, Belgium, Czechoslovakia and other
, THE usual Basle meeting of Bank for International Settlements Directors, optimism is
countries that owe large sums to the United States
Government defaulted, and only Finland continued said to have prevailed last Tuesday regarding the
to observe its pledge. The American notes, it now international monetary prospects of the world. No
appears, called for the payment not only of the indications were reported of any early moves by
regular Dec. 15 instalments but also of the arrears, the leading non-gold standard countries for stabiliand the aggregate sum considered due and payable zation, and the optimism seems to have been engenis thus approximately $629,000,000, with the British dered mainly by the fact that no further defections
share of $379,000,000 by far the largest. The British from the gold bloc have taken place recently. Trade
reply to the American reminder was made public and political improvement in Europe and a "calmer
in Washington on Tuesday. It referred briefly to situation" in the United States are the main items
the British note of last June, in which it was main- on which the leading Governors of the European
tained that "discussions with a view to a final revi- central banks seemed to pin their hopes, according
sion of the settlement could not at that time usefully to a Basle dispatch to the New York Times. Goverbe renewed." After careful consideration of the nor Vincenzo Azzolini, of the Bank of Italy, was
position, the British authorities feel that the con- understood to have convinced his colleagues that
siderations which governed their decision of six the recent credit mobilization measures of the
months ago apply with equal force to-day, the note Italian Government are designed to keep Italy on
said. The French Cabinet reviewed the situation the gold standard. But the bankers in general
last Monday and issued a communication in which rather held the view that Italy will adopt the Gerit was stated that the position maintained by pre- man system of external depreciation with mainvious regimes will continue to apply. In Italian tenance of the value of currency internally. Italy

T




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Financial Chronicle

and Belgium were regarded as the weak members
of the so-called gold block. The Italian credit
measures disposed of rumors of immediate devaluation by that country, and attention was turned on
Wednesday to Belgium, owing to a visit by the
Belgian Finance Minister, Camille Gutt, to France.
After a long conference between M. Gutt and the
French Finance Minister, Louis Germain-Martin,
it was intimated that Franco-Belgian commercial
and financial relations were discussed fully, with
a view to general cooperation by these members of
the gold bloc.

3689

credits would be utilized at first for aiding the lira,
while foreign security holdings of Italians would
form a sort of secondary reserve. In various Rome
reports the estimates of the sums that might thus
be made available for protection of the lira ranged
from the equivalent of 2,000,000,000 lire to 6,000,000,000 lire. But the action, the correspondent.of
the Associated Press remarked, does not strike at the
root of the problem. "The cause is Italy's inability
to sell enough goods in foreign markets, because of
her high prices," the dispatch adds. "The real problem, therefore, remains to be solved. The foreign
credit support of the lira will be partly nullified by
Italy Protects the Lira
the fact that currency circulation will be increased
I TAMAN authorities took comprehensive steps last when lire are exchanged for the foreign credits."
Saturday to mobilize all the resources of external
Naval Armaments
credits possessed by the citizens of Italy or its colonies in order to halt, for the time being at least, the
RELIMINARY discussions on the naval armasteady drain of gold which has reduced the note
ment problem drifted slowly toward their
coverage nearly to the legal limit. The threat to fruitless end at London, this week, while delegates
the stability of the lira long has been evident in of Great Britain, the United States and Japan still
the discount at which Italian currency was quoted cast about for some solution of the impasse that
in terms of gold currencies or even sterling and resulted from the Japanese demands for equality
dollars. Although gold was permitted to flow out in any new naval treaty. Tokio reports again inof the country only with reluctance, the shipments dicated this week that there is no possibility of a
last week reached what was evidently considered modification of the Japanese Government's aims
the danger point. Coupled with the loss of gold for a fleet as large as that of either Britain or the
was an increase in note circulation, which clearly United States, but it was reiterated that the equal
resulted from the insistent rumors that Italy was fleets would not have to be of immense tonnage.
about to devalue once more. The Cabinet Council Termination of the Washington naval treaty, which
met early last Saturday to consider the problem means an automatic suspension of the London naval
thus posed, and a number of decrees were approved treaty, was considered by the Privy Council of
under which all external credits are to be made Japan on Wednesday, and approval of the proposal
available to the Government. The measures were was expressed by this official body as it had been
drastic and they caused not only some momentary previously by other departments of the Japanese
confusion, but also inconvenience to travelers in Government. Immediately after a meeting of the
Italy who suddenly found themselves unable to cash plenary Council on Dec. 19,it is expected that Tokio
travelers' checks or letters of credit. But the author- will issue a statement abrogating the accords which
ities quickly made it clear that any such strict in- have checked naval competition for more than a
terpretation of the decrees was not intended and decade. The American position that the 5-5-3 ratios
visitors from other countries were promptly relieved must be maintained was stated at London some 10
of their anxieties. The incident, however, again illus- days ago by Norman H.Davis, chief of the American
trates the lengths to which some members of the delegation, and here also there is no sign of a change
gold bloc are being driven to resist the pressure for in attitude. British representatives are opposed to
devaluation which, unfortunately, has become all precipitate action and they are described as seeking
but universal.
some means of terminating the preliminary conferThe decrees promulgated by the Italian Cabinet ence in a way that would make resumption possible
provisle, in general, for cession to the National Ex- next year. The American negotiators are preparing
change Institute of all external credits available to to return, but it was reported Thursday that they
Italians or Italian colonials. Banks, corporations are somewhat concerned about the continued stay of
and individuals were called upon to present informa- Japanese representatives in London. Measures
tion on their foreign credits within 10 days and it were taken, it was said, to assure a complete adwas indicated that the credits, if required, would be journment of the London talks if the Americans left
sold and transferred to the Institute at the current the scene, so that there will be no understanding
rate of exchange. Holdings of foreign securities between the British and Japanese on any comproand of Italian securities deposited abroad also are mise proposal which -might prejudice American
to be made available in the same manner, and in- interests.
formation on such holdings must be given to the
Jugoslav-Hungarian!Dispute
Bank of Italy by the end of this year. To the NaExchange
Institute was reserved a monopoly
tional
RESSURE exerted by the British and French
in dealing in foreign exchange und effecting external
Governments in a special League of Nations
payments. As an additional protection, the author- Council meeting over the last week-end occasioned
ities were empowered to apply special "compensa- a rapid settlement of the growing dispute between
tion taxes" to goods coming from countries that Yugoslavia and Hungary regarding the assassinaextend less liberal tariff treatment to Italian goods tion of King Alexander of Yugoslavia at Marseilles
than to goods from countries other than Italy. A more than two months ago. The hearing on the
Rome dispatch to the New York "Times," in which Yugoslav charges of Hungarian official complicity
the decrees were listed, indicates that severe punish- in the assassination was attended by some ominous
ment was prescribed for any infraction of the regula- developments. It revealed once again the welltions. It was suggested that only liquid external known alignments of France and the Little Entente




P

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Financial Chronicle

countries on the one side, and Italy and Hungary
on the other, and likewise showed that the influence
of the great Powers in the affairs of the Balkan
countries is no whit diminished. The settlement
effected is in the form of a typical League compromise containing partial concessions to both disputants and no damaging statements or charges.
The pressure exerted jointly by Great Britain and
France clearly was the force that overcame this
latest war scare in the series that has afflicted
Europe throughout the current year.
In the hearings that started late last week the
League Council heard, in turn, Boske Jeftitch, Foreign Minister of Yugoslavia; Tibor Echhardt, Hungarian delegate; Tewfik Rushdi 'Bey of Turkey;
Nicolas Titulescu of Rumania and Dr. Edouard
Benes, of Czechoslovakia. M. Jeftitch repeated the
charges previously made by his Government of Hungarian complicity in the assassination of the Yugoslav monarch and hinted that the murder was
directed specifically against the unity and security
of his country. H. Eckhardt entered a vigorous and
general denial of all the charges made against the
Hungarian Government and officials, and devoted
much of his address to denunciation of the Yugoslav
expulsions of Hungarian citizens from that country,
which then were in progress and attracting the
attention of the entire world. Speakers of other
countries expressed the hope that Hungary would
punish the officials allegedly involved in the terroristic activities in Hungary upon which the Yugoslav
charges were predicated. Dr. Benes insisted that
the incident at Marseilles represented an effort to
destroy the territorial integrity of the countries
created as an aftermath of the World War and to
break up the Little Entente. He declared that
Czechoslovakia, Yugoslavia and Rumania would not
hesitate to fight to preserve their alliance, and
urged the large Powers to exert their influence in
behalf of peace.
The discussion was more general last Saturday,
with spokesmen of several great Powers making
their positions clear. It was indicated on the same
day that the extensive expulsions of Hungarians
from Yugoslavia had ceased abruptly on the return
of the regent, Prince Paul, to Belgrade from London.
An interpellation in the House of Commons this
week revealed clearly that the expulsions were discontinued at the direct instigation of Sir John
Simon, Foreign Secretary in the National Cabinet.
Sir John indicated that between 2,000 and 3,000
Hungarians actually were sent across the border,
and he admitted that hardships were caused by the
incident. The termination of this matter eased the
debate in the Council session last Saturday and
undoubtedly contributed to .the adjustment of the
entire affair by means of the compromise. Foreign
Minister Pierre Laval, speaking for France, declared
firmly that his country stands with Yugoslavia, and
he issued a warning that the peace of Europe would
be disturbed by any revision of frontiers. Baron
Pompeo Aloisi made it equally plain that Italy
stands by Hungary,and he added that the revisionist
aims of Hungary do not constitute terrorism. But
both the French and Italian representatives insisted
that the dispute must be adjusted amicably. In this
they were joined by Captain Anthony Eden of Great
Britain and Foreign Commissar Maxim Litvinoff of
Russia, who took no sides in the dispute. The Yugoslav Government meanwhile, in declarations made




Dec. 15 1934

at Belgrade, attempted to justify the expulsions of
Hungarians on the ground that each action was
taken individually and was based on charges or
suspicion of propaganda. Both Belgrade and Budapest dispatches stated that no war activities were
visible along the border between the two countries.
There was much activity at Geneva last Sunday,
most of it being directed toward finding a formula
for adjustment of the dispute. Numerous private
conversations were held by the representatives of
the various countries, and such discussions naturally
were more important than a few additional formal
speeches before the Council. The Little Entente
was reported as demanding a League denunciation
of Hungary for the alleged complicity in the Marseilles assassination, but the formula finally worked
out shows that better counsels prevailed. In a midnight session on Monday the League Council finally
adopted unanimously a resolution which is viewed
as terminating the affair.
This document fails to declare that the Hungarian
Government is responsible in any way, but it expresses the opinion that "certain Hungarian authorities may have assumed, at any rate through negligence, certain responsibilities relative to acts having
connection with the preparation of the crime at
Marseilles." Hungary was called upon to take at
once "appropriate punitive action in the case of any
of the authorities whose culpability may have been
established." But the good-will of the Hungarian
Government will be relied upon for such measures,
and Hungary was merely requested to communicate
to the Council the measures it takes. The murdered
King was praised in the resolution, while the Little
Entente was satisfied by a statement about the
League Covenant's obligations to respect the territorial integrity and political independence of League
member States. Such obligations, it was added,
made it necessary for members not to tolerate or
encourage, but to repress political terrorism. The
session ended with a burst of speechmaking, almost
all designed for home consumption. Significant,
however, was the appointment of a special committee
of 10 to study proposals for a League convention
against political terrorism. Pierre Laval of France
suggested that such a pact obviously is needed to
fill the gap in League agreements.
European Diplomacy
TN EUROPEAN diplomatic circles there was much
1 conjecture this week regarding the underlying
play of political forces that found an expression
in the Saar plebiscite settlement between France and
Germany. Arrangements for the balloting in the
Saar next month have been virtually completed, and
a force of 3,300 troops from Great Britain, Italy,
Sweden and the Netherlands already is being
assembled to supervise the voting. It remains the
opinion of almost all observers that France obtained
important concessions on diplomatic questions from
Germany in return for the understanding on the
Saar, but the nature of any such concessions still
remains to be revealed. At first it was believed that
the Reich agreed to re-enter the League of Nations,
while some predictions were made that the understanding might even include German support of the
Eastern Locarno pact, but the most recent assumption is that German undertakings in regard to Austrian independence were the quid pro quo. But there
are other indications which make the matter diffi•

Financial Chronicle

Volume 139

cult to gauge. It was rumored in Warsaw that
Germany has proposed a three-Power guarantee pact
to include France, Germany and Poland, presumably
as a counter proposal to the Eastern Locarno project.
But France and Russia now have concluded an
agreement to make no bilateral agreements with
any third nation, and this accord doubtless is significant. Polish authorities stated on Thursday
that there is no likelihood whatever of Polish consent to an Eastern Locarno treaty. In Austria the
attitude of the authorities toward Germany has become tolerant and even friendly, and this change
lends support to the belief that a German undertaking on Austrian independence may have been
given to France. Also of interest is a resumption
of the visits of State which have marked the European scene during recent months. Chancellor Burt
Schuschnigg, of Austria, departed Thursday for
Budapest, where he is to confer with Hungarian
authorities for two or three days.

3691

Bank of France Statement
HE weekly statement of the Bank of France dated
Dec. 7 shows an increase in gold holdings of
217,419,078 francs. The total of gold is now 82,314,313,166 francs, in comparison with 77,079,038,281 francs a year ago and 83,343,869,565 francs two
years ago. An increase also appears in credit balances abroad of 1,000,000 francs, in French commercial bills discounted of 189,000,000 francs and in
creditor current accounts of 201,000,000 francs. The
proportion of gold on hand to sight liabilities is now
at 80.83%, as against 79.12% in the same period a
year ago. Notes in circulation reveal a contraction
of 590,000,000 francs, bringing the total of notes outstanding down to 81,290,499,905 francs. Circulation last year aggregated 80,903,947,370 francs and
the year before 82,482,068,350 francs. A decrease
is recorded in advances against securities of 8,000,000
francs. A comparason of the various items for three
years appears below:

T

BANK OF FRANCE'S COMPARATIVE STATEMENT

Discount Rates of Foreign Central Banks
HE Bank of Portugal on Thursday (Dec. 13)
lowered its discount rate from 53/2% to 5%.
The former rate has been in effect since Dec. 8 1933,
at which time it was reduced from 6%. Present
rates at the leading centers are shown in the table
which follows:

T

DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Rate in
Riled
Date
Dec.14 Established

Country
Austria.—
Belgium_ __
Bulgaria. __
Chile
Colombia..
Czechoslovakla__ _ _
Danzig_ ___
Denmark_ _
England._
Estonia._ _ _
Finland__
France_ _ _ _
Germany __
Greece __-_
Holland ___

Preoious
Rate

434
234
7
434
4

June 27 1934
Aug. 28 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933

5
3
8
534
5

334
4
234
2
5
4
2.34
4
7
234

Jan. 25 1933
Sept. 21 1934
Nov.29 1933
June 30 1932
Sept. 25 1934
Dec. 4 1934
May 31 1934
Sept. 30 1932
Oct. 13 1933
Sent. 18 1928

Country

Rate in
Riled
Date
Dec.14 Established

Prooious
Rate

434
3
3
234
534
434
3
5
734

Hungary -- 434 Oct. 17 1932
India334 Feb. 16 1934
Ireland__ 3
June 30 1932
Italy
4
Nov.26 1934
Japan
3.65 July 3 1933
Java
334 Oct. 31 1934
Jugoslavia_ 634 July 16 1934
Lithuania
6
Jan. 2 1934
Norway
334 May 23 1933
Poland
5
Oct. 25 1933
Dec. 13 1934
Portugal— 5
Rumania
6
Apr. 7 1933
SouthAfrica 4
Feb. 21 1933
Spain
6
Oct. 22 1932
Sweden__ 234 Dec. 1 1933

5
4
314
3
3
4
7
7
4
6
534
7
5
634
3

5

RmItearlantl

0tZ

9

Ten

99 1091

Bank of England Statement
HE statement of the Bank of England for the
week ended Dec. 12 shows a further gain in
bullion of £28,236, bringing the total to another new
high, £192,736,935, which compares with £191,705,790 a year ago. As the gold increase was attended by
an expansion of £7,774,000 in circulation, reserves declined £7,746,000. Public deposits decreased £677,000 and other deposits £4,984,245. The latter consists of bankers' accounts, which fell off £5,549,427,
and other accounts, which rose £565,182. Proportion of reserve to liabilities is 40.16%, down from
43.71% a week ago; last year it was 47.53%. Loans
on Government securities increased £1,015,000 and
those on other securities £1,081,808. Of the latter
amount, £569,566 was an addition to discounts and
advances and £512,242 to securities. No change
was made in the 2% discount rate. Below are shown
figures with comparisons of previous years:

T

BANK OF ENGLAND'S COMPARATIVE STATEMENT
Dec. 12
1934

Dec. 13
1933

Dec. 14
1932

Dec. 16
1931

Dec. 17
1930

£
£
£
£
£
393,220,000 381.891,433 372,256.239 363,534,400 372.141,047
Circulation
7,926,000 14,544,387 8,537,123 12,026,544 6,523,997
Public deposits
140,260,653 132,324,874 120,659,474 111,517,033 97,774,358
Other deposits
Bankers'accounts_ 103,302,606 95,561,394 86,291,044 73.337,785 64,294,938
Other accounts— 36,958,047 36,763,480 34,268,430 38,179.248 33.479.420
85,821,413 72,906,692 74,249,011 61,465,906 53,886.247
Govt. securities
20,749,244 22,044,016 29,788,096 47,081,490 29,124,401
Other securities
Dlset. & advances. 10,135,945 8,400,921 11,740,213 12,871,098 5,341.121
10,613,299 13,643,095 18.047,883 34,209,492 23,783,280
Securities
Reserve notes & coin 59,515,000 69,814,357 43,048,977 32,893,964 39,175.180
Coln and bullion.... 192,736,935 191,705,790 140,305,216 121.428.364 151,316.227
26.62%
33.31%
40.16%
47.53%
37.58%
Propor, of res. to liab
6%
3%
2%
2%
2%
Bank rate




Changes
for Week
Gold holdings
Credit bats. abroad_
a French commercial
bills discounted
b Bills bought abr'd
Adv. against securs_
Note circulation__ _ _
Credit, current accts
Proport'n of gold on
hand to sight Bab_

Dec. 7 1934

Dec. Et 1933

Dec. 9 1932

Francs
Francs
Francs
Francs
+217,419,078 82,314,313,166 77,079,038,281 83,343,869,565
+1,000,000
10,976,191
36,830,024 3,155,090.942
+189,000,000 3,258,006,334 3,830,515,212 2,708,895,999
No change
951,324,877 1,156.137,400 1,615,552,498
—8,000,000 3,220,426,139 2,898,828,657 2,551,558,159
—590,000,000 81,290,499,905 80,903,947,370 82,482,068,350
+201,000,000 20,501,793,869 16,519,082,879 24,458,618.432

79.12%
77.93%
+0.12%
80.83%
a Includes bills purchased in France. b Includes bills discounted abroad.

Bank of Germany Statement
HE Bank of Germany in its statement for the
first quarter of December shows a further increase in gold and bullion, the current advance being
55,000 marks. The Bank's gold now aggregates
78,648,000 marks, in comparison with 397,752,000
marks a year ago and 804,069,000 marks two years
ago. A decrease appears in bills of exchange and
checks of 149,183,000 marks, in silver and other coin
of 9,134,000 marks, in notes on other German banks
of 3,635,000 marks, in advances of 27,469,000 marks,
in other assets of 4,502,000 marks, in other daily
maturing obligations of 104,322,000 marks, and in
other liabilities of 14,905,000 marks. The proportion of gold and foreign currency to note circulation
is now at 2.23%, compared with 11.7% last year and
26.7% the previous year. Notes in circulation reveal a contraction of 92,830,000 marks, bringing the
total of the item down to 3,716,833,000 marks. A
year ago circulation stood at 3,455,858,000 marks and
the year before at 3,438,962,000 marks. Reserve in
foreign currency records an increase of 36,000 marks
and investments of 4,315,000 marks. Below we
furnish a comparison of the different items for three
years:

T

REICHSBANK'S COMPARATIVE STATEMENT
Chances
for Week
Addel3-Gold and bullion
Of which depos. abroad
Reserve in foreign curr_
Bills of exch. and checks
Silver and other coin._ _
Notes on other Ger. bks
Advances
Investments
Other assets
Liabilities—
Notes In circulation.—
Other daily matur.obi*
Other liabilities
Propor, of gold & for'n
curr. to note clrcurn.

Dec. 7 1934

Dec. 7 1933

Dec. 7 1932

Reichamarks
Reichsmarks Reichsmarks Reichsmarks
78,648,000 397,752,000 804,069,000
+55.000
No change
21,204,000
53,633,000
40,435,000
+36,000
4,177,000
5,838,000 113,931,000
—149,183,000 3,707,422,000 3,003,474,000 2,717,213,000
—9,134,000 140,055,000 208,852,000 203,052,000
—3,635,000
1,492,000
7,764,000
7,883,000
—27,469,000
92,019.000. 75,873,000 101,124,000
+4.315,000 756,331,000 529,000,000 396,209,000
—4,502,000 681,565,000 511,102,000 753,955,000
—92,830,000 3,716,833,000 3,455,858,000 3,438,962.000
—104,322,000 856,840,000 414.272,000 352,708.000
—14,905,000 282,787,000 246,374,000 738,340.000
+0.06

2.23%

11.7%

26.7%

Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 9-16%, as against %% on Friday
of last week, and 9-16% for three months' bills, as

3692

Financial Chronicle

Dec. 15 1934

against M% on Friday of last week. Money on for the various classes of paper at the different
call in London yesterday was %. At Paris the Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
open market rate remains at 13/2%, but in Switzerland the rate was reduced on Thursday to 13/8%.
Rate in
Federal!Wave Bank

New York Money Market
ONDITIONS in the New York money market
continued to reflect, this week, the extraordinary ease induced by the official policy. Rates for
accommodation were unchanged in all departments
of the market. The Treasury continued its discount
bill financing through the sale of an issue of $75,000,000 in 182-day bills last Monday. There was no
maturity of discount bills this week, and the issue
thus represented fresh borrowing. The average discount on awards, however, was only 0.20% on an
annual bank discount basis. Dealings in bankers'
bills and commercial paper were quiet, with rates
carried over. Call loans again were 1% on the New
York Stock Exchange for all transactions, whether
renewals or new loans. Time loans held to their
range of 3
/
4@1%.

C

New York Money Rates
EALING in detail with call loan rates on the
D
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
has shown no new developments this week, and no
transactions have been reported. Rates are nominal
at 34@1% for two to five months and 1@13'4.%
for six months. The demand for prime commercial
paper has been excellent throughout the week.
There has been a good supply of paper at hand and
dealers had little trouble in disposing of all ob3 % for extra choice names
tainable. Rates are 4
running from four to six months and 1% for names
less known.
Bankers' Acceptances
HE market for prime bankers' acceptances this
week has been the dullest in many years.
Few bills are available and little interest is manifest
in the buying end. Rates are unchanged. Quotations of the American Acceptance Council for bills
up to and including 90 days are 3-16% bid and A%
l.% asked;
asked; for four months, 5-16% bid and Y
for five and six months, M% bid and /% asked.
The bill buying rate of the New York Reserve Bank
is M% for bills running from 1 to 90 days and proportionately higher for longer maturities. The
Federal Reserve banks' holdings of acceptances
increased from $5,682,000 to $5,690,000. Their
holdings of acceptances for foreign correspondents
also increased from $548,000 to $648,000. 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:

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco

Effect on
Dec. 14

Date
Established

Previous
Rate

2
134
234
2
3
3
234
234
3
3

Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934

2A
2
3
234
314
334
3
3
335
334
334
234

3
2

Course of Sterling Exchange
TERLING exchange is easier partly as a result
of normal seasonal pressure and heavy demand
for dollars in London, but the ease is due also in some
measure to a feeling of greater confidence in European
gold bloc currencies which has resulted in a slight
firming of the French franc in terms of both sterling
and the dollar. The range this week has . been between $4.93% and 84.9534 for bankers' sight bills,
compared with a range of between .94 and $4.973/
last week. The range for cable transfers has been
between $4.94 and $4.96, compared with a range of
$4.943/ and $4.975
4 a week ago.
The following tables give the mean London check
rate on Paris from day to day, the London open market gold price and the price paid for gold by the
United States:

S

MEAN LONDON CHECK RATE ON PARIS
Saturday, Dec. 8
75.00
Wednesday, Dec. 12
Monday, Dec. 10
75.115 I Thursday, Dec. 13
Tuesday, Dec. 11
75.076 I Friday,
Dec. 14

75.031
74.948
74.937

LONDON OPEN MARKET GOLD PRICE
Saturday, Dec. 8
140s. 8d.
I Wednesday, Dec. 12__ _140s. 5d.
Monday, Dec. 10
140s. 434d. I Thursday, Dec. 13_ _ _140s. 834d.
Dec.
11
1408.
43
,
Tuesday,
5d. I Friday,
Dec. 14_...1405. 9d.
PRICE PAID FOR GOLD BY UNITED STATES (FEDERAL
RESERVE BANK)
Saturday, Dec. 8
35.00 I Wednesday, Dec. 12
35.00
Monday, Dec. 10
35.00 I Thursday, Dec. 13
35.00
35.00 I Friday,
35.00
Tuesday, Dec. 11
Dec. 14

The foreign exchange markets are usually quiet as
December draws to a close and accounts are being
closed for the year. The quietness is especially
marked at present owing to the fact that nearly all
foreign exchange transactions are confined to strictly
commercial business or individual transfers of small
amounts in connection with the holiday season. It
seems quite evident that speculative operators in exchange have withdrawn from the markets and are not
likely to take new technical positions for or against
any currency until after the new year. The steadiness and fractional firmness of the franc in terms of
sterling is attributed largely to the recent agreements
of Berlin and Paris on the subject of the forthcoming
Saar plebiscite. The general conviction seems to be
that the Saar vote will go to Germany as the Saar
has always been German. It is not surprising to
learn, therefore, that there is a continued and steady
stream of Saar funds into France as no matter what
political convictions or interests individual owners of
SPOT DELIVERY
capital in the Saar,may hold, they prefer to turn their
—180 Days- —150 Days— —120 Days—
Bid
Asked
Bid
Asked
Bid
Asked
present currency, which for the past 14 years has been
Prime eligible bills
34
34
34
francs, to Paris rather than take the risk of
French
—90 Days— —60 Days— —30 Days—
Asked
Bid
Bid
Asked
BPI
Asked
being compelled after January to convert it into nonbi
Prime eligible bills
bi
'is
A
redeemable marks. This movement of funds from
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
M% bid
even so small a district as the Saar has been an imEligible non-member banks
34% bid
portant factor in giving firmness to the French franc
Discount Rates of the Federal Reserve Banks
in terms of sterling in the past few weeks.
The British Exchange Equalization Fund is beHERE have been no changes this week in the
rediscount rates of the Federal Reserve banks. lieved to have intervened in the market on several
The following is the schedule of rates now in effect occasions lately to keep the pound from falling below

T

T




Volume 139

Financial Chronicle

75, that is, 75 francs to the pound. It is asserted in
foreign exchange circles that banks acting for the
United States Treasury have been more or less active
in the past few weeks,in an endeavor to prevent a
further rise in the dollar in terms of the European gold
currencies, with the object of arresting the flow of
gold from the Continent to the United States.
Recent dispatches from Rome which harmonize
very closely with remarks made some days ago in the
French Chamber of Deputies indicate that the
European gold bloc financial authorities have been
engaged in formal conversations with the proper
authorities in London and Washington with a view
to bringing about an early restabilization of the dollar
and the pound. It is intimated that they seek such
stabilization this winter and from all surface indications it would seem that if such stabilization is effected
the gold bloc countries will probably devalue their
currencies to a ratio more nearly corresponding to that
which existed among the major currencies before the
abandonment of gold by Great Britain in September
1931. According to recent utterances of M.GermainMartin, French Finance Minister, "it would be a
mistake to propose negotiations now on stabilization."
It is well known that the London authorities are
entirely sceptical respecting the attitude of the Washington
irtthe matter and it is extremely
doubtful that London will take any steps in this
direction until the question of dollar valuation in
terms of gold has been definitely settled.
London continues to be the favorite refuge for timid
capital from every quarter, but there can be little
doubt that there is some movement of American and
other capital away from London to New York as
confidence in the business outlook grows on this side.
The glut of funds in the London market continues to
be reflected in the extremely easy rates in Lombard
Street. Two- and three-months' bills are 9-16%,
four-months' bills %%,and six-months' bills %% to
11-16%. All the gold in the London open market
this week, as during many months past, was taken for
unknown destinations, believed to be chiefly to
account of private hoarders. Doubtless, however,
considerable gold sold in London in recent weeks was
taken for American account and thus reflected on
several occasions as again this week in the Federal
Reserve Bank's statement of gold received from
England. On Saturday last there was available and
taken in the open market £151,000, on Monday
£227,000, on Tuesday £600,000, on Wednesday
£205,000, on Thursday £423,000, and on Friday
£162,000. The Bank of England statement for the
week ended Dec. 12 shows an increase of £28,236 in
gold holdings.TA Total gold holdings now stand at
£192,736,935, which compares with £191,705,790 a
year ago and with the minimum of £150,000,000 recommended by the Cunliffe Committee.
At the Port of New York the gold movement for
the week ended Dec. 12, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$12,886,000, of which $6,219,000 came from England,
$4,066,000 from France, $1,675,000 from Canada,
$912,000 from India, $12,000 from Jamaica, and
$2,000 from Guatemala. There were no gold exports.
The Reserve Bank reported a decrease of $455,000 in
gold earmarked for foreign account. In tabular form
the gold movement at the Port of New York for the
week ended Dec. 12, as reported by the Federal
Reserve Bank of New York, was as follows:




3693

GOLD MOVEMENT AT NEW YORK,DEC.6—DEC. 12, INCLUSIVE
Exports
Imports
$6,219,000from England
4,066,000 from France
1,675,000 from Canada
912,000 from India
12,000 from Jamaica
None
2,000 from Guatemala
$12,886,000 total
Net Change in Gold Earmarked for Foreign Account
Decrease: $455,000
Note—We have been notified that approximately $273,000 of gold was
received from China at San Francisco.

The above figures are for the week ended Wednesday evening. On Thursday $7,992,600 in gold was
received, of which $7,964,600 came from Holland
and $28,000 came from England. There were no
exports of the metal or change in gold held earmarked
for foreign account. On Friday there were no imports or exports of the metal or chanr in gold
earmarked for foreign account. On Friday $161,000
of gold was received at San Francisco from China.
Canadian exchange is on balance easier than in
many weeks. Nevertheless Montreal funds are firm
and at a premium with respect to the dollar. It is
said that the current ease in Montreal funds is due in
part to reports that the new central bank of Canada
which will begin to function in January will issue
notes backed by silver. On Saturday last Montreal
funds were at a premium of from 2% to 2 1-16%, on
Monday at 23/%, on Tuesday at 2% to 2 1-16%, on
Wednesday at 23-32% to 17
4%, on Thursday at
23-32% to 13/%, and on Friday at 23-32% to 23/8%.
Referring to day-to-day rates, sterling exchange on
Saturday last was easy in dull trading. Bankers'
sight was .9432@$4.947
4;cable transfers $4.94%@
$4.95. On Monday exchange was firmer and more
active. The range was .95@ .95k for bankers'
sight and $4.9514@$4.96 for cable transfers. On
Tuesday the market was irregular. Bankers' sight
4@ .953/2;cable transfers $4.95@$4.95%.
was $4.947
On Wednesday sterling was dull and easier. The
range was
.9431@$4.95 for bankers' sight and
/
4. for cable transfers. On Thursday
$4.94%@$4.953
4© .941
4
sterling was easy. The range was $4.937
for bankers' sight and $4.94@ .943 for cable transfers. On Friday sterling was steady, the range was
$4.943(@$4.947
4 for bankers' sight and .94%@
$4.95 for cable transfers. Closing quotations on
4 for
Friday were $4.94% for demand and .947
cable transfers. Commercial sight bills finished at
$4.94%; 60-day bills at $4.943/g; 90-day bills at
.93%; documents for payment (60 days) at $4.943,
and seven-day grain bills at $4.9431. Cotton and
grain for payment closed at $4.943%.
Continental and Other Foreign Exchange
XCHANGE on the Continental countries is ruling
slightly firmer, though on balance the range of
fluctuation shows no great change from last week.
Italian lire are prominent this week because on Saturday last the Italian government issued a decree that
all Italians must notify the Bank of Italy before
Dec. 31 of their holdings in foreign bonds and in
Italian bonds floated abroad. It was also decreed
that special taxes might be assessed against products
of those nations which do not extend to Italian products the advantages which their products receive in
Italy. The decree obliges banks, brokers, and business firms to cede all foreign credits to the National
Institute of Foreign Exchange.
The five largest Italian banks have been authorized
to deal in foreign exchange in order to avoid difficul-

E

3694

Financial Chronicle

ties in the Italian tourist and commercial trade which
might result from the decrees. Under this authorization foreign travelers in Italy are free to cash letters of
credit, etc., and to obtain lire currency for traveling
needs as formerly. Lire exchange strengthened in
Paris and other European centers as a consequence of
the decrees. The measures taken indicate a determination to maintain the gold standard. It is evident
that the Italian financial authorities are greatly concerned over the heavy drain on Italian gold holdings
which has been going on for some months. It is
understood that the Bank of Italy has lost approximately 1,265,000,000 lire in gold since Feb. 28. The
Greater part of this gold is believed to have been
shipped to Paris. It is definitely asserted that Italian
exports of merchandise have been averaging 200,000,000 lire a month below imports for some time and the
Bank of Italy has been losing each month about the
same amount in gold. It is believed that the present
decrees may be followed by others imposing further
restrictions on imports.
All dispatches from abroad indicate that Italian
financial interests are extremely anxious to see an
early stabilization of sterling and the United States
dollar so that Italy may revalue the lira as soon as
fixed ratios for the dollar and sterling can be ascertained. It is thought that if the two leading currencies
were stabilized the Italian unit could be revalued by
means of a fixed ratio rather than by reference to a
given quantity of gold. For instance, when the lira
was stabilized by the law of 1927,in addition to giving
it a gold content, the law also provided for a ratio of
92 lire to the pound sterling and 19 lire to the dollar.
If the Italian government were to return to this ratio,
the lira would be devalued to parity with sterling and
the dollar, still remaining a gold currency if the Italian
authorities so determined. London financial authorities criticize Premier Mussolini's new move. The
London Financial Times pointed out that confidence
in a currency declines in proportion to the amount of
artificial support it requires and internal prices tend
to rise correspondingly.
French francs present no new features of importance. The franc has been firmer in the past
several days, though moving irregularly. The gold
bloc currencies were off rather sharply in Thursday's
trading, due, it was thought, to the report that the
Belgian finance minister had made an appeal to M.
Louis Germain-Martin, French Finance Minister, for
support of the belga. The belga has been under
pressure for some time. It seems likely to the foreign
market that the French authorities have taken immediate action to support the Belgian currency.
While the French authorities express positive confidence in the strength of their own position, there
can be no doubt that great anxiety is felt in Paris
because of the apparent imminence of deva uation of
both the belga and the lira. The Bank of France
statement for the week ended Dec.7shows an increase
in gold holdings of 217,419,078 francs. Total gold
holdings now stand at 82,314,313,166 francs, which
compares with 77,079,038,281 francs a year ago, and
with 28,935,000,000 francs when the unit was stabilized in June 1928. The bank's ratio is at the high
figure of 80.83%, which compares with 79.12% a year
ago and with legal requirement of 35%.
The following table shows the relation of the leading
European currencies still on gold to the United States
dollar:




France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)

Dec. 15 1934
Old Dollar New Dollar
Parity
Parity
6.63
3.92
13.90
23.54
8.91
5.26
32.67
19.30
68.06
40.20

Range
Thie Week
6.59 to 6.593CC
23.34 to 23.37%
8.52 to 8.54
32.35 to 32.41
67.59 to 67.65

The London check rate on Paris closed on Friday
at 75.04, against 75.07 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.5914, against 6.593/i on Friday of
last week; cable transfers at 6.59%, against 6.591
4
and commercial sight bills at 6.563i, against 6.563/s.
Antwerp belgas closed at 23.363/ for bankers' sight
bills and at 23.373/ for cable transfers, against
23.34 and 23.35. Final quotations for Berlin marks
were 40.16 for bankers' sight bills and 40.17 for
cable transfers, in comparison with 40.18 and 40.19.
Italian lire closed at 8.53 for bankers' sight bills
and at 8.54 for cable transfers, against 8.52 and
8.53. Austrian schillings closed at 18.80, against
18.82; exchange on Czechoslovakia at 4.183',
against 4.1831.; on Bucharest at 1.01, against 1.01;
on Poland at 18.89, against 18.89% and on Finland
at 2.18, against 2.193/2. Greek exchange closed at
0.933 for bankers' sight bills and at 0.935
% for
cable transfers, against 0.933
% and 0.93%.
XCHANGE on the countries neutral during the
war is seriously affected by the imminent prospeceof devaluation of the Italian lira and the Belgian
unit. Deflationary agitation continues to gather force
in Holland. The guilder has been weak in terms of
other major currencies for some time and much gold
has been shipped from Holland to the United States
and France in recent weeks. The latest statement of
the Bank of The Netherlands reveals a further decline
of 1,600,000 guilders in gold holdings, bringing the
total gold stock down to 842,000,000 guilders. The
reserve ratio is now at 79.7%. Fluctuations in the
guilder show little change from last week. Par of the
guilder is 68.06 (new dollar). The range this week has
been between 67.59 and 67.65. The lower gold point
is estimated at around 67.64. Swiss francs contnue
easy in terms of the leading units and gold has been
shipped to Paris in support of the unit. On Monday
the Swiss Finance Minister, M. Schultheiss, resigned
his post. He advocated the policy of upholding the
price level by import restriction and subsidies to
agriculture, but it would seem that he is now convinced of the necessity of a 20% industrial price
deflation for Switzerland. The technical position of
the National Bank of Switzerland is very strong. Its
gold cover is more than 90% and the government is
preparing drastic economies.
Bankers' sight on Amsterdam finished on Friday
at 67.62, against 67.61 on Friday of last week; cable
transfers at 67.63, against 67.62 and commercial
sight bills. at 67.60, against 67.59. Swiss francs
closed at, 32.38 for checks and at 32.383/2 for cable
transfers, against 32.41 and 32.42. Copenhagen
checks finished at 22.08 and cable transfers at 22.09,
against 22.09 and 22.10. Checks on Sweden closed
at 25.50 and cable transfers at 25.51, against 25.50
and 25.51; while checks on Norway finished at 24.85
and cable transfers at 24.86, against 24.87 and 24.88.
2 for bankers' sight
Spanish pesetas closed at 13.663/
bills and at 13.673/i for cable transfers, against 13.66
and 13.67.
--•-XCHANGE on the South American countries is
ruling easier in consequence of the softer tone of
sterling with which these currencies are closely

E

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Volume

3695

Financial Chronicle

139

affiliated. Brazilian milreis, however, show a tendency to move more independently of London. These
comments apply more particularly to the official
quotations, for exchange on South America. The
unofficial or free markets are affected by so many
diverse influences that the movements of sterling are
of lesser importance. According to advices received
in New York by the Argentine Information Bureau,
Luis Duhau, Minister of Agriculture, explained that
the funds necessary to operate the Argentine Grain
Board came from profits made by the Foreign Exchange Control Board. During the 12 months ended
Nov. 30 the Grain Board paid bounties amounting to
$1,888,000, at official rate of exchange,
Argentine paper pesos closed on Friday, official
quotations. at 323/i for bankers' sight bills, against
33 on Friday of last week; cable transfers at 33,
against 33A. The unofficial or fee market close
was 24.95@25, against 25@25%. Brazilian milreis
official rates are 83 for bankers' sight bills and
83 . for cable transfers, against 831.@83i. The unofficial or free market close was 6.75, against 7.00.
Chilean exchange is nominally quoted 103..j, against
10. Peru is nominal at 23 2, against 233
/.
XCHANGE on the Far Eastern countries presents
no new features of importance but follows the
courses in evidence for some weeks past. Japanese
yen and exchange on Calcutta and Bombay show signs
of softness owing to the relatively easier tone of
sterling. The Chinese silver currencies are firmer in
keeping with world-market silver prices. Notwithstanding the export duty to prevent the exodus of
silver from Shanghai, upon which stocks Chinese bank
credit is built, these silver stocks continue to decline.
Silver is being smuggled out of the country and, it is
claimed, will continue to be smuggled so long as the
price in London or any other major market holds out
inducement. It is reported that the Chinese Ministry
of Finance has under consideration regulationsecarrLing severe penalties against silver smugglers.

E

FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
DEC. 8 1934 TO DEC. 14 1934, INCLUSIVE
Noon Buying Role pr Cable Transfers in New York
Value in United States Money

Country and Monetary
Unit

Dec. 8

Dec. 10

Dec. 11

Dec. 12

Dec. 13

Dec. 14

EUROPE- ,
$
$
Austria.echilling
.187630* .187610* .187630* .187710* .187490* .187510*
.233496 .233480 .233523 .233376 .233526 .233576
Belgium, belga
.012000* .012125* .012000* .012125* .012250* .012125*
Bulgaria, lev
Caechoslovakia, krone .041773 .041775 .041789 .041803 .041791 .041787
Denmark. krone
.220779 .221075 .221100 .220918 .220600 .220675
England, pound
sterling
4.945833 4.952500 4.952583 4.947232 4.940166 4.944583
Finland. markka
021856 .021895 .021865 .021855 .021820 .021829
France, franc
.065903 .065895 .065912 .065950 .065923 .065915
Germany. reichsmark .401728 .401735 .401685 .401628 .401546 .401515
.009380 .009383 .009385 .009375 .009370 .009377
Greece. drachma
Holland, guilder
.675950 .675921 .676107 .676307 .676123 .676121
.295500* .295500* .296150* .296150* .296275* .296150•
Hungary. Pengo
.085226 .085328 .085361 .085378 .085355 .085361
Italy. lire
.248458 .248750 .248783 .248608 .248258 .248375
Norway. krone
Poland, zloty
.188900 .188875 .188900 .189075 .188900 .188850
.044933 .045016 .044983 .044925 .0441391 .044966
Portugal. escudo
010010 .010010 .010005 .010005 .010010 .010010
Rumania,leu
136575 .136589 .136614 .136664 .136639 .136617
Spain, peseta
254962 .255283 .255337 .255083 .254725 .254891
Sweden, krona
Switzerland. franc- .323960 .323558 .323665 .323828 .323667 .323646
Yugoslavia, dinar- .022743 .022756 .022750 .022762 .022750 .022750
ASIAChinaChefoo (yuan) dol'r .342083 .345833 .347916 .348750 .347916 .347083
Hangow(yuan) dol'r .342083 .345833 .347916 .348750 .347916 .347083
Shanghai(Yuan)der .341250 .345468 .347708 .347656 .347500 .346250
Tientsin (yuan)dol'r .342083 .345833 .347916 .348750 .347916 .347083
Hongkong. dollar_ .422250 .423125 .425312 .426250 .426718 .425937
.371450 .372475 .372450 .371775 .371660 .371510
India. rupee
.288060 .288825 .288825 .288525 .288455 .288230
Japan. yen
Singapore (S. 8.) dol'r .579687 .580625 .580625 .580000 .579375 .579375
AUSTRALASIA3.921875*3.927500*3.927500*3.925312* 3.918125* 3.920625*
Australia. pound
New Zealand, pound_ 3.945625*3.950937*3.951250*3.949375* 3.941875* 3.944062•
A FRICASouth Africa, pound__ 4.891250*4.897187•4.899000*4.891250* 4.883750* 4.889500*
NORTH AMER.1.020104 1.020546 1.020208 1.014375 1.009479 1.010546
Canada. dollar
.999200 .999200 .999200 .999200 .999200 .999200
Cuba. Pew
Mexico. peso (sliver). .277625 .277625 .277625 .277625 .277500 .277500
Newfoundland. dollar 1.017625 1.017937 1.017750 .1011687 .006750 1.008250 I
SOUTH AMER..329462* .329862* .329525* .329587* .329262* .329412*
Argentina. Paso
.081875* .081875* .081875* .081875* .081875* .081875*
Brazil, milreis
.102325* .I02325* .102325* .I02325* .102325* .102325*
Chile, Peso
.801750* .801900* .801800* .802000. .801800* .801800*
Uruguay. peso
.645200* .645200* .645200* .645200* .645200 .645200*
Colombia. oeso
• Nominal rates; firm rates not available.




Closing quotations for yen checks yesterday were
28.88, against 28.92 on Friday of last week. Hong
Kong closed at 42%@43 1-16, against 42/©
42 13-16; Shanghai closed at 35@3538, against
34%@34 11-16; Manila at 49.90, against 49.90;
Singapore at 58.30, against 58.25; Bombay at 37.25,
against 37.25 and Calcutta at 37.25, against 37.25.
Gold Bullion in European Banks
rrHE following table indicates the amount of gold
bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
Dec. 13 1934, together with comparisons as of the
corresponding dates in the previous four years:
Bankenr-

1934

1933

1932

1931

1930

£
121,428.364
543,948,064
46,089.300
89,873,000
60.848,000
75.096,000
73,074.000
60.964,000
11,433,000
8,015,000
6,559.000

£
151,316,227
423.203,680
99.694,950
98,453,000
57.243,000
35,517,000
37.060,000
25,620,000
13,410.000
9.560.000
8,135,000

Total week_ 1,250,937,640 1,236,839,646 1,273,573,172 1.097,327.728
Prey. week_ 1.250_882.051 1.230.656_154 1.273.085 812 1_071.788.887

959,212.857
958.158_089

£
England_._ 192,736,935
France a.... 658,514,505
Germanyb_
2,872,200
Spain
90,666,000
Italy
65.081,000
Netherlands
70,308,000
Nat. Belg
71,513,000
Switzerland.
69,482,000
Sweden....
15,785,000
Denmark..
7,396.000
Norway... _
6,583,000

£
191,705,790
616.632,306
17,259,550
90,435,000
76.361,000
76,681,000
77,744,000
61,710,000
14,341,000
7,937,000
6,573,000

£
140,305.216
666,750.956
36,935,000
90,333,000
62,888,000
86,049,000
74,290,000
89,166,000
11,443,000
7,399,000
8,014,000

a These are the gold holdings of the Bank of France as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold
held, abroad, the amount of which the present year ix £1.060.200.

Why Unemployment and Relief
Continue
It would, of course, be a mistake to regard the
volume of unemployment, and of the relief which
unemployment entails, as the only test of the extent
or severity of a business depression. Depressions
cut in many directions. They reduce output, sales,
wages and profits even where, for one reason or
another, the number of persons employed remains
the same, and their effect is felt in practically every
department of economic and social life. There can
be no question, however, that a continuance, and
still more an increase, of the volume of unemployment and relief for which a depression is primarily
and directly responsible is a sure sign that the
depression itself is continuing in full force, and
that improvement here and mitigation there are
only eddies in a current which is still flowing
strongly and disastrously. To talk of recovery as
something fairly under way while an appalling proportion of a nation's population is out of work and
in receipt of public or private relief is to use
language that corresponds to nothing real in the
actual situation.
Judged by this test, the depression in the United
States which began in the fall of 1929 is still in
full swing. Exactly how many persons are properly
to be classed as unemployed, or exactly how many
are on the relief rolls, we do not know, and no
serious attempt appears to have been made by either
the Federal or the State governments to ascertain
the exact numbers; but the estimates made by
agencies or organizations closely in touch with the
situation, while for the most part in round numbers
and doubtless subject to the usual proportion of
error, have not been seriously challenged as practical working figures. The American Federation
of Labor, whose reports from month to month are
probably as accurate as any, estimates the number
of unemployed workers at not far from 11,000,000.
Mr. Hopkins, Federal Relief Administrator, was
reported a few months ago as estimating the number of persons then on relief at 16,000,000, with a
peak of 20,000,000 in sight for next February. The

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Financial Chronicle

Scripps-Howard newspapers, on the basis of a recent
investigation of twenty-four metropolitan areas
from coast to coast, find some 18,000,000 persons on
relief notwithstanding some increase in employment, while the National Conference of Mayors,
which has just ended a meeting at Washington,
issued a warning on Monday that 23,000,000 persons
"would be on relief this winter if a new public
works program was not launched immediately."
From one-fourth to one-third of the industrial population, in other words, is at the present time without
work, and one person in six of the entire population
is receiving relief or regarded as in need of it.
Why, notwithstanding an elaborate and far-flung
recovery program, and expenditures of public money
running to astronomical figures of billions, do such
conditions still exist? Something, of course, must
be allowed for the catastrophic drop from the boom
years before 1930, something for the influence of a
depression which is world-wide, something for technological advances which temporarily lessen the
demand for human labor, something for natural
evolutionary changes which lessen the demand for
certain products or goods. Seasonal demands are
always to be reckoned with, not all of the unemployed are employable, and some are idle from
choice more than from necessity. There seems reason to believe that some relief rolls have been padded,
that some persons are receiving relief who do not
need it, and that some prefer charity to work. Even
in the most prosperous times there is what may be
called a "normal" volume of unemployment, amounting, perhaps, for the United States to one or two
million, which should be deducted from present
estimates, and widespread strikes may affect appreciably the total for any given month or period.
With every allowance for such factors as these,
however, it is still true that the volume of unemployment is alarmingly great, that it has remained
between 10,000,000 and 11,000,000, at the least, for
months, and that the number of persons on relief,
instead of declining, is growing rapidly and portentously.
There can be no question where the responsibility
for these conditions mainly lies. The continuance
of unemployment on a vast scale, and of the need of
relief on a vast and lengthening scale, is one of the
inevitable results of the economic program which
the Administration has pursued, and which it shows
no sign of modifying as yet in any fundamental
respect. The conditions which, it was confidently
predicted, would enable industry and business to
absorb the larger number of the unemployed, and
thereby steadily diminish the need of relief, have
not been created, and there is less confidence than
there was that they will eventually develop. The
mounting volume of criticism which comes from industrial and business organizations and from economists is testimony, not merely to the obvious fact
that recovery is still delayed, but to the conviction
that it is not to be looked for as long as present
policies are followed. With all possible credit to
the Administration for sympathy and good intentions, it is clear now that the Administration has
been ill-advised, and that there is no substantial
hope for the army of the unemployed and the poor
along the road which is being traveled.
There is no solution for unemployment, for example, by increasing costs of production and distribution through enforced wage and hour schedules,




Dec. 15 1934

while to raise prices in expectation of increased demand is to put the cart before the horse. The imposition of industrial and business codes has not
enabled producers and distributors to sell more
goods or increased the number of consumers able
to buy, and favoritism for a particular kind of labor
union has not multiplied jobs. The restriction of
agricultural acreage and production has not created
a demand for more agricultural laborers or for
more agricultural machinery and fertilizers, and
artificial maintenance of prices for farm products
has not made food or clothing more accessible to
the mass of people. The much-touted subsistence
homesteads are at best only a drop in the bucket
as far as unemployment relief is concerned, and the
decentralization of industry which was looked to
to support the homestead population has not begun.
There has been immense activity in Government
circles, great and persistent Government pressure
upon business and industry to expand, and a vast
deal of Government intermeddling and arbitrary
prescription, but with the second year of a recovery
Administration approaching its end we still have
nearly 11,000,000 unemployed and almost twice that
number in actual or prospective need of relief.
To these impediments are to be added a widespread uncertainty and apprehension regarding the
future. The National Association of Manufacturers
did well to resent as "preposterous" the suggestion
that American business had been on strike, but
long-range business planning and long-term investment are not to be looked for when no one knows
what Government policy may be. Government lip.
service to business profits rings hollow when the
Government itself enters competition with private
capital. No businessman or manufacturer knows
to-day how far Government interference with business may be carried, or how far such enterprises as
Federal housing or the Tennessee Valley Authority
will be so directed as to jeopardize private capital
and investment, or whether commodity price-fixing
is to be continued or abandoned. The continual
interference of the American Federation of Labor
with labor relations is a constant menace to industrial peace, yet Senator Wagner of New York was
reported on Wednesday as planning a perfected
labor bill which, if its provisions have been correctly
forecast, will further strengthen the Federation's
hold. Colonel Leonard P. Ayres declared on Tuesday, in his annual review of the Cleveland Trust
Co., that experience was demonstrating that the
revised Securities Act "is an almost insurmountable
barrier against the issuing of new bonds by well
established companies," while the authors of the
book entitled "Closed and Distressed Banks," published this week by the Brookings Institution at
Washington, see small likelihood that many of the
banks which sold preferred stock or capital stock
notes to the Reconstruction Finance Corporation
can earn enough to meet those obligations. Yet with
a national debt which, according to the "Wall Street
Journal," may reach $31,000,000,000 by the end of
the present fiscal year, the country which must pay
the taxes is facing a scheme of unemployment insurance which will cost it dear, and a vague but
colossal plan of economic reorganization and control
which Secretary Perkins told the New York Board
of Trade on Wednesday will, if carried out, "keep
every able-bodied man in this country at work for
the next twenty-five years" at a cost, apparently,

Financial Chronicle

Volume 139

of further billions. If any one thinks that, with
spending projects already sky-high and new ones
appearing almost every day, the demand for currency inflation and the further degradation of the
dollar will not be heard resounding in the next
Congress, he would do well to revise his opinion.
There is more to the matter than the listing of
obstacles and the recognition of profound business
fears. Not only have we the dole on a huge scale,
made necessary by a vast and continuing unemployment which Administration policy is doing little
to remedy, but we are threatened with a situation
which will sanctify the dole habit of mind. The
flood of intimations from Washington about contemplated modifications of the National Recovery
Administration and Agricultural Adjustment Administration offers no support for the belief that
Government control of business, industry and
agriculture is to be materially relaxed. More
and more, accordingly, if present policies continue, we may expect American labor to look to
the Federal Government for support and to
demand it as of right. More and more we may
expect public works, in themselves obviously only
a form of Government dole, to be advocated as
a means of taking up the employment slack,
notwithstanding that public works, as a remedy
for unemployment, have clearly proved to be
of only incidental and temporary importance. For
an early return of conditions under which American business, unhampered by Government, will be
left free to plan, expand and take a reasonable risk,
the minds that dominate Government thought at
Washington hold out little encouragement. As long
as that return is delayed we shall continue to have
our millions of unemployed and their dependents,
most of whom,in increasing proportion as time goes
on, must draw their sustenance from Government
if they get it at all. It is not a pleasing outlook,
especially for those who are confident that business
would again prosper if it were given a chance, but
it is nevertheless the outlook that the country has
to face and the condition for which it will have
to pay.

Christmas
HIS is the season of universal good-will. Conflict of every description abates, ceases for the
time being, at least, under the mystical influence of
a deep-rooted human faith. We harken, even the
most callous of us, consciously or unconsciously, to
the age-old anthem—heaven-born to earth-borne:
"Peace on earth, good will toward men." We feel
an inner compulsion to lay aside our personal ambitions and strivings and think only of good toward
others. Rightly considered, this is the perennial
attitude of the heart, of the higher consciousness of
all men. Only our fears and anxieties, our weaknesses and fallibilities ever cause the overshadowing
of the innate kindness of every man. Witness the
world-wide joy and acclaim over the success of the
good doctor, Allan Roy Defoe in sustaining life in
the five identical infants. Whether outwardly expressed or deeply, silently felt, this is the real human
thing, the mysterious quality of kindness triumphant. Could it but be known, as we know that
one and one make two, it would be impossible for
man to err in any respect, or for conflict to arise
in human affairs; all our strivings would be but in

T




3697

emulation of the Prince of Peace, Who knew all
things whatsoever.
Of course, Christmas is pre-eminently the children's time; for was He not God of the children?
They romped about Him, grasping His hands and
twisting His mantle, without hindrance, as He spoke
to the elders who could not see the truth because
they had lost their childish vision. To the innocent
mind, which is man in his excellence, the wondrous
and the beautiful are the obvious and ordinary. We
shower the children with gifts, delicacies and comforts of every description, into the millions and billions of wealth at this time, so that through their
delighted gladness we may renew our own childhood, blessing ourselves, our friends and neighbors
and every passing stranger. The whole world becomes as one, if only for a season, as, all unthinkingly, perhaps, we full-heartedly love the things
loved by the children's God.
So, too, the poor are filled with good things. The
hungry, the desperate, the depraved, the despised,
the imprisoned and neglected are sought out in all
the dark quarters of the earth and bidden cheerily
to share the joy, the comfort and the wealth of a
world turned innocent and kind for a brief season.
The sick, at all times under loving and thoughtful
care, arouse in us a still deeper sense of interest and
pity at Christmas time. Those whom destiny has
decreed must mourn at this season awaken in us
all a most piercing sympathy, the more since all
suffering itself from the depths of kindness struggles to conceal its pain from others and does what
it can to spread the Divine good-will. Kindness—
what a balm, what an anointment in our short and
care-full lives.
The spirit of the day is not of short duration.
Ecclesiastically, Christmas-tide is from Dec. 24 to
Jan. 6, but in reality it is much prolonged in its
coming, and we are loath to see its slow departing.
In the northern woods and on the mountain sides
the firs and evergreens have summoned the toil of
men for many weeks before Advent; and for as
long a time the sunny spots of the earth have been
nurturing the glorious colors of decorative plant
life. Yes, the very marts of man flourish feverishly
in this season of utmost rejoicing. We cannot make
toys enough, nor bright objects enough, nor precious,
nor useful things enough, nor yet distribute them
fast enough to appease the generosity which the
human heart feels at Yuletide. All the arts and
artificers of the world are summoned to display
their cunning and command their imaginations so
that every habitable spot may share somewhat the
beauty and brightness which we endeavor to make
symbolic of the mystical Light that filled the stillness of that holy night so long ago, the celebration
of which draws nearer and brighter.
We fill the air with music, the most divine form
of human expression. The greatest composers of our
own and all past time, and our virtuosi, add their
powers and their skill to the universal caroling. We
cannot do enough to express the surging waves of
kindness that we would have fill the world at
Christmas time.
What more can we do? What have we left undone? Wealth of material gift, aid to suffering,
light and color are not enough. No earthly thing is
sufficient. To the abandon of joy and kindness we
must humbly add our serious worship. For it is

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Financial Chronicle

our belief in this gentle faith which strengthens the
feeling of good-will toward humanity.
The spirit of 'Christmas does not pass away with
the closing year. There is a cumulative remainder
of good-will which acts powerfully for progressive
benevolence and understanding in all human relationships. The wise and good have declared this to
us over and over again. It needs no great knowledge of history to get the right perspective. Just a
slight but thoughtful glance back into time and we
discern with clarity the alleviation of life which has
followed from one Christmas to another from the
first. Then was kindness nowhere; now it is everywhere. The circumference of it can no longer
spread. But the quality of it must deepen, as it is
deepening, in intensity until nowhere in human relatio s can there be anything more real than kindness,
the spirit of Christmas. Then we shall have whateve i of social justice is possible to humans; then
e one Christmas lasting the yea long.
th

Simplify the Margin Rules
(By CHARLES H.,MEYER,* of the New York Bar]

"For the purpose of preventing the excessive use of credit
for the purchase or carrying of securities," reads Section 7
of the Securities Exchange Act, "the Federal Reserve Board
shall, prior to the effective date of this section and from
time to time thereafter, prescribe rules and regulations with
respect to the amount of credit that may be initially extended and subsequently maintained on any security, other
than an exempted security, registered on a national securities exchange."
So declares the law. "Prior to the effective date of this
section," which was Oct. 1 1934, the Federal Reserve Board
was charged with the duty of formulating rules regulating
one of the most technical branches of a highly technical
business.
Pursuant to this Congressional mandate, the Board, on
Sept. 27 1934, promulgated Regulation T, relating to the
extension and maintenance of credit by brokers and dealers.
The task had been a difficult one. The problems which it
presented had been complex, and the time allotted for their
Initial solution had been limited. Under the circumstances,
the Board's accomplishment was completed in a workmanlike, common sense way, which is deserving of high commendation.
Nevertheless, more leisurely consideration seems to indicate that the present rules, without being weakened,
strengthened or materially altered in their content, could
be recast in simpler form, so as to make them more readily
comprehensible and usable by those who are required to
work with them. In this article suggestions are made for
achieving that object.
Abolish the Triple Standard
The present margin rules are based on the formula suggested in Section 7(a) of the Securities Exchange Act.
Under that formula the amount of credit which may be extended on a registered security must be computed according
to one of three standards. The particular standard which
must be used depends on how far the current price of the
security has advanced from its low price during the preceding three years, or since July 1 1933. A security which
Is selling within 33 1/3% of its low is in the low margin
zone. Its loan value is 75% of its current price. A security
selling between 33 1/3% and 82% above its low is in the intermediate margin zone. Its loan value is its low. A security
selling at more than 82% above its low is in the high margin
zone, in which the loan value is 55% of the current price.
In determining whether a customer's account is adequately
margined, the loan value of each security in the account
must be computed separately. At any given period of time
some securities are selling in the low margin zone, some in
the intermediate margin zone, and some in the high margin
zone. In order to find out what margin is required of the
customer, the broker must first ascertain the lowest price
of each security in the account within the preceding three
years, or since July 1 1933. He must then ascertain which
•Mr. Meyer is author of "The Law of Stockbrokers and Stock Exchanges,"
*The Securities Exchange Act of 1934 Analyzed and Explained," and numerous
other publications relating to stockbrokerage law,




Dec. 15 1934

of the three standards of margin must be applied. And
finally, he must compute the margin based on the standard
which is applicable. This procedure must be followed for
every stock held for every customer.
This is all quite complicated, and will continue to be complicated no matter how accustomed margin clerks may
become to using the triple standard. Devices have been
marketed for simplifying the mathematical operations in. volved, but notwithstanding these devices the complications
remain. Should our security markets encounter a period
of prolonged activity the correct computation of margins
might present a serious problem.
There does not seem to be any cogent reason why a single
standard should not supplant the triple one. Estimates
based on market prices of all listed securities at the time
of the adoption of the margin rules indicated the average
permissible credit under the statutory formula to have been
72% of current market prices. If the varying statutory
standard were supplanted by a single standard of 72%
applicable to all registered securities, the aggregate credit
permitted in all security transactions would not be changed
substantially. As the average market price level advanced
or declined, the Federal Reserve Board could readily alter
the single standard, so as to allow approximately the same
amount of aggregate credit as if the triple standard were in
force. In that way, credit available for stock market operations could be controlled just as readily as by the more
,tomatic operation of the statutory formula. The entire
financial community, including investors and traders as
well as margin clerks and accountants, would then know
specifically what margin was required.
The three objections which most commonly have been advanced to the adoption of a single standard of margin appear
to be without substantial weight. The first is that the
Federal Reserve Board is under a moral responsibility to
adopt the formula suggested by the Securities Exchange Act
In the absence of unusual circumstances compelling the adoption of a different measure. A careful reading of the Act
does not appear to require this assumption. The Act says:
"For the initial extension of credit, such rules and regulations shall be based upon the following standard." A single
standard fixed at a level equivalent to the average of the
three statutory measures would, in the opinion of the author,
"be based upon" the formula mentioned in the law.
Of greater significance, however, is the subsequent pro
vision of Section 7 of the Securities Exchange Act that "not
withstanding the provisions of subsection (a) of this sec
tion (in which the statutory formula is embodied), the Fed
eral Reserve Board may . . . prescribe such lower margin requirements . . . as it deems necessary or appropriate for the accommodation of commerce and industry,
. . . and prescribe such higher margin requirements
. . . as it may deem necessary or appropriate to prevent
the excessive use of credit to finance transactions in securities." If there were any doubt as to the power or as to the
moral right of the Federal Reserve Board to alter the
formula prescribed in the earlier part of the section, this
provision appears to eliminate it.
The second objection commonly raised against the adoption of a single standard for all securities is that the margin
requirements ought to be made stricter as prices advance
and more liberal as prices decline. The statutory formula,
It is pointed out, automatically contracts or expands the
loan value of securities as markets go up or down. This is
true. However, there is no reason why a change by the
Federal Reserve Board in a uniform loan value, whenever
and as often as there is a substantial change in the market
level, could not achieve the same object.
The third objection advanced against a single standard is
that such a standard would accord to all securities the
same loan value irrespective of their quality. It is to be
noted, however, that the triple standard does not eliminate
this possibility. A stock which in three years has had a
gradual advance from 100 to 200 might be a better risk than
one which during the same period has declined from
100 to 50. Nevertheless, under the present rules, the former
would have a loan value of only 55%, whereas the latter's
loan value would be 75%. The fact that under the statutory
formula margins are not based on the quality of the securities was called to the attention of the committees of Congress which had charge of framing the Act. Their answer
was

"The main purpose of these margin provisions . . . is not to increase
the safety of security loans for lenders. . . . Nor is the main purpose
even protection of the small speculator by making it impossible for him

Volume 139

Financial Chronicle

to spread himself too thinly. . . . The main purpose is to give a
Government credit agency an effective method of reducing the aggregate
amount of the nation's credit resources which can be directed by speculation
into the stock market and out of other snore desirable uses of commerce and
industry." (From report of Committee on Interstate and Foreign Commerce,
House of Representatives, on Securities Exchange Bill.)

If the purpose of margin regulation is to limit the credit
available for stock market operations irrespective of the
quality of the securities which may be involved, that purpose is accomplished just as effectively by a uniform loan
value for all securities as by a varying one based on an
arbitrary advance above a fortuitous low.
Restricted and Unrestricted Accounts
Among the new concepts introduced by the margin rules
In stock market practices are those of the restricted account
and the unrestricted account. New concepts are unobjectionable where necessary. Here, however, they appear
needless, and have, in fact, been responsible for much of the
misunderstanding which first arose over the interpretation
of the regulations.
The fact of the matter is that under the present rules a
restricted account, for most practical purposes, is no
more restricted than an unrestricted account. Both are
restricted by the triple standard for the extension of new
credit. Both are restricted against voluntary transactions
which impair the margin as fixed by that standard. Neither
Is restricted in other respects. The unrestricted features of
an unrestricted account do not apply to the account itself,
but to the customer's surplus equity over and above the
margin required to make it an unrestricted account.
Let us take an example. A customer on opening a new
account with a broker buys 100 shares of Telephone at 100.
The loan value of Telephone at that price is 75. The total
cost is $10,000, of which the broker advances $7,500 and the
customer pays $2,500 in cash. The account is unrestricted.
Telephone goes down to 99. The customer's debit balance
is still $7,500, but the loan value of the stock at 99 is only
$7,425. The account has become a restricted one.
What transaction is there, however, under the present
rules, 'which a broker can lawfully effect for the customer
while the stock was at 100, which he cannot equally lawfully
effect when the stock declined to 99? I know of none of
any consequence.* If the customer wishes to buy 10
additional shares he may do so in either instance, but only
If a demand for further margin is made and complied with.
In each instance the demand must be for 25% of the cost
of the new stock. If the customer wishes to sell 10 shares,
he may do so in either instance. If he wishes to withdraw
cash after having sold the 10 shares he may, in either
instance, withdraw all the cash above 75% of the market
value of the stock remaining. If he wishes to sell his entire
100 shares and buy In its place 200 shares of Case, selling
at 50, he may do so. But the loan value of Case is only $35
per share (which is its low since July 1 1933), or $7,000 on
the 200 shares. Therefore, whether the customer sells his
Telephone at 100 or whether he sells it at 99, he must pay
an additional amount of cash into his account to reduce his
debit balance to $7,000.
Suppose, however, that the customer's Telephone, instead
of going down to 99, goes up to 101. In that case he has an
excess equity in his account. The loan value of his stock is
$7,575, and as his debit balance is still $7,500, there is $75
which he may draw out, or which he may use for new commitments. The privilege of using this $75, however, arises,
not out of the fact that his account is unrestricted, but out
of the fact that there is a surplus of margin above what is
needed to make it unrestricted.
The sole purpose, so far as the author has been. able to
detect, of distinguishing between a restricted and an. unrestricted account is to enable the customer to withdraw or
otherwise use for his benefit the surplus equity, if any, in
an unrestricted account. If in the unrestricted account
there is no surplus equity, it is, for all practical purposes,
subjected to the same limitations as a restricted account.
There appears to be no reason 'why the distinction should
not be eliminated. and in place of it a rule promulgated
authorizing a broker to let his customer use his surplus
equity in such manner as the customer sees fit.
The classification of accounts into restricted and unrestricted may be particularly embarrassing if at some future

3699

time the Board establishes a minimum standard of margin
on which an account may be maintained. At the present
time a standard has been imposed for the initial extension
of credit. However, a credit once lawfully established may
be continued no matter to what extent the collateral is
impaired by reduction in its market value or by debits for
interest, commissions, and other charges. However, the
Securities Exchange Act authorizes the Board to impose
margin requirements not only for an initial extension of
credit, but also for its subsequent maintenance. If such a
standard should be imposed there would have to be a third
class of accounts, which would be subject to greater restrictions than the present restricted account. We would then
have not only unrestricted and restricted accounts, but also
a super-restricted account. It would seem wise to abolish
the distinction between restricted and unrestricted accounts
before it becomes too firmly imbedded in Wall Street
practice.
Tell the Street Specifically What It May
and May Not Do
Paradoxical though it may seem, much of the complexity
of the margin rules arises out of the attempt to simplify
them by having a single rule apply to transactions of all
types. To illustrate, let us quote from that portion of
Section 4 of the rules relating to transactions in restricted
accounts:
"(c1) Transactions in restricted accounts. A creditor shall not permit a
customer to make in a restricted account any transaction which, in combination with any other transactions made on the same day and together with
demands for additional margin in connection therewith, results in any
increase of the excess of the adjusted debit balance of the account over the
maximum loan value of the securities in the account, or results in any net
withdrawal of cash and/or securities: Provided, however, That a creditor
may permit a customer to make any transaction or combination of transactions which causes the account to become an unrestricted account: and
Provided, That any substitution of securities consisting of a sale of securities in the account and the purchase of other securities, if completed
within a period of two successive business days, may be considered for the
purposes of this section as a single transaction occurring on the day on
which the purchase occurs."

This provision applies to all "transactions" in restricted
accounts. The rules do not define the word "transaction."
However, it has been interpreted to include not only a purchase and sale, but also a substitution of securities, either
with or without purchase and sale, a substitution of cash
for securities or securities for cash, a withdrawal of securities, a withdrawal of cash, the receipt of dividends or interest, the payment out of the account of dividends or interest
so received, and any other act involving the execution of a
commitment, the payment or receipt of money, or the delivery of a security.
The effort to formulate a single rule applicable to all
transactions having such varied characteristics has led to
some weird conclusions. As an example, let us consider
official ruling No. 35. That ruling was made in answer to
an inquiry as to whether a broker may permit a customer
who maintains a restricted account to deliver registered
securities to the broker for cash sale, and to withdraw the
proceeds of the sale. The Board ruled that the broker may
do so, provided that the delivery of the securities into the
account, the sale of the securities, and the withdrawal of
the funds, all occur on the same day,"so that the withdrawal
of funds constitutes a part of a combination of transactions
which does not result in a net withdrawal or an increase
In the excess of the adjusted debit balance of the account
over the maximum loan value of the securities in the account
In violation of Section 4(d) of the regulation." (The quotation is from the official ruling.) To state the matter more
simply, if a customer who has a restricted account wishes
to sell for cash securities which are not in the account, he
may do so provided he delivers the securities to the broker
on the day on which they are sold and gets the cash on
the same day. However, under the rules of the New York
Stock Exchange, where the sale is made in the regular way,
settlement is not made until two days later. Therefore,
under the official interpretation of the Federal Reserve
Board, the broker could not pay over the proceeds of the
cash sale to the customer on the day on which the broker
received them. However, he could advance the proceeds
two days previously if he wished to do so, in which event,
under stock exchange rules, he would have to charge his
customer interest for those two days. The logic or policy
behind such an interpretation is not apparent.
* An examole of a transaction which under the Federal Reserve Board's Interpretation of the rules may he made In an unrestricted account hut not In a restricted
An analogous official interpretation showing the curious
No.
ruling
below.
35
to
referred
Board's
the
official
from
inferable
account Is
an unrestricted account delivers a security to his broker for
alleys
H a customer having
in which logical interpretation of the rules leads us
date (two days
cash sale, he may withdraw the proceeds on the usual settlement
still remains unrestricted. If,
is ruling No. 36. Under that ruling a broker may permit a
after the date of the sale) provided the account
however his account Is a restricted one, he may withdraw the proceeds only on the
customer to sell an unregistered security which is already in
day on which the sale Is made. This would Involve an advance by the broker to
the customer of the proceeds of the sale pending the actual receipt of the proceeds
a restricted account and withdraw the proceeds of the sale.
by the broker.




3700

Financial Chronicle

if the sale, the receipt of the proceeds by the broker, and the
payment of the proceeds to the customer, all occur on the
same day. Here unregistered securities apparently have a
favored status over registered securities, in that the proceeds of their sale may be withdrawn even though they are
already in the account when sold. On the other hand, a
further restriction which appears to have no basis in policy
is imposed on the withdrawal, namely, that not only must
the sale and the payment to the customer occur on one day,
but also the receipt of payment by the broker must occur on
the same day. Therefore, although the customer may sell
and withdraw the proceeds of an unregistered security
which the broker is holding as collateral, in order to do so
the sale may not be made in the regular way for payment
two days later, but must be made for immediate cash payment, which ordinarily entails some sacrifice in price.
Examples of this type might be enumerated at some
length.* It would seem, therefore, that the effort to cover
all types of transactions by a single all-embracing rule
should be abandoned, and separate rules, simply drawn,
should be formulated for transactions of each type.
It should be observed also that the rules relating to cash
transactions apply only to cash purchases and not to cash
sales. All sales, even though for cash, are placed under the
same restrictions as margin transactions. There seems to
be no reason why cash sales should not be granted the same
immunities as cash purchases.
In redrafting the rules, it would seem that greater simplicity might be attained in the language which is employed.
The extract from Section 4 quoted above, relating to restricted new accounts, as well as the quoted extract from
Ruling No. 35 interpreting it, are examples of prolix
verbiage which has created confusion in the minds of many.
This is particularly true of Section 4, to which we have just
adverted, and to Section 7, relating to old accounts. Of the
38 rulings which have already been issued, 12 have been
needed to interpret Section 4 and 10 to interpret Section 7.
Even the interpretations have in some instances left such
doubt that a second interpretation has been necessary to
interpret the first. An illustration is the case of the withdrawal of cash dividends and interest from a restricted
account. Before an official ruling was made on this subject
there was a strong division of opinion as to whether such
withdrawal could be made at any time, whether it could be
made only on the day on which the dividend or interest was
received by the broker, or whether it could not be made at
all. On Oct. 22 the Federal Reserve Board ruled that "such
withdrawal of interest or dividends is to be considered as
not different from any other withdrawal of cash." The
Street was still mystified. A second ruling was required to
establish that interest and dividends may be withdrawn,
but only on the day on which they are credited to the customer's account.
A Simple Framework for a Revised Regulation
Without attempting to recodify completely the present
rules, the author suggests the following as a skeleton embracing the principal ideas described in this article:
Rule 1. Definitions.
(a) The terms "person," "member," "broker," "dealer,"
"buy," "purchase," "sell," "sale," "security," "equity
security," "bank," "exempted security" and "registered
security" shall have the meanings given them in the Securities Exchange Act of 1934.
(b) The term "creditor" means a member of a national
securities exchange or a broker or dealer who transacts a
business in securities through the medium of such member.
(c) The term "general account" means the combination
of all financial relationships between a creditor and a
customer other than those embraced in accounts mentioned
In Rules 13, 14, 15, 16 and 17, which accounts are deemed
special accounts.
(d) The term "customer" means any person or group of
persons to or for whom a creditor extends or maintains
credit. If the creditor is a firm and extends credit to one
•A few examples of transactions which appear to be permissible, although not
yet the subject of any definite ruling, are the following:
1. A customer apparently may make an•unilmited withdrawal of cash or securities
from an unrestricted account, even to the extent of stripping the account of all
collateral whatever, provided that a demand for new margin is made on the same day.
2. A customer, whether his account is restricted or unrestricted, apparently can
continue making purchases indefinitely without actually putting up margin, In
the following manner: Be may purchase a security against a demand for margin,
which must be complied with in three days. Before the three days have expired.
be may purchase a second security, which would be margin for the first. The
second security also would be purchased against s demand for margin. Before
the expiration of three days from the purchase of the second security, a third security
could be bought, which would be margin for the second. This process could be
continued indefinitely as long as desired.
3. Apparently an account consisting entirely of unregistered securities, whether
old or new, may be completely stripped of collateral, provided that the securities
are sold for cash and the proceeds paid over to the customer on the date of sale.




Dec. 15 1934

of its partners for the purpose of purchasing or carrying
securities, the partner shall be deemed a customer, except
that his capital and drawing accounts shall not be considered as part of his general account or of any special
account for the purpose of this regulation.
Rule 2. Maintenance of credit.
Any credit which is lawfully extended may be maintained,
notwithstanding the impairment of the margin resulting
from changes in market prices or from charges for interest,
commissions, taxes, service charges, and disbursements involved in the borrowing of securities for delivery on short
sales.
Rule 3. Extension of credit.
A creditor may extend credit on securities up to but not
In' excess of the loan value of such securities, which loan
value shall be as follows:
(a) In the case of exempted securities, 100% of their
market value;
(b) In the case of registered, unexempted securities, 72%
of their market value;
(c) In the case of unregistered, unexempted securities,
nothing.
Rule 4. Short sales, future commitments, do.
Notwithstanding Rule 3, a creditor may extend such
credit as may be necessary to effect a bona fide short sale,
or a bona fide future commitment in an unissued security,
or in a commodity, or in foreign exchange, or may guarantee
a put, call or other option, provided that in doing so he
demands and receives the margin customarily required by
him in such a transaction.
Rule 5. Withdrawal or use of surplus equity.
In case the loan value of all of the securities in a customer's general account or any special account is in excess
of the customer's adjusted debit balance in such account,
determined as provided in Rule 6, the creditor may permit
the customer to withdraw the excess either in cash or in
securities having a loan value not exceeding such excess,
or may permit the customer to use the excess as security
for new extensions of credit under Rules 3 and 4 of this
Regulation.
Rule 6. Adjusted debit balance.
The adjusted debit balance in a customer's account shall
be the net debit balance after:
(a) giving effect to purchases and sales of securities
(other than unissued securities and securities sold short)
which have been made but not yet consummated; (b) giving
effect to unrealized gains and losses on future commitments
of the Character referred to in Rule 4, except that the
customer shall not be credited with unrealized gains on
such commitments in excess of the margin thereon:* (c)
charging the customer with the market value of the securities sold short, and the requisite margin on securities sold
short and on future commitments of the character referred
to in Rule 4; and (d) in the case of a guarantor's account,
charging the customer with such sums, if any, not exceeding
the amount to which the guarantee is limited, as may be
necessary to reduce the adjusted debit balance in all guaranteed accounts to amounts not more than the aggregate
loan values of the securities in such accounts respectively.
Rule 7. Purchases in margin aCcounts.
A creditor may make a purchase on margin on behalf of a
customer, or may sell a security on margin to a customer,
provided that in doing so he does not extend credit in excess
of that permitted by Rule 3.
Rule 8. Sales in margin accounts.
A creditor may, on behalf of a customer, sell securities
which are carried in the customer's margin account, or may
purchase such securities from a customer, provided, however, that the proceeds of the sale may not be withdrawn,
except as provided in Rule 5.
Rule 9. Substitutions by purchase and sale.
A creditor may, without demanding or obtaining additional margin, permit a customer to make substitutions
of securities carried in a margin account by the sale of such
securities and the purchase of other securities, and either
the sale may precede the purchase or the purchase may preThis clause, which disallows crediting unreallTed gains in excess of the margin
In the case of a commodity commitment, has been inserted because a similar provision appears in the present rules. it would seem, however, that the clause ought
to be omitted entirely an unnecessary and as giving a commodity broker to whom
the rules do not apply an advantage over another broker to whom they do apply.

Volume 119

Financial Chronicle

cede the sale, provided, however, that (a) the substitution
shall be completed within two successive days, and (b) if
prior to or as a result of the substitution the adjusted debit
balance is in excess of the loan value of the securities in
the account, any impairment of margin resulting from such
substitution shall be made good by the deposit of either
cash or of securities having a loan value at least equal to
the impairment.
Rule 10. Substitutions without purchase or sale.
In addition to the privilege of permitting the customer to
withdraw his surplus equity, as provided in Rule 5,a creditor
may permit a customer to substitute cash for securities,
securities for cash, or securities for securities, without purchase or sale, provided that the cash plus the loan value of
the securities delivered into the account shall at least equal
the cash plus the loan value of the securities withdrawn
from the account, and provided also that the substitution
be completed within a single day. However, if as part of
such a substitution unregistered, unexempted securities are
withdrawn, they shall be replaced by cash or by other securities having an equal value.

3701

volved, the terms and date of sale, and the date and manner
of payment. In any such transaction the creditor may
extend credit for a period of seven days from the time
when payment in connection with such transaction is
actually made by him; provided, however, that if such payment is not received by the creditor within such seven days,
the creditor must within two days thereafter cancel the
transaction, or sell the security purchased, or purchase the
security sold; and provided, further, that in exceptional
cases where the purchase or sale has been effected on a
national securities exchange, the Business Conduct Committee of such exchange may grant a further extension of
time not exceeding 35 days, or may authorize the creditor
to convert the transaction into a margin transaction. The
privilege of extending credit pursuant to this rule applies
only in cases where an agreement is made between the
creditor and the customer in good faith for a purchase or
sale for cash, and where such transaction is not intended
to evade or circumvent the provisions of this regulation.

Rule 15. Arbitrage accounts.
Bona fide arbitrage transactions in securities, which are
not used for the purpose of evading the provisions of this
Rule 11. Withdrawals.
regulation, shall be exempt from the other provisions of
in which
Except as provided in Rule 5, neither cash nor securities this regulation, if recorded in a special account
of the net
may be withdrawn from a margin account, except that divi- the customer maintains a margin equal to 2%
condends and interest may be withdrawn on the day on which debit balance; provided, however, that if the account
mainthey are paid into the account. Unregistered, unexempted tains only exempted securities, no margin need be
securities may be withdrawn from an account in which the tained.
adjusted debit balance does not exceed the aggregate loan Rule 16. Extensions of credit to other members, brokers
value of the securities therein.
and dealers, and to distributors and syndicates.
A special account may be created for a customer who is
Rule 12. Demand for margin.
member, broker or dealer who is subject to the
In any case where a creditor is permitted to extend credit, (a) another
this regulation, or who has places of business
of
provisions
he may consider a demand for margin as the equivalent of
countries, and to whom credit is extended
foreign
in
only
the receipt of the margin, provided that on the day on
such account solely for the purpose of
in
which the credit is extended he makes such demand in or or maintained
accounts for his customers other than
carry
to
him
enabling
confirms it by a letter or telegram sent to the customer at
partners; or (b) a dealer, underwriter, or
his
and
himself
his last known address, and provided, further, that such
dealers or underwriters, or a syndicate, to whom
demand is complied with within three days (exclusive of group of
extended or maintained in such account for the
is
credit
Saturdays, Sundays and holidays), except that in excepunderwriting an issue of securities, or distributtional cases, where the transaction has been effected on a purpose of
of securities at wholesale or retail. In any
issue
an
ing
national securities exchange, the Business Conduct Comloan value of registered, unexempted securithe
account
mittee of such exchange may, on application of the creditor, such
of their market value, and the loan value
80%
be
shall
ties
grant a further extension of time, not exceeding 10 days,
shall be as provided in Rule 3. Nothing
securities
other
of
within which to comply with such demand. Demand for
a creditor from extending credit
prevent
shall
rule
this
in
margin may be complied with by the deposit of cash or
the kinds mentioned above for
of
any
of
customer
a
to
securities; or, in the alternative, by the sale of securities
those mentioned above, but such credit
than
other
purposes
or
of
the
account,
in
the enhancement of the market value
in a special account under this rule.
the securities in the account, or by any other method (in- shall not be extended
cluding the deposit of cash or securities) or by a combina- Rule 17. Extensions of credit for purposes other than purtion of any of such methods, as a result of which either (a)
chasing or carrying securities.
the loan value of the securities in the account is more than
In a special account recorded separately, a creditor may,
the adjusted debit balance, or (b) the loan value of the notwithstanding other provisions of this regulation, extend
securities in the account is less than the adjusted debit
credit without collateral, or on any collateral whatever, for
balance, but the difference is no greater than it was before
any bona fide purpose other than the purchasing or carrythe new credit was extended.
ing of securities, or evading or circumventing the provisions
of this regulation; provided, however, that the customer to
Rule 13. Old accounts.
whom such credit is extended shall file with the creditor a
Any account which has heretofore been designated as an
written declaration signed by him which shall state the use
old account may be maintained as a special account up to
to be made of such credit, and which shall state specifically
but not beyond July 1 1937, and may be considered sepathat it is not for the purpose of purchasing or carrying
rately from the customer's general account. Transactions
securities, or evading or circumventing the provisions of
In such account may be permitted to the same extent as if
this regulation. A creditor may rely on such written
the account were a general account, except that the debit
declaration unless he knows it to be false or has informabalance therein shall not be increased; provided, however,
tion which would lead a prudent man to inquire and with
that substitutions in such an account may be made by the
reasonable diligence to ascertain its falsity.
sale of securities and the purchase of other securities (and
To the above skeleton regulations there should be added
the
or
purchase
either the sale may precede the purchase
covering such administrative matters as computation
rules
may precede the sale) if the substitution is completed within of market value, receipt of payment by checks, drafts, &c.,
a single day, and if any impairment of margin or increase which are dishonored, transfer of accounts, guaranteed
In the adjusted debit balance resulting therefrom be made accounts, credit for clearance of securities, innocent mis.by the deposit of cash.
good on the same day
takes, transactions outside of the United States, reports by
members, and similar subjects.
Cash
accounts.
Rule 14.
In Conclusion
A creditor may effect for a customer a bona fide cash
The views expressed in this article have been approved
purchase or sale of any security, whether exempted, registered and unexempted, or unregistered and unexempted, by some of the ablest margin men in the Street, as well as
and in connection with such transaction may extend limited by lawyers familiar with stock exchange technique. There
credit as hereinafter permitted, and, if the transaction is a Is no pretense that they present a perfect code. Much will
sale, may pay over the proceeds thereof to the customer, have to be gathered from experience, and much more will
provided that such transaction is entered in a special cash have to be molded to conform to varying conditions. Neveraccount for the customer concerned, in which the full details theless, it would seem that enough has already been learned
of each transaction are recorded, including the name and to permit the recasting of Regulation T in simpler and more
address of the customer, a description of the security in- comprehensible form.




3702

Financial Chronicle

Dec. 15 1934

Gross and Net Earnings of United States Railroads for the
Month of October
Our tabulation of the gross and net earnings of
United States railroads for the month of October
reflects once again the tendency, noted in previous
months, of a less favorable showing for net than for
gross income. The comparison of gross returns in
October as against those of the same month last year
is in itself none too auspicious, as an actual loss is
recorded for the country as a whole. But net earnings declined precipitately, clearly as a consequence
of the heavier charges now being met by the railroads in the way of increased costs of materials.
This tendency suggests most pointedly the advisability of permitting the higher freight rates now
under consideration, and it also indicates that the
railroad pension law, if held constitutional by the
United States Supreme Court, would wreak havoc
with the already diminished net earnings of the
carriers. It is plainly necessary to adopt some such
program as that suggested at the Investment Bankers Association of America convention some weeks
ago. This program calls, in general, for supervision
by the Federal Government of all competitive carriers and adjustments of rates to levels where a reasonable return can be counted upon. For it requires
no detailed study to realize that motor truck competition is steadily draining revenues away from
the railroads, and also is tending to keep the earnings of the railroads down at a time when modest
improvement in trade and industry was in progress.
Although the total of gross revenues for October
of 1933 was heavily reduced from what might be
considered a normal return, a further small recession actually occurred in October of this year. The
gross earnings for the 146 railroads were $292,488,478 last October against $293,983,028 in the
same month of 1933, a decrease of 0.51%. The
Western and Southern railroads, in general, fared
somewhat better than those of the great manufacturing and coal regions of the Eastern and Central
sections of the country, increased earnings being
shown by the former, whereas the latter groups
showed declines. Owing to the increased costs of
operation, however, net earnings were down not only
as a whole but in every group. They fell to $80,423,303 from $89,641,103, a drop of $9,217,800, or
10.28%. The rapid advance of operating expenses,
which began just about one year ago, again was in
evidence last October, and it accounted for most of
the decrease in net revenues.
Month of October—
1934
1933
Mlles of road (146)
238,937
240.428
Gross earnings
S292,488.478 $293,983,028
Operating expenses
212,065.175 204.341,925
Ratio of expenses to earnings
69.51%
72.50%
Net earnings

$80,423,303

889,641,103

Inc. (4-)

or Dec. (—)
—1,491 0.62%
—81,494,550 0.51%
+7,723.250 3.78%
+2.99%
—89,217.800 10.28%

The need for a general review of the situation of
the leading carriers of the country is shown not only
by the adverse trend of earnings, but also by the
steady recent decline in the car loadings of revenue
freight. These recessions are taking place in face
of the undoubted fact that at least a small measure
of improvement in the general trade and industry
of the country now is current.
As instances showing the trend of trade and industry, the statistics regarding automobile production
come first in order. Here we find that the output of
motor vehicles in October the present year was somewhat smaller than in October a year ago—namely,
132,488 cars as against 134,683. This compares,




however, with only 48,702 cars in October 1932 and
with only 80,142 cars in October 1931. Carrying
the comparison further back, we find that in October
1930 the number of cars turned out was 154,401, and
in 1929 no less than 380,617. In the iron and steel
trades the falling off was very pronounced. According to the figures compiled by the "Iron Age," the
make of pig iron in October 1934 was only 951,062
gross tons as compared with 1,356,361 tons in the
same period of 1933, but contrasting with but
644,808 tons in October 1932. In 1931 the output
of pig iron aggregated 1,173,283 tons; in 1930,
2,164,768 tons, and in October 1929, 3,588,118 tons.
The production of steel ingots, as reported by the
American Iron and Steel Institute, in October the
present year was 1,461,932 tons, down from 2,084,894
tons in October 1933, but comparing with 1,087,058
tons in October 1932. Back in October 1931 the production of steel ingots was 1,590,180 tons; in 1930,
2,692,539 tons, and in October 1929, no less than
4,534,326 tons.
On the other hand, the statistics regarding the
mining of coal show an increase as compared with
October a year ago in both the pro'duction of bituminous and of anthracite coal, but more particularly
in the former. In October the present year the
quantity of bituminous coal mined in the United
States aggregated 32,573,000 net tons as against
29,656,000 net tons in October 1933. However, in
October 1932 the output was 32,677,000 tons; in
1931, 35,700,000 tons; in 1930, 44,150,000 tons, and
in October 1929 reached 52,174,000 tons. In the case
of Pennsylvania anthracite, this year's output in
October was 4,729,000 tons as against 4,711,000 tons
in the same month of 1933, but comparing with
5,234,000 tons in October 1932; 6,561,000 tons in
October 1931; 7,443,000 tons in 1930, and no less
than 8,026,000 tons in October 1929.
Turning to still another compilation, the F. W.
Dodge Corp. finds that construction contracts
awarded in the 37 States east of the Rocky Mountains called for an expenditure of only $135,524,800
in October the present year as compared with $145,367,200 in the corresponding period of 1933. This
amount, however, compares with only $107,273,900
in October 1932. Going back to 1931, we find that
in October of that year construction contracts involved an expenditure of $242,094,200; in 1930 of
$336,706,400, and in October 1929 the huge sum of
$445,642,300. As might be expected, in view of the
decline in the building trade, lumber production
shows a falling off also. The National Lumber
Manufacturers' Association reports that for the five
weeks ended Nov. 3 1934 an average of 717 identical
mills show a cut of only 812,918,000 feet as against
846,386,000 feet in the same period of 1933. This
is a decrease of 4%, but, nevertheless, is 25% above
the record of comparable mills during the same
period of 1932. Shipments of lumber, on the other
hand, in the same five weeks aggregated 787,359,000
feet as against 784,981,000 feet in the corresponding
period of 1933, a gain of 0.3%. Orders received, too,
in the same five weeks were higher, having been
799,158,000 feet the present year as compared with
779,519,000 feet in the corresponding period of 1933,
or 2.5% higher than those of 1933 and 12% heavier
than those of similar weeks of 1932.

Volume 139

As to the Western grain movement, a further
heavy reduction was suffered in October 1934 on
top of quite a notable contraction in October a year
ago—in fact, this year's movement was the smallest
for October in many years. We deal in detail with
the Western grain traffic in a separate paragraph
further along in this article, and will only note here
that at the Western primary markets the receipts
of wheat, corn, oats, barley and rye combined for
the four weeks ending Oct. 27 1934 were only
38,772,000 bushels as against 44,874,000 bushels in
the same four weeks of 1933; 54,991,000 bushels in
1932; 52,908,000 bushels in 1931, and 55,888,000
bushels in October 1930.
The most conclusive evidence, however, of the falling off in the volume of traffic moved by the railroads is found in the figures giving the loading of
revenue freight. In that case the statistics relate
to the entire country and include all the different
items of freight, constituting in the latter respect a
sort of composite picture of railroad tonnage of all
classes. From the statistics compiled by the Car
Service Division of the American Railroad Association, we find that for the four weeks of October 1934
the number of cars loaded with revenue freight was
2,531,489 as against 2,632,481 cars in October last
year; 2,534,048 cars in October 1932; 3,035,450 cars
in 1931; 3,817,786 cars in 1930, and no less than
4,679,411 cars in October 1929.
In view of what has been said above, it is no surprise to find that when the figures of earnings of
the different roads and systems are scrutinized, the
list of decreases in both gross and net earnings alike
is a long one; in fact, assumes dismal proportions.
The decreases, too, are large-sized in the great majority of cases. True,a fair number of the roads are
able to show increases in the gross—two of them,
comprising the Southern Pacific System, in amount
of $1,030,540—but of these roads only five are able
to report an increase in the net also. Of these latter,
the Great Northern comes first with an increase of
$788,600 in gross earnings and a gain of $458,339 in
net earnings. The other four roads so distinguished
are the Texas & Pacific, with $356,908 gain in gross
and $126,680 gain in net; the International Great
Northern, with $222,239 gain in gross and $108,275
gain in net; the Virginian Ry.,which reports$131,130
increase in gross and $129,234 increase in net, and
the Central of Georgia, with $130,165 increase in
gross and $115,237 gain in net. The Pennsylvania
RR. is distinguished in as much as with a decrease
of $480,541 in gross earnings, it is able to report an
increase of $135,232 in net earnings. To name separately, with their losses, even the more conspicuous
of the roads reporting decreases in both gross and
net alike would involve a needless loss of time and
space, so we will therefore only mention a few. The
New York Central, with a loss of $1,072,344 in gross
earnings, reports a decrease of $1,061,679 in net
earnings. These figures cover the operations of the
New York Central and its leased lines. Including
the Pittsburgh & Lake Erie, the result is a decrease
of $1,122,037 in the gross and a decrease of
$1,143,958 in the net. The Atchison Topeka & Santa
Fe, with a decrease of $178,518 in the gross, reports
a decrease in the net of $1,236,788; the Baltimore &
Ohio, with a loss of $1,938,500 in gross earnings,
shows a decrease in the net of $882,815, and the
Norfolk & Western, with $252,122 decrease in gross,
reports a loss in its net earnings of $792,614. In the




3703

Financial Chronicle

following table we show all changes for the separate
roads for amounts in excess of $100,000, whether
increases or decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF OCTOBER 1934
Decrease
Increase
$1.938,500
Southern Pacific (2 rds)- $1,030,540 Baltimore & Ohio
81.072.344
788.600 New York Central
Great Northern
480,541
356,908 Pennsylvania
Texas & Pacific
436.778
Missouri-Kansas-Texas
341,
Chic Milw St P & Pac___
390,422
238,822 Duluth Missabe & Nor__
Southern
337.482
237.996 Reading
Missouri Pacific
252.122
227,692 Norfolk & Western
Denver & R 0 Western__
246,846
222,239 Chicago Burl & Quincy
Internat Great Northern
239.299
rth)..
(2
Southern
&
Colo
153,202
Western Pacific
213.197
139.866 Illinois Central
Northern Pacific
186.701
136,240 Lake Sup & 1sh :ming
Bangor Sz Aroostook_ ___
183.973
131,130 Chesapeake & Ohio
Virginian
178.518
130.165 Atch Top & S Fe (3 rds)..
Central of Georgia
165,731
115,282 Yazoo & Mississippi Val_
Chicago Great Western_ 155.193
107,788 Elgin Joliet & Eastern_ —
NO Texas & Met (3 rds)
136,339
Wheeling & Lake Erie-115,185
_
_
Hudson__
&
Delaware
$4,357.530
Total (18 roads)
101,340
St Louis-San Fran(3 rds)
Total (23 roads)

$6.830,511

a These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St Louis, Michigan Central.
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, the result is a decrease of $1,122,037.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF OCTOBER 1934
Decrease
Increase
$424.906
$458.339 Chesapeake & Ohio
Great Northern
402.245
186,024 Northern Pacific
Louisville & Nashville.._ _
373,920
168.524 Illinois Central
Del Lack & Western— -366.082
146.041 Chicago & North Western
Central RR of N J
363,295
135.232 Duluth Missabe & Nor._
Pennsylvania
360,871
Quincy__
&
Burl
Chicago
129,234
Virginian
305.390
126,680 St Louis-San Fran (3 rds)
Texas 8z Pacific
298.401
Reading
123,173
Valley
Lehigh
293.865
115.237 Chic Milw St P & Pac_
Central of Georgia
261,723
& Southern (2 rds)_
108.375
Internat Great Northern
251.816
Line
Air
Seaboard
108,275
Boston & Maine
226.825
Yazoo & Mississippi Val_
224.072
$1,805,134 Missouri Pacific
Total (11 roads)
217.272
Delaware & Hudson
202.118
NYNH & Hartford
Decrease
177.083
Atch Top & S Fe (3 rds)_ $1,236,788 Denver & It G Western_
163.956
9.1,061,679 Alton
New York Central
161,847
882.815 Lake Sup & Ishpeming_ _
Baltimore St Ohio
137,656
792,614 Chic R I & Pacific (2 rds)
Norfolk & Western
116,616
676,759 Pere Marquette
Union Pacific (4 rds) _
472.532
Missouri-Kansas-Texas__
$10.883,547
Total (36 roads)
430,401
Southern
a These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis. Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, the result is a decrease of 51,143.958.

When the roads are arranged in groups, or geographical divisions, according to their location, it
appears that among the several regions comprising
the different districts, only four regions—the Southern, the Northwestern, the Central Western and the
Southwestern—show a gain over October last year
in gross earnings, and that not a single region shows
an increase in the net. Our summary by groups is
given below. As previously explained, we group the
roads to conform to the classification of the Interstate Commerce Commission. The boundaries of the
different groups and regions are indicated in the
footnote to the table:
SUMMARY BY GROUPS
Gross Earning
District and Region
Inc.(+)or Dec.(—)
1934
1933
Monih of October
Eastern District—
—24,377 0.20
12,253,307
12,228,930
_
_
roads)._
New England region (10
1.96
—1,090,325
54,624,815 55,715,140
Great Lakes region (24 roads)
—2,911,014 4.88
Central Eastern region (18 roads)._ 56,756,949 59,667,963
Total(52 roads)
Southern District—
Southern region (28 roads)
Pocahontas region (4 roads)
Total(32 roads)
Western District—
Northwestern region (16 roads)_
Central Western region (21 roads)_
Southwestern region (25 roads)._ _
Total(62 roads)
Total all districts (146 roads)

123,610,694

127,636,410

—4,025,716

3.15

34,413,674
17,922,085

34,062.839
18,205.216

+350.835
—283,131

1.03
1.56

52,335,759

52,268.05.5

+67.704

0.13

38,643.793
53,658.584
24,239,648

37.334.720
53,131,047
23,612,796

+1,309,073
+5 7,537
626.852

3.51
0.99
2.65

116,542,02.5

114,078,563

+2,463.462

2.16

292.488,478 293.983,028

--1,494.550

0.5

Net Earnings
District and Region
1934
Dm(+)or Dec.(—)
1933
Month of October
—Mtleace--1933
1934
Eastern District—
—53,702 1.63
New England region__ 7.142 7,182 3,238,129 3.291,831
Great Lakes region___ 26,957 27,084 12.821.413 13,912.023 —1,090.610 7.84
Central Eastern region 25,09.5 25,170 17,245,268 18,360.090 —1,114.822 6.07
Total
59.194 59,436 33,304,810 35,563,944 —2,259,134 6.35
Southern District—
7.023,530 8,119,170 —1,095,640 13.49
Southern region
39,301 39,546
Pocahontas region_ ... 6,064 6,053 7,608,658 8.757,316 —1.148.658 13.12
Total
Western District—
Northwestern region_
Central Western reg'n
Southwestern region
Total

45.365 45,599

14,632,188

16,176.486 —2,244.298 13.30

48,519 48.701 11.243,304 12.176.678 —933.374 7.66
53,254 53,742 15,739,160 18.699,336 —2,960,176 15.83
5,503,841
6,324,659 —820,818 12.98
32,605 32,950
134,378 135,393 32,486,305 37.200,673 —4,714.368 12.67

Total all districts_ _238,937 240,428 80,423,303 89,641,103 —9,217,800 10.2d
NOTE—Our grouping of the roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
groups and regions:

3704

Financial Chronicle

EASTERN DISTRICT
New England Region-Comprises the New England states.
Great Lakes Region-Comprises the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of a
line from Chicago via Pittsburgh to New York.
Central Eastern Region-Comprises the section south of the Great Lakes Region.
east of a line from Chicago through Peoria to St.
Louis and the Mississippi River
to the mouth of the Ohio River. and north of the Ohio River to Parkersburg, W.
Va.,
and a line thence to the southwestern corner of Maryland and by the Potomac
River to its mouth.
SOUTHERN DISTRICT
Southern Region-Comprises the section east of the Mississippi
and south
of the Ohio River to a point near Kenova, W. Va., and a line River
thence following
the eastern boundary of Kentucky and the southern boundary of Virginia to the
Atlantic.
Pocahontas Region-Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va., and
south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
WESTERN DISTRICT
Northwestern Region-Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific.
I Central Western Region-Comprises the section south of the Northwestern Region,
west of a line from Chicago to Peoria and thence to St. Louis. and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
to the Pacific.
Southwestern Region-Comprises the section lying between the Mississippi River
south of St. Louis and a line from St. Louts to Kansas City and thence to El Paso
andiby the Rio Grande to the Gulf of Mexico.

The grain movement over Western roads, as we
have already indicated, fell far below that of October
1933, which, in turn, was the smallest for the month
in several years immediately preceding. The shrinkage in October the present year was due entirely to
the smaller volume of wheat and of corn, especially
the latter, moved to the Western primary markets,
the movement of all the other cereals, in greater or
less degree, having been on an increased scale as
compared with the same period of 1933. Thus the
receipts of wheat at the Western primary markets
for the four weeks ending Oct. 27 1934 were only
12,221,000 bushels as against 14,958,000 bushels in
the same four weeks of 1933, and of corn only
15,304,000 bushels as against 20,831,000 bushels,
but of oats, 4,256,000 bushels as compared with
4,020,000; of barley, 5,488,000 bushels as compared
with only 4,338,000, and of rye, 1,503,000 as against
only 727,000 bushels. For the five items, wheat,
corn, oats, barley and rye, combined, the receipts at
the Western primary markets during the four weeks
the present year aggregated only 38,772,000 bushels
as against 44,874,000 bushels in the same four weeks
of 1933; 54,991,000 bushels in 1932; 52,908,000 bushels in 1931, and 55,888,000 bushels in the corresponding four weeks of 1930. In the following table we
give the details of the Western grain movement in
our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS
4 Wks.End. ROW
Corn
Wheat
Oats
Barley
Oct. 27
(BM.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
Chicago1934_ 819,000
1,068,000 3.182,000
895,000
868,000
811.000 8.194,000 L945,000
1933____ 661.000
598,000
Minneapolis1934_
1,180,000
4.228,000
542.000 1,405,000
1.225,000
4,212.000
1933-682,000
.469,000
Drduth-1934_
2,306.000
16.000
241,000
657.000
4,667.000
374,000
1933685.000
936,000
Milwaukee361.000
428,000
1934.___
293,000 1,945,000
51,000
19,000 2,752,000
1933....
336,000
61,000
932.000
Toledo-.
104,000
493.000
1934_..
470.000
118.000
177,000
126.000
435,000
19334,000
Detroit1934_
110.000
32,000
120.000
120.000
39,000
1933-47.000
123,000
60,000
Indianapolis
7maha1934_
652,000 ..332,000
364.000
1933452,000
3,259,000
1.267,000
St. Louis68,000
1934____
528.000
906.000
650,000
153,000
1933....
796,000
32 000
270,000
970,000
98,000
1)•
Peoria45,000
1934_
1.364,000
166.000
218,000
69,000
48,000
1933.___
159,000
1.720.000
156,000
205,000
Kansas City1,361,000
45,000
1934_ _,..
322,000
3,998,000
1,439,000
1933-160,000
1.953,000
55,000
St. Joseph1934_
327,000
530,000
199,000
1933_..
76,000
471,000
254.000
Wichita1934_
45,000
531,000
53,000
193361,000
393,000
Sioux City-1934_
50.000
246,000
21,000
4,000
1933201,000
72,000
31.000
36.000
Total aS1934._._1,528,000 12,221,000 15,304,000 4,256,000 5,488,000
1933.... 1,457,000 14,958,000 20,831,000 4,020,000 4,338,000




Rye
(Bush.)
914,000
229,000
178.000
235.000

4.000
2,000
28,000
23,000
266,000
8,000
18,000
93,000
89,000

1,000
1,503.000
727,000

Corn
((Bush.)

Oats
(Bush.)

Barley
(Bush.)

Rye
(Bush.)

54,256,000 11,820,000 8,737,000 6,403,000
73.900,000 18,749.000 7.728,000 3,515,000
15,594,000 7.190,000 20,226,000 2,693,000
14.187,000 21,342,000 20,219,000 5,042,000
4,263,000 1,410,000 4,516,000
624,000
9,052,000 11.730,000 5,598,000 4,630,000
7,878,000 1,589,000 13,488,000
15,489,000 8,189,000 10,853,000
1,288,000 4,348.000
1,711,000 3,619,000

444,000
535,000

168,000
37,000

178,000
40,000

667,000
633,000

895,000
739,000

322,000
240,000

33,648,000 6,854,000
35,010.000 13,878,000

23,000
4,000

1,140,000
2,000

12.365,000 4,519,000
18,158,000 6.888,000

839,000
957.000

217,000
188,000

13,473,000 1,978,000 2,293,000
15,164,000 3,886,000 2,115.000

800,000
1,922.000

405,000
361,000

22,053,000 1,514,000
15451.000 2,414,000
5,504.000
7,191,000

1,617,000
1,799,000

1,214,000
485,000

153,000
97,000

3,000
2,000

2,000
1,000

2,033,000
1,698,000

209,000
641,000

104,000
333,000

10,000
199,000

Total a/l1934-15,255.000 187.580,000 173.974,000 43,866,000 51.292.000 12,733,000
1933-15.665,000 212,526,000 207.957,000 91.665,000 48,585,000 16,314,000

On the other hand, the Western livestock movement appears to have been considerably larger than
in October last year. The receipts at Chicago comprised 14,679 carloads as against only 12,891 carloads in October 1933; at Omaha, 6,359 carloads
against only 5,765 carloads, and at Kansas City,
8,561 cars as compared with only 6,928 cars.
As to the cotton traffic in the South, this, we
find, was much larger than in October a year ago
so far as the shipments overland of cotton are concerned, but fell far below that of the previous year
in the case of the port movement of the staple. During October the present year gross shipments overland of cotton were 97,379 bales, as against only
89,836 bales in October 1933; 58,566 bales in October
1932; 74,219 bales in October 1931; 78,670 bales in
October 1930, and 84,965 bales in October 1929. Receipts of the staple at the Southern outports in
October 1934 reached only 961,203 bales as compared
with 1,614,061 bales in October 1933; 1,562,157 bales
in October 1932; 2,149,633 bales in October 1931;
2,090,822 bales in October 1930, and 2,314,730 bales
in October 1929. The details of the cotton receipts
at the Southern outports for the last three years
are shown in the table we now present:
RECEIPTS OF cor•rox AT SOUTHERN PORTS IN OCTOBER 1934, 1933
AND 1932, AND SINCE JAN. 1 1934, 1933 AND 1932
Month of October

10.000
129,000
7.000
21,000

Dec. 15 1934

Jan. 1 to
Flour
Wheat
Oct. 27
(BM.)
(Bush.)
Chicago1934._ 7,324,000 20,204,000
1933____ 7,343,000 11,119,000
Minneapolis1934_ _
37,536,000
1933_
56,647,000
Duluth1934__
20.977,000
1933_ 41,166,000
Milwaukee1934.... 646,000 3,242,000
1933-- 547,000
1,953,000
Toledo1934_
10,061.000
1944 __
20,000 10.142,000
Detroit1934_
1,058.000
1933__
949,000
Indianapolis & Omaha1934__
20,630,000
1933_
11.000 17.631,000
St. Louis1934____ 5,082.000 16,836,000
1933_ __ _t5,323.000 16,117,000
Peoria1934.... 1,723,000
1,416,000
1933_U. 1,886,000
1,634,000
Kansas City1934____ 480.000 36,592,000
1933____ 535.000 38,489.000
St. Joseph1934_
3,157,000
19334.063,000
Wichita6. 193C
14,999,000
11,869,000
1 1933__
Sioux City1934
872,000
1933-747,000

Sine,e Jan. 1

Ports
1934
Galveston
Houston, &a
New Orleans
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
Corpus Christi
Lake Charles
Brunswick
Beaumont
Jacksonville
Total

223,446
294.128
255,395
33,275
18,420
21.807
23,504
3,711
15.206
53.094
15,466
200
2,012
1,639

1933
515,230
614.076
306,900
30,709
20,060
29,503
25,217
5,226
11.430
32,012
18.666
2,086
800
2,146

1932

1934

1933

1932

482,383 1,107,279 1,472,406 1,511,889
570,326 1,103.650 2,309,229 1,926,292
269,507 1,034,723 1,380.158 1,789,697
44.660 163,481 234,583 379,837
41,952
94.145 131,167 116,208
26.005 120,885 194,531 193,978
30,426 111,109 182.653 143,305
39.453
11,708
12,428
29,769
35,408
41,848
38.350
13,661
28,690 275.472 427.563 295.107
35,346
45.361 120.176 130,903
37,183
19,170
14,683
5,465
26,636
8,323
3,406
11.768
14,665
2,028
7,030

961.203 1,614081 1,562.157 4,132,002 6,566,041 6,637,884

RESULTS FOR EARLIER YEARS
As we have pointed out above, the 1934 decrease in earnings, aggregating $1,494,550 in gross and $9,217,800 in net,
followed $393,640 loss in gross and $7,336,988 loss in net
in 1933; $64,475,794 loss in gross and $3,578,421 loss in net
in 1932; $120,136,900 loss in gross and $55,222,527 loss in
net in October 1931, and $125,569,031 loss in gross and $47,300,393 loss in net in October 1930. It likewise comes after
$9,890,014 loss in gross and $12,183,372 loss in net in 1929.
On the other hand, these losses come after very notable
improvement in October 1928, when our tabulations regis-

Volume 139

Financial Chronicle

3705

tered $36,755,850 gain in gross and $35,437,734 gain in net. following we furnish a summary of the October compariBut these gains, in turn, came after decreases in the previ- sons of gross and net for each year back to 1909:
ous year, our tabulations for October 1927 having shown a
Mileage
Gross Earnings
falling off of $23,440,266 in gross and of $13,364,491 in net
Month
Year
Per
Year
Inc. (+) or
.Year
Year
of
as compared with 1926. Carrying the comparisons further
Precarg
Given
Cent
Preceding
Dec.(-)
Given
October
back, we find that the 1927 decreases came after increases in 1909
5251,187,152 $225,109,822 +526.077,330 11.58 222,632 219,144
256,585,392 253,922,867 +2.662,525 1.05 232.162 228.050
1926 not materially different from the 1927 losses, the 1926 1910
260,482,221 259.111,859 +1,370,362 0.53 236.291 233,199
1911
gains having been $18,043,581 in gross and $13,361,419 in 1912
293,738,091 258.473,408 +35,264.683 13.64 237,217 233,545
299.195,006 300,476,017 -1,281.011 0.48 243,690 240,888
1913
was
record
the
1925,
in
is,
net. In the year before, too, that
209,325,262 298.066.118 -28.740,856 9.64 244,917 241,093
1914
311,179,375 274,091,434 +37,087,941 13.57 248,072 247.009
one of increases in gross and net alike-$18,585,008 in gross 1915
345,790,899 310,740,113 +35,050,786 11.28 246,683 248,000
1916
the
notwithstanding
this
was
net;
the
in
389,017,309 345,079,977 +43,937,332 12.73 247,048 245,967
$12,054,757
1917
and
484,824,750 377.867,933 +106.956,817 28.30 230.184 230,576
1918
heavy losses then suffered by the anthracite carriers on 1919
508,023,854 489,081,358 +18,942.496 3.87 233.192 233,136
633.852,568 503,281,630 +130.570,938 25.94 231,439 229,935
account of the strike then under way in the anthracite 1920
534,332,833 640,255,263 -105,922.430 16.54 235,228 234,686
1921
545,759,206 532,684.914 +13,074.292 2.45 233,872 232.882
regions, but at least, as far as the gross earnings are con- 1922
586,328,886 549.080,662 +37,248,224 6.78 235,608 236,015
1923
571,405,130 586,540,887 -15,135,757 2.59 235,189 235,625
cerned, the 1925 gain was little more than a recovery of the 1924
590,161,046 571,576,038 +18.585.008 3.25 238,724 236,564
loss sustained in October 1924, a year when industrial 1925
604,052,017 586,008,436 +18.043,581 3.08 236.654 236.898
1926
582,542,179 605,982,445 -23,440,266 2.45 238,828 238,041
activity was at a low ebb because of the then pending Presi- 1927
616,710,737 579,954.887 +36,755,850 6.33 240,661 239,602
1928
607,584,997 617,475,011 -9,890,014 1.61 241.622 241,451
dential election. In other words, in October 1924 there was 1929
482,712,524 608,281,5.55 -125,569.031 20.64 242,578 241,555
1930
a loss in gross of $15,135,757 as compared with 1923. In the 1931
362,647,702 482,784,602 -120,136,900 24.87 242,745 242,174
298,076.110 362,551,904 -64,475,794 17.78 242,031 242,024
1932
net there was no falling off in October 1924, but rather an 1933
-393,640 0.13 240,858 242.177
297,690,747 298.084,387
292.488,478 293,983.028 -1,494,550 0.62 238,937 240,428
1934
to
of
due
sum
$26,209,836,
the
in
considerable
improvement
Inc.(+1 or Dec.(-)
the great curtailment of operating expenses then effected as
Net Earnings
Month
a result of increasing efficiency of operations.
Year
Year
of
Per Cent
Amount
Preceding
Given
October
As a matter of fact, improvement in net results was a dis16.25
+13,790.955
85.452,483
99,243.438
tinctive feature of the returns in virtually all the years (bar- 1909
10.76
-11,029,095
102,480,704
91,451,609
2.30
ring only 1927 and 1929) after the abandonment of Govern- 1910
+2,101,767
91,725,725
93,836,492
1911
15.90
+14,282.028
93,224,776
108,046,804
ment operations and the return of the roads to private con- 1912
11.85
-13,110.853
110,811,359
97,700,506
1913
8.38
-8,014.020
95,674.714
87,660,694
trol, up to the collapse in October 1929, just as in the 1914
33.70
+30,079,562
89,244,989
119,324,551
1915
9.91
+11.798,120
119,063,024
period preceding net results had been growing steadily 1916
130,861.148
4.81
-6,329.844
131,574,384
125,244,540
worse, year by year. In October 1923 our compilations 1917
12.63
-15.493,587
122,581,905
107,088.318
1918
2.07
-2.193,664
106,196.863
104,003,198
showed $37,248,224 gain in gross and $20,895,378 gain in 1919
14.49
+14,936.521
103,062,304
117,998,825
1920
19.49
+22,531,080
113,397,560
137,928,640
net. It is true that if we go back still another year, to 1921
12.84
-17,683,952
137,900,248
120,216.296
17.26
1922, we find that gross earnings then increased only $13,- 1922
121,027,593
+20,895.378
141,922,971
1923
18.38
+26,209,836
142.540,585
168,750,421
1924
074,292, following a tremendous loss in the year preceding 1925
7.14
+12,054,757
168,640,671
180.695,428
7.33
+13.361,419
180,629,394
193.990,813
(1921), when trade was extremely depressed, and this was 1926
6.88
-13,101,838
193,701.962
180,600.126
1927
19.56
+35,437,734
181,084,281
$30,758,244,
of
216,522,015
attended by an augmentation in expenses
1928
5.63
-12,183,372
216,519,313
204,335,941
23.13
leaving, therefore, an actual loss in the net for the month in 1929
-47,300,393
204,416,346
157,115,953
1930
35.14
-55.222,527
157.141,555
101,919,028
that year of $17,683,952. On the other hand, however, the 1931
3.51
-3,578.421
101,914.716
98,336,295
1932
7.46
-7,336,988
98.337,561
91,000,573
fact should not escape attention that in October 1921 a 1933
10.28
-9,217,800
89,641,103
80,423,303
1934
prodigious saving in expenses had been effected-dire need
having forced the utmost economy and compelled the elimiThe Course of the Bond Market
nation of every item of outlay that could be spared or deferred for the time being. Owing to this great saving in
Reactionary tendencies have made their appearance in
expenses there was a substantial addition to the net in 1921 the bond market, although not all groups have been affected.
in face of the enormous contraction in the gross revenues. Influenced somewhat by moderate declines in stocks, railIn brief, the decrease in the gross in October 1921 reached road bonds, particularly the lower-rating groups, sold off,
the huge sum of $105,922,430, but this was attended at the although many high-grade rail issues reached new highs.
time by a saving in expenses in amount of no less thad Utilities and other groups again advanced. United States
$128,453,510, yielding a gain in the net of $22,531,080. Of Government issues fluctuated within a narrow range.
course, a genuine basis for the great cut in expenses in 1921
High-grade railroad bonds have continued strong, and
existed in the huge antecedent increases in expenses. In some new 1934 highs were made. Chesapeake & Ohio 4%s,
addition, also, the carriers had the advantage of a 12% 1992, closed at 113%, compared with 113% last Friday;
reduction in the wages of railroad employees made by the Union Pacific 1st & ref. 4s, 2008, at 103% were up % point.
Railroad Labor Board, effective July 1 1921.
Prices of medium-grade rail issues were better, also. CleveAs indicating the extent of the antecedent rise in operating land Union Terminal 1st 4%s, 1977, closed at 90%, comcosts, it is only necessary to say that expenses kept mount- pared with 89% last week; Illinois Central ref. 4s, 1955,
ing in very pronounced fashion for a number of successive advanced % point to 85%. Price fluctuations of lower-grade
years, owing to repeated advances in wages and the growing Issues were somewhat erratic. The St. Paul mtge. 5s, 1975,
cost of operations generally. So much was this the case that closed at 21%, compared with 23% last week; Chicago Great
even the big advances then made in railroad rates-passen- Western 1st 4s, 1959, at 31% were up %; Chicago Rock
ger and freight-did not suffice to absorb the constant Island & Pacific 4s, 1988, declined 2% to 40%.
Highest-grade utility bonds were strong once again, their
additions to the expenses. The experience in that respect
perhaps being the outstanding development in
performance
a
in
capital
carriers
furnishes
1920
October
illustraof the
tion of the truth of this remark. The roads had then just an otherwise uneventful week. Such issues as Brooklyn
been favored with a new advance in rates, calculated to add Union Gas 5s, 1957; Cincinnati Gas & Electric 4s, 1968, and
$125,000,000 a month to their gross earnings, and, accord- Kings County Electric Light & Power 58, 1937, reached new
ingly, our tabulations then showed an increase in gross highs, and the group as a whole maintained a firm tone.
earnings in amount of $130,570,938, or 25.94%; but, unfor- Lower grades were more erratic, although the general trend
tunately, $115,634,417 of this was consumed by augmented was up. Utah Power & Light 4%s,1944, advanced 4% to 62;
expenses, leaving only $14,936,521 gain in the net earnings, Georgia Power & Light 5s, 1978, at 58 were up 2; Kansas
or 14.49%. This growth in the expenses had added signifi- Gas & Electric Os, 2022, gained % to close at 88%. Certain
cance in view of the huge rise in operating costs in preced- issues exhibited a contrary trend. Power Corp. N. Y. 5%s,
ing years. Thus, in October 1919 our tables showed $18,- 1947, declined 6% to 80, and Cleveland Electric Illuminating
942,496 increase in gross, accompanied by $21,136,161 in- 5s, 1939, lost 4%, closing at 103%. New York tractions
crease in expenses, leaving actually $2,193,665 loss in net. continued firm.
With the volume of trading moderately smaller, fractional
In October 1918, owing to the first great advance in passen- losses
were seen in numerous active industrial issues. Howof
Director-General
rates
the
made
by
freight
and
ger
ever, there still was good demand for above-average yields,
gross
regisearnings
control,
Railroads under Government
pushing some bonds up into new high ground. Among the
tered a gain in the large sum of $106,956,817, or 28.30%, but better gains seen were an advance of 1% to 105% by
expenses moved up in amount of $122,450,404, or 47.97%- American I. G. Chemical 51As, 1949; a 1%-point rise by
International Cement 55, 1948, to 99%, a gain of 4 points;
causing a loss in net of $15,493,587, or 12.63%. In October to
76 by Penn-Dixie Cement 6s, 1941; a 3-point advance
that
at
The
gross
same.
the
was
much
situation
1917 the
by Bush Terminal Buildings 5s, 1955, to 37%; a 4-point rise
amount
time increased $43,937,332, but expenses ran up in
to 65 by Paramount Famous-Lasky filed Os, 1947, and a
of $50,267,176, leaving net smaller by $6,329,844. In the gain of 2% by Goodrich 6s, 1945, to 93. Crown Willamette




3706

Financial Chronicle

Paper 6s, 1951, reacted % point to 1011/, and American
Rolling Mills 5s, 1938, declined % to 108, but, as indicated,
though there were numerous losses, they were mainly
fractional.
Recent upward trends for foreign bonds were continued,
with minor exceptions. Italian issues declined several

points early in the week, but recovered moderately thereafter. Austrian issues were again slightly' higher, and a
gain of several points was seen for Belgian dollar bonds.
Scandinavians and Canadians continued strong.
Moody's computed bond prices and bond yield averages
are given in the following tables:

MOODY'S BOND PRICES t
(Based on Average Yteld*)
1934
Daily
Averages

U.8.
120
Govt. Don
Bonds
tic
S.
Corp.*

120 Domestic Corporals*
by Ratings
Aaa

Aa

A

Ban

Dec. 15 1934

MOODY'S BOND YIELD AVERAGES t
(Based on Individual Closing Prices)
120 Domestie
Corporate* by Groups
RR.

P. G. Indus.

All
1934
120
Daily Domes
Averages
tic

120 Domestic Corporate
by Ratings

120 Domestic
Corporate by Groups

tt
30
ForP. U. Indus. dons.

Aaa
Baa
Aa
A
RR.
Deo. 14.- 105.14 99.36 117.02 108.39 98.57 79.80 98.25 93.99 106.60
Dec. 14._
4.79
3.81
4.26
4.84
4.36
6.37
5.14
6.23
4.86
13._ 105.15 99.20 117.02 108.21 98.25 79.68 98.25 93.85 106.42
13._ 4.80
3.81
4.27
6.38
4.86
4.37
6.24
5.15
4.86
12._ 105.20 99.20 117.02 108.21 98.09 79.68 98.09 93.85 106.25
12._
4.80
3.81
4.27
8.40
5.15
4.87
4.38
6.24
4.87
M._ 105.15 99.20 117.02 108.21 98.09 79.68 98.09 93.85 106.25
11..... 4.80
3.81
4.27
6.42
5.15
4.87
4.38
6.24
4.87
10.. 105.03 99.20 118.82 108.21 98.09 79.56 98.25 93.70 106.25
10._
4.90
3.82
8.43
4.27
4.87
4.38
6.25
4.86
5.16
105.11 99.20 116.82 108.21 98.09 79.80 98.41 93.70 106.25
4.80
3.82
6.38
4.27
4.87
4.38
6.23
4.85
5.16
105.13 99.20 117.02 108.21 97.94 79.80 98.41 93.70 106.25
4.80
3.82
638
4.27
4.88
4.39
6.23
4.85
5.16
105.11 99.04 116.62 108.21 97.94 79.68 98.41 93.40 106.07
4.81
3.83
6.38
4.27
4.88
4.39
6.24
4.85
5.18
105.01 98.88 116.42 108.03 97.62 79.56 98.09 93.40 105.99
4.82
3.84
4.28
8.37
4.90
4.40
6.25
4.87
5.18
105.10 98.73 116.42 107.85 97.47 79.45 97.94 93.26 105.89
4.83
3.84
4.29
6.37
4.91
4.40
6.26
4.88
5.19
104.72 98.57 116.42 107.67 97.47 79.11 97.62 93.11 105.72
4.84
3.84
4.30
4.91
6.37
4.41
6.29
4.90
5.20
104.63 98.73 116.42 108.03 97.47 79.11 97.78 93.11 105.89
4.83
3.84
4.91
6.41
4.28
4.40
6.29
4.89
5.20
WeaklyWeeklyNov.30.- 104.66 98.73 116.42 108.39 97.47 78.99 97.78 92.97 106.07
Nuv.30-- 4.83
3.84
4.26
4.01
8.40
8.30
4.39
4.89
5.21
23._ 104.70 98.25 116.01 108.21 97.31 77.99 96.70 92.68 105.89
23-- 4.86
3.86
6.49
4.27
4.92
6.39
4.40
4.96
5.23
18.. 104.48 98.41 116.22 108.03 97.62 78.32 98.70 93.26 108.07
19... 4.85
3.85
4.28
8.51
4.90
6.36
4.39
4.96
5.19
104.01 98.25 116.01 108.03 97.16 78.44 96.70 93.11 105.54
9.. 4.86
3.86
4.28
4.93
6.67
8.35
4.42
4.96
5.20
194.13 97.94 115.81 107.67 96.54 77.99 96.64 92.39 105.37
2.. 4.88
3.87
4.30
8.75
4.97
6.39
4.97
4.43
5.25
Oct. 26_ 104.71 98.09 115.81 107.49 96.70 78.44 97.31 92.26 105.20
Oct. 28- 4.87
3.87
4.31
4.96
6.75
4.44
6.36
4.92
5.28
19._ 104.64 97.78 115.41 107.14 98.39 78.21 96.70 92.10 105.03
19.. 4.89
3.89
4.33
4.98
6.37
6.78
4.96
4.45
5.27
12._ Stock Exchan go Clos ed12-- Stock Exchan go !Zs. ed6.07
103.48 96.39 114.43 105.54 95.03 77.11 95.03 91.11 03.99
4.98
3.94
6.90
4
8.47
6.07
4.51
5.34
Sept.28-- 102.63 96.08 114.04 105.37 94.43 77.00 94.88 90.69 103.65
Sept.28... 5.00
3.98
4.43
5.11
6.48
5.08
4.63
8.96
5.37
21._ 102.73 95.48 113.85 105.20 93.55 78.14 93.99 89.88 103.65
21.
5.04
3.97
7.13
4.44
5.17
6.56
5.14
5.43
4.53
14... 102.58 94.58 113.85 104.51
92.68 74.67 92.25 89.04 103.48
14-. 5.10
3.97
7.24
4.48
5.23
6.70
5 26
5.49
4.54
103.72 96.08 114.63 106.60 93.70 76.35 94.29 90.41 104.61
7.. 5.00
3.93
7.80
4.38
5.16
4.48
6.64
5.12
5.39
Aug.31._ 104.56 96.54 114.63 106.80 94.29 77.11 94.88 90.69 104.85
Aug.31- _
4.97
3.93
4.38
7.31
5.12
6.47
4.48
5.08
5.37
24.. 104.90 96.70 114.43 106.96 94.29 77.44 95.63 90.55 104.51
24.. 4.96
6.44
3.94
7.34
4.34
5.12
4.48
5 03
5.38
17._ 105.29 96.54 114.63 106.96 94.58 76.78 95.33 '90.41 104.51
17._
4.97
3.93
7.33
4.34
5.10
4.48
6,50
6.05
5.39
10.. 105.24 96.23 114.43 106.98 94.43 76.03 94.14 90.41 104.85
10.._
4.99
3.94
4.34
6.11
4;46
6.57
7.80
5.13
5.39
3._ 105.97 97.62 115.41 107.85 96.08 77.77 96.70 91.67 105.20
3. 4.90
389
7.37
4.29
600
4.44
6.41
4.96
5.30
July 27__ 106.06 97.62 115.02 107.31 96.08 78.21 97.47 91.25 104.85
July 27-- 4.90
3.91
7.47
4.32
5.00
4.46
6.37
4.91
5.33
20._ 106.79 99.88 116.01 108.39 97.94 81.54 99.68 93.55 106.42
20-- 4.77
3.86
4.26
4.88
6.08
7.38
4.37
4.77
5.17
13._ 106.74 100.00 115.81 108.39 97.94 82.50 100.49 93.40 106.60
13-- 4.75
3.87
4.26
7.37
4.88
4.36
6.00
4.72
5.18
6.. 106.31 99.38 115.21 107.85 97.00 82.02 99.52 92.82 106.07
6.. 4.79
3.90
4.29
4.94
6.04
7.45
4.39
4.78
5.22
June 29._ 106.04 99.38 115.02 108.03 97.16 82.02 99.68 92.82 106.07
June 29_ - 4.79
3.91
4.28
4.93
7.46
6.04
4.39
4.77
5.22
22-. 105.79 99.20 114.82 108.03 97.16 81.90 99.68 92.82 106.07
22._
4.80
3.92
4.28
7.49
4.93
4.39
6.05
4.77
6.22
15- 106.00 99.36 115.02 107.85 97.16 82.26 100.17 92.53 105.89
15- 4.79
3.91
4.29
7.53
4.93
4.74
4.40
6.02
5.24
8-- 106.52 98.73 114.63 107.14 96.39 81.54 99.20 92.10 105.37
8.. 4.83
3.93
7.35
4.33
4.98
4.43
6.08
4.80
5.27
106.27 98.09 114.04 106.78 95.78 80.72 98.57 91.53 104.86
1.. 4.87
3.96
7.29
4.35
5.02
4.46
6.15
4.84
5.31
May 26._ 106.13 98.25 113.65 106.78 96.23 81.07 98.73 91.87 104.85
May 25-- 4.88
3.98
7.25
4.35
4.99
4.46
6.12
4.83
5.30
18._ 105.05 98.57 113.26 106.60 96.70 82.02 99.04 92.39 104.68
IS.. 4.84
4.00
7.20
4.36
4.96
4.47
6.04
4.81
5.25
II__ 105.11 98.41 112.88 106.42 96.85 81.66 98.88 91.96 104.83
11.- 4.85
7.14
4.02
4.37
4.95
4.46
6.07
4.82
5.28
104.75 98.73 112.80 106.42 97.00 81.78 99.68 92.53 104.68
4.. 4.83
4.04
4.37
7.16
4.94
4.47
5.96
4.77
5.24
Apr. 27.. 104.21 98.88 112.6 105.89 97.31 83.48 100.00 92.53 104.61
Apr. 27__
4.82
4.04
4.40
4.92
7.28
4.48
6.92
4.75
5.24
103.65 98.88 112.31 105.89 97.31
83.60 100.33 92.39 104.33
20._
4.82
4.05
7.21
4.40
4 92
4.49
5.91
4.73
5.25
13.. 104.35 98.25 111.92 105.54 96.70 82.74 99.84 91.67 103.65
13-- 4.86
4.07
7.20
4.42
4.96
5.98
4.76
4.53
5.30
6.- 104.03 97.16 111.16 104.68 95.78 81.18 99.04 90.27 102.81
6.. 4.93
4.11
7.22
4.47
5.02
6.11
4.68
4.81
5.40
Mar.30-. Stook I.:chant e Close d.
Mar.30_. Stock F :chant e Closed.
23.. 103.32 95.93 110.42 103.48 94.43 79.68 97.47 89.17 101.81
23-5.01
4.15
7.34
4.54
5.11
4.64
6.24
4.91
5.48
16.. 103.52 96.70 111.16 104.16 95.18 80.60 98.41 89.86 102.47
16.. 4.96
7.23
4.11
4.50
5.06
4.60
6.16
4.85
5.43
9__ 103.06 95.63 110.79 103.15 94.14 78.88 97.47 88.50 101.47
9.. 5.03
7.26
4.13
4.56
5.13
4.66
6.31
4.91
5.53
101.88 94.88 110.23 101.81 93.11
78.66 96.54 87.96 100.49
2.. 5.08
4.16
7.38
4.64
5.20
4.72
6.33
4.97
5.57
Feb. 23._ 102.34 95.18 110.23 101.97 93.26 79.68 97.16 88.38 100.81
Feb. 23.7.49
546
463
4.16
5.19
4.70
8.29
4.93
5.54
16_. 102.21
95.33 109.86 101.47 93.26 80.37 97.31 88.36 100.81
7.52
16-5.05
4.66
5.19
4.70
6.18
4.18
4.92
5.54
9._ 101.89 93.99 109.12 100.00 92.10 78.88 95.33 87.43 100.00
9.. 5.14
7.55
4.22
4.75
5.27
6.31
4.75
5.05
5.81
101.77 93.85 108.75 99.68 91.81 78.99 95.33 87.04 99.68
2.. 5.15
7.57
4.24
4.77
5.29
4.77
6.30
5.05
5.64
Jan. 26.. 100.41 91.53 107.67 98.41 89.31 75.50 92.68 83.97 98.88
Jan. 26-5.31
7.97
4 30
4.85
5.47
4.82
6.62
5.23
5.88
'9.._ 100.36 90.5.5 107.67 97.16 87.96 74.36 91.39 82.38 98.73
19.. 5.38
8.05
4.30
4.93
5.67
4.83
6.73
5.32
6.01
12.. 99.71 87.69 108.25 95.48 84.85 70.52 88.36 78.44 98.00
12.. 5.59
8.33
4.38
5.04
5.81
7.12
4.87
5 54
8.35
100.42 84.85 105.37 93.28 82.02 68.55 85.74 74.25 97.00
5- 5.81
8.53
4.43
5.19
6 04
4.94
7.56
5.74
8.74
High 1934 106.81 100.00 11702 108.76 98.57 83.72 100.49 93.99 106.78
Low 1934 4.75
3.82
6.36
4.24
4.87
4.35
5.90
4.72
5.18
Low 1934 99.06 84.85 105.37 93.11 81.78 66.38 85.61 74.25 96.54 'High 1934 5.81
8.65
4.43
4.97
5 20
6.74
62
5.75
7
t1:2
High 1933 103.82 92.39 08.03 00.33 89.31 77.66 93.26 89.31 99.04
Low 1933 5.25
8.63
4.81
4.28
4.73
5.47
5.19
5
Low 1933 98.20 74.15 97.47 82.99 71.87 53.18 69.59 70.05 78.44
High 1933 6.75
6.98
6.35 11.19
9.44
4.91
6.96
7.22
7.17
Fr. AgoDec.14'33 99.91 83.22 104.51 92.97 80.84 66.06 84.35 74.46 95.78
pce
r•.1
A 6413
3 5.86
8.84
5.02
4.48
5.21
6.14
7.62
6.72
5.85
2 Yrs.A go
2 Yrs..4 ye
Dec.1433 102.09 79.34 102.64 87.96 75.71 60.87 70.05 85.10 84.60
Dec.14'32 6.27
5.83 10.37
4.59
5.57
5.79
6.60
8.30
7.17
The.° prices are computed from average yields on the bums of one -Ideal" bond (441% coupon. 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 o Feb. 6 1932. Page 907.
**Actual 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 Oct. 13 1934,
St Average of 30 foreign bonds but adjusted to a comparable basis with
page 2284
previous averages of 40 foreign norms

BOOK REVIEW

Home Financing Institutions

Moody's Daily Index of Staple Commodity Prices
Gains Slightly
The principal commodity markets were, on the average,
about unchanged most of this week, Moody's Daily Index of

Prepared by Dr. Howard 11. Preston, of the University of
Waaltington for the Waaltingtion Mutual Savings Bank Staple Commodity Prices remaining almost motionless
of Seattle, Wash.
until yesterday (Dec. 14), when a slight advance to 151.2
In this booklet, Dr. Howard H. Preston describes briefly was registered from 150.7 at the close of the previous week.
the various home financing institutions established by the The Index is now nearing the resistance levels of last August.
The hesitancy of commodity markets was also reflected in
Federal Government since 1932. The material is presented , the fact
that there were six advances and six declines in the
in outline form so that the reader will get a firm grasp of 15 staples comprising the Index,
while 3, copper, wool tops
without
mortgage
housing
being
system
and
Federal
the
and sugar, were unchanged.
The advance of 0.5 points in the Index was due entirely
obliged to wade through a vast amount of narrative matter.
The various institutions and financial programs are to a rise of 50 cents in the average price of steel scrap. The
classified as they fall under the jurisdiction of the Federal remaining advances in hides, cotton, silk, lead and coffee,
just about offset the fair-sized losses in corn, hogs and
Home Loan Bank Board or that of the National Housing rubber, and fractional
declines in wheat, cocoa and silver.
Administration.
The movement of the Index number during the week,
A brief background of the housing problem is followed by with comparisons, is as follows:
Fri.
Dec. 7
149.1
150.7 2 Weeks Ago Nov.30
a chronological summary of the legislation and the admin- Sat.
Dec. 8
145.7
150.9 Month Ago, Nov. 14
Mon. Dec. 10
124.0
istrative framework.
Dec. 14
150.8 Year Ago,
Tues. Dec. 11
148.9
150.8 1933 Iligh,, July 18
Agencies under the supervision of the Federal Home Loan
Wed. Dec. 12
78.7
150.7
Low,
Feb. 4
Thurs.
Dec.
156.2
13
150.7
1934
High,i
Aug.
29
Bank Board are described, and those under the jurisdiction Fri. Dec. 14
126.0
151.2
Low,
Jan. 2
of the National Housing Administration.
The home financing activities of the Reconstruction FiNew Capital Issues in Great Britain
nance Corporation and the Public Works Administration
are briefly discussed.
The following statistics have been compiled by the
This booklet is helpful in clarifying the functions and land Bank,Ltd. These compilations of issues of new capital,
relationships of the various Federal lending agencies, and which are subject to revision, exclude all borrowings by the
Is being sent with the compliments of the Washington Mu. British Government for purely financial purposes,.shaTes
issued to vendors, allotments arising from the capitalization
tual Savings Bank of Seattle to all banks and financial of reserve funds and undivided
profits, sales of already issued
Institutions in the State of Washington.
securities which add nothing to the capital resources of the




company whose securities have been offered, issues for conversion or redemption of securities previously held in the
United Kingdom, short-dated bills sold in anticipation of
long-term borrowings, and loans by municipal and county
authorities except in cases where there is a specified limit to
the total subscription. They do not include issues of capital
by private companies except where particulars are publicly
announced. In all cases the figures are based upon the
prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank Limited]
Month of
November

11 Months to
Nov. 30

Year to
Nov. 30

£33,107,000
£190,762,000
£197,910,000
33,021,000
375,748,000
422,527,000
18,501,000
196,442,000
204,906,000
9,742,000
228,131,000
247,484,000
13,468,000
202,065,000
209,602,000
21,401,000
197,479,000
199,174,000
29,425,000
195,495,000
221,561,000
28,111,000
233,103,000
257,505,000
48,769,000
288,352,000
308,515,000
27,970,000
337,823,000
364,185,000
12,945,000
248,466,000
273,163,000
19,910,000
220,297,000
225,581,000
4,409,000
85,974,000
101,836,000
10,807,000
108,726,000
111,418,000
12,787,000
126,515,000
130,828,000
13.387.000
137 470 non
142 022 MC
ISSUES
CAPITAL
IN
THE
UNITED KINGDOM BY MONTHS.
NEW
[Compiled by the Midland Bank limited'

1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934

January
February
March
April
May
June
July
August
September
October
November
11 months-December
Year

3707

Financial Chronicle

Volume 139

1931.

1932.

1933.

£12,332,412
19,606,243
13,446,859
1,687,195
11,009,880
12,832,397
5.184,993
1,666.492
1,315,308
2.482.875
4,409,179

£2,895,798
11,994,734
12,104,130
18,013,115
12.296,311
17,467,795
3,312,507
72.500
17,000
19,745,198
10,807,078

£8,310,263
7,167,385
13,447,603
8,247,859
14,614,014
17,541,251
6,001,777
21.208,047
7,164,097
10,026,260
12,786.859

£10,853,233
7,007,995
7,081,462
9,590,367
22.440.935
12,048.454
14,997,397
9,878,332
6,747,571
23,446,272
13,387,095

£85,973,833

£108,726,166

£126,515,415

£137,479,113

2.692,359

4,312.163

6,353,481

£88,666,192

£113,038,329

£132.868,896

1934.

GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS.
[Compiled by Midland Bank Limited]
United
India and Other Brit. Foreign
Ceylon.
Countries. Countries.
Kingdom.

1932-January
February
March
April
May
June
July
August
September
October
November
11 months
December
Year
1933-January
February
March
April
May
June
July
August
September
October
November
11 months
December
Year
1934-January
February
March
April
May
June
July
August
September
October
November
11 months

Total.

2.605,000
291,000
9,109.000
78,000 2,805,000
11,072,000 1,032,000
9,572,000 3,516,000 4,925,000
8,936,000 1,496.000 1,864,000
2,067,000
15,391,000
3,225,000
60.000
23,000
50.000
10,000
11,851,000
160,000 7.734,000
271,000
10,272.000

£
2,896,000
3,000 11,995,000
12,104,000
18,013,000
12,296,000
10,000 17,468,000
27.000 3,312,000
73.000
17.000
7000
19.745.000
264,000 10,807,000

79,779,000 6,342,000 22,294,000

311,000 108,726,000

E

4,037,000

E

48.000

E

190,000

83,817,000 6,390,000 22,483,000

£

37,000

4.312,000

348.000 113,038.000

110,000 8.310,000
269,000
56,000
7,875.000
493,000 7,167,000
30,000 1.727,000
4,917,000
13,448.000
1,000 1,160,000
12,287,000
965,000 8,248,000
7,283,000
292,000 14,614,000
241,000
9,328,000 4,753,000
437,000 17.541,000
16,029.000
5,000 1,070,000
478.000 6,002,000
244.000
48,000
5,232.000
15,589.000 4.334,000 21,208,000
1.285,000
250,000 7,164.000
176,000
6,738,000
185,000 10,026,000
11,000 3,016,000
6,814,000
111.000 12,787.000
437.000
67,000
12,172.000
89,960,000 4.971.000 23,929,000 7,655,000 126,515,000
5.098,000

47.000

867,000

341.000

6,353,000

95.059.000 5.018,000 24.796,000 7.996.000 132,869.000
• 8,682,000
5,309,000
• 6.011,000
• 8,665.000
• 11,397.000
7,021,000
9,958,000
. 3,165,000
. 5,631.000
. 20.764,000
. 11,347,000
07 oso non

359,000 10,853,000
49,000 1,763,000
45,000 7,0(8.000
221,000 1,433,000
190,000 7,081,000
873.000
7,000
63,000 9,590,000
850,000
12,000
37,000 22,441,000
62,000 10,945,000
386,000 12,048,000
32.000 4.609.000
25,000 14,998,0(0
1,000 5,014,000
5,485.000 1,228,000 9,878.000
413,000 6.748.000
566,000
137,000
156,0(4) 23,446,000
61,000 2.465.000
1,899,000
141.000 13,387,000
.t02000 35 903.000

3.043.000137.479.000

Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME

it was 18 to 32 degrees; Baltimore, 30 to 40; Pittsburgh,
26 to 34; Portland, Me., 18 to 30; Chicago, 18 to 38;
Friday Night, Dec. 14 1934.
The upswing in business activity gained momentum dur- Cincinnati, 26 to 40; Cleveland, 22 to 34; Detroit, 18 to 34;
ing the week. Steel operations increased to the highest Charleston, 36 to 56; Milwaukee, 16 to 36; Dallas, 38 to 62;
point since June 25. In the Youngstown district they were Savannah, 36 to 60; Kansas City, 30 to 34; Springfield, Mo.,
up to 40% of capacity, and the general average was 32.7%. 30 to 40; St. Louis, 34 to 42; Oklahoma City, 34 to 54;
Electricity output showed another gain, and is now at the Denver, 28 to 44; Salt Lake City, 44) to 44; Los Angeles,
highest level in four years. Car loadings showed an increase 58 to 58; San Francisco, 54 to 58; Seattle, 46 to 50; Monof nearly 63,000 cars for the last period reported. Coal, treal, 10 to 28, and Winnipeg, 26 to 26.
stimulated by colder weather, also showed a rise in output.
Other good-sized straws, showing which way the wind was Abandonment of NIRA Advocated by Colonel Ayres
as Stimulant to Business-Proposes New Act
blowing, were the decline in idle ship tonnage throughout
Retaining Features Which Have Demonstrated
the world from July 1 to Oct. 1; the increase in department
Their Value-Cites Failure of Costly Experiments
store collections in October over September, and the larger
of Managed Recovery Program-Securities Act an
Obstacle-Rising Costs of Operation Under Codes
output of newsprint in this country and Canada in NovemThe greatest stimulus that business could have, according
ber. Retail buying continued unabated, helped by colder
weather and active Christmas shopping. Much of the to Colonel Leonard P. Ayres, would be the assurance that
activity was in women's and men's overcoats and apparel. the National Industrial Recovery Act would be allowed
There was also a broader demand for groceries. Wholesale to lapse when it automatically terminates next June. In
orders were larger, particularly for wearing apparel and its stead Colonel Ayres would have the Administration
Christmas merchandise. Commodity markets showed mixed sponsor a new Act, "retaining those features that have
trends during the week. Cotton was rather quiet, but prices demonstrated their social value, but otherwise expressedly
are higher than a week ago. With a favorable vote on the designed to reduce regulation and restore price competition."
Bankhead referendum in the South practically assured, the Colonel Ayres, who is Vice-President of the Cleveland
only major question now remaining is what will the Admin- Trust Co. of Cleveland, Ohio, spoke thus before the Cleveistration do about loans on next season's crop? The general land Chamber of Commerce on Dec. 11, his address also
opinion is that they will also be continued, for acreage con- constituting his annual comments in the Dec. 15 issue of
trol and loans have gone hand-in-hand for some time now. the trust company's "Business Bulletin," of which Colonel
Grains have been less active and show a downward trend. Ayres is editor. Colonal Ayres points out that "ever
Sugar showed firmness and advances were recorded in since the new codes went into effect the costs of operation in
coffee, hides, and silk. Cocoa and rubber declined. It most lines of business have been rising faster than production
was very cold here during the week with the mercury and distribution have been increasing. As long as these
down to 11 degrees on the 9th inst. Chicago had the worst conditions last," he says, "the thinking of business execustorm in six years on the 10th inst. when 10.3 inches of tives will be dominated by doubts about the possibility of
snow fell. Traffic there was slowed up and elevated making profits." He continues:
trains fell behind schedules. It was cold in nearly all
This condition seriously hampers recovery because it deadens business
sections of this country during the week. New England initiative. In normal times the corporations are the best customers of
the durable goods Industries. All manufacturing plants and their mawas about the' coldest spot with temperatures from 20 chinery, all equipment
of transportation, communication, and the public
below zero at the summit of Mount Washington to 12 above utilities, and all office appliances are provided by the durable goods inat Nantucket. Below freezing weather in Florida damaged dustries. Under present conditions most corporations are spending
.as little as possible for improvements and replacements. They are getting
the fruit crop. To-day it was fair and cold here, with along as best
they can with what they had before the depression, and
tetmperatures ranging from 24 to 42 degrees. The fore- they will try to continue that policy until they have reasonable confidence
cast was for fair to-night and Saturday. Continued cold that it is going to be possible for them to make profits in the future.
When we enacted the codes we lifted wages, shortened hours, regulated
to-night. Slightly warmer Saturday. Overnight at Boston output, hampered price movements, and increased
labor difficulties.




3708

Financial Chronicle

We did this in the simple faith that automatically expanding production
would make It possible to pay for them, despite the unvarying records of
economis: experience which show that increased production must come
first so as to earn the profits that make possible higher wages and shorter
hours.

"So far our managed recovery program," Colonel Ayres
says, "has been trying to solve the depressibn problem
by increasing consumer purchasing power, by giving more
workers and more unemployed more money to spend for
consumers' goods. Our costly experiments based on this
theory have not succeeded, and it is high time that we
should be challenging the assumption that they can be made
to succeed by the use of still greater public appropriations."
Likening "our economic machine to an automobile that
has stalled, and will no longer run under its own power,"
Colonel .Ayres had the following to say:
We have long ago discovered that the starter is out of order. We have
done what is customary in such cases, and have arranged to have the
machine pushed. In this instance the pushing has been done by public
appropriations which have been shoving the machine along for over a
year without any indication that it will soon start up and become selfpropelling.
When long-continued pushing fails to start a stalled automobile the
evidence is conclusive that something Is wrong with the mechanism, and
readjustments must be made before success will become possible. The
same is true of our economic machine. In its present condition it will
not run under its own power. It needs to have some essential readjustments, and until they are made pushing it along by the use of public funds
Involves a waste of time ann money.

Stating that "we should solve our depression problem
if we could restore employment in the durable goods. industries," Colonel Ayres noted that "there are three great
obstacles which block the way to a resumption of the normal
production of durable goods." The first he described as
"the pervading fear that the extension of governmental
regulation over the details of business operations will make
it impossible for many corporations to earn profits."
"The second great obstacle preventing the recovery of
the durable goods industry," said Colonel Ayres, "is fear
about the future of our money." He added in part:
This fear is now mostly based on the prospect of continued budget
deficits, and not so much as formerly on the expectation of continued
experimental monetary manipulation. It restricts and almost prevents
long-term financing by means of bond issues and mortgages which normall) provide funds for purchasing durable goods. . . .
In the post two years the flow of long-term financing by corporations
through bond issues has almost ceased, and there are no present evidences
that it is likely to be soon resumed. During last year and this the amount
of new corporate financing of all kinds has been running at from 2 to 3%
of what it was just before the depression. The stoppage is almost complete, and yet it. seems impossible to restore the durable goods industries
to normal activity until private capital will enter the long-term loan markets on a large scale. . ..
Securities Act an Obstacle
There is another force which operates to strangle the flow of new investment funds, and it is the third of the great obstacles blockng the
way to the recovery of the durable goods industries. This third obstacle
Is the newly revised Securities Act. Experience is demonstrating that
it IS an almost insurmountable barrier against the issuing of new bonds
by well established companies. New and small companies can operate
under it, but old and large ones find it nearly impossible and excessively
expensive to 7.ompile the almost unbelievably detailed information it
requires.
The three readjustments of our economic machine which seems to be
politically the most feasible, and to give the greatest promise of enabling
the mechanism to move forward again under its own power are:
1. The abandonment of the NIRA when it lapses next June, and the
enactment in its stead of new legislation designed to restore to business
much greater freedom in profit and price competition,
2. Convincing evidence that Federal policy is moving resolutely toward
the attaining of a balanced budget based on sound money, and
3. A thorough revision of the Securities Act designed to make the issuing of new corporate securities as simple and inexpensive a proceeding
as is compatible with safeguarding the interests of investors. . . .
As we enter the sixth year of the depression we have enormous shortages
of goods and buildings needing to be made up, millions of Idle workers
eager for jobs, and billions of unused credit seeking employment. Always
heretofore that comhination has produced prosperity. This time the
barriers blocking the way are of our own making. They are not natural
economic barriers, but artificial political ones. The question is whether
as a nation we have the stamina of character to remove them.

Number of Surplus Freight Cars in Good Repair
Increase
Class I railrods on Nov. 14 had 349,320 surplus freight
cars in good repair and immediately available for service,
the Association of American Railroads announced on
Dec. 12.
This was an increase of 21,751 cars compared with Oct. 31,
at which time there were 327,569 surplus freight cars.
Surplus coal cars on Nov. 14 totaled 94,560, an increase of
9,301 cars above the previous period, while surplus box cars
totaled 214,695, an increase of 7,406 compared with Oct. 31.
Reports also showed 18,953 surplus stock cars, an increase
of 4,384 compared with Oct. 31, while surplus refrigerator
cars totaled 8,467 cars, a decrease of 16 for the same period.
Revenue Freight Car Loadings for Latest Week
Drop 13%
Loadings of revenue freight for the week ended Dec. 8
1934 totaled 551,011 cars. This is an increase of 62,893
cars or 12.9% from the preceding week, and a gain of 9,019




Dec. 15 1934

cars or 1.7% from the total for the like week of 1933. The
comparison with the corresponding week of 1932 was also
favorable, the present week's loadings being 30,404 cars
or 5.8% higher. For the week ended Dec. 1, loadings were
2.3% below the corresponding week of 1933 and 10.8%
below those for the like week of 1932. Loadings for the
week ended Nov. 24 showed a loss of 4.2% when compared
with 1933 and a gain of 13.8% when the comparison is with
the same week of 1932.
The first 16 major railroads to report for the week ended
Dec.8 1934 loaded a total of 238,822 cars of revenue freight
on their own lines, compared with 210,533 cars in the
preceding week and 231,676 cars in the seven days ended
Dec. 9 1933. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of cars)
Loaded on Own Lines
Week Ended-

Rec'd from Connections
Week Ended-

Dee. 8 Dec. 1 Dee,9 Dec.8 Dec. 1 Dec. 9
1934
1934
1933
1934
1934
1933
Atch. Top. & Santa Fe Ry
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
Chic, Mllw. St. Paul & Pac. Ry_
Y Chicago & North Western Ry
Gull Coast Lines
Internat. Great Northern RR.__
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chic. & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry

18,027
18,348
14,561
17,185
12,285
2,647
2,325
4,227
14,139
37,232
4,103
13,627
49,035
4,423
21,726
4,932

15,536
16,571
12,655
14,267
10,391
2,574
2,331
3,615
11,959
31,694
3,858
12,740
44,894
4,058
19,297
4,093

18,168 4,159 4,161 3,692
17,463 5,473 5,737 5,142
14,530 5,844 5,498 5,003
15,711 5,824 5,459 4,865
12,596 8,177 7,396 6.899
2,383 1,071 1,281 1,188
2,183 1,752 2,140 1,582
4,465 2,310 2,144 2,547
12,740 6,043 5,563 5,829
37,091 49,498 44,328 46,925
3,598 7,063 6,557 6,901
12,267 3,049 3,113 3,033
50,037 27,594 27,503 27,003
4,196 3,981 3,837 3,596
19,453
I
I
x
4,795 6,965 5,726 5,807

Total
238,822 210,533 231,676 138,803 130,443 130,012
a Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Week EndedChicago Rock Island & Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry
Total

Dec. 8 1934

Dec. 1 1934

Dec. 9 1933

19,830
27,141
11,642

16,182
23,000
10,223

18,328
23,869
12,145

58,613

49,405

54,342

The Association of American Railroads, in reviewing the
week ended Dec. 1, reported as follows:
Loading of revenue freight for the week ended Dec. 1 totaled 488,118
cars. Due to the observance of Thanksgiving holiday, this was a reduction
of 73,195 cars below the preceding week. It also was a reduction of 11,478
cars below the corresponding week in 1933, which likewise included Thanksgiving holiday and a reduction of 58,977 cars under the corresponding week
in 1932, which did not include the holiday.
Miscellaneous freight loading for the week ended Dec. 1 totaled 181,552
cars, a decrease of 25.257 cars below the preceding week, 1,488 cars below
the corresponding week in 1933, and 390 cars below the corresponding
week in 1932.
Loading of merchandise less than carload lot freight totaled 137.415 cars,
a decrease of 22,220 cars below the preceding week this year, 4,164 cars
below the corresponding week in 1933 and 31,284 cars below the same
week in 1932.
Coal loading amounted to 102,646 cars, a reduction of 18,519 cars below
the preceding week, 1815 cars below the corresponding week in 1933 and
18,414 cars below the same week in 1932.
Grain and grain products loading totaled 23.791 cars, a decrease of A,147
cars below the preceding week, 2,683 cars below the corresponding week
In 1933, and 7,901 cars below the same week in 1932. In the Western Districts alone, grain and grain products loading for the week ended Dec. 1
totaled 14,384 cars, a decrease of 1,593 cars below the same week in 1933.
Live stock loading amounted to 15,917 cars, a decrease of 3,235 cars
below the preceding week, but an increase of 1,525 cars above the same
week in 1933. It was, however, a decrease of 4,223 cars below the same
week in 1932. In the Western districts alone, loading of live stock for
the week ended Dec. 1 totaled 11,832 cars, an increase of 658 cars above
the same week in 1933.
Forest products loading totaled 18,632 cars, a decrease of 1,476 cars
below the preceding week, and 2,345 cars below the same week in 1933,
but an increase of 1.969 cars above the same week in 1932.
Ore loading amounted to 3,579 cars, a decrease of 71 cars below the
preceding week, but increases of 740 cars above the corresponding week in
1933 and 2,068 cars above the corresponding week in 1932.
Coke loading amounted to 4,586 cars, decreases of 270 cars below the
preceding week. 1,248 cars below the same week In 1933, and 802 cars
below the same week in 1932.
The Eastern, Allegheny and Central Western districts reported reductions for the week of Dec. 1 under the same week last year but the Pocahontas, Southern, Northwestern and Southwestern Districts reported increases. All districts reported reductions compared with the corresponding week in 1932.
Loading of revenue freight in 1934 compared with the two previous
years follows.

Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Five weeks In June
Four weeks in July
Four weeks in August
Five weeks in September_ _
Four weeks in October
Four weeks in November. _ _
Week Ended Dec. 1
Total

1934

1933

2,177,562
2,308,869
3,059,217
2,334,831
2,441,653
3,078,199
2,346.297
2,419,908
3,142,283
2,531,489
2,353,227
488,118

1,924,208
1,970,566
2,354,521
2,025,564
2,143,194
2.926,247
2,498,390
2,531,141
3,240,849
2,632,481
2,385,655
499,596

2,288,771
2,243,221
2,825,798
2,229,173
2,088,088
2,454,769
1,932,704
2,064,798
2,867,370
2,534,048
2,189,930
547,095

1932

28.681.633

27.132.412

26.243.785

Financial Chronicle

Volume 139

In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
Dec. 11934. During this period a total of 67 roads showed
increases when compared with the corresponding week last

3709

year. The most important of these roads which showed
increases were the Southern Pacific (Pacific Lines), the
Chesapeake & Ohio RR., the Norfolk & Western RR., the
Missouri Pacific RR., and the Louisville & Nashville RR.:

REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED DEC. 1
Total Revenue
Freight Loaded
1934
Eastern DistrictGroup ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. H. & Hartford
Rutland

1933

Total Loads Received
from Connections
1932

1934

1933

1,325
2,340
6,453
869
2,542
8.609
542

1,458
2,602
6,297
863
2,303
8,808
519

1,522
2,857
7,518
669
2.442
10,037
608

243
3,805
8,388
1,643
1,896
9,748
772

192
4,302
8.924
2,513
2.223
10,321
870

22,680

22,748

25,653

28,495

29,347

3,708
7,120
8,954
116
977
6.421
1.745
15,434
1,341
379
338

4,755
7,600
10,076
105
1.114
6,426
1,450
15,975
1,675
332
308

5,837
8,641
11,706
121
1,730
8,713
1,380
18,184
2.160
541
295

5,862
5,067
9,887
1,539
877
5,719
27
21,384
1,330
. 39
234

6,247
5,972
11,447
1,468
910
5,986
35
22,653
2,027
17
145

46,533

49,816

59,308

51,965

58,907

•
•
•
•
•

502
1,161
5,970
19
206
160
1,224
1.714
4,613
3,041
3,858
4,058
3,253
665
4,093
2,419

416
1,293
6,283
12
236
179
1,417
2,119
4,309
3,158
3,237
3,751
3,788
1,037
4,481
2,652

479
1,529
7,440
15
255
183
1,202
2.140
5,305
3.218
3,434
4,098
2,971
1,081
4,938
2.796

879
1,351
8,791
46
63
2,181
1,055
5.154
6,804
171
6,557
3,837
3,330
733
5,726
2,017

904
1,350
8,527
36
79
2,238
884
5,344
6,950
159
6.695
3,588
3,561
475
5,990
1,706

.

38,956

38,368

41,084

48,695

48,486

Grand total Eastern District__ • 106,189

110,932

126,045

127,155

134,740

328
21.194
1,372
242
4,454
592
327
130
775
953
44,894
10,273
3.904
68
2,515

324
21,967
1,342
303
4,745

a
24.050
1,056
247
5,533

357
169
749
928
45,806
10,020
6,390
66
2,628

264
291
943
982
50,117
11,593
3,586
66
2,842

463
10.473
903
9
8,897
55
29
18
2,083
715
27,503
12,450
778

515
10,527
993
6
9,022
43
14
14
2,266
1,173
26,333
12,573
897

92,021

95,794

101,570

Total
Group BDelaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh & Shawinut
Pittsburgh Shawraut & North_
Total
Group CAnn Arbor
Chicago Indianapolis & LouIsv
C. C. C. & St. Louis
Central Indiana.
Detroit & Mackinac
Detroit & Toledo Shore Line_
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
N. Y. Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia_ _
Wabash
Wheeling & Lake Erie
Total

Allegheny DistrictAkron Canton & Youngstown_ .
Baltimore & Ohio
•
Bessemer & Lake Erie
.
Buffalo Creek & Gauley
Central RR. of New Jersey_...
Cornwall
•
Cumberland & Pennsylvania_
Ligonier Valley
Long Island
b Penn.-Reading Seashore Lin 5
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 & Western CarolinaDurham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac_ Southern Air Line
Southern System
Winston-Salem Southbound .

Taal Revenue
Freight Loaded

Railroads

4:iia

4o
-,oti

69,059

68.472

16,571
12,740
663
3,190

16,184
12,212
514
2,758

18,858
14,468
731
3,157

5,737
3,113
820
369

5,353
2,909
980
569

33,164

31,668

37,212

10.039

9,811

7,438
955
350
113
35
1,092
392
247
6,774
15,740
129

7,286
1,073
296
128
33
1,169
356
251
6,051
15,956
156

7.511
856
334
130
50
1,339
467
311
6,159
17,496
172

4,488
1,425
783
282
84
995
782
2,772
3,141
10,399
613

3,840
1,171
844
334
107
1,151
695
2.382
2,985
10,130
617

Group BAlabama Tennessee & Northern
Atlanta Birmingham & Coast__
Atl. & W.P.-W.RR.of Ala__
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah__
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
Tennessee Central

Total Loads Received
from Connections

1934

1933

1932

201
866
576
3,107
246
868
575
271
1,248
16,032
14,199
107
109
1,677
2,367
290

1934

1933

wo.
.
-coVocaoco .14
cb2•4.00....amoop-accmcpmw
cAcA0t.....v.a0-4w0ot-41co

Railroads

129
580
582
2,977
235
654
866
243
1,258
19,794
15.423
111
127
2,046
2.779
307

42,539

42,008

48.111

21,572

21.127

Grand total Southern District.

75,804

74,763

82,936

47,338

45,383

Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw, St. P. & Pacific
Chicago St. P. Minn. & Omah
Duluth Nlissabe dz Northern
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des Moines & Sou
Great Northern
•
Green Bay & Western
Lake Superior dv Ishpeming__ _
MInneapolb3 & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
•
Spokane International
•
Spokane Portland & Seattle- -

512
10,253
1,737
14,267
3,095
291
282
3,043
216
9,618
490
265
1,227
3,836
7.686
105
873

687
500
11,817
12.587
2,307 •
1,887
16,314
14,373
3,270
2,792
342
325
384
283
2,493
2,946
217
227
7,228
8,086
410
548
a
272
1.624
1,436
3,863
3,064
7,831
8,393
87a
989
961

1,217
7,396
1,956
5,459
2,059
67
246
3,558
97
2,145
281
60
1,290
1,848
2.017
197
677

1,337
7,331
2,072
5,144
1,852
135
286
3,754
90
1,718
279
70
1.122
1,578
1,842
162
838

57,796

56.547

61,996

30,570

29,608

Central Western District Atch. Top. & Santa Fe System. 15,536
Alton*
.
2,474
Bingham & Garfield
169
Chicago Burlington & Quincy-. 12,655
Chicago & Illinois Midland.._.
1,409
Chicago Rock Island & Pacific.
8.264
Chicago & Eastern Illinois
2,388
.
Colorado dv Southern
•
1,222
Denver & Itio Grande Western.
2.741
Denver & Salt Lake
.
474
Fort Worth & Denver City__ _.
982
Illinois Terminal
1,588
North Western Pacific
.
438
Peoria & Pekin Union
•
132
Southern Pacific (Pacific).- . 12,896
St. Joseph & Grand Island .
159
Toledo Peoria az Western
189
Union Pacific System
. 11,280
Utah
541
Western Pacific
1,413
.

16,571
2,316
141
14,442
1,599
9.082
2,350
1,364
2,954
312
1,420
1,784
588
76
12,784
197
282
13,971
455
1,311

18,900
2.967
163
14,348
a
11,679
2,567
1,254
2,782
303
1,845
a
384
168
12,047
243
309
12,890
521
1,086

4,161
1,690
29
5,498
544
5,035
1,502
750
2,043
5
053
837
164
22
2,941
216
701
6.702

3,918
1,464
44
5,509
677
5,017
1,484
994
1,744
10
974
938
192
79
2,942
237
762
5,843

1,349

1,158

76.930

83,999

84.456

35,150

33,994

140
146
139
2,574
2,331
167
1.411
1,482
98
360
650
73
3,615
11,959
33
93
8,225
1,703
6,401
5,074
1,542
18

122
131
162
2,217
2,085
167
1,382
1.043
96
289
467
146
4,153
11,816
38
202
7,304
1,840
6,008
4,988
1,217
22

151
173
246
2,735
1,894
162
1,378
1,231
a
306
769
64
4,988
13,623
44
246
8.509
2,466
7,011
5,364
1,487
33

2.917
265
142
1,281
2,140
728
1.258
687
281
666
174
155
2,144
5,563
21
102
2,773
1,182
2,055
2.546
11,091
34

2,899
503
118
1,228
1,535
592
1,223
720
305
644
174
262
2,445
5,812
13
103
3,151
1,202
1,821
2,60(
11,872
32

Total

Total

•

Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern_ _
Kansas Oklahoma & Gulf
_..
Kansas City Southern
Louisiana & Arkansas
_
Louisiana Arkansas & Texas- _
Litchfield & Madison
Midland Valley
Missouri dv North Arkansas_ _
Missouri-Kansas-Texas Lines _
Missouri Pacific
Natchez & Southern
..
Quanah Acme & Pacific
_
St. Louis-San Francisco
_
St. Louis Southwestern
_
Texas & New Orleans
Texas & Pacific
Terminal RR. of St. Louis_ _ _ _
Weatherford M. W. & N. W -

104
627
1,007
2.220
236
537
1,180
354
632
7,394
3,230
361
167
1,165
1.826
532

s

241
571
945
1.931
358
436
1,119
267
.581
7,292
3,052
380
218
1,309
1,870
557

s

Total

. 33,265
32,755
34,825
25,764
24.256
Total
_
46.234
45.893
39.251
52.880
38.205
•Previous figures. a Not available
is Pennsylvania-Reading Seashore Lines Include the new consolidated lines of
the West Jersey & Seashore 1111., formerly
part of Pennsylvania RR., and Atlantic city 5111.. formerly part of Reading Co.

No Change Reported in "Annalist" Weekly Index of
Wholesale Commodity Prices for Week of Dec. 11
Little net change was recorded by the "Annalist" Weekly
Index of Wholesale Commodity Prices during the week of
Dec. 11, the index standing at 117.4, unchanged from Dec. 4.
The "Annalist" said:
The index actually made a minute advance, but the amount of change
was too small to show in the figures, amounting to approximately half of
0.1 point. The farm, food and textile groups were higher, while fuels
dropped sharply on further weakness in petroleum.
TIIE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation (1913=100)
Dec. 11 1934

Dec. 4 1934

Dec. 12 1933

Farm products
c108.8
109.1
85.0
Food products
118.7
118.3
101.8
Textile products
•107.6
c107.5
117.8
Fuels
161.2
162.6
157.0
Metals
109.6
109.6
105.2
Building materials
112.2
112.1
111.8
Chemicals
99.0
99.0
98.5
Miscellaneous
77.5
77.6
84.8
All commodities
117.4
117.4
103.8
x Al! commodities on old dollar basis_ _
69.7
69.9
67.2
• Preliminary. c Revised. a Based on exchange quotations for France, Switzerland, Holland and Belgium.




"Annalist" Monthly Index of Business Activity Up
Slightly During November as Compared with
October
The "Annalist" Index of Business Activity showsa slight
increase for November, rising 0.3 point over October. The
preliminary index is 70.9, as compared with 70.6 for October,
66.4 for September, the low for the year, and 80.2 for May,
the high for the year. Under yesterday's date (Dec. 14) the
"Annalist" further announced:
The net gain from the year's low is 4.5 points, while the loss from the
year's high mounts to 9.3 points. The net gain from last year's low amounts
to 12.5 points.
The most important factor in the rise of the combined index was a substantial increase in the adjusted index of steel ingot production. Next in
importance was an estimated increase in the adjusted index of electric power
production. The adjusted Index of freight car loadings also showed an
Important gain. Smaller increases were shown by the adjusted indices of
pig iron production and zinc production. The adjusted indices of automobile production, cotton consumption and silk consumption declined last
month. The largest decline, on a weighted basis, was shown by the preliminary index of automobile production. Next in importance was the
decrease in the preliminary index of cotton consumption.

Financial Chronicle

November

October

September

57.6
36.1
31.8
92.3
92.2
*73.7
75.5
___
51.6
48.7
40.8
66.2
*70.6

59.1
34.3
31.2
92.3
58.5
41.2
54.4
91.2
52.7
50.2
46.8
53.8
66.4

Freight car loadings
58.9
Steel ingot production
42.8
Pig iron production
33.3
Electric power production
c93.5
Cotton consumption
x88.4
Wool consumption
Silk consumption
-60.ii
Boot and shoe production_ _ Automobile production
y41.4
Lumber production
Cement production
Zinc production
68.1
Combined index
*70.9

TABLE II-THE COMBINED INDEX SINCE JANUARY 1929

January
February
March
April
May
June
Juts,
August
September
October
November
December

1934

1933

1932

1931

1930

1929

73.1
76.7
78.9
80.0
80.2
77.2
73.2
71.1
66.4
*70.6
*70.9

63.0
61.6
58.4
64.0
72.4
83.3
89.3
83.5
76.4
72.3
68.4
69.5

70.1
68.1
66.7
63.2
60.9
60.4
59.7
61.3
65.2
65.4
64.7
64.8

81.4
83.1
85.1
86.4
85.1
82.6
83.1
78.9
76.3
72.6
72.2
72.1

102.1
102.5
100.5
101.8
98.5
97.1
93.1
90.8
89.6
86.8
84.4
83.9

112.9
112.4
111.9
115.0
115.7
116.6
116.7
115.6
115.0
113.4
106.0
101.2

* Subject to revis on. c Based on an estimated output of 7,600,000,000 kwh as
against a Geological Survey total of 7,815,000,000 kwh in October and 7,243,000,000
in November 1933. c Based on an estimated consumption of 490,000 bales, as against
520,310 bales in October and 475,368 bales in November 1933. y Based on an
estimated output of 75.000 cars and trucks as against Department of Commerce total
01 132.488 cars and trucks in October and 61,031 cars and trucks in November 1933.

Sales of Electricity to Ultimate Consumer During
October 3.6% Above Corresponding Month of 1933
The following statistics, covering 100% of the electric
light and power industry, were released on Dec. 12 by
the Edison Electric Institute:
SOURCE AND DISPOSAL OF ENERGY AND SALES TO ULTIMATE
CONSUMERS
Month of October
1934
a Kilowatt-hours Generated (net)By fuel
By water power
Total kilowatt-hours generated
Additions to SupplyEnergy purchased from other sources
Net international imports

P. C.
Change

1933

4,863,362,000 4,600,980,000
2,457,204,000 2,324,391,000

+5.7
+5.7

7,320,566,000 6,925,371,000

+5.7

159,990,000
73,469,000

240,926,000 -33.6
74,748,000 -1.7

233,459.000

315,674,000 -26.0

50,194,000
118.909.000

59,589,000 -15.8
87,044,000 +36.6

169,103,000
Total
7.384,922,000
Total energy for distribution
Energy lost in transmission, distribution, &c 1,397,138,000
5,987.784,000
Kilowatt-hours sold to ultimate consumers
Sales to Ultimate Consumers (Kwh.)1,081,444,000
Domestic service
Commercial-Small light and power (retail)_ 1,112,155,000
3,141.751,000
Large light and power (wholesale)
193,674,000
Municipal street lighting
352,788,000
Railroads-Street and interurban
59.199,000
Electrified steam
46,773,000
Municipal and miscellaneous

146,633.000 +15.3
7,094,412,000 +4.1
1,314,408,000 +6.3
5.780,004,000 +3.6

Total
Deductions from SupplyEnergy used in electric railway departments
Energy used in electric & other departments

Total sales to ultimate consumers

1,002,786,000 +7.8
1,067,991,000 +4.1
3,068,000,000 +2.4
191,047,000 + 1.4
331.749,000 +6.3
58,363,000 +1.4
60,068,000 -22.1

5,987,784,000 5,780,004,000
51.55 5111 5011

5150 550 ann

+3.6
-1-.1 R

12 Months Ended Oct. 31

1934
x Kilowatt-hours Generated (net)By fuel
By water power

1933

P. C.
Change

53.216,434,000 46,429,429,000 +14.6
30,370,640.000 31.974,063,000 -5.0

83,587.074,000 78,403,492.000 +6.6
Total kilowatt-hours generated
3,131,732,000 2,828,309,000 +10.7
Purchased energy (net)
Energy used in electric ry. and other depts._ 2,013,038,000 1,916,809,000 +5.0
84,705,768,000 79.314,992,000 +6.8
Total energy for distribution
Energy lost in transmission, distribution, &c. 14,632,890,000 14,199,733,000 +3.1
Kilowatt-hours sold to ultimate consumers._ 70,072,878,00065,115.259,000 +7.6
Total revenue from ultimate consumers-. $1,822,895,600 $1,777,731,600 +2.5
Important Factors36.3%
40.8%
---Per cent of energy generated by waterpower
1.45
1.45
Average pounds of coal perlkIlowatt-hour
Domestic Service (Residential Use)
626
804 +3.6
Avge. ann. consumption per customer (kwh .)
5.32c
5.51c -3.4
Average revenue per kilowatt-hour (cents).$2.78
hill nor rInrruntle customer
$2.77 +0.4
Basic Information as of Oct. 31
1934
Generating capacity (kw.)-Steam
Water power
Internal combustion

1933

23,800,100 24,069,000
9,006,400 8,974,000
468,100
461,300

33,274,600 33,504,300
Total generating capacity In kilowatts
Number of Customers(517.332) (505,956)
domestic)
with
(Included
Farms in Eastern area
Farms in Western area (included with commercial, large)- (209,798) (204,961)
20,441,774 19,921,921
Domestic service
3,724,998 3,689,316
Commercial-Small light and power
530,976
530,532
Large light and power
69,507
65,944
consumers
All other ultimate
Total ultimate consumers

24,767.255 24,207.713

As reported by the 15. S. Geological Survey with deductions for certain plants
not considered electric light and power enterprises.
X




Current food prices are 7.6% higher than a year ago, and 15.7% higher
than for November 1932. They are 28.9% lower than for November 1926.
Of the 42 foods included in the index, 19 fell in price, 16 showed no
change, and seven increased.
Meats maintained first place in the price declines, the net drop for the
group being 1.6%. No item in the meat group showed an advance.
Fruits and vegetables declined by 1.0%, the major drop in this group
being a seasonal fall of 10.4% over the two-week period for oranges.
Cereals, due to a decrease in the price of bread, macaroni and rice, declined by 0.8 of 1%. Eggs continued the upward trend and advanced 2%.
Dairy products increased 0.8 of 1%, the advance being almost entirely
the result of a rise in butter prices. Despite advances in fats and oils, the
"miscellaneous foods" group as a whole, which includes these items as
well as sugar and beverages, remained unchanged.
Prices were lower in 28 of the 51 cities reporting to the Bureau of Labor
Statistics. They moved upward in 23 cities. There was no marked change
in any one city, the greatest variation being a decrease of 1.5% for
Boston.
INDEX NUMBERS OF RETAIL PRICES OF FOOD. (1913=100.)
Nov. 20 Nov.6 Aug.28 May 22 Feb. 27 Nov. 21 Nov. 15 Nov. 15
1932
1929
1934
1934
1934
1933
1934
1934
2 Wks. 33fos. 8Mos. 9 Mos. 1Year 2 Yrs. 5 Yrs.
Ago
Ago
Ago
Ago
Ago
Ago
Ago
All foods
Cereals
Meats
Dalryproducts
Eggs
Fruits dr veg._
Miscell. foods_

114.9
150.9
120.6
108.4
116.2
104.2
96.4

115.3
150.8
129.2
105.6
95.3
113.0
93.4

108.4
144.4
115.3
99.9
67.8
132.2
88.8

108.1
143.4
107.8
101.8
74.8
137.5
87.5

159.7
163.6
184.1
147.0
183.4
182.1
135.3

99.4
118.0
109.1
93.9
109.0
86.7
89.1

For the 14 c ties in the North Atlantic area, the average change was a
decrease of 0.2 of 1%.
In the South Atlantic area the tendency was upward. An increase of
0.7 of 1% for Jacksonville was the largest change registered.
There are 22 cities reporting for the Central States. Although the
general trend was downward, Kansas City, where a decrease of 1.4% was
reported, was the only municipality showing a change greater than 1Vo•
In the Western area, Los Angeles and Salt Lake City reported decreases
of 0.8 of 1%. Other changes were lees marked.

From an announcement issued by the Department of Labor
we take the following:
Prices used in constructing the weighted index are based upon reports
from all types of retail food dealers in 51 cities and cover quotations on 42
important food items. The index is based on the average of 1913 as 100.0.
The quantities of the various food items used in constructing the index
are based on the expenditures of wage earners and lower-salaried workers.
The following tables show the percentages of price changes for individual
commodities, and for the various cities covered by the Bureau Nov. 20 compared with Nov. 6 1934, Oct. 23 1934, Nov. 21 1933, Nov. 15 1932, and
Nov. 15 1929:
CHANGES IN RETAIL FOOD PRICES NOV. 20 1934, BY COMMODITIES
Percent Change-Nov. 20 Compared withNov. 6
1934
(2 Wks.
Ago)

Oct. 23
1934
(4 Wks.
Ago)

-0.3

-0.4

Cereals
Bread, white
-1.2
0.0
Cornflakes
0.0
Cornmeal
0.0
Flour. wheat
Macaroni
-0.6
-1.2
Rice
Rolled oats
0.0
Wheat cereal
0.0
Dairy products
+0.8
Butter
+2.3
Cheese
+0.4
Milk, evaporated
0.0
0.0
Milk, fresh
+2.0
Eggs
Fruits and vegetables
-1.0
Bananas
-0.2
-10.4
Oranges
-0.9
Prunes
0.0
Raisins
-1.6
Beans, navy
Beans with pork
0.0
Cabbage
0.0
0.0
Corn, canned
+2.6
Onions
Peas, canned
0.0
Potatees. white
0.0
Tomatoes, canned....
0.0
-1.6
Meats
Beef-Chuck roast__. -1.7
-1.7
Plate beef
-0.4
Rib roast
-1.8
Round steak
-2.2
Sirloin steak
0.0
Hens
-0.9
Lamb, leg of
-0.9
Pork-Bacon. sliced_ _
Ham,sliced
-1.2
Pork chops
0.0
Miscellaneous foods__ _ _
Coffee
0.0
Lard, pure
+2.7
+1.3
Oleomargarine
Salmon, red
-1.8
Sugar
-0.3
Tea
S. Pe. lard substitute_
+1.0

-0.6
-1.2
0.0
+2.1
0.0
-0.6
0.0
+1.4
0.0
+2.9
+7.7
+0.8
0.0
+0.9
+6.6
-3.8
-3.8
-15.0
0.0
0.0
-3.1
0.0
-3.7
+1.7
+5.4
0.0
-5.6
+1.0
-4.6
-4.0
-0.9
-3-3
-4.8
-5.4
-1.6
-2.9
-2.9
-3.6
-9.6
0.0
-0.4
+2.0
+3.3
-0.5
-1.8

Commodities

All foods

+1.6

Nov. 15
1932
(2 Years
AgO)

Nov. 15
1929
(5 Years
Ago)

+7.6

+15.7

-28.0

+5.2
-+3.8
-5.6
+20.0
+6.3
0.0
+18.8
+12.3
+1.3
+10.1
+23.6
+4.8
-1.5
+5.4
+11.1
-11.1
-5.0
+21.4
+7.5
+4.3
+5.0
+1.5
-27.8
+12.8
+14.7
+27.2
-26.1
-4-6.1
+15.8
+12.6
+15.2
+13.2
+10.8
+9.0
+22.0
+9.9
+42.9
+24.4
+9.9
+10.2
+5.3
+54.1
+21.1
+1.4
0.0
+8.3
+2.6

+27.9
-I-23.9
-1.2
+33.3
+70.0
+6.0
+32.3
0.0
+8.5
+15.5
+27.6
+6.7
+ 11.7
+10.4
+6.6
+20.1
+4.1
+9.1
+29.5
-2.0
+37.0
+1.5
+13.0
+20.6
+80.0
4 36.2
+21.4
+18.2
+ 10.6
+2.4
+2.7
+0.9
+2.2
0.0
+8.9
+9.4
+48.0
+25.6

Nov. 21
1933
(1 Year
Ago)

420.8

+8.3
-7.0
+73.6
+8.4
+8.2
+9.8
+5.9
+3.7

M
H i
go5=5.Awn=niguna=t4gngiT.=taVOng&ti5G.c0:141

TABLE I-THE ANNALIST INDEX OF BUSINESS ACTIVITY AND COMPONENT GROUPS

Continued Decline of 0.3 of 1% During Two Weeks
Ended Nov. 20 Noted in Index of Retail Prices of
Food of United States Department of Labor
During the two weeks ended Nov. 20, retail prices of "all
foods" continued a downward trend which began early in
September, Commissioner Lubin of the Bureau of Labor
Statistics of the United States Department of Labor, announced Dec. 4. "The present index of 114.0 (1913 equals
100.0) is 0.3 of 1% below that for Nov. 6," he said; "it is
1.6% below the level of Sept. 11, when the index was 116.8,
the highest for the year." Mr. Lubin continued:

;44)000.-

Table I gives the combined index and its components, each of which is
adjusted for seasonal variation and, where necessary, for long-time trend.
for the last three months. Table II gives the combined index by months
back to the beginning of 1929.

Dec. 15 1934

W.000.P0

3710

Financial Chronicle

Volume 139

CHANGES IN RETAIL FOOD RPICES NOV. 20 1934, BY CITIES
Per Cent Change-Nov. 20 Compared with-

Cities

Nov. 6
1934
(2 1Vks.
Ago)

Oct. 23
1934
(4 Wks.
Ago)

Nov. 15
1933
(1 Year
Ago)

Nov. 15
1932
(2 Years
Ago)

Nov. 15
1929
(5 Years
Ago)

United States

-0.3

-0.4

+7.6

+15.7

-28.0

North Atlantic
Boston
Bridgeport
Buffalo
Fall River
Manchester
Newark
New Haven
New York
Philadelphia
Pittsburgh
Portland, Me
Providence
Rochester
Scranton
South Atlantic
Atlanta
Baltimore
Charleston, S. C
Jacksonville
Norfolk
Richmond
Savannah
Washington, D.C
North Central
Chicago
Cincinnati
Cleveland
Columbus
Detroit
Indianapolis
Kansas City
Milwaukee
Minneapolis
Omaha
Peoria
St. Louis
St. Paul
Springfield
South Central
Birmingham
Dallas
Houston
Little Rock
Louisville
Memphis
Mobile
New Orleans
Western
Butte
Denver
Los Angeles
Portland, Ore
Salt Lake City
San Francisco
Seattle

-0.2
-1.5
+1.1
-0.4
+0.2
-1.2
-0.4
+0.4
-0.1
-0.3
+0.3
-0.2
+0.1
-0.3
-0.4
+0.3
+0.1
+0.2
+0.4
+0.7
+0.4
-0.1
+0.4
-0.3
-0.1
-0.1
+0.3
-0.4
-0.7
-0.6
-0.1
-1.4
+0.4
+0.2
+0.2
+1.0
-0.4
+0.4
-0.4
-0.2
-1.0
+0.7
-0.3
-0.9
+0.2
-0.2
+0.4
_i__().8
-0.1
+0.7
-0.3
-0.8
+0.6
-0.8
-0.2
+0.3

-0.3
-1.8
+1.2
-0.7
-0.5
+1.1
-0.8
-0.7
-0.1
-0.4
+0.4
+0.7
-0.6
-0.6
-0.6
+0.1
-0.6
-0.5
+1.0
+0.3
+0.4

+6.9
+5.2
+8.1
+5.7
+8.5
+7.3
+7.2
+8.2
+5.8
+6.7
+10.5
+7.3
+7.3
+6.9
+2.1
+8.6
+10.0
+9.0
+6.7
+9.2
+7.6
+9.3
+8.7
+8.3
+7.9
+5.8
+5.8
+7.8
+9.5
+6.9
+2.2
+11.2
+9.7
+8.8
+10.6
+6.5
+9.6
+9.1
+6.9
+10.1
+9.2
+9.4
+12.9
+9.6
+12.0
+9.7
+8.4
+9.8
+11.3
+16.1
+11.7
+6.5
+13.8
+9.9
+9.7
.1.00

+14.1
+11.2
+14.0
+15.1
+16.9
+14.4
+10.3
+15.6
+10.8
+15.8
+18.5
+14.1
+14.4
+16.3
+10.7
+16.4
+17.5
+18.0
+13.9
+18.1
+11.0
+18.0
+18.0
+17.3
+17.9
+8.3
+19.6
+20.2
+22.5
+24.8
+11.8
+15.8
+18.2
+17.4
+22.2
+17.5
+17.9
+20.2
+16.8
+19.5
+13.5
+19.7
+29.6
+19.6
+22.8
+18.6
+14.3
+19.3
+15.9
+17.6
+17.8
+13.1
+16.0
+19.0
+12.8
.1.159

-27.5
-30.1
-24.4
-28.3
-27.9
-26.2
-25.2
-26.2
-26.2
-27.6
-28.3
-27.0
-28.4
-28.0
-31.1
-27.5
-29.4
-25.1
-29.1
-26.5
-29.7
-26.9
-28.2
-24.8
-29.3
-31.4
-30.7
-28.3
-28.0
-31.0
-34.4
-27.3
-26.4
-27.9
-26.7
-28.8
-27.8
-26.5
-31.2
-28.5
-30.0
-27.5
-25.6
-30.7
-28.0
-28.6
-29.5
-26.8
26.1
-27.1
-22.1
-28.8
-27.5
-26.7
-23.8
-903

+0.1
+0.5
-0.8
-0.1
+0.4
-0.9
-1.4
-1.4
-2.6
-1.3
+0.2
-2.7
+0.5
+1.0
-0.9
-1.4
-0.2
-0.1
-1.4
+0.7
-0.1
-1.1
+1.3
-0.4
0.0
-0.1
+1.5
+1.1
-0.2
+1.4
+1.4
-0.6
+6.7
-1-0.6

Department Store Sales According to Federal Reserve
Board-Increase of Less Than Seasonal Amount
from October to November Noted
Preliminary figures on the value of department store sales
show an increase from October to November of somewhat
less than the estimated seasonal amount. The Federal
Reserve Board's index, which makes allowance for usual
seasonal changes, was 72 in November, on the basis of the
1923-25 average as 100, compared with 74 in October and
76 in September. The Board on Dec. 10 further announced:
In comparison with a year ago, the value of sales for November was 11%
larger. The largest increases compared with last year in total sales for the
month were shown in the Atlanta, Dallas, Minneapolis, and San Francisco districts. The aggregate for the first 11 months of the year was 13%
larger than last year.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO

Nov.•
Federal Reserve districts:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

i

Jan. 1
No. of
Reporting
to
Nov. 30. Stores

No.
of
Cities

-1
+6
+5
+15
+17
+24
+16
+12
+19
+15
+21
+19

+5
+6
+9
+17
+18
+27
+18
+16
+11
+17
+23
+10

55
55
31
27
48
43
61
39
39
20
19
76

30
27
14
15
20
23
26
21
21
15
9
26

+11

+13

513

247

• November figures preliminary: in most cities the month had the same number of
business days this year as last year.

Retail Prices Unchanged During November According
to Fairchild Retail Price Index
There was no change in retail prices during November,
according to the Fairchild Retail Price Index. For the first
time since July 1933, retail prices were actually lower than
during the corresponding month the previous year. Quota,
tions on Dec. 1 show a decrease of 0.7 of 1% under Dec. 1
1933. Prices, while 2.9% below the 1934 high, were, nevertheless, 25.9% above the depression low point. An announcement issued Dec. 14 by Fairchild Publications, in
noting the foregoing, continued:
Prices have fluctuated within a very restricted area for the past 12 months,
with an easier tendency discernible. This is in contrast with the trend recorded in 1933. when prices advanced very sharply. gaining 26.8% from
the May 1 low to Jan. 1.
The movement among the various groups continued mixed, a tendency
evident since the 1934 peak was reached in the early part of the year.




3711

Fractional declines were recorded for women's apparel, men's apparel,
and piece goods, while home furnishings gained fractionally. Infant's wear
showed practically no change. As compared with a year ago, home furnishings showed the greatest gain, while women's apparel showed a decrease.
A recapitulation of gains and losses for the past month as compared
with the previous month, shows the following. Increases were recorded for
woolens, blankets and comfortables, corsets and brassieres, women's shoes.
men's shoes, infants' underwear, furniture, floor coverings, musical instruments, and luggage. Decreases were recorded for women's hosiery,
aprons and house dresses, furs, women's underwear, men's underwear,
shirts and neckwear, hats and caps, clothing, including overalls; infants'
socks and electrical household appliances.
THE FAIRCHILD RETAIL PRICE INDEX-JANUARY 1931=100
(Copyright 1934, Fairchild News Service)
May 1
1933

Dec. 1
1933

Apr. 1
1933

Oct. 1
1934

Nov. 1
1934

Dec.1
1934

Composite index
69.4
Piece goods
65.1
Men's apparel
70.7
Women's apparel
71.8
Infants' wear
76.4
Home furnishings
70.2
Piece goods:
Silks
57.4
Woolens
69.2
Cotton wash goods
68.6
Domestics:
Sheets
65.0
Blankets & corafortables 72.9
Women's apparel:
Hosiery
59.2
Aprons & house dresses
75.5
Corsets and brassieres
83.6
Furs
66.8
Underwear
69.2
Shoes
76.5
Men's apparel:
Hosiery
64.9
Underwear
69.6
Shirts and neckwear
74.3
Hats and caps
69.7
Clothing. inel. overalki.- 70.1
Shoes
76.3
Infanta' wear:
Socks
74.0
Underwear
74.3
Shoes
80.9
Furniture
69.4
Floor coverings
79.9
Musical instruments
50.6
Luggage
60.1
Elec. household appliances 72.5
China
81.5

88.0
84.8
86.2
90.5
90.5
85.9

89.6
85.9
88.9
91.2
93.6
88.7

87.7
87.6
87.7
89.8
94.0
88.9

87.4
86.3
87.7
.89.5
94.4
88.9

87.4
86.1
87.3
88.8
94.3
89.2

69.8
82.0
102.7

70.9
80.3
106.6

70.9
83.8
108.2

67.5
83.3
108.2

66.7
83.4
108.2

92.4
93.9

97.6
9i.3

97.6
100.0

97.7
100.2

97.7
100.3

79.6
102.2
96.0
94.6
87.6
82.9

79.4
103.4
96.2
92.7
89.9
86.0

76.6
103.2
93.1
96.7
86.6
82.8

76.6
103.0
92.5
95.9
86.5
*82.5

76.3
102.2
92.6
93.1
86.0
82.6

86.1
92.3
90.8
78.4
81.8
87.8

87.4
95.2
92.2
81.4
87.2
89.8

87.2
92.9
86.7
81.8
87.5
90.0

87.2
93.0
86.5
81.8
87.6
90.0

87.2
92.9
84.6
81.7
87.2
90.1

88.3
92.1
91.0
97.6
95.2
57.3
79.7
77.1
88.3

95.2
94.9
90.6
96.7
97.8
60.6
80.6
78.0
93.0

97.3
93.5
91.4
94.5
101.8
59.4
76.5
77.5
91.7

97.8
93.8
91 5
94.4
101.3
59.9
76.0
77.5
91.6

97.4
94.0
91.5
95.6
101.6
60.1
76.6
77.4
91.6

•Revised.

Further Increase in Wholesale Commodity Prices During Week of Dec. 8 of 0.3 of 1% Noted by United
States Department of Labor
Wholesale commodity prices showed a continued upward
tendency and advanced by 0.3 of 1% during the week ending
Dec. 8, Commissioner Lubin of the United States Department of Labor, Bureau of Labor Statistics announced Dec.13.
"The Bureau's index," Mr. Lubin said, "increased to 76.7%
of the 1926 average." He continued:
The level to-day is approximately 29% above the 1933 low (March 4).
As compared with a month ago, present prices show an increase of 0.1 of 1%.
When compared with the week ending Dec. 9 1933, when the index was
70.9, the current index is up by 8%. It is 213% above two years ago.
This week's index is 1.4% below the high for this year. the week of Sept. 8,
when the index was 77.8, and 8% above the low point of 1934 (Jan. 6).
The recent strengthening in the general average was due to a general
advance in most of the groups covered by the Bureau. Of the 10 major
groups of items seven-farm products, hides and leather products, fuel and
lighting materials, metals and metal products, building materials, chemicals
and drugs, and miscellaneous commodities-registered increases from the
previous week. Foods and housefurnIshing goods showed decreases, and
textile products remained unchanged.
With the exception of hides and leather products, textile products and
building materials, all of the 10 major groups showed higher average prices
than for the corresponding week of a year ago. Farm products registered
the greatest rise with an increase of 28%; foods have advanced 18%; mis5 %. Fuel and
cellaneous commodities, 8%; chemicals and drugs, 64
lighting materials, metals and metal products and houseturnishing goods
showed smaller increases.
During the year average prices of textiles have decreased 8.f4.%; hides
and leather products, 43.4 %; and building materials 0.2 of 1%. "All commodities other than farm products and foods" are approximately 1% above
a year ago.
The following table, issued by the Department of Labor, shows index
numbers and per cent of change between current prices and those of March 4
1933, the low point of last year, and the week ending Dec. 9 1933.

Commodity Groups
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Houseturnishing goods
Miscellaneous
All commodities other than farm
products and foods_
All commodities

Dec. 8
1934

Mar. 4 P. C. of Dec. 9 P. C. of
Increase
Increase 1933
1933

71.7
74.9
85.0
69.3
76.0
85.4
85.1
77.8
82.4
71.0

40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6

78.3

66.2

76.7

59.6

56.0
63.3
89.0
75.9
74.5
83.3
85.3
73.6
81.8
65.6

28.0
18.3
•4.5
"8.7
2.0
2.5
*0.2
5.7
0.7
8.2

18.3

77.6

0.9

28.7

70.9

8.2

76.6
40.3
25.7
37.0
18.0
10.3
21.4
9.1
13.3
19.1

•Decrease.

An announcement issued by the Department of Labor had
the following to say:
Farm products, with an increase of 0.8 of 1% during the week, showed
the greatest advance for any of the major groups. Grains continued upward for the fifth consecutive week with a rise of nearly 3% and reached
a new high for the year. Livestock and poultry prices were higher by 4
other farm products, including beans, cotton, eggs, apples, lemons, oranges
and hops, on the other hand, decreased 1 1-3%• Higher Prices were
recorded for alfalfa hay, seeds and onions. The present farm products

3712

Financial Chronicle

DEC. 1, NOV. 24. NOV. 17 AND NOV. 10 1934, AND DEC.9 1933, AND
DEC. 10 1932 (1926=100.0).
Dec.
8
1934

Dec.
1
1934

Nov.
24
1934

Nov.
17
1934

Nov.
10
1934

Dec.
9
1933

Dec.
10
1932

71.7
Farm products
74.9
Foods
85.0
Hides and leather products
69.3
Textile products
76.0
Fuel and lighting materials
85.4
Metals and metal products
85.1
Building materials
77.8
Chemicals and drugs
82.4
Housefurnishing goods
71.0
Miscellaneous
All commodities other than farm
78.3
products and foods

71.1
75.0
84.9
69.3
75.7
85.3
84.9
77.4
82.7
70.8

70.6
75.0
84.9
69.3
75.6
85.3
84.9
77.1
82.7
70.6

71.5
75.5
84.9
69.3
76.1
85.3
85.0
77.0
82.7
70.6

71.1
75.9
84.9
69.4
75.6
85.4
85.1
76.8
82.7
70.5

56.0
63.3
89.0
75.9
74.5
83.3
85.3
73.6
81.8
65.8

78.2

78.1

78.3

78.1

77.6

1,
-r-opm0.00m0m 01
4oOdcacivic,-; cf;
0

76.7

76.5

76.3

76.7

78.6

70.9

Commodity Groups

All commodities

63.1

In the April to June period the volume of industrial output was somewhat larger than in 1933, while during the third quarter the Federal Reserve
Board index of industrial production averaged nearly 20% below the high
level reached during the corresponding period of 1933. In some cases,
however, profits were reduced by Increased production costs or lower selling
prices despite increases in the volume of business.
The decline from a year ago in aggregate profits for the third quarter of
this year was due principally to smaller earnings of the automobile and oil
companies, and to a sizable deficit in the steel industry which developed
from the low rate of operations. Twelve other groups of companies shown
In the table also reported somewhat less favorable earnings, but on the
other hand there were eight groups of concerns which did relatively better
in the third quarter than a year ago. These groups include the building
supply, chemical and drug, electrical equipment, office equipment, and
tobacco companies, all of which increased their net profits, and also the
machinery, railroad equipment, and printing and publishing concerns which
reported some profits this year against deficits last year. Approximately
one-third of all the industrial companies whose statements are available
had deficits this year, compared with one-fourth of the concerns in the
third quarter of last year.
For the first nine months, the increase In aggregate industrial profits
was considerably smaller than for the first half of the year. but percentage
comparisons are of little significance in view of the fact that in the early
months of 1933 industrial corporations in general had no net profits. Nearly
all groups of companies have shown some improvement in earnings this
year, however, the exceptions being the aviation, clothing and textile, and
shipping groups. Compared with earlier years, profits for the nine month
period appear to have been slightly above the levels prevailing in 1931,
but below those of 1930 and a number of preceding years.
Reflecting in part a reduced volume of traffic, net operating income of
Class I railroads in the third quarter of this year was 38% smaller than in




1933. and after payment of fixed charges there was a combined deficit, as
against a moderate net income last year. For the nine month period, vie
Class I railroads as a group failed to cover fixed charges by approximately
537,000.000. or by the same amount as in the corresponding period of 1933:
In 1932 the shortage after fixed charges was $164.000,000. Net income of
44 public utility companies, other than telephone companies, continued
to show a decline from a year previous, which for the third quarter amounted
to 17%. For the first nine months of this year, the net income of these
companies was 10% smaller than in 1933, and 19% smaller than in 1932.
although the volume of business done by the public utilities has increased
considerably during the past two years.
(Net profits in millions of dollars)
First 9 Months

Third Quarter
Corporation Croups
-20.4
-4.8
-1.2
-1.6
12.11
0,
-1.8
-2.0
-1.4
27.8
-0.9
-2.5

w
lom.liwwoow Zgl
.C.,inWb64.0b

1933

1934
17.1

3.0
0.7
0.4
27.3
0
-0.5
-0.2
4.1
35.1
-0.2
1.2

-18.7
-8.8
-3.3
-5.5
41.9
-3.7
-4.0
-4.7
1.1
89.2
-2.8
-8.4
5.0

7.6

I
I
wpw.olo,wo

1.5

1934

1933

1932

1931

.."..
gl
k;o4.1aW4.:abi

1932

82.5

86.8

6.9 21.5
1.2
2.8
0.7
-3.8
54.7 78.2
0.9
2.4
1.4
-2.8
-3.6 -0.1
-0.7 14.0
90.1 96.3
0.8
-0.2
4.4
-5.0

26.2

15.4

2.5
0.2
-10.7
9.7
3.7
1.0
20.4 -7.9 41.8
1.6
0.9
-0.7
5.5
1.5
5.5
3.7
-2.8 -4.9
0.6
1.1
0.8
-103.2 -51.3 -7.5
2.8
0.7
1.9
10.6 20.1 37.7

101.7 -23.5 162.4 117.4 389.3

0.1 202.8 430.5

-5.3
-0.3
10.7
-0.3
-0.1
-0.2
1.1
-38.7
0.7
4.1

0.4
2.6
19.8
0.4
1.5
3.2
1.1
-20.6
1.2
12.2

"

CoLabe.6166WO,W

Total, 290 companies_
149 Class I Railroads:
Net oper. Income
Net income

11. 11

Automobile
Automobile parts & accessories (excl. tires)
Aviation
Building supplies
Chemicals and drugs..
Clothing and textiles
Coal and coke
Copper
Electrical equipment
Food & food products__ _
Household equipment...._
Machinery
Metals & mining (excl.
copper, coal & coke)._
Motion picture & amusement
Office equipment
011
Paper
Printing & publishing
Railroad equipment __.. _
Shipping
Steel
Tobacco
Miscellaneous

00. 0.4.00 a,
OW4ink;c .
0bWk.

1931

165.7 88.2 186.8 115.9 401.2 197.8 341.5 342.6
54.4 -39.0 64.0 -12.8 85.6 -164.3 -37.0 -57.1

14 Public utilities, except
telephone cos.:
Net income

54.5

41.8

42.3

35.1 198.9

166.0 140.3 135.1

-Deficit.

A report by the New York Reserve•Bank covering earnings du ring the second quarter of this year was given in ou
. issue of Sept. 15, page 1616.
Weekly Production of Electricity Above Preceding
Week and Like Week of 1933
The Edison Electric Institute in its weekly statement
discloses that the production of electricity by the electric
light and power industry of the United States for the week
ended Dec. 8 totaled 1,743,427,000 kwh., a gain of 7.7%
over the corresponding week of 1933, when output totaled
1,619,157,000 kwh. The latest week's output was also
higher than the total production for the seven days:ended
Dec. 1 1934, production of electricity for that week totaling
1,683,590,000 kwh. This was a gain of 8.4% over the
1,553,744,000 kwh. produced during the week ended Dec.12
1933. The Institute's statement follows:
PER CENT INCREASES (1934 OVER 1933)
Major Geoaraphic
Divisions

Week Ended
Dec. 8 1934

New England
Middle Atlantic
Central Industrial_ _ _ _
West Central
Southern States
Rocky Mountain
Pacific Coast

3.5
5.2
7.0
8.2
17.9
13.2
3.2

Total United States_
x Decrease from 1933.

7.7

Week Ended
Dec. 1 1934

1
0mwn0001

Business (Corporate) Earnings in Third Quarter of
1934 Reported 28% Below Same Quarter of 1933 by
New York Federal Reserve Bank
Net profits in third quarter of this year of 290 industrial
and mercantile concerns which have issued earnings reports
were 28% smaller than in the July to September period of
1933, according to the Federal Reserve Bank of New York.
The Bank said that this downward trend follows "a substantial increase over last year in the second quarter." In
presenting a compilation of the earnings reports of the 290
reporting concerns in its "Monthly Review" of Dec. 1, the
Reserve Bank further said:

Dec. 15 1934

0.m0ww0..w w

Index. 71.7. is 28% above the level of a year ago and 60% higher than
two years ago, when the indexes were 56.0 and 44.7, respectively
Chemicals and drugs, with an index of 77.8. reached a new high for the
year and the highest level since July 1931. due to advancing prices of fertilizer materials and mixed fertilizers. The advance over the previous
week was % of 1%.
The group of fuel and lighting materials, because of higher prices for
bituminous coal and certain petroleum products, registered an increase of
0.4 of 1%. Anthracite coal and coke remained unchanged.
An advance of nearly 5%% in prices of cattle feed forced the index of
miscellaneous commodities up 0.3 of 1%. Prices of crude rubber, on the
other hand, were lower by 1%. Paper and pulp and other miscellaneous
commodities showed no change. The index for the group as a whole was
71.0.
Building materials, with an index of 85.1, increased 0.2 of 1%, due to
advancing prices of lumber, paint materials, sand and gravel and sewer
pipe. Average prices of brick and tile, cement, plumbing and heating
fixtures and structural steel were stationary.
The index of hides and leather products. 85.0, registered an increase of
0.1 of 1%. Slight declines in shoes and hides and skins were offset by an
advance of 1% for leather.
Metals and metal products also increased 0.1 of 1%. All subgroups
except motor vehicles and plumbing and heating fixtures shared in the
advance,. The present index for the group as a whole, 85.4, compares with
85.3 for the previous week.
Prices of household furniture, in the group of housefurnishing goods,
dropped 0.4 of 1%; furnishings remained unchanged. The index for the
group was 82.4, showing a deCrease of 0.2 of 1%.
The wholesale food index, 74.9 was lower by 0.1 of 1%, due to a decline
of 2% in fruits and vegetables and 1% for other foods, including eggs,
pepper and raw sugar. Higher prices were reported for coffee. copra, lard
and vegetable oils. Meats and cereal products were up 1% and butter,
cheese and milk 0.3 of 1%. Average prices of foods are 18 1-3% higher than
a year ago, when the index was 63.3, and 273. % higher than two years ago.
when the index was 58.7.
The group of textile products as a whole was unchanged at 69.3, the low
for the year. Slight increases in cotton goods and silk and rayon were not
reflected in the general index for the group. No change was shown for
clothing, knit goods, woolen and worsted goods, and other textile products.
The general level foe the group of "all commodities other than farm products and foods" showed an increase of 0.1 of 1%. The present index, 78.3,
compares with 77.6 for a year ago and 69.6 for two years ago.
The index of the Bureau of Labor Statistics is composed of 784 price
series, weighted according to their relative importance in the country's
markets and based on average prices of the year 1926 as 100.0.
The accompanying table shows index numbers of the main groups of
commodities for the past five weeks and for the weeks of Dec.9 1933 and Dec.
10 1932.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF DEC. 8,

8.4

Week Ended
Nov. 24 1934

Week Ended
Nov. 17 1934

1.6
4.1
5.3
6.5
17.9
10.4
1.2

x3.5
3.0
3.2
1.3
15.6
5.6
2.9

6.1

4.6

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 Kilowatt-hours-000 Omitted)

1934

1933

1932

1931

Week ofWeek ofWeek ofWeek ofJuly 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 1,648,339 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 20 1,661,504 July 30 1,440,386 Aug. 1 1,644,089
Aug. 4 1,657,638 Aug. 5 1,650,013 Aug. 8 1.426,986 Aug. 8 1,042,858
Aug. 11 1,659,043 Aug. 12 1,627,339 Aug. 13 1,415,122 Aug. 15 1,629,011
Aug. 18 1,674.345 Aug. 19 1,650,205 Aug. 20 1,431,910 Aug. 22 1,643,229
Aug. 25 1,648,107 Aug. 26 1,630.394 Aug. 27 1,436,440 Aug. 29 1,637,633
Sept. 1 1,626,881 Sept. 2 1,637,317 Sept. 3 1,464,700 Sept. 5 1,635,623
Sept. 8 1,564,867 Sept. 9 1,582.742 Sept. 10 1,423,977 Sept. 12 1,582.267
Sept. 15 1,633,683 Sept. 16 1,663,212 Sept. 17 1,476,442 Sept. 19 1.662,660
Sept. 22 1,630,947 Sept. 23 1,638,757 Sept. 24 1,490,863 Sept. 26 1,660,204
Sept. 29 1,648,976 Sept. 30 1.652,811 Oct. 1 1,499,459 Oct. 3 1,645,687
Oct. 6 1,659,192 Oct. 7 1,646,136 Oct. 8 1,506,219 Oct. 10 1,653.369
Oct. 13 1,656,864 Oct. 14 1,618,948 Oct. 15 1,507,503 Oct. 17 1,656,051
Oct. 20 1,667.505 Oct. 21 1,618.795 Oct. 22 1,528,145 Oct. 24 1,646,531
Oct. 27 1,677,229 Oct. 28 1.621,702Oct. 29 1,533,028 Oct. 31 1,651,792
Nov. 3 1,669,217 Nov. 4 1,583,412 Nov. 5 1,525,410 Nov. 7 1,628,147
Nov. 10 1,875,760 Nov. 11 1,616.875 Nov. 12 1,520,730 Nov. 14 1,623.151
Nov. 17 1.691,046 Nov. 18 1,617.249 Nov. 19 1,531,584 Nov. 21 1,655,051
Nov. 24 1,705,413 Nov. 25 1,807,546 Nov. 26 1,475,268 Nov. 28 1,599,900
Dec. 1 1,683,590 Dec. 2 1,553,744 Dec. 3 1,510,337 Dec. 5 1,671,466
Dec. 8 1,743,427 Dec. 9 1,619,157 Dec. 10 1.518.922 Dec. 12 1,671,717
Dec. 16 1.844,018 Dec. 17 1.583,384 Dee. 19 1,675.653
Dec. 15
Dec. 23 1,656,616 Dec. 24 1.554,473 Dec. 26 1,564,652
Dec. 22
1--)po 20
Dee. 30 1.539.002 Dec. 31 1.414.710 Jan. 2 1.523.652

%Inc.
1934
Over
1933
+1.1
-0.0
+0.6
+1.3
+0.5
+1.9
+1.5
+1.1
-0.6
-1.1
-1.8
-0.5
-0.2
+0.8
+2.3
+3.0
+3.4
+5.4
+3.6
+4.6
+6.1
+8.4
+7.7
____

DATA FOR RECENT MONTHS
PI
Month ofJanuary....__
February_ __
March
April
May
June
July
August
September ...
October
November _
December__

Projects. the residential contract total for the 11 months of 1934 would
have fallen behind the 1933 level by about 85.000.000.
1934
Over
1933

1934

1933

1932

1931

7,131,158,000
6,608,356.000
7,198,232,000
6,978.419,000
7,249.732,000
7,056.116,000
7,116,261.000
7,309.575.000
6,832,260,000

6.480,897,000
5,835,263,000
6,182,281,000
6,024,855,000
6.532.686,000
6,809,440,000
7,058,600.000
7,218,678.000
6,931.652,000
7,094,412,000
6,831,573,000
7,009,164,000

7,011,736,000
6,494,091,000
6,771,684,000
6,294,302,000
6.219,554.000
6.130.077.000
6,112,175,000
6,310,667,000
6,317.733.000
6,633,865.000
6,507,804,000
6,638,424,000

7,435,782.000
6,678.915,000
7,370,687.000
7,184,514.000
7,180,210,000
7,070.729,000
7,286,576,000
7.166,086,000
7,099.421.000
7,331,380.000
6,971,644.000
7,288,025,000

10.0%
13.2%
16.4%
15.8%
11.0%
3.6%
0.8%
1.3%
x1.4%

80,009,501,000 77,442,112,000 86,063,969,000

----

Total

_---

x Decrease.
Note-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.

National Fertilizer Association Reports Moderate Decline in Wholesale Commodity Prices During Week
of Dec. 8
Wholesale commodity prices declined moderately during
the week ended Dec.8, according to the index of the National
Fertilizer Association. When computed for the week; this
index fell off three points, declining from 75.8 to 75.5.
The index advanced one point during the preceding week.
A month ago the index stood at 75.1 and a year ago at 68.8.
The record low point reached by the index was 55.8, recorded
in March 1933. (The three-year average 1926-1928 equals
100.0.) In reporting the foregoing on Dec. 10 the Association
also said:
The trend of prices was mixed during the latest week, with three of the
groups in the index declining and four advancing. In the preceding week
only one group declined and four advanced. The declining groups for the
latest week were foods, fuel, including petroleum and its products, and
textiles. The advancing groups were grains, feeds and livestock, metals,
fats and oils, and fertilizer materials. The two most heavily weighted
groups, foods and fuel, showed marked declines.
During the latest week the prices for 19 individual commodities declined
while the prices for 33 advanced. In the week preceding there were eight
declines and 30 advances; two weeks ago there were 21 declines and 28
advances. Fourteen commodities in the grains, feeds and livestock group
advanced during the latest week while only one, choice cattle, declined.
Cotton, eggs, pork. potatoes, rubber, and gasoline declined during the
week. Silk, butter, vegetable oils, flour, steel, and kerosene advanced
in price.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-192100)

Group

Latest
Week
Dec. 8
1934

Preceding
Week

Month
Ago

Year
Ago
71.2
68.4
48.4
66.3
67.7
84.9
78.6
78.9
85.4
45.1
88.2
65.6
70.9
90.8
6R.R

23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
0.4
0.4
0.3

Foods
Fuel
Grains, feeds and livestock...
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural Implements

75.7
69.6
77.2
69.3
68.2
88.4
79.2
81.7
85.9
69.4
93.8
65.7
75.0
99.8

ov0.000-4000-4-4.4
.c..00050,-0m00v.o-4

Per Cent
Each Group
Bears to the
Total Index

3713

Financial Chronicle

Volume 139

76.9
69.2
73.7
68.8
68.1
88.4
79.2
81.6
86.0
64.7
93.7
65.3
74.6
99.8

mom

All croons combined_ _ _

7511

75.8

75.1

Valuation of Construction Contracts Awarded in
November
The construction award figures for November exhibited
a decline both as contrasted with data for October and with
the figures for November of last year according to F. W.
Dodge Corporation. Losses from the previous month were
noted in each of the four principal classes of construction,
about $9,000,000 in public works, $4,500,000 in non-residential buildings, $4,000,000 in public utilities, and more
than $6,000,000 in residential buildings. This loss in residential buildings is the more discouraging because it occurred
in that phase of construction where Federal Housing Administration aid has been chiefly centered. Declines in contracts from the data of a year ago were shown in residential
buildings and public works of such size as to more than
entirely offset the gains reported in non-residential buildings
and public utility types. The November construction contract, all classes, amounting to $111,740,800 in the 37
Eastern States, was more than 30% behind the volume of
$162,340,600 reported for November 1933 and compares
with $135,224,800 for October of this year.
For the elapsed eleven months of 1934 contracts for construction, all
typos. totaled $1,450.426,900 in the 37 States as compared with $1,048.498,900 for the corresponding months of 1933. Cumulative increases over
1933 were shown for each major construction classification. $187,000.000
In public works; $161,000,000 in non-residential buildings; $14,000.000
in public utility types, and only $9000000 in residential buildings. Commenting on the small gain in residential work the Dodge organization states.
"It must be remembered that the contract figures include both new and
alteration projects. It is of interest, therefore, to note that on the side of
residential building, the entire gain in contracts thus far reported for 1934
was due to alterations; but for this gain in alteration and modernization




CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
No. of
New Floor
Projects. Space (Se. Ft.).
Month of November1934-Residential building
Non-residential building
Public works and utilities
Total construction
1933-Residential building
Non-residental building
Public works and utilities
Total construction
First 11 Months1934-Residential building
Non-residential building
Public works and utilities
Total construction
1933-Residential building
Non-residential building
Public works and utilities
Total construction

Valuation.

3,347
2,696
1,462

5,319,300
7,258,400
203.100

$
$19,924,700
39,473,800
52,342,300

7,505

12,780,800

5111,740,800

2,500
2,072
1,660

6.433,000
5,053,100
276,200

623,615,700
27,645,300
111,079,600

6,232

11,762,300

$162,340,600

35,389
33,082
18,288

60,212,100
80.499,700
2,501,800

$234,304,600
514.952,800
701.160.500

86,759

143,213,600

$1,450,426,900

38,759
26,354
12,427

66,892,900
65,203,200
3,506,300

$225,362.500
353 683.700
469,452,700

77,540

135,602,400

$1,048,498,900

NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
1933.

1934.
No. of
Projects.
Month of November
Residential building
Non-residential building
Public works and utilities_
Total construction
First 11 Months-Residential building
Non-residential building
Public works and utilities
Total construction

Valuation.

No. of
Projects.

Valuation.

3,827
2,951
1,407

47,452,700
41,337,300
116,417,300

3,110
3,745
2,786

94.260,500
253,358,400
591,512,200

8,185

205,207,300

9,641

$939,131,100

42,161
41,212
20,871

533.701.000
973,577,300
1,811,411,000

44,914
36,523
21,014

$609,690,300
1,249,050.300
2,958,512,700

104.244

3,318,689,300

102,451 $4,817,253,300

Changes in Cost of Living of Wage-Earners During
November According to National Industrial Conference Board
The cost of living of industrial wage-earners declined 0.1%
from October to November, according to the monthly index
of the National Industrial Conference Board issued Dec. 10.
Living costs were 3.9% higher than a year ago, but were
19.9% lower than in November 1929. The Board further
stated:
The purchasing value of the dollar was 123.8 cents in November 1934, as
compared with 123.6 cents in October 1934, 128.5 cents in November 1933
and 100 cents in 1923.
Food prices declined 0.4% between October and November. This
brought them to a level 7.9% above that of a year ago, but 27.9% below
that of five years ago.
Rents continued their upward trend, rising 0.3% from October to November. There has been an increase of 6.1% since November 1933, and a decrease of 27.6% since November 1929.
There were slight decreases in both men's and women's clothing prices
Total clothing prices in November
between October and November.
were 0.5% lower than last year, and 21.7% lower than in November 1929.
Although coal prices usually increase considerably at this time of the
year between October and November 1934, they increased only 0.1%.
They are 1.4% higher than in November 1933, but 7.6% below the level
of November 1929.
The index of the cost of sundries was unchanged. In November 1934,
the index was 1.4% higher than a year ago, and 6.6% lower than in November 1929.

Item

Food•
Housing
Clothing
Men's
Women's
Fuel and light
Coal
Gas and electricity
Sundries
Weighted average of all items

Index Numbers of
the Cost of Living
Relative
Average Prtces
Importance
1923=-100
in
Family
October
November
Budget
1934
1934
33
20
12
5
30
100

78.8
66.6
77.4
80.8
73.9
87.6
85.9
91.0
92.8
80.8

79.1
66.4
77.5
80.9
74.1
87.5
85.8
91.0
92.8
80.9

Per Cent
Increase 1+) or
Decrease (-)from
October 1934
to November 1934
-0.4
+0.3
-0.1
-0.1
-0.3
+0.1
+0.1
-0.1

• Based on food price indexes of the United States Bureau of Labor StatistiCs•
averages of Oct. 9 and Oct. 23 and of Nov. 6 and Nov. 20,

Industrial Activity in Canada Maintains ContraSeasonal Stability According to S. H. Logan of
Canadian Bank of Commerce
Stating that "the salient feature in the industrial situation
is the stability of manufacturing operations at a season when
a downturn usually occurs," S. H. Logan, General Manager
of the Canadian Bank of Commerce, in his report of conditions in Canada issued Dec. 10, said:
We base this statement not only upon official rtxrds which show that
Increased production of newsprint, lumber and steel in October more than
offset a decline in that of automobiles, but also upon examination of the
November production schedules of over 100 other industries. Moreover,
building has been maintained at a steady pace, owing not only to the comparatively large volume of construction contracts awarded in earlier months
and a less than normal decline this autumn, but also to mild. open,
eather.
As a result of these generally favorable developments registered employ-

3714

Financial Chronicle

ment. in the broad field covered by the Dominion Government's reporting
service, rose slightly in the early autumn, whereas there is usually a marked
recession in that period; the present indications point to a smaller decline
toward the end of the year than Is normally recorded.

Unemployed Workers Decreased 345,000 from September
to October According to National Industrial Conference Board
The total number of unemployed workers in October 1934,
was 9,604,000, according to an estimate made public to-day
(Dec. 8) by the National Industrial Conference Board.
This is a decline of 345,000 or 3.5% from the preceding
month and a decline of 41,000, or 0.4% from October 1933.
The Board says:
The gain in employment from September to October 1934. was principally due to the settlement of the textile strike. Cotton mills showed a net
gain of 175,000; knitting mills, 12,000; silk mills, 25,000; wollen and worsted
mills, 54,000, and other textile mills, 44,000.
The Conference Board's estimate of total unemployment, by industrial
groups,is as follows: mining industry, 427,000; manufacturing and mechanical industries. 3,879,000; transportation, 1,300,000; trade, 713,000; domestic and personal service. 947,000; and all other industries, 777,000. The
estimate also includes an allowance of 1,561,000 for the net increase in workers available for employment by reason of population growth since April
1930, when the basic census of unemployment was taken.
The following table shows the total number of unemployed by months.
ESTIMATES OF THE NUMBER OF THE UNEMPLOYED IN THE
UNITED STATES
Month

1930

1931

1932

1933

1934

00000QQ0QQ0C
000000—v0=00C
0000000000
.
0C
a;uicie744r:t60.4x
e0h00..,
00.!..VM
.0000C.00NCO.CONts.0
etS06,SeSq5030600

January
9,821,000 12,527,000
February
10,000,000 12,635,000
March
10.162,000 13,175,000
April
.3,188,000
10,617,000 12,753.000
May
3,327,000
10,921,000 12,475,000
June
3,792,000
11,449,000 11,805,000
July
4,479,000
12,076,000 11,415,000
August
4,820.000
12,153,000 10,600,000
September
4,589,000
11,687.000
9,675,000
October
4,771,000
11,467,000
9,645,000
November
5,333,000
11.722.000 10,059,000
December
5.161.000
11.518.000
9.852.000
•United States Census of Unemployment. classes A and B.

10,320,000
9,677,000
9,137,000
9,061,000
8,939,000
9,001,000
9,625,000
9,799,000
9,949,000
0,604,000

Productionjof Lumber During Four Weeks Ended
Dec. 1 1934 7% Below Corresponding Period of
1933—Shipments Up 3%—Orders Received Off 18%
We give herewith data on identical mills for the four
weeks ended Dec. 1 1034, as reported by the National Lumber
Manufacturers' Association on Dec, 8:
An average of 710 mills reported as follows to the "National Lumber Trade
Barometer" for the four weeks ended Dec. 1 1934:
Production

Shipments

Dec. 15 1934

Unfilled orders on Dec.8 as reported by identical mills were the equivalent
of 20 days' average production, compared with 23 days' a year ago. Identical mill stocks on Dec. 8 were the equivalent of 168 days' production
compared with 155 days' on Dec. 9 1933.
Forest products carloadings totaled 18,632 cars during the holiday
week ended Dec.1 1934, which was 1,476 cars less than during the preceding
week; 2,345 cars below corresponding week of 1933 and 1,969 cars above
similar week of 1932.
Lumber orders reported for the week ended Dec.8 1934 by 927 softwood
mills totaled 150,539,000 feet; or 13% above the production of the same
mills. Shipments as reported for the same week were 134,227,000 feet,
or 1% above production. Production was 133,331,000 feet.
Reports from 371 hardwood mills give new business as 17,085,000 feet,
or 62% above production. Shipments as reported for the same week were
17,030,000 feet, or 62% above production. Production was 10,524,000 feet.
Unfilled Orders and Stocks
Reportsfrom 1,640 mills on Dec.8 1934 give unfilled orders of700,025,000
feet and gross stocks of 5,439,787,000 feet. The 674 identical mills report
unfilled orders as 501,360,000 feet on Dec. 8 1934, or the equivalent of
20 days' average production, as compared with 558,968,000 feet, or the
equivalent of 23 days' average production on similar date a year ago.
Identical Mill Reports
Last week's production of 457 identical softwood mills was 127,267,000
feet, and a year ago it was 133,212,000 feet; shipments were respectively
123,808,000 feet and 111,876,000; and orders received 136,315,000 feet,
and 96,495,000 feet. In the case of hardwoods, 231 identical mills reported
production last week and a year ago 9,234,000 feet and 15,530,000; shipments 14,862,000 feet and 16,968,000 and orders 15,258,000 feet and 10,591,000 feet.

33% Gain in Output Reported by Auto Makers' Group
An increase of 33% in motor vehicle production by members of the Automobile Manufacturers Association for the
11 months of this year over the same period in 1933 was
disclosed by a report released Dec. 8 by the Association.
Production by members of the organization for the 11 months
of this year was estimated at 1,926,441 motor vehicles which,
besides representing an increase of 33% over the equivalent
period of 1933, represented an increase of 29% over the
total output of last year.
November production was estimated at 76,798 units, a.
decrease of 18% under the preceding month and a gain of
62% over the same month last year.
The estimate which includes the operations of all but one
major producer of motor vehicles in the United States was
based on reports of factory shipments. The summary
follows:
November 1934
October 1934
November 1933

76,798
94,003
47,418

11 months 1934
11 months 1933
Total

1,926,441
1,451,729
1,491,852

Orders Received

(In 1,000 Feet)
Softwoods
Hardwoods

1934

1933

1934

1933

1934

1933

552,270
50,942

570,460
81,586

567,038
62,530

535,008
75,284

580,649
58,634

676,053
101,341

Total lumber

603.212 652.046 629.568 610.292 639.303 777.394
Production during the four weeks ended Dec. 1 1934 was 7% below that
of corresponding weeks of 1933, as reported by these mills and 34% above
the record of comparable mills during the same period of 1932. 1934
softwood cut was 3% lower than during the same weeks of 1933, and hardwood cut was 38% below that of the 1933 period.
Shipments during the four weeks ended Dec. 1 1934 were 3% above
those of corresponding weeks of 1933, softwoods showing gain of 6% and
hardwoods loss of 17%.
Orders received during the four weeks ended Dec. 1 1934 were 18% lower
than those of corresponding weeks of 1933 and 4% heavier than those of
similar weeks of 1932. Softwoods in 1934 showed loss of 14% as compared with similar period of 1933; hardwoods, loss of 42%.
On Dec. 1 1934 gross stocks as reported by 1,624 mills were 5,447,537,000
feet. As reported by 658 mills, stocks were 4,161,440,000 feet, the equivalent of 170 days' average production of reporting mills, as compared with
3,743,075,000 feet on Dec. 2 1933, the equivalent of 153 days' production.
On Dec. 1 1934 unfilled orders as reported by 1,624 mills were 673,284,000
feet. As reported by 658 mills, unfilled orders were 479,270,000 feet, the
equivalent of 20 days' average production as compared with 585,144,000
feet, the equivalent of 24 days' production on Dec. 2 1933.

New Business at Lumber Mills Registers Slight Increase
New business at the lumber mills during the week ended
Dec. 8 1934 was somewhat heavier than during the previous
Thanksgiving week, shipments were slightly lighter and
production was about the same—all items being at early
July levels—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 1,256 mills whose production
was 143,855,000 feet, shipments, 151,257,000 feet and orders
received, 167,624,000 feet. Revised figures for the preceding
week were mills, 1,282, production, 144,163,000 feet, shipments, 161,543,000 feet, orders, 161,040,000 feet. The
Association report continues:
For the week ended Dec. 8, all regions except Southern Pine, Redwood,
Northern Hemlock, Northeastern Softwoods and North Central Hardwoods reported orders above production. Total orders were 17% above
production, softwoods showing excess of 13% and hardwoods of 62%.
Total shipments were 5% above output.
All regions but Northern Hemlock reported new business above that
of corresponding week of 1933, softwoods showing gain of 41%; hardwoods
of 44%. Total production was 8% below that of similar week of 1933:
shipments were 3% above those of last year's week.




Canadian Bank of Commerce Issues New Quarterly
Index of Farm Income
A new quarterly index of farm income, costs and real
purchasing power has been published by the Canadian
Bank of Commerce in the December issue of its "Monthly
Commercial Letter." It is stated that in view of the preponderant influence which farm purchasing power exerts
upon the whole of Canadian economic life, the bank has
felt that such an index was needed if the most important
factor in domestic business was to be given due regard.
The announcement by the bank also said:
An appreciable rise has taken place in purchasing power during the 12
months ending September, one of 10% over a year ago and 19% over the
low of 1932, and is attributable to both higher money income and lower
costs. During these 12 months it rose to 67.51% of the 1926 level.
The index is the outcome of experimental studies conducted by the
bank during the past four years. Money income is taken to cover the net
returns at Canadian farms of sales of field crops, milk, live stock, poultry,
eggs, fruit, tobacco and miscellaneous products; farm costs to include the
price of seed, feed, fertilizer, agricultural implements, farm wages, clothing
and miscellaneous items. Money income adjusted on the basis of farm
costs is taken to represent real farm purchasing power.

1934 Farm Income $1,000,000,000 Above Last Year,
President Roosevelt Estimates in Message to Farm
Federation—Says Furthur Upturn Depends on
Increased Imports and Industrial Output, Together with Adjusted Agricultural Production—
Secretary Hull Streesses Importance of Intertional Trade
American farm income in 1934 will be about $1,000,000,000
above that of last year "despite the worst drought of record,"
President Roosevelt said on Dec. 10 in a telephonic message
to the 5,000 persons attending the opening session of the
American Farm Bureau Federation convention at Nashville,
Tenn. In order to create an even larger increase in 1935,
he said, it will be necessary to increase industrial production
sufficiently to expand the market for farm products, to pay
fo” more of our export trade with inc'eased imports and to
adjust total agricultural production to the market that
actually exists.
An address by Secretary of State Hull, which was read at
the opening session of the convention, stressed the import-.
ance of foreign trade to agriculture in particular and world
prosperity in general. M”. Hull said that much of the

Secretary Hull, speaking at the meeting, declared that the
future of American agriculture depends upon the return
to a "mutually profitable and wholesome exchange of surplus commodities."
We quote from the Nashville "Banner" of Dec. 10, which
also said:
Secretary Hull declared that tariff should now be of"peculiar and immediate" interest to the American farmer "since excessive tariffs and some of
their more vicious offspring in the form of quotas, license arrangements,
prohibitions and exchange controls are now working greater injury to agriculture than ever before."
He declared that through the recent trend toward self-sufficiency among
the nations, the farmers are becoming aware of this and for the first time
many of them are becoming "foreign trade conscious."

Nashville advices Dec. 10 to the New York "Times" said
in part:
Mr. Hull expressed the opinion that the world could maintain profitably
an international trade of from 835,000,000,000 to $40,000,000,000 instead
of the present volume of less than 815,000,000,000. He added.
"I believe that the American people have still enough ingenuity, initiative, vision and determination to secure 16% to 20% of this immense
volume."
Says Efforts Must Not Fail
Efforts to restore the normal flow of world trade, to which the Administration is committed, Mr. Hull said, must not be allowed to fail. Success
would lead to "new heights of civilization, whereas failure would result in
slipping further into the slough of economic sbagnation."
"They must not fail," he reiterated. "If they do I shudder to contemplate the extremes of regimentation as a permanent policy, with a
revolution in our reconomic life—with greater unemployment and lower
living standards and increasingly lower levels of civilization, which would
Inevitably result."

AAA Corn-Hog Program for 1935 Provides Increased
Raising-10% Reduction from Base Period Sought
Instead of 25 and 30% as in 1934—Benefit Payments of Approximately $165,000,000 Offered
The Agricultural Adjustment Administration made known
its corn-hog production control program for 1935 on Nov. 18.
The program for the coming year provides minimum reductions of 10% in the National output of the two commodities under the average for 1932 and 1933, and $165,000,000 in adjustment payments to farmers agreeing to
keep within these 'limits. In this way, said Washington
advices Nov. 18 special to the New York "Times" of Nov.
19, the Administration hopes to maintain the balance brought
about this year in corn and hog production, largely by
drought, without going to the lengths of the 1934 emergency
plan in which farmers were to get $350,000,000 for reducing the number of hogs marketed by 25% and decreasing
their corn acreage by a range of 20 to 30% under the 1932-33
"base period." The corn-hog adjustment program for
1934 was referred to in our issue of Oct. 211933, page 2914.
From the Nov. 18 Washington advices we also take (in
part) the following:
For each hog reduced from the number marketed in the 1932-33 period,
farmers will receive $15 a head from the AAA within the range of the
10% reduction stipulated. Similarly, farmers co-operating in the program will be paid 35 cents a bushel on the estimated yield of corn acreage
planted during the base period and withheld from cultivation in 1935.
Increased Over This Year
Under the corn-hog program for 1934, farmers received $5 a head for
hogs not produced and 30 cents a bushel on the estimated yield of acres
not cultivated. An additional $34,000,000 was spent by the AAA for the
purchase and slaughter for relief purposes of 6,188,000 pigs and 222,140
SOWS.
In the light of experience gained in the 1934 program, the AAA prescribed a range of 10 to 30% as the amount of reduction in corn acreage
next year with 10% as the minimum reduction required of contract signers.
This year the reduction required was from 20 to 30%,and 22% was actually
withheld from cultivation.
"Under this adjustment range." the AAA announced, "farmers who
successfully established seedings on land contracted to the Secretary of
Agriculture in 1934 may continue their corn acreage this year at the same
reduced level and receive a larger new adjustment payment." . . .
Hog Allotment Larger
The 1935 allotment for hog farrowings for market at 10% under the
base period is about one-fifth larger than that for the current year.

Loans on Corn Expected
Although not a part of the 1935 program, Government loans on stored
corn are expected to be available to producers and landlords signing the
1935 contract. The loan value per bushel wll not be announced, however, until the harvest next fall, depending upon the size of the crop and
corn prices then prevailing.
"In 1935, as in 1934, the corn-hog production adjustment program will
be voluntary and will be carried out largely by the farmers themselves
through their community committees and county control associations."
the AAA announced.

Nearly 10,000,000 Acres to Be Rented by Farmers under
1935 Cotton Adjustment Program
The Agricultural Adjustment Administration estimated
Dec. 6 that cotton producers signatory to adjustment
contracts will rent 9,802,000 acres to the Secretary of
Agriculture incident to the 1935 cotton adjustment program
provided a reduction of 25% from the base acreage of contract signers is secured next year. In noting this the AAA
said:
The base acreage covered by the 1.004,000 two-year adjustment contracts which were signed early in 1934 is approximately 38,210,000 acres.
These contracts, which already have been declared effective for 1935,
brought about this year a 40% reduction in the base acreage of the contract signers. The 25% reduction for 1935 is the maximum that may be
asked under the contract for 1935.
In addition to the contracts already in effect, new one-year contracts
will he offered producers who did not sign the two-year contracts. It is
estimated that under the offer of new contracts the base acreage will be
Increased by at least 1,000,000 acres. This would bring the total base
acreage of all contract signers to 39.210,000 acres. Contract signers will
have the option of reducing their base acreage as much as 30%, and will
receive payment accordingly. The optional reduction of an additional 5%
is to permit more latitude in the arrangement of farm plans of individual
producers.
If a total of approximately 5,000,000 acres is planted by non-contract
signers this would place the total planted cotton acreage in 1935 at approximately 34,400.000 acres. The planted acreage in 1934 was 28,000,000
acres.
Contract signers will be paid for their rented acres at the rate of 334 cents
a pound on the average yield of lint cotton per acre for the years 1928-32
with a maximum rental of $18 an acre. They also will receive a "parity
payment" of 13i cents a pound on the farm allotment, which is the equivalent of 40% of the farmers average production for the base period of
the farm and represents that percentage of production which ordinarily
moves into domestic consumption.
The following table shows approximately the payments to be made,
and the acres withheld from production assuming a 25% reduction, in
each of the cotton-producing States:

State

Estimated
Base Acreage
of Contracting
Producers

Missouri
Virginia
North Carolina
South Carolina
Georgia
Florida
Tennessee
Alabama
Mississippi_ _ _
Arkansas
Louisiana
Oklahoma _ _ _.
Texas
New Mexico_
Arizona
California
Others

Acres
388,000
63,000
1,345,000
1,929,000
3,188,000
114,000
1,039,000
3,364,000
3,988,000
3,466,000
1,925,000
3,384,000
14,547,000
121,000
161,000
165,000
23,000

United States

39,210,000

Estimated
Acres
to Be
Rented

Payments to Producers
Rental
Payments

Parity
Payments

Total
Payments

§§§8§§0§§§§§§§§§§

My Friends of the Farm Bureau
You and I know that the year now ending has been one of significant
accomplishment for agriculture. Despite the worst dought of record, farm
income is running about $1,000,000,000 above last year.
All of us would like to see an even larger increase in 1935, but we know
that this cannot come unless, in the first place, industrial production
increases sufficiently to expand the market for farm products; unless, in the
second place, more of our export trade Is paid for by increased imports;
and, unless, in the third place, agriculture Continues to adjust its total
production to the market that actually exists.
To fulfill these three requirements I ask a continuation of the splendid
support you have so unselfishly given in the past.
I wish very much that it were possible for me to be with you to-day.

The amount ultimately to be paid to farmers for compliance with the
1935 corn-hog program, the AAA explained, will depend on the number
of Participating producers. It added, however, that if the same number
co-operated as those during the past year, "total adjustment payments
are expected to run between $150,000.000 and $165,000,000."
The program will be financed as at present by taxing the processing
of hogs at the rate of $2.25 per hundredweight and of corn at the rate of
Scents a bushel. There was no announcement on the point, but a hearing
Is expected to be called soon to determine whether the processing tax
on corn is to be increased to 10 cents a bushel.
Half of the $15 benefit payment to hog producers will be paid on acceptance of the reduction contract by Secretary Wallace and the remainder
about Jan. 1 1936, with local administrative expenses deducted.
The first instalment on corn payments amounting to 15 cents a bushel
will also be paid at the time the contract is accepted and the remaining
20 cents, less administrative expenses, at the close of the Year. . • •
Unlike the 1934 program, the plan for 1935 places no restrictions on uses
to which land rented out of cultivation may be put. The old contract
limited the use of the "contracted acres" to soil-building, erosion-control
and similar purposes, prohibited an increase over 1932 or 1933, whichever
was higher, in the acreage of basic commodities and in the total acreage
of feed crops other than corn and hay. ...

$566,480 $1,555,880
$989,400
241,500
86,940
154,560
2,923,200 1,681,250 4,604,450
3,610,180 2,064,030 5,674,210
5,100,800 2,932,960 8,033,760
83,220
226,020
142,800
1,950,000 1,111,730 3,061,730
5,264,660 3,010,780 8,275,440
6,580,200 3,768,660 10,348,860
5,808,900 3,344,690 9,153,590
3,222,700 1,848,000 .5,070,700
4,314,600 2,504,160 6,818,760
18,185,000 10,473,840 28,658,840
595,800
217,800
378,000
768,140
280,140
488,000
396,825 1,081,625
688,800
56.725
20,125
36,600

9,802,000

559,838,400 834,391,630 594,230,030

WMA.W=WW

present economic plight of the world is due to artificial
restrictions on international trade. The United States,
.he said, in the decade ended in 1932 led the way in raising
tariff barriers to almost prohibitive heights. He estimated
that 80% of the world's population is living "around or
below the poverty line." The text of President Roosevelt's
telephonic message to the Federation follows:




3715

Financial Chronicle

4..oO.WW4,W0,04,COMCWW.,0,,

Volume 139

5,617,000 Bags of Coffee Shipped to All Parts of World
by Brazil During Five Months of Crop Year—Colombian Shipments During Period Totaled 984,972—
Both Represent Decreases from Year Ago
Brazilian coffee shipments to all parts of the world during
the five months of the crop year amounted to 5,617,000 bags,
a loss of 1,485,000 bags, or 20.9%, from the similar 1933
period, while shipments from Colombia, her nearest competitor in the coffee business, totaled 984,972 bags, a loss of
370,975 bags, or 27.3%. Brazil's shipments, totaling over
five times those of her nearest competitor, explain why her
policies and plans are dominant in influencing coffee values,

3716

Financial Chronicle

the New York Coffee and Sugar Exchange announced Dec. 6.
It added:
Brazil coffee shipments to the United States during the first five months
of the crop year totaled 3,273,000 bags, a decrease of 344,000 bags, or
9.5%, from the 1933 period, while shipments to United States from
Colombia totaled 839,080 bags, a loss of 245,503 bags, or 22.7% when
compared with the 1933 period.
European points took 2,044,000 bags of Brazil coffees during the five
months, a loss of 939,000 bags, or 31.7%, while Colombia's shipments to
Europe totaled 121,035 bags, a loss of 50.7%. Colombia's shipments to
other than United States and European ports totaled 24,857 bags, 1,309
bags, or 5%, less than in the 1933 period, while Brazil's shipments were
800,000 bags compared with 492,000 bags, a loss of about 40%.

Hawaii Fills 1934 Quota Set by Jones-Costigan Act for
Sugar Shipments to United States-336,000 Tons
of Cuban Quota Remains Unfilled
That the territory of Hawaii has filled its quota of sugar
shipments to the continental United States during 1934, set
at 910,550 short tons, raw value, by the Secretary of Agriculture under the Jones-Costigan amendment to the Agricultural Adjustment Act, was announced recently by the Agricultural Adjustment Administration. The formal certification stating the the quota had been fulfilled was signed by
Secretary of Agriculture Wallace on Nov. 30, said Washington advices, Dec. 2, to the New York "Journal of Commerce" of Dec. 3, which added:
"The Hawaiian quota," the AAA's announcement explained, "is the
third of the quotas from important off-shore areas supplying sugar to the
United States to be filled.
"The Philippine quota was reached early in the summer, and the Puerto
Rican quota was certified as filled last month. After the import quota
for a region is reached no more sugar from that area can enter the United
States during the current calendar year unless it is stored in bond in
accordance with special regulations of the AAA."
These regulations specify that such sugar, coming into this country in
excess of the quota shall be stored in bonded warehouses until after Jan. 1
1935, at which time it may be withdrawn as a part of next year's quota.
Consumption requirements of the United States for the balance of 1934
will be filled from the balance of the Cuban quota and the new crop sugar
of Louisiana and Florida. The Western territory is being supplied by the
balance of the beet sugar quota, it was concluded.

The AAA announced Dec. 4 that approximately 336,000
short tons remain in the 1934 Cuban sugar quota of 1,901,752
short tons, raw value. Washington advices, Dec. 4, to the
"Journal of Commerce" of Dec. 5 continued:
It was pointed out that this balance of the quota consists entirely of raw
sugar for further processing, since the direct consumption sugar quota for
Cuba was exhausted on Oct. 26 1984.
The AAA's report shows that a total of 1,566,000 short tons of Cuban
sugar had been withdrawn from bonded warehouses or imported for consumption during the period Jan. 1-Nov. 24 1934.
-4,-.

Sugar Exports from Cuba During Week of Dec. 8
Reported Largest in 17 Months
The heaviest export movement of sugar from Cuba in
17 months is reported for the week ending Dec.8 1934 when
a total of 101,633 long tons left the Island, according to
Lamborn & Co. Of this quantity 92,479 tons went to the
United States, 8,885 tons to the United Kingdom, and 269
tons to Belgium. During the corresponding week in 1933,
the shipments totaled 34,827 tons, of which 9,663 tons went
to the United States, 19,128 tons to the United Kingdom,
3,515 tons to Morocco and 2,521 tons to Canada. The
firm further announced on Dec. 12:
Cuban exports of sugar from Jan. 1 to Dec.8 totaled 2,060,925 long tons,
raw sugar value, as compared with 2,184,925 tons during the similar period
in 1933, a decrease of 124,000 tons, or approximately 5.7%.
To the United States there were shipped 1.350,808 tons as compared
with 1.328.471 tons for the same period In 1933, an increase of 22,337 tons.
or approximately 1.7%. To other destinations, principally United Kingdom. France and Canada, the exports amounted to 710,117 tons, as compared with 856.454 tons shipped during the similar period last year, a
decrease of 146,337 tons, or approximately 17.1%.

Petroleum and Its Products—Supreme Court Reserves
Decision on Oil Code Case—New Federal Tender
Ruling Issued—Crude Oil Prices Advanced—
Chairman Beaty Urges Stronger Legislation—
Crude Oil Output Rises
.After two days of oral hearings on the constitutionality
of the oil code created through the National Industrial
Recovery Act, the United States Supreme Court reserved
decision on the case.
The principal issue over which counsel for the East Texas
oil producers and attorneys for the Government fought
was the constitutionality of the delegation of power by
Congress to President Roosevelt in the Administration's
fight against the depression.
J. N. Sayre, of counsel for the Amazon Petroleum Corp.
and the Panama Refining Co., the two companies fighting
the production control provisions of the oil code and other
restrictions imposed under the code rules, was questioned
quite extensively by Chief Justice Hughes Monday on the
above point.




Dec. 15 1934

Both Mr. Sayre and F. W. Fischer, also of counsel for
the oil companies, contended that Title I of the NIRA is
illegal because of an attempt on the part of Congress to.
control intra-State as well as inter-State commerce. They
alsr) held that subsection 9-C of Title I was unlawful because
Congress could not delegate production control to the
President.
In further assailing this subsection, the oil companies'
counsel charged that Congress could not give to the President
the power to stop transportation of oil in inter-State and
foreign commerce, not permit him to "create and define
crimes or offenses" against the Government; and also held
that the subsection was "too indefinite and uncertain as
a penal statute" in failing to define offenders more clearly.
Attorneys for the Government, headed by SolicitorGeneral Biggs and Assistant Attorney-General Stephens,
denied these allegations and contended that the law was
entirely legal.
In questioning Mr. Sayre on the Congressional delegation
of authority to limit inter-State shipments of crude oil,
Chief Justice Hughes asked:
"Does the authority depend upon the finding of any particular fact?"
"Congress Just apparently gave him the power," Mr. Sayre said in
answer.
"Does his authority depend upon the fact that there is an excess production?" the Chief Justice inquired.
"1 take it for granted that he was required to find certain facts existed
before he acted," Mr. Sayre said.

Justice Van de Vanter asked several questions concerning
the penalty clause which the oil companies were attacking
and Justice Brandeis also made various inquiries.
Counsel for the oil companies charged in addressin; the
Court that the economic emergency "did not create such
power in the Federal Government that Congress and the
President may set aside the limitations of the Constitution,
and thereby dictate to the citizens of a State" how much
petroleum that State shall produce, what minimum wages
that State shall pay and subject said citizens to criminal
prosecution for violations of Presidential orders.
They further contended that the Supreme Court has
repeatedly held that an emergency "does not create power
and that even during'a state of war" neither Congress nor
the President could "pass the limitations placed on them
by the Constitution nor deprive a citizen of those rights
guaranteed to him by it."
In answering these contentions, counsel for the Government argued that the delegation of authority was justified
by the "magnitude of the subjects regulated and the need
fo. great flexibility in dealing with different conditions in
the various industries," and "by the unprecented economic
chaos existing in the spring of 1933, requiring prompt legislative action in many fields."
In renewing their legal battle against the code in the
Supreme Court the following day, counsel for the oil companies held that Congress had no power to change its views
on economic policies to the point of prohibiting inter-State
Commerce.
Arguing that the NIRA carried the declaration of Congress
"to facilitate inter-State commerce," Mr. Fischer said that
"I don't think that Congress has the right to change its
policy to the extent of prohibiting the right to engage in
commerce. That right was had before the Constitution
was adopted and the States gave the Federal Government
power to regulate inter-State commerce only to protect that
right."
Other arguments advanced in the second day of hearings
were along the same general lines. An interesting development in the course of Tuesday's hearings, however, was the
complaint registered by Chief Justice Hughes, Justice Brandeis and others that Government counsel had not furnished
"official" copies of executive orders issued by the President
under the oil code.
After arguments were completed, Assistant AttorneyGeneral Stephens, who said that he could not explain the
failure to provide the documents, was given permission to
file a supplemental memoranda with the Court within two
days giving the informations unsuccessfully sought by the
Court.
The question rose when a copy of the code furnished by
Mr. Stephens to Justice Brandeis brought a complaint from
the Justice on the lack of information in the copy as to what
grounds the President had acted upon in approving a finding
of fact made by Administrator Ickes.
Conditions in the petroleum industry have changed in
many ways for the worse, the 1934 fiscal year report of the
Petroleum Administrative Board stated. However changes

Volume 139

Financial Chronicle

developing since June 30, the end of the period covered in
the report, have indicated to the PAB that conditions are
showing some improvement, it was pointed out.
The report cited a price structure "more chaotic than it
has been for several years, "in addition to calling attention
to the "distressing" gasoline price wars and the marked
maladjustment between the prices of crude oil and wholesale
gasoline.
The report charged that over-expansion in retail marketing
outlets was mainly responsible for the "viscious price wars,"
and added "there is no question but that some action must be
taken to curb over-expansion of retail outlets."
In commenting upon the service station situation, the
PAB reported to Administrator Ickes that despite the fact
that less gasoline was being consumed than in 1929, there
were perhaps twice as many outlets in operation.
"The increase in stations," the report continued "has
greatly diluted the gallonage throughout lot each outlet
with a two-fold result:
"Overhead costs have greatly increased, and an oversensitive market structure has been created since the slightest
decline in volume in individual outlets induces market
breaks, which creates viscious price wars.
"It is obvious that any program directed toward the
solution of the evils with which the industry is faced must
include an equitable solution of this problem."
The work of amending and modifying the oil code, with
a few possible exceptions, depending upon future developments, is "now over," the PAB reported. The report,
however, was finished before Administrator Ickes reopened
the oil code to consider proposed changes in its labor provisions.
The State-wide tender system recently ordered by the
Texas Railroad Commission became effective Monday
morning. Texas oil men held that the combination of StateFederal control through the respective tender boards has
created an enforcement group that will eliminate "hot oil"
as a market factor.
In wiring Administrator Ickes that inauguration of the new
tender board was a "particularly important step," Charles
Fahy, Chairman of the PAB, said:
"Since the inception of the Federal tender system of requiring certificates of clearance of inter-State shipments,
there has been marked diversion of shipments from interState designations to intra-State points. Records of the
Tender Board show that whereas before it began operations
late in October approximately 80% of all shipments were
billed for out-of-Texas points, shipments since that time
have been almost completely reversed with about 70%
destined for Texas points."
On the same day Administrator Ickes ruled that all orders
approving the withdrawal of crude oil from storage in East
Texas would require that the person or company seeking the
withdrawal must obtain Federal tenders to move the crude
When it was disclosed in Washington that the Oil Administration had decided to grant Texas an increase of 33,000
barrels in the daily average crude allowable for January,
Oklahoma and Kansas State control authorities made
plans to seek increases in their respective quotas.
The Panhandle Refining Co. posted an increase of 8 cents
a barrel in north Texas crude oil prices on Dec. 8, effective
as of Dec. 1. The company posted a reduction of 22 cents a
barrel on Nov.22,last. The company's new schedule ranges
from 68 cents for below 29 gravity to 92 cents a barrel on top
grades and is based on the constant of 18 times the price of
60-64 octane gasoline at the refinery—an oil code formula
which previously has not been employed by any other company.
Delegates attending the annual convention of the Independent Petroluem Association of America, in Fort Worth
on Dec. 7-8 heard Charles Fahy, Chairman of the PAB,
assert that the primary responsibility of crude production
lies with the State rather than with the Federal Government
and its re-elected President, Wirt Franklin, explained that
while the Association is not in favor of Federal control, it is
in favor of limited Federal regulation.
A letter sent to the House sub-committee, which has been
investigating the petroleum industry, by Amos L. Beaty,
Chairman of the Planning and Co-ordination Committee,
favored stronger Federal legislation to control the oil industry
and for the establishment of quotas in commerce for oil.
Mr. Beaty, who has tendered his resignation as Chairman of
the code group, pointed out that he was expressing only
personal views in advocating such action be taken.




3717

A rise of 14,150 barrels lifted daily average crude production in the United States last week to 2,386,850 barrels,
78,850 barrels above the Federal allowable for December,
reports to the American Petroleum Institute disclosed. The
American Petroleum Institute reports do not include "hot
oil."
A decline of 787,000 barrels in stocks of domestic and
foreign crude oil last week brought the Dec. 8 total down
to 325,970,000 barrels from 326,757,000 barrels in the
previous week, the Oil Administration reported.
Price changes follow:
Dec. 8—The Panhandle Refining Co. lifted crude oil prices 8 cents a
barrel to a top of 92 cents for 40 gravity and over in north Texas crude oil
prices, effective Dec. 1.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A.P. I. degrees are now shown)
$1.00
Bradford, Pa
$2.05 Eldorado, Ark., 40
1.00
1.32 Rusk, ex., 40 and over
Corning, Pa
.87
1.13 Darst Creek
Illinois
1.02
1.08 Midland District, Mich
Western Kentucky
1.35
Mid-Cont., Okla., 40 and above__ 1.08 Sunburst, Mont
.81 Santa Fe Springs. Calif..40 and over 1.34
Hutchinson. Tex.,40 and over
1.01
1.03 Huntington, Calif., 26
Spindleton, Tex., 40 and over
2.10
.75 Petrone, Canada
Winkler, Tex
.70
Smackover. Ark.. 24 and over
REFINED PRODUCTS—NEW JERSEY, PHILADELPHIA PRICE
WARS END—PR10E-CUTTING IN METROPOLITAN NEW
YORK AREA CONTINUES—GASOLINE ALLOWABLE INCREASED — MARKETING COMMITTEE MEETS — MOTOR
FUEL STOCKS UP

The gasoline price war in New Jersey ended on Dec. 12,
just two months after it started, when State-wide increases
ranging up to 5.9 cents a gallon were posted by Standaia
Oil Co. of New Jersey and other majors. Prices were
restored to approximately "pre-war" levels.
In keeping with the agreement under which the war is
reported to have been settled, several of the major companies
announced the abandonment of third-grade gasoline. This
step was said to have been taken in response to the agreement
of the independents to accept a 1-cent a gallon differential
instead of the 1 -cent differential at the time the war
broke out.
The Philadelphia price-war ended two days earlier than
the New Jersey struggle, with Atlantic Refining taking the
lead with an advance of 3.6 cents a gallon and announcing
the abandonment of third-grade gasoline. Independents
established a price schedule 1-cent under the major levels.
As in New Jersey, prices were restored to approximately
normal levels. Later in the week advances of 1A to 2 cents
a gallon were posted throughout Pennsylvania and Delaware, restoring prices to pre-war levels in most instances.
The reported failure of several of the major companies to
drop sales of their third-grade gasoline in the areas affected
by the recent wars has caused some uneasiness among local
oil men who fear the independents may resume price-cutting
again unless the reported agreement is fully observed.
Later in the week, however, most of these major units advanced third grade to the same price as regular grade,
tacit abandonment of sales.
Other sections of the country also reported general advances in service station prices of gasoline where price wars
had brought quotations below normal levels but seasonal
declines in consumption were credited with bringing prices
lower in several areas. Buffalo witnessed several cuts.
Metropolitan New York City saw service station prices
drop sharply as Socony-Vacuum Oil Co. posted several
reductions during the week. Brooklyn and Queens motorists
derived the most benefit from these reductions, prices in
these areas dropping 3 cents a gallon in slightly over a week's
time. Other sections in the metropolitan area, however,
also shared in the reductions.
In the bulk gasoline market, the week'svdevelopments
were featured by an advance in tank car prices in New York
Harbor of %
3 cents a gallon to 63' cents by Hartol Products,
which was met by Standard Oil of New Jersey. Kerosene
responded to the exceptionally cold weather, the retail price
rising
cent a gallon and trade circles expecting further
strengthening of wholesale prices. Other fuel oils also were
in marked demand but no price changes were reported.
A move by the three major fuel oil distributing associabons operating in Greater New York to end the destructive
price cutting which has created unstable markets in recent
weeks developed toward the close of the week. The officials of the three groups are working on methods of curtailing cut-price competition through some form of marketing
agreement.
Unfavorable weather, which cut consumption, was held
the main reason for the easing off in low-octane gasoline

3718

Financial Chronicle

Dec. 15 1934

prices in the mid-West market to levels approximating
Production, Judge Wilson held, in no sense may be regarded as an interthose early in November. Offered as low as 3M cents by State 'enterprise, and the Federal Government under the Constitution
has no power to regulate intra-State business.
some refiners, the going market on low-octane gas dipped
Since Congress is restrained by the Constitution from limiting the proto a range of 33 cents to 4 cents a gallon, against last week's duction of oil, Judge Wilson held, it therefore may not delegate such
power
to the President or to oil umpires.
range of 4 to
cents a gallon.
The Court also
Mr. Cox's contention that the oil code was
An increase of 3,999,000 barrels in the January allowable valid here becauseoverruled
it had been adopted by the California Legislature.
Mr. Cox alleged that because of the trustees' infringement of the code.
of gasoline over December was ordered by Administrator
Ickes who set the total at 34,750,000 barrels. In establish- major oil companies had declined to buy the well's output.
ing the allowable, the Oil Administrator said that while Crude Oil
Output Rises 14,150 Barrels During Week
estimated January demand will not pass 29,580,000 barrels,
Ended Dec. 8-Exceeds Federal Quota by 79,850
an increase in the allowable was seen necessary to "establish
Barrels-Stocks of Gas and Fuel Oil Decline
sound inventories."
The American Petroleum Institute estimates that the
A meeting of representatives of the major oil companies
operating in the 23 Eastern and Atlantic Seaboard States daily average gross crude oil production for the week ended
covered in the recently completed market agreement with Dec. 8 1934 was 2,386,850 barrels. This was a gain of
the marketing committee of the oil code was held at the 14,150 barrels from the output of the previous week, and
Waldorf-Astoria in New York City Thursday. Government oil officials attended the meeting as 'observers." exceeded the new Federal allowable figure which became
The meetings were reported to be discussing establishing effective Dec. 1 by 79,850 barrels. Daily average production
new contracts for quantity commercial consumers. It was for the four weeks ended Dec. 8 1934 averaged 2,384,900
said that a similar contract to that effective in the Middle barrels. The daily average output for the week ended
West Dec. 31 will be proposed for the Eastern markets. Dec. 9 1933 totaled 2,317,750 barrels. Further details as
Gas and fuel oil stocks broke 1,576,000 barrels last week
as seasonal withdrawals pared total holdings to 112,403,000 reported by the Institute follow:
Imports of crude and refined oil at principal United States
barrels on Dec. 8, the American Petroleum Institute reports totaled 877,000 barrels in the week ended Dec. 8, a
ported.
Gasoline stocks rose 263,000 barrels to 41,094,000, re- daily average of 125,286 barrels, against a daily average of
finery operations 2.2% to 67.8% of capacity and daily 126,571 barrels the week before, and 113,679 barrels daily
average runs of crude oil to stills 75,000 barrels to 2,289,000 over the last four weeks.
barrels.
Receipts of California oil at Atlantic and Gulf Coast
Representative price changes* follow:
ports totaled 776,000 barrels for the week, a daily average
Dec. 8-The Socony-Vacuum Oil Co. cut service station prices of gasoline in Kings and Queens counties, New York City, 16-cent a gallon to
of 110,857 barrels, against 72,679 barrels for the last four
16 cents, taxes included.
weeks.
Dec.8-All

Judge Wilson denied the petition of Robert L. Cox, oil well shareholder,
for removal of trustees of the property on the allegation that they had
produced more oil than their quota as fixed by NRA oil umpires.




Federal
Actual Production
Average
Agency
4 Weeks
Allowable Week End. Week End. Ended
Effective
Dec. 8
Dec. 1
Dec. 8
Dec. 1
1934
1934
1934
451,600
123,900

Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)

941,300

Total Texas
North Louisiana
Coastal Louisiana

Week
Ended
Dec. 9
1933

454,800
122,150

463,600
127,300

462,150
124,050

501,500
109,050

52.550
56,050
27,500
137,450
44,600
413,300
37,900
54,850

59,800
54,400
27,500
138,800
43.100
413,200
37,900
61,150

56,250
54,900
27,500
138,700
43,500
411,950
37,900
58,250

43,750
57,100
24,050
120,850
43,350
399,250
53.000
43,350

126,800

126,100

127,000

105,650

961,000

961,950

955,950

891.250

23,800
85,000

24,000
82,850

24,000
82,150

26,050
47,300

94,000

108,800

106,850

106,150

73,350

Arkansas
Eastern (not incl. Mich.)
Michigan

29.000
93,000
27,900

31,100
100,350
27,450

31,150
108,550
26,900

30,850
104,100
26.350

32,600
94.750
30,200

Wyoming
Montana
Colorado

32,600
8,000
3,000

35,750
11,400
3,250

36,650
11,900
3,200

36,100
11,650
3,200

29,200
6,900
2,450

43,600

50,400

51,7E0

50,050

38.650

45,900
456,800

44,900
495,900

45,750
448,900

45,750
478,600

42.100
504,400

Total Louisiana

Total Rocky Mt. States.
New Mexico
California

Total United States__ 2.307,000 2,386,850 2,372.700 2.384,900 2,317,750
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 DEC. 8 1934
(Figures in thousands of barrels of 42 gallons each)
Stocks
Stocks •Stocks
of
b Stocks
of
of
Gas
of
UnFinRepor Mg
Daily P. C. ished finished Other
and
Aver- Oper- Caw- Gass- Motor Fuel
061
Total P. C. age
Fuel
aged
thre
line

Daily Refining
Capacity of P ants
District

East Coast__
Appalachian
Ind. Ill., Ky.
Okla., Kan.,
Mo
Inland Texas
Texas Gulf...
La. Gulf..._
No. La -Ark.
Rocky Mtn.
California...

PoemHal
Rate

Crude Runs
to Stills

582
150
446

582 100.0
140 93.3
422 94.6

438
95
347

461
351
566
168
92
96
848

386
167
552
162
77
64
822

224
95
528
109
35
39
381

83.7
47.6
97.5
96.4
83.7
66.7
96.9

WO1
NV&
ioMM

"The NRA code of fair competition, at least as it applies
to oil production, is illegal in California, Superior Judge
Wilson ruled to-day", according to a United Press dispatch
in the New York "Herald Tribune" of Dec. 14. The dispatch continued:

Reports received for the week ended Dec. 8 1934 from refining companies
owning 89.7% of the 3,760,000 barrel estimated daily potential refining
capacity of the United States, indicate that 2,289,000 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. 23.671,000 barrels of finished
gasoline; 4,865,000 barrels of unfinished gasoline and 112,403,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 17,423,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units. averaged 467,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels)

11,454
1,709
6,554

971
250
643

260 14,466
65 1,605
55 5,496

4..04.04DQV,
0
,
00e,
10,
000

major marketers advanced service station prices of gasoline
in southern Indiana 2 cents a gallon to 14.9 cents, taxes included.
Dec. 10-The Atlantic Refining Co. advanced service station prices
Of gasoline in Philadelphia 3.6 cents a gallon to 1416 cents, taxes included.
effective Dec. 11. Majors met the advance as did independents who
posted at 1316 cents, taxes included.
Dec. 10-The Socony-vacuum Oil Co. cut service station prices of
gasoline in Kings and Queens counties, New York City, by 16-cent a
gallon to 1516 cents, taxes included.
Dec. 11-The Standard Oil Co. of New Jersey posted advances in
service station prices throughout New Jersey ranging up to 5.9 cents
a gallon, with Newark and Camden posted at 15.7 and 15.9 cents a gallon,
respectively, all taxes included. Other majors met the advances. effective Dec. 12. Independents raised their prices to 14.7 cents, taxes
included, at Newark, the same 1-cent differential being posted at other
points in the State.
Dec. 11-Standard Oil of New York cut Manhattan service station
prices of gasoline 1 cent to 16 cents, Brooklyn and Queens prices 16-cent
to 15 cents and Westchester and Richmond 1 cent to 16 16 cents, all prices
including State and Federal taxes and effective Dec. 12.
Dec. 11-Hartol Products Co. lifted tank car prices of gasoline in New
3 -cent a gallon to 6% cents, refinery, effective Dec. 12.
York harbor %
Dec. 11-Retail kerosene prices were lifted 16-cent a gallon in Nassau
and Suffolk counties and in Staten Island and Yonkers.
Dec. 12-Standard Oil of New York cut service station prices of gasoline 16-cent a gallon in Manhattan to 15
cents, the cut taking in all
sections included in the metropolitan area, including Westchester and
Long Island. effective Dec. 13.
Dec. 13-Standard Oil of New Jersey met the Hartol advance in lank
Car gasoline prices to 634 cents a gallon in New York harbor.
Dec. 13-Gasoline prices were cut 1 cent a gallon on all three grades
In Louisville to 15.5 cents. 16.5 cents and 18.5 cents a gallon, respectively,
for third grade, regular and premium grades.
Dec. 13-Socony-Vacuum Oil Co. cut service station prices of gasoline
In Kings and Queens counties, New York City. 1 cent a gallon to 1316
cents, taxes included, effective Dec. 14.
Dec. 14-Advances of 134 to 2 cents a gallon were made on a Statewide scale in Pennsylvania by ull marketers.
* Prices in the metropolitan New York City area do not include the
city relief tax.
Gasoline, Service Station, Tax Included
New York
Denver
3.21
New Orleans
3.16
3 165
.17
Boston
.13
Detroit
Philadelphia
16
.20
Jacksonville
115
Buffalo
Pittsburgh
145
.128
.15
Chicago
Houston
San Francisco
.185
Cincinnati
Los Angeles
.175
.18
St. Louis
.158
149
175
Cleveland
Minneapolis
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
I North Texas_ 3.03 -.031i I New Orleans-3.0456-.04 i
New York:
(Bayonne)-8.0516-.0534 I Los Angeles__ .0411-.0516 'Tulsa
.0316-.0336
Fuel Oil, F.O.B. Refinery or Terminal
Gulf Coast C
N. Y.(Bayonne):
Califonlia 27 plus D
$1.00
31.05-1.20 I Phila., bunker C____ 1.15
$1.15
Bunker C
Diesel 28-30 D
1.89 I New Orleans C. .95-1.10
Gas Oil, F.O.B. Refinery or Terminal
ITulsa
I Chicago:
$.02-.0214
N. Y.(Bayonne):
27 plus
$.0416-.051 32-36 00...._$.02-.0216 I
U.S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
Standard 011 N.J.:
I New York:
Chicago
.0416-.05
Motor, U.S
$ 063i I Colonial-Beacon-3.053( New Orleans
.0414
a Standard 011N. Y. .06
Los Angeles. ex.0416-.04%
a Texas
.06
06
Gulf ports.- .05;6-.0516
Tide Water Oil Co .06
y Gulf
x Richfield Oil (Cal.) .06
Republic Oil
.0446-.05
0551 Tulsa
Warner-Quinlan Co_ .056 N. Y.(Bayonne):
Shell Ea.st'n Pet-3.0614
•Tydol. $0.07. a "Fire Chief," $0.07. x Richfield "Golden." y "Good Gulf.
$0.07j."Mobllgas."

3,737
1,121
4,743
934
233
503
10,106

486
196
1,223
165
47
95
789

605 3,872
520 1,739
110 10,674
10 4,420
541
40
662
30
2,555 68,928

Totals week:
Dec. 8 1934. 3,760 3,374 89.7 2,289 67.8 c41,094 4,865 4,250 112,403
Dec. 11934. 3,760 3,374 89.7 2,214 65.6 d40 831 4,738 4,240 113.979
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes unb ended natural gasoline at refineries and plants; also blended motor
fuel at plants c Includes 23,671,000 barrels at refineries and 17,423,000 barrels at
bulk terminals, in transit and pipe lines. d Includes 23,057.000 barrels at refinerlea
and 17,774.000 barrels at bulk terminals, in transit and pipe lines.

Financial Chronicle

Volume 139

Suffices
Moderate Sales Volume in Non-Ferrous Metals
to Maintain Prices

"Metal and Mineral Markets" in its issue of Dec. 13
stated that though the total volume of business booked in
major non-ferrous metals during the last week was only
fair, and the general appearance of the market was quiet,
the undertone seemed to be quite steady. Price changes
were few and rather unimportant. Most producers expect
business to show substantial improvement in the first
quarter of next year and are not anxious sellers at current
levels. The upward trend in steel operations has been viewed
as a favorable development. The operating rate of steel
companies for the week beginning Dec. 10 was 32.7% of
capacity. against 28.8% a week previous, 27.3% a month
ago, and 31.5% a year ago. Metal and Mineral Markets"
further stated:

Copper Buying Fair
Domestic business in copper during the last week might be described as
fair,the sales total for the period coming to about 3.500 tons. This compares
with 4,400 tons in the preceding week. The recent move by primary and
secondary producers in the matter of adjusting the sales"book" hasremoved
what doubt existed in the minds of consumers as to the ability of sellers
to maintain the 9c. Valley basis for Blue Eagle copper. Fabricators, with
few exceptions, report a quiet market for copper products, but the buying
Is expected to improve soon after the turn of the year.
.The foreign market was moderately higher for the week, the idea gaining
ground that some kind of an agreement on production is likely to come
out of tne preliminary deliberations that are leading up to a general conference next month. The date for the general meeting on foreign production
has not yet been set, and the question of where the meeting is to be held
also remains open. American interests would like to hold the conference
In New York, but African producers seem to be determined to meet abroad.
Sales in the foreign market last week seffered slightly, contrasted with
recent weeks. Our export quotation for yesterday was 6.575c., f.o.b.
refinery, against 6.425c. a week ago.
The Copper Code Authority has approved monthly sales quotas of
secondary copper to hold until June 16 1935,or for the duration of the code.
The revised quotas vary slightly from those now in effect, a larger proportion of the total allotted to secondary metal producers accruing to
Nichols Copper. The new quotas compare with the old as follows, in
short tons:
July-Dec. Jan.-June
Quotas
Quotas
3,350
3,493
American Metal
2,477
2,209
Nichols Copper
2,209
2,209
A. S. & 11
1,030
1,105
Anaconda
804
854
Metals
Lewin
380
380
Nassau Smelting
10,250

Total

10,250

Lead Outlook Better
A better tone characterized the lead market last week, total sales volume
Improving moderately to slightly above 2.500 tons. Prices were unchanged
at 3.50c.. New York, the contract settling basis of the American Smelting
& Refining Co., and 3.35c., St. Louis. Continuation of the current market
Improvement of the metal will, according to one source, lead to an early
Increase in prices. Such a development at this season of the year would,
of course, be received with considerable satisfaction by the industry.
Another favorable factor in the lead situation is the report that stocks of
metal in the hands of important consumers are at the lowest level that
has prevailed in the last two years. Further, purchases of lead for January
and February shipment have been light so far, and some in the trade feel
that the general opening of sellers' books to February business would
encourage the placing of substantial orders. In brief, therefore, the immediate outlook is favorable for an increase in the price of lead before the end
of the year.
World lead production during October totaled 128,935 tons, against
125,590 tons in September. The daily rate of production for October was
4,159 tons, against a daily rate of 4,186 tons in the month previous.

3719

Chicago have raised the "Iron Age" scrap index from $10.92
to $11.33 a ton, or $1.83 above the low for the year, reached
in September and October. The "Age" continued:
building
The acceleration of steel works operations is due in part to the
holiday
up of stocks of ingots and semi-finished material preparatory to
in consuspensions, but it is attributable mainly to an unmistakable gain
sumers' needs.
continued
of
because
impressive
The growth of bookings is all the more
relucdelay in the launching of automobile production programs and the
to add
tance of steel buyers in general, in the absence of price incentives,
steel
in
output
to their stocks prior to inventory taking. Should a decline
rebound in the
eventuate during the holiday weeks, as is now expected, the
new year will undoubtedly be sharp. And it will be proportionately sharper
of a
the longer motor car production is held in check. Earlier forecasts
largely
December output of 125,000 units are being revised downward,
until
campaigns
1935
because of the industry's unwillingness to launch
new Ford prices are announced. But even in the face of this deferred
of the
activity, the accumulating needs of parts makers and other suppliers
responautomotive trade are reaching sizable proportions and are directly
Cleveland.
and
Detriot
sible for nine-point gains in steel putput at both
rolling,
Tin mill production, sustained in part by releases for holiday
continues to hold at 45% of capacity. Demand for standard PiPe is reproceiving support from the Government-sponsored home modernization
at recent levels
gram, while specifications for oil country goods are holding
year.
new
the
in
early
bookings
and drilling operations portend larger
Farm equipment makers continue to take steel at a good rate.
tons a
Structural steel awards, at 5,800 tons as compated with 3,850
against 11.890
week ago, are very light. New projects total 8.100 tons as
lettings
Plate
ago.
weeks
tons in the previous week and 10.000 tons two
4.100 tons
total 1.145 tons and new plate projects of 4,600 tons include
the Fort Peck,
for the Colorado River aqueduct. The general contract for
requirements,
Mont., dam has been awarded, but the reinforcing steel
amounting to 18,000 tons, may not be bought for several months.
main source
The future of the Public Works program, which has been the
but in any
of plate, shape and bar tonnage for many months, is in doubt,
to complete
case Congress will probably be asked for large approprications
are now
which
work,
projects that have been started. Among types of new
being favorably considered are grade separation projects.
has issued
Railroad demand shows more signs of life. The Santa Fe
made formal
inquiries for 27,000 tons of rails, and the Northern Pacific has
Lehigh
The
ago.
awards of 10,000 tons, tentatively placed several weeks
in the
Valley may enter the market for 25,000 tons. A coal car shortage
Government loans
South has given new force to current proposals for new
their first
for equipment purchases. Several Western roads have placed
orders for woven wire fencing in many months.
the Cenin
particularly
buyers,
Pig iron buying has improved, with some
first quarter
tral West. supplementing current orders to cover part of their
with every
needs. Virgin metal is becoming more attractive to buyers
was outstandadvance in scrap prices. A purchase of 5,000 tons of basic
ing among recent orders.
Department
Supplementary machine tool awards by the Army Ordnance
bring total purchases to date up to $557,715.
Pittsburgh, one and oneSteel gutput has risen two points to 21% at
the Philadelphia
half points to 3514% at Chicago, one point to 25% in
50% at Clevedistrict, three points to 37% in the Valleys, nine points to
points to 57% at
land. 15 points to 70% in the Wheeling district, nine
rate is off five
Detroit and 12 points to 33% in the South. The Buffalo
points to 19% .
teel are unfinished
and
The "Iron Age" composite prices for pig iron
and nuts
changed at $17.90 a ton and 2.124e. a lb. respectively. Bolts
discount from list.
have been advanced through the dropping of one 10%
cold-finished
Drawing extras of 250. a 100 lb. have been eliminated on
backs.
sheets for automobile flat cowl panels, doors and two-piece

Zinc Prices Steady

Finished Steel
Based on steel bars, beams, tank plates.
Dec. 11 1934, 2.1240. alb.
hot
2.1240. wire, rails, black pipe, sheets andmake
One week ago
2.1240. rolled strips. These products
One month ago
output.
States
United
the
2.0080. 85% of
One year ago
Low
High
2.008c. Jan. 2
2.1990. Apr. 24
1934
Apr. 18
1.867c.
3
Oct.
2.0150.
1933
1.926c. Feb. 2
1.9770. Oct. 4
1932
29
Dec.
1.9450.
13
Jan,
2.0370.
1931
2.018c. Dec. 9
2.2730. Jan. 7
1930
2.273c. Oct. 29
2.3170. Apr. 2
1929
2.217c. July 17
2.2880. Dec. 11
1928
2.2120. Nov. 1
2.402o, Jan. 4
1927

The zinc statistics released during the week did not make such good
reading,stocks in the United States increasing from 111,027 tons at the end
of October to 116,076 tons at the end of November. With a committee
appointed by producers to consider what steps should be taken to balance
production and consumption next year, and concentrate firmer, the market
held quite steady. Sales for the week ended Dec. 8 totaled around 4.400
tons. Most of the inquiry was for first-quarter metal. Several sellers
were disposed to ask a premium over the 3.70c. basis on forward material.
Reports on the status of the foreign cartel still conflict. Word reached
here last week from Brussels that a meeting has been called for Dec. 20
to discuss the situation. The British tariff is now held to be the stumbling
block for the renewal of the accord.

Pig Iron
at Valley
Dec. 111934, 817.90 a Gross Ton IBased on average of basic iron
517.90 furnace foundry irons at Chicago.
One Week ago
17 90 Philadelphia Buffalo. Valley. and
One month ago
16.90 Birmingham.
One year ago
Low
High
816.90 Jan. 27
817.90 May 1
1934
13.56 Jan. 3
16.90 Dec. 5
1933
13.56 Dec. 6
14.81 Jan, 5
1932
14.79 Dec. 15
15.90 Jan. 6
1931
15.90 Dec. 10
7
Jan.
18.21
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.69 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927

Tin Buying Moderates
Demand for tin was relatively light last week,average daily sales amounting to not more than 50 tons. Prices moved through a narrow range.
almost entirely in sympathy with similar fluctuations in sterling exchange.
Tin-plate operations continued at about 40% of capacity, and maintenance
of that rate throughout the remainder of the year is generally expected.
Chinese tin, 99%, was quoted nominally as follows: Dec. 6, 50.150.;
Dec.7, 50.05c.; Dec.8,50.05c.; Dec. 10,50.15c.; Dec. 11,50.10c.; Dec. 12.
50.050.

Steel Scrap
Dec. 11 1934, $11.33 a Grose Ton Booed on No. 1 heavy melting steel
One week ago
$10.92 quotations at Pittsburgh, Philadelphia
9.79 and Chicago.
One month ago
One year ago
10.25
Low
High
89.50 Sept.25
1934
813.00 Mar. 13
6.75 Jan. 3
1933
12.25 Aug. 8
6.42 July 5
1932
8.50 Jan. 12
8.50 Dec. 29
1931
11.33 Jan. 6
11.25 Dec. 9
1930
15.00 Feb. 18
14.08 Dec. 3
1929
17.58 Jan, 29
13.08 July 2
1928
16.50 Dec. 81
13.08 Nov.22
15.25 Jan. 11
1927

Increase in Steel Output is Sharpest Since July
The "Iron Age" in its issue of Dec. 13 stated that the
upward trend in iron and steel demand is gathering momentum. Both steel production and scrap prices have risen for
the eighth consecutive week, and the gain in output, from
2934 to 33% of capacity, is the largest since the second week
of July, following the Independence Day holiday. Scrap
prices have advanced on a wide front, and increases on heavy
melting grade of $1 a ton at Pittsburgh and 25c. a ton at

The American Iron& Steel Institute on Dec. 10 announced
that telegraphic reports which it had received indicated
that the operating rate of steel companies having 98.7%
of the steel capacity of the industry will be 32.7% of the
capacity for the current week, compared with 28.8% last
week, 27.3% one month ago, and 31.5% one year ago.
This represents an increase of 3.9 points, or 13.5%,from the
estimate for the week of Dec. 3. Weekly indicated rates
of steel operations since Oct. 23 1933 follow:




3720
31.6%
28.1%
25.2%
271%
26.9%
26.8%
28.3%
31.5%
34.2%
31.6%
29.3%
30.7%

34.4%
37.5%
39.9%
43.8%
45.7%
47.7%
46.2%
46.8%
45.7%
43.3%
47.4%
50.3%
54.0%
55.7%
58.9%

32.5%
*

1934May 14
May 21
May 28
June 4
June 11
June 18
June 2.5
July 2
July 9
July 18
July 23
July 30
Aug. 8
Aug. 13
Aug. 20

56.6%
54.2%
58.1%
57.4%
58.9%
58.1%
44.7%
23.0%
27.5%
28.8%
27.7%
26.1%
25.8%
22.3%
21.3%

1934Aug. 27
Sept. 4
Sept. 10
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov 12
Nov. 19
Nov. 26
Dec 3
Dec. 10

19.1%
18.4%
20.9%
22.3%
24.2%
23.2%
23.8%
22.8%
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
28.8%
32.7%

"Steel," of Cleveland, in its summary of the iron and steel
markets, on Dec. 10 stated:
One of the sharpest rises in steelworks scrap prices since the World war,
and certainly the most pronounced since 1929, was accompanied last week
by a two point advance to 30% in steel works operations, states the magazine "Steel".
This evidence of present market conditions, and promising portent for
the near future, adds to the feeling of confidence spreading throughout
the industry.
A scrap shortage has developed in the Pittsburgh district, consumers
bidding up steelworks scrap $1.50 a ton. At Cleveland and Youngstown
some grades also have advanced $1.50, while in other centers the market
is up 25 to 75 cents. "Steel's" scrap composite registers a gain of 62 cents,
highest since May. At the same time pig iron buying has expanded, a
lake producer booking 9,000 tons.
Despite this encouraging trend, steel demand does not yet appear to be
moving forward proportionately on all fronts. There is fairly brisk buying of the lighter products for automobile and agricultural consumption;
structural work is in reverse, and railroads are marking time.
This situation may be corrected shortly by what is transpiring at Washington. Evidence is accumulating that the President is to lean very
heavily on spending, and that large public works profjects which should
mean substantial buying of material and equipment are probable.
Though steelmakers will not benefit from the tonnage before spring, this
new program will entail heavy orders for structural and reinforcing stee
for grade crossing separations, the most generous appropriations for naval
construction since the war, and any sums the railroads may want to borrow
to purchase track material and rolling stock.
In the automobile industry, Ford is back in production, turning out
2,000 new models last week, and output for the industry was about 19,000
units, up from 11,000 in the preceding week. Only a normal number of
unsold cars remain in dealers' hands. December last year brought an upturn to 84.378 cars; this month output is expected to exceed 100,000 compared with 65.000 in November.
Few railroads except the Van Sweringen and Santa Fe lines have disclosed 1935 buying programs. Equipment is receiving most attention at
present. November freight car awards-254-were the largest for any
month since June, and brought the total for 11 months to 23.719. or 9.202
more than in the same period in the three preceding years combined.
Structural awards dropped to 5.300 tons. The navy awarded 6.000 tons
of plates and shapes. A 10% advance in nuts and bolts restores the amount
of a reduction in October.
A Japanese steelworks has ordered a 68-inch, three-high rolling mill at
Pittsburgh. Other Japanese producers are inquiring for plate and strip
mills, and Russian inquiries are more promising. The army ordnance
department, Washington, has purchased $479,000 worth of machine tools.
Noveniber's steel ingot output. 1,589,049 gross tons, was an increase
of 8.7% over October, while daily average output at 61,117 tons, was 12.9%
higher than in October. In 11 months this year, 23,319,443 tons show a
gain of 12% over the first 11 last year.
Daily average pig iron production in November increased 4% to 31.930
gross tons, largest since August. Total output 957,906 tons was 0.58%
over October. Production for 11 months, 14,949,673 tons. is 24% higher
than in the same period last year. Active stacks dropped from 65 on Oct.
Oct. 31 to 60 on Nov. 30.
Pittsburgh district steelworks operations last week increased three points
to 23%; Wheeling 16 to 70; Cleveland -two to 48; eastern Pennsylvania
two to 203,i; Chicago 3.5-point to 34. Other districts were unchanged,
Youngstown 35; Detroit 48; New England 47; Buffalo 24; Birmingham 27.
"Steel's" iron and steel composite is up 13 cents to $32.35, due to scrap;
the finished steel index remains $54.

Steel ingot production in the week ended Dec. 10, is placed
at 31% of capacity according to the "Wall Street Journal"
of Dec. 13. This compares with 29% in the two previous
weeks. The "Journal" further stated:
The actual output for the week was 2.7 points, or 9.38%, higher than
the indicated rate of 28.8% forecast by the American Iron & Steel Institute
on Dec. 3.
It indicates the improved demand from consumers which
necessitated operating rates in the middle of the week higher than were
intended by the managements of the various companies.
The best showing in the past week was made by the so-called independents
companies, which showed an increase of about 3M to nearly 35%. In the
preceding week the rate was 3154%, and two weeks ago these companies
were at 32%. U. S. Steel is estimated at 27%, an upturn of 135 over the
week before when the rate was 25%%. Two weeks ago the corporation
was at 25%.
The following table gives the percentage of production for the nearest
corresponding week of previous years, together with the approximate
changes in points from the week immediately preceding.
1933
1932
1031
1930
1929
1928
1927

Industry
30
+2
1534 -134
2634 -134
-2
37
--3
64
82
-234
63Si +234

U. S. Steel
2734 +134
1534 - 34
27
-2
43
-2
85
-3
82
-134
6534 +236

Independenis
3134 +2
1534 -2
26
-1
34
-2
62
-3
82
-3
62
+2

Steel Shipments Higher in November
Shipments of steel products by subsidiaries of United
States Steel Corp. in November amounted to 366,119 tons,
22,157 tons more than in the previous month, when 343,962
tons where shipped. In November 1933 shipments aggregated 430,358 tons. Below are tabulated the figures, by
months, since January 1930:




Dec. 15 1934

TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR
YEARS INDICATED
Month
January
February
March
April
May
June
July
August
September
October
November
December

Year 1930

Year 1931

Year 1932

Year 1933

Year 1934

1.104.168
1.141.912
1.240.171
1,188.456
1,203.916
984,739
948.745
947,402
787.282
784,648
676.016
579.098

800.031
762,522
907,251
878.558
764,178
653,104
593.900
573,372
488,928
476,032
435.697
351,211

426,271
413.001
388.679
395.091
338,202
324.746
272,448
291.688
316.019
310,007
275.594
227,576

285.138
275.929
258,793
335,321
455.302
603.937
701.322
668,155
575,161
572,897
430,358
600,639

331,777
385,500
588.209
643,009
745.063
985.337
369,938
378.023
370,306
343,962
366,119

Yearly adjustment_ 8(40,259)

8(6.040)

a(5,160)

b(44,283)

Total for year
11,624,294
a Reduction. b Addition.

7.678.744

3.974.062

5.805,235

Production of Coal During Week Ended Dec. 1 Declined
Due to Thanksgiving Holiday
The United States Bureau of Mines, Department of the
Interior in its weekly coal report stated that production of
coal during the week ended Dec. 1 was curtailed by the
universal observance at the mines of the Thanksgiving
holiday. The total production of soft coal is estimated at
6,178,000 net tons as against 7,206,000 tons in the preceding
week. The average daily rate of output showed a slight
increase. Output during Thanksgiving week in 1933
amounted to 6,225,000 tons.
The total production of anthracite in Pennsylvania during
the week ended Dec. 1 is estimated at 779,000 net tons.
The average daily rate of output was slightly lower than in
the preceding week-155,800 tons as against 158,500 tons.
Production during the holiday week last year amounted to
903,000 tons.
During the calendar year to Dec. 1 1934, 326,777,000
net tons of bituminous coal and 52,769,000 net tons of anthracite were produced. This compares with 300,317,000 tons of
bituminous and 45,167,000 tons of anthracite produced in
the corresponding period of 1933. The Bureau's statement
follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended
Dec. 1
1934 c

Nov. 24
1934 d

Calendar Year to Date
Dec. 2
1933

1934

1933 e

1929

131tum. coal-a
Weekly total 6,178,000 7,208,000 6.225,000 326.777,000 300,317,000 489,668,000
Daily avge_ 1,236,000 1,201,000 1,245.000 1,157,000 1,060,000 1,727.000
Pa. anthra.-b
Weekly total 779,000 951,000 903,000 52.769,000 45,167,000 66,669,000
Daily avge__ 155,800 158,500 180,600
238.500
188,800
161,600
Beehive cokeWeekly total
18.200
23,200
22,900
916,400
747,500 6,118,000
Daily avge._
3,033
3.867
3,193
3.817
21,317
2,605
a Includes lignite, coal made into coke, local sales. and gallery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fue
c Subject
to revision. d Revised. e Accumulations based on original estimates for the year.
ESTIMATE WEEKLY PRODUCTION OF COAL BY STATES (NET TONS)
Week Ended
Mate
Nov. 24
1934
Alabama
172,000
Arkansas and Oklahoma__
57,000
Colorado
158,000
Illinois
820,000
Indiana
332.000
Iowa
62,000
Kansas and Missouri
116.000
Kentucky-Eastern
567,000
Western
149,000
Maryland
35,000
Montana
69,000
New Mexico
26,000
North Dakota
49,000
Ohio.
398,000
Pennsylvania (bituminous) 1,827,000
Tennessee
87,000
Texas.
15,000
Utah
69,000
Virginia
188,000
Washh9,gton
46,000
West Virginia-Southern b 1,386,000
Northern c
470,000
Wyoming
92,000
Other States
15,000

Nov. 25
1933

Nov. 17
1934
§§§§§§§§§§§§§§§§§§§§§§§§

1934Jan
1
Jan. 8
Jan. 15
Jan. 22

Financial Chronicle
1934Jan. 29
Feb. 5
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
Apr. 9
Apr. 18
Apr. 23
Apr. 30
May 7

.
.
1.0.10.
. :4ol,
.
.00. WM. .
..
g CO hi• tOg 7
2:2
O,
G
1,
,.
4
.1 b2 A k0 CA C..1 -al KJ C.1 Fat ...1 2tall

1933
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov.27
Dec. 4
Dec. 11
Dec. 18
Dec. 25

Nov. 26
1932

1923
Nov.
Average•

409,000
174,000
178,000
100,000
73,000
45,000
236.000
128,000
125,000
881.000 1,571.000
875,000
536,000
316.000
348.000
128,000
85,000
80,000
175.000
148,000
126,000
576,000
724.000
572,000
149,000
218,000
178.000
33.000
35.000
23,000
53,000
83.000
60,000
25,000
62,000
28,000
43,000
56,000
35.000
470,000
357,000
764,000
d1,972,000 1,407.000 2,993.000
61,000
74 000
117,000
13,000
10,000
29.000
71,000
54,000
112.000
153.000
162,000
217,000
33,000
31,000
72,000
1.325,000 1,310,000 1,271,000
d548,000
378,000
776,000
116,000
90,000
184.000
15,000
16,000
31,000

Total bituminous coal
7,206,000 7.265,000 e7,320,000 6,611,000 10.878,000
Pennsylvania anthracite..
951.000 1.050.000 1,398,000
986,000 1,896,000
Total all coal
8,157.000 8,315,000 8,718,000 7,597,000 12,774.000
a Average weekly rate for entire month. b Includes operations on the N. & W.,
C. & 0., Virginian, K. & M.. and B. C. & G. c Rest of State, Including the
Panhandle and Grant. Mineral, and Tucker counties. d Revised figures. See
explanation In W. C. R. Nov. 885 and 890. e Original estimate. No revision will
be made in the national total until detailed reports have been assembled for all
districts.

Anthracite Shipments During November 12.14% Below
Like Month of 1933
Shipments of anthracite for the month of November 1934,
as reported to the Anthracite Institute, amounted to 3,600,652 net tons. This is a decrease, as compared with shipments during the preceding month of October, of 426,058
net tons, or 10.58%, and when compared with November
1933, shows a decrease of 497,578 net tons, or 12.14%.

Shipments by originating carriers (in net tons) are as
follows:
Month of—
Reading Co
Lehigh Valley RR
Central RR. of New Jersey
D. L. dr W. RR
Delaware & Hudson RR Corp_....
Pennsylvania RR
Erie RR
N. Y.0. 41, W. RY
Lehigh dr New England RR
Tntal

3721

Financial Chronicle

Volume 139

November
1934

October
1934

November
1933

October
1933

817,394
628,315
254,267
416,806
335.951
479,992
315,115
204,298
148,514

718,702
698,116
328,281
494,255
443,335
488,316
382,253
212.254
261,198

899,476
691,895
332,305
453,949
605,446
475,696
343,535
221,732
174,196

902,281
729.645
315,395
464.682
454,115
482.403
432,508
164.837
201,112

3.600 652

4.026.710

4.098.230

4.146,978

Processing Taxes Cause Only Small Rise in Living
Cost, AAA Official Contends—Retail Sales Put at
$28,000,000,000, Against Processing Levies of Less
Than $500,000,000
Processing taxes paid to farmers for controlling production cause only an insignificant rise in the cost of living,
Louis H. Bean, Economic Adviser to the Agricultural
Adjustment Administration, said on Dec. 13, in estimating
total 1934 retail sales at $28,000,000,000, as compared with

processing tax collections of less than $500,000,000. Chester
C. Davis, AAA Administrator, said on Dec. 13 that processing taxes totaled $550,081,419 on Nov. 1, as against
payments of $421,697,389 for reducing acreage.
Associated Press Washington advices of Dec. 13 gave
statistics quoted by Mr. Bean as follows:
The figures showed that Illinois contributed the greatest amount in tax
collections. $91,990.189, due largely to the concentration of meat packing
plants, which collect the hog processing tax of $2.25 per 100 Pounds. in
Chicago.
New York state followed with $58.213,425 paid into AAA coffers, largely
from cotton processing and tobacco manufactiurng. Other states bulking
large in collections included those in the cotton spinning and weaving
centers and tobacco processing areas: North•Carolina with $41,256,015.
South Carolina with $23,197.395, and Massachusetts with $29,026,184.
The chief flour milling state. Minnesota, paid $34.514,277.
Farmers in these states received the following amounts in benefit payments through October 31: Illinois, $18,537,687: New York, 5162.894:
North Carolina, $11,233.510: South Carolina, $10,299,060: Massachusetts.
$302.818, and Minnesota, $10,529.918.
In explanation of the discrepancy between tax collections and benefit
payments in such States the Administration asserted that "the amount of
tax collections in any State merely reflects the location and concentration
of industries processing farm commodities. Tax collections thus merely
show the quantity of taxable farm products processed in that State. The
collections in no way indicate the amount of taxes borne by the people
living in that State."

Current Events and Discussions
—111•11,T *PR
,
N

The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Dec. 12, as reported by
the Federal Reserve banks, was $2,462.000,000 an increase
of $3,000,000 compared with the preceding week and a decrease of $205,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On Dec. 12 total Reserve bank credit amounted to $2,462,000,000, an
increase of $10,000.000 for the week. This increase corresponds with increases of $39,000,000 in member bank reserve balances and $10,000,000
In non-member deposits and other Federal Reserve accounts, offset in part
by a decrease of 813.000,000 in money in circulation and increases of
$19,000,000 in monetary gold stock and $8,000,000 in Treasury and National
bank currency.
The System's holdings of bills discounted decreased $1.000.000, while
those ofindustrial advances increased $1,000,000. A decrease of$7,000.000
in holdings of United States Treasury notes was offset by an increase of
$7,000,000 in holdings of Treasury certificates and bills.

During the week ended Oct. 31 the Secretary of the Treasury made payments to three Federal Reserve banks, in
accordance with the provisions of Treasury regulations
issued pursuant to subsection (e) of Section 13-B of the
Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. Similar payments will
be made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The
amount of the payments so made to the Federal Reserve
banks is shown in the weekly statement against the caption
"Surplus (Section 13-B)" to distinguish such surplus from
surplus derived from earnings which is shown against the
caption "Surplus (Section 7)."
The statement in full for the week ended Dec. 12, in comparison with the preceding week and with the corresponding date of last year, will be found on pages 3766 and 3767.
Changes in the amount of Reserve bank credit outstanding and in related
items during the week and the year ended Dec.12 1934, were as follows:

Dec. 12 1934
Bills discounted
9,000,000
Bills bought
6,000,000
U. EL Government securities
2,430,000,000
Industrial advances (not Including
$7,000,000 commitments—Dee. 12) 11,000,000
Other Reserve bank credit
6,000,000

Increase (+) or Decrease (—)
Since
Dec. 5 1934
Dec. 13 1933
—1,000,000

—109,000,000
—110.000,000
—2,000,000

+1,000,000
+10,000,000

+11,000,000
—5,000,000

Total Reserve bank credit
2,462,000,000 +10,000,000 —215,000,000
Monetary gold stock
8,180,000,000 +19.000.000 +4,144,000.000
Treasury and National bank currency _2,486,000,000
+8,000,000 +191,000,000
Money in circulation
5,532,000,000 —13,000,000
+56,000,000
Member bank reserve balances
4 112,000,000 +39,000,000 +1,474,000,000
Treasury cash and despoits with Fed3 060,000,000
eral Reserve banks
+2,681,000.000
Non-member deposits and other Fed423,000,000 +10,000.000
eral Reserve accounts
—92,000,000

Returns of Member Banks in New York City and
Chicago--Brokers Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks also 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 formerly included the brokers' laons of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount




loaned for their "own account" and the amount loaned
for "account of out-of-town banks," as well as the amount
loaned "for the account of others." Beginning with the
report for Oct. 24 9134, the statement was revised to show
separately loans to brokers and dealers in New York and
outside New York, loans on securities to others, acceptances
and commercial paper, loans on real estate, and obligations
fully guaranteed both as to principal and interest by the
United States Government. The new form of statement
however, now only shows the loans to brokers and dealers
for their own account in New York and outside of New
York, it no longer being possible to get the amount loaned
to brokers and dealers "for account of out-of-town banks"
or "for the account of others," these last two items now
being included in the loans on securities to others. The
total of these brokers' loans made by the reporting member
banks in New York City "for own account," including the
amount loaned outside of New York City, stood at $633,000,000 on Dec. 12 1934, a decrease of $6,000,000 over
the previous week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Dec. 12 1934 Dee. 5 1934 Dec. 13 1933
Loans and investments—total

7,213,000,000 7,186,000,000 6,650,000,000

Loans on securities—total

1,456,000,000 1,463,000.000 1,663.000.000

To brokers and dealers:
In New York
Outside New York
To others

681,000.000
52.000.000
823,000,000

587,000,000 686,000.000
43,000,000
52.000.000
824,000,000 1.034,000.000

Acceptances and commercial paper bought 226,000,000 223,000.0001
133,000,000 134.000,000}1,681,000,000
Loans on real estate
1,243,000,000 1,262,000.000)
Other loans
U. S. Government direct obligations____2,941,000,000 2,891,000,000 2,251,000,000
Obligations fully guaranted by United
272,000,000 273.000,00011,055,000,000
States Government
942,000,000 940.000,000)
Other securities
798,000.000
43.000.000

Reserve with Federal Reserve bank
Cash In vault

1,372,000,000 1,355.000,000
47.000,000
49,000,000

Net demand deposits
Time deposits
Government deposits

6,550,000.000 6,490.000.000 5,210,000,000
599,000,000 603,000,000 721.000.000
425,000,000 425,000,000 327,000,000

Due from banks
Due to banks

78.000,000
70,000,000
74,000,000
1.762,000,000 1,713,000,000 1,111,000,000

Borrowings from Federal Reserve Bank_
Chicago
1,555,000,000 1,546,000,000 1,177.000,000

Loans on Investments total
Loans on securities—total

234,000,000

230,000.000

335,000,000

To brokers and dealers:
In New York
Outside New York
To others

26.000,000
27,000.000
181,000,000

26,000,000
21,000,000
181,000,000

17,000,000
48,000.000
270,000,000

69,000,0001
20,000,000J
222,000,000)

329.000,00

699,000,000

308,000,000

Acceptances and commercial paper bought 67,000,000
Loans on real estate
20,000,000
Other loans
218,000,000
U. S. Government direct obligations
709,000.000
Obligations fully guaranteed by United
States Government
78,000,000
Other securities
229.000,000

78,000,0001 205,000,000
228,000,000

Reserves with Federal Reserve Bank
Cash In vault

482,000,000
37,000,000

Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank-

489,000,000
38,000,000

359,000,000
43,000.000

1,531,000,000 1,520,000,000 1,039,000.000
365,000,000 364,000,000 344,000,000
28,000,000
28,000,000
26,000,000
167,000.000
457,000,000

158,000,000
447,000,000

188,000.000
269,000,000

3722

Financial Chronicle

Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
.As explained above, the statements of the New York an
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member
banks in 91 cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Dec. 5.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Dec. 5 shows increases for the week
of $95,000,000 in total loans and investments, $22,000,000 in net demand
deposits and $21,000,000 in Government deposits, and decreases of $63.000,000 in time deposits and $67,000.000 in resevre balances with Federal
Reserve banks.
Loans on securities to brokers and dealers in New York City increased
$66,000,000 at reporting member banks in the New York district and
$64,000,000 at all reporting member banks; loans on securities to brokers
and dealers outside New York increased $3,000,000, and loans on securities
to others increased $9,000,000 in the New York district and $11,000,000
at all reporting banks. Holdings of acceptances and commercial paper
declined $5,000,000 in the New York district and $7,000,000 at all reporting
banks; real estate loans showed little change for the week, and "other
loans" declined $8.000.000 in the Cleveland district. $6,000,000 in the
Atlanta district, and $13.000,000 at all reporting banks.
Holdings of United States Government direct obligations increased
$39,000,000 in the New York district and $20,000.000 at all reporting
member banks, and declined $8,000,000 in the Cleveland district and
$7,000,000 in the Atlanta district; holdings of obligations fully guaranteed
by the United States Government increased $6.000.000 in the Cleveland
district and $10,000,000 at all reporting banks; and holdings of other
securities increased $5,000,000 in the New York district and at all reporting
banks.
Licensed member banks formerly included in the condition statement
of member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,185,000,000 and net
demand, time and Government deposits of $1,315,000,000 on Dec. 5,
compared with $1,188.000,000 and $1,314,000,000. respectively, on Nov.28.

On Oct. 17 1934 the statement was revised to show
separately, and by Federal Reserve districts, loans to brokers
and dealers in New York and outside New York, loans on
securities to others, acceptances and commercial paper,
loans on real estate, and obligations fully guaranteed both
as to principal and interest by the United States Government. In view of the new classification of loans the memorandum items heretofore appearing at the bottom of the
statement of condition of reporting member banks in New
York City, relating to loans on securities to brokers and
dealers, have been eliminated from that statement. The
figures as published in this statement do not include loans
to brokers and dealers by New York banks for account of
non-reporting banks and for account of others. Figures for
such loans will be published monthly in the "Federal Reserve
Bulletin."
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 Dec. 5 1934, follows:
Increase (+) or Decrease (—)
Since
Nov. 28 1934
Dec. 6 1933
Dec. 5 1934
Loans and investments—total_ ._17,859.000,000

+95,000,000 +1,259,000,000

Loans on securities—total

3,095,000,000

+78,000,000

—461,000,000

To brokers and dealers:
In New York
Outside New York
To others

724,000,000
158,000,000
2,213,000,000

+64,000,000
+3,000,000
+11,000,000

+90,000,000
4,000,000
—547,000,000

Acceptances and commercial paper 445,000,000
Loans on real estate
981,000,000
Other loans
3,244,000,000

—7,000,0001
+2,000,000 —271,000,000
—13,000,000

U. S. Govt. direct obligations
6,735.000,000
Obligations fully guaranteed by the
United States Government
565.000,000
Other securities
2,794,000,000

+20,000,000 +1,599,000,000

Reserve with Fed. Res. banks
Cash in vault

3,041,000,000
275,000,000

—67,000,000 +1,217,000,000
—6,000,000
+39,000,000

13,655.000.000
4,329,000,000
770,000,000

++22,000,000 +3,002,000,000
—63,000,000
—38,000,000
+21,000,000
—16,000,000

1,639,000,000
4,041,000,000

+54,000.000 +516,000,000
+118,000,000 +1,381,000,000

Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks

Borrowings from F. R. banks
2,000,000
•Nov.28 figures revised (Xansa.s City district).

+10,000,0001
+5,000.000J +392,000,000

—1,000,000

—22,000,000

Meeting of Directors of Bank for International Settlements—Reported as Concerned Chiefly About Gold
Flow—Concentration in United States and in
France Noted
Concluding at Basle on Dec. 11 their regular monthly
meeting as directors of the Bank for International Settlements, the principal Governors of the Central European
banks are said to have left behind the impression that they
are concerned chiefly about the situation in Italy and Belgium and about the continued flow of gold to the United
States and to France. From Basle advices to the New York




Dec. 15 1934

'Times", which reported this, we also quote in part as fol`ows:
Governor Vincenzo Azzolini of Italy gave Montagu Norman of Britain,
Clement Moret of France, Dr. Hjalmar Schacht of Germany and his other
colleagues an inside explanation of Italy's recent monetary and credit
measures. It is understood he convinced them that two interpretations of
these measures were possible: Firstly, that they were evidence that Italy
was preparing to quit gold; secondly, that she was fighting hard to stay on
gold. The latter, he declared, was correct.
Italy and Gold
The bankers seemed further inclined to believe that Italy would try to
stay on gold, in the German sense, for prestige reasons and because there is
doubtful value in devaluing in a world where trade is so well controlled.
It is expected here that Italy will tend more to the German system of having some external depreciation while the internal value of the lira is maintained. The bankers explained that the one big difference was that Germany has started this system when she had little gold left, whereas Italy,
which still has 31% gold coverage, is following the lead of the United States
of taking steps early.
Long Term Loan of France to Italy
The need for these measures is attributed chiefly to the recent great
capital flight from Italy, due partly to forced loan conversions. The gold
bloc members had a special private meeting here yesterday, but nothing
definite seems to have been done. There was talk pro and con of the wisdom of France's advancing a big long-term loan to Italy. But it seems that
Rome is not anxious to incur more debt, and some were doubtful if such a
loan would be intrpreted as a sign of strength.
Belgium and Gold
Belgium further reassured her colleagues that she would continue to
fight to balance her budget and keep on gold. All, including the Bank of
England, seemed anxious to keep these countries on gold, and the United
States is believed to share this view.
One root of difficulty, according to bankers here. Is flow of gold to the
United States from France. The board members were preoccupied by
figures showing that new gold this year totaled about 4.000,000.000 Swiss
francs, and that all of this had gone to the United States or France, mostly
the former. The bankers agree with the reasons Secretaries Hull and Wallace give for that, but some fear is expressed that the progress of their
Ideas is not fast enough to meet the growing strain abroad.
Dr. Schacht gave an optimistic report on Germany, declaring that not a
single factory had been shut down since he put his new measures into force
three months ago. This would indicate that he is succeeding in getting
raw materials by barter. He said clearings were working somewhat better.

On Dec. 10 the directors of the World Bank voted to express their readiness to act as intermediary in any financial
problems connected with the Saar plebiscite.
Statement of Condition of Bank for International
Settlements—Assets Nov. 30 Show Decrease for
Oct. 31
In the Nov. 30 statement of condition of the Bank for International Settlements assets are shown as 657,682,932.56
Swiss gold francs, a decrease of 2,246,647.83 francs as
compared with Oct. 31. Cash on hand and with banks also
declined during the month, the report showing the item
at 4,900,526.27 francs on Nov. 30 against 7,705,432.04 on
Oct. 31. The statement, as contained in Associated Press
advices from Basle, Switzerland, Dec. 4, follows (figures in
Swiss gold francs at par):
Assets—
Oct. 31
Nov. 30
Gold in bars
11,743,992.95 11,743,992.95
Cash on hand and on current account with banks.-- 4,900,526.27 7,705,432.04
Sight funds at interest
6,962,807.16 7,645,836.40
Rediscountable bills and acceptances1. Commercial bills and bankers' acceptances_ - _173,318,585.42 170,895,785.17
2. Treasury bills
171,500,006.00 159,681,562.08
Total
344.818,591.42
Time funds at interest, not exceeding three months..._ 40,423,167.75
Sundry bills and investments1. Maturing within three months:
(a) Treasury bills
16,611,074.66
(b) Sundry investments
44,827,014.28
2. Between three and six months:
(a) Treasury bills
51,499,608.69
(b) Sundry investments
52,976,359.74
3. More than six months'
(a) Treasury bills
37,616.072.65
(b) Sundry investments
35,658,363.76

330,577,347.25
39,317,093.50
20,310,581.93
78,200,048.72
57,452,092.67
32,016,479.93
35,146,742.20
35,916,602.30

Total
239,188,493.78 254,042,547.75
Other assets1. Guaranty of Central banks on bills sold, as per
contra
6,136.886.21 6,172,045.79
2. Sundry items
3,508,467.02 2,725,284.71
Total
Total assets
Liablintes—
Capital paid-up
Reserves1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
Total
Long-term deposits:
1. Annuity trust account
2. German Government deposits
3. French Government guaranteed fund

9,645,353.23

8,897,330.50

657,682,932.56 659,929,580.39
125,000,000.00 125,000,000.00
2,672,045.12
4,866,167.29
9,732,334.56

2,672,045.12
4,866.167.29
9,732,334.56

17,270,546.97 17,270,546.97
154,670,000.00 154,763,750.00
77.335,000.00 77,381,875.00
40,784,181.89 40,810,673.73

Total
272,789,181.89 272,956,298.73
Short-term and sight deposits (various currencies)1. Central banks for their own accounts:
(a) Not exceeding three months
108,785,496.95 107,588,649.94
(b) Sight
42,059,334.85 46,546,125.81
Total
2. Central banks for the account of others, sight
3. Other depositors, sight
Sight deposits (gold)
Miscellaneous items1. Guaranty on commercial bills sold
2. Sundry items
Total
Total liabilities

150,844,831.80 154.134.775.75
12,140.045.75 11.911,421.82
1,200,740.61
1,191.534.86
10,920,979.17 11,662.428.88
6,150,902.63 6,172,045.79
61.374,909.49 59,621,321.84
67,525,812.12 65,793,367.63
657,682,932.56 659,929,580.39

Volume 139

Financial Chronicle

Alexander Galopin Named Member of Board of Bank
for International Settlements—Vice-Governor of
Belgian National Banks Succeeds Emile Francqui
Alexander Galopin, Vice-Governor of the Belgian National Bank, was made a member of the Board of the Bank
for International Settlements on Dec. 10, according to
United Press advices from Basle, Switzerland, that day.
Mr. Galopin succeeds Emile Francqui, who joined the Belgian Cabinet.
Great Britain, France, Belgium, Italy, &c., Again
Default on War Debt Payments Due United States
—Great Britain's Note to Secretary Hull—Finland
to Meet Payment
Great Britain, France, Belgium and Italy have again made
known that they will omit the semi-annual payment on their
war debts to the United States. Finland which has never
failed to meet its payments has advised the State Department at Washington that it will pay its installment due
Dec. 15. On Dec. 10 the British Government, in a note
addressed to Secretary of State Hull, and delivered to the
State Department by A. F. H. Wiggin, First Secretary of
the British Embassy, stated that "His Majesty's Government have again most carefully reviewed the position, but
they regret that they have reached the conclusion that the
considerations which governed their decision six months ago
apply with equal force to-day."
In making public the British note on Dec. 11 the State
Department also announced that Axel L.Astrom, the Finnish
Minister, had communicated officially that Finland would
continue her usual practice and that the Dec. 15 payment
would be made on the day specified. On Dec. 11 Associated
Press advices from Washington said:
The British made token payments of $10,000,000 in June 1933 and
$7.500.000 in December 1933, but "deferred" payment on the June 1934
Installment pending revision of the debt structure. The amount on which
Great Britain already is in default is $261.791.011.

From Paris advices (United Press) Dec. 10, we quote:
The Cabinet after consideration of the American war debt situation today, decided that there was no change—meaning default of the semi-annual
payment due Saturday.
Premier Pierre Etienne Flandin, Foreign Minister Pierre Laval and
Finance Minister Louis Germain-Martin were charged with the task of
drafting a note to the United States Government, informing it that the
Flandin Cabinet held the same view of the debt as did its predecessors.
Edouard Herriot, left wing leader and Minister without portfolio. informed his fellow cabinet members that he personally still favored Payment and settlement of all differences between France and the United
States. Herriot, as Premier, was overthrown when he insisted on paying
the debt installment due Dec. 15 1932.

It was also stated in United Press accounts, Dec. 10,from
Rome:
Italy intends to follow the example of Great Britain and France and
default on the Dec. 15 war debt payment, it was learned authoritatively
to-night.

On Dec. 13 it was indicated in press dispatch from Washington that Belgium, following the lead of Great Britain,
officially informed the United States that she would make no
payment on World War debt installments totaling $21,578,359, due Dec. 15.
In the British House of Commons on Dec. 11, Neville
Chamberlain, Chancellor of the Exchequer, advised the
House that it would be useless and unwise to start debt
negotiations at present. A note from Washington on Nov.
22, he added, had announced that the United States was
ready, through diplomatic channels, to discuss any British
proposals for settlement. Associated Press cablegrams from
London, Aug. 11, further reported:
England owes the United States $117,110,785 due Saturday as the semiannual installment of the debt. The word "default" is never used here.
and British officials claim they are still eager for a final settlement.
Mr. Chamberlain told the House to-day that the British note to Washington yesterday on debts recalled the statement in the British note of last
June that there is no prospect of usefully renewing discussions for a final
settlement now.
The Chancellor made his announcement in a quiet and toneless voice
to a crowded and hushed house. His statement was in response to a formal
question by George Lansbury, Labor Leader, on whether he had received
any intimation from the United States about the status of the debt.
Mr. Chamberlain said that the British note declared. "His Majesty's
Government expresses its regret that the considerations which governed
the decision of six months ago apply with equal force to-day, and its conviction that it would be useless and consequently unwise to initiate negotiations at present. However, it will continue to watch an effective opportunity for taking steps in that direction."
Mr. Chamberlain, with the caution which characterizes nearly all of his
announcements, did not say that Britain was defaulting again, but his
announcement left no doubt that she would not pay this week, either by
Installment or token.

The British note to Secretary Hull, under date of Dec. 10,
follows:
The Hon. Cordell Hull,
Secretary of State of the United States, Washington, D. C.
Sir:—In accordance with instructions from His Majesty's Principal Secretary of State for Foreign Affairs I have the honor to acknowledge the receipt




3723

of your note of Nov. 22 enclosing a statement of the amounts due from
His Majesty's Government in the United Kingdom under the provisions
of the debt agreement of June 19 1923, and of the moratorium agreement
of June 4 1932.
His Majesty's Government welcome the assurance that the United States
Government are fully disposed to discuss any proposals that may be put
forward in regard to the payment of this indebtedness and that such proposals would receive careful consideration with a view to their eventual
submission to Congress.
In June last His Majesty's Government explained the circumstances
which had forced them to decide to suspend payments under the funding
and moratorium agreements pending the final revision of the war debt
settlement. In that note it was stated that recent events had shown that
discussions with a view to a final revision of the settlement could notlat
that time usefully be renewed.
His Majesty's Government have again most carefully reviewed the
position, but they regret that they have reached the conclusion that the
considerations which governed their decision six months ago apply with
equal force to-day. Accordingly they feel that it would be useless and
therefore unwise to initiate negotiations at present,. But they will continue to watch for any effective opportunity of taking steps in that direction.
I have the honor to be, with the highest consideration, Sir,
Your most obedient, humble servant,
(Signed) R. C. LINDSAY.

Default on June 15 by the various foreign Governments
(except Finland,) was referred to in our issue of June 16.
page 4039.
Allan Monkhouse, British Engineer, Terms Russia
World Leader in Certain Branches of Science—
Urges Study of Recent Developments in Soviet
Union
Soviet Russia is assuming world leadership in the development of the biological sciences, aerodynamics and some
specialized fields of agricultural science, Allan Monkhouse,
staff engineer of the Metropolitan Vickers Co. of England,
said on Dec. 11 at a luncheon given in his honor in New York
City by Maurice Holland, Director of the Division of Engineering and Industrial Research of the National Research
Council. Mr. Monkhouse, who was imprisoned in Russia
on sabotage charges and later released, declared that the socalled "advanced nations of the world would be amazed by
the great social, political, industrial, economic developments
which are now going on in Russia." Extracts from his
speech are given below, as made public Dec. 11 by the National Research Council:
He urged that representative groups of American industrial executives
and research leaders would find it worth while to study at first hand the
accomplishments of the pure and applied science laboratories working in
the field of industry, agriculture, public health and social science. Reprosentatives of the Soviet Union in all corners of the world are alert to new
scientific and technical developments abroad and these developments whenever possible are being directly applied to problems in Russia, Mr. Monkhouse said.
"Science is almost a creed in Russia and boys and girls are ambitious to
become heroes in science," Mr. Monkhouse stated. "Professor Ivan
Petrovic Pavlov of condition reflex fame Is one of young Russia's heroes.

Proposal for Convention to End Terrorism Offered to
League by France—Amicable Adjustment of Hungarian-Yugoslav Dispute Reached—League Council
Adopts Resolution Calling for Punishment of
Guilty in Marseilles Assassinations
Threat of suspension of diplomatic relations between
Yugoslavia and Hungary, as a result of Yugoslav charges
that the assassination of the late King Alexander had been
plotted in Hungary, was averted on Dec. 10, through the
mediation of the League of Nations, as well as of the French,
British and Italian Governments. One of the chief instruments in settling the controversy, which threatened the
peace of Europe, was an anti-terrorist convention proposed
by France, and submitted to the Council of the League on
Dec. 10 by Pierre Laval, French Foreign Minister. The
convention would provide for the establishment by the League
of a "Permanent International Penal Court"of five members,
and a grant to the Council of the power to pardon those
whom this Court condemns.
The League Council on Dec. 10 adopted a resolution condemning the recent Marseilles assassinations, requesting the
Hungarian Government to take "appropriate punitive
action" against any of its authorities whose guilt might be
established, and creating a committee of ten members to
examine suggestions for the repression of terrorist activities.
The text of this resolution, as cabled from Geneva to the
New York "Times", is given below:
I. The Council, convinced that it interprets the sentiments of the whole
League of Nations;
Unanimously deploring the crime which occasioned the loss of the lives
of the knightly King Alexander I of Yugoslavia, the unifier, and Louis
Barthou;
Condemns this odious crime.
Associates itself with the mourning of the Yugoslav nation and the
French nation,
And insists that all those responsible should be Punished.
II. The Council recalls
That it is the duty of every State neither to encourage nor tolerate on its
territory any terrorist activity with a political purpose;

3724

Financial Chronicle

That every State must do all in its power to prevent and repress acts
of this nature and must for this purpose lend its assistance to governments
which request it;
; Is of the opinion that those duties devolve particularly on members of
the League of Nations in view of the obligations of the Covenant in relation
to the engagements they have undertaken to respect the territorial integrity
and existing political independence of other members.
III. The Council,
k, Desirous that good understanding on which peace depends should exist
between the members of the League and expressing its confidence that
they will avoid anything which might be of a nature to compromise it;
Noting that as a result of discussions which have taken place before the
Council and documents which have been communicated to it, particularly
diplomatic correspondence exchanged between the Hungarian and Yugoslav
Governments from 1931 to 1934, various questions relative to the existence
or activities outside Yugoslav territory of terrorist elements have not been
settled in a manner which has given satisfaction to the Yugoslav Government;
Being of the'opinion as a result of these discussions and documents that
certain Hungarian authorities may have assumed, at any rate through
negligence, certain responsibilities relative to acts having connection with
the preparation of the Marseilles crime;
Considering on the other hand that it is incumbent on the Hungarian
Government, conscious of its international responsibilities, to take at once
appropriate punitive action in the case of any of its authorities whose culpability may have been established:
Convinced of the good-will of the Hungarian Government to perform
this duty;
Requests it to communicate to the Council the measures it takes to this
effect.
IV. The Council,
Considering that rules of international law concerning the repression
of terrorist activities are not at present sufficiently precise to guarantee
efficiently international co-operation in this matter.
Decides to set up a committee of experts to study this question with a
to
view to drawing up a preliminary draft of an international convention
assure the repression of conspiracies or crimes committed with political
and terrorist purpose;
Decides that this committee shall be composed of ten members, one
each from the Governments of Belgium, the United Kingdom, France,
Hungary, Italy, Poland, Rumania, Spain. Switzerland and the Union of
to
Soviet Socialist Republics, each of these Governments being invited
appoint a member;
to
Refers to this committee for examination the suggestions presented
governments
the Council by the French Government and requests other
Secretarywhich may wish to present suggestions to send them to the
General so that they may be examined by the committee:
Invites the committee to report to the Council so that the latter may
of
apply the procedure laid down in the Assembly's resolution of the 25th
September, 1931. concerning the drawing up of general conventions negoNations.
tiated under the auspices of the League of

We also quote, in part, from another Geneva dispatch of
Dec. 10 to the "Times," summarizing the French proposal
for the establishment of a Penal Court:
The court would be competent to Judge individuals accused of political
terrorism, as defined in the convention, in two cases: first, when the country
to wnich the accused may have fled prefers to have him tried by the international court instead of granting extradition, and secondly, when the
State in which the crime was committed prefers to renounce jurisdiction.
Aims at "Impartial Justice"
It is explained in the French memorandum that the establishment of
this court "alms at assuring impartial justice in particularly delicate
cases" and says, "there will be a need for determining the penal law that
this international court would have to apply." This would seem to leave
open whether the court might choose the existing penal laws, say, in one
of the countries concerned in the case or whettier an international penal
code might be drawn up.
"For each sentence the court would decide to which State fell the duty
of assuring the penalty's execution," the memorandum says.
conSo apparently the establishment of an international prison is not
templated. The Council would exercise the right of pardon on the proposal
crime
the
had
which
against
State
of the State executing the sentence or the
been aimed or the State of which the condemned was a citizen.
of heads
The convention would cover attempts against the life or liberty
of States, members of governments and political assemblies, administrative
last
these
against
attempts
or judicial officials and private persons if the
were made because of their political views. It would also cover attempts
of comto injure public buildings, railways, ships, airplanes or other means
above
munication. Conspiracy, possession of bombs and so forth to the
included.
ends and provocation to such terrorism would also be
these
all
repress
to
undertake
The parties to the convention would
party.
offenders when they were directed against another contracting
conDetails would be drawn from the 1929 League anti-counterfeiting
vention.
by underThe plan further seeks to assure the authenticity of passports
taking to repress falsification even of another State's passports. Exchange
would be
of Information regarding terrorism and passport falsification
organized.
recomLeague
To supplement the convention. France suggests that the
mend that members insert in their extradition treaties a clause excluding
assassination from political offenses for which extradition is not allowed.
The proposal will, as do any others in this field, go to a committee for
study with a view to the convocation of a conference.

France and Soviet Russia Sign Diplomatic Protocol—
Will Conduct No Negotiations Tending to Prevent
Conclusion of Eastern European Agreement
Foreign Comissar Litvinoff of Russia and Foreign Minister Laval of France signed a protocol on Dec. 5, according
to an announcement on the following day, which explained
that the pact provides that neither France nor Russia will
envisage during the time necessary for the conclusion of
an Eastern European agreement any negotiations tending
to the conclusion of political accords which might compromise the preparation and realization of this agreement.
Both delegations said that the negotiations sought to include
Germany in the so-called Eastern Locarno pact and pacts
to be closely connected with the League of Nations. This



Dec. 15 1934

was believed in some circles to foreshadow Germany's return
to the League. A dispatch from Geneva on Dec. 6 to the
New York "Times," discussing this feature of tile negotiations, said, in part:
A Soviet source interpreted this to the press as proof of a close connection
between the pact and both the League and Germany's return to the League.
All sides agree that the protocol aims only to prevent separate French
or Russian negotiations with any potential parties to the Eastern pact,
notably Germany.
M. Laval denied to the French press to-night that yesterday's AngloFrench move assuring an international force in the Saar Territory Was
part of any other negotiations or that the British change involved some
future concession from France.
Sees "Stabilizing Factor"
The belief, however, continues to grow that a large diplomatic movement
toward getting Germany back into the League and the disarmament eonference following the Saar plebiscite is getting under way.
The British delegation significantly welcomed to-day's protocol as a
"stabilizing factor." The British find it helpful in removing French fear
that an anti-Litvinoff group in Russia might make some agreement behind
France's back and in removing Russian fear that France might do this
with Germany. The British believe it will also remove such fears on the
part of Poland and the Little Entente.
The British find, too, that it provides favorable stability for the FrancoItalian negotiations, and they stressed they were strongly for the Eastern
pact.
This positive British attitude, in view of the strong British desire to
bring Germany back to the League, would seem to indicate that the
protocol is at least partly meant to force Berlin to Geneva by barring the
possibility of her splitting France and Russia.
The protocol is generally deemed here to be an important victory for
M. Litvinott. This is because M. Laval had come hoping only to exchange
notes with M. Litvinoff to the effect that they would merely inform each
other of any outside negotiations they undertook and because a Russian
fear that France was making a deal with Germany had been evident.

French Chamber of Deputies Approves Premier Flandin's Wheat Bill by Vote of 387 to 175—PriceFixing Methods Partially Abandoned--Premier Had
Threatened Cabinet's Resignation if Measure Was
Defeated
Premier Pierre-Etienne Flandin of France won a major
political victory on Dec. 13 when the Chamber of Deputies
by a vote of 387 to 175 approved his wheat bill, which would
enable the Government to acquire the French wheat surplus
but which at the same time involves the partial abandonment
of price-fixing measures. M. Flandin had told the Assembly
on Dec. 11 that unless it approved the wheat bill as presented by the Commission of Agriculture the Cabinet would
resign and new national elections would be called. As
finally passed, an amendment was attached fixing the price
the Government will pay for wheat at the average paid
during the first six months of 1935 in the Paris open market.
A dispatch from Paris to the New York "Times" Dec. 13
gave the following additional details of the measure:
The bill as finally passed, however, constituted a considerable compromise on M. Flandin's original project. It will cost the Government
nearly 1,900.000,000 francs instead of 1.500 000.000 as originally planned.
(The franc is currently worth about 6.6 cents.)
It will maintain a high price for wheat at least until July 15; and, unless
nature proves less bountiful than usual, wheat experts say, the situation
next summer again will be serious. The winter crop, in fact, has got off
to a good start, and this already is worrying official circles.
Another danger lies in the fact that the Government is planning to
dispose of only a 22.000.000 quintal surplus, whereas all private operators
place the surplus between 25,000,000 and 30 000.000 quintals.
French farmers are by no means completely satisfied, for they, too,
have had to accept a compromise for the benefit of the country as a whole.
That Is a great feat for any Premier in this land, where the farmer always
has been particularly privileged. Moreover, with an ordinary break In
luck, France will got rid of what has proved a most unhappy experiment
In price fixing and liberty will be restored to the wheat market, while at
the same time the cost of bread will be reduced substantially.

Negotiations for Loan to Belgium From Paris—Belga
Recovers on Reports of Plans
Reports to the effect that Camille Gutt, Belgian Finance
Minister, had visited Paris with a view primarily to arranging
a conversion loan of the French 6% 1923 loan to Belgium, of
which about 300,000,000 francs is due Feb. 15, brought
about a recovery on Dec. 13 of the Belga on the Exchange
market, it was noted in wireless advices Dec. 13 to the Now
York "Times" from which we also quote:
The Belgian currency closed at 3.5425, which puts the belga once again
above the gold-export point to Paris.
Gustave Sap who was Minister of Finance in the de Broqueville Cabinet,
announced several months ago that he would reimburse the loan on the
due date with the French Government's consent, and it was to arrange this
conversion that M. Gutt made his brief visit.
Success of Plan Predicted
It Is understood the negotiations, which are now under way with French
bankers, can be considered certain of success, so that in effect, Belgium
will get the equivalent of a 300.000.000 franc loan Feb. 15 at a moderate
rate of interest. This further relief from the Belgian treasury, coming
after the Dutch loan, enabled the belga to recover yesterday's loss.

of January 1 Coupons on 7%
Bulgaria to Pay 32
Settlement Loan of 1926
Speyer & Co. and J. Henry Schroder Banking Corp., as
American fiscal agents for the Kingdom of Bulgaria 7%

Financial Chronicle

Volume 139

Settlement Loan 1926, and the Kingdom of Bulgaria 73%
Stabilization Loan 1928, announced yesterday (Dec. 14)
that they have received from the League Loans Committee
(London) the following communique:
The League Loans Committee (London) announces that the Bulgarian
Government have drawn attention to the growing exchange difficulties
of Bulgaria, which, the Government urges, make it impossible to continue
to carry out the arrangements of April 20 1934 (which provided for payment
of the coupons of the two Bulgarian League Loans at 3234 %). The Bulgarian Government have, however, on representations from the League
Loans Committee (London), transferred a sufficient sum to enable the
coupon due Jan. 1 1935 on the 1926 loan to be met at the agreed rate of
3234%. Further negotiations are in progress and the Financial Committee
of the League of Nations, at the request of the Bulgarian Government,
has undertaken a further investigation Into the situation of Bulgaria.

The American fiscal agents further announced that the
Jan. 1 1935 coupons of the Kingdom of Bulgaria 7% Settlement Loan of 1926 will be paid, on or after that date, at
the rate of $11.37 per $35 coupon and $5.69 per $17.50
coupon, upon surrender of such coupons, accompanied by
appropriate letter of transmittal, at the office of either
Speyer & Co. or J. Henry Schroder Banking Corp.
10.

Austrian Standstill Agreement Terminated—Most of
Credits Repaid
It was announced on Dec. 10 by S. Stern, Acting Chairman of the Austrian Standstill Committee and Vice-President of the Chase National Bank, that at the suggestion of
the Austrian parties concerned, it had been agreed to terminate as of Dec. 10 1934, the Austrian Standstill Agreement
entered into between the Austrian National Bank, the
Austrian banks and the American and British bank creditors.
The announcement also stated:
The undertaking by American and British bank creditors to continue
their short-term credits granted to Austrian banks (other than the Oesterreichlsche Creditanstalt fur Handel und Gewerbe) was originally given
in separate but similar agreements entered into in the early part of 1932
and was continued in January 1933 in a single agreement to witch both
the American and British bank creditors were parties. Most of the credits
covered by this Agreement have already been repaid by the Austrian banks
througe private arrangements with their creditors and with the termination
of the existing agreement normal relations between debtor and creditor
banks will be restored with regard to the remaining unimportant credits.

In its reference to the announcement the New York
"Herald Tribune" of Die. 10 said:
In this way an end is being made of an agreement which, at the outset.
concerned 850,000,000 of credits. Through repayments, through private
agreements and by one way and another these credits have now been
reduced to so low a figure that a standstill agreement, protecting one
creditor against another and the Austrian gold supply against all foreign
creditors, is no longer regarded as necessary.
•

Guaranty Trust Co. of New York Prepared to Deliver
Definitive Dutch East Indies 4% Guilder Bonds,
Issue of 1934, for Provisional Bonds
On and after Dec. 17, it was announced yesterday (Dec.
14), the Corporate Trust Department of Guaranty Trust
Co. of New York, will be prepared to deliver Definitive
Dutch East Indies 4% Guilder Bonds, issue of 1934, with
Mar. 1 1935, and subsequent coupons attached, upon sur'render of the outstanding Provisional Bonds.
Decrees of Italian Government Calls Upon Banks and
Citizens to Turn Over Foreign Credits to Bank of
Italy—One of Decrees Later Modified—Regarded
as Designed to Stem Outflow of Gold
Conversion of all foreign credits held by Italian citizens
was ordered on Dec. 8 by the Cabinet headed by Premier
Mussolini. Reported as a final attempt to halt the gold
flow from the Bank of Italy, Associated Press accounts from
Rome, Dec. 8, said:
The Cabinet ordered all banks, business men and private citizens of
Italian nationality to turn over to the National Institute for Foreign
Exchange all their foreign credit for which they will be given lira at the
current rate of exchange (about 834 cents).
At the same time the Cabinet ordered Italians under heavy penalty to
register with the Bank of Italy all foreign bonds and foreign currency
bonds which they hold abroad. The Institute can then use these foreign
credits instead of gold to pay for imports.
It was estimated that Italian subjects hold about 3.000.000.000 lire in
foreign security. The last ten-day report of the Bank of Italy shows a
loss of gold amounting to 110.683.000 lire (89.408.000). reducing the gold
coverage to 41.2%, the legal limit being 40%.

With regard to a modification of one of the decrees, we
we quote the following (United Press) from Rome, Dec. 13:
Foreign banks were allowed to resume dealings in foreign exchange in
Italy to-day when Guido Jung, Finance minister, modified one of the
drastic financial decrees issued last Saturday. . . .
Minister Jung'serullng, made after conversations with Sherman Boyce,
General Manager of the American Express Co., and Carlo Huggere, Italian
representative of the Chase National Bank,stated the exchange decree nad
been Issued for only one purpose—protection of Italy's gold reserve—and
expressed confidence that goal could be accomplished through preventing
speculation.
The normal course of legitimate business, done by responsible Parties,
wtil not be interfered with, the Finance Minister emphasized, stating the
decree presently aims at fixing and controlling foreign exchange rates and
dealings.




3725

The decree modified to-day had ordered all banks and business firms to
turn over their foreign exchange to the National Institute of Foreign
Exchange.
American banks and their agencies in Italy were prevented from honoring
all foreign paper, including letters of credit and United States Treasury
bills. The latter were to be referred to the Institute. The banks were
forbidden to buy or sell foreign paper.

It was stated in Rome advices, Dec. 8 to the New York
"Times" that the mobilization of Italian credits abroad as
provided for by the decrees would place a sum estimated at
between 3,000,000,000 and 6,000,000,000 lire in foreign
currencies at the disposal of the Government.
The same account reported that the decrees approved
Dec. 8 provided:
First—All Italian banks, bankers, companies and other legally constituted bodies having their seats in Italy or Italian colonial possessions shall
within ten days from to-day cede to the National Exchange Institute all
their foreign credits. If required, these credits will be sold and transferred
to the Institute at the current rate of exchange for liquid credits.
Second—All Italian citizens residing in Italy or her colonial possessions
shall before Dec. 31 declare to the Bank of Italy any credits they have
outside of Italy or her colonial possessions.
Third—All Italian citizens and all banks, bankers and companies baying
seats in Italy or her possessions shall before Dec. 31 declare to the Bank
of Italy any foreign or Italian securities that they possess, even if these are
deposited abroad. .
Fourth—Any one infringing these regulations will, in addition to the
Penalties laid down in the common law, he punishable by confinement for
a period of years on the penal Island, by a fine equal to value of the credits
or securities he has not declared and by other imprisonment. ,
Blanket Precision Made
Fifth—All foreign currencies, credits and generally all means that may
be used for payments outside of Italy shall be ceded to toe National Exchange Institute, to which Is reserved a monopoly in dealing w.th such
means in effecting payments outside of Italy.
Sixth—The Government is empowered to apply special "compensation
taxes" to goods coining from countries that extend less liberal tariff treatment to Italian goods than to goods imported from other States.

It was added that severe penalties were fixed for banks
and credit institutions that do not keep their books and correspondence in order in regard to payments abroad and dealings in foreign currencies.
Telephone Service Between United States and Japan
Opened by Secretary of State Hull and Foreign
Minister Hirota—Mayors of New York and Tokio
also Engage in Trans-Pacific Conversation
Radio-telephone service between Japan and the United
States was opened on Dec. 7 with a conversation between
Secretary of State Hull and Koki Hirota, Japanese Foreign
Minister, who discussed the improved method of communication and stressed its value in strengthening friendly relations between the two countries. Mr. Hull spoke from his
office in the State Department to Mr. Hirota in Tokio. On
Dec. 8 transpacific commercial telephone service between
Tokio and New York was started by a conversation between
Mayor La Guardia of New York and Toratoro Ushizuka,
Mayor of Tokio. A Washington dispatch of Dec. 7 to the
New York "Times" described the ceremonies at the opening
of the service between the United States and Japan, as
follows:
After Mr. Hirota had replied, Hiroo' Saito, Japanese Ambassador to the
United States, who WM present with Mr. Hull, and Joseph C. Grew, our
Ambassador to Japan, who was with Mr. Hirota in Tokio, greeted each other.
A similar conversation was then conducted by Eugene 0. Sykes, Chairman of the Federal Communications Commission, and the Japanese Minister
of Communications.
This was the first time Secretary Hull and Mr. Hirota had spoken to
each other directly. Their last direct exchange was on Feb. 21 last, when
In letters they expressed the desirability of improved relations between the
two countries.
In addition to Ambassador Saito and Mr. Sykes, those with Mr. Hull
during the ceremony included Stanley K. Hornbeck, Chief of the Division
of Far Eastern Affairs, State Department; Harry A. McBride, assistant to
the Secretary of State; Hugh S. Cummings Jr., executive assistant to the
Secretary of State; M. J. McDermott, Chief of the Division of Current
Information, State Department; Max Hamilton, Assistant Chief of the Far
Eastern Division; Leo D. Sturgeon, of the same division; Keinosuke Fujii,
counselor of the Japanese Embassy; Takemi Miura, First Secretary; L. B.
Wilson, President of the Chesapeake & Potomac Telephone Co.; A. W.
Page, Vice-President American Telephone & Telegraph Co., and J. W.
Adams, Division Manager of the A. T. & T.
Secretary Hull Reviews History
Mr. Hull spoke to Mr. Hirota as follows:
"Mr. Hirota, this is Mr. Hull speaking. I am very glad to have this
Opportunity of greeting you directly and by voice, and it is a source of
gratification to me to participate to-day with you in the inauguration of
direct radio-telephonic communication between the United States of
America and Japan.
"Eighty-one years have passed since the first official communication
took place between our two countries. In 1853 a message sent by President
Fillmore and credentials signed by Mr. Everett, then Secretary of State,
were delivered to officials in Japan by Commodore Perry. The voyage
from the United States to Japan occupied more than seven months.
"During these 81 years the physical world has been made smaller by the
Ingenuity of man. Science has included space in the list of its conquests.
Whereas in 1853 the delivery of a message from America to Japan required
months of labored travel, to-day the officials and nationals of our respective
nations are able to talk to each other across the world.
"It is a common observatioa that in the measure that people enjoy
personal contact with one another, so do the barriers which separate them
dissolve. This new means of communication which we inaugurate to-day

3726

Financial Chronicle

spans the wide ocean as an additional link between our peoples. It is my
hope that by furthering the interchange of ideas and of commerce which
play so important a part in the relationship of States, radio-telephone
service will be of great and mutual benefit to our two nations."
Mr. Hirota Foresees Television
Mr. Hirota replied as follows:
"Mr. Secretary, I am exceedingly happy to express my sincere congratulations upon the inauguration of the radio-telephonic service between
America and Japan, and to reciprocate the spirit of cordiality in which you
have just spoken.
"To meet the demand arising from the constant progress of the economic relations between our two countries, the institution of this kind of
communication system across the Pacific Ocean has long been desired. The
work required ardor, courage and endurance. To-day it is proper that due
honor should be given to those who have accepted this difficult task which
marks a new era in the good relations between our two countries.
"This occasion touches me deeply, since I can hear you personally
through this apparatus.
"As I take my part in this friendly exchange of sentiments, I feel confident that this system of communication will prove to be a novel means
for the promotion of understanding and good-will.
"Science knows no bounds in its progress. The time will soon come when
telephone will work hand in hand with television, so that not only shall
we hear each other's voice but also see each other's face. If this vision
be translated into reality, distance would be almost annihilated to the
further enhancement of the intimacy which characterizes the relationship
of our two nations.
you
"May I express again my hearty felicitations to you, and through
to the people of the United States, on the opening of this new communication service between America and Japan?"

Cuba Again Suspends Constitutional Guarantees for
Sixty Days—President Mendieta Acts After Spread
of Banditry and Terrorism
President Mendiet,a of Cuba on Dec. 11 issued a decree
suspending for another 60 days constitutional guarantees in
the Provinces of Havana, Santa Clara and Camaguey. It
was announced that this action was taken to combat terrorist
activities, which have recently increased in the Provinces
mentioned. A dispatch from Havana Dec. 11 to the New
York "Times" discussed the reasons prompting the decree
as follows:

for
The constant terroristic campaigns being waged all over the island
the
both political and extortion purposes and the flood of reports from
pillaging
countryside
the
roving
interior concerning small bands that are
and kidnaping have caused the administration considerable uneasiness.
Moreover, during the past few days insistent rumors have circulated
concerning an outbreak set for the end of this month and said to involve
part of the armed forces.
Purchases of arms, ammunition and other military equipment have
been made throughout the year in increasingly large amounts and with
the present standing armed force of about 20,000 It is believed there is
slight chance that any uprising will succeed. Rsports of Communistic
activities are largely discounted here.

Chilean Bank Fixes Exchange Rate
United Press adviees Dec. 14 from Santiago published in
the New York "Sun" stated:
The Central Bank of Chile to-day fixed the official exchange rate at
19.22 pesos to the dollar and 94.96 pesos to the pound sterling, effective
Dec. 31. This compares with present official rates of 9.61 and 47.48 pesos,
respectively.
The move was to bring the official rate in line with the commercial rate,
which at present is 23.50 pesos to the dollar. It is planned to allow this
rate to rise gradually to equal the new official rate and thereafter keep
the peso on one standard basis.

United States Accepts League Invitation to Join
Supervisory Commission After End of Chaco War—
State Department, However, Declines Representation on Geneva Committee
The United States on Dec. 7 accepted a League of Nations
Invitation that this country be represented on the neutral
supervisory commission which will meet in Buenos Aires to
assure the preservation of neutrality after Bolivia and
Paraguay agree to an armistice in the Chaco warfare. In a
note delivered to the League by Prentiss Gilbert, American
Consul in Geneva, the State Department declined, however,
an invitation to be represented on the League's advisory committee on the Chaco war. The two invitations had been extended in accordance with a resolution adopted by the
League Assembly, Nov. 24, and the State Department replies
were based on a decision by President Roosevelt. A Washington dispatch, Dec. 7, to the New York "Times" described
the American notes as follows:
Our acceptance of the neutral commission invitation specified that our
representative would participate without the power to vote or to commit
the United States, "except under specific instructions from the Government
of the United States."
Readiness also was expressed to have us participate in a conference of
representatives of American States at Buenos Aires, should an armistice be
arranged, to conduct negotiations for a peace treaty between Bolivia and
Paraguay. While this is a League suggestion, the commission Would
convene on the invitation of the President of Argentina and would include
the States represented on the Washington Committee of Neutrals, which
long has worked for peace in the Chaco.
While declining the invitation that we be represented on the advisory
committee in Geneva, our note stated that Mr. Gilbert would be instructed
"to maintain informal contact with the members of the advisory committee
for purposes of information, if this should be found agreeable by the
committee."




Dec. 15 1934

The grounds for the refusal to join the advisory committee were that
the group's duties would be essentially political and concerned with the
alleged breach of the League's covenant involved in the Chaco war.
The United States accepted representation on the neutral commission
because it would be composed of "representatives of American States
meeting on American soil for the specific purpose of supervising and
facilitating the execution of measures relating to the cessation of hostilities." The commission will deal with the military aspects of the cessation
of hostilities and the neutrality of a zone which it is proposed shall extend
between the Bolivian and Paraguayan armies.
The assembling and functioning of the commission and of the peace
conference of American States for facilitating negotiation of a peace treaty
between Bolivia and Paraguay are contingent upon acceptance by those
countries of the recommendations of the League Assembly and a consequent
cessation of hostilities.
The neutral commission is to be composed of representatives of Argentina,
Chile, Peru, Uruguay, the United States and Brazil.
With the exception of the United States and Brazil, the advisory committee consists of representatives of Argentina, Australia, the United
Kingdom, Chile, China, Colombia, Cuba, Czechoslovakia, Denmark, Ecuador,
France, the Irish Free State, Italy, Mexico, Peru, Poland, Portugal,
Russia, Spain, Sweden, Turkey, Uruguay and Venezuela.

Short Interest on New York Stock Exchange Nov. 30
Reported Below Oct. 31
The total short interest existing as of the opening of
business on Nov. 30, as compiled from information secured

by the New York Stock Exchange from its members, was
796,575 shares, the Exchange announced Dec. 8. This
compares with 882,397 shares existing as of Oct. 31.
New York Stock Exchange Rescinds Ruling Made in
1928 Affecting German and Other Bond Issues
A ruling made in July 1928 by the New York Stock Exchange affecting several bond issues was rescinded on Dec. 11,
an announcement to this effect having been issued as follows
by the Exchange:
NEW YORK STOCK EXCHANGE
Committee on Bonds
Dec. 11 1934.
To the Members of the Exchange:
that the
(C-2745)
ruled
of
Arrangements
On July 5 1928. the Committee
following bonds dealt in in the "book" crowds should be treated the same
as called bonds, I. e., all bids for said bonds at the same price to have equal
standing as to price and as to amount:
Berlin, City of (Germany), sinking fund gold 6%%, 1950, municipal
loan of 1925.
Berlin City Electric Co., Inc., sinking fund debenture 6%,1951.
Berlin Electric Elevated & Underground Rys., 1st sinking fund gold
6%, 1956.
Central Agricultural Bank of Germany (Deutsche Rentenbank-Kreditanatalt), let gold loan 7% farm loan sinking fund, 1950.
Cologne. City of Germany, municipal sinking fund gold 6.35%, 1950.
Denmark, Kingdom of, external gold 6%,1942.
Dominican Republic Custom Administration, sinking fund sX%. 1942.
1st series; sinking fund 534%, 1942, 2d series.
Rhine Westphalia Electric Power Corp., secured gold 7%, 1950; direct
mortgage gold 8%, 1952.
United Steel Works Corp., secured sinking fund gold 6%,series A,
1951: secured sinking fund gold 634%. aeries C. 1951.
United Steel Works of Burbach-Eich-Dudelange, sinking fund gold 7%.
1951.
The Committee on Bonds now directs that the ruling referred to be
rescinded beginning with transactions on Dec. 111934. and that the said
bonds shall be treated in all respects as other "book" bonds.
ASHBEL GREEN, Secretary.

All But Two Securities Transferred from Los Angeles
Curb Exchange to Los Angeles Stock Exchange
Following Merger of Exchanges
The Securities and Exchange Commission announced
Dec. 12 that 62 of the 64 securities formerly listed on the

Los Angeles Curb Exchange have been transferred to the
Los Angeles Stock Exchange, following a merger of the two
exchanges on Nov. 1. The transfer of registration became
effective as of Dec. 10 pursuant to regulations of the SEC,
it was stated. The merger of the two exchanges was referred
to in our issue of Nov. 3, page 2757. The Commission's
announcement of Dec. 12 said:
p The two securities not transferred were the common shares of Claude

Neon Federal, Inc.. and the common shares of the United Vanadium Corp.
However, since these two securities had been temporarily registered on the
Los Angeles Curb Exchange by order of the Commission, they are still
eligible for transfer to the Los Angeles Stock Exchange at its request.

New York Stock Exchange Members Submit Plans
Designed to Increase Business Volume—Suggestions Referred to Law Committee
The New York Stock Exchange announced on Dec. 7
that two suggestions for increasing the volume of business,
and for increasing the income of members, had been submitted by a member of a Stock Exchange firm and referred
to the Law Committee, which thus far has not given the
suggestions any consideration. One plan involves the split
of the Exchange into two separate Exchanges, one of which
would deal in stocks and the other in bonds. The other
suggestion advocates the raising of commissions on bonds.
The Stock Exchange announcement read as follows:

Volume 139

Financial Chronicle

Two suggestions for increasing the volume of business on the New York
Stock Exchange, and for increasing the income of members, were submitted
recently to the Exchange by a member of a Stock Exchange firm and at
a slightly later date given to some of the Press and published by them.
These plans,involving a split of the Exchange into two separate Exchanges,
one to deal in stocks and the other to deal in bonds,and involving the raising
of commissions on bonds, have been referred to the Law Committee, which
up to date has given no consideration thereto. These suggestions have not
come before any other committee of the Exchange for study. The Law
Committee intends to consider the matter at a meeting to be held in the
near future.

New York Produce Exchange Reports Net Operating
Loss of $94,808 During Year Ended April 30 1934Assets Placed at $4,979,571
The New York Produce Exchange, according to the
Securities and Exchange Commission, has reported an
operating deficit of $94,808 for the year ended April 30.
The Exchange, it was stated, had withdrawn opposition to
publicity to the data. In Washington advices, Dec. 1,
special to the New York "Times" of Dec. 2, it was further
stated:
Assets of the Produce Exchange on April 30 were put at $4,979,571 and
current assets, including $73,782 in cash, amounted to $150,847. Current
liabilities were $145,821, with membership dues in arrears carried at $4,087.
Surplus was $343,497 and capital $2,463,607, making a total equity of
$2,807.104.
Investments in securities included 874,837.27 in United States Government bonds. $108,188.60 in railroad bonds, $9,870 in public utility bonds
and 85,060 in foreign government bonds, a total of 8197,955.87. Lands
and buildings were listed at $4,255,388, less $342,596.67 depreciation,
or $3,912,788.18.

Election of Officers of Chicago Association of Stock
Exchange Firms-T. R. Benson Re-elected Chairman
Thaddeus R. Benson, partner of F. M. Zeiler & Co.,
Chicago, was re-elected Chairman of the Chicago Association
of Stock Exchange Firms, to serve his third consecutive
term, at the annual meeting held Dec. 7. Others elected
at the meeting are:
Vice-Chairman: Fred D. Sadler, Sadler & Co.
Treasurer: Joseph A. Rushton, Babcock, Rushton & Co.
Secretary: Sidney L. Parry.
Governors: Robert J. Fischer, Russell, Brewster & Co.; Warren A. Lamson, Lamson Bros.; Thomas E. Murchison, Paul H. Davis & Co., and
Joseph A. Rushton.
Messrs. Fischer, Lamson and Rushton were re-elected to the Board of
Governors. Mr. Murchison is the new member of the Board.

New York Commodity Club Being Formed-Membership
Limited to Persons Actively Engaged in Commodity
Futures Work
A new downtown business association, tentatively blown
as the New York Commodity Club, is in process of organization, it became known Dec. 12. The membership, it was
stated, is limited to persons actively engaged in commodity
futures work. The purpose of the new organization is "to
build up a spirit of good fellowship among the members,
to discuss mutual problems incidental to their work, to
facilitate the handling of business between firms and to
secure co-operation in dealing with any problems which
affect the welfare of the commodity futures business as a
whole or its individual groups." Among the firms who have
representatives in the membership of the club are:
E. A. Pierce & Co., Post & Flagg, H. Hentz & Co., Fenner & Beane,
Thomson & McKinnon, J. S. Bache & Co., Munds, Winslow & Potter.
Paine, Webber & Co., Abbott, Proctor & Paine, Lamborn, Hutchings &
Co., Harris, Upham & Co., Jenks, Gwynne & Co.. Boettcher, Newton &
Co., Rhoades, Williams & Co., Hirsch, Lilienthal & Co., Francis I. du
Pont & Co., John Malady & Co., Jackson Bros., Boesel & Co., Sutro Bros.
& Co., Carl M. Loeb & Co., Abraham & Co.

The club, which will hold its organization meeting early
in January, plans to meet once a month at lunch or dinner.
Harold W. Murphy,of Post & Flagg, is in charge of membership applications.
B. Reed Funsten Elected Temporary President of
California Commodity Exchange-Trading in Raw
Silk Futures Contracts to Begin Dec. 17
Simultaneously with the announcement that the California
Commodity Exchange Ltd. will open trading in raw silk
futures contracts Dec. 17 at 11:00 A. M., a new board of
directors and officers were installed Dec. 13. They are to
serve pending the permanent election of directors and officers
at the annual meeting to be held in January, according to
the San Francisco Chamber of Commerce, under whose
sponsorship the new exchange is opening. The officers
and board of directors were announced as follows:
13. Reed Funsten was elected President of the Exchange. Stuart Rawlings, Vice-President, and W. W. French Secretary and Treasurer. A. C.
Keane has been appointed as general counsel.
The new Board is composed of B. Reed Funsten, President of Walton
N. Moore Dry Goods Co.; Stuart L. Rawlings, Vice-President of Calaveras
Cement Co.; James K. Lochead, Vice-President of the American Trust
Co.; John Reggio, Greenwood Raggio and Co.; Maxwell Milton, partner
of Newell, Murdoch, Raney and Co.; W. W. French, Treasurer of the




3727

Idaho Maryland Mines Corp. and Jules Rosen, of Jules Rosen and Co..
New York.

As to the inauguration of the raw silk futures trading the
announcement said:
Trading will be inaugurated on raw silk futures contracts commencing
with the March delivery option transactions, continuing over May, June,
July, September, October and December, 1935. On Jan. 24 1935, trading
will commence on the January, 1936, option.
Trading hours will run continuously from 11:00 A. M.to 2:00 P. M..
Permitting a concurrent trading with the New York market of one hour
between 11:00 A. M. and 12:00 noon, San Francisco time, equivalent to
2:00 to 3:00 P. M. New York time.

New York Produce Exchange Amends Rules for Dealing
in Securities
At a meeting of the Board of Managers of the New York
Produce Exchange held yesterday (Dec. 14) the following
amendment to the Rules for Dealing in Securities by members of the New York Produce Exchange was adopted, to
take effect immediately:
AMEND the Rules for Dealing in Securities by adding to Rule 24 a new
Section to be known as Section 13 and to read as follows:
Sec. 13. No member of the Exchange shall make a market in, or execute
orders in, a security which has been removed, or suspended, from dealing
on the Exchange by reason of an alleged violation of, or non-compliance
with, the Securities Act of 1933 or for an alleged violation of, or noncompliance with, the Securities and Exchange Act of 1934, or the Rules
and Regulations adopted by the Securities and Exchange Commission,
or amendments thereto; the making of a market or execution of orders in
such a security shall be considered an act detrimental to the best interest
of the Exchange.

Companies Listed on New York Stock Exchange
Report Changes in Holdings of Own Stock-Two
Companies Appear on Compilation for First Time
Since Previous Announcement
The New York Stock Exchange on Dec. 13 issued its
monthly list of companies which have reported changes in
the amount of their own stock holdings, as compared with
one month ago. The National Steel Corp. and the Phelps
Dodge Corp. reported holdings of their own stock for the
first time since the publication of the previous compilation.
The announcement issued Dec. 13 by the Stock Exchange
follows:
The following companies have reported changes in the amount of stock
as heretofore reported by the Committee on Stock List.
Shares per
Shares
Latest
Previcrusly
Report
Reported
Name
502,037
common
502,033
Adams Express Co
72,205
72,105 common
Advance Rumley Corp
63,123
66,153 common
Allis-Chalmers Manufacturing Co
66.400
Alpha Portland Cement Co
64,700 common
8,000 common
American Encaustic Tiling Co
381
249 preferred
American Ice Co
39,199
Armour & Co.(Del.)
38.970 7% preferred
700
7% preferred
Armour & Co. (Ill.)
15,063
14,864 preferred
Atlas Powder Co
38,784
19,984 common
Barnsdall Corp
37,918
Childs Co
37.896 common
1,474 vtcs for corn
Columbia Pictures Corp
34,200
21,600 common
Congress Cigar Co., Inc
8,797
8,772 common
Curtis Publishing Co
38.311
Curtis Publishing Co
38,291 preferred
4,658
Detroit Edison Co
4,515 common
30,911
30,811 capital
Eureka Vacuum Cleaner Co
2,596
2,361 preferred
General Printing Ink Corp
$265,000 5% cony deb. $266,000
International Cement Corp
8,963
8.799 preferred
Lehigh Portland Cement Co
27,700
21,000 common
Libbey-Ownes Ford Glass Co
67,277
Link-Belt Co
67,477 common
46.710
46,010 common
Mack Trucks, Inc
20.655
13,373 common
Mesta Machine Co
16.343
Morris & Co., Ltd. (Philip)
16,383 common
24,797
common
18,997
National Tea Co
27,547
27,570 common
North American Co
8,800
Omnibus Corp
12,046 8% Preferred
63.773
58,773 capital
Penick & Ford, Ltd
1,855
1,802 preferred
Peoples Drug Stores, Inc
40.384
35,918 common
Plymouth Oil Co
8,486
8,569 preferred
Schulte Retail Stores Corp
37.438
38,310 common
Simms Petroleum Co
52,700
52;500 preferred
Skelly Oil Co
267 common
Standard Gas & Electric Co
17.035
108,544 capital
Standard Oil Co.(Indiana)
492.330
492,418 capital
Texas Corp
367,703
367,836 common
Tide Water Associated Oil Co
41,615
44,015 common
United Biscuit Co. of America
59,026
58,326 common
United States Gypsum Co
1,422
1,322 preferred
Vadsco Sales Corp
15,031
15,216 common
Wheeling Steel Corp
2,477
Wheeling Steel Corp
2,577 preferred
Since the last publication of the Committee on Stock List covering the
holaings of listed companies, the following have reported holdings of
their own stock as set forth oelow.
No. of Shares
Reported
Name1,055 common
National Steel Corp
84,819 capital
Phelps Dodge Corp
Notice has been received from the Texas Corp. that of a total of 1,270,207
shares of common stock of Indian Refining Co. outstanding the Texas
Corp. has acquired and holds, at the present time, 1,144,730 shares.

Market Value of 100 Stocks Nov. 30 Highest Since June
According to Compilation of Frazier Jelke & Co.
Showed Increase of 9.3% During Month
The market value of 100 representative common stocks
increased $1,115,750,000, or 9.3%, in November, to $13,195,563,000 at the end of the month, according to the
monthly compilation of Frazier Jelke & Co., New York.
The market appraisal at the end of the month was the
highest since the end of June, when these stocks were appraised in the market at $13,492,119,000. The same stocks

Financial Chronicle

3728

dropped 3.7% in October, advanced 0.02 of 1% in September, and rose 5.2% in August. Values declined 11.6% in
July, 8.5% in June and 3.5% in May. Under date of
Nov. 30 the firm also reported the following:
In October 12 of the 13 sub-groups constituting the index advanced, and
one, the utilities, declined. The decrease in the utilities was $13.822,000,
or 1.6%. The largest gain in dollars was $236.993,000 in the motors.
The oils advanced $168,962.000; the miscellaneous Industrials, $116,982,000;
and the electrical equipments, $113.478.000.
On a percentage basis the largest gain in November was 23% in the
steels. The railroad equipments advanced 17.1%; the electrical manufacturing issues. 17%; the building shares. 16.6%; the motors. 15.6%;
the miscellaneous industrials, 11.1%; the foods. 9.1%; the merchandising
shares. 8.8%; the chemicals, 8.6%; the oils, 6.6%; the rails, 5.7%, and
the mines, 2.7%.
The following table shows the extent of price changes by groups during
the month of November.

15 Rails
,
10 Utilities
14 Industrials
10 Oils
7 Mines
7 Motors
5 Steels
5 Equipments
5 Electricals
5 Chemicals
7 Foods
5 Merchandising
5 Building
Totals
a Decrease.

Oct. 31 1934 Nov. 30 1934
Increase
(000 omitted) (000 omitted) (000 omitted)

Per Cent
Increase

$1,431.687
865.906
1,053,461
2,530,756
768,728
1,512.114
436,725
278,405
665.058
703,619
704.266
908.503
220,579

$1,512,684
852,084
1,170,444
2,699,719
789,542
1,749,108
536,945
326,338
778,532
765.332
768,652
988,943
257,235

580.996
x13,822
116.982
168,962
20,814
236,993
100.219
47,933
113,478
61.713
64,386
80,439
36,655

5.7%
x1.6%
11.1%
6.6%
2.7%
15.6%
23.0%
17.1%
17.0%
8.6%
9.1%
8.8%
16.6%

$12.079,813

$13.195,563

$1,115,750

9.3%

Formation of National Advisory Council by Association
of Stock Exchange Firms—Comprises 132 Members
Comprising 132 membirs located in the same number of
cities, a National Advisory Council has been formed by the
Association of Stock Exchange Firms. Regarding the creation of the Council a statement issued by Frank R. Hope,
President of the Association, said:
The Securities Exchange Act was designed to give investors the benefit
of adequate and accurate information coupled with every possible safeguard in connection with the purchase or sale of securities. The function
of the National Advisory Council is to co-operate in the practical realization
of these purposes.
In the past, people outside of New York, who had questions or suggestions regarding the Stock Exchange. knew of no means to express them
except by long-range, impersonal correspondence. The new Advisory
Council provides direct, personal contact. Now. information may be
obtained as conveniently by the inquirer in Portland, Ore., as by the
one In New York.
The national character of the Advisory Council should be useful to the
Stock Exchange by providing the broadest possible point of view upon
current conditions. There is no doubt but that members of the Association of Stock Exchange Firms will gain a clearer understanding of the
problems and thoughts of buyers and sellers of the securities in every section of the country.

The efforts by the Association to improve the public
relations of member firms ,t was noted in the New York
"Times" of Dec. 11, comes at a time when the Stock Exchange is tabulating replies to a questionnaire which it
mailed several weeks ago to 9,000 brokers and others interested in the securities business. The purpose of the query
was to ascertain the public's attitude toward the Exchange
and the reasons for it.
E. J. Schlesinger Advocates Mutually Advantageous
Callable Features in Bonds—Declares Bondholders
Should Have Same Opportunities as Corporations
As a result of cheap money, many corporations are to-day
taking advantage of the situation to extinguish their bond
indebtedness by borrowing from banks and calling their
issues, Edward J. Schlesinger, investment and financial
counsel, said in an article in the Brooklyn "Daily Eagle"
on Dec. 9. Mr. Schlesinger pointed out that while corporations following this practice are not open to criticism, it is
nevertheless possible that some investors will hold as inequitable the fact that they are unable to re-invest the proceeds from the called bonds in securities of equal merit and
comparable yield. He therefore advocated the inclusion in
bonds of callable features that are mutually advantageous,
and not solely in the favor of the corporations. Mr. Schlesinger's views as given in the "Daily Eagle," are quoted
herewith:
An interesting situation has been created by the large number of bonds
which have been called recently, particularly on the part of oil companies.
says Edwin J. Schlessinger, Investment and financial counsel.
What is taking place now appears to be the direct opposite of what
happened in 1920. At that time many corporations were heavily indebted
to the banks; and It was urged upon them by the banks to convert their
bank loans into bond Indebtedness. The loans which in many instances
the banks were desirous of reducing were transferred to the shoulders of
investors by virtue of bond issues.
To-day we have a situation where corporations are taking advantage
of cheap money to extinguish their bond indebtedness, by borrowing part,
at least, from the banks. The corporations doing this certainly are not
open to criticism. However, It might be well at tins time to weigh the
ultimate reaction of bond holders; as In most cases the investors holding the
called bonds will find it impossible to reinvest the money in equally sae




Dec. 15 1934

securities giving the yield that they have been enjoying. Does it not seem
likely to follow that investors will say to themselves that their money was
sought when the corporations needed them, but now that tne latter can
effect substantial savings the bonds are called?
Callable Features
It might also be asked whether the callable features of bonds henceforth will not be on a somewhat different basis. It is more or less a onesided proposition at present which enables the corporations to avail themselves of cheap money without the bondholders receiving a comparable
advantage. In the future bonds with callable features may restrict the call
to a certain amount of bonds each year, instead of having an entire issue
retirable at the will ofthe corporations. In addition the premium paid when
bonds are called should be increased to a more substantial figure.
It has been rather well recognized that if corporations are compelled
to retire a certain amount of bonds yearly, they may, under certain circumstances, be faced with embarrassing situations; and for that reason it
Is well to limit the amount of bonds that must be called yearly to a small
amount of the total issue. However, if in addition a sinking fund operates
which permits of the buying of bonds in the open market, neither the bondholder nor the corporation stand to lose.
Must Avoid Antagonism
Inasmuch as tne day will doubtless again come when corporations enjoying high credit will be anxious to sell bonds to investors, something
should be done promptly to prevent antagonizing the very people to whom
they may turn at some future time.
This can be done by giving bonds callable features that are mutually
advantageous, and not solely in the corporations' favor. As a matter of
fact. it is well within the realm of possibility that either Congress or some
of the State legislatures may pass laws prohibiting the sale of bonds with
callable features giving all the advantage to the corporations issuing the
same. It surely would be preferable not to have such legislation created,
since it would simply add one more restictive feature to the free issuance of
securities.

Federal Reserve Board Issues Rulings Interpreting
Margin Regulations Affecting "Cash Transactions"
—Texts of New Orders
The Federal Reserve Bank of New York on Dec. 7 addressed to National Securities Exchanges two circulars
quoting telegrams from the Federal Reserve Board, interpreting Section 4 (f) and Section 6 of Regulation T. The
first interpretation of margin regulations was concerned
with the time when payment is considered received in "cash
transactions" in unregistered, non-exempted securities,
while the second was concerned with extensions of time in
connection with "cash transactions." The texts of the two
rulings are given below:
Ruling No. 39 Interpreting Regulation T
Section 4 (f) of Regulation T provides in part that the receipt in good
faith of a check or draft drawn on a bank which in the ordinary course of
business is payable on presentation, or the anipment in good faith of securities with sight draft attached may, for the purposes of the regulation, be
deemed to be the receipt of payment of the amount of such check or draft.
The Federal Reserve Board has been asked, in view of ruling number 34
interpreting Regulation T, whether this applies to "cash transactions" in
unregistered, non-exempted securities. In reply. the Board rules that the
provisions ofsection 4 (f) of the regulation regarding the time when payment
is deemed to be received apply to "cash transactions" in unregistered,
non-exemptecksecurities as well as to "cash transactions" in other securities.
Ruling No. 40 Interpreting Regulation T
In reply to several inquiries regarding extensions of time in connection
with "cash transactions," the Federal Reserve Board rules that the jurisdiction of the business conduct committee or other suitable committee of a
national securities exchange to grant extensions of time under section 6 of
Regulation T is not confined to members of that exchange or to transactions
on that exchange. Assuming the circumstances warrant an extension of
time, the committee may grant such an extension of time to any member of
that exchange or to any broker or dealer who transacts a business in securities through the medium of a member of that exchange. Furthermore.
the committee may grant these persons such an extension of time not only
in connection with transactions effected on the exchange, but also in connection with transactions not effected on the exchange. This applies to
"cash transactions" in unregistered non-exempted securities, as well as to
other "cash transactions." and it is not necessary that the transaction involve
a security registered on the exchange in question, or any other registered
security.

Stock Exchanges Under Ruling of SEC Required to
Permit Public Inspection of Information Bearing
on Registration Statements
Exchanges must permit public inspection of corporate
information filed with them and with the Securities and Exchange Commission as required by the Securities Exchange
Act. The announcement by the SEC made available
Dec. 9 said:
A ruling of the Commission to this effect, announced yesterday, refers
specifically to the information contained in the registration statements,
whether temporary or permanent, as well as to the periodic financial and
other reports of corporations registered on any national securities exchange.
An exception is made in the case of information, the disclosure of which
has been objected to under Rule U112, provided that the objection has not
been overruled by the Commission on the grounds that the publication of
the information is in the public interest.
The exchanges are required to make this information generally available
on request during reasonable office hours.
The new rule follows:
Rule UB3. Documents filed by issuers and others to be kept public by
exchanges. Every exchange shall keep available to the public during
reasonable office hours a copy of all information regarding a security
registered on such exchange which is filed with it pursuant to Sections 12,
13 and 16. and (or) any rules or regulations prescribed pursuant to such
sections, except those portions of any information to the disclosure of wnich
objection has been filed pursuant to Rule UB2, which objection shall
not nave been overruled by the Commission pursuant to Section 24 (b).

Volume 139

3729

Financial Chronicle

Salaries of Officers of Corporations Shown in Registration Statements Filed With the SEC
• Salaries of officers of some of the larger corporations shown
in registration statements filed with the Securities and Exchange Commission are reported to have remained stationary
in some cases, increases, however, having occurred in other
instances, and advancing to as much as 200% in the case
of one individual. It was pointed out in Associated Press
advices from Washington, Dec. 10 that corporations seeking
to issue securities have at present to report their officers'
pay and bonuses, but this is not applied to corporations
whose securities were placed on the market before the
Securities Act was passed. Consideration it is said, is
being given to the Commission to the question of extending
the salary reporting requirement to.,the two.or three highest
paid officials of corporations.
Filing of Registration Statements Under Securities Act
The Securities and Exchange Commission on Dec. 1
announced (in Release No. 264) the filing of 15 additional
registration statements under the Securities Act of 1933
during the period from Nov. 23 to Dec. 6 incl. The total
involved is $100,868,036.40, of which $54,793.200 represented new issues. The securities involved are grouped as
follows:

In making available the above list the Commission stated:
Descriptions of the securities registered by the Republic Steel Corp.,
Docket 2-1204 (total value 867.877,836.40, of which $24,000,000 represents
a new issue), and the Chesapeake Corporation, Docket 2-1209 (total value
$18,000,000) have been included in Release No. 260 and Release No. 261
respectively.

The last previous list of registration statements appeared
in our issue of Dec. 1, page 3404. The registration statement
of the Chesapeake Corp. was referred to in these columns,
Dec. 8, page 3560.
Value of Commercial Paper Outstanding as Reported
by New York Federal Reserve Bank—Figure for
Nov. 30, $177,900,000 as Compared With $187,700,000
Oct. 31
The Federal Reserve Bank of New York issued the following announcement on Dec. 13 showing the value of commercial paper outstanding,on Nov. 30:
Reports received by this Bank from commercial paper dealers show a
total of $177,900,000 of open market commercial paper outstanding on
Nov. 30 1934.

Below we furnish a record of the figures since they were
first reported by the Bank on Oct. 311931:
1933—
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31

Indicating that these statements were being examined by it,
the Commission said:

1931—
Nov.30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
feb. 28
Jan, 31

$177,900,000
187,700,000
192,000,000
188,100,000
168,400,000
151,300,000
141,500,000
139,400,000
132.800,000
117,300,000
108,400,000

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.

1933—
Dec. 31
Nov. 30

1932—
Dec. 31
1108,700,000 Nov. 30
133,400,000 Oct. 31

Commercial and industrial issues
Investment trusts
Certificates of deposit reorganizations

$20,293,000.00
10,500.200.00
70.074.836.40

The securities for which registration (statements Nos.
1197-1211 inclusive) is pending as made public Dec. 11,
follow:
Income Foundation Fund, Inc. (2-1197, Form A-1) of Baltimore, a general
management investment company seeking to issue 2,000,000 shares of 10
cent par value at $1.25 a share. David W. Barton of Baltimore is President.
Income Foundation Fund Trust Certificates (2-1198, Form C-1), seeking to
issue up to $10,000.200 in several unincorporated uniform trusts in multiples of $600. The trusts are sponsored by Income Foundation Fund, Inc.
Famise Corp. (2-1199, Form A-1) of Philadelphia, Pa., manufacturers
and distributors of women's undergarments, seeking to issue 50,000 shares
of class A common stock and 50,000 shares of common stock into which
class A stock shall be convertible. The class A stock is to be issued at
$2.75 a share, except that employees, franchise distributors and dealers
may purchase shares at $2.50 a share for a limited time. Proceeds will be
used to pay bank loans and for general corporate purposes. Lawrence S.
Ware of Philadelphia is President and Reichart DeWitt & Co. of New
York is underwriter.
Cornucopia Gold Mines (2-1200, Form A-I), with properties in Oregon,
seeking to issue 200 000 shares of 5-cent par value capital stock "at the
market." The proceeds are to be used for the development of the plant and
properties. A. D. Coulter of Seattle is President.
Foundation Petroleum Corp. (2-1201, Form A-1) of San Diego, Calif.
seeking to issue 220,000 shares of $5 par common stock at $5 a share. The
company plans to develop oil and gas lands and erect a tank farm, but no
specific use for the proceeds of the issue has been determined upon. William
R. Thurston of New York City is principal underwriter. A. A. Colninger,
of Chula Vista, Calif.. is President.
Progress Baking Bluipment Co., Inc. (2-1202, Form A-I), seeking to
issue 25.000 shares of class A non-voting $5 par stock at $6 a share to raise
funds for general corporate purposes. Richard Staudt of Saginaw, Mich.,
is President.and.D. B. Howe & Co. of Now York City, is the principal
underwriter.
Protective Committee for Municipal Bond Co. Certificates of Ownership
in Municipal Improvement Bonds, Series 21 (2-1203, Form D-1) seeking to
register certificates of deposit for $538.500 principal amount of these bonds.
F. B. Sutton. 815 Edison Building, Los Angeles, has been designated agent
for the committee in connection with the registration.
Arroyo Seco Gold Dredging Co. (2-1205. Form A-1), seeking to issue
300.000 shares of $1 par value common stock and $150,000 in promissory
notes. Common shares are to be issued to W. W. Johnson and Etheredge
Walker of San Francisco. and J. D. Dole of Hawaii in exchange for property
valued at $300,000. For each dollar loaned to the company and for which it
will issue promissory notes. Messrs. Johnson and Dole will donate one
share
of common stock to the lender. Mr. Jonson is President.
United Telephone Co. of Pennsylvania (2-1206, Form A-1), seeking to
issue $260.500 of first mortgage 5% 50-year sinking fund gold bonds, the
proceeds of which will be used against loans totaling $436,300 from the Bell
Telephone Co. of Pennsylvania, owner of 25% of the common stock and
72.67% of the preferred stack. The United Telephone & Electric Co. of
Abilene, Kan., owns 74.83% of the common stock and 21.2% of the preferred stock. l'aul & Co., underwriters of Philadelphia, will take down and
pay for at 95 such of the bonds as they may sell to the public at 983 in the
first 90 days after registration becomes effective.
Protective Committee for Municipal Bond Co. Certificates of Ownership in
Municipal Improvement Bonds, &lies 27 (2-1207, Form D-1), seeking to
issue certificates of deposit for $539.500 principal amount of these bonds.
F. B. Sutton, 815 Edison Building, Los Angeles, has been designated agent
for the committee in connection with the registration.
Standard Depositors Corp. (2-1208, Perm C-1) of Denver, seeking to issue
certificates of Commonwealth Trust Shares, series A, at an aggregate value
of $500.000. W. E. McGarry of Denver Is President,
Greater Savannah Protective Committee (2-1210. Form D-1), seeking to
Issue certificates of deposit for $684,000 of first mortgage 6% serial gold
bonds of the Greater Savannah Co. Thomas M. Johnson of Savannah is
Secretary.
Bondholders Protective Committee, Methodist Hospital, Fort Worth, Tex,
First Alortgage 6% Serial Gold Bonds (2-1211, Form 0-1), seeking to issue
certificates of deposit for $435.000 of these bonds. Paul Arbenz, 918 Baltimore Ave., Kansas City Mo., is representative of the committee in connection with the registration.




1932—
Sept 30
Aug. 31
July 31
June 30
May 31
Apr. 10
Mar. 31
Feb. 29
Jan. 31

$110,100,000
108,100,000
100.400.000
103.300.000
111.100.000
107,800.000
105.606.000
102.818.000
107,902,000

1931Dec. 31
681,100,000 Nov. 30
109,500.000 Oct. 31
113,200,000

8117,714.784
173,6E4,384
210,000,000

8129,700,000
122,900,000
107,400,000
96,900.000
72,700,000
60,100,000
64,000,000
71,900,000
84,200,000
84,600,000

Caution in Government's Utility Policy Urged by E. K.
Woodworth of National Association of Mutual
Savings Banks
The possibility of government-owned or governmentfinanced utility plants damaging private investments was
emphasized on Dec. 4 by Edward K. Woodworth, Chairman
of the Committee on Public Utilities of the National Association of Mutual Savings Banks. "If the declarations of the
President in Mississippi and Alabama are to be taken as a
prophecy of ultimate public ownership of the power industry,
savings bankers and all other classes of investors must see to
it that the transition does not involve the sacrifice values
largely owned by the people themselves," said Mr. Woodworth, writing in the Savings Bank Journal. Mr. Woodworth
also stated in part:
Among the reasons which induced legislatures to make public utility bonds
legal investments for savings banks, and which also led us to purchase them
as the guard.ans of the people's savings, was the well Justified belief that
freedom from wasteful competition under effective regulation had become a
settled principle of our economic life. We took immunity from confiscation
forsranted.
Invasion of the utility field on a huge scale by the Federal Government,
and threatened duplication of existing facilities without compensation for the
resulting damage, have shaken the foundations of our faith. The prevailing
attitude of nostility toward public utilities and disregard of the rights of
investors whose money has provided an essential public service compel Us
to ask what has become of the spirit of fair play which must characterize all
public action if faith in representative government is to survive.
t. As custodians of the accumulated capital of millions of thrifty people
they are vitally concerned with the attitude of governmental officials toward
all savings, whether they be invested in public utilities or in other fields.
At the moment there is grave misunderstanding about these matters, and to
a large extent prejudice has taken the place of reason. Public officials of
every rank seem to have overlooked the importance of the integrity of
savings of the millions of thrifty people whom they represent. It is our duty
to make every possible effort to remove prejudice and dispel =sunderstanding.
Savings bankers do not favor competition by the Government with its
citizens, nor the use of money raised by taxation of all the people for the
benett of favored localities, nor the development of generating capacity in
communities in which there already is an over supply. They believe that
future development in the ut.l.ty f.eld snould rema.n a funct.on for pr.vate
'initiative and private capital provided the utilities themselves do the.r part
to preserve the benefits of individual initiative and responsibility in a highly
techn_cal field as against the distribution of jobs on a political basis.

Mississippi Valley Association Opposes Ratification of
St. Lawrence Waterway Pact—Also Disapproves
Proposals for Governmental Regulation of Water
Carriers
A resolution opposing ratification of the St. Lawrence
waterway treaty was adopted Nov. 27 by the convention of
the Mississippi Valley Association, meeting in St. Louis,
despite an earlier speech by Secretary of War Dern, in which
he urged support of the treaty, which failed of ratification by
the last Senate. The delegates rejected ratification of the
pact "until its inequities shall have been corrected." They
also described as "contrary to public welfare" proposals of
Joseph B. Eastman, Federal Co-ordinator of Transportation,

3730

Financial Chronicle

for Governmental regulation of port-to-port rates and the
restriction of services of water carriers, aside from regulations
designed to promote safety of navigation.
United Press advices from St. Louis Nov.27 described the
proceedings of the convention as follows:
The Association called the attention of Secretary of War Dern "to the fact
that its support of the Federal Barge Line was to encourage, not discourage,
private operation of inland waterway craft."
"We call upon him," the convention voted,"to amend the policies enunciated in the 1933 report of the Inland Waterways Corporation to conform to
the principles clearly set forth by Congress in the Inland Waterways Act
of 1924."
Colonel Robert Isham Randolph of Chicago was re-elected President ofthe
Association for the third consecutive time; Thomas F. Cunningham, New
Orleans, was re-elected Vice-President at large, and R. S. Hawes,St. Lows,
was re-elected Treasurer.
Debate ofthe convention centered largely around the St. Lawrence waterway and its effect upon development of the great Mississippi River project.
Valley advocates vigorously attacked the proposed treaty, which was defended by Secretary of War Den.
United States Senators William D. Dieterich (Dem.,J11.) and Bennett
Champ Clark (Dem., Mo.)led the valley's attack upon the treaty, asserting
that it would, under its present provisions, cripple, if not kill, inland waterways development.
While the Secretary requested the Association to rescind its resolution
against the treaty, the convention reiterated its resolution in opposition to
the plan, whi.
ch, it felt, would hamstring the normal development of the
great mid-continent chain of water transportation routes.
In a final feature address to the convention Major-General Smedley D.
Butler, former Commander of the United States Marines, appealed for a
declaration of war upon "inactivity," to foster the creation of a great, selfsufficient inland empire in the United States.
Such an empire, he said, would naturally be bounded on the East by the
Appalachian range, on the West by the Rocky Mountains. He admitted
that in event of war enemy forces would drive our forces behind the protective barriers afforded by those ranges.

2% Interest Rate on Savings Accounts to Be Put Into
Effect on Jan. 1 by Toledo Clearing House Association
At a meeting Dee. 1 the Toledo (Ohio) Clearing House
Association voted to reduce interest rates on savings accounts to 2% effective Jan. 1. The new rule, said that
Toledo "Blade" of Dec. 3, will mean payment of 2% on
balances which qualify as thrift accounts up to $10,000.
Above that amount the rate will be 1%. The action, it was
stated, affects all clearing house banks except the Ohio
Citizens Trust Co., which will make no change because
present rules conform. The statement of the action, as given
in the paper quoted, follows:
Jan. 1 and July 1 each year interest will be paid on accounts in the savings
department which qualify as thrift accounts under the Federal Reserve
regulation Q series of 1933, relating to the payment of interest on deposits
at the rate of 2% Per annum on balances up to $10,000 and at the rate of
1% per annum on that part of any balance that is in excess of $10.000 and
will be computed on balances on deposits the first of each month less withdrawals for the month.
No interest will be allowed on accounts closed between the interest
paying dates, nor on fractional parts of a dollar, nor for any semi-annual
period if it amounts to less than 10 cents.

Changes in Federal Reserve Act Advocated by President
Hecht of American Bankers Association—Also
Urges Enactment of New Federal Deposit Insurance
Law—Address Before New York Chapter of American Institute of Banking
Further changes in the Federal Reserve Act to "enable the
System to function more effectively in the national interest,"
were advocated in New York on Dec. 12 by R. S. Hecht,
President of the American Bankers Association, speaking
at the Bankers Forum dinner held by the New York Chapter
of the American Institute of Banking. He spoke on the
subject of "Banking Evolution," declaring that banking
laws and also voluntary changes in banking practice should
be based on sound evolutionary processes rather than sudden
impulses. He also urged early enactment of a new Federal
Deposit Insurance law embodying such features of the
present temporary plan as would limit the amount insured
for any one deposit account to $5,000 and definitely fix the
maximum assessment to which banks would be liable in any
year within an amount or ratio that would not imperil
reasonable earnings.
Mr. Hecht, referring to the "recent successful efforts of
the bankers to bring about better understanding between
business and the Administration in Washington which
appear to me to be of the utmost importance," said:
The offer of co-operation which the officers of the American Bankers
Association gave to the Administration has been received by the President
and the heads of his most important departments witn the utmost cordiality
and we know that much good will come of this sort of co-operation. It is
gratifying and reassuring that the men who are charged with the responsibility of representing the Association have the opportunity to present their
viewpoints and suggestions to an Administration convinced of their
sincerity.

Mr. Hecht's address in part follows:
I think never before were bankers more determined to bring about what..
ye changes in our banking system are called for by public welfare, but we




Dec. 15 1934

are stlli of the opinion that the best results can and will be accomplished by
normal processes and gradual adjustments rather than by the passage of
still more drastic laws, offering panaceas in the form of more Governmentowned or Government-controlled financial organizations. Evolutionary
changes in banking and the nation's economic life have justified much of
the banking legislation recently passed and some further changes in our
banking laws will become necessary.
Tnere are some specific laws with which we are immediately concerned.
Unless changed by the coming Congress, the permanent Federal Deposit
Insurance Corporation law will go into effect July 1st next. Students of
this question are almost unanimously of the opinion that this prospective
permanent law with its unlimited assessment feature is dangerous, but I
also believe that there is a fairly general agreement in the banking fraternity
that a new law embodying some of the main features of the present temporary law should be enacted early. I refer to the limitation to $5,000 of the
amount insured in any one account, and the fixing at a definite amount or
ratio the maximum assessment to which a member bank may be liable in
any Year, provided of course that the maximum so fixed shall not imperil
reasonable earnings.
It is my conviction that from causes far deeper than the insurance law,
banking is sounder and safer than ever before and that other forces are
working to make any danger ofa repetition of the bank failure record remote.
Nevertheless, it seems indisputable that the Federal Deposit Insurance
law has been helpful toward creating that element of public confidence
which was so essential to restore a sound banking situation.
Bankers widely are also of the opinion that some changes in the Federal
Reserve Act are desirable to enable the System to function more effectively
In the national interest. This would really be a step in fulfilling the
original purposes of the System as intended by those who designed and
created it. Certainly the national interest was then uppermost in their
thoughts. It was the central intention that the nation's credit resources
and currency should be co-ordinated and directed so as best to facilitate.the
public-serving operations of industry and trade.
It was not the intention to bring about any form or measure of political
control over the economicfreedom of business. It was not intended,either.
to facilitate the employment of banking credit in stock market or any
other form of speculation. It was simply intended as a beneficial influence
for business stability in the service of all the people.
If the Federal Reserve System has failed during its 20 years of operation
to attain some of its objectives, or if in some respects it has appeared to
cause or help things that were not intended, it must be remembered that
during these years the national economy on which it was based has passed
through some of the most rapid and spectacular evolutionary changes any
nation in the history of the world has ever experienced.
The Banking Act of 1933 has gone far in correcting the indirect use of the
Federal Reserve's facilities in expanding credit for speculative purposes.
It has increased its powers to promote the practice of higher standards of
banking among its members. It gives more effective powers of co-ordination to the central board. It is generally agreed that still further changes
must be made to carry into the form of law evolutionary developments that
have grown out of the nation's experiences of the last decade.
The Committee on Banking Studies of the American Bankers Association, representative of every phase of American banking, is composed of
men whose character, experience and attainments should satisfy the most
critical and whose courage is great enough to disregard precedent and strike
out boldly for new and better laws if the exhaustive studies they are making
convince tnem that such new laws are based upon the broadest possible
justice and in the interest of all the people.
It is not enough that we bankers merely acquiesce in changes in banking
imposed by law. Our zeal for evolutionary banking reform must be more
aggressive than that. Banking practice itself, without compulsion of law.
can and should reflect the changes and lessons of the times and difficulties
through which the nation has passed and, even to a greater extent than
law, render banking more truly a good public servant by voluntary selfreform. In no small measure is this accomplished by the better training
of the members of our banking fraternity and by instilling constantly higher
ideals in those who are ultimately responsible for bank management.
In this connection the duty and opportunity in the hands of the American
Institute of Banking are large. It is your function to profit by the experience and lessons of the past and apply them to the operations of the present
and future. The banking business is fully alive to.the essential part that
education must play in sound, public-serving banking and is diligent in
providing it for its people. For 30 years the Institute has been active in
this direction. . . .
The wheels of commerce and industry are still turning at reduced speed
and many willing workers remain idle. Uncertainty as to the future of
business is still widespread. It is not given to man to see with certainty
into the future but I believe that business cannot afford to give as an
excuse for continued inactivity the fact that difficulties lie in its path and
that no one is able to give us a guaranty of certainty concerning future
developments. The only way in which these uncertainties can ever be
removed is for all of us to take an active part in helping to solve the great
questions which affect business recovery.
There is ample evidence that the events of the past five years have only
retarded the growth and progress of America. Our industries will recover,
confidence will return and our present social, economic and financial
structure,improved and purified by experience, will live on. I know banking evolution is going on along sound lines. Bankers will resolutely face
the future.

Municipal Dealers Oppose Proposed Amendment to
Investment Banking Code
Members of the Municipal Bond Club of New York at
a special meeting on Dec. 11 expressed their disapproval
of a proposed amendment to the fair practice provisions of
the Investment Bankers Code relating to allowance of
commissions or concessions. The proposal under consideration is the proposed amendment to new subsection (e) to
Section 4 of Article V of the Code and provides, in substance, that no investment banker shall be allowed a commission or concession by a selling syndicate or group or by
a participant or member thereof, unless such investment
banker certifies that the securities are being acquired solely
for the account of customers or for the investment banker's
own account, but for distribution to customers.
In addition to presenting to the Code Administrator a
resolution embodying the Club's reasons for disapproving
the amendment, a special committee to which the drafting

Volume 139

Financial Chronicle

of the resolution was intrusted suggests that individual
municipal bond dealers telegraph or write their views to
Deputy Administrator K. J. Ammerman, Room 323, Denrike Building, Washington, D. C., prior to Monday, Dec. 17.
In the New York "Times" of Dec. 12 it was stated:
The proposed amendment, it was said, would particularly affect dealers
in municipal and United States Government bonds, since investment
bankers frequentlY become participants in syndicates bidding for Government and municipal bonds in order to obtain bonds for their own portfolios.
It was said that the proposed amendment would necessarily make it less
attractive to participate in syndicates, to the detriment of the market.

Jesse H. Jones Urges New York Bankers to Form Company to Make Advances on Mortgages and to
Finance New Building—RFC Chairman Promises
Government Financial Assistance to Such Organizations—Indicates Possible Modifications of
Securities Act
Banking communities have shown a lamentable lack of
interest and co-operation in the efforts of the Reconstruction
Finance Corporation to establish and rebuild mortgage institutions, Jesse H. Jones, Chairman of the RFC, said
Dec. 12 in a speech before the New York Bond Club. Mr.
Jones said .hat one of the most urgent needs at present is
the formation of a local company to make advances on sound
but frozen first mortgage certificates of companies that have
heretofore been in business but are no longer able to assist
their investors, and also'to meet maturing mortgages where
the loans can be made on a sound bais, and for building when
new construction is justified. Such a company, he said,
should have a minimum capital of between $50,000,000
and $100,000,000. If the bankers would organize such a
company, he promised, the RFC will match the capital
dollar for dollar, and will even go further if necessary. As
to this he said:
I should like to suggest to this meeting that every man here make it
his business to see that such an institution is organized, the capital actually
subscribed and paid in and go into the business vigorously and actively
because there is nothing more important to your local situation.
And I should like to express the hope that you bankers will quit condemning real estate and real estate mortgages, and furnish some real
assistance in a situation that will not only be helpful to hundreds of thousands of mortgage certificate holders and real estate owners, but will redound to the good and profit of your own institutions.

$12,000
J. P. Morgan & Co.
$6,000
Kuhn, Loeb & Co.
Speyer & Co.
$2.000
Mr. & Mrs. Starling W. Childs
$1.000
George F. Baker
George Blumenthal
The Chase National Bank of the City
of New York
Hamlin & Co.. Inc.
Hayden. Stone & Co.
Lazard Freres
Dunlevy Milbank
Jeremiah Milbank
$750
Commercial Investment Trust Incorporated
$600
Mr. & Mrs. Harry E. Ward
$500
Mr. & Mrs. Arthur 0. Choate
Dr. Ernest Fahnestock
Hallgarten & Co.
Heidelbach, Ickelheimer & Co.
Mr. dr Mrs. Henry Ittlzeon
"A Friend"
James B. Mabon
Mrs. Percy R. Fyne
J. Henry Schroder Banking Corporation
J. & W. Seligman & Co.
Shearson, Hamm!11 & Co.
$400
Commercial Factors Corporation
William Iselin & Co., Inc.
$300
William Fahnestock
"A Friend"
$250
Asiel & Co.
Mr.& Mrs. Stephen Baker
Bank of Montreal, Agency
Robert S. Brewster
Mr. & Mrs. Walter E. Frew
Donald G. Geddes
Albert E. Goodhart
Philip J. Goodhart
Leeds Johnson
Ladenburg. Thalmann & Co.
Manufacturers Trust Co.
Metnhard, Greet & Co., Inc.
Mrs. William H. Moore
National City Bank of New York
Ernest Rosenfeld
Salomon Bros. & Hutzler
Edward Streeter
$200
George S. Brewster
Harry Bronner

3731
George V. Coe
Edwin A. Seasongood
C. D. Smithers
E.H. H.Simmons
$150
Hamilton Fish Benjamin
James C. Colgate
Halle Jr StiegUtz
Willard V. King
New York & Hanseatic Corp.
$12.5
Edward C. Childs
Richard S. Childs
S. Winston Childs Jr
Mrs. James F. Lawrence
Mr.& Mrs. George B. Post
$100
Adler, Coleman & Co.
Mr.& Mrs. Paul Baerwald
Barr Brothers & Co.
William M. Bernard
Hugo Blumenthal
Thatcher M. Brown
Mortimer N. Buckner
Edwin M. Bulkley
W.P. Conway
George W. Davison
William L. DeBost
C. M. Dutcher
H. K. Evans
E. Hayward Ferry
Finch, Wilson A: CO.
H. G.Friedman
Henry Goldman
Harris, Upham & Co.
Mr.& Mrs. Jesse Hirschman
G. Beekman Hoppin
I). S. Iglehart
Adrian Iselin
Mrs. Sidney A. Kirkman
Jennie L. Mackay
Gates W. McGarrah
D. Irving Mead
Edwin G. Merrill
Mrs. Dunlevy Milbank
Jansen Noyes
Carl II. Plorzheimer & Co.
Lewis E. Pierson
Popper, Snyder & Co.
Seward Prosser
Jackson E. Reynolds
George E. Roosevelt
Louis F. Rothschild
Mr.& Mrs. Samuel Sachs
W. R. K.Taylor
Arthur Turnbull
Wertheim & Co.
Harold T. White
Clark Williams
Lucius Wilmerding
Harold 0. Wood Jr

The personnel of this year s committee was noted in our
issue of Dec. 1, page 3405.
United Hospital Fund—Appeal for $500,000 Indorsed
by President Roosevelt—Contributions of $201,597
Received
President Roosevelt, in a letter to David H. McAlpin
Pyle, President of the United Hospital Fund, indorsed the
Fund's campaign for $500,000 to support the free work now
given by its 56 member hospitals in New York City. The
letter, which follows, was read by Mr. Pyle at a meeting of
the Board of Trustees of the Fund Dec. 10:

Mr. Jones commented on the fact that various criticisms
have been made of the Securities Exchange Act in the investment community, and in the course of his remarks indicated that the Administration might not be averse to
such modifications of the law as would tend to overcome
some of the principal objections.
"I have made no particular study of the Securities Act,"
While the Federal Government has necessarily stepped in to aid the
he said, "and have no comment to make upon it except
and localities in providing relief for the needy unemployed in their
that Mr. Kennedy, the Chairman of the Commission ad- States
homes,it is impossible to make Government funds available to the hospitals
ministering it, understands the securities business, and is for the care of the sick who lack funds to pay. Yet such patients are among
as well aware as you gentlemen can possibly be, that the the most needy of all the victims of unemployment. I have repeatedly
my feeling that care of the sick Is a local responsibility. All over
distribution of securities is necessary. In my opinion his stated
the land communities are rising manfully to fulfil this obligation.
rules and regulations will be fair enough and broad enough
I am interested to know of the campaign of the United Hospital Fund
hospitals, which depend wholly
to permit your selling anything that you have a right to sell.', of New York on behalf of its 56 member
voluntary contributions and do not receive any tax aid.
"If an honest effort is made to comply with the Securities upon
I have been familiar with the work of this organization for many years.
Act," Mr. Jones continued,"and it develops from experience I commend its cause heartily to citizens of New York,
that some modifications are necessary. I haven't any doubt
Gates W. McGarrah, Treasurer of the United Hospital
but that Mr. Kennedy and his Commission will be the first Fund, announced Dec. 9 that contributions amounting to
to recognize that fact and recommend such modifications." $201,597 have thus far been received in the campaign for
In discussing assistance rendered by the RFC to railroads, $500,000.
Mr. Jones said in part:
Export-Import Banks
It seems to me that such roads as are in need of reorganization should A. B. A.Plan of Co-operation with
The American Bankers' Association issued this week a
not put off too long taking the necessary steps. In fairness, reorganizations, as far as Practicable, should make some contingent provision for
statement regarding the Plan of Co-operation with the
such junior securities as are not obviously beyond hope. I have no specific
Export-Import Banks which has been put into operation
formula, but that is just about our thoughts.
Of one thing I am convinced, that the debt of the roads that are not
as a result of recent conferences held between the Advisory
'
earning their charges is too big for the Government to shoulder. Indeed
Committee to the Export-Import Banks of the A. B. A.
there is no more reason why the Government should pay debts of railroads
and officials of the banks in Washington. The Committee
than of other privately owned industries that cannot make ends meet
under present conditions. As long as they have adequate security to offer.
of bankers named to co-operate with the Export-Import
the railroads should have the same treatment as other borrowers to whom Banks was noted in our issue of Nov. 17, page 3081, and in
the Corporation is authorized to lend.
our Dec. 1 issue, page 3405, further reference was made
Robert F. Maddox, Chairman of the Advisory
United Hospital Fund—$57,585 in Contributions Re- to the plans.
ceived Thus Far by "Bankers and Brokers Com- Committee in a communication to the Export-Import Banks
under date of Nov. 22 said in part:
mittee"
It appears to this Committee that our efforts may be divided into three
James Speyer, Chairman of the "Bankers and Brokers
general sub-divisions.
Committee", of the United Hospital Fund of New York,
1. To provide proper publicity and a method of procedure that will
and the Associate Chairman representing various groups, actively promote the co-operation of commercial banks.
2.
establish an executive committee that would be at the disposal
announced Dec. 12 that they are much gratified by "Wall of theToofficers
of the Export-Import Banks to advise upon all current
They
this
to
appeal.
response
report
year's
that
Street's"
foreign transactions.
3. And to use this Committee, or the Advisory Commitee as a whole, in
in spite of the "hard times" in Wall Street, very few contriba consultative capacity to the extent that it may be desired to study all
utors have reduced their subscriptions and a number of new special
transactions involving our foreign business that may be suggested
donors have joined the "Bankers and Brokers" collection to or originated by the Export-Import Banks, the scope of which is beyond
this year. The following subscriptions of $100 and over the usual normal foreign business.
The membership of the Executive Committee was rehave been received to date, a total of $57,585 from 271
ported in our Dec. 1 item.
contributors, the announcement said:




3732

Financial Chronicle

Exporters and Importers Appoint Advisory Committee
to Co-operate with Export-Import Bank in Financing Foreign Trade Transactions—Will Also
Work with Bankers' Group—Proposed Shipment
of Cotton to Germany Discussed
Co-operation between exporters and importers and the
Export-Import Bank is expected to be furthered actively
under a plan of procedure announced on Dec. 13, following
a two-day meeting in Washington of an advisory committee
appointed by the National Association of Exporters and
Importers, in response to a request by George N. Peek,
Special Adviser to the President on Foreign Trade. It was
decided that the committee will give advice with regard to
specific transactions and general problems involving foreign
trade financing, and will co-operate with a bankers' committee previously appointed.
During the meeting in Washington members of the committee distussed a proposed sale of cotton to Germany and
methods suggested for financing that operation. The German Cotton Barter Corporation of Bremen was said to have
accepted tentative plans, although no definite decision has
as yet been made by officials at Washington.
A Washington dispatch of Dec. 13 to the New York
"Herald Tribune" gave further details of the organization
of the committee representing importers and exporters as
follows:
An executive committee was appointed, with John Abbink, president
of the Business Publishers' International Corporation, as chairman. The
advisory committee elected Eugene P. Thomas, president of the National
Foreign Trade Council, as its chairman, and Harry Tipper, executive vicePresident of the American Manufacturers' Export Association. as secretary.
It arranged to meet in Washington every two months, or as often as may
be required, to consult with regard to such problems as may develop in the
growth of the bank's operations.
Personnel of Committee
The executive committee includes William S. Swingle, director foreign
department, National Association of Credit Men.
A. M. Hamilton, foreign sales manager American Locomotive Sales
Corporation, New York City.
C. G. Pfeiffer, vice-president George Borgfeldt & Co., New York City,
and president National Council of American Importers and Traders, Inc.
Armand May. president American Factors Company, Atlanta.
Henry S. Beal, president Sullivan Machinery Company, Chicago.
E. A. Emerson. managing director Armco International Corporation,
Middletown, Ohio. Richard A. Heald, treasurer Heald Machine Company, Worcester, Mass.
Kent Named as Aid
To effectuate more thoroughly the co-operation with the executive committee of the bankers association, Fred I. Kent, who serves as consultant
with the bankers committee, was appointed to a similar capacity with the
exporters' and importers' committee.
Among other members of the bank's board of trustees participating in
the conference besides Mr. Peek were Judge R. Walton Moore, Assistant
Secretary of State, chairman; Lynn P. Talley, assistant to the directors,
Reconstruction Finance Corporation, treasurer; Robert F. Kelley, chief of
the Division of Eastern European Affairs of the Department of State
Charles E. Stuart, executive vice-president, and Warren Lee Pierson,
Secretary of the banks; Wayne C. Taylor, assistant to Mr. Peek; Dr.
Claudius T. Murchison, director of the Bureau of Foreign and Domestih
Commerce, and Dr. Grosvenor Jones, chief of the bureau's finance and
investment division.

RFC May Control Banks Because of Their Inability
to Service Notes and aiebentures, Brookings Study
Predicts—Believes Issuing Institutions Will Face
Capital Reduction
Because many banks are unable to earn enough to service
capital notes and debentures sold to the Reconstruction Finance Corporation, the RFC may find itself actively engaged
in bank management, according to a prediction in a study
made for the Brookings Institution by Cyrus B. Upham
and Edwin Lemke, made public on Dec. 5. The survey
found that RFC purchases facilitated Federal Reserve membership, but concluded that serious difficulty may arise
when the bank obligations mature. "Issuing banks will
then be faced with a reduction in their capital," the report
said, "in many cases below the required minimum. Should
they be unable to offset this by sales of new common stock,
they will be faced with exclusion from the Federal Reserve
system, and in the case of national banks with forfeiture
of their charters. The same situation will be faced by State
banks which have met minimum capital requirements by
the sale of capital notes or preferred stock to the RCF." A
Washington dispatch of Dec. 5 to the New York "Journal
of Commerce" outlined the scope of the survey as follows:
This study of "Closed and Distressed Banks—a Study in Public Administration" describes the procedure involved in disposing of the assets
of suspended banks, whether by liquidation and sale or by reorganization.
It contains data on the number of bank suspensions, and the losses suffered
by both bank depositors and bank stockholders. It makes a timely analysis
and discusses the aid rendered to distressed banks by the RFC. Mr.
Upham now is a special assistant to Secretary of the Treasury Morgenthau,
It is asserted that the purchases of stock by the latter in banks throughout
the nation have as important implications for the banking system of the
country as any of the measures of the New Deal Administration.




Dec. 15 1934

System Strengthened
"Through these purchases the system has been considerablystrengthened,
the possibilities of credit expansion increased, and the question of partial
ownership and control of banks by the Government thrust sharply to the
fore," it is declared.
II
Under the campaign to purchase capital obligations of active banks.
numerous reorganizations of the capital structure of these banks were
effected. Even the banks which were supposed to be selling preferred
stock merely to offer good examples to the weaker institutions took advantage of the opportunity to clean house, it was explained.

RFC Authorizes Loans Aggregating $20,574,832 to
Seven Building and Loan Associations in Dayton,
Ohio
Loans aggregating $20,574,832.31 have been autho.ized
by the Reconstruction Finance Corporation to seven building
and loan associations in Dayton, Ohio, some of which are
now in charge of the Superintendent of Building and Loan
Associations and others in the hands of the Director of
Commerce, said a statement issued Dec. 9 by Jesse H.Jones,
Chairman of the RFC. The statement continued:
These authorizations will pay existing loans to the Corporation of $6.324,000 and provide $14.250.832.31 new money with which to pay depositors
of these associations.
The entire program has been worked out in co-operation with the Home
Owners' Loan Corporation and the citizens of Dayton with a view to
relieving the building and loan situation in Dayton and making possible the
organization of a Federal savings and loan association.
In connection with these loans, it is estimated that the HOLC will exchange approximately $12,000,000 of its bonds for mortgages in these seven
associations, thereby reducing their indebtedness to the RFC by that
amount.
The loans are divided among the seven associations as follows:
Dayton Building & Savings Association
$2330,189.72
Security Savings Association
782.000.00
Franklin Savings & loan Association
2.700,530.47
Miami Savings & Loan Co
3.631.524.17
The Mutual Howe & Savings Association
2,910 000.00
Permanent Building & Savings Association
279.134.57
American Loan & Savings Association
7,941,453.38

New Offering of $75,000,000 or Thereabouts of 182-Day
Treasury Bills—To Be Dated Dec.19 1934
A. new offering of 182-day Treasury bills in amount of
$75,000,000 or thereabouts was announced. on Dec. 13 by
Henry Morgenthiu,
-Jr.T_Secietary of the Treasury. The
billwill be dated Dec. 19 1934, and will mature on June 19,
1935, atiifiiir theinaturiti-date- the face amount will be
payable without interest.k Tenders to the bills, which will
be sold on a_ discount basis to the highest bidders, will be
received at the Federal Reserve
banks or the branches
_
thereof lip to 2 p. m., Eastern Standard Time, Monday,
Fec717. Bids will not be received at the Treasury Depart-.
ment77771-hz Ington.V An issue of $75,226,000 of similar
EsTrturi es will mature on.Dec. 19 and the accepted bids to
Ehe new offering will be used to retire the same.-In his
announcement of Dec. 13 Secretary Morgentbau said:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000. 310.000, $100,000. $500,000, and $1,000.000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100. with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Dec. 17 1934.
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the
following morning. The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot lees than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof. Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve banks in cash or other immediately available
funds on Dec. 19 1934.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also ho exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.

Bids of $302,273,000 Received to Offering of $75,000,000
or Thereabouts of 182-Day Treasury Bills Dated
Dec. 12 1934—$75,079,000 Accepted at Average
Rate of 0.20%
Announcement that tenders of $302,273,000 had been
received to the offering of $75,000.000 or thereabouts of
182-day Treasury bills dated Dec. 12 1934, maturing June
12 1935 (referred to in our issue of Dec. 8, page 3564),
was made on Dec. 10 by Henry Morgenthau, Jr., Secretary
of the Treasury. Bids of $75,079,000 were accepted;
the accepted bids t) the offering represent an increase in
the public debt as there was no maturity of bills at this
time. The bills, the offering of which was announced

on Dec. 6 by Secretary Morgenthau, were sold at the
Federal Reserve banks and the branches thereof up to 2 p. m.,
Eastern Standard Time, Dec. 10.
Secretary Morgenthau on Dec. 10 had the following to
say regarding the accepted bids to the offering:
The accepted bids ranged in price from 99.909. equivalent to a rate
of about 0.18% Per annum,to 99.896, equivalent to a rate of about 0.21%
Per annum, on a bank discount basis. Only part of the amount bid for
at the latter price was accepted. The average price of Treasury bills
to be issued is 99.900 and the average rate is about 0.20% per annum
on a bank discount basis.

Recent offerings of Treasury bills sold at rates of 0.22%
(bills dated Dec. 5); 0.23% (bills dated Nov. 28); 0.21%
(bills dated Nov. 21), and 0.22% (bills dated Nov. 14).
Hoarded Gold Amounting to $612,263 Received During
Week of Dec. 5—$41,583 Coin and $570,680 Certificates
Receipts of gold coin and certificates during the week of
Dec. 5 by the Federal Reserve banks and the Treasurer's
office, according to figures issued by the Treasury Department on Dec. 10, amounted to $612,263.08. Total receipts
since Dec. 28 1933, the date of the issuance of the Executive
Order requiring all gold to be returned to the Treasury, and
up to Dec. 5, amount to $110,261,125.92. Of the total
received during the week of Dec. 5, the figures show, $41,583.08 was gold coin and $570,680 gold certificates. The
total receipts are shown as follows:
Gold Coin
Received by Federal Reserve banks:
Week ended Dec. 5
Received previously
Total to Dec. 5 1934
Received by Treasurer's office:
Week ended Dec. 5
Received previously

Gold Certificates

840,979.08
29,487.580.84

8556,280.00
78.011,780.00

329,528,559.92

878.568,060.00

8604.00
257,302.00

$14,400.00
1,892,200.00

Total to Dec. 5 1934
8257,906.00
$1,906,600.00
Note—Gold bars deposited with the New York Assay Office to the amount of
8200,572.69 previously reported.

—4,—.
487,693.19 Fine Ounces of Silver Purchased During
Week of Dec. 7 by Treasury Department
In accordance with the President's proclamation of Dec. 21
1933, which authorized the Treasury Department to buy
at least 24,000,000 ounces of silver annually, the Department during the week of Dec. 7 purchased 487,693.19 fine
ounces of the metal. A statement issued by the Treasury
on Dec. 10 showed that of the amount purchased during the
week, 149,945.05 fine ounces were received at the Philo,delphia Mint, 223,667.14 fine ounces at the San Francisco
Mint, and 114,081 fine ounces at the Mint at Denver.
During the previous week, ended Nov. 30, the purchses by
the Treasury amounted to 359,295.96 fine ounces. The
statement issued by the Treasury on Dec. 10 indicated that
the total receipts of silver by the mints from the time of the
issuance of the proclamation up to Dec. 7 were 19,315,000
fine ounces. Reference to the President's proclamation was
made in our issue of Dec. 23 1933, page 4440. The weekly
purchases are as follows (we omit the fractional part of the
ounce):
Week Ended—
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar.30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
'Corrected figure

Ounces
1,157
547
477
94,921
117,554
375.995
232.630
322.627
271,800
126,604
832,808
369,844
354.711
569.274
10,032
753,938
436,043
647,224
600.631
503,309
885.056
295,511
200,897
206,790
380,532

Week Ended—
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept 21
Sept.28
Oct. 5
Oct. 12
Oct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov.30
Dee, 7

Ounces
64.047
*1,218,247
230,491
115,217
292,719
118.307
254,458
649.757
376,504
11.574
264,307
353,004
103.041
1.054,287
620.638
609.475
712.206
268.900
826.342
359.428
1,025.955
443.531
359,296
487.693

Dec. 15 Financing of United States Treasury—Cash
Subscriptions of $5,370,539,400 Received—$491,389,100 Allotted for 3% Bonds and $476,473,900
for 13/8% Notes—Exchange Subscriptions of $975,607,500 Certificates of Indebtedness Received and
Allotted
The Treasury Department announced on Dec. 12 that
cash subscriptions of $5,370,539,400 were received to its
Dec. 15 offering of $450,000,000 of 3% Treasury bonds of
1949-1952 and $450,000,000 of 13/% Treasury notes of
Series E-1936. The subscriptions for the 338% bonds,
dated Dec. 15 1934 and due Dec. 15 1952 but redeemable at
the option of the United States on and after Dec. 15 1949,
totaled $2,334,469,500 of which $491,389,100 were allotted,




3733

Financial Chronicle

Volume 139

while those for the 13/8% notes, dated Dec. 15 1934 and due
June 15 1936, amounted to $3,036,069,900. The allotments
in the case of the latter issue totaled $476,473,900.
The Treasury also made known the exchange subscriptions of maturing 23.70 Treasury certificates of indebtedness of Series TD-1934 for 13
,% Treasury notes of Series E1936 and 23/8% Treasury notes of Series A-1939, dated
June 15 1934 and due June 15 1939. A total of $210,199,500
of the certificates were tendered for the 13'% notes, and
$765,408,000 for the 23/8% notes, the Treasury said. All
she exchange subscriptions were allotted in full. The outttanding 23.I% certificates of indebtedness, which mature
to-day (Dec. 15), amount to $992,496,500. Those certificates not exchanged for the Treasury notes, totaling $16,889,000, will be paid off in cash.
The Treasury's Dec. 15 financing was referred to in our
issue of Dec. 8, pages 3564-3567. The 33/8% bonds were
offered only for cash in amount of $450,000,000 or thereabouts; the 13/8% notes were offered for $450,000,000 in
cash and in exchange for the maturing certificates of indebtedness, with the right reserved by the Secretary of the Treasury
to increase the offering by an amount sufficient to accept all
subscriptions of the certificates; the 2% notes were offered
only in exchange for the certificates, the amount of the offering being limited to the amount of certificates tendered.
The 23/i% notes are an addition to and form part of a series
of notes issued on June 15 1934, and are identical in all
respects therewith except that interest on the additional
notes issued will accrue from Dec. 15 1934, instead of June
15 as in the case of the earlier issue.
The books for the receipt of cash subscriptions to the
financing, were, as noted in our issue of Dec. 8, closed on
Dec. 3, the first day they were opened. The books for the
exchange subscriptions were closed on Dec. 6. The subscriptions to the offering, the Treasury announced, were
divided among the Federal Reserve banks and the Treasury
as follows:
3li% TREASURY BONDS OF 1949-1952
Subscriptions
Received

Federal Reserve District—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas_
San Francisco
Treasury
Total

Subscriptions
Allotted

$105,772,550
1,153,531,100
150,161,650
133,854,700
90,110,350
100,158,600
181,024,750
60,931,500
14,382,400
51,402,200
63,126,100
176,982,700
30,900

333,113,603
224,204,500
30.513,500
29,069.200
18,586,350
23,974,600
42,921,050
16,969,400
5,577,400
14,302,300
17,223.200
34,903,100
30.900

52,334.469,500

$491,389,100

% TREASURY NOTES OF SERIES E-1936

Federal Reserve District—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury

Total Cash
Subscriptions
Received
5189,587.500
1,450,222,900
185,565,400
201,292,000
132,939,500
98,886,900
287,435,900
72,900,300
52,846,500
82,481,200
70,038,300
211,861,500
12,000

Total Exchange
Subscriptions
Received

Subscriptions
Allotted

$10,375,000
148,868,000
1,965,500
2,226,500
2,681,500
77,000
36,519,000
736,500
1,081,000
2,266,000
66,000
3,277,500
60,000

340,978,000
363,150,000
29.034,900
32,013,500
24.314.500
18,310,400
85,125,700
15,058,800
10,560,000
18,936,200
14,714,400
34,945,000
72,000

'5686,673,400
3210,199.000
53,036,069,900
Total
* Includes $210,199,500 eNchange subscriptions, which were allotted in full.
2'4% TREASURY NOTES OF SERIES A-I939
(Additional issue)
Total
Total
Subscriptions
Subscriptions
Received
Received
Federal Reserve District— and Allotted
Federal Reserve District— and Allotted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis

822,706,000
473,903,500
13,623,500
13.141.500
54.554.000
4,696.500
112,811,500
14,011,000

Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total

18 679,000
13,482,000
8,821.500
12,168.000
2,810.000
8765.408,000

Silver Transferred to United States Under Nationalization Order—Totaled 292,358 Fine Ounces During
Week of Dec. 7
Announcement was made by the Treasury Department on
Dec. 10 that 292,358 fine ounces of silver were transferred
to the United States during theweek of Dec. 7 under the ExecutivelOrder of Aug.9 1934, nationalizing the metal. Total
receipts since the Order of Aug. 9 (given in our columns of
Aug. 11, page 858) was issued amount to 109,862,532 fine
ounces. During the week of Dec. 7, the silver, according to
the Treasury's statement, was received as follows by the
various mints and assay offices:

3734

Financial Chronicle
Fine Ounces
4,881
211,088
73,966
1,154
402
867

Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended Dec. 7 1934

292,358

Following are the weekly receipts since the Order of Aug.9
was made public:
Week Ended—
Aug. 17 1934
Aug. 24 1934
Aug. 31 1934
Sept. 7 1934
Sept.14 1934
Sept.21 1934
Sept. 28 1934
Oct. 5 1934
Oct. 12 1934
Oct. 19 1934

Fine Ounces
33,465,091
26,088,019
12,301,731
4,144,157
3,984,363
8,435,920
2,550,303
2,474.809
2,883.948
1,014,127

Week Ended—
Oct. 26 1934
Nov. 2 1934
Nov. 9 1934
Nov. 16 1934
Nov.23 1934
Nov.30 1934_ ,,_
Dec. 7 1934
Total

Fine Ounces
746,469
7,157,273
3,665,239
336,191
261,870
80,662
292,358
109,862,532

Dec. 15 1934

culty. Scientific research, highly trained personnel, expert service are just
as necessary here as in any field of human endeavor. To the extent that
we provide, instead, unscientific methods, poorly trained personnel and
hit-or-miss procedures, we may expect bungling, heart-breaking results.
I am delighted, therefore, that the Attorney-General has called you
together for this conference. The country knows that under his leadership we are getting better results than ever before.
It is heartening and reassuring to the people of the United States that
you have gathered here for this purpose. They are looking to you for
guidance and intelligent leadership. They have a right to expect from you
a constructive program of action in which they as individuals, and collectively as communities and organizations, may participate. It should be a
challenge to you to respond to these expectations.
Two-Fold Task
The task of this thoroughly representative conference is two-fold.
First, I ask you to plan and to construct with scientific care a constantly
improving administrative structure—a structure which will tie together
every crime-preventing, law-enforcing agency of every branch of government—the Federal Government, the 48 State governments and all of the
local governments, including counties, cities and towns.
Your second task is of equal importance. It is one that cannot be
finished in Washington in a week. An administrative structure that is
perfect will still be ineffective in its results unless the people of the United
States understand the larger purposes and co-operate with these purposes.

President Roosevelt Urges United Governmental Action
on Crime—Opening Attorney-General Cummings's
Conference, He Advocates Awakened Public
Opinion to Deal With Problem
United action throughout the Nation in fighting an active
Public Opinion Must Survey Crime as a Whole
war on crime was urged Dec. 10 by President Roosevelt, in
I ask you, therefore, to do all in your power to interpret the problem of
an address in Washington formally opening the crime crime to the people of this country. They must realize the many implies
,
tions of that word
It is not enough that they become interested
conference convened by Attorney-General Cummings, and in One phase only. "crime."
At one moment popular resentment and anger may be
attended by about 600 lawyers, judges, police chiefs, proba- roused by an outbreak of some particular form of crime such, for example.
as
widespread
or at another moment, of appalling kidnappings;
banditry;
tion officers and educators. The President recommended or at another
of widespread drug peddling; or at another of horrifying
the creation of an improving administrative structure which lynchings.
It is your positive duty to keep before the country the facts in regard
"will tie together every crime-preventing, law-enforcing
crime as a whole—great crimes, lesser crimes and little crimes—to build
agency of every branch of the Government—the Federal to
up a body of public opinion which. I regret to be compelled
say, is not
Government, the 48 State governments, and all of the local In this day and age sufficiently active or alive to the situationtoin which we
find
ourselves.
governments, including counties, cities and towns." The
I want the backing of every man, every woman and every adolescent
second important task of the crime experts, he said, is to child
in every State of the United States and in every county of every
seek to interpret the problem of crime to the people of State—their backliag for what you and the officers of law and order are
trying
to accomplish.
the United States, and to make them realize the manifold
The
interest and assistance of the organizations here repreimplications of crime in this country. American public sented sustained
can become a public service of high significance in the social life
opinion, he added, is not yet sufficiently aware of the true of the Nation—a service to which the American people, I am confident.
situation. Other speakers at the opening session of the will not fall to respond.
conference included Mr. Cummings and former Secretary of President
Roosevelt to Seek Legislation Removing
State Henry L. Stimson. The Attorney-General remarked
Excess War Profits—Appoints Committee Headed
that crime has become increasingly serious within the past
by B. M. Baruch to Survey Subject
few years and is now "a graver menace to the Nation than
President Roosevelt plans to seek legislation which will
could possibly have been true only a few decades ago." remove excess profits from war, he announced at his press
Mr. Stimson said the problem is a "real emergency" which conference on Dec. 12, and made public the personnel of
challenges national efficiency in the face of the world. The a committee, under the Chairmanship of Bernard M.
President's opening address follows:
Baruch, which will draft legislation for this purpose. General
During the past two years there have been uppermost in our minds
Hugh S. Johnson, former Recovery Administrator, and six
the problems of feeding and clothing the destitute, making secure the
Cabinet members will also serve on this committee.
foundations of our agricultural, industrial and financial structures and
releasing and directing the vital forces that make for a healthy national
The President's announcement was criticized on Dec. 12
life. As a component part of the large objective we include our constant
by Senator Nye, Chairman of the Senate Committee which
ourselves
struggle to safeguard
against the attacks of the lawless and the
is conducting an inquiry into the munitions industry, who
criminal elements of our population.
Relentlessly and without compromise the Department of Justice has
charged that Mr. Roosevelt's action represented an attempt
moved forward in its major offensive against tnese forces. With increasing
"to cheek and halt" the investigation pursued by his Comeffectiveness. State and local agencies are directing their efforts toward the
mittee. Other members of the Senate Committee warned
achievement of law enforcement; and with them, in more marked degree
than ever before, the Federal Government has worked toward the common
thaf the munitions inquiry would not be "side tracked"
objective.
on the presentation of "inconclusive recommendations"
It is a privilege to pay tribute to the men and women who, in many
before the investigation has been completed.
capacities, official and otherwise, have contributed to our growing success.
To a much greater extent than is generally realized our law enforcement
We quote, in part,from a Washington dispatch of Dec. 12
officers throughout the country have rendered devoted, conscientious and
to the New York "Herald Tribune," describing the Presieffective service, often under exasperating and hazardous circumstances.
dent's announcement and the reaction to it in official circles:
Their effectiveness has, unfortunately, been impaired because of inadequate organization, unscientific administration and lack of public support
and understanding. In many instances, we may as well frankly admit.
bandits have been better equipped and better organized than have the
officials who are supposed to keep them in check. This is particularly
true because of the lack of co-ordination between local agencies within
the States.
It is, also, contributed to in serious measure by the lack of facilities for
training skilled men for the work of detection,apprehension and prosecution
of accused persons, and by similar lack of facilities for the study and supervision of certain types of criminals capable of rehabilitation.
It is important, too, that we recognize clearly the increasing scope and
complexity of the problem of criminal law administration. Undoubtedly
there are unfortunate aspects of our national life which seriously threaten
the American home, increase the danger of juvenile delinquency and
multiply offenses against the good order of society.
The regulation of the illicit traffic in drugs, the prevention of commerce
in stolen goods, and generally, the interstate character of offenses attributable to the roving criminal have presented national problems against which
primitive forms of law enforcement are relatively powerless.
It is equally necessary that we realize the importance of common action
all along the line—starting with crime prevention itself and carrying this
common action all the way through to prosecution and punishment.
Effective detection of criminals may be rendered useless by ineffective
prosecution or by unintelligent judicial disposition. Beneficent and promising/procedures,such as probation and parole, may become actually sources
of danger if ignorantly or indifferently administered. So, too, reliance on
mere repression cannot take the place of intelligent training and guidance
of youth.
We have come to a time when our need is to discover more fully and to
direct more purposefully into useful channels that greatest of all natural
resources, the genius of the younger generation. Crime is a symptom of
social disorder. Widespread increase in capacity to substitute order for
disorder is the remedy.
This can come only through expert service in marshaling the assets of
home, school, church, community and other social agencies to work in
common purpose with our law enforcement agencies. We deceive ourselves
when we fail to realize that it is an inter-related problem of immense diffi.




The President's action received a more cordial reception from Colonel
William J. Donovan, counsel for the du Ponta in the current investigation,
who promptly pointed out that Lammot du Pont had formally proposed
legislation removing the excess profits from war.
Late this afternoon, after the President's committee, which includes
six Cabinet members and General Hugh S. Johnson, had been organized
In a meeting in his office. Mr. Baruch said that the committee was purely
advisory and that, of course, it intended to seek the advice of leaders
in Congress. Whether the committee could win the confidence of the
Senate Munitions Committee was considered doubtful, however. Mr.
Baruch's own views on taking the profit "incentive" out of war have been
widely publicized and have been severely criticized in more liberal quarters.
*5*
The President specifically requested reporters not to interpret his announcement as a preparedness statement. That would be inaccurate,
he said. He said that he was taking up the subject now because the
Senate Committee had focused public attention on it and because the
United States was now at peace and saw no war clouds.
Nevertheless, it was frequently remarked in Washington to-day that
the statement probably would be construed in various foreign lands as
preparation for the contingencies of war, and there was speculation, in
particular, as to how it might affect the future of discussion of naval limitation and the Pacific treaties.
The President views the unequal mobilization in the World War as
one of the reasons for the demands of the veterans which are still a powerful political factor. The American Legion has for years advocated the
adoption of a "universal service act" providing for the conscription of
capital and industry as well as man power in time of war. In a formal
statement issued to-night, Frank N. Delgrano, Jr., National Commander
of the Legion, said that if such were the President's purpose, the Legion
would support him whole-heartedly.
General Johnson Named to Board
One of the aims which the President achieved to-day was the re-enlistment of the services of General Johnson, former National Recovery
Administrator. General Johnson, who was a luncheon guest at the White
House Sunday,served under Mr.Baruch in the War Industries Board during

Volume 139

Financial Chronicle

the war and was associated with him in the subsequent drafting of general
mobilization plans for the next war. It is generally expected that he
will serve as a sort of Executive Secretary under Mr. Baruch. General
Johnson's appearance at the White House Sunday was the first since he
submitted his resignation from the National Recovery Administration in
September.
Other members of the Baruch committee are:
Cordell Hull, Secretary of State; Henry Morgenthau, Jr., Secretary of
the Treasury; George H. Darn, Secretary of War; Claude A. Swanson,
Secretary of the Navy; Henry A. Wallace. Secretary of Agriculture; Miss
Frances Perkins, Secretary of Labor; Henry L. Roosevelt, Assistant
Secretary of the Navy; General Douglas MacArthur, Chief of Staff of the
Army; Joseph B. Eastman, Federal Co-ordinator of Transportation, and
George N. Peek, Special Adviser to the President on Foreign Trade.

Associated Press advices from Washington on Dec. 12
listed as follows certain recommendations of the War Policies
Commission submitted to the White House in March 1932,
and upon which President Roosevelt's new committee will
probably concentrate study:
That the Congress should empower the President, in the event of war,
to institute a program under which prices may be stabilized and thereafter
adjusted at such levels as will minimize inflation and will secure to the
Government the use of any private property needed in the prosecution of
the war without affording the owner thereof profit due to the war.
In addition to all other plans to remove the profits of war, the revenue
law should provide that, upon any declaration of war and during the
period of such emergency, individuals and corporations shall be taxed
95% of all income above the previous three-year average, with proper
adjustments for capital expenditures for war purposes by existing or new
industries:
In time of peace continuous planning by the Federal Government,
particularly by the War and Navy Departments, should be directed toward
insuring:
That there shall be no competitive bidding between Government agencies
for the products of industry.
There shall be no placing of contracts in excess of needs.
That cost-plus percentage methods of purchase shall be eliminated.
That the munitions production load shall be distributed properly over
the United States.

3735

It is with the greatest appreciation that I receive from your hands the
medal of the Pan-American Society, particularly because it comes to me
from an institution which was formed over 22 years ago and which has
devoted its efforts ever since to the development of mutual knowledge
and understanding and true friendship among the American Republics
and their peoples.
You have through your hospitality to visitors from tne other republics
to the United States and through your constant attention to the development
of closer cultural and educational relations with our neighbors to the south
been one of the links in the chain of attachment to our sister republics
which has fortunately helped so greatly in the promotion of good feeling
between us.
I see among you certain members who, in addition to the helpful attention they have given to the aims of your society, are also devoting themselves now to provide practical means of insuring the continuance of
amicable relations between the American Republics through the means
of the Inter-American Commercial Arbitration Commission.
I have been very much interested to learn of the substantial establishment
of this commission and I look to it with great hope and fully confident
that through its measures of friendly and reliant facilities it will afford
an opportunity to harmonize the relations between the citizens of our
American Republics in a phase of their relations which does not lie within
the sphere of activities of our several Governments.
Permit me to thank you and through you the members ofthe Pan-American
Society for this expression of support in a policy which has long been close
to my heart and the fulfillment of which I have considered one of the
greatest privileges of this office.
•

President Roosevelt Creates Federal Corporation to
Supervise Prison Manufacture of Goods—Executive Order Names Five Directors of New Board
President Roosevelt, on Dec. 12 issued an Executive
Order creating an organization known as Federal Prison
Industries, Inc. with a directing committee of five persons.
This action, taken under a Congressional authorization of
last June, was designed to settle the protracted dispute over
competition between prison-made goods and the products
of normal industry. The following men were named direotors of the corporation:

of
Senate Munitions Investigating Committee Continues
Sanford Bates, Director of the Bureau of Prisons of the Department
Hearings—Data Offered to Show Huge Individual Justice.
City.
York
New
of
leader
and Corporate Profits in United States During
Thomas A. Rickert, an industrial
of the
John P. Miller of Susquehanna, Pa., farm leader and President
World War
Co-operative Council.
National
Cont:nued hearings of the Senate Munitions Committee
Techof
School
Dr.
r. M.L. Brittain of Atlanta, President of the Georgia
this week were devoted largely to the activities of chemical
manutacturers, and in particular to their sales negotiations nology.Sam A. Levrlsohn of New York City, Vice-President of the Miami
with foreign nations. Resumption of the munitions in- Copper Co.
Mr. Roosevelt said at a press conference on Dec. 12 that
vestigation was noted in our issue of Dec. 8, page 3570-71.
members represented industry, labor, agriculture, rethe
Investigators for the Committee revealed on Dec. 13 that
as one unit, and the Attorney General.
during the World War 181 individuals in the United States tailers and consumers
President's order were noted as follow
the
of
contents
The
had annual net incomes of more than $1,000,000, while
of Dec. 12 to the New York
dispatch
datt regarding a number of corporations is said to show that in a Washington
"Times":
some companies manufacturing war materials made profits
power
said corporation," read the President's order, "shall have
rang'ng up to as much as 362% on invested capital in a to"The
determine in what manner and to what extent industrial operations
of the
singe year during the war period.
shall be carried on in the several penal and correctional institutions
shall, so far as practicable, so diversify prison industrial
Evidence at the hearing on Dec. 10 indicated that "com- United States, and
undue
operations that no single private industry shall be forced to bear an
m'ssions" had been paid to military and civil officers in burden of competition with the products of the prison workshops."
President Roosevelt also directed that the heads of executive departEurope, Latin America and China to promote the sales of
governments, independent establishments and government-owned and
war materials.
carrying
ment-controlled corporations co-operate with the corporation in
the
prices,
The profit as high as 362% was listed, in some cases, in out its duties and purchase, at not to exceed current market
perthe year 1918. The Committee reported profits of between products or services of prison Industries, to the extent requirekor
by law.
be
20 and 70% on invested capital for several leading munitions mitted
.
to
The Secretary of the Treasury was directed to transfer to a fund
manufacturers and shipbuilding companies. Much of these known as "toe Prison Industries Fund" all balances standing to the credit
of
books
thegreasurV
the
Working Capital Fund on
profits was said to have been based on the cost-plus-10% ofthe Prison Industries
any„earning
and the corporation was authorized to employ this fund, with
system used in awarding war contracts.
as its operating capital.
accrue,
hereafter
which might
It was stated in Associated Press accounts from Washington Dec. 13 that Alger C. Hiss, the investigator who con- Senator Glass Confers with President Roosevelt—
ducted the inquiry, developed that in many cases the profits
Former Sees Little Need for New Banking Legislation at This Time—Senator Fletcher Also Rewere made on cost-plus contracts and that, in some instances,
gards Drastic Changes as Not Needed—Adminiscash was advanced to the companies by the Government
Bill In Course of Preparation
tration
to finance their production. The same accounts said:
brief conference which Senator Carter Glass
a
Following
Hiss
statistics
introduced
that
net
47
showing
Mr.
persons reported
had with President Roosevelt on Dec. 11, Mi. Glass inditaxable incomes of $1,000,000 or more in 1917 who had not previously
appeared on the million-dollar list.
cated that he had discussed legislative matters briefly with
the President; Senator Glass expressed it as his view that
President Roosevelt Receives Medal from Pan-American there is little need now for additional banking legislation,
Society for Promoting Friendliness Among Ameradded that he had told the President that he thought
ican Republics—Praises Work of Organization in and
"just as important for Congress to prevent evil legiswas
it
Acceptance Speech
The Pan-American Society on Dec. 12 presented President lation as to enact good legislation."
On Dec. 10 Senator Fletcher, Chairman of the Senate
Roosevelt with a medal to mark his work in promoting
and Currency Committee, after a talk with PresiBanking
friendliness and co-operation of American Republics. The
had the following to say on the question of
Roosevelt
dent
a
22
by
of
delegation
members, headed by
medal was given
bank
legislation:
John L. Merrill, President of the organization. The PresiMy impression is that we do not need any drastic legislation at this time.
dent, in accepting the medal, praised the Society's efforts There Is no necessity for it, as we have got legislation now in effect that
to promote a better understanding among countries in the covers the situation so far as we can now foresee.
There may be some amendments offered to clarify the banking situation,
Western Hemisphere. Referring to the recent formation of but
I think all legislation will be of a very minimum and minor character.
the Inter-American Commercial Arbitration Commission, Later on, we may go into the question of changing the whole banking
Mr. Roosevelt said that he anticipates that this group "will situation.
In Washington advices published in the "Wall Street
afford an opportunity to harmonize the relations between
the citizens of our American Republics in a phase of their Journal" of Dec. 11 it was stated that the Administration
relations which does not lie within the sphere of activities is drawing an omnibus bill which will contain all its recomof our several Governments." The President's remarks mendations for banking changes. In part the account also
said:
follow:




3736

Financial Chronicle

The creation of a joint Congressional committee in which to sidetrack
proposals running counter to the Administration's wishes is under consideration in both Congressional and Administration circles.
Secretary of the Treasury Morgenthau has been conferring for several
days with the chairmen of the Congressional banking and currency committees. Representative Steagall of Alabama and Senator Fletcher of
Florida. He has discussed the Treasury's plans for changes in the banking
law. These changes, he told the press, will be incorporated in "the"
banking bill. Reports drawn up by Dr. Jacob Viner and his assistants,
who have been studying various phases of toe banking structure, are being
prepared for the Secretary's use as the basis of possible recommendations.
StrengthenAU.O.A.Powers
Many of the Administration's ideas tend in the direction of strengthening the Federal Government's banking powers, of co-ordinating the
work of the various banking and spending agencies, and of simplifying the
problem of Federal supervision of banking.
Greater powers of regulation and veto for the Federal Reserve Board,
co-ordination of tee work of the board, the Treasury, the Reconstruction
Finance Corporation, and Federal Deposit Insurance Corporation, and
the Comptroller of the Currency, and uniformity of bank examinations
and bank supervision are some of the problems being discussed.
The creation of a board or committee to perform this consolidation of
functions, or the enlargement of the size and power of the Federal Reserve
Board will probably be accomplished. Examinations are expected to be
placed under the single authority of the Comptroller of the Currency.
The joint congressional committee under consideration would be composed of six members of the Senate banking and currency committee and
six members of the House committee. It would be established to pursue
lines of thought opened up by replies to the questionnaire recently sent
out by Senator Fletcher to his friends in the banking community, and to
head off unwanted legislation. It probably would prove a resting-place
for many radical proposals.

The replies received by Senator Fletcher to the questionnaire were referred to in our issue of Dec. 8, page 3563.
United States Supreme Court Considers Cases Involving
Constitutionality of Automobile Retailing Code
and Petroleum Pact—Hears Arguments in East
Texas Oil Case—Will Review Attack on Used Car
Price-Fixing
The United States Supreme Court on Dec. 10 began immediate consideration of two important pieces of recovery
legislation, when it took under review a suit challenging
the provisions of the automobile retail code fixing the turnin allowance on used cars toward the retail price of new
ones, as well as hearing an argument in the attack of East
Texas oil producers and refiners against provisions of the
petroleum code, which, they contend, are unconstitutional.
The case under the automobile code was brought by the
Spielman Motor Sales Co. of New York City, which had
originally sued District Attorney Dodge of New York
County in injunction proceedings. United Press Washington advices of Dec. 10 listed the principal features of these
two cases as follows:
While the petroleum case involves a direct test of many features of the
recovery laws, there are many jurisdictional questions also involved which
may cause the court to decide on other questions than the actual merits.
The Spielman case presents a much more direct test and challenges the
validity not only of the New York State Industrial Recovery laws but also of
the National Industrial Recovery Act and the automobile code itself.
In the petroleum case, J. N. Saye, representing oil men, charged that in
passing on to the President the power to make codes of fair competition
for the oil and other industries, Congress exceeded its power. He also
challenged the power of Congress to enact legislation which controlled purely
intra-State Acts.
In the Oklahoma proration cases, where the court held the State could
control production, Mr. Saye argued, the court found that even though oil
Immediately found its way into inter-State commerce, still its production
was an Intra-State matter over which the State had jurisdiction.
Justice Hughes Leads Questioning
Lively questioning by Supreme Court Justices marked progress of the
argument in the oil cases.
Chief Justice Charles Evans Hughes took the lead in questioning Mr.
Saye.
He appeared especially interested in Mr. &aye's contention that Congress
had no authority to delegate power to President Roosevelt to limit interState shipments of oil.
"Does the authority depend on the finding of any particular facts?"
Justice Hughes asked.
"Congress apparently just gave him the power," Mr. Saye answered.
"Does his authority depend on the fact there is an excess production?"
Justice Hughes inquired.
"I take it for granted that he was required to find that certain facts
existed before he acted," Mr. Saye answered.
Justice Willis Van Devanter, leader of the so-called conservative members
of the bench, questioned the attorney on the inadvertent omission of penalty
provisions from the President's first Executive Order.
This oversight was uncorrected for several months and there were no
legal penalty provisions in the order at the time the oil companies' suits
were brought. For this reason some legal experts have indicated a belief
that the court may dismiss the cases for lack of jurisdiction.

Automobile Labor Board Announces Plan for Employees' Elections to Determine Collective Bargaining Representatives—A. F. of L. Criticizes
Proposed Method as "Illegal"—First Balloting at
Cadillac Plant in Detroit
President Roosevelt's Automobile Labor Board on Dec. 7
announced the details of a plan to enable employees in the
automobile industry to elect representatives for the purpose
of collective bargaining. The Board; composed of Dr. Leo
Wolman, Nicholas Kelley and Richard L. Byrd, said that




Dec. 15 1934

within a few weeks the first of a series of plant elections
will be held, with the initial balloting in the Cadillac division
of the General Motors Corp. at Detroit. The Board was
created by President Roosevelt last spring, and was instructed to seek to establish peaceful relations between the
workers and the automobile companies. The United Automobile Workers Federal Labor Union, a branch of the American
Federation of Labor, on Dec. 8 issued a statement criticizing
the Automobile Board's plan, and declaring that the "proportionate representation" feature of the plan is "illegal."
The Federation, the statement said, "Is beaten even if it
wins." Associated Press advices from Detroit, Dec. 7, outlined the principal provisions of the plan as follows:
Declining to be quoted as to what they hoped the plan would achieve,
the Board indicated that it sought every co-operation from automobile
manufacturers. In brief, the elections plan guarantees to employees, under
supervision of staffs named by the Board, the right to vote for any man
to represent them in dealings with their employer, regardless of whether
that man is working in the plant or what labor organization he Is
affiliated with.
Plants first will be divided into "districts" or departments. Then a
primary election will be held, with each employee voting for any man
he wants to represent him. The voter may place a designation opposite
his candidate's name, such as "American Federation of Labor" or "Assodated Automobile Workers Union," to show with which organization the
candidate is affiliated.
The two candidates receiving the highest number of votes in the district
will enter the final election, and the one receiving the highest number of
ballots will become a member of the "bargaining agency" to meet and
bargain with employers under rules to be announced later by the Automobile Labor Board.
All men working in the plant may vote, and those employees listed on
payrolls but not working at the time also will be allowed to vote and will
be notified by the Board. This rule was made, said the Board, to forestall
any charge that elections would be held when production is not at a peak
and comparatively few men would be working in the plant.
The Board's election staff, after the final election, will total the votes
to determine whether the representatives chosen for the bargaining body
are truly representative of the plant employees. If it is found that a
majority of men in the plant are in sympathy with American Federation
of Labor principles, but that the election has not given to the Federation
a proportionate share of seats on the bargaining agency, the Automobile
Labor Board may add members to the bargaining group, selecting men
who received the next highest number of votes in the election.
The Board said the new plan would replace any other which has been
used in any plant; that it would be absolutely secret and under a staff
which would see that no undue influence was exerted on employees, and
would be a guarantee that no employee would be discriminated against
because he voted for a candidate in sympathy with a labor organization.
The Board, it was indicated, hoped to make the elections plan a "real
point" toward permanent peace in the industry. Certain details have to
be worked out before the first election date is set. Ballots will be printed
by the Goverrmient, and it will be several months before elections will be
held in every auto plant in the nation.

Decrease Noted in Net Operating Income of Class I
Railroads During First 10 Months of Year as Compared with Same Period 1933
—Clasr1—Failroads—Of—the United--Stares foi:—Efie first 10
n7inthiM71934 had a net railway operating income of
8391,234,826 which was at the annualrate
of return of 1.75%
—
—
.
on their pmEty investment, according to reports _recently
filed lby the carriers with th7Bureau of Railway Economics
4:::1117 Association of American
—--Railroads and made public
Dec. 7. In the first 10 months of 1933, their net railway
operating income was $398,823,841 or 1.77% on their
property investment. In reporting the foregoing the
Association of American Railroads said:
Property investment is the value of road and equipment as shown by
the books of the railways, including materials, supplies and cash. The
net railway operating income is what is left after the payment of operating
expenses, taxes and equipment rentals but before interest and other fixed
charges are paid.
This compilation as to earnings for the first 10 months of 1934 is based
on reports from 147 Class 1 railroads representing a total of 239,209 miles.
Gross operating revenues for the first 10 months of 1934 totaled $2,756.973.536 compared with $2,592,587,825 for the same period in 1933. an
increase of 6.3%. Operating expenses for the first 10 months of 1934
amounted to $2,048,849,186 compared with $1,870,595,233 for the same
period in 1933, an increase of 9.5%.
Class 1 railroads in the first 10 months of 1934 paid $209,389,781 in
taxes compared with $220,894.173 for the same period in 1933, a decrease
of 5.2%. For the month of October alone, the tax bill of the Class 1 railroads amounted to $20,646,435, a decrease of $614.135 or 2.9% under
October, 1933.
Thirty-one Class 1 railroads failed to earn expenses and taxes in the first
10 months of 1934, of which nine were in the Eastern,seven in the Southern,
and 15 in the Western District.
Class 1 railroads for the month of October alone had a net railway operating income of $48,624,984, which, for that month, was at the annual rate
of return of 1.4% on their property investment. In October. 1933, their
net railway operating income was $57,366,045. or 1.71%•
Gross operating revenues for the month of October amounted to $292,902,774 compared with $294,351,512 in October, 1933, a decrease of 0.5%.
Operating expenses in October, totaled $212,571,743, compared with $204,713,070 in the same month in 1933, an increase of 3.8%.
Eastern District
r Class 1 railroads in the Eastern District for the first 10 months in 1934
had a net railway operating income of $229.157.103 which was at the annual
rate of return of 2.19% on their property investment. For the same period
in 1933, their net railway operating income was $240,536,290 or 2.28%
on their property Investment. Gross operating revenues of the Class 1
railroads in the Eastern District for the first 10 months of 1934 totaled

Volume 139

Financial Chronicle

$1.400.488,120 an increase of 5.5% above the corresponding period in 1933,
while operating expenses totaled $1,012,118,050 an increase of 9.3% above
the same period in 1933.
Class 1 railroads in the Eastern District for the month of October had a
net railway operating income of $24,791,300 compared with 527.792,315
In October. 1933.
Southern District
Class 1 railroads in the Southern District for the first 10 months of 1934
income
of $43,656,942 which was at the annual
railway
operating
had a net
rate of return of 1.61% on their property investment. For the same period
in 1933. their net railway operating income amounted to 548,931.139 which
was at the annual rate of return of 1.77% on their property investment.
Gross operating revenues of the Class 1 railroads in the Southern District
for the first 10 months of 1934 amounted to $340,777,099, an increase of
4.8% above the same period in 1933. while operating expenses totaled
5263.518,766. an increase of 8.5%•
Class 1 railroads in the Southern District for the month of October had
a net railway operating income of $4,108,863 compared with $5,336,078
in October, 1933.
Western District
Class 1 railroads in the Western District for the first 10 months in 1934
had a net railway operating income of $118,420,781 which was at the annual
rate of return of 1.29% on their property investment. For the same 10
months in 1933. the railroads in that District had a net railway operating
Income of $109,356,412, which was at the annual rate of return of 1.18%
on their property investment. Gross operating revenues of the Class 1
railroads in the Western District for the first 10 months period in 1934
amounted to $1.015,708.317 an increase of 8.1% above the same period
In 1933, while operating expenses totaled $773,212.370 an increase of 10.2%
compared with the same period in 1933.
For the month of October alone, the Class 1 railroads in the Western
District reported a net railway operating income of $19.724,821. The same
roads in October. 1933, had a net railway operating income of $24,237,652.
CLASS I RAILROADS—UNITED STATES
Per cent
of
1934
1933
Increase
Month of
Month of
or
October
October
Decrease
$292,902,774
5294,351,521
Total operating revenues
0.5 Dec.
212,571,743
Total operating expenses
204,713,070
3.8
20,646,435
21,260,570
2.9 Dec.
Taxes
48,624,984
Net railway operating income
57,366,045
15.2 Dec.
Operating ratio
72.57%
69.55%
Rate of return on property invest1.46%
ment
1.71%
10 Months Ended Oct. 31 1934
Total operating revenues
$2,756,973,838 $2,592,587.825
8.3
Total operating expenses
2,048,8 9, 86 1,870,595,233
9.5
209,389,781
220,894,173
Taxes
5.2%
391,234,826
Net railway operating income
398,823,841
1.9 Dec.
Operating ratio
74.32%
72.15%
Rate of return on property investment
1.75%
1.77%

Freight Rate Hearing Ended—No Decision Likely Until
Latter Part of February
Hearings on the freight rate increase on specific commodities to raise an estimated $176,000,000.have been completed before the Interstate Commerce Commission, and
the next move is the submission of briefs which are due to
be filed by Jan. 4. Oral arguments in the case are scheduled
to be heard between Jan. 9 and 15, and reply briefs are
due by Jan. 24. Indications are that no decision is likely
until the latter part of February.
.1. J. Cornwell Regards Satisfactory Railroad Future
Assured if General Business Recovery and Competitive Carriers Are Regulated by Congress—
B. & 0. Counsel Tells Cleveland Rotary Club
Present Problems Can Be Easily Solved
American railroads need not worry about the future if
there is a moderate recovery in business and if Congress
passes legislation bringing all other forms of transportation under Government regulation, John J. Cornwell, General
Counsel of the Baltimore and Ohio Railroad Company, told
the Rotary Club of Cleveland on Dec. 13. After discussing
the present financial difficulties of the roads in general,
Mr. Cornwell declared that if general business within a
reasonable period returns to 75% of "what we used to
regard as normal," the railroad problem will, in the main,
be solved by such recovery. He added, however, that the
railroads are also hampered by competition on highways
which has affected passenger business more seriously than
It has freight traffic. That competition, he continued, has
come to stay, and "it is inconceivable that the present policy
of the Government in not regulating inter-State traffic on
the highways and 'waterways will be allowed to continue
Indefinitely." Mr. Cornwell said:
What Is the prospect of the Government's adopting a policy of regulating
Certainly it appears to be
the competitive transportation agencies?
better than at any time in the past. I am quite aware that the truck
operators and trucking associations, as well as those who use the inland
watenvays, are bitterly opposed to such regulation. They are prone to
say that the railroads are seeking to destroy the trucks and trucking
business—to drive them off the highways and to exterminate and eliminate
traffic on inland waterways. Of course, that is not true. All the railroads
ask is an open field and a fair fight. Under such conditions, if they can
not survive that is their misfortune. That they are entitled to and no
reasonable man should assert anything to the contrary. Certainly it is
not in accordance with the American spirit of fair play that the railroads
should be regulated as to rates, service, wages, methods of accounting,
and everything else, and that those agencies which compete with them
should be allowed to haul what they want to haul, when they want to
haul it, and at any price they see proper to charge. Nor is it in the
public interest for them to do so. Certainly if it is in the public interest




3737

to regulate the railroads as they are regulated, and the country decided
it was nearly fifty years ago, then by what process of reasoning is it not
in the public interest to regulate other agencies that are competing with
the railroads?

Mr. Cornwell also discussed the alternative future of the
railroads, in the event that business recovery fails to
materialize promptly and Congress fails to pass legislation
regulating other carriers. His remarks on this phase of
the subject are given below, in part:
However, suppose there is no recovery in business and suppose Congress
does not bring other forms of transportation under the Inter-State Commerce Commission? What then? What will be the future of the railroads in that event? The stronger roads will continue to readjust themselves to present conditions by reducing expenses wherever possible and
by modernizing their equipment as speedily as possible. Undoubtedly
many of the railroad companies would be obliged to readjust their capital
structures through receivership or through the medium of the Bankruptcy
Act, which was modified by the last Congress in anticipation of such
eventualities. It would be far better, of course, if the fixed charges
of such carrier companies could be reduced through the reduction of
interest rates on their securities, were this possible, rather than through
the wiping out of securities through receivership. From present indications it is reasonable to believe that in the comparatively near future
bank credits and the volume of money in this country will have expanded
to the point where we may be in for a long period of very low interest
1
2% to
rates. And were the interest rates on railroad bonds reduced to 2/
3% instead of 5% to 6%, as at present, it is entirely possible, with
future low rates of interest on all securities, that such bonds, with
reduced interest rates, might have a market value in the future as high,
or higher, than they have to-day. Of course the difficulty of such
readjustment in interest rates is recognizable, but ought not to be
Insurmountable.

George A. Sloan Resigns as Head of Cotton Textile
Institute—Is Succeeded by G. H. Dorr—Post as
Chairman of Code Authority Unaffected
George A. Sloan, President of the Cotton Textile Institute
since 1929, resigned that post on Dec. 12, but retained his
position as Chairman of the Cotton Textile Code Authority.
The Executive Committee of the Institute announced that
Mr. Sloan would be succeeded by Goldthwaite H. Dorr,
of the law firm of Hines, Rearick, Dorr & Hammond. Mr.
Sloan's resignation becomes effective Jan. 1. The New
York "Herald Tribune" of Dec. 13 added the following regarding the resignation:
In yesterday's statement telling of his resignation the Executive Committee said that Mr. Sloan "has been carrying the double load of the important activities" of both positions. The statement also declared that
"to meet this situation and at Mr. Sloan's request, the Committee has
accepted his resignation as President. . . . This will enable the industry to continue to have the benefit of his effective leadership and activity as Chairman of the Code Authority in the vitally important matters
with which it is dealing."
Mr.Sloan would not elaborate on the prepared statement yesterday. His
associates pointed out that the work had been very heavy and that, upon
being relieved of his presidential duties, he would devote his full time to
the Chairmanship of the Code Authority. Denial was made that Mr.
Sloan planned to accept another offer. He will leave late to-day for Washington, it was announced.
Mr. Dorr, it was stated, consented to succeed Mr. Sloan for the time
being. He has been counsel for the Cotton Textile Institute since its
organization in 1926 and his partner, the late Walker D. Hines, was its
first President. He.will not, however, it was announced, sever his connection with his firm.
Mr. Dorr formerly lectured at Columbia University Law School on
problems involving relationships of business to government. During the
World War he was Assistant Director of Munitions. He recently completed a general economic survey of Turkey in collaboration with Dr.E.W.
Kemmerer.

James1L. O'Neil, of Guaranty Trust Co. of New York,
Named NRA Control Officer
Appointment of James L. O'Neil, operating Vice-President
of the Guaranty Trust Co. of New York, as Control Officer
of the National Recovery Administration, was announced
by the Administration Dec. 6. Mr. O'Neil, who assumed
his duties Dec. 7, has charge of Administration procedure,
financial affairs, office management and personnel, assisting
W. A. Harriman, Administrative Officer. The NRA on
Dec. 6 said:
This important post has been created in the process of reorganization
to increase and maintain operating efficiency. Final authority in matters
of internal management are vested in the office.
Mr. O'Neil's services have been loaned by the Guaranty Trust at the
request of the National Industrial Recovery Board.
The new Control Officer has specialized in personnel management and
co-ordination through a major part of his career. Mr. O'Neil was born in
Pittsburgh In 1881. He entered business with the Bradstreet Co., predecessor of Dun & Bradstreet. Later ne became credit manager of the
Carnegie Steel Co., remaining with that company 22 years. Since 1918
he has been with the Guaranty Trust Co.in charge of organization matters,
operations throughout domestic and foreign branches and personnel.

Harry C. Carr Appointed Acting Division Administrator
of NRA Distributing Trade Division
The National Industrial Recovery Board announced on
Dec. 7 the appointment of Harry C. Carr as Acting Division
Administrator of the Distributing Trades Division to succeed
Robert L. Houston, who resigned recently. Mr. Carr was
Deputy Administrator in charge of the retail section of the
Distributing Trades Division.

3738

Financial Chronicle

Before going with the National Recovery Administration,
he was managing director of the European Marketing Subsidiary Companies of the Gulf Oil Corp., 1928-1932,Assistant
to the President and export Manager of the Sun Oil Co.,
1915-1928, and manager of the Railway Supply Department
of the Simmons Hardware Co., 1911-1914.

Dec. 15 1934

Mr. Grace assumes leadership of the Institute as the first President
under the new form of organization. Walter S. Tower is Executive Secretary, who has active direction of the Institute offices. In addition to
Mr. Girdler, W. A. Irvin, President of the 'United States Steel Corp, is
a Vice-President of the Institute.

The Institute has had no official head since the resignation
of Charles M. Schwab, Chairman of the Bethlehem Steel
Corp., as Chairman last May, reference to which was made
in our issue of May 26, page 3536. The directors of the
Institute at their meeting Dec. 13 presented Mr. Schwab
with a memorial book of appreciation for his service as
Chairman. The book contains the embossed resolutions of
regret adopted by the directors and signed by each of the
32 members of the board. Mr. Schwab headed the Institute
as Chairman since the death of Judge Elbert H. Gary in
1927 until last May.

Appointment of A. G. McKnight as Special Assistant
General Counsel of NRA
In a further move to effect compliance, A. G. McKnight,
Director of the Litigation Division, has been appointed
Special Assistant General Counsel. Mr. McKnight, the
National Recovery Administration announced No. 22, will
make a Nation-wide study of conditions as they relate to the
legal aspects of compliance and enforcement and, on the
basis of this survey, advise and make recommendations to
the National Industrial Recovery Board,the General Counsel Howard Coonley Re-elected President of American
and the Director of Field Administration and Enforcement
Standards Association
Howard Coonley, President of the Walworth Co., was
on legal procedure for solution of enforcement problems.
He will maintain his status as head of the Litigation Division. re-elected President of the American Standards Association
for 1935, it was announced Dec. 12 at the annual meeting
Hiram S. Brown Appointed Special Adviser on NRA of the organization in the Hotel Astor. Frederick E.
Code Budgets
Moskovics, representing the Society of Automotive EngiHiram S. Brown has been appointed Special Assistant to neers, was re-elected Vice-President. Mr. Coonley, who
the Administrative Officer, to act on all matters pertaining represents the American Society of Mechanical Engineers,
to code authority budgets, the National Recovery Adminis- has served two terms as President. J. C. Irwin, Boston &
tration announced No. 22. The Division of Research and Albany RR., and F. M. Farmer, Electrical Testing LaboraPlanning, which formerly passed on all such budgets, will tories, were re-elected Chairman and Vice-Chairman,
continue to act in an advisory capacity, the Administration respectively, of Standards Council.
sa,id, but Mr. Brown's decision will be final. Mr. Brown,
During 1934, it was stated, the American Standards
a graduate of Washington College, was engaged in the Association has reached an all-time peak in membership,
public utility business for 15 years. He was President of the with 47 member-bodies and associate members, representing
United States Leather Co. for four years, and of the Radio- 52 National organizations and 1,244 company members.
—0—.
Keith-Orpheum Corp. for three years. Following the
World War Mr. Brown served as Assistant to the United Fred I. Kent Elected Chairman of Advisory Group of
New York Stock Exchange—John M. Hancock
States Liquidation Commission in France.
Secretary
In a conference held with officers of the New York Stock
W. J. Brown Appointed by NRA as Deputy
Exchange Dec. 12, the Advisory Committee organized by
Administrator
Announcement was made on Nov. 26 by the National the election of Fred I. Kent, of 100 Broadway, as Chairman,
Industrial Recovery Board of the appointment of W. J. and John M. Hancock, of 1 William Street, as Secretary.
Brown, of Washington, as Deputy Administrator in charge The appointment of the Committee was referred to in our
of the paper and pulp section of the Chemical Division. issues of Sept..29, page 1967 and Oct. 17, page 2592. The
Mr. Brown organized the Black & White and Yellow Cab Stock Exchange stated that the Committee will consider
companies in Washington, and was President of the com- any written suggestions submitted to it which affect matters
panies for 13 years. For five years he served on the Board of Exchange policy and public interest.
The announcement regarding the above appointments
of Directors of the Federal-American National Bank. Since
followed
a conference between the 10 members comprising
April 1934, he has been technical adviser to the National
the Advisory Council and officials of the Exchange including
Recovery Administration.
President Richard Whitney, the gathering taking place at a
San Francisco Federal Reserve Bank Re-elects Two dinner given by Mr. Whitney at the Links Club. It was
learned that the conference, which marked the first meeting
Original Directors ,
Charles K. McIntosh, President of the Bank of California of the councilors as an independent unit, brought into disNational Association, San Francisco, and Elmer H. Cox, cussion (we quote from the New York "Times") virtually
President of the Madera Sugar Pine Co. and the Cox Lumber every major question of policy confronting Exchange officials.
Co., were re-elected directors of the Federal Reserve Bank From the same paper we also take the following:
Foremost among these was the functions of the advisory group, to define
of San Francisco on Dec. 1 for three year terms beginning which
last night's meeting was arranged at the instigation of the councilors.
Jan. 1. Both directors are original membei.s of the directorate Other matters discussed, however, included the advisability of according
to
office
of the San Francisco Reserve institution. Mr. McIntosh Board partners of member firms direct representation on the Exchange's
of Governors and the feasibility of
the New York Stock
is a class A director while Mr. Cox serves as a class B director. and Curb Exchanges, as has been done in combining
Los Angeles since the Securities
Edward H. Osgood Appointed Assistant Federal Reserve Agent of Boston Federal Reserve Bank
The Federal Reserve Board has confirmed the appointment of Edward H. Osgood as Assistant Federal Reserve
Agent of the Federal Reserve Bank of Boston, it was announced on Dec. 9 by F. H. Curtiss, Chairman and Federal
Reserve Agent of the Boston Bank. Mr. Osgood, it was
stated, recently resigned as manager of the Boston Loan
Agency of the Reconstruction Finance Corporation.
—0_
Eugene G. Grace Elected President of American Iron &
Steel Institute
Eugene G. Grace. President of the Bethlehem Steel Corp.,
was elected President of the American Iron & Steel Institute
by the unanimous vote of the board of directors of the
Institute, Dec. 13. Tom M. Girdler, Chairman and
President of the Republic Steel Corp., was elected a VicePresident to succeed Mr. Grace in that position. An
announcement issued by the Institute said:
Action of the board of directors Dec. 13 followed changes in the form
of organization of the Institute, chief of which was that the head of the
Institute shall be a President elected from within the industry. In order
that the presidency may be conferred from time to time on various leaders
in the industry; no president can serve more than two years. Formerly
the chief officer of the Institute was the Chairman of the board, which
office has now been abolished.




and Exchange Commission began to function.
No action could be taken upon many of the subjects discussed, but
Exchange officials for the first time received from the full membership of
the council suggestions upon which, it is believed, decisions will be made
later. The announcement that the advisers will consider all suggestions
affecting Exchange policy and public Interest was interpreted as clear-cut
recognition of the responsibility that rests upon them as quasi-public
representatives in the councils of the Exchange.
Since the advisers were appointed in September they have been protesting to Mr. Whitney that if more consequential duties were not given
to them their usefulness might not warrant their continuing to serve. It
is believed now that their new role in Exchange affairs will be more satisfactory to the advisers and that those who nave time to devote to the
Exchange will continue to serve on its council.

Frank Booth and Charles C. Ventres Resign as Assistant Managers of Day Branch of Stock Clearing
Corporation
The Stock Clearing Corporation, affiliate of the New York
Stock Exchange, announced Dec. 13 the retirement of Frank
Booth and Charles C. Ventres, as Assistant Managers of
the Day Branch. A testimonial dinner was given in their
honor on Dec. 12, at which the retiring managers were
presented with gifts on behalf of their associates. Laurence
G. Payson, President, and Duncan MacGregor, former
Manager, spoke briefly. Mr. Booth joined the employ
of the Stook Exchange in 1892, at the time of the formation
of the Clearing House, which later became the Stook Clearing Corporation. He was appointed Assistant Manager

Volume 139

Financial Chronicle

in June, 1919. Mr. Ventres was appointed Assistant
Manager in January of 1920.
Symposium on "The Fate of Our Foreign Investors"
to Be Conducted Over Columbia Broadcasting
System—Discussion by Dr. H. Parker Willis and
Dr. Max Winkler Scheduled for Dec. 26
An authoritative discussion on "The Fate of Our Foreign
Investors" will be conducted in symposium form over the
WABC-Columbia network Dec. 26, from 4:30 to 5:00 p. m.,
Eastern Standard Time,by H.Parker Willis and Max Winkler.

3739

Minister to Czechoslovakia from July 1933 until he resigned in December
1933.
Following his resignation as Minister to Czechoslovakia he became
Assistant Vice-President of the International Telephone and Telegraph
Corp., and Vice-President of the Postal Telegraphic and Cable Corp.,
from which positions he resigned to become the Executive Vice-President
and Secretary of the Foreign Bondholders Protective Council.

Group of Industrialists Named by National Association
of Manufacturers to Meet With Committee of
United States Chamber of Commerce to Develop
Program of Recovery
C. L. Bardo, President of the National Association of
Manufacturers, announced on Dec. 8 the appointment of
Professor Kemmerer of Princeton University Scheduled a group of nationally known industrialists to meet with a
to Speak Over Columbia Broadcasting System similar business committee of the Chamber of Commerce
Dec. 19 on "A Balanced National Budget—or of the United
States to develop a program of recovery
Inflation"
Prof. Edwin Walter Kemmerer of Princeton University, "upon which all business elements of the country may
unite and co-operate with the Government."
will speak to a nation-wide radio public over the WABCA resolution authorizing Mr. Bardo to name the comColumbia network Dec. 19, from 11:45 p. m. to 12:00 M.,
Eastern Standard Time, on what the country may expect if mittee was adopted by the annual convention of the assoinflation is adopted. His talk is entitled "A Balanced ciation last week, which ratified the "Platform for American
National Budget—or Inflation." Professor Kemmerer, Industry." The resolution authorizing the joint conference
stated that the program for the future should not be inwho will speak under the auspices of the National Economy
League, is Director of the Bureau of Internatonal Finance, consistent with the principles of the platform. Silas Strawn
Chairman cf the Chamber committee. The
at Princeton and in recent years has served as financial ad- of Chicago is
following
compose
the Committee named by Mr. Bardo,
viser to the governments of Mexico, Turkey, Poland, China,
who will serve as a member:
Chile and several other South American countries.
Chamber of Commerce of State ot New York Entertains
Wives of Members
For the second time in 166 years, the wives and daughters
of members of the Chamber of Commerce of the State of
New York and women friends of their families were guests
of the Chamber Dec. 12 at a reception and tea given by
officers and members of the executive committee. The
guests, numbering about 300, were escorted throughout the
Chamber's building at 65 Liberty Street by members who
showed them the collection of 250 oil paintings, the library
with its thousands of business references and historical
documents, and other objects of interest.
Death of Manuel Marquez Sterling—Cuban Envoy to
Washington Was 62 Years Old
Dr. Manuel Marquez Sterling, Cuban Ambassador to the
United States, died in Washington on Dec. 9, after an illness
of three months. He was 62 years old and had been Ambassador to this country since Jan. 31 1934. Among his
accomplishments was the negotiation of the abrogation of
the Platt Amendment last August. Three months ago he
aided in negotiating the first reciprocal trade agreement
between Cuba and the United States. The New York
"Herald Tribune" of Dec. 10 summarized his career, in part,
as follows:

Robert L. Lund, of St. Louis, Chairman of the board of the National
Association of Manufacturers, and Executive Vice-President, Lambert
Pharmacal Co., Chairman.
Laminot du Pont, President. E. I. du Pont de Nemours & Co.. Wilmington.
W. B. Bell, President, American Cyanamid Co., New York City.
Lewis H. Brown, President, Johns-Manville Co., New York City.
George H. Houston, President, Baldwin Locomotive Works, Philadelphia.
Charles R. Hook, President, American Rolling Mill Co., Middletown,
Ohio.
John J. Raskob, New York City.
Malcolm Muir, President, McGraw-Hill Publishing Co.. New York City.

The following is the resolution adopted by the Association
authorizing the appointment of the Committee:
A program of recovery, upon which all business elements of the country
may unite and co-operate with the Government, is of the utmost importance.
Therefore, Be It Resolved, that the President of the National Association
of Manufacturers be requested to appoint a committee to act Jointly with
a similar committee of the United States Chamber of Commerce in calling
a meeting for the development of a program, not inconsistent with the
principles of the resolutions this day approved. It is recommended these
committees Jointly invite other representative business men to constitute
a larger committee to formulate such a program.

C. L. Bardo Re-elected President, National Association
of Manufacturers—Robert L. Lund Continues
as Chairman of Board
C. L. Bardo, of Clementon, N. J., was on Dec. 7 reelected President of the National Association of Manufacturers for the ensuing year. He was first elected President
Senor Sterling, whose full family name was Manuel Marquez Sterling y
last year, succeeding Robert L. Lund, of St. Louis, ExecuLoret de Mola, was regarded in diplomatic circles in Washington as one
tive Vice-President of the Lambert Pharmacal Co. Mc.
of Cuba's most able statesmen. He was serving his second term as
Ambassador to the United States, and previously had served twice as
Lund, at the Dec. 7 meeting, was elected to his second term
Cuban Ambassador to Mexico and as Minister to Argentina, Peru and
as Chairman of the board, and eight Vice-Presidents were
Brazil. He also was distinguished as a Journalist, having founded two
selected.
Cuban newspapers and written many books on Cuban history and politics.
Probably his greatest diplomatic feat was his negotiation of the treaty
The elections took place at the first meeting of the new
by which the United States renounced its right to intervene in Cuban affairs
board of directors, which was elected at the annual conwhenever it deemed fit, a power given that nation by the Platt amendment
vention of the Association last week.
soon after Cuba's liberation from Spain in the Spanish-American War.
In re-electing Mr. Bardo the board passed a formal
This treaty, signed in May and ratified by Congress soon after, gave the
Insular republic for the first time an equal statue among all nations as a
resolution
praising his effective work during the past year
sovereign power and was the first fruit of the "good neighbor" policy
in drawing industry together into a more compact unit and
proclaimed by President Roosevelt and Secretary Hull.
The Cuban-American reciprocal trade treaty, the first drawn under the
developing the "Platform for American Industry" which
special tariff bargaining powers granted the President by Congress, became
was ratified by the convention. Mr. Bardo, who has risen
effective three months ago, largely through Senor Sterling's efforts. It
to his present post from a beginning as a railroad telegraph
gave Cuban sugar and winter vegetables tariff concessions, in return for
operator when he was 17 years old, retired from active
which Cuba cut duties on specified American farm and manufactured
products.
business life last month. He is 67 years old. Before
President Roosevelt on Dec. 11 cabled to President Men- retiring he was President of the New York
Shipbuilding
dieta of Cuba condolences on the death of Ambassador Corp., Camden, N. J. He still retains his position as a
Sterling. The President's cablegram read as follows:
director of the Allis-Chalmers Co., but during the coming
"I send you and the people of Cuba my sincere condolences on the death
year will give much of his time to carrying forward the
distinguished
Marquez
Sterling,
Ambassador,
Manuel
whose
high
your
of
program of the nation's manufacturers as contained in
qualities and personal charm won any friendship and esteem and that
of all my official associates. Cuba has lost a loyal servant and an interthe "Platform." Before becoming President of the New
national Jurist of the highest standing."
York Shipbuilding Corp. Mr. Bardo was General Manager
of the New Haven RR.
Francis White Elected Executive Vice-President and
In addition to Mr. Bardo and Mr. Lund, two ViceSecretary of Foreign Bondholders Protective
Presidents of the Association were re-elected and eight
Council
At a meeting held December lithe Executive Committee others added. Those re-elected were George H. Houston
of the Foreign Bondholders Protective Council, Inc. elected of Philadelphia, President of the Baldwin Locomotive
Francis White as its Executive Vice-President and Secretary. Works, and Charles R. Hook, of Middletown, Ohio, President of the American Rolling Mill Co. Those added were:
The Council announced:
Mr. White was Chief of the Latin American Division of the Department of
State in Washington from 1922 to 1926: Counselor of the Embassy at
Madrid. Spain, 1926-1927; Assistant Secretary of State 1927-1933; and




F. W. Lovejoy, President of the Eastman Kodak Co., Rochester, N. Y.
Walter J. Kohler, President, Kohler Co., Kohler, Wis., a former Governor of Wisconsin.

3740

Financial Chronicle

Dec. 15 1934

F. H. Willard, President. Graton Sr Knight, Worcester, Mass.
H. M. Burns, Vice-President, General Mills. Minneapolis. Minn.
W. T. Holiday. President, Standard 011 Co. of Ohio, Cleveland. Ohio.
C. S. Davis, President! Borg-Warner Corp., Chicago.
S. BayardColgate, President, Colgate-Palmolive-Peet Co., Jersey
City. N. J.
Robert B. Henderson. President, Pacific Portland Cement Co., San
Francisco, Calif.

where new capital may profitably be employed. The presence of an open
market, with assured opportunity to sell securities if the owner, for any•
reason at all, wishes to do so, is a powerful factor in inducing original
investment. The security market guarantees for the owner of funds the
right to change his mind. It is just as important and, socially, just as
beneficial as the corresponding right of the farmer to alter his rotation
or the working man to change his job.

The officers constitute the Executive Committee, with
W. R. Webster, Chairman of board of the Bridgeport
Brass Co., Bridgeport, Conn.; George McNeir, Chairman
of board, Mohawk Carpet Mills, New York; W. Gibson
Carey, Jr., President, the Yale & Towne Manufacturing
Co., New York; Malcolm Muir, President, McGraw-Hill
Publishing Co., Inc., New York. Mr. Lund is also Chairman of the National Committee on Economy in Government, and is a member of the Planning and Advisory Council
of the Commerce Department. He was one of the original
members of the Industrial Advisory Board of the National
Recovery Administration.

Promoting Welfare
The system of free choice under which this nation achieved its amazing
material progress has, on any fair, broad test, justified itself. The security
markets have played a vital part in achieving that success. To realize the
further promise of our system, security markets are indispensable. It is
the duty of every intelligent citizen to maintain these markets inviolable
against the mischievous proposals of misguided visionaries. In so doing
it is the conservative and not the radical who best assures a higher standard
of material welfare for all our people.

Labor, Management and Capital Can Flourish Only in
Atmosphere of Freedom, Declares President Whitney of New York Stock Exchange—Security Markets
Deemed Indispensable—Asserts System of "Free
Choice" Under Which Nation Has Progressed
Has Justified Itself
Declaring that "the distinguishing condition of the system
under which we have prospered is individual freedom,"
Richard Whitney, President of the New York Stock Exchange, in addresses in Chicago, on Dec. 10, asserted that
"the freedom which is socially beneficial to the worker and
to management must be shared with capital." Mr. Whitney
went on to say that "the owner of funds must have the
right to change their form as often as his judgment and
his perception of the future may suggest. The fact that
his judgment may lead him astray and that his changes of
Investment seem unnecessarily frequent does not alter the
validity of the Trinciple, that over a long period of time the
highest social welfare results from the freedom of labor,
management and capital." "Our own revolution," said Mr.
Whitney, "was as much a protest against alien interference
with domestic economic processes as it was a demand for
political freedom." "There is grave danger to-day," Mr.
Whitney stated, "that we may forget the lesson of this
historic experience—that labor, management and capital
must co-operate and can flourish in combination only in
an atmosphere of freedom." Alluding to the fact that "these
three factors, labor, management and capital, are exposed at
all times to a common danger—that of injurious restraint,"
Mr. Whitney made the following comments:
The State influenced, unduly, perhaps, by the eloquence of visionary
advisers may in the future overstep the bounds of prudent regulation.
To-day voices have been raised suggesting shackles—upon capital in
particular. It has even been asserted that the security exchanges are
superfluous, that industry can find capital, and capital, in turn, can find
investment opportunities without the intercession of the exchanges.
We admit that in a strict and narrow sense this is true. It is
as true as the proposition that agriculture can survive without organized commodity markets, that industry may operate without advertising, telephone communication and rapid transportation, that labor may
live without the aid of employment agencies, newspaper advertisements and
organization. Towever, to the extent that these privileges of progress are
withdrawn, society will inevitably retreat, and its progress be retarded.
The Right to Change
A security exchange permits the owner of capital absolute freedom in
changing his commitment. I submit that this is a right which serves
society in the same manner as the right of the worker to shift his occupation as frequently as his judgment suggests. It is direct kin to the right
of the farmer to change his crops, to introduce new blood into his herds,
to use new machinery. The working man and the farmer both seek to
Improve their material position.
That is what the security owner does who sells a hundred shares of Blue
preferred in order to buy 100 shares of White common. As this man studies
the business situation and consults his advisers, he may change his commitment a dozen times in the course of a month. Ile may be wrong each
time. That is not the point. I maintain here not the infallibility of his
judgment but his right to exercise it with the same freedom as the worker
in the disposition of his services and the farmer in the direction of his
endeavors.
Unbalanced Critics
The shifts of the laboring man, his efforts to increase bargaining power
through organization, the constant changes taking place in agriculture, all
these result in social pains. If we consider the pains alone and ignore
the amply compensating benefits, it is easy to condemn the causes. This is
precisely what those who propose to eliminate the security markets are
doing. Their vision is fixed at one point on the distress which frequent
change and continuous liquidity of opportunity bring. At another point
they visualize a wholly impracticable state of perfection. They lose
touch with the moderate, solid middle ground wherein the full social
benefits of change, whether they be effected by the worker, the farmer or
the security owner, are recorded.
Security Markets Protect Investors
The security markets of the country are a screen upon which millions of
owners of capital record their changing judgments on capital opportunities.
Their technical effectiveness permits these changes to be realized with a
minimum of friction. The judgments so recorded point to opportunities




Mr. Whitney's address, under the title "Economic Freedom," was delivered at a dinner of the Chicago Association
of Stock Exchange Firms. In addition to the extracts above,
we also quote the following from his remarks:
Role of Stock Exchange
Capital is the mark of a society which has advanced beyond the mere
subsistence stage. It is therefore present only in more advanced communities. Once present, it seeks a market place in which it can change
its form with the utmost freedom and at the lowest cost. It is this need
which resulted in the organization of security markets. Clearly, if we
eliminate all capital, either through wanton destruction or through confiscation by the State, then no security markets are necessary. Russia
has no need for capital markets. The right of stock exchanges to exist,
therefore, depends upon the prior right of a form of society which permits
the accumulation of capital. This is the direct interest of the New York
Stock Exchange, which makes it necessary to examine here the social
justification of the system under which all security exchanges operate.
Capital the Ally of Worker
Capital may be regarded as the passive ally of the working man enabling
him to increase his production. . . . Its origin is in self-denial. To
create capital the worker must produce more than he currently consumes.
The surplus sustains him while he labors upon instruments which will
soften his toil and increase his output. It were folly for the working
man, eager for greater material income, to place obstacles in the way of
capital or impose short-sighted restraints which will discourage its
accumulation.
American Farm Progress
Among the farmers of the world to-day the American stands pre-eminent
in the intelligence application of power and the constant search for new
equipment to improve and increase his output, on the one hand, and
moderate his toil, on the other. In parts of the world, regarded as cradles
of civilization, the ox and the flail are still common. These are areas where
for centuries output has been consumed in its entirety with little or no
margin left for accumulation. Since this margin is the source of capital,
the theory of suppressed production and stimulated consumption may
amount to a prohibition against future capital accretions.
Neither custom nor law has prevented the farmer from creating an
excess which, in turn, permits him to acquire better plows, harrows,
harvesters, tractors, milking machines, power grinders and other capital
equipment. His freedom to produce, to experiment, to move from poor to
better soils, his unrestricted right to make mistakes, has gradually softened
the back-breaking toil of the land and made him the most efficient farmer
in the world. In the days of Queen Elizabeth, that farmer was fortunate
who at the end of the harvest could count a fourfold increase in the seed
he had planted. To-day it is not uncommon for an American farmer to
garner 200 bushels of corn for the one which he planted.
At the same time that the farmer was providing himself with better
equipment he was experimenting with crops and breeds. So far was he
from being satisfied that he explored unremittingly new crops and new
methods of production. He was exercising what we hope will prove to be
the inalienable right to experiment and change.
Cost of Discontent
Now it must not be supposed that this "divine discontent" was gratified
without social cost. The change from the horse to power-driven machinery
aggravated the surpluses from which agriculture has until recently been
suffering. The fecundity of Western acres has been, in part, responsible
for the abandonment of Eastern farms and the painful adjustment necessary
for thousands of farmers. Yet no one would propose to halt this process
or turn back the hands of time. We all concede that the right to change,
the freedom of opportunity, has been a factor of inestimable importance
in national progress.
Testing Capitalism
The fairest and most effective test of capitalistn and the security exchanges
which are a vital part of it is to be found in the rising living levels of the
men who work under them. The working man's wages offer a striking
demonstration of the broad social virtue inherent in the right to change.
Because wages expressed in money are often misleading due to the changing
purchasing power of the dollar I shall use a hypothetical dollar of constant
value. To do this the worker's wages have been translated into dollars of
1913 buying power. Bearing in mind my previous request that our system
be judged by its accomplishments over a longer and more representative
period than the years of the depression, let us turn back a century and
examine the living levels of our working men.
A Century of Wages
The decade of the eighteen-thirties presents a particularly valid basis of
comparison because the country then experienced a boom and subsequent
collapse not unlike that through which we have just passed. Let us consider, then, the average condition of the worker during the boom years in
this earlier business cycle and his position during the past five years.
Taking a representative group of workers, we find that they received in
terms of our 1913 dollar an average weekly wage of $6,10 in the period
1830-1834—years of great prosperity. An equally representative group
during the last five years received average weekly wages of $15.20. This
was a period of great depression. Let me restate this comparison. The
weekly wage of the average worker a hundred years ago at the peak of a
boom bought as much as could be bought for $6.10 in 1913, whereas the
same worker during the period of the recent depression received weekly
wages equal to the buying power of $15.20 in 1913.

Volume 139

Financial Chronicle

Expanding Human Satisfactions
As the worker's standard of living rose it gradually permitted him to
use, as common everyday items of living, food and services which had
formerly been reserved for the wealthy. Sugar, which was once regarded
as a luxury, now appears on every table, no matter how humble. The
display of the opulent a hundred years ago was expressed in horsedrawn
pleasure coaches. To-day our workers—and this includes thousands who
are drawing relief—transport themselves for business and pleasure in
motor cars. There is no comparison between either the common vehicle
or the common highway of to-day and that of a hundred years ago.
The Poor To-day Versus the Wealthy Yesterday
The worker's clothing, his educational opportunities, his recreations in
the form of sports and the theater, the medical attention which he receives,
the leisure which he enjoys—in all of these I say he possesses a real
Income to-day, when business is still far from normal, infinitely greater
than that which his ancestor enjoyed a hundred years ago at the crest of a
boom. I say infinitely greater because the common living standards of
to-day, even that enjoyed by the unfortunates who depend upon governmental aid, contain material satisfactions not available to the most affluent
citizen a hundred years ago. Contemplating this satisfactory progress, I
say that the critics, who propose to scrap the system under which it has
been achieved, and the security exchanges which are a part of that system,
are afflicted with faulty vision or wilfully refuse to consider the candid
record of history.
Progress Not This to Long Hours
Now, then, what condition do these years reveal, what characteristic does
display
system
which
can account for this progress? Without reflecting
this
in any manner upon the diligence and industry of the modern worker, I say
he does not work as hard as his progenitor did. Power and machinery,
both the material embodiment of capital, have softened his toil. We know
that his hours of labor have been reduced and his leisure increased. In
1840 the iron worker receiving a maximum wage of two dollars a day was
compelled to work from 13 to 14 hours a day. The steel industry to-day
pays its workers an average wage of 63.5c. an hour, with eight hours as
the maximum day. The higher living standards of the present generation
are certainly not due to a greater wealth of natural resources. Thus our
progress can be attributed neither to the severity and long hours of labor
nor to the wealth which nature has showered upon the land, but to the
development of that wealth through the freedom of capital.
Freedom of Choice
The transformation which I have described is due to that freedom of
choice by the individual which I first noted, to the rapid accumulation of
capital which that freedom has fostered, and to the free use of that capital
which the security exchanges make possible. When the first enterprising
farmer undertook to plow his land with an iron plow, some of his neighbors viewed the venture with great misgiving and some hostility. They
were afraid such harsh cultivation of the earth would poison the soil. The
man was introducing a change. Though enjoying three meals a day,
clothing, shelter and all the other perquisites of a comfortable living as
understood in those days, this man's restless initiative forced him to
experiment.
In a free society, labor, management and capital are experimenting continuously. The object in each case is to increase the stream of goods and
services which provide a rising living standard. The progressive working
man changes his job because he thinks it will result in material advantages. It is a right which the slave and the bonded man did not enjoy.
Precisely for that reason servitude is the mark of a stagnant society. The
restraint which is vicious and socially harmful when applied to the worker
Is equally injurious when applied to management and capital.

F. R. McNinch Attacks Plan of Edison Electric Institute
to Test Legality of Government Power Program—
Warns Private Utilities There Will Be No Federal
Retreat
Plans of the Edison Electric Institute to attack in the
courts the constitutionality of the Government's power program were criticized Dec. 10 by Frank It. McNinch, Chairman of the Federal Power Commission, who warned in a
radio address that there would be "no retreat by Federal
forces." The proposed test of the Government's utility program, particularly as it concerned the Tennessee Valley
Authority, was last referred to in our issue of Dec. 8, page
3577. Mr. McNinch in his address declared that the private
utility industry would do better to turn its back upon the
past "with its grievous offenses against the public interest"
and administer the utilities in response to the "just demands
of the changed economic conditions in the new era in which
we are living." A Washington dispatch of Dec. 10 to the
New York "Journal of Commerce" quoted from the Commissioner's speech as follows:
The attack on the Administration's power plans, Mr. McNinch said, not
only failed "but has solidified the support of the people, for they knew
that behind the smoke-screen of 'poor widows and orphans' stood their
tearful and valiant defenders, those entrenched financiers, who have been
reaping their millions where they have not sown."
Stating that the Edison Electric Institute, which represents "about 80%
of the electrical industry," is "controlled by holding companies," he said
the legal right of the institute to employ eminent lawyers to lead the attack
upon the constitutionality of the Tennessee Valley Authority Act and
legislation underlying other Federal power projects "is beyond question."
"The wisdom of thus challenging the combined judgment of the Congress
and the Chief Executive, directed toward economic recovery and the permanent weal of our citizenship," he said, "may well be the subject of calm
and patriotic consideration before decision."
The Government's program for vastly increased power consumption at
lower rates, Mr. McNinch stated, has opened a wide door of opportunity to
the power industry. If it has the vision to see and the bold enterprise to
advance into this wider domain of public service, it will find there millions
of new customers, as well as millions of old customers using more electricity.
Thus will it build a broader and more stable base of increasing revenues,
an added element of security of investors and assurance of legitimate profit
earned through better and cheaper service to its consumers."
Turning his attention to power stockholders, some of whom, he said, had
written to the Federal Power Commission in regard to their stock losses,




3741

Mr. McNinch reminded them that "the bottom dropped out of some power
utility stocks several years ago following closely on the heels of the Insull,
the Foshay, the Tr -Utilities and other crashing pyramids of inflated and
fictitious stocks which had been unloaded upon an unsuspecting public."
He said the Securities and Exchange Act cannot retrieve losses already
suffered, but "will in the future help protect investors against a repetition
of fraudulent financing."
He referred to the consumers' investment, which he said amounted to
about $14,000,000,000 in utilization equipment, one-half of which was in
household appliances, and said these consumer investors have "an undeniable right to demand that electricity be furnished at the lowest possible cost,
consistent with economy, efficiency and a fair return on the actual or
prudent investment in useable power plant equipment."

Co-operative Credit Demands Reasonable but Not
Subsidized Interest Rates for Agriculture, Governor Myers of FCA Tells American Farm Bureau
Federation
Addressing the delegates of the American Farm Bureau
Federation, meeting at Nashville, Tenn., Dec. 11, Governor
W. I. Myers of the Farm Credit Administration said that
success for the co-operative farm credit movement in America
demands fair and reasonable interest rates for agriculture
but not subsidized interest rates. "With the very considerable advances made by farm commodity prices during the
past year," said Mr. Myers, "and the still further advances
which will undoubtedly occur, mortgage payments and
taZe; will become less burdensome and the farmer's purchasing power and debt-paying ability,will increase greatly."
He added:
Farmers are going to insist on getting compensatory returns
—
for-wrist
they produce in the way of salable commodities. I also believe they will
Insist on a sound and permanent system offinancing. A subsidized interest
rate will never make farmers prosperous.

—As to Governor Myers'remarks, we also take the following
from an announcement issued by the FCA:
Although the emergency interest rate on Federal Land Bank loans made
before next May will obtain for three more years, Governor Myers stated,
the end of the emergency refinancing of farm debts is already in sight and
agriculture must begin to,beat back toward the enviable position of owning
all the capital stock of the co-operative land bank system. It has the
opportunity, he declared, of owning not only the entire stock and eventually
controlling the land bank system but also the new production credit associations established during the past 18 months.
Governor Myers pointed out that the interest rate on mortgage loans
made by the Land Banks is 43.1% for the temporary, emergency period,
the rate of 5% to be resumed afterward. Looking to the future, he said
It Is impossible to tell whether loans will be made over a period of normal
years at a fixed rate of 5%. The interest rate, he said, will depend on
the rate at which Federal Land Bank bonds can be sold in investment
markets. Usually Land Bank bonds have enjoyed rates very similar to
Government bonds of like maturity and any future reduction in interest
rates will depend upon the demand for the land bank bonds by the investing
public, Mr. Myers added. . . .
Referring to short-term loans which are now being made throughout
the country by the production credit associations at 5%, Mr. Myers said
lie considered this a very low rate for this type of credit and reasonable for
agriculture to pay. "This credit," he continued, "is taking the place of
high-cost loans, particularly merchant credit and other time purchases
costing from 20 to 40% and credit from loan sharks at 3% a month."
Governor Myers closed his remarks by urging the Farm Bureau and
other farm organizations to co-operate with the FCA in making the different
credit units now established co-operative in action as well as in name and
principle. Only in this way, he said, may permanent, farmer-owned and
farmer-controlled co-operative credit institutions be developed which
will provide sound and adequate loans to farmers at reasonable rates of
Interest.

Secretary Wallace in Annual Report Indicates That
End of Drastic Reductions in Farm Output Is Near
—Sees, However, Need for Continued Cotton
Adjustment
In his annual report, issued Dec. 12, Secretary of Agriculture, Henry A. Wallace, indicates that the end of our
period of emergency adjustments, of drastic reductions in the
farm output, is coming into view. Secretary Wallace says:
In the case of some commodities, such as wheat, corn and hog products,
the domestic surpluses have largely disappeared, as a result partly of drop
control and partly of weather conditions. As we advance in the adjustment
ofsupply to existing demands,the basic principle of the Agricultural Adjustment Act stands out more clearly. It is production adjustment, wnich
does not mean reducing the production of everything, but producing different
commodities in the proper amounts and proportions. Sometimes we need
reduction, sometimes expansion. As markets improve, farmers must be
ready to increase their output. In doing so, however, they must keep
step with the growth of demand and not run ahead of it. They must be
on guard against piling up new surpluses. Co-operative action as prescribed
Iii the AAA affords tne means. . . .

With respect to cotton, Secretary Wallace sees need for
continued adjustment. On this point he says:
There are possibilities for substantial cotton-acreage expansion in India,
Africa, Russia, China and South America, and the extent of the expansion
which occurs will depend to arconsiderable extent upon prices. American
growers should bear these facts in mind, without overestimating their significance. They do not warrant a return to unregulated production in order
to hold this country's position in, the world market. Foreign cotton production, in many countries, meets with great difficulties of climate, soil,
abor and transportation. Cotton production cannot be expanded very
rapidly in these countries. It is easier for the United States than for the
competing countries to adjust the output of cotton to a rising demand.
No single large area anywhere else in the world is so well adapted to cotton
production as the southern part of the United States. Our natural advantages in the production of this crop do not vanish when we eliminate the

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Irregularities of supplies and adopt a program of production control. Production control is not a matter of rushing from one extreme to the other—
but simply of continuing to adjust the production to the demand, foreign
and domestic. We wish to retain our foreign market, and this means that
we must continue to supply it at moderate prices. But we do not wish
to keep prices ruinously low on the assumption that any improvement
through the elimination of the surplus will cause a loss of our foreign markets. We must not, therefore, permit an increase in foreign production
to stampede us back into overplanting. Our cotton policy has succeeded
thus far because it operated to make an adjustment to the demand. That
Is the formula for its success in the future. It will be more difficult to
apply, now that the problem is to steer between extremes: The principle,
however, remains unchanged.

The statement is made by Secretary Wallace that while
farm prices might be further raised by restricting domestic
consumption along the lines of "scarcity economics", it is
doubtful if this would appreciably raise farm income. The
report continues:
One of the major elements in the restoration of agricultural parity Is an
increase in the purchasing power of the industrial population. A second
major element is a reduction in the prices of industrial products that have
advanced too far. When the industrial production and pay rolls are increased, the industrial population is in a position to buy more food at
parity prices. When industrial prices are lowered, the farmer is in a position to buy more industrial goods with his money income.
SeiThus, higher farm income and a higher standard of food consumption
for the industrial population both turn on the employment and purchasing
Power of the industrial population. The farmer's great need now, as he
continues his...efforts to produce a balanced output, is that of getting full
employment to„the industrial population in order that consumers may be
able to pay fair prices for higher consumption. Necessary as it was to meet
the curtailed foreign markets and the surplus crisis of 1933, reduction in
output is only a very partial and paradoxical answer in the long run to the
crying need which is briefly expressed in the phrase "balanced abundance."
The problem is to retain fair and reasonable profits without falling into
the pit of "scarcity economics." As long as farmers had no power to
control the total production or price of their products they were not seriously
concerned with the problems of "scarcity economics." But now that
farmers enjoy Powers which are fairly comparable with those of city industries with respect to production and price control, it becomes necessary
for all of us ,to spend more time thinking about the road to "balanced
abundance" instead of "competition for profits induced by scarcity."

Noting that it is contended by Secretary Wallace that
production control cannot be judged solely by the amount
by which the spread between actual and "parity" prices is
narrowed, since there are many costs, "human as well as
monetary, social as well as economic." Associated Press
accounts from Washington on Dec. 12 reported the continuing comments as follows:
Anyfurther course looking toward relaxation of control through increasing
domestic or foreign purchasing power must be considered in the light of
such costs.
listed
Social Problems"
Among such costs he mentioned "social discipline," sometimes called
"regimentation"; denial of future opportunities to farm to some individuals
and the necessity for taking care of them in other occupations;competitive
elimination of men and acres; displacement of crops when land is converted
from one use to another, and adjustments in farm practices and capital
structures.
"Compared with such intangibles, the money costs of farm adjustment
are secondary," he said.
Turning to the consumer's interest in farm recovery and objections
that have arisen over increased cost of food because of crop adjustment
and drought, the Secretary pointed out that restoring farm purchasing
power increases farmers' ability to but industrial goods.
"Consumers gain nothing in the long run by getting farm goods at less
than cost," he said. "In one form or another they have to pay the full
bill eventually. Agriculture must be maintained, and to maintain it the
price paid for farm products must cover the costs."
One by-product of farm production adjustment, the Secretary believes,
113 more comfortable living in farm homes. He said the average farmhouse "contributed little toward making home life pleasant" because an
the past farm savings "have largely gone back into the farm to increase
production."
Sound economy, he said, would dictate diverting an increased portion
offarm income into the home and "would harmonize with the need for controlling production."

Discussing world wheat co-operation the report says:
Only by putting our wheat Industry completely on a domestic basis
alone.
could farmers get permanent price gains through acreage restrictions
Putting it on a domestic basis would be very difficult; for temporary price
Lacking
export.
for
production
large
gains would tempt farmers back into
whole
world co-operation, the United States will have to reconsider its
wheat program, and possibly to contemplate renewed production for
States
United
the
export at highly competitive world prices. Within
level,through
returns to wheat farmers could be maintained above the world
surmaking adjustment payments under the AAA. Now that the wheat
we must adjust the proplus of the depression period has disappeared,
and domestic.
duction with an eye to the whole situation, both foreign
restriction,
and should not commit ourselves to a program of indefinite
abroad.
regardless of conditions

Farmers in 16 States Vote on Question of Continuing
Bankhead Cotton Control Act for 1935-2,000,000
Growers Eligible to Go to Polls—President Roosevelt Favors Retention of Act.
Cotton growers in 16 Southern States went to the polls
yesterday (Dec. 14) to vote for or against the continuance
for another year of the Bankhead Cotton Control Act. A
two-thirds affirmative vote is necessary to insure continuance
of the legislation, but it was reported yesterday that approval was almost certain. Approximately 2,000,000 farmers
were eligible to vote. The Bankhead Act seeks to control
production by a heavy tax on all cotton ginned in excess of
10,400,000 bales.




Dec. 15 1934

President Roosevelt at his press conference on Dec. 7
said that he favored continuance of the Bankhead Act to
cover the 1935 cotton crop season. The President said he
believed the Act is the best measure yet formulated to meet
the situation, although the declined formally to indorse the
legislation.
Senator Bankhead, one of the authors of the Act, said on
Dec. 13 that Government loans on cotton at 12 cents a
pound might not be made next season. Secretary of Agriculture Wallace also said that plans for 1935 crop control
had not yet been formulated, but that every effort would
be made to avoid losses on Government collateral.
Secretary of Agriculture Wallace Urges Wealthy to
Lead in Adopting New Social Policy—"Bourbonism"
Wound Bring Inversion of Social Pyramid, He
Warns
Secretary of Agriculture Wallace on Dec. 7 declared that
the wealthiest men in the United States should assume leadership in designing a broad social program to benefit the
nation as a whole. Speaking at the Union League Club, in
New York City, under the auspices of the World Alliance
of International Friendship, Mr. Wallace said that "enlightened self-interest" must create a new order, and that
unless those families with annual incomes averaging more
than $75,000 avoided the errors of the Bourbons of France,
the social pyramid would be inverted "with accompanying
woe and anguish." Asserting that the approach to social
problems must be "co-operative," Mr. Wallace said that
American Protestantism, with its emphasis on the relation
between the individual and God, on regular labor, frugal
living and getting on in the world, provided a training that
made such a co-operative approach difficult. We quote, In
part, from Mr. Wallace's speech, as given in the New York
"Times" on Dec. 8:
Mr. Wallace did not criticize Protestants alone, but attacked members
of all faiths who have sought to preserve "their enlightened self-interest in
contradistinction to the social need."
"Against the New Deal have come thundering highly individualistic
business men, meetly of the Protestant background, but some Catholic,
some Jewish, and all cast in the mold of nineteenth century economics and
biology," he said. "Ruthless go-getters, they are still determined to get
theirs."
Admitting that the machinery of the New Deal may be faulty, and that
Its administration may not be perfect, the Secretary said that "the objectives recognized by the New Deal are not only those of the Christian religion
but also of Judaism and other sincere faiths recognizing the fatherhood
of God and the brotherhood of man."
Mr. Wallace expressed the wish that a new technique might be developed to explain the nation's problems to the people. Important choices
must be made, he said—choices determining whether we will continue to
keep 50,000,000 acres from agricultural production and whether we will be
satisfied to export less than we import.
"I do not see any easy way out of our difficulties," he contniued. "In
the last few years we have got out of them by such measures as lessening
the gold content of the dollar, but this is only a temporary phase. We
can't dodge things indefinitely.
"The choices should be carried to the people, but not by political parties.
They muddle things up. I wish there were an economic council, perhaps
something like the Supreme Court, to hold referenda on national questions,
and made up of men of character sufficiently high so as not to be
questioned."
Re pointed out that in 1929 the 86,000 families in the United States
having the greatest Income received as much as the 11,000,000 families
with the least income.
"I am not one of those who believe that the general welfare is best
served by an absolutely uniform distribution of wealth," he continued.
"But I do question whether the 86,000 families at the top of the economic
pyramid averaged 800 times as meritorious or capable or intelligent as
the average family among the 11,000,000 at the bottom.
"It would seem that the economic rules of the game have been loaded
to produce differences far greater than would be expected in a reasonable
society."
The men of the 36,000 families are in position to influence the key decisions of all the great corporations, Mr. Wallace said, but they never have
agreed on a broad-gauged social policy.
"Individual wealthy men have done many astounding things in the
founding of broad-gauged foundations," he continued, "but there has been
very little united effective action recognizing the principle of noblesse
oblige."
The 86,000, he declared, could easily make mistakes "more damaging to
the order of civilization which they hold dear than the mistakes made by
the Bourbons of France immediately preceding the French Revolution."
"Is their interest in dividends supreme?" he asked. "Are they concerned
primarily with formulating rules of the game which give them a competitive advantage? Are most of them engaged in a ruthless struggle for
power?
"If so, the day will come when the pyramid will be inverted and there
will be a great shifting of the blocks with accompanying woe and anguish
while the new pyramid is being formed."

James M. Beck Suggests Council to Consider "Mechanical Changes" in Constitution After "Economic Storm Is Over"—Declares Founders of
Republic Opposed Centralized, Paternalistic Government
Appointment of a council of 200 eminent Americans to
recommend to Congress what changes might be made in
"the mechanical details" of the Constitution, "when this

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economic storm is over and the American people again
reason with their usual sanity," was advocated Dec. 1 by
James M. Beck, former Representative from Pennsylvania
and former Solicitor-General, in a radio address from
Washington. Speaking under the auspices of the American
Bar Association and the National Advisory Council on
Radio in Education, Mr. Beck declared that the political
philosophy of the Constitution is as true to-day as when it
was adopted. Its framers did not believe, he said, in a
centralized Government with plenary authority to legislate
for the "general welfare," but desired instead "the maximum of local self-government and the minimum of a paternalistic central government."
A centralized government, Mr. Beck asserted, tends to
promote conflicting sectional differences. He added:
It is as true to-day as it was when. the Constitution was formulated that
the mighty destinies of the American people cannot be lastingly controlled
from the city of Washington. At the moment the American people do
not seem to recognize this, and possibly they will not until the bitter
lesson of experience brings the truth home to them, for as Dr. Franklin said,
"Experience is a dear school, but fools will learn in no other."
This seems to answer the fateful interrogation of the title to this address.
We must not, in respect to the fundamental philosophy of the Constitution,
abandon the ship. For if we do, it will not be the Constitution alone that
will perish. It will also be the Union, which all Americans so dearly love.
The old saying, "Eternal vigilance is the price of liberty," is more than a
meaningless platitude. Washington warned us that the "spirit of listlessness for the preservation of the natural and inalienable rights of mankind"
might one day be fatal to the Union, and time may yet vindicate his
prophesy. Is it possible that the American people, when the demoralization of the present economic depression has ended, will willingly tear
down in a day the structure which it required the patient work of a
century and a half to erect, and which has hitherto had the admiration of
the world? We owe a duty, alike to the immortal dead who framed our
Constitution, and to the unborn, to pass on this torch of a wise and ordered
liberty.

3743

had placed three hughlcharts. They told, he said the story of the recovery
of the two previous great depressions and contained the secret of the present
one.
The charts traced the trend of pig iron and steel production and prices
before and after the crashes of 1873, 1893 and 1929. They showed, he said.
the "short swings" of the two previous depressions and the "short swinges far as it has proceeded of the 1929 depression.
▪ He defined the "short swing" as the period of time between the initial
collapse of the stock market and the beginning of a sustained great uplift
In the heavy durable goods industry, "which always marks the beginning
of its end."
"The particular time when the sustained postponed mass demand
for durable goods in the 1873 and 1893 depressions began to test the productive capacity of the country
. . was reached in each instance.
as shown by the chart, in a period of about five years and six months after
the respective initial stock market collapses," said Mr. Dawes.
"Accordingly. I suggest that not later than June or July of next year
should be the beginning of the great sustained demand for durable goods
due to the accumulation for five years of postponed demands and this time
should also mark the commencement of the year of full business prosperity
in the country."
Mr. Dawes asserted that the mistake that the iron and steel manufacturers made in the previous depressions and which many forecasts
make to-day, is the same—"an underestimate of the enormity of the aggregate demand of the small purchasers of the United States when a mass
movement is involved, and the satisfaction of the pent-up demand of five
years for durable goods starts in full blast."
A comparison of the two pig-iron charts, said Mr. Dawes,showed clearly
that the artificially stabilized scale of iron and steel wages and prices during
the present depression caused a precipitant and enormous decline in production. as compared with former depressions when wages and prices were
permitted to follow their natural course.
In the 1873 and 1893 depressions, he said, the beginning of the periods
of mass demands for durable goods brought an immense rise in prices, as
well as in production. In the current depression, he predicted, because of
the artificial maintenance ofprices and wages, the mass demand will be
expressed first in a large increase in production and afterward by an upward
scale of prices proportionately much less than in the two former depressions.
The delay in the full recovery, said Mr. Dawes, was not caused by
any loss of mass confidence since March 1933, but because the average
man, following the law of human nature, supplied himself with necessary
goods for current consumption and postponed the purchase of durable

goods.
Donald R. Richberg Says New Deal Is Only Alternative
to State Socialism—Declares Administration Follows "Middle of Road"
The New Deal offers the only alternative to the adoption
of State socialism in this country, Donald It. Richberg,
Executive Director of the National Emergency Council, declared in an address before the American Academy of
Political and Social Science, in Philadelphia, on Dec. 7. The
Administration's recovery program, he said, is following
a "middle of the road" course between the extremists of
the Right and the Left. On one side, he continued, are those
who charge that the National Recovery Administration and
the Agricultural Adjustment Administration are unconstitutional, while on the other are the Communists and
Fascists, who wish complete Government control of enterprise. Associated Press advices from Philadelphia, Dec. 7,
quoted from his speech as follows:
The New Deal the Emergency Council Director called the middle road.
"Let us recall," he continued, "that in times of rapid evolution those
who have advocated a moderate middle course have always been flouted and
crucified by the extremists of the Right and Left.
"And let us recall that no political reorganization has ever lasted long
which did not eventually reject the programs of both the Right and the
Left and move down the middle of the road."
Mr. Richberg scoffed at questions as to the New Deal's constitutionality.
"There are in this day far too many, old friends of the Constitution who
have been living off it so long that they feel they have acquired a proprietary right in it," he said.
"It tas been a great shock to those old proprietary friends of the Constitution to learn one truth which is obscured in normal times but revealed
clearly in a time of crisis—and that is this, that no government can deny
to itself the power of self-preservation and expect to survive."
Calls Price-Fixing "Bad Medicine"
Mr. Richberg said he was "ready to confess there have been many mistakes
of policy and errors of judgment in the formulation of the NRA codes."
Both price-fixing and wage-fixing he called "bad medicine."
Of a long-range program, Mr. Richberg said:
"It is all too clear that we must develop new agencies of human cooperation to meet the new economic conditions produced by the industrial
revolution.

Former Vice-President Charles G. Dawes Predicts Full
Recovery by June or July of Next Year with the
Beginning of Sustained Demand for Durable
Goods
Forecasting the return of "full business prosperity" not

later than June or July of next year, Cha .les G. Dawes,
former Vice-President of the United States, placed that
period as "the beginning of the great sustained demand for
durable goods." Mr. Dawes, who is Chairamn of the City
National Bank & Trust Co. of Chicago, made the prediction
on Dec. 12 at a luncheon in Chicago, of the Chicago Association of Commerce, at which time he also said:
The demand for durable goods, especially the heavy durable goods, in a
depression, while it always rises last, always rises fatest. When that rush
conies is the beginning of real prosperity.

Associated Press accounts from Chicago Dec. 12 had the
following to say regarding General Dawes remarks:
To very approximately indicate that date, he said, was the purpose
of an extensive study which he had completed. Before his hearers he




"However," he said, "the mass of our people, personified by what we call
the average man, again, for this simple reason, finally arrive together in a
rush for the durable goods counter. .. . There occurs inevitably a mass
movement in demand for durable goods as the earned income of the mass
passes the particular point where consumption necessities are covered."
Mr. Dawes reminded any of his listeners who might be dubious to recall
the words of Andrew Carnegie. "Steel is either a prince or a pauper."

General Dawes departed from his prepared remarks to
take exception to a prediction this week by Colonel Leonard
Ayres; the comments by Gen. Dawes follow:
The difference between Colonel Ayres and myself is a marked one.
He evidently looks upon the intervention of a changed governmental policy into the situation as being definitely determinative of the question as
to whether or not this coming year 1935 will mark an advance in prosperity
over the year 1934.
While I recognize the overwhelming long-time importance of a balanced
budget and wise governmental policy. I point out that the normal course of
recovery involving mass action is not determined by human reasoning,
but by human nature; and that the rate of recovery is following the same
course in this present depression and for the same simple causes that it
did in the two great former major depressions in the country, of 1873 and
and 1893 which will bring about a great sustained uplift in heavy durable
goods and mark the beginning of the year of full prosperity in next May
and June.

In the Associated Press Mr. Dawes was credited with statint that mass confidence shattered by the market crash of
Oct. 29 1929, was restored by President Roosevelt's bank
moratorium in March 1933. These dispatches added:
Since that time, he asserted, the general course of business in consumer's
goods has reflected no loss in this recovery of mass confidence.
Mr. Dawes, former head of the Reconstruction Finance Corporation
and for years a power in the Republican Party, broke a long silence to
address the Chicago Association of Commerce.

Home Work and Industrial Self-policing Opposed by
National Consumers League—Conterence Favors
State Unemployment Insurance and MinimumWage Laws
Opposition to self-policing by industry and recommenda-

tions for the abolition of industrial work in the home were
expressed in resolutions adopted Dec. 10 by the third Nationai Lapor Standards Conference called by the National
Consumers League in New York City. Members of the
League announced that the program will be pressed before
State Legislatures throughout the country. The conference
also advocated the Child Labor Amendment and minimumwage laws for all States, as well as the immediate enactment
of State unemployment insurance laws, although it did not
sponsor any particular form of such insurance. Other activities of the conference were listed as follows in the New York
"Times" Dec. 12:
In place of industrial self-policing the conference called for a direct
link between the enforcement agencies of the Department of Labor and
the National Recovery Administration. The action came after Arthur J.
Altmeyer, Assistant Secretary of Labor, had declared that self-government
had failed to carry out the labor provisions of the National Industrial
Recovery Act.
"The Government has a responsibility which it cannot shirk," Mr. Altmeyer said. -Only a few codes have functioning labor-enforcement agencies
and these are all in industries which are highly organized. The Government has a direct responsibility to supervise even in such industries; then

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Financial Chronicle

there can be no dodging of responsibility. The Department of Labor should
have a direct connection with the NRA to this end."
Charlotte E. Carr, Pennsylvania Commissioner of Labor, also criticized
the self-policing idea, asserting that It had "retarded the NRA."
"I think we need an outside force to keep up to standard that 10% of
industry which will not enforce the law unless it has to," Miss Carr declared.
"An employer cannot afford to abide by the minimum wage if his chief
competitor is paying less. I have seen this self-policing theory go along
the line ofsqueezing out the small, almost defenseless employer."
Text of Opinion of Judge Grubb of Alabama
Questioning Constitutional Powers of TVA

In our issue of Dec. 1, page 3419, reference was made to
the opinion of William I. Grubb, of the United States District Court at Birmingham, Ala., in which he ruled against
a motion of the Tennessee Valley Authority for dismissal
of a petition asking for an injunction prohibiting the Alabama Power Co. from selling $2,200,000 of its properties in
northeast Alabama to the Authority. The item noted the
issuance of an order by the Alabama Public Service Commission approving the sale and conveyance by the Alabama
Power Co. to the TVA of electric utility properties in the
northern part of the State representing a value of about
$2,200,000. The sale of the properties was opposed by 14
coal and ice companies who intervened through Forney
Johnston, a Birmingham lawyer. Summarizing the proceedings the Birmingham "Age-Herald" of Nov. 29 said:
a group of
The original bill was filed by Forney Johnston, counsel for
transferred
stockholders, in the Eighth Judicial Circuit Court, and was later
temporary injuncto the Federal Court. The plaintiffs then asked for a
tion, which was denied by Judge Grubb.
Counsel Listed
Lawrence
At the injunction proceedings, TVA was represented by James
TVA filed a
Fly, William C. Fitts Jr., and J. C. Swidler. On Nov. 8
Authority, which
motion to quash the service on Electric Home and Farm
also, the motion
had been made a party to the proceedings. At this time,
A. Morgan
Harcourt
to dismiss the bill as to the TVA, Arthur E. Morgan,
and David E. Lilienthal was filed.
Courtland,
On Nov. 12 the towns of Ardmore, Austinville, Cherokee,
Bay, Rogersville,
Elkmont, Falkville, Hartselle, Leighton, Moulton, Red
filed motions to
Town Creek and the cities of Russellville and Decatur
dismisal also was
dismiss the suit. Three days later, a motion for
Florence.
filed by the cities of Sheffield, Tuscumbia and
petitions. Transmission
Judge Grubb overruled and denied all of the
facilities in the above
distribution
its
lines of the Alabama Power Co. and
under contract last
localities, with the exception of Athens, were sold
municipally owned
January for $2,200,000. The Athens system has been
under contract last May.
for a number of years, but began using TVA power
Public Service ComIn a decision rendered last Saturday, the Alabama
company and TVA.
mission approved the contract between the power

the
Incidentally, Judge Grubb entered into a discussion of
he
which
to
as
TVA,
the
of
constitutionality of the powers
said, in part:

proprietary adventure,
If the TVA, within this State, is engaging in a
by the Constiunrelated to any power conferred upon it or on its principal
in the business of
tution, then it is doing an unauthorized thing. Engaged
become subject
producing and selling electric power, as a utility, it would
with private utilities, or
to State regulation, and likely be in competition
. .
with the State or its municipalities, while so engaged. .
is engaged in pro"The TVA, if the averments of the bill are sustained,
having no
enterprise
an
ducing and selling electric power in Alabama, in
any constitutional
substantial relation to the improvements of navigation or
maximum electric
power, on an elaborate scale, building dams designed for
rates and terms in
power production to increase surplus power; fixing
increase the
displacement of State functions, with the declared purpose to
plan involving
magnitude of the enterprise in the future." This is not a
in the
created
necessarily
only the disposing of surplus electric power
improvement of navigation of the Tennessee River.

We give herewith, in full, Judge Grubb's decision of
Nov. 28:
for the Northeastern
In the District Court of the United Statesof
Alabama
Division of the Northern District
GEORGE ASHWANDER, et al, complainants, vs.
TENNESSEE VALLEY AUTHORITY, et al, respondents.
In Equity, No. 855.
On Motion to Dismiss Bill of Complaint.—W. I. Grubb, District Judge.
1. The motion to dismiss criticizes the bill for prolixity, invoking Equity
Equity
Rule Number 25; also, for multifariousness and misjoinder under
Rule 26. The motion to dismiss is not well taken on these grounds.
Alabama
2. The right of the plaintiffs as preferred stockholders of the
to maintain
Power Co., for themselves and other preferred stockholders,
is challenged. The
the bill of complaint in the name of the corporation,
in the nature of
settled rule is that stockholders cannot maintain a bill
upon the ground that
this one, to review transactions of the corporation
business judgment.
the management acted unwisely or because of mistaken
fraudulently or oppressively
It must appear that they acted collusively or
gross negligence.
or beyond their powers, or under duress or with
the Alabama Power Co.
There is no showing that the management of
They are shown to
negligence.
were guilty of fraud, oppression, or gross
the transaction with
have acted in good faith and because they thought Alabama Power Co.
of the
the Tennessee Valley Authority was in the interest
Alabama Power Co., in the
It is not shown that the management of the
under legal duress.
transaction with the Tennessee Valley Authority, acted
duplication of its facilities,
The claim, in this respect, is that threats of
way, was
and taking its market from the Alabama Power Co., in this
instance of
legal coercion, which would avail to avoid the contract at the
Authority
the Alabama Power Co. If the action of the Tennessee Valley
If it
was legal, competition caused by it would cause no legal injury.
courts
was illegal, then the person aggrieved could have resorted to the
now
it
as
just
to restrain it in advance of the infliction of the injury,
partly conasks the court to interpose after the alleged injury has been
of
summated. If the management acquiesced In the transaction, instead




Dec. 15 1934

resorting to the courts for protection against illegal competition or threats
of it, it would not constitute legal duress.
If the Tennessee Valley Authority had no legal authority to make the
contracts, which it did make with the Alabama Power Co., and the execution of the contracts was incomplete, or future performance of them over a
period provided for, the Alabama Power Co. could ask for their recission, if
restitution were practicable, and if it refused to do so on request, the
plaintiffs, as preferred stockholders of that company, could institute a
suit in equity for that relief. In this case, possession of the property
purchased from the Alabama Power Co. has not yet been delivered, and
the contracts remain open for continued performance in some features until
Dec. 31 1938. If the Tennessee Valley Authority had no power to enter
into the transaction evidenced by the contracts, they are subject to be set
aside, either on its application or that of the Government, and the consideration paid to the Alabama Power Co. for the transfer recovered back
by the Government. The United States would not be estopped, certainly,
if restitution could be made, by a retransfer of the conveyed property to
the seller. An ultra vires transaction is one of the classes that a stockholder can complain of, if the corporation refuses to act. The Alabama
Power Co., though it was authorized to sell the property, would have
standing in equity to rescind the sale, if the purchaser was not authorized
to buy or the sale would accomplish an illegal object. The obligation must
be mutually binding on each.
The right of the plaintiffs to succeed in their suit depends on a showing
that the contracts with the Alabama Power Co. were ultra vires or illegal
and unexecuted, and that restitution was possible. The relief accorded to
the plaintiffs, suing altogether in their capacity of preferred stockholders
of the Alabama Power Co., extends no further than that the corporation be
freed from the obligation of the claimed ultra vires or illegal transaction
with the defendant the Tennessee Valley Authority, and with its codefendant and subsidiary, the Electric Home and Farm Authority, Inc.
This relief would include the restraining of the further execution and
performance of the contracts between the Tennessee Valley Authority, the
Electric Home and Farm Authority, Inc., the Alabama Power Co. No
other relief prayed for in the bill would be appropriate to plaintiffs, suing
entirely in their capacity as preferred stockholders of the Alabama Power Co.
The remaining question is whether or not the Tennessee Valley Authority
had the power to enter into the transaction and make the contracts with
the Alabama Power Co. that are complained of. The agency contract
betwen the Electric Home and Farm Authority and the Alabama Power Co.
would stand or fall upon the decision of the same question.
The powers of the Tennessee Valley Authority are contained in the Act
of Congress creating it. (Act of Congress, approved May 1 1933.)
Its caption recites its purpose to be to improve the navigability and to
provide for the flood control of the Tennessee River; to provide for
reforestation and the proper use of marginal lands in the Tennessee Valley;
to provide for the agricultural and industrial development of said Valley;
to provide for the national defense, by the creation of a corporation for
the operation of Government properties at and near Muscle Shoals, in the
State of Alabama, and for other purposes. It authorized the construction
of two dams, and the taking possession by the corporation created, of the
property of the Government at Muscle Shoals, Alabama, including Wilson
Dam, and nitrate plants. Section 4(1) authorized it "to produce, distribute
and sell electric power as herein particularly specified." Section 10
authorized its board of directors "to sell the surplus power, not used, in
its operations, and for operation of locks and other works, generated by it
to States, counties, municipalities, corporations, partnerships or individuals,
according to the policies hereinafter set forth; and to carry out said
authority, the board is authorized to enter into contracts for such sale,
for a term not exceeding 20 years, and in the sale of such current by the
board, it shall give preference to States, counties, municipalities and cooperative organizations of citizens, or farmers, not organized, or doing
business for profit, but primarily for supplying electricity to its own
citizens or members."
The United States is a Government of enumerated powers, conferred in
express terms or by necessary implication on it by the Constitution. No
power is conferred on it to engage in any private business, unless incidental
to some power specifically granted. The power to produce, distribute and
sell electric power or any other commodity, generally, is not in terms
granted, and must be connected with a granted power, in order to exist.
In this case it is sought to be connected with the power to improve
navigable rivers, the power to provide for the national defense or the
power to make needful regulatione concerning Government-owned property.
The Government has the right to create electric power to aid its operations, under any one or all of these granted powers. It also „lias the
implied right to dispose of any surplus power not used for the named
purposes, to prevent waste. It has no power to produce and sell electric
power, except as incidental to a granted power, as in case of the disposition
of such a surplus. This is especially true within the limits of a State of
the United States. If the program of the Tennessee Valley Authority
involves only the salvaging of excess or unused electric power, produced in
aid of its operations in improving the navigation of the Tennessee River,
or in relation to its operations at the Wilson Dam, or the nitrate plants,
there located for the national defense, or for the benefit of lands owned
by it in the Government resrvations, at or in the vicinity of Muscle Shoals,
its right to dispose of such excess electric power cannot be questioned.
This implies the existence of a surplus in its legitimate operation, and the
power of disposition would be so limited. If its program is more extensive,
and amounts to an engaging in and carrying on, independent of the
question of surplus power and without relation to a granted power, the
general business of producing and selling electric power within the limits
of Alabama, it is ultra vires of the power actually conferred or that could
have been conferred by Congress on the Tennessee Valley Authority by its
Act of Incorporation.
The solution of the question depends upon the extent of its program
in this respect. If a substantial relation is shown between the granted
power and the surplus, it is enough. If there Is no substantial relation
between the granted power and the creation of the surplus electric power,
the courts should declare the creation and disposition of it, unauthorized.
The distinction is between a salvaging of unused or excess power created
in aid of operations under a constitutional power, and so incidental and
related to it, and an engaging :• the production and sale of electric energy,
as any other utility would do, independently of any constitutionally granted
power, and unrelated to it. A corporation created by Congress would have
no greater authority to do this than would the Government itself. It would
be the instrument of the Government, and its functions restricted to what
was within the power of the Government.
The fact that purposes other than navigation, national defense, or regulation of proprietary property are incidentally served, would not invalidate
the exercise of the authority conferred, even if the other purposes alone
would not have justified an exercise of the power. However, if the other

Volume 139

Financial Chronicle

3745

purposes are not related to any constitutional powers or are not incidental
to their exercise, they stand independently for their legality, and are not
supported by them. A plan for the development of the Tennessee River
Valley, as a social experiment, is in no sense related to the improvement of
navigation of the Tennessee River, or to the national defense, or to the
regulation of Government-owned lands, and the production and sale of
electrical power in aid of such development and experiment, would not
be incidental or related to the exercise of any of the constitutional powers
named.
The scope of the project of the Tennessee Valley Authority, as outlined
by its directors, and, as it is being administred by it, forbids the idea that
its purpose in dealing with electric power is for the salvaging of a surplus
to prevent its waste. On the contrary, its disclosed purpose is to furnish
an example of Government operation of electric power production in the
interest of public operation and ownership of such utilities, and also to
furnish physical aid to a social experiment being conducted by the
Authority in the Tennessee River Valley, for the improvement of the race.
The official declarations of the directors can be read only with this result.
They show that the project is not limited to the improvement of river
navigation, to the national defense, or to the proprietory interest of the
Government in its own lands, but is infinitely wider in scope, being intended
to create an ideal community, as a social experiment, and to give it aid
by supplying cheap electric power, produced by it, for that purpose.
For the accomplishment of these aims, a sum approaching a billion
dollars has been made potentially available; two additional dams are being
constructed, of a type calculated to produce a maximum of electric energy,
rather than that best adapted for the improvement of navigation; the
construction of a third dam is announced; $100,000 has been allocated to
an endeavor by research, to discover additional uses of coal, to take the
place of those displaced by the use of water power, in the production of
electrical power. The declarations of the directors of the Authority, as
to their purposes and expectations, and what has been and is being done
in the development of electrical power, are convincing, that the Authority
Is engaged in a project, other than the improvement of navigation and
for the production and disposition of electrical power, as an independent
utility would do, and on a larger scale.
By Section 4(1) and 10, the Act confers power on the corporation to
produce, distribute and sell electric power, but only "as herein particularly specified." Section 10 restricts the power to sell, to a sale of "the
surplus power not used in its operations, and for operation of locks and
other works generated by it." The Act authorizes the corporation to sell
only surplus power in excess of or unused for its needs, for its constitutional
function.
Even if the Act of Congress itself does not infringe the Constitution, if
the management of the Authority is mistakenly construing and administering the Act, by engaging under color of, but in excess of its terms, in
an enterprise which is not authorized by the Act, and which the Congress
would not be authorized to enact, such administrative action should be
enjoined as ultra vires of the corporation. As the contracts of Jan. 4 1934,
Feb. 13 1934, and Aug. 9 1934 were steps taken to carry out the ultra
vires enterprise of the Authority in engaging as a public utility in the
production and sale of electric power, within the limits of the State of
Alabama, not in aid of the exercise of any constitutional power, they were
taken without authority, and the completion of the contracts and their
Performance should be restrained, and the contracting parties restored to
their former statue, as far as may be possible.
The plaintiffs, suing solely as preferred stockholders of the Alabama
Power Co., should be accorded only the relief that it would be entitled to,
if it were the plaintiff, i.e., to have the ultra vires transaction set
aside, the contracts canceled, and their future performance enjoined. The
exercise of the right of the Authority to produce electric power for use in
its operations, in the improvement of navigation or any other constitutional
power, and to sell any legitimate surplus power so created, should not be
Interfered with. The transaction and contracts between the Authority and
the Alabama Power Co. have no relation to such production of electric
power, or to the disposal of such a surplus. They are in aid of the
broader project, viz., to furnish a yardstick in the interest of consumers
of electric power, and help.the development of the Tennessee River Valley,
as a social expritnent, by selling cheap electric power.
Under our dual system of government, the United States, in the exercise
of its constitutional powers, even within the confines of one of the States,
has paramount power over the State. In matters of internal concern not
affecting any constitutional power of the National Government, the State,
under the reservation contained in the Tenth Amendment, has exclusive
authority. If the Tennessee Valley Authority, within this State, is engaging
in a proprietary adventure, unrelated to any power conferred upon it or
on its principal by the Constitution, then it is doing an unauthorized
thing. Engaging in the business of producing and selling electric power,
as a utility, it would become subject to State regulation, and likely be in
competition with private utilities, or with the State or its municipalities,
while so engaged. It is contrary to the genius of our dual government, that
the National Government should do business, in a proprietary capacity, of
an internal nature, and not related to a constitutional power, within the
limits of a State, and occupy extensive areas of territory therein for that
purpose. It would be fraught with possibilities of collision between such
governments and individuals. The Tennessee Valley Authority, if the
averments of the bill are,sustained, is engaged in producing and selling
electric power in Alabama, in an enterprise having no substantial relation
to the improvements of navigation or any constitutional power, on an
elaborate scale, building dams designed for maximum electric power
production to increase surplus power; fixing rates and terms in displacement of State functions, with the declared purpose to increase the magnitude of the enterprise in the future. This is not a plan involving only
the disposing of surplus electric power necessarily created in the improvement of navigation of the Tennessee River.
The motion to dismiss the bill of complaint is overruled, and the defendant is allowed 20 days in which to answer.
Filed Nov. 28 1934.
W. S. Lovell,
Circuit District Court.

tion of the wage provisions of the National Recovery Administration code for his industry. Counsel for Mr. Perkins
appeared before Federal Judge Albert L. Watson on Dec. 10
to ask for a new trial. Mr. Perkins was convicted on 10
counts of failing to pay minimum wages of 40c. an hour, as
prescribed by the code. It is expected that his case may be
appealed to the United States Supreme Court. The trial
began Dec. 3 in Federal Court in Harrisburg, before a jury
of seven men and five women. Mr. Perkins was charged
with paying less than minimum wages while engaging in
inter-State commerce.
Judge Watson on Dec. 13 fined Mr. Perkins $1,500 for
his failure to pay the minimum "Blue Eagle" wage. Mr.
Perkins withdrew a motion for a new trial in order to
expedite a test of the constitutionality of the NIRA, and
his attorneys filed notice of appeal to the Unitetd States
Circuit Court of Appeals in Philadelphia. Judge Watson
fixed bail at $2,000 pending a decision on the appeal.
A dispatch from Harrisburg, Dec. 7, to the New York
"Times," after noting the verdict in Federal court, outlined the principal factors in the case, in part, as follows:

Government Obtains Conviction in NRA Test Case—
F. C. Perkins, Pennsylvania Battery Manufacturer,
Found Guilty of Paying Less Than Minimum
Code Wages While Engaging in Interstate Commerce

Heading the list of 23 defendants named in the suits is Donald G. Richberg, "Czar" of NRA in succession to General Hugh S. Johnson. Among
the others are U. S. Attorney-General Homer C. Cummings and U. S.
Attorney Charles D. McAvoy, of this district, together with the code authorities for the tobacco industry in both this city and the State.
Monopoly Charged
The object of the suit, brought by two cut-rate drug and cigar chain
store corPorations. Is to break down the "cigar merchandising plan" in the
tobacco industry code. It is claimed that under the provisions of the code a
monopoly is granted to -cigar manufacturers and that a rise in cigar prices
to the public is inevitable.

The initial proceedings in a test case to be prosecuted
under the National Industrial Recovery Act were concluded
on Dec. 7 when Fred C. Perkins, of York, Pa., a manufacturer of storage batteries, was found guilty of alleged viola-




The information contained 11 counts, each based upon a deposition by
an employee or former employee of the Perkins company. Ten of these
deponents testified yesterday to having received wages that ranged from.
16c. to 25c. an hour. The eleventh, Harry B. Jacobs, failed to appear
at the trial.
The jury, after deliberating this afternoon for two hours and 12 minutes,
returned a verdict of guilty on each of the 10 couns, and not guilty- on one.
Under Section 3(f) of the NIRA, Mr. Perkins is liable to a fine of "not
more than $500 for each offense." The Act further provides that each
day such violation continued after the code went into effect, on Oct. 16 1933,
"shall be deemed a separate offense."
The prosecution finished presenting evidence yesterday afternoon and
rested. The defense rested immediately without offering evidence.
Judge Warns Jurors
SCIOR after the court reconvened to-day, Frank J. McDonnell, Federal
attorney, began his summation. He stressed the national importance of the
case, and warned the jurors that they were being watched "not only here
in Harrisburg, but all over the country." He also reviewed the evidence,
asserting that it proved that Mr. Perkins had engaged in inter-State commerce while paying his employees "sweatshop wages."
"By your verdict," he asserted, "you will say to the country, which is
awaiting your verdict, that this defendant did violate the code; that this
defendant has not paid a living wage."
Harold B. Beitler, in his summation for the defense, explained that the
burden of proof rested with the Government, and insisted that the Government had failed to prove its charges.
He contended that raw material shipments to the Perkins plant did not
constitute inter-State commerce, and cited the fact that Pennsylvania
farmers used nitrates coming from outside the State; Pennsylvania tailors
used woolens from England and Scotland, and Pennsylvania used sewing
machines shipped here from other States. Yet none of these people, he
insisted, could •be said to be engaged in inter-State commerce.
Judge Watson, in his charge to the jury, reminded them of the defendant's right to be presumed innocent until proved guilty beyond a
reasonable doubt. He explained the provisions of the NIRA and the code
for the electric storage and wet primary battery industry. And he Warned
them that Mr. Perkins's failure to take the stand must not be permitted
to "create any presumption against him."
Eleven of the jurors, it was learned, voted for conviction on the first
ballot; but one. Leo Grohowski, county detective from Wilkes-Barre,
objected on the ground that the Government had no right to meddle in
Mr. Perkins's business. He was finally won over.
It is the opinion of many observers at the trial that the defense wanted
a conviction so the case might be carried to the higher court for a test
of the constitutionality of the NIRA.

Constitutionality of NIRA Upheld by Federal Court
in Philadelphia in Suit Attacking Tobacco Code—
Two Drug Companies Contended Congress Delegated Unwarranted Powers to President
The National Industrial Recovery Act was declared constitutional Dec. 5 in a ruling by Federal Judge George A.
Welsh of Philadelphia, in which he denied the petition of two
drug companies to restrain the Government from enforcing
the code of fair competition for the tobacco industry. The
suit was originally filed Nov. 2 against 23 defendants by the
Nevins Drug Store Co. and the Sun Ray Drug Co., both of
which sought to sell cigars below the minimum prescribed
by the code. A similar petition which has been filed by the
Katz Drug Co. is still before the Federal Court in Kansas
City. The two Philadelphia companies contended that
Congress had no authority to delegate to the President the
powers granted by the NIRA, and maintained that even if
this legislation were lawful the President could not delegate
these powers to others. The Philadelphia "Inquirer" of
Nov. 3 summarized other contentions in the case as follows:

3746

Financial Chronicle

The plaintiffs are the Nevins Drug Store Co., which operatns 25 stores in
Philadelphia and others in adjacent communities, and the Sun Ray Drug
Co., which has six stores here and others in various Pennsylvania and New
Jersey communities.
These plaintiffs ask that NRA authorities be restrained from Instituting
criminal injunction proceedings against them until the Court passes upon the
legality of the cigar merchandising plan.
Price-Fixing Alleged
This plan, the plaintiffs assert, gives the cigar manufacturers unlimited
powers in the fixing of retail prices. The result of this is that cut-rate stores
will be unable to give the public the benefits of low prices hitherto made
Possible by large volume purchases, it is said. Under the plan, it is claimed,
the retail prices of cigars are fixed by the manufacturers on the basis of
the amount they cost the wholesalers and jobbers and the discounts which
the latter will allow. This means a uniform price in all retail stores.
kr, The chain stores declare that if this syetzn is maintained they will be
driven from business and forced to close their doors. The entire basis
of their operations, they state, is volume buying and low prices which they
are able to fix their goods at as a result of the discounts they obtain.
0- If they fail to follow the code rules they can be fined 8500 for each sale
they make, under the code price. The code rules, they maintain, allow a
monopoly in the tobacco industry, a condition directly contrary to the purpose of the NRA.

NRA and Federal Trade Commission to Confer on
Operation of Basing Point System in Steel Code—
Meeting Dec. 21 Regarded as Designed to Coordinate Conflicting Views
Representatives of the National Recovery Administration
and of the Federal Trade Commission will meet in Washington Dec. 21 to discuss reports made by these agencies to
President Roosevelt on the operation of the basing point
system in the steel code, according to an NRA announcement
Dec. 11. The Commission has already forwarded its report
to the White House, but the NRA has delayed transmitting
its survey, which was due Dec. 1, pending a decision by the
President on whether he wished a conference between the two
Governmental agencies. The proposed meeting was interpreted in trade circles as an effort to co-ordinate conflicting
views of the NRA and the Commission, since on a previous
occasion the Commission opposed the basing point system
while the NRA went on record as favoring it.
Price-Fixing Provisions in Codes Reduce Sales of
Books and Drugs in New York Federal Reserve
District, According to Channing E. Sweitzer-Urges Administration to Act to Correct "Economic
Evils"
Price-fixing in National Recovery Administration codes
has acted to decrease the sale of books, toilet goods, drugs
and similar lines, Channing E. Sweitzer, Managing Director
of the National Retail Dry Goods Association, said in a
statement made public Dec. 8. Mr. Sweitzer said that there
is great need "for the Federal Administration to take steps
to rid the recovery program of price-fixing policies." He
added that although the Administration has recognized for
months that price-fixing has resulted in economic evils, it
has failed to take any formal action to correct this condition. Citing statistics to show the monthly trend of retail
sales and stocks for book and drug departments, he pointed
out that in the retail book code, which became effective
last April, no retailer may sell drugs, toilet articles, cosmetics or drug sundries at prices lower than the manufacturer's wholesale list prices in quantities of one dozen.
His statement, in part, is given below:
During the first quarter of the year there were substantial monthly
increases in the sale of books and magazines in the New York Federal
Reserve District. But when the code became effective the percentage of
Increase declined to 5.4%, and every month thereafter, through October,
the sales of books have shown substantial decreases under the corresponding
months of the previous year, with these decreases amounting to 21.7% in
September and 19.8% in October.
The figures show, further that retail stocks in April were 18.2% above
the corresponding month of 1933. In October stocks in book departments
In that district had dropped to 13.9% under the same month a year ago.
In the Boston district, excluding New England, the sale of books and
stationery during January, February and March 1984 showed increases of
87.5%, 29.6% and 27.8%, respectively. When the code became effective
there was an immediate decline in sales to 15.6% below those of April 1984.
With one exception, every month thereafter has shown a decline in sales
under the corresponding month of the preceding year, culminating with
declines of 19% in September and 8% In October this year.
The retail drug code became effective in April. Since then and through
October the sales of toilet goods and drugs have shown monthly decreases,
with the exception of May, in both the Boston and New York districts.
In the New York district stocks of toilet goods and cosmetics in April
were 24.6% above April 1933. In October of this year they had declined
to 1.9% below the same month a year ago.

Consumers' Industries Committee Recommends Retention of NIRA After Next June 16—Report
Suggests Changes, Including Redefinition of
Functions of Advisory Boards
The functions of National Recovery Administration
advisory boards should be redefined so as to end delays
and "frequent unfair and undesirable decisions due to lack
of information or misunderstanding on the part of one or




Dec. 15 1934

more of such bodies," according to a report by the NRA
Consumers' Industries Committee, made public Dec. 9
by George A. Sloan, Chairman of the Committee and of
the Cotton Textile Code Authority. The survey recommended the extension of the National Industrial Recovery
Act for a definite period beyond June 16 1935, or new
legislation to replace it. Mr. Sloan said that the report
was based on experience of leading business men who realize
the faults of the NRA, but who also appreciate "its compensating values in the opportunity it affords for industrywide planning and stabilization of business and employment."
The New York "Journal of Commerce" Dec. 10 summarized
the principal recommendations made by the Committee
in part as follows:
Whether the present Recovery Act is merely amended and extended
or is supplanted by new legislation. the Committee, in the report, emphasized the necessity for:
1. Extension of codes now in effect to avoid "confusion, damage and
misunderstandings . . . for both management and labor."
2. Retention of policies and provisions to prevent destructive price
curring. According to the report:
"Policies and provisions, which are intended to provide instrumentalities
for preventing or checking undue and harmful disruption of prices, should
not only be retained but should be made available during emergencies
with minimum delay. If industry is to be held to higher costs of production by virtue of hours and wage provisions, then industry must be
upheld against destructive competition by policies and provisions of the
character mentioned and by their quick application."
Would Retain Machine Limits
3. Retention of policies permitting over-capacitated industries to adjust
Production facilities to consumption.
"Over-capacitated industries," the Committee holds, "upon proper
showing of facts, should be permitted and encouraged to adjust the use
of productive facilities to consumption. Such policy will benefit both
management and labor without imposing any burden on the public."
4. Retention, for the duration of the emergency at least, of maximum
hours and wage provisions, bans on child labor and other labor provisions
which the Committee believes "most manufacturers regard as both socially
and industrially desirable"; and
5. Strengthening and more vigorous enforcement of fair trade practice
Provisions "to assist industry in carrying this increased burden of costa,
and to promote industrial stability."
In other sections of the report the Committee urges early modification
or abandonment of certain policies which have disturbed industry or
greatly complicated its relations with NRA and its operations under codes.

G. H. Houston, chairman of Durable Goods Industries
Committee, Asks End of Government Interference
with Private Enterprise—Says SEC, NIRA, Bankhead Act, &c., Fail to Achieve Objectives—Dean
Kimball of Cornell University Says NationaCannot
Be Legislated into Prosperity,,
The Administration's policies have impeded recovery, particularly in the durable goods industries, George H. Houston,
President of the Baldwin Locomotive Works and Chairman
of the Durable Goods Industries Committee, said on Dec. 8.
Speaking at the Stevens Institute of Technology, before
the annual meeting of the Taylor Society and the Society
of Industrial Engineers, Mr. Houstoia urged that industry
be released from unwarranted Government restraint and
that private initiative and enterprise be stimulated as essential to the nation's material rehabilitation. Dean Dexter S.
Kimball, of the College of Engineering of Cornell University,
who also spoke, approved those features of the recovery
program eliminating child labor, racketeering and unfair
competition, but warned that the country cannot be "legislated into prosperity." The New York "Times" of Dec. 7
quoted from Mr. Houston's speech as follows:
Rejecting a planned economy as a brake upon creative enterprise and
progress, Mr. Houston declared that the policies of the Roosevelt Administration in this direction had failed to achieve their objectives. Among the
specific measures which he characterized as having proved their inefficacy,
Mr. Houston mentioned the Agricultural Adjustment Act, the Bankhead Act,
the Tobacco Control Act, the National Industrial Recovery Act and the
regulation of the.supply of capital and credit to private enterprise through
the Securities Act and the Securities Exchange Act.
He also warned against any attempts to establish unemployment insurance
in such a manner as to put another burden upon industry.
The legislation thus far enacted by the Roosevelt Administration, Mr.
Houston said, has failed to restore economic balance as regards production
and consumption or increase of employment opportunities, and has Interfered with the revitalizing of enterprise and the flow of new capital into
inihistry.
"The present safety and future progress of civilization lie not in centralized planning and regulation through autocratic dictatorship, but rather
In the principles of self-determination, local autonomy and decentralized
control, upon which the English•speaking people have built their progress
for the past 1,000 years," he declared.
Calling the NIRA the most serious obstacle to industrial revival, Mr.
Houston said the codes had shortened working hours and raised wages to a
point where the increased costs of production and resulting prices of manufactured products "have tended to increase rather than reduce the disparity
previously existing between the price of manufactured products and the
general price level."
As an essential prerequisite to the revival of the investment in durable
goods industries, Mr. Houston demanded the curbing of the mounting
Government debt,balancing of the budget and assurance of monetary stability
together with such administration of the Securities and Securities Exchange
Acts as will encourage private enterprise.

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Financial Chronicle

Taxation of Unspent Depreciation Reserves Urged as
Means of Stimulating Capital Goods Industry—
W. L. Churchill Says Imposition ot Levy Would
Result in Rush of Spending
Taxation of depreciation reserves, which are not actually
spent to replace capital assets, was advocated as a method
of stimulating the capital goods industry, in a speech Dec. 6
by W. L. Churchill, pricing engineer and Vice-President of
the John R. Hall Corp., who addressed the session on economics at the Stevens Institute of Technology, held in connection with the annual meeting of the American Society of
Mechanical Engineers. He assailed the practice of most
corporations of failing to set aside and use the amounts
claimed for depreciation to keep their property in prime
condition. Taxation of depreciation reserves unspent to
replace assets, Mr. Churchill declared, would result in a
rush to spend the reserves for their declared purpose. We
quote below, in part, from his speech as delivered in
Hoboken, N. J.:
Go where you will in any thoroughly established industrial or commercial
center and you will be confronted by old dilapidated eyesores of buildings,
many of them housing workers under conditions that are inimical to their
health and efficiency. Supposedly, they have had their values depreciated
to the vanishing point. Had their owners actually set aside depreciation
reserves these thousands of structures and their equipment could be replaced
or modernized.
The very general failure to consider depreciation as a reality and to
set aside adequate cash reserves for the reappreciation of depreciated
assets results in the perpetration of an unintentional but colossal
fraud upon our Government, our stockholders, business, and society as a
whole. Our Government is defrauded of needed revenues; stockholders are
unknowingly defrauded of their capital assets; business is defrauded of
opportunities for normal growth and development; society is defrauded
by loss of opportunities for normal employment and by restricted cultural
advancement. •
If the Internal Revenue Bureau should tax as part of net taxable income
all depreciation reserves that are not actually spent to replace assets, the
immediate effect would be a rush to spend reserves for their declared
purpose. This is a desirable result and one that can impose no actual
hardship that cannot be alleviated by agencies already available.
It would mean the spending of vast sums that are now withheld from
use, to rebuild and modernize structures and purchase machinery for
•
modernizing products and processes.
The Internal Revenue Bureau is well equipped by experience and training
to enable it to include this detail in its tax collecting activities.
Taxing all depreciation reserves not applied to the purchase of capital
goods or to construction will stimulate activity in all capital goods
industries.
The effect will be permanent and progressive and will benefit indirectly
all other industries. The natural tendency will be towards stability and
progress in all business.

Definite Opposition to Unemployment Insurance Reported by Newspaper and Farm Journal Editors
in Response to Questionaire of National Industrial
Conference Board—Communities in Pacific and
Mountain States Only Sections In Which Exceptions Are Noted
The National Industrial Conference Board made public
on Dec. 12 a geographic analysis of answers from 4,682
newspaper and farm journal editors to a nation-wide questionaire on the state of public opinion in their communities
concerning a compulsory government system of unemployment insurance. The Board reports that in all sections of
the country except the Pacific and Mountain states, a majority of these editors report that their communities are definitely opposed to such a system. The questionairs sent
out by the Conference Board asked editors for a sepcifir
"Yes" or "No" reply. All answers which were accompanied
by any qualification whatever were listed as "Doubtful".
Because of their relatively small number, such replies have
been omitted from the tabulations that follow, says the
Board in indicating the questions and answers:
Question. "Does public opinion in your community favor a compulsory
government system of unemployment insurance?"
Yes
Geographic Division of Replies—
NO
60 or 33.5
110 or 61.5
New England
221 or 40.9
308 or 57.0
Middle Atlantic
349 or 35.0
628 or 63.0
East North Central
449 or 31.9
916 or 65.1
West North Central
116 or 37.8
184 or 59.9
South Atlantic
110 or 52.9
97 or 46.6
East South Central
220 or 48.1
231 or 50.5
West South Central
92 or 40.4
132 or 57.97
Mountain
145 or 40.4
205 or 57.1%
Pacific
Out of 4,682 editors who replied to this question. 1.849 reported that
their communities favor compulsory unemployment insurance. Two additional questions were asked by the Conference Board involving only the
communities represented by these 1.849 editors.
The first query asked whether such communities favored Federal or State
action in the administration of compulsory unemployment insurance. Of
those editors who answered this question, 75% declared that their communities favor exclusive Federal action; 16% said that community opinion
favors exclusive State action; and 7% testified that their communities
favor Joint action by the Government and State.
The second question inquired as to how those communities reported as
approving compulsory unemployment insurance prefer to have it financed.
According to replies from editors.
29% of these communities favor contributions by the Government,
employers and workers.
24% favor contributions by workers only.
17% favor the Government being the sole contributor.
13% favor employer and worker contributions.




3747

8% favor exclusive employer support.
4% favor contributions by the Government and workers.

The questions concerning a compulsory government system of unemployment insurance were included in the questionaire sent out by the NIRB during its recent survey of
public opinion. The questionaire contained 22 principal
queries concerning current social and economic problems.
Editors were asked by the Conference Board to report only
the opinion of their communities regarding these problems.
Assurance was given that all replies would be held in strict
confidence; that the identity of the papers would not be divulged and that the results of the inquiry would be publied only in the form of totals and percentages. It is
stated that the total circulation represented by the editors
who answered the questionaire is over 24,000,000.
Representative Connery Urges Law Providing 30-Hour
Work Week—Message to Silk and Rayon Convention Says Increased Cost to Business Would Be
Offset by Higher Purchasing Power
Enaction of a Federal law providing for a 30-hour working
week, with a wage increase commensurate with the reduced
hours, was urged Dec. 8 by Representative Connery of
Massachusetts, sponsor of such legislation at previous sessions of Congress and Chairman of the House Labor Committee, in a message to the convention of the silk and rayon
industry in New York City. Peter Van Horn, President of
the National Federation of Textiles, read the message, In
which Mr. Connery said that advocates of labor legislation
and the House Committee were "interested primarily in
putting legislation on the statute books which will give
employers their just due, while at the same time giving to
the workers a fair share of the products of their labor in
the form of decent wages and decent living conditions."
The New York "Herald Tribune" of Dec. 9 gave further
details of this message as follows:
"What action will be taken by Congress on a 30-hour week bill is, of
course, only a matter of conjecture," Mr. Connery declared, "but I am
convinced that such a bill with proper elasticity as to exemptions where it
would be a manifest impossibility of a severe hardship on employers to run
on a 30-hour-week schedule should be passed by Congress."
Both Rides Viewed
•
He said he realized that manufacturers in general "seem to feel that the
proponents of labor legislation disregard entirely the viewpoint of increased
costs and the necessity of a fair profit for investors," but assured the silk
and rayon men that his committee wished to give employers their "just
due" while providing workers with "a fair share of the products of their
labor."
"I feel that Congress should take immediate action on a 30-hour week
bill with increased wages for the 30 hours," he said. "I fully realize that
the costs of production will rise under such a bill, but I feel that it will
result in the re-employment of some 10,000,000 now unemployed and a
decent standard of wages will give an increased buying power to 10,000,000
people."
"May I say in conclusion," his address read, "that it is my conviction
that a 30-hour week with a rise in the wage scale, unemployment insurance
and old-age pensions would soften to a great degree the growing resentment
of labor against capital. If more amicable relations do not result in the
near future between industry and the workers I fear that we will see a
reaction that will be extremely dangerous to our principles of democratic
government."
Mr. Coonley Agrees with Mr. Connery
Mr. Connery's declaration of belief in the 80-hour week as a means of
enlarging the market was preceded by a statement of the same thesis by
Prentiss L. Coonley, Division Administrator of the National Recovery Administration in charge of textiles.

NLRB Asks NRA Compliance Division to Remove Blue
Eagle from Brooklyn-Manhattan Transit Corp.—
Based on Company's Refusal to Reinstate 18 Men
—Company Denies It Was Governed by Transit
Code
The National Labor Relations Board on Dec. 8 recommended to the Compliance Division of the National Recovery
Administration that it remove the Blue Eagle insignia from
the Brooklyn-Manhattan Transit Corp. because the company
had refused to obey an order that 18 men, allegedly discharged for "union activities," be immediately reinstated.
Officials of the company, commenting on the NLRB recommendation, Dec. 8, said that the corporation had never subscribed to the transit code and had never obtained a Blue
Eagle. NRA officials replied that the company is legally
subject to the transit code whether it subscribed to it or not.
Previous reference to the controversy between the company and the NLRB was contained in our issue of Dec. 8,
page 3583. A Washington dispatch of Dec. 8 to the New
York "Times" commented on the latest NLRB action as
follows:
Withdrawal of the Blue Eagle was requested in the following letter
signed by the general counsel of the NLRB:
"Dear Sir: On behalf of this Board I am transmitting to you herewith
two copies of the Board's decision of Nov. 21 finding that the New York
Rapid Transit Co. is in violation of Section 7-A of the National Industrial
Recovery Act.

3748

Financial Chronicle

"The company has failed to comply with the decision by reason of the
violations found and has failed to make restitution. Therefore, the matter
Is referred to you with the recommendation of this Board that the company's Blue Eagle be removed."
The Labor Board's authority to interfere in questions relating to the
company's dealings with its employees was openly challenged by the B.-M.
T. in a letter to the Board after it ordered reinstatement of the men.
Denied It Was Under Code
Company officials denied that the company was under any code, although
it had always tried to comply with labor standard requirements.
IV. S. Menden, President of the B.-M. T. and of the New York Rapid
Transit Co., declared that employees of the B.-M. T. system had been
organized since 1920 under an employees' representation plan, referred to
usually as a company union, and that in dealing with them through this
representation plan the company had fully complied with Section 7-A of
NIRA. The company had previously declined to be represented at hearings
on the matter.
The Labor Board, in its findings, held that the company was subject to
the code of fair competition for the transit industry approved Sept. 18 1933.
This code was filed with the Secretary of State of New York, in accordance
with the so-called Schackno State Enforcement Act for NRA codes.
The NLRB also remarked that the men discharged had worked for the
company from five to 13 years, and that "no men were discharged in the
.
lay-off except union members."
Board officials were reluctant to discuss what practical result would
follow removal of the Blue Eagle from a company carrying thousands of
people of work every day, but thought there would be "a moral effect."

NIRB Removes trom Cotton Garment Code Authority
11 Manufacturers Opposed to 36-Hour Week—
Orders Separation of Affairs of Authority and
International Garment Manufacturers Association
—Mills Granted Temporary Exemption from WageRaising Order
The National Industrial Recovery Board on Dec.6 ordered
the removal from the Cotton Garment Code Authority of 11
cotton garment manufacturers who for several months have
been seeking to prevent the 36-hour working week from
becoming effective in the industry. The work of other members of the Code Authority was stopped and the affairs of
the office were transferred to the General National Recovery
Administration Code Authority as trustee until the reorganization of the industrial group. This marked the second
occasion on which the NIRB took similar action. The first
case was that of the Retail Solid Fuel Code Authority,
which was reorganized after the Board had disapproved
the conduct of its affairs. The NIRB on Dec. 6 said that
it had taken the action regarding the Cotton Garment Code
Authority because of "developments in the industry surrounding the recent amendment of the code to shorten the
work Week, increase rates of pay, &c." The NIRB ruled
that satisfactory performance of code duties by officials of
the International Association of Garment Manufacturers
was impossible because of "conflicting responsibilities,"
and directed that the affairs and property of the Association and the Code Authority be separated immediately and
be kept separate in the future.
The 11 members of the Code Authority who were removed
by the NIRB on Dec. 7 appealed for reinstatement. At
the same time the Code Authority notified members of the
Industry that it would strictly enforce President Roosevelt's
order of Aug. 21 1934 reducing hours from 40 to 36 weekly
and raising wages commensurately. That order was referred to in our issue of Dec. 8, page 3584. The NRA on
Dec. 9 granted temporary exemption from this wage-raising
requirement to all cotton garment manufacturers not involved in the injunction proceedings against the President's
action. Notice of the temporary exemptions was sent to 145
Individual manufacturing establishments and to 10 trade
associations which made blanket applications on behalf of
their memberships. The text of the telegrams sent to the
associations follows:
The Industrial Committee has granted your application for exemption.
which has been duly approved by NRA to the extent that all members of
your Association not plaintiffs in the injunction proceedings are exempted
from the amendments of the cotton garment code, effective Dec. 1 1934,
to the extent that they require an increase in hourly and piece rates of
wages and provided that this exemption shall in no way affect or supersede any valid private agreement between employers or their representatives
and employees or their representatives which may provide for higher piece
or weekly rates of pay. This exemption terminates automatically upon
dissolution of the restraining order of injunction and is revocable at an
earlier date by the NRA. Please notify us that you have notified your
members affected by this exemption, sending us a list of the members so
notified.

The New York "Times" of Dec. 8 described the appeal of
the 11 dismissed members of the Code Authority as follows:
Members of the Code Authority drafted the appeal for reinstatement and
the notice of enforcement of the Presidential order at an all-day meeting
at the headquarters of the Cotton Garment Code Authority, 40 Worth
Street.
Ralph Hunter, Chairman of the Cotton Garment Code Authority, drew
up a separate appeal for his reinstatement, maintaining that he was not,
and never had been, a member of the International Association of Garment
Manufacturers, which is trying to block enforcement of the Presidential
order, among other things, by an injunction suit pending in Washington.




Dec. 15 1934

Mr. Hunter and eight other members who signed another appeal for
the reinstatement of the 11 removed members of the Code Authority
charged that they had been removed without hearing. They asked an
explanation, "with a proper public statement which will reinstate us in
the eyes of the country as honorable and loyal citizens."
By resolution the members of the Code Authority approved the action
of its Chairman and counsel, who, in a letter dated Nov. 30 1934, notified
the entire membership of the cotton garment industry that they were to
observe the Presidential order of Aug. 21. The resolution continued:
"Re It Further Revolved That the Cotton Code Authority fully meeting its
duties and responsibilities as a co-operating agency with the NRA and the President
of the United States under the terms of the Act in the code, does hereby notify
members of the cotton garment industry and each and every one of them subject
to the said code of fair competition approved for said industry that it will proceed
vigorously to enforce the letter and spirit of the Executive Order of Aug. 21 1934
amending said code as to which procedure this resolution should be notice to them."
Mr. Hunter signed the resolution of the nine members of the Code
Authority asking for reinstatement and a hearing. The others were Stanley
A. Sweet, A. S. Phillips, L. J. Treuhaft, all of New York; Edward A.
Swan, T. J. Schminke and Edward H. Swan, of St. Louis; George P. Wakefield, of Cincinnati, and E. C. Osterman, of St. Paul.

A Washington dispatch of Dec. 6 to the New York
"Times" added the following regarding the NIRB order:
While the language of the motion adopted by the Board appeared to be
somewhat cryptic, it was understood that the Board felt that officers of
the Association, as parties to a suit in the District of Columbia Supreme
Court, where they were asking an injunction to stay the effective date of
the 36-hour week, could not carry on their duties as Government officers
because of such action.
Of the 32 members and alternates on the Code Authority the following
directors and officers of the International Association of Cotton Garment
Manufacturers were removed:
Stanley A. Sweet, Chairman of the association.
M. Edward Rowan, President of the association.
Oscar Berman, Treasurer of the association.
A. S. Phillips. New York.
George P. Wakefield, Cleveland.
E. C. Osterman, St. Paul.
T. J. Schminke, St. Louis.
Edward W. Swan. Boston.
Lester Rosenbaum. Kalamazoo.
Sidney L. Bachrach, Baltimore.
Ralph Hunter, New York.
•
Has Many Regional Oflicers
The Cotton Garment Code Authority's budget of $850,000 is one of the
largest approved NRA budgets. This group is said to have more regional
officers than any other industry.
The NRA statement added:
"The Board directed the industry to select members to replace those removed
but proyided that in no case shall the successors be men holding office in the association It the time of such selection.
"The members who are not officers of the association were not removed but will
have no governmental duties until the code authority is reconstituted."
The NIRB's action, taken on the eve of a court hearing in the injunction
suit to-morrow, threw the industry into turmoil, with strong approval
by those who favored obeying the 36-hour Executive Order signed by
President Roosevelt several months ago. The proponents of injunctive
action were taken by surprise and indicated that they would await the
outcome of the court hearing.
The NRA also took another step to protect those manufacturers who
were willing to obey the Presidential edict reducing hours 10% and
increasing wages by that amount when the code's industrial committee
began exempting firms who showed that wage increases would put them
in a bad competitive position as against the 31 manufacturers who recently
received a temporary order staying the wage provisions in -their cases.
The exemptions granted will remain in effect only so long as the
injunctions restraining enforcement of the Executive Order upon the suing
firms remains in force.

NRA to Hold Hearing on Massachusetts Boot and
Shoe Industry—To Consider Request for Reopening of Code, Following Intimations of Factore
Migration to Other Areas to Escape Restrictivy
Wage Costs
The National Recovery Administration announced on
Dec. 11 that a hearing on the decline of the boot and shoe
industry in Massachusetts will be held in Washington in
the near future. This action followed submission of a
special report from an NRA committee which recommended
that the NRA reopen the boot and shoe code to consider such
questions as changes in representation of industry members
on the Code Authority and the alleged migration of factories from one region to another to escape restrictive wage
and hour provisions. Complaints had been received from
eastern Massachusetts that there was danger of wholesale
migration of shoe factories from highly unionized centers
Into rural areas to obtain low labor costs. Representative
Rogers of Massachusetts on Nov. 27 made public a Presidential request that shoe firms contemplating moving from
this area delay such plans until the Federal Advisory Board
which was investigating conditions could report to the NRA.
Investigations of the Board have recently been conducted
in the neighborhood of Lowell, Mass.
The situation in .the Massachusetts shoe industry was
described, in part, as follows, in a dispatch from Boston,
Dec. 6, to the New York "Times":
The code for the shoe manufacturing industry, adopted last October, like
all others avowed to be a "code of fair competition," now confronts the
industrial communities of northern Massachusetts with a new peril, not
contemplated at all when the code was formulated. The wage differentials
of this code are based on population. In consequence, many small cities
and numerous tc%r.s in the neighboring States to the north are able to bid
for the removal of shoe plants from larger Massachusetts municipalities
where they long have been established. Not only have some communities
in these adjacent States exploited the advantages conferred on them by the
wage scale, but they are understood also to have offered "inducements" in
the way of tax exemptions, free rents and guaranteed immunity from

Volume 119

Financial Chronicle

labor troubles. What is more astonishing, if true, is that in some instances
cash bonuses have been offered for removals and the money has been derived
from Public Works Administration funds. The situation is rather curious,
besides, in that it hardly stands for that harmony of action supposed to
characterize New England as a regional unit.
Article 5 of this code establishes a 40-hour work-week and fixes hourly
wages for male and female operatives. Under the population provision
the minimum wage for men in towns and cities of fewer than 20,000 inhabitants works out to be $14 a week, and for women $12. These rates become,
respectively, $14.50 and $12.50 in places ranging in population from 20,000
to 250,000. In cities above 250,000 the male minimum becomes $15 and
that for women $13. All over the South, however, the wage rates are
fixed at $14 and $12, regardless of population. In the formulation of
this code the influence of some other sections is said to have exceeded that
of New England.
Tempting Offers Made
The shoe cities of northern Massachusetts, Haverhill, Lowell, Beverly,
Lynn and others adjacent, are situated in every instance only a short
distance from the State boundary. Removal across the line is relatively
easy. In one case, documentary evidence of which is declared to exist,
a small city offered to send welfare workers, paying them $2 a day, to
dismantle the machinery of a Massachusetts plant and truck it to a new
location; also to furnish the lumber to fit up a new factory, and this in
addition to free rent, heat and light and exemption from taxes.
The lure is all the stronger because of the unhappy labor situation that
has persisted for years in some Massachusetts shoe centers. Nobody dreams
of charging all the woes of the industry to the code. The code simply
accentuates a difficult situation. Haverhill, for example, for a long time
has notoriously been subject to dislocations due to labor troubles. Imported
radicals have stirred up strife without regard to the welfare of the
workers or the prosperity of the city. Rival unions have fought for the
mastery. Strike has followed strike. The story, with variations, has
been similar in several other cities.

American Federation of Labor Offers Suggestions for
Proposed State Unemployment Insurance Laws—
William Green Outlines Plan Based on Employers'
Contributions Equal to 5% of Payrolls
• Specific suggestions intended to serve as a guide for
affiliates of the American Federaion of Labor in pressing
unemployment insurance legislation were made Dec. 11 in a
statement by William Green, President of the Federation.
These proposals are offered as standards for contemplated
Nation-wide State unemployment insurance laws. The suggestions are based upon contributions by employing concerns,
with the insurance hind administered by public agencies.
The Federation does not propose that workers contribute
any monetary allotment to the fund. A Washington dispatch of Dec. 11 to the New York "Times" said that
Mr. Green advocated that affiliated unions support measures
which would cover the following provisions:
1. The measure should be compulsory.
2. Coverage should be as wide as possible, including all industrial and
manufacturing establishments hiring three or more persons. The coverage
should include mines, wholesale and retail trade, all transportation, communication, forestry, fisheries; and should exclude domestic workers,
laborers engaged in agriculture, professional persons, Government employees.
3. A sum equal to 5% of the payroll should be paid into an unemployment reserve find by employing concerns, to be administered by public
agencies. Employees shall make no additional monetary contributions.
4. Benefits should be a specific amount over a definite period of time—
that is, on a contractual basis, as a right inherent in employment. The
amount shall be upon a basis of 50% of the normal weekly wage, but not
less than $15. Payments shall begin with the second week of unemployment and continue for 26 weeks in any one year, part-time unemployment
shall be compensated by partial benefits.
5. Labor and management should be represented in the management
of unemployment benefits through joint advisory committees with equal
representation of the two interests.
6. Public employment exchanges are essential in the administration
of unemployment benefits.
7. Unemployment means inability of a person capable of and willing
to work to find and obtain employment at his regular work, or other work
for which he is reasonably fitted. No person should be required to accept
work under the following provisions.
(a) In a situation vacant directly in consequence of a stoppage of work
due to a trade dispute;
(b) If the wages, hours, and conditions offered are less favorable to
the employee than those prevailing for similar work in the locality, or
are such as tend to depress wages and working conditions;
(c) If acceptance of such employment would abridge or limit the right
of the employee under Section 7-a of the National Industrial Recovery Act
to refrain from joining a labor organization or association of workmen, or
to retain membership in and observe the rules of any such organization or
association.
(d) Workers who quit work without good cause or who are discharged for
misconduct shall not thereby forfeit benefits beyond a reasonable period.

Increased Working Hours Advocated by A. P. Sloan,
Jr.—Head of General Motors Says Real Wages
Are Lowered by Shortening Working Week—
Declares Country Has Future of "Tremendous
Opportunities" Under System of Free Enterprise
Opposition to National labor organizations, in their
present form, was expressed Dec. 11 by Alfred P. Sloan, Jr.,
President of General Motors Corp., in a speech before the
Illinois Manufacturers Association in Chicago. Mr. Sloan
declared that hours of labor, instead of being lowered,
should be increased in order that the pay envelope of the
worker and the nation's purchasing power might also be
raised. "To limit the income of the American worker,"
he said, "and at the same time to raise real prices, is to




3749

confine his purchasing power to the necessities of life,
perhaps to a bare sustenance." To reduce real prices, he
added, means "more goods, more services, more jobs—a
higher standard of living."
The most important recent development in the economic
history of the United States, Mr.Sloan said, was the breaking
of the "spell" of regimentation and planned economy.
This country, he continued, now has a future of "tremendous opportunities" under a system of free enterprise.
Mr. Sloan declared that the measure of the nation's progress
is its ability to reduce the real cost of goods and services,
while meanwhile we must "maintain the broadest possible
een income and the cost of the necessities of
ad-betw—
pre-s—
life." By reducing hours of employment, he said, we
have raised the real cost of goods and services but have failed
to raise the purchasing power of the American worker proportionately. Shortening the hours of labor, he continued,
is a process of "evolution, not revolution."
As against the established National labor unions, Mr.
Sloan proposed the Works Council Plan as the method best
serving to promote the welfare of the greatest number.
Mr. Sloan, in concluding, said that he believes that the
forces contributing to the world depression were largely
spent during the summer of 1932. He then added:

force
A cyclical economic disturbance presents an irresistible economic
or rethat sooner or later must assert itself, but it can be accelerated
the
During
action.
unwise
or
tarded, mitigated or enhanced, by wise
whole depression, in spite of the problenis that have come with it, I have
of
never lost faith. I still have faith in the tremendous opportunities
the future. I do not think that either you or I have a broad enough
subscribe
not
do
I
future.
imagination to visualize the wonders of that
is overto the thinking that our industrial machine, as it exists to-day,
part of
expanded. There is a tremendous unsatisfied demand on the
of
millions for the products of to-day, to say nothing of the products
proentire
our
for
to-morrow. To my thinking, it would require years
what it used
ductive capacity to reconstruct our standing of living to
to be and to what it ought to be.
be, by the
I am encouraged at the moment, as I believe you should
those
increasing respect that is developing for the ability to create—for
producwho provide the payrolls that make the wheels go around—the
payrolls—and the intion payrolls as distinguished from the synthetic
that
creasing lack of confidence in the thinking that has prevailed—andspend
is to
still too widely prevails—that the way back to prosperity
regiindustrial
of
possibilities
more and to work less. To-day the magic
spell
mentation and the so-called planned economy, no longer cast the thing
important
of yesterday—that spell is broken. That is the most
increasingly
becoming
that has happened. It is real progress. Men are
reconstruction
aware that the strongest instrumentality of revival and
development of that
the
In
is the existing system of free enterprise.
are going forbelief we are not turning to the left nor to the right—we road that we
ward—we are simply recognizing, in that belief, the only
and in what way can
can possibly follow. The real problem is how much
what it is to-day,
the system of free enterprise, which has made America
recognized errors and
be stimulated and how at the same time can the
harmonious whole.
deficiencies be compensated, thus bringing all into a
have sufficient
It is a difficult question, but it must be solved, and I
faith in America to believe that it will be solved.

fo
United States Supreme Court to Review Findings
New Jersey Tribunal Against Joseph A. Broderick
in Attempt to Levy Assessments on Stock of Bank
of United States of New York
The United States Supreme Court on Dec. 3 granted a
petition of Joseph A. Broderick, New York State Superintendent of Banks, to review the findings of New Jersey
courts which halted his efforts to recover approximately
$500,000 assessed against New Jersey stockholders of the
cloSed Bank of 'United States under the double liability
clause of the stock issue. Mr. Broderick had appealed from
a decision of the New Jersey Court of Errors and Appeals,
which affirmed a finding of the State Supreme Court dismissing his complaint. A Washington dispatch of Dec. 3 to
the New York "Times" outlined the history of the case as
follows:

The dismissal was based on the ground that the complaint did not set
forth a cause of action, that the liability of New Jersey stockholders of
the bank was unenforcible in the State, and that the New Jersey laws
prohibited its Supreme Court from entertaining the action.
In dismissing the complaint, Justice Parker of the New Jersey Supreme
Court held that the plaintiff "comes over into this State and endeavors by a
suit at law, or several hundred suits at law, to recover the several amounts
which he has himself assessed against the shareholders respectively. This
seems to me to fly directly in the face of our statute."
In his petition to the New Jersey Court of Errors and Appeals Mr. Broderick urged that if the New Jersey laws prohibiting its courts from considering claims for liabilities against its residents who were stockholders
in corporations organized under the laws of any other State were held a
bar to his complaint, such laws were in violation of the Federal Constitution.
"The State Supreme Court's findings in effect denied a remedy in New
Jersey courts on a valid contract entered within the jurisdiction of a
sister State and thereby abridged the privileges and immunities of citizens
of the United States and denied to the plaintiff the equal protection of
the laws, in violation of the Constitution of the United States," Mr. Broderick contended.
In his original complaint for recovery of the assessments against 557
New Jersey stockholders of the Bank of United States, Mr. Broderick
pointed out that there were some 20,843 stockholders in all. Of these,
more than 18,000 were resident in New York and 1,500 in 30 States and
foreign countries.

3750

Financial Chronicle

Employees of James Butler Grocery Co. Threaten to
Strike as Result of Order Closing 83 Stores—Union
Officials Charge Action Represented Move Against
Labor Organization
Employees of the James Butler Grocery Co. in New York
City threatened on Dec. 9 to call a strike in protest against
the closing of 83 of the company's stores, affecting 200
employees. Officials of the Grocery Chain Stores Executives
and Employees Association charged that the company's
action in closing the stores was a move against the union,
and declared that prior to a recent election conducted by
the National Labor Relations Board threats had been made
that if the employees voted for union representation stores
would be closed. Company officials, on the contrary, declared that the closing had been forced by economic considerations, and that within the past four years the company
had closed a total of 680 stores, leaving some 670 operating
with about 1,800 employees. Col. Alfred J. L'Heureux,
counsel for the company, denied that the closing of the stores
had any connection with recent labor troubles.
The Regional Labor Board on Dec. 10 intervened, seeking
to avert the threatened strike. Union officials pressed their
demand for recognition as collective bargaining representatives of the employees, but late this week no agreement had
been reached between representatives of the company and of
the workers. The demands of the union officials later were
widened to include increased wages, reduced hours and a
closed shop.
Colonel L'Heureux's announcement was noted as follows in
the New York "Times" Dec. 9:

while two banks, with $595,000 deposits, were insolvent
National banks in the hands of receivers. The Comptroller
further reported:
The licensing of 9 banks last month brought the number opened or reopened during the first 11 months of 1934 to 412 National banks, with
$356.496,000 frozen deposits, as shown in the following table.
Month—

American Bankers Association to Hold 1935 Annual
Convention in Roosevelt Hotel in New Orleans—
Executive Council to Meet in Augusta, Ga., April
14-17
The headquarters for the American Bankers Association
convention, which will be held in New Orleans, Nov. 11-14
1935, will be the Roosevelt Hotel, it was announced this
week by F. N. Shepherd, Executive Manager of the Association. This action, he said, has been confirmed by the
Administrative Committee of the organization.
Mr. Shepherd also announced that the Committee had
confirmed the selection by President Hecht and the Executive
Manager, of Augusta, Ga. for the 1935 meeting of the
Executive Council of the Association, which will be held
April 14-17, at the Bon Air-Vanderbilt Hotel.
Joseph A. Broderick to Resign as New York State
Superintendent of Banks Dec. 31—Advises Governor Lehman He Will Not Accept Reappointment
Joseph A. Brokerick, Superintendent of Banks of the
State of New York for over five years, has advised Governor
Lehman that he will not accept reappointment to that post
when his present term expires at the end of this year. Mr.
Broderick, said, according to press accounts on Dec. 11,
that despite reports that he will accept one of several offers
made to him, he intends to accept none at the present time
and when free of the responsibilities of his present post will
devote a considerable period to rest. The appointment of
Mr. Brokerick as Superintendent of Banks was noted in
our issue of March 30 1929, page 2021.
Nine National Banks Reopened During November—
Comptroller of Currency Reports Eight Banks
Remain Unlicensed
During the month of November, nine National banks,
with frozen deposits of $6,687,000 were licensed and opened
or reopened or absorbed by going banks, J. F. T. O'Connor,
Comptroller of the Currency, reported Dec. 9. He said
that seven of these institutions, with deposits of $6,092,000
were unlicensed National banks in the hands of conservators;




No. of National
Banks Licensed

Frozen
Deposits

69
63
55
36
50
40
29
20
15
26
9

868,966,000
62,953,000
34,739,000
31,893.000
37,488,000
33.777,000
24,472,000
9.023,000
15,005,000
31,493,000
6,687.000

January
February
March
April
May
June
July
August
September
October
November

8356,496.000
412
By the close of November, the number of unlicensed National banks in
the United States had been reduced to eight, as contrasted with $1,417
(including 10 State banks and trust companies in the District of Columbia
which come directly under the Comptroller's jurisdiction) on Mar. 16 1933—
the first day after the termination of last year's general banking holiday.
The 1,417 National banks which remained unlicensed when the 1933
banking holiday ended have been disposed of as follows. 1,084 of these
institutions, involving frozen deposits of 81,800,062,000 have been reopened under old or new charters or have been absorbed by going banks;
30 banks, with $11,204,000 frozen deposits, have quit or withdrawn from
the National System; 295, with $152,699,000 frozen deposits, have been
declared insolvent and placed in charge of receivers, and eight banks, with
aggregate frozen deposits of $7,163,000 are still unlicensed.
However, every one of the eight National banks still unlicensed has
received an approval plan of reorganization, and can thus re-open Just as
soon as the terms of such approval are met. In addition nine insolvent
National banks (which are included in the 295 in receivership), containing
aggregate deposits of $4,403.000 have also received approved re-organization plans from the Comptroller's Department.
During November, three banks received approved plans of reorganization from the Comptroller. Two of these institutions, with total frozen
deposits of $571,000 are unlicensed National banks; while the other, which
contains $244.000 frozen deposits, is an insolvent bank.
Below are listed those National banks which were licensed during the
month of November, 1934.

The stores were closed as a result of a decision of the stockholders, according to Colonel L'Heureux. to offset losses sustained by the company.
Stz• Year Loss Revealed
"The company has been losing money very heavily in the last six years,"
Colonel L'Heureux said, "and the Butler family has contributed approximately $1.900,000 in that time to save the business. The estate feels
that it cannot continue to put money into the business at that rate."
Colonel L'Heureux pointed out that James Butler, founder of the first
American grocery chain, had acted as his own banker up to the time of his
death, on Feb. 20 1934. His family since his death has done its utmost
financially to meet the difficulties due largely to over-expansion prior to
the depression.
At one time the James Butler Grocery Co. operated 1.350 grocery stores,
but in the last four years the company has closed 680 of them, leaving 670
stores, employing 1,800 workers.
Colonel L'Heureux said that the policy of reducing the number of storm
by the James Butler Grocery Co. was similar to that adopted by most of
the other chain stores.
"It is a case of trying to save the organization and to keep the employees
now in service," Colonel L'Heureux said.

Dec. 15 1934

Location
Alabama—
Russellville
California—
Glendale
Illinois—
Lanark
Iowa-Newell
New Jersey—
West New York_ _
Ohio-Paulding
Oregon—
Toledo
Pennsylvania—
Gratz
Tennessee—
Jackson

Name of Banks

Date

Frosen
Deposits
5208.000

First National Bank

Nov. 24 1934

First National Bank

Nov. 2 1934

781,000

The First National Bank

Nov. 2 1934

386,000

First National Bank

Nov. 27 1934

154,000

First National Bank

Nov. 30 1934

3.665,000

Paulding National Bank

Nov. 3 1934

381,000

First National Bank

Nov. 30 1934

257,000

First National Bank

Nov. 3 1934

414,000

Security National Bank

Nov. 24 1934

441,000

Total 9

86,687,000

The banks receiving approvals for their reorganization plans during the
month of November are listed below.
IN CONSERVATORSHIP
Location
California—
Coachella
Utah—
Nephi

Name of Banks

Date

First National Bank

Nov. 16 1934

First National Bank

Nov. 23 1934

Total 2 banks

Frozen
Deposits
8255,000
316,000
$571,000

IN RECEIVERSHIP
Location
Wyoming

Name of Banks

Dale

The National Bank of Wyoming_ _ _ Nov. 16 1934

Frozen
Deposits
8244,000

A list of those banks licensed and opened or reopened
during October was given in our issue of Nov. 17, page 3103.
Reopening of Closed Banks for Business and Lifting
of Restrictions
Since the publication in our issue of Dec. 8 (page 3586)
with regard to the banking situation in the various States,
the following further action is recorded:
MARYLAND

That two closed Maryland banks—the People's Bank of
Somerset, Princess Anne, and the Deal Island Bank, Deal
Island—had received dividend payments aggi()gating approximately $60,000, is learned from Associated Press advices from Peincess Anne on Dec. 5, which said in part:
Depositors of the closed People's Bank of Somerset County, in Princess
Anne, and the Deal Island Bank were nearly $60,000 richer to-day as
result of dividend payments.
Checks totaling approximately $50,000 were mailed out by State Bank
Commissioner John J. Ghingher as receiver for the I'eople's bank,and others
amounting to some $6,400 by the Commissioner as receiver for the Deal
Island Bank. Both distributions represented a 10% dividend.

a

Advices from Hagerstown, Md.,on Dec.5 to the Washington "Post" reported that John J. Ghingher, Bank Corn-

Financial Chronicle

Volume 139

3751

missioner of Maryland, had been named receiver for th
Hagerstown Bank & Trust Co., Hagerstown, by Judge
Frank G. Wagaman. The dispatch added:

The Farmers' National7Bank on Dec. 5 started the distribution of
$300,000 to 2,000 'depositors, a dividend of 35%, the second that this
bank has paid. More than a year ago this bank paid 40%, In addition
to the 5% which was paid during the State moratorium.

The Commissioner took custody of the bank hlzrch 4 1933 and since
July 1933 the bank has been in liquidation under a conservatorship, but
under the receivership liquidation.:wilL.proceed under jurisdiction of the
Circuit Court.

Concerning the affairs of the closed Lorain Street Savings
& Trust Co. of Cleveland. Ohio, Associated Press advices
from Washington, D. C., on Dec. 11 contained the following:

MICHIGAN

Reconstruction Finance Corporation officials to-day indicated a loan
for reorganization of the Lorain Street Savings & Trust Co. at Cleveland
would be approved within a week.

The Detroit "Free Press" of Dec. 2 had the following to
say regarding the affairs of the defunct Guardian National
Bank of Commerce of Detroit, Mich.:
Detroit depositors, working on a plan for a liquidating corporation
to supplant the receivership_in the:GuardianiNationallBank of Commerce,
never have been advised of a_deadline being
established, they said Satur:
day (Dec. 1).
Washington dispatches intimated that Comptroller J. F. T. O'Connor
had set Dec. 5 as a deadline for completion of the plan. This is emphatically denied by Detroit committee members. Their inquiries at
Washington have failed to produce substantiation for such a time limit.
Chairman Hugh J. Ferry, of the depositors' committee, was absent
from the city, but HenryjE. Bodman, who has been closely associated
with him,said he felkassured:that:the:report of the.
.deadline,was erroneous.
We are making lexcellent progressiand are much encouraged," Mr.
Bodman asserted. "No reason could exist for:
arbitrarily limiting our
work."
The plan requires stockholders to pay $5,050,000 in settlement of assessments in the National Bank of Commerce and other Guardian National
Bank units, those who have lpaid• under protest withdrawing the protest.
and seeks co-operation of 75% of the remaining;depositors. It would
make available an 87% final settlement for those who must withdraw
at current day values, but urges the probability of a larger recovery by
remaining with the liquidating corporationk

The Mount Gilead National Bank, Mount Gilead, Ohio,
closed since March 1933, is to be reopened Jan. 1 as the
First National Bank, under a reorganization plan approved
by the Treasury Department. The new institution will
be capitalized at $50,000 with surplus and undivided profits
of $12,500. Mount Gilead advices on Dec. 4 appearing in
the Cleveland "Plain Dealer," from which this is learned,
continued:
Fifty'per cent of airiunsecured depositors' accounts in the Mount Gilead
National Bank will be available to depositors with the opening of the
new bank. The'remaining 50% will:be paid at intervals as the liquidation
of the loldr.organizationlproceeds under:a trusteeship.
Three trustees, Ed ;McClarren, Benjamin Olds and W. H. Holland,
will carry out the liquidation without compensation. All public funds
and school funds depositedlin the oldlbank will be paid in full soon after
Jan. 1. Approximately $500,000 will be available to the depositors as
the bank reopens. Reorganization was made possible by a temporary
RFC loan_of $250,000.

B. E. Custer, receiver for the Montpelier National Bank,
Ohio, has received authority to pay depositors
Montpelier,
Mich.,
That the Pentwater State Bank at Pentwater,
dividend
second
a
of 50%.
has been reorganized and reopened, releasing $47,0(,0 to
SOUTH CAROLINA
depositors, was reported in the "Michigan Investor" of
Orangeburg, S. C., advices on Dec. 7 to the Columbia
Dec. 8, which furthermore named the officers as follows:
D. J. Halstead, President; W. H. Gardner, Vice-President; "State," in indicating that a second dividend was to be
0. K. Oldt, Cashier, and D. E. Spore,',Assistant Cashier, paid to depositors of the Edisto National Bank of Orangeburg (now succeeded by the First National Bank), had the
the latter two resuming their old positions.
to say:
following
We learn from the "Michigan Investor" of Dec. 8, that
Authorization for ,,,the :distribution of a 16% dividend has just been
last week the Pinconning State Bank, Pinconning, Mich:, received by T. E. Marchant, receiver of the_Edisto National Bank. from
opened on an unrestricted basis with:the following as officers: the Comptroller of the Currency. Thislis the second dividend to be
paid depositors of this institution. The first distribution was for 25%
John W. Jankowiak, President; William Urban and J. B. distributed
by the conservator before the appointment of the receiver
Narris, Vice-Presidents; and J. R. Fotheringham, Cashier. for the institution. It was announced at the office of the receiver to-night
7) that the checks for the payment of this dividend will be ready for
The Morley State Bank, Morley, Mich., and the State (Dec.
delivery Monday morning, Dec. 10.
Bank of Standish, Standish, Mich., havelcompleted their
WISCONSIN
plans for reopening, and elected officers, according to the
the
of the closed First National Bank
Concerning
affairs
"Michigan Investor" of Dec. 8, which furthermore said:
from the Milwaukee
John E. Bergelin:of Big Rapids is President of the Merely of West Allis, Wis., we take the following
4:
Dec.
of
"Sentinel"
bank; William F. Turner, Vice-President, and Kenneth W".
Distribution of 1,300 additional checks totaling about $38.000 to deTurner, Cashier.•;The bank is/scheduled to open Monday positors of the closed
First National Bank of West Allis was begun Dec. 3
(Dec. 10). Officers:of the,Standish bank are H.A,Chamber- Immediately after their arrival from Washington, it was announced by
lain, President; R. J. Crandell, Vice-President, and Coulson Frank Gross. Jr., receiver.
The checks represent an additional payment on the 50% dividend
Blair, Cashier.
authorized some time ago. They are going to those who filed claims
30. More than $600,000 was distributed in
The Yale State Bank, Yale, Mich., and the:Pioneer Bank between Aug. 5 and Oct.who
filed claims before Aug. 5. Only about
September to depositors
of North Branch, Mich., have been added to the open list, $10,000 of the original disbursement still is unclaimed. it was announced.
Claims may still be filed, Mr. Gross said. Those filing now will be
according to the "Michigan Investor" of Dec. 8, which went
paid next spring. The 50% dividend was made possible by liquidation
on to say:
of assets and an RFC loan. When the bank closed it had about $1,400.000
The former, which is capitalized at $25,000, paid out $100,000 in "frozen"
deposits. Offlers are: William G. Wight, President: Guy M. Rowell, VicePresident, and Guy E. Beard, Cashier. Officers of the Pioneer Bank are:
F. C. Ballard, President; D.P. Orr, Vice-President; J. A. Hapley, Cashier,
and K. M. Barbour, Cashier of the savings department.

That the Port Austin State Bank, Port Austin, Mich.,
was to reopen on Dec. 10 was indicated in the "Michigan
Investor" of Dec. 8, which said:
All arrangements have7beenlcompleted forlreopening the Port Austin
State Bank Monday, restoring Nompletepanklng facilities to that community. Robert Thuommel Is President, Mark McGee, Vice-President,
and II. F. Finan, Cashier.
MISSOURI

That the Shannon County Bank at Eminence, Mo. was
closed Dec. 3 and will be liquidated was reported in Jefferson
City advices on that date printed in the St. Louis "GlobeDemocrat," which said:
State Finance Commissioner 0. H. Moberly was advised by telegraph
to-day (Dec. 3) that Bank Examiner J. D. Ellis closed the Shannon County
Bank at Eminence and the assets will be liquidated. This bank, the
only financial institution at Eminence, Shannon County seat, has been
operating under restrictions since the moratorium was declared in March
1933.
NEW YORK

Thomas F. Hanley, receiver for the Newtown National
Bank of Corona, Queens, N. Y. .which did not reopen after
the general bank closing of March 1933, informed the 2,500
depositors on Dec. 11 that another 20% dividend was ready
for distribution. In reporting the above the New York
"Herald Tribune" added:
Dividends aggregating 60% already had been paid to depositors.
OHIO

Concerning the affairs of the Farmers' National Bank
of Bryan, Ohio, advices from that place on Dec. 5 printed
in the Toledo "Blade" had the following to say:




of deposits.

ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made, Dec. 11, for the transfer of the
late Oliver B. Bridgman's New York Stock Exchange membership, at $95,000, to Frank H. Maguire. The previous
transaction was at $70,000, on Oct. 30.
The membership of Lester R. Moss, on the New York
Commodity Exchange, Inc., was sold on Dec. 13 to Jerome
Lewine, for another, at $2,450, reflecting an increase of
$150 over the last previous sale, on Dec. 14. The membership of Charles D. Culbertson was sold to John L. Julian,
for another, at $2,500.
Arrangements were completed Dec. 7 for the sale of a
membership on the Chicago Stock Exchange for $2,500, unchanged from the last previous sale.
The New York Cocoa Exchange membership of Joseph
Perrin was sold Dee. 13 to Howard T. McKee, for another,
for $3,000, unchanged from the last previous sale.
At a meeting of the board of directors of the Bank of the
Manhattan Co., New York, held Dec. 13, a quarterly dividend at the rate of 3V/c. a share (at the annual rate of
$1.50) was declared payable Jan. 2 1935 to stockholders of
record Dec. 18 1934. The last previous dividend, paid in
October, was at the rate of 50c. a share (at the annual rate
of $2). The lower rate was recommended by J. Stewart
Baker, Chairman of the Board of the bank at the recent

3752

Financial Chronicle

Dec. 15 1934

annual meeting of stockholders, reference to which was
made in our issue of Dec. 8, page 3562.

of its preferred stock into common stock, according to a
dispatch from that place on Dec. 10 to the New York
"Times," which went on to say:

Charles E. Hammond of Summit, N. J., who since 1915 had
been statistician and advertising manager for Spencer Trask
& Co., died on Dec. 9 at Overlook Hospital, Summit. Some
thirty-odd years ago Mr. Hammond had been associated for
several years with this paper, leaving it to become associate
editor of Moody's Publishing Co. Later, he became connected with Poor's Manual.

The capital will be increased $100,000 by the issuance of $100,000 par
value of common stock, making the common capital $200,000 and the
total capital $300,000, of which $100,000 is preferred stock and $200,000
common. The common capital stock will be changed from $100 to $50
a share. Each present share will be exchanged for two new shares.
The 2,000 new shares of common stock will be offered for subscription
at $200 a share to the holders of preferred stock.

M. Scovell Martin, Sanford L. Smith and Homer B.
Williamson have been appointed Assistant Trust Officers
' of the City Bank Farmers Trust Co., New York.
Guaranty Trust Company of New York announced on
Dec. 7 the appointment of Broderick Haskell, Jr., as an
Assistant Treasurer.
The New York State Banking Department on Dec. 5 gave
its approval to plans for the merger of the Midwood Safe
Deposit Co., Brooklyn, into the Manufacturers Safe Deposit
Co., New York, under the name of the latter, we learn from
the Banking Department's "Weekly Bulletin" of Dec. 7.
The Manufacturers Safe Deposit Co. has also been authorized by the Department to open .branch offices at 1144
Flatbush Ave. and 1987 Flatbush Ave., Brooklyn, locations
formerly occupied by the Midwood institution.
The Central Savings Bank, New York, announced on
Dec. 10 the election of James T. Lee as a trustee. Mr. Lee
is a senior Vice-President of the Chase National Bank.
The Board of Trustees of the Greater New York Savings
Bank, Brooklyn, has elected Bernard F. Hogan as President
of the bank to succeed the late William Obermayer. Mr.
Hogan became connected with the bank in 1926, when he
was elected trustee. In 1931 he was appointed Assistant
Vice-President of the bank, and in 1933 was elected VicePresident. Previously, he had been an Assistant Trust
Officer of the Title Guaranty & Trust Co. and President of
the F. C. Sauter Agency, Inc. The Greater New York Savings Bank has assets of $42,792,148.84, with deposits of
$38,106,550.59, representing the savings of 66,557 depositors.
Stockholders of the Merchants' National Bank & Trust Co.
and of the Lincoln National Bank & Trust Co., both of
Syracuse, N. Y., have voted to increase the capital of their
respective institutions $300,000, by the issuance, in each
case, of that amount of preferred shares, to be purchased
by the Reconstruction Finance Corporation. Syracuse advices on Dec. 8 to the "Wall Street Journal," from which
this is learned, added:
Both banks will invest all proceeds from the sale of preferred stock in
United States Government bonds.

W. T. Oliver, first agent of the Bank of Montreal (Canada) in New York, will retire on Dec. 31, after a service
of nearly 52 years. After an experience of over 20 years
In various branches of the Bank of Canada, Mr. Oliver came
to New York in 1905, as an agent of the Bank of British
North America, and when that bank was merged with the
Bank of Montreal, in 1918, be was appointed an agent of
the latter, becoming its first agent in 1924, on the death of
the late R. Y. Hebden.
Mr. Oliver's duties as first agent will be taken over by
B. C. Gardner, now the bank's second agent here. Mr.
Gardner had wide experience in Canada prior to his transfer to New York in January 1932, his service with the former
Bank of British North America and then with the Bank
of Montreal having carried him across the Dominion from
British Columbia to the Maritime Provinces and to St.
John's, Newfoundland. The announcement by the bank
continues:

On Dec. 5 the New York State Banking Department
approved a reduction of the capital and par value of the
State Bank of Chatham, N. Y., from $100,000 at a par
value of $100 a share to $50,000 at a par value of $50, each.
and subsequently on the same day approved an increase
in the capital from $50,000 to $100,000.
Effective Nov. 10, four Massachusetts National banks—
the Worcester County National Bank of Worcester (capital
$2,790,250), the Spencer National Bank, Spencer (capital
$100,000), the Second National Bank, Barre (capital
$50,000), and the North Brookfield National Bank, North
Brookfield (capital $25,000)—were placed in voluntary
liquidation. All four institutions were absorbed by the
Worcester Bank & Trust Co., Worcester.
Arthur Guy, State Commissioner of Banks for Massachusetts, resigned from that office on Dec. 4 to accept the
presidency of the Worcester Mechanics' Savings Bank of
Worcester, Mass. In assuming his new office, he succeeds
the late Leander F. Herrick, whose death occurred Nov. 7.
Mr. Guy's letter of resignation to Governor Ely of Massachusetts, as printed in the Boston "Transcript" of Dec. 4,
follows:
I am submitting my resignation as Commissioner of Banks of the Commonwealth of Massachusetts, to take effect upon the appointment of my
successor.
It has been a distinction and a privilege to serve the Commonwealth in
that capacity, and in leaving the service I wish to express to your Excellency my deep sense of obligation of the honor you conferred in appointing
me to that office and for the unswerving confidence and support given to
me and the department at all times.

Regarding Mr. Guy's banking career, the paper mentioned
supplied the following Information:
By a striking coincidence, the old Worcester savings bank, founded In
1851, to which Mr. Guy is now called as President, is located at only a
stone's throw from the site of the Worcester Mechanics' National Bank,
where, as a very young man, he first began his banking career. In 1906
Mr. Guy became a messenger to the head bookkeeper of that National bank,
and remained in the employ of this institution until 1913.
In October 1913 he entered the service of the State Banking Department
as an Assistant Examiner, and continued in that rank until 1920, when he
became an Examiner and soon after was promoted to a post as Assistant
Director, which he filled from 1921 to 1923. For the next five years he
had the title of director, and then, in October 1928, became Deputy Commissioner of the department.
On Dec. 31 1930 Mr. Guy became Commissioner, having been appointed
to that office by Governor Allen. Upon the expiration of his first term,
he was reappointed by Governor Ely, and he has on several occasions
refused offers of important posts in private banking in order to see the
work of his office through to a satisfactory conclusion.
Commissioner Guy has the supervision of more than 700 institutions,
with assets of more than three and a half billion dollars. He is directly
responsible for $100,000,000 of closed bank funds.

According to ad vices from Newton, N. J., to the Newark
"News," on Dec. 3, Claude E. Mazuy has been elected President of the Newton Trust Co. of Newton, to succeed Levi H.
Morris, who resigned after serving the institution for 24
years. The dispatch continued, in part:
The bank has been operating under the Altman Act since Jan. 6. The
reorganization was declared to be the final step toward reopening on an
unrestricted basis, which, it was said at the bank, might be effected in two
or three weeks.
Five new directors suggestd by the depositors' committee were elected.
Five of the old board were re-elected. An Executive Vice-President to
succeed Louis A. Dalrymple, who resigned, will be chosen. He will be a
member of the board, the bank stated. J. Russell Roof, who was Chairman
of the depositors' committee and is a new director, was elected VicePresident. Mr. .Mazuy had been Vice-President.

The Bank of Commerce and Savings of Washington,
D. C., on Nov. 30 opened a branch office at the corner of
North Capitol and H Streets, that city. The new office,
which will be known as the H Street branch, is in charge of
Will H. Swetman as Manager.

R. C. Winans, who advances from third agent to second agent, has had
wide experience both in Eastern and Western Canada. He was formerly
an Assistant Inspector, and immediately before coming to New vork he
was Assistant Superintendent in British Columbia
G. R. Ball, formerly Manager of the securities department in New York,
has been appointed third agent. Mr. Ball has had broad banking experience both here and in Canada. He served overseas with the Canadian
forces and was decorated and twice wounded.
R. A. Clark, accountant in the agency since 1919, has been appointed
to the position of assistant agent.
The appointments are effective on Jan. 1.

Concerning the affairs of the defunct Hopewell Trust Co.
of Hopewell, Va., advices from that place, under date of
Nov. 26, to the Richmond "Times-Dispatch," had the following to say:

Shareholders of the Peekskill National Bank, Peekskill,
N. Y., on Dec. 10, adopted resolutions for the conversion

Income from the receivership of the Hopewell Bank & Trust Co. was
$16,076.81, and expenses $76,045.18, as of March 31 1934, with depositors
standing little chance to recover part of their losses, according to an audit




Volume 139

Financial Chronicle

filed to-day (Nov. 26) in the Hopewell Circuit Court by A. Lee Rawlins
Co., certified public accountants.
Total receipts of the receivership were $374,929.38, of which approximately $254,000 was paid to Richmond banks, the audit shows.
The two receivers, Thomas J. Blankenship and Archer L. Jones, and their
counsel, David A. Harrison, were each indebted to the bank at the time
of the audit, it was disclosed. On March 31 1934, the date of the audit,
Mr. Blankenship owed the bank $2,950 on one note and was co-indorser
with Charles T. Morris and L. Grafinkle for $18,000; Mr. Jones was
Indebted to the bank for $799.46, and Mr. Harrison for $300, the audit
set forth.
Compensation of $7,500 was paid Mr. Blankenship, and $6,500 each for
Mr. Jones and Mr. Harrison, with additional sums allowed for travel
expenses, it was stated.
The bank was closed on Aug. 15 1931, its liabilities being $1,480,279.89,
as compared with liabilities of $972,092 on March 31 1934.
The receivers were hampered by the fact that 57% of the bank's resources
were pledged at the date the bank closed, the audit states.
The auditors reported, in part:
"It is apparent from court and other records that the receivers have put
forth considerable effort to realize on the bank's resources which, in many
Instances, were of no avail, due to the economic conditions and irresponsibility of debtors.
"It is apparent that unless the receivers are able to recover a substantial
amount of the loans and discounts pledged, the possibilities of paying a
dividend of any consequence to depositors is very remote, in our opinion."
Deposit offsets of $68,685 were allowed by the receivers. The receivership is still in progress, with the receivers now making reports to Judge
Peterson of the Hopewell Circuit Court.
•

A fifth dividend of 10% will be paid on Dec. 10 by the
defunct Harrod State Bank, Harrod, Ohio, bringing the total
received by the depositors to 80%. Advices from Lima,
Ohio, on Dec. 1, printed in the Toledo "Blade," in noting this,
added:
The bank, which was closed in 1931, is expected to pay at least 90% in
dividends, it was stated.

Oharles E. Day, receiver of the Merchants' National Bank
of Galena, Ill., announced on Dec. 3 a payment of $94,304,
or 24%, to depositors of the institution, bringing the amount
of claims paid to 89%, according to a dispatch from that
place on Dec. 3 to the Chicago "Tirbune."
•
According to advices from Hoopeston, Ill., on Dec. 6.
distribution of dividend checks totaling $100,000 to depositors in the closed First National Bank of Hoopeston was
begun on that day by G. H. Couchman, the receiver. The
dispatch continued:
It was the third dividend paid by the receiver, making a total of 75%
paid out since the bank closed in March 1932.

In indicating that a dividend of 14% had been paid to
depositors of the West Side Trust & Savings Bank of Chicago, Ill., the Ohicago "News" of Dec. 6 said:
Depositors of the West Side Trust & Savings Bank, 735 West Roosevelt
Road, were in receipt of checks to-day for 14% of their claims. This
marks an initial disbursement since the closing of the bank and involves
$518,143. The payment was made possible by a lqan from the Reconstruction Finance Corporation.

Depositors of the closed Jackson Park National Bank of
Chicago, Ill., were to be repaid another 15% of their money
within the next day or two, according to the Chicago
"Tribune" of Dec. 8, which went on to say:
Checks are ready for delivery, according to Receiver J. T. Connolly,
and will bring the total restitution to date to 34%. Collections in the
ordinary course of liquidation were supplemented by a loan from the
Reconstruction Finance Corporation to provide the current payment.

H. G. Vincent, Cashier of the Citizens' State Savings Bank
of Otsego, Mich., has announced officially that directors of
his bank and the First State Savings Bank of Otsego have
approved a consolidation of the institutions, and there is
every indication the stockholders will concur in the action.
The "Michigan Investor," authority for this, continued:
The merger will operate under the name of the State Savings Bank of
Otsego and occupy the First State Building. The single institution Is
expected to be in operation by Jan. 10, or soon thereafter.

A dividend of $1.00 per share covering the period from
Feb. 1 1934 to Jan. 31 1935 on the $500,000 shares of common
stock, payable Feb. 1 1935 to stockholders of record Jan. 20
1935 was declared by the directors of the National Bank
of Detroit, Detroit, Mich., at the regular December meeting.
The Board also voted the regular preferred stock dividend
to the Reconstruction Finance Corporation, holder of $12,125,000.00 preferred stock outstanding. The bank, out of
its earnings has paid dividends on the preferred stock from
Its inception, March 24 1933. At Feb. 1 1935 the amount
of the bank's earnings used for preferred stock dividends
will total $1,052,772.22. The announcement by the bank
goes on to say:
The bank has already retired $375,000.00 of its preferred stock and
an additional retirement of $375,000.00 will be made during the month
of December, Walter S. Ifetucas, President, stated: "While the bank




3753

is not obligated, under its agreement with the Reconstruction Finance
Corporation, to make any retirement of preferred stock prior to 1936,
it was decided to undertake a retirement program immediately out of
current earnings."
Opened March 24 1933, the bank had deposits of $29,629,019.62 at
March 31 1933, which had increased to $189,693,074.41 by Dec. 31 1933.
At the last call statement, Oct. 17 1934, deposits totaled $240,078,243.20,
with capital account $26,004,495.42, divided as follows: preferred stock
$12,125,000; common stock $5,000,000; surplus $5,375,000; undivided
profits (paid in) $2,500,000; undivided profits (earned) $1,004,495.
The October statement also showed $300,000 reserve for contingencies.

The First National Bank of Bison, S. D., went into voluntary liquidation on Nov. 17. The institution, which was
capitalized at $25,000, was absorbed by the First National
Bank in Lemmon, S. D.
The Farmers' & Merchants' National Bank of West Point,
West Point, Neb., was chartered by the Comptroller of the
Currency on Dec. 4. The new institution, which represents
a conversion of the Farmers' & Merchants' Bank of that
place, is capitalized at $50,000. G. J. Collins and W. T.
Knieval are President and Cashier, respectively, of the
new bank.
As of July 31, the First National Bank of Luray, Kan.,
capitalized at $40,000, was placed in voluntary liquidation.
The institution was taken over by the Waldo State Bank,
Waldo, Kan.
The Third National Bank, of Nashville, Tenn., is planning to increase its capital stock in order to handle its
expanding business. The present capitalization of $600,000
is to be raised to $1,000,000 by the sale of 4,000 new common shares of the par value of $100 each. The new shares
are to be offered at $125 per share, thereby raising the
present surplus of the bank from $150,000 to $250,000. The
bank's undivided profit account stands at approximately
$175.000. In making the announcement on Dec. 7, F. M.
Farris, Executive Vice-President, said:
Our business has grown so rapidly since the expiration of the Bank
Holiday, as well as in the months preceding that interruption, that a
substantial increase in our capitalization is desirable. We are looking
forward to continued general business improvement, and the Third National
Bank is making ready for it.

Regarding the plans, we are advised:
Present members of the Board and other large stockholders have subscribed for more than 1,700 shares, making over 3,200 shares already
subscribed. Stockholders, generally, will have an opportunity to subscribe their pro rata part, but it is the intention of the bank management
to request present shareholders to waive at least one-half their stock
rights in order to have stock available for those subscribers not now
stockholders.

As indicating the growth of the institution the following
figures of deposits are supplied: July 18 1927 (opening
date), $1,018,140.93; Dec. 31 1920, $5,947,433.89; Dec. 31
1931, $6,605,489.94; Nov. 30 1934, $14,528,025.32.
N. A. Crockett is Chairman of the Board, and Watkins
Crockett, president of the institution.
That a union of the St. Joseph Stockyards Bank of St.
Joseph, Mo., and the First State Bank of that city, was to
be consummated on Dec. 10 under the title of the First St.
Joseph Stockyards Bank, is learned from St. Joseph advices on Dec. 8 to the Kansas City "Star." The new institution, it was stated, would open with the combined
deposits of the two banks and capital and surplus of
$275,000.
In indicating that depositors of the closed Hickman Bank
& Trust Co., Hickman, Ky., were to receive a 10% dividend,
beginning Dec. 4, a dispatch from that place on Nov. 30 to
the Louisville "Courier-Journal" had the following to say:
Depositors of the closed Hickman Bank & Trust Co., E. F. Thomasson,
Special Deputy Banking and Securities Commissioner, in charge of the
liquidation of the bank, announced to-day, are to receive a dividend of 10%,
starting Dec. 4. This will amount to about $33,000, it was said
The bank closed on Dec. 3 1929, and this is the first money depositors
have received.
When it closed the bank had snore than $600.000 in deposits, but this
has been now reduced to around $330,000 by the use of deposits to offset
indebtedness to the bank.

Stockholders of the Wachovia Bank & Trust Co. of
Winston-Salem, N. C., with branches in the larger North
Carolina cities, on Dec. 5 authorized an increase of
$1,500,000 in the bank's capitalization. This will make
total capitalization of $4,000,000. Surplus amounts to
$1,250,000.
Gurney P. Hood, State Commissioner of Banks for North
Carolina, on Nov. 19 announced that checks aggregating

3754

Financial Chronicle

Dec. 15 1934

$89,862 for 3,539 depositors of 10 closed banks had been
Directors of Wells Fargo Bank & Union Trust Co., San
mailed to the liquidating agents. One set of checks, accord- Francisco, Calif., have declared the regular quarterly diviing to the Raleigh "News and Observer" of Nov. 20, repre- dend of $3.25 per share, payable Jan. 1 1935 to stockholders
sented a 100% dividend to 213 depositors and other creditors of record Dec.22 1934. This dividend is at the rate of $13.00
of the Citizens' Bank of Richlands. The full payment of per share annually, the same rate which has obtained
common claims amounted to $26,485. This bank was placed since 1929.
in liquidation on Jan. 4 1932, and also has paid $4,034 to
preferred and $10,062 to secured creditors. The other instiThe 15th annual statement of the British Overseas Bank,
tutions making payment were the Bank of Pikeville, Pike- Ltd. (head office London), covering the fiscal year ended
ville; Garner Banking & Trust Co., Garner; Bank of Stony Oct. 31 1934, was presented to the shareholders at their
Point, Stony Point; Rural Hall Bank & Trust Co., Rural annual general meeting on Dec. 11. The report shows net
Hall; Planters' & Merchants' Bank of Everetts; Bank of profits for the period, after allowing rebate of interest and
Efuntersville, Huntersville; Farmers' Bank of Belhaven; providing for all bad and doubtful debts (other than proFarmers' Bank of Greenville, and Bank of Belhaven.
vided for out of contingencies account) of £62,333, which
A subsequent issue of the "News and Observer," Nov. 24, when added to £64,306, the balance to credit of profit and
reported that dividend checks totaling $49,695 had been loss brought forward from the preceding 12 months, made
mailed by State Bank Commissioner Hood to the liquidating £126,639 available for distribution. Out of this sum £60,000
agents of the Bank of Robeson at Maxton ; the Winton Bank- was deducted to pay a dividend on the "A" ordinary shares
ing & Trust Co. of Winton, and the Citizens' Bank of at the rate of 6% per annum (less income tax) for the
Windsor for distribution to depositors and other creditors. year ended Oct. 31 1934, leaving a balance of £66,639 to be
The same paper, in its issue of Nov. 28, stated that checks carried forward to the current fiscal's year's profit and
for a 5% dividend for the 561 depositors and other creditors loss account. Total assets are shown in the report at
of the closed Bank of Pender, at Burgaw, N. C., were mailed £8,419,467 and current deposit and other accounts at £2,to the liquidating agent the previous day, according to an 964,622. The bank's paid-up capital stands at £2,000,000,
announcement by the Bank Commissioner. It is also stated and its reserve fund at 1100,000. Arthur C. D. Gairdner
that a 5% dividend was scheduled to be paid to depositors has been appointed Chairman of the Board of Directors of
of the defunct Citizens' Bank & Trust Co. of New Bern, N. C. the institution to succeed the late Right Honorable VisAgain, in its issue of Dec. 8, the Raleigh paper stated count Churchill.
that checks for a 25% dividend to 442 depositors and other
creditors in the amount of $14,308 had been mailed by the
ENGLISH FINANCIAL MARKET-PER1CABLE
State Banking Department to R. H. Stevens, liquidating
The daily closing quotations for securities, &c.,at London,
agent for the closed Citizen's Bank of Spring Hope, N. C., as reported by cable, have been as follows the past week:
for immediate distribution. The checks were for a fourth
sat.,
Mon.,
Tues.,
Psi.,
Wed.,
Thurs..
Dec.8
Dec. 10
dividend and made an aggregate of 55%, or $35,988, which
Dee. 11
Dec. 14
Dec. 13
Dec. 12
Silver, per oz__ 24%d.
24346.
24946. 24 11-166. 24 7-16d. 24 7-186.
has been paid since the institution closed in 1931. In addi- Gold,
p.fine oz. 140s.Sd. 140s.494d. 14013.4%d. 1408.5d. 1400.814d. 1408.98.
tion, it was said, preferred creditors have been paid $11,415 Consols, 234% 894
8934
8954
9014
9034
91
British 334%and secured creditors $7,686.
Application for a charter for the Florida Bank at Panama
City, Fla., has been filed with the Secretary of State, R. A.
Gray, of Tallahassee and the new institution will open for
business about Jan. 1, it is learned from Panama City advices to the "Florida Times-Union" on Dec. 7, which also
supplies the following additional Information:
The bank will be one of a chain of the duPont interests, who own
and operate a number of banks in the State. It will be capitalized at
$50,000, with a surplus of $10,000. It, will occupy the building formerly
used by the First National Bank, which failed here several years ago.
W. A. Redding, Vice-President of the Florida National Bank at Jacksonville, will be President of the local institution. Joseph H. Riggs
of Jacksonville, will be First Vice-President and John H. Green of St.
Petersburg, will be Cashier. Both Messrs. Riggs and Green are connected with the duPont interests.

According to advices by the Associated Press from Colorado Springs, Col., on Dec. 1, stockholders of the Farmers'
State Bank of Peyton, Col., on that day voted to move the
bank to Calhan, Col., on Jan. 1, and change its name to the
Farmers' State Bank of Calhan. The dispatch added:
It was also voted to increase the capitalization from $20,000 to $25,000,
and the articles of incorporation were amended to conform to Reconstruction Finance Corporation requirements.

TV. L
British 4%1960-90

10634

10634

10634

10754

10734

10754

11854

11834

11814

1193.4

11934

11994

The price of silver in New York on the same:days has been:
Silver in N.Y.,
(foreign) per
oz.(Cu.) _
U. S. Treasury
U. S. Treasury

(newly mined)

5454
50.01

5434
50.01

5454
50.01

5451
50.01

5434
50.01

5494
50.01

8434

6436

6431

6494

6434

6414

COURSE OF BANK CLEARINGS
Bank clearings this week will again show an increase as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic adviees from the chief cities of the
country indicate that for the week ended to-day (Saturday,
Dec. 15) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
12.6% above those for the corresponding week last year.
Our preliminary total stands at $5,415,396,725, against $4,811,404,129 for the same week in 1933. At this center
there is a gain for the week ended Friday of 16.3%. Our
comparative summary for the week follows:
Clearings-Reiurns by Telegraph.
Week Ending Dec. 15

From the Denver "Rocky Mountain News" of Nov. 17 it is
learned that the Bank of Telluride, Telluride, Col., which
was closed in 1929, paid a final dividend, amounting to 6%,
or $32,602, on Nov. 16, making the total of dividends paid
by the institution 39.3%. State Bank Commissioner of
Colorado Grant McFerson, who announced the closing of
the estate, at the same time announced that a final dividend
of 5.6%, or $6,119, had been paid to depositors of the Norwood State Bank, Norwood, an affiliated institution of the
Bank of Telluride. The paper added, in part:
"The closing of these two estates has been pending for the last year, due
to various legal complications which entered therein," Mr. McFerson said.
"However, this final distribution is the closing of both estates under order
of the District Court."

The Pasadena National Bank, Pasadena, Cal., on Dec. 1
changed its title to the Pasadena-First National Bank.
The Comptroller of the Currency on Dec. 1 granted a
charter to the First National Bank in Madera, Madera,
Calif. The new institution is capitalized at $50,000, half of
which is preferred stock and half common stock, and succeeds the First National Bank of the same place. A. E.
Christiana is 'President of the new bank and C. B. Swift,
Cashier.




1934

1933

Per
Cent

Philadelphia
Boston
Kansas City
St. I.ouls
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans

$2,705,521,550
193,292,003
244,000.000
168,000,000
63.196,120
59,100,000
94,710.000
75,691,805
59,297,205
51,983,539
43,171,997
25,770,000

$2,325,775,388
157.629.632
213,000,000
152,000,000
46,307,764
46.300,000
82,180.000
64,972,169
42,729,458
41,216,788
34,676,183
22,217,000

+18.3
+22.6
+14.6
+10.5
+38.3
+27.8
+15.2
+18.5
+38.8
+28.1
+24.5
+18.0

Twelve cities, 5 days
Other cities, 5 days

$3,783,734,219
662,446,385

$3,229,084,360
500,716,520

+17.2
+10.3

Total all cities. 5 days
All cake, 1 day

$4,346,180,604
1,069,238,121

$3,829,780,880
981.623,249

+13.5
+8.9

IA dig 005 105

ltd. 011 Arid 100

4.12.8

New York

Chicago

mmoi 011

n111aa Mr waak

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Dec. 8. For
that week there is an increase of 20.9%, the aggregate of
31earings for the whole country being $5,451,555,155, against
64,509,434,912 in the same week in 1933.

Outside of this city there is an increase of 30.6%, the bank
clearings at this center having recorded a gain cf 15.4%. We
group the cities according to the Federal Reserve districts
in which they are located and from this it appears that in
the New York Reserve District, including this city, the totals
record an expansion of 15.6%, in the Boston Reserve District
of 20.1% and in the Philadelphia Reserve District of 34.5%.
The Cleveland Reserve District has managed to enlarge its
totals by 23.7%, the Richmond Reserve District by 25.7%
and the Atlanta Reserve District by 23.7%. In the Chicago
Reserve District there is an improvement of 33.1%, in the
St. Louis Reserve District of 17.9% and in the Minneapolis
Reserve District of 18.5%. The Kansas City Reserve District enjoys a gain of 16.7%, the Dallas Reserve District of
8.2% and the San Francisco Reserve District of 22.5%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS

Week Ended Dec. 8 1934 1

1934

1933

Inc.or
Dec.

Federal ROWEITO DIStS.
1st Boston_ _ _12 cities
2nd NewYork__12 "
lird Philadelpla 9 ••
Ath Cleveland__ 5 "
5th Richmond _ 6 "
6th Atlanta____10 "
7th Chicago _ _ _19 "
8th St.Louts___ 4 "
9612 Minneapolis 6 "
10th Kansas CitY10 "
5 "
11th Dallas
12th Ban Fran_ _12 "

$

$

%

244,155,894
2.431,077,794
319,208,788
210,065,969
112,177,876
210,065,969
365,519,756
113,906,441
83,819,272
102,774,671
49,146,677
210,636,070

202.422,637
2,968,862,700
237,278,258
169,879,691
89,230,667
94,309,603
274,650,472
96,610,645
70,745,179
88,053,368
45,417,958
171,973,734

110 cities
Total
Outside N. Y. City

5,451,555,155
2,122,373,863

4,509,434,912 +20.9
1,625,645,488 +30.6

404 A04 5104

544 010 510 -1-17 A

firinail9

32 cities

1932

1931

$

s

4,218,452,717
1,525,179,720

5,512,367,329
2,073,988,052

020 511

190895 749

Total (6 cities)

Inc. or
Dec.

$
$
%
First Federal Reserve Dist net-Boston5e.-Bang0r___ _
669,098
553,778 +20.8
Portland
1,850,291
1,504,211 +23.4
4a88.-1308t0n _ _ 211,029,256 177,184,239 +19.1
Fall River_ _
653,621
523,390 +24.9
Lowell
325,746
289,853 +12.4
622,414
New 13edford_
619,878 +0.4
Springfield_
2,892,143
2,458,785 +17.6
Worcester
1,440,999
1.280,871 +12.5
,onn.-Hartford.
10,464,942
7,189,344 +45.6
New haven.....
3.328,666
3,104,326
+7.2
1.1,-providence
8.740,600
7,211.700 +21.2
8.H.-Manclie9'r
1.132.118
502,262 +25.4
243,155,894

202,422,637 +20.1

Second Feder al Reserve D Istrict-New
T. Y.-A1bany
6,502.196
5,238,512
Binghamton._ _
917,053
739,189
Buffalo
22,960,126
24,700,000
Elmira
492,912
540,640
Jamestown
526,148
443,310
New York_ _ _ _ 3,329,181,292 2,883,789,424
Rochester
7,622,524
5,956,422
Syracuse
3,041.171
2,884,989
:.'onn.-Stamford
2,395,937
2,190,690
514.744
0. J.-Montclair
450,000
Newark
18,579,387
16.026,031
36,604,430
27,643,367
Northern N. J.

Eighth Feder
Ind.-Evansville
Mo.-St. Louis_
Ky.-LouLsville.
Tenn.-Memph
111.- Jacksonvill
Quincy

Ninth Federa
Minn.-Duluth...
Minneapolis__
St. Paul
S. D.-Aberdeen
Mont.-Billings
Helena

041

1932
$

1931
$

469,379
2.045,098
159,342,113
559,479
246.553
586,581
2,658,042
1,830,999
6,071,361
3,064.955
7,477,000
447,971

544,414
2,848,305
236,000,000
944,023
465.997
861,591
3,912,138
2,563.467
8,766,184
5,533,126
10,332.700
637,420

184.799.531

273,409,365

York-+24.1
4,019,862
4,711,476
+24.1
636,292
747,755
+7.6
19.913,054
29,208,306
-8.8
495,649
732,011
706,753
662,392
+18.7
+15.4 2,693,272,997 3.438,879,277
+28.0
5,914.843
9,043.887
+5.4
3,125,965
3,950,266
+9.4
2,977.263
2,867,915
+14.4
545,000
730,795
+15.9
17,375,609
24,739,409
+32.4
24,537,275
31.610,470

Total (9 cities).

319,208,766

Fourth Feder al
Dhlo-Akron
Canton
Cincinnati
Cleveland
Columbus
Mansfield
Youngstown...
Pa.-Pittsburgh _

272,538,371

293,339.870

Reserve D istrict-Clev eland-c
e
c
__-c
cc
43,193,431
37,437,364 -1--1-5-.4
33.251,263
58,620,318
46,401,956 +26.3
50,992,567
9,523,100
7,291,300 +30.6
6,654.300
1,125,105
912,554 +23.3
768,227
b
b
b
97,604,015
68,476,199
77,836,517 +25:9
--

c
c
44,780,335
71.126.313
9,279,100
1,000,000
b
92,469,561

210,065,969

237,278,258 +34.5

169,879,691 +23.7

160,142,556

218,655,309

Fifth Federal Reserve Dist rict-Richm ondW.Va.-Huntlon
99.207
89.650 +10.7
3,942.000
Va.-Norfolk
3,340,000 +18.0
33,901,598
Richmond
28.975,187 +17.0
1,074,099
897,930 +19.6
S.C.-Charleston
54,696,838
Md.-Baltimore.
41,367,829 +32.2
18,464,134
D.C.-Washing'n
14.560.071 +26.8

347,502
3,749,000
29,000,589
711,921
47,255,533
18.001,141

546,042
3,823.479
31.919.480
1,395,570
62.396.777
22.048,212

89,230,667 +25.7

99,065,686

122,129,560

Sixth Federal Reserve Dist rict-Atlant a2,670,197
3,380,164 -21.0
Tenn.-Knoxville
12,167,706
9,730,059 +25.1
Nashville
43,000,000
Ga.-Atlanta____
33,400,000 +28.7
1,043.959
879.938 +18.6
Augusta
.800,000
669,889 +19.4
Macon
14,094,000
10,390,000
35.6
F1a.-Jack'nv1lle.
16,016,002
11,652,106
37.5
Ala.-Birm'ham _
1,119,720
22.1
917,144
Mobile
b
b
Miss.-Jackson
134,000
143,212 Liii
Vicksburg
26,762,327
23,147.091 +15.6
La.-NewOr1eans

1,983,208
8,458.029
23,400,000
686.737
345.579
8,153,154
7,851,321
833,429
b
111.629
24,969,312

3.283,819
10,131.514
31,400.000
1,263,063
554,225
10.774.785
9,912.850
1.056,956
b
186,060
31,621.416

76,792,398

100,164,688

Total (5 cities).

Total (6 cities).

Total(10 chic.)

112,177,876

117,807,911




94,309,603 +24.9

+33.1

1931
3
183,380
726,249
78,953,795
3.285,369
1.865,373
1,503,010
13,244,000
1,637,272
3,292,430
19,972,509
895,334
5,345,048
3,546,886
b
1,138,103
264,469,107
722.137
2,520,645
1,158,254
1,754,027
406,212,928

Reserve Dis trict-St. Lo uisbb
b
9-.5
48,100,000
59,600,000 +-171,100.000
20.521.934 +17.6
16,578,920
24,141,094
10,907,761
18,210,447
16,215,711 +12.3
b
bb
407,945
454,000
273,000 -F6-6-.5

b
69.600.000
19,320,784
12,844,794
b
671,044

96,610,645 +17.0

75.994,626

102,436,622

Reserve Dis trict-Minne apolis2.391.308
2,492,137 -4.0
55,790,404
48,307.199 +15.5
21,116,808
17,041,535 +23.9
611,939
445,673 +37.3
509,315
341,106 +49.3
3,399.448
2,117,529 +60.5

2,464,439
42,471.555
13,851,470
525,218
327,864
1,943.970

2,827,678
57,555.171
18,618,965
690.581
547.740
2,642,862

61.584,516

82,882,997

Tenth Federa i Reserve Dis trict-Kans as City 115,587
117,047
60,633 +93.0
Neb.-Fremont _
b109,801
108,321
Hastings
1,588,852
2,107,974
1,725,786 +-22.1
Lincoln
17,980.423
21,564,995 +18.9
.
25.645.010
Omaha
1,831,294 +32.9
1,666.548
2,434,662
Kan.-Topeka .
3,159,912
1.705,379 +36.1
2,320,845
Wichita
49,277.896
66.222,905
57,618,774 +14.9
Mo.-Kan. City.
2,344,796
2.620,864 +5.2
2,756.352
St. Joseph_ .
483,301
464,327 +14.0
529.542
Colo.-Sol. Spgs
501,281
461,316 +15.3
532.013
Pueblo

207,901
221,383
2,697,304
26,994,647
2,338.087
4.193,363
70,179,432
3,274,406
1,193,548
933,545

Total (4 cities)

113,906,441

83,819,272

70,745,179 +18.5

88,053,368 +16.7

77,228,397

112,233.616

Eleventh Fed 2 ral Reserve District-Da has682.324 +48.0
1,010.140
Texas-Austin _ _
33,683,067 +11.1
37.414,237
Dallas
6,380,412
6,588,542 -3.2
Fort Worth_ _ .
2.500,000 -0.6
2,486,000
Galveston___ _.
1,964,025 -5.5
1,855,888
La.-Shreveport.

707,510
24.925.717
5,079,864
2,111,000
2,071,623

978,759
29,623,418
7,043.039
2,387,000
2,566,311

+8.2

34,895,714

42,598,527

Franc sco19.985,814
+32.6
+41.4
4,592,000
367.405
+52.6
+24.9
14,472,709
+15.6
9,828,677
3,171,279
+6.8
-1-5.8
2,950.721
+49.8
7.639.343
+20.3
86.354,875
2,055,523
+4.6
1,000,000
-11.4
+21.8
1,214.810

24,093,505
7,317.000
665,405
22,054.374
13,184.216
5.012.905
4,486.760
8,783,815
118.974.082
2,905,202
1,811,194
1.631,430

153,633,156

210,919,888

Total(10 cities)

Total(5 cities).

102,774,671

49,146,677

45,417,958

Twelfth Feder al Reserve D istrict-San
27,125,482
20,459,128
Wash -Seattle._
6,610,000
9.348.000
Spokane
487.104
743,348
Yakima
17,840,083
22.273,660
Ore.-Portland _ _
11,387,622
13,159.535
Utah-S. L. Cit.r
3,185,580
3,403,009
Calif.-Long We b
2,833.903
2,998,119
Pasadena
3,545,617
5,311,745
Sacramento_ _.
San Francisco .. 121,541.827 101.058,665
1,839,449
1,923,276
San Jose
1,546,557
1,370,751
Santa Barbara _
_
1,437,318
1,180,026
Stockton
Total(12 chi ) 210,636,070

626,347
a659,129
623,383
1,904,372
276,000,000
2,718.045
3,689,798
2380,701
1,559,224
3,738,000

1932

248,257,204

365,519,756 274,650,472

Total(12 cities) 3,431,077,794 2,968,862,700 +15.6 2,773,520,562 3,547,883,959
Third Federal Reserve Dist rict-Philad elphia331,498
311,699
'ft.-Altoona....
587,009 -43.5
ba389,051
Bethlehem .... _
a1,686,159
272,102
Chester
351,365
280,816 -1--2-5:1
Lancaster
868,582
891,477
687,624 +26.0
310,000,000 228,000.000 +36.0 261,000,000
Philadelphia
Reading
1,022,385
1,701,159
1,093.001 -6.5
Scranton
2,024.556
2,514.927
1,801.463 +12.4
Wilkes-Barre
1,729 233
1,496.734 -24.3
1,132,626
1.094,754
908,774
York
950,611 +15.2
2,385,000
2,381,000 +0.2
3,209,000
g. J.-Trenton...

inc. or
Dec.

1933

s
s
$
%
Seventh Feder al Reserve D strict-Chic ago92,223
59,623
55,425 +7.6
Mich.-Adrian _ _
554.841
482,586 +15.0
563,706
Ann Arbor_ _ _ _
50.282,462
50,650,769 +52.7
77,354,685
Detroit
1.999,845
1,834,312
1,335,192 +37.4
Grand Rapids..
421,200
606,560 +224.1
Lansing
1,965.900
820,518
599,251 +19.7
Ind.-Ft. Wayne
717,084
10,278,000
9.703,000 +23.1
11.947,000
Indianapolis_
1,049,404
South Bend
832,452
550,381 +51.3
3,140.963 +19.8
2,805,881
Terre Haute_
3,764,126
13,684.888
Wis -MIlwaukee
16,390,889
15,366,938 +6.7
603.469
769,783
218,753 +251.9
Ia.-Ced. Rapids
4.331,379
8,339.598
6,305,406 +32.3
Des Moines__ _
1,991,760
Sioux City
2,897,293
1,927,30 +40.0
bb
b
Waterloo
974,551
411,57 +65.9
111.-Bloomington
682.610
232,506.029 179,411,595 +29.6 153,847,011
Chicago
393,548
592,591
432,140 +37.1
Decatur
2,141,750
2,120,41
+30.7
Peoria
2,771,502
483,046
+2.3
538,368
526,41
Rockford
1,492,563
805,79 +49.1
Springfield_ __
1,201,070

273.409,365
3,547.883.959
293,339,870
218.655,309
122,129,560
100,164,688
406,212,928
102,436,622
82,882,997
112,233,616
42,598,527
210,919,888

Clearings al-1933

1934

+20.1
184,799,531
+15.6 2,773,520,562
+34.5
272,538,371
160,142,556
+23.7
+25.7
99,065,686
+23.7
76,792,398
+33.1
248,257,204
+17.9
75,994,626
+13.5
61,584,516
+16.7
77,228,397
34,895,714
+8.2
+22.5
153,633.156

Week Ended December 8
1934

Week Ended December 8
Clearings al-

Total (19 cities

We now add our,detailed statement showing last week's
figures for each city separately for the four years:

Total(12 cities)

3755

Financial Chronicle

Volume 139

171,973.734 +22.5

Grand total (11 D
.. 5,451.555,155 4,509,434,912 +20.9 4,218,452,717 5,512,867,329
cities)
Outside New Tor k 2,122,373,863 1.625,645,488 +30.6 1,525,179,720 2,073,988,052

Week Ended Dec. 6
Clearings at
inc. Or

1934
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec)
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _
New Westminster
Medicine Hat _ _ _
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert.-Moncton
Kingston
Chatham
Sarnia
Sudbury
Total(32 cities)

1933

Dec.

1932

1931

$
$
%
146,239,609 107.530,912 +36.0
121,703.312 125,684,694 -3.2
47,919,184 +41.4
67,776,993
15,471,294 +4.8
16,187,970
4,297,419 +23.6
5,313,739
4.359.803
4,785,366 -8.9
2,342,347 +1.7
2,383.283
3,981,545 +7.0
4,259.968
6,061.006
5,131,913 +18.1
1,949,933
1,789.948 +8.9
1,658,97
-1.8
1,629,777
3,358,748
2,539,57 +32.3
5,062,674
4,461,68 +13.5
4,617,879
3.775.96 +22.3
367.612
354,55
+3.7
598.218
439.50 t35.7
1,726.253
1,488,21
16.0
637,660
560,66
13.7
818,088
882,13
-7.3
750,488
682.454 +10.0
540,217
490,23 +10.2
249,13
258.166
+3.6
674.161
614.297 +9.7
636.850
635,073 +0.3
1,176,928
1,036,523 +13.5
1.898,571
2,004,687 -5.3
333,245
292,232 +14.0
904,146
788,853 +14.6
613,918 +5.4
646,891
469.383 +15.4
541,887
460.895 +8.8
601,553
691.366
586,221 +17.9

$
S
82,910,448
84.260,026
76.122.756 123,670.357
44,659,811
42,448.196
14.841.649
13,110.914
4,352,738
6,319,547
4,688,287
4,036,251
2,422,837
2,878.378
4,295,630
3,792.990
5,429,554
6,175,154
1,482,311
2,008,312
1,642.105
1.416.019
2,656,429
2,467,773
4,314.500
5,385,540
3,204,614
4,210,490
335,084
425,307
400,532
409,605
1,493,823
1.861,719
609,510
674,736
832.968
912.164
648,285
728,702
453,074
507,875
213,975
292,429
567.025
674.123
475.371
626.495
860,341
941,934
2,237,696
2,667.012
295,056
417.718
745,497
759.216
577.806
740,683
524,630
557.040
418,509
549,388
470,150
580,459

404,604,994

261,020,811

344.019,812 +17.6

320,668,742

a Not included In totals. b No clearings avallabie. c Clearing House not functioning at present. • Estimated.

3756

Financial Chronicle

Dec. 15 1934

DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE

THE CURB EXCHANGE
Curb stocks have been subjected to irregular price moveStocks
Bonds (Par Value).
ments during the most of the present week. There have
Week Ended
(Number
Dec. 14 1934
Of
Foreign
Foreign
been occasional periods of activity, but these were generally
Total.
Domestic. Government. Corporate
Shares).
--brief and had no special significance. Specialties have Saturday
585,000
$52,000 $2,111,000
136,970 51,974,000
Monday
221,395 3,182,000
42,000
52,000 3,276,000
attracted considerable speculative attention, but a moderate Tuesday
243,455 3,927.000
134,000
38,000 4,099,000
amount of buying has also been apparent in the public Wednesday
163,325 3,450,000
70,000
40,000 3.560,000
Thursday
195,220
3,724,000
77,000
44,000
3,845,000
utility group. Mining stocks have been moderately active Friday
194,864 3,574.000
73,000 3,810,000
163,000
and there was some interest displayed at times in the oil
Total
1,155,229 519,831,000
5571,000
5299.000 520,701.000
shares, but most of the changes were in minor fractions.
Sales
at
Week
110 Dec. 14
Ended
Dec.
14
Jan.
The specialties and public utilities were the most active
New York Curb
Exchange.
1934.
1933.
1934.
1933.
groups during the abbreviated session on Saturday, though
trading, on the whole, was quiet and price movements Stocks-No. at shares_ 1,155,229 1,467,950
92,414,090
57,194,129
irregularly downward during most of the session due to week- DomesticBonds
519,831,000 515,996,000
5777,525,000
5913,001,000
government _ _
571,000
37,579,000
34.663,000
766,000
end adjustments. Metal shares were generally inactive, Foreign
Foreign corporate
299,000
36,369,000
930,000
21,531,000
but a limited number of miscellaneous issues closed with
Total_ _
520,701,000 517 692.000
5972,195,000
5851,473,000
modest gains, most of the advances being in small fractions.
Prominent among the trading favorites closing on the side
THE ENGLISH GOLD AND SILVER MARKETS
of the decline were Allied Mills, Atlas Corp., Canadian
Industrial Alcohol A, Distillers Seagrams, Electric Bond &
We reprint-the following- from the weekly circular of
Share, Humble Oil & Refining, National B311as Hess, South Samuel Montagu & Co. of London, written under date of
Penn Oil Co., Swift International, United Founders Corp., Nov. 28 1934:
GOLD
Hiram Walker and Wright Hargreaves.
The Bank of England gold reserve against notes amounted to £192,Curb prices were somewhat confused on Monday, and 113,083
on the 21st instant, as compared with £192,050,330 on the previous
while many active stocks moved slowly downward, there Wednesday.
In the open market there have been no new features and business has
were also a number of prominent shares that were higher,
been on a rather smaller scale. General buying again absorbed the amounts
though the changes on both sides were generally fractional. offered,
which, during the week, totalled about £1,000,000.
Specialties continued to attract the most trading interest,
Quotations during the week:
Per Fine
Equivalent Value
though the public utilities also were moderately active.
Ounce
of 2 Sterling
22
139s. 2d,
12s. 2.51d.
The turnover was small and at the close the market, as a Nov.
Nov. 23
139s. 4d.
12s. 2.33d.
whole, was fractionally lower. Stocks ending the day on the Nov. 24
139s. 5d.
12s. 2.25d.
Nov. 26
1398. 6d.
12s. 2.15d.
downside included,among others, American Light & Traction, Nov. 27
1398. 4d.
12s. 2.33d.
Nov. 28
139s. 7Md.
12s. 2.03d.
American Superpower Corp., Cord Corp., Creole Petroleum, Average
139s. 4.75d.
12s. 2.27d.
Glen Alden Coal, Humble Oil & Refining, International
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 19th instant to mid-day on the 26th instant:
Petroleum and Lake Shore Mines.
Exports
Declining prices marked the dealings on the Curb Exchange Netherlands Imports
£10,415 Netherlands
£12.343
on Tuesday, though during the early trading a number of Belgium
5.750 Belgium
84.225
France
149.498 France
31,158
speculative favorites showed good improvement until profit Switzerland
135.536 United States of America 542,221
British
West
Africa
153.047
Central
&
South
America
turnover
was
in
The
taking turned the trend downward.
British South Africa
45,809
(Foreign)
396,174
British India
1,235,229 Venezuela
59,500
larger volume than for some time but average prices were Hongkong
46.058 Other countries
811
lower at the close. Among the declines were such active Australia
306,243
New Zealand
48.904
issues as Allied Mills, Aluminum Co. of America, American Venezuela
14.327
17.482
Cyanamid B, American Gas & Electric common, American Other countries
£2,168.298
£1,126,432
Light & Traction, Atlas Corp., Commonwealth Edison,
SS."Viceroy of India" which left Bombay on Nov. 24th carries gold
Electric Bond & Share, Fisk Rubber Corp., Glen Alden Coal, to The
the value of about £1,087,000 consigned to London.
Greyhound Corp., Swift & Co., Swift International, Hiram
SILVER
Walker and Wright Hargreaves.
The market has been fairly active and during the past week has shown a
The trend of prices during the early trading on Wednesday very steady tone with prices moving only within narrow
limits.
China has again been the chief source of supply, but offerings have been
was generally toward higher levels, though there was conwell
absorbed,
support
having
been
given
by
America, besides which
siderable irregularity apparent and the gains were small. there has been a good demand from the
Indian Bazaars. Re-sales have been
Toward the end of the session interest waned and as scattered made by speculators, but fresh speculative buying
has also been in evidence.
offerings appeared prices again turned downward and closed The undertone seems firm.
The
following
were
the
United
imports and exports of silver
slightly lower for the day. The losses included American registered from mid-day on the 19thKingdom
instant to mid-day on the 26th instant:
Cyanamid B, Atlas Corp., Humble Oil & Refining, Lake
Imports
Exports
Belgium
£7,839 Central & South America
Shore Mines, Newmont Mining Corp., United Gas Corp. Netherlands
6,928
(Foreign)
£58,634
Germany
Hargreaves.
5.346 Bombay, via other ports__ _ 11,620
and Wright
British South Africa
6,062
New
Zealand
2,714
Irregularity continued to be the dominating feature of the Kenya
9,478 Italy
16,950
British India
34,476
Other countries
2,583
trading on Thursday, and while the market was fairly Australia
1.200
British West Africa
2,108
steady during the forenoon, prices slipped downward in the Other
countries
1,235
last hour and final quotations were around the low for the
£74,672
£92,501
stocks
and
declined
all
weak
the
day. Alcohol shares were
Quotations during the week:
IN LONDON
along the line. Specialties, on the other hand, moved
IN NEW YORK
Bar Silver per Oz. Std.
(Per Oimco .999 fine.)
against the trend and many closed above the previous final
Cash deity. 2 Mos. dello.
Nov.
22
16d. 24 11-16d.
Nov. 21
prominent
issues Nov. 23
54.
though the gains were small. Among the
24 9-16d. 24 11-16d.
Nov. 22
55)'c.
24
24 7-16d. 24 9-16d.
Nov. 23
showing a decline on the day were Allied Mills, American Nov.
5554c.
Nov. 26
24%d.
24%d.
Nov. 24
54(c.
Alden
Coal,
GreyGlen
Corp.,
Nov. 27
2454d.
24',d.
Light & Traction, Atlas
Nov. 26
55%c.
Nov. 28
24%d.
24%d.
Nov. 27
5534d.
hound Corp., Swift & Co. and Hiram Walker.
Average
24.552d. 24.677d.
Downward price revisions were again apparent as the
The highest rate of exchange on New York recorded during the period
from
the
22nd
instant to the 28th instant was $4.993 and the lowest
Curb Exchange closed on Friday. There were a few bright
spots among the specialties where gains were made and re- $4.983i.
INDIAN CURRENCY RETURNS
In Lacs %Rupees
Nov. 22
Nov. 15
Nov. 7
tained to the close, but most of the active stocks in the general Notes
in c culation
18,508
18,492
18,492
list were lower. As compared with Friday of last week, Silver coin and bullion in India
9.624
9.651
9,651
Gold coin and bullion in India
4,155
4.155
4.155
prices showed further declines, American Cyanamid B Securities (Indian Government)
3.332
3.298'W 3,298
1,397
1,388 - .., 1,388
closing at 16 against 16% on Friday of last week, American Securities...(British Government)
The stocks in Shanghai on the 24th instant consistde of about 32,900,000
4 against 19%, Atlas Corp. at 83/i ounces
Gas & Electric at 183
in sycee, 280,000.000 dollars and
ounces in bar silver, as
against
2,
Cord Corp. compared with about 34,800,000 ounces39,300.000
against 9%, Canadian Marconi at 1%
in sycee, 290,000,000 dollars and
at 3% against 4%, Creole Petroleum at 12 against 123, 39,200,000 ounces in bar silver on the 17th instant.
Electric Bond & Share at 734 against 83/8, Glen Alden Coal
at 223 against 223.', Hudson Bay Mining & Smelting at
GOVERNMENT RECEIPTS AND EXPENDITURES
%, International Petroleum at 30 against
114 against 123
Through
the courtesy of the Secretaxy of the Treasury
%, Niagara we are enabled
30%, National Bellas Hess at 23' aganist 25
to place before our readers to-day the details
Hudson at 33, against 3%, Pennroad Corporation at 1% of Government receipts and disbursements for November
and
against
43/8,
United
against 1%, Teck Hughes at 4
1934 and 1933 and the five months of the fiscal years 1934-35
and 1933-34.
Gas Corp. at 1% against 1(.




General & Special Fund. —Month of November— —July Ito Nor.30—
1933-34
1934-35
1934
1933
Receipts—
Internal revenue:
192,022,035
256,291,517
18,963,998
20,978,622
Income tax
629,744.915
72.3,618,484
97,818,794
118,530,056
Nliscell. Internal revenue
87,155.535
230,859,037
47,340,559
29,169.233
prod's_
farm
on
tax
Processing
150,067,583
137,342,111
26,565,090
28,375,842
Customs
Miscellaneous receipts:
Proceeds of Gov't-owned securities:
179,595
Principal—for'n obligations
11,189,093
173,633
1,030
77,705
interest torn obligations
36,255,563
39,397,797
30,776.934
26,039,999
All other
9,290,730
10,551,366
2120,187
2,152,259
Panama Canal tolls, &()
23,495
51,024,995
117.155
618,224
Seigniorage
20,575,858
21,025,991
3,428,855
2,494,121
Other miscellaneous
Total receipts
Expenditures—
General:
Departmental (see note 1)
Public bldg. construction and
sites, Treas. Dept.(note 1).
River & harbor work (note 1)_
National defense (note 1):
Army
Navy
Veterans' Admin. (note 1)_
Adjustedservice Mt fund_
Agricultural Adjustment Administration (note 1)
Farm Credit Admin.(note I)_
Refunds of receipts:
Customs
Internal revenue
Processing tax on farm prod
Postal deficiency
Panama Canal (see note 1) _
Subscription to stock of Federal Land banks
Civil Service retirement fund
(Government share)
Foreign Service retirement
fund (Govt. share)
Dist. of Col.(Govt. share)_
Interest on the public debt
Public debt retirements:
Sinking fund
Purchases and retirements
from foreign repayments_
Received from torn Govts.
under debt settlements_
Estate taxes forfeitures,
gifts, Jai
Total
Emergency:
Agricultural Adjust. Admin.Farm Credit Administration
Federal Farm Mtge, Corp__
Federal Land banks
Relief
Federal Emergency
Administration (see note 2)
Civil Works Administration
Emerg. Conservation Work
Dept. of Agriculture—relief
Public works:
Tennessee Valley Authority
Loans to railroads
Loans and grants to Statee,
municipalities, &a
Public highways
Boulder Canyon project _
River and harbor work
Subsistence homesteads_
All other
Fed.savings & loan associat'as
Emergency housing
Iteconstruction Finance Corporation (see note 2)
Fed. 1)eposit Insurance Corp.
Admin. for Indus. Itecovery

246,607,387

208,861,276

1,460,391,131

1,136,504,402

24,937,238

32,946,856

157,631,520

152,126,863

2,738,110
4,701,673

7,256,822
7,728,416

14,876,920
21,575,286

42,478,472
39,032,476

21,077,920
24,990,837
45,981,284

18,243,569
20,500,174
39,892,040

89,979,039
131,055,403
232,448,639
50,000,000

91,601.288
100,005,561
222,437,919
50,000,000

65,731,900
y2,175,769

28,141,721
27,051,369

202,348,972
7,699,055

144,802,455
51,356,290

1,332,877
1,805.360
2,887,268

1,261,621
6,122,943

4,690,109
23.894,233

560,842

382,909

7,948,049
10,225,091
13,129,588
15,024,176
3,564,257

12.002.999
3,265,888

75,402,375

y191,000

20,850,000

20.850,000

14,956,306

11,190,381

159.100
4,364,295
294,527,183

292,700
5,700,000
246,606,420

39,285,650

5,187,000

128,657,400

5,187,000

248,811,496

205,905,821

1,390,666,848

24,236,592
1,375,626

7,603,868

108,794,704
18,250,510

28,700,219
40,000,000

2.872,952

2.652,659

16,669,482

15,894,530

5,250

27,544,126
517,657
33,875,726
9.312,749

27,056,093

483,969,231
9,458,346
166,802,882
64,764,297

3,500
1,216,143,173 •

119,759,867

15.287,4691
27,508,0141
2,378,1221.
15,626,615,
567.356 I
26,750.355)
1,647,524
395.472

330,747

37,307,600i

13,003,122
62,428,000
69,626.9671
196,293,483
11,202,5401.
80.638.950
2,076,068
140,322,163)
7,123,131
1.556,453

769,095

131,473,024

354,022.451
365,178
1.842440

Total

389.796,424

293,514,400

1,501,965,245

692,826,803

Total expenditures

638,607,920

499,420,221

2,892,632,093

1,908,969,977

392.000,533

290,558,945

1,432,240,962

772,465,575

392,000,533
19,285,650

290.558,945
5.187.000

1,432,240,962
128,662,650

772,465.575
5 190,500

352,714,883

285,371,945

1,303,578.312

767,275,075

—37,630,657

+322,500

—73,309,567

—16,952,545

285,694,445
Total excess of expencutures_
325,084,226
Increase (+1 or decrease (—) in
general fund balance
—214,209,134 +198.164.609

1,230,268,745

750,322,530

44,252660
z497,850
4,224,406

—984.513,401 +245,120,683

110,875,092
483,859,054
245.755,30
Increase in the public debt
995.443.212
Public debt at beginning of
month or year
27,188,021,666 23,050,256,717 27,053,141,414 22,538,672560
27,298,896.758 23,534,115,771 27,298,896,758 23,534,115,772
Public debt this date
Trust Funds, Increment on
Gold, &c.
Receipts—
19,930,422
10,631,994
77,387,507
65,530.895
Trust funds
Increment resulting from reduo116,584
965,496
tion In weight of gold dollar._
25,534,495
Seigniorage (see note 1)
47,763,573

Total

45,611,501

10,631,994

126,116,576

65,530.895

16,054,166

10,954,494

50,026,495

48,578,349

97,210

89,044
1,837,635
17,480,845

2.683,303
10,954,494

52,807,008

48,578,350

73,309,568
16,952,545
27,630,658
Excess of receipts or credits
322,500
EX0e88 of expenditures
of
adjustment
for
of
1933.
$4,762.02
EXCeS8
October
y
selgnlorage
Includes
x
credits (deduct). z Includes adjustment of $52,164,087.21 to eliminate the net
proceeds of the sale of investments held for account of the Federal Deposit Insurance
Corporation and deposited in its disbursing account.
Note 1—Additional expenditures on these accounts for the months and the fiscal
years are included under Emergency Expenditures, the classification of which will
be shown in the statement of classified receipts and expenditures appearing on page 5
of the daily Treasury statement for the 15th of each month.
Note 2—The expenditures of the Reconstruction Finance Corporation include
5128,242,787.49 for this month and 5175,547.740.49 for the fiscal year 1935 to date
for account of the Federal Emergency Relief Administration, in accordance with the
Emergency Appropriation Act approved June 19 1934.




Bonds2% Consols of 1930
2% Panama Canal loan of 1916-36
2% Panama Canal loan of 1918-38
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
2(4% Postal Savings bonds 18th to 47th series)
First Liberty loan of 1932-47:
$1.392.226,250.00
335% bonds
5.002.450.00
4% bonds (converted)
535,981,250.00
434% bonds (converted)

5599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
88,684,020.00— 5842,004,150.00

434% Fourth Liberty loan of 1933-38 (called
and uncalled)_a
Treasury bonds:
4%% bonds of 1947-52
4% bonds of 1944-54
3(4% bonds of 1946-56
334% bonds of 1943-47
334% bonds of 1940-43
334% bonds of 1941-43
34% bonds of 1946-49
3% bonds of 1951-55
3(1% bonds of 1941
3Si% bonds of 1943-45
34% bonds of 1944-46
3% bonds of 1946-48

3,202,445,700.00-5,135,655,650.00
$758,983,300.00
1,036,834,500.00
489,087,100.00
454,135,200.00
352,993,950.00
544,914,050.00
819,096,500.00
755,478,850.00
834,474,100.00
1,400,570,500.00
1,518,857,800.00
824,508,050.00-9,789,933,900.00
515,767,593,700.00

Total bonds
Treasury Notes3% series A-1935, maturing June 15 1935____
134% series B-1935, maturing Aug. 1 1935._
234% series C-1935, maturing Mar, 15 1935 _
24% series 0-1935, maturing 1)ec. 15 1935._
331% series A-1936. maturing Aug. 1 1936._
234% series 13-1936. maturing Dec. 15 1936_
2%% series 0-1936. maturing Apr. 15 i936_
14% series D-1936. maturing Sept. 15 1936._
ay,% series A-I937, maturing Sept. 15 1937_
3% series 11-1937, maturing Apr. 15 1937____
3% series 0-1937, maturing Feb. 15 1937____
234% series A-1938, maturing Feb. 1 1938___
2(4% series B-1938, maturing June 15 1938_
3% series 0-1938. maturing Mar. 15 1938._
234% series 0-I938, maturing Sept. 15 1938_
234% series A-1939, maturing June 15 1939....

$416,602,800.00
353,865,000.00
528,101,600.00
418,291,900.00
364,138,000.00
357,921,200.00
558,819,200.00
514,066,000.00
817.483,500.00
.502,361,900.00
428,730,700.00
276.679,600.00
618,056,800.00
455,175,500.00
596,405,100.00
528,521,700.00
$7,735,220,500.00

4% Civil Service retirement fund, series 1935
to 1939
4% Foreign Service retirement fund, series
1935 to 1939
4% Canal Zone retirement fund, series 1936
to 1939
2% Postal Savings System series, maturing
June 30 1939
Certificates of Indebtedness24% series TD-1934, maturing Dec. 15 1934_
4% Adjusted Service Certificate Fund series,
maturing Jan. 1 1935

251,100,000.00
2,676,000.00
2,272.000.00
45,000,000.00-8.036,268,500.00
$992,496,500.00
160,400,000.00
1,152,896,500.00

73.486,438
12,435,000

217,738,142
291.435
533,856

Total
Espenditures—
Trust funds
Chargeable against increment on
gold:
Exchange stabilization fund
Melting losses. A()
Payments to Fed. Res. Banks
(Sec. 13-13, Federal Reserve
Act, as amended)

PRELIMINARY DEBT STATEMENT OF THE
UNITED STATES NOV. 30 1934
The preliminary statement of the public debt of the United
States Nov. 30 1934, as made upon the basis of the daily
Treasury statement, is as follows:

$1,933,209,950.00

169,282,600
520,675,604
913,301

Excess of receipts
Excess of expenditures
Summary
Excess of expenditures
Less public debt retirements
Excess of expenditures (exclud'g
public debt retirements)
Trust funds, increment on gold,
&o.. excess of receipts (—) or
expenditures (+1

3757

Financial Chronicle

Volume 139

Treasury Bills (Maturity Value)—
Series maturing Dec. 19 1934
Series maturing Dec. 26 1934
Series maturing Jan. 2 1935
Series maturing Jan. 9 1935
Series maturing Jan. 16 1935
Series maturing Jan. 23 1935
Series maturing Jan. 30 1935
Series maturing Feb. 6 1935
Series maturing Feb. 13 1935
Series maturing Feb. 20 1935
Series maturing Feb. 27 1935
Series maturing Mar. 6 1935
Series maturing Mar. 13 1935
Series maturing Mar. 20 1935
Series maturing Mar. 27 1935
Series maturing Apr. 3 1935
Series maturing Apr. 10 1935
Series maturing Apr. 17 1935
Series maturing Apr. 24 1935
Series maturing May 1 1935
Series maturing May 8 1935
Series maturing May 15 1935
Series maturing May 22 1935
Series maturing May 29 1935
Total interest-bearing debt outstanding
Matured Debt on Which Interest Has Ceased—
Old debt matured—issued prior to April 1 1917
4% and 431% Second Liberty Loan bonds of
1927-42
434% Third Liberty Loan bonds of 1928._
334% Victory notes of 1922-23
44% Victory notes of 1922-23
Treasury notes. at various interest rates
Ctrs. of indebtedness, at various interest rates
Treasury bills
Treasury savings certificates
Debt BearingNo
Unit States notes
Less gold reserve

75,226.000.00
75,353,000.00
75,167.000.00
75,235,000.00
75,144,000.00
75.200,000.00
75,025,000.00
75,327,000.00
75,320,000.00
75.090,000.00
75,065,000.00
75,290,000.00
75,365.000.00
75,041,000.00
75.023.000.00
75,038,000.00
75,360.600.00
75.248,000.00
75.102,000.00
75.015.000.00
75,075,000.00
75.045,000.00
75,168,000.00
75,287,000.00
1,804,209,000.00
526,760.967.700.00
51,514,300.26
1,913,800.00
3,100,200.00
11,100.00
815,650.00
4,325,100.00
16,486,550.00
18,745,000.00
414,200.00
47,325,900.26
$346,681,016.00
156,039,430.93
5190,641.585.07

Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency_
Thrift and Treasury savings stamps, unclassified sales. &c
Deposits for I'ostal Savings bonds for which
securities have not been issued

294,620,758.00
2,036,415.33
3,303,399.29
1,000.00
490,603,157.69

$27,298,896,757.95
Total gross debt
a Includes amounts of outstanding bonds called for redemption on April 15 1934
1934
interest
15
ceased.
has
on which
and Oct.
COMPARATIVE PUBLIC DEBT STATEMENT
(On the basis of daily Treasury statements)
Dec. 31 1930
Aug. 31 1919
Lowest Post-Trar
Highest Post-War
.51ar. 31 1917
Debt
Debt
Pre-War Debt
$1,282,044,346.28 526,596,701,648.01 516,026,087,087.07
Gross debt
306.803,319.55
1,118,109,534.76
74,216,480.05
Net balance in gen. fund
Gross debt less net bal$1,207,827,886.23 $25,478,592,113.25 $15,719,283,767.52
ance in general fund
Oct. 31 1934
Nov. 30 1933
Nov. 30 1934
Last Month
a Year Ago
523,534,115,771.52 $27,188,021,665.58 527,298,898.757.95
Gross debt
1,597,408,838.91
1,811,617,972.77
Net bal. in general fund_ 1,107,325,902.46
Gross debt less net balance in gen. fund...522,426,789,869.06 325,376,403.692.81 $25,701,487,919.04

•

3758

Financial Chronicle

TREASURY CASH AND CURRENT LIABILITIES
The cash holdings of the Government as the items stood
Nov. 30 1934 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Nov. 30 1934.
Assets—
Gold

CURRENT ASSETS AND LIABILITIES
GOLD
$
$
8,131,821,967.82 Gold certificates:
Outstanding (outside
of Treasury)
933,460,309.00
Gold ett. fund—Fed.
Reserve Board._ 4,286,814,195.12
Redemption fund—
Fed. Reserve notes_ 20,138,375.64
156,039,430.93
Gold reserve
Exch.stabilization fund.1.800,000,000.00
935,369.657.13
Gold in general fund

Total
8,131,821,967.82
Total
8,131,821,067.82
Note—Reserve against $346,681,016 of United States notes and 31,185,474 of
Treasury notes of 1890 outstanding. Treasury notes of 1890 are also secured by
silver dollars in the Treasury.
SILVER
Assets-S
Liabilities—
$
Silver
159,902,802.90 Silver ctfs. outstanding. 653,932,377.00
Silver dollars
506,298,008.00 Treasury notes of 1890
outstanding
1,185,474.00
Silver in gen. fund
11,082,959.90
Total

666,200,810.90
Total
666.200,810.90
GENERAL FUND
Assets—
$
Gold (see above)
935,369,657.13 Treasurer's cheeks outSilver (see above)_
11,082,959.90
5,760,997.11
standing
United States notes
3,002,330.00 Deposits of Government
Federal Reserve notes
16,170,480.00
officers:
Fed. Reserve bank notes
1,924,128.00
Post Office Dept
5,370,388.79
National-bank notes
20,637,073.50
Board of Trustees,
Subsidiary silver coin
6,016,943.59
Postal Savings
Minor coin
2,746,924.86
System:
Silver bullion(cost value) 73,935,688.61
5% reserve, lawful
Silver bullion (recolnage
60,749,155.55
money
value)
13,719,453.94
Other deposits
22,753,346.15
Unclassified—
Postmasters, clerks of
Collections,
3,516,630.96
courts, disbursing
Deposits in:
officers. &ci
415,111,830.93
Fed. Reserve banks
92,754,321.29 Deposits for:
Special depos. acct. of
Redemption of F. R.
sales of Govt. secs
947,409,000.00
bank notes(5% fund
Nat. and other bank
lawful money)
2,166,650.00
depositaries:
Redemption of Nat':
To credit of Treasbank-notes(5% fund
urer of U. S
6,547.144.28
lawful money)
32,497,251.78
To credit of other
Retirement of addl
Govt. offleers__ _ 24,891.199.05
eirculat'g notes, Act
Foreign depositaries:
of May 30 1908
1,350.00
To credit of TreasUncollected items, exurer of U. S
1,295,022.64
changes, &c
22,077.417.22
To credit of other
Govt. officers_ _
1,689,750.90
566,488,387.53
Philippine Treasury;
To credit of TreasBalance of increment reurer of U. S
1,188,517.79
sulting from reduction
In weight of the gold
dollar
809,560,739.93
Seigniorage isee note f.). 47,763,573.36
Working balance
740,084,525.62
Balance to-day
1 597,408,838.91
Total
2,163,897,226.44
Total
2,163,897,226.44
Note 1—This item represents seIgniorage resulting the issuance of silver
equal to the cost of the silver acquired under the Silver Purchase Act ofcertificates
1934 and
the amount returned for the silver received under the President's proclamation
dated Aug. 9 1934.
Note 2—The amount to the credit of disbursing offices and agencies to-day was
$948,763,221.31.
$1,772,920 in Federal Reserve notes. $1,924,128 in Federal Reserve bank notes
and $20,562,731 in National bank notes are lathe Treasury In process of redemption
and are charges against the deposits for the respective 5% redemption funds and
retirement funds.

NATIONAL BANKS
The following information regarding National banks has
been issued by the office of the Comptroller of the Currency
in the Treasury Department:
CHARTERS ISSUED
Capital
Dec. 1—First National Bank in Madera, Madera, Calif
350,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, A. E. Christiana; Cashier,
C. B. Swift. Will succeed No. 7.336, the First National
Bank of Madera.
Dec. 4—The Farmers & Merchants National Bank of West
Point, West Point, Nob
50,000
Presidont, G. J. Collins; cashier, W.T. Knievel. Conversion
of the Farmers & Merchants Bank, West Point.
CONSOLIDATION
Dec. 1—The Tipp National Bank of Tippecanoe City, Ohio_ _ _
60,000
National
Citizens
Bank of Tippecanoe Clty, Ohio_
The
50,000
Consolidated to-day under the provisions of the Act of Nov. 7
1918, as amended Feb. 25 1927 and June 16 1933, under the
charter of the Tipp National Bank of Tippecanoe City, No.
3,004, and under the corporate title of "The Tipp-Citizens
National Bank of Tippecanoe City," with capital stock of
$50,000.
CHANGE OF TITLE
Dec. 1—Pasadena National Bank, Pasadena, Calif., to
"Pasadena-First National Bank."
VOLUNTARY LIQUIDATIONS
Dec. 3—Spencer National Bank. Spencer, Mass
100.000
Effective Nov. 10 1934. Liq. Agent, Sidney H.Swift, care of
the liquidating bank. Absorbed by Worcester Bank &
Trust Co., Worcester, Mass.
Dec. 3—Worcester County National Bank of Worcester, Mass_ 2,790,250
Effective Nov. 10 1934. Liq. Agent, Clarence A. Evans, care
of the liquidating bank. Absorbed by Worcester Bank &
Trust Co., Worcester, Mass. Liquidating bank has authority for operation of four branches.
Dec. 3—The Codorus National Bank of Jefferson. P. 0.
Codorus,Pa
25,000
Effective Dec. 1 1934. Liq. Committee, Edward C. Snyder,
Henry D. Robert and Howard M. Rohrbaugh, care of the
liquidating bank. Succeeded by the "Codorus National
Bank in Jefferson," charter No. 14,071.
Dec. 3—Second National Bank of Barre, Mass
50,000
Effective Nov. 10 1934. Liq. Agent, Clyde H. Swan, care
of the liquidating bank. Absorbed by Worcester Bank &
Trust Co., Worcester, Mass.
Dec. 3—North Brookfield National Bank, North Brookfield,
Mass
25,000
Effective Nov. 10 1934. Liq. Agent, John E. Ryan, care of
the liquidating bank. Absorbed by Worcester Bank &
Trust Co.. Worcester, Mass.




Dec. 15 1934

Dec. 4—The First National Bank of Paris, Ark
Effective Aug. 15 1934. Liq. Agent, The First National
Bank at Paris, Ark. Succeeded by "The First National
Bank at Paris," Ark., charter No. 14,209.
Dec. 5—The First National Bank of Luray. Ran
Effective July 31 1934. Liq. Agent, J. A. O'Leary, care of the
liquidating bank. Absorbed by the Waldo State Bank,
Waldo, Ran.
Dec. 6—The First National Bank of Bison, S. Dak
Effective Nov. 17 1934. Liq. Agent, A. 0. Bolton, Bison,
S. Dak. Absorbed by "First National Bank in Lommon,"
S. Dak., charter No. 12,857.

Capital
$80,000

40,000

25,000

BRANCH AUTHORIZED
Dec. 5—First National Bank & Trust Co. of Elmira,
N. Y. Location
of branch, 156 East 14th Street, Elmira Heights, Chomung
County, N.Y.
Certificate No. 1,042A.
Dec. 7—Bank of America National Trust & Savings
Francisco, Calif. Location of branch, 90 Pier Avenue, Association, San
Beach, County of Los Angeles, Calif. Certificate No, City of Hermosa
1.043A.

AUCTION SALES
Among other securities, the following, not actually dealt
in
at the Stock Exchange, were sold at auction in New
Jersey City, Boston, Philadelphia, and Buffalo on York,
Wednesday of this week:
By Adrian H. Muller & Son, New York:

Shares
Stocks
$ per Share
100 Fintube Radiator Co., Inc. (N. Y.) common, no par, and
100 preferred,
par $25
$22 lot
50 units Realty Assets Corp. (N. Y.), each unit consisting of 1 sh,
common,
par $1, and 1 sh. preferred, no par
$19
lot
Gardenside
50
Bookshop, Inc. (Mass.), 7% cum, pref., par $100
$8 lot
1 Harrison-Rye Realty Corp. (N. Y.), par $100
$50 lot
5,000 Gibson Art Co., Cincinnati, Ohio (Ohio), common, no par
16
100 Allied Tobacco Co.(Conn.) preferred, par $100
$100 lot
7 Empire State, Inc. (N. Y.), common, par 31
$10 lot
20 American Woman's Realty Corp. (N. Y.), preferred, par
$100
$3 lot
10 Consolidated Mills Corp. (Del.), class A common, no
$3 lot
35 Automatic Brake Corp. of New York, & and $8,000par
American
Locker
Co.. Inc., of Del. 5% s. f. deb. bonds, due March 1 1951, with
Sept.
1933 & subs, coupons attached (stamped)
21,600 lot

7B-y-Sarian H. Muller & Son, Jersey City, N. J.:

Shares Stocks
$ per Share
40,000 La Francis Sugar Co. (Del.), no par
$5 lot
10,000 Mercurbank Austrian shares, par 20 schillings
66e.
300 Mortgage-Bond 45.; Title Corp. (Del.), common, no par
$1
lot
2,000 Purity Cup Corp. (Del.), no par
$10 lot
1,300 American certificates representing deposited participating
debentures
of Kreuger & Toll Co
86 lot
777 Purchase Lane Corp.(N. Y.) 6% cum. 1st pref., par $100
$7 lot
600 Union Solvents Corp. (Del.) common, no par, and 600 pref., no
par331
lot
.
•
$10
400 Carbo-Oxygen Co. of Pittsburgh, Pa. (Del.) common, par $0
$2 lot
3,200 Caro Cloth Corp. (Del.) common temp. offs., no par
$25 lot
233 Lloyds Insurance Co. of America (N. Y.) par $5
615 American Trading Co., Inc.(N. Y.) common, no par; 260 American Trad-64 lot
ing Co., Inc.(N. Y.) non-cum. pref., no pat; 4 Carbofractor corp.
(N. Y.)
7% cum. 1st pref., par 3100; 10 Carbotractor Corp. (N. Y.)
no
par; 2,639.68 Central Fibre Co., Inc. (Del.), common v. t.common,
c.,
par $1;
1,136.04 Central Fibre Co., Inc. (Del.). common, par $1; 22 Central
Fibre
Co., Inc. (Me.), 60 cent div. 2nd pref., no par; 200 Port Henry
Mining
Corp. (N. Y.) common. no Par
$27 lot
5 Blue Peter Cigarette Co.Inc.(N. Y.) common, no par;5 Blue Peter Cigarette
Co. Inc. (N. Y.), preferred, par $100; 19 Bregeat Corp. of America (Del.)
7% cum, pref., par 6100; .50 The Brown Wire Gun Co. (Me.), par
$10;
78 Cuban Dominican Sugar Corp. (Md.), no par, and 50-100th
scrip;
$30 fractional warrant Erie RR. Co. for subscription to the 4%sh.
series D
general bonds, void 4-19-16; 1,000 Fairview Mascot Mining Co. of Fairview,
Nev. (Nev.), par $1
20 Universal Gear Shift Corp.(Del.) common, no par, and 20 pref., par $100_ 33 lot
_61 lot
1,160 Cuban Cane l'roducts Co. Inc. (Del.) common, no per
$34 lot

By. R. L. Day & Co., Boston:
Shares
Stocks
$ per Share
14 Union Trust Co., Springfield, par $25
39X
100 Newmarket Manufacturing Co
50
8 Ludlow Manufacturing Associates
88X
20 Ludlow Manufacturing Associates
8835
5 Draper Corp
55X
50 New England Power Association common
4X
100 Hopkins Inc. common and 100 preferred
310 lot
30 International Match Corp. pref., par $35; 40 Kreuger & Toll Co. American
certificates, par 100 kronen
3355 lot
5 George E. Keith Co. 1st preferred, par $100
23(4
136 Pneumatic Scale Co. common, par $10
5
50 International Match Corp. preferred, par $35
$3X lot
10 units Thompsons Spa, Inc
Es
300 Alaska Copper Co., par $5
$2 lot
50 Texas Louisiana Power Co. 7% preferred. par $100
$5
lot
10 Lynn Gas & Electric Co., par $25
34 North German Lloyd new Amer. Ws.; 133 Kreuger & Toll American 0855
certificates, par 100 kronen
$275 lot
44 Boston Woven Hose & Rubber Co. common
21,si
25 American Gas & Power Co. 1st preferred, par $100
80c.

By Crockett & Co., Boston:

Shares
Stocks
$ per Share
12 Quissett Mill, par 5100
16
3 Columbian National Life Insurance Co., par $100
8755
1 Boston Athenaeum, par 5300
40 Mayfair, Inc., common, par $1; 40 Mayfair, Inc., pref., par 524; 10 Frank-315
lin Service Stations, Inc., par $100
51 lot
312 Ray-O-Vac Co., common
8125101
30 International March. pude. preferred
$3
lot
50 Boston Herald Traveler Corp
21
200 Kreuger & Toll Co. American certificates
$6.50
473.( The Tropical Trades Co., par $100
1
15 Appleton Co., common
150 Standard Textile Products Co., corn.; 75 Standard Textile Products Co. 6
preferred, class A; 100 Van Dorn Iron Works Co., common
$75 lot
313 Ray-O-Vac Co., common
$125 lot

By Barnes & Lofland, Philadelphia:

Shores
Stocks
$ per Share
7 Market Street National Bank, par 5100
300
40 Philadelphia National Bank, par $20
67(4
10 Central-Penn National Bank, par 510
25
40 Penna. Co. for Ins. on Lives & Granting Annuities, par $10
26(4
SOS. W. Straus & Co., no par
$3 lot
10 Brigantine Construction Co., par $100
$1 lot
10 Island Development Co
$1101
200 "Y" 011 & Gas Co., par $1
$2 lot
171 94-200 Insull Utilities Co. common
lot
$2
6 Insull Utilities Co. preferred
$2 lot
Bonds—
Per
Cent
$1,500 Hotel Lorraine, S. E. cor. Broad and Fairmont Ave., 1st mtge. 6%,
due Aug. 15 1932
15
$3,000 Walnut Street Trust Bldg., n, e. cor. Walnut and Juniper Sts., let flat
mtge.6%,due Apr. 15 1932, stamped (the principal of these bonds has been
reduced by payment on account to $798.42 per bond)
11 flat

By A. J. Wright & Co., Buffalo:

Shares
Stocks
10 Como Mines

$ per Share
$1.50

V°huge

In

3759

Financial Chronicle

Baltimore Stock Exchange
Dec. 8 to Dec. 14, both inclusive, compiled from official sales lists
July 1
Week's Range Sales 1933 to
Range Since
Par of Prices
for Nov.30
Stocks—
Jan. 1 1934
Week 1934
•
Arundel Corp
•
Black & Decker com
25
Preferred
Ches & Pot T of Bait pf.100
Comm Credit Corp pfd B25
614% let preferred_ -100
25
7% preferred
Consol Gas EL & Power.*
6% preferred ser D_ _100
514% pref w iserE__100
100
5% preferred

Low
High Shares Low
Low
High
164 18
761 1114 1134 Sept 184 Jan
7% 834
861
44
44 July
84 Nov
23
23
165
84
834 Jan 2414 Nov
1174 1174
3 112
July
11534 Sept 119
32 23
244 Jan 3034 Dec
2934 2914
108 110
11 85
90
Jan 110
Dec
294 29%
24
Jan 30
Nov
73 20
554 57
163 464 5214 Jan 684 July
112 11214
12 92
10514 Jan 113
Oct
11034 11015
Jan 112
Oct
75 100
101
1044 1054
30 91
93
Jan 106
Nov

Mono Rican Sugar com_l
20
Fidelity & Deposit
Fidelity & Guar F Corp_10
Finance Co of Am el A _*
Houston Oil preferred_ _100

1% 13-4
41
4114
223,4 24
7
7
63,4 7

Mfrs Finance com v t _ 25
13.4 1
25
let preferred
83-4 94
2nd preferred
25
134 13-4
1
Maryland Can Co
14 14
Junior cony pref ser B_1
134 I%
Mercantile Trust Co-- -50 205 205
Monon W Pa P S 7% raid 25
16
17
Mt Vern-Woodb M pt-100 44
46
New Amsterdam CM— -5
Northern Central
50
Penne Water & Pow com ..•
Standard Gas Equip com_*
United Rya & El Co com.50
U S Fidelity & Guar
2
Wert Md Dairy Corp pf _ ..•
Bonds—
Baltimore City4s Sewerage Impt __1961
1958
4s Conduit
1958
4s Water Loan
4s Harbor Ser
1956
1951
48 Annex Impt
482nd School Loan_1948
Bait Sparrows Point &
Chess4Si% (otfs) _ _1953
Consol Coal refund 5%
certificates
Maryland El Ry1957
6348 (flat)
6% (certificates)_ _ _1933
North Ave Market 6s-1940
United Sty & El fund —
Income -is (flat) _ ._1949
Income certificates_1949
First 48(flat)
1949
lst 4s ctfs (fiat)._ _ _1949
Wash B&A 523 (etts) flat '41
•No par value.

534
8914
54
30c
lo
534
784

634
8934
54
30c
20
514
7834

100
118
415
46
1,725

24
15
84
3
4

1%
19
104
3
44

34 75c
750
11
54
54
91
1
1
655
114
1
20
134
14
15 182
185
110 1214 13
34 1934 22
612
2
159
50
360
3,975
10

1044
1044
10434
105
105
105

1044
1044
104%
105
105
105

$200
100
300
100
200
100

10

54
71
4234
50c
3c
3
65

93
98
9434
95
95

54
7434
4534
300
lc
3
6534

944
99
9434
105
10014
1034

34
4434
24
734
934

Oct
May
Dec
Dec
Apr

14
Mar
Oct
914
Oct
334
Jan
2%
Aug
2
Mar 210
Jan 1914
Jan 49

Jan
Dec
Mar
Feb
June
Aug
June
Apr

Oct
Jan
Jan
Dec
Dec
Jan
Jan

June
Dec
Oct
July
Feb
Feb
Apr

Dec
Jan
Jan
Jan
Jan

Jan
Jan
Jan
Dec
Feb
Apr

1234
8934
57
50c
150
7
85

106
1054
1074
105
105
10534

June
July
Nos
Dec
Dec
Junt

11

2,000

244 25

2,000

15

15

Feb

25

4
44
204 204

3,000
3,000

4
14

4
14

Nov
Apr

834 Jar
204 I3e,

4834 4834

1.000

3334

39

Jan

484 1Del

4
4 5,000
4
4 1.000
104 11% 7.000
1014 12
12,000
1
1
2 0041

14
Si
7
734
1 14

834

134 Oct

4
H
8
734
1

11

Nov
1
Nov
%
Apr1134
Sept12
114,q.
2 IA

D
Derec

Fel
Beir
Fel
De,

Boston Stock Exchange •
Dec. 8 to Dec. 14, both inclusive, compiled from official sales lists
J2411/ 1
Week's Range Sales 1933 to
Range Since
St :ks-Far of Prices
for Nov.30
Jan. 1 1934
Week 1934
Low
Amer Continental Corp_ -•
734
lot referred
50 13
Amer ?neu Serv Co ptet_50
3
Amer fel & Tel
100 105
A mos eag Mfg Co
334
Boetoir, & Albany
100 1143,4
100 594
Banter: Elevated
Bost° 1 & Maine—
100 183-4
Prio preferred
Cise A let pretstpd..100
73-4
A Sat pref
100
Ci
531
93,4
1st pref stpd 100
Cl
100
Cla. B 1st prof
634
elsa D lst prat stpd_100 1134
Bosto i Personal Pr Tr-__• 11
Brown Co 6% cum pret100
8

High Shares Low
Low
High
434 Jan
734
195
93.4 July
434
13
10 Sept 28
6 10
Jan
3
3
Nov 104 Jan
3
20
310% 2,892 1004 1004 Nov 12534 Feb
225
3%
4
33,4 July 1034 Feb
177 10934 10934 Jan 140 July
11534
61
55
500 55
Apr
Jan 70
207,4
8
6
10
6,4
113.4
1134
83,4

80
81
75
54
30
77
95
30

144
44
44
514
3
634
9
334

1414
4.4
43.4
514
3
614
9%
5

Calumet & Hecla
3
3
ChJet Ry&UnStkYdspf100 103 104
25
Coppecr Range
3% 4
East ins & Fuel Assn—
*
Cornanon
434 534
100 5634 5934
6% Iwo pret
4 zo prior preferred 100 6534 68
86 900
Na M As St Ry Co com100
100
let >referred
64 64
Eastern 9 9 Lines pre_ _ _• 33
33
• 20
Eoono my Stores
21
100 107 1124
Ediso : Eleo Illum
Employen Group
1134 11%

16
81
550

2%
85
3

634 Feb
23,4 Nov
86% Jan 104
Dee
a Jan 574 Feb

•
GeneraLl Cap Corp
Germ n Credit & by Corp
*
25% 1st pref ctfs
Georg!an Ino(The)Apref 20
•
GlIchr at Corp
Gillet e Safety Razor
Bathe way Bakeries Cl A._•
1
Helve ia 0 Co(T C)
Hygm So Sylvania Le.mp_•

Nov
Oct
Nov
Nov
Nov
Nov
Jan
Jan

423-4
1634
1334
21
6.14
25
123.4
16

Feb
Feb
Feb
Feb
Nov
Feb
Feb
Apr

434
265
4% Nov 104 Feb
390 404 51
Nov 8034 July
276 53
45
Jan 70
July
34 76c July
200
24 Jan
434
10
64 Dec 1634 May
10 33
33
Oct 42
Jan
150 154 16
July 2134 Oct
1,256 1054 1054 Nov 15431 Feb
175
73,4 Jan 1234 Feb
634

2634 263,4

230

1234

18

7
7
Ili 14
4
4
1334 133-4
14 2
40o 50c
2534 26

10
50
20
157
107
300
50

10
34
234
73,4
_
40c
173,4

7
134
3
83,4
14
400
18

Dec
Jan
Nov
Jan
Dec
Nov
Oct

11.4
2
13
15
2
13,4
26

May
Jan
Oct
Nov
Doc
Apr
Dec

lot B ittonhole Mach.....10 1534 1534
24 3.4
Intl Il ydro-Elee Sys cl A 25
25 700 99c
Isle R wale Copper
511 534
25
Loew' 1 Theatres
134 13-4
Mass Allities Assoc v t '3_•
35
Mergenthaler Linotype __• 31
New ng Tel & Tel____100 924 96
734 8
NY N Haven&Hartiord100
2.50 250 28c
North Butte

72
65
205
14
245
505
425
167
1,040

834
34
4
1
2034
75
8
20c

1534
24
14
4
1
2034
83
714
206

Apr 1534
Dec
93.4
Oct
24
Oct
614
May
234
July 35
Jan 100
Nov 24
Nov 800

Mar
Feb
Feb
Feb
Feb
Den
Nov
Feb
Jan

100
Old C )1ony RR
25
Old D minion Co
100
Pacific Mills
•
PC P icahontas Co
50
Penns 'Mania RIO.
25
Quincy, Mining Co
Reece Button Hole Mch 10
25
Bhann in Copper Co
ShawiIIlIt ABM tr otte____•
•
Stone ir Webster
25
Swift k Co
•
Torii gton Co
5
Union Twist Drill

211
10
90
2,170
1,287
104
20
500
1,491
178
371
207
100

71
250
19
10
2034
500
8
100
534
Of
11
35
8

71
250
19
10
2134
%
10
120
53.4
434
14
4934
8

Nov 1043,4 July
Nov
13.4 Apr
Dec 344 Feb
Jan 2634 Deo
Aug 39
Feb
234 Apr
Sept
Jan 14
Dec
Apr 210 Nov
9% Feb
Aug
Nov 1334 Feb
Jan 203,4 Aug
Dec
Jan 71
Anr
Jan 15




737-4
35c
19
23
233-4
A
13%
20o
734
43.4
1734
6934
12

75%
35e
1934
263,4
2434
%
14
200
83,4
53.4
1834
7034
12

ay,

Oct

2634 Dec

Stocks (Concluded) Par

July 1
Week's Range Sales 1933 to
of Prices
for Nov.30
Week 1934

United Founders com__ --1
U Shoe Mach Corp
25
Preferred _
25
5
Utah Apex Mining
Ptah Metal* Tunnel _1
Venezuela Holding Corp_ -•

High Shares Low
lie
A
253
118
3,840 47
6734 74
139 31
354 3614
A
l'is
345 720
24 24
765 61c
50c 55c
275 500

*
Waldorf System Inc
Waltham Watch Cl B corn •
100
Preferred
Warren Bros Co
.._•
Warren (SD)Co
•

64 63.4
5
5
18
18
514
5
8
8

Low

190
13
22
250
10

334
24
11
53.4
5

Range Since
Jan, 1 1934
Low
hs Dec
5614 Jan
324 Jan
750 Jan
1
Jan
500 Sept
334
234
11
514
8

Bonds—
$9,500 5374 58
63
Amoskoag Mfg Co 6s_1948 62
E Mass St Ry ser A 410'48 484 4934 5.000 324 38
39
350 35
51
East Mass St Ry B 181948 51.
1.000 38
41
61
Na Mass St Ry ser I) 69 '49 61
3,000 100
10214
Pond Crk Pocahontas 78'35 155 155
•No oar value. s Ex-dividend.

Oct
Sept
Oct
Nov
Nov

High
14 Feb
74
Dec
88
Sept
3
Feb
654 July
3
Mar
83,4
6
21
134
1234

Aug 76
Jan 52
Jan 58
Jan 62
Jan 155

Feb
Apr
Feb
Jan
Mar
Ape
May
May
June
Dec

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
Share

When Holders
Payable of Record

3734c Jan. 2 Dec. 20
Acme Steel (quarterly)
12 c Jan. 2 Dec. 20
Extra
Jan. 2 Dec. 8
5
Aetna Casualty & Surety Co. (quar.)
50c Jan. 2 Dec. 8
Extra
40c Jan. 1 Dec. 17
Aetna Fire Insurance Co.(quar.)
10c Jan. 2 Dec. 8
Aetna Life Insurance Co.(guar.)
10c Jan. 2 Dec. 8
Extra
$134 Dec. 27 Dec. 21
Ainsworth Manufacturing (special)
75c Jan. 15 Dec. 31
Air Reduction Co., Inc. (quar.)
$134 Jan. 12 Dec. 19
Albany & Susquehanna RR.(extra)
10c Jan. 1 Dec. 21
Aluminum Goods Mfg. Co.(guar.)
2c Dec. 20 Dec. 5
Ambassador Petroleum (monthly)
15c Dec. 20 Dec. 5
Extra
20c Dec. 31 Dec. 21
American Brake Shoe & Foundry (quar.)
$13' Dec. 31 Dec. 21
Preferred (quarterly)
h$3 Jan. 2 Dec. 2
American Cast Iron Pipe,6% preferred
$1 Jan. 15 Dec. 15
American District Telep. Co. of N. J.(quar.).
$13.' Jan. 15 Dec. 15
7% preferred (quarterly)
6% pref. (quar.)
$134 Jan. 2 Dec. 20
American Felt
2% Jan. 1 Dec. 24
Co..Ins. (quar.)
American Motorist
506 Feb. 1 Jan. 15
American Shipbuilding (quar.)
American Superpower Corp., let pref.—Dividen d omitt ed
25c Jan. 2 Dec. 8
Automobile Ins. Co. of Hartford (quar.)
Dec. 15 Dec. 5
Baldwin (Alex.), (quarterly)
Dec. 15 Dec. 5
Extra
25c Dec. 28 Dec. 17
Bancamerica-Blair Corp
18c Jan. 2 Dec. 20
Bancohio-Corp. (quarterly)
5c Dec. 20 Dec. 5
Bandini Petroleum Co. (monthly)
5c Dec. 20 Dec. 5
Extra
273.4c Jan. 2 Dec. 18a
Bank of the Manhattan Co
Jan. 2 Dec. 21
Bank of New Yong & Trust Co.(quar.)
500 Jan. 2 Dec. 14
Beech Creek RR. Co
75c Jan. 2 Dec. 20
Belt RR. & Stockyards (quar.)
750 Jan. 2 Dec. 20
69' preferred (guar.)
150 Jan. 2 Dec. 20
Bickford's, Inc., (quar.)
10c Jan. 2 Dec. 20
Extra
6214C Jan. 2 Dec. 20
Preferred (quarterly)
373.4c Dec. 15 Dec. 10
Block Bros. Tobacco (extra)
1 Dec. 31 Dec. 22
Bon Ami Co., cl. A common (extra)
50c Dec. 31 Dec. 22
Class B common (extra)
$3 Dec. 24 Dec. 22
Boss Mfg. Co., common
$4 Jan. 2 Dec. 20
Boston Insurance (quarterly)
$4 Apr. 1 Mar.20
Quarterly)
25c Jan. 25 Jan. 2
Bower Roller Bearing Co. (quar.)
50c Dec. 31 Dec. 20
Briggs & Stratton Corp. (quar.)
British Columbia Electric, Power & Gas Co.
$134 Jan. 2 Dec. 20
6% preferred (quarterly)
British Columbia Telep., 6% 1st pref. (quar.)_ _ $134 Jan. 1 Dec. 17
$13.4 Feb. 1 Jan. 16
6% preferred (quarterly)
90c Jan. 2 Dec. 20
Bucyrus Monighan Co., class B
25c Jan. 2 Dec. 17
Building Products, Ltd., A & B (guar.)
25c Jan. 2 Dec. 17
A & B (extra)
75c Jan. 2-Dec. 20
Burco, Inc.,$3 preferred (quar.)
$134 Jan. 2 Dec. 15
Calgary Power, Ltd. (quar.)
$1% Jan. 2 Dec. 15
Canada Packers, Ltd., 7% pref. (quar.)
5134 Feb. 1 Dec. 28
Canada Southern Ry (s.-a.)
1234c Jan. 2 Dec. 15
Canadian Canners, convertible preferred
234c Jan. 2 Dec. 15
Convertible preferred (bonus)
Jan. 2 Dec. 15
6% 1st preferred (quar.)
Jan. 2 Dec. 15
Canadian Permanent Mortgage Corp
$1 Si Dec. 31 Dec. 20
Canfield Oil Co., pref. (guar.)
50c Jan. 2 Dec. 18
Cannon Mills (quar.)
Canton Co. of Balthnore
$2 Dec. 31 Dec. 28
$1 lA Jan. 2 Dec. 15
Carolina Power & Light,$7 preferred
$6 preferred
$1% Jan. 2 Dec. 15
Carter (W.) Co., Inc.,6% preferred (quar.)
$1% Dec. 15 Dec. 10
Centlivre Brewing Corp., class A
6c Jan. 3 Dec. 24
Central Maine Power,7% preferred
87.3-4c Jan. 1 Dec. 10
6% preferred
Jan. 1 Dec. 10
75c Jan. 1 Dec. 10
$6 dividend, series pref
Chain Store Products Corp., preferred (quar.)_ _ 37 Ac Dec. 31 Dec. 20
Chapman Valve Mfg. Co., 7% prof
$335 Dec. 31 Dec. 1
Chatham Mfg. Co.,7% preferred (quar.)
$1% Jan. 2 Dec. 20
6% preferred (quarterly)
$1% Jan. 2 Dec. 20
Chemical Bank &Trust
45c Jan. 2 Dec. 18
Chicago, Burling.ton & Quincy RR
$1 Dec. 26 Dec. 190
Chicago Corp., $3 cum. cony. pref
h50c Dec. 21 Dec. 15
Chicago Daily News, Inc., $7 pref. (quar.)
$1% Tan. 2 Dec. 29
Chicago Flexible Shaft, corn. (guar.)
25c Dec. 29 Dec. 19
Chicago Mail Order (extra)
50c Jan. 31 Dec. 20
Chicago Towel Co:, preferred (quar.)
$1% Dec. 31 Dec. 20
Cincinnati Gas & Electric, 5% Pf. A (quar.)__ _ $1
Jan. 2 Dec. 14
Cincinnati. Newport St Covington U. & Tr.
Quarterly
$134 Jan. 15 Dec. 28
$434 preferred (quarterly)
$1.125 Jan. 15 Dec. 28
Cincinnati Union Stockyards (guar.)
400 Dec. 31 Dec. 13
Extra
10c Dec. 31 Dec. 13
City Auto Stamping Co., common
10c Dec. 23 Dec. 15
Coca-Cola Bottling (Del.) (quar.)
6234c Jan. 2 Dec. 15
Collateral Loan Co.(Bos., Mass.) (guar.)
$2 Dec. 31 Dec. 11
Compania Hispano-Amer. de Elect."Chade —
Amer. shares for E shares (interim)
ic3.2051Y Dec. 27 Dec. 19
Conigas Mines Ltd
1234c Jan. 10 Dec. 31
Connecticut Gas & Coke Securities Co
$3 preferred (quarterly)
75c Jan. 2 Dec. 15
Consolidated Mining & Smelting Co. of Canada
Semi-annual
4% Dec. 31 Dec. 15
Bonus
SI Dec. 31 Dec. 15
Continental Assurance (Chic., Ill.) (quar.)
50c Dec. 31 Dec. 15
Corno Mills
e6
Dec. 20 Dec. 10
Cottrell.
(C. B.) & sons,6% pref. (guar.)
$134 Jan. 2 Dec. 20
Courier-post Co
6 Jan. 1 Dec. 15

sia

Financial Chronicle
Name of Company.

When Holders
Per
Share. Payable. of Record.

50c Jan. 2 Dec. 22
Cream of Wheat (quarterly)
25c Jan. 2 Dec. 22
Extra
141 Feb. 1 Jan. 15
$7, 1st preferred
h25c Dec. 21 Dec. 12Ar
Crown Cork International Corp.. class A
/41 Jan. 1 Dec. 20
Crown Willamette Paper, $7, 1st pref
75c Mar.31 Mar. 21
Crum & Foster,8% preferred (quarterly)
15c Dec. 24 Dec. 14
Common extra
$1 Jan. 2 Dec. 15
Dayton & Michigan RR.Co.,8% pref.)quar.)—
1234c Jan. 2 Dec. 20
Deisel Weinmer Gilbert (guar.)
3734c Jan. 2 Dec. 20
Extra
Jan. 2 Dec. 15
Delaware RR. Co. (s.-a.)
15c Jan. 2 Dec. 20
Diamond Shoe Corp.,common (quar.)
Jan. 2 Dec. 20
$1.4.4
634% preferred (quar.)
30c Jan. 2 Dec. 20
6% 2nd preferred (s.-a.)
$1% Jan. 2 Dec. 21
Dow Drug Co.,7% cum. pref. (quar.)
Jan. 15 Dec. 31
Duquesne Light Co.,5% 1st pref.(guar.)
Jan. 2 Dec. 26
Eagle Warehouse & Storage Co.(ran)
75c Dec. 24
Eastern Magnesia Talcum (quer.
35c Jan. 15 Jan. 10
Economical-Cunningham Drug toms
$3 Jan. 2 Dec. 15
6% preferred B (semi-ann.)
Dec. 14 Dec. 7
37).c
El Dorado Oil Works
$ 4 Dec. 31 Dec. 15
Electrical Securities Corp. $5 pref. (quar.)
25c Dec. 20 Dec. 15
Electrical Products Corp. of Wash.(s.-a.)
$2 Jan. 2 Dec. 26
Elizabethtown Consol. Gas Co.(quar.)
14334 Jan. 15 Dec. 20
Emerson Electric Mfg., 7% pref
Dec. 29 Dec. 22
131a
(quar.)
Empire Safe Deposit Co.
Dec. 29 Dec. 15
Enamel Products
lc Dec. 24 Dec. 11
Eureka Standard Consol. Mines
50c Jan. 2 Dec. 24
Evans Products Corp
75c Jan. 2 Dec. 15
Fall River Electric Light (quar.)
$1 Jan. 7 Dec. 21
Federal Insurance Co.(Jersey City, N.I.)(5.-a.)
10c Dec. 22 Dec. 14
Ferro Enamel Corp., common (quar.)
5c Dec. 22 Dec. 14
Extra
$6 Jan. 2 Dec. 31
Fifth Avenue Bank (quar.)
Filene's (Wm.) Sons Co., preferred (guar.).— $1% Jan. 2 Dec. 19
Finance Co.of America (Baltimore, Md.)—
10c Jan. 15 Jan. 5
Common A & B
4334c Jan. 15 Jan. 5
7% preferred
Jan. 15 Jan. 5
8%c
class
A
7% preferred
Dec. 31 Dec. 21
$1
First State Pawners Society(quar.)
Jan. 2 Dec. 20
First National Bank (quar.)
$1% Jan. 2 Dec. 15
Fisher Flour Mills,7% pref
25c Jan. 2 Dec. 20
Florsheim Shoe Co., A (quar.)
1294c Jan. 2 Dec. 20
Class B
Apr. 1 Mar. 20
Class A quar.
123.4c Apr. 1 Mar. 20
Class B quar.
Jan.
10 Dec. 31
Food Machinery Corp50c Jan. 15 Jan. 10
hl
6347preferred
50c Feb. 15 Feb. 10
preferred 6onthly
634
50c Mar. 15 Feb 10
634 preferred (monthly)
50c Apr. 15 Apr. 10
preferred monthly
634
May 15 May 10
50c
preferred monthly
6
50c June 15 June 10
preferred monthly
6
Jan. 1 Dec. 20
$1
Foreign Light & Power, 1st pref. (quar.)
Jan. 2 Dec. 15
$1
Freeman (A. J.), Ltd., 6% pref. (quar.)
Dec. 20 Dec. 18
$1
Frick Co., Inc
Jan.
1 Dec. 18
75c
(quar.)
6% preferred
14134 Dec. 17 Dec. 11
Frost Steel & Wire,7% pref
Dec. 31
9.2c
Fundamental Trust Shares, series A
8.4c Dec. 31
Series B
87ic Jan. 1 Dec. 15
Galland Mercantile Laundry (quar.)
Jan. 1 Dec. 20
Gardner-Denver (quar.)
Jan. 2 Dec. 19
$2
Gas & Electric (Jo. of Bergen Co.(N.J.)s.-a.)
Jan. 2 Dec. 22
$2
General Baking Co., preferred
50c Feb. 1 Jan. 15
General Stockyards Corp..common
Feb. 1 Jan. 15
$1
Preferred (quar.)
Dec. 31 Dec. 20
$1
General Tire & Rubber,6% pref.(quar.)
Dec. 31 Dec. 20
h$1
6% preferred
25c Jan. 2 Dec. 17
General Water, Gas & Electric, pref. (guar.)._
20c Jan. 2 Dec. 20
Gibson Art (quarterly)
Goodyear Tire & Rubber Co.,of Canada—
$134 Jan. 2 Dec. 15
Common (quar.)
$154 Jan. 2 Dec. 15
Preferred (quar.)
Gottfried Baking Co., Inc.
Apr. 1 Mar. 20
1
Preferred quarterly
July 1 June 20
Preferred quarterly
Oct. 1 Sept.20
Preferred quarterly
Jan. 1 Dec. 20
quarterly
Dec. 20 Dec. 10
Grand Rapids & Indiana Ry.(s-a)
25c Dec. 29 Dec. 19
Great Lakes Steamship (quar.)
$134 Jan. 1 Dec. 20
Green (Dan.).6% iaref. (quar.)
$134 Dec. 31 Dec. 15
Hamilton United Theatres,7% pref
40c Jan. 2 Dec. 17
Hanover Fire Ins. Co.(quar.)
25c Jan. 2 Dec. 24
Harbauer Co., corn. (quar.)
25c Jan. 2 Dec. 24
Common extra
Uri Jan. 2 Dec. 21
Preferred (quarterly)
Feb. 28 Feb. 20
Hartford & Connecticut Western RR.(s-a)
75c Feb. 15 Feb. 5
Hawaiian Commercial Sugar Co.(quar.)
60c Jan. 15 Jan. 1
Hawaiian Sugar (quar.)
I5c Dec. 31 Dec. 20
Hercules Motors(quar.)
150 Dec. 31 Dec. 20
Extra
Jan. 2Dec. 15
Hershey Creamery Co.,7% pref.(s.-a.)
Jan. 2 Dec. 22
Helms(D H)Ltd.(quar.)
$134 Jan. 1 Dec. 21
Horn & Hardart Baking (quarterly)
75c Dec. 31 Dec. 21
Howe Sound
$1 Jan. 2 Dec. 24
Hnyler's of Dela.,Inc., pref.(quar.)
$I Jan. 2 Dec. 24
Preferred,stamped (quar.)
75c Dec. 31 Dec. 21
Independent Pneumatic Tool (quar.)
250 Dec. 31 Dec. 21
Extra
$134 Feb. 1
Industrial Cotton Mills, pref.(quar.)
Dec. 29 Dec. 20
42c
(quar.)
Corp.
Industrial Rayon
$1 Jan. 15 Dec. 31
Insurance Co.of No.America(s-a)
$2 Jan. 2 Dec. 21
Intercolonial Coal common
Jan. 2 Dec. 21
Common (extra)
Jan. 2 Dec. 21
Preferred (semi-annual)
Jan. 10 Dec. 22a
Corp
Machines
Business
International
Jan. 10 Dec. 22a
Stock div. at rate of 2shs.for each 100
International Button Hole Sewing Machine—
20c Dec. 27 Dec. 15
Common (quar.)
20c Dec. 27 Dec. 15
Common extra)
Jan. 15 Dec. 31
(quar.)
38c
cons.
pref.
Ltd.,
Foundation
Investment
hl2c Jan. 15 Dec. 31
preferred
10c Dec. 31 Dec. 15
Irving Air Chute
$1 Dec. 28 Dec. 20
Island Creek Coal Co.,coin.(quar.)
$134 Jan. 2 Dec. 20
Preferred (quarterly)
$13
4 Jan. 7 Dec. 21
(quar.)
RR.
Chicago
Jollet &
el00% Dec. 29 Dec. 22
Kalamazoo Stove Co
25c Feb. 1 Jan. 20
New stock (initial)
20c Jan. 28 Jan. 10
Kaufmann Dept. Stores, Inc
20c Jan. 2 Dec. 24
Kekaha Sugar,Ltd.(mo.)_
100 Dec. 1 Nov. 24
Extra
$2 Dec. 31 Dec. 15
Kings Royalty,8% pref.(quar.)
50c Dec. 31 Dec. 24
Koloa Sugar (monthly)
Jan. 2 Dec. 15
$234
Lenox Water Co. (s.-a.)
26a Dec. 31 Dec. 21
Loew's, Inc. (quarterly)
75c Dec. 31 Dec. 21
Extra
$1% Jan. I Dec. 19a
Ludlum Steel Co.,pref.(quar.)
40c Jan. 2 Dec. 15
Lykens Valley RR.& Coal Co.(semi-ann.)
$3 Jan. 15 Dec. 31
-a.)_
preferred
(s.
Publications,
Inc.,
Macfadden
Mackay One,took no div. action on 4% cum. pre f.shares
50c Jan. 15 Dec. 28
Magma Copper Co
Feb. 1 Jan. 15
$6
Mahoning Coal RR.,common (quar.)
Jan. 2 Dec. 24
$1
Preferred (semi-annual
25c Jan. 2 Dec. 14
Manufacturers Trust Co.(quar.)
lc Dec. 26 Dec. 15
Mascot Oil Co.(quarterly)
15c Jan. 2 Dec. 21
Mani Agricultural Co. (quar.)
Feb. 1 Jan. 15
50c
(quar.)
McCall Corp., corn.
750 Jan. 2 Dec. 21
McQuay-Norris Mfg. common (quar.)
MemphisPower & Light Co.,$7 pref.(quar.)- — $134 Jan. 2 Dec. 15
Jan. 2 Dec. 15
$1
$6 preferred (quar.)
50c Dec. 31 Dec. 20
Merchants Bank of N.Y.(quar.)
Dec. 31 Dec. 20
5
0
c
Extra




4

91

3.6

Name of Company

Dec: 15 1934
Per
Share

Merchants Exchange (San Fran.)
1
Metal Package Corp.(quar.)
$1,
Meyer-Blanke.77. pref.(quar.)
13
Middlesex Water Co.7% pref.(semi-ann.)
Midland Steel Products,8% preferred (quar.)
Minn.-Honeywell Regulator,6% pref. .A. (quar.)
Minnesota Power & Light,$7 Pref.(guar.)
$6 preferred (quarterly)
67 preferred (quarterlY)
Mississri River-Power, pref.(quar.)
Morris (Philip) & Co. (quar.)
Motor Finance Corp. 8% pref. (guar.)
Mount Vernon-Woodberry Mills preferred
Mountain States Telep. & Teleg (quar.)
Murphy ((I. C.), preferred (quar.)
$2
National Battery Co ,pref.(quar.)
55c
National Bond & Share Corp
25c
National Carbon, prof.
$2
(quar.)Ntionl (quar.
Casket preferred
$1
National Licorice Co.,6% pref. quar.
$1
Newark Telep.(Ohio),6% pref.(quar.
$1
New Hampshire Power 8% preferred guar.).-New London Northern RR(quar.)
$234
New York & Honduras Rosarlo Mining Co.—
Special
$1
Noblitt-Sparks Industries, Inc.(quar.)
30c
North American Rayon Corp. prior pref.(quar.)
75c
77 preferred (quar.)
$131
Northern States Power Co. (Del.)
77 preferred (quarterly)
1
1
67 preferred (quarterly)
Northwestern National Ins. (Milwaukee) (qu.)- so
Northwestern Teleg. Co.(s-a)
$14
Northwestern Yeast Co.(quar.)
$3
Norwich & Worcester RR.,8% pref.(quer.)$2
Novadel-Agene Corp.,com.(quar.)
50c
Nunn, Bush & Weldon Shoe Co., 1st pref
142
Occidental Petroleum
2c
Oceanic Oil Co
2c
Ogden Mine RR. (semi-annual)
$2it
Ogilvie Flour Mills (quar.)
Ohio Finance Co.,8 pref. (quar.)
$2
Ohio Public Service Co.,7% pref.(mo.)
58 1-3c
6% preferred (monthly)
50c
57. preferred (monthly)
412-3c
Old Colony RR.(quar.)
Orange & Rockland Co. Elect.,7% pref.(qu.).- 1131
6% preferred (quarterly)
$1.
111
Otis Elevator Co. common
1 c
Preferred (quar.)
$1 35
Ottawa Electric By
Sc
Ottawa Light, Heat & Power Ltd.(quar.)
$134
6347_Preferred (quarterl )
$1,4
Pacific r Mance Corp. of Calif.(Del.)—
Preferred A (quar.)
20c
Preferred C (quar.)
11334c
Preferred D (quar.)
1734c
Pacific Gas & Electric Co.. common (quar.)- - 37340
Panama Power & Light, 7% pref. (quar.)
$13,4
Paten Mfg. Ltd., 7% pref. (quar.)
$134
Penna. Warehouse & Safe Deposit
60c
(qu.)Peoples Natural Gas Co., 5% pref. (quan)
62 c
Pepeekeo Sugar Co.(monthly)
Petroleum Exploration, Inc.,(quar.)
1234c
Extra
1234c
Phila. Balt. & Washington RR.(8.-a.)
Philadelphia Co., common (quar.)
20c
Pie Bakeries (voting trust certificates)
40c
7% preferred (guar.)
$3, 2nd preferred (quar.)
$11i
c
Pioneer Mffi Co.. Ltd. (monthly)
10c
Pittsburgh & Lake Erie (s.-a.)
$1 If
Pittsburgh Oil & Gas, new (initial)
loa
Plainfield Union Water Co. (quar.)
$134
Pneumatic Scale Corp.,7% pref.(quar.)
17 c
Pond Creek Pocahontas Co.(quar.)
Porto Rico Power Ltd., 7% prof. (guar.)
$13
4
Powdrell & Alexander, pref. (quar.)
$14
Procter & Gamble Co., 8% pref. (quar.)
$2
Providence Gas Co.(quar.)
20c
Providence Washington Ins. Co.(R. I.)
25c
Special
10c
Providence & Worcester RR.(quar.)
$234
Provident Adjustment & Investment—
Preferred (quar)
$14
Provincial Paper, 7% preferred (quar.)
31 Nf,
Prudential Investors,$6 preferred (guar.)
$134
i ublic National Bank & Trust (quar.)
3734c
Public Service Co. of Colorado,7% pref. (m.).. 58 1-3c
6% preferred monthly
50c
5% preferred monthly
41 2-3c
Pyle National Co., 8% preferred
$2
Rand Mines, Ltd.
(final)4s
Rath Packing CO. (quar.)
ar
10c
Real Estate Loan (Canada) (s.-a.)
$1
Reece Button Hole Machine Co.(quar.)
20c
Extra
10c
Reece Folding Machine Co. (guar.)
Sc
Republic Investment Fund, Inc
lc
Rike-Kumler, 7% pref. (quar.)
$131
Riverside Silk Mills. $2 class A
25c
Robbins (S.) Paper Co.. 7% pref. (quar.)
$134
Rockville-Williamantic Lighting Co7% preferred (quar.)
67 preferred (quar.)
6-7% preferred (quar.)
11
1
Safeway Stores, Inc.,corn.(guar.)
7
77 preferred (quarterly)
$131
87 preferred (quarterly)
$134
St. Joseph & Grand IslandRR., 2d preferred...
$4
San Antonio Gold Mines (interim)
7c
Sangamo Electric Co.. 7% preferred
/4334
Sayers & Scoville Co.(guar.)
$1
6% preferred (quar.)
$1
Second Twin Bell Syndicate (mo.)
2c
Shawmut Assoc. (quar.)
10c
Silver King Coalition Mines Co
10c
Singer Mfg.
(quer.)1
Extra
2
S. M.A.Corp.(guar.)
1/34c
Southern Bleachery & Print Works,7% pf.(qu.) $13
4
Southern Indiana Gas & Electric Co.
77 preferredruarterly
1
67 preferred quarterly
1
6.6% preferred(quarterly)
1.65
6% preferred (semi-annnual)
3
Spencer Trask Fund, Inc. (quar.)
123.
Spang. Chafant & Co., Inc., pref
Preferred
50c
Staley(A.E.) Mfg. Co.,7% pref.(s.-a.)
$3
Standard Fire Ins. Co.(extra)
Standard Gas & El. $6& $7 pref. div. omitted.
Standard Power& Light Corp., pref. div. omitted
Superheater Co. (quar.)
123$c
Supertest Petroleum Corp.(quar.)
25c
Ordinary (quar.)
25c
Common bearer (quar.)
25c
Ordinary bearer (quar.)
$7 preferred A (quar.)
$131
37340
$134 preferred B
Sussex RR.(semi-annual)
250
Telephone Investment Corp.(m.)

1

When Holders
Payable of Record
Dec. 20 Dec. 10
Jan. 1 Dec. 24
Jan. 2 Dec. 20
Jan. 2 Dec. 26
Dec. 31 Dec. 21
Jan. 2 Dec. 20
Jan. 2 Dec. 11
Jan. 2 Dec. 11
Jan. 2 Dec. 11
Jan. 2 Dec. 15
Jan. 15 Jan. 3
Dec. 31 Dec. 22
Dec. 31 Dec. 18
Jan. 15 Dec. 31
Jan. 2 Dec. 22
Jan. 2 Dec. 17
Dec. 15 Nov.30
Feb. 1 Jan. 18
Dec. 31 Dec. 14
Dec. 31 Dec. 15
Jan. 10 Dec. 31
Jan. 1 Dec. 15
Jan. 2 Dec. 15
Dec. 29 Dec. 18
Jan. 2 Dec. 20
Jan. 1 Dec. 21
Jan. 1 Dec. 21
Jan. 21 Dec. 31
Jan. 21 Dec. 31
Dec. 31 Dec. 17
Jan. 2 Dec. 15
Dec. 15 Dec. 12
Jan. 2 Dec. 15
Jan. 2 Dec. 20
Dec. 31 Dec. 15
Dec. 31 Dec. 20
Dec. 15 Dec. 8
Jan. 15 Jan. 12
Dec. 21
Jan.
Jan. 1 Dec. 10
Jan. 2 Dec. 15
Jan, 2 Dec. 15
Jan. 2 Dec. 15
Jan. 2 Dec. 15
Jan. 2 Dec. 26
Jan. 2 Dec. 26
Jan, 15 Dec. 24
Jan. 15 Dec. 24
Jan. 2 Dec. 15
Jan. 2 Dec. 15
Jan. 2 Dec. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Jan. 15 Dec. 31
Jan. 2 Dec. 15
Dec. 15 Nov.30
Jan. 2 Dec. 29
Jan. 2 Dec. 15
Dec. 15 Dec. 10
Dec. 15 Dec. 5
Dec. 15 Dec. 5
Dec. 31 Dec. 15
Jan. 25 Dec. 31
Jan. 2 Dec. 18
Jan. 2 Dec. 18
Jan. 2 Dec. 18
Jan. 2 Dec. 21
Feb. 1 Dec. 28
Dec. 21 Dec. 17
Jan. 2 Jan. 2
Jan. 2 Dec. 22
Jan. 2 Dec. 20
Jan. 2 Dec. 15
Jan, 2 Dec. 20
Jan. 15 Dec. 24
Jan. 2 Dec. 15
Dec. 27 Dec. 13
Dec. 27 Dec. 13
Jan. 1 Dec. 12
Jan. 2 Dec. 22
Jan. 2 Dec. 15
Jan. 15 Dec. 31
Jan. 2 Dec. 20
Jan. 2 Dec. 15
Jan. 2 Dec. 15
Jan. 2 Dec. 15
Dec. 21 Dec. 10
Jan. 1 Dec. 20
Jan. 2 Dec. 15
Dec. 27 Dec. 15
Dec. 27 Dec. 15
Dec. 27 Dec. 15
Jan. 2 Dec. 15
Jan. 2 Dec. 24
Jan. 2 Dec. 15
Jan. 2 Dec. 20
Jan. 1 Dec. 15
Jan. 1 Dec. 15
Jan. 1 Dec. 15
Jan. 1 Dec. 20
Jan. 1 Dec. 20
Jan. 1 Dec. 20
Dec. 31 Dec. 28
Feb. 1 Jan. 1
Dec.20 Dec. 17
Jan. 2 Dec. 20
Jan. 2 Dec. 20
Jan. 15 Dec. 31
Jan. 2 Dec. 14
Jan. 2 Dec. 20
Dec. 31 Dec. 10
Dec. 31 Dec. 10
Jan. 2 Dec. 20
Jan. 1 Dec. 20
Jan. 1 Dec. 20
Jan. 1 Dec. 20
Jan. 1 Dec. 20
Jan. 1 Dec. 20
Dec. 31 Dec. 15
Dec. 31 Dec. 17
Jan. 4 Dec. 17
Jan. 1 Dec. 20
Dec. 15 Dec. 12
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

15 Jan, 5
2 Dec. 14
2 Dec. 14
2
2
2 Dec. 14
2 Dec. 14
2 Dec. 21
2 Dec. 20

Financial Chronicle

Volume 139
Name of Cornpany.

When Holders
Per
Share. Payable. of Record

50c
Textile Banking (quar.)
10c
Third Twin Bell Syndicate (bi-mo.)
2255c
Tintic Standard Mining
h50c
Title Guarantee (San Francisco, Calif.)
40c
Title Insurance & Trust (quar.)
$2
Tobacco & Allied Stocks, Inc
58 1-3c
Toledo Edison, 7% preferred (mo.)
50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly)
$155
Toronto Mtge. Co. (Ont.) (guar.)
$1
Torrington Co
$155
Trumbull Cliffs Furnace Co.. pf. (guar.)
$2
Twin Bell Oil Syndicate, mo
Union Electric Light & Power Co. of 111.3155
6% Preferred (quarterly)
Union Electric Light & Power Co. of Mo.7% preferred (quarterly)
$1
25c
Union-Twist Drill (20., com. (guar.)
$144,
Preferred (quarterly)
31U
United Biscuit Co. of Amer., pref. (guar.)
75c
United Fruit Co. (guar.)
255c
United Gold Equities of Can. (guar.)
United Molasses Co., Ltd.—
Amer. dep. rec. ord. reg. (final)
wx6%
United N. Y. Bank Trust Shares—
9.233c
Series C3, registered (semi-annual)
9.233c
Series C3. bearer (semi-annual)
United Shoe Machinery Corp., corn.(guar.) _ _ _ 623.4c
$2
Common (special)
Preferred (quarterly)
3735c
10c
United Verde Extension Mines (quar.)
25c
Vanadium Alloys Steel
Van de Kamps Holland Dutch Bakers,$655 pref.
$155
(quar.)
3c
Victor Brewing Co
$2
Virginian Ry., common
30c
Walalua (A.) Co
20c
wailuku Sugar Co. (monthly)
50c
Wooden & Co. (guar.)
$1
Extra
25c
Webbe Brewing (W. Haven)
50c
Western Grocers, Ltd
25c
Western Pipe & Steel
West Kootenay Power & Light, pref.(guar.)_ _ _ $14,4
10c
Westland Oil Royalty Co., cl. A (mo.)
75c
West Texas Utilities, $6 pref
50c
White Rock Mineral Springs Co.,coin.(qu.)
31%
1st preferred (guar.)
2nd preferred (quar.)
AT
I
% preferred
Whittal Can, Ltd
Wiebolt Stores. Inc
$2
Will & Baumer Candle, preferred (guar.)
Winn & Lovett Grocery Co.—
50c
Class A & B (quarterly)
Preferred (quarterly)
13.1%
25c
Wiser Oil Co. (guar.)
Wood Brown Prospectors (trust)
$25
10c
Woodley Petroleum Co
Young Men's Real Estate Co
$655

Dec. 31 Dec. 26
Dec. 31 Dec. 27
Dec. 24 Dec. 11
Dec. 12 Dec. 10
Jan. 2 Dec. 20
Dec. 31 Dec. 24a
Jan. 2 Dec. 15
Jan. 2 Dec. 15
Jan. 2 Dec. 15
Jan. 2 Dec. 15
Jan. 2 Dec. 20
Jan. 2 Dec. 15
Jan. 5 Dec. 31
Jan.

2 Dec. 15

Jan. 2 Dec. 15
Dec. 28 Dec. 18
Dec. 28 Dec. 18
Feb. 1 Jan. 15
Jan. 15 Dec. 20
Jan. 15 Jan. 5
Jan. 15 Dec. 8
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.

2 Dec. 1
2
5 Dec. 18
5 Dec. 18
5 Dec. 18
1 Jan. 3
2 Dec. 20

Jan. 2 Dec. 10
Dec. 21 Dec. 15
Jan. 2 Dec. 20
Dec. 20 Dec. 10
Dec. 20 Dec. 15
Dec. 31 Dec. 20
Dec. 15 Dec. 10
Jan.
Dec. 20
Jan. 15 Dec. 20
Dec. 22 Dec. 15
Dec. 31 Dec. 19
Jan. 15 Dec. 30
Jan. 2 Dec. 15
Jan. 2 Dec. 21
Jan. 2 Dec. 21
Jan. 2 Dec. 21
Jan. 2 Dec. 15
Dec. 22 Dec. 18
Jan. 2 Dec. 21
Dec. 29 Dec. 19
Dec. 29 Dec. 19
Jan. 2 Dec. 12
Dec. 20 Dec. 17
Dec. 31 Dec. 15
Dec. 8 Dec. 7

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being give in the preceding table.
Name of Company.

Per
When Holders
Share. Payable. ofRecord.

Abbott Laboratories, Inc.(quar.)
50c
Extra
15c
Abraham & Straus. Inc.(guar.)
30c
Extra
15c
Acme Glove Works634% preferred
h81
Adams Express Co..5% cum. pref.(guar.)
$131
Adams Royalty
Sc
Affiliated Products Corp.,(monthly)
Sc
Shoe
Agnew-Surpass
Stores, Ltd., pref. (quar.) 13.
Alabama Great Southern RR. Co., preferred
Ordinary stock
4%
Alabama l'ower Co.. $7 pref. (guar.)
$1
$1
$6 preferred (quar.)
$5 preferred (guar.)
$131
Albany & susquebanna (s.-a.)
$455
Allegheny Steel Corp.. common
15c
Allied Chemical & Dye Corp.. pref. (quar.)_..__
Allied Laboratories (quarterly)
8734c
$.334 convertible preferred (guar.)
Alpha Portland Cement 7% pref. (quar.)
Aluminum Mfg. (guar.).
$114
7% preferred (guar.)
Amalgamated Leather Cos.. pref
h 50c
American Agricultural Chemical Corp
50c
American Bakeries Co., 7% pref. (s.-a.)
$3
7% preferred (guar.)
$1
American Bank Note Co., preferred (quar.)
155
American Can Co. common (guar.)
$1
Common (extra)
$1
Preferred (guar.)
114%
American Capital Corp. $3 preferred
h75c
American Chicle Co. (guar.)
75c
Special
50c
American Cigar Co., common (quar.)
$2
Extra
$2
Preferred (guar.)
$155
American Coal Co. of Allegany Co
50c
American Cyanamid Co.class A & B com.(qu.).
10c
American Express Co.(guar.)
$155
25e
American Gas St Electric Co.common (quar.)
Common (special)
20c
Preferred (guar.)
$155
American Hair & Felt 1st preferred
h$3
25c
American Hardware Corp.(guar.)
25c
American Hawaiian S.S. Co.(guar.)
20c
American Home Products Corp. (monthly). _ _
20c
Monthly
$15(
American Mfg. Co.. pref. (quar)
60c
American Motorists Insurance (Chic.. Ill.)
70c
American National Finance Corp.. pref.(s.-a.)
$t
American Optical Co..7% preferred (quar.)
$t%
American l'aper Goods,'7% pref. (guar.)
American Power & Light $6 preferred
hanic
h31 Sic
$5 preferred
SI
American Safety Razor (guar.)
75c
American Snuff (guar.)
25c
Extra
$155
Preferred (guar.)
50c
American Steel Foundries. preferred
50c
American Stores Co.(quar.)
50c
American Sugar Refining Co.. corn.(guar.)._
Preferred (guar.)
int
25c
American Sumatra Tobacco CO.(quar.)
50c
American Surety Co. of N. Y
$254
American Telep. & Teleg. Co.(quar.)
8755c
American Thermos Bottle,7% pref. (quar.)
12 c
American Thread, 5% preferred (s.-a.)
1
American Tobacco Co. preferred (guar.)
American Water Works & Electric Co.—
$135
$6 first preferred (quar.)
6215ea
American Wringer Co.(quar.)
Anchor Cap Corp.. common (quar.)
3134
$635 preferred (guar.)




$

Jan. 2 Dec. 18
Jan. 2 Dec. 18
Dec. 31 Dec. 21
Dec. 31 Dec. 21
Dec. 15 Nov.30
Dec. 31 Dec. 14a
Dec. 29 Dec. 20
Jan. 1 Dec. 14
Jan. 2 Dec. 15
Feb. 27 Jan. 22
Dec. 31 Dec. 17
Jan. 2 Dec. 14
Jan. 2 Dec. 14
Feb. 1 Jan. 15
Jan. 2 Dec. 15
Dec. 15 Dec. 1
Jan. 2 Dec. 11
Jan. 1 Dec. 26
Jan. 1 Dec. 26
Dec. 15 Dec. 1
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Jan. 1 Dec. 19
Dec. 31 Dec. 10
Jan. 1 Dec. 14
Jan. 1 Dec. 17
Jan. 2 Dec. 13a
Feb. 15 Jan. 25a
Feb. 15 Jan. 25a
Jan. 2 Dec. 14a
Dec. 24 Dec. 10
Jan. 2 Dec. 12
Jan. 2 Dec. 12
Dec. 15 Dec. I
Dec. 15 Dec. I
Jan. 2 Dec. 15
Dec. 22 Dec. 3
Jan. 2 Dec. 15
Jan. 2 Dec. 21
Jan. 2 Dec. 8
Jan. 2 Dec. 8
Feb. 1 Jan. 8
Dec. 15 Nov.30
Jan. 1
Dec. 31 Dec. 15
Jan. 2 Dec. 14a
Feb. 1 Jan. 14a
Dec. 31 Dec. 15
Jan. 1 Dec. 24
Dec. 15 Dec. 1
Jan. 1 Dec. 15
Dec. 15 Dec. 5
Jan. 2 Dec. 5
Jan. 2 Dec. 5
Dec. 31 Dec. 10
Jan. 2 Dec. 12
Jan. 2 Dec. 12
Jan. 2 Dec. 12
Dec. 31 Dec. 15
Jan. 1 Dec. 14
Jan. 2 Dec. 5
Jan. 2 Dec. 5
Dec. 15 Dec. 1
Jan. 2 Dec. 15a
Jan. 15 Dec. 15
Jan, 2 Dec. 20
Jan. 1 Nov.30
Jan. 2 Dec. 10
Jan.
Jan.
Jan.
Jan.

2 Dec. 7
2 Dec. 15
2 Dec. 19
2 Dec. 19

Name of Company.

3761
Per
When Holders
Share. Payable. of Record.

$1 Jan. 1 Nov. 15
Andian National Corp. (semi-annual)
31 Dec. 22 Dec. 15
Anheuser-Busch
Appalachian Electric Power Co.$7 pref. (qu.)... 5134 Jan. 2 Dec. 5
50c Jan. 1 Dec. 15
Apponaug Co. (quarterly)
h$1.16 Dec. 15 Nov.30
Arkansas Power & Light Co.7% preferred
6% preferred
h
$1 Dec. 15 Nov.30
$1.17 Jan. 2 Dec. 15
$7 preferred
$1 Jan. 2 Dec. 15
$6 preferred (quar.)
Armour & Co.(Del.)7% guaranteed pref.(qu.)_ $114 Jan. 1 Dec. 10
Armour & Co.(Illinois) $6 prior pref. (quar.)_
$134 Jan. 1 Dec. 10
Arms Mfg. Co. (extra)
50c Dec. 31 Dec. 8
Art Metal Works (quar.)
10c Dec. 2 Dec. 10
Exra
Sc Dec. 21 Dec. 10
r25c Dec. 31 Dec. 15
Associated Breweries, Ltd., common
Preferred (quarterly)
$131 Jan. 1 Dec. 15
Associated Investment (guar.)
31 Dec. 31 Dec. 21.
Extra
$1 Dec. 31 Dec. 21
Associated Oil Co
50c Dec. 20 Dec. 14
Associates Investment (guar.)
$1 Dec. 31 Dec. 31
$1 Dec. 31 Dec. 31
Extra
Atchison Topeka & Sante Fe, pref. (s.-a.)
5235 Feb. 1 Dec. 31
Atlanta. Birmingham & Coast Co..5 Pf. 93:10- $235 Jan. 1 Dec. 12
Atlantic Coast Line Co. of Conn
31 Dec. 15 Dec. 4
3154 Jan. 2 Dec. 15
Atlantic & Ohio Telegraph Co. (guar.)
Automatic Voting Machine Co.(guar.)
1255c Jan. 2 Dec 20
Quarterly
1255c Apr. 2 Mar. 20
Quarterly
I235c July 2 June 20
Atlantic Refining Co., corn. (guar.)
25c Dec. 15 Nov. 21
Avon Geneseo & Mt.Morris RR.(s-a)
51.45 Jan. 1 Dec. 26
Axton-Fisher Tobacco Co. class A ((mar.)
80c Jan. 2 Dec. 15
40c Jan. 2 Dec. 15
Class B (guar.)
Preferred (guar.)
5134 Jan. 2 Dec. 15
Babcock & Wilcox Co
10c Jan. 2 Dec. 20
D
N
Dec
o
ec
v.. 30
Backstay Welt Co.(special)
5
5134531
5c Dec.
Baldwin Co.,6% pref. A (quar.)
Nov.30 Nov. 19
Balfour Bldg., v t C. (quar.)
Baltimore & Cumberland Valley Ext. RR.(s.-a.) $134 Jan. 1 Dec. 31
Bangor & Aroostook RR.(guar.)
62e Jan. 1 Nov.30
Preferred (quar.)
MN Jan. 1Nnv.30
Bangor Hydro-Electric 6% pref.(quar.)
3155 Jan. 1 Dec. 10
7% preferred (guar.)
$114 Jan. 1 Dec. 10
Bankers Investment Trust of America debenture stock (s.-a.)
30c Dec. 31 Dec. 15
Bankers Trust Co.(guar.)
735% Jan. 2 Dec. 12
Barber(W. H.1 & Co pref.(guar.)
1 No
Doec
ecv... 2
paec
ni 15
230
00
$114 J
Battle Creek Gas,6% pref. (guar.)
$134 Jan. 2
Bayuk Cigars. Inc.,common (quar.)
$1
Beatrice Creamery Co. preferred (quar.)
16114 Jan. 2 Dec. 14
Beech-Nut Packing Co.,common (quar.)
75c Jan. 2 Dec. 12
Common (ears.)
50c Dec. 15 Dec. 1
Belding-Corticelli, Ltd., preferred (quar.)
$114 Dec. 15 Nov.30
Bellows & Co., Inc.. class A (guar.)
25c Dec. 15 Dec. 1
Bell Telephone of Canada (guar.)
r$155 Jan. 15 Dec. 22
Bell Telephone Co.of Pa.634% pref.(quar.)_ _ _ $155 Jan. 15 Dec. 20
Biltmore Hats, Ltd.,7% pref.(quar.)
5134 Dec. 15 Nov. 15
Bird St Son (guar.)
1255c Jan. 2 Dec. 20
Birmingham Electric, $7 pref
141% Jan. 2 Dec. 12
$6 preferred
h$1.34 Jan. 2 Dec. 12
Birmingham Water Works Co.6% pref.(quar.)_ 11134 Dec. 15 Dec. 1
Block Bros Tobacco. pref.(quar.)
$134 Dec. 31 Dec. 24
Bioomingdalescommon (quar.)
10c Dec. 27 Dec. 17
Bohn Aluminum & Brass Corp
75c Dec. 28 Dec. 13
Borg-Warner Corp., common (guar.)
25c Jan. 2 Dec. 14
Common (extra)
25c Jan. 2 Dec. 14
514" Jan. 2 Dec. 14
Preferred (guar.)
Boston & Albany RR.Co
$234 Dec. 31 Nov.30
Boston Elevated Ry.(quar.)
$134 Jan. 2 Dec. 10
Boston & Providence RR.(guar.)
52.123.4 Jan. 2 Dec. 20
Quarterly
52.1234 Apr. 1 Mar. 20
Quarterly
$2.1255 July 1 June 20
Quarterly
$2.1255 Oct. 1 Sept. 20
Boston RR. Holdings. pref. (semi-ann.)
$2 Jan. 10 Dec. 31
Boston Warehouse & Storage (quar.)
513.4 Dec. 31
Boston Wharf (semi-annual)
$134
J il ee
n; 32D1 Dec
Boston Woven Hose & Rubber pref.(semi-ann.)
$3 Dec. 15 Dec. 1
6% preferred (semi-annual)
h$2 Dec. 15 Dec. 10
Boyd-Richardson.8% pref
Bralorne Mines. Ltd.. e.tra
20c Dec. 27 Nov.30
15c Jan. 15 Dec. 31
Quarterly
Brazilian 'laction, Light & Power, pref.(quar.) 3155 Jan. 2 Dec. 15
$1 Dec. 26 Dec. 20
Brewer (C.) Ltd.(monthly)
be Dec. 30 Dec. 10
Bridgeport Brass
60c Dec. 31 Dec. 17
Bridgeport Gas Light (guar.)
50c Dec. 29 Dec. 19
Briggs Mfg. (special)
755c Dec. 15 Nov. 30
Bright (T. G.) & Co.. Ltd. (quar.)
$6 preferred (quar.)
$134 Dec. 15 Nov.30
bSc Jan. 2 Dec. 15
Brillo Mfg. Co.. Inc. common (quar.)
50c Jan. 2 Dec. 15
Class A (guar.)
Bristol Brass Corp.. common (guar.)
25c Dec. 15 Nov.30
Common (extra)
25c Dec. 15 Nov.30
$134 Dec. 29 Nov.22
Preferred (guar-)
British American Oil Co.. Ltd.(quar.)
r20c Jan. 2 Dec. 15
British Columbia Power Corp. class A (quar.).. r37c Jan. 15 Dec. 31
Broad Street Investing Co . Inc.(quar.)
20c Jan. 1 Dec. 17
15
Brooklyn-Manhattan Transit Corp.. prof.(qu.). $13.4
5 Ja
A pnr 2
1
Preferred (quarterly)
$1
July 15
Preferred (quarterly)
$1
Brooklyn & Queens Transit Corp.. preferred
Jan. 2 j
Duec
iy. 11
5
614 Jan. 2 Dec. 3
Brooklyn Union Gas(guar.)
Bruck Silk Mills, Ltd. (quar.)
25c Jan. 15 Dec. 15
Extra
Sc Jan. 15 Dec. 15
Buckeye Pipe Line Co
75c Dec. 15 Nov. 23
Bucyrus-Erie Co. preferred
50c Jan. 2 Dec. 14
Bucyrus Monighan A (guar.)
45c Jan. 2 Dec. 20
Budd Realty Corp.(guar.)
$1 Dec. 1 Nov.26
Buffalo, Niagara & Eastern Power—
$131 Feb. 1 Jan. 15
$5, 1st preferred (guar.)
Preferred (guar.)
40c Jan. 2 Dec. 15
Bulolo Gold Dredging, Ltd. (interim)
r90c Dec. 31 Dec. 3
Burroughs Adding Machine Co
e3% Dec. 28 Nov. 23
Butler 'Water Co.7% pref. (guar.)
$134 Dec. 15 Dec. 1
Calamba Sugar Estate, common (guar.)
40c Jan. 2 Dec. 15
California Electric Generating,6% pref. (quar.) $155 Jan. 2 Dec. 5
California Ink (quar.)
50c Dec. 28 Dec. 18
Extra
50c Dec. 28 Dec. 18
California Packing Corp
3755c Dec. 15 Nov.30
Cameron Machine, 87e pref. (quar.)
$2 Dec. 31 Dec. 20
Canada Malting Co., Ltd. (guar.)
3755c Dec. 15 Nov.30
Coupon (guar.)
3755c Dec. 15
Canada Northern Power Corp. common (qu.)-25c Jan. 25 Dec. 31
7% cumulative preferred (guar.)
151% Jan. 15 Dec. 31
Canada Permanent Mtge. (guar.)
S2 Jan. 2 Dec. 15
Canadian Celanese. Ltd., 7% preferred (quar.)_ r$134 Dec. 31 Dec. 14
Canadian Cotton. Ltd., com.(guar.)
41 Jan. 2 Dec. 14
Preferred (guar.)
rS1 Jan. 2 Dec. 14
Canadian Fairbanks Morse, pref.(guar.)
15
1 Dec.
$1424
.3
15
1
Canadian Foreign Investment, 8% prof. (guar.)
Jan.
Canadian General Electric (quar.)
75c Jan. 1 Dec. 15
Preferred (guar.)
dr.8755c Jan. 1 Dec. 15
Canadian Industrial (guar.)
SI Jan. 31 Dec. 31
Extra
$135 Dec. 15 Dec. 10
Preferred (guar.)
$134 Jan. 15 Dec. 31
Canadian Oil Cos , Ltd. 8% pref. (guar.)
$2 Jan. 1 Dec. 20
Canadian Westinghouse, Ltd. (quar.)
50c Jan. 1 Dec. 20
Canadian Wirebound Box. Ltd. A
h25c Jan. 2 Dec. 15
Capital Administration Co Ltd.preferred(quar.)
75c Jan. 1 Dec. 17
Capital Transit Co.(Initial)
$1 Dec. 15 Nov.30
Carnation Co.,7% pref.(quar.)
$1
Jan. 1 Dec. 20
Preferred (guar.)
$I
Apr. 1 Mar. 20
Preferred (quar.)
$114 July 1 June 20
Carreras, Ltd.. ord.. ord. A & ord. B (filial)wx20% Dec. 27 Dec. 11
Case (J. I.) Co., preferred (quar.)
$I Jan. Mac. 12

3762

Financial Chronicle
Name of Company

Per
Share

When Holders
Payable of Record

Celanese Corp.of Amer.7% cum.prior pref.(qu) $151. Jan. 1 Dec. 14
7% cum.first preferred
$355 Dec. 31 Dec. 14
Central Aguirre Associates (guar.)
3755c Jan, 2 Dec. 18
Central Hanover Bank & Trust Co. (quar.)---- $155 Jan. 2 Dec. 20
Central Illinois Light Co..6% Pref.(51dar•)
% Jan. 2 Dec. 15
7% preferred (quar.)
Jan. 2 Dec. 15
Central Illinois Public Service Co. 56 pref
o0c Dec. 24 Dec. 13
6% preferred
50c Dec. 24 Dec. 13
Central Pipe Line (liquidating)
89c
Central Power, 7% pref. (quar.)
8755c Jan. 15 Dec. 31
6% preferred (quarterly)
75c Jan. 15 Dec. 31
Chain Belt Co., common
15e Feb. 15 Feb. 1
Extra
60c Dec. 22 Dec.1 7
Champion Coated Paper Co.
1st and special preferred (quar.)
$151 Jan. 2 Dec. 19
Champion Fiber Co., preferred (quar.)
$13.1 Jan. 1 Dec. 19
Chesapeake Corp.(quarterly)
63c Jan. I Dec. 7
Chesapeake & Ohio Ity. Co., common (quar.)_ _
70c Jan. I Dec. 7
Preferred (semi-annual)
$351 Jan. 1 Dec. 7
Chesebrough Mfg. Co. (guar.)
Si Dec. 28 Dec. 7
Extra
$1 Dec. 28 Dec. 7
Special extra
$5 Dec. 31 Dee. 21
Chicago Junction Union Stockyards (quar
$231 Jan. 2 Dec. 15
6% preferred (quar.)
$155 Jan. 2 Dec. 15
Chickasha Cotton Oil (special)
50c Jan. 2 Dec. 14
Christiana Security Co.7% pref.(quar.)
$1 3.1 Jan. 2 Dec. 20
Chrysler Corp., corn. (quar.)
25c Dec. 31 Dec. 1
Churchill House Corp
50c Jan. 7 Dec. 15
Cincinnati, New Orleans & Texas Pacific RR—
Semi-annual
$4 Dec. 26 Dec. 4
Extra
$3 Dec. 26 Dec. 5
Cincinnati & Suburban Bell Tel. Co.(quar.)_
$1.12 Jan. 2 Dec. 18
Cincinnati Union Terminal,4% pref. (quar.)___ $13.' Jan. 1 Dec. 20
Citizens Water (Wash., Pa.), 7% pref. (quar.)_ $131 Jon. I Dec. 20
50c Dec. 31 Dec. 15
City Ice & Fuel (quarterly)
Clearfield & MahonIng RR. Co.. (s.-a.)
$155 Jan. 2 Dec. 20
5c Dec. 31 Dec. 15
Climax Molybloom Co. (quar.)
Clinton Trust Co.of New York (quar.)
50c Jan. 2 Dec. 20
50c Jan. 2 De. 20
Extra
Clinton Water Works Co.,7% pref. (qu.)
$151 Jan. 15 Jan. 2
Clorox Chemical Co.(quar.)
.50c Dec. 28 Dec. 28
Cluott, Peabody preferred (quar.)
$131 Jan. 2 Dec. 21
Coast Counties Gas & Electric,6% pref. (quar.) $155 Dec. 15 Nov. 26
$155 Jan. 2 Dec. 12
Coca-Cola Co.(quar.)
Extra
$i Jan. 2 Dec. 12
$1 :
53 Jan. 2 Dec. 12
Class A (guar.)
Coca-Cola International Corp.. corn. (quar.)-- Jan. 2 Dec. 12
Common (extra)
$2 Jan. 2 Dec. 12
Class A (semi-ann.)
$3 Jan. 2 Dec. 12
$131 Jan. 2 Dec. 20
Colonial Ice. $7 preferred (guar.)
$155 Jan. 2 Dec. 20
$6 preferred B (quar.)
25c Dec. 31 Dec. 8
Colt's Patent Fire Arms Mfg. Co.(guar.)
Special
50c Dec. 31 Dec. 8
Columbia Broadcasting System, Inc.—
50c Dec. 27 Dec. 13
Class A and B (quar.)
Class A and B (extra)
$1 Dec. 27 Dec. 13
20c Dec. 24 Dec. 13
Columbian Carbon Co.(special)
25c Jan. 2 Dec. 14
Columbia Pictures Corp., common (guar.)
,f25
Common (semi-ann.)
Feb. 2 Jan. 14
uc Dec. 31 Der. 11
Commercial Credit (quar.)
5c Dec. 31 Dec. 11
$3 A convertible (quar.)
$155 Dec. 31 Dec. 11
655% 1st preferred (quar.)
4331c Dec. 31 Dec. 11
7% cum.preferred (guar.)
50c Dec. 31 Dec. 11
8% cum.preferred (quar.)
Commercial Investment Trust Corp.,corn.(qu.) m50c Jan. 1 Dec. 5a
Common (extra)
50e Jan. 1 Dec. 5a
30c Dec. 31 Die. 1
Commercial Solvents Corp., corn. (s.-a.)
Commonwealth & Southern Corp.,$6 pref.(qu.) $155 Jan. 2 Dec. 7
Commonwealth Utilities. 7% pref. A (quar.)___ _ $131 Jan. 2 Dec. 15
$1
Jan. 2 Dec. 15
6% preferred B (quar.)
$1
Mar. 1 Feb. 15
655% preferred C (quar)
Commonwealth Water & Light—
$7 preferred (quar.)
$131 Jan. 2 Dec. 20
Si)..' Jan. 2 Dec. 20
$6 preferred (guar.)
Compressed Industrial Gases
e25%
Quarterly
Dec. 15 Nov.30
Confederation Life Association (quar.)
$1 Dec. 31 Dec. 25
Congoleum-Nairn, Inc. (guar.)
40c Dec. 15 Dec. 1
Extra
40c Dec. 15 Dec. 1
Connecticut Electric Service (quar.)
75c Jan. 1 Dec. 15
Connecticut Fire Ins.(Hartford)(qu.)
$4 Jan. 2 Dec. 15
Connecticut & Passumpsic Rivers RR—
Semi-annual
$3 Feb. 1 Jan. I
Consolidated Bakeries of Canada (quar.)
20c Jan. 2
Consolidated Film Industries Inc. preferred_ _
50c Jan. 2 Dec. 10a
l'referred
h50c Jan. 5 Dec. 10
Consolidated Gas(N. Y.), preferred (quar.)_ _ 3151 Feb. 1 Dec. 28
90c Jan. 5 Dec. 15
Consolidated Gas of Baltimore, common (qu.)__
Preferred A ((marl
$131 Jan. 2 Dec. 15
Preferred D (quar.
Jan. 2 Dec. 15
$1
Preferred C (guar.
$1
Jan. 2 Dec. 15
17 ,5c Jan. 2 Dec. 21
Consolidated Paper, pref. (quar.)
236 Jan. 12 Dec. 15
Consumers Gas of Toronto (quar.)
Consumers Power Co.,$5 pref.(guar.)
$1
Jan. 2 Dec. 15
$155 Jan. 2 Dec. 15
6% preferred (quarterly)
$1.65 Jan. 2 Dec. 15
6.6% preferred (quarterly)
$lq Jan. 2 Dec. 15
7% preferred (quarterly)
50e Jan. 2 Dec. 15
6% preferred (monthly)
55c Jan. 2 Dec. 15
8.6% preferred (monthly)
Continental Baking Corp., preferred (quar.)._
$1 Jan. 1 Dec. 17a
20c Jan. 1 Dec. 14
Continental Bank 3c Trust Co.(quar.)
Continental Gas & Electric, pref.(quar.)
$1.10 Jan. 2 Dec. 12
Continental Steel 7% preferred
h$1
Dec. 20 Dec. 10
Courier-Post, pref. (quar.)
$1 4 Jan. ii Dec. 15
Crowell Publishing(quar.)
25e Dec. 24 Dec. 14
Crown Cork & Seal Co., Inc., preferred (quar.) _
68c Dec. 15 Nov.30a
Crum & Forster. 8% preferred (quar.)
$2 Dec. 28 Dec. 18
Crystal Tissue.8% Preferred (semi-ann.)
$4 Jan. 1 Dec. 20
Cuneo Press, Inc., preferred (quar.)
$155 Dec. 15 Dec 1
Curtis Publishing.$7 pref.(quar.)
$131 Jan. 2 Dec. 20
Dairy League Corp., 7% pref (s.-a.)
$15£ Dec. 20 Dec. 1
Davega Stores Corp. common
10c Jan. 2 Nov.30
Davenport Hosiery Mills, common
50c Jan. 1 Dec. 10
$1 Jan. 2 Dec. 16
Dayton & Michigan RR.,8% preferred
Dayton Power & Light Co..6% pref.(mo.)
50c Jan. 1 Dec. 20
De Jay Stores, Inc., A
h55c Jan. 2 Dec. 17
De Long Hook & Eye (quar.)
75c Jan. 2 Dec. 20
Denver Union Stockyards (guar.)
50c Jan. 1 Dec. 26
Deposited Bank Shares(N. Y.) series A (s.-an.)_
Jan. 2 Nov. 15
Jan. 5 Dec. 20
DetroitHillsdale & Southwestern IIR.(s.-a.)
Detroit Paper Products
60c Dec. 20 Dec. 10
Devoe & Reynolds,common A & B (guar.)
25c Jan. 2 Dec. 18
Common A. & B extra
25c Jan. 2 Dec. 18
1st and 2nd preferred (quar.)
Si'51 Jan. 2 Dec. 18
Diamond State Telep. Co.634% pref.(quer.)-- $155 Jan. 15 Dec. 20
Dome Mines, Ltd.(quarterly)
50c Jan. 21 Dec. 31
Dominion Glass (quar.)
$134 Jan. 2 Dec. 22
Preferred (quar.)
Jan. 2 Dec. 22
Dominion Stores, td., common (quar.)
r30e Jan. 2 Dec. 15
Dominion Textile Co., ma., common (quar.)__ /S1%, Jan. 2 Dec. 15
$1
Preferred (quar.)
Jan. 15 Dec. 31
Draper Corp. (quarterly)
60c Jan. 2 Dec. 1
Extra
$2 Jan. 2 Dec. 1
Driver Harris Co.7% pref.(quar.)
$154 Jan. 1 Dec. 20
fi of1% Jan. 2 Dec. 15
Duke Power Co.common
Preferred
151% Jan. 2 Dec. 15
Duplan Silk (semi-annual)
50e Feb. 15 Feb. 1
Preferred (quarterly)
$2 Jan. 2 Dec. 20
du Pont de Nemours(E.I.)& Co.—
Common (quarterly)
65e Dec. 15 Nev. 28
Extra
I5c Dec. 15 Nov. 28
Debenture (quarterly)
$155 Jan. 25 Jan. 10




7

2%a

Name of Company.

Dec. 15 1934
Per
When Holders
Share. Payable. of Record.

Eastern Gas & Fuel Assoc., 455% pref. (quar.)_ 31.125 Jan. 1 Dec. 15
6% preferred (quarterly)
5155 Jan. 1 Dec. 15
Eastern New Jersey Power,6% pref. (quar.)
$155 Jan. 1 Dec. 15
Eastern Steamship Lines, 1st pref. (guar.)
$151 Jan. 2 Dec. 14
No par preferred (quar.)
8755c Jan. 2 Dec. 14
Eastern Steel Products Ltd.,7% Pt.(qu.)
13.4' Jan. 2 Dec. 15
East Mahanoy RR.(8.-a.)
$150" Dec. 15 Dec. 5
Eastman Kodak Co., common (guar.)
$1 Jan. 2 Dec 5
Common (extra)
75c Jan. 2 Dec. 5
Preferred (quarterly)
$155 Jan. 2 Dec. 5
East Pennsylvania RR. Co. (s.-a.)
5155 Jan. 17 Jan. 7
East Tennessee Telegraph (s.-a.)
$1.44 Jan. 2 Dec. 17
Ecuadorian Corp., Ltd., corn. (quar.)
u2c Jan. 1 Dec. 10
Preferred (semi-ann.)
355% Jan. 1 Dec. 10
Edison Bros., Stores, Inc., common (quar.)___ _
21k Dec. 24 Dec. 10
Preferred (quarterly)
$131 Dec. 15 Nov.30
Edmonton City Dairy,655% pref.(guar.)
$134 Jan. 2 Dec. 15
Electric Auto-Lite Co.7% pref.(quar.)
3131 Jan. 1 Dec. 15
Electric Controller & Mfg.Co.(quar.)
21k Jan. 2 Dec. 20
Electric Storage Battery Co.,common
75c Jan. 1 Dec. 10
Cumulative participating preferred
71k Jan. 1 Dec. 10
Elmira & Williamsport RR.,7% pref. (9.-a)..... $1.61 Jan. 2 Dec. 20
El Paso Electric (Tex.). 6% pref. (quar.)
$155 Jan. 15 Dec. 31
Emerson Bromo Seltzer. Inc.. 8% pref. (quar.)_
51k Jan. 2 Dec. 15
Empire Power Corp.,$6 cum.preferred
$155 Jan. 1 Dec• 151
Emsco Derrick & Equipment Co
21k Dec. 20 Dec. 11
Endicott Johnson (quar.)
71k Jan. 1 Dec. 18
l'referred (quarterly)
$131 Jan. 1 Dec. 18
Equity Trust Shares in America (reg.)
6c Dec. 31 Dec. 26
Eureka Vacuum Cleaner Co.(guar.)
21k Jan. 1 Dec. 15
Faber Coe & Gregg (quarterly)
21k Mar. 1 Feb. 15
Falconbridge Nickel Minas
755c Dec. 20 Dec. 11
Fanny Farmer Candy Shops (quar.)
6.55c D
pe
ec
c.
. 31 Dec. 15
Extra
Farmers & Traders Life Ins.(guar.)
$
62
Yq Jan. 1 Dec. 11
Quarterly
$255 Apr. 1 Mar. 11
Faultless Rubber (quar.)
50c Jan. 2 Dec. 15
Fear (Fred) & Co.(quar.)
30c Dec. 15 Nov. 28
Federal Knitting Mills Co.,extra
$255 Dec. 15 Dec. 1
Federated Dept. Stores, Inc.(guar.)
15c Jan. 2 Dec. 21
Extra
10c Jan. 2 Dec. 21
Fifth Avenue Bus Securities (guar.)
I6c Dec. 29 Nov. 14
Filene's (Wm.) Sons, common (quar.)
20c Dec. 31 Dec. 19
Common (extra)
10c Dec. 31 Dec. 19
Finance Co. of Pennslyvania (quar.)
$2 55 Jan. 2 Dec. 15
First Insurancestock Corp.(quar.)
2c Dec. 16 Dec. 5
First National Stores, Inc., common (quar.)__ _ 6255c Jan. 2 Dec. 15
7% pref. (quar.)
$13.5; Jan. 2 Dec. 15
8% preferred (guar.)
20c Jau, 2 Dec. 15
Fisk Rubber, pref. (quar.)
2 Dec. 12
3155 Jan. 15
Food Machinery,655% preferred
$1 Dec.
Dec. 10
Foote-Bert Co. common
21k Dec. 15 Dec. 5
Ford Motor of Canada
r75e Dec. 17 Nov.30
Foreign Light & Power Co.,6% 1st pref.(quar.) 3155 Jan. 2 Dec. 20
Freeport Texas Co. preferred (quar.)
$155 Feb. 1 Jan. 15
Fruehauf Trailer Co.,7% pref. (quar.)
8734c Jan. 2 Dec. 20
Gannett Co., Inc. $6 cony. pref. (quar.)
5134 Jan. 2 Dec. 15
General Amer. Investors Co., Inc., pref. (quar.) $155 Jan. 2 Dec. 20
General American Transportation Corp
8755e Jan. 1 Dec. 10
General Cigar Co.(quar.)
$1 Feb. 1 Jan. 16
Extra
$3 Feb. 1 Jan. 16
Preferred (quar.)
3131 Mar. 1 Feb. 20
Preferred (quar.)
$151 June 1 May 23
General Electric (quar.)
15c Jan. 25 Dec. 28
Special stock (quar.)
16c Jan. 25 Dec. 28
General Mills, Inc.,6% cum. pref. (quar.)
sui Jan. 2 Dec. 140
General Motors Corp.,$5 preferred (guar.)
3151 Feb. 1 Jan. 7
General Printing Ink, common (quar.)
15c Dec. 31 Dec. 15
Common (special
30c Dec. 31 Dec. 15
Preferred (quar.)
5155 Jan. 2 Dec. 15
General Ry. Signal, common
25c Jan. 2 Dec. 10
Preferred (quar.)
$155 Jan. 2 I)ec. 10
Georgia Power Co.$6 preferred (guar.)
$1
Jan. 2 Dec. 15
$5 preferred (guar.)
$131 Jan. 2 Doc. 15
Georgia RR. & Banking (quar.
$255 Jan. 16 Jan. I
Gillette Safety Razor common(quar.)
25c Dec. 31 Dec. 1
Preferred (guar.)
$1
Feb. 1 Jan. 2
Glens Falls Insurance (quar.)
40c Jan. 1 Dec. 15
Glidden Co., common (quar.)
25c Jan. 2 Dec. 14
Common (extra)
15c Jan. 2 Dec. 14
Prior preferred (quar.)
$151 Jan. 2 Dec. 14
Goebel Brewing Co
255c Dec. 21 Dec. 1
Extra
lc Dec. 21 Dec. 1
Gold & Stock Teleg. (quar.)
$155 Jan. 2 Dec. 31
Goldblatt Bros., Inc.(quar.)
21k Jan. 2 Dec. 10
Gold Dust Corp.,$6 preferred (quar.)
$155 Dec. 31 Dec. 17
Goldsmith (P.) Sons
25c Dec. 15 Dec. 3
Goodyear Tire & Rubber CO.. 1st prof
1 Dec. 1
$ Jan. 2
Gorden & Belyea. Ltd..7% preferred
h$1 55
1 Jan.
Gorten-Pew Fisheries (quar.)
5s3
0c D
noc
ec.
. 29
8 Dpecec.. 20
Gottfried Baking Co., Inc., preferred (guar.) _ _ _
% Jan. 2 Dec. 20
Grace(W. R.) & Co.,6% first pref. (5.-a.)
27
Preferred A (quer.)
$2 Dec. 29 Dec. 27
Grand Rapids & Indiana By. Co. (s.-a.)
$2 Dec. 20 Dec. 10
Grand Rapids Varnish Corp. (quar.)
1255c Dec. 31 Dec. 20
Granite City Steel Co. (quar.)
25c Dec. 31 Dec. 17
Grant(W. T.) Co., common (quarterly)
25c Jan. 1 Dec. 12
Great Western Electro-Chemical Co.. corn_,___
$1 Dec. 15 Dec. 5
Extra
$13 Dec. 15 Dec. 5
1st preferred (guar.)
$155 Jan. 2 Dec. 21
Great Western Sugar Co.,common (quar.)
60c Jan. 2 Dec. 15
Preferred (guar.)
$131 Jan. 2 Dec. 15
Greene RR. Co.(semi-annual)
$3 Dec. 19 Dec. 15
Greenwich Water & Gas System,6% pref. (qu.) $155 Jan. 2 Dec. 20
Greif Bros. Cooperage Corp., cl. A corn. (guar.)
25c Jan. 2 Dec. 15
Greyhound Corp. A preferred (quar.)
$131 Jan. 1 Dec. 22
Griesedick-Western Brewery
25e Dec. 17 Dec. 5
Group No. 1 Oil (quar.)
$100 Dec. 29 Dec. 15
(guar.)
Guaranty Trust Co.
35 Jan. 2 Dec. 14
Gulf States Utilities, $6 preferred (guar.)
5155 Dec. 15 Nov.30
3535 preferred (quar.)
El% Dec. 15 Nov.30
Hackensack Water, 7% preferred A (quar.)____ 4331c Dec. 31 Dec. 17
Halifax Fire Insurance Co.(N. S.) (0.-a.)
41k Jan. 2 Dec. 10
Haloid Co..common (quarterly)
25c Jan. 2 Dec. 14
Extra
25c Jan. 2 Dec. 14
7% preferred (quarterly)
5
Dec. 14
3131 Jan. 1ec
2D
Hammermill Paper. 63 pref. (quar.)
Jan.
$
Hanna(M. A.) Co., $7 preferred (quarterly)___ $11q Dec. 20 Dec. 5
HannibalBridge (quar.)
1 Jan. 10
. 20
IIarbauer Co., 7% preferred (quar.)
8131 Jan.
Dec. 21
Harbison-Walker Refractories Co.. of. (quar.)__ $1
Jan. 21 Jan. 7
Harrisburg Gas, pref. (quar.)
$131 Jan. 15 Dec. 31
Hazel Atlas Glass Co
$13.1 Jan. 2 Dec. 15a
Hazeltine Corp. (quar.)
25c Dec. 15 Dec.
Hearst Consol. Publications, 7% pref. A (quar.)
qc Dec. 15 Dec.
heath (D. C.) & Co.,7% preferred (quar)_ _ $1
oc.
.3
15
1 Dec. 28
1 51 Dec
Hecla Mining Co
1k
Helme(Geo.‘V.), common (quar.)
$1 5( Jan. 2 Doc. 10
Common(extra)
Nec
ov.. 1
1:
1 Jan. 2 D
Common ispeelal)
$431 Jan. 2 Dec. 10
Preferred (quarterly)
22
1 Dec. 10
5715e
10
Hercules Powder Co.,common (guar.)
Dec. 21 Dec.75
Dec. 10
Common (extra)
Dec.
0
Hoyden Chemical Corp.. extra
21k Jan. 2 Nov.26
Preferred (quar.)
$15i Jan. 2 Dec.
1
Hibbard. Spencer. Bartlett & Co.(monthly)___
10c Dec. 28 Dee. 22
Hickok Oil, 7% preferred (quar.)
$151 Jan. 2Dec.
Hollinger Consolidated Gold Mines (monthly)_ _
5c Dee. 31 Dc. 13
Extra
Sc Dec. 31 Dec.
Home Fire & Marine Insurance (quar.)
50c Dec. 15 Dec.oc.
205
Homestake Mining (monthly)
$1 Dec. 24
Extra
$2 Dec. 24 Dec. 20

Name of Company.

When Holders
Per
Share. Payable. of Record.

15c Dec. 20 Dec. 12
25c Dec. 15 Dec. 5
250 Dec. 26 Dec. 11
25c Dec. 26 Dec. 11
nExtra
250 Jan. 1 Dec. 1
Humble Oil & Refining Co.(quar.)
20c Jan. 1 Dec. 15
preferred
(qu.)
Brewing,
8%
Humbolt Malt &
5134 Jan. 2 Dec. 15
Huron & Erie Mtge. (London, Ont.), (quar.)
50c Jan. 2 Dec. 10
Hygrade Sylvania Corp., common (quar.)
5134 Jan. 2 Dec. 10
Preferred (quarterly)
3c Dec. 20 Dec. 5
Idaho-Maryland Consol. Mines(quar.)
1234c Jan. 2 Dec. 15
Ideal Financing Asso. (quar.)
32 Jan. 2 Dec. 15
38 preferred (quar.)
50c Jan. 2 Dec. 15
$2 cony. preferred (quar.)
rl%% Dec. 31 Dec. 15
Imperial Tobacco of Canada, ord. (quar.)
$1% Dec. 31 Dec. 31
Illinois Bell Telephone
$2 Jan. 2 Dec. 11
Illinois Central RR.leased lines (semi-ann.).,....
33% Jan. 1
Imperial Life Assurance (quar.)
$134 Jan 2 Dec. 5
Indiana General Service,6% pref. (quar.)
8734c Dec. 15 Nov.30
Indiana Hydro-Electric Products (quarterly)
5134 Jan. 2 Dec. 5
Indiana Michigan Elect., 7% pref. (quar.)
3134 Jan. 2 Dec. 5
1A,6% preferred (quar.)
Indianapolis Power & Light, 6% pref. (guar.).- 5134 Jan. 1 Dec. 5
5134 Jan. 1 Dec. 5
a,6%% preferred (quarterly)
31% Jan. 1 Dec. 120
Indianapolis Water Co.5% pref.(quar.)
53 Jan. 2 Dec. 8
Ingersoll Rand Co.. preferred (1.-a.)
Common (special)
52 Dec. 28 Dec. 8
5134 Dec. 31 Dec. 14
Inspiration Hosiery Mills, preferred (quar.)
25c Dec. 31 Dec. 15
Interlake Steamship (quar.)
International Business Machine Corp.—
5134 Jan. 10 Dec. 22
Quarterly
e2
Jan. 10 Dec. 22
Stock dividend
Sc Jan. 2 Dec. 14
International Carriers(quar.)
250 Dec. 31 Dec. 11
International Cement Corp
50c Dec. 28 Dec. 12
International Elevating Co
15c Jan. 15 Dec. 20
International Harvester, corn. (quar.)
15c Dec. 20 Dec. 5
International Milling Corp..common (quar.) _
15c Dec. 30 Dec. 5
International Mining Corp.. corn
150 Dec. 31 Dec. 1
International Nickel of Canada. corn
5134 Feb. 1 Jan. 2
Preferred (quar.)
834c Feb. 1 Jan. 2
7% preferred (quar.)
5134 Jan. 2 Dec. 31
International Ocean Teleg.(quar.)
International Printing Ink Co.—
250 Dec. 20 Dec. 15
Common (Christmas special)
International Salt Co
374c Jan. 2 Dec. 150
SOc Jan. 1 Dec. 15
International Shoe Co.(quar.)
51 Jan. 1 Dec. 10a
International Silver Co., preferred
$1.331-3 Jan. 2 Dec.. 15
5
International Telegraph (1.-a.)
Dec.
$ 1.33 1-3
International Tales. of Maine, (s.-a.)
Intertype Corp., 1st pref. (quar.)
$2 Jan. 2 Dec. 14
53 Jan. 2 Dec. 14
8% 2nd preferred (semi-ann.)
50c Dec. 15 Dec. 1
Investment Corp. of Phila. (quar.)
5134 Jan. 2 Dec. 20
Investors Corp. of It. I. $6 1st pref. (quar.)
2c Dec. 15 Nov.30
Investors Fund of America
Iowa Electric Light & Power,7% preferred A _ _ _ h8754c Dec. 20 Nov.30
6 A % preferred B
h8134c Dec. 20 Nov.30
h75c Dec. 20 Nov.30
6% preferred 0
e50% Dec. 15 Dec 1
Iron Fireman Mfg. Co
250 Jan. 2 Dec. 4
Irving Trust Co.(quar.)
50c Dec. 29 Dec. 15
Jefferson Electric, (guar.)
Jersey Central Power & Light Co.—
B % preferred (quarterly)
$134 Jan. 1 Dec. 10
3134 Jan. 1 Dec. 10
OV preferred (quarterly)
3134 Jan. 1 Dec. 10
7 preferred (quarterly)
75c Jan. 15 Jan. 2
Jewel Tea Co.. Inc.,common (quar.)
50c Dec. 15 Dec. 1
Extra
Johns-Manville Corp., 7% pref. (quar.)
$134 Jan. 1 Dec. 17
5134 Jan. 15 Jan. 2
Joplin Water Works 6% preferred quar.)
Kalamazoo Vegetable Parchment Co.o (quar.)_ _
15c Dec. 31 Dec. 20
Kansas City Power & Light. 1st pref. B (quar.)_ $134 Jan. 1 Dec. 14
Kansas Gas & Electric, 7% preferred (quar.)__ 5134 Jan. 2 Dec. 14
1% Jan. 2 Dec. 14
$6 preferred (quar.)
Kansas Electric Power Co.,7% pref.(quar.)
1% Jan. 2 Dec. 15
$134 Jan. 2 Dec. 15
8% junior preferred (quar.)
Kansas Power (Chicago). $6 preferred (quar.)
5134 Jan. 2 Dec. 20
g7 preferred (quar.)
1
Jan. 2 Dec. 20
Kansas Utilities, 7% preferred (quar.)
Jan. 2 Dec. 21
1
Katz Drug Co.common (guar.)
750 Dec. 15 Nov.30
$634 preferred (quar.)
5134 Jan. 2 Dec. 14
Kaufmann Dept. Stores, pref.(quar.)
3134 Jan. 2 Dec. 10
Kelvinator Corp. (quar.)
1234c Jan. 2 Dec. 5
Extra
20c Jan. 2 Dec. 5
150 Dec. 31 Dec. 10
Kennecott Copper Corp
3134 Jan. 15 Dec. 29
Kentucky Utilities Co..6% pref.(quar.)
5.54c Dec. 15
Keystone Custodian Fund series G 1
.08c Dec. 15
Series 11-2
36.74c Dec. 15
Series D
70c Jan. 2 Dec. 15
Keystone Public Service. pref. (guar.)
Kimberly-Clark Corp. preferred (quar.)
3134 Jan. 2 Dec. 12
5134Jan. 2 Dec. 18
Kings County Lighting Co. (quar.)
y Jan. 2 Dec. 18
5% preferred ran
ed (quar.
3134 Jan. 2 Dec. 18
8% preferrer.
5134 Jan. 2 Dec. 18
7% preferred (quar.
25c Jan, 2 Dec. 20
Klein(D.Emil)quarterly)
5134 Jan. 2 Dec. 12
Koppers Gas St Coke,8% pref. (quar.)
250 Jan. 2 Dec. 11
Kresge (S. S.) Co.,common
5134 Jan. 2 Dec. 11
Preferred (quar.)
50c Dec. 20 Dec. 11
RIOSS (S. H.)& Co.,common (extra)
Kroger Grocery & Baking,6% 1st pref.(guar.). 3134 Jan. 2 Dec. 30
5134 Feb. 1 Jan. 18
7% 2d pref. (quar.)
111 Jan. 2 Dec. 7
Lackawanna RR.. of N. J.. 4% gtd.(quar.)
r50c Dec. 15 Dec. 1
Lake Shore Mines,Ltd.(quar.)
r50c Dec. 15 Dec. 1
Bonus
75c Jan. 2 Dec. 17
Lambert Co., common (quar.)
3734c Dec. 31
Landers,Frary & Clark,corn.(quar,)
3134 Dec. 15 Dec. 5
Landis Machine, pref.(quar.)
Latin-American Bond Fund (s.-a.)
234c Dec. 31
Jan. 2 Dec. 20
Lazarus (F. & R.) Co.(guar.)
$1% Jan. 2 Dec. 20
Preferred (quar.)
Sc Jan. 2 Dec. 20
Extra
60c Jan. 4 Dec. 21
Lehman Corp. (quar.)
87 Ac Jan. 2 Dec. 14
Lehigh Portland Cement Co.preferred
350 Dec. 15 Dec. 1
Leslie-California Salt, (quar.)
20c Dec. 15 Dec. 1
Extra
$2 Jan. 2 Dec. 15
Lexington Union Station Co., preferred (s.-a.)- 30c Dec. 15 Nov.30
'Abbey-Owens-Ford Glass Co.(quar.)
$1% Jan. 1 Dec. 10
Liggett & Myers Tobacco,preferred (guar.) _ _
37 c Dec. 15 Dec. 1
Lily Tulip Cup Corp. (quar.)
Jan. 1 Dec. 20
Linde Air Products 6% preferred (quar.)
Dec. 17 Dec. 8
17
Lindsay Light Co., preferred (quar.)
$1% Jan. 2 Dec. 15
Link Belt Co.. preferred (quar.)
25c Feb. 1 Jan. 17
Liquid Carbonic Corp., common (quar.)
25c Feb. 1 Jan. 17
Common (extra)
Little Schuylkill Nay., RR.& Coal (semi-ann.)- $1.10 Jan. 15 Dec. 15
$3% Mar.30 Mar.30
Lockhart Power Co..7% pref. (s.-a.)
$1% Dec. 31 Dec. 13
Lone Star Gas 6% preferred (quar.)
$134 Jan. 1 Dec. 15
Long Island Lighting, 7% Pref. (quar.)
$1% Jan. 1 Dec. 15
6% preferred (quar.)
$1
Jan. 1 Dec. 180
Loose-Wiles Biscuit Co., pref. (quar.)
$234 Jan. 2 Dec. 17
Lord & Taylor Co., common (quar.)
Dec. 17 Dec. 1
Extra
35 Dec. 17 Dec. 1
Christmas extra
30c Jan. 2 Dec. 15
Lorillard (P.) Co., common
51 Jan. 2 Dec. 15
Common (extra)
5134 Jan. 2 Dec. 15
Preferred
3734c Jan. 2 Dec. 14
Loudon Packing (guar.)
1234c Jan. 2 Dec. 14
Extra
Louisville Gas & Electric Co.(Del.)
3734c Dec. 24 Nov. 30
Class A & B common (quar.)
Jan. 2 Sept.30
$
Lowenstein (M.)& Sons, 1st pref.(quar.)
Jan. 2 Dec. 22
Si
Lunkenheimer Co.. 634% pref. (guar.)
Jan. 1 Dec. 15
$
Lynchburg & Abingdon Teleg. (s.-a.)
25c Dec. 31 Dec. 15
Mack Trucks, Inc. (quar.)

Honolulu Gas Co.(monthly)
Honolulu Oil Corp.(guar.)
Hoskins Mfg.(quar.)




3763

Financial Chronicle

volum.ID

1

1

Name of Company

Per
Share

When Holders
Payable of Record

33 Dec. 20 Dec. 14
Mahoning Investors
750 Jan. 2 Dec. 17
Mapes Consolidated Mfg.(quar.)
750 Apr. 1 Mar. 15
la Quarterly
75c July 1 June 14
Quarterly
10c Jan. 21 Dec. 14
Marine Midland Corp
3734c Dec. 18 Dec. 15
Marine,Midland Trust Co.(quar.)
15c Dec. 18 Dec. 15
Mastro.
$134 Jan. 1 Dec. 20
Marion Water Co.,7% pref. (guar.)
50c Dec. 31 Dec. 20
Marlin-Rockwell Corp
15c Dec. 15 Nov.30
Maryland Fund, Inc. (initial)
e3% Feb. 1 Jan. 15
Stock distribution
3734c Jan. 2 Dec. 10
Mathieson Alkali Works,common (quar.)
$134 Jan. 2 Dec. 10
Preferred (quarterly)
750 Feb. 1 Feb. 1
Mayfair Investment (quar.)
50c Dec. 15 Dec. 1
Mayflower Assoc., Inc. (quar.)
r20c Dec. 15 Nov. 15
McColl Frontenac Oil Co. common (guar.)
$1 Jan. 2 Dec. 17
McKeesport Tin Plate Co.(quar.)
750 Jan. 2 Dec. 15
Mead Johnson & Co.(quar.)
250 Jan. 2 Dec. 15
Extra
35c Jan. 2 Dec. 15
Preferred (semi-annual)
h50c Dec. 15 Dec. 1
Melchers Distilleries, Led., A
3134 Jan. 1 Dec. 20
Memphis Natural Gas $7 pref.(quar.)
450 Dec. 31 Dec. 17
Merchants & Miners Transportation Co.(quar.)
$2 Jan. 2 Dec. 17
Merck Corp. preferred
3734c Jan. 1 Dec. 17
Mesta Machine Co.common (quar.)
Naon.
v 3
10
5
De 31
15 J
472;c Jan.
Metal Textile Corp
25c Dec. 31 Dec. 15
Participating preferred (extra)
31% Jan. 2 Dec. 20
Metal& Thermit7% preferred (quar.)
c.
Metro-Goldwyn Pictures 7% pref. (quar.)
$134 Dec. 31 Dec. 24
Metropolitan Coal, 7% pref. (guar.)
$134 Jan. 1 Nov.30
Metropollton Edison, $7 prof. (guar)
$134 Jan. 1 Nov.30
$6 preferred (quarterly
$134 Jan. 1 Nov.30
$5 preferred (quarterly
$3 Jan. 1 Dec. 20
Midland Grocery Co.,6% pref. (semi-ann.)
h50c Dec. 15 Dec. 5
Midland Royalty Corp $2 preferred
h50c Dec. 15 Nov.30
Mississippi Power & Light. 1st pre
Mississippi Valley Public Service.6% pf.B (qu.) 3134 Jan. 1 Dec. 22
Missouri-Edison Co.,$7 cumul. preferred (qu.). 8734c Jan. 1 Dec. 20
5134 Jan. 2 Dec. 15
Mitchell (J. S.), Ltd.. pref. (quar.)
$2 Jan. 2 Dec. 1
Mobile & Birmingham RR.4% pref.(semi-ann.)
3134 Jan. 2 Dec. 15
Mock Judson & Voehringer preferred (quar.)
31 Jan. 2 Dec. 15
Monarch Knitting Mills. 77,, preferred
Monongahela Valley Water 79' preferred (quar.) 3134 Jan. 15 Jan. 2
Monongahela West Penn Public Service Co4334c Jan. 2 Dec. 15
7% cum. preferred (quar.)
8734c Jan. 1 Dec. 15
Monroe Chemical Co., preferred (quar.)
SOc Dec. 24 Dec. 10
Common
250 Dec. 15 Nov. 24
(quar.)
Chemical
Co.
Monsanto
250 Dec. 15 Nov. 24
Extra
51531 Jan. 2 Dec. 21
Montgomery Ward & Co. A
5134 Dec. 15 Nov.30
Montreal Cotton Ltd pref. (quer.)
8234c Dec. 15 Nov.30
Montreal Man & Mtge.(quar.)
Jan. 1
$134
(quar.)
Goods
Co.
Moore Dry
$2 Jan.
Moore (Wm.) Dry Goods Store (extra)
90c Dec. 15 Nov.24
Morrell (John) & Co.. Inc., corn. (quar.)
d$234 Jan. 2 Dec. 7
Morris & Essex RR. Co
$134 Dec. 31 Dec. 21
Morrie Finance, A (quar.)
350 Dec. 31 Dec. 21
(quarterly)
B
$134 Dec. 31 Dec. 21
7% preferred (quarterly)
250 Nov.30 Nov.23
Motor Finance Corp. (quar.)
15c Jan. 2 Dec. 15a
Mountain Producers Corp.(quar.)
32 Dec. 15 Dec. 1
Muncie Water Works 8% pref. (quar.)
20c Dec. 15 Dec. 5
Muskogee Co.common
5134 Dec. 28 Dec. 20
Mutual Chem.of America. pref.(quar.)
8c Dec. 20 Dec. 10
Mutual Telephone Co.(Hawaii) (monthly)
450. Dec. 31 Dec. 15
Myers(F.E.)& Bros. Co.,corn.(quar.)
5134 Dec. 31 Dec. 24
Preferred (quar.)
9334c Jan. 2 Dec. 21
Nashville & Decatur RR.7A % gtf. (s.-an.)
75c Jan. 1 Dec. 15
Nassau & Suffolk Lighting, 7% preferred
:
2Dee.
Dec. 1
555
16
1 Jan. 2
National Automotive Fibers, $7 preferred
Jan.
quar.
)
National Battery Co. preferred.
50c Jan. 15 Dec. 14a
National Biscuit Co., common (quar.
250 Dec. 15 Nov.30
National Bond & Share Corp
r40c Jan. 2 Dec. 15
National Breweries, Ltd., common (guar.).
r43c Jan. 2 Dec. 15
Preferred (quarterly)
250 Jan. 1 Dec. 12
National Candy Co.,common (quar.)
3134 Jan. 1 Dec. 12
1st and 2d preferred (quar.)
30c Jan. 2 Dec. 5
National Dairy Products, corn.(quar.)
$134 Jan. 2 Dec. 5
A & B, preferred (Ivan)
550 Dec. 31 Dec. 18
National Enameling & Stamping Co.(quar.) National Finance Corp. of America
15c Jan. 2 Dec. 10
6% preferred (quar.)
3134 Jan. 2 Dec. 15
National Gypsum Co., preferred (quar.)
$134 Dec. 31 Dec. 14
National Lead Co., corn.(quar.)
5134 Feb. 1 Jan. 18
Class B (quarterly)
3134 Dec. 15 Nov.30
Preferred class A (quar.)
3134 Jan. 2 Dec. 20
National Oil Products,$7 preferred (quar.)
250 Jan. 1 Dec. 15
National Safety Bank & Trust (initial)
50c Jan. 2 Dec 3
National Sugar Refining Co.of New Jersey
15c Jan. 2 Dec. 14
National Tea Co., common (quar.)
350 Dec. 15 Nov.30
National Transit (s.-a.)
15c Dec. 29 Dec. 12
Natomas Co.(quar.)
15c Dec. 29 Dec. 12
Extra
250 Jan. 1 Dec. 17
Newberry (J. J.) Co., (guar.)
75c Jan. 1 Nov.30
New England Gas & Elec. Assn.,5534 pref.(qu.)
5134 Dec. 31 Dec. 10
New England Tel.& Tel. Co.(quar.)
New Jersey Power & Light,$6 pref. (quar.)--- - 3134 Jan. 1 Nov.30
3134 Jan. 1 Nov.30
$5 preferred (quarterly)
$134 Jan. 1 Dec. 20
New Jersey Water Co., 79' pref.(quar.)
3134 Jan. 1 Dec. 15
Newport Electric, 6% pref. (quar.)
New York & Harlem RR. Co., (semi-ann.).— 5234 Jan. 2 Dec. 15
$234 Jan. 2 Dec. 15
Preferred (semi-ann.)
N. Y. Lack. & Western Ry. Co.. 5% guI. (qu.) $134 Jan. 2 Dec. 14
750 Jan. 2 Dec. 31
N. Y. Mutual Teleg. (s.-a.)
5134 Jan. 2 Dec. 22
New York Shipbuilding preferred (quar.)
10c Jan. 2 Dec. 22
Founders Shares (quar.)
10c Jan. 2 Dec. 22
Participating shares (quar.)
New York Steam Corp.$7 preferred (quar.)---- $134 Jan. 2 Dec. 15
$134 Jan. 2 Dec. 15
$6 preferred (quar.)
New York Telephone Co.. 634
31% Jan. 15 Dec. 20
pref. (quar.)_
50c Dec. 28 Dec. 14
New York Transportation (quar.)
Niagara Shares Corp.of Md.class A pref. (qu.)_ $134 Jan. 2 Dec. 14
150 Dec. 15 Dec. 5
1932 Trust Fund ctfs. of beneficial int
r$1 Dec. 20 Dec. 5
Noranda Mines
Norfolk & Western Ry. Co
$2 Dec. 19 Nov.30
North American Co., preferred (quar.)
750 Jan. 2 Dec. 5
25c Jan. 2 Dec. 5
Common
North Central Texas 011. pref. (quar.)
$134 Jan. 2 Dec. 10
$1 Jan. 2 Dec. 10
Northeastern Water & Electric. $4 pref. (quar.)
Northern Canada Mining Corp
2c Jan. 2 Dec. 15
$2 Jan. 15 Dec. 31
Northern Central Ry. (semi-ann.)
50c Jan. 25 Dec. 31
Northern Ontario Power Co.,common (quar.)
% Jan. 25 Dec. 31
6% cum.cony. preferred (quar.)
25c
12
0 Dec.
Northern Pipe Line Co
Jan. 10
20
7
Northern Securities Co
5Th Jan. 2 Dec. 15
Northwestern Teleg Co.(s.-a.)
Norwalk Tire & Rubber Co., preferred (guar.)._ 8724c Jan. 2 Dec. 21
Jan. 1 Dec. 20
$1
Norwich Pharmacal Co.(quar.)
Jan. 1 Dec. 20
Extra
750 Jan. 2 Dec. 15
Nova Scotia Light & Power (quar.)
15c Dec. 15 Dec. 10
Oahu Ry. & Land Co.(monthly)
150 Dec. 15 Dec. 10
Oahu Sugar, Ltd.(monthly)
31.20 Dec. 15 Dec. 6
Extra
50c Dec. 15 Nov. 24
Ohio Brass Co.common (quar.)
3134 Jan. 2 Dec. 15
Ohio Edison Co.. $5 preferred (quar.)
$134 Jan. 2 Dec. 15
$6 preferred (quer )
$1.65 Jan. 2 Dec. 15
$6.60 preferred (quar.)
$15/ Jan. 2 Dec. 15
$7 preferred (quar.)
$1.1101 Jan. 2 Dec. 15
$7.20 preferred (quar.)
15c Dec. 15 Nov. 15
Ohio Oil Co. common (quar.)
5134 Dec. 15 Dec. 3
Preferred (quarterly)
15c Jan. 2 Dec. 15
Old Line Life Insurance Co. of America

3764

Financial Chronicle
Name of Company

Per
Share

i.%

When Holders
Payable of Record

Oklahoma Gas & Electric Co.,6% pref.(guar.)
Dec. 15 Nov.30
7% preferred (quarterly)
Dec. 15 Nov.30
Omnibus Corp. preferred (guar.)
Jan. 2 Dec. 14
Oneida Community, Ltd., preferred
h25c Dec. 15 Nov.30
Onomea Sugar (monthly)
20c Dec. 20 Dec. 10
Ontario Loan & Debenture (quar.)
$1% Jan. 2 Dec. 15
Pacific & Atlantic Telegraph (s.-a.)
50c Jan. 2 Dec. 15
Pacific Lighting
$6 pref. (quar.)
Jan. 15 Dec. 31
$1
Pacific Southern Corp..
Investment. pref
Jan. 1 Dec. 15
h$1
Pacific Southern Investors, Inc. (preferred)__
Tan. 1 Dec. 15
h$1
Pacific Telep. & Teleg. (quar.)
Dec. 31 Dec. 20
$1
Preferred (quarterly)
$1% Jan. 15 Dec. 31
Page Hersey Tubes (guar.)
r75c Jan. 2 Dec. 15
Preferred (quar.)
$1;$ Jan. 2 Dec. 15
Paraffine Cos., Inc., common
50c Dec. 27 Dec. 17
Paterson & Hudson RR.(semi-ann.)
Jan. 2 Jan. 2
Paul Knitting Mills, pref. (quar.)
114 Dec. 21 Dec. 14
Pender (David) Grocery Co.class B (special)
50c Dec. 21 Dec. 10
Penick & Ford, Ltd.(guar.)
75c Dec. 15 Dec. 1
Extra
75c Dec. 15 Dec. 1
Penn Central Light & Power,$5 pref. (quar.)_ _ $131 Jan. 2 Dec. 10
$2.80 preferred (guar.)
70c Jan. 2 Dec. 10
Penney (J. C.) Co.. common (guar.)
50c Dec. 31 Dec. 20
Common (extra)
$2 Dec. 31 Dec. 20
Preferred (guar.)
$1% Dec. 31 Dec. 20
Pennsylvania Gas & Elec. (Del.), 7% pf. (qu.)_
$1X Jan. 2 Dec. 20
$7 preferred (quar.)
$131 Jan. 2 Dec. 20
Pennsylvania Glass Sand. $7 pref. (quar.)
$131 Jan. 2 Dec. 15
Pennsylvania Power Co., $6.60 preferred
55c Jan. 2 Dec. 20
$6.60 preferred (monthly)
5Sc Feb. 1 Jan. 21
$6.60 preferred (monthly)
55c Mar. 1 Feb. 20
$6 preferred (guar.)
$1% Mar. 1 Feb. 20
Pennsylvania Telep. Corp.,6% pref. (quar.)__ _ $1% Jan. 1 Dec. 15
Pennsylvania Water & Power Co.,corn.(quar.)_
75c Jan. 2 Dec. 15
Preferred (quarterly)
sui Jan. 2 Dec. 15
Peoples Drug Stores, Inc
el00% Dec. 31 Dec. 21
Quarterly
25c Jan. 2 Dec. 21
Extra
$1% Jan. 2 Dec. 21
Preferred (quar.)
31% Dec. 15 Dec 3
Peoria Water Works Co., 7% preferred (guar.). $14
3 Jan. 1 Dec. 20
Perfect Circle Co.(quarterly)
50c Jan. 1 Dec. 14
Perfection Stove Co. (quar.)
30c Dec. 28 Dec. 20
Peter Paul. Inc. (quar.)
75c Jan. 2 Dec. 20
Pet Milk Co., common (quar.)
25c Jan. 1 Dec. 11
Preferred (quarterly)
$131 Jan. 1 Dec. 11
Petroleum & Trading Corp. A
50c Dec. 28 Dec. 14
Phelps Dodge Corp. (special)
25c Dec. 15 Nov.30
Philadelphia Baltimore & Washington RR..
semi-annual
$14 Dec. 20 Dec. 15
Philadelphia Co.. $8 preferred (quar.)
$1% Jan. 2 Dec 1
$5 preference (quar.)
$1.K Jan. 2 Dec. 1
Philadelphia Electric Power Co., 8% pref. (qu.)
ouc Jan. 2 Dec. 10
Philadelphia Suburban Water Co., pref. (quar.) $1% Mar. 1 Feb. 100
Philadelphia & Trenton RR.(quar.)
$2% Jan. 10 Dec. 30
Quarterly
$2
Apr. 10 Mar. 30
Quarterly
July 10 June 30
$2
Quarterly
$231 Oct. 10 Sept.30
Phoenix Finance. pref.(quar.)
56c Jan. 10 Jan
1
Phoenix Insurance Co.(Hartford)(quar.)
50c Jan. 2 Dec. 15
Pioneer Gold Mines of B.0.(guar.)
r20c Jan. 2 Dec. 1
Pittsburgh Fort Wayne & Chicago R.R.(quar.)_ $131 Jan. 2 Dec. 10
7% preferred (mar.)
$14 Tan. 8 Dec. 10
Pittsburgh Plate Glass Co. (guar.)
40c Jan. 2 Dec. 10
Pittsburgh Thlrft (quar.)
17%c Dec. 31 Dec. 11
7% preferred (quar.)
$151 Dec. 31 Dec. 11
Pleasant Valley Water Co
7%c Dec. 30 Dec. 15
Plymouth Cordage Co., coin. (guar.)
$131 Jan. 19 Jan. 2
Plymouth Oil
e4% Dec. 22 Dec. 3
Pollock Paper & Box Co.. pref.(quar.)
$131 Dec. 15
Ponce Electric 7% pref.(quar.)
$131 Jan. 2 Dec. 14
Pratt & Lambert, corn. (quar.)
25c Jan. 2 Dec. 15
Premier Gold Mines (quar.)
r3c Jan. 15 Dec. 14
Procter St Gamble Co. common (extra)
20c Dec. 15 Nov. 2.3a
5% preferred (guar.)
$131 Dec. 15 Nov. 23a
Producers Royalty Corp.(initlal)
2 c Dec. 31 Dec. 20
Providence & Worcester RR.(quar.)
Jan, 2 Dec. 12
$2
Prudential Investors, 6% pref. (quar.)
Jan. 15 Dec. 31
$1
Publication Corp.. 7% 1st pref. (guar.)
$1.54 Dec. 15 Dec. 5
707 original preferred (quar.)
$131 Jan. 1 Dec. 20
Public Service Co. of N. H.. $6 preferred (quar.) 31% Dec. 15 Nov.30
35 preferred (quar.)
$1 X Dec. 15 Nov.30
Public Service of N. J.(quar.)
70c Dec. 31 Dec. 1
8% preferred (quarterly)
$2 Dec. 31 Dec. I
7% preferred (quarterly)
$131 Dec. 31 Dec. 1
preferred
(quarterly)
$5
$131 Dec. 31 Dec. 1
607 preferred (monthly)
50c Dec. 31 Dec. 1
Public Service of Oklahoma,8% pref. (guar.)._ $1% Dec. 31 Dec. 20
707 preferred (quar.)
$15( Dec. 31 Dec. 20
Public Service Electric & Gas Co.. (quar.)
3131 Dec. 31 Dec. 1
7% preferred (quarterly)
Cif Dec. 31 Dec. 1
Quaker Oats Co., common (quar.)
Jan. 15 Dec. 31
6% preferred (quarterly)
31% Feb. 28 Feb. 1
Queens Boro. Los & Electric Co.
38 preferred (quarterly)
$1% Jan. 1
Rainier Pulp & Paper.$2 class A
1,50c Mar. 1 Feb. 10
$2 class A
h50c June 1 May 10
Rapid Electrotype
50c Dec. 15 Dec. 1
Raybestos-Manhattan. Inc
25c Dec. 15 Nov.30
Reading Co., 1st preferred (quarterly)
50c Dec. 13 Nov. 22
2d preferred (quar.)
50c Jan. 10 Dec. 20
Reeves (Daniel). inc.. common (quar.)
12%c Dec. 15 Nov.30
64% preferred (quar.)
$1% Dec. 15 Nov.30
Reliance Grain Co. ((Mar.)
12%c Dec. 15 Nov. 30
635% preferred (guar.)
$131 Dec. 15 Nov. 30
Reliance Mfg. of Illinois, pref. (quar.)
$13
4 Jan. 1 Dec. 21
Reno Gold Mines
3c Jan. 3 Nov.30
Rensselaer & Saratoga RR (s.-a.)
$4 Jan. 2 Dec. 15
Republic Petroleum Co.. Ltd
6c Dec. 20 Dec. 10
Reynolds Spring Co.. common
10c Dec. 29 Dec. 15
Reynolds (R. J.) Tobacco Co.. A & B (guar.)._
75c Jan. 2 Dec. 18
Rich's. Inc., extra
80c Dec. 15 Dec. 5
Richmond Fredericksburg & Potomac RR
$2 Dec. 31 Dec. 22
Voting and non-voting common (s.-a.)
$2 Dec. 31 Dec. 22
Richmond Water Works.6% pref. (quar.)
$1% Jan. 2 Dec. 20
Rickel (H. W.)
8c Jan. 15 Dec. 20
Rochester & Genesee Valley RR. (s.-a.)
$.3 Jan. 2 Dec. 20
Rochester & Pittsburgh Coal A (initial)
$1% Dec. 18 Dec. 12
Rochester Telep. Corp. (guar.)
Sly Jan. 2 Dec. 20
13407 1st pref. (guar.)
$1 X Jan. 2 Dec. 20
5% 2d pref. (quar.)
$131 Jan. 2 Dec. 20
Ross Gear & Tool Co., common (guar.)
30c Dec. 31 Dec. 20
Royal Baking Powder (quarterly)
25c Jan. 1 Dec. 8
6% preferred (quarterly)
31% Jan. 1 Dec. 6
Ruberold Co. (quarterly)
25c Dec. 15 Dec. 1
Extra
25c Dec. 15 Dec. 1
Ruud Mfg. Co. (quarterly)
10c Dec. 15 Dec. 5
Ryerson (J. T.) & Sons (special)
50c Dec. 19 Dec. 12
Safety Car Heating & Lighting Co
$1 Dec. 22 Nov. 30
St. Croix Paper Co. preferred (semi-annual)_
$3 Jan. 2 Dec. 22
St. Joseph Lead Co
10c Dec. 20 Dec. 7
St. Louis Bridge first preferred (semi-ann.)
33% Jan. 2 Dec. 15
Second preferred (semi-annual)
El% Jan. 2 Dec. 15
St. Louis National Stockyards
$3% Dec. 29 Dec. 19
Salt Creek Consolidated 011
10c Dec. 20 Dec. 5
San Carlos Mills, Ltd.(monthly)
20c Dec. 15 Dec. 3
San Joaquin Light & Power—
Prior preferred (quarterly)
$vg Dec. 15 Nov.30
Prior preferred A (quarterly)
Dec. 15 Nov 30
Preferred A (quarterly)
sig Dec. 15 Nov.30
Preferred B (quarterly)
Dec. 15 Nov.30
Saratoga & Schenectady RR.(s.-a.)
33 Jan. 15 Dec. 31
Scovill Mfg. Co.(quarterly)
25c Jan. 1 Dec. 15




Name of Company

Dec. 15 1934
Per
Share

When Holders
Payable of Record

Savannah Elect. St Pow.,8% prof. A (quar.)--$2 Jan. 2 Dec. 10
7%% preferred B (quar.)
3131 Jan. 2 Dec. 10
7 preferred (quar.)
$1, Jan. 2 Dec. 10
% preferred D (guar.)
$131 Jan. 2 Dec 10
Schiff Co., common (quar.)
50c Dec. 15 Nov. 30
Preferred (quarterly)
$14 Dec. 15 Nov. 30
Scott Paper Co.. common (guar.)
42Xc Dec. 31 Dec. 17
Common (extra)
25c Dec. 31 Dec. 17
Scranton Electric Co.,6% pref. (guar.)
31% Jan. 2 Dec. 5
Seaboard 011 of Delaware (guar.)
15c Dec. 15 Dec. 1
Extra
10c Dec. 15 Dec. 1
Second International Securities Corp.
6% let cumulative preferred
8235c Jan. 2 Dec. 15
Selected Industries $54 prior stock
87;, c Jan. 1 Dec. 15
Shattuck (F. G.) Co., common (guar.)
Jan. 10 Dec. 20
Sherwin-Williams of Canada,7% preferred
h$14 Jan. 2 Dec. 15
Sheriff St. Market & Cold Storage
$1 Dec. 20
Eilscoe Gold Mines (quar.)
3c Dec. 31 Dec. 15
Extra
2c Dec. 31 Dec. 15
Socony-Vacuum Oil Co
15c Dec. 15 Nov. 18a
South American Gold & Platinum Co
10c Dec. 31 Dec. 21
South Carolina Power Co., $6 pref. (quar.)
$1;5 Tan, 1 Dec. 15
Southeastern Cottons, Inc. 7% preferred
$3 Dec. 31
Southern Acid & Sulphur (quar.)
50c Dec. 15 Dec. 10
Preferred (quarterly)
$1.
4
8 Jan. 2 Dec. 10
Southern Calif. Edison Co.. Ltd.
7% preferred A (quar.)
43 Xc Dec. 15 Nov. 20
7% preferred (guar.)
43 XC Jan. 15 Dec. 20
8% preferred B (quar.)
0
37%c J . 15 N°l, 20
Series C 531% preferred (quarterly)
34 Xc Dec.Dec.
Southern Canada Power Co..6% pref. (guar.)._
Jan. 15 Dec. 2
10
5
Southern Colorado Power Co.,7% cum.pf.(qu.) 1i , De
1 Nov. 30
oc.
.3
15
South Penn Oil Co.(quarterly)
Dec.
South Pittsburgh Water 7% preferred (quar,).... $131 Feb. 15 Jan.
p
9
2
507 preferred (semi-annual)
$131 Feb. 19
South Porto Rico Sugar Co.. common (guar.)...
50c Jan. 2 Dec. 8
Preferred (quarterly)
Jan. 2 Dec. 8
Southwestern Gas & Electric 8% pref.(qu.). _ _
79' preferred (quar.)
$131 Jan.Jan. 2 Dec.
ilit-c. 15
Southwestern Bell Telep., pref. (quar.)
$131
Southwestern Light & l'ower $6 preferred
Daec
n.
. 31
1D
pec
ec.. 2
10
5
50c j
Southwestern Portland Cement (quar.)
n..
$1 Ja n
Preferred (mar.)
$2
South West Pennsylvania Pipe Lines
$1 Dec. 31 Dec. 15a
Extra
$1 Dec. 31 Dec. 15a
Sovereign Life Assurance
5131
Spartan Mills (semi-annual)
22
12
15
12
5
1 Dec. 2
n 3
$4 Jpaec
Spencer Kellogg & Sons,corn.(quar.)
40c
Springfield Gas & Electric Co. pref. ser. A (qu.,_ ST X Jan
2 Dec 15
Square D Co., class A preferred
27%c Dec. 31 Dec. 20
Standard Brands. Inc., common (quar.)
25c Jan. 2 Dec. 6
Class A.$7 preferred (quar.)
$131 Jan. 2 Dec. 6
Standard Coosa Thatcher, 7% pref. (quar.)
Jan. 15 Jan. 15
us(
Standard Fruit Steamship, preferred
h$1g Dec. 24 Dec. 19
Standard Fuel Co.631% pref. (quar.)
$131 Jan. 1 Dec. 15
Standard 011 Co. of California (quar.)
25c Dec. 15 Nov. 15
Standard 011 Co.(N.J.) $25 par value (s.-an.).._
50c Dec. 15 Nov. 15
Extra
25c Dec. 15 Nov. 15
$100 par value (semi-ann.)
$2 Dec. 15 Nov. 15
Extra
$1 Dec. 15 Nov. 15
Standard Oil of Indiana (quar.)
25c Dec. 15 Nov. 15
Standard 011 Co.(KY.)((Mar.)
25c Dec. 15 Nov.30
Extra
50c Dec. 15 Nov.30
Standard Oil Co.(Ohio),5% pref.(quar.)
$1 g Jan. 15 Dec. 31
Standard Oil Export Corp., 5% cum. god. pref_ $2% Dec. 31 Dec. 14
Starrett (L. S.)
50c Dec. 31 Dec. 18
Preferred (guar.)
$131 Dec 31 Dec. 18
Stein (A.) & Co., preferred (quar.)
$1% Jan. 2 Dec. 14
Sterling Brewers. Inc. (initial)
7%c Dec. 20 Dec. 5
Stony Brook RR.(semi-ann.)
$3
Jan. 5 Dec. 31
Sun 011 Co.. common
P25c Dec. 15 Nov. 24
Sunset McKee Salcsbook $14 class A (quar.)
37%c Dec. ,5 Dec. 4
Sunshine Mining (quar.)
Dec. 31 Dec. 15
Extra
4c Dec. 31 Dec. 15
Sussex RR. (semi-ann.)
50c Ian, 2 Dec. 15
Sutherland Paper Co. (hi-monthly)
10c Dec. 20 Dec. 10
Extra
10c Dec. 20 Dec. 10
Swift & Co.(quarterly)
12%c Jan. 1 Dec. I
Sylvania Industrial Corp. (quar.)
25c Dec. 15 Dec. 5
Sylvanite Gold Mines(quar.)
Sc Dec. 31 Nov. 20
Tacony Palmyra Bridge Co., class A (guar.)...
60c Dec. 31 Dec. 10
Common (quarterly)
50c Dec. 31 Dec. 10
Taylor Milling Co.(guar.)
25c Jan. 2 Dec. 10
Extra
25c Tan. 2 Dec. 10
Teck-Hughes Gold Mines, Ltd
10c Jan. 2 Dec. 10
Tennessee Electric Power Co.—
5% 1st preferred (quail
Jan. 2 Dec. 15
$131
6% 1st preferred (guar.
$131 Jan. 2 Dec. 15
79' 1st preferred (quar.
Jan. 2 Dec. 15
$131
7.2% 1st preferred (quar.)
$1.80 Jan. 2 Dec. 15
6% 1st preferred (mo.)
50c Jan. 2 Dec. 15
7.2% 1st preferred (mo.)
80c Jan. 2 Dec. 15
Texas Corp. (quarterly)
25c Jan. 1 Dec. 7
Texas Electric Service. $6 pref. (quar.)
$1% Jan. 2 Dec. 15
Texas Gulf Producing Co
e2%% Dec. 19 Nov. 20
Texas Gulf Sulphur Corp.(guar.)
50c Dec. 15 Dec. 1
Tex-O-Kan Flour Mills, pref.(quar.)
$1g Mar. Feb. 15
Preferred (quarterly)
$1g June 1 May 15
Texon Oil & Land Co. (guar.)
15c Dec. 29 Dec. 15
Thayers. Ltd.. first preferred (semi-ann.)
$131 Jan. 2 Dec. 15
Thrift Stores, Ltd., 1st pref.(guar.).
4O%c Jan. 1 Dec. 15
2nd preferred (quarterly)
Jan. 1 Dec. 15
Tide Water Associated 011 Co..6% preferred _.... 17%c
h$2 Dec. 22 Dec. 7
Tobacco Securities Trust Co.—
Ordinary stock (final)
wx14% Dec. 21 Nov.30
Amer. dep rec. deferred reg
wx 10.971d
Todd Shipyard
50c Dec. 20 Dec. 5
Toronto Elevator. Ltd.. 7% pref. (guar.)
$131 Jan. 15 Jan. 2
Trico Products Corp. (quar.)
62
Jan. 2 Dec. 14
Tr -Continental Corp. $6 cum. pref. (guar.)._ _ _ $131c Jan.
1 Dec. 15
Troy & Greenbush RR. Assoc.(s.a-.)
$1
Dec. 15 Dec. 1
Tunnel & RR.of St. Louis (s.-a.)
Jan. 1 Dec. 15
Underwood Elliott Fisher Co.,corn
50c Dec. 31 Dec. 120
Preferred (guar.)
$131 Dec. 31 Dec. 12a
Unilever (N. V.) ordinary shares—
Payable per 1.000 guilders shares
20gu
l'ayable per 100 guilders shares
2gu
Union Carbide & Carbon Corp
35c Jan. 1 Dec. 8
Union Pacific RR.,common
$1% Jan. 2 Dec. 1
United Carbon (quarterly)
80c Jan. I Dec 15
United Carr Fastener Corp., (guar.)
15c Doc. 15 Dec. 5
Extra
10c Dec. 16 Dec. 5
United Corp.. preferred (quar.)
75c Jan, 2 Dec. 5
United Dyewood Corp., pref. (quar.)
$114 Jan. 2 Dec. 15a
United Elastic Corp. (quar.)
10c Dec. 24 Dec. 5
United Engineering & Foundry (special)
50c Dec. 24 Doc. 14
United Fixed Shares, series Y coupon
103-Sc Dec. 15
United Gas & Electric Corp.. pref. (quar.)
131% Jan. 1 Dec. 15
United Gas Improvement Co.common (quar.)_ _
30c Dec. 31 Nov.30
$5 preferred (quar.)
$131 Dec. 31 Nov.30
United Gold Mines
lc Dec. 20 Nov.30
United Light & Rys Co. (Del.), 7% pref.(mo.) 58 I-3c Jan. 2 Dec. 15
8.38% preferred (monthly)
53c Jan. 2 Dec. 15
6% preferred (monthly)
50c Jan. 2 Dec. 15
United New Jersey R Ft. & Canal Co.(quar.)
$2% Jan. 10 Dec. 20
United States Foil Co.,common,class A & II_ _ _
15c Jan. 2 Dec. 15
Preferred (quarterly)
$1;1 Jan. 2 Dec. 5
United States Gauge (semi-ann.)
Jan. 2 Dec. 20
7% preferred (semi-annual)
Jan. 2 Dec. 20
United States Gypsum,common (quar.)
25c Jan. 2 Dec. 7
Common (extra)
25c Dec. 24 Dec. 7
Preferred (quarterly)
$1 31 Jan. 2 Dec. 7

2a

1?4

3765

Financial Chronicle

Volume 139

olders
When
Per
Share. Payable. 0 Record.

Name of Company.
U.S. Pipe & Foundry Co.. corn.(quay.)
Preferred (quar.)
United States Playing Card Co.. common
Extra
United States Sugar Corp.. pref.(quar.)
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
United States Tobacco Co. common
Common (special)
Preferred (quar.)
United States Trust,(N. Y)(guar.)
United Stores Corp.. pref.(quar.)
Universal Leaf Tobacco Co., corn. (quar.)
Preferred (guar.)
Universal Products
Upper Michigan Pow.& Lt..6% pref. (guar.)_ _
Upressit Metal Cap Corp..8% preferred (guar.)
Utica Clinton & Binghamton.debenture (s.-a.)_
Valley RR.Co.of N. Y.(s.-a.)
Victor-Monaghan Co. preferred (quar.)
Viking Pump Co., common
Preferred (quarterly)
Virginia Electric & Power.$6 pref.(quar.)
Vortex Cup (quar.)
Class A (guar.)
Vulcan Detinning (special)
Preferred Iquar.)
Preferred quar
Preferred quar.)
Preferred quar.
Wagner Electric Corp., common
Preferred (quarterly)
Waldorf System Inc., common
Walgreen Co. 6Si% pref. (quar.)
Walker (H.) Gooderham & Worts, Ltd
Ward Baking Co..7% preferred
Ware River RR., guaranteed (semi-ann.)
Washington Water Power $6 pref.(quar.)
Waukesha Motor (guar.)
Wayne Knitting Mills Co..67 prof.(s.-a.)
Wesson 011 & Snowdrift Co.,Inc.—
Common (quarterly)
Common (extra)
Western Canada Flour Mills,6Si% pref
Western Grocers, pref.(quar.)
Western Grocers. Ltd.. common
Western Maryland Dairy, $6 pref. (quar.)
Western N. Y. & Penne By.(semi-ann.)
5% preferred (semi-ann.)
Western Tablet & Stationery Corp
7% preferred (quar.)
West Jersey & Seashore RR.(8.-10
Westminster Paper
Westmoreland. Inc.(quar.)
Westmoreland Water Co..$6 pref. (quar.)

123c
30c
25c
50c
$13'
Si St
SI M
Si
Si
$2
$1U
$it
8U(c
SOc
$2
20c
$2%
25c
60c
$1 Si
37Sic
62c
4
1

50c
3.3%
$1%
30c
$1Si

Jan. 20 Dec. 31
Jan. 20 Dec 31
Jan. 1 Dec. 21
Jan. 1 Dec. 21
Jan. 5 Dec. 10
Feb. 20 Sept 10
Apr. 5 Mar. 10
July 5 June 10
Jan. 2 Dec. 17
Jan. 2 Dec. 17
Jan. 2 Dec. 17
Jan. 2 Dec. 21
Dec. 15 Nov. 23
Feb. 1 Jan. 17
Jan. 2 Dec. 14
Dec. 31 Dec. 20
Jan. 1
Dec. 28 Dec. 15
Dec. 26 Dec. 26
Jan. 2 Dec. 14
Jan. 2 Dec. 20
Dec. 20 Dec. 1
Dec. 15 Dec. 1
Dec. 20 Nov.30
Jan. 2 Dec. 15
Jan. 2 Dec. 15
Jan. 19 Jan. 10
Jan. 19 Jan. 10
Apr. 20 Apr. 10
July 20 July 10
Oct. 19 Oct. 10
Dec. 20 Dec 1
Jan. 1 Dec. 20
Dec. 31 Dec. 20
Jan. 1 Dec. 20
Dec. 15 Nov. 23
Jan. 2 Dec. 15
Jan. 2 Dec. 30
Dec. 15 Nov.23
Jan. 2 Dec. 15
Jan. 2 Dec. 31

123c Jan. 2 Dec. 15
2 Dec. 15
37 c Jan
75c Dec. 15 Nov.30
Jan. 15 Dec. 20
Jan. 15 Dec. 20
Jan. 2 Dec. 20
Jan. 2 Dec. 31
Jan. 2 Dec. 31
Dec. 21 Dec. 15
Jan. 2 Dec. 20
Jan. 2 Dec. 15
Jan. 1
30c Jan. 2 Dec. 15
$1Si Jan. 1 Dec. 20

Name of Company.

When Holders
Per
Share. Payable. of Record.

141 Jan. 2 Dec. 19
Weston Electrical Instruments, class A
Dec. 31 Dec. 17
West Penn Electric. class A (guar.)
Feb. 1 Jan. 4
$1
(quar.)
West Penn Power,6% preferred
Feb. 1 Jan. 4
$1
7% preferred (quarterly)
$1 Si Jan. 2 Dec. 15
Westvaco Chlorine Products preferred (quar.)
h$1 Jan. 1 Dec. 14
West Virginia Water, $6 preferred
SI Si Dec. 15 Dec. 5
Weyenberg Shoe Mfg.. preferred (quar.)
Jan. 2 Dec. 31
$3
guaranteed
(8.-a.)
White River RR.,
141% Dec. 15 Dec. 1
Whitman (Wm.)& Co., pref
51% Jan. 15 Jan. 2
Wichita Water Co.7% preferred (quar.)
62Sic Dec. 31 Dec. 20
Wilcox-Rich Corp.. class A (quar.)
Jan. 2 Dec. 15
hil
Wilson & Co., preferred (guar.)
Si A Dec. 15 Nov.30
Wisconsin Michigan Power,8% pref.(quar.)...
3734c Dec. 15 Nov.30
Wisconsin Power & Light Co..6% cumul. pref
43Sic Dec. 15 Nov.30
7% cumulative preferred
Wisconsin Public Service Corp..7% pref.(quar.) $1% Dec. 20 Nov.30
$1% Dec. 20 Nov.30
% pre tarred (quarterly)
Dec 20 Nov.30
$1
6% preferred (quarterly)
50c Dec. 30 Dec. 21
Worcester Salt Co.(quar.)
rlOc Jan. 2 Dec. 10
Wright-Hargreaves Mines (quar.)
r5c Jan. 2 Dec. 10
Extra
25c Jan. 2 Dec. 20
Wrigley (Wm.) Jr. (monthly)
25c Feb. 1 Jan. 19
Monthly
25c Mar. 1 Feb. 20
Monthly
25c Apr. 1 Mar.20
Monthly
15c Jan. 2 Dec. 10
Yale & Towne Mfg. Co
25c Jan. 2 Dec. 14
Young (L. A.) Spring & Wire (quar.)
25c Jan. 2 Dec. 14
Extra
t The New York Stock Exchange has ruled that stock will not be Quoted
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. a Payable In stock.
f Payable in common stock. g Payable in scrip. h On account of accu.
mulated dividends. j Payable In preferred stock.
m The usual quar. cilv. on the cony. pref. stock, opt. series of 1929. has
been declared at the rate of 5-208 of one sh. of coin, stock, or at the option
of the holder, in cash at the rate of $1 4 for each cony. pref. share. This
dividend is payable Jan. 1 to stockholders of record Dec. 5.
a
p That out of the authorized unissued corn. stock of the company.
of the
stock div. be and the same is hereby declared to be issued to holders
holdings
of
respective
their
to
proportion
Co.
In
com, stock of the Sun Oil
each
corn, stock on that date at the rate of nine shares of new stock to non100 shares then held. said stock when so issued to be full paid and
assessable.
r Payable In Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of VA of the amount of such dividend will be made 3 I

sBlue Ridge Corp. has declared the regular quar. dly. on its opt. $3 cony.
pref. stock, ser. of 1929. at the rate of 1 32d. of one sit. of the coin. stock of
the corp. for each sh. of such pref. stock, or, at the opt. of such holders

(providing written notice thereof is received by the corp. on or before
Nov. 15 1934) at the rate of 75 cents per share in cash. expenses.
U Payable in U. S. funds. r A unit w less depositary
z Less tax v 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 Dec. 12 1934,
in comparison with the previous week and the corresponding
date last year:

STATEMENT OF MEMBERS OF THE Nt17, YORK CLEARING HOUSE
ASSOCIATION FOR WEEK ENDED SATURDAY. DEC. 8 1934

Clearing House
Members

Surplus and
Undivided
Profits

• Capital

$
6,000,000
Bank of Manhattan Co_
20,000,000
National city Bank_ ___ 127,500,000
Chem Bank & Trust Co_
20,000,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
32,935,000
Cent Hanover Bk &Tr Co
21,000,000
Corn Exch Bank Tr Co.
15,000,000
First National Bank__._
10,000.000
Irving Trustee
50,000,000
Continental ilk & Tr Co
4,000,000
Chase National Bank
150,270,000
Fifth Avenue Bank
500,000
Bankers Trust Co
25,000,000
Title Guar & Trust Co.10,000,000
Marine Midland Tr Co_
5,000,000
New York Trust Co_ _ _. 12,500,000
Comini Nat Bk & Tr Co
7,000,000
Public Nat Bk & Tr Co8,250,000

Bank of N Y & Trust Co

NM Demand

Time

Deposits,

Deposits.
Average

Average

2
2
10,196,000
106,999,000
31,931,700
291,261,000
38,996,200 a1,010,488,000
48,541,900
340,229,000
177,167,500 51,030,218,000
10,297,500
265,533,000
61,309,300
570,556,000
16,206,100
189,202,000
90,241,400
400,733,000
57,769,400
386,152,000
3,548,700
31,210,000
66,399,900 c1,320,478,000
3,278,400
41,259,000
60,123,700 d641,367,000
15,381,000
8,165,100
54,055,000
7,378,900
229,775,000
21,714,500
7,631,700
52,952,000
53,847,000
5,170,500

$
13,014,000
28,749,000
147,983,000
19,546,000
50,249,000
100,311,000
28,990,000
21,692,000
13,286,000
8,552,000
1,477,000
65,667,000
102,000
17,386,000
271,000
4,039,000
16,274,000
1,369,000
36,493,000

Totals
614,955,000 726,068,400 7,031,695,000 575,450,000
• As per official reports: National, Oct. 17 1934; State, Sept. 30 1934; trust
companies. Sept. 30 1934.
Includes deposits in foreign branches as follows: a $200,865,000: 5750,192,000;
$87,519,000: 525,367.000.

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 Dec. 7:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, DEC. 7 1934
NATIONAL AND STATE BANKS—AVERAGE FIGURES

Dec. 12 1934 Dec. 5 1934 Dec. 13 1933
Assets—

$
$
Gold certificates on band and dos from
1,714,477,000 1,709,342,000
U. S. Treasury.:
Gold
928,000
768,000
Redemption fund—F. R. notes
48,815,000
55,950,000
Other cash
1,771,195,000 1,759,085,000
Total reserves
1,916,000
1,733,000
Redemption fund—P.R. bank notes
Bills discounted:
Secured by U. B. Govt. obligations
direct & (or) fully guaranteed
Other bills discounted

Total bills discounted
Bills bought in open market
Industrial Advances
U. B. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S. GOVSITIMISTISsacwitSee--

Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises

All other assets
Total sante

s

Manhattan -

Cash

$

Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere
Trust CUL

$

22,362,800
Grace National
Trade Bank of N. V. 2,982,340

76,100
171,149

2,280,600
1,043,681

Brooklyn—
Pennies National

100.000

312,000

5.132,000

&OH
Deposits

$
2,065,200 22,052,200
420.254 3,708,331
72,000

4,948.000

18,131,000
26,879,000

5,516,000

7,270,000

45,010,000

2,063,000
710,000

2,054,000
647,000

13,241,000

140,956,000
445,734,000
191,065,000

140,956,000
447,798,000
189,001,000

170,046,000
361,879,000
299,756,000

777,755,000

777,755,000

831,681,000
992,000

786,044,000

787,726,000

890,924,000

291,000

299,000
5,960,000
11b,164,000
11,567,000
35,629,000

1,292,000
4,016,000
111,506,000
12,818,000

3,515,000
122,271,000
11,567,000
36,651,000

TRUST COMPANIES—AVERAGE FIGURES
Loans
Disc. and
Investments
2
58,094,900
7,052,358
9,199,465
17,264,100
Fulton
Lawyers County.... 29,020,300
62,339,579
United Stater;
Brooklyn—
87,698,000
Brooklyn
OR 1141(1 4111
Manhattan—

Empire

•

Federation
Fiduciary

Cash

Res. Dep., Dep. Other
N. Y. and Rants and
Elsewhere
Trust Cot.

s

Gross
Deposit)

$

2
2
*3,824,600 7,666,400
608,511
142,192
399,175
*600,027
*2,521,000 1,130,900
411,000
*4,764,400
14,005,089 15,788,381

2,373,600 59,734,200
1,004,299 7,086,698
62,385 8,336,062
1,036,300 17,154,200
31,821,000
63,445,610

2,692,000 18,797,000
1 010 EIS 8.651.917

535,000 95,813,000
27.851 050

•Includes amount with Federal Reserve as follows: Empire,$2,676,600; Fiduciary,
$371,436: Fulton, $2,360,900; Lawyers County, $4,039.200.




30,762,00e

2,733,267,000 2,718,346,000 2,029,584,000

660,136,000 669,910,000
F. R. notes in actual circulation
26,417,000
F. R. bank notes In actual circulation net
26,135,000
Deposits—Member bank reserve &cal 1,631,513,000 1,628,189,000
50,292.000
U. EL Treasurer—General account....
60,190,000
5,449,000
Foreign bank
6,926,000
96,035,000
Other deposits
104,231,000
Total deposits
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies.
All other liabilities

2,907,000

3,936,000
3,334.000

lAabtifelee—
Loans
Disc. and
Investment.

53,621,000
975,359,000

2,185,000
3,331,000

Other securities
Foreign loans on gold..

• Total bills and securities-

$
266,323,000

644,015,000
• 11,400,000

644,113,000
52,914,000
964,741,000
42,302,000
11,697,000
48,492,000

1,802,880,000 1,779,965,000 1,067,232,000
114,983,000 113,707,000 104,677,000
58,437,000
59,600,000
59,590,000
85,058,000
45,217,000
45,217,000
615.000
1.667,000
4,737,000
4,737,000
15,486,000
18,994,000
18,793,000

.
Total liabilities
2,733,267,000 2,718,346,000 2.029,584,000
Ratio of total reserves to deposit a
57.0%
F. It. note liabilities combined
71.9%
71.8%
Contingent liability on bills purchased
968,000
for foreign correspondents
327,000
227,000
Commitments to make industrial
2.364.000
advances
2.177.000

•"Other cash" does not include Federal Reserve notes or a bant's own Federal
Reserve bane notes.
a 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.

3766

Financial Chronicle

Dec. 15 1934

Weekly Return of the Federal Reserve Board
The following is the return issued by the Federal Reserve Board on Thursday afternoon, Dec. 13, 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 DEC. 12 1934
Dec. 12 1934 Dec. 5 1934 Nov. 28 1934 Nov. 21 1934 Nov. 14 1934 Nov. 7 1934 Oct. 31 1934 Oct. 24 1934 Dec. 13 1933
ASSETS.
Gold Mts,on hand & due froze U.B.Treas
Gold
Redemption fend (F. R. notes)
Other cash •

$
3
5,123,148,000 5,111,620,000 5.087,272,000 5.055,529,000 5,018,687,000 4.998.077,000 4.966,481,000 4.967,100,000
19,477,000
235,881.000

19.804,000
218,767,000

20,138,000
220.216,000

19.837.000
240,299,000

21,496,000
231.228,000

21.296,000
212,643,000

22,032,000
223,407.000

21,932,000
227,584.000

945,080.000
2,582,233,000
44,292,000
216,680,000

5,378,506,000 5.350,191,000 5.327.626,000 5,315,665,000 5.271,411,000 5,232.016,000 5.211.920,000 5,218.616,000 3,788,285,000

Total reserves
Redemption fund-F.R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct & (or) fully guaranteed
Other bills discounted
Total bills discounted

1,983,000

2,166,000

1,8813,000

1,886,000

2.071,000

2,204.000

1,829,000

2,215,000

13,527,000

4,982,000
4.274,000

6,274.000
4,19/.000

7.315,000
4,557,000

18.073,000
14.650.000

4.816.000
4,326,000

5.003,000
5,666,000

4,986.000
5.999,000

4,107.000
8.757,000

38,458,000
79,726,000

9,258,000
10,466,000
11.872,000
10.723,000
9.142,000
10,669.000
10,985,000
10,864,000 118.184,000
5,690,000
5.683,000
5,682,000
5,685.000
5,708,000
6,073,000
6,082,000
5,998,000 116,158,000
10.662.000
10,204,000
9,769.000
8.673,000
7,753.000
6,617.000
6,149,000
4,999.000
393.588,000 395,588,000 395,544.000 395,550.000 395,545,000 395,589,000 395,578.000 395,597.000 442,713,000
1,398,264,000 1,405,248,000 1.410,257,000 1,410.229.000 1,410,942,000 1,411,717,000 1,411,707.000 1,411,716,000 1,053,300,000
636,367,000 629.368,000 624,368,000 624,368.000 623,687,000 622,888.000 622,886.000 622.888,000 933,595,000

Bills bought In open market
Industrial Advances
U.S. Government securities-Bonds
Treasury notes
Certificates and blue

Total U. B. Government securities-- 2,430,217,000 2,430,204.000 2,430.169,000 2,430.147,000 2,430,174.000 2,430,192,000 2,430,171,000
2.430,201,000 2,431,608,000
Other securities
1,585,000
296,000
Foreign loans on gold
3.050,000
10.339,000
2,247,000
15,765,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
UncollectedItems
Bank premises
All other assets

2,455,825,000 2,458,556,000 2.460,543,000 2,485,567,000 2,468,542,000 2,455,798,000 2.453,387.000 2,452,358.000 2,667,535,000
795,000
803,000
803,000
800.000
819,000
802,000
3,517,000
811,000
821,000
18,515,000
20,041,000
21,122,000
25,055.000
21,885.000
19,538.000
19,744,000
15,043,000
21,000,000
490,109.000 449,896,000 426,277,000 486,032.000 607,241,000 404,194,000 439.993.000 463,801.000 431,482,000
53,276,000
53,184,000
53.275,000
53,162,000
53,084.000
53.084,000
52,974,000
54,804,000
52.974,000
52,349,000
50,561,000
50,475,000
49,780.000
48.381,000
49,141,000
48,094,000
53,639,000
45,453.000

Total assets

8,451.358.000 8,384,284,000 8.339.901,000 8.397,927.000 8.474,177,000 8,218.034,000 8,228,752,000 8,255,243,000 7,027,832,000

LIABILITIES.
F. R. notes in actual circulation
F. It. bank notes In actual circulation

3,201,458,000 3,213.805,000 3,188,471,000 3,157,686,000 3.178,512,000 3,189,172,000 3,160,777.000 3,155,512,000 3,038,172,000
27,054,000
27,774,000
27,477,000
27.769,000
28,313.000
28.184,000
28,664.000
29,123,000 208,853,000

Deposits-Member banks' reserve aceount 4,111,949.000 4,073.385,000 4,108,453.000 4,195.892.000 4,106,927,000 4,031,551.000 4,005,999,000 3,985.287.000 2,637,936,000
U.8. Treasurer-General account_e
97.750,000
98,369,000
85,576,000
32.699,000
53,180.000
33,049,000
92.293,000 118,002.000
93,914,000
Foreign banks
17,113,000
16.992,000
15,636,000
16.554,000
9,074,000
11,465,000
8,952,000
14,478,000
6,985,000
Other deposits
188,502,000 160,272,000 143.000,000 142,555,000 151,994,000 163.058,000 154,558.000 153,417,000 145,280,000
Total deposits

4,393,314,000 4.347,862,000 4.354,021.000 4.387,700,000 4.323,566,000 4,236,732,000 4,261,802,000 4.268,691,000 2,891,608,000

Deferred availability Items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingenciesAll other liabilities

484.803,000
146,846,000
138.383.000
5.065.000
22,293,000
32.144,000

Total liabilities

454,885,000
148.860,000
138.383,000
3,873,000
22,293,000
29,066,000

427,116,000
146,879,000
138,383,000
2,682,000
22,291,000
32,284.000

482.899.000
147.023,000
138.383,000
2.247.000
22,291,000
31.929,000

602,273,000
146,985.000
138,383,000
2,247,000
22,291,000
31,756,000

420.865,000
146.777.000
138,383.000
1.480,000
22.291.000
32.021,000

438.939.000
146,777,000
133.383.000
845.000
22,291,000
30,274,000

464.658,000
146,881,000
138,383,000

425,430,000
145,300,00"
278,599,008

22,291,000
29,704,000

12,092,000
27.778,000

8,451.358,000 8,384,284,000 8,339,901,000 8,397,927.000 8,474,177,000 8,218,034,000 8.228,752,000 8,256.243.000 7.027,832,000

Ratio of total reserves to deposits and
F. It. note liabilities combined
Contingent liability on bills purchased for
foreign oorreeponnents
Commitments to make Industrial advances

70.8%

70.8%

70.6%

70.4%

70.3%

70.5%

70,2%

70.3%

648.000
7,120,000

548.000
6.656,000

490,000
6.657.000

295,000
5,063,000

401,000
4,257,000

390,000
3,822.000

485,000
3,218,000

494.000
2,692,000

Maturity Distribution of Bills and
550th-term Securities1-15 days bills Macomated
18-30 days bills discounted
81-60 days bills discounted
61-90 (lays bills discounted
Over 90 days bills discounted

7,982,000
177,000
441,000
649,000
27,060

9,099,000
265.000
389,000
701,000
12,000

9,884.000
866,000
398,000
699,000
25,000

8,992,000
1,034,000
298.000
310,000
91,000

7,143,000
278.600
1,194,000
379,000
148,000

8.095,000
865,000
1.268,000
293,000
148.000

8,577.000
728,000
1,178,000
347,000
155,000

8,198,000
414,000
1,685,000
437,000
130,000

90,302,000
7,455,000
8,453,000
9,350,000
2,624,000

9,258,000

10,466,000

11,872,000

10,723,000

9,142,000

10,669,000

10.985,000

10,864,000

118.184.000

254,000
1,2/1,000
1.075,000
3,140,000

140,000
1,177,000
952,000
3,413,000

2,745,000
250,000
1,799,000
889,000

3,015,000
224.000
1,782,000
664,000

578,000
418,000
520,000
4,192,000

1,140,000
598.000
237,000
4.098,000

1,101,000
684,000
486,000
3,811,000

324,000
1.161,000
000
3.16
171,000

35.240,000
9,231,000
30,647,000
40,516,000
524,000

5,690,000

5.682,000

5,683,000

5,885,000

5,708.000

6.073,000

8,032,000

5,998.000

116,158,000

95,000
34,000
283,000
689,000
9,581,000

89,000
40,000
281,000
163.000
9,651,000

42,000
82.000
164,000
235,000
9,245,000

34,000
73,000
191,000
232.000
8,143,000

11,000
67,000
70.000
200.000
7,405,000

35,000
60,000
86,000
180,000
8.256.000

37,000
2.000
136,000
48,000
5.928,000

6,000
31,000
90.000
98,000
4.776.000

9,769,000

8.673,000

3

Total bills discounted
1-15 days bills bought In open market
16-30 days bills bought in open market
31-60 days bilis bought in open market
61-90 days bills bought In open marketOver 90 days bills bought In open market
Total bills bought in open market
1-15 days industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days industrial advances
Over 90 days industrial advances
Total industrial advances
1-15 days U. S. certificates and bills_-_
18-30 days U. S. certificates and bills-31-60 days U. S. certificates and bills- _61-90 days U. S. certificates and blils_-_ _
Over 90 days U. 8. certificates and bills__
Total U. S. certificates and bills
1-15 days municipal warrants
18-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
Federal Reserve NotesIssued to F. Ft. Bank by F. R. Agent....
Heldby Federal Reserve Bank
In actual circulation

$

5

10,662,000

10,204,000

149,872,000
33,309,000
73,035,000
81.354.000
293,707,000

128,122.000
42,399,000
64,250,000
83,239,000
311,358,000

195.575,000
65,899.000
78,200,000
284,694,000

638,367,000

629,368,000

824,368,000

i

$

i

i

2,894,000

5

7.753.000

8.617.000

6,149,000

4,999,000

16,875.000

38,425,000

173,825,000
73,349.500
75,317,000
301,877.000

233,925,000
65.585,000
307,302.000

229.924,000
49.050,000
307,487,000

38.990,000
16,875,000
209,275,000
52,699,000
305,047,000

36,690,000
36,425.000
187,527.000
71,349,000
290,897.000

280,271,000
79,500,000
98,711,000
144,904,000
330,206,000

624,388,000

823,687,000

622.886,000

622.886,000

622.888,000

933,595,000

296,000

1,439,000
47,000
63,000
36,000

298.000

1,585,000

3.508,943,000 3,439,128,000 3,484,219,000 3,457.582.000 3,471,064,000 3,459,882,000 3.443,685,000 3,459.191,000 3,314,462,000
305,487,000 275,323,000 275,748,000 299,896,000 292,552,000 270,690.000 282,908,000 303,679.000 276,290,000
3,201.456,000 3,213,805,000 3,188,471.000 3,157,688,000 3,178,512,000 3.189.172.000 3.160.777,000 3.155.512,000 3,038,172,000

Collateral Held by Agent as Security for
Note, Issued to BankGold Ws,on hand A due from U.S. Treas
By gold and gold certificates
3,309,200,000 3,281.200.000 3.213.418.000 3,250,918,000 3,258,916.000 3.252,916.000 3,224,416,000 3,214.418,000{1,475 189000
Gold fund-Federal Reserve Board
1.142 745000
By eligible paper
7,694,000
8,837.000
10,237.000
8,854,000
7,233,000
9.045.000
9,233,000
7,981,000 188,900,000
U. 8. Government securities
226,000,000 235,000,000 258.700,000 254,700.000 254,100,000 255,400,000 277,800.000 294,800.000 585,000,000
Total collateral

3,542.1391,000 3,525.037,000 3,512.353,000 3,514.470.000 3.520.249.000 3.517,381.000 3.511.454,0003.517.177.000 3,391,834,000
v"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
1 Revised figures.
These are certificates given by the U. S. Treasury for the gold taken over from the Reserve bank, when the dollar was on Jan. 31 1931 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.
a Caption changed from "Government" to "U. 4 Treasurer-General account" and $100,000,000 included In Government deposits on May 2 1934 transferred to

"Other ievosits."




3767

Financial Chronicle

Volume 139

Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 12 1934
Two Ciphers (00) Omitted.
Federal Reserve Bank of-

Phila.

New York

Boston

Total

Cleveland Richmond Atlanta

St. Louis Minneap Kan. City Dallas

Chicago

San Fran.

4
$
$
4
$
1
$
$
$
$
$
$
$
RESOURCES
boll certificates on hand and due
5,123,148.0 372,213,0 1,714,477.0 265,400,0 409,613,0 192,537,0 115.193,0 1,087,024,0 196,956,0 150.286,0 185,924,0 110,643,0 322,882.0
from U.S.Treasury
640,0
339,0 3,654,0
341,0
651,0
1,390,0
768,0 2,642,0 2,314,0 2,043.0 3,898,0
797,0
19,477,0
redemption Lund-F.R. notes
29,358,0 12,057,0 11,126,0 9,432,0 8,071,0 18,065.0
55,950,0 32,484,0 10.972,0 9,359,0 11,681,0
235,881,0 27,326,0
)ther sash
5,378,506,0 400,336,0 1,771,195,0 300,526,0 422,899,0 203,939,0 130,772,0 1,117,772,0 209,664,0 161,753,0 195,996,0 119,053,0 344,601,0
Total reserves
1,733,0
250,0
1,983,0
%edam. fund-F. R. bank notes_
Mils discounted:
Sea. by. U.S. Govt.obligations
51,0
39,0
127,0
350.0
100,0
2,185.0
561,0
65,0
45,0
4,982,0 1,459,0
direct and(or)fully guaranteed
27,0
47,0
23,0
3,0
190,0
467,0
53,0
64,0
3,331,0
4,274,0
69,0
Other bills discounted
Total bills discounted
Sills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills

9.256,0
5,690,0
10,662,0

5,516,0
2,063,0
710,0

1,528,0
404,0
1,652,0

540.0
528,0
571,0

1,028,0
584,0
1.974,0

130,0
115,0
415,0

100,0
707,0
797,0

109,0
302,0
768.0

118,0
209,0
1,361,0

23,0
80,0
1,200,0

86,0
154,0
256,0

78,0
154,0 . 390,0
250,0
708.0

395,586,0 23,207,0
1.398,264,0 91,765,0
636,367,0 42,699.0

140,956,0 25,138,0 30,557,0 14,858,0 13,547,0
445,734.0 97,445,0 124,525,0 60,537,0 55.089,0
191,065.0 44,537,0 57,942,0 28,168,0 25,621,0

62,143,0 13,796,0 15,374,0 13,334,0 18,819,0 23,857.0
247,766,0 54.190,0 34,467,0 53,581,0 35,935,0 97,230.0
118,434,0 25,214,0 15,793,0 24,929,0 16,721,0 45,244,0

Total U.S. Govt.securities- 2,430,217.0 157,671,0

777.755,0 167.120,0 213,024,0 103,563,0 94,257.0

428,343.0 93,200,0 65,634.0 91,844,0 71,475,0 166,331,0

Total bills and securities
2,455,825,0 161,255,0
Due from foreign banks
60,0
795,0
334,0
18,515,0
fed. Res, notes of other banks...
Uncollected items
490,109,0 52,076,0
Bank premises
53,276,0 3,224,0
All other resources
568,0
52,349,0

786,044,0 170,706,0 214,663,0 105,251,0 95,436,0
28,0
31,0
77,0
87,0
291,0
620,0 1,332,0 2,505,0 1,384,0
3,515,0
122,271,0 45.805,0 46,476,0 43,451,0 15,691,0
11,567,0 4,622,0 6,788,0 3.133,0 2,372,0
36,651,0 6,667,0 1,358,0 1,430,0 1.865,0

429,947,0 93.860,0 66,937,0 92,340,0 72,337,0 167,049.0
57,0
22,0
22,0
6,0
9,0
105,0
329,0 2,256.0
882,0 1.295,0
2,537,0 1,526,0
61,041,0 20,757.0 13.330,0 25,731.0 17.919,0 25.561,0
7,389,0 3,127,0 1,664,0 3,544,0 1,757,0 4,089,0
499,0
919,0
328,0
842,0
236,0
986,0

8.491,358,0 618,103,0 2.733,267,0 529,033,0 693,593,0 359,740,0 247,548,0 1,619,777,0 329,179,0 245,414,0 319,256,0 212,336,0 544,112.0

Total resources

LIABILITIES
F. R. notes in actual circulation_ 3,201,456,0 268,625,0 660.136,0 242,806.0 308,772.0 173,430,0 134,691,0
F. R. bank notes In act'l circul'n..26,135,0
919,0
27.054,0
Deposits:
Member bank reserve account_ 4,111,949.0 264.773,0 1,631,513,0 200,350,0 293,477,0 125,905,0 78,785,0
60,190,0 1,847,0 5,983,0 4,687,0 1,968,0
U. S. Treasurer-Gen. aims97,750,0 5,522,0
545.0
592,0
6,926,0 1,620,0 1,495,0
Foreign bank
17,113,0 1,122.0
Other deposits
166,602,0 1,396,0 104,231,0 4,359,0 7,009,0 1,441,0 3,461,0
Total deposits
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13 b)
Re•erve for contingenelee
All other liabilities

780,609,0 142,369,0 106,926,0 117,824,0 53,462,0 211,806.0
722,165,0 137,791,0 108,907,0 161,016,0 125.647,0 261,620,0
345,0 1,278,0 1,895,0 2,364,0
8,467.0 3,204,0
436,0 1.106,0
436,0
358,0
514.0
1,963,0
1,448,0 12,956,0 6,725,0 4.472,0 1,350,0 17,654.0
734,043,0 154,465,0 116.335,0 167.202,0 129,328,0 282,744,0
62,015,0 21.823,0 13,812,0 25.033,0 20,205,0 26.977,0
12,720,0 4,076,0 3,128,0 4,060,0 4.044,0 10.758,0
20,681,0 4,756,0 3,420,0 3,613,0 3,683,0 9,645,0
257,0
504,0
382,0
733.0
620,0 1,133,0 1,620,0
850.0 1,026,0
2,967,0
481,0 _ 562,0
647,0
263,0
458,0
6.009,0

4,393,314.0 272.813,0 1,802,860,0 208,176,0 307.964,0 132.625,0 84,759,0
484,803,0 52,221,0 114,983,0 44,240,0 46,076,0 42,160,0 15.258,0
59,590,0 15,148,0 13,056,0 4,980,0 4,373,0
146,846,0 10,913,0
45,217,0 13,352,0 14,090,0 5,171,0 5,145,0
138,383,0 9,610,0
378.0
378,0
615,0 1,050,0
768,0
5,065,0
4,737,0 2,345.0 2,300,0 1,156,0 2,486,0
22,293,0 1,053,0
458,0
218,0
957.0
18,994,0 1,916,0
32,144,0 1,181,0

544,112,0
Total liabilities
8,451,358,0 618,103,0 2,733,267,0 529,033,0 693,593,0 359,740,0 247,548,0 1,619,777,0 329,179,0 245,414,0 319,256,0 212,336,0
Memoranda
Ratio of total res. to dep. & F. R.
69.7
65.1
68.8
72.5
70.6
73.8
59.6
note liabilities combined
68.6
66.6
66.6
71.9
73.9
70.8
Contingent liability on bills pus35,0
14.0
14.0
11,0
16,0
62,0
17,0
abased for Men correspondents
47,0
19,0
51,0
327,0
35,0
648,0
Commitments to make industrial
576,0
192,0
944 0
KA9 n
017 n
nnd n
In, n
n "4 A n
I ...AA n
of inn n
arlynnnne
•-Other Casts" does not Inc ude Federal Reserve notes or bank's own Federal Reserve bank notes
FEDERAL RESERVE NOTE STATEMENT
Two Cipher* (00) Omitted.
Federal Reserve Agent at-

Total

New York

Boston

Chicago

Cleveland Richmond Atlanta

Phila.

San Fran,

St. Louis Minneop Kan. City Dallas

Federal Reserve notes:
$
$
Issued to F.R.Bk. by F.11.Agt- 3,506,943,0 294,079,0
Held by Fell Reserve Bank- 305,487.0 25,454,0

5
5
$
$
$
766,219,0 260,682,0 326,325,0 185,858,0 154,440,0
106,083,0 17,876,0 17,553,0 12,428,0 19,749,0

$
S
$
816,726,0 148,193.0 112,295,0 127,048,0 60,551,0 254,527,0
36,117,0 5,824.0 5,369,0 9,224,0 7,089,0 42,721,0

In actual circulation
3,201,456,0 268,625,0
Collateral held by Agent as security for notes issued to bks:
Gold certificates on hand and
due from U. S. Treasury
3.309,200,0 296,617.0
Eligible paper
7,694.0 1,528,0
U. S. Government emetics
226,000,0

660,136,0 242.806,0 308.772,0 173,430,0 134,691,0

780,609,0 142,369,0 106,926,0 117,824,0 53,462,0 211,806,0

773.706.0 218,000,0 296,215,0 153,340,0 85,385,0
91,0
193,0
540.0
860.0
4,129,0
43,000,0 30,000.0 33,000,0 70,000,0

822,513,0 143,936,0 112.500,0 124,550,0 61,675,0 220,763,0
78,0
44,0
100,0 . 131,0
39.000,0
5,000,0
6.000,0

777.835.0 261.860.0 326.755.0 186.431.0 155.578.0

822.613.0 150.067,0 112,500,0 129,594,0 61,675,0 259,841,0

Total collateral

3.542_894A 298.145.0

s

$

s

FEDERAL RESERVE BANK NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent at-

Total

New York

Boston

Federal Reserve bank notes:
Issued to F. R. 13k.(outstdg.)Held by Fedl Reserve Bank__

$
38,346,0
11,292,0

$
1,511,0
592,0

In actual circulation-net •_
Collat, pledged agst. outst. notes:
Discounted .3, purchased bills_
U. S. Government securities__

27,054,0

919,0

43.874,0

5,000,0

Phila.

Chicago

Cleveland Richmond Atlanta

$
$
26,627,0 10,208,0
492,0 10.208,0

5

$

$

St. Leta! Mitincap. Kan. Gift, Dallas
$

$

$

$

San Fran,
$

$

26,135,0
26,874,0 12.000,0

Total collateral
26,874.0 12,000,0
43,874,0 5.000,0
• Does not Include 881,913,000 of Federal Reserve bank notes for the retirement et which Federal Reserve banks have deposited lawful money with the Treasurer of
States.
the United

Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later,
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, BY DISTRICTS. ON DEC. 5 1934
(In Millions of Dollars)
Federal Reserve District-

Total

Boston

New York

Phila.

Cleveland Richmond Atlanta

Chicago

St. Louis Minneap, Kan. My

Dallas

San Fran.

17,859

1,139

8,082

1,044

1,185

354

327

1,921

535

366

577

425

1,904

Loans on securities-total

3,095

218

1,666

205

182

60

59

281

68

35

54

48

219

To brokers and dealers.
In New York
Outside New York
To others

724
158
2,213

18
33
167

613
55
998

19
16
170

2
7
173

6
1
53

5
3
51

28
25
228

3
4
61

1
34

6
3
45

4
1
43

20
9
190

445
981
3,244
6,735
565
2,794

47
94
257
358
8
157

225
252
1,420
3,068
293
1,158

20
72
176
277
33
261

2
76
134
573
26
192

10
16
82
122
6
58

2
11
110
89
8
48

79
35
294
868
95
269

10
37
110
193
22
95

6
7
110
148
4
56

20
14
116
243
14
116

4
25
118
169
18
43

20
342
317
627
38
341

3,041
275
13,655
4,329
770
1,639
4 041
'•

217
69
907
317
56
116
203

1,441
60
6.953
1,024
444
140
1,777

132
14
719
293
40
151
246

169
20
726
443
27
111
176

53
12
242
135
5
94
108

27
6
187
115
16
62
75

526
46
1,766
494
44
241
543

88
8
381
162
20
99
167

64
4
266
124
7
94
120

88
11
468
163
14
196
267

74
9
307
123
42
140
146

162
16
738
936
55
195
213

Loans and investments-total

Acceptances and commercial paperLoans on real estate
Other loans
U. S. Government obligations
Oblige, fully guar. by U. S. Govt
Other securities
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
DuCtrom banks
Due to banks _ •• .r.




3768

Financial Chronicle

4"141.
Innintrrixt gill'(girrxntirfr
PUBLISHED WEEKLY

Terms of Subscription-Payable in Advance
Including Postage12 Mos.
6 Mos.
United States, U. S. Possessions and Territories
$9.00
$15.00
In Dominion of Canada
16.50
9.75
South and Central America, Spain, Mexico and Cuba--- 18.50
10.75
Great Britain, Continental Europe (except Spain), Asia,
Australia and Africa
20.00
11.50
NOTICE.-On account of the fluctuations M the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
in New York funds.

United States Government Securities
Bankers Acceptances

NEW YORK AND HANSEATIC CORPORATION
37 WALL ST., NEW YORK

United States Treasury Bills-Friday, Dec. 14
Rates quoted are for discount at purchase.
Bid.

Terms of Advertising
Transient display matter per agate line
4.5 cents
Contract and Card rates
On request
OnicAoo Osvics-In charge of Fred. H. Gray. Western Representative.
208 South La Salle Street. Telephone State 0613.
LONDON Omen-Edwards & Smith. 1 Drapers' Gardens. London, E.C.

WILLIAM B. DANA COMPANY, Publishers,
William Street. Corner Spruce. New York.

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 Dec.8 Dec. 10 Dec. 11 Dec. 121Dec. 13 Dec. 14

Dec. 15 1934

Dec. 19 1934
Deo, 26 1934
Jan. 2 1935
Jan. 9 1935
Jan. 16 1935
Jan. 23 1935
Jan. 30 1935
Feb. 6 1935
Feb. 13 1935
Feb. 20 1935
Feb. 27 1935
Mar. 5 193.5
Mar. 18 1935

Asked.

0.20%
0.20%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.257.

Mar. 20 1935
Mar. 27 1935
Apr. 8 1935
Apr. 10 1935
Apr. 17 1935
Apr. 24 1935
May 1 1935
May 8 1935
May 15 1935
May 22 1935
May 29 1935
June 5 1935
June 12 1Q35

Bid.

Asked.

0.25%
0.25%
0.30%
0.30%
0.30%
0.307-

----.

0.30%
0.30%
0.307
0.304
0 am

Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Dec. 14
Maturity.

Int,
Rate.

Bid.

Asked.

Maturity

Int.
Rale.

Bid.

Asked.

June 15 1936- 134% 10022n 100'iss OM 15 1936_ _ 2H% 103,8s, 103,41
First Liberty LoanHigh 1032,32 103,1,1 103",, 10321,3 1032,s2 1038833
Sept.15 193&_. 1 A % 101% 1012,, Apr. 15 um__ 23.4% 1032,2 1031,,,
354% bonds of 1932-47_114w_ 10318,1 10318n 103,8,3 1032012 1032,1 103103,
Aug. 1 1935.. 144% 10183, 1018n June 15 1938._ 2)4% 103,832 103,41
(First 350)
Close 10321,, 1030, 1031% 10320,2 1032,3 1031.214
10120,1 1012%
June 15 1939_-_ 234% 101
1012,2 June 15 1985_ 3%
Total sales In 81.000 units__
8
25
30
15
55
65
mar.15 1935_ 2h % 101% 101% Feb. 15 1937_ ._ 8%
104% 104%2
Converted 4% bonds of.1 High
---- 102%
---1042,2
104833
236%
Sept.
15
1938_
3%
Apr.
15
1937...
1021132
102,83,
1932-47 (First 48)
Low_
---- 102832
---Dec 15 1935_ 23.4% 1021113 1021833 Mar.15 1938... 3%
104% 104232
Close
---- 1028,2
---Feb. 1 1938-- 2fil
103211 1032,1 Aug. 11936.... 334% 1048n 1048,2
Total sales in $1,000 units__
2
---Soot.15 1937_ _ _ 3Si % 10488n 104183
Converted 45(% bonds.{ High 10313:3 103102, 10-3iis10-31W2 103,0n
of 1032-47 (First 4;63) Low_ 1030,2 1031% 1031k,, 103,8,2 103,8,3 1031%
close 103183, 10320,2 103 0ss 103,,s2 103,1,3 103,81,
Total sales in 81.000 units__
5
3
5
11
15
The Week on the New York Stock Market-For review
Second converted 454%I High
____
- -- __----bonds
of New York Stock market, see editorial pages.
bon of 1932-47 (First( Low_
____
- --------Second 4345)
Close
--------Total sales in $1,000 units_
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Fourth Liberty Loan
-- ,, 10388
[High 1032,-10 8i,,
101;
88 10:3;;;
DAILY, WEEKLY AND YEARLY.
451% bonds of 1933-38 Low_ 103842 10321,2 103"ss 1031M 1038122 1032013
(Fourth 454s)
Close 1038,32 103,222 10328:1 1032242 10328,2 1038%
Total sales in $1.000 units__
1
15
20
9
Total
3
20
United
Stocks,
Railroad
State,
Fourth Liberty Loan
1 High 10110,3 1018M 1018032 10180,2 10130,2 1018032
Bond
Week Ended
Number of and Miscall. Munkipal &
States
434% bonds (3d called)_ Low_ 10188,3 10188,3 1012832 1012.: 10120:2 10180,2
Sales.
Dec. 14 1934.
Poen Bonds.
Bonds.
Shares.
Bonds.
Close 10188,1 101202, 10180,2 101s8, 101,0,2 101un
Total sales in $1,000 units-30
29
14
12
2
Saturday
24
458,740 84.216,000
8761,000
5653,000 55,630,000
Treasury
(High 11214,2 11218,2 11218,2 11220,1 112,2n 11211,2
Monday
3,111,000 11,595,000
851,017
6,869,000
1,615,000
{Ms 1947-52
Low- 1122% 11218,2 11218,2 112143 1122°,2 11218n
1,282,350
3,223,000 13,133,000
8,374,000
Tuesday
1,536.000
Close 112",2 112% npun 112,0n 112,,s2 11218,2
Wednesday
787,330
6,152,000
3,618,000 11,430.000
1,660,000
25
Total sales in $1,000 units-6
32
59
22
Thursday
32
997,450
2,453,000 12,159,000
7.830.000
1,876,000
{High 1088,2 1081,3 108M 1080,2 10810,2 1088,2
Friday
938,700
7.610.000
2,158,000
993,000 10,761,000
4e, 1944-54
Low_ 108% 108% 108% 1088,3 10842 108832
A glA KR7 541 AA1 nnn
tO AAA Ann 516 ncl Ann 555 700000
Close 108% 108% 108,33 1080,3 1080n 1088,2
Total
11
Total sales in $1,000 units _
3
11
64
59
6
(High 102142, 1021332 1021832 10288n 1022,32 10210,2
Sales at
Week Ended Dee. 14
Jan. 1 to Dec. 14
Low_ 10218n 1021032 1021112 102,14, 10212s2 102,03,
4345-33(5, 1943-45
New York Stock
Close 102,8,2 10210n 1021,s2 10220s2 102,0,2 10210,2
Exchange.
1934.
1933.
1934.
1933.
Total sales in 31.000 units__
227
19
88
211
445
18
(High
-_-_ 105,032 106",2 1061% 106%2 10518,2
Stocks
-No,
of
shares_
607,506.991
5,315,587
9,987,955
311,819,352
354e. 1946-50
Low_
-_-_ 106,8,2 10018,2 1061% 106,,n 10614,2
Bonds
close
-__- tows. 10615,, 10614,2 108Irn 106,4n
Government bonds_ _ $14,051.000 $31,478,400
8429,960,300
Total sales in $1,000 units330
11
100
32
12
State
4,
foreign
bonds_
679,553,000
9.606.000 20,873,000
10320.,
rigb 10311- ,, 10312,1
1038433 103,2,2
Railroad bonds
41.051,000 42,919,000 2,149:648,000 1,869,300.900
350, 1943-47
Low_ 1032,s 10318s, 10320,2 1038032 103"n
Close 10324 10314n 10320,2 10388,2 103,212
Total
564.708,000 $95,270,400 $3,591,043,700 52,978,814,200
1
434
34
Total saki in 31.000 units-7
1
High 10012s, 10014, 100",, 100,122 100,0,2 100,032
35. 1951-55
Low_ 1008,2 1001,2 1002,2 100un 10011:2 100,,s2
CURRENT NOTICES
Close 10011,2 100,22 100"n 100,,n
100,132
30
57
56
Total sales in $1,000 units --97
213
18
High 1000s, 10008, 10012,2 100,42 10020,2 100,222
-Marked
advances
in a broad list of real estate security issues has
Low_ 1000,, 10010,, 10010,, 10012,2 10010:2 100,,ss
35. 1946-48
characterized the market in these securities since Dec. 1, it is shown by
Close 100,2,, 10022,, 100,,,, 10020n 10011,, 100,2n
a current review made by Arnett, Baker & Co.. 115 Broadway, New York.
66
165
947
199
Total sales in $1.000 units128
94
8110,, 12•: 1042., 1041,,, 1042ss 10410,2
Hir1,,,14
Since last Monday increases in bid prices offrom one to five points represents
3tic 1940-43
104% 104182, 104022 1041.42
advances of 5% to 15% in numerous instances and as much as 20% to
Close 1040,2 1042,2 1042,, 104,1n 104212 10410,3
40%
in a few cases. There is a stronger undertone in the real estate security
36
425
110
15
Total sales in $1,000 units__
1
2
market at present than at any other time this year, and there has been a
High 104832 1040,3 104M 1040,2 1042n 104%
34413, 1941-43
Low_ 1048n 1048s, 104832 104832 1042,2 1048,1
noticeable drop in the supply of bonds with an increasing number of bids
(Close 1040n 1048,2 104M 104832 104212 104813
at the present higher levels, they say.
7
204
100
3
Total sales in $1,000 units1
5
1018,
2
1011822
1019,
2
10118,1
High
10111,2 101,832
-Dank & Insurance Shares, Inc., 19 Rector St., New York, has preLow_ 10143 1018,2 1018,3 1011832 101,0s: 1011%
854e, 1946-49
pared an estimate of the 1934 earnings of a group of 20 of the leading fire
114,
81,
: 101
:
:2, 10404
1101,i:
18:,
,, 101,8,2 101uss 1011813
(Close 10_1.8,....2
insurance
companies in this country which indicates that the figures for
6
16
181
437
74
Total sales in 31.000 units...
121
104,8n 10414n 10411,3
this year will exceed those of 1933 by more than 28% and will be only
ippon
10412:2 104823
33(s. 1941
Low_
-8% under the actual record earnings for the year 1929.
apse
____ 1040,2 10412n 10418n 104,,,, 104831
-Craigmyle, Marache & Co.. 1 Wall St., New York City, have prepared
304
133
133
Total sales in $1.000 units___
70
7
(High 10-214,
- 102uss 10211,3 10222,1 10220,2 102,0sr
a tax memorandum, with recent income tax interpretations covering
3345, 1944-48
Low_ 1021882 1021., 102n,, 102"n 1021822 102,2si
security transactions under the Revenue Act of 1934. The interpretations
C10110 10211ss 102,,s, 1021in 102,222 10218:2 102,2:2
apply to personal holding companies, capital gains and losses and worth812
15
224
17
69
Total sales in $1.000 units-213
Federal Farm Mortgage (High 1010,2 101,22 1018,2 101',rt 10I.
less securities.
1011022
Low_ 101,81, 101832 101832 101% 101"ft 1011122
354s, 1944-04
-Eli T. Watson & Co.,60 Wall St., New York, have preapred statistical
Close 1018032 1013:2 101833 1011,32 101",, 101,4n
reports on Locust Court Apts. 1st 6s; Westbrook Apt. Bldg. 1st 6348
Total sales in $1,000 units__
1
141
5
7
56
2
Federal Farm Mortgage (High 983031 98",,988,32 99% 994,2 99%
Maple-Kissena Realty Corp.; Harding Court Apts, 1st 630; 320 East 57th
38. 1949
Low_ 98",,98",,98,0,1 9820,2 99
99
St. 1st 6s; Colonial Hall Apt. Bldg. 1st 634s, and 301 East 38th St. 1st 6s.
Close 981% 980,2 9821,2 982,sr 998,1
99832
Total sates in $1,000 units286
80
57
76
-Albert Frank-Guenther Law, 131 Cedar St., New York, have pre48
46
Home Owners' Loan
1 High 1018,3 1018,2 1011,2 1012n 101,12 1018,1
pared a booklet showing various forms of announcements to serve as a
1003in 100,8,2
4s, 1951
Low_ 1012n 10018,2 100811, 101
guide for brokerage and financial firms contemplating changes in personnel,
101
Close 1018,2 101
10142 101212 101
facilities or location.
882
Total sales in $1,000 units__
26
130
38
316
69
Home Ownere Loan
99,si
998:, 99422
High 9880,2 98,1,2 99
-Louis H. Newkirk Jr. has been elected a Vice-President of Leigh
38. series A. 1952
Low_ 98,71.2 J8,222 9888,2 9831,, 99133
9981,
Chandler & Co., Inc., specialists in municipal bonds. Mr. Newkirk was
991:2
998,s
Close 98,032 981012 99
994,,
Total sales in $1,000 units__
646
321
formerly with Eldridge & Co., Gertler Deriet & Co. and A. C. Allyn & Co.
245
415
21
112
Home Owners' I oanHigh 95M, 95,0,2 96
96,as
962n
952',{
9683,
90803, 96
_Distributors Group, Inc., 63 Wall St.. New York, have prepared
Low_ 95:23, 951,32
96,13
234,, series B 1949._
96222
96822
Close 9510,, 9538,1 96
988,2
special analyses of Addressograph-Multigraph Corp., Devoe & Raynolds
Total sales in $1.000 units___
617
174
269
32
392
65
Co., Inc., G. C. Murphy Co. and South American Gold & Platinum Co.
-Curtis-Johnson, Inc. announce the opening of offices at 49 Wall St..
Note-The above table includes only sales of coupon
New York,for the transaction of a general investment business, specializing
bonds. Transactions in registered bonds were:
In title company certificates and mortgages.
1121132 to 11214,
1 Treasury +Hs 1952
-John E. Sloane & Co., 41 Broad St., this city, have prepared a circular
2 Treasury 414-334s
10210,3 to 10210,3
showing the comparative figures of the reports of 88 class I railroads, as
1021% to 1020,,
5 Treasury 3148 1944-46
10312,1 to 103022
2 4th 451s (uncalled)
filed with the Interstate Commerce Commission.




$223.:18.23

3769

Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY

Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery sales are disregarded in the ditY.13 range, unless they are the only transactions of the day.
sales in computing the range for the year.
HIGH AND LO1V SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. S

Tuesday
Dec. 11

.111'orulay
Dec. 10

Wednesday
Dec. 12

Thursday . Friday
Dec. 14
Dec. 13

Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE

No account Is taken of such

Range Since Jan. 1
On Basis of 100-share Lots
Lowest

Highest

July 1
1933 to Range for
Nos. 30 Year 1933
1934
Low Low
High

per share
$ per share $ Per sh
$ per share
1318 4012
30
35 Jan 17 43 Apr 18
97
80
89
89 Jan 2 111 Nov 28
1314
3
6
6 July 26 1178 Feb 5
71
39
65
7014 Jan 25 285 Dec 13
215s
8
1412
16 Jan 5 3472 Apr 5
6
54 1212
834Sept 14 114 Feb 8
94
134
318
752 Feb 5
318July 27
44
54 1134
958 Feb 6
478Sept 25
4712 112
8018
9184June 2 113 Nov 26
4
12
114
338 Apr 26
138 Nov 2
1118 33
1658
1658Sept 14 2378 Jan 15
178
170
170
16
July
205
14
196 Sept
958
1
334
778 Apr 24
3'i July27
814
78
112
514 Feb 1
112Sept 18
1
217s
518
578 Jan 4 1618 Apr 10
118 21
458
5 Sept 8 1458 Apr 10
14 20
412
1438 Apr 9
518 Dec 11
26
5
1314
15 June 16 2318 Feb 23
83
82
82
82 Jan 10 9814July 26
7034 152
11518Sept 17 1804 Feb 17 10712
125
115
12218 Jan 16 130 June 22 117
2638
6
1038
104July 28 2338 Feb 5
534 24
1112
1112July 28 203* Feb 6
914
58
2,s
74 Mar 12
24July 27
40
5
2114
25 Jan 8 45 Mar 13
8
473
27
1812
39 Oct 8 5558June 8
1018 31
2712
38 Aug 18 40 Aug 21
71
20
9
Nov
48
35
4
4
254 Jan
2812
8
11 18
1112Sept 18 2514 Apr 27
34
3412
494
40 Jan 4 5012 Apr 27
94 4212
1912
1912Sept 17 38 Feb 6
106
60
88
96 Jan 10 11714 Dec 11
4912 10012
80
9014May 14 10334 Dec 10
134
112
12612 Jan 6 15212 Nov 26 120
818 3934
12
12 July 26 3378 Feb 5
5934
15
3138
32 Oct 30 5612 Feb 5
4
14 14
412 Aug 7 124 Feb 27
312 314
14
19 Aug 81 40 Apr 24
34
4312
5114
4614 Jan 8 704 Dec 10
27
20
20
22 Apr 7 3512 Feb 21
618
2
2
812 Feb 5
218 Aug 6
13
2034
894
2034July 26 6212 Jan 31
1634
1
518
812 Nov 23 1312June 19
32
24 64
4812 Jan 4 7278June 18
8
1
118
5 Feb 16
118June 27
378 13
44
3
Feb
1012
438 Nov 13
34 195*
412
412July 26 13114 Feb 6
714 4478
1134
1134 Nov 23 30 Feb 7
No par
Preferred
2,100
438 2714
64
6' July 26 1712 Feb 6
2nd preferred
No par
900
618 3538
1014
11 Nov 13 25 Feb 6
No par
2,100
$8 preferred
418 2112
1012
16
Feb
8
225
27
1012July
Hawaiian
10
Amer
Co
El
8
300
212 16
312
312July 26 1012 Feb 5
200 Amer Hide & Leather___No par
1312 574
1734
100 174 Aug 1 4214 Mar 15
1,000
Preferred
4 4212
243
2434
26
Apr
8
363
1 2534 Oct 27
3,000 Amer Home Products
334 1712
314
3 Dec 12 10 Feb 5
No par
2,800 American Ice
25
4
253
26
Mar
577s
4514
27
Oct
4
3
25
100
8% non-cum prof
700
414 1518
44
434July 28 11 Feb 6
No par
3,800 Amer Internet Corp
312
112 Apr 4
14
38 Nov 20
38
2.800 j Am L France & Foamite_No par
12
2
114
314 Sept 26 10 May 22
100
2,160
Preferred
578 3918
1412
3,800 American Locomotive___No par 1412Sept 17 384 Feb 6
1734 63
3512
100 3512Sept 12 7458 Mar 13
800
Preferred
84 224
12
11,000 Amer Mach & Fdry Co__ _No par 1238July 27 2214 Nov 10
6
1
3
314 Jan 3 1014May 11
500 Amer Mach & Metale____No par
54
4
3
22
May
10
24
Jan
412
No par
Voting trust ctts
500
1314
318 234
N. par 1278 Dec 5 2758 Feb 15
3,200 Amer Metal Co Ltd
1512 7578
63
100 63 Nov 20 91 Feb 15
13% cony preferred
17
2034
3012
21 Jan 3 3434 Mar 13
200 Amer Newe, N Y Corp__ No par
1978
4
312
312Nov 19 1214 Feb 6
5,100 Amer Power & Light ____No par
414
8
97
1112
6
Feb
8
297
17
11128ept
No par
$6 preferred
1.500
35
9
1014
101s Dec 13 2614 Feb 7
No par
$5 preferred
3,000
19
452
10
10 July 28 1758 Feb 1
No par
33,300 Am Rad & Stand San'y
8112 119
__ _ ___
Preferred
100 11112 Jan 23 126 Nov 19 10712
534 3178
1238
25 13121u1y 26 2814 Feb 19
23,000 American Rolling Mill
204 4734
3358
800 American Safety Razor No par 38 Jan 13 8514 Dec 6
712
78
2
732 Feb 19
24July 27
3,000 American Seating v I e__ _No pa
412
18
238 Jan 30
58
58 Oct 2
No par
400 Amer Ship & Comm
15
1112
30
3634
Jan
30
27
180 Amer Shipbuilding Co-No par
1738July
1034 5312
2812
No par 3014July 28 5114 Feb 15
22.000 Amer Smelting & Retg
9912
31
71
Preferred
100 100 Jan 2 125 June 29
2,000
2 73
20,
57
13
Dec
2nd preferred 8% cum
100 7114 Jan 2 10412
1,800
3212 514
43
25 4834 Jan 5 71 Nov 28
900 American Snuff
10218 112
Preferred
100 106 Feb 2 12712Nov 8 106
20
458 27
1018
1018July 28 2612 Feb 5
6.600 Amer Steel Foundries----No par
3738 85
52
Preferred
100 5978June 2 92 Dec 10
110
4778
30
3518
11
Dec
No par 37 Jan 3 4434
500 American Stores
2112 74
4512
100 48 Jan 3 72 July 14
4,000 Amer Sugar Refining
14
112
80
102
3
Dec
12918
3
Jan
Preferred
400
100 10312
28
6
11
1.800 Am Sumatra Tobacoo___ _No par 1334May 10 24 Nov 15
86,2 13444 I
20.100 Amer Telep & Teieg.
100 10018 Nov 17 12514 Feb 0 100,8
49
60713 '
8322
2,200 American Tobacco
25 6514 Jan 8 8512 Nov 26
5034 944
6478
Common class 13
10.300
25 87 Jan 8 89 Nov 26
10234 120
Preferred
100 1074 Jan 3 13034 Dec 12 105
900
24 25
218
500 :Am Type Founders
3 July 25 13 Feb 21
No par
3772
7
7
Preferred
690
74 Jan 8 284 Feb 21
100
104 43,4
1234
6,600 Am Water Wks & Elec__ _No par 1234 Nov 16 2738 Feb 7
80
35
50
let preferred
No par 64 Jan 3 80 Feb 6
300
7
312 17
No par
5.800 American Woolen
7 July 31 1718 Feb 5
2258 8712
36
Preferred
8,200
100 38 Sept 18 834 Feb 7
418
38
1
414 Mar 14
900 :Am Writing Paper
1 June 27
1
278
4 1434
Preferred
No par
27 July 27 1712 Apr 23
334
9 Feb 16
214 1078
2,300 Amer Zlisc Lead dr Smelt___1
334.1111y 26
66
20
32
25 3612 Nov 26 5018 Feb 18
Preferred
2278
5
10
25.000 Anaconda Copper Mining_50 10 July 26 1734 Apr 11
1512
418
74
914 Jan 12 1858 Nov 22
500 Anaconda Wire & Cable_ _No par
3914
8
1318
Vo par
1.800 Anchor Cap
131a July 24 2434 Jan 31
8212 90
80
26.50 cony preferred
No par 84 Feb 5 106 Dec 5
150
258 1412
512
412 Dec 12 1018 Apr 12
10
100 Andes Copper Mining
934 29,4
2178
1,900 Archer Daniels MidI'd__No par 2614 Jan 9 394 Dec 6
115
95
7% preferred
100 410 Jan 24 117 Dec 4 106
40
64
90
41
100 7614 Jan 2 10338 Nov 23
1,500 Armour dr CO (Del) pret
634 Aug 29
312July 26
5
---- --312
32,000 Armour of Illinois new
4614
- -36 cony prof
Vs par 4614July 26 7114 Nov 30
4.000
-9-3
-7
3114
Preferred
100 54 July 26 85 Nov 24

Par
No par
Abraham & Straus
Preferred
100
40
No par
4,900 Adams Express
Preferred
110
100
No par
1,800 Adams Millis
10
1,400 Address Multigr Corp
No par
500 Advance Rumeiy
No par
2,000 Affiliated Products Ino
No par
2,600 Air Reduction Inc
1,600 Air Way Elea Appliance No par
10
23,600 Alaska Juneau Gold Min
...___ Albany & Susquehanna
100
*378 -4
8
37
87
8
Paper
W
118
P
par
8
A
No
*87
100
/14
Co
8
.67
/12
-;38
No par
4.900 7Allegheny Corp
112 112
112
112
158
112
112
112
158
158
100
Prof A with $30 warr
1,000
614
6
614 614
838
814
612 812
*612 7
100
warr
A
Pref
600
$40
with
4
53
5
6
*5
6
*5
6
.5
*512 612
Prat A without warr
100
100
518 518 *5
6
*518 6
61.
*512 812 *5
No par
1814
400 Allegheny Steel Co
1814 *16
18
19
1834 19 - *18
*1838 19
______ Allegheny & West 8% Htd_100
-- ---- - --- ---- -___ ---- - --- ---- ---2,200 Allied Chemical & Dye_No par
133 13314 13214 133
133 135
135 135
15,-1T2 135
100
100
Preferred
*126 129 42124 12818 *125 12718 *126 127 *12618 12612
No par
7,100 Allis-Chalmers Mfg
1512 1512 1514 1558 1434 1512 1438 1478 1412 15
700 Alpha Portland Cement No par
1514 1512 1534 1534
1614
1612 *16
•1512 1678 *16
1
900 Amalgam Leather Co
318 34
3,2
34 *3
3
312
314 314 *3'4
50
7% preferred
*2712 3338 *2712 3338 •2712 32
*2712 3338 *2712 31
No par
3,200 Amerada Corp
4734 4714 4712
47
4818 4818 4838 4812 4734 48
Am Agri Chem (Conn) pf_No par
600 Amer Agri° Chem (Del) No par
..-4.-4i, -..fi •,-1.-ii, li
iiTi -4414 ii -44- ii -415-8 •iii2 -4:
10
15
3,100 American Bank Note
1478 1514 15
1.114 1412 1412 1538 1412 1512 1434 143.1
50
Preferred
4738 4738 48
380
4812
24758 48
474 4778 48
4778 4778 *411
1,700 Am Brake Shoe & Fdy___No par
2312 24
24
2414 24
2514 2412 2412 24
2458 2434 25
100
190
Preferred
11614 11634 117 11714 11714 11714 *118 120 *11814 120
116 116
25
10612 10714 106 10714 10534 10658 15,900 American Can
10612 10712 10634 10834 10638 108
100
Preferred
225
14912
14912
149
149
150
14912
*148
*147
150
*14612
150
*148
No par
1,700 American Car & Fdy
17
17
18
1658 1712 17
17
1712 1712 17
184 1814
100
1,100
Preferred
3714
3834 *37
38
3834 3712 3814 37
39
39
40
40
31. 39312 9
No par
SOO American Chain
9
*812 912
912
914 914
912 912 .918
7% preferred
100
300
37
*29
31
36
*29
*2814 36
31
33
*31
33
33
No par
900 American Chicle
6834 6914
70
7058 *6834 7018 *8914 6978 70
7014 7014 70
Co)25
(Allegheny
J
N
of
Coal
35
Am
*2612
35
*2612
35
*2612
35
*2612
*2612 35
.2612 35
378
378 *3
378 *3
10
100 Amer Colortype Co
378 *3
378 •3
338 324 *3
20
3138 3212 3112 3214 9,800 Am Comml Alcohol Oorp
3114 32
3138 33
333* 3358 3258 33
10
2 2,300 5 American Crystal Sugar
75
712
712 712
738 71.2
712 73*
. 734 *712 734
71
100
460
5814 80
7% preferred
58
54
55
5414 56
54
3' - 5234 5378 54
par
Amer
__No
_
2,400
Tifing
17e
Encaustic
8
15
178
134
2
8
17
8
17
2
134
2
218
*2
100 Amer European Sec's__ __No pa
*438 5
*438 5
412 412 *412 5
*358 5
*422 5
No par
414 412 10,500 Amer & For'n Power
414 412
414 438
412 434
43s 434
478 478
5 per share S per share S per share S per share S per share
.3614 4312 *3611 4312 *3614 4312 *3614 4312 .3614 4312
•16838 _ _ *10814 . _
*10934 _
100 109 *10914
-77
678 -74
-712
7
714 -738
712 712
285
85
*8334 85
*8334 85
*8334 85
*8334 85
3012 3112
31
3218 31
.3134 314 3134 3238 32
812 834
834 834
834 834
858 84
834 834
5
534
.434 5
5
*414 534 *5
6
*5
718
*7
718
7
7
718
8
67
7
714
*7
11014 11038 111 11112
11134 11214 111 112
11138 112
158 158
134
158
Pe
158 *158
112
112
112
1858 1618 1878 1818 1834 1814 1812 1814 1914
18

$ per share
*364 4312
10814 10814
678 7
*8212 86
3112
.30
838 838
518
5
7
7
10912 111
158
152
1878 1914
__
____
*378 _-4
112 112
534
*5
558 558
578
*5
*16
1814
---- -___
13214 133
12612 12612
1434 147g
1578 16
*34 312
*2712 32
4614 4718

Shares

1314
64
1138
13
1312 1414
5
.412 534
23
*2378 2434
3hz
3234 3278
314
312
312
304
28
.27
61
.634
.61
13
I.
41
378
34
378
4
*378 4
4
4
1738
17
1778 1734
1838 1838 1812 1878 18
4618
4638 4614
4514 4514 4512
46
46
46
2138
2018
2014 2078 21
2034 2112 2038 21
*734 8
714
7344
8
738
8
*714
*714
714
658
*614 858
64 614 *63e
7
7
15
1412 144 15
1512 1578 1478
1512 16
72
*63
72
*68
'6812 7218 .6831 7218 *68
2514
'• 4 24
*2318 2514 *2318
2514
'24
312
338
338 334
334
373 378
378 4
1278
1212
*1214 13
1318 1318 1314 131: 1234
1014
1014 1038 1018
1012 1078 1038 1038 1012
1514
1478
1512 154 1512 1534 1434 1512 144 154
_
'129!'.----'12917
.*12912 _ _ *12912 ----*1291'.
204
__1912 -21.194 2038 20
2014 2078 2038 -il6112
*6212 6312 62
6212 *61
*814
82
63
.62
6
558
5
54
514
5
514 51
512
85
34
34
"8
33
34
3
"8
41
34
'''s
34
ki
2038
2012 2012 2012 21
2012 2Ols 2058 21
20
2012 21
3638
3578 3678 36
3512 3778 3534 3(114
377s 3612 38
37
12212 12212
12238 12212 121 12112 12112 122
119 11914 12012 122
10378 104
10414 10412 10412 10412
10312 10312 104 10414 104 101
69
.86
.6512 68
6612 68
6612
*6512 67
66
68
68
127 127 *127 128 •127 128
'127 128 12 127 128 .127 128
1612 1612 1612 1634
.1638 1678 1678 1878 1538 1718 1558 1614
92
*88
90
92
92
90
*90
90
90
288
94
.90
44
44
44
4412 4412 4412 4434 4434 4412 4412 x44
*44
(:63, 6712 6638 67
64
6512 651
6512 6414 6458 6418 65
128 128 *12612 128
.125 12818 *12512 12718 126 127 *127 128
*2158 22
2218 2238 2138 2218 22 • 2234 2212 2212 2178 22
10518 10534
10918 11034 1091,10958 210534 107
109 110
109 109
81
8112 80
81
8112 F1012 81
81
7912 80
82
81
8212 83
3112 83
8338 8312 8144 831s 8134 8314 8114 82
129 13012 13034 13034 .129 13012 130 130
130 130
"12812 130
438 452
438
45
438 438
412 412 *432 478 *458 438
14
1212 12
1112 1278
1314
13
12
1312 1312 1312 1334
8
137
1418
4
133
14
8
141,2
143
1412
14
.
1331 134 1414 141
*5312 84
64
63
*531. 64
63 - *5312 63
6234 63
.60
74 84
758 8
74 734
778 8
814
8
812
812
38
39
3912 38
3814 3838 3878 3812 4178
3934 39
39
118
1
118
118
114
118 *1
1
11 1
115
118
*1
417
434 *418 434 *4
478 *4
*4
5
•4
5
*4
418 418
418 '418
378 44 .418 412
412 412
478 473
40
*35
40
2135
*3538 40
40 .35
*3538 40
40
*36
1114 104 lug
1158 1034 1118 11
1114 1158 11
113* 12
17
17
421612 17
*1612 17
17
*174 1712 1718 1714 17
18
1814 1314 1814 18
1812 18
18
1838 1812 1812 19
__ _ 105 105
_ *105
*105
10514 106 .10514
.106 110
51, 0414 51
*41.4
5
*414
424 _-4-14
*414 5
•434 6
3614 3652 374 3634 363
3612 36
3888 :381,, 3338 3838 38
_ _
___ *117
__ *117
_ _ •117
•117
11612 117 .117
10112 101-4
10118 10112 10112 1-01-12 1021s 102.12 102 1-63 (1102 1-02
558
314 512
512
514
53*
514
51/1
512
514
512 558
6712 68
6814 6678 6712 6752 68
67
68
67
W. 69
85
.82
35
85 .82
8514 *8134 9018 .82
4. 9018 .81
"851.
14
14
631 64
, 1l78
117

„.4

1312
1414
7
658
1118
113.1
1418 1312
*434
5
23
25
3234 3178
338
314
338
27
*2712
a27
631
612 (17,s

14
*812
11
•1312
4412
2434
3218

3„

:,„

3,

1312
658
114
1312
51.
25 3212
338
28
638
3*
4
1914
4614
2114
712
634
16
7218
2438
334
13
11

1318
612
1112
*1214
514
*2134
3134
3
*2778
61,

1312 134
612 *612
102 1138
1314 *12
514 *47g
2314
23
3178 x3134
3
3
2734
28
6
612

38 .2

• Old and asked prices, no sales on this day.




12

1318
618
1114
*12
5
23
3112
3
*2312
618
12
438
17
.451g
2114
714
.4378
15
.68
*2318
312
1234
1018
1514 1478
----'129"
2078 1934
61
62
578 *538

134
678
1138
1338
5
2358
32
33*
28
614
12
458
18
46
217s
738
658
15
72
251
334
123
1038

1 Companies reported In receivership.

a Optional cafe,

c Cash sale

$

s Sold 15 days. 2 Ex-dividend

4/ Ex-riches

3770

New York Stock Record-Continued-Page 2

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 8

Monday
Dec. 10

Tuesday
Dec. 11

Sales
for
the
1Veelt

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1
On Basis of 100-share Lots

Dec. 15 1934

Wednesday Thursday
Friday
Dec. 12
Dec. 13
Dec. 14
Lowest
Highest
5 per share $ per share $ per share $ per share $ per share $ per share Shares
Par S per share
$ per share
614 614
618 618
618 611
6
612
612 7,3
678 712 11,800 Arnold Constable CorD
5
8% Fen 9
3 July 27
*5
6
5,2 512 *4
6
.4
6
.4
6
*4
6
100 Artioom Corp
Vo par
414 Jan 5 1012 Apr 21
•61
67 .61
67 .62
67
*61
67 .61
67
*61
67
Preferred
100 65 Aug 16 70 July 24
Art Metal Construction
45 July 27
10
934 Apr 23
1112 1112 1158 1158 1118 11.58 1114 1114 1114 1112 11
1131 3,000 Associated Dry Goode
1
714Ju1y 26 1814 Feb' 11
.75
80
76
76
.74
75
7412 7512 78
7812 *79
8412
800
6% lot preferred
100 46 July 26 8112Nov 23
.50
60 .5018 597 .504 594 .5018 587 *5014 58
*5014 58
7% 2d preferred
100 36 July 26 6478 Apr 20
.32
33
31
314 .3034 33 .3012 33
x3114 3114 *31
3212
110 Associated Oil
25 2912 Jan 5 404 Apr 25
5414 55% 5412 5512 5312 5618 5312 5412 53
5514 53,2 5414 13,800 .4012 1 opeka & Santa Fe____100 4514 Aug 11 7334 Feb 5
8814 8814 8814 8812 8812 887
89
89
883 888 88
8818 1.500
Preferred
100 7018 Jan 5 90 July 14
3434 3514 3434 3638 3414 37
:34
3578 3412 36
343* 3514 9,700 Atlantic Coast Line RR
100 2412July 31 5414 Feb 16
*7
11
*7
74 .7
12
.7
8
.7
8
.7
8
Al 0 & W I SS Lines____No par
5 Aug 1
16 Apr 12
*612 1034 *8
1034 .8
1014 .8
101 1 *8
10
.818 934
Preferred
100
778 Nov 9 24 Apr 24
2434 25
2428 247
2414 25
24
2438 24
243
233* 2378 8,800 Atlantic Refining
25 2112July 26 3514 Feb 5
.13
43% 4314 4312 4234 4314 42,8 4218 .40
*39
42
42
900 Atlas Powder
No par 354 Jan 8 5512Mar 13
'106 ._ 10638 1063
; 10634 10631 .10614
_ 1064 10612 10412 10412
360
Preferred
100 83 Jan 9 10634 Dec 11
8
ill
8
812 .612 758 .612 _-734
718
7
7
718
900 Atlas Tack Corp
No par
512 Nov 13 1614 Mar 14
26
2612 26
2612 2434 264 2434 254 244 25
245 2514 5.700 Auburn Automobile
No par 1612July 30 573* Mar 13
1414 1412 1412 1412 143* 1458 1412 1412 1412 1434 1412 15
1,500 Austin Nichols
No par
612,Sept 20 1658 Mar 5
*5834 61
.59
60
60
60 .5914 62
61
61
62
62
Prior A
160
No par 3114May 14 64 Apr 28
614
6
553 614
55* 6
512 534
553 6
534 58 38.300 Aviation Corp of Del (The)___ _a
334July 26 103 Jan 31
514 512
47
53
514 54
54 54
54
5
5
20,800 Baldwin Loco Works
514
No par
412 Oct 29 16 Feb 5
21
21
*2012 21
20
201 1 2012 21
203* 20
2012 2034 1,800
Preferred
100
1614
Oct 27 6434 Apr 21
143* 15
143* 154 1412 1518 1412 14$1 143 15
1414 1412 14,000 Baltimore de Ohio
100 13141uly 26 3412 Feb 5
.175* 1878 18
1814 183
18
1814 1814 18
18
17
17
900
Preferred
100 18 Nov 23 373 Feb 8
10014 10034 .10014 10278 *101 10278 10034 10034 *10034 1028 10034 10034
70 Bamberger (L) & Co pref
100 8612 Jan 9 10278 Dec 3
.4014 4112 40
4014 *40
4034 *3912 40
*3912 40
4012 404
400 Bangor & Aroostook
50 3512July 27 4618 Feb 1
'111 115 .110 115
110 110 *11212 115 *11212 115 *112 115
10
Preferred
100
954 Jan 5 111 June 30
*475 5
5
478 5
5
*412 473 .412 478 .412 47
600 Barker Brothers
No par
214July 24
612 Feb 5
35
*35
35
3514 35
3518 343* 3412 3434 3434 34
200
cony
3412
63%
preferred
100 1618 Jan 9 3812 Apr 12
61.,
6,8 64
6
614
6
61 1
6
6
6,8
6
618 9,800 Barnsdall Corp
5
57
3
Oct
4
10
Jan 22
4312 4319 *4378 4412 42
434 4212 4212 4318 4312 4212 4212 1,200 Bayuk Cigars Inc
No par 23 May 8 4534 Nov 15
•10714 109 .1071
_ .10714 - __ *10714
__ •10714
_ 10714 10714
40
1st preferred
100 89 Jan 15 10712 Dec 5
.174 18
.1712
4
-173- 4 1712 1-712 17 _1713 17
1-7-18 1612 17
1,900 Beatrice Creamery
25 1014July 27 1934 Apr 28
.96 10018 *96 1004 *96 10018 .98
9912 .90 100
*90 100
Preferred
100 55 Jan 13 9812 Deo 4
.75
78 .7612 78
*74
77
7612 7612 75
76 .70
7478
300 Beech-Nut Packing Co
20
58 Mar 2 76% Dee 6
124 1214 124 1218
117 1211 1134 12
1178 12
*1134 117
2,000 Belding Hemingway Co__No par
878 Jan 3 154 Apr 24
*11078 11418 *11134 11318 .112 11258 11214 11214 11314 11312 *11234 114
300 Belgian Nat Rys part pref
9512 Jan 9 127 Sept 8
1638 164 1614 1658 154 1678 1534 16
1534 1614 1534 16
13,400 Bendix Aviation
4July 26 2378 Feb 1
5
93
1612 16,2 163s 1658 1618 1612 16
1638 1614 1612 16
1638 5,700 Beneficial Indus Loan ____.Vo par 124 Jan 31 1914 Apr 26
37
3712 .3614 37
363 37
364 37
3612 3718 3612 37
3.600 Best & Co
No par 26 July 26 40 Nov 26
307* 304 303* 31% 2912 311 t 2918 2978 2938 303* 2918 2934
27,200 Bethlehem Steel Corp
No par 24,8 Oct 26 4912 Feb 19
67
67
654 663 65
6634 6512 66
67
6714 6634 6634 3,100
7% preferred
100 54% Oct 30 82 Feb 19
24
247 *24
2412 24
2412 2314 2314 2312 24
*2314 24
630 Bigelow-Sant Carpet Inc__ No pa
1914 Sept 17 40 Feb 5
912 10
93* 97
918 934
9
93*
9,4 954
912 95
3,000
Blaw-Knox
CO
par
No
6 Sept 17 1614 Jan 30
.2112 2212 .2112 2212 .2112 23
23
23
.23
24
x24
2412
110 Bloomingdale Brothers
No par
17 Oct 2 26 Feb 7
.10312 10412 10412 10412 10414 10414 *10312 10414 *10318 10412 *10314
14
60
Preferred
104
100
88
Jan 8 109 Nov 23
.28
28
29
2912 2812 30
30
3112 .29
3112 *32
210 Blumenthal & Co pref
3712
100 28 Nov 30 5614 Feb 19
1014 1012 1058 1118
95* 1118
10
1014
934 1018
934 97
8,900 Boeing Airplane CO
4 Oct 29 1114 Deo 6
5
63
5814 5812 584 5834 58
5912 x5714 5814 57
584 5534 5612 5,200 I3ohn Aluminum & Dr
5 4412Sep1 17 68% Jan 24
.914 9214 9214 9214 9214 9212 92
93
9212 9212 9212 0224
550 Bon Arni class A
No par
76 May 14 93 Dec 12
2412 2412 244 2434 244 243* 237 2412 237 2414 237 2414
8,800 Borden Co (The)
25 19% Jan 6 2814 July 14
284 2812 2814 287,, 2753 2878 28
2814 x271 1 28
2753 2818 9,800 Borg-Warner Corp
10 18', July 26 293* Nov 23
.613 74 .
67s 74
678 .612 74
67
612 612 •618 634
200 Boston & Maine
534 Nov 1
100
194 Feb 5
*14
112
112
11.
112 112 *138
112 *1
112 .14
13
700 :Botany Cons Mills class A___50
%July 25
3 Feb 9
247 2514 254 261; 254 2612 25
2534 x25
2578 245* 2553 34,700 Briggs Manufacturing___No /no
12 Jan 6 2612 1)0011
22
22 .2158 22
22
2312 237 2512 2534 274 2634 27lz 6,000 Briggs de Stratton
No
14
par
July
20
Dec 13
2712
31
3414 3312 3331 323* 3338 3212 3234 3212 33
323* 3,500 Bristol-Myers Co
5 26 Jan 4 3712JuIY 18
.1
41. •334 434 *331 458 •338 412 *334 412 323*
*334 5
Brooklyn & Queens Tr___No pa
312 Aug 6
83
8
Feb 7
*3658 381; 3653 365* .3134 3712 .33
3712 *3113 3712 *3134 3712
100
Preferred
No par 3212Nov 15 5814 Apr 26
4214 4234 4133 4214 403* 4112 41
4118 4114 424 4112 424 8,800 Bklyn Mash Transit
No par 2814 Mar 27 447 Aug 27
9.5
9514 9334 9412 93
94
*9114 93
93
9378 92
93
1,900
$O preferred series A
No par 8218 Jan 4 97 July 21
51.
51
.5014 51
504 5112 5014 5012 50
5014 50
5018 1,800 Brooklyn Union Gas
No par 50 Nov 16 8012 Feb 6
5814 5814 .5658 59
5612 565* 5612 563* .5612 58
•5614. 58
700 Brown Shoe Co
No par 45 Sept 15 61 Feb 16
'12412
..12412 _ _ *124
_ __ .124
_
*1254 _ - 12514 12514
10
Preferred
100 1184June 1 12514 Dec 14
*6
_-613 .6
-678
512 -6
53
5514 -57
-;
54 -514
900 Bruns-Balke-Collender___No par
538
4 July 23 1078 Mar 17
*43* 478
43* 434
412 45* 5412 45*
412 412
414 45
Bucyrus-Erie
1,800
Co
312July 27
10
958 Feb 5
77
.812 94
814 828
84 *77
814
1,500
74 778
778 8
Preferred
_5
July 26 144 Apr 24
6
61
61
62
62
60
61
60
60 .56
GO
5912 5911
7% preferred
190
100 50 July 30 76 Jan 15
514 54
,
8
54 5
5
574
518 518
513 514
5
Budd
7,900
514
(HO) Mfg
3 July 26
No par
734 Apr 25
31
31
2913 32
32
31
30
3018 3012 31
3012 3012
520
7% preferred
100 16 July 25 44 Apr 25
*34 3,2
314 31 1
3
318
314 314
314
314
313 3,8
900 Budd Wheel
No par
2 July 26
53* Jan 30
.44 45* *413 47
.438 43* •412 434
412 412 *4
41
300 13ulova Watch
No par
27 Jan 9
64 Apr 28
1212 1212 125 1258 1178 123* 1112 1218 12
124 1112 1133 3,600 Bullard Co
No par
578July 31
1512 Feb 16
.3
312 .3
312 .2
31
*2
312 .2
312 .2
31
Burns Bros class A
No par
15 Jan 26
6 Feb 21
.112 312 *112 318
*73 3,8
*% 312
*78 2
•78 2
Class A vtc
No par
1 Jan 23
412 Feb 23
*34
112
*34
112
112
11_
112 112 •1
2
*1
2
Class 13
100
No par
1 Aug 15
312 Feb 21
*32
112
*38
112
*38
*32 112
112
533
.4 112
112
Class 13 ctfs
No par
12 Jan 2
212 Feb 23
9
1014 10
1012
91 1 1018 *834 94
918
9
9
94 3,530
7% preferred
100
4 Jan 9 1512 Feb 20
1514 1538 1514 1512 1518 1538 15
1518 147o 154 1514 . 1514 5,800 Burroughs Add Mach____No par
1012July 26 x19312 Feb 1
I,i
134 *114
134 .14
134
14
138
13* 134
2
214 1,700 :Bush Term
No par
34Sept 19
37s Feb 9
*438 54
5
5
5
512
512 5'2
534 714
1,400
Debenture
814 9
234 Nov 27
100
9 Dec 14
.1258 1414
1212 1212 1212 1212 1212 1212 1212 15
1912
15
280 Bush Term BI gu pref ctfs
100
518 Jan 3 1912 Dec 14
__ __ _ ___ ____ ____ ____ ____ _ __ ___ __ _ Butte & Superior
Mining____10
112 Jan 13
218 Feb 16
*134 Iis
178 178
1-31
134
178
178
re
178 •173 -2
900 Butte Copper & Zino
112July 27
5
314 Aug 8
17
1878
158 134
112 134 *112 134
112
153
15* lIz 3,100 ButterIck Co
No
par
8
13
Oct
26
43
4 Feb 1
14 1914
1914 1978 18
193
18% 187
184 1938 1812 1834 5,800 Byers Co (A 130
13341u1y 26 3234 Feb 7
No par
.47
5078 .47
50% 47
47
46
46
4612 4612 .46
30
Preferred
5012
100 40 Aug 6 677k Apr 23
.3753 3814 38
3712 38
38
3634 3718 3534 36,2 36
3612 3,000 California Packing
No par
1834 Jan 4 445* Aug 29
34
%
34
78
34
%
54
6,700 Callahan Zino-Lead
78
78
1
78
78
1
12July 27
134 Jan 23
3
318
3
313
3
34
3
3
3
3
278 318 3,500 Calumet & Hecla Cons CoD___25
234July 26
63* Feb 5
812 9
934
9
9
912 912 .9
84 858
878 87
800 Campbell W & C Fdy___ _No par
6 July 27 157, Feb 23
1614 1612 1615 1614 1578 16,4 1534 1534 1514 1512 1538 155
2,600 Canada Dry Ginger Ale
5 1212July 26 2912 Apr 24
.51
52
52
52
.51
53 .51
53
*51
53
53
.51
10 Canada Southe.rn
100 4812July 27 66,2 Apr 24
12
1218 117s 12
1134 12
1158 1134 112 1178 115s 1134 10,100 Canadian Pacific
25 1078 Nov 21
1814 Mar 12
3712 3712 .3712 37% 37
3712 *3534 3634 *3534 3634 .3534 3634
800 Cannon Mills
No par 2812 Jan 4 381 1 Dec 6
*634 74 .634 71s
634 634 .
64 74 *612 7
100 Capital Adminis el A
.612 7
1
Jan 2 1014 Apr 20
53
8
7
.31
3473 .31
3478 .31
.31
34
3134 3134 3212 23178 3178
Preferred A
40
•
10 2634 Jan 24 39 Apr 20
.62
_ .62
. 562
. .62
_ •62
- .62
_
Carolina Clinch & Ohio Ry__100 74 Apr 2 85 June 19
.-, •
•
-9
-66. ..._.:. "
i' 0
-9-E .____ 16
' *_,7.7. "
oi
Stpd
100 70 Jan 6 9212June 23
544 5434 54
5514 5012 5134 5113 5214 51
5234 5114 5214 16,100 Case (J I) Co
100 35 July 26 8634 Feb 6
91
'89
89,8 8918 x88
89 .9018 92
9112 92
9112 9112
150
Preferred certificates
100 5678 Aug 15 92 Dec 13
3278 3318 34
3434 3312 35
3312 34
3378 3434 3414 3434 12,900 Caterpillar Tractor
No par 23 Sept 14 3514 Dec 6
2938 30
2918 3014 2912 3058 30
3112 314 3218 3114 3178 44,1100 Celanese Corp of Am
No par 1714July 26 447 Feb 5
338 34
312 312
334 334 .
318 312
4
312 334
5
3,000 Welotex Corp
No par
14July 27
578 Nov 5
.2
213
214
214 .2
238
214
214 238
214
24 3
1,200
Certificates
Vo par
1 July 27
4 Apr 12
1612 17,2 1612 1734 1612 18
17
1712 1778 1814
1812 2034 5,330
Preferred
100
612 Jan 18 2238 Apr 13
93
234 2234 234 24
2412 2334 24
2312 2312 237 23% 5,900 Central Aguirre Asso__No par
1834 Dee 4 3218 Feb 5
.60
*58
63
59
59
63
0.57
60 .57
5912 .56
100 Central RR of New Jersey
59
100 53 July 27 92 Feb 3
11
11
11
11
1114 114 114 1112 1114 1112 1112 1112 1,600 Century Ribbon Mills___No par
512Sept 14 1238 Feb 19
599 101
10034 10034 100 101
•99 101
101 101
105 105
60
Preferred
100 82 Mar 31 105 Dec 14
413 4178 4112 43
41
42% 4114 4112 41
42
4078 4218 28,700 Cerro do Pasco CopperNo par 3014May 16 4312JulY 5
*534 57
534 5%
512 553
534 534 *512 534
500 Certain-Teed Products_No par
512 55
314 Jan 2
73 Apr 5
.29
3014 30
29
29
303
29
29 .27
29
28
29
7% preferred
630
100 1712 Jan 19 35 Apr 5
*7
,
*512 8
5582 74 *534 8
.53* 77
Checker Cab
.558 8
5
518 Oct 10
1612 Mar 10
4412 447
4414 444 4338 441. *4314 44
43
44
4314 4314 5,200 Chesapeake Corp
No par 34 Jan 4 4878 Apr 21
437 447
44
4431 444 447
43% 44
435* 4414 434 437 10,000 Chesapeake & Ohio
25 3913 Jan 5 4858June 16
17
.134 212 .134 212 .134
14
134 .138 15
.17* 134
200 :Chic de East Ill Ry Co
14 Dec 1
100
7 Feb 17
214 214 .214
24
24 214 .134 21g
2
2
2
2
6% preferred
400
100
15s July 23
8 Feb 16
.2
2l
2
2
2
2
2
2
517
2
2
2
600 Chicago Great Western 178 Nov 3
100
512 Feb 1
*44 414
414
4
414
41
*4
412 .4
44 •378 4
1,200
Preferred
100
4 July 23 1178 Feb 19
•134 3
*134 3
.218 3
•218 3
.24 3
.218 3
:Chic Ind & Loulsv prat ___100
2 Nov 14
7 Apr 24
278 278
25
278
253 234
278 278
234 231
212 234 3.200 Chic Milw St P & Pao_ -No par
212July 26
812 Feb 5
414
414 43*
414 453
414 414
45*
4
412
4
418 5,900
Preferred
358July 26
100
1314 Feb 5
518 538
514 54
513 538
5
412 51 1
518
434 4% 10.700 Chicago dr North Western
412July 26 15 Feb 5
100
1014 104 1012 1012 1018 1014
87
10
1018
1033
83
914 3,300
Preferred
100
814July 26 28 Feb 16
612 612
612 658
614 63
6
618
6
612
6
614 3,200 Chicago Pneumat Tool___No par
97 Feb 5
358July 26
2112 2112 2112 2134 21
22's 2012 2114 2112 2178 2178 2178 2,400
Cony preferred
No
1414July
26 2834 Apr 21
par
.2
218
2
17
17
2
2
2
2
218
134 1% 2,500 :Chicago Rock lel & Pacific_ _100
134 Dec 14
614
Feb 7
34 31
314
.
3,2 373 .312 358
3
314
3'Z
3
3
1,100
7% preferred
100
3 Nov 21
95* Feb 6
234 234
212 212
214
214 .218 234
238 233
214 214
6% preferred
800
100
2 July 23
8 Feb 6
Chic St Paul Minn & Om__100
114 Sept 25
612 Apr 7
---- - - -- ---- ---- ---- ---- ---- ---- ---- ---- --- - -- -Preferred
100
4 Oct 2 1134 Feb 15
•10
1012 .10
1012 10
10 .10
1012 .10
1012 .10
1012
100 Chicago Yellow Cab
No par
94 Oct 24 3I6 May 18
• Old and asked prices, no sales on this day.




I Companles reoorted M receivership.

July1
1933 to Range for
Nov.30 Year 1933
1934
Low • Low
High
$ per oh
278
318
6814
358
74
44
36
26
4412
5314
2412
5
77
214
18
75
512
1612
4
273*
334
412
16
1314
16
86
2914
91 12
214
14
57
23
80
84
55
54
7
834
934
1218
21
23
444
18
6
16
65
28
634
3334
68
18
11%
534
614
1012
25
312
3212
2554
6914
50
41
117
4
312
6
47
3
16
2
2,2
418
1
1
1
4
3
1012
34
2
418
14
1 12
14
133
40
1658
12
23
6
1212
44
107o
2214
414
26
60
70
35
5678
15
1718
Us
7,
21 2
195
53
512
75
2334
25*
1058
518
2913
3718
1
153
17
4
2
212
358
412
814
358
1414
2
3
2
Ils
314
94

8 Name changed from Amer. Beet Sugar Co. z Ex-dividend.

$ per share
14
7
2
912
4812 70
312
94
312 20
18
6112
15
5134
634 3512
345
8018
.50
7934
1612 59
412 26
412 3374
1238 324
9
3918
60
8318
112 3134
31
8414
74
93*
13
3912
512 164
312 1758
912 110
814 377
912 3914
6814 997
20
4134
68% 10
2,
74
518 2414
3
11
314 5212
27
100
7
27
45
85
45
7012
312 1212
6214 101 14
61s 2114
1314 15
9
334
1018 4914
2514 82
64 2912
312 1914
63* 21
53
88
24
50
- 112 -58-12
52
78
18
3712
512 2214
6
30
38
412
258 144
714
18%
3814
25
312
94
3534 60,s
2134 4114
64
8312
60
8812
2812 537
10814 118
134 1812
2
127k
2
,
4 105s
2012 72
34
972
3
35
1
534
72
5
212 134
4
5
14
3
1
334
18
2
134 13
614 20%
8
1
I
912
418
8
1
2%
12
414
1 14
713
812 43,4
3018 80
734 3484
14
2,4
2
94
2
1614
712 41,2
40
45
712 203
35'2
14
414 121 2
2514 3512
61
42
5014 7912
3012 10312
41
8614
512 2934
44 587*
12
57
43
38
112 1234
14
41
38
122
2
114
52
100
57
4434
733
1
4
3014
712 23,2
1478 5212
245* 4914
12
8
12
812
14
74
212 1478
6
25
114
1
1 12 1814
14 16
244
2
1238
218
5,2 2514
2
1018
312 19,2
278 15
6
I
2
12
618 22

New York Stock Record-Continued-Page 3

3771

July1
1933 to Range or
Nor. 30 Year 1933
1934
Tuesday
Wednesday
Thursday
Friday
Monday
Saturday
Highest
Lowest
High
Dec. 14
Dec. 11
Dec. 12
Dec. 13
Dec. 10
Low Low
Dec. 8
$ per share $ per sh
Per share
Par $ per share
$ per share $ per share $ per share $ Per share $ per share $ per share Shares
15
5
34
10 1914 Jan 8 3034 Feb 5
*2338 28% 2712 28% 28
2883 22812 2918 2812 2812 4,600 Chickasha Cotton On
2812 29
2
1018
318
334July 25 11% Feb 19
612 6%
No par
612 612
618 618 1,700 Childs Co
638 612
634 7
634 7
1014
6
2112
1412 12
25 1014 Aug 9 1732 Apr 9
12
10 Chile Copper Co
1413 *12
1412 *12
1412 *12
*12
1412 *12
2614
734 57%
5 2914 Aug 7 6038 Feb 23
373 3918 3734 3814 69,600 Chrysler Corp
3734 383
/
4 39% 3734 40
3914 39% 391
1412
7% 25
1714 Jan 5 2438 Jan 3(1
No par
2114 21% 21% 2112 2112 21% 2112 2112 x2034 2034 2012 2012 2,100 City toe & Fuel
45
6338
72
100 67 Jan 3 9178 Dec 14
Preferred
400
91%
90
9012 91
90
90
90
9013 8912 90
90
90
Feb
17
19
40
55
3714
52
Nov
3714
City
Investing
100
44
44
44
*37
/
1
4
*371
/
4
.3714
44
*371
/
4
44
*3714
*3714 44
14
3%
12
212 Feb 6
ls July 27
72
I
No par
7,
%
118 13,500 City Stores
72
78
34
78
34
78
34
88
18
218
114 Feb 6
5,
38July 24
52
t2
12
12
12
Voting trust certifs
No par
*12
52
34 4,100
53
.1
12
112
812
6
5%
Feb
25
214July
Class
A
No
par
45
418
418
4%
8 512 2,200
*Cs' 4%
4%
41
4
*4
412
54
514
518 Feb 21
34
2 July 20
Class A 4, t c
No par
418
418 .418
700
434
434
434 5
"3% 434 *418 434 *4
5
1414
612
834 Jan 5 21% Mar 5
No par
100 Clark Equipment
1534
1534 1534 1534 *15
*15
15% *15
1534 *15
*15
16
100
*45
58
4July
26
903
58
Jan
17
C C C & St Louis pret
100 71
*45
*45
*45 ____ *45
60
60
65
•7712
_
Cleveland & Pittsburgh
60 7012 Sept 19 78 Nov 15
*7712
__ *7712
*79
*7712 ---- *7712 _
31
30
31
Special
50 38 Jan 25 45 Dec 5
*44
_
*44
_ *44
____ *44
*44
____ *44
4112
22
10
26% 2634
2718 2718 .26
600 Cluett Peabody & Co____NO par 2478 Nov 28 45 Apr 7
2734 *2612 27
28
2812 2812 27
90
90
100
Preferred
100 95 Jan 28 115 Apr 23
*11218 116 *11218 116 *11218 116 *11218 116 *11218 116 *11218 116
85
7312
105
16012
Dec
10
Jan
9514
No par
700 Coca-Cola Co (The)
15912 15912 16012 16012 2159 160 *15712 1538 *158 158% 159 159
44
51
4512
57 Oct 11
Class A
No par 5018 Jan 1
600
54% 54%
5518 5518 55
55
56,3 "5413 56
5658 5653 56
9
7
2233
1818 Mar 13
938 Jan
/
4 17% 15,400 Colgate-Palmolive-Peet No par
175* 16% 17% 1714 1758 173 1734 171
8 17
82,
66
5
49
Dec
10212
Jan
8
6812
preferred
6%
100
706
101 101
101 101
10118 102
101 101 *10012 10118 *10012 101
3
26
10
10 July 26 2812 Feb 19
No par
1438 1412 1383 1483 1313 13% 1314 1334 1314 1314 3,600 Collins & Alkman
1418 1414
85
72
63%
Apr
18
94
5
Nov
Preferred
100
74
8212
20
*8012
.80
81
*8012
8112
80
•80
82
80
80
*7810
5
514
12
5
9
Feb
5
Aug
28
712
712
NO pa
100 Colonial Beacon 011
*6
714 *6
714
614 61
/
4 *7
712
*6 - 614
278
35 Jan 2
278 17%
834 Feb 6
414 414
414 414
414 414
414 45* *414 483
458 453 1,000 :Colorado Fuel & Iron_No pa
9
23
9
54
Feb
32
3
1012
Jan
Preferred
100
22
22
8
2178
80
*1978
217
"1918 21
*1918 21
21
2112 2112
16
1514 51
Colorado & Southern
100 18 Aug 4 4038 Feb 1
2234 *19
2234 *19
2234 *19
2234 .19
2234
2234 •19
*20
13
1212 4232
13 Nov 7 3314 Feb 9
4% 1st preferred
10
16
70
*14
1612 *14
15
15
16
1612 *1418 1512
17
*16
11
30
10
Feb
3
30
14
11 Nov
4% 2d preferred
10
190
1218 1218 1234 1234 1112 1214
1212 1213 *1138 1212
*1218 13
45
2318 7112
58 Jan 8 7714 Apr 23
73
7314 72
72
7214 7314 7212 7213 3,400 Columbian Carbon v t c __No pa
7412 272
72% 733
6%
28
1710
413
Dec
3
26
21
12July
Columb
Pict
Corp
v
t
c_
No
pa
1,800
/
4 3914
3912 3734 3314 *38
3914 381
3938 3934 3914 3934 38
9
2818
6%
758 21,600 Columbia Gas & Elee__No pa
712 758
712 73
87o Sept17 1914 Feb 6
712 77
731 8
778 8
75*
83
50
50
Preferred eeriem A
100 52 Jan 5 7834June 21
6318 61
1,517
6314 0314 *6014 631
64
60
61
6178 617
.63
7412
41
40
Apr
24
71
41
Jan
9
5% preferred
10
*51
58
5718
5718 *51
*51
*51
58
58
*51
58
*51
4
1914
1114
1858 Jan 4 3912 Dec 6
1
x3814 3918 365 3817 36% 371
3714 15,200 Commercial Credit
/
4 37
3338 39
365* 371
1812
25
22
3018
Nov
30
2312
Jan
5
lot
preferred
2
7%
*2912
30
10
*2912
*2912
33
30
*30
3114
30
2913 2912
•30
32
16
3913
38 Jan 3 5213 Dec 12
Class A
5
5212 52
300
53
5213 521 *52
52
*52
53
5214 5214 *52
23
1818 2515
24 Jan 3 3018 Dec 11
Preferred 13
2
160
3114 30
30
30
*2912 30
3018 30
30
*3018 3112 .30
9578
85
70
9112 Jan 3 110 Dec 5
6;I% first preferred
10
220
10312 1031 108 10812 10834 10914
*109 110 *107 10838 10838 109
18
4312
2734
3534 Jan 4 61 Aug 16
No pa
58
5834 5614 58% 5614 571
5612 5714 56
5814 59
5634 11,300 Comm Invest Trust
23
8412
Nov
84
114
3
9778
91
Jan
par
Cony
preferred
No
400
113
113
*1125
8
113
11212
11212
113
113
113
113
113
*11212
9
15%
5714
1534Ju1y 28 3634 Jan 30
No par
2158 2034 2114 24,500 Commercial Solvents
2214 21% 2238 21
22
2214 2078 21% 21
14
64
1
334 Feb 6
1 Nov 20
118
114
No par
1%
114 56,900 CommonwIth & Sou
118
114
11
/
4
118
118
118
114
114
1234 604
1738
No par 2112 Jan 2 5234 Apr 23
$6 Preferred series
3212 3212 311 4 3212 3113 32
3212 31% 3112 2,100
3334 343
32
3
11
5
1338Apr
19
5
Aug
2
*738 912 *753 834 *773 82
No
par:
*73
4
918
Conde Nast Pub.. Ino
*734 912
*734 9,8
7% 27%
1613
No par 22 July 26 35% Nov 19
34
6,300 Congoleum-Nairn Ino
3234 3312 3312 3378 3212 33
33
34
3314 3314 33
714
612 18
97
714Sept 7 1412 Mar 5
No par
200 Congress Cigar
9% *934 103
*034 1014 *9% 1014
*10% 10% 10% 10%
52
GO
4712
4712 Nov 13 61 June 23
Connecticut Ry & Lighting __100
*34
45
*34
45
42
42 .34
*34
42
45
*34
*34
507/2 5512
.50%
55 Jan 18 68 Jan 15
100
Preferred
*38
*38
54
52
*38
52
55
54
.38
52
*38
*38
5%
3% 19%
514July 26 1338 Mar 17
No par
*9
91
9
/
4
312 9
9
700 Consolidated Cigar
8% 8%
883 888 *814 834
3014 60
3014
100 31 Jan 5 60 Dec 5
Preferred
6712
10
*60
80
9812 .60
80
.60
6712 .60
60
60
*60
4514
65
31
1
4 Jan 2 69 Dec 6
100 45/
Prior preferred
*68
69
6812 6813 68
69
100
68
*68
6714 6714 6734 6734
4514
3813 62%
Prior pref ex-warrants __100 49 Feb 13 70 Dec 6
*6612 70
*6612 70
69
*68
*6713 70
.6612 70
•67
70
1%
53
4
Feb
15
13
4
514
8July
27
15
1
Film
Indus
Consol
413 418
1,400
418 412
4% 488
4%
414
414
4
414
418
578 1434
10% Jan 2 1958 Dec
734
No pa
Preferred
7,000
1818 181
1818 1818 1814 1358 1734 1814 17% 17% 1734 18
6418
2114
34
2114 Nov 20 4732 Feo 6
No Pa
2338 2253 2312 2234 2314 2214 2314 22
22% 38,100 Consolidated Gas Co
2314 23
23
80
8118 99
80 Nov 19 95 July 23
No pa
Preferred
1,700
845* 8414 841
*8378 8414 833 8118 84
8312 8414 8414 8414
513Sept 18
112
4% Feb 7
112
512
5,100 Consol Laundries Corp_ No Da
158
I% 15
212 21
238 21
1% 234
17
212 25
5
714
1534
1
4 July 26 1414 Feb 13
7/
No pa
8
8
7% 8
734 8
78 81/3
7,3 73 24,300 Consol 011 Corp
75* 77
9512
108
103
Oct
18
11218
Feb
9
108
preferred
100
1121
*111
11212
87
.111 11212 *111 11213 *111 1121 *111
*111 1121
218
2% Jan 5
8
634 Feb 5
114 10,
31
100
318
800 Consol RR of Cuba pref
3
*3
*278 3
3
*3
31
3
3
3
314
14
12
2% Feb 7
3
12July 26
No pa
52
3,400 Consolidated Textile
58
53
38
34
38
3
58
53
53
34
414
114 1014
618 Jan 5 1334 Apr 23
2
1,700 Container Corp class A
1038 103.8 1014 1038 10 1014 10 10
10
101
*913 97
4
41,
2
5% Apr 18
35
2% Jan 2
35
35
No pa
35
Class B
35* 35
353 3% 1,800
312 331
312 3%
514
3
18,4
514.Iuly 26 14% Jan 24
612 612
6,400 Continental Bak elan A Ne pa
71
678
534 534
58 658
*534 57
612 7
84
2% Feb 7
%July 27
%
313
No pa
Class B
7
1
1
1
1
1
1
118 3,000
%
1
78
1
4612
64
36
64 Feb 9
100 4414 Dec 7
Preferred
4612 4612 4614 4614 4614 4712 247
45
.4412 4714 45
900
4713
5634
GI
614 60% 6134 60
6114 62
16,800 Continental Can Ins New ____20 5634 Oct 30 6412 Nov 26
6112 5934 6078 59% 60
312 1,18
6
75
6 July 26 1132 Feb 6
5
800 Cont'l Diamond Fibre
7% *713 7% *713 7%
713 713
714
714
71
/
4 714
20
1012 3612
/
4 Dec 6
2.60 235* Jan 6 361
347 35
3514 3512 3514 3534 3514 3578 35
35
3314 3418 5,800 Continental Insurance
4
1
2% Feb 21
34July 24
No par
78
78
34
78
78
34
34 2,600 Continental Motor('
34
34
34
78
ki
1214
478 1052
5 1534July 26 2234 Apr 21
1814 153, 1838 1858 18% 18% 1734 1812 1712 1818 1714 17% 11,300 Continental 011 of Del
401,
Jan
31
51
4012Sept
18
Exchange
Bank
Trust
Co
20
45 .4413 4634 46
Corn
45
46
110
44
45
47
*4412 4634 *44
5512
-a; 4;65-8
25 6512 Aug 8 8412 Jan 26
6638 6638 6534 6612 65
6658 6412 6514 6412 6514 64
64% 5,200 Corn Products Refining
11712 14534
100 135 Jan 4 15013 Dec 12 133
14912 14934 150 15012 150 150 •150 15012
Preferred
80
*147 14912 149 149
97 Fen 5
3/
1
4
2%
712
61,
35* July26
618
No par
618
6
614
6
534 6% 5,30 Coty Inc
6
6
534 58
23
23
3913
347 3518 3478 3514 3413 35
No par 28 Jan 3 3512 Dec 13
35
35
3512 3512 3512 3512 3,800 Cream of Wheat Ws
7
2/
1
4 1434
8 Jan 2 1712June 16
1314 14
No par
1278 1314 "1212 13
1,30 Crosley Radio Corp
*1278 14
*1318 14
*1312 14
1834
14% 65
2412 25
No par 1834 July26 3614 Feb 1
2412 247 .2413 25
2412 2513 245* 245* 2418 2418 1,40 Crown Cork & Seal
32
2412 3812
*4332 44
"433, 44
No par 3513 Jan 2 4414 Dec 3
$2.70 preferred
10
4312 4313 *42
43
4312 *42
.438 44
54
4212
8218
Dec
5
17
0
*8412
Crown
par
•84
W'mette Pap let pfNo
881 .8434 89 .83
*83
89
89
.85 ____
47 Jan
314
812
652 Apr 27
1
358July 27
513 5%
No par
5
518 5,300 Crown Zellerback •t o
4% 5
5
5,4 5%
5%
48 47g
14
9
3712
2314 23
.22
2112 2213 2138 2138 1,600 Crucible Steel of Amerloa____100 17 July 27 3838 Feb 19
2134 22
2314 2234 23
30
16
6038
5618 5618 58
*5518 56
Preferred
100 44 Nov 7 71 Apr 19
400
*5614 58
67
56
57
58
*55
14
4%
12
3% Feb 9
1 Jan 2
118
114 *118
No par
118
118 1,400 Cuba Co (The)
118
1'4
1,4
114
118
114 *Ds
212 16
•514 6
3
512 51
3/
1
4 Jan 15 1012 Jan 23
100 Cuba RR 6% prof
518
100
5
5
5
5
514
5
514
212
97 Feb 8
118
1112
538
312 Jan 10
10
518
514
6
1,600 Cuban-American Sugar
514 53
514 514
514 514
*532 5'
10
68
1412
44
41
44
Preferred
310
40
41
431
967
100 2018 Jan 9 65 Aug 30
40
41
4112 41
.45
3512
2034 5912
4534 4534 4612 4712 4512 46
46
1,100 Cudahy Packing
4612 *4534 461
46
50 37 Jan 2 5258 Aug 29
46
612 3214
1312
2134 22
2012 2178 2034 2034 21
21
2218 23
1312 Jan 8 2938 Apr 12
3,100 Curtis Pub Co (The)
21
21
No par
66
30
3812
Preferred
943
9538 934 9334 94
No par 4312 Jan 3 9538 Dec 8
2,100
95
9414 9434 95
94
94
91
113
4%
2
31
278
3
318
2% Nov 1
18,200 Curthis-Wright
31
318 318
1
278 3
2% 3
278 3
5,4 Jan
97 1018
8
2
3%
51
/
4 Jan 3 1214 Apr 2
Class A
9
978 1018
1
8% 9
101
19,200
9
812
88 914
74
9612
75
1
91
May
Dec
10
Cushman's
Sons
7514
7%
pref
40
7012
7912
___100
7912
*7512 7912 7514 7513 *6914 791 *6914 7912 *691
/
4
6012 82
6412
8% preferred
No par 6412Nov 26 90 June 19
75
75 .65
75
*6412 85
*6412 75 .65
•0458 75 .65
414 21
912
11 Jan 4 2112 Feb 21
300 Cutler-Hammer Inc
1712 *16
.1712 1734 1713 1712 1614 161 *16
No par
17,2 *1513 1718
4,712 8
1%
834
512
814 Feb 5
Davega stores Corp
*712 8
*712 8
5
6 Jan 10
*713 8
*712 8
"712 8
2438 49
1018
3418 Feb 1
24% 24% 2434 2514 23
101* July 2
14.300 Deere & Co
24
2514 2438 25
No par
2514 2318 24
614 183a
1834 Dec
1014
Preferred
1818
1818 1734 1818 175 1818 18
1818 18
1734 1734 3,300
18
20 1014July 2
4458 4214 43% 42
37% 93%
35
7313 Feb 1
4112 4214 4218 4312 42
100 35 Aug
44,2 4212 4312 18,500 Delaware & Hudson
14
17% 46
18
1834 10,100 Delaware Lack & Western___50 14 July 26 3332 Feb 5
18% 1918 1878 1958 1883 1934 1818 188 183* 1914
45
434 434
4
2
19%
1314 Mar 28
4%July 2
600 Deny & Rio CR West pref
412 412 *4% 412
*434 5
100
434 "412 5
48
70% 70% 70
55
9112
84 Feb 23
800 Detroit Edison
7113
7012 7012 71
70
70
100 6312 Jan
70
*7012 72
3
912
.4
•4
8
5
Detroit & Mackinac Ity Co_ _100
*4
8
8
8
8
7 Feb 6
*4
8
*4
5 Jan 25
•4
.6
•6
10
112 16
112
5% non-cum preferred__ 100 10 Mar 1
10
1814June 20
*6
10
10
*6
10
*6
*6
10
52
62
20
5214 5312 5212 53
10
33%
5518 Apr 25
52
1,900 Devoe & Reynolds A____No par 29 Jan
53
5312 •5318 53%
52
1st preferred
8912
79% 100
116 Sept 5
100 99 Feb 1
.11212 117 *11212 117 *11212 117 •11212 117 *11212 117 *11212 115
21
2.514 2512 1,200 Diamond Match
2512 257
2578 257
1712 2912
2813 Jan 16
No par 21 Sept 1
2512 2512 25% 2534 257 26
43312 34,2 335 33% *3312 3412 34
400
*3312 3412
34
26% 31
2758
34
34
34% Aug 21
Participating preferred
25 2814 Mar 2
37
25
3714 3812 10,000 Dome Mimes Ltd
12
46%June 27
No par 32 Jan 2
3912
3734 3612 3714 3614 38
3714 383s 3712 38
11
12
1218 1112 12
1114 2,900 Dominion Stores Ltd
12
13
No par
1112 1134 21138 1154
1012 2632
11 Dec 14 23 Mar 10
12
19,800 Douglas Aircraft Co Inc No par
2212 24
2212 2314 2234 2334 2234 23
1014 18/
1
4
1118
1414 Jan 2 28,2 Jan 31
2358 23% 2334 243
*1412 16
500 Dresser(SR)Mfg cony A No Da
15
6% 18
814
814 Sept 14 20 Nov 16
1614 1614 *1412 15% 15% 1534 1518 1518 15
*834 8
Convertible class B___ _No pa
.634 8
.634 8
*634 8
3%
5 Sept 14 1178 Mar 28
•634 734 .634 734
218 1034
4,52
4,28
34
14
212
Duluth SS & Atlantic
100
12
58 Jan 15
158 Apr 20
83
34
34
"5
"8
*32
"8
34 '
12 134
•12
1
38
318
Preferred
*12
12 Nov 16
•12 1
12
218 Apr 20
100
*12 1
"2 1
512 *5
514
514 514 1,300 Dunhill International
514
1
512 "5
3 Sept 15 1134 Mar 26
513 512 *51, 534
72 14%
Donlan Silk
912 2832
1312
"Jo pa
•1714 1812 *1714 1812 *1714 1813 •1714 1812 *1714 18,2 •1714 181
1312 Oct 31 23 Feb 16
Preferred
92
8234 95
100 100 Feb 9 110 Mar 9
•107 109 *10712 110 *10712 110 •10712 110 *10712 110 •10712 110
9414 20,450 DuPont deNemours(E.I.)&Co.20 80 May 16 10372 Feb 16
3218 96%
60
9818 9834 97% 98% 95% 9812 9478 96% 93% 96% 93
6% non-voting deb
12718 1271
700
9712 117
10 115 Jan 2 12713 Nov 27 10414
•12612 12712 *12612 12634 126% 12658 •12613 12634 12634 127
102%
85
300 Duquesne Light 1s8 pref
85
90 Jan 16 107 Sept 21
10
•104 10414 10414 10414 10412 10412 10412 10412 105 105,4 10412 10514
Durham
.2212
Hosiery Mills pref _ _100 21 Feb 7 30 May 4
*2213
.2112
•2113
912 1014
13
*2113
-___
*2112 ---_ 2:655 Eastern Rolling Mills____No pa
.6% 7
6% 7
118
10
312
678 7
634 7
7
7
034 7
4'a July 25 1234 Feb 19
4,900 Eastman Kodak (N J)_--No pa
46
89%
6512
11012 11134 110 1111
11112 11212 11112 11214 11114 112
79 Jan 4 11612Nov 26
11178 112
6% cum preferred
30
110
130
14212 14212 *14212 1431 •14213 14312 •I4213 1431,•140 1421
10 120 Jan 16 147 June 27 120
143 143
5,200 Eaton Mfg Co
10
17% 17% 17% 171
17% 1838 17% 18
No pa
17% 18
3% 16
1218July 26 2212 Apr 19
17% :18
6
400 Eltingon Schild
No par
8
8
*734 814
6 Sept 17 104 mar 6
734
734 734 *712 818 *712 81
11%
2534 261 21,900 Eleo Auto-Lite (The)
26
263
10
2711
5 15 July 26 31% Feb 21
2712' 27% 2713 27% 2618 2738 2618 281
Preferred
240
75
75
10812 10812 2108 1031 10814 108%
8812
100 80 Jan 5 110 Nov 19
1081210812 108 10312 108 "108
3
7,400 Electric Boat
4% 5
434 472
434 434
434 478
814
713 Jan 29
1
3
5
3 July 26
5
.478 . 6
.6% 7
212
412
918May 8
6% 7
1
7
718
4/
1
4 Jan 3
634 6% 8,000 Klee & Mus Ind Am shares
•6% 7
634 0%
272
3
318 4,300 Electric Power dr Light _-No par
318 31
9% Feb 7
2% Nov 23
3
3
3
3
318
153s
3
3%
3
3,4
Preferred
658
658 Nov 19 21 Apr 18
7
712 3,900
71/4
734 718
712 3012
No par
7% 8,4
8
81
/
4
814 ' 814
773
6
$13 preferred
Vs par
1.000
718 7%
612 32%
6 Nov 19 1034 Feb 7
612 634
634 71
7
7
712
714
714 •7
• B91 and asked prices, no sales on this day. 5 Companies reported in receivership. a Optional sale. c Cash sale. z Es-dividend. 2 Ex-rights.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT




Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1
On Basis of 100-share Lots

3772

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 8

F

New York Stock Record-Continued-Page 4
Monday
Dec. 10

Tuesday
Dec. 11

Wednesday
Dec. 12

Thursday
Dec. 13

Friday
Dec. 14

Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE

Dec. 15 1934

Range Since Jan. 1
On Baits of 100-share Lots
Lowest

Highest

dug/ 4
1933 to Range for
Nov.30 Year 1933
1934
Low Low
High

$ per share $ per share
4634 47
47
47
2.78
1
31
4
112 112 *138
134
54
54 .52
54
*127 ____ 127 127
.278 338 .278 31 4
1512 1512 1538 1512
17
17
*18
18
.1812 2218 *1818 2218
5
5
5
5
.1338 1338 13
1338
.1634 17
1612 1678
*10
12 .10
1212
.59
68
.59
68
1134 1134 1112 114
20
2114 2218 23
414 414
418 44
*114
112
112 138
612 678
714 734
16
16
1578 16
.63
63
65
63
54 54 *512 584
.4812 52
*4812 5012
.59
63
6019 6012
*65
80 .65
80
538 53*
512 512
*358 334
338 338
1
1
14
118
22
22
22
2212
3478 3514 3478 35.4

$ Per share S per share 5 per share 5 per share Shares
Par $ per share
5 per share $ per oh $ per share
47
4712 4614 47
4614 464 4538 46
3,600 Elec Storage Battery
No par 34 Sept 22 52 Jan 24
34
21
54
*a8
34
78
34
1
*34
600 :Elk Horn Coal Corp
'4
34
No par
4May 11
178 Feb 21
18
4
4
*1 14
134 *Ds
134 .138
138
112
138
300
6% Part preferred
1
50
334 Feb 23
1 July 26
33
6
5378 5378 5378 5378 5338 534 •53
54
400 Endicott-Johnson Corp
50 45 Sept 8 63 Feb 18
45
26
624
127 127 *125
__._ *127
_-__
.127
Preferred
70
100 120 Jan 3 128 Nov 22 112
107
123
.278 34 *3
34 .278 3
278 3
200 Engineers Public Sorv____No par
212July 27
834 Feb 7
212
334 1434
1478 1538
15
15
*1414 1538 *1414 154 1,000
55 cony preferred
No par 1018July 27 2312 Feb 6
1018
11
47
16
16
.1534 16
1534 16
15
1518
700
8554 preferred
No par
11 Jan 8 2412 Feb 5
11
4972
11
18
18
18
18
*1714 2018 *1714 2018
300
56 preferred
No par 13 July 28 2512 Feb 5
12
12
55
5
5
5
5
5
5
5
54 5,100 Equitable Office Bldg....._No par
22
24
Jan
July
612
5
103
2
5
133
8
13
1378 1212 1234
1234 13
1234 1234 3,200 Erie
933 Sept 17 2478 Feb 5
100
938
334 2534
1634 1834 *1553 1612 1512 1512 •1538 164
400
First preferred
100 147 Sept 17 284 Apr 26
1314
412
2912
*10
12
.10
12 .10
13
*10
13
Second preferred
100
9 Sept 25 23 Apr 21
9
212 2314
.59
68
.59
68
*59
63
68
6314
30 Erie st. Pittsburgh
50 50 Jan 25 6414 Dec 3
45
50
50
1114 1112 1118 1114 x1118 1118 11
1118 1,700 Eureka Vacuum Clean
7
5
July
143
3
28
Feb
63
19
8
1814
3
2112 2312 2178 234 224 2314 2238 2234 40,700 Evans Products Co
5
9 Jan 3 2714 Apr 27
3
4 10
44 418 *378 418
34 4
412
70 Exchange Buffet Corp___No par
*4
312 115*
3 July 27 1012 Apr 2
3
138 214
112 112 .114
134
134
134 1,390 Fairbanks Co
25
1 Sept 1
24 Apr 17
1
78
238
712 812
712 838
74 74
814 814 1,380
Preferred
334 Sept18 1212 Apr 14
100
34
1
814
1512 1534 1414 1518 1518 1512 1512 1534 2,400 Fairbanks Morse .1. Co___No par
7 Jan 6 18 Feb 19
478
212 1114
6134 6134 61
6114 *6134 62
6112 62
Preferred
200
100 30 Jan 10 05 Dec 7
4212
25
10
54 6
614 7
653 638 2,800 Federal Light & Tree
7
714
15
4 July 27 1114 Apr 3
4
434 144
50
5012 .50
5012 *5012 52
*5012 52
Preferred
20
No par 3418 Jan 12 62 Mar 13
33
33
5912
58
58
*55
*55
65
65 .55
65
200 Federal Min & Smelt Co ____100 52 Oct 11 107 Feb 14
103
15
52
.65
80 .65
76
74
74
*68
Preferred
76
100
100 62 Oct 6 98 July 12
74
50
18
514 538 •412 5
514
514
5
900 Federal Motor Truck____No par
5
272July 25
83
4
Jan
30
1134
27
3
4
8
312 312
338 338
318 34
314 314
500 Federal Screw Works____No par
2 Jan 13
53
,Feb 23
1
34
44
118 .1
118
14 *1
14 .1
118
400 Federal Water Serv A____No par
1 Nov 20
4 Feb 6
138
1
634
2214 2212 .2138 2214 2214 2234 2238 224 1,100 Federated Dept Stores___No par 20 Aug 7 31 Mar 6
712
30
1814
344 3512 3414 344 3412 3434 3312 344 4,000 Fidel Phen Fire Ins N Y
2.50 2334 Jan 5 3512 Dec 11
2014
1014 36
____ ____ ____ ____ ____ ______ Fifth Ave Bus Sec Corp.__No par
7 Feb 15 11 Jan 3
614
5
94
.234 24
.234 24
*2312 24
*2312 24 .2312 24 .234 24
Filene's(Wm)Sons Co___No par 23 July 25 30 June 21
9
30
21
.105 10512 *105 10512 10512 10512 10512 10512 *105 10512 10512 10512
130
654% preferred
100 87 Jan 10 108 Aug 9 285
95
81
1718 1718 17
1714
1612 1714 164 16 . 164 1634 1618 1614 3,100 Firestone Tire st Rubber
10 1318 Oct 26 254 Feb 19
1318
918 3112
8714 8714 8634 864 8678 87
88
88
8818 8914 89
9018 2,300
Preferred series A
100 71 Jan 9 9018 Dec 14
75
42
6718
62
6134 6212 62
62
6212 61
6214 x58
6012 5712 5812 6,300 First National Stores.,.._No par 5414 Jan 5 69'o July16
7034
43
474
25
25
25
25 .2412 25
2434 25
*2412 2534 *2412 2534
700 Florsheim Shoe class A_ __No par
15 Jan 4 25 Apr 11
18
124
712
34 338
314 314
34 334 *34 312 *34 312
700 :Follansbee Bros
34 312
No par
2 July 26 1738 Feb 21
212 19
2
.20
2078 *2014 204 2014 2014 194 194 *1934 20
•1934 2014
200 Food Machinery Corp
No par
1013 Jan 9 2112 Dec 4
1012
612
16
*1412 1.5
1434 1434 144 1512 14
145* 14
1438 1418 1418 3,600 Foster-Wheeler
No par
812July 27 22 Feb 16
412 23
812
*6518 70
*654 70 .654 70
*6518 70 .654 70 .6578 70
Preferred
No par 55 July 23 80 Mar 16
71
3212
4414
9
9
9
9
834 834
812 812
84 812 .84 83s
700 Foundation Co
No par
814 July 26 174 Jan 30
2
234
614
2512 2512 2512 2512 2514 2514 2434 25
2414 244 2438 2412
1,500 Fourth Nat Invest w w
1 1712July 26 271z Feb 5
1338 26,4
164
1338 1334 1312 1338 1318 1414
1318 1314 13
1312 1314 134 6,300 Fox Film class A
No par
814July
20 1712 Feb 26
19
12
814
40
40
41
41
41
41
39
40
394 39
39
39
230 Fkin Simon de Co Inc 7% pf__100 20 Aug 16 63 Feb 7
50
12
20
27
2714 26
2634 23
26
2312 2438 24
2412 24
2414 7,100 Freeport Texas Co
10 2112Sept 20 5032 Feb 19
1618 494
214
*11818 ____ .11818 ____ .11818 __-_ *11818 -_-- .11818 ____ *11818 ____ ______
Preferred
100 11312Sept 21 16018 Jan 31 11312
97
160,8
.18
21
.194 21
19
19
.1634 19
*1634 19 .1712 1734
10 Fuller (G A) prior pref_No liar
14 July 28 3312 Apr 26
1212
9
31
.812 1012
9
9
*8
914 *8
914 94 *8
94
30
$6 2d pref
914
No par
5 July 26 1938 Apr 28
4
23
5
.138
14 *138
138
134
138 *Vs 134
138
138
138
300 Gabriel Co (The) ci A
138
No par
14July 25
438 Mar 12
118
514
1
10
10
10
10
812 812 .8
94
818 818
200 Gamewell Co (The)
834 834
818 Dec 13 20 Feb 19
No par
207
612
8
812
738 738 *718 74
718 74
718 714
74 715
738 74 1,600 Gen Amer Investors
No par
538Jul3r 27 1112 Feb 6
238 12
538
.8238 85
*8238 844 .8238 844 .80
824 8238 .75
84
100
Preferred
84
No par 73 Aug 25 87 Mar 13
42
6412
85
3714 3712 37
3718 3678 3778 3678 374 3634 374 37
3714 4.400 Gen Amer Trans Corp
5 30 Aug 9 434 Feb 19
254
134 43,4
.1612 17
1638 1634 1614 1638 16
164
1512 1512 2,400 General Asphalt
1538 16
10 12 July 28 2312 Apr 24
12
438 27
7l
71*
75* 74
738
Vs
74 713
5
7 4 734
612 Oct 27 1438 Feb 6
712 758 6,800 General Baking
1012 2078
812
'105 106 .105 106 *10412 105 .10412 105
105 105
105 106
$8 preferred
30
No par 100 May 8 10812 Feb 7 100
9934 10814
6
6
6
6
534 6
54 6
6
6
6
6
2,000 General Bronze
6
5 Sent 18 1018 Mar 0
24 1012
5
3
3
3
3
3
3
3
234 3
3
.212 278 2,000 General Cable
No par
214July 28
64 Feb 1
214
14 11,2
.538 614 *534 64 *54 618 *534 6
512 512 *434 538
Class A
100
No par
414July 27 12 Feb 1
24 23
414
.22
2638 .24
2638 •1914 2512 *1914 24 .20
24 .2012 24
7% cum preferred
100 144 Jan 9 33 Apr 20
14
612 46
5574 58
•574 58
5714 574 57
5612 5634 5614 5614 1,000 General Cigar Inc
57
No par 27 Jan 2 58 Dec 6
2414 4838
2414
'11614 11912 11912 11912 11912 120
120 120 .121 125
121 125
90
7% preferred
100 97 Jan 8 120 Oct 6
112
90
90
20
2014
1978 2014 1912 204 1914 194 1913 1934 1914 194 48,465 General Electric
No par
164July 26 2514 Feb 5
1618
1012 30,4
1212 1258 1212 1212 1212 1238 1238 1234 1238 124 1238 1238 5,600
Special
10 1138 Jan 2 1234 Feb 26
1118
107
8
12,4
3434 35
3112 3478 3414 35
3378 3112 334 3438 344 3412 8,800 General Foods
No par 28 July 28 364 Jan 30
28
21
394
38
38
,2
38
38
38
•4
38
4
12
12 2,100 Gen'l Gas dr Elea A
5*
No par
4 Nov 16
134 Feb 6
12
278
38
•10
1312 *1212 1312 *12
1312 *12
1312 .1212 1311 *1238 1312
Cony pre series A__No par
814 Jan 2 19 Mar 13
514
318
1612
.10
16
.1334 16
*1334 16
1334 1334 .13
16
*1312 16
10
$7 pref class A
No par
11 July 25 21 Mar 13
63
4
63
4
1812
•11
*144 16
16
*1214 16
*12
*1414 16
16
•1434 16
$8 pref claw A
No par 13 Aug 8 22 Mar 12
5
712
20
Gen Ital Edison Elea Corp
50 Jan 24 624 Oct 29
3914
2414 5534
6112 6134 6112 614 6034 6114 60
6038 594 60
59
2,400 General Mills
59
No par 51 Sept 20 8412 Jan 15
51
3512 71
.11612 118
11718 11718 *11634 118
11634 11634 .115 118 .11512 118
Preferred
200
100 103 Feb 27 11718 Dec 10 10012
924 10612
3238 324 3214 3238 304 3238 314 314 3078 3178 304 314 88.600 General Motors Corp
10 2438Ju1y 28 42 Feb 5
2212
10
3534
.10714 1074 10734 10734 108 10814 10814 1081 1 108 10814 10834 109
1,600
$5 preferred
No par 8934 Jan 6 109 Dec 14
84
6512 95
.9
94
918 914
94 94
93*
9
912 95*
800 Gen Outdoor Adv A
912 ' 012
No par
84 Jan 5 21 Apr 14
54 24
814
34 338 *34 334
34 34
338 34
338 338
Common
34 338 1,200
314 Nov 1
No par
638 Apr 20
212 1018
34
.204 2134 2034 22
204 2114 .2018 21
2112 2112 22
.21
280 General Printing ink
No par 1012 Jan 3 2513 Apr 23
1012
314
17
*91
9434 9012 90,2 *91
9434 •91
9212 .91
10
92
38 preferred
*91
9212
No par 7312 Mar 10 94 Nov 30
82
31
6114
*218 238
214 214 *24 238
214 214 •2
24
218 218 1,100 Gen Public Service
No par
2 Nov 2
538 Feb 7
2
2
84
.28
2834 *2712 2812 2712 2712 2734 274 .26
27
*26
2634
200 Gen Railway Signal
2313
No par
July 27 4534 Mar 3
2312
13,4 4912
55912 92
"5912 92
*5912 92
*5912 92
*5912 90 .5912 90
Preferred
100 90 May 2 10112 Feb 2
90
8934 93
114
114 .138
112
112 *138
138
112
138 138
114
1,200 Gen Realty st Utilities
114
1
1 July 26
38
338 Jan 30
438
1
14
14
.1418 15
144 14-34 15
15
1518 1518 154 154 2,600
$6 preferred
No par
10 Sept 14 264 Jan 30
10
512 22,
4
*1714 1712 *1712, 1712 1714 174 1634 1738 1612 1612 1718 1738 1,100 General Refractories
No par
1018 Jan 3 2338 Feb 23
812
212 19,
4
1578 164 1534 16
1512 16
1638 7,000
1512 1512 1538 16
16
Voting trust certifs
No par
10 July 28 1912 Feb 21
18
714
714
.25
2912 25
2912 *25
25
•2014 26
*22
26
.22
26
20 Gen Steel Castings pref No par
1758 Oct 3 4813 Mar 15
1738
938 384
1338 1378 1338 1334 1314 1334 134 1312 1314 1338 1338 1378 6,400 Gillette Safety Razor.
No par
812 Jan 6 1478 Nov 15
738
74 205*
714 7134 7112 7134 714 714 70
714 7112 7178 2,800
704 71
Cony preferred
No par 47 Jan 11 7178 Dec 14
4512
454 75
*378 4
4
378 414
4
34 418
414
4
418 438 5,700 Gimble Brothers
No par
238July 27
34
758
64
Feb
5
258
234 *2213 2338 234 2412 2412 254 2578 29
*22
274 29
3,000
Preferred
100 1614 Jan 8 30 Feb 5
1312
54 33
2712 2734 274 274 2638 273j 264 2634 X2614 264 2618 2638 9.500 Glidden Co (The)
NO par 1538 Jan 4 2838 Apr 26
34
20
12
10714 10714 107 107
10612 10612 *10614 110 .10412 107 *10412 10612
80
Prior preferred
100 83 Jan 19 10712 Dec 7
8038
48
9112
412 438
414
412 44
4Ig
412
418
453414
4
418 4,300 Gebel (Adolf)
5
334Ju1y 26
912 Feb 27
334
3
16
18
184 1814
1712 18
18
1738 174 1738 1734 1712 1738 5,800 Gold Dust Corp v t o
No par 16 Oct 26 23 Apr 23
12
16
274
'113 11412.113 118 *112 118 *114 118 *114 118 *114 118
$6 cony preferred
No par 9612 Jan 6 120 Sept 4
9612
9612 105
1034 1118 11
1113 1012 1114
104 11
1034 11
1038 1034 6,200 Goodrich Co(B F)
No par
8 July 28 18 Feb 19
3
2112
8
4812 49
4912 52
494 50
51
513.1 52
52
53
52
2,700
Preferred
100 3512July 26 624 Apr 21
2612
9
63
2438 25
2438 2514 234 2518 2358 241s 2334 2414 2312 24
23,300 Goodyear Tire 4* Rubb___No par 1812 Aug 6 414 Feb
19
4753
1812
914
814 8112 824 8212 .8338 85
84
85
8512 8534
86
85
1,300
lat preferred
No par 64 Aug 8 8614 Feb 19
2734 8014
55
512 • 553 538 5,800 Gotham Sills Hose
5
5
47g
44 44
44 44
54
5
No par
34July 28 114 Feb 5
378
612 1712
444 3812 40
42
41
42
41
42
42
44
48
47
Preferred
540
100 3812 Dec 10 7112 Apr 26
41
73
4912
24
218
2
2
214
2
214
218
2
218
218 6,900 Graham-Paige Motors
2
1
112July 26
412 Feb 1
54
14
618 7
1
634
718
7
714
638 678
612 64
8,700 Granby Cons M Sm elr Pr....100
634 7
4 Nov 10 1338 Feb 16
378 1538
4
.5
518 5478 5
434 478
434 44
43
4
54
Grand
3,900
434 478
Union Co tr ctfs
1
4 Jan 8
83
4
Jan
31
33
33
8
8
10
,
8
3014 3014 .294 30
30
30 .2912 30
*2918 294 2918 31
210
Cony pref series
No par 23 Jan 6 40 Apr 24
20
20
363*
.23
23 .23
2434 23
2434 .23
244 *23
2434 *23
2434
100 Granite City Steel
No par 21 Oct 28 31 18 Apr 25
114
207
8
304
.3378 344 3334 34
23314 31
334 3312 33
3312 34
3414 2,400 Grant (W T)
No par 28 Sept 17 4038 Feb 19
1534 3612
25
114 1138 1178 12
1134 12
1138 1134 1138 114 1134 1178 3.900 Gt Nor Iron Ore Prop__No par
812July 27 154 Feb 19
734
5,8 164
1638 1638 164 1631 164 1738 164 1634 1838 1738 164 1714 35,000 Great Northern pref
100 1214 July28 324 Feb 5
1214
438 3334
2914 2914 2914 2912 2878 2938 284 294 x284 2812 284 2838 4,200 Great Western Sugar-No par 25 May 14
6.78 414
3514July 9
25
11712 ____ 11712 11712 .11814 11934 .11814 11934 .11814 1194 *11814 11934
Preferred
10
100 102 Jan 2 11712 Dec 10
7212 110
99
34
35
35
50
•35
31
*32
50 •32
50 .32
Greene
Cananea
50
40
Copper
100
18 Jan 10 59 Apr 24
838 3014
18
•138
112
114
114
114
138 *14
11.1 •11
112
114
400 Guantanamo Sugar
153
No par
4 Jan 2
14
412
34 Feb 8
,8
.1312 194 .134 1934 *1312 1934 *1312 1934
17
1934 17
.17
Preferred
10
100
714 Jan 10 31 Feb 0
714
5
3712
5
*64 612
612 64 *614 634 *64 634
100 Gulf Mobile & Northern
5512 7
512 7
100
5 July 25 1614 Feb 20
1113
14
4
*14
17
•15
17
16
•15
.14
17 .14
16 .14
16
Preferred
100 12 July 28 3534 Feb 21
212 2312
12
*21 . 27
28
.21
nt 251 .21 27 .21 27 .21 27
Gulf States Steel
No par 1514July 28 42 Mar 13
1514
634 38
66
56
*54
57
56
57
*52
62
*56
62 .561z 58
Preferred
100
100
47 Jan 8 83 Apr 20
1614 64
254
.2114 24
*23
24
24
*23
24
24
.23
24
*23
24
100 Hackensack Water
26 204 Jan 9 264July 6
254
15
194
2913 ns
2912 2912 .28
.2912. 31
2912 *28 2913 .28 2912
7% preferred clam A
10
25 27 Jan 4 31 Nov 2
284
25
28
638 7
612 634
GIg 612
64 612
614 658
638 7
32,100 Hahn Dept Stores
No par
311July 26
84 Feb 15
14
312
953
594 59
56
56
631
53
5814 61
5812 6012 61
63
10,600
Preferred
100 2514 Jan 9 6312 Dec 11
384
18
9
638 718
738 731
714 71.
712 74
712 818
714 712 7,100 Hall Printing
312 Jan 8
10
34 1012
934 Feb 14
338
*914 934 *9
934 *9
94 .9
934 57
934 .
034
7
Hamilton Watch Co
par
No
34
Jan 28 1178 Apr 20
34
212
9
558
•58
*5612 63
63
*5912 63
*5812 63
6278 .56
6278
Preferred
100 25 Jan 15 63 Dec 1
15
35
20
994 9914 9834 9914 9834 984 99
9912 100 100
100 100
250 Hanna (3.1 A) Co $7 pt___No par 84 Jan 8 1014 July 21
4512 85
77
.1634 1712 .1634 1712 1634 1634 1612 1612 1612 164 1612 1634
800 Harbison-Walk Refrae___No par
13 July 28 2434 Feb 21
12
618 2514
.92
*92
97
97
97 .92
•92
97 .93
97
94
95
30
Preferred
100 87 Jan 10 100 Jan 26
95
48
82
6
612
64 714
74 74
653 7
74 738
718 74 8,000 Fiat Corp of America cl A____1
112July 26
4
14 Deo 11
712
112
79
90
7912 82
92
89
82
9012 87
88
90
90
330
654% preferred
100 194 Jan 4 92 Dec 11
518 30
1412
"8
12
38
:18
38
38
"8
'2
12
*38
12
900 Havana Electric Ry Co __No par
12
33 Dec 10
32
234
112 Jan 23
33
3
5312 512
3
312
3
3
3
*212 3
3
150
3
Preferred
100
3 Jan 2
812 Apr 19
14
3
84
• 1181 and a.iked prices, no sales on this day




I Companies reported in receivership. a Optional sale.

c Cash sale. x Ex-dividend.

p Ex-rights.

1

3773

New York Stock Record-Continued-Page 5
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 8

Monday
Dec. 10

Tuesday
Dec. 11

Wednesday
Dec. 12

Thursday
Dec. 13

Friday
Dec. 14

Sales
for
the
lVeek

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1
On Basis of 100-share Lots
Lowest

Highest

July1
1933 to Range for
Nov.30 Year 1933
1934
High
Low Low

$ per share 5 Per oh $ per share
Par $ per share
312
24
$ per share $ Per share S per share $ per share 5 per share $ per share Shares
1
4 Feb 15
1
6/
14 Jan 2
2
310 312 1,900 Hayes Body Corp
35s 358
312 33s
334 334
9712
378 414 .378 41s
85
65
4 Apr 23
1
96/
11
Sept
74
25
4 1,300 Hazel-Atlas Glass Co
/
851
.8512 8612 85
87
8712 87
8614 8614 8614 8634 87
105
6912
94
25 101 Jan 9 145 Nov 28
Helme (0 W)
.125 135 *123 135 *125 13518 .125 135 .125 135 .12678 14118
13218
11814
100 12312 Mar 17 153 Dec 14 120
10
153 153
Preferred
.. .150 _ __ .13612 _ .137 153
_.
.150
.150
17
3
54
514July 10 12114Mar 15
No par
Motors
Hercules
200
10
.917
10
*912
if
.0
fo
*912
lb
*9
0
1
10
15
4
1
68/
40
July 17
813,
4
Jan
59
par
No
Powder
Hercules
3,500
73
7112
7312
7312
8
3
75
75
76
75
76
7512 75
75
85
10418
5
Dec
4
1253
4
JIM
11018
111
100
90
$7 cum preferred
124 124 .124 12612 .12418 12612
.12312 12473 124 124 .124 125
3518 72
44
No par 4812 Jan 15 7312 Nov 26
Chocolate
400
Hershey
7212
.71
7212
.71
72
.70
7218
72
4
713
4
713
*7014 72
6434 90
8112
No par 93 Feb 16 10312 Dec 13
Cony preferred
700
4
1
4 104/
1
4 10318 10318 10312 •103/
1
102/
.10218 10278 10212 10212 103 103
4
312 1012
434 Aug 8 1014 Apr 23
No par
4 914 9,700 Holland Furnace
/
81
838 914
734 8
4
1
758 7/
778 8
8
8
4
/
51
214 1012
2 13 June 21
Jan
4
53
5
(A)
Sons
&
Hollander
600
912
912
4
1
4 9/
1
9/
934 934
10
978 978
10
*934 10
145
373
200
19
July
x43018
4
Jan
310
100
300 Homestake Mining
388 390 .375 395
390 390 *380 390 *385 390
.382 390
418 15
712
5
Dec
8
323
11 Jan 8
3112 3114 3112 3112 3134 5,700 Houdallle-Hershey CIA __No par
3134 3114 3214 31
3112 3134 31
1
212
4
1
6/
5
Dec
818
28
July
4
1
/
2
par
No
B
Class
18,000
738
714
718 712
718 74
734
7
4
1
714 7/
710 738
5114
43
43
1,000 Household Finance part pf_-_50 43 Feb 5 54 Mar 12
4934 4934 4934 4934 4958 4958
50
4 50
/
50 - 5133 4914 .501
814 38
1212
2July 26 2934 Feb 5
121
etts-100
tern
Tex
of
011
Houston
600
.15
16
16
1514
.1514
4
153
1612
1612
1714
•1614 17 .1614
4
1
7/
4
/
11
212
538 Apr 6
212July 27
25
Voting trust ctfs new
1,200
3
3
238 234
•234 3
.234 3
3
3
4
/
31
3
4
/
20
512 381
5 3512 Jan 3 5714June 28
8,000 HOV415 Sound v t o
51
5112 50
5012 50
4 4912 511 1 50
1
5112 5214 5112 52/
613 19
442
7
Feb
4
/
121
24
412N0v
100
Manhattan
&
Hudson
800
5
5
5
512
5
*434 5
5
4 *514 512
1
.514 5/
9
1818
24
Jan
5118
,
2614
24
Nov
9
Preferred
100
*912 12
*912 12
1112 0958 12
*9
4 •1012 12
/
*1012 141
1638
3
618
618Ju1y 23 2414 Feb 5
No par
21,700 Hudson Motor Car
1012 11
4 1118 1038 1114
1
10/
1038 12
4 12
/
1153 1214 111
734 ,
4
/
11
4
/
11
714 Jan 30
4 July 23
/
11
10
234 234
234 278 6,700 Hupp Motor Car Corn
4 3
1
2/
3
4 3
1
2/
318
4
1
3/
3
812 5034
4
1
13/
4 Feb 5
1
100 1358July 26 38/
1714 7,900 Illinois Central
1634 1738 17
4 1778 1634 1714
1
1714 1714 1738 1712 16/
4
/
601
22
16
26
Apr
100 22 Nov 22 50
6% mei series A
500
.2334 25
24
2512 2512 2412 2514 *2312 2534 24
*2514 27
60
31
4618
100 4834 Jan 5 66 May 2
Leased lines
40
*5512 59 *__ 5812 .5512 59
60 .5512 59
60 .56
59
34
4
1
/
4
712
6
Feb
2414
19
712Sept
RR Sec etre series A____1000
*912 11
*912 11
*912 11
*912 11
*954 11
.934 11
238
412
11s
434 Apr 5
212 Dec 11
10
100 Indian Refining
4 .238 258 .212 234
1
212 212 *210 2/
.212 231 *212 234
1938
No par 193s July 26 3012 Dec 13
2834 3012 2912 3012 31,600 Industrial Rayon
4 273-1 2914
/
4 2814 2812 2758 281
1
4 28/
1
27/
-1-9-18 VI
45
No par 4912 Oct 26 7334 Feb 3
63
*6314 6612 *6312 6512 1,200 Ingersoll Rand
6412 6212 6312 63
64
4 66
1
65/
106
105
100 105 July 16 11634 Apr 20 105
Preferred
__
_ •10814 __
__ •10814
__ *106
.108
*107_ "107
12
4578
26
No par 3414 Sept 14 4934 Feb 21
44 -475/
4 4512 -453- 4-,400 Inland Steel
1
4 -443-4 4312 -4-4
1
44 -4-43-4 4434 /4-4 43/
4
1
912
2/
2
4 Feb 5
1
6/
258 Nov 20
20
Copper
Inspiration
Cons
800
28
4
.23
4
1
/
2
4
1
/
4
2
4
1
/
2
.23
314
8
3
27
314
34
*3
2
114
4
1
3/
Nov 26
8
43
2
Jan
218
1
Inc
414
Ctfs
Insuranshares
700
414
414
414
4 438 *418 414
/
414 411 *41
.414 438
4 1334
/
41
512
512July 26 1612 Dec 7
1612 11,500 fInterboro RapidTran v t c __100
16
16
15
1534 1438 1512 *1434 1514
15
1534 16
4
/
101
5
5
1212 Nov 21
612May 11
No par
Certificates
2
7
15/1
7 Apr 18
2 Aug 6
220 Internet Rys of Cent Amer_100
514
4 *434
1
5/
*434
512 *4
538 "434 612
*4
434 5
4
3
1%
638 Apr 19
212Sept 20
No par
Certificates
5
4
*33
.5
4
*33
5
4
.33
5
4
*33
5
*334
334 5
.
414 20
4
/
61
758 Jan 15 2234 Apr 17
100
Preferred
50
1534 1534 "1458 1512
4 1534
1
1518 1518
1534 1534 .13/
16
16
2
412
58
578May 4
218 Dec 13
No par
800 Intercont'l Rubber
214
214
218 238
212 210 *238 234
.212 234 *212 234
12
218
4
14 1114 Feb 19
Sept
4
par
No
Iron
Interlake
1.200
4
3
5
534
534
512
512 578' 0518 534
4 53i '534 6
1
3/
4
1
5/
s
7
5
Feb
112
618
8
Jan
2
par
No
414 3,100 Internet Agricul
*4
414
4
418 418
418
4
418 414
414
*4
2712
5
10
4 Feb 3
/
100 15 Jan 8 371
Prior preferred
300
31
02912 32
*2912 3112 30
3212 31
31
32
"30
031
Dec 11 12534
4
753
4
1
/
153
164
2
June
131
par
Machines___No
Business
Int
1,400
4 16134 *16012 162
1
160/
16178 162
16014 16014 161 162
160 164
4
4 1078
1
2/
412July 26 1218 Feb 21
1
51* 614 2,400 Internet Carriers Ltd
638
614 612
614 614
AN
638 612 *614 638
40
618
8
183
5
Feb
4
373
18
2814 2812 5,100 International Cement____No par 18388e56
2712 28
28
2612 294 27
4 x2834 29
1
2858 28/
4 46
1
13/
2314
No par 2314July 26 4678 Feb 5
3838 3712 3818 13,900 Internet Harvester
3934 3658 3758 37
3812 3918 3834 3912 37
11918
80
100 110 Aug 31 137 Dec 6 110
Preferred
500
4 136 136
/
4 •1313 13612 •136 1361
/
135 137 *136 1371
•135 13758.
4
1
2/
4 Feb 7
/
91
212 1378
212 Dec 12
25
A
cl
Sys
Hydro-El
Int
5,000
8
25
212
8
25
212
8
23
212
258
258
4 278
1
2/
4
1
234 2/
214
678
14
24
Jan
6
27
214July
par
hiarine___No
Mercantile
Int
21. 212 1,000
212 212 .238 212
212 212
212 212
212 212
1434
634 2314
48,100 lot Nickel of Canada____No par 21 Jan 4 2914 Apr 27 101
2234 2318 225; 23
4 22/
1
2312 2334 2338 23/
4 2334 2234 23
1
115
72
11534 Jan 13 130 June 26
100
Preferred
600
127
*12512
12718
127 127
12612 12612 12612 12612 *125
*12612 128
212 2134
814
100 10 July 27 25 Apr 29
Internet Paper 7% prof
---- ---2
12 10
612 Apr 20
---- - - -- ---- - --- ---- ---- ---- ---- ---- ---2 July 23
No par
218 2,100 Inter Pap & Pow el A
2
218
21a
214
238 238
2
212 212
624
14
2212 278
Apr 21
118
312
14
Dec
8
7
par
No
B
Class
8
7
1,000
112
1
.118
124 *1
112 *118
13, *1
12
•1
4
14
8
7
23
Apr
4
23
11
Dec
4
3
par
No
Class C
3.800
1
•78
8
7
1
54
8
7
4
/
221
1
8
7
1
2
8
7
8
7
8
67
34
4 Apr 23
1
812July 26 24/
100
Preferred
1018 3,900
1112 1014 1114 *1014 1078 1014 1038 10
11
108 11
14
9
4
1
/
3
4
Dec
2512
13
Jan
9
par
N0
Corp....
Ink
Printing
1,400 lot
23
23
23
223
23
24
2312 23
24
2334 2334 23
71
65
8
35
Dec
98
100 66 Jan 2
Preferred
30
.99 100 .99 100
*9512 100
*9818 100 .9814 100
98
98
20
1334 2734
No par 21 Jan 3 32 June 19
600 International Salt
30
30
*2912 301 1 2912 2912 *2911 3014 22912 2912 3018 3014
4
/
2438 561
38
No par 38 Sept 19 503s Jan 26
500 International Shoe
4 4312
/
4312 54312 4312 *431
44
44
.4312, 4334 4312 4312 .43
934 5912
19
27 4534 Feb 15
July
19
100
Silver
International
300
27
"25
27
.2312
4
/
261
•24
4 27
/
*2512 2614 2634 2634 261
40
2412
9
Apr
4
/
711
8412
4
Jan
59
100
preferred
77
40
7312 731z
74
.71
74
•71
74
.71
74
.71
74
71
712
518 2154
4July 26 175* Feb 6
1
7/
No par
858 878 22,800 Inter Telep & Teleg
858 834
4
/
812 81
4
1
834 9
-838 8/
918
0
4
/
11
4
1
2/
878
313 Jan 4 1638 Apr 20
2,500 Interstate Dept Stores,.._No par
4 13
1
4 12/
/
4 131
1
12/
1338 1278 13
1312 1378 1312 1378 13
4038
12
1614
30
8112Nov
4
Jan
8
215
100
Preferred
8 82
*70,
8218 *7038 83 '7058 82
*7212 83 .72
83
•71.
178 1114
4
558 Jan 3 10 Feb 8
par
No
Corp
Intertype
100
*
8
73
*612
714
714
.612 715
.610 8
*612 8
32
11
208*
4 Jan 29 3538 Dec 13
1
1 24/
4 1,900 Island Creek Coal
1
33
32
3414 3518 3434 3538 3438 34/
32
32
32
32
90
85
85
90 Jan 31 110 Aug 7
1
Preferred
50
108 108 510612 110
106 106 0106 108 .106 108 *10612 108
45
23
26
1
No par 33 Jan I 5713 Dec
300 Jewel Tea Inc
*5478 56
*5412 56
56
4 5612 .55
1
5612 55/
5612 *55
55
.
1214 6312
3613
4 Jan 30
1
No par 39 Aug 6 66/
5112 18,600 Johne-Manville
5012 5212 51
53
5218 5318 52
5034 5334 5118 52
10618
42
87
6
Dec
121
4
100 101 Jan
Preferred
0119 125 .120 122 .119 122 .119 122 .119 122 .119 122
115
115
Joliet & Chia RR Co 7% gtd_100 135 Feb 14 140 Oct 11 115
.130 175 .130 175 *130 175 .130 175 .130 175 .130 175
91
35
45
100 45 Aug 1 77 Jan 23
600 Jones At Laugh Steel pref
55
554 55
5812 5918 57!.. 58
55
4 5414 5514 54
1
57/
110
98
9779
9778 Jan 3 11412 Dec 14
40 Kansas City P & L pf ser BNo pa
114 114/
.11412 _
.11414 _
_ __ .114
_
4
1
•114
- •114
4
1
/
4
1
/
6
613
21
Apr
4
193
26
4July
1
/
6
100
Southern
City
78
814 2,000 Kansas
8
712 -758
4 -8
1
814
4 _-1
*7/
734 -i3-4 .712
7/
4
14
1114 212
100 1114 Aug 7 2713 Apr 21
Preferred
600
13
4 131
1
4 1278 1314 *1018 1310 1312 1312 13
/
1312 1313 .12/
938
4
1
2/
514
Apr 13
8
103
26
July
6
$12.__50
Stores
Dept
Kaufmann
800
4
*812 83
818 814
8
814 814
818
818814 814 "8
1912
4
1
/
12
6
20
Apr
1813
4
Jan
8
137
5
400 Kayser (J) & Co
4
1
17
1638 16/
17
1614 1614 .1618 17
*1618 1634 *1618 17
26
8
15
Keith-Albee-Orpheutn prer_100 20 Jan 19 3712 Aug 2
33
.28
33
*28
33 .28
33
33
.28
33 .28
.28
618
4
1
/
11/4
412 Mar 12
14July 28
6
112 3,600 Kelly-Springfield Tire
112
158
112
/58
158
158
134
158
158
134
4
/
11
3118
6
5
30
Jan
20
26
5 July
No par
400
6% preferred
812 812
812 812
33, .812 812
913 *814
9
*834 912
8
2
213
3 July 28 10 Feb 16
Kelsey Hayes Wheel conv.clA _1
718
718 *614
*512 718 *0
4 718 *638 71,s
/
718 *51
"51*
4
/
61
113
112
712 Feb 16
238Sept 15
1
Class B
300
453 458
434 434 *412 5
438 458
.412 5
.458 5
1558
318
7
4July 26 2114 Mar 14
/
111
No par
4 161/3 1534 1614 9,400 Keivinator Corp
1
15/
1612 16
1614
4 1658 164 1612 16
1
16/
73
30
55
14
Dec
91
18
Jan
8518
par
No
A
ser
pf
pt
Co
91
Kendall
790
91
88
86
•85
87
89
8512 87
87
85
85
738 26
1558
4June 13
/
No par 16 July 28 231
1612 1678 39,500 Kennecott Copper
1658 1714
1738 1778 1718 1712 1718 1738 1658 1714
578 2589
4 Apr 12
/
93,
10 Nov 2 181
No par
100 Kimberly-Clark
01010 1112 *101s 1112 *1018 1112
11
*1018 1112 .1018 1112 11
614
1
214
13
Apr
74
16
Jan
3
par
No
4
0418 412 *413 412 *418 412 *312 412 *312 412
4
100 Kinney Co
4 30
1
4/
12
1313 Jan 6 41 Apr 26
No par
Preferred
60
025
25
28
25
28
25
24
25
'2414 27 '2414 27
4
1
/
16
513
1014
4 Jan 2 2234 Feb 5
1
10 13/
2118 52053 2078 2014 207e 2018 2012 2014 2058 2014 2038 13,800 Kresge (8 8) Co
21
105
88
9914
100 101 Jan 4 x114 Dec Ill
7% preferred
100
114 114
11312 11312 .111 11312 113 11312
113 113 x114 114
8
73
1
2
4
7
Feb
71
212 Jan 6
No pa
100 Kresge Dept Stores
5
4L3s4 5
.4
*334 4/
4
1
4
4
.334 5
*334 434
25
10
12
19 Jan 12 55 Ayr 4
100
Preferred
*4012 45
*4012 45
"4012 45
*4012 45 "4012 45
*4012 45
27
2734
4
/
441
11
Dec
8512
3
Jan
36
No par
200 Kress (8 H) & Co
67
6514 654 '64
67
6512 6512 .64
66
66 .65
.64
4
1
1412 35/
19
No par 2314 Jan 8 3353 Apr 23
4 2878 7,200 Kroger Groc & Bak
1
4 294 28/
1
4 2918 2878 2938 28/
1
2834 2914 2834 2914 28/
80
30
20
20
10 Laclede Gas Lt Co St Louis ,.100 20 July 26 6313 Feb13
20
21
.20
22
22 .20
*20
22
"20
21
.20
61
3712
30
9
Feb
60
100 30 Aug 30
5% preferred
*2513 34
.2512 34
.2512 34
321 .25
34
•25
*2412 34
1938 4118
4
1
19/
4 Feb 5
/
No par 2214 Jan 4 311
2914 52814 2834 3,100 Lambert Co (The)
29
2912 2012 2912 29*2 2834 2910 2812 29
1012
3
4
/
41
5 Jan 6 1414 Apr 19
No par
100 Lane Bryant
4 10
1
.8/
.878 10
*et. 97
*812 10
912 91
'912 10
4
/
121
334
518
7 July 26 1412 Apr 26
8
4 11
/
111
1114 3,800 Lee Rubber & Tire
1114 1114 1114 1112 1078 1110 1118 1112 11
4 27
1
5/
9
23
Feb
20
14
May
11
50
1312
Lehigh
300
Cement
1312
4
1312
.123
Portland
4
1
/
13
.13
4 1334 1334
/
4 137 *1334 141
1
13/
78
34
73
26
Apr
100 7368June 22 81
7% preferred
*7734 90
*7734 90
"7858 90 .7858 90
4 90 .7838 90
1
•78/
4
1
912
4 27/
/
81
912July 26 2114 Feb 5
1,900 Lehigh Valley RR
50
1012 1054
1138 1013 1012 1058 1034
11
11
11
4 103
1
10/
4
/
61
1
2
5 Feb 21
212 Jan 8
Vo par
4 6,200 Lehigh Valley Coal
1
278 2/
4 318
1
2/
318 *3
318
3
4
/
31
3
3
3
213 12
4
5 Jan 3 1638July 19
50
1238 *1134 1238 4,000
Preferred
4 1234 .1178 1212 12
/
111
4 13
/
4 121
/
121
12
3713 7938
4
1
/
58
6
Feb
78
26
644July
71
par
71
71
Lehman
No
Corp
1,600
4
703
7112
7014
7112
8
717
7112
(The)
7112
4
/
7134 711
2314
14
1112
5 1112Sept 17 2312 Apr 19
1512 16
.1512 1634
800 Lehn & Fink Prod Co
1614
16
16
1612 1612 16
1634
.16
434 3738
21
4378 Jan 19
2914 27
28
2718 28
4 2712 11,300 Libby Owens Ford Glass__ No par 2213 Nov 1
1
26/
28 . 2912 28
2912 30
2218
8
155
4
/
151
23
Apr
24
8
Jan
1718
5
2214
Life
Corp
2212
22
Savers
2234
2012
2234
3.000
2234 227
2212 23
2234 23
98
49
7112
300 Liggett & Myers Tobacco_ ___25 73 Jan 6 110 Nov 26
104 104 "101 103
.104 106 *10312 10512 102 103 .10134 104
4914 9938
7314
4,500
25 7411 Jan 8 11.114 Nov 26
Series B
10312 10412 10334 10412 10334 104
10534 10612 10514 10512 10212 105
14
121
018
123
3
Dec
15212
900
4 150 150
1
100 129 Jan 13
Preferred
15112 15112 .150 150/
15012 151
•148 152 '147 150
2112
13
1414
400 Lily Tulip Cup Corp__No par
1812 181
1838 1858
16 Jan 15 2612July 18
.1858 19
19
•1859 1914 *1838 1912 19
4
1
31/
10
1514
1514 Sept 12 3614 Feb 5
1.600 IAma Locomot Works__ _No par
203 *10
2034
4 20
1
201, 1938 19/
2112 20
2058 2058 20
4
/
191
1113
634
1938 Feb 6
1112 Oct 16
*163,8 18
No par
800 Link Belt Co
, 18
•1658 17
1712 1712 1712 1734 1658 1712 •165
1618
10,4 50
2853 2718 2814 27/
1618JUly 26 3538 Apr 23
2778 2814 21,000 Liquid Carbonic__ , No par
2738 27
4 281
1
27
4 25
1
24/
812
3612
1912
1
Dec
343
37
4
1
/
34
351
July26
4
3418
3458
8
363
par
354
No
3418
'
72.800
4
/
Loew1
20*
Incorporated3634
1
3611 3638 361
7818
35
66
4 104 104
/
No par 72 Jan 2 105 Nov 30
900
Preferred
10412 10412 10412 10412 10434 10434 *104 lO4Is 10378 1041
414
14
112
112
3 Jan 31
114 Aug 15
112
4
/
11
158 2,100 Loft Incorporated
No vas
112
110
112 112
153
112
4 138
/
11
512
12
1
5
26
Nov
July
3
2
2
2
1
2
1,000
Long Bell Lumber A
No par
2- 2
.178 2
4 2
/
178 .11
4
/
11
4
1
1914 44/
334
4 35
1
2,200 Loose-Wiles Biscuit
25 3314 Oct 29 x4434 Jan 17
4 3538 3434 3538 34/
1
34/
*3412 35
35
35
35
35
120
.
11312
*12312
116
_
13
8
12812July
•1255
1
Jan
4
1
10
/
119
1st
.
7%
100
preferred
8
•I253
_
_
.12512
4
-- 12534 1253
.1253
2514
8
103
4
1
/
14
1958 2018 36,300 Lorillard (P) Co
10 1514 Jan 8 2212 Dec 16
2118 2134 r20% 1634
44 2114 -22
/
2214 2178 221
22 -'
8712 108
9812
590
12812 130
7% preferred
100 102 Jan 26 x130 Dee 13
126 126 .12614 128 z126 130
126 126
12412 126
1
4
338 Apr 4
.78
4
1
/
1
1 Oct 15
1,000 Louisiana 011
1
No par
1
1
1
1
1
1
1
118
*1
312 29
6
70
714 Jan 2 2312 Apr 4
Preferred
100
*912 1012 101: 1012
.912 13
10
10
10
1014 1014 10
4
1
25/
4
1
/
13
13
7
14
Feb
Dec
8
21
125
1234
4
/
121
1,900
par
Louisville
A___No
4
El
123
&
4
Gas
123
1314
13
1312
13
1314
.1312
•1318 14
3412
214 67,2
4 Apr 20
1
100 3734Sept 18 62/
4634
4 46/
1
1.200 Louisville & Nashville
4 46
1
461 2 4613 41114 4614 46/
47
47
.4614 47
2018
4
712
1912 Feb 20
814July 2
1
15
8
Steel
143
2,200
1414
Ludlum
1414
144
14
4
1
/
15
8
143
•16
1512
8
153
1558
4 9512
/
141
50
Cony preferred
No par 60 Oct 10 97 Feb 20
86
83 .81
87 .81
•81
87
*8112 87 .83
87
.83
912 3134
21
10 30 Jan 5 42 Dec 6
300 MacAndrews & Forbes
*3812 40
.3812 40
4012 *3812 40
.39
4 41
1
40/
4 41
1
•40/
96
74
4
1
/
87
13
Oct
Jan
11114
24
60
95
preferred
67,
100
'11014
_-----'11014
Ill
___
4
1
/
11012
'110
_
_.... •111
•111
2018
_-__ ---100 2018 Aug 25 33 May 2
Mackay Cos preferred
_
____ -_-_ -- --__ _
_

r

• 1116 and asked prices. no sales on th13 day.




2 Companies reported in receivership. a Optional sale.

c Cash sale

a Sold 15 days. z Ex-dividend.

y Ex-rights.

New York Stock Record-Continued-Page 6

3774

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 8

Monday
Dec. 10

Tuesday
Dec. 11

Wednesday
Dec. 12

Thursday
Dec. 13

Friday
Dec. 14

Sales
for

the
1Vesk

STOCKS
NEW YORK STOCK

EXCHANGE

Dec. 15 1934

Range Since Jan. 1
On Basis of 100-share Lots
Lowest

Highest

July 1
1933 to
Ncv.30

1934
Low

Range for
Year 1933

---

Low

High
$ per share $ per share $ per share $ per share 3 per share $ per share Shares
Par $ per share
$ per share $ per sh $ per share
2712 2731 2718 2712 2614 2718 2614 2638 x26
2638 2534 2638 4,300 Mack Trucks Inc
No par 22 July 26 4134 Feb 6
22
1312 4638
4518 4512 4512 464 45
4534 45
45
4434 45
44
4412 4,000 Macy (R H) Co Inc
No par 3514Sept 14 624 Jan 30
3514
24,4 65%
.
54 558
54 612
57.3 578
534 618
6
6
3,900 Madison Su Gard v I o_.-No par
6
6,8
252 Jan 2
7 Ap/ 27
212
158
7
*19
1912 •1834 19
1834 1878 .1834 1878 1878 19 .19
1914
400 Magma Copper
10 1512 Jan 17 x2314June 28
1214
538 195
*2
214 .2
218
2
2
.178 2
.178 2
.178 2
100 Mallinson (H R)& Co---No par
4
54
112July 26
414 Apr 24
1
.16
1734 96
1714
16
16
*1412
16
95
163
4
*16
10
7% preferred
1633
47, 1
100
758 Jan 9 3338 Apr 24
4
3
2634
1
478
1
1
78
78
1
.34
1
1
1,600 :Menet' Sugar
53
100
% Dec 11
1
334 Jan 23
14
.414 47
.414 514
414 414
414 4,4 *334 412 *334 5
40
Preferred
100
15 Jan 3
914 Apr 26
1
3
8
98
*4
512 *4
5
.4
478 .4
47
47
.412
4%
48
100 Mandel Bros
97
No
par
July
3
812
26
Jan
3
26
112
*39
4112 39
39
40
40
*334 4012 .3312 40 .35
4012
110 :Manhattan fly 7% guar ___100 20 Jan 3 41 Dec 7
14
28
12
2512 2614 2514 2558 2334 2512 24
2412 2412 26
25
2514 4,500
Mod 5% guar
100 103* July 20 2938 Sept 10
104
20
6
.12
14
1212 1212 1230 1230 12
1214 1258 1230 •13
1314
600 Manhattan Shirt
25
10's
July
27
23
8
Feb
203
1014
512
1
•112 134
112 112 930 24 *13s 2,4 93
100 Maracaibo 011 Explor_No par
24
214 *13
12
332 Feb 17
4
118July 25
130
*47
47
47
5
48 47
5
5
478 5
.48 5
1,500 Marancha Corp
5
418Sept 14
538 Feb 5
418
5%
48
658 631
658 658
614 634
6,4 630 x614 612
5,700 Marine Midland Corp
618 63
512
July
27
5
9
5
Feb
1112
6
5
•12
%
*12
7s
*12
78
Market Street Sty
*12
7
8
300
12
12
12
12
318
la
100
12 Dec 13
238 Mar 17
%
*214 4
.214 4
.214 4
.214 4
.214 4
*214 4
Preferred
100
312July 20
2
814 Apr 24
I
44
438 47
.438 514 *412 .514 . 412 434
412 412 *458 514
Prior preferred
260
100
44 Nov 5 124 Apr 24
312
1%
8
214
•78 214
*78 214
21
.78
21
.78
1
2nd preferred
.7.3
4
*78
4
4
12
34
100
1 Jan 9
44 Apr 24
2212 2212 2312 2312 2312 2312 *2012 2314 .2214 2312
23
23
800 Mariln-Rockwell
No par 17 July 31 32 Jan 25
12
2314
6
*1131 12 .115 1134 114 1112 108 11 14 1034 114 108 11
4,100 Marshall Field & Co
No
par
83*
Aug
9
44
Apr
195
838
183*
11
8
812 838
834 9
84 9
814 812
814 830
812 858 4,000 Martin-Parry Corp
No par
4 July 27 123* Mar 3
214
12
es
2830 2878 2812 2834 2714 2858 2758 2734 2714 2814
2714 28
4,600 Mathieson Alkali Works_No par 2312Sept 15 4034 Jan 24
2312
14
4630
•12014 134
134 134 *130 134 .1131
.130
___
135
Preferred
135
30
100 110 Jan 23 135 June 11 10512 10018 11214
447 4534 45
4512 4412 4512 44344 -4434 4412 -45
4312 44
5,500
May Department Stores
10 30 Jan 2 451 Nov 22
23
514 514
93
33
530 512
512 512
530
514
514 5,4
518 514 5,000 Maytag Co
No par
Ca July 20
834 Feb 21
812
11g
314
28
285
2878 2914 2912 32
31
31% 33
33
3278 3278 3.400
Preferred
No par 10 Jan 2 33 Dec 13
83
1530
318
.29
3130 .2712 3130 2712 2712 .30
3130 3112 32
.3112
80
Preferred ex-warrants_No par
9
Jan
13
Dec
32
8
13
8
11
80
80 .80,t 81
81
82
8212 8212 8212 8212 8312 IA
Prior preferred
100
No par 49 Jan 3 9211 Apr 3
27
58
15
307 3078 30,
8 31
3012 31
3018 3078 3014 3038 3018 3018 2,000 McCall Corp
No par 24 Jan 11 32 Apr 13
22
304
13
7
738
7
712
730 712
712 834
68 712
834 912 58,500 :McCrory Stores classA- No par
34
118 Jan 8
912 Dec 14
as
478
634 634
630 634
612 612
612 67
678 8
818 918 14.700
Class B
par
No
114July
24
918 Dec 14
118
118
0
*45
49
*45
49 .45
4918 4812 49
5012 58
58
6018 4,400
Cony preferred
100
2
Jan
54
6018
Dec
312
14
212
21
*9
912
812 812
84 834
9
0
.8
912 .812 912
300 McGraw-Hill Pub Co___No par
4 Jan 4 1012 Apr 21
4
3
84
4130 4218 41% 414 4130 4158 41
4112 40
4112 4114 42
11,300 McIntyre Porcupine Mines____5 3812 Jan 25 5012June 19
2830
18
48-30
9212 9212 .9112 9214 01
9214 9018 9018 9014 908 x89
9014
1,600 McKeesport Tin Plate___No par 79 July 28 95 Nov 8
6714
4418
9534
8% 9
834 9
814 878
8
812
814 838
814 814 18,500 McKesson de Robbins
414July
26
5
914 Dec 6
312
134 1312
4112 4218 4114 42
3938 4134 3914 4014 3914 4014 3778 3934 8,700
Cony prat series A
50 1172 Jan 2 4234 Dee 6
912
35* 25
1330 14
137 1434
1334 147
14
1518 1612 1614 17% 35,900 :McLellan Stores
1514
1 Jan 6 1718 Dec 14
No par
338
14
34
9212 9212 *90
9312 .90
93
*90
91
913
4
9112
02
914
400
8%
cony
prof
set A
100
912 Jan 2 9212 Deo 8
218 227*
8
, 39
394 *3914 3912 3912 397 *3912 3934
3934 3934 393* 393* 4.500 Melville Shoe
No par 26 Jan 2 40 Dec 6
1712
83
2834
.5
5
54
478 5
5
.434 478
412 412
600 Mengel Co (The)
412 412
312July
1
26
11
Jan 22
312
2
20
.30
3112 30
3012 31
31
.28
32 .2714 32
•2634 30
40
7% preferred
100 24 Sept 28 52 Apr 19
24
57
22
•241
/
4 3018 27
27
2712 27% .27
30
30
*27
*27
30
150 Merch & Min Tranap Co_No par 27 Dec 10 3334June 13
28
-....
-2334 2334 24
2434 2318 2412 23
2334 2312 2412 x2334 244 13.800 Mesta Machine Co
5
x2018
30
Nov
243
Deo
10
x2018
...
.2714 274 2714 2714 .2718 2734 .2634 2714 .2634 273 .2658 2734
100 Metro-Goldwyn Pict preL___27 21 Jan 6 2734 Nov 26
18
1312 -2-234 34
318 34
34 314
34 318
3
3
.3
318
1.800 Miami Copper
3 July 26
5
612 Feb 16
3
130
934
' 1134 12
1130 1134 1112 117
11% 1218 1134 1178 6,000 Mid-Continent Petrol
1130 12
918July
10
26
33
148 Feb 5
94
16
1112 1112 1114 1112 1030 1034 1058 1058 1018 1012 1030 1038 1.700 Midland Steel Prod
612July 26 217s Feb 19
No par
612
3
17%
•60
627 .55
623.1 60
60
5934 61
5712 60
5912 60
290
8% cum let pref
100 44 Oct 2 8514 Apr 21
44
26
72
065
80
634 65
6312 6412 6234 6234 62
6212 62
6214
1,400 Minn-Honeywell Regu-No par 38 Jan 4 65 Dec 10
368
2058
13
44 414
44 418
334 418
37
3% 4
37
44
414 6,600 Minn Moline Pow Impl -_No par
57 Jan 30
1%July 26
534
rs
112
33
3434 33
3334 32
33
3214 3212 .3112 33
337 36
2,700
Preferred
Novae 1512July 26 36 Dec 14
6
15
30
.14
%
*14
38
3
*14
*14
33
%
.
14
:Minneapolis & St Louis__ __100
38
.14
3
14
30
14July
18
Mar
28
214
130
•1
112 *1
112 9
112 .1
112 .1
114 9
Mlnn St Paul & SS Marle_100
114
54 Oct 26
%
35* Feb 6
12
578
•114 2
.114 2
.112 2
*112 2
912 2
.112 2
7% preferred
100
13.4 Jan 8
812
34
54 Apr 20
13
*154 212 *134 2% .134 230 94 238
2
2
978 238
100
4% leased line ctfs
100
112
Nov
23
712
10
Mar
112
212 14,2
618 618
618 638
6
814
6
618
6
612
6
618 5,500 Mo-Kan-Texas RR
par
No
438July
27
43
53
147
8 Feb 5
174
14
1418 144 1430 133 1478 1330 14
13% 1412 1312 14
8,900
Preferred series A
100 1314Sept 17 343* Feb 6
1314
1112 3714
*2
214 .2
214 .2
2
218
2
.134 2
134
134
400 :Missouri Pacific
100
134 Dec 14
6 Feb 5
2
lls
104
314 314 *3
27
34
314
234 2%
27
27
212 278 2,100
agly
preferred
100
Dec
212
14
934 Feb 7
158 1514
3
.1578 1612 1578 1678 15
1512 *1334 1434 .1334 1434 .1378 1434
400 Mohawk Carpet mtnB
20 1212 Jan 4 2238 Apr 21
7
22
11
5612 5712 5612 5734 5612 56% 5514 5612 5412 557
54
55
5,580 Monsanto Chem Co
10 39 May 14 6130 Nov 26
83
39
25
2912 297
2938 2934 2838 2978 2838 2878 2858 2914 2830 2878 44,900 Mont Ward
dc CO Inc_ ___No par 20 Aug 6 3558 Feb 15
1514
*
287
830
61
61
6012 6014 .60
6078 80
60
61
81
60
60
700 Morrel (J) & Co
No par 37 Jan 4 6118 Dec 5
56
3472
25
*3418 68
66
66 .6614 68
*544 68
*544 68
.5418 68
30 Morris & Essex
50 58 Jan 11 71 Apr 18
5514
4012 64
12
12
12
12
58
58
*12
58
12
12
12
900 Mother Lode Coalltion___No par
12
I2July 17
218
4
13* Feb 8
12
•101* 1212 .101s 1212 .1018 1212 .1018 1212 *1018 1212 .10,8
Moto Meter Gauge &Eq
12,2
6 July 27 12 Feb 21
1
134
14
830
2558 2534 2412 2512 2418 2534 233 2412 24
2412 24
2414 3,600 Motor Products Corp__No par
151* July 27 4434 Feb 15
73
154
36$4
930 934
912 9%
9,2 938
014 938 '
914 912
2,100
93
8
Motor Wheel
914
652July 26 1611 Feb 16
5
112 115
614
.9
912
83
9
914 97
918 9,4
9
014
1,300 Mullins Mfg Co
914 914
No par
54 Jan 12 1530 Apr 23
37
112 1034
3334 34
34
34
34
3912 37
3738 37
3814 3614 3812
600
Cony preferred
No par 1218 Jan 12 46 Apr 21
5
10
25
*1512 1638 16
16
1612 1818 *17
18
*1714 1814 .1738 1814
1,400 Muneingwear Inc,
No par 13 Aug 10 2514 Apr 13
10
5
1838
730
714
714 712
64 712
7
67
7
7
630 67 10.600 Murray Corp of Amer
372July 26 1158 Feb 18
10
35
.29
1% 11,2
3212 •30
33
*29
33 .29
32
.30
33 .30
33
Myers
F
&
E Bros
No par
14 July 26 33 Deo 6
12
1312
8
187 1918 1858 19
20
174 187
1738 175
1712 1814
1778 1814 21.200 Nosh Motors Co
No par 1258July 26 3214 Jan 30
Ills 27
1252
•24
27 .24
26
264 26
25
25
25
25
•24
25
60 Nashville Chatt & St Louis __100 195 Nov 22 46 Jan 24
57
57
57
193*
534 57
57
57
6
13
67
512 512
530 530
1.000 National Acme
1
34July 23
830 Feb 23
118
3
754
*734 812 *8
814 834 .814 9
812
812 878
812 858 2,300 National Aviation Corp._ _No par
514Sept 14 1314 Jan 31
54
932 104
.6
612 *615 638 *618 612
6
618 .558 64
6
6
500 :National Hellas Hess pref___100
34 Jan 6 1234 Mar 19
2912 297
314
14
97
293 2934 29
8
2958 2814 29
21814 2914 2738 28
23,600 National Biscult
10 2678 Oct 1 494 Jan 16
314 6058
•14312 145 .14312 145
2578
144 144 94312 144% •14358 1447 14478 145
400
7% cum pref
100 131 Jan 3 14812July 23 12912 118
145
177 184 178 1814 17
184 1678 1758 17
1718
1738 6,200 Nat Cash Register
1730
No par
12 July 20 235 Feb 0
54 2358
12
167 17
1634 17
1612 17
1612 1678 164 1634 1612 1634 13,900 Nat Dairy
Prod
No par 13 Jan 4 1834June 9
1114
1012 25%
.212 234
238 258
23
212
238 212
212 234
234 314 13,900 :Nat DepartmentStores No par
37 Oct 22
1 Jan 9
12
18
212
*22
2312 2312 2312 21% 2134 21
2134 2214 233
2314 2612 2,840
Preferred
100
5 Jan 17 2818 Nov 7
114 10
3
2738 28
2734 2812 2618 2838 2634 2714 2812 2734 2658 2718 66,700
Nati Distil Prod
No par
16 July 26 3123 Feb 1
16
2074 3330
*25
27
26
26
.2518 26
•2512 27 •26
2814 .261 27
100 Nat Enam & Stamping
No par
1612 Jan 5 327 Apr 24
1938
5
10
•167 170
165 169
16612 169 .164 167 •162 169
160 169
400 National Lead
100 135 Feb 10 170 Dec 7 100
4314 140
•14512 147
145 14612 145 145 .143 150 .143 1454 .143 145
100
Preferred
A
Jan
122
100
16 14514 Dec 7 122
101
12814
•12034
-. 12034 121 .12114. 125 .12114 125 .12114 - -_ 12114 12612
30
Preferred B
100 10012 Jan 9 121 Dec 10
75 --7%
75
9934
109,8
714 7%
74 712
74 714
7
-714
74
9,200
74
National
Pow
&
Lt
No
Nov
par
65
19
8
1512
Feb
2012
5
6
7
2
630
.
72 114
*72 118
114
"78
*34
114
*54
114
*54
Nat Rye of Mex let 4% pf_100
114
li
312
1 May 16
12
38
238 Apr 4
*38
12
38
58
38
*38
413*
12
3*
*38
12
200
2d preferred
100
%
138
Jan
is
5
1
Mar
445
7
%
44
4334
4414
4314 4358 43
4414 4414
4378 4312 44
4,600
National
Steel
Corp
3412Sept
25
25
5814 Feb 5
15
5530
1338 13% 9318 1312 1318 134 .12
33
.1214 1234 .12
13
1234
400 National Supply of Del
25 10 July 20 2118 Apr 24
2830
4
114
42
4212 42
4212 .42
4212 4112 42
.4234 4314 .4134 4212
140
Preferred
100 334 Jan 4 60 Apr 23
6014
17
33
•11
1134 1118 102 11
1138 1114 104 x11
11
.1034 11
1,100 National Tea Co
612 27
9 July 26 181 Feb 1
No par
9
•2534 28
25
25
•24
25 .23
2714 .235n 27
26
28
600 Nebular Bros
No
Jan
per
612
1218
4
3014
4
13
Apr
112
.43
4312 4212 4212 *4234 44
4318 434 43
4314 .44
45
400 Newberry Co (J J)
No par 31 July 26 4972 Apr 10
15
_--- -- -110 110 *11018__ *11014
__ •11014
-- *11014 1.... 11014 - -10
7% preferred
100 100 Apr 3 112 Dec 3
•712 19
80
--*712 -19
*74 19
19
•712 _*712 9
.712 1-9
:New Orleans Texas & Mex._100
6 July 26 25 Feb 21
538
-53s -31
734 754
73* 778
712 738 *718 712
74 714
71s 718 1,400 Newport Industries
1
512seot 18 13 Mar 6
13
114
5
214 2112 2130 2158 21
2118 21
21
21
2134 2134 2134
1,800 N Y Air Brake
1112July 26 24% Feb 7
No par
618 2330
1112
217 2214 2112 22
2078 2234 2118 2131 2114 2214 21
217 30.100 New York Central
No par 183 Aug 6 4514 Feb 5
58 12
1838
14
1311 1314 .1212 1334 .1234 13 .1134 1314 9214 1314 .1214 13
100 N Y Chic & St Louts Co
100
9 July 26 26% Apr 24
218 27%
9
2212 2212 .2212 2314 2134 2314 223 2238 2234 2278 2212 23
1,600
Preferred series A
16
100
Sept
434
17
Apr
144
23
3430
25*
•278 358 .278 3% •3
358
35* *3
58 *3
3%
New York Dock
1172
100
234
25*JUI1 31
814 Mar 19 • 258
.818 912
9
9
•84 94 .
714 012 *714 012 *74 912
100
Preferred
22
6
100
July
5
26
20
Mar
5
13
•122 123
122 122 .120 121
121 121 x12012 12012 120 120
60 N Y & Harlem
50 108 Jan 2 139 Feb 1 101
158%
100
•110 160 .110 160 910 160 *118 160 *110 160
110 160
Preferred
125
60 112 Sept 27 120 Sept 1 112
99
*38
12
12
38
38
*38
12
12
%
38
38
38
700 IN Y Investor, Ins
%Sept 16
No par
82
V4
114 Feb 7
32
- - --•
- - -- - • - ---- -.--.• --,, - -- -.-. . - -- --.. NY Lackawanna & Western_100 83
80
7514
7812
7
Feb
96
16
June
ilia -8:58
8T.4 -8-1.
g, 12
75 I
8
754 -84
6:500
N
Y
N
II & Hartford
714 Nov 21 24,1 Feb 5
100
114 317s
714
134 1312 13
1314 1212 1312 124 1234 127 13141 1214 1258 4,400
Cony preferred
56
100 1138 Nov 21 3758 Feb 5
, 18
111
.512 534
534 6
512 512
512 512 *530
53
•518 512
700 N Y Ontario & Western
4I2Jul7 27 1130 Feb 5
424
100
1
412
712 15
*34
I
5.1
78
54
118
1.
*78
1,8
1
700
NY Railways pref
4
313
4
No par
be July 23
18 Jan 16
1458 15 .144 147
1414 1412 1312 1334 1412 14121 14
14
1.300 NY Shipbldg Corp part stk......1
912July 26 2272 Feb 1
918
134 2212
.8312 85 .84
86 .84
86
*84
86
86
86
*8418 86
10
7% preferred
90
100 72 July 26 89% Apr 13
31
6012
8178 8178 8178 8178 847s 8-178 '8238 85
*8112
8412
.83
493
40 N Y Steam $6 pref
8412
493,2 99
5,7o par 73 Nov 20 0912 Apr 10
10172
70
97
70
97
..934 99
99
97
97 I *9212 97
50
$7 1st preferred
110
No par 90 Jan 16 10978May 26
83
83
3274 3234 3234 3334 323.1 33% 3234 3338 33
34 I 3314 3358 8,000 Noranda Mines Ltd
NO par 3014 Nov 20 454 Aug 9
25
173*
3871
15
•158
14 *15g
134
158 938 14 *138
134 .138
134
100 :Norfolk Southern
47
4
100
11g July 23
44 Apr 20
1
•170 174
1694 16934 *16912 172
16912 170
170 170 I 16912 16912
600 Norfolk & Western
1114 177
100 161 Jan 5 187 July 16 138
*9878 100
98% 99 .9834 9914 9834 08% 9834 99
99
99
640
Adjust 4% pref
82
100
8712
JAR
74
8
June
100
77
V
12% 1234 1238 1234
1238 13
1212 127
1218 1234 12
1212 24.600 North American Co
1014 Nov 20 2514 Feb 6
No par
1014
1214 36,3
3734 3734 3852 3838 3838 3858 3838 3838 3812 3812 3812 39
2,300
Preferred
31
46
35
37
50 34 Jan 9 45 Apr 20
31
33
334 4
31
358 334
4
3% 37
330 9.500 North Amer Aviation
9
4
258Juiy 26
1
85 Feb 1
25s
.61
6212 .61
6238 61
61
60 •54
60
597
7
57
59
400
No
Amer
Edison pref.-No par 4712 Jan 4 7418 Apr 26
79
39
39
.814 10
.858 19
.
.834 19
85* 19
*838 19
*832 19
North German Lloyd
74 Nov 1 16 Feb 37
.8714 ___- *8714 _.... .91 -___ .904 .__ - *8714 ---- *8714
74
r-_....Northern Central
7630
50 81 Mar 10 88 July 18
19
71

• Bid and asked prices, no sales on this day. :Companies reported
In receivership. a Optlonal sale. e Cash sale. s Sold 16 days. s Ex-dividend.




y Ex-rights.
-Ea

3775

New York Stock Record-Continued-Page 7
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 8

Monday
Dec. 10

Tuesday
Dec. 11

Wednesday
Dec. 12

Thursday
Dec. 13

Friday
Dec. 14

Sales
for
the
Week

STOCKS
NEWIYORK STOCK
EXCHANGE

July 1
1933 to Range for
Nov. 30 Year 1933
1934
HighestLow
High
Low

Range Since Jan. 1
On Basis of 100-share Lots
Lowest

$ per share $ per oh $ Per share
Shares
Par $ per share
95
1412
100 1412July 31 3614 Apr 20
24,000 Northern Pacific
348
2634 43
33
Northwestern Telegraph
50 33 Sept 13 43 Apr 26
57g
15
412 Feb 19
158July 27
1,000 Norwalk Tire & Rubber __No par
11/4
29
38
30
Preferred
130
50 2914 Dec 14 4014Sept 5
434 175
812
812July 26 15% Feb 5
14,100 Ohio 011 Co
No par
2
11
/
4
7 Feb 5
834
3,600 Oliver Farm Equip
2 July 25
No par
314 3034
9
9 July 27 278 Feb 5
Preferred A
No par
1,900
134
834
358
628July 9
358July 27
1,200 Omnibus Corp(The)vte
Na par
64
95
70
Preferred A
100
100 70 Nov 27 95 Jan 3
518
51 July 27 145* Mar 31
212 15
800 Oppenheim Coll dc Co____No par
1134
1018 2514
4,400 Otis Elevator
1314 Oct 26 1938 Feb 16
No par
92
9312 106
40
Preferred
100 92 Jan 18 10418 Dee 13
114
914
3
8 Feb 19
358July 27
3,500 Otis Steel
No par
214 2134
7%
Prior preferred
200
9 Jan 2 25 Feb 20
100
22
42
28
No par 30 Feb 5 47 Dec 6
80 Outlet Co
100
105
97
Preferred
100 97 Jan 23 11412May 19
3112 '9634
60
2.600 Owens-Illinois Glass Co
25 60 Sept 17 94 Jan 30
1
7
134
70 Pacific Coast
638 Mar 14
134 Nov 30
10
I% 10
334 Jan 19 1114 Apr 20
334
1st preferred
70
No par
1
7
2
2d preferred
612 Mar 14
No par
2 Jan 3
05 1238 Oct 4 2312 Feb 7
32
15
1238
9,400 Pacific Gas & Electric
433
22
2034
No par 2034Sept 17 37 Feb 7
1,800 Pacific) Ltg Corp
6
29
19
19 Dec 8 34 Feb 5
1,900 Pacific Mills
No par
65
69
9434
480 Pacific Telep & Teleg
100 7078 Nov 27 8512 Mar 13
9914 11112
9914
67 preferred
150
100 103 Jan 3 116 June 22
512
534
912
23.8 Dec 7
512 Oct 4
2,200 Pee Western Oil Corp____No par
134
678
234
6,
8 Feb 23
52,400 Packard Motor Car
234July 28
No par
14
8
814
300 Pan-Amer Petr & Trans
5 103g Jan 9 1112 Jan 30
363
6
165*
100 Park-Tliford Inc
1 17 July 26 3512 Feb 6
12
%
3
2 Feb 5
12Nov 5
200 Parmelee Transporta'n-No par
38
414
212 Apr 6
%July 24
38
100 Panhandle Prod dc Ret___No par
534 20
7
8% cony preferred
30
7 Oct 30 2112 Apr 6
100
18
212
11*
578 Feb 16
62,800 :Paramount Publix ctfs
1% Jan 2
10
34
44
2
678 Feb 15
212July 26
1
8,100 Park Utah C M
14
212
12
12July
Mar
2
414
27
6,000 Pathe Exchange
No par
1414
114
438
Preferred class A
3,600
1012 Jan 4 244June 12
No par
538 25
1034
6,800 Patin° Mines & EnterPr No par
912 Dec 12 2112 Jan 2
14
34
9%
47*June 5
1,300 Peerless Motor Car
114 Oct 4
3
z2512 6034
445
No par 4458Sept 17 67 Nov 27
1,100 Penick & Ford
1914 56
3512
8.500 Penney (J C)
No par 5112 Jan 4 724 Dec 11
108
90
Preferred
100 10512Mar 8 10812May 16 103
34
Ps
178
514 Apr 26
178July 27
400 Penn Coal & Coke Corp
10
34
912
23
1,100 Penn-Dixie Cement
74 Feb 5
278July 26
No par
41
32
10
21
*15
20
Preferred series A
*15
815
19
19
100 124July 26 32 Apr 24
*1712 1878 *15
20
*18
1334 4214
2018
2312 237
50 201g Sept 15 3778 Feb 19
2334 2414 235* 2438 22,800 Pennsylvania
24% 238 2412 2312 247
24
1034 32
21
400 Peoples Drug Stores
6278
195* Jan 9 66 Nov 10
*60
6278 *61
*60
63
No par
*6212 6334 6312 6312 6234 63
87
65
80
Preferred
90
100 86 Jan 19 11214 Oct 20
110 110
*110 111 *110 111 *110 11012 11012 111 *110 111
25
78
195*
195* Nov 20 4378 Feb 6
2018 2118 20
21
21
21
215
100
2012 3,100 People's 0 L & C (Chic)
*215* 2234 *2158 223
78
g
2
8 Feb 17
vs 414 *234 412 *234 412 *234 412
300 Peoria dc Eastern
3
3
2 Sept 19
100
234 234
3% 37
12
*1714 25
Pere Marquette_.,...
*1714 25
*1714 25
100 12 Aug 7 38 Apr 24
*1714 25
•174 2.5 .1714 25
4412
6
1412
Apr
23
Prior preferred
*29
3338 *28
*31
33
*30
35
*3112 35
100 18 Jan 13 5112
3212
.3112 35
412 3812
12
26
*26
30
Preferred
600
25
25
25
25
26
30
*26
100 131g Aug 7 43 Apr 23
30
*26
914
612 1514
1778 Nov 16
*1612 17
17
914 Jan 3
500 Pet Milk
1714 1678 1678 17
No par
*1718 174 *1738 1734 17
45* 15
814
9
9
9
9
0
9
3,000 Petroleum Corp of Am
9
814July 27 1414 Feb 3
914
5
98
9
914 95*
412 18%
1134
1314 Sept 17 1878 Apr 28
1434 1514 1458 1434 1458 1478 1434 1478 8,700 Phelps-Dodge Corp
25
144 1538 1434 15
2112
36
2112
9
Feb
2
*2812
4
37
2934
2934 *2812 293
2938 2938 29
50 2414 Jan
500 Philadelphia Co 6% prat
*2914 30
*2914 30
3814 62
3814
$8 preferred
*4634 52
537 *4614 52
5378 *48
*46
537 *46
54
No par 49 Jan 12 6434 Feb 17
*46
2
57a
6 Apr 25 . 2
*3
*314 4
.314 4
378 *314
2 Nov 1
200 :Philadelphia Rap Tran Co___60
312
4la
3% 314 *314
3
10
3
413 Jan 12 18 Apr 24
77 preferred
*614 714
"614 7
Vs *638 7
50
*718 818 *638 712 *6
45
234
212
913
412 43.1
43
64 Feb 21
314 Jan 4
412 412 5,500 Phlia & Read C & I
412 458
*412 45
434
No par
48
147
8
1018
4218 4012 42
11,400 Phillip Morris 04 Co Ltd
4134 43
4212 44
10 1113 Jan 3 44 Dec 14
4138 4134 4012 4118 40
3
1634
7
300 Phillips Jones Corp
1012 1012 1014 1014 *10
7 July 27 21 Apr 2
10
10
12
*1012 11
No par
11
*10
35
35
48
7
8
Apr
747
14
48
Aug
*52
65
*52
65
*52
65
7%
preferred
100
*52
65
*52
65
65
*51
434 184
11
1412 1434
1518 143.1 1514
1412 1434 1412 1458 11,000 Philips Petroleum
1338 Oct 18 x2034 Apr 11
No par
1518 15
15
158 1734
412
412July 26 1312 Feb 3
300 Phoenix Hosiery
*638 7
7
*638
7
7
714
5
714 714 *7
714 713
72
25
44
Mar
3
64
Jan
27
Preferred
10
57
.50
57
54
54
*50
54
*50
5434 *50
100 50
.50
5412
3
7%
3
4
19
612 Feb
5,800 :Pierce-Arrow Mot Car Co
34 Oct 31
1
5
34
%
34
%
78
%
34
78
78
%
7s
12
14
178
12
12
38
ay
118 Jan 30
12July 24
13
12
*12
58
12
12
.12
58
1,100 Pierce Oil Corp
25
37
*45
*45*
434
*45*
14
137e
Feb
103
4
6
Dec
5
100
*412
6
*434
6
6
6
412
412
Preferred
412
109
58
24
1
78
*78
1
78
78
78
78
78
78
78
78
2 Feb 6
78
78 Oct 31
4,200 Pierce Petroleum
No par
*335* 337g
938 2678
18
3334 34
34
1,900 Pillsbury Flour Mills
333.1 3334 3334 3378 3334 34
34
18% Jan 8 3434 Nov 28
No par
3338 75
5378
Pirelli Coot Italy Amer shares- 7014 Jan 22 87 Sept 19
78 .__,_ 78 •__,, 78
*75
78 *--„. 78 ._ ..r, 78 *_
23
4
712
97
712July 26 1812 Feb 19
100 Pittsburgh Coal of Pa
100
812
*834 9
*8
9
.814
812
*812 938 *1612 938
48
17
30
*28
30
*28
.29
30
Preferred
100
*24
30
*25
30
24
28
30
100 28 Dec 12 4212 Feb 1
__ ___ _ _ __ __,_ _ __ ____ _ . ____ _ _ _____ _ _ _ _ _ _.. Pitts Ft W dr Chic pref
150
100 14112 Jan 15 169 Nov 28 14114 134
1134
I%
418
412July 26 1138 Apr 4
634
678
-678
612 634
-634
634
6-78 3,100 Pittsburgh Screw & Bolt- No par
612
-6-34
614
-6-38
1514
104 3834
23
2318 2112 24
*2214 3112 *2214 3113
22
22
100 1514July 28 43 Feb 21
130 Pitts Steel 7% cum pref
.2314 30
V,
12
118
100
312 Feb 21
112July 26
*134 238 *178 232 *178 23g *178 238
Pitts Term Coal Corp
*17
258 *134 23
618
4
2312
15
15
16
1612
*1412 1612 *14
8% Jan 4 1912 Nov 13
6% preferred
30
1612 *14
100
•1514 1612 16
34
612
pa
*15* 2
112 112
5 Feb 19
*138 2
118Sept 26
*158
178 *112 158
100 Pittsburgh United
25
*15* 2
154 64
255*
3418 343
35
*34
50
*33
3312 *3314 33'2
33
34
35
Preferred
100 2558Sept 17 5978 Feb 19
35
*125* 17
*125* 13% 133 13% *1258 17
612 3534
1114
200 Pittsburgh & West Virginia 100 1114July 30 27 Feb 21
*1258 17
17
*12
9812 115
Pitts Young dr A sht Ry7% pt.100 133 Mar 2 144 Oct 24 113
,i, 58
-27;
%
7
21
23
-238 •24 234
114
Feb
5
Jan
4
23 /38
Pittston
Co
(The)
par
300
212 /
No
*212 /
78
12
13*
634 1738
8
814
813 838
312 812
812
8
8111
818 85*
8 .July 28 164 Jan 30
818 814 4,600 Plymouth 011 Co
5
14 134
6
938 95*
9 8 912
938 93
913 914
8 June 2 14% Feb 5
No par
914 914
914 914 1,400 Poor 41c Co class B
8
1%
238
*3
4
614 Jan 30
*3
4
238 Oct 9
312 312
312
4
*3
200 Porto Rio-Am Tob Cl A_ No par
*3
*3
4
38
4
1
314 Jan 30
112
112 *1
1 July 27
Class B
118
14 *1
No par
200
114
134
118 *114
*1
114
4
40
1012
1518 16
1614
1514 1512 2,900 Postal Tel & Cable 7% pref __100 1012July 27 293 Feb 8
16
15
1514 1512 15
164 167g
7
22
12
20
Feb
20
July
27
Prairie Pipe Line
25 12
58
512
513 Feb 16
212
114
114 July26
218 218
2
218
218 218 *2
214
214
.218 212
No par
1,000 :Pressed Steel Car
18
3
514
22 Feb 17
0
1034 105* 1038 *101g 1058
55*July 2
9
Preferred
100
300
912 912
*918 10
*9
4712
195*
3318
21
43
4234 4312 4212 4334 4318 4312 42% 431
425*
6,400 Procter & Gamble
4234 43
No par 3318June 2 448 Nov
97
11034
115 115 *115 116
260
5% pref (ser of Feb 1'29)...100 1021 Jan 22 117 Oct 4 1015*
115 115
115 115
*115 116 *115 116
3258 5718
26
30
3034 3018 3034 30
3012 3014 31
30
No par 26 Nov 19 45 Feb 6
3014 7,900 Pub Ser Corp of N J
3038 30
8812
7
597
597
71
717 •701g 71
$5 preferred
900
7158 71% 7178 72
No par 67 Jan 2 84 Feb 6
7078 7112 *7112 73
10138
75
75
8512 8512 86
86
86
8% preferred
400
*8618 8714
86
86
89
86 .86
100 79 Jan 8 9734 July 11
11212
84
84
21
7% preferred
300
*9712 98
*9612 98
*97% 98
0634 904 9014 9634 *9614 98
100 90 Jan 8 106 Feb
125
99
99
8% preferred
100
100 105 Jan 12 11912 Feb 17
.10512 112 *106 112 *106 110% 108 108 *108 112 *108 112
83% 10312
837
*9918 1004 101 102 *10112 10213 •101 10212 .101 1024
200 Pub Ser El dc Gas pf $5___No par 90 Jan 10 10412 Aug 9
100 100
5818
18
3514
4612 4712 4612 4712 4612 47
4712 48
No par 3514 Oct 4 5938 Feb 5
46
465* 10,200 Pullman Inc
463* 47
212 153
614
634 6%
678
618 Dec 13 147s Feb 16
612 634
654 634
67
No pa
6a
618 638 13,400 Pure 011 (The)
69%
30
525*
49
5212
5212
5234 5212 525* 5313 5312 5312 5312
*5212 5318
100 49 Oct 29 80 Feb 6
270
8% cony preferred
578 2538
838
834 0
434 87
838 Nov 24 19% Feb 5
814 912
No par
912 1118 1012 1078 18,400 Purity Bakeries
9% 912
3
1214
412
59
918 Feb 6
538 6
57e 638
614 612
412July 26
658 5%
514 534 136,800 Radio Corp of Amer
6
No par
1314 40
22
52
54
63
5218 5212 53
4,300
5312 5314 54
5318 5334 53
Preferred
50 2314 Jan 4 541y Dec 5
612 27
1338
435 4512 385* 445* 3978 4158 4178 4438 4213 445* 91,400
Preferred B
46
No par 15 Jan 4 46 Dec 8
44
534
1
112
15
414 Feb 17
134 212 83,000 Utadio-Keith-Orph
178 2
17
134 218
21
112July 23
No pa
2
2
218
5
202's
1118
1412July 26 23 Feb 5
1978 1978
No par
600 Raybestos Manhattan
2018 2058 2012 2012 2014 2012 2013 2018 .1934 20
6212
2312
*42
3518
4212 42
5
42
Feb
*42
4418 *42
56%
11
200 Reading
43%
*4214 447 *4214 45
Aug
50 3518
38
25
28
let preferred
•3834 3913 *3834 4018 *3834 4018 *3834 4018 *3834 4018 *3834 4018
50 3312 Feb 8 4112June 9
2312 37
*35
36
27
36
*35
*35
36
2d preferred
.35
36
*35
36
36
*35
50 2918 Jan 11 3912June 19
512 2078
5
300 Real Silk Hosiery
631 631 *612 634 *612 634 .612 658
678 67g •634 678
6 July 27 14 Feb 6
10
60
25
35
40
40
Preferred
3812 *35
*3512 397k 37,2 3712 *3634 3712 *35
36
37
35 Oct 26 6014 Apr 26
_100
14
412
2
2
2
2
2
2
212
15*
6 Apr 2
*178 214 *17
158July 27
No par
400 Eels (Robe) & Co
214
*2
1312
118
*12
13
538
13
*1212
*1112
13
13
113
4
2
Apr
1st
preferred
100
*113
4
113
4
13
538July 26 3834
100
1212
97 1012
212 1114
1038
514
95* 10
8,200 RemIngton-Rand
6 July 26 138 Feb 23
1
934 10
934 10
104 1014 10
6512 6618 .6412 655* 65
66
712 3712
2434
*6.5
66
66
lst preferred
800
65
66
old
100 328 Jan 5 6912 Mar 14
8
3534
65
63
*61
6518 *61
64
64
24
26 preferred_
80
6418 6412 64
65
MO 30 Jan 8 67 Mar 14
115
108
97
125 .____ 125 •____ 125 •____ 125
10 Renss & Saratoga RR Co
100 114 Feb C 126 June 19 104
125 125 ...-- 125 •
213 21
63
I%
2%
1, 3,900 Reo motor Car
212 212
212 25*
212 212
238 212
2
512 Feb 23
2 July 26
5
4
23
8 1334 145* 1334 1418 1334 1418 1358 1378 22,400 Republic Steel Corp
1418 14% 1414 14,
9
No par 1012July 28 2534 Feb 23
9
5412
4012 4012 5.600
19
6% cony preferred
42% 423g 4238 4238 4014 4312 3934 4112 3973 41
100 331s Oct 29 87% Feb 23
_. _
4134 .39
6°7 pref ctfs of dep
300
41
3912 3912 *3912 4112
3912 Dec 13 4214 Dec 8
4214 4214 *4112 4314 *40
1-14 12
-3
1412 Apr 11
700 Revere Copper & Braes
712 8
5
5 Jan
834 834 *738 812 *712 812 *734 812
812 8'2
*16
2018
214
25
1812
1812
*16
2018
*17
2812
Jan
29
Class
A
400
18%
1818
10
Apr
11
114
10
2018
17
17
8378 85
60
84
84
*84
87
83
7
60
Preferred
*8012 84
83
35
100 46 Jan 5 90 June 25
85
.83
2234 2212 2314 2234 2314 6,900 Reynolds Metal Co
6
2112
12
No par 1512 Jan 2 2734 Apr 26
2314 2334 2213 2311 22
2314 24
1414 15
15
1434 *1334 1434 1,100 Reynolds Spring
1354 1334 *14
6
612 Jan 9 16 Dec 6
112 154
I
*1412 1512 15
5012 507
5058 52
2612 x5414
5012 0078 5058 5134 21,000 Reynolds(RI) Tob class 13_10 3934 Mar 21 5334 Dec 5
5114 52
3934
3112 517
40
60
*57
60 .57
Class A
60
60
60
60
60
60
57
10 67 Jan 5 6278 Nov 26
*57
60
6234
.37
14
24
1212
1212 Oct 16 23 Mar 13
100 Rhine Westphalia Elea Power__
*14
1518 *1438 1518 *1412 1518 1478 14% *1478 1673 *1.47g 16%
7
5% Aug 10 1312 Feb 8
500 Ritter Dental Mfg
7
518
612 1634
Vo par
.
7
712 "612 718 *612 718
7
7
612 612
20% Oct 4 3318 Apr 26
2078
233* 2512
2334 2314 22% 2338 2258 225* 2212 2212 2238 22% 2,500 Roan Antelope Copper Mines__
*2338 21

$ Per share S per share $ per share $ per share $ per share 8 per share
205*
2112 20
21
2114 205* 2114 2014 2214 2058 2078 20
4112 030
4112 *37
4112 *37
4112
*3812 4112 *3834 41 12 •40
214
2
2
218 214 *2
2
2
1
4 218
2/
218 218
2914 32
*2914 32
30
30
35
3118 .30
31
33 33
97
9% 912
912 934
934 10
9% 10
934 97
934
312 38
3% 35
312 338
37
312 37
334 37
4
1912 20
197 2038
20
2078 *1914 20
21
21
20
20
7
7
58 478
*4
4
43
4
434
4
47
8
48
514
4
51
/
4 514 *43
*68
95
*68
95
*70
88
71
71
88
*71
*71
88
812 *8
814
814 834
838 858 *8
9
9
*914 93
1412 1438 1418 145* 1334 14
145* 147
1434 147
15
15
10278 10278 10418 10418 .10418 110
*10018 10378 10378 10378 *10278 110
518
5
5
518
5
514
518 514
512
518 518
21
*18
2034 *1914 2018 *1858 21
*2034 2118 *2034 2118 20
*4512 47
45
45
46
46
45
45
47
*45
47
47
_ *11412
_ *11412
__ .114%
*115__ *114% ___ *11412
8212 1412 8212 -8-i12 83 -/3
8212 8334
84 -4-414 84 -84
214 214 *2
178 2
212 *134 214
214 214
*134 217
*334 4
334 4
334 334 *418 5
514
•434 5172 *3
*214 3
*214 3
*214 3
*214 3
*238 3
*214 3
1412 1414 1458 1438 1434
1414 1478 1412 1418 14
1412 145
2238 2258 2278 23
23
23
2258 23
2312 2278 23
*23
21
21
1914 1914 1938 1938 1918 1914 1914 21
19
19
7114 7112 7134 7134 7114 72*
7112 7112
*7112 72
*7114 72
112 112
112 112 *11112 115
11112 11112 *11112 115
*11112 115
8
812
*734 838
7% 8
834 83.1
85* 834
78 8
41, 434
458 434
412 458
412 438
438 41
. 438 434
*11
13
13
1034 1034 11
*11
11
- *1034 13
*1034
*19
19
19
20
2014
2014 *19
2014 *19
*19
21
*19
34
"8
*58
34
"8
34
34
34
34
34
*%
34
"8
58
*58
78
"8
78
31
34
"4
.
34
1
*714 9
*714 10
718 718 *714 10
*714 10
*718 10
312 334
3% 358
3
314
27* 3%
273 3%
318 314
318 314
314
333 3%
3% 338
314 314
3,2
38 33
11
1
1
I
1
1%
1
118
1
118
*1
1%
13
133.1 *M
1312 1318 1318 1312 148
1412 1412 1378 14
95
1012
105
8
97
8
1012
11%
912
11
1118
105*
1112 1112
112 112
112
*18 1% *138
112
15
138
119
*171 112
62
6212
6112 6112 6112 62
63
*6112 6312 *62
64
*63
7212 7178 7212
7114 71% 7138 7212 7138 7234 7134 7214 72
*106,2__ *10612 120 *10612 _ _ *107 _ _ *107 108 *107 108
212 /12 *212 /18 *212 31
*212 3%
*212 -314 *212 314
*35*
4
4
4
4
334 4
4
4
4
4
4

• Bid and asked prices, no sales on this day.




I Companies reported in receivership.

a Optional sale. c Cash sale. z Ex-dividend. y Ex-rights.

3776

New York Stock Record-Continued-Page 8

111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 8

Monday
Dec. 10

Tuesday
Dec. 11

Wednesday
Dec. 12

Thursday
Dec. 13

$ per share $ per share $ per share $ per share $ per share
;56" -2-9-3.-1 2834 2943 2944 "ith; '297k 30
30 -3-01
4
.412 6,4 *4% 614 •434 6,4
514 514
5% 514
1714 173
, 1714 1833 17
18% 17
171: 17
1712
13,
3138
1%
158
112
133
1%
133
114
1,2
.172 2
.134
*134
2
174 *134
134
13i
1%
*8
14
.8
14
*8
14
.8
14
.8
14
.12
20 .12
20
.12
20
.12
20 *12
20
48% 4838 .4878 4912 48% 4914 47
4814 4712 48,4
"10512 10612 10612 106% 105 106 •106 106% 106% 10658
113 113 .112 113
113 113
11278 11272 112% 11272
.612 734 .6% 7
,
4 "658 734 *632 7
.638 7
2714 2712 2714 2734 26
2712 25% 26,4 2534 2612
*31, 4l,
3% 338
3% 3%
312 3%
3,2 3,2
1814 18,4 •1713 18,4
1712 1712 .1613 18
17
17,4
60
60
59% 59% *59% 6012 .60
6038 .60
60%
53
54
38
38
34 '
34
31
58
58
58
•138
113
138
138 .138
1% •132
112
1%
138
2632 2638 .2532 2614 25% 2613 2514 2514 2478 2514
478 478 .458 4% .433 4% *414 4% .414
478
41% 41,4 40% 4138 3914 4034 39% 40
3912 4014
•158
1%
134
1%
158 1%
1%
1% *112
134
.47
48
48
4813 49
48
48
4814 4812 4812

Friday
Dec. 14

Sales
for
the
1Veek

$ per share

Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Dec. 15 1934

Range Since Jan. 1
On Basis of 100-share Lots
Lowest

Highest

July 1
1933 to Range for
Nov. 30 Year 1933
1934
Lo
, Low
High

Par $ Per share
$ per share $ per oh $ Per share
Rossla Insurance Co
4 Jan 3 1014 Feb 6
6
338
2
1078
-55" 3014 - 2,400 Royal Dutch Co (N Y sbares)__
2838 Dee 10 3918 Feb to
2978
1754 3934
•4,4 5
200 Rutland RR 7% prof
514 Dee 12
100
15 Feb 7
55
8
6
1812
1634 1714
9200,
St Joseph Lead
10 1514 Oct 30 2778 Feb 5
1514
Ws 3134
113
114
1,900 1St Louis-San Franctsco _ __ _100
118 Dec 14
4
,
8 Feb 6
138
93*
%
134
134
1s1 preferred
300
112 Nov 7
101)
64 Apr 4
112
1
914
*8
14
St Louis Southwestern
100
8 July 28 20 Mar 8
8
514 22
.12
20
Preferred
100 13 Oct 27 27 Apr 30
12
13
263
4734 4734 2,600 Safeway Stores
No pa, 3814 Oct 4 57 Apr 23
3534
28
6238
10652 106%
160
6% preferred
100 8454 Jan 3 108 July 5
80
9412
72
11278 113
180
7% preferred
9812 Jan 15 113 June 16
10(
9018
8014 105
8678 7
Savage Arms Corp
No Par
518 Oct 20 1214 Feb 15
412
214
12
25
2578 22,000 Schenley Distillers Corp
5 1718July 26 3878 Apr 11
1718
10
23
5
53
43
%4
4
3
3% 3% 1,000 Schulte Retell Stores
1
3 Sept 14
8 Feb 5
212
17
18,4
170
Preferred
100 15 Jan 2 3034 Apr 16
12
260
60
40 Scott Paper Co
No par 41 Jan 10 6038 Dec 3
374
28
4478
58 2,300 :Seaboard Air Line
38
No par
14
3
4Sept 13
2 Feb 6
52
1%
1%
300
Preferred
1 Sept 12
100
318 Feb 21
1
4
44
2434 24%
1,300 Seaboard 011 Co of Del_No par 2034 Oct 4 3838 Apr II
19
433
15
8
4%
538
1,400 Seagrave Corp
No par
212Sept 15
538 Dec 14
212
118
454
39% 4014 23,800 Sears. Roebuck & CoNo par 31 Aug 8 5114
Feb 5
30
1212 47
1%
1%
400 Second Nat Investors
_ i
112Nov 7
414 Jan 26
1 12
114
5
4818 4818
200
Preferred
1
32 Jan 8 49 Dec 11
48
30
24
:Seneca Copper
No
par
%Sept 13
2 Jan 22
738
7
6%
18
34
12
6% 7
631 --672
63
4
4
6,
10,900 Serve' Inc
634
1
438July 26 9
Apr 24
312
*8,% 834
112
712
812 8%
838 8,
4
814 812
838 812
812 834 3,800 Shattuck (F 0)
No par
634 Jan 2 1378 Mar 9
6
8% 9
878 912
54 1314
858 9
812 8% *812 914
834 834
1,500 Sharon Steel Hoop
No par
Jan
11
1314
54
Feb
4
23
112
513 514
12
5% 5%
518
512
5% 514
518
518
5,2 518 2,600 Sharpe & Dohme
No par
4 July 26
778 Feb 5
4
212
84
*4418 4514 *44
4514 *44
45,4 4434 4434 4514 4514 4512 45,2
Cony preferred ser A . No par 3814 Jan 8 49 May 3
500
30
*203.1 2112 .2014 2112 .2014 2112 .21
2114 417
2112 .21% 21% .2118 21,2
Shell Transport & Trading_ __.12 19 Nov 22 2612 Mar 14
19
1114
31
7
7
7
718
634 7
658 6%
634 7
6% 6% 8,500 Shell Union 011
No par
8 Oct 18
11 12 Jan 27
6
312 1138
70
70
70
70,4 70
70 .69
7012 68
68
6834 6834
1,100
Cony preferred
57 July 31 89 Jan 26
47
2812 61
101 i 1014
1014 1012 10
1012 1014 1138 1058 11,4 1012 1038 5,800 Silver King Coalition Mines_ 100
__5
8 June 4
1212
Feb 16
218
1078 1118 1013 1072 10% 1078 1014 1012 10
104
533
1058 1012 1014 3,700 Simmons Co
No
par
July
26
24 18 Feb 5
S's
84
438 31
1518 1538 1514 16,4 15,8 1638 1514 1512 15% 1534 1512 Ms 9,100
Simms Petroleum
74July 26 1718 Nov 26
10
714
478
123
8
758 7,
8
7% 7%
7% 734 *7z, 734
714
900 Skelly 011 Co
7% *71s
712
8 Oct 4
25
11 18 Apr 25
6
3
56
97ii
5612 6634 5634 5634 5678 5634 5634 56% 5634 5718 5818
1,000
Preferred
_1011 5112Nov 2 6818 Apr 26
42
22
.1514 1978 *1514 19% •1514 1934 *15% 1934 •1514 1934 •1514
5712
Sloss-Shelf Steel A Iron_ _ _ _ 100 15 Jan 9 274 Feb 17
1034
7
35
12
.2412 29
*2418 29
*23
28
*23
28 .24% 28
.2412 28
7% Preferred
_100 1812 Oct 11
42 Apr 23
815
42
15
0,
1734 1814
18
1914 17% 19% 1712 1818
1814 19
1814 18% 17,500 Solder Packing Corp
6,
4 Jan 3 1914 Dec 10
14% 1434 1413 1431 1412 14%
312
1414 1458 1414 1412 1412 1458 30,500 Socony Vacuum 011 Co __No par
Inc_.15 1212July 26
1978 Feb 5
912
106% 10718 •10658 10714 10714 10714 .10034 107,4 10634 10634 10714 10714
6
17
700 Solvay Am Invt Tr pref.__ 100 88 Jan 6 10712 Dec 6
92
76
58
23,4 23% 23% 2312 2234 23
2234 23
2278 23% 2238 2273 4,300 So Porto Rico Sugar
No par 21 Dec 3 3918 Feb 5
2314
1578 48
.127 136 •127 136 .127 136 .127 136 .127 136 *127 136
Preferred
115
100
Janie
137
132
July23
112
112
12% 1218 12
1218
11% 121: 11% 12
1112 1214
1112 1158 5,200 Southern Calif Edison----25 1018Sept 15 224 Feb 7
1418 28
1013
'6
1038 *6
1038
6
6% 638 '614 1038 '
712
100 Southern Dairies class A __No par
6% 10%
51238nt 24 1038 Oct 29
512
412
353 2012
214
*214
214 .1% 213 *112 3
•1)2 3
.112 3
Cia.ssl3
20
214 Sept 10
No par
314 Nov 16
214
1818 1838
14
74
1734 1833 1712 18% 17% 17% 17% 1814
1714 1814 28,700 Southern Pacific Co
100 1478 Aug 6 3334 Feb 5
1478
1658 1672
Ills
1612 1678
3834
1618 1714
16% 16,2 16% 1678 16
1612 15,200 Southern Railway
100 11 13 Aug 6 3612 Feb 5
1112
418 36
2018 2034 2012 2034 2014 2113 2014 2012 2014 21
2014 21
5,600
Preferred
14
100
July
26
4114
Apr 26
14
578 49
"33
3614 .33
3634 .33
3634 .33
3634 •33
3634 "33
3634
Mobile & Ohlo stk tr elf. _100 3112 Nov 20 4734 Apr 20
4014
28
8
.6
711 .6
714 •613 7
7
7
714
.6
400 Spalding (A GI & Bros __No par
714
714
5 Oct 2 13 Apr 21
1178
5
4
"43
*45
50
50 .43
*43
49
50
.43
845
50
50
let preferred__
100 304 Jan 11
74 Apr 21
16
251
1 ,2
2 6
3014
418
SPang Chalfant A Co Inc__ No par
7
Jan
22
154
Apr
23
7
CO
65
•60
66
65
65 .55
65 .55
65
85634 65
120
Preferred
_100 30 Jan 23 66 Nov 26
1712 50
20
55
6
612
678 614
473 6%
5
512 512
518
5% 35,200 Sparks WIthington
No par
278Sept 14
8 Feb 21
8
34
24
*414
.412 558 *5
5
5
534 .412 512
5% .412 538
120 Spear & Co
No par
2 Jan 3
738 Apr 18
i2
512
1 12
'50
70 .50
70 .60
70 .58
70
•58
70
*58
70
Preferred
100 39 Apr 10 53 Apr 24
42
3012
20
31
31
31 .31% 3114 3133 3114 3138 231
31
3112 3112 1,100 Spencer Kellogg & Sons .No Par
154 Jan 5 3212 Nov 13
1214
74 22
914 933
9
83: 914
9%
8% 9%
854 834
8% 8% 39,500 Sperry Corp (The) v t c.
1
558 Jan 5 1138 Apr 2
334
Da
712
10
•953 1034
10
934 1018 •912 1012 1012 1012 1112 1112
700 Spicer Mfg Co__..
No par
6 July 13 Feb 7
5
16
6
'3512 36
3512 3512 3578 3614 3534 3614 38
3912 39% 4012
970
Cony preferred A . __No par 2184 Jan 2 4012 Dec 14
18
69
69
6812 69
65
65
66
6834 64
66,2 65
65
5,900 Spiegel-May-Stern Co. No par
1
.
1!,,
j
tiy
an
4
7214 Nov 28
714
32
11
11
1h 2
1
1834 19
1854 19
1853 19
1812 19
1812 1834 1812 18,
4 29,000 Standard Brands
_No par
26 254 Feb 1
1714
135
3754
12612 12612 *12614 127
12631 12434 12614 12614 12514 12614 125% 12578
Preferred
110
No par 12114 Jan 3 127 Sept 4 120
124
120
414
433 412
4,4 4,1s
418
4% 412
412
412
4
4
2.700 Stand Comm Tobacco_ ...No par
3 Oct 29
8 Mar 13
(38
3
1
512 5%
512 5.%
514 558
513 514
5
434
5
8,000 Standard Gas A El Co_No par
58
434 Dec 14 17 Feb
54 2212
5
633 612
614 6%
5% 618
514
512 4,700
534 534
514
Preferred
534
par
No
514
Dec
13
17
Feb
54
6
63
4
257
8
.15
16
15
1414 1414
15
1212 14
1112 13
2,100
1138 12
36 cum prior pref
No par
1178 1)ec 14 33 Feb 6
17,,
15
154 62
*1712 1914 .1714 18% •17
18
1414 1538
1312 144 1312 1334 2,400
57 cum prior pret
'Vo par
2Dec
13
D
3812
131
Apr
24
16
*1
118
118
113
118
*118
114
114 *118
138
114 3,400 Stand Investing Corp_ ___No par
1%
7:
17
:J
Jan 5
% Jan 13
'11234 113
11234 113
11213 11212 11254 11212 x11014 110% 110 11014 2,100 Standard 011 Export pref.-100 9612
Jan 2 114 Dec
ec 3
9412
12
612 10
66
234
3178 3238 3112 32
3134 32
3113 3134 31
31% 3038 31
9,200 Standard 01101 Calif
2422744
2
6
3
14
No
t
26
par
Oct
Jan
1913
25
2518 25
2518 25
2538 25
2514 25
538 16,500 Standard Oil of Indiana
2514 2514
23! Oct
25
.27
3113 .2612 311R
2712 29
30
30
*31
30
40
800
Standard
3014
011 of Kansas
10
-12%4
gr 2
221963:
330
!
8
1
:
-4 7-3
4178 4212 4138 41% 4114 421 1 411: 4178 41
4154 4012 4034 16,800 Standard 011 of New Jersey__ _25 394 Oct 27 5018 Feb 17
3318
2284 4712
14% 1412 .14% 1413 1378 1412 1312 1354 1358 1414 1334 14
1,800 Starrett Co (The) L EL.-No Par
5 Jan 15 1538 Nov 26
1112
4
6
5934 60% 59,
. 60
5912 60
5918 5912 588 5934 5818 5884 4,600 Sterling Products Inc
10 4714 Jan 4 6612July 30
454 604
4534
.112 134 .138 1% *1313
134
154 *112
134 *112
400 Sterling Securities el A ___No par
138
138
114 Nov 16
3 Feb 6
4
378
I
434 538
512 518
5
5
0452 47
472 47
5
5
1,400
Preferred
:r
:
3 Jan 3
pa5
!
NV, oo:
7 Feb A
253
1 12
734
*37% 39
.37% 39
a3778 378 *377 39
300
378 3778 *3778 39
Convertible preferred
30
412iJan12 3778 I)ec 13
20
3614
2818
8% 8%
812 838
81,
812 83
814
838 854
838 838 7,100 Stewart-Warner
103584 Feb 26
4
4
3
:
1
1
1
:
1
2
1:
6
2
1
47
5
47
47
518
512
5
513
473
434
434 5,300 Stone & Webster
5
434 Nov 20
8
Feb
1% 2
178 2
173 2
173 2
178 2
178 2
18,000 /Studebaker Corp(The).._ No par
178 Nov 14
94 Feb 21
838
14
178
14% 1414 *13% 1411 .1378 14% *1312 14
14
1312 1312 13
500
Preferred
100 10 Sept 24 47 Feb 19
3818
0
10
.07
69
•67
6878 67
67
66% 66,2 .67
6878 6614 67
400 Sun 011
'To
5112 Jan 2 7414 Nov 21
59
42
35
'116,4 11712 .11614 11712 1164 11614 11612 11613 11612 11612 11612 117
120
Preferred
100 100 Jan 17 118 Nov 2
103
96
89
*1512 17 .1512 17 .15
0
16% •1432 17
1518 1512 15
1512
200 Superheater Co (The)__ __No par
11 12July 27 2514 Feb 5
712 27
1112
15
1%
1%
15
112
is 1%
112
14 2,400 Superior 011
112
154
154
114 July 26
1
3 Feb 1
34
412
14
•8
8,2
818 8%
74
734 818
7,
4 8%
738 1,000 Superior Steel
734 734
458 July 26 154 Feb 19
2218
100
2
45,
.4,4
434 4,
.412 5
434 48 .4
*413 5
5%
4
5
30(1 Sweets Co of Amer (The)
34July 27
50
10
318
54 Jan 26
1
34
78
34
78 1,20(1 Sym1ngton Co
34
31
34
34
34
34
34
34
la
38July 24
No par
3
212 Feb 19
4
21. 212 .214 234 "212 234 .212 234
234
*212 3
3
800
Class A
5
No par
514
112July 27
14
538 Feb 23
14
9% 93g
9
918
9,4
852 858 '812 878 *814 8,
700 Telautograph Corp
8
914
/12Sept 14 1514 Feb 1
1632
712
838
.412 4% .453 434
424 414
412 41
4
418
4
414
1,500 Tennessee Corp
5
318July 26
64 Feb 19
318
138
714
2118 2114 2034 2114 2018 2114 2038 2034 1978 2034 1934 20
23,200 Texas Corp (The)
25 194 Oct 26 2938 Feb 5
1034 3018
1814
3412 3434 3412 3434 3414 3412 3334 3413 33% 34
3314 3378 7,300 Texas Gulf Sulphur
j
y 26 431
32
0Je
2
,2 ul y27
612
14 47,8
4 Feb
A r 6
15114
11
51
223
2i
,4
4
312 312
3% 313
3
318
318
2,60(1 Texas Pacific Coal & Oil ___ 10
3
3
3
3
3
75
8
814 8,4
77
8
8
813
734 8
5,700 Texas Pacific Land TrustN
734 734
734
734
654 Jan 6 12 Apr 2
l
i
' po
a l:
6
*18
22
2013 2013 2112 22 .20
22 •1912 22
•18
2012
300 Texas & Pacific Ry Co
1312July 27 434 Feb 1
43
1312
15
15
15
15
15
1518 1512 1538 1533 .15
1512 1,500 Thatcher Mfg
1512 *15
a!
1p00
8
44
Noo 14,
8 July 26 18 Nov 26
5
.1%,
2238
8
*4913 50
50
50
50% 51
5112 5112 .51
700
5112 *5112 52
S3.60 cony prof
41
39 Jan 15 5112 Dee 12
8
3858
275
"638 8
6% 634
7
7
.658 712 "638 712 *7
712
700 The Fair
4 Aug 7
1218 Feb 16
4
7212 7212 .70
72
70
70
85712 71
*5712 71
Preferred
20
.5712 71
7
1(
10
21,
:
:s
42
34
:
5,2
3,2 Apr 30
3
2
1
v 10
212N
3 80
Ja
On
50
.413 4,
4 •413 4,
41: 433
4
4
413
334 4
412
418
1,800 Thermoid Co
1
5% 5%
53
512 512 *434
554 *431
512
*434
500 Third Avenue
*4,4
4 July 26
100
814 Jan 12
4
5'3
.2014 21% .2014 2114 21
21
2112 2112 .21
300 Third Nat Investors
2112 2112 2112
1312 Jan 2 2112 Dec 12
1
ll)
li :
,1,1 22
10
234
13
57
57
*6
612 .6
612
612 *6
64
53i 534 .6
300 Thompson (J R)
25 1044 JulyAu g 2
16
5 21014 FebFeb 165
16
16,2 16% 1534 1634 1514 1534 15% 16
16%
154 1578 6,600 Thompson Products Inc_ No Par
"
10
234
2% 234
234
212 238
212 212
254
212 238 3,200 Thompson-Starrett Co..--No Par
254
134July 26
512 Jan 29
1,
4
.1713 22
•1713 22
*1712 22
*1712 22
•1712 22
•1712 22
33.50 cum prof
17 Nov 3 2412 Jan 30
No par
17
872 8%
8% 9
8% 9
858 84 8,700 Tidewater Assoc 011
834 8%
834 9
No par
8 Oct 24 1438 Apr 23
734
1324 3
1014
84 .8212 8334 8212 8313 8334 84 .8318 833
84
8258 8314
1,300
Preferred
100 641: Jan 4 86 Nov 30
2312 654
44
•22
23 .22
32 .24
32
•24
32
24
•25
25
32
50 Tide Water 011
par
No
24 Dec 13 40 Apr 27
94 26
18
9912 9912 99
99
100 100
9912 991
*991 1 100
700
9912 99%
Preferred
80
100 80 Jan 11 100 Dec 11
45
62
6
,
4 634
612 6%
653 658
64 61638 612
10
6,8 614 4,5(10 Timken Detroit Axle
34 Jan 4
81: Apr 24
1 12
814
3
31% 32
3113 32
33
32
31% 33
3214 3314 3214 32% 6,30(1 Timken Roller Bearing-No Par 24 July 26 41 Feb 5
3538
134
21
53
538 53:
512 5%
534 534
533 55
58
512 534 9,000 Transamerica Corp_ ____No par
938
24
518
812 Feb 5
514July 26
6% 673
612
7
7
"61i 633
612 67s
633 638
900 Transue de Williams St'l__ No Par
412July 26
1312 Feb 17
412
278
171,
35
3% 4
353 3%
3% 3%
333 373
334
3% 338 4,100 Tiff-Continental Corp-----'Jo Par
34 July 27
318
234
934
634 Feb 3
47
6912 69
6913 6912 *391. 70 .68
69(2 6912 70
69
600
6% preferred
No
6014 Jan 9 78 Apr 20
41
x75
3872
51
39
40
3912 3934 40
3912 40
40
23958 3914 *3312 4014 2,000 Trim Products Corp
33 Jan 6 421: Nov 28
/V000
254
204
5
514
5
5
511
533
*478 512
5
5
5
par
5
Truax Traer Coal
14 Jan 3
512 Dec 1
4
514
1 12
.514
512
513 533
5
512
5
518
5
5% 514
5
1.600
1,600 Truscon Steel
10
34July 23
1234
2
338
934 Feb 19
35
.3% 4
37
.3% 4
*358 4
*35
100 Twin City Rapid Trans_ No par
38 •312 3%
34
138 Jan 10
3
4
43
812
4
Apr
24
.1712 1812 1812 18,2 *17
1813 17
17
1612 1612 16
120
1612
Preferred
8 Jan 12 39 Apr 24
100
412
412 15
.134 2
17
•134 2
*178 2
172
178
1,
4
18
400 Ulan & Co
134
I July 23
No Par
4 Jan 15
34
814
1
58
58
59
*55
25712 5834 57
58 .564 5734 58
58
1,200 Under Elliott Fisher Co
No Par
0
26
70
212
914 394
.127
•127
•12514
•12514
•12514
•12514
Preferred
105
)2
8 j
100 1(3
Ja
+t n 22
5 12
58;
7
7 N
poev
e 25
.1513 le" 45% 1614 4534 -4.345
.44
45
45 15.4 .44
400 Union Bag & Pap Corp. _No par 3914July 26 6078 Feb 23
60
31
54
12
45% 46% 4514 46
45
4513 4412 4612 45
46,4 45
4514 22,400 Union Carbide A Carb___No par 357884ay 14 5073 Jan 19
51%
3412
04
.16
16
16,4 16
15% 1534 1558 1538 1513 1538 1514 15,2 3,400 Union 011 California
812 2338
25 1112 Oct 4 204 Feb 5
11 12

12

• Bld and asked prices. no sales on this day.




Companies reported In receivership.

a Optional sale

c Cash sale. 3 Sold 7 days. z Ex-dividend

y Ex-rights.

,
New York Stock Record-Concluded-Page 9

=_-_- .

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 8

3777

'Monday
Dec. 10

Tuesday
Dec. 11

Wednesday
Dec. 12

Thursday
Dec. 13

Friday
Dec. 14

Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Jan. 1
On Basis of 100-share Lots
Lowest

Highest

1'4'l
1933 to Range for
Nov. 30 Year 1933
1934
Low Low
High

5 per share $ per sh 5 Per share
Par $ per share
3 per share $ per share S per share 5 per share $ per share 8 per share Shares
6114 132
90
100 90 Aug 8 1337 Apr 11
105 10534 10412 10812 106 10712 105 105% 10512 10612 106 10634 4,800 Union Pacific
56
7512
89 July 13 6278
7134
Jan
18
100
Preferred
86
86
600
85
85
86
8612 8634 8612 8612 *84
*8634 87
101
/
4 2234
1334
No par 153s Jan 9 24 Dec 11
2312 2378 2314 2334 2358 2334 7,800 Union Tank Car
1
4 24
2238 2312 23/
2174 22
1612 4878
1112
No par 1112Sept 18 378g Feb I
_- United Aircraft & Tran
818
8I4Sept 18 1518 Dec 11
5
Corp
s "iii, III; -15884 -1-4:3-4 -iiis Iiii -60;000 United Aircraft
8 -i.-118 li- "i5;3 -fir
-1.572 141612Sept 6
314 Sept 14
3,4
• . - r54 534 55,300 United Air Lines Transp v t c_..5
5 4 614
434 478
478 6
54 8
514 543
6
7
i
1-714
24
17
Feb
par
8
July
American
Bosch__No
United
114
*912
*912
1118
10%
1112 *9
1118 *9
*9
•1014 12
19
1312 2784
No par 2114 Sept 19 2914 Apr 26
2412 2412 2484 2488 2,200 United Biscuit
2433 2484 2414 2484 2378 2414 2312 24
10414
92
111
June
30
120
100
107
Jan
9
Preferred
117
*117
50
117
117
*11634
117
1197
*1163
4
8
117
117
*11512 117
1014 38
2014
No par 35 Jan 4 5038 Dec 7
4914 5,700 United Carbon
49
491i z484 4912 49
5084 5084 4912 5014 4814 50
144
234
4
872 Feb 7
214Nov 22
No par
274 3 28,800 United Corp
27
278 3
3
3
318
318
318
3
3
22% 40a
2214
7
374
Feb
244
Nov
19
No
par
2414
Preferred
2412
25
2458
254
2514
2554
5,400
2574
2534
4 2514
2512 25,
614 12
64
5
914 Jan 8 1814 Apr28
1314 1234 1314 9,800 United Drug Inc
1378 1318 134 13
13% 13% 1384 1314 13
34
84
234
10
314 Jan 2 104 Apr 26
900 United Dyewood Corp
7
7
*64 7% *674 714
7
7
634 712
614 618
2834 70
50
100 5934 Mar 9 7534 Nov 10
Preferred
*80 85
_ *80 _ _ *80 85
*80 - _ *80
8%
3
1
714 Nov 13
No par
311 Jan 10
820 United Electric Coal
54 512
534 584
a
54 -53-4
512 -512
5,
4 -53:1
534 --5i'
4912
2314 88
7212 7312 *7234 7312 8,400 United Fruit
No par 59 Jan 5 77 Apr 21
7214 73
7214 73
7314 7314 7314 74
1378 25
1184
No par 1154Nov 20 204 Feb 6
124 12% 1284 1258 1214 1212 23,300 United Gas Improve
1218 1312 124 13
1234 13
821±
8212 100
No par 88 Jan 8 9938July 18
Preferred
92 *9034 914 91
9114
400
9234 9234 *9134 9234 92
*9234 94
1 ' 4
512
352 Feb 19
158 Nov 1
100
200 :United Paperboard
214 24 *24 212 *218 212 *218 212 *24 212 *24 212
4
312 2172
1334
Feb
20
28
57
July
4
Dye
Wks-No
par
659 4,100 United Piece
614 614
84 614
612 884
618 612
634 612
85
35
30
100 30 Nov 28 68 Feb 21
160
*3718 3812 38
8/
1
4% Preened
3812
397 4012 "3714 39
39% 398 398 40
214
714
8 Dec 14
4
214July 26
5i2 51
512 718
53
518
57
584 578
718 8 58,400 United Stores class A__ __No par
584
45
66
4912
Preferred class A
No pa, 54 Aug 15 75 Dec 14
75
1,600
72
72
73
74
71
*69
71
*69
*67
71
71
214 514.
37
554 554 5512 564 5512 56
5634 5812 58 5812 4,200 Universal Leaf Tobacco -No par 4014 Feb 26 63 Nov 26
5512 56
120%
96
Preferred
100 11212 Jan 9 140 Dec 5 10814
140
137 137
137 137 z136 13612 137 137
139 133
*135 139
35
15
10
100 In Jan 8 464 Apr 11
4212 *3814 43 *3814 43
30 Universal Pictures lot pfd
384 3814
4312 4212 4212 *40
*42
yg
33.
18
Feb
14
3
4July
27
Universal
Pipe
I
112
112
159
2,200
&
Rad
112
112
184
114
112
15*
14 134
184
l8t2
4
414
414 Jan 3 24 Apr 25
100
Preferred
440
1518 13
17
1412 15
14
14
15
15
1212 1212 13
614 2214
12
4,500 U S Pipe & Foundry
20 1512July 28 33 Feb 7
2018 21
1974 2014 no
2012 20
20
2014 2014 2034 21
1234 19
1314
No par 164 Jan 11 194 Feb 23
1s1 preferred
1834 1874
300
*1134 19
18% 1878 *1814 19
*1834 19
*1812 19
1
8
1
4 Jan 31
112 Jan 5
No par
318 1,000 US Distrib Cory
314 3,4
3
34 3,2 *Ws 312
*34 384
312 312
20
4
4
Nov
30
Iv
3
14
4
Nov
Preferred
100
1212
1212
14
12
1212
1212
1212
1212
70
*12
14
*11
14
24
Apr
19
114
5
14
United States Express.
100
14 Nov
58
*14
38
•14
41
*14
58
*14
58
*14
54
*14
7
2934
11
No pat 11 July 26 2712 Feb 5
500 U S Freight
8 1318 138 137 *1388 145*
*log 1533 1414 1514 13,
*1478 16
3%
6
174
5
Feb
1514
Oct
30
&cur
No
par
8
1
&
Foreign
800 U S
714 714
7
74
712 74 "714 712
7 4 714
712 7.4
384 84
60
834 Jan 5 78 Feb 26
Preferred
No pa
75 *72
75
72
72
300
718 7174 *7212 75
*7112 75 *72
5312
18
3414
20 3414June 1 5114 Nov 28
5,000 US Gypsum
4734 4814 4714 4814 4534 4712 4634 4784 4734 477
4734 48
121
1014
110
Dec
4
100 116 Jan 10 14312
7% preferred
10
*141 14312 *141 14312 *142 14312 142 142 *143 .... .142 145
314
14 1173
44 Jan 9 104 Ape 24
533 534
5
500 US Hoff Mach Corn
533 534
*512 812 *5
612
814 814
5
5
11112 94
32
4518 4512 4314 4512 4314 4312 4312 4412 43
4514 46
438 4,000 U 13 Industrial Aloolsol-No pa, 32 Sept 17 6434 Feb 9
284 174
514
512 July 26 114 Jan 24
No par
800 U S Leather v 4 o
612 612 "613 684
Vs 7
812 812 *614 612
612 64
414 2734
1
7
1934
Feb
7
Oct
29
No
par
11
11
11
113s
104
11
2,600
Class
A
113
4
11
1131
v
$0
1112
114
114
Ws
30
45
100 45 Sept 24 80 Jan 30
59
53
53
*51
59 *5112 59 *5112 59
100
Prior preferred v 2 e
59 *54
*53
21
1414
2
4
4 July 26 1234 Feb
No par
614 634
614 659
012 614
64 634
814 614 3,700 U 13 Realty & Impt
64 612
27
25
1034
1658 1718 1612 1673 21,900 U S Rubber
No par 11 July 26 24 Apr 21
1714 1784 17% 1734 1612 17% 1612 17
Apr
20
1718
4312
6114
512
8
4214
Jan
4012 44% 4114 42,8 4114 4274 4112
4278 44
1s1 preferred
100 244
20,700
4178 43
5314
1312 1054
124 126
14,800 U S Smelting Ref & Min__ ___ 60 9658 Jan 13 141 July 19
122% 12312 12234 12878 12114 12714 122 12314 122 125
5112
3912 5312
6334 64
6474 65
64 6412 1.800
6333 84
Preferred
50 544 Jan 13 6512 Oct 1
6312 6312 6312 64
377k
233a 67,4
2984
37 3784 45,200 US Steel Corp
100 29328ept 17 5978 Feb 19
3734 3318 3712 3814 3812 3814 3684 3718 3874
105
5
6714
Preferred
100 87145ept 17 994 Jan 5
8212 8318 3,200
8312 8312 8318 8314 8212 8333 8233 8212 82 83
10978
69
814
127 127
126 128
125 125 2120 120
No par 99 Jan 5 140 Nov 30
700 U S Tobacco
*12512 128 *12578 128
Preferred
100 126 Jan 10 150 Nov 2 12484 12459 1804
*14412 150 *143 150 •143 150 *143 150 *143 150 *143 150
35
8378
67
*Apr
Dec
6
26
51,
4
52
4812
53
*50
*4714
Utah
Copper
10
*50
523
8
20
54
*47%
4884
4584
523
4
*50
68 Feb 6
134
1%
814
1% Oct 29
2
2
2
2
2%
17
2
2
174 2
3.400 Militia° Pow & Et A
1
24
2
4
3
17 Jan 25
54July 21
34
1
1
1
1
1
1
1
7,800 Vadseo Sales
No par
1
118
1
1
1
154
24
22I2June
27
194
28
Aug
231
194
231
*1914
2312
*1914
*194
231
*1914
Preferred
100
2312
•1914 2312 *1914
74 36
14
1812 1978 1838 1834 1812 19
1978 20
18% 188 2,600 Vanadium Corp of Am......No par 14 July 26 314 Feb 19
1918 20
15* 1034
334
44 Jan 2 1212 Dec 13
1274 2,300 Van Raalte Co Inc
5
*1114 114 1112 1183 1112 114 117 121 *12
1014 11
204 654
28
9174 917 917
9214 924
200
7% let prof
100 311414 Mar i 98 Feb 5
90
90'4 90 9118 *91
90
*89
234
234 3112
43412 3434 3418 3459 3414 3412 3414 3414 3334 34
2.300 Vick Chemical Inc
6 2434 Jan 4 36341u1y 20
*3314 34
54 Jan 23
74
Vs
4
33, 312 *359 312 1,400 Virginia-Carolina Cbem -No par
172 July 23
3,2 314
314 34
314 34
*314 31
33
26
10
21
21
2114 *1914 203, *1914 2012 *19
20
400
6% preferred
100 10 July 26 28 Feb 5
*2018 2012 *19
8
63
78
Aug
17
5714
35
*78
8
84
82
81
*78
7%
preferred
3
4
Jan
*78
81
*78
82
*78
82
100
59
81
*78
85
60
80
7412 *7312 7334 734 7312
70 Virginia El & Pow 56 Id --No par 05 Jan 2 80 July 31
*744 7512 *7412 7512 *7412 7512 74
2/
1
4 15
312
9 Feb 23
*44 614 *44 814 *418 814
Virginia Iron Coal & Coke_ __100
358July 31
*44 612 *44 84 *414 8
1234 87
36
7834 81
78
300 Vulcan DetinnIng
100 62 Jan 4 82 Dec 11
7959 82
78
7734 7734 7758 775*
7934 80
102
57
95
Preferred
__ *112 _ _ *12212 .
100 96 Jan 80 112 Dec 7
*112 _ .•112 ____ ..._ __
*112. __ •112
712
47 Jan 30
112
17
112 15; *15* 118 •154 2
112 Dec 12
600 :Wabash
100
*14 _-218 *133 -2
2
-2
26
214
1111
975
Apt
26
858
238July
Preferred
A
100
500
27
3
*234 3
234 234
278 312 3 3
274 278
6
1
134
612 Mar 14
Preferred B
114 Nov 3
20
100
134 134 *134 2
*134 214 *134 214 *134 214 *134 214
518 12
4
878 Feb 20
612
6
612
634 634 *613 634
6
624 6
4 Oct 24
6
6
1,600 Waldorf System
No par
_-_-rr2214
No par 2214 Feb 26 2914June 18
284 2774 2814 2734 29
29
2914 29
8,000 Walgreen Co_
2774 2314 28
29
-9012 ,
-75
81
100 8412 Jan 4 118% Dec 6
116 116 *115 11612 116 116 *115 1161
70
614% preferred
*116 11934 116 116
78
834 ,
1
Feb
214
214July
27
8%
3
*234
pa
3
3
1,200
Walwortb
Co
.No
318
234 234
3
3
3
234 28
24 20
I
5
7
714
7
*6
5 Aug 6 12 Feb 5
7
*612 712
400 Ward Baking class A-No pat
714 77
*612 734 *8
53
1,4
58
114July 27
338 Feb 5
14 112
112 11,
No par
112 112
134 174
134 184 1,500
Class 13
112 112
444
24
114
24
Jan
100 24 Sept 18 36
3234 *3112 3214 z3214 3212 3214 324 1,400
Preferred.
3214 3234 3212 3212 32
gig
1
234
814 Feb 5
412 434 15,400 Warner Bros Pictures
234July 28
412 45*
---_5
412 474
412 458
434 44
434 48
44 2412
12
23
No par 15 Nov 23 $14 Apr 24
2234 2312 21
21
21
21
21
2172 2312
23
550
$3.85 cony prof
23
47
58
37
1
Feb 16
•1
118
1 Nov 30
114 114
1
1
*114 114
1
118 1,100 Warner Quinlan
No par
1
1
514
24 224
314 Dec 14 1338 Jan 24
No par
58 53
314 5
512 512
518 584
514 514
5,300 Warren Bros
534 514
712 3534
10
*1078 13 .1054 1278 *1014 11
812 Dec 14 2878 Apr 23
Convertible prof
No par
84 10
700
*1114 14 *114 13
30
5
134
2414 2584 24
No par 1312July 27 31 Jan 20
2412 2312 24% *2312 25
1,500 Warren Fdy & Pipe
*2512 2614 *2514 267
8
3
1
25
Jan
57
7
July
27
614
5
5
pa
,
3
*44
5
534
63
Webster
Eisenlobr
No
512 6
5,700
44 44
75
50
Preferred
100 85 Jan 8 90 Aug 2 60
40
90 *80 - -- *80 - -*80 - -- *80 - - *80 - - 90
Is
3
14
%July 27
214 Jan 23
1
114 *1
114 "1
Wells Fargo & Co
114 *1
-114 *1
*1
-114
*1
-1,4
7
37
15
334 3318 3314 3314 3112 3314 3153 3214 z3214 3234 32
3214 4,700 Wesson Oil & Snowdrift __No par 1534 Jan 4 3378 Dec 1
63
40
49
*7259 73
7412 74
7412 73
Cony preferred
No par 5212 Jan 6 7434 Dec 4
7314 727 73
1,200
74'2 74
*74
17% 7714
2912
351
/
4 36% 3334 3614 3414 3514 3312 345
3314 34
19,100 Western Union Telegrapb___100 2912Sept 15 667a Feb 6
3559 351
15%
1134 354
1578July 28 38 Feb 6
2438 24
4,000 Weetingb'se Air Brake
No par
2414 2312 24
2514 2514 2412 2514 2434 2434 24
274
194 5234
50 274July 28 474 Feb 5
3434 3514 3318 3518 3338 3334 3314 3414 333* 335 21,600 Westinghouse E1 & Mfg
3418 35
804 96
77
89 8934 8834 8834 8854 8834 90
50 82 Aug 8 95 July 11
90
140
lot preferred
8812 KO
*9014 9013
384 134
5
/
4___No pa, 6 July 30 154 Nov 26
1332 *1234 133* 1234 128
12
12
*12
1234 *1214 13
400 Weston Elea lostrum1
*13
10
2214
15
168. Jan 5 2912N0v 28
No par
*2814 30
*2834 2978 *29
2978 *29
Class A_
*284 30 *2814 30
2973
73
30
3934
*543
13
June
571
4412
Jan
8
70
paWest
Penn
A
.
__No
56
5774
58
58
*56
58
Else class
58'2
*5212 57
60
56
77%
37
47
59
59
59
80
100 5134 Jan 8 80 July 13
59
59 *59 6074 587 59
Preferred
260
59 60
3312
404
694
268124uly
19
15
Jan
3
52
52
100
5212 5384 *5212 54
*5212 53
8%
preferred
*5212 54
53
70
5312
8812 1101,
8812
107 10714 107 107 *106 10712 106 106 *106 10812
100 894 Jan 2 11054June .2
80 West Penn Power prof
*10712 109
101
80
784
10084 101 *100 101
100 78
,
4 Jan 10 105 June 29
100 100
6% preferred
99
110
*100 101
99
99
99
24 114
134
30
Jan
294
*259
*259
814
Oct
29
West
Dairy
Prod
el
A__--No
par
13
4
23
600
214 21
*234
212 234
24 212
234
414
72
12
84
212 Jan 30
12July 27
Class 13 v I 0
No par
58
200
54
3
"8
3
"8
34
"8
81
*5*
84
16
63
4
714July 26 1714 Feb 20
100
914
914 912 *94 984
9
914 912 3,700 Western Maryland
914 91
914 912
19%
52
8
914
Feb
20
15 *134 15
9148ept 17 23
100
15 *13
*1314 15 *13
2d preferred
15
*13
15
*13
912
1
24
812 Mar 29
24July 27
100
314
3
3
*3
314
700 Western Pacific
34 *3
3
*3
3
34 34
172 16
77
4
73, 8
44 Jan 5 1712 Mar 7,8
,
.
100
77
Preferred. .-r_ ..,..
712 754
74 758
712 74 1,600
784 8
1214
5
204
20
2072 20
20
204 203
20
2014 20
20
2,000 Westvaco Chlorine Prod-No VW 1478 JAII 12 2714 Feb 8
*2018 21
-2412
Wheeling & Lake Erie RI C0-100 2414July 3 29 Apr 26
*1218 2712 *1218 271 *1212 2712 *1218 2712 *124 271 *1218 2712
24
II .
21
33 *25
30 *25
6% non-cum preferred-100 25 Jan 15 36 June 27
33 *25
30 *25
30 *25
30
*25
1112
74 35
No par 11128ept 17 29 Feb 21
1514
500 Wheeling Steel Corp
16
*15
*16
1714 *18
17
1614 1612 16
16's 15
87
16
34
3914 4014 39
3912 40
500
Preferred
100 84 Nov 9 57 Feb 26
39 *39
40 *39
3934
41
*39
Ms
14
15
40 White Motor
50 15 July 26 Ws Feb 19
161.3 1612 *1612 1612 *1512 16, 1512 1512
1614 184 *1512 HP
29
23
214
2512 24
24
*2312 25 *24
25
25
25
300 White Rk Mtn Syr otf ----No par 213* July28 3112 Apr 19
2512 *24
*25
37 Feb 6
4
484
112
14 Jan 8
*134 1%
800 White Sewing Martine-Ns par
*134 2
134 184
112 I%
04 131 *134 2
14 1012
•674 714
4
6
614 *412 61
*434 614
200
Cony preferred
No par
5 July 25 114 Apr 20
*858 71
*614 7
54
24
2
24 213
24 212
24 21
1,600 Wilcox 011 & Oas
534 Apr 5
2
2
2
2 Dec 10
6
2
24 218
2274
15
Wilcox-Rich Corp class A_No par 2712 Jan 17 34 Nov 30
2714
*3412 -- *34 - - *34 - r - *34 - - *34 - - *34 ..
4 11
34
658 -64
9 Apr 11
634 -7
7
7
578, -V; 10:500 Wilson & Co Inc
-738
-711
434 Jan 8
63 112
22
4
1114
CI1188
A
3234
Dec
13
2834
2814
30
322
2854
324
92,400
9
27
2912
4
14
Jan
2634
303
308
Par
12
No
2612
19
30
7,200
7212
9912 10038 100 10334 z10212 105
97 102
Preferred .
100 53 Jan 8 105 Dec 13
9812 99
98
96
35
2518 5078
5378 52
5234 528 533* 515* 5214 21,900 Woolworth (F W)Co
10 4114 Jan 3 5514 Nov 26
5414 5459 5312 5454 52
39%
8
134
1,400 Worthington P & W
21
204 2012 1934 19% 1934 2014 *1812 20
100 1312July 24 3174 Feb 5
20
20
20
51
14
1,040
3112
42
41
43
Preferred A
4514 4114 4112 42 42
100 3112SePt 14 53 Jan 24
4114 4114 414 447
47
14
1,000
Preferred
B
232,
Jan
24
2214
32
32
3212
29
2914
29
29
30
30
100
Aug
6
42
32
31
31
6
24
12
560 Wright Aeronautical
5114 54
52 52
No par 184 Jan 8 75 Jan 27
5154 5158 52
52
5434 5334 55
*54
900 Wrigley (Wm) Jr (Del) No pa, 544 Jan II 75 Nov 7
4714
7412 7412
344 5714
74
7312 74
*7312 7414 7412 7412 7434 7434 73
7
23
Yale
&
Towne
118
2,200
Mfg
Co
25
14
Jan
5
2212
Dec
10
2212
2012
213
4
no
2112
*20
21
2034
2012
2112 221s 2218
37
234July 28
354 35* 4,200 Yellow Truck & Coach el B_ _10
7,
1 Feb 19
234
2/
1
4
734
37
38
334 334
3,
4 334
3% 378
4
42
Preferred
25
18
42 42
380
100 28 Jan 2 4712 Apr 26
42
4278 42 42
40
39
42
447
*3614 39
2,100 Young Spring & Wire- No par 13 July 26 2234 Feb 19
19
1018
312 194
1914 19
1934 19% 193* 1912 194 1934 1914 1914 *19
712 3734
1252July 26 338 Feb 19
1258
184 1814 1838 13
1814 4,700 Youngstown Sheet & T.-No pa
1834 1834 184 1914 1818 1914 18
51
/
4 preferred
100 34 Nov 7 5934 Feb 17
34
25
61
41
*40
43
600
4118 43
4012 4214 41
*43 45 *43 45
48 Feb 5
/
1
4
6
___No pa
14July 26
218 214 1,200 Zenith Radio Corp
14
214 211 *218 238 *214 284
218 238
214 234
33
34July
26
Products
Corp
..
.
I
74
Zonite
.....
Feb
19
34
812
4%
44
414
4,300
414
41
/
4
414
418
414
44
433
414
414
• BM and asked price., no sales on this day.




I Companies reported in receivership. a Optional sale, e Cash sale. 5 Sold 7 days. s Ex-dIv dend. p Es-rights.

t.
3778

New York Stock Exchange—Bond Record Friday, Weekly and Yearly

On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now and interest"--ercept 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 Dec. 14

r....
Week's
Julit 1 Ad
-4
`'4
Range or;
,1933 to
Range
zt
Friday's
g- Nov.30
Since
...a. Bid gl. Asked to c53
1934
Jan. 1

U. S. G
mont.
Low
High No. Low Low
High
First Liberty Loan-334 of '32-47____ J D 19317,2103,3,, 195
99
1001,11040n
Cony 4% of 1932-47
J D 102%, 102%,
2 1001,,, 1001,,, 10331,
Cony 4M% of 1932-47
4 D 103",,103",, 48
990,4 1013,00413n
2d cony 43.(% of 1932-47
J D *10213,, --------102
1021%1102n,,
Fourth Lib Loan 43i % of 1933-1938 A 0 10321.10331,, 66 1003%, 1010.110413n
ot% (3d called)
1933-1938 - .,. 10123,,10113,, 109 102%, 101331,10210n
Treasury 43.(s
1947-1952 A 0 112134, 1123%, 168 1041%, 10411014,n
Treasury 43i-3)4s__Oct 15 1943-1945 A 0 1021..10233n 908 973%, 970,,10433,,
Treasury 48
1944-1954.3 0 108'33 10810,, 151 101 1%, 101114,10933n
Treasury 33.(8
1946-1956 M S 106134,10613n 487 9913,, 100%, 108%,
Treasury 334e
1943-1947 1 D 1030,21030n 476
98144 931%,105on
Treasury 3s
Sept lb 1951-1955 M S 100%, 1000n 385
930,, 93131,11321%,
Treasury 3s
Dec 15 1946-1948 J D 100,032 10020u 1684 973%, 9730,,102114,
Treasury 3345____ June 15 1940-1943 J D 104,
,, 10411,1 589
9813,1 98338,10513n
Treasury 334s____ May 15 1941-1943 M S 1043,1 104%, 320
988,, 98158,105n,,
Treasury 3148_ _ June 15 1946-1949 1 D 10134, 1011,,, 735 9404, 951%,103131,
Treasury 348
Aug 1 1941 F A 101733 10415
.647 973,,, 973,,,10511,,
Treasury 331s
1944-1946 ---- 102%, 102,14, 1341
99314, 993%21043,,
Fed Farm Mtge Corp 3M.
1964 M 8 101%, 101134, 212 98
98 1023%,
as
1944-1949 M 8 9835,4 993
593 943,,, 943,,,101,,,
Home Owners Mtge Corp 48
1951 J J 100314,1014 as 1460 9433,, 945%, 101131,
3s series A
1952 MN 982%, 99%, 1739 9433,, 94n,, 101,,,
2,14s
1939-1949 F A 952%, 9634, 1506 92134, 920,, 96,,,
State & City—See note below.
Foreign Govt & MunIciPall
AgrIc Mtge Sank s 1 6s
1947 E A .32
Feb 1 1935 subseq
- 3212
coupon-Sinking fund 65 A
Apr 15 1948 A0 .32
April 15 1935 coupon on, 33
Akershus (Dept) ext 58
1963 11-N 8934
Antloquia (Dept) coil 75 A
1943.3 1 1058
External e f 7s ser B
1945.3 1 1012
External s f 75 ser C
1945.3 J
1058
External s f 76 ser D
1945 J J
1012
Externals f 7s 1st ser
1957 A 0
912
97
External sec s f 78 3d ser
1957 A 0
External sec e f 7e 3d ser
1957 A 0 1018
Antwerp (City) external be
1958.3 D 9612
Argentine Govt Pub Wks 65
1960 4 0 9212
Argentine Os of June 1925
1959 J 0 9212
Exti 8 tee of Oct 1925
1959 A 0 927g
External et 68 aeries A
1957 MIS 9258
External 65 series 13_ _Dec
1958J 0 9212
Exti s 1 (38 of May 1926
1960 M N 9238
External 5 f Os (State RY)
1960 M 8 9214
Ertl (is Sanitary Works
1961 F A
9258
Exti (is pub wks May 1927
1961 MN 93
Public Works extl 5148
1962 P A 8712
Argentine Treasury bs £
1945 M S 9858
Auetralla 30-yr 5s_July 15 _4_1955 Ji 1 9934
External Soot 1927_83313 — —1957 M 8 9934
External g 434e of,1928
1956 M N 945
Austrian (Govt) s 1.7s
1943 1 D 10112
International loan 8 1 78
1957 1 J 85
WE
4445 F A 2914
Bavaria (Free State) 6345
Belgium 25-yr extl 6 Me
1949 M4S 10014
External s 1 Os
1955 11 1 10018
External 30-years f 78
195.5 1 D 10634
Stabilization loan 78
1956 MN 10312
Bergen (Norway)5s.Met 15 __ _ _1949 A 0 *9414
External stnking:fund 68
1960 M 8 89
Berlin (Germany)s f 6 Ms
1950 A 0 2612
Externals 1 68___june 15 ___..1958 J D 2612
Bogota (City) extls f 8s
1945 A 0 1712
Bolivia (Republic of) extl 86
6%
1947 M N
1958.31 J
External securedas (flat)
512
External sf 78(PA)
1969 M S
514
Brazil(US of)external 88
1941 J D 38
Externals 1 6 Ms of 1926
1957 A 0 31
External s f 634a 01 1027
1957 A 0 3118
75 (Central RY)
1932.3 D 3318
Bremen (Staticof) eat! 78
193.5 M 8 347
Brisbane (City) 5 1 58
1957 M S 94
Sinking fund gold 5s
1958 F A 94
20
-years 1 68
1950.3 D 10058
Budapest (City) ext1 8 f Os
1962.3 D 4038
June 1 1935 coupon on
,--- 2758
Buenos Aires (City) 614511 2 ____1955.1 1 887
External of Os ser 0-2
1960 A 0 *8318
External s f 68 sec 0-3
1960 A 0 8212
Buenos Aires (Prov) esti 65
1981 M 8 6912
58 stamped
1961 M 13 59
External s f 634e
1961 F A 7118
634s stamped
1961 F A 6038
Bulgaria (Kingdom)s 1 Ts
1967J 1 .21
July coupon off
1778
Stabil'ii 81 734s_Nov 15 ____1968 ::1311.1 21
May coupon off
---17

3213
____
33%
91
11
1058
11
1034
1058
1034
1018
9818
938
94
9334
937
9414
9358
9334
9334
9358
8912
100
10012
10012
95%
10218
8838

1
____
7
25
18
9
12
11
14
10
3
42
31
116
51
87
58
54
133
66
70
95
81
112
167
250
231
26

3012 29
10212 48
10218 29
10914 95
10614 51
96 -- __
9
904
26%
4
2714 37
3
1758
718 93
6
27
6
40
3858 65
3234 88
33
51
343* 47
5
3418
0514 84
9514 94
10158 28
9
41
2758
6
89% 16
8358 28
2
72
6078 209
3
71%
6134 49
21
3
19
11
21
1
17
3

1834
1812
1538
27
64
735
634
712
714
638
614
658
731
44
44
44%
44
4414
4412
441
4412
45
4114
6912
7758
78
737
8312
4212

1834 35
20
35
15.% 38
27
35
6612 91
818 1734
9
17
938 17
8% 1714
78 14%
8
1458
8
1458
82% 10212
5312 9414
53% 947
53
9414
9414
63
5358 9414
5358 94
5311 94
52% 9414
5253 9418
471, 8912
8034 10114
8812 10012
89 10012
83
9578
9118 10278
5()
00

2614
8812
8612
9234
Si
6718
6214
22
2012
1718
558
41:
438
217
1938
1918
185
29
68
6812
75
2934
24
4014
36
3614
2914
2558
31
25%
15
1512
177
1618

2814 5912
95 105
94 104
99 10958
957k 1065
9612
68
861, 9034
22
52
2012 4912
1718 25
618 1134
558 1012
518 1012
2234 4114
2014 37
2014 367
20% 3814
8318
29
7314 951
9514
73
83 10138
31% 46%
24
28
4818 8978
47
8334
4514 833
3014 72
2614 607
315, 7214
27
63
25
18
15% 203
177 2612
1818 2214

BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 14

Week's
July 1
.5 T3
Range or
1933 to
t.3
l'
n Nov.30
Friday's
„,....,..
u 2;
X,4; Bad & Asked vii
1934

Low
Foreign Govt. & Munk.(Con.)
Cuba (Republic) 5s of 1904
1944 M S :94
External 5s of 1914 set A
1949 F A *79
1949 F A a8538
External loan 4148
Sinking fund 514s Jan 15
1953 J J 7734
Public wks 5345 June 30 _ _1945 1 D 25
M N
Cundlnamarca 6148
14
Czechoslovakia (Rep of) 88
1951 A 0 98
Sinking fund 85 ser B
1952 A 0 98
Denmark 20-year extl 6s
1942 1 J 10134
1955 F A 9814
External gold 534s
External g 434s__Apr 15
1962 A 0 9112
Deutsche Bk Am part elf (38
1932
Stamped extd to Sept 1 1935
---- 51
Dominican Rep Cost Ad 5328 ____.42 M S 63
let ser 5345 of 1926
1940 A 0 5712
2d series sink fund 534s
1940 A 0 60
Dresden (City) external 7s
32
1945 M N
El Salvador (Republic) 88 A ___A94i3 J .1 •63
Certificates of deposit
J J 5612
Estonia (Republic of) is
1967 1 J 84
Finllind (Republic) ext 68
1945 M 5 10438
External sinking fund 78
1950 M S 10118
External sink fund 6345
19