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The Financial Situation
LTHOUGH [noting with gratification the current major improvement in business which some of the
reports of excellent business done at retail "brain trust" imagine they detect and upon which
during the past few weeks, the continued upward important changes in the Administration's program
trend of several of the other indexes, and the prospect appear to depend. Nor are we able to believe that
of further moderate improvement in the activity of any such improvement is within the range of probgeneral business, forward-looking business and finan- ability as long as business managers are not freed
cial leaders are naturally concentrating their attention from the burdens and restrictions already imposed
more and more upon the situation in Washington. upon them by the New Deal, and as long as they can
What is expected to be the most radical Congress in obtain no assurance that they will be freed from
the history of the country will convene within a them within a definite period of time, or for that
few days. The President, with reports heaped about matter that they will not be subjected to further
him from his own advisers proposing numerous burdens and restrictions. As a matter of fact,
remarkable and costly schemes, is occupied with the actual adherence by the President to proposals now
task of reaching final decisions as to what he will say believed to have his endorsement which involve
both to Congress and the country in his regular costly social insurance programs, public works
message on the state of the Union and about the expenditures and the like would obviously place the
Administration on record in such a way that the
budget.
general business outlook
nature
While in the very
would be definitely injured
circumstances
existing
of
Social Insurance or Managed Money?
of the Presiregardless
inherent
uncertainties
the
Plans that have been drawn for a national
words or
soothing
dent's
n this situation will in
system of old age pensions are currently
described as contemplating the accumulahis further postponement
substantial part continue
tion of reserves amounting to from $5,000,of demands for money or
for some time to come, the
000,000 to $12,000,000,000.
specific legislative action.
events of the next week or
Unemployment insurance of the general
type said to be under consideration at Washtwo, and probably those of
The Heart of the Matter
ington is estimated by some of its leading
the next week, will afford
advocates as providing for the accumulation
The question that is
of reserves amounting to approximately $3,a better basis for judgment
300,000,000.
the business
troubling
of what is ahead of us durThe proposal evidently in favor with the
not whether
is
community
concentrate,
national authorities plans to
ing the next year. The
Government,
Federal
in
the
the
of
hands
immediately
President
the
latest reports from Washthe management of these huge funds which,
upon the convening of
ington suggest that the
according to estimates, would be not less
Congress will demand apperhaps than $8,000,000,000 and might reach
President will endeavor to
almost twice that figure.
propriations, emergency or
avoid inflicting a shock
It remains to be seen what provision will
otherwise, of a specified
be made for their investment. Some of the
upon the business comthat have been made would, if
suggestions
of billions of dolnumber
munity in his early recadopted, simply wreck the banking system
lars
purposes which
for
ommendations to Conof the country and much besides. If the disreasonwithin
left
is
sums
such
of
position
to disturb and
fail
cannot
gress, and in outward form
able measure to the discretion of the manand trade.
industry
injure
at least undertake to give
agers, it is obvious that these managers can
whether
the
in
not
factor
certainly
make
is
dominant
the
It
themselves
business an opportunity to
credit situation.
as
known
become
has
what
get on a better footing durSuch facts may well cause thoughtful people
to
is
budget
ordinary
the
is
planned
to wonder whether what is being
ing the next few months.
really a social insurance system or a managed
be cut to the bone, as
money system. If developed in practice as
Deferring Decisions
Washington reports assert.
apparently expected, the project would in
fact be as much one as the other.
The real question is whether
To this end it is sugor not he will espouse
gested that the President
will either ask for large appropriations in a form that causes in his annual message or elsewhere that must of
will enable him to decide at a later date (when necessity give rise, sooner or later, to large and wastepossibly business conditions have improved and ful expenditures and to conditions which would make
relief burdens become less troublesome) whether the the conduct of business difficult and unprofitable.
funds thus provided will actually be expended and to
Conservative by Comparison
what extent they will be laid out, or else he will for
the present ask only such moneys, outside of the
While anything in the nature of prediction is in
so-called regular budget, as are deemed necessary to this case fraught with extraordinary hazard, it seems
carry the Treasury for a few months, leaving for to be generally conceded that the President will
the future the task of estimating the amount of funds appear conservative only by comparison with many
really required and asking Congress to furnish them. if not the majority of the members of Congress, but
In either case, according to report, he would have that so compared he will seem moderate. This is
some conciliatory words for business and express indeed poor comfort, but perhaps we should be
the hope that industry and trade, given further thankful for even this. It seems to be certain that
opportunity, will respond to his policies with a all manner of proposals of the most visionary and
strong upturn in activity.
destructive sort will be brought sharply to the
No more than anyone else can we know whether attention of the public as soon as Congress gets well
the President will actually adopt any such policy, under way. Senator Thomas and his fellow inflationbut it seems to us that if he does, he will succeed in ists are said to be planning an active and aggressive
doing little besides prolonging in a degree the un- campaign for further devaluation of the dollar, and
certainty surrounding the situation as it now stands. no one knows just what else. The bonus advocates
So far as we can observe there has not been the are all prepared, so it is reported, to make heavy
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4008
Financial Chronicle
demands upon the Treasury. War profits legislation
of some unknown sort is apparently in prospect.
All kinds of social insurance, Government ownership,
public works, planned economy, and other schemes
are unquestionably on foot. The general concensus
seems to be that the President will develop his own
technique for "side-tracking" much of this legislation. He has on several occasions seemed to express
lack of sympathy with much of it. But he has
many plans of his own, and just what these will be
and what they will involve is a question.
The President is evidently keeping his own counsel
concerning his final decisions at most vital points.
It would appear, however, that he will be obliged to
take the public into his confidence in some measure
at least in his annual message, which will be broadcast, and in his discussion of the budget, both due
within a few days after Congress convenes. Whatever
he says on these occasions or at any other time in the
early future will be scanned by the business community most carefully for information concerning his
conclusions on such subjects as power, social insurance and relief. There are likewise a number of other
highly important points on which relatively little
of a specific sort is definitely known of the President's
position. One of these is the bonus. Another is
banking. Reports have it that he is prepared to make
rather broad concessions on the bonus which would
cost the country large sums of money. We hope
that these reports are in error, but they seem to be
semi-official.
Banking Legislation
IT HAS for some time past been supposed by many
that the President was definitely determined, if
not actually committed, to oppose any broad banking legislation at this session of Congress. Yet he
has permitted reports by official bodies, such as
that recently studying, or supposedly studying, the
credit situation for the Treasury Department, to
come into the hands of the public and those groups in
Congress who are bent upon drastically unsound
monetary and kindred legislation, and it must be
said that these documents both as to alleged fact
(which we do not for a moment concede to be fact)
and conclusions are of just the sort to make it
harder for the President to resist very harmful
banking legislation. Moreover, recent dispatches
in the daily press from Washington have had a good
deal to say in rather vague language about plans
of the Administration itself for drastic legislation,
albeit the real nature of such enactments apparently
would be thinly disguised.
The Public Utility Situation
TO the attitude of the Administration toward
the utilities industry, particularly the power
companies, recent developments certainly do not bespeak moderation and constructiveness. Evidence
continues to multiply that the President means business when he talks about applying the general principles now being worked out in the Tennessee Valley
to practically all parts of the country. At the President's order the Federal Trade Commission has
rushed to completion its study—and its excoriation
—of the power companies. Another of the President's numerous committees has issued an official
report in which much is said about power development and distribution in the Mississippi Valley, but
some disturbing suggestions and recommendations
about the power situation in general are also in-
iv
Dec. 29 1934
eluded. Among these latter is the idea that in some
way the Government owes it to the farmers to
transmit electricity to their doors, and that perhaps
the best way of accomplishing such an ambitious
program would be for the Government itself to construct and operate a distributing system or systems of its own. Just why the Government is in
duty bound to provide electric power to those who
can not pay for it, any more than it is obligated to
furnish automobiles to the thousands who doubtless would like to have them but who cannot afford
them, will remain to most people a dark mystery.
Meanwhile New York City authorities proceed with
their plans for the construction of a municipallyowned power system, apparently enjoying the approval of the authorities both at Washington and
Albany—since Chairman Walsh of the State Power
Commission has added his name to the list of those
rejoicing over recent developments in the matter and
since it has been made known in Washington that
the Public Works Administrator would like to aid
other municipalities in similar projects.
Misleading the Public
Meanwhile Mayor La Guardia has been holding
out hopes to the uninformed of "profitless power,"
the implication of course being that such power
would be much cheaper than that in the generation
and delivery of which private enterprise had earned
and taken a profit. Mr. La Guardia, like so many
successful politicians, delights in catchy phrases designed to please the ear of the multitude. In ordinary times, the business community might be
warranted in ignoring such loose talk on his part,
but the situation being what it now is, such talk as
this is hazardous. What the public is interested
in, or should be, is inexpensive power. If power
can be furnished most inexpensively, and we firmly
believe that it can, by paying private capital to
produce and deliver it, then the consuming public is
best served by such a system. With the President
leading the procession demanding some other plan
of procedure, however, it is of course useless to expect local politicians to stick to real statesmanship
in the matter.
Social Security Proposals
TO the details of what is called the social security program, little is definitely known of
the President's final decision, if indeed he has
reached any definite conclusions. From his general
remarks on the subject, from recommendations made
to him by bodies of his own choosing, and from current reports as to what he will demand of Congress,
it is, however, clear enough that a threatening situation of the first magnitude confronts the country.
Plans are said to have been drawn and placed on
the President's desk which include much more than
the so-called unemployment insurance which may
well be the most troublesome of the lot. Advance
accounts of these schemes speak with nonchalance
about billions of dollars in cost. In many of them
there appears a hint of a supposition on the part of
certain public officials that in some way such expenses will not be so serious if borne by States and
municipalities in large part instead of being entirely assumed by the Federal Government. Of
course there is no source of funds available to any
governmental unit in the country except productive
business enterprise. If such schemes as these are
adopted the business community must bear the ex-
M
Financial Chronicle
Volume 139
pense of them no matter what form they may take or
to what public offices the sums in question must be
paid. It seems to be a foregone conclusion that they
will in one form or another be placed upon the
statute books of the nation this winter. We can
only hope that some measure of common sense and
foresight will be employed in the process.
The Relief Problem
HE question of how the relief problem, which
in several ways is closely connected with that
of social insurance, is to be met also assumes first
rate importance. There is nothing to indicate that
the President has altered his opinion that it must
be solved through "made work," that is, by conjuring up work for the unemployed to do, rather than
by the much less expensive and less harmful method
of direct relief. The business community is sufficiently well aware of the results of the CWA experiment of last winter to be thoroughly out of
sympathy with this method of dealing with the problem, and for that matter to be convinced that if
such a system is installed on a large scale, there is
neither much hope of a balanced budget within the
predictable future nor ground for expectation that
priva.te business can move steadily forward to the
position required to reduce to modest proportions
the necessity of granting public relief. Some reports seem to indicate that the President may be
cautious in his commitments on this question in his
forthcoming addresses to Congress in order to save
the feelings of the business community, but it is
rather probable that enough will be said to indicate
to the thoughtful what he really has in mind.
T
4009
them,do not seem to understand. We cannot refrain
from adding our approval of the Senator's characterization of the so-called Viner.report on banking
which recently appeared.
Price Fixing and the NRA
HE action of the National Industrial Recovery
Board In suspending the price fixing provisions of the lumber industry code early in the week
is supposed to foreshadow in part at least the conclusions reached by the President in respect to the
NRA. That may be true, but even so large areas
of uncertainty are left. Provisions in the codes
undertaking directly to fix minimum prices and to
control production constitute an important defect
of the policies of the Recovery Administration. If
they are really to be deleted, so much the better.
But provisions by which trade terms and various
other practices are controlled are in reality efforts to eliminate competition and but little less
than direct price-fixing in their practical effects.
What is to be done in regard to these? Then of
course there are the iniquitous labor provisions.
Let the public not get the impression that with the
elimination of direct attempts at fixing prices and
controlling production the NRA codes will have
been made worthy of support. Such is in our view
not the case.
T
Economic Nationalism and War
ECRETARY of State Hull, in an article appearing in the New York "Times" last Sunday,
after pointing out the relationship between economic nationalism and the danger of war, has the
following to say:
"Can it not be contrived so that in the world
scheme each nation to a reasonable and mutually
profitable extent will perform the task for which
it is best fitted, produce the things it can furnish
better than any other, that all may be benefited and
the springs of international hostility dried up?
Admittedly the task is stupendous and the way to
fulfillment is long and strewn its weary length with
stubborn obstacles. But because of its difficulty
are we not even going to try to bring about the necessary co-operation? Are we to be frightened by cries
that it is quixotic and visionary? Is it in truth
a goal which is unattainable?"
We recommend for this statement the careful
consideration of public officials and industrial
leaders throughout the world—and particularly of
those of our legislators who presumably are desirous
of preventing war and restoring economic health.
S
Senator1Glass Condemns Usurpation of Power
HE nation has once again been given cause to
be thankful that it has one sturdy old Roman
left. We cannot too strongly express our approval
of the communication Senator Glass sent to a member of the Federal Reserve Board on December 18,
but which was not made public until early this week.
We print this admirable letter in another column
of this issue. Suffice it here to say that Senator
Glass leaves the reader in no possible doubt of the
remarkable nature of the action taken by the Federal Deposit Insurance Corporation in "requiring"
non-member State banks whose deposits are insured
by the Corporation not to pay more than 2/
1
2% interest on time and savings deposits. In view of the
remarkable evidence presented by the venerable
Senator, we do not see how anyone can possibly differ with the conclusion he expresses in the followFederal Reserve Bank Statement
ing plain words: "In my view there can be no posquestion
of
the
sible
illegality of the action, which lTAILS of Federal Reserve Bank operations,
plainly constitutes assumption of legislative auas contained in the customary report, disclose
thority, and I venture to think the Federal Reserve this week that the United States Treasury still is
Board made a grave mistake in lending the force of following the practice of sterilizing all gold acquisiits prestige to such illicit action by making itself tions resulting from imports and fresh American
the medium of the public announcement." Such production, so far as the money market is concerned.
usurpation of power has become all too character- This practice was followed in the past on one or
istic of the actions of the Administration, and for two occasions, but on a much more modest scale
that matter (and we do not believe Senator Glass than in recent weeks, and a reversal usually ocwould for a moment disagree with us) of the be- curred in the form of a hasty sale or deposit of
havior of Congress in the past year or two. If we large amounts of gold certificates to the Reserve
are to have a constitutional government of laws and System. Quite possibly the same method will be
not of men in this country a stop must be put to adopted on the present occasion. The current perthe practice. All this, let it be added, is quite irre- sistence of the tendency, however, also introduces
spective of the merits or demerits of the policy the possibility that a new policy has been adopted
adopted—a fact that public officials, or some of in connection with such gold acquisitions. Although
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4010
Financial Chronicle
the weekly credit summary shows an addition of
$30,000,000 to the monetary gold stocks in the week
to Wednesday, gold certificate holdings of the Federal Reserve banks actually decreased slightly. Also
of interest in the current weekly banking statistics
is the modest advance of $41,000,000 in the aggregate of the circulating medium in use. This is
under the ordinary increase of the final pre-Christmas week, and the performance is the more noteworthy on this occasion because holiday trade was
excellent in comparison with previous years of the
depression. Only part of the currency increase is
reflected in the Federal Reserve Bank statement,
since the Treasury is now busily putting out large
amounts of silver certificates and other forms of
currency. In other respects the weekly bank statement is colorless.
Gold certificate holdings of the Federal Reserve
banks on Dec. 26 amounted to $5,122,396,000,
against $5,122,762,000 on Dec. 19, while a reduction
in "other cash" caused a decline in total reserves
to $5,354,968,000 from $5,361,878,000. Federal Reserve notes in actual circulation increased to $3,261,403,000 from $3,231,862,000, but the net circulation of Federal Reserve Bank notes continued to
decline and reached a total of $26,603,000, as against
$26,752,000 a week earlier. Member bank deposits
on reserve account have again started to rise, following the adjustments occasioned by the quarter
date financing of the Treasury, and they amounted
to $3,961,204,000 on Dec. 26, against $3,943,123,000
on Dec. 19. But Treasury deposits on general account declined rapidly, and in consequence the total
deposits with the System fell to $4,316,916,000 from
$4,360,293,000. Although reserves dropped somewhat and note liabilities increased, these changes
were more than offset by the decline in deposit
liabilities and the ratio of reserves to liabilities increased to 70.7% on Dec. 26 against 70.6% on Dec.
19. Discounts by the System increased modestly to
$9,281,000, and industrial advances also were higher
at $13,589,000. Bill holdings of the System showed
no change of any consequence at $5,611,000, while
holdings of United States Government securities
were slightly changed at -52,430,198,000.
Corporate Dividend Declarations
IVIDEND actions the current week were largely
of a favorable nature, but among the actions
taken was that of Consolidated Gas Co. of New York,
which reduced the quarterly dividend on its common
shares, to be paid March 15, to 25c. a share; the
action was necessitated, according to President
George B. Cortelyou, by increases in taxes and
operating costs, together with reductions in electric
rates since 1931, which aggregate $11,000,000 a year;
in the three preceding quarters, 50c. a share was
paid on this stock, while in the two quarters prior
thereto 75c. a share was paid. Swift & Co. declared
a special dividend of 25c. a share, payable Feb. 15;
the regular quarterly of 12Y2c. a share, due Jan. 1,
was previously declared. Discount Corp. of N. Y.
declared an extra of $8 a share in addition to the
regular quarterly dividend of $3 a share on the capital stock, both payable Jan. 2. National Distillers
Products Corp. declared a dividend of 50c. a share
on the common stock, payable Feb. 1; the last cash
distribution was made Aug. 1 1932, when a similar
dividend was paid; however, on Oct. 16 1933 stockholders received a dividend in warehouse receipts
D
Dec. 29 1934
for whiskey, on the basis of one 24-pint case for each
five shares of common held.
Foreign Trade in November
ERCHANDISE exports from the United States
in November continued quite as heavy as
those in October, and were in excess of every other
month excepting October for the past three years.
The total value of exports last month was $194,901,000 against$206,492,000for October and $184,256,000
for November 1933. The increase over November last
year was only 5.2%. No other month excepting October shows as large a value since October 1931, and
allowing for the holidays in November, daily shipments abroad in that month were in excess of those
for October. Furthermore, cotton exports in November were again considerably reduced and were
very much less both in quantity and in value than
in October, as well as for November in every year
for a long time past.
On the other hand, merchandise imports into the
United States in November were much higher, the
value being $150,919,000. In only two months
earlier in 1934, March and May, was the value of
imports above that for the month just closed, since
August, 1933. Imports in November, 1933, amounted
to $128,541,000. The increase this year over a year
ago was 17.4%. The excess value of exports last
month over imports was $43,982,000, compared with
an export excess of $76,723,000 in October and $55,715,000 for November, 1933. For the eleven months
of 1933, exports of merchandise have amounted to
$1,962,731,000 and imports $1,522,807,000, the excess
value of exports being $439,924,000, against exports
for the eleven months of 1933, amounting to $1,482,355,000 and imports in the same time of $1,316,041,000, the excess of exports in that period
being $166,314,000. The increase in the value of
exports for the current year to date over the same
time in 1933 was 32.4% and for imports for the
eleven months of this year 12.6
, %. For November,
1934, exports and imports increased only 5.2% for
exports and 17.4% for imports over a year ago.
The decline in shipments of cotton abroad in the
past three months has become very serious. Not for
a great many years has this movement been so
small. Attention was directed to this matter both
for September and October and in the report of
merchandise exports for November, conditions are
quite as serious. Cotton exports last month were
591,042 bales against 933,212 bales in November,
1933, and 1,019,468 bales in that month two years
ago. The value of cotton exports last month was
$39,205,598, compared with $48,774,720 in that
month last year. Exports other than cotton last
month amounted to $155,695,000 against $135,481,000 in November last year, the increase this year
being 14.2%. In October exports other than cotton
were valued at $162,695,000 and the increase over
that month in 1933 was 17.3%.
The specie movement in November was again subjected to another quite violent change. Gold exports were reduced to $310,000 at the new value and
gold imports raised to $121,199,000, the latter the
highest since March. With the exception of February and March this year, when gold imports were
unusually large, imports last month were the highest in over three years. For the eleven months of
this year gold exports have amounted to $52,619,000
and imports $1,094,421,000, both at the new value.
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Volume 139
Financial Chronicle
The latter was a record total. The excess of gold
imports so far this year has been $1,041,802,000.
For the eleven months of 1933, gold exports were
$355,837,000 and imports $191,510,000, exports exceeding imports by $164,327,000.. Silver imports
were again higher in November, the value being
$15,011,000, while silver exports amounted to $1,698,000. For the eleven months of 1934, silver imports have amounted to $94,014,000, while exports
were only $15,538,000. The former was also a new
record total for silver imports, and the bulk of
the movement has been made since July.
The New York Stock Market
HARE and bond trading in the New York markets was quite active in this holiday week, while
movements were irregular with a final upturn of
vigorous proportions yesterday giving the lists a
good appearance. The degree of activity was rather
surprising, turnover in stocks on the New York
Stock Exchange amounting to about 1,000,000 shares
in most sessions, while 1,630,000 shares were traded
on Thursday. Tax selling, which usually plays a
part in the year-end markets, had little effect on
the trend, and the market also overcame the adverse
utility developments, which were capped by a reduction of the Consolidated Gas Company of New
York dividend to 25 cents from 50 cents for the
quarter. In Monday's session, price movements in
stocks were small and uncertain. Utility issues
tended to improve and most industrial and specialty
stocks also gained, but rails were soft. Dealings
were suspended, of course, for the Christmas holiday. Transactions on Wednesday were affected by
the disclosure of plans to place a small utility plant
in operation in New York City without delay to
supply some municipal requirements. Shares of
public utility companies were decidedly weak on
this occurrence, but other groups held up well.
Gains predominated on Thursday, when the most
active trading in three weeks took place. Utility
issues tended to recover, notwithstanding the reduction of the Consolidated Gas dividend, while industrial and motor stocks likewise improved. Railroad stocks were not much changed, but liquidation
occurred in merchandising shares. The tendency
yesterday was favorable in virtually all groups of
stocks, and the vigorous advance left quotations substantially above those of a week ago. The impending Congressional session caused some nervousness,
but the pressure of idle funds clearly was more important.
In the listed bond market movements closely
resembled the trends in equities. Highest grade
bonds, such as United States Treasury issues and obligations of leading railroad and industrial concerns, were in demand at most times and modest
gains were general. Utility bonds were weak at
times, owing to the indications of municipal competition in the power and light field. Speculative
bonds were alternately weak and strong, with final
quotations yesterday above those of a week ago.
There were few important movements in commodities, the trends in leading grains and cotton being
somewhat irregular, and little influence on securities was exerted by such markets. Foreign exchange
dealings also disclosed nothing new, the dollar remaining stable in terms of the foremost European
units, whether on or off the gold standard. Industrial and trade indices were favorable, and these in-
S
4011
dications undoubtedly stimulated some buying of
stocks and bonds. Steel-making operations throughout the country were estimated by the American
Iron & Steel Institute at 35.2% of capacity for the
week beginning Dec. 24, against 34.6% a week ago,
the steady advance being due largely to greater
automobile production. Production of electric
power in the week ended Dec. 22 was calculated
at 1,787,936,000 kilowatt hours by the Edison Electric Institute, against 1,767,418,000 kilowatt hours
in the preceding week. Car loadings of revenue
freight in the week to Dec. 22 were 547,895 cars, according to the American Railway Association, this
being a decrease of 32,040 cars over the previous
week.
As indicating the course of the commodity markets, the December option for wheat in Chicago
/8c. the close
closed yesterday at 983
/
8c. as against 977
on Friday of last week. December corn at Chicago
2c. the close,
closed yesterday at 94%c. as against 881/
on Friday of last week. December oats at Chicago
/8c. the close
8c. as against 537
closed yesterday at 571/
on Friday of last week. The spot price for cotton
here in New York .closed yesterday at 12.85c. as
against 12.75c. the close on Friday of last week. The
spot price for rubber yesterday was 12.75c. as against
12.84c. the close on Friday of last week. Domestic
copper closed yesterday at 9c.,the same as on Friday
of last week.
In London the price of bar silver was 24% pence
per ounce as against 23 13/16 pence per ounce on
Friday of last week, and spot silver in New York at
54%c. against 531/
4c. on Friday of last week. In the
matter of the foreign exchanges, cable transfers on
London closed yesterday at $4.93% as against
$4.941/
8 the close on Friday of last week, while cable
/
8c. as
transfers on Paris closed yesterday at 6.607
against 6.601/ic. on Friday of last week.
On the New York Stock Exchange 42 stocks
reached new high levels for the year, while 73
stocks touched new low levels. On the New York
Curb Exchange 28 stocks touched new high levels,
while 70 stocks touched new lav levels. Call loans
on the New York Stock Exchange remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 503,460
shares; on Monday they were 808,520 shares; Tuesday was Christmas Day and a holiday; on Wednesday, 1,055,065 shares; on Thursday,1,632,065 shares,
and on Friday, 1,276,151 shares. On the New York
Curb Exchange the sales last Saturday were 108,130
shares; on Monday, 186,668 shares; on Wednesday,
274,430 shares; on Thursday, 405,070 shares, and
on Friday, 248,799 shares.
The volume of trading in the stock market for the
week was on an increased scale, with prices yesterday, in most instances, recording gains, and at the
close substantially higher than on Friday of the
previous week. General Electric closed yesterday at
21% against 19% on Friday of last week; Consolidated Gas of N. Y. at 19% against 20; Columbia
Gas & Elec. at 7% against 71
/
8; Public Service of
N. J. at 26% against 2614; J. I. Case Threshing
Machine at 56 against 51%; International Harvester at 42% against 38; Sears, Roebuck & Co. at
391/
2 against 38%; Montgomery Ward & Co. at 29%
against 2814; Woolworth at 537
/8 against 52%;
American Tel. & Tel. at 103% against 102, and American Can at 114 against 108%.
4012
Financial Chronicle
Dec. 29 1934
Allied Chemical & Dye closed yesterday at 133/
1
2 history and it is still uncertain whether Governagainst 130/
1
2on Friday of last week; E. I. du Pont ment aid will be extended on a scale sufficient to
de Nemours at 96 against 93½; National Cash Regis- assure continued production. The international
ter A at 17% ex-div. against 167
/
8; International currency outlook, however, is somewhat improved
Nickel at 24 against 223
/
4; National Dairy Products for the time being, and in France this was regarded
at 16% against 161/
4; Texas Gulf Sulphur at 335
/
8 as an offset to the Citroen developments. Italian
against 321
/
4; National Biscuit at 27/
1
2against 261/
2; gold reserves have increased somewhat under the
Continental Can at 63/
1
2 against 62/
3
4; Eastman • recent exchange decrees, and the increase also tended
Kodak at 111/
1
2 against 112; Standard Brands at to allay apprehensions regarding currencies.
18% against 18/
1
2; Westinghouse Elec. & Mfg. at
Prices improved in almost all sections of the
371/2 against 33½; Columbian Carbon at 744 London market during the session on Monday, which
against 713
%;Lorillard at 193
% against 19%; United was sandwiched in between the holidays. There
States Industrial Alcohol at 45 against 431%; Can- was modest activity, as many members were absent
ada Dry at 15/
1
2 against 14%; Schenley Distillers from the Stock Exchange. British funds improved,
at 26% against 247
/
8,and National Distillers at 28% and many good features appeared among the indusagainst 27%.
trial issues. African gold mining stocks showed
The steel stocks closed at higher levels yesterday small gains, and international issues likewise rethan one week ago. United States Steel closed flected modest inquiry. After a two-day suspension,
yesterday at 381/
8'against 37 on Friday of last week; trading was resumed on the London Stock Exchange
Bethlehem Steel at 313
% against 293%; Republic on Thursday, with cheerfulness still the dominent
• Steel at 14% against 13%, and Youngstown Sheet & note. Good investment demand for British funds
Tube at 19% against 18. In the motor group, Au- occasioned advances in these issues, while indusburn Auto closed yesterday at 25/
1
2 against 24% on trial stocks were in even greater request and moved
Friday of last week; General Motors at 337
/8 against forward materially. The gold stocks and the in31; Chrysler at 413
% against 381/
2, and Hupp Motors ternational securities likewise were firm, with
at 3 against 2/
78. In the rubber group, Goodyear movements small. Gilt-edged issues reacted slightly
Tire & Rubber closed yesterday at 24% against 23 yesterday in London, but demand was good for inon Friday of last week; B. F. Goodrich at 11/
1
4 dustrial, gold mining and international stocks.
Extreme dullness marked the Paris Bourse when
against 10Y8,and U. S. Rubber at 16% against 161A.
The railroad shares were higher at the close yester- transactions on that exchange were resumed, Wedday than on Friday a week ago. Pennsylvania RR. nesday, after a prolonged holiday closing. Small
closed yesterday at 24% against 23% on Friday of gains were registered in rentes, while French equilast week; Atchison Topeka & Santa Fe at 541
/
4 ties moved narrowly and in both directions. Citroen
against 52¼; New York Central at 203
% against 20; shares gained 11 points of their huge losses of last
Union Pacific at 105/
1
2 against 107; Southern Pa- week and closed at 64 francs on reports that the
cific at 18/
1
2against 17½;Southern Railway at 15% liquidators were making satisfactory progress. In2, and Northern Pacific at 21 against ternational securities were neglected. In another
against 151/
19%. Among the oil stocks, Standard Oil of N. J. quiet session, on Thursday, small losses appeared in
closed yesterday at 43 against 42/
1
2 on Friday of rentes, while other issues dropped more decidedly.
last week; Shell Union Oil at 6% against 63
/
8, and Small offerings of stocks caused disproportionately
Atlantic Refining at 25% against 24/
1
2. In the cop- large losses, owing to the thinness of the market.
per group, Anaconda Copper closed yesterday at International issues dropped with the rest of the
11% against 107
/
8 on Friday of last week; Kennecott market. Rentes were strong on the Bourse yesterCopper at 17% against 16i4; American Smelting & day, and most other issues likewise improved.
No trading took place on the Berlin Boerse this
Refining at 383
1
2, and Phelps Dodge at
% against 36/
week, until Thursday, and the resumption of deal151A3 againFlt 141/
2.
ings attracted little interest, since a further proEuropean',Stock Markets
tracted suspension for the year-end holidays imEALINGS on stock exchanges in the leading pends. The Berlin market has been very dull for
European financial centerq were very light many weeks, and it is evident that such measures as
this week, as the holiday season occasioned sus- the limitation of dividends on stocks by the German
pensions of trading for protracted periods in every Government have much to do with the general
case. The tone, however, was fairly cheerful in apathy. There were small losses in Reichsbank and
the few sessions, partly as a result of the good holi- I G. Farbenindustrie shares when transactions for
day trade which European countries enjoyed, in com- the week were resumed, but most other issues showed
mon with the United States. The London Stock modest gains. Utility stocks showed better results
Exchange was open Monday, but closed Tuesday than others. Quiet trading yesterday resulted in
and Wednesday. On the Paris Bourse trading was small losses on the Boerse, all groups of issues
resumed for the week on Wednesday, while the Ber- being affected.
lin Boerse remained closed until Thursday. InStabilization Still Distant
creasing optimism was reported in London, owing
to the best Christmas trade that British shops, ho- TN THE course of a debate on international curtels and theatres have enjoyed since 1929. German 1 rency policies before the House of Commons,late
holiday trade was active and probably the best last week, Chancellor of the Exchequer Neville
since 1931, Berlin dispatches say. In Paris, how- Chamberlain made it clear that the British Governever, there was some concern regarding the Citroen ment has no present intention of attempting stabilautomobile factory, which was formally placed in ization of the pound sterling in terms of gold. There
bankruptcy last week after the disclosure of heavy were no surprises in the statement, but the British
losses during the last year of operation. This is reaffirmation of a desire to await developments
one of the greatest financial collapses in French nevertheless caused disappointment to all sound
D
Volume 139
money advocates. Some faint hopes of early joint
action by Great Britain and the United States had
been caused by the suggestion for early mutual stabilization made late in October by United States
Ambassador Robert W. Bingham. The declaration
now made by Mr. Chamberlain doubtless may be
accepted as an answer, in one sense, to the suggestion of the American Ambassador to the Court of
St. James's. While voicing regret that stabilization
cannot now be attempted, Mr. Chamberlain remarked that in the future there will again be established a common international standard of currency,
and it is thus evident that the British authorities at
least do not contemplate indefinite maintenance of
what has now come to be known as a "floating currency." Other than that, little comfort is to be
gained from the declaration. Indeed, the impression was gained that the Chancellor rather definitely
anticipates defections from the gold bloc and further
currency unsettlement.
In reply to the representations by some Members
of Parliament in favor of early stabilization, Mr.
Chamberlain stated that the members of the National Cabinet are well aware of the desirability
of a common international standard of currency.
"We all hope it may be achieved, and we have ourselves made the best contribution we could in the
circumstances by stabilizing sterling in the sterling
area," he continued. "The policy we have followed
has, I think, achieved a very considerable measure
of success. The levels of the currencies of the countries of the Empire and those linked to sterling have
remained really very stable during a period of two
years, and the exchanges of goods and trade of the
countries in the sterling area have shown a very
gratifying increase when international trade was
inclined to shrink. But at the present time we have
on one side of us the gold bloc and on the other the
dollar, which also is on the gold standard. We hold
an intermediary position between the two. The real
difficulty of the situation, which we ourselves are
unable to control, is that the dollar and the franc
are not in harmonious relations with one another.
The pound, which stands between the two, is dear
in terms of the dollar but not so dear as the franc.
It is weak in terms of the franc, but not so weak as
the dollar." The British Government, Mr. Chamberlain indicated, prefers to remain in a position to
move in either direction, as an early attempt to stabilize the disharmony might leave Great Britain in
a situation where the alternative would be faced of a
further lapse from the gold standard or deflation.
Nor is any move toward stabilization likely, he intimated, until price levels in general have changed
sufficiently to bring the dollar and the franc into
greater harmony. While discoursing on this matter, Mr. Chamberlain made it clear that the ultimate
responsibility for British monetary policy must rest
with the British Government, rather than with the
Bank of England.
France continues to hold the key to the monetary
policies of all members of the European gold bloc,
and in an interview with a correspondent of the New
York "Times," last Sunday, Premier Pierre-Etienne
Flandin made it plain that France remains averse
to any tampering with the currency. He declared
that stabilization of currencies unquestionably is
the most important step that could be taken for
world recovery. But this is a matter for determination by the British and American Governments, M.
4013
Financial Chronicle
Flandin added, as France can do nothing but await
the outcome of the fiscal policies of those monetary
Powers. He expressed skepticism regarding the
usual interpretations of American devaluation of
the dollar as due to a desire to raise prices or to
compete in world markets, and holds the opinion
that the action was taken rather to adjust the "enormous load of private debt" and thus attain a better
debtor-creditor relation. Turning to the franc, M.
Flandin remarked that he saw no benefits to be
achieved by devaluation under present conditions.
It is now well established that the silver purchase
policy of the United States and the advances in the
price of the metal thus occasioned have caused a
severe crisis in Chinese monetary affairs. But in
an interview with a correspondent of the New York
"Herald Tribune," last Saturday, Wang Ching-wei,
President of the Executive Council of the Nanking
Nationalist Government, stated that there is no intention of devaluing China's silver currency or
adopting paper money on any greater scale. The
statement was made, according to the correspondent, in answer to widely prevalent rumors in
Shanghai financial circles that devaluation was contemplated to counteract the drain on China's stocks
of silver. "As the great bulk of silver in China is in
the hands of the public," said Mr. Wang, "nothing
can be gained from the nationalization of silver or
devaluation of the silver dollar. The Government
realizes that any such action is entirely against the
State's interests and the wishes of the people, and
on no account will the Government consider such
impracticable measures. The Government is aware
of the difficulties in the present situation and is
anxious to do whatever is possible to improve matters. Dr.H.H.Bung,Finance Minister,is endeavoring to cut expenditures and reduce unnecessary imports, while at the same time encouraging agricultural production." The hope again was expressed
that the United States, in carrying out its silver
purchase plans, would bear the Chinese difficulties
in mind and endeavor to minimize or remove them.
It was added by the correspondent that the drain
of silver from China has not been diminished by the
equalization tax on silver exports, as much metal is
being smuggled out of the country.
.
Naval Treaties
ORMAL denunciation of.the Washington naval
limitation treaty is now a matter of a day or
two only, and the text of the Japanese notification
of abrogation was cabled early this week to Hiroshi
Saito, the Japanese Ambassador to Washington. It
was anticipated that Mr. Saito would deposit the
notice at the State Department to-day, but some
delay is possible. In any event, however, the treaty
will be denounced formally by the Tokio Government before the end of this year, and at the end of
1936 the Washington and London treaties will lapse.
The hope persists in Washington and London that
adjustment will prove possible at some conference
to take place in the next two years, as a race in naval
construction looms as the unpleasant alternative.
Complicating the treaty position, however, are reports from Paris which state that the French Government is likely to take determined action for a
greater ratio than the 13
4 to which France, together
with Italy, is restricted in the 5-5-3-13
/
4-134 arrangement. France, it is said, was ready to denounce the
Washington accord if Japan did not act, but in view
F
4014
Financial Chronicle
Dec. 29 1934
of the action by the Tokio Government, the Quai tion of American firms in France, which was negod'Orsay now is expected to inform the other signa- tiated more than two years ago by the then Premier,
tories that she considers herself no longer bound by Andre Tardieu, and United States Ambassador
the treaty ratios. After a meeting of the Cabinet, Walter E. Edge. Ratification at length was urged
Francois Pietri, the Minister of Marine, described by the present French Government, and the action
the existing treaties as "intolerable for France," a by the Chamber is likely to be followed by similar
Paris report to the Associated Press states. It is steps in the French Senate early next year. Formal
already plain that any such action by France will action on the accord naturally would signify a very
again bring up pointedly the question of Italian de- material improvement in Franco-American commersires for parity with France, and the whole problem cial relations. The French budget, as finally
thus appears to be as hopelessly involved as is the adopted, calls for expenditures of 47,817,000,000
francs and estimated receipts of 46,992,000,000
land armaments question.
francs, leaving a deficit of 825,000,000 francs. The
real deficit naturally will depend upon economic
European Diplomacy
conditions next year, and warnings were given in
HERE are already some indications that great the debates that it may easily amount to 3,000,activity will mark the European diplomatic 000,000 francs. One of the most difficult achievescene soon after the Saar plebiscite is concluded on ments of the Premier was the stifling of opposition
Jan. 13. The quid pro quo offered by Germany in to his wheat bill, which maintains a high price for
return for the practical abandonment of the French French wheat until next July, but calls for some
campaign in the Saar has not yet been revealed, but concessions on the part of French farmers. When
signs are beginning to point directly to a German Parliament again assembles, M. Flandin is expected
return to the League of Nations, and this appears to introduce measures for constitutional reform, and
to be part of the general arrangement. Great it is anticipated that the contest on such legislation
Britain's Foreign Secretary, Sir John Simon, was in will provide a greater test than any the Premier
Paris last Saturday, and he conferred at length with has met heretofore. It was on such reforms that
Premier Pierre-Etienne Flandin and Foreign Minis- M. Doumergue fell, but Premier Flandin has inditer Pierre Laval. He is reported to have urged upon cated that his measures differ from those of his
France the necessity of reaching some compromise predecessor.
with the Reich on arms so as to satisfy Germany's
Russian Terrorism
national pride and permit her to return to Geneva.
The French Premier and his Foreign Minister were
INCE the assassination at Leningrad, on Dec. 1,
invited to visit London in the latter half of January,
of Sergei Kiroff, one of the closest associates
with the object of examining the possibilities of of Joseph Stalin in the ruling Communist group,
achieving Germany's return to the League, and ac- Russian officials have proceeded relentlessly against
ceptance of the invitation is considered quite likely what they chose to term "terrorist class enemies."
in Paris. The visit was followed almost immediately The murder of M. Kiroff was followed by wholesale
by suggestions in the French press that the Flandin arrests, and the almost immediate execution of 66
regime views the German claim to rearmament some- persons accused or suspected of complicity in plots
what differently from its predecessors, since it be- against the Soviet Government. Additional groups
lieves that German limitation under some formal were shot without much delay, and at the present
convention would be preferable to the acknowledged time the toll of deaths among the suspected enemies
but uncontrolled rearming now taking place in the of the Soviets is 103. Scores more have been
Reich. In a London dispatch to the New York arrested, among them such prominent former lead"Times" that able observer who writes under the ers and associates of M. Stalin as Gregory Zinovieff
pseudonym of "Augur" reports the extraordinary and Leo Kameneff. The detention of these former
phenomenon of a sudden cessation of European fears leaders, who dared to question some aspects of M.
of Germany. Berlin has joined the chorus with de- Stalin's policies several years ago, was announced
precations of exaggerated armaments scares in in Moscow last Sunday, and it was stated at the
France, and it thus seems that the stage is being well same time that a widespread plot had been disset for German re-entry into the League and the covered to overthrow the present dictator. These
General Disarmament Conference. The Saar plebi- charges were elaborated on Wednesday, when
scite arrangements now are proceeding smoothly. Leonid Nikolaieff, the assassin of M. Kiroff, was
The 4,000 British, Italian, Dutch and Swedish sol- accused of plotting both internal terror and the
diers who are to maintain order during the balloting intervention of capitalist countries. The slayer is
now have taken up their duties, and further unfor- said to have confessed receiving money in Leningrad
tunate incidents are held unlikely, although they are from the consul of an unnamed foreign Government,
always possible.
and he is also alleged to have stated that two separate attempts on the life of M. Stalin were being
French Policies Approved
planned. Some of the persons accused by the
OST of the policies advocated by France's authorities of a conspiracy to overthrow the Govyoung Premier, Pierre-Etienne Flandin, ernment were placed on trial Thursday before a
gained the approval of the Parliament before that military branch of the Russian Supreme Court, this
body adjourned for the usual year-end suspension, action contrasting sharply with the previous sumlast Sunday, and there is now a correspondingly mary executions of suspected persons. It is, of
greater optimism regarding the situation in France, course, impossible to tell from this distance what
notwithstanding the increasingly serious inroads of substance there may be behind the accusations of
the depression. One of the most significant inci- the Russian officials. Even if they are strictly accudents was the approval by the Chamber of Deputies, rate, however, they indicate at the very least the
last Saturday, of the treaty abolishing double taxa- existence of far more discontent with the Communist
T
S
M
Volume 139
Financial Chronicle
4015
Yugoslavian Cabinet
order than the authorities would be apt to concede
is possible.
NLY halting progress has been made toward
Indications have been made available in several
representative government in Yugoslavia by
quarters, meanwhile, that the Russian Government Boske Jeftitch, the new Premier, and already there
feels far more independent of foreign supplies of are signs of disaffection in many quarters. M. Jefmachinery and other materials than at any previous titch met unexpected difficulties in organizing a new
time. Reports from Moscow and London, as well as regime, and his slate of Ministers was announced in
information available in New York, are to the effect Belgrade on Dec. 21, three days after he began the
that foreign purchases hereafter will be restricted task of forming a regime to succeed that of Nikola
to a cash basis, unless credits are made available at Uzonovitch, which was strictly Serbian. The new
what the Russians describe as reasonable rates of Premier was Foreign Minister under M. Uzonovitch,
interest. This seems to mean a rate of perhaps 4% and he retained this post in his own Cabinet.
The
to 5%, as against the 10% or more heretofore com- endeavor to obtain the support of most.parties was
mon on orders from Russia which required the ex- unsuccessful, but a compromise was arranged wheretension of credit. This policy already is in effect in under some leaders agreed to join the
Cabinet on a
London, and it will probably guide the buying of the personal basis, without committing
their parties to
Amtorg Trading Corp. in New York as well. Note- support of the Jeftitch regime. On
this basis a
worthy is the recent conclusion of an agreement Cabinet was formed which includes nine Serbians,
between France and Russia, which stipulates that one Moslem, three Croatians and one
Slovene. The
any French credits to Russia are to be at a "reason- only so-called "strong man" in the regime is held
to
able" rate of interest. In a Moscow report to the be General Peter Zivkovitch, who was also in the
New York "Times" this new policy is said to reflect former Cabinet. Support of the Serbian group
by
the determination of Russian authorities no longer the other parties was made conditional upon restorato pay higher prices for goods and higher interest tion of the freedom of the press, removal of restricon credits than other countries. Whether the new tions on political meetings, and the holding of genpolicy will have any bearing on the debt negotiations eral elections next spring, but to these demands
M.
now in progress between Washington and Moscow Jeftitch could not accede. Each party leader,
acis not yet clear. Alexander Troyanovsky, the Soviet cordingly, will determine his attitude toward the
Ambassador to Washington, who is now en route, policies of the new Government
on an individual
remarked briefly at Yokohama, Tuesday, that the basis. One of the first steps taken by
the Jeftitch
debt problem probably will be adjusted soon.
regime was the granting of amnesty to Vladko
Matchek, the Croatian leader who was imprisoned
Austrian Debts
a year ago on charges of attempting to set up an
NDER an interpretation by the United States
independent Croatian State. A favorable impresTreasury of Austria's position as a debtor to sion
was occasioned by this move, but the Governthe United States Government, that country is now ment met a
rebuff on Wednesday when Aza Stanheld to be one of the very few that have not defaulted oyevitch,
leader of the former Radical party, indion their intergoverbmental debts. This position ap- cated
that he is not prepared to support Premier
pears to involve technical considerations, but the
Jeftitch.
action may have some practical importance in the
future, since a country in default on its debts to the
Manchukuo
United States Government is automatically barred,
ORE than a little interest attaches to a report
under the Johnson Act, from floating any obligaon trade prospects in the Japanese puppettions in the American capital market. There is, of State of Manchukuo, just issued in London by a
course, no present likelihood of an Austrian loan in small group that spent four weeks in the new counthis market. The current offer of the Austrian Gov- try in behalf of the Federation of British Industries.
ernment to convert 7% dollar bonds of the 1923-1943 This document, which avoids any comment on recogissue, which have been called for redemption, into nition, suggests that excellent opportunities now
schilling bonds, is permissible under the Johnson exist for British trade expansion, but it also conAct, in any event. Removal of Austria from the tains a warning that the Manchukuoan policy on
ranks of the countries that are considered in default oil, which now has been made a State monopoly, will
on intergovernmental debts nevertheless is a matter prevent foreigners from investing money in the new
of considerable importance. In a Washington dis- country. The inhabitants of Manchukuo now enjoy
patch to the New York "Times" it is indicated that security and orderly government, and they are free
there will be no remittance on Austrian relief bonds from the depredations and exactions of War Lords,
held by the United States Government during 1935 the report states. Plans are being made for improveowing to objections to such payments made by the ment in transportation, communications, inland
trustees of the publicly-held League loan of 1923. navigation,flood control, sanitation and other faciliThe Austrian Government apparently is under the ties which heretofore have been lacking, and Mannecessity of meeting the views of the trustees, since chukuo thus offers an excellent market for industhe 1923 League loan is a prior lien to the relief trial products, the group adds. It is indicated in a
obligations, and the arrangements, moreover, have London dispatch to the New York "Times" of last
been embodied in agreements between Austria and Saturday, however, that officials of the British Govthe United States dated May 8 1930 and Sept. 14 ernment consider the comments on the Manchu1932. The Treasury, accordingly, postponed a pay- kuoan oil monopoly as much more important than
ment of $460,093 due from Austria on Jan. 1 1935, the glowing descriptions of trade possibilities. Puband agreement was made to effect the payment, lication of the report, moreover, was followed within
with 5% interest, in 25 equal annuities from 1944 a few days by renewed indications of the international strain caused by the Japanese conquest of
to 1968.
O
U
M
Financial Chronicle
4016
Manchuria and the formation of the puppet-State.
Friction between Soviet Russia and Manchukuo has
been caused by a border incident which seems to
involve little more than a change in the course of a
river marking the boundary between the two countries. Some Russians, who suddenly found themselves in Manchukuo, refused to leave when Manchukuo claimed the new strip. Reports from the
Russian and Japanese capitals indicate that both
Governments are anxious to settle such incidents
amicably.
Discount Rates of Foreign Central Banks
HERE have been no changes during the week
in the discount rates of any of the foreign
central banks. Present rates at the leading centers
are shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Comity
Austria.—
Belgium....
Bulgaria...
Chile
Colombia__
Czechoslovakia____
Danzig__
Denmark__
England_ __
Estonia__
Finland__
France_ _ _ _
Germany__
Greeoe
Holland-
Rate in
Date
Effect
Dee.28 Established
PreMous
Rate
434
234
7
434
4
June 27 1934
Aug. 28 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
5
3
8
1534
5
331
4
234
2
5
4
234
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 1933
431
3
3
234
534
434
3
5
731
g
Country
Rate in
Date
Effect
Dec.28 Established
Hungary __ 434 Oct. 17 1932
India
334 Feb. 16 1934
Ireland_ ___ 3
June 30 1932
Nov. 26 1934
4
Italy
3.65 July 3 1933
Japan
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
5
Dec. 13 1934
Portugal
Rumania
434 Dec. 7 1934
Feb. 21 1933
SouthAtrica 4
Oct. 22 1932
6
Spain
Sweden____ 234 Dec. 1 1933
Switzerland 2
Jan. 22 1931
ProMous
Rate
5
4
331
3
3
4
7
7
4
8
534
6
5
634
3
235
Bank of England Statement
HE statement for the week ended Dec. 26 shows
a further gain of £16,132 in bullion which raises
the total to another new high, £192,788,779 which
compares with £191,686,728 a year ago. The gain
in gold having been attended by an expansion of
£3,173,000 in note circulation, reserves fell off
£3,157,000. The reserve ratio dropped further to
35.16% from 37.30% a week ago; last year the ratio
was 37.33%. Public deposits rose £1,489,000 while
other deposits decreased £2,189,149. Of the latter
amount £1,593,257 was from bankers' accounts and
£595,892 from other accounts. Loans on Government securities increased £3,700,000 and those on
other securities fell off £1,184,991 of which £554,314
represented a reduction in discounts and advances
and £1,739,305 in securities. The rate of discount
did not change from 2%. Below are the figures for
five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Dec. 26
1934
Dec. 27
1933
Dec. 28
1932
Dec. 30
1931
Dec. 31
1930
£
£
£
£
£
40.5,162,000 391,981,846 371,193,057 364,150,042 368,801,586
Circulation
9,878,000 22,155,674 8,865,481 7,732,655 6.580,599
Public deposits
125,544,157 137,760,473 136,169,713 166,738,813 168,608,558
Other deposits
Bankers' accounts_ 89,139,575 101,215,838 102.409,590 126.397,730 132,449,330
36,404.582 36,544,635 33,760,123 40,341.083 36,159,228
Other accounts_
Government secure
87,542,413 88,036,692 102,371,824 95,340,906 81,021,247
Other securities
18,245,866 30,150,528 36.247,828 64,903,466 72,652,624
Diset..k advances- 7,578.577 16,755,681 18,509,400 27,290,602 48,962,458
10,667,289 13,394,847 17,738,428 37,612,884 23,690,188
Securities
Reserve notes di coin 47,624,000 59,704,882 24,400,815 32,198,679 39,469,805
Coin and bullion_ - - - 192,788,779 191,686,728 120.593,672 121,348,721 148,271,371
Proportion of reserve
22.52%
18.45%
1632%
37.33%
35.16%
to liabilities
207.
3%
Rank rata
2%
2%
6%
Dec. 29 1934
26,000,000francs and 497,000,000francs respectively.
Notes in circulation reveal a gain of 648,000,000
francs, bringing the total of notes outstanding up to
81,553,897,005 francs. Circulation a year ago aggregated 80,562,171,750 francs and two years ago
82,565,447,025 francs. The proportion of gold on
hand to sight liabilities stands now at 80.74% in
comparison with 79.20% last year and 77.72% the
year before. Below we furnish a comparison of the
different items for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT
Changes
for Week
Gold holdings-- —
Credit bals. abr'd- aFrench commercial
bills discounted_
b Bills bought aor'd
Adv. against emirs_
Note circulation _ _
Credit, current sects
Proport'd of gold on
hand tnahrht IIah
Dee. 21 1934
Dec. 22 1933
Dee. 23 1932
Francs
Francs
Francs
Francs
—108,439.909 82,123,286,721 76,945,282,925 83,119,500,173
+1,000,000
34,028,233 3,153,743,546
9,325,915
+154,000,000 3.425,950,686 3,844,483,281 3,148,824,071
No change
951,666,473 1,142,523,130 1,581,207,983
—26,000,000 3,187,810,386 2,917,231.753 2,529,045,432
+648,000,000 81,553,897,005 80,562,171,750 82,565,447,025
—497,000,000 20,154,999,350 16,594,023,778 24,385,739,586
—A 22%
ito 74%
70.20%
77.72%
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
HE Bank of Germany in its statement for the
third quarter of December reveals a further
gain in gold and bullion, the increase this time being
51,000 marks. The Bank's gold now aggregates
78,762,000 marks, as compared with 391,592,000
marks last year and 800,076,000 marks the previous
year. An increase appears in reserve in foreign
currency of 184,000 marks, in bills of exchange and
checks of 23,676,000 marks, in silver and other coin
of 11,178,000 marks, in advances of 4,124,000 marks,
in investments of 311,000 marks, in other daily
maturing obligations of 4,743,000 marks and in other
liabilities of 14,478,000 marks. The proportion of
gold and foreign currency to note circulation remains
at 2.23%, in comparison with 11.5% a year ago.
Notes in circulation record an expansion of 4,684,000
marks, bringing the total of the item up to 3,724,299,000 marks. •A year ago circulation stood at
3,451,471,000 marks and two years ago at 3,371.244,000 marks. Notes on other German banks and
other assets register decreases of 3,039,000 marks and
12,580,000 marks respectively. A comparison of the
various items for three years appears below:
T
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
AMU—
Gold and bullion- -__
Of which depos. abr'd__
Heave 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.oblig
Other liabilities
Propor. of gold di torn
curr. to note circurn_
Dec. 22 1934 Dee.23 1933 Dee. 22 1932
Reichsmarks
Reichsmarks Reichsmark.: Reichsmark*
+51,000
78,762,000 391,592,000 800,076,000
No change
21,204,000
48,532,000
43,577,000
+184,000
4,434,000
6,910,000 117,504,000
+23,676,000 3,621,706,000 2,936,760,000 2,554,233,000
+11,178,000 206,151,000 230,894,000 262,185,000
—3,039,000
1,790,000
9,683,000
9.722,000
+4,124,000 101,608,000
59,874,000 103,126,000
+311.000 755,230,000 570,771,0%) 397,060,000
—12,580,000 666,185,000 525,001,000 814,313,000
+4,684,000 3,724,299,000 3,451,471,000 3,371,244,000
+4,743,000 968,903,000 449,024,000 386,270,000
+14.478,000 301,967,000 207,839,000 733,259,000
No change
2.23%
11.5%
27.2%
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 9-16%, as against 9-16@H% on
Bank of France Statement
Friday of last week, and 9-16% for three months'
HE weekly statement of the Bank of France, bills, as against 9-16@H% on Friday of last week.
dated Dec. 21, records a decline in gold holdings Money on call on London yesterday was 4%.
3
At
of 108,439,909 francs. Owing to this loss, the total Paris the open market rate remains at 13/8%, and
of gold stands now at 82,123,266,721 francs, which in Switzerland at 13/2%.
compares with 76,945,282,925 francs last year and
New York Money Market
83,119,500,173 francs the previous year. Credit
HERE were not even faint indications this week
balances abroad and French commercial bills disof a year-end strain in the money market, rates
counted register increases of 1,000,000 francs and
154,000,000 francs, while advances against securities being unchanged in all departments, while funds
and creditor current accounts show decreases of were available in perfectly enormous amounts. AU
T
T
Volume 139
Financial Chronicle
signs continue to point toward extremely low rates
for an indefinite period, largely because of the apparent anxiety of the Administration in Washington to keep charges on accommodation low. The
steps taken last week by the Federal Reserve Board
and the Federal Deposit Insurance Corporation to
reduce rates on savings and thrift deposits to a
maximum of 21/2% occasioned some criticism, but
no change in attitude. Here and there some institutions are lowering the maximum charges on real
estate, commercial and other loans to 5%. The
plethora of funds continues to increase, meanwhile.
A number of large corporations recently have taken
steps to reduce funded debt by calling redeemable
bond issues, and in a few cases even stock issues now
are to be repaid. So far as the money market is
concerned, this means little more than a redistribution of available balances, but it is also a highly
indicative sign of the times.
No special activity marked the dealings in the
New York money market this week, preparations for
the large year-end disbursements having been in
progress for some time. The United States Treasury
sold, on Dec. 21, an issue of $75,400,000 discount
bills, due in 182 days, at an average discount of
0.11%, computed on an annual bank discount basis.
Call loans on the New York Stock Exchange again
were 1% for all transactions, while time loans held
/
4(g1%. Commercial paper and
to their range of 3
bankers' bill rates likewise were carried forward
from last week.
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% remained
the ruling quotation all through the wbek for both
new loans and renewals. The market for time
money has continued inactive this week, no transactions having been reported. Rates are nominal at
3%@1% for two to five months and 1@1%% for six
months. Prime commercial paper has been in good
demand throughout the week, and a fairly good
supply of paper has been at hand most of the week.
3 % for extra choice names running from
Rates are 4
four to six months and 1% for names less known.
Bankers' Acceptances
market
for prime bankers' acceptances this
HE
week has had very little business as there have
been few bills available. Rates are unchanged.
Quotations of the American Acceptance Council for
bills up to and including 90 days are 3-16% bid and
34% asked; for four months, 5-16% bid and VI%
asked; 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
decreased from $5,682,000 to $5,611,000. Their
holdings of acceptances for foreign correspondents,
however,increased from $651,000 to $675,000. 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:
D
T
SPOT DELIVERY
—180 Days— —150 Days— —120 Days—
Ma
Asked
Bid
Asked
Bid
Asked
SS
'is
Si
Prime eligible bills
—90 Days— —60 Days— —30 Days—
Bid
Asked
BO
Asked
Bid
Asked
lie
34
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS
% bid
Eligible member banks
Si% bid
Eligible non-member banks
4017
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
an Francisco-
Rate 5,5
Erna on
Dee. 28
2
154
294
2
3
254
234
23-5
3
294
3
2
Date
Established
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1934
Feb. 9 1934
Dec. 15 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Dec. 21 1934
Feb. 8 1934
Feb. 16 1934
Previous
Eats
294
2
3
234
331
3
3
3
334
3
334
234
Course of Sterling Exchange
TERLING exchange presents no new features of
importance from the closing days of last week.
The pound is relatively easy in terms of both the dollar
and French francs. The range this week has been
5 for bankers'sight bills,
between $4.9334 and $4.94%
compared with a range of between $4.9332 and $4.95
last week. The range for cable transfers has been
between 84.93% and $4.943
4 compared with a range
5 and .9534 a week ago.
of between $4.934
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. 22
74.875 Wednesday, Dec. 26 (Ho!. in Lon.)
74.801
Monday, Dec. 24
74.895 Thursday, Dec. 27
Dec. 28
74.72
Tuesday, Dec. 25
(Hol.) Friday,
LONDON OPEN MARKET GOLD PRICE
Saturday, Dec. 22
140s. 834d. Wednesday, Dec. 26 (Ho!. in Lon.)
Monday, Dec. 24
Thursday, Dec. 27_ _140s. 1094d.
140s. 8d.
Dec. 28_ _140s. 10%d.
(Holiday)
Friday,
Tuesday, Dec. 25
PRICE PAID FOR GOLD BY UNITED STATES (FEDERAL
RESERVE BANK)
ec 26
35.00
Saturday, Dec. 22
35.00 I Wednesday, D.
35.00
Monday, Dec. 24
35.00 Thursday, Dec. 27
35.00
Dec. 28
Tuesday, Dec. 25
(Ho!.) Friday,
This is a seasonal interim in the foreign exchange
market. All markets were closed on Christmas and
on Wednesday also there was a holiday in London
so that quotations for sterling on December 26 were
nominal. The temporary lull should last until after
the turn of the year and no important developments
may be expected in the foreign exchange market
before the consummation of the Saar plebiscite on
January 13. Under normal conditions sterling and
the European currencies should as a seasonal matter
reverse trends and show firmness against the dollar
from about the middle of January until the end of
August. However, there is no way of knowing that
seasonal trends will develop in the usual manner
under the present abnormal conditions of international
exchange. Unless more conservative policies are pursued by the Washington Administration it is thought
quite probable that sterling will develop firmness
after the first of the year regardless of the course
of trade movements.
Foreign exchange operators and important leaders
of opinion in other financial circles continue to be in
agreement that there can be no steadiness in sterling
or other currencies until some understanding as to
stabilization is reached between the London and
Washington authorities. There seems to be little
doubt that informal conversations are recurrent in
official quarters on this matter, but it is equally
certain that London continues of the same opinion
as has guided its policy for fully a year that on
4018
Financial Chronicle
Dec. 29 1934
authoritative steps leading toward stabilization of Bank reported a decrease of $984,000 in gold earthe pound can be possible until such time as Washing- marked for foreign account. In tabular form the
ton has definitely abandoned monetary experimenta- gold movement at the Port of New York for the week
tion. In other words, there will be no stabilization ended Dec. 26, as reported by the Federal Reserve
of the pound in terms of the dollar until the gold con- Bank of New York, was as follows:
tent of the dollar can be accurately foretold for a GOLD MOVEMENT AT NEW YORK, DEC. 20-DEC. 26, INCL.
long period ahead. There can be little doubt that
Imports
Exports
87,892,000 from France
bankers in London and on the Continent are ex7,744,000 from England
5,458,000 from India
tremely doubtful as to the dollar outlook, and there1,676,000 from Canada
None
fore it is impossible to foresee steadiness in foreign
1,240,000 from Mexico
1,112,000 from Holland
exchange for the coming months. Certainly it is
3,000 from Guatemala
unsafe to predict the course of exchange by reference
825.125.000 total
to the seasonal factors which prevailed when interNet Change in Gold Earmarked for Foreign Account
national trade and currencies moved along normal
Decrease: $984,000
seasonal lines.
Note—We have been notifed that approximately $340,000 of gold was
In a recent interview, M. Pierre-Etienne Flandin, received from China at San Francisco.
the French premier, asserted that international trade
The above figures are for the week ended Wednesrecovery awaits pound-dollar stabilization. This atti- day evening. On Thursday $3,000 in gold was
tude is in contrast with the view expressed on Friday received from Guatemala. There were no exports of
of last week in the House of Commons by Neville the metal, but gold held earmarked for foreign
Chamberlain, the British Chancellor of the Ex- account increased $3,000. On Friday $2,514,400 in
chequer, to the effect that the pound could not be gold was received from Canada. There were no
stabilized until the dollar and the franc were brought exports of the metal or change in gold earmarked
into greater harmony. M. Flandin asserted, "It is for foreign account.
a question for Great Britain and the United States.
Canadian exchange continues firm in terms of the
France can do nothing but await the outcome of the United States dollar. On Saturday last Montreal
fiscal policy of the two great money powers." These funds were ata premium of 15-16% to 1%,on Monday
expressions of opinion, combined with the known at%%. On Tuesday,Christmas,there was no market.
unpredictability of Washington policies, reveal a com- On Wednesday Montreal funds were at a premium
plete impasse in the foreign exchange situation so of %%,on Thursday at % to 11-16%, and on Frifar as the immediate future is concerned.
day at 11-32 to 1%.
At present London, like all the important financial
Referring to day-to-day rates, sterling exchange on
centers, is dominated entirely by the year-end shifting Saturday last was steady, inclined to firmness.
of balances in connection with internal rather than Bankers' sight was 84.9432sg$4.94%; cable transfers,
external trade settlements, so that money rates show $4.94%@$4.943. On Monday exchange was dull
a tendency toward hardness though the super- and steady. The range was $4.943/
8@s4.943 for
abundance of funds in London has made virtually no bankers' sight and $4.943i(04.949 for cable transimpression on open-market rates. Two-months' bills fers. On Tuesday, Christmas, there was no market.
are 9-16%, three-months' bills 9-16%,four-months' On Wednesday it was a holiday in London. In New
bills %%,and six-months' bills %% to 11-16%.
York sterling was nominally quoted $4.9438@$4.393'1.
Gold continues to be taken in the London open for bankers' sight and $4.94%@$4.943A for cable
market for unknown destinations. While most of transfers. On Thursday sterling was steady. The
this gold is taken by private hoarders and remains in range was .939@$4.94 for bankers' sight and
the safe deposit vaults of the London banks, con- $4.93'%@ .943/i for cable transfers. On
@935A
Friday
siderable amounts reach the United States, some it is sterling was steady, the range was $4.93
believed as the result of Treasury operations but also for bankers' sight and $4.933/2@$4.93Y1 for cable
due in part to British settlements for imports and to transfers. Closing quotations on Friday were $4.93%
increased interest recently evidenced by London in for demand and $4.933
4 for cable transfers. ComAmerican securities. On Saturday last there was mercial sight bills finished at $4.93%; 60-day bills
available in the open market and taken for unknown at $4.923"; 90-day bills at $4.92%; documents for
destinations £112,000, on Monday £198,000. There payment (60 days) at $4.927
4, and seven-day grain
was no market on Tuesday and Wednesday owing to bills at $4.934. Cotton and grain for payment
3
the holidays in London. On Thursday there was closed at $4.93%.
available and taken for unknown destimation
Continental and Other Foreign Exchange
£227,000 and on Friday £207,000. The Bank of
England statement for the week ended Dec. 26
XCHANGE on the Continental countries is dull
shows an increase in gold holdings of £16,132. The
under the influence of the holidays and may
total gold holdings of the bank now stand at £192,- continue so for another week at least. Meanwhile
788,779 which compares with £191,686,728 a year the gold currencies are ruling firmer in terms of
ago and with the minimum of £150,000,000 recom- both sterling and the dollar. Speculative interests
mended by the Cunliffe committee.
are at present conspicuously inactive in the market,
At the Port of New York the gold movement for due partly to an apparently greater return of conthe week ended Dec. 26, as reported by the Federal fidence in the outlook in France and also to a cessation
Reserve Bank of New York, consisted of imports of of devaluation talk in Belgium and Holland. The
$25,125,000, of which $7,892,000 came from France, speculative interests are hardly likely to take a
$7,744,000 from England, $5,458,000 from India, technical position in the market until after the Saar
$1,676,000 from Canada, $1,240,000 from Mexico, plebiscite. Undoubtedly the greater firmness in the
$1,112,000 from Holland, and $3,000 from Guate- Continental currencies at present is due to the success
mala. There were no gold exports. The Reserve of the recent Italian measures taken to strengthen
E
Financial Chronicle
Volume 139
the lira and to check the outward trend of gold from
Italy to other countries.
Since early in March the steadily developing weakness in lire and continuous loss of gold by Italy
threatened the entire gold bloc no less than the
weakness of the currency and foreign exchange situation in Belgium, but the Italian decrees of Dec. 8,
which were referred to in our last two issues, were
promptly effective in bringing about a reversal of
trend in the lira. It will be recalled that between
February 28 and early December the Bank of Italy
lost approximately 1,265,000,000 lire in gold. The
Bank of Italy's statement for December 20 shows
that the long continued drain on gold reserves has been
checked, with a gain of 31,000,000 lire as compared
with December 10 and of 9,000,000 lire in the credit
balance abroad. The Italian gold reserves on December 20 amounted to 5,800,000,000 lire, which compares with 5,769,000,000 lire on December 10, when
the low point was reached. Most of Italy's recently
exported gold went to Paris and nearby countries.
The lira is still under par with respect to the French
franc but is ruling above the lower gold point. Hence,
it is assumed that the recent addition to the Bank of
Italy's gold could not have been acquired through
exchange movements but must have been purchased
in the open market and in all probability was bought
at the Bank of France, where the Italian gold had
formerly been sold.
French francs continue firm in terms of both sterling and the dollar. However, this firmness is only
relative, for while for the past ten days or so the
franc has moved above the lower gold point for gold
from Paris to New York, it is still under new dollar
parity of 6.63. The franc ranged this week between
6.603 and 6.61. Gold can hardly be profitably
brought from France to New York unless the franc
rules in terms of the dollar around 6.58. The
current Bank of France statement shows a decrease
in gold holdings of 108,439,909 francs. Total gold
holdings now stand at 82,123,266,721 francs, which
compares with 76,945,282,925 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 80.74%, which compares with 79.20% 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)
Old Dollar
Parity
3.92
13.90
5.25
19.30
40.20
New Dollar
Parity
6.63
23.54
8.91
32.67
68.06
Range
This Week
6.603( to 6.61
23.41 to 23.49
8.55 to 8.57
32.41 to 32.43M
67.66 to 67.71
The London check rate on Paris closed on Friday
at 74.72. against 74.82 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.603
%, against 6.60 on Friday of last
week; cable transfers at 6.60%, against 6.603 and
commercial sight bills at 6.57%, against 6.57.
Antwerp belgas finished at 23.48 for bankers' sight
bills and at 23.49 for cable transfers, against 23.41
and 23.42. Final quotations for Berlin marks were
40.22 for bankers' sight bills and 40.23 for cable
transfers, in comparison with 40.21 and 40.22.
Italian lire closed at 8.55 for bankers' sight bills and
at 8.56 for cable transfers, against 8.54 and 8.55.
Austrian schilling3 closed at 18.86, against 18.84;
exchange on Czechoslovakia at 4.18%,against 4.18;
2, against 1.013/
on Bucharest at 1.013/
2; on Poland
4019
at 18.93,against 18.91 and on Finland at 2.18,
against 2.18. Greek exchange closed at 0.933
% for
bankers' sight bills and at 0.93% for cable transfers,
against 0.9334: and 0.933
%.
XCHANGE on the countries neutral during the
war is steady and fluctuations this week have
been within exceptionally narrow limits. The steadiness is due entirely to the inactivity characteristic of
the holiday season. The comments on the main
features of sterling exchange and the French franc
so far as seasonal trends are concerned apply likewise to the Swiss franc and the Holland guilder.
The Christmas and New Year holidays are especially
prolonged on the Continent and nowhere more so
than in the Scandinavian countries. Hence all business comes virtually to a standstill. As frequently
pointed out, the Scandinavian currencies move in
sympathy with sterling exchange.
Bankers' sight on Amsterdam finished on Friday
at 67.69, against 67.65 on Friday of last week;
cable transfers at 67.70, against 67.66 and commercial sight bills at 67.67. against 67.63. Swiss francs
closed at 32.423/i for checks and at 32.43 for cable
transfers, against 32.40 and 32.41. Copenhagen
checks finished at 22.04 and cable transfers at
22.05, against 22.05 and 22.06. Checks on Sweden
closed at 25.46 and cable transfers at 25.47, against
25.46 and 25.47; while checks on Norway finished at
24.79 and cable transfers at 24.80, against 24.81
and 24.82. Spanish pesetas closed at 13.69 for
bankers' sight bills and at 13.70 for cable transfers,
against 13.68 and 13.69.
E
XCHANGE on the South American countries,
except for the holiday dulness evident in alr
markets, continues to follow the trends which have
been apparent for many months. The Argentine and.
Brazilian units are relatively easy in sympathy with
the course of sterling exchange. While currently
owing to the Christmas and New Year holidays
exchange on the South American countries is extremely dull, the major trend of these units continues
to be one of increasing activity by reason of the'
steady improvement in the exports of South America.
All indices reflect the steady economic improvement
throughout South America. In Argentina it is.
expected that the new crops will be even more
abundant and profitable than the last highly profit-able season. Harvesting of wheat is now under way.
Argentine paper pesos closed on Friday, official"
quotations, at 32% for bankers' sight bills, against
32% on Friday of last week; cable transfers at 33,
against 33. The unofficial or free market close was.
25.15@2534, against 25@253'. Brazilian milreis
official rates are 8.24 for bankers' sight bills and'
83 for cable transfers, against 8.23@834. The
unofficial or free market close was 6.75, against 6.75.
Chilean exchange is nominally quoted 103., against,
103j. Peru is nominal against 23 against
23%.
E
E
XCHANGE on the Far Eastern countries continues greatly disturbed because of the unsati7factory relations prevailing among the major
currencies--sterling, the dollar, and the French
franc.
The Chinese situation is especially clouded
at this
time owing to the American policy of
silver purchases. China continues to be greatly
disturbed bythe loss of silver at Shanghai and the steady
smuggling of metal from the country. The
unsatisfactory-
4020
Financial Chronicle
conditions resulting from the silver situation and the
threats to the silver stocks of Shanghai, which are
the cover base for Chinese currency, have caused
money rates, in Shanghai and all parts of China
under the firm control of the National Government,
tornount at an excessive rate. It is reported in
apparently well informed quarters that money is
commanding rates even in excess of 20%. Japanese
yen and the Indiana rupee move of course in harmony
with sterling exchange.
Closing quotations for yen checks yesterday were
28.72, against 28.84 on Friday of last week. Hong
Kong closed at 42%@43 3-16, against 42/@
42 11-16; Shanghai at 34%@35. against 34@34 1-16;
Manila at 50, against 50; Singapore at 583/
8, against
58.10; Bombay at 37.22, against 37.25 and Calcutta at 37.22, against 37.25.
PURSUANT
to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
DEC.22 1934 TO DEC.28 1934,INCLUSIVE
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
Unit
Dec. 22
Dec. 24
Dec. 25
Dec. 26
Dec. 27
Dec. 28
EUROPE5
$
$
3
$
$
Austria.schilling
.187710* .187690*
.187.730* .187590* .187775*
Belgium, belga
.234069 .234157
.234700 .234765 .234742
Bulgaria. lev
012125* .012125*
.012125 .012125* .012000*
Czechoslovakia, krone .041823 .041807
.041819 .041820 .041812
Denmark, krone
.220700 .220625
.220661 .220476 .220341
England. pound
4.934750
sterling
4.944000 4.941583
4.941833 4.937767 .021833
Finland. markka
.021843 .021854
.021850 .021833 .066048
France, franc
.066013 .066007
.066036 .066037 .402178
Germany, reichsznark .402078 .402123
.402321 .402207 .009380
Greece, drachma
009370 .009375
.009372 .000375 .676792
Holland, guilder
.676503 .676532
.676764 .676760 .296325*
Hungary. pengo
.296375* .296500*
.296375* .296375* .085615
Italy. lire
085508 .085525
.085576 .085590 .247925
Norway, krone
248384 .248300
.248423 .248116 .189075
Poland, zloty
189050 .188975
.188950 .189150 .044908
Portugal. escudo
.045020 .045012
.044966 .044939
Rumania,leu
.010040 .010050
.010050 .010040 .010040
Spain. peseta
.136778 .136765
.136832 .136838 .136875
Sweden, krona
254923 .284790
.254873 .254583 .254383
Switzerland, franc__ .324003 .324050 HOLT- .324107 .324060 .324128
Yugoslavia, dinar__ .022762 .022762
DAY
.022762 .022762 .022762
ASIAChinaCharon (yuan) dorr .339583 .341250
.340833 .344166 .346250
Ilankow(yuan) dol'r .339583 .341250
.340833 .344166 .346250
Shanghal(yuan)dorr .338906 .340781
.340468 .343593 .345625
Tientsin (yuan)dol'r .339583 .341250
.340833 .344166 .346250
Hongkong, dollar__ .422187 .423281
.422968 .424375 .426875
India. rupee
371530 .371755
.371835 .371490 .371290
Ripen. yen
.287880 .287860
.287640 .287055 .286965
?ingapore (S. S.) dol'r .578875 .579375
.579375 .579375 .578562
A USTRALASIA3.920625*3.920000*
.920312* 3.918281* .915000*
kustralla. pound
yew Zealand. pound_ 3.944062'3.943750'
.943750.3.941718* .938437*
AFRICAiouth Africa. pound__ 4.892500'4.891250*
.891250*4.888000* .882000*
NORTH AMER.1.009343 1.009232
3anada, dollar
1.009168 1.006278 1.003906
3uba, peso
999150 .999150
.999200 .999200 .999200
.277625 .277625 .277625
dexico, peso (silver). .277625 .277625
9ewfoundland, dollar 1.006875 1.007000
1.006500 1.004062 1.001125
SOUTH AMER..329487* .329262*
.329025* .329233* .328966*
krgentina. peso
Srazil, milreis
.081775* .081825*
.081825* .081825* .081825*
.102125* .102175*
.102175* .102125* .102125*
38ile. peso
.802100* .802500* .802500*
.802100* .802100*
Truguay. peso
3olombla. oeso
.645200* .645200*
.645200* .645200* .645200*
• Nominal rams: firm rates not available,
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion (converted into pounds sterling at par
of exchange) in the principal European banks as of
Dec. 27 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of-
1934
£
England_ _. 192,788,779
France a. - _ 656,986.134
Germany b_
2.877.900
Spain -___
90,679,000
Italy
64,361,000
Netherlands
70,170,000
Nat. Belg'm
71,515,000
Switz'land _
69,393,000
Sweden.._
15,822,000
Denmark_.
7,396,000
Norway ...
6.582.000
1933
£
191,686,728
615,562,263
17,038,750
90,449,000
76,595,000
76.711,000
77,900,000
67.516,000
14,426,000
7,397,000
6,573,000
1932
£
120,593,672
664,958,001
37,982.050
90,336,000
62.947,000
86,053.000
7.217,000
88,963.000
11,443,000
7,399,000
8,014,000
1931
£
121,348,721
547,849,394
42,914,300
89,877,000
60,848,000
75,583,000
72,935,000
61,049,000
11,433,000
8,015,000
6,559,000
1930
£
148,271,371
428,620,871
99,679,000
97,494,000
57,275,000
35,516,000
37,653,000
25.611,000
13,401,000
9,560,000
8,136,000
Total week. 1,248,570,813 1,241,854,741 1,252,903,723 1,098,411,415 961,217,242
Prey. week. 1.250,154,650 1.236.674,631 1,252,854,598 1,095,803 98A 961,320.857
a These are the gold holdings of the Bank of France as reported in the new form
of statemen . b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,060,200.
Dec. 29 1934
Some Major Issues of 1935
The year 1934 closes with a good deal of uncertainty, at a number of points, regarding the legislation which President Roosevelt will recommend
to Congress and the policies which the Administration may be expected to pursue during the next
twelve months. Forecasts of the reorganization
which is reported to have been planned for the National Recovery Administration have indicated a
revision of the code system and the abandonment of
price fixing as among the changes to be offered, but
no concrete steps which have received the President's approval have yet been announced. There
has been much talk of readjustments in the field of
labor regulation, but the Labor Relations Board has
continued its attempt to enforce the labor provisions of codes as if that part of the system, at
least, were to continue. We shall not know, probably, until Congress meets what steps, if any, are
to be taken to balance the Federal budget, or what
reductions or increases in expenditure or changes
in the tax laws are in contemplation. Such forecasts as experienced Washington correspondents
have ventured to make, while doubtless not wholly
without authority, are, like railway time schedules,
subject to change without notice, and represent little more than shrewd guesses well weighted with
uncertainty.
There are a number of issues, however, whose development during recent months, joined to their
status at the present moment, makes it certain that
they will press strongly for attention in the year to
come. First in importance, beyond any question, is
the issue of unemployment. In spite of local or
temporary improvements here or there, the problem
of finding work under normal industrial or business
conditions for the approximately 11,000,000 unemployed has not been solved, nor has a solution, as
far as can be seen, been brought any nearer. Neither
the coding of businesses and industries, nor crop
or acreage curtailment, nor price-raising efforts,
nor appeals to banks to lend and to business to borrow have succeeded in so changing business and industrial conditions as to afford work to the millions who have long been without it. It is impossible that the situation should continue for another year without grave danger to Mr. Roosevelt's
personal popularity and to the whole program of
recovery to which he is committed, for the most
enthusiastic supporter of the New Deal cannot pretend that the depression corner has been turned so
long as the present huge volume of unemployment
remains and twice the number of unemployed are
in need of public relief.
The unemployment problem, then, will be with us
as 1935 begins its round, and with it two other
questions which go naturally with it. One of these
questions is unemployment insurance. We have
more than once expressed the opinion that unemployment is a condition which does not, and cannot,
lend itself to actuarial analysis and consequently
is not an insurable risk. It seems to be a general
expectation, however, that some kind of an insurance plan will be advocated by the Administration,
and that Congress will be asked to approve the experiment. Whatever the plan, it will necessarily,
if it is to have national application and scope, involve a considerable Federal appropriation for its
support. Washington reports have indicated that
Volume 139
Financial Chronicle
4021
while direct Federal grants may not be made, States has just been submitted to the President, and the
and municipalities are likely to be aided somewhat Electric Home and Farm Authority, a subsidiary
of the Tennessee Valley Authority formed to expand
in proportion to their own expenditures..
use of electrical appliances, is reported to have
the
out
that
no
It seems hardly necessary to point
told to prepare for a nation-wide expansion of
been
bethe
to
burden
divide
plan which undertakes
One would be blind indeed who did
activities.
its
and
the
States
will
Government
Federal
tween the
attacks upon utility commultiplying
the
in
see
not
carryfrom
the
Federal
Treasury
relieve
to
likely
be
ing, in the long run, the larger part of the load, and pany rates, and the investigations, projected or in
that no immediate benefit will accrue to the mil- process, of companies rendering various kinds of
lions who are now unemployed. The most that the light, power or communication services, a deliberate
plan can do will be to provide for the accumulation, purpose to put private utility companies out of busiover a considerable period, of a fund which, if it ness, either by establishing publicly-owned competcan be made available on demand, may mitigate in ing companies, for the most part with Federal aid,
some small measure the hardship of future unem- or by forcing rate reductions to a point where priployment over a comparatively short time. Federal vate operation will cease to be profitable and public
and State contributions, if they are made, will add acquisition will be made easy.
The utility companies have plenty of sins to anto a tax burden already alarmingly heavy, employers' contributions will be a further addition to swer for, and high rates and general financial manthe cost of doing business, and wage earners cannot agement have undoubtedly nourished the public
be expected to contribute unless they are employed. feeling of which the Government is now taking adUnemployment insurance, whether Federal or State vantage. It should be realized, however, that the
or both, will not cut down the number of persons attack on the utilities is at bottom an attack upon
who now are, and for a long time, apparently, will business profits and private business control, and
be, in need of public relief, nor will it contribute an that what is happening to the utilities may at any •
iota to the revival and expansion of industry and time happen to other industries. Administration
trade upon which the reduction of unemployment spokesmen have from time to time disclaimed opto normal proportions ultimately depends. The position to profits, but there is little in the induscountry will be plunged into an experiment of in- trial part of the recovery program to encourage
determinate but certainly colossal cost which will capital investment or to safeguard profits beyond
do nothing to relieve present distress and con- a low minimum. The main hope for investors in
tribute nothing to the solution of the unemployment industries which, from their nature, are especially
open to attack is in the possibility that the sweeping
problem.
The other related question is that of relief. The plans which are being proposed or initiated may,
prompt rejection at Washington of the cogent criti- by their very magnitude in every financial aspect,
cism of work relief made by the recent conference call a halt in the demand for wholesale Government
of businessmen and industrialists at White Sulphur expenditure and give reason a chance to assert itSprings confirms the impression that Administra- self. If the lavish outlay of the past year and a
tion circles are committed to the policy of making half has not brought recovery, even the most radical
work for the unemployed, notwithstanding abundant members of Congress ought to perceive that adding
demonstration of the futility of the policy and the further billions to the national debt is not likely
obstacles which is places in the way of recovery. to be more efficacious.
There remain, as continuing issues of prime imIf recent statements credited to Secretary Ickes and
Mr. Hopkins are to be accepted, public works of portance, the railroads and the banks. The anvarious kinds and Government competition with nouncement, on Dec. 21, that the Reconstruction Fiprivate industry are not only to go on but are to be nance Corporation had taken over the management
enlarged. Government money will continue to be of the Denver & Salt Lake Railroad to protect a
poured into undertakings which yield no revenue Federal loan doubtless seemed to many to bring
and produce no important demand for goods, on nearer the possibility of Government ownership of
the theory that the money, filtering through various the railroads. The immediate problem, however, is
hands, serves in some way to "prime the pump" and not that of Government ownership or operation,
that the irritating "dole" is being avoided. The but rather the wisdom of the policy of tiding over
White Sulphur Springs conference found some 200 the railroads by loans which add to their debt withenterprises in which the Federal Government is com- out increasing their earning power. After years of
peting with private enterprises, but we must con- discussion the unification and general reorganizatinue to have the competition on the specious pretext tion of the country's railway system still waits, and
that it is better for people to work than to receive low earnings do not, warrant improved equipment.
relief directly. It is possible that expenditures in Here, at least, the Federal authority is undoubted;
these directions may be curtailed, but for the aban- what is lacking is a policy.
The banks, on the other hand, thanks to recent
donment of the policy there seems as yet no hope.
Another issue over which a battle seems certain laws and persistent Government pressure and into be waged during the coming year concerns the terference, are rapidly being transformed into Govstatus of utility companies. Ever since the Gov- ernment institutions, controlled by the Treasury
ernment launched the Tennessee Valley Authority, and presenting more and more the characteristics of
it has been clear that private utility companies were. a Central Bank. The vigorous protest of Senator
in danger, and events of the past few days have made Glass against the arrogant assumption, by the Fedthe danger more acute. It seems clear that Presi- eral Deposit Insurance Corporation, of authority
dent Roosevelt is determined to give financial sup- over interest rates on savings and time deposits is
port to New York City in Mayor La Guardia's fight only the most recent reminder of the extent to which
for a municipal lighting plant; a gigantic plan for private control has diminished and Government
the unification of the Nation's electrical resources control increased. No one who cares for sound
4022
Financial Chronicle
Dec. 29 1934
The movement of the index number during the week,
banking can see without grave apprehension the
passing of the Federal Reserve System into the con- with comparisons, is as follows:
Fri.
Dec. 21
151.2
151.3 2 Weeks Ago, Dec. 14
trol of a Cabinet office whose policies, after all is Sat. Dec.
22
151.7 Month Ago, Nov. 28
149.5
Mon. Dec. 24
124.8
Dec. 28
152.0 Year Ago,
Tues. Dec. 25
said and done, are political.
148.9
Holiday 1933 High,
July 18
Wed. Dec. 26
Low,
78.7
Feb. 4
153.3
Dec. 27
These are some of the large national issues with Thurs.
156.2
153.3 1934 High,
Aug. 29
Fri.
Dec. 28
126.0
Jan. 2
Low,
154.4
which the old year ends and which the new year
will have before it. One would like to think that
The Course of the Bond Market
the alleged radicalism of the new Congress, if it
With
the exception of an unsettled condition among public
turns out to exist in fact, would restrain the radiutility securities, the bond market has been characterized
calism of the Administration, open its eyes to the by very little fluctuation this week.
On three different days
mistakes that have been made, and direct its zeal the average of Aaa corporate bond yields touched 2.80%,
and energy away from perilous courses to others, the lowest in more than a generation. Other classes of
too long neglected or too lightly viewed, in which issues were virtually unchanged since a week ago. Although
there have been irregular movements among the various
the welfare of large national interests is involved. United States
Government bonds, their average closed at
If that were done, the country might look forward almost the same level every day of this week.
with some confidence to a real recovery year.
Reviewing the progress of the year in the bond market,
Increase of 0.9 Point Noted in "Annalist" Weekly
Index of Wholesale Commodity Prices for Week
of Dec. 24-Foreign and Domestic Indices for
November
Advancing sharply, the "Annalist" weekly index of wholesale commodity prices rose 0.9 point to 118.0 on Dec. 24
from 117.1 Dec. 18. The "Annalist" stated:
Theindex is now the highest in four years with the exception of September
and the second half of August. Advances were fairly widely distributed,
with the farm, food and textile product and fuel groups all rising. The
advance was, however, primarily the result of higher livestock and meat
prices, reflecting aharply decreased receipts at markets.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for Seasonal Variation. (1913=100.0)
Dec. 24 1934 Dec. 18 1934 Dec. 26 1933
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
111.0
117.9
*108.0
161.7
109.7
112.1
99.1
78.9
*109.5
116.7
a107.6
161.2
109.7
112.1
99.1
78.9
84.3
98.3
118.1
157.0
105.5
111.9
98.5
84.8
All commodities
118.0
mi 1
117.1
R04
102.9
Ra 1
,..
All nesenrnntin.lna esn Mei elnlInr hstola
* Preliminary. a Revised. b Based
Switzerland, Holland and Belgium.
on
exchange
quotations for France,
As to foreign and domestic prices during November the
"Annalist" reported:
Although foreign commodity prices in November showed a somewhat
mixed trend in terms of domestic currencies, in terms of gold they generally
advanced, and the "Annalist' international composite in terms of gold
rose 0.8% to a preliminary 73.2 for November from 72.6 the month previous.
As for the month in general, one may summarize with the statement
that deflation continued in the Gold Bloc, while prices elsewhere tended
upward. Weekly indices for the last weeks of November and the first of
December show a continuation of the same trends in the United Kingdom,
Italy, and France, resumption of an upward trend in Canada and a turning
downward in Germany.
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES
(Measured In Currency of Country; Index on Gold Bases Shown for Countries
Whose Currency Has Depreciation. 1913=100.0)
Nov.*
1934
Oct.a
1934
Sept.
1934
Nov.
1933
Per Cent
Change
from
Oct.
1934
120.3
116.3
104.8
+0.1
116.4
United States of America
70.5
68.7
65.1
+0.9
69.3
Gold
111.5
107.3
-0.3
112.5
111.2
Canada
+0.9
68.0
67.3
67.9
67.9
Gold
102.8
105.2
0.0
104.1
104.1
United Kingdom
63.4
62.5
68.0
+1.6
63.5
Gold
-0.3
403.0
365.0
357.0
356.0
France
96.0
100.4
+0.3
101.0
101.3
Germany
99.7
101.4
96.0
+0.3
101.7
Gold
275.5
+0.3
276.4
275.3
277.2
Italy
275.3
266.8
+0.2
267.3
267.8
Gold
-0.4
135.0
135.4
137.4
136.8
Japan
51.4
+1.5
47.5
46.9
47.6
Gold
72.6
73.7
a73.4
+0.8
73.2
Composite in ffold_b
* Preliminary. a Revised. b Includes also Belgium and Netherlands.
Indices used: United States of America, Annalls ; Canada, Dominion Bureau of
Statistics: United Kingdom, Board of Trade: France, Statistique Generale: Germany,
Statistische Reichsamt: Italy, Milan Chamber of Commerce; Japan, Bank of Japan.
Moody's Daily Index of Staple Commodity Prices
Rises to Highest Levels Since August
Primary commodity markets, led by a sharp upturn in
the price of hogs, scored, on the average, sizeable gains
during this week. Moody's Daily Index of Staple Commodity Prices advanced 3.1 points to 154.4 and is now
close to the year's high of 156.2 reached on August 29.
Seven of the 15 commodities comprising the Index advanced in price, three declined, and five were unchanged.
A sharp rise in hogs was responsible for two-thirds of the
gain in the index number, with corn, steel scrap, cotton,
silver, silk and cocoa contributing the remaining third.
There were small declines in wheat, wool tops and rubber,
while hides, copper, lead, coffee and sugar were unchanged.
the outstanding characteristic has been strength and price
improvement for highest-grade issues, irrespective of classification. Medium-grade bonds have maintained their
position, and advanced in many instances. Among lower
grades, considerable selectivity has been the rule, with the
best advances being made by the bonds of industrials and
utilities, while lower-grade railroad issues failed to show
much progress. A peak in the bond market made in the
spring was followed by a decline during the summer. Since
September advances to new highs for the year have been
made mainly by the bonds in upper rating groups. The
lower grades have not shared in this progress, particularly
the railroad issues, although several lower-grade industrials and public utility operating company bonds have recently made new highs for the year.
United States Government bonds, which reached their
year's high in July and thereafter declined by about 4 points,
have displayed an irregular upward trend since September,
but are well below the July high. Foreign bonds, as a group,
have improved very substantially.
Prices of high-grade and medium-grade rail issues hesitated in their upward trend of the last several weeks and
closed unchanged or fractionally lower than a week ago.
Atchison gen. 4s, 1995, were unchanged at 107%; Chesapeake & Ohio ref. 4/
1
2s, 1995, were unchanged at 108; Illinois
Central ref. 4s, 1955, closed at 84/
1
2 compared with 84% last
week. Fluctuations of lower-grade rail issues were somewhat erratic. Chicago Great Western 1st 4s, 1959, advanced
1% points to 30½; Erie ref. 5s, 1975, closed at 71/
1
2, up %;
Louisiana & Arkansas 1st 5s, 1969, declined % to 66; Missouri-Kansas-Texas adj. 5s, 1967, at 31 were off 1% points.
Utility bonds were erratic, although high-grade issues
maintained a good degree of stability. Among lower-grade
bonds, holding company issues displaying the greatest
activity including United Light & Railways 5/
1
2s, 1952,
which declined from 43 to 42%, Philadelphia Co. 5s, 1967,
which lost 2% points, closing at 80%, and New England
Gas & Electric 5s, 1947, which declined % point to 51%.
The prevailing tendency was to weakness although fairly
good recovery was apparent on occasions. Issues of New
York City utilities were also rather active because of
the wide publicity given to prospective municipal competition but for the most part price changes were not large.
Declines appeared to outnumber gains in the industrial
section of the list. In the main the more actively traded
issues in the major groups receded but fractionally, although
numerous larger losses were recorded here and there.
American Smelting & Refining 5s, 1947, at 103/
1
2 were %
point lower; By-Products Coke 5/
1
2s, 1945, lost % point
to close at 76%, and General Baking 5/
1 2s, 1940 declined
1 point to 103. Kelly Springfield Tire Os, 1942, lost further
ground, declining 1 point to 44/
1
2, while Porto Rican
American Tobacco 6s, 1942, lost a large part of last week's
sharp advance with a 6% point decline to 45%. In the
motion picture group, Paramount Publix filed 51/
2s, 1950,
lost %, to close at 61%.
Advances were seen in the case of American Rolling
Mill 5s, 1938, which gained 3 points to close at 110%,
B. F. Keith 6s, 1946, which at 73 were up 5 points and
Francisco Sugar 7/
1
2s, 1942, which advanced to 25 from 21.
An irregular trend characterized the week's foreign bond
market. Argentine and Chile issues were fractionally
lower and Italian issues continued to lose ground. Germans
were irregular, with some of the corporate bonds slightly
higher. Strength was displayed by Scandinavian and
Finnish issues.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND YIELD AVERAGES'',
(Basal on Individual Closing Prices)
97.78
96.70
96.70
98.70
98.54
97.31
96.70
95.03
94.43
93.55
92.88
93.70
94.29
94.29
94.58
94.43
98.08
98.08
97.94
97.94
97.00
97.16
97.16
97.16
96.39
95.78
96.23
96.70
96.85
97.00
97.31
97.81
96.70
95.78
77.11
77.00
76.14
74.67
76.35
77.11
77.44
76.78
78.03
77.77
78.21
81.54
182.50
82.02
82.02
81.90
82.28
81.54
80.72
81.07
82.02
81.66
81.78
83.48
83.60
82.74
81.18
95.03
94.88
93.99
92.25
94.29
94.88
95.63
95.33
94.14
96.70
97.47
99.68
100.49
99.52
99.68
99.68
100.17
99.20
98.57
98.73
99.04
98.88
99.68
100.00
100.33
99.84
99.04
92.25
80.14
65.12
84.73
87.04
75.19
5001
07.31%
:Ally 27..
20....
13._
June 29__
22__
15-8I__
May 25__
18__
11--
Apr. 27_
20_13...
Mar.30__
23._
16._
Feb. 23_
16._
-- -___
12._
5-High 1934
Low 1934
High 1933
Low 1933
Yr. AgoDeo.28'33
2 Yra.Ago
Deo.28'32
;.
Jan. 26__
94.43
95.18
94.14
93.11
93.26
93.26
92.10
91.81
89.31
87.96
84.85
82.02
99.04
81.78
89.31
71.87
79.68 97.47
80.60 98.41
78.88 97.47
78.66 96.54
79.68 97.16
80.37 97.31
78.88 95.33
78.99 95.33
75.50 92.68
74.36 91.39
70.52 88.38
66.55 85.74
83.72 100.49
66.38 85.61
77.66 93.26
53.16 69.59
55 74
940
nor 95'55
II .14
4 95
0 04
5.18
5.16
5.15
4.37
4.37
4.36
8.37
6.42
6.42
4.86
4.86
4.86
4.85
4.84
4.85
4.86
4.86
4.86
4.86
4.87
4.87
4.86
4.85
4.85
4.85
4.87
4.88
4.90
4.89
5.15
5.14
5.15
5.15
5.11
5.10
5.12
5.12
5.14
5.15
5.15
5.15
5.16
5.16
5.16
5.18
5.18
5.19
5.20
5.20
4.36
4.36
4.36
4.37
4.38
4.37
4.36
4.36
4.36
4.37
4.38
4.38
4.38
4.38
4.39
4.39
4.40
4.40
4.41
4.40
8.42
6.37
6.37
6.37
6.37
6.36
6.39
6.36
6.37
6.38
6.40
6.42
6.43
6.38
6.38
6.38
6.31
6.31
6.31
6.41
4.89
4.96
4.96
4.96
4.97
4.92
4.96
5.21
5.23
5.19
5.20
5.25
5.26
5.27
4.39
4.40
4.39
4.42
4.43
4.44
4.45
6.40
6.49
6.51
6.61
6.71
6.71
6.71
5.07
5.08
5.14
5.26
5.12
5.08
5.03
5.05
5.13
4.96
4.91
4.77
4.72
4.78
4.77
4.77
4.74
4.80
4.84
4.83
4.81
4.82
4.77
4.75
4.73
4.76
4.81
5.34
5.37
5.43
5.49
5.39
5.37
5.38
5.39
5.39
5.30
5.33
5.17
5.18
5.22
5.22
5.22
5.24
5.27
5.31
5.30
5.25
5.28
5.24
5.24
5.25
5.30
5.40
4.51
4.53
4.53
4.54
4.48
4.46
4.48
4.48
4.46
4.44
4.46
4.37
4.36
4.39
4.39
4.39
4.40
4.43
4.48
4.46
4.47
4.48
4.47
4.48
4.49
4.53
4.58
6.9(
6.91
7.11
7.21
7.36
7.31
7.31
7.31
7.31
7.31
7.41
7.31
7.31
4.91
4.85
4.91
4.97
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.72
5.75
5.19
7.22
5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.64
5.88
6.01
6.35
6.74
5.10
6.74
5.47
7.17
4.64
4.60
4.66
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.35
4.97
4.81
6.35
7.3
w
78.99
77.99
78.32
78.44
77.99
78.44
78.21
4.84
4.86
4.86
5.82
0.87
5.05
8.7
w
97.47
97.31
97.62
97.16
96.54
96.70
96.39
000
98.73 118.42 108.39
98.25 116.01 108.21
98.41 116.22 108.03
98.25 116.01 108.03
97.94 115.81 107.67
98.09 115.81 107.49
97.78 115.41 107.14
Exchan ge Clos ed96.39 114.43 105.54
96.08 114.04 105.37
95.48 113.85 105.20
94.58 113.85 104.51
96.08 114.63 106.60
96.54 114.63 106.60
96.70 114.43 106.98
96.54 114.63 106.96
98.23 114.43 106.96
97.62 115.41 107.85
97.62 115.02 107.31
99.68 116.01 108.39
100.00 115.81 108.39
99.38 115.21 107.85
99.38 115.02 108.03
99.20 114.82 108.03
99.36 115.02 107.85
98.73 114.83 107.14
98.09 114.04 106.78
98.25 113.65 106.78
98.57 113.26 108.60
98.41 112.88 100.42
98.73 112.50 106.42
98.88 112.50 105.89
98.88 112.31 105.89
98.25 111.92 105.54
97.16 111.16 104.68
:chant e Close d.
95.93 110.42 103,48
96.70 111,16 104.16
95.63 110.79 103.15
94.88 110.23 101.81
95.18 110.23 101.97
95.33 109.86 101.47
93.99 109.12 100.00
93.85 108.75 99.68
91.53 107.67 98.41
90.55 107.67 97.16
87.69 106.25 95.48
84.85 105.37 93.26
100.00 117.22 108.75
84.85 105.37 93.11
92.39 108.03 100.33
74.15 97.47 82.99
RR.
Baa
7.47
5.74
5.83
10.34
WWW000000010000M0 0000
98.25
93.25
98.25
98.41
98.57
98.41
98.25
98.25
98.25
98.25
98.09
98.09
98.25
98.41
98.41
98.41
98.09
97.94
97.62
97.78
A
Dkinatoompwwwwww. tombo
,
WWWWWWW kki
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79.91
79.91
79.80
79.80
79.91
80.03
79.91
79.91
79.80
79.68
79.68
79.68
79.56
79.80
79.80
79.68
79.56
79.45
79.11
79.11
Ac
000=000
98.25
98.41
98.41
98.41
98.88
99.04
98.73
98.57
98.57
98.25
98.09
98.09
98.09
98.09
97.94
97.94
97.62
97.47
97.47
97.47
Aaa
4.87
4.27
3.80
Dee.28_ 4.79
4.88
4.28
3.81
27- 4.80
4.87
4.27
3.80
26._ 4.79
25_. Stock Exchan ge Clos ed4.86
4.27
3.80
24.... 4.79
93.85 106.60
4.85
4.26
3.81
22- 4.79
93.99 106.69
4.85
4.27
3.81
4.79
21_
106.60
93.85
4.85
4.27
3.81
20-- 4.79
93.85 106.42
4.82
4.26
3.81
19-_ 4.78
94.43 106.25
4.81
4.25
3.81
18-- 4.77
94.58 106.42
4.83
4.26
3.81
17-- 4.78
94.29 106.60
4.84
4.26
3.80
15- 4.78
94.29 106.66
4.84
4.26
3.81
14__ 4.79
93.99 106.66
4.86
4.27
3.81
13-. 4.80
93.85 106.42
4.87
4.27
3.81
12-- 4.80
93.85 106.22
4.87
4.27
3.81
11- 4.80
93.85 106.22
4.87
4.27
3.82
10-- 4.80
93.70 106.22
4.87
4.27
3.82
8-- 4.80
93.70 106.21
4.88
4.27
3.82
7-- 4.80
93.70 106.21
4.88
4.27
3.83
6-- 4.81
93.40 106.01
4.90
4.28
3.84
5-- 4.82
93.40 105.88
4.91
4.29
3.84
4-- 4.83
93.26 105.80
4.91
4.36,
3.84
3-- 4.84
93.11 105.72
4.91
4.28
3.84
4.83
93.11 105.88
Weekly1_4.91
4.26
344
Nov.30-- 4.83
92.97 108.01
4.92
4.27
8.88
23-- 4.86
92.68 105.84
4.90
4.28
3.85
16- 4.85
93.26 106.01
4.93
4.28
3.86
9-- 4.86
93.11 105.51
4.97
4.30
3.87
2__ 4.88
92.39 105.31
4.96
4.31
3.87
Oct. 28-- 4.87
92.25 105.21
4.98
4.33
3.89
19_ 4.89
92.10 105.01
12-- Stock Exchan ge Clos ed5.07
4.42
3.94
91.11 103.91
5- 4.98
5.11
4.43
3.96
Bept.28__ 5.00
90.69 103.61
5.17
4.44
3.97
89.86 103.81
21-- 5.04
5.23
4.48
3.97
89.04 103.41
14-_ 5.10
5.16
4.36
3.93
7-- 5.00
90.41 104.51
5.12
4.38
3.93
Aug.31- 4.97
90.69 104.81
5.12
4.34
3.94
90.55 104.51
24-- 4.96
5.10
4.34
3.93
90.41 104.51
17._ 4.97
5.11
4.34
3.94
10._ 4.99
90.41 104.81
5.00
4.29
3.89
3-- 4.90
91.87 105.21
5.00
4.32
3.91
July 27._ 4.90
91.25 104.81
4.88
4.26
3.86
93.55 106.41
20-- 4.77
4.88
4.26
3.87
13-- 4.75
93.40 106.61
4.94
4.29
3.90
6.. 4.79
92.82 106.01
4.93
4.28
3.91
June 29-- 4.79
92.82 106.0'
4.93
4.28
3.92
22._ 4.80
92.82 106.0'
4.93
4.29
3.91
15-- 4.79
92.53 105.81
4.98
4.33
3.93
8__ 4.83
92.10 105.3'
5.02
4.35
3.98
I__ 4.87
91.53 104.81
4.99
4.35
May 25_ 4.86
3.98
91.87 104.8,
4.96
4.36
4.00
18_ 4.84
92.39 104.61
4.95
4.37
4.02
11._ 4.85
91.98 104.8,
4.94
4.37
4.04
4-- 4.83
92.53 104.61
4.92
4.40
4.04
Apr. 27__ 4.82
92.53 104.5
4.92
4.40
4.05
20._ 4.82
92.39 104.31
4.96
4.42
4.07
13.. 4.86
91.67 103.6,
5.02
4.47
4.11
6._ 4.93
90.27 102.8
Mar.30-- Stock E ichang e Close d.
5.11
4.54
4.15
89.17 101.8
23-- 5.01
5.06
4.50
4.11
16- 4.96
89.88 102.4
5.13
4.56
4.13
88.50 101.4
9-- 5.03
5.20
4.64
4.16
87.96 100.4
2-- 5.08
5.19
4.63
4.16
Feb. 23-- 5.06
88.36 100.8
5.19
4.66
4.18
16-- 5.05
88.36 100.8
5.27
4.75
4.22
9._ 5.14
87.43 100.0
5.29
4.77
4.24
2-- 5.15
87.04 99.6
5.47
4.85
4.30
Jan. 26-- 5.31
83.97 98.8
5.57
4.93
4.30
19__ 5.38
82.38 98.7
5.81
5.04
4.38
12-- 5.59
78.44 98.0
6.04
5.19
4.43
74.25 97.0
.5-- 5.81
4.81
4.24
Low 1934 4.75
3.80
94.58 106.7
6.06
5.20
High 1934 5.81
4.43
74.25 96.5
5.47
4.73
Low 1933 5.25
4.28
89.31 99.04
6.98
High 1933 6.75
5.96
4.91
70.05 78.44
Yr. Ago6.20
5.26
4.45
Dec.28.33 5.91
72.95 95.33
2 Yrs.Ago
AM
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93.70 106.42
93.70 106.42
93.85 106.60
St
30
ForP. U. Indus. signs.
120 DOMEStiC
Corporate by Groups
120 Domestic Corporate
by Ratings
000000000000W00000.00000000M
P. U. Indus.
98.57
98.25
98.25
AU
120
1934
Daily Domestie
Averages
4.;P..66igb,WW;-4.:WW
RR.
79.91
79.91
80.03
Aa
78.44 103.15
Oct. 28-19_
12-5-04114.28-21..
14_
Aug.31_ _
24__
17._
10._
Baa
93.09
97.94
98.09
Aaa
83.60 105.03
3-1-.
23-16-9--
Na:
A
99.36 117.22 108.21
99.20 117.02 108.03
99.36 117.22 108.21
Exchan ge Clot ed99.36 117.22 108.21
99.36 117.02 108.39
99.36 117.02 108.21
99.36 117.02 108.21
99.52 117.02 108.39
99.68 117.02 108.57
99.52 117.02 108.39
99.52 117.22 108.39
99.36 117.02 108.39
99.20 117.02 108.21
99.20 117.02 108.21
99.20 117.02 108.21
99.20 118.82 108.21
99.20 116.82 108.21
99.20 117.02 108.21
99.04 116.62 108.21
98.88 116.42 108.03
98.73 116.42 107.85
98.57 116.42 107.67
98.73 116.42 108.03
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120 Domestic
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5
w
8....
120 Domestic Corporates
by Ratings
,000
00-40.4.40000000
120
U.S.
Gott. Domes1934
tic
Bonds
Daily
Corp.*
**
Averages
30
MOODY'S BOND PRICES t
(Based on Average Y(ekts)
Dec. 28-27__
26-25__
24....
22-21-20-19-18-17-15-14-13-12-11-10.-
4023
Financial Chronicle
Volume 139
7.4;
7.41
7.41
7.5:
7.31
7.21
7.21
7.21
7.1,
7.11
7.21
7.2
7.21
7.21
7.21
7.2.
7.3
7.41
7.5.
7.5,
7.5'
7.9
8.0
8.3
8.5
6.3
8.6
8.6
11.1
•These prices are computed from average yields on the oasis of one "ideal" bond (43(% coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For moody's Index of bond prices by months back to 1928. see the issue of Feb.6 1032. 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.
page 2264. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages 02 40 foreign bonds.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, Dec. 28 1934.
Business activity showed notable expansion. All the
important industry barometers allowing for seasonal
changes showed increases for the last period reported.
Steel, motors, textiles, shoes, glass, machinery and electrical equipment all showed gains for the week. There
was a slight decrease in carloadings but the gain over
last year was widened. The steel output was up to 35.2%
and there was an increase of 40% in the production of
automobiles. Electric output moved up to the best level
since Dec. 1930. The crude oil production showed a gain
but was within the enlarged Federal allowable. Soft coal
output in the week ended Dec. 22nd increased substantially
over 1933. Christmas buying was the best in many years.
Retail business was better abetted by cold weather. Winter
goods were in good demand. There was little disposition
among merchants to lower prices on regular lines of men's
and women's clothing because of the fact that inventories
had been cut down materially as a result of the heavy holiday demand. Clearance sales were less in evidence. There
was a heavy demand for the better grades of merchandise
at the very few special sales events now in progress. Whole-
sale orders showed further expansion. Buyers' stocks are
so low that they were forced into the wholesale market a
week or two before schedule. Cotton moved within narrow
limits during the week, early weakness being followed by
firmness later on. The trade was holding aloof awaiting
news from Washington concerning next year's crop. Worth
Street reported some improvement early in the week, but
recently quieted down. Grain markets were only fairly
active at best, and after showing a reactionary trend early
In the week, later showed more firmness. The recent cold
snap in the winter wheat belt, it is feared, did considerable
damage owing to a lack of snow covering. The strength of
hogs caused the recent advance in corn. Oats and rye
fluctuated with other grain in very light trading. Commodities of late were generally strong and more active, with
a better outside public interest reported in several markets.
A feature was the sharp rise in sugar, which started three
days ago. Light snow flurries fell here on Christmas Day,
and there was a heavy rain the following day. This was
followed by gales from the Northwest and a prediction of a
drop in the mercury to 10 degrees. This forecast failed to
materialize, but the temperature did go down to 17 degrees
or. the 27th inst. Icy gales hit New England, where ship.
4024
Financial Chronicle
ping and inland traffic was delayed and over a million
dollars' worth of damage was done. Up-State New York
also suffered from heavy winds and a blizzard on the 26th
Inst. clogged up many highways. It reached 39 degrees
below zero at Eveleth, Minn. It was 26 below at Duluth,
and 18 below at Minneapolis. It was down to 2 above at
Chicago. Many Canadian cities reported marks of 30 below.
Florida recently had frost, which did heavy damage to the
grapefruit crop. To-day it was fair and cold here, with
temperatures ranging from 24 to 43 degrees. The forecast
was for cloudy and warmer to-night; Saturday rain or snow,
with moderate temperature. Overnight at Boston it was
12 to 20 degrees; Baltimore, 28 to 36; Pittsburgh, 28 to 36;
'Portland, Me., 10 to 20; Chicago, 30 to 34; Cincinnati, 36
to 46; Cleveland, 32 to 42; Detroit, 12 to 26; Charleston,
46 to 56; Milwaukee, 18 to 30; Dallas, 46 to 52; Savannah,
50 to 58; Kansas City, 40 to 46; Springfield, Mo., 36 to 42;
St. Louis, 34 to 50; Oklahoma City, 44 to 54; Denver, 44 to
62; Salt Lake City, 34 to 50; Los Angeles, 02 to 58; San
Francisco, 44 to 52; Seattle, 34 to 40; Montreal 4'below to 0,
and Winnipeg, 30 to 10 below.
Wholesale Commodity Prices Unchanged During Week
of Dec. 15, According to United States Department
of Labor
Following a gradual rise for the past three weeks, wholesale commodity prices for the week ended Dec. 15 remained
unchanged from the week previous, Commissioner Lubin
of the Bureau of Labor Statistics, United States Department
of Labor, announced Dec. 20. The Bureau's index remained at 76.7% of the 1926 average. Mr. Lubin stated:
The general level is the same as for the corresponding week one
month
ago. Current prices are 1.4% below the high for the year, the
week of
Sept. 8, when the index was 77.8, and 8% above the low point
of 1934.
71.0. for Jan. 6. As compared with the week ended Dec. 16
1933, when
the index was 70.8. the current index is up by 8 1-3%. It is
21 % higher
than two years ago, when the index was 63.0%.
Of the 10 major groups of items covered by the Bureau, five-foods,
hides and leather products, textile products, chemicals and
drugs, and
miscellaneous commodities-registered increases from the previous
week.
Three groups-farm products, fuel and lighting materials and
building
materials-showed decreases, while metals and metal products
and housefurnishing goods were 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 in 1933. Farm products
registered the
greatest rise over the year with an increase of 27%; foods have
advanced
20%; miscellaneous commodities, 83,5%, and chemicals and
Fuel and lighting materials, metals and metal products, and drugs. 0%.
housefurnishing goods showed smaller increases. During the 12-month period
average
Prices of textiles have decreased 8%%,hides and leather products 3
1-3%.
and building materials 0.4 of 1%. All commodities other than
farm products and foods are approximately 1% above a year ago.
The following table, contained in an announcement by the
Department of Labor, shows index numbers and per cent
of change between cur ent prices and those of March 4
1933, the low point of last year, and the week ended Dec. 16
1933:
Commodity Groups
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicats and drugs
Hottseturnishing goods
Miscellaneous
All commodities other than farm
products and foods
All nnmmnflitlgroa
Dec. 15 Mar. 4 % of
1934
1933
Incese
•
Dec. 18 % of
1933
Incr'se
71.1
75.4
85.7
69.4
75 2
85.4
85.0
78.0
82.4
71.2
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
75.1
41.2
26.8
37.2
16.8
10.3
21.3
9.4
13.3
19.5
55.9
63.0
88.6
76.0
74.2
83.1
85.3
73.4
81.7
65.6
27.2
10.7
*3.3
*8.7
1.3
2.8
*0.4
6.3
0.9
8.5
78.2
66.2
18.1
71I 7
AO A
0.9
95 7
77.5
70 A
• Decrease.
The announcement also contained the following:
A a
Dec. 29 1934
The second largest decrease for the major groups occurred in farm products. The decline was 0.8 of 1%. The index for grains was unchanged.
Higher prices for barley and wheat were counterbalanced by lower prices
for corn, oats and rye. Livestock and poultry prices dropped 2%; other
farm products, including beans, eggs, apples,lemons, oranges, hops, onions
and white potatoes, increased M of 1%. Advancing prices were reported
for cotton, hay, peanuts, seeds, tobacco and sweet potatoes. The present
farm products index, 71.1, is127% above the level of a year ago and 59%
higher than two years ago, when the indexes were 55.9 and 44.7%, respectively.
Fractional decreases in paint materials and lumber resulted in the group
of building materials declining 0.1 of 1%. Average prices of brick and tile,
cement, plumbing and heating materials, structural steel and other building materials were unchanged.
Metals and metal products, with an index of 85.4, remained at the level
of the previous week. Increases in prices of scrap steel and machine bolts
were too slight to be reflected in the index. The index for housefurnisning
goods remained at 82.4. Prices of both furniture and furnishings were
stationary.
The general level for the group of all commodities other than farm products and foods showed a decrease of 0.1 of 1%. The present index. 78.2,
compares with 77.5 for a year ago and 69.5 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. 16 1933 and
Dec. 17 1932:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF DEC. 15.
DEC. 8, DEC. 1, NOV. 24 AND NOV. 17 1934, AND DEC. 16 1933 AND
DEC. 17 1932 (1926=100.0)
Commodity Groups
Dec. 15 Dec. 8 Dec.1 Nov. 24 Nov. 17 Dec. 16 Dee. 17
1934
1934
1934
1934
1934
1933
1932
Farm products
Foods
Hides and leather prodls
Textile products
Fuel dr lighting materials
Metals and metal prodls
Building materials
Chemicals and drugs
Housefurnishing goodsMiscellaneous
All commodities other
than farm products and
foods
71.1
75.4
85.7
69.4
75.2
85.4
850
78.0
82.4
71.2
71.7
74.9
85.0
69.3
76.0
85.4
85.1
77.8
82.4
71.0
78.2
All commodltlea
76.7
71.1
75.0
84.9
69.3
75.7
85.3
84.9
77.4
82.7
70.8
70.8
76.0
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
55,9
83.0
88.6
78.0
74.2
83.1
85.3
73.4
81.7
65.6
44.7
58.8
89.3
53.0
71.5
79.3
70.6
72.3
73.5
63.2
78.3
78.2
78.7
765
78.1
78.3
78.3
76.7
77.5
70.8
89.5
63.0
Revenue Freight Car Loadings
Week Decline
for Latest
Loadings of revenue freight for the week ended Dec. 22
1934 t taled 547,895 cars. This is a decrease of 32,040
cars or 5.5% from the preceding week, and a gain of 16,431
cars or 3.1% 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 53,385 cars
or 10.8% higher. For the week ended Dec. 15,loadings were
3.7% above the corresponding week of 1933 and 12.4%
above those for the like week of 1932. Loadings for the
week ended Dec. 8 showed a gain of 1.7% when compared
with 1933 and an increase of 5.8% when the comparison is
with the same week of 1932.
The first 16 major railroads to report for the week ended
Dec. 22 1934 loaded a total of 237,891 cars of revenue
freight on their own lines, compared with 249,028 cars in
the preceding week and 230,497 cars in the seven days ended
Dec. 23 1933. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended-
Received from Connectioru
Weeks Ended-
Dec. 22 Dec. 15 Dec. 23 Dec. 24 Dec. 15 Dec. 23
1934
1934
1933
1934
1934
1933
Atchison Topeka dr Santa Fe Ity
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR
Chicago Milw, St. Paul & Pao. Ry
y Chicago & North Western Ay-Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago a St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
18.487
21,265
13,411
15,902
12,433
2,619
1,769
4,017
12,434
37,957
3,768
16,054
50,872
4,806
19,654
4,643
17,681
20,552
14,314
17,521
12.959
2,712
2,215
4,221
14,369
39,516
4.159
15,904
52,228
4.643
21,017
5,017
17,154 4,282 4,490
18,505 5,703 6,157
14,037 5,909 6,831
15,510 6,403 6,684
12.242 8,698 8,956
1,838 1,498 1,201
2,165 1,865 1,719
4,251 2,328 2,473
12,226 6,660 6.628
36,880 58,509 55,847
3,391 8,431 8,275
14,489 2.097 3,481
51,546 30,478 30,088
4.047 4,571 4,411
17,584
4,631 7,321 7,755
3,858
5,397
5,129
5,193
7,923
1,285
1,577
2,358
8,172
51,541
7,840
2,712
29,300
4,018
Wholesale food prices for the present week were up by 0.7 of 1%, due
largely to an advance of over 2% in meats, 1% for cereal products, and
smaller rises for butter, cheese and milk. Fruits and vegetables, on the
other than, were loWer by 1.7%. Price increases were reported for lard,
oleomargarine, pepper, raw sugar and most vegetable oils. The index for
the group. 75.4, is 20% above a year ago, when the index was 63.0 and 28%,
above two years ago with an index of 58.8.
8.784
An advance of 634% in hides and skins forced the index of hides and
Total
237.891 249.028 230.497 153,653 154.978 140,853
eather products up 0.8 of 1%. Average prices of shoes and other leather
:Not reported. y Excluding ore.
products were unchanged at the low for the year, while prices of leather
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
were slightly lower.
Miscellaneous commodities, with an increase of 0.3 of 1%,reached a new
(Number of Cars)
high for the year because of an advance of
% for cattle feed. Crude
rubber was lower by 1% and paper and pulp 0.6 of 1%. The sub-groups
Weeks Endedof automobile tires and tubes and other miscellaneous commodities showed
Dec. 22 1934 Dec. 15 1934 Dec. 23 1933
no change.
Chicago Rock Island & Pacific Ry_
Chemicals and urugs, with an index of 78.0, also advnaced 0.3 of
19,460
20,908
17,893
1%.
Illinois Central System
25.840
due to higher prices for chamicals. The sub-groups of drugs and pharma27,747
22,392
St. Louis-San Francisco Ry
11,357
11,968
11,282
ceuticals, fertilizer materials and mixed fertilizers were unchanged.
Textile products advanced slightly because of higher prices for knit goods
Total
58,857
80.623
51,587
and silk and rayon. Cotton goods and other textile products, on the other
The Association of American Railroads, in reviewing the
hand, were lower, while clothing and woolen and worsted goods were unchanged. The present index, 69.4, is up 0.1 of 1%.
week ended Dec. 15, reported as follows:
A sharp decline in petroleum products largely accounted for the 1% drop
Loading of revenue freight for the week ended Dec. 15 totaled 579.933
in the group of fuel and lighting materials. Anthracite
coal also was
cars. This was an increase of 28,924 cars above the preceding week.
slightly lower, while bituminous coal and coke remained unchanged. The
20.516 cars above the corresponding week in 1933, and 64,166 ears above
index for the group is now 75.2% of the 1926 average.
the corresponding week in 1932.
4025
Financial Chronicle
Volume 139
Miscellaneous freight loading for the week ended Dec. 15 totaled 196,813
cars, a decrease of 808 cars below the preceding week but an increase of
3,496 cars above the corresponding week in 1933, and 48,851 cars above
the corresponding week in 1932.
Loading of merchandise less-than-carload-lot freight totaled 154,949
cars, a decrease of 2,129 cars below the preceding week this year, 4,764
cars below the corresponding week in 1933 and 4,778 cars below the same
week in 1932.
Coal loading amounted to 147,907 cars, increases of 29,819 cars above
the preceding week, 20,459 cars above the corresponding week in 1933 and
3,104 cars above the same week in 1932.
Grain and grain products loading totaled 30,233 cars, an increase of
1,713 cars above the preceding week, 277 cars above the corresponding
week in 1933 and 4,742 cars above the same week in 1932. In the Western
districts alone grain and grain products loading for the week ended Dec. 15
totaled 19,240 cars, a decrease of 642 cars below the same week in 1933.
Livestock loading amounted to 18,564 cars, a decrease of 1,631 cars
below the preceding week, but an increase of 1,071 cars above the same
week in 1933 and 1,370 cars above the same week in 1932.
In the Western districts alone, loading of livestock for the week ended
Dec. 15 totaled 13,759 cars, an increase of 792 cars above the same week
In 1933.
Forest products loading totaled 20,725 cars, an increase of 201 cars
above the preceding week, 358 cars above the same week in 1933, and 8,864
cars above the same week in 1932.
Ore loading amounted to 3.089 cars, a decrease of 508 cars below the
preceding week, and 342 cars below the corresponding week in 1933, but
an increase of 1,036 cars above the corresponding week in 1932.
Coke loading amounted to 7,655 cars, an increase of 2,267 cars above the
preceding week, but a decrease of 39 cars below the same week in 1933.
It was, however, an increase of 977 cars above the same week in 1932.
All districts except the Central Western reported increases for the week
of Dec. 15 above the same week last year. All districts reported increases
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
Week ended Dec. 8
Week ended Dec 15
Total_
1932
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
3,142,263
2,531,489
2,353,227
488,118
551,011
579,935
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
541,992
559,419
2,266,771
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
520,607
515,769
29.812.579
28,233,823
27.280.141
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
Dec. 15 1934. During this period a total of 87 roads showed
increases when compared with the corresponding week last
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., the Louisville & Nashville RR., the
Southern System, the Illinois Central System, the Chicago
Milwaukee, St. Paul & Pacific RR., the Baltimore & Ohio
RR., the Pennsylvania System, and the Reading Co.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED DEC. 15
1934
1933
1932
1934
1933
1,432
2,788
7,014
546
2,215
9,689
523
275
4,372
9,829
1,720
2,149
10,839
914
220
4,360
9,107
2,270
2.032
10,148
857
27,098
26,067
24,207
30,098
28,994
5,762
10,598
11,471
130
1,944
8,470
1,554
18,084
2,087
356
315
4,871
8,992
11,495
129
809
8,403
1,334
18.554
1.535
426
369
5,220
8,443
11,593
134
1,366
8,128
1,683
17,710
2,131
404
274
6,599
6,035
13,446
1,661
1,004
6,258
34
27,269
1,876
23
232
6,253
5,577
11,886
1,584
840
6,067
28
24,845
1,965
21
189
60,771
56,917
57,086
64,437
59,255
577
1,363
7,591
24
196
230
1,935
2,458
6,723
3,643
4,159
4,643
4,167
984
5,017
3,030
451
1,384
7.635
22
153
170
1,514
2,227
4,811
4,002
3,721
4,138
4,480
940
4,959
2,798
371
1,415
7,574
12
202
204
969
2,389
4,961
3,272
3,289
4,240
2,748
1,091
4,543
2,672
1,012
1,683
11,146
39
68
2,859
1,344
6,337
8,960
152
8,275
4,411
3,759
948
7,755
2,484
809
1,372
10,474
48
66
2,440
905
5,777
7,853
156
7,572
3,785
3,894
549
6,807
1,763
46,740
43,405
39,952
61,232
54,270
Grand total Eastern District__
134,609
126,389
121,245
155,767
142,519
Allegheny District-.
Akron Canton & Youngstown__
Baltimore & Ohio
Bessemer di Lake Erie
Buffalo Creek & Gauley
Central RR. of New Jersey
Cornwall
Cumberland & Pennsylvania__
Ligonier Valley
Long Island
b Penn.-Reading Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
420
25,305
1,212
269
6.509
293
388
179
767
1,015
52,228
14,333
4,035
105
3,111
378
24,858
1,131
245
5,630
1
384
167
839
1,102
50,855
11,711
5,984
82
3.067
a
22,532
575
235
5,242
1
264
243
865
1,005
48,450
11,196
3,338
55
2,648
726
12,695
941
10
10,526
48
21
21
2.758
922
30,088
13,906
910
547
11,130
928
7
9,168
21
15
18
2,349
1,401
29,647
13,024
919
5,295
4.724
110,169
106,434
96,647
78,867
73,898
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 & Shawmut
Pittsburgh Shawnrut & North
Total
Group CAnn Arbor
Chicago Indianapolis & Loulay_
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
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup ,4Atlantic Coast Line
Clinchtield
Charleston & Western Carolina.
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac-.
Southern Air Line
Southern System
Winston-Salem Southbound_
Total
20,552
15,904
702
3,457
19.447
14,818
561
3,489
20,620
15,527
566
3.588
6,157
3,481
977
469
5,565
3,130
933
502
40,615
38,315
40,301
11,084
10,130
8,628
1,063
329
190
43
1,105
392
288
7,338
17,945
148
8,574
1,142
314
124
44
1,262
390
302
7,387
17,517
150
7,309
788
304
119
49
1,194
390
256
6,143
16,581
138
4,459
1,452
853
296
94
1,062
858
2,640
3,233
10,990
584
4,152
1,169
770
441
83
1,141
681
2,520
3,103
10,689
540
37,469
37,206
33,271
26,521
25,289
1934
1933
218
671
576
3,277
229
819
627
303
1,396
19,277
18,238
166
118
1,762
2,497
425
1932
1934
1933
138
665
1,109
2,281
296
593
1,313
404
776
8,977
3,673
358
208
1,428
2,102
707
50,599
46,815
46.323
25,028
23,345
Grand total Southern District_
88,068
84,021
79,594
51,549
48,634
Northwestern DistrictBelt By. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P.& Pacific_
Chicago St. P. Minn. & Omaha
Duluth Missabe & Northern_ _
Duluth South Shore dz Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming___
Minneapolis & St. Louis
Minn. St. Paul & S. B. M
Northern Pacific
Spokane International
Spokane Portland & Seattle__
511
12,959
2,171
17.521
3,646
392
370
3,757
251
10,006
618
237
1,795
4,629
8,302
111
1.039
576
13.056
2,164
16,586
3,510
484
410
3,530
248
8,376
486
306
1,756
4,063
8,434
69
1,023
628
11,470
2,028
15,852
3,429
401
412
2,464
209
7,608
514
a
1,483
4,087
8.246
a
706
1,342
8,956
2,763
6,664
2,343
70
290
4,582
136
2,499
443
57
1,466
2,071
2,071
231
848
1.233
7,693
2,260
5,410
2,267
121
330
3,697
104
1,552
251
74
1,274
1,623
2,090
176
973
68,315
65,077
59,537
36.832
31.128
17,681
2,760
192
14,314
1.624
10,642
3,114
859
3,287
483
1,083
2,070
470
79
14,277
191
365
11,866
640
1.562
18,647
2,532
164
15,717
1,683
10,301
2,972
1,267
2,988
352
1,319
2,037
471
132
12,953
291
392
14,324
446
1,327
16,749
2,564
181
13,335
a
9,535
2,993
1,034
3,764
650
886
a
361
70
9,832
230
263
10,783
1,398
872
4.490
1,881
34
6,831
737
5.770
1,796
834
1,924
15
993
1.095
203
81
3.437
275
797
7,161
13
1,292
4,122
1,438
22
5,632
673
5,193
1.539
1,034
1,713
12
933
1,054
282
50
2.848
323
866
6,203
12
1,112
.
87,559
90,315
75,500
39,659
35,061
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 & 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_ _
121
159
263
2,712
2,215
105
1,609
1,241
100
433
723
146
4,221
14,369
33
106
7,120
2,012
6.740
4,707
1,434
31
111
127
232
2,337
2,400
202
1,402
1,162
138
365
537
126
4,675
13,313
43
162
7.794
2,066
6,098
4,239
1,238
11
121
125
190
1,960
1,669
289
1.421
795
a
365
680
46
4,212
12,570
44
103
6,746
1,728
5,075
3,582
1,196
28
3,631
316
153
1,201
1,719
864
1,278
680
287
741
192
167
2.473
6.628
20
115
3,379
1,499
2.132
3,067
14,246
30
3.197
373
94
1,217
1,602
662
1,211
665
259
747
192
277
2,569
6.832
9
109
3,234
1,485
2,021
3,034
14,191
38
50.600
48.868
42.945
44.818
44.034
Total
Total
Central Western District
Atch. Top. & Santa Fe System
Alton
Bingham & Garfield
Chicago Burlington & Quincy_
Chicago & Illinois Midland.....
Chicago Rock Island & Pacific ,
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth & Denver City- -Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific).- --.
St. Joseph & Grand Island__
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Total
_
.a
1,369
3,142
7,261
670
2,725
10,303
597
Group BAlabama Tennessee & Northern
Atlanta Birmingham & Coast_
Atl. & W.P.-W.RR.of Ala_
Central of Georgia
Columbus di Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central'
Mobile & Ohio
Nashville Chattanooga dr St. L.
Tennessee Central
CO
1,685
3,017
7,773
912
2,943
10,181
587
Total Loads Roceised
from Connections
Total Revenue
Freight Loaded
Railroads
0.
1
..00.040.0.)
OMNONC,
NNCO
—.0N1,-I,
=.0,
MO2n=1,
0,00
Eastern DistrictGroup ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. H. & Hartford
Rutland
Total Loads Received
from Connections
w.
wwow..wwwwwwww,m
.wwwww.owwww.ww
Total Revenue
Freight Loaded
Railroads
229
736
1,020
2,172
371
576
1,144
340
710
7,866
3,457
465
184
1,470
2,022
583
•Previous figures. • Not available. b Pennsylvania-Reading Seashore Linea include the new consolidated lines of the West Jersey & Seashore RR., formerly
pact of Pennsylvania RR., and Atlantic City RR., formerly part of Reading Co.
4026
Financial Chronicle
Dec. 29 1934
Col. Leonard P. Ayres Finds Efforts to Achieve "Man- ance companies,
and other corporations, and the billions advanced to
aged Recovery" Hindering Natural Upturn in refinance mortgages
on farms, and on town and city homes. The effect
United States-Says Three Chief Barriers to of these expenditures has been rather to keep conditions
from getting worse,
Revival Are Code Regulations, Monetary Uncer- than definitely to make them get better. They are props rather than
propellants.
tainty and Securities Act.
Most of the rest of the emergency expenditures have gone for public
The United States has a brilliant opportnuity to secure a works,
which are effective and costly
for providing employment.
natural business recovery, "if we are willing to give up but which seem to have little continuingmeans
influence in stimulating business.
The
reason appears to be that spending for public works does nothing to
trying to achieve a managed recovery," Leonard P. Ayres,
cure
maladjustments between costs of production and the prices the
Vice-President of the Cleveland Trust Company, told a publicthe
is willing to pay. These maladjustments between costs and prices
meeting of the American Statistical Association in Chicago are first among the factors that prolong the depression, and public spending
yesterday (Dec. 28). Col. Ayres said that the opportunity for construction tends to increase them. At the present time costs of
building are
high, and rents so low, that almost no one undertakes new
rests in immense shortages in construction and durable construction.so Private
building is a form of voluntary buying, and people
goods that have accumulated during the depression. He are postponing it until prices appear more attractive. Government builddoes not prime the business pump because it does not help work out the
estimated that the statistical total of such accumulated ing
needed adjustments between costs and prices.
shortages is between 885,000,000,000 and $100,000,000,000,
Why Governments Tighten Their Grip
and added that if all these shortages had to be made up, the
When governments intervene in business activities in order to get their
countries
out of depressions they always begin by making the same three
durable goods and construction industries would have to
of emergency expenditures that we have made in this country in this
operate at 25% above their normal levels of activity for ten kinds
depression. They disburse money for relief, and usually experiment with
years in order to supply them.
different forms of made work before they resort to direct relief payments:
Col. Ayres pointed out that at present we have huge they lend public funds to bolster up weakened financial situations; and they
undertake programs of public works. These steps have been taken by many
shortages of necessary goods, millions of unemployed eager governments in numerous
depressions before this one, and they do not
for work, and billions of idle capital seeking investment. normally lead to further steps into activities
ordinarily reserved to business.
"Always before," he said, "such a combination has promptly
In concluding his address, Col. Ayres said:
Whether or not we shall have as a nation the stamina of character to take
produced renewed prosperity. What we most need now is
not greater public appropriations to build and make things, advantage of the opportunity only future developments can reveal. It
has long been a maxim offinance that you cna't unscramble scrambled eggs.
but a removal of the obstacles which now hold business back It may be that we shall learn
in the not far distant future that you can't
unmanage
a managed economy, and that in a democracy you can't perfrom taking advantage of the opportunity that is here."
suade an economic nationalism to economize.
Such obstacles, Col. Ayres said, are artificial and political,
rather than natural and economic. Listing three principal
barriers,1Ihe)saidjthatlif theselwere removed the Nation Monthly Indexes of Federal Reserve Board for November
The Federal Reserve Board issued as follows on Dec. 26
would not need to worry about spending its way out of the
its
monthly indexes of industrial production, factory
depression with public funds, "for we should then rapidly
finance the recovery with private profit-making funds." employment, &c.: BUSINESS INDEXES
In discussing these three obstacles to recovery, he said:
(Index Numbers of Federal Reserve Board. 1923-1925=100.)5
The first consists of nearly 5,000 new regulations controlling the conduct
of business operations that are contained in the new codes. The second is
continuing fear about the future of our money which is mainly based on the
ever mounting budget deficits caused by our huge governmental expenditures. The third consists of the new regulations controlling the issuing
of the securities by which the operations of heavy industry are financed.
Col. Ayres denounced the intervention of Government in
business as tending to undermine private confidence and
cause large corporations to postpone expenditures for durable
goods, thus continuing widespread unemployment. As to
this he said, in part:
When governments of capitalistic countries undertake to administer
managed recoveries, as they have in this depression, they promptly encounter the difficulties that are inherent in the voluntary character of the enterprise that constructs private buildings, and of the purchasing that supports
the durable goods industries. The revival of that voluntary purchasing
is essential to recovery, and yet that is the part of our economy in which
individuals and corporations have freedom to wait if they think it more
advantageous or safer to do so.
Under such circumstances it is inevitable that governments should be
tempted to intervene still farther into business activity, in the hope that
ways may be found to make buying and building by corporations
compulsory through public regulation, instead of letting it remain voluntary
and subject to private decision. Their spokesmen complain of business
not co-operating, which means that they resent the freedom which
business
retains to make voluntary purchases. They discuss the socializing
of
banking, which would not merely be of potent aid in a managed
economy.
but would eventually inevitably result in attaining it. Under such conditions the penetration of Government into business becomes progressive,
politics becomes decreasingly an activity of parties seeking power, and
increasingly one of pressure groups competing for economic advantages.
In those circumstances the principles of democracy fare badly.
At the outset of his remarks Col. Ayres said:
We are entering the sixth year of the great depression, but the twentyfirst year of the causes of the depression. These causes are the economic
disorders resulting from the World War. All important modern wars
have
been promptly followed by depressions, and in the cases of the truly major
conflicts the return of peace has been followed about ten years later
by
secondary and exceptionally long and severe depressions. Cases in point
include the memorable depression beginning in England in 1825, a decade
after Waterloo; the long depression of the 70's in this country beginning
about ten years after the close of the Civil War; the depression of the 80's
in Europe ten years after the Franco-Prussian War; and now this great
world-wide depression starting ten years after the close of the World War.
This present period has been characterized by one most important
development that was not a feature of the earlier great secondary post-war
depressions. That new feature is the almost universal appearance
and
continuing spread of economic nationalism. The war brought governmental intervention into the economic affairs of almost all nations on an
unprecedented scale, and this movement of government into activities
formerly left to business initiative has ever since been continued, and in
recent years rapidly increased.
In another part of his address Col. Ayres stated that "it
is not hard to see why our great Federal spending program
has not brought recovery." Continuing, he said:
Several of the billions have been paid directly to individuals. These
recipients include the veterans who got a bonus payment early in the
depression, the farmers, the young men in the conservation camps, and the
families on the relief lists. The sums they have received have been spent
almost wholly for consumers' goods. Such payments could go continued
for a long time on a huge scale without putting many people back at work
in the durable goods industries where our great unemployment problem
exists.
Other billions have been used in loans to bolster up weakened financial
situations. They include the loans of the RFC to railroads, banks, Insur-
General IndexesIndustrial production. total
Manufactures
Minerals
Construction contracts, value bTotal
Residential
All other
Factory employment_c
Factory payrolLs_c
Freight-car loadings
Department store sales, value
Production Indexes by Groups and
IndustriesManufactures:
Iron and steel
Textiles
Food products
Lumber cut
Automobiles
Leather and shoes
Cement
Petroleum refining
Rubber tires and tubes
Tobacco manufactures
Minerals:
Bituminous coal
Anthracite
Petroleum
Iron ore
Zinc
Silver
Lead
Adjusted for
Seasonal Variation
Without
Seasonal Adjustment
Nov.
1934
Nov.
1934
D74
973
982
Oct.
1934
Nov.
1933
73
72
81
72
70
81
p31
31
912
12
p46
46
76.7 770.7
D74
p72
D85
Oct.
1934
Nov.
1933
75
73
87
72
70
84
42
12
66
76 .2
.55.5
60
75
48
D27
29
13
D11
12
76
p39
43
75.9 76.8 r78.3
59.5 rel .0
60
59
64
65
983
82
59
p72
57
74
48
988
102
26
37
p85
48
41
D90
107
29
41
84
46
153
82
120
47
989
91
30
30
92
39
146
97
95
45
D92
108
25
24
p82
47
__
__
128
40
p92
110
30
38
92
53
154
73
129
43
p93
96
29
19
88
38
147
73
97
64
53
122
35
76
39
56
65
73
117
23
72
33
71
p72
p66
9123
11
77
__
57
71
68
123
60
73
39
58
72
75
116
19
72
36
74
125
964
P64
p124
14
77
55
p Preliminary. r Revised.
e Indexes of production. car loadings, and department store sales based on daily
averages. b Based on three-month moving averages of 1'. W. Dodge data centered
at second month. c Indexes of factory employment and payrolls without seasonal
adjustment compiled by Bureau of Labor Statistics. Index of factory employment
adjusted for seasonal variation compiled by Federal Reserve Board. Underlying
figures are for payroll period ending nearest middle of month. November 1934
figures are preliminary, subject to revision.
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS
AND INDUSTRIES. (1923-25=100.)
Employment
Group and Industry
Payrolls
Adjusted for Sea- Without Seasonal Without Seasonal
yowl Variation
Adjustment
Adjustment
Nov. Oct. Nov. Nov. Oct. Nov Nov Oct. Nov
1934 1934 1933 1934 1934 1933 1934 1934 1933
Iron and steel
66.4 65.6 68.1 66.2 66.0 67.9
Machinery
77.2 r76.8 72.3 77.9 r77.4 73.3
Transportation equipment.- 70.2 r69.0 60.5 62.0 r63.9 53.5
Automobiles
77.4 r74.7 65.3 67.1 r68.7 56.6
Railroad repair shops
51.7 53.7 55.0 51.6 53.9 54.8
Non-ferrousimetals
74.9 74.1 71.7 76.0 75.1 72.6
Lumber and products
47.3 r47.7 50.9 48.6 r49.5 52.3
Stone. claVand glass
51.9 r50.0 50.0 52.2 r51.9 50.3
Textiles and products
90.2 90.7 92.1 90.9 92.3 92.9
A. Fabrics
88.2 88.8 91.8 89.7 86.7 93.5
B. Wearing apparel
90.8 91.3 88.7 89.6 94.4 87.7
Leather and'products
83.4 r8I.4 80.9 81.6 r83.4 79.1
Food products
107.3 409.3 102.3 109.0 119.5 104.8
Tobacco products
61.1 62.5 63.1 64.0 65.3 66.0
Paper and printing
957 r96.0 93.0 97.0 796.4 94.2
Chemicals dr petroleum prods 107.2 rI07.5 106.6 108.6 r109.4 108.4
A. Chemical group, except
petroleum refining
105.8 rI06.2 105.5 107.9 rI08.5 108.1
B. Petroleumlirefining._-_ 113.0 r113.1 111.1 111.9 r112.9 110.0
Rubber products
77.0 r78.1 87.0 76.6 r77.4 86.7
TA...al
OR O .,n,'ten
,te a vOi, 1
TA 0
44.2 42.8
57.2 r57.0
48.1 r49.4
51.3 r52.0
44.4 r46.8
58.8 57.5
33.6 35.2
35.6 r35.5
71.1 74.7
72.5 73.1
64.1 73.4
61.0 64.3
96.1 r103.4
48.8 49.0
82.8 r142.7
90.9 r91.6
43.3
50.2
38.6
39.6
46.1
52.4
33.6
31.8
69.7
73.2
58.6
60.1
85.3
50.1
75.6
84.6
89 1 r89.6 33.1
96.8 07.9 89.8
57.6 r58.3 58.3
so it .n, 0
55.5
p preliminary. r Revised.
a Indexes of factory employment and Payrolls without seasonal &dills ment
compiled by Bureau of Labor Statistics. Index of factory employment ad u.sted
for seasonal variation compiled by Federal Reserve Board. Underylying f gums
are for payroll period ending nearest middle of month.
November 1034 figures are preliminary, subject to revision.
Financial Chronicle
Volume 139
Retail Prices of Food Declined Further During Two
Weeks Ended Dec. 4, According to United States
Department of Labor
During the two weeks ended Dec. 4 retail food prices
continued a gradual and steady decrease which began in
September, Commissioner Lubin of the Bureau of Labor
Statistics of the United States Department of Labor announced Dec. 18. He stated:
The present index on the 1913 base is 114.6, 0.3 of 1% below that for
Nov. 20, and 1.9% below the September high for the year. It is, however. 8.6% above the level for Dec. 5 1933, when it was 105.5.
Of the 42 foods included in the index, 24 showed no price change, 9
decreased and 9 increased.
Meat prices decreased 0.6 of 1%. Five meats showed lower prices;
for three there was no change, and two showed an increase. The net
decrease for the group was less than for any hi-weekly period since September. During the past three months meat prices have fallen 10.4%.
Egg prices fell off 1.2%. Fruits and vegetables declined 0.7 of 1%,
due almost entirely to the continued drop in orange prices. Onions increased 2.6%.
Cereals remained unchanged throughout the group. Dairy products
showed only one change; an increase of 0.4 of 1% in the price of cheese.
Miscellaneous foods, including beverages and fats and oils, showed a
negligible increase of 0.3 of 1%•
Prices fell in 31 of the 51 reporting cities. Eighteen cities showed increases and in two there was no change. The most significant city changes
were an increase of 5.0% in Indianapolis and a decrease of 2.3% in Portland, Me.
INDEX NUMBERS OF RETAIL FOOD PRICES. (19 3=100.0)
Nov. 20 Sept. li June 5 Mar.13 Dec. 5 Dec. 15 Dec. 15
1934
1934
1929
1933
1932
1934
1934
Dec. 4 2 Wks. 3 Mos. 6 Mos. 9 Mos. 1 Year 2 Years 5 Years
Ago
Ago
Ago
Ago
1934
Ago
Ago
Are
All foods
Cereals
Meats
Dairy products
Eggs
Fruits & veg._
Miscell. food..
114.6
150.9
119.9
108.5
114.8
103.4
96.7
114.9
150.9
120.6
108.4
116.2
104.2
96.4
116.8
151.6
133.8
105.4
99.4
117.4
95.1
108.4
145.7
116.1
100.4
68.7
127.0
88.6
108.5
143.4
109.1
102.3
71.6
136.7
88.0
105.5
142.5
101.2
98.7
101.7
115.6
87.1
98.7
114.8
103.2
95.9
115.6
89.5
88.1
158.0
162.9
181.8
144.9
182.0
186.5
132.4
Eleven of the 14 cities in the North Atlantic area reported price declines.
The greatest change was a decrease of 2.3% in Portland, Me.
In the South Atlantic area prices in Washington fell 1.8%. Other
changes in this area were negligible.
In the North Central States changes ranged from an increase of 5.0%
in Indianapolis to a decrease of 1.0% in Cleveland.
The South Central States showed a net increase of 0.1 of 1%. Birmingham prices moved upward 1.4%; those in Houston. 1.3%.
In the Western area there were decreases of 1.5% in Portland, Ore..
and 1.7% in San Francisco. There were no other marked changes in
that area.
The following is also from Mr. Lubin's announcement:
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 ofprice changes for individual
commodities, and for the various cities covered by the Bureau Dec. 4,
compared with Nov. 20 1934, Nov.6 1934, Dec. 5 1933, Dec. 15 1932, and
Dec. 15 1929.
CHANGES IN RETAIL FOOD PRICES, DEC. 4 1934, BY COMMODITIES
Percent Change-Dec.4 Compared lathDEC. 15
1929
(5 Years
Ago)
-27.5
All foods
-0.3
-0.6
+8.6
+16.1
Cereals
Bread, white
Cornflakes
Cornmeal
Flour. wheat
Macaroni
Rice
Rolled oats
Wheat cereal
Dairy products
Butter
Cheese
Milk, evaporated
Milk, fresh
Eggs
Fruits and vegetables_
Bananas
Oranges
Prunes
Raisins
Beans, navy
Deans with pork
Cabbage
Corn, canned
Onions
Peas, canned
Potatoes, white
Tomatoes. canned
Meats
Beef-Chuck roast_ _ _
Plate beef
Rib roast
Round steak
Sirloin steak
Hens
Lamb,leg of
Pork-Bacon, sliced
Ham,sliced
Pork chops
Miscellaneous foods...
Coffee
Lard, pure
Oleomargarine
Salmon, red
Sugar
Tea
‘A.,. i,,,,i ‘ehstirnro
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
+0.4
0.0
0.0
-1.2
-0.7
1.3
-9.6
0.0
0.0
-1.6
0.0
0.0
+0.8
+2.6
0.0
0.0
0.0
-0.6
-0.6
0.0
-0.9
-0.7
+0.3
0.0
+0.4
0.0
-1.3
-2.0
+0.3
0.0
+0.7
4-0.6
+0.5
0.0
+0.6
0.0
-0.8
-1.2
0.0
0.0
0.0
-0.6
-1.2
0.0
0.0
+0.8
+2.3
+0.8
0.0
0.0
+0.8
-1.8
+5.9
+5.1
-5.6
+20.0
+6.3
0.0
+17.1
+10.6
+1.3
+9.9
+25.4
+4.8
-1.5
+4.5
+12.8
-10.5
-8.2
+13.9
+6.5
+4.3
+5.1
0.0
-33.3
+12.7
+14.3
+27.2
-22.7
+6.1
+18.5
+12.7
+16.3
+12.8
+13.2
+11.7
+23.2
+11.4
+44.2
+24.0
+21.3
+11.0
+5.7
+58.3
+23.8
+2.4
0.0
+8.4
+3.2
+31.4
+25.8
-1.2
+37.1
+75.9
+6.8
+36.7
+23.7
+9.0
+13.1
+17.8
+7.1
+3.1
+12.6
-0.7
+15.5
-1.7
+6.3
+28.1
+1.0
+40.9
+1.5
+4.0
+21.6
+48.1
+37.3
+13.3
+19.5
+16.2
+7.0
+6.5
+3.6
+6.6
+5.4
+15.1
+11.4
+54.2
+29.7
+35.8
+9.7
-5.7
+87.7
+7.6
+9.2
+9.8
+6.0
+4.3
19.0
-0.9
0.0
0.0
0.0
+0.8
+5.3
0.0
0.0
0.0
-2.2
-2.3
-1.7
-1.3
-2.5
-1.9
0.0
-0.4
-0.9
-2.5
-5.5
+0.3
0.0
+3.4
+2.0
0.0
-1.8
+0.3
-4-1.0
III
DEC. lb
II
1932
(2 Years
Ago)
[I I I +WWW
0,
W
W.....1004..000WCONO.
Dee. 6
1933
(I Year
Ago)
I I LI I I I I I I I I I
NOV. 0
1934
(4 Wks.
Ago)
I
Noy. su
1934
(2 Wks.
Ago)
014.W.WC..400.-.M.010=4.N.PC40,
00.-.0
commoautes
4027
CHANGES IN RETAIL FOOD PRICES, DEC. 4 1934, BY CITIES
Percent Change-Dec.4 Compared faith-
Cities
.IVUll. LI/
PIM.0
L0G. 0
Ile, SO
J../... 50
1934
(2 Wks.
Ago)
1934
(4 Wks.
Ago)
1933
(1 Year
Ago)
1932
(2 Years
Ago)
1929
(5 Years
Ago)
Halted States
-0.3
-0.6
+8.6
+16.1
-27.5
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. 40
Jacksonville
Norfolk
Richmond
Savannah
Washington, D.C____
North Central
Chicago
Cincinnati
Cleveland
Columbus
Detroit
• Indianapolis
Kansas City
Milwaukee
Mhuseapolis
Omaha
Peoria
St. Louis
St. Paul
Springfield, Ill
Muth Central
Birmingham
Dallas
Houston
Little Rook
Louisville
Memphis
Mobile
New Orleans
Western
Butte
Denver
Los Angeles
Portland. Ore
Salt Lake City
San Francisco
-0.8
-1.1
-1.3
-0.5
-1.8
-1.9
+0.1
-0.8
+0.2
-0.2
-0.3
-2.3
-1.7
-0.3
+0.9
-0.2
+0.7
-0.6
-0.6
0.0
+0.3
+0.2
+0.1
-1.8
+0.4
+0.7
-0.1
-1.0
-0.4
+0.2
+5.0
+1.3
-0.9
+0.9
-0.1
-0.2
-0.2
+0.3
+0.4
+0.1
+1.4
-0.9
+1.3
-0.5
-0.8
0.0
+0.2
-0.2
-0.7
-0.5
+0.2
-0.6
-1.5
-0.2
-1.7
-0 5
-1.0
-2.6
+7.1
+5.8
+7.9
+6.8
+7.3
+6.8
+8.8
+9.0
+6.5
+7.0
+9.8
+5.9
+6.1
+8.2
+3.1
+9.1
+12.5
+9.1
+6.3
+8.8
+8.3
+9.6
+9.1
+8.5
+11.1
+7.6
+9.9
+8.0
+11.0
+8.9
+9.0
+13.1
+11.7
+9.2
+11.3
+14.5
+10.6
+14.8
+13.2
+15.2
+13.7
+13.9
+14.9
+13.8
+17.8
+19.1
+11.8
+14.5
+17.8
+12.0
+18.0
+19.9
+18.0
+14.4
+19.0
+16.4
+19.3
+18.0
+19.2
+19.0
+15.1
+18.4
+19.9
+21.9
+24.4
+16.2
+17.4
+17.9
+18.6
+22.0
+16.4
+20.4
+21.3
+16.8
+19.8
+16.3
+17.8
+30.0
+21.8
+20.4
+20.4
+15.3
+17.3
+14.4
+16.5
+17.2
+12.8
+12.7
+17.3
+11.1
4-14.0
-27.1
-30.0
-24.8
-27.9
-28.4
-25.6
-24.4
-25.7
,-25.1
-27.4
-28.0
--26.5
-28.7
-26.8
-30.0
-26.8
-27.9
-24.9
-28.6
-26.0
-28.6
-25.5
-27.2
-25.3
-29.6
-31.7
-30.4
-27.2
-27.6
-30.4
---30.7
-25.9
-28.0
-26.9
-26.5
-28.4
-26.8
-25.9
-30.5
-28.1
-28.4
-29.0
-25.2
-30.6
-27.5
-28.1
-29.4
-26.6
-25.2
-27.0
-21.7
-26.4
-27.0
-24.8
-23.3
-25.9
Soottle
-0.9
-1.6
-3.1
-0.2
+0.1
-0.5
+0.1
-2.4
-1.7
-0.5
+0.4
0.0
+0.8
-0.4
-0.2
+0.7
+0.8
+0.1
+0.5
-2.0
+0.3
+0.5
+0.3
-1.4
-1.1
-0.5
+4.9
-0.1
-0.5
+1.1
+0.1
+0.8
+0.1
+0.7
0.0
-0.2
+0.3
-0.2
+1.0
-1.4
-0.6
-0.3
+0.6
-1.0
-0.8
+0.3
-0.1
-1.5
-0.9
-1.1
-1.9
-(U
+7.0
+10.1
+9.2
+8.0
+10.9
+11.5
+7.3
+15.4
+11.5
+12.1
+10.3
+9.2
+10.6
+11.2
+15.7
+12.4
+7.9
+12.6
+11.5
+8.8
-4-10.4
Monthly Index of Wholesale Commodity Prices of
United States Department of Labor Unchanged
from October to November
The general level of wholesale commodity prices was
unchanged from October to November. The index of the
Bureau of Labor Statistics of the United States Department of Labor remained at 76.5% of the 1926 average.
The November index, said an announcement issued Dec. 19
by the Labor Department, registered an advance of 6%
over the low point of the year (January), when the index was
72.2, and a decrease of 1.4% from the 1934 high, 77.6, in
September. The November 1934 index was 7.5% above
November 1933; 19.7% above November 1932, and 9%
above November 1931. However, when compared with
November 1930, November 1934, prices were down by 6%
and when compared with November 1929, were lower by
18%. The announcement continued.
Of the 10 major groups of items covered by the Bureau, four-farm
products,foods, hides and leather products and miscellaneous commoditiesregistered increases. The remaining groups-textile products, fuel and
lighting materials, metals and metal products, building materials, chemicals
and drugs and housefurnishing goods-showed slight decreases. Changes
In prices by groups of commodities were as follows.
Croups
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
Total
Increases
29
55
10
15
7
4
6
7
3
9
145
Decreases
No Change
28
31
10
20
11
10
10
12
10
36
21
57
9
106
69
72
48
31
180
459
40
s
Raw materials, including farm products, coffee, hides and skins, coal,
crude petroleum, iron ore, crude rubber and other similar commodities,
registered an advance of 0.1 of 1%. and were 15.7% above the November
1933 level. Finished products, among which are included more than 500
manufactured articles, also advanced 0.1 of 1% over October. and were
5.5% above the corresponding month of 1933. Semi-manufactured articles,
Including such items as raw sugar, leather, iron and steel bars, pig iron and
other similar goods declined by 0.6 of 1%. as compared with the preceding
month and 0.4 of I% below November of last year.
The combined index of "All commodities exclusive of farm products and
processed foods" registered no change between October and November but
was higher than a year ago by 1%. The non-agricultural commodities
group, which includes all commodities except farm products, advanced
0.1 of 1% to a point 4.7% above a year ago.
Miscellaneous commodities, with an index of 70.6, were higher by 1.3%.
due to an advance of nearly 11% for cattle feed and 6.3% for automobile
4028
Financial Chronicle
Dec. 29 1934
Wholesale Commodity Prices Advanced Slightly During
Week of Dec. 22, According to Index of National
Fertilizer Association
The decline in wholesale commodity prices during the
first two weeks of December was checked in the week ended
Dec. 22, according to the index of the National Fertilizer
Association. The index for the latest week was 75.4 compared with 75.2 in the week preceding; 75.7 a month ago,
and 67.8 a year ago. The low point for this year was 68.6
reached in the week of Jan. 6, and the high point was 76.6
in the week of Sept. 22. The record low point reached by
the index was 55.8, recorded in March 1933. (The threeyear average 1926-1928 equals 100.) The Association on
Dec. 24 further said:
Five of the component groups of the index advanced last week while
three declined. The advancing groups were fuel, grains, feeds and livestock, miscellaneous commodities, metals and fats and oils. Foods.
building materials andll.fertilizer materials declined.
Prices of 20 individual commodities were higher than in the preceding
week anc1123 were lower. There were 28 advances and 27 declines during
the weee,ending Dec. 15. The largest number of advances last week occurred in the grains, feeds and livestock group with the prices of seven
commodities in the group moving upward. Four items of the textiles
group and three in the fats and oils group advanced. Six toms in the
foods, and seven it:ithe grains, feeds and livestock group declined. Cotton,
silk, butter, potatoes, cattle, hogs, sheep and gasoline were among the
commodities which increased in price last week. The declining commodities included rayon, flour, corn, oats, wheat, cement, brick and
lumber.
The index numbers anecomparative weights for each of the 14 groups
listed in the index are:shown in the table below.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
Per Cent
Each Group
Bears to the
Total Index
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
Dec. 22
1934
Preceding
Week.
74.6
69.7
77.0
69.5
69.0
88.4
78.8
81.9
85.5
69.7
93.8
65.6
76.9
99.7
75.0
69.6
76.0
69.5
68.9
88.4
79.3
81.8
85.5
68.0
93.8
65.8
76.9
99.7
75.4
75.2
75.7
Month
Ago
C•1.--.Nc!....I.CitqC,
',00.:!co
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
Latest
Week
Group
00 0000-000000
t-t-r-<zco.ot-cocooc”zc-C
tires and tubes. Crude rubber, on the other hand, decreased 7% while
paper and pulp and other miscellaneous commodities showed smaller
declines.
A 5.7% increase in hides and skins and 0.4 of 1% for leather forced the
Index of hides and leather products up 3i of 1% to 84.2%. The sub-groups
of shoes and other leather products registered slight declines.
The foods groupladvanced 0.4 of 1% to 75.1% of the 1926 average,
showing an increase of 16.8% over November 1933, when the index was
64.3, and an increase of 23.9% over November. 1932. when the index was
60.6. The wholesale food price index for November 1934, was 13% lower
than for November 1930, and 24% below that of November 1929, when the
Indexes were 86.2 and 98.9, respectively. Important price advances in this
group were reported for butter, cheese, family beef, lamb, mutton, dressed
poultry, lard, oleomargarine, pepper, salt, raw sugar and most vegetable
oils. Lower prices were recorded for flour, macaroni, fresh beef, bacon,
ham, mess pork, fresh pork, veal, coffee, granulated sugar and tallow.
Farm products also registered an advance during November, amounting
to 3i of 1%. Commodities in the group contributing to this rise were corn,
oats, rye, wheat, lambs, cotton, eggs, fresh apples, sweet potatoes and
tobacco. Barley, cattle, hogs, live poultry, lemons, oranges, hay, hops,
fresh milk at Chicago, peanuts, seeds, dried beans, onions, white potatoes
and wool, on the other hand decreased. The November level of farm
products prices was 25% above that of a year ago and 513,5% higher than
November 1932. As comparedwith,November 1929, however, they were
down by 30%.
Textile products declined nearly 1% to a new low for the year. Average
prices of cotton goods were lower by123,5%; woolen and worsted goods and
clothing approximately 1%. Silk and rayon, on the other hand, advanced
4%, and knit goods 0.8 of 1%. The subgroup of other textile products
remained unchanged. The index for the group, 69.7, was 9% lower than
November a year ago, when the index was 76.8.
The group of housefurnLshing goods registered a decrease of 3-5 of 1%.
Both furniture and furnishings shared In the decline.
Higher prices for anthracite coal and petroleum products were offset by
lower prices for electricity and gas, causing the group of fuel and lighting
materials to drop 3 of 1%. Bituminous coal and coke remained unchanged.
In the group of chemicals and drugs, falling prices for fertilizer materials
more than counter-balanced a slight rise in average prices of mixed fertilizers, resulting in the group of chemicals and drugs declining 31 of 1%.
•Building materials also declined 31 of 1%, due to lower prices of lumber
and paint materials. Plumbing and heating materials and other building
materials registered slight increases, while brick and tile, cement and
structural steel were unchanged.
Metals and metal products showed a fractional decrease between October
and November, because of declining prices for agricultural implements,
certain Iron and steel products and non-ferrous metals. Increases were
recorded in average prices for scrap steel, antimony, bar silver and pig tin.
The November index, 86.2, was 0.1 of 1% below the October level.
The Bureau of Labor Statistics' index, which includes 784 price series,
weighted according to their relative importance in the country's markets,
Is based on the average prices of 1926 as 100.0.
Index numbers for the groups and sub-groups of commodities for November 1934, in comparison with October 1934, and November of each of the
past five years are contained in the accompanying table.
Year
Ago
69.1
68.4
46.4
66.1
67.4
84.9
79.0
79.2
85.2
38.6
88.2
65.6
72.8
90.8
I
INDEX NUMBERS OF WIIOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926=100.0)
Nov.
1934
Oct.
1934
70.8
87.2
54.0
75.8
75.1
78.6
91.0
65.3
68.4
74.0
84.2
97.3
63.1
70.8
85.7
69.7
78.4
84.4
70.6
85.0
55.3
75.4
74.8
77.1
91.0
67.6
70.0
71.0
83.8
97.7
59.7
70.5
85.9
70.3
79.1
86.6
Nov.
1933
Nov.
1932
Nov.
1931
56.6
61.3
41.2
64.3
64.3
67.2
85.8
61.7
48.2
66.4
88.2
99.0
70.1
79.3
87.9
76.8
88.0
86.0
Knit goods
61.0 60.5 72.5
Silk and:rayon
25.8 24.8 30.4
Woolen and worsted goods
74.1 74.9 84.4
Other textile products
68.5 68.5 75.8
Fuel and lighting materials
74.4 74.6 73.5
Anthracite coal
82.1 82.0 81.8
Bituminous coal
96.4 96.4 90.7
Coke
85.6 85.6 83.2
Electricity
94.5 93.8
•
Gas
4.
96.9 94.6
Petroleum products
50.5 50.4 51.6
Metals and metal products
86.2 86.3 82.7
Agricultural implements
91.9 92.0 83.7
Iron and steel
86.0 86.2 81.5
Motor vehicles
94.7 94.7 90.9
Nontcrrous'metal
67.7 68.1 68.0
Plumbing and heating
68.8 68.1 73.7
Building materials
85.0 85.2 84.9
Brick and tile
91.2 91.2 84.7
Cement
93.9 93.9 91.2
Lumber
81.2 82.0 86.5
Paint and paint materials
78.8 79.4 76.3
Plumbing andlheating
68.8 68.1 73.7
Structural steel
92.0 92.0 86.8
Other buildingtmaterials
89.4 89.3 88.4
hemicals and drugs
76.9 77.1 73.4
Chemicals
80.9 81.1 79.2
Drugs and pharmaceuticals_ _ _ 73.5 73.5 58.4
Fertilizer materials
64.6 65.7 67.8
'
Mixed fertilizers
73.5 73.0 68.5
Elousefurnishing goods
81.3 81.7 81.0
Furnishings
84.3 84.4 82.8
Furniture
78.4 79.0 79.4
VIlscellaneous
70.6 69.7 65.5
Automobile tires and tubes_
47.5 44.7 43.2
Cattle feed
108.2 97.6 63.5
Paper and pulp
82.1 82.4 82.5
Rubber, crude
17.5
26.6 28.6
Other miscellaneous
80.8 81.1 78.4
law materials
72.2 72.1 62.4
3emi-manufactured articles
71.1 71.5 71.4
Finished products
79.3 79.2 75.2
Von-agricultural commodities__ _ 77.7 77.6 74.2
ill commodities other than farm
products and foods
78.0 78.0 77.2
46.7
33.2
41.9
53.9
60.6
62.3
62.7
52.4
53.7
67.7
71.4
84.2
46.1
61.9
81.9
53.9
62.2
53.6
51.0
29.5
55.3
67.1
71.4
88.8
80.4
75.6
103.1
100.0
48.2
79.6
84.6
79.4
92.7
49.1
67.5
70.7
75.4
79.0
56.6
68.5
67.5
81.7
80.1
72.4
79.7
55.0
63.5
65.6
73.7
74.7
72.7
63.7
44.6
40.8
73.4
7.2
81.5
54.2
58.9
69.3
67.51
58.7
51.3
55.7
63.1
71.0
80.7
73.1
65.1
67.7
68.0
81.6
92.5
49.0
78.8
101.1
62.2
72.6
58.1
59.0
41.8
64.2
72.5
69.4
94.2
83.7
81.4
103.4
100.1
42.5
82.6
85.5
81.5
95.2
54.7
81.4
76.2
81.4
74.6
65.9
77.5
81.4
81.7
81.9
76.1
80.6
61.3
70.1
77.7
80.9
79.7
82.3
68.7
46.0
59.8
80.8
9.6
86.7
62.0
64.9
74.8
72.6
79.3 101.1
64.0
94.9
77.7
93.7
85.4 108.1
86.2
98.9
95.6 103.5
75.7
87.5
82.9 106.0
91.4 102.5
81.5
95.8
94.2 108.3
100.3 106.1
75.1
109.3
93.2 113.3
104.8 106.3
74.2
88.6
83.5
89.1
77.5
97.4
72.8
86.8
46.6
76.8
74.7
86.3
78.0
90.1
75.3
83.2
89.6
91.2
89.1
92.0
83.9
84.4
102.2
95.9
97.0
92.4
53.3
70.9
87.8
98.7
94.5
97.6
86.8
94.0
96.1
104.2
70.6
103.0
83.3
92.2
94.4
85.5
93.9
89.4
91.1
86.6
91.8
80.2
84.7
98.0
83.3
92.2
81.7
97.0
89.2
96.7
86.0
93.8
90.1
99.0
66.9
71.4
82.11
89.9
91.1
97.4
91.5
94.6
89.91
93.9
93.2
95.4
74.1
82.4
50.2
53.0
83.0 124.1
84.6
88.7
18.6
34.5
91.1
100.0
76.8
94.8
76.1
93.1
84.1
92.9
81.61
91.8
69.8
73.5
81.1
90.8
63.9
70.2 181.3
93.5
Groups and Subgroups
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese and milk
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and leather products
Boots and shoes
Hides and skins
Leather
Other leather products
Textile products
Clothing
Cotton goods
All commodities
•Data not yet available.
76.5
76.5
71.1
Nov.
1930
Nov.
1929
100.0
All croons combined
67.8
Chain Store Sales Move Upward During November
Business of the chain stores in November displayed a
decicedly buoyant and broadening tendency, all divisions,
excepting the shoe, making a distinctly better showing as
compared with October than in either of the two preceding
years, according to the current review of "Chain Store Age,"
which continued as follows:
Substantial extra-seasonal gains were reported by the five-and-ten and
the apparel chain groups. Returns of the grocery and drug chains were
only fractionally under the respective October points. Shoe store sales
receded a sizable distance from the previous month's record level.
In reflection of these results, the state of trade in the field, as measured
by the "Chain Store Age" index, advanced in November to 92.9 of the
1929-1931 average taken as 100, from 92.0 in October. During the corresponding period of last year the index dropped from 86.4 in October to
85.5 in November, while in 1932 the index dropped from 81.5 to 79.4 during
those two months.
Total average daily sales of these 18 chains in November amounted to
$5,484,000. This was an increase of 8.8% over November 1933. The
October sales of $5,325,000 were approximately 5% greater than October
last year. In 1932 sales declined slightly from October to November.
The index of sales of six five-and-ten chains in November was 99.0 against
97.0 in October. For the apparel group, the November index was 102.4
against 101.4 in October and 82.3 in November 1933.
For the grocery group, the index in November eased off to 84.8 from
84.9 in October as against a decline last year from 80.3 in October to 79.9
in November. The index of sales of two drug chains was 108.4 in November
against 108.5 in October, while the index for two shoe chains dropped to
101.5 in November from 113.6 in October. The latter level was the high
for all time for this division.
Chain store executives report a smart picking up of consumer buying in
December after a slow start the first few days. The prospects are good for
an active holiday trade and a very satisfactory volume for the month. Early
signs of short stocks on lines not of a strictly seasonal nature indicate a
favorable year-end close so far as inventories are concerned.
Weekly Electric Output at Highest Figure in Five Years
The Edison Electric Institute in its weekly statement
discloses that the production of electricity by the electric
ght and power industry of the United States f)r the week
ended Der.. 22 totaled 1,787,936,000 kwh. This was the
highest output reported for/any week since the week ended
Dec. 21 1929, when 1,860,021,000 kwh. were produced.
Total output for the latest week indicated a gain of 7.9%
over the corresponding week of 1933, when output totaled
1,656,616,000 kwh.
Electric output during the week ended Dec. 15 1934 totaled
1,767,418,000 kwh. This total was the largest reported
since the week of Dec. 20 1930 and was a gain of 7.5% over
the 1,644,018,000 kwh. produced during the week ended
Dec. 16 1933. The Institute's statement follows:
PER CENT INCREASES (1934 OVER 1933)
Major Geographic
Diotsions
Week Ended
Dec. 22 1934
New England
Middle Atlantic
Central Industrial_ - - West Central
Southern States
Rooky Mountain
Pacific Coast
5.7
6.5
8.7
6.1
12.3
11.1
4.7
Total United States_
7.9
Week Ended
Dec. 8 1934
Week Ended
Dec. 1 1934
4.1
. 6.2
8.3
5.1
10.0
11.1
5.4
3.5
5.2
7.0
6.2
17.9
13.2
3.2
7.0
7.3
8.2
9.7
15.6
12.8
1.5
7.5
7.7
8.4
Week Ended
Dec. 15 1934
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
%Inc.
1934
Over
1933
1931
Week ofWeek ofWeek ofWeek of
July 7 1,555.844 July 8 1,538.500 July 9 1,341.730 July 11 1,603,713
July 14 1,647,680 July 15 1,648,339 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 29 1,661.504 July 30 1,440.386 Aug. 1 1,644,089
Aug. 4 1,657,638 Aug. 5 1,650,013 Aug. 6 1,426.986 Aug. 8 1,642,858
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 1,637,533
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 1,645,587
Oct. 6 1,659.192011.. 7 1,646,136 Oct. 8 1,506.219008. 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 1,621,702 Oct. 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 1,675.760 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 1,607,546 Nov. 26 1,475,268 Nov. 28 1.599,900
Dec. 1 1,683,590Dec. 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
Dee. 15 1,767,418 Dec. 16 1,644,018 Dec. 17 1.563,384 Dec. 19 1,675.653
Dee. 22 1,787,936 Deo. 23 1,656,616 Dec. 24 1,554,473 Dec. 26 1,564,652
Dee. 30 1,539.002 Dec. 31 1,414,710 Jan. 2 1,523,652
Dee. 29
Bank of New York,"were approximately 63/2% higher than
in the corresponding month of 1933, and exclusive of liquor
business, sales were about 4% higher." Continuing, the
Bank also has the following to say in its "Monthly Review"
of Jan. 1:
Average daily sales of the reporting New York and Buffalo department
stores showed the most favorable year to year comparisons since last
March, while those of the Rochester, Syracuse, Northern New Jersey.
Northern New York State, Southern New York State, Hudson River valley
District, and the Capital District reporting stores snowed the most favorable comparisons in 4 to 6 months, in this connection, however, it should
be pointed out that business in November 1933 was the poorest of the
fall season. The reporting Bridgeport department stores recorded only a
slight advance in sales over a year previous, and stores in Westchester and
Stamford reported a lower dollar volume of sales. Apparel stores in this
district reporting to this bank showed the smallest percentage increase in
sales over the preceding year since last April.
Department store stocks of merchandise on hand at the end of November
continued to show a decline from the previous year but the decrease was
smaller than in the preceding three months. Apparel store stocks remained
larger than in 1933. Collections continued to average higher than in the
previous year both for department and apparel stores.
Percentage Change from
a Year Ago
Locality
+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
-3.9
-5.4
-3.6
+4.6
+6.1
+8.9
+7.7
+7.1
+7.9
January - _..
February - - March
April
May
June
July
August
September-.
October
November _
December...
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
7.116,281,000
7,309,575,000
6,832,260.000
7,384,922,000
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%
4.1%
--
ft Total
80,009,501,000 77,442,112,000 86.063.969,000
x Decrease.
Note-The monthly figures shown above are based on reports covering approxi
mately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
New York Federal Reserve Bank Reports Increase of
5% in Chain Store Sales During November Over
November 1933
"Total November sales of the reporting chain stores in
the Second (New York) District were 5% higher than in
the corresponding month of 1933, a slightly smaller percentage increase than in October, but on an average daily basis
the increase was somewhat larger." In stating this, the
Federal Reserve Bank of New York, in its "Monthly Review" of Jan. 1, adds:
Sales of the ten cent and variety chain stores were moderately larger
than in November 1933. and drug chain sales showed a slignt advance.
On an average daily basis, the declines in sales registered by the reporting
grocery and shoe chains were approximately the same as those recorded
in the preceding month, while the reduction shown in sales of the candy
chains was larger than in October.
The increase in sales per store for all reporting chains was slightly larger
than that recorded for total sales, owing chiefly to a reduction in the number
of grocery and shoe units operated between November 1933 and November 1934.
Percentage Change November 1934
Compared with November 1933
Type of Store
Grocery
Ten cent
Drug
Shoe
Variety
Candy
Total
No. of
Stores
Total
Sales
Sales
Per Store
-2.1
+0.5
-0.9
-6.0
+0.7
+2.8
-4.2
+6.9
+0.7
-4.6
+10.6
-12.3
--2.I
+6.4
+1.7
+1.5
+9.9
-14.7
-0.9
+4.9
+5.9
Department Store Sales During November in New York
Federal Reserve District Reported 63/2% Above
November Last Year-Increase Also Noted in Sales
in Metropolitan Area of New York Dec. 1 to 24
"November sales of the reporting department stores in
the Second (New York) District," states the Federal Reserve
P. C. of Accounts
Outstanding
Stock
Oct. 31 Collected
in November
on Hand
End of
Feb.
1934
1933
to Nov. Month
Net Sales
Nov.
New York
Buffalo
Rochester
Syracuse
Northern New Jersey
Bridgeport
Elsewhere
Northern New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester and Stamford
All department stores
Apparel stores
+7.0
+11.0
+4.0
+3.1
+4.9
+1.0
+3.3
+2.0
+6.8
+1.9
+6.7
-6.8
+6.4
+2.1
+6A
+8.0
+7.7
+3.1
+3.3
+9.7
+6.3
--15.9
--4.7
--0.7
--8.9
48.0
43.3
44.6
29.3
40.0
33.9
30.3
50.3
47.9
47.6
37.8
43.8
37.9
30.0
+10.9
43.6
45.8
46.8
46.7
--2.9
--8.1
+83
+4.4
+6.3
+10.9
November sales and stocks in the principal departments are compared
with those of a year previous in the following table.
DATA FOR RECENT MONTHS
Month of-
4029
Financial Chronicle
Volume 139
Musical instruments and radio
Toys and sporting goods
Shoes
Luggage and other leather goods
Men's furnishings
Women's and Misses' ready-to-wear
Men's and boys' wear
Women's ready-to-wear accessories
Silverware and Jewelry
Home furnishings
Furniture
Linens and handkerchiefs
Toilet articles and drugs
Books and stationery
Hosiery
Cotton goods
Silks and velvets
Woolen goods
Miscellaneous
Net Sales
Percentage Change
November 1934
Compared with
November 1933
Stock on Hand
Percentage Change
Nov. 30 1934
Compared with
Nov. 30 1933
+25.9
+1.1.7
+8.4
+8.2
+5.6
+4.2
+2.9
+2.0
+1.8
+1.2
+1.1
+7.6
-5.8
+8.4
-5.2
-0.4
-2.9
+0.7
-3.2
-6.1
--4.2
--5.5
-5.6
-7.7
-12.0
--19.1
+5.3
--23.1
--12.5
+2.0
-4.7
-10.7
-7.0
-9.6
+2.3
-5.0
As to sales in the Metropolitan area of New York during
the period from Dec. 1 to Dec. 24, the Bank states:
For the period Dec. 1 to 24 inclusive, total sales of the reporting department stores in the ,Metropolitan area of New York were a little over 6%
higher than in the corresponding period of 1933. Preliminary data for the
first 14 days of the month showed sales about 13% larger than last year,
but during the remainder of the Christmas shopping period the sales of
these stores were barely:equal to those of a year ago. On the basis of the
figures for the first,24.days of the month,however,it appears that December
sales in the Second Federal Reserve District showed a little more than
the usual seasonal increase over November. The seasonally adjusted index
for December was about as high as for any month since last spring, and
was moderately above the:December levels of 1932 and 1933, but remained
considerably below.Ithe December levels of 1931 and earlier years. The
aggregate dollar volume of sales for 1934 appears to have been about
% higher than in 1933. compared with a decrease of a little over 6%
between 1932 and 1933.
Increase of 14% Over Year Ago Noted in November
Sales of Wholesale Firms in New York Federal
Reserve District
The New York Federal Reserve Bank reports that "total
November sales of the reporting wholesale firms in the
Second (New York) District averaged 14% higher than in
November 1933, a slightly smaller increase than occurred
in October, but with this exception the most favorable year
to year comparison since last May." in its Jan. 1 "Monthly
Review" the Bank a2so says:
Large increases in sales were reported by the shoe and diamond concerns, and tne cotton goods and paper firms registered the most favorable
year to year comparison since last spring. A substantial advance occurred
also In total sales of grocery firms, which was only slightly less than in
October, but a considerable part of the November increase was due to
liquor sales. Sales of silk goods, reported on a yardage basis by tne National Federation of Textiles, again snowed a sizeable increase over the
previous year. Smaller increases in sales than in October were registered
by the stationery, hardware, and jewelry firms, and sales of men's clothing
and drugs were lower than in 1933 following increases in the three preceding
months.
Stocks of merchandise on hand were higher in November 1934 than in
1933 in the reporting grocery, drug, hardware, diamond, and jewelry
concerns. Collections continued better than in the previous year for all
reporting lines.
4030
Financial Chronicle
Commodity
Percentage
Percent of Accounts
Outstanding
Change
November 1934
Oct. 31
Compared lath
Collected in
November 1933
November
Net
Sales
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Stationery
Paper
Diamonds
Jewelry
Stock
End of
Month
+26.4x +22.8
-7.9
+6.9
+27.4*
+42.4
-2.8 +118-..1
+6.4 +19.4
+2.1
+10.2
+53.9
+9.8
+2.1
1933
1934
83.0
34.5
33.8
67.5
89.9
36.8
36.5
67.9
411
47.9
50.2
15.6
47:548.0
51.3
18.5
Weighted average
+14.0
54.9
____
58.8
* Quantity figures reported by the National Federation of Textiles, Inc., not
Included in weighted average for total wholesale trade. x Exclusive of liquor sales
Increase amounted to 6.1%.
Industrial Situation in Illinois Reviewed by Industry
by Illinois Department of Labor-Decreases Noted
in Employment and Payrolls from October to
November
In a review of the industrial situation in Illinois by industry, issued Dec. 23 by Esther Espenshade, of the Division
of Statistics and Research of the Illinois Department of
Labor, it was stated that "employment in Illinois declined
2.7% and payrolls decreased 3.6% from October to November, according to the reports received from 4,627 manufacturing and non-manufacturing establishments in this State.
During November these firms employed 459,462 workers and
paid out, weekly, a total of $9,925,135 in wages," the review
said, adding:
November reports from 2,063 manufacturing firms showed losses of 4.3%
in employment and 4.8% in payrolls. Declines of 0.2 of 1% in employment and 2.1% in payrolls were shown by reports from 2,564 non-manufacturing establishments.
Although industrial activity is usually curtailed from October to November, the November 1934 declines for this period are considerably sharper
than the average seasonal declines of 0.6 of 1% in employment and 1.7%
in payrolls, which are the 11-year average changes disclosed by the records
of the Illinois Department of Labor, which begin in 1923. The current
October-November losses reported for the manufacturing industries are
greater than the average seasonal declines of 1.6% in employment and
4.1% in payrolls.
The total actual hours worked in 3,206 firms reporting man-hours data,
decreased 3.6% from October to November; those worked by men were
3.2% and those by women 6.0% less. In 1,744 manufacturing firms the
total actual hours of work decreased 5.8% and in 1,462 non-manufacturing
establishments they declined 0.1 of 1%. The average actual man-hours
worked by 314,015 wage earners in all establishments reporting hours data
decreased from 36.9 in October to 36.6 in November, or 0.8 of 1%. In
manufacturing plants such hours declined from 35.5 to 35.1, or 1.1%, and
In non-manufacturing industries they averaged 39.3 hours in both months.
According to reports from 3,928 establishments, which showed data
separately by sex, the number of male workers declined 2.4% and the
number of female workers decreased 4.4%; the amount of wages paid to
men decreased 3.2%, and that paid to women decreased 7.5% during
November. In 2,014 manufacturing firms reporting data separately by sex,
2.8% less men and 7.9% fewer women were employed in November than
in October; wage payments to men were 3.7% smaller, and those to
women 10.7% less. In the non-manufacturing industries, 1,909 firms,
which reported sex data, employed 1.5% fewer men and 0.4 of 1% more
women in November than in October; these firms paid out 2.1% less in
wages to men and 3.6% less to women workers.
Seven of the nine main manufacturing groups of industries, the stone,
clay and glass, the metals, machinery and conveyances, the wood products,
the chemicals, oils and paints, the textiles, the clothing and millinery, and
the food, beverages and tobacco, contributed to declines both in employment
and payrolls. The declines in the clothing and millinery, and food, beverages and tobacco groups were particularly severe.
The only industry in the stone, clay and glass group not contributing to
both the losses of 1.4% in employment and 2.8% in payrolls reported for
the group was the glass industry, which increased both employment and
payrolls.
Although seven of the 13 industries covered in the metals, machinery and
conveyances group reported increases both in the number of employees and
the amount of wages paid to them, curtailment in the other industries
caused the declines of 1.0% in employment and 2.9% in payrolls for this
group. The important iron and steel, the electrical apparatus, the cooking
and heating apparatus, and the automobiles and accessories industries were
largely responsible for the losses reported for the metals group of industries. The agricultural implements and the watches and jewelry industries
showed substantial gains in both employment and payrolls.
All the industries in the wood products group, except pianos and musical
instruments, contributed to the decline of 3.2% in employment and the
reduction of 7.5% in payrolls shown for this group in November.
In the chemicals, oils and paints group, losses of 2.6% in employment
and 1.2% in payrolls were reported. Paints, dyes and colors was the only
Industry not contributing to the loss in employment, while the drugs and
chemicals, and mineral and vegetable oils industries were resposnible for
the decline in payrolls.
In the textiles group, all industries contributed to the decline of 11.6%
in payrolls, while all but the thread and twine industry also contributed to
the reduction of 0.8 of 1% in the number of workers.
Although the clothing and millinery group usually experiences a curtailment in activity during November, the present reductions are unusually
severe. The 11-year average November declines, as shown by the records
of the Illinois Department of Labor since 1923, are 3.8% in employment
and 13.8% in payrolls, compared with the current losses of 7.7% in
employment and 21.1% in payrolls. The important men's and women's
clothing industries were, for the most part, responsible for the marked
curtailment shown by this group, although all the reporting industries contributed to the loss in employment.
Dec. 29 1934
The food, beverages and tobacco group also reported a much sharper
curtailment than is usually shown for the month of November. The 11-year
seasonal average of the Illinois Department of Labor indicates a 2.2% decline
in employment and a 4.5% drop in wage payments during November.
Industries in this group reported losses of 13.2% in employment and 8.8%
in payrolls during November 1934. All the reporting industries contributed
to the payroll decline and all except the beverage industry reduced working
forces. The losses were particularly sharp in the fruit and vegetable
canning, meat packing, and confectionery industries.
The furs and leather goods, and the printing and paper goods groups werz
the only manufacturing groups reporting gains during November. In the
furs and leather goods group, all industries except furs and fur goods
contributed to the gains of 3.0% in employment and 7.0% in payrolls. In
the printing and paper goods group, all reporting industries except paper
boxes, bags and tubes, and job printing contributed to the 0.3 of 1%
increase in employment and all but the paper boxes, bags and tubes, and
the miscellaneous paper goods industries also contributed to the gain of
1.9% in payrolls.
In the non-manufacturing industries, the services, the public utilities,
and the building and contracting groups contributed to the losses both in
employment and payrolls. The wholesale and retail trade group, and coal
mining increased both the number of workers and the amount paid to
them in wages.
Losses of 6.7% in employment and 7.0% in payrolls were shown for the
services group. Hotels and restaurants, and laundering, cleaning and
dyeing establishments decreased both employment and payrolls.
Every reporting industry in the public utilities group reduced payrolls
and all but street and electric railways also reduced employment. In the
telephone industry and railway car repair shops wage payments were
reduced sharply.
The building and contracting group reported losses of 11.2% in employment and 14.4% in payrolls. The reductions were sharpest in the road
construction industry. The miscellaneous contracting group increased employment but reduced payrolls.
The mail order houses, which increased employment 9.5% and payrolls
7.7% were largely responsible for the gains of 2.8% in employment and
0.9 of 1% in payrolls reported for the wholesale and retail trade group.
Milk distributing and miscellaneous retail establishments reported reductions in the number of employees; department stores, milk distributing, and
wholesale grocery establishments reduced payrolls.
Coal mining, which usually shows a substantial increase in activity
during November, added 2.9% more men and increased wage payments
0.4 of 1%.
In November 39 reports of wage rate increases, affecting 1,836 emrloyees,
or 0.4 of 1% of all employees reported during the month, were received by
the Illinois Department of Labor. Three firms reduced the wage rates of
35 persons during November.
Weekly earnings for both sexes combined, for all industries, averaged
$21.60; $23.90 for men and $14.57 for women. In the manufacturing
industries average weekly earnings were $20.51 for both sexes combined,
$22.55 for males and $13.49 for female workers. In the non-manufacturing
Industries these earnings averaged $23.25; $27.01 for men and $15.97
for women.
Conference of Statisticians in Industry Reports Slight
Improvement in Business During November
Business conditions were slightly improved in November.
The upturn during the month added to the gain in October
brought the level of activity to where it was in August,
according to the monthly report of the Conference of Statisticians in Industry of the National Industrial Conference
Board. The report, issued on Dec. 24, said, in part:
Production in major industries recorded a moderate net advance over
seasonal expectations. General distribution and retail trade showed only
partial improvement in November as compared with October. Commodity
and security prices advanced a little, while the cost of living eased off again.
Industrial production showed mixed movements, with a resulting net
gain. Automobile output decjined in an approximately seasonal manner.
Steel and iron production showed sizable gains in November over October,
although downturns are usual at this time of the year. Textile activity
during November maintained the relatively high post-strike level of October.
Electric power output was increased more than seasonally. Building construction awards as a whole fell off a little more than seasonally, and
residential awards, in declining, failed to maintain the upturn abserved in
October. . . .
Continuous Expansion of Trade in Canada During
1934 Reported by Bank of Montreal
The year now dosing has witnessed a continuous expansion of trade in nearly all branches of industrial and mercantile pursuit in Canada, states the Bank of Montreal in
Its current business summary. The great majority of business barometers, the bank points out, show material advances over 1933. The summary, dated Dec. 22, continued,
In part:
There remain areas, some of importance, in which the improvement is not
pronounced, but they are exceptional. Perhaps most significant of all is
the fact that the farmers of Canada, on whose purchasing power so much
depends, will realize from their 1934 field crops, according to official
estimates, a total of $536,000,000, which is $113,000,000 in excess of their
return in 1933.
Of some 50 economic records available on a monthly basis, six show
gains amounting to over 50%; 14 show gains ranging from 20% to 50%;
17 show gains ranging from 5% to 20%; seven show gains under 5%,
while five are lower than in 1933. The business index of the Dominion
Bureau of Statistics, a composite of these factors, which averaged 78.5 for
the first 10 months of 1933, averaged 94.2 for the corresponding period
of 1934 (1926 equals 100).
In the field of industrial production, the summary noted,
continued improvement was registered during November in
newsprint output, construction activities, steel and pig iron,
and the motor car industry. The cumulative production of
steel in Canada for the 11 months was approximately double
Financial Chronicle
Volume 139
4031
that of 1933. Employment continued upward in November, department stores being 27% less than those of September, whereas the
/
2%. As com1925-1933 average for the month shows a decline of but 101
contrary to the usual seasonal movement.
pared with last October, however, sales were 8% heavier, and for the 10
months of this year the sales volume totaled 17% above that of the same
period a year ago. Stocks increased 2% over September and were 5%
Business Conditions in San Francisco Federal Reserve
heavier than at the end of October 1933.
District - Industrial Activity Unchanged from
Sales of furniture and house furnishings by dealers and department stores
October to November
declined 13% in the aggregate for October from the preceding month,
The Federal Reserve Bank of San Francisco states that although department stores are responsible for this recession, sales by dealers
"Industrial activity in the Twelfth (San Francisco) District increasing moderately in the comparison. The 1927-1933 average for Octowas the same in November as in Ocotber, while seasonally ber shows a decrease of 16% from the September average. Sales totaled
18% larger than for October last year. An expansion of 6% was recorded
adjusted indexes of retail trade and the physical distribu- • in stocks over the close of September, but they were 7%% lighter than on
tion of goods advanced. Business measures generally were Oct. 31 a year ago.
Thirteen chains operating 2,544 stores in October had aggregate sales 9%
substantially higher than last year at this time," the bank
in excess of those a month previous and 7% heavier than for last October.
said. In its summary of conditions in the San Francisco Sharing in the expansion over the preceding month were five-and-ten-cent
District, issued Dec. 22, the bank continued, in part:
store, drug, shoe, cigar, men's clothing, and musical instrument chains,
Sales of department stores were larger than in any previous November
groceries alone showing a loss for the period. As compared with a year
ago, the sale of musical instruments was smaller, but other groups showed
since 1931. Sharp gains over the preceding month were reported by San
Francisco and Seattle stores, and trade volumes were up to seasonal expectagains.
tions in most other parts of the district. . . .
Reporting on the distribution of automobiles in the Middle
Industrial employment declined during the month somewhat more than
West, the bank stated that "although distribution of autoseasonally, but remained at approximately the level maintained since
mobiles at wholesale in the Middle West showed a further
April 1934. As is usual at this season, employment in the canning, iron
and steel, and motion picture industries was reduced considerably. . . .
sharp drop in October from a month previous, retail sales
Rain and snowfall in November and the first half of December materially
increased somewhat in the companison-contrary to seasonal
exceeded normal expectations in most parts of the district, resulting in
trend." The bank continued:
substantially better conditions for planted crops and livestock ranges than
Furthermore, sales of used cars considerably exceeded those of September
appeared probable a few months ago, in view of the extremely dry 1934
and were heavier than a year ago. A considerable decline in wholesale
season. Because of the early harvests this year, crop marketings were
distribution of new cars and a smaller one in retail sales were recorded
smaller in volume late in the season than a year earlier. Prices received
from a year ago. Stocks of new cars on hand were substantially lower at
for farm products changed little between mid-November and mid-December.
the end of October than a month previous, which has been the usual trend
for the period in recent years, while used car stocks increased slightly, as
Greater Than Usual or Contrary to Seasonal Increases is likewise usual. There was some lowering in October of the ratio of
Noted in Most Lines of Wholesale Trade in Chicago deferred payment sales to total retail sales of dealers reporting the item,
Federal Reserve District from September to October 53% in the current period comparing with a September ratio of 59% for
-Department Store Trade Recorded a Non- the same dealers, but with only 48% for October 1933.
Seasonal Decline
In a report of merchandising conditions in the Seventh
(Chicago) District, contained in its Nov. 30 "Business Conditions Report," the Federal Reserve Bank of Ohicago states
that "following rather unfavorable trends during September
in wholesale trade conditions of the Seventh District, October sales in most reporting groups showed greater than usual
or contrary to seasonal expansion." The bank adds:
Wholesale hardware sales and the electrical supply trade recorded increases over September of 11% and 18%, respectively, as compared with
gains in the average for the month of but 7% and 14%. Grocery sales
exceeded those of the preceding month by 1%, and drug sales were greater
by 13% as against declines in the seasonal average of 1% and 2%, respectively. The dry goods trade, on the other hand, experienced a decline of
14% from the September volume, whereas the 1924-1933 average for October shows a recession of only 6%% from the preceding month. In all but
this last-named line, gains in the year-ago comparison were noticeably
larger than in September, October last year having been a relatively unfavorable month. Data for the 10 months of 1934 show sales increases over
the corresponding period of 1933 of 15% in groceries, 18% in drugs, 26%
in dry goods, 33% in hardware, and 42% in electrical supplies. In
groceries and dry goods, ratios of accounts outstanding at the end of October
to sales during the month were higher than a month previous, but other
groups had lower ratios; in all lines they were under those of a year ago.
WHOLESALE TRADE IN OCTOBER 1934
Per Cent Change
from Same Month Last Year
Commodity
Groceries
Hardware
Dry goods
Drugs
Electrical supplies
Net
Sales
Stocks
+18.7
+29.2
+14.1
+23.7
+18.2
+13.1
+12.8
+20.2
+4.6
+4.9
Accts. OutColstanding
lections
-2.0
+2.6
-12.0
+1.4
+10.6
+27.1
+17.2
+14.6
+14.0
Ratio of
Accts. Out
standing to
Net sates
98.2
188.8
248.3
182.3
171.1
Continuing in its report, the bank had the following to say
as to department store trade:
Seventh District department store trade recorded a non-seasonal decline
of 3% in the aggregate for October from the preceding month. Recessions
of 21% and 12%, respectively, in sales of Detroit and Indianapolis stores
were responsible for this loss, as sales by Milwaukee firms expanded 13%
over the September volume, Chicago trade gained 2%, and total sales for
stores in smaller centers were 7% larger. In the first two named cities,
however, exceptionally heavy increases had been shown in September over
August. The gain for the district over a year ago-8/
1
2%-was practically
the same as that shown in a similar comparison for September. Daily average sales totaled only 41h% larger than those of last October, and were
12% smaller than a month previous. An expansion in stocks of 7% on
Oct. 31 over the end of September was in accordance with seasonal trend.
and for the second successive month they were approximately 7% smaller
than on the corresponding date of 1933. Stock turnover for the 10 months
of 1934 was somewhat greater than for the same period last year.
DEPARTMENT STORE TRADE IN OCTOBER 1934
Locality
Per Cent Change
October 1934
from
October 1933
Net
Sales
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
+5.8
+14.6
+2.7
+8.1
+14.2
P.C.Change
First 10
Mos. 1934
from Same
Period 1933
Ratio of October
Collections
to Accounts
Outstanding
End of September
Stocks End
of Month
Net
Sales
1934
1933
-8.3
-1.6
+11.1
32.5
13.7
13.6
1
+28.0
35.6
45.3
41.4
39.3
33.2
27.4
37.6
37.3
32.7
29.6
Seventh District
+8.5
+18.4
-7.0
38.8
32.5
After two months of much greater than usual expansion, the retail shoe
trade dropped sharply in October, aggregate sales of reporting dealers and
Business Conditions in Minneapolis Federal Reserve
District-Increase in Volume Noted in November
According to the Federal Reserve Bank of Minneapolis,
"the volume of business in the Ninth (Minneapolis) District
advanced during November after allowance for purely seasonal factors." The bank indicated that the volume was
also "larger in November than in the same month last year."
In its preliminary summary of agricultural and business
conditions in the Ninth District, issued Dec. 17, the bank
also had the following to say, in part:
Retail trade in the district was notably larger in November than in the
same month last year. Twenty city department stores reported an increase
of 19% in dollar volume, and 238 country general stores reported an
increase of 27% over November last year. All sections of the district
shared in the increase.
The estimated cash income to farmers in this district from the sale of
seven important products during November was the same as the income
from these sources in November last year. This does not include acreage
rental and benefit payments nor drought relief funds received by Northwestern farmers during November of this year. There were larger cash
receipts than in November last year, from the sale of potatoes, dairy
products and hogs. Prices of all important Northwestern farm products
were higher during November than a year ago with the exception of light
feeder steers, lambs, ewes and potatoes.
Business Conditions in Richmond Federal Reserve
District-Volume of Trade in October and Early
November at Seasonal Level
"In comparison with other months of the past four years,"
states the Richmond Federal Reserve Bank, "October and
early November showed a volume of trade in the Fifth
(Richmond) Federal Reserve District fully up to seasons,
level, and basic conditions on the whole appear more favorl
able for fall and winter business than they have been since
the depression set in." In its Nov. 30 "Monthly Review"
the Bank also had the following (in part) to say:
Employment changed little during the past month and continues the
weakest link in the business chain. Coal production in October showed a
normal advance over September output, and also exceededrproduction In
October 1933. Textile mills in the Fifth district, after voluntarily restricting operations in JulyZandlAugust and experiencing the strike in September.
resumed operations on approximately a full-time basis in October, and
consumed more cotton than in October a year ago. . . .
Retail trade as reflected in department store sales exceeded the volume
of trade in October last year by 20% and collections of outstanding accounts
during the past month were the highest for any month in a number of years
Wholesale trade in October was better in four of five reporting lines than in
October last year. shoes being the only line to fall below the 1933 level.
Collections in wholesale lines were also better in October than in any recent
month. Cotton growers with prices more than sufficiently higher to compensate for decreased production this year are in better position to buy
consumers' goods, and tobacco growers are realizing more money for their
1934 crop than for any other crop in a number of years. Farmers throughout the Fifth district raised relatively large crops of food and feed crops,
and all money crops yielded well. Weather for harvesting was unusually
favorable and preparations for fall planting of grainfare well advanced
throughout the district.
Contrary to Seasonal Increase in Ohio Industrial
Employment from October to November Reported
by Ohio State University-Follows Five Consecutive Declines
The Bureau of Business Research of the Ohio State University reports that "Ohio industrial employment in November broke the five-month decline which started in June with
4032
Financial Chronicle
an increase of 1.2% from the October level. This was in
contrast with a usual seasonal decline of 3.1% and marked
the first October-November increase on record since the index was started in 1923." Under date of Dec. 7 the Bureau
continued:
The November. 1934. employment level was 3.4% higher than the corresponding month a year ago, while for the eleven-month period from January through November 1934. It was 20.5% above the same period in 1933.
The November Increase in employment in all industries was led by the
manufacturing group, which increased 2.0% from October. This increase
is of importance since it is in contrast with a usual seasonal decline of 3.8%.
Employment in non-manufacturing industries increased for the fourth
successive month by registering an October-November increase of 0.6%.
Construction employment declined 3.8% from October. Among the manufacturing industries, the metal products and the machinery groups led with
Increases of 5.9% and 4.7%. respectively. The lumber products, rubber
products, and the miscellaneous manufacturing groups also showed greater
employment in November than in October. The food products and the
stone, clay and glass groups, with decreases of3.0% and 2.7%, suffered the
greatest declines.
The three central and southwestern cities all showed increases in employment in November, while of those in the northern and northwestern section.
Youngstown alone increased. Dayton and Columbus, with increases of
13.5% and 4.4%, led the other rifle). In these cities, as in Youngstown
and Cincinnati, the increases were in contrast with a seasonal decline.
Although declines were registered in Cleveland, Akron, Canton and Toledo,
they were all of less-than-seasonal proportions. Employment in Ohio
outside of these 8 cities Increased 2.3% in contrast with a seasonal decline
of 3.9%.
FactorylEmployment and Payrolls Decreased Seasonally During November, United States Department
of Labor Reports-Increases Reported by 5 of 18
Non-Manufacturing Industries
Seasonal declines in factory employment and payrolls
were reported in November according to the Bureau of
Labor Statistics of the United States Department of Labor.
Employment, it was reported, decreased 1.9% over the
month interval and payrolls decreased 2.5%. The slightly
greater decrease in payrolls was due, to a slight extent, to the
observance of the Armistice Day holiday during the November pay period. Thirty-seven of the 90 manufacturing
industries surveyed reported gains in employment from
October to November and 38 industries reported increased
payrolls. An announcement issued by the Department of
Labor also contain3d the following:
The Bureau of Labor Statistics' index of factory employment for November 1934 is 76.8 (preliminary) and the November index of factory payrolls
is 59.5 (preliminary). The indexes of factory employment and payrolls for
October 1934 have been revised to include data supplied by a number of
firms for which October information was not originally available and the
revised indexes for October 1934 are 78.3% for employment and 61.0% for
payrolls. Employment in November 1934 stands at 0.8% above the level
of the November 1933 index (76.2) while payrolls are 7.2% above the level
of the November 1933 index (55.5). The base used in computing these
Indexes is the average for the 3-year period, 1923-1925, which is taken as 100.
The indexes of factory employment and payrolls are computed from
returns supplied by representative establishments in 90 important manufacturing industries of the country. Reports were received in November
from 25,507 establishments employing 3,554,573 workers whose weekly
earnings were 167.036,788 during the pay period ending nearest Nov. 15.
The employment reports received from these co-operating establishments
cover more than 50% of the total wage earners in all manufacturing
Industries of the country.
The most pronounced changes in employment over the month interval
were seasonal in character. The woolen and worsted goods industry in
which increased activity is usually reported in November showed a gain of
10.1% in employment. The men's furnishings and the agricultural implement industries also reported seasonal increases of 9.2% and 9.1%, respectively. Employment in the rayon industry increased 4.5% over the month
interval, and increases ranging from 3% to 3.6% were reported in the cane
sugar refining, turpentine and rosin, clocks and watches, and iron and steel
forgings industries. The hardware and glass industries reported gains in
employment of 2.8% each and the lighting equipment industry reported an
increase of 2.7%. Less pronounced gains in employment in industries of
major importance were: Machine tools, 1.5%; structural metalwork.
1.4%; plumbers' supplies. 1.3%; leather and paper and pulp, 1.1% each;
knit goods, 1%; blast furnaces, steel works, rolling mills, 0.7%; newspapers, 0.6%; and electrical machinery, apparatus and supplies, 0.5%.
The most pronounced decreases in employment were seasonal declines of
35.6% in the canning and preserving industry and 17.2% in the cottonseed
oil cake-meal industry. Other industries in which substantial decreases.
primarily seasonal in character, were reported were: Millinery, 13.8%;
beverages, 9.7%; ice cream, 9.0%; men's clothing, 7.4%; confectionery.
5.3%; women's clothing, 5.1%; cement. 4.9%; tin cans and other tinware,
4.5%; marble-slate-granite, 3.9%; radios and phonographs. 3.7%; jewelry.
3.5%; flour, 3.4%; and boots and shoes, 3.1%. The decrease of 14.4% in
employment in textile dyeing and finishing plants resulted largely from
labor disturbances in this industry. This strike also affected operations of
silk mills which reported a decline of 1.2% in employment over the month
Interval. Employment In electric and steam car building establishments
declined 11.4%, due to the completion of orders placed under Public Works
Administration contracts. The decline of 7% in the slaughtering and meat
packing industry is due largely to the decrease in receipts of Government
cattle.
Other industries in which substantial decreases in employment were
reported were: Beet sugar refining, 5.7%; aircraft. 5.5%; steam railroad
repair shops,5.0%;sawmills,3.3%,cast-iron pipe.2.9%; shipbuilding,2.7%
and cigars and cigarettes and automobiles. 2.4% each. Lesser declines in
industries of major importance were: Furniture and chemicals. 2% each;
petroleum refining and automobile tires, 0.9% each; foundry and machineshop products, 0.7%; and cotton goods. 0.4%.
A comparison of the level of employment and payrolls in November with
the corresponding month of 1933 shows increased employment over the7year
interval in 52 industries and larger payrolls in 64 of the 90 industries
surveyed.
In the following table are presented the indexes of employment and
payrolls for November 1934, October 1934, and November 1933 for each
.Dec. 29 1934
of the manufacturing industries covered by the Bureau of Labor Statistics.
The indexes are not adjusted for seasonal variations.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES
(3-year average 1923-25=100.0)
Manufacturing Industries
Employment
allov.
1934
Oct.
1934
Nov.
1933
Payroll Totals
allov.
1934
Oct.
1934
Nov.
1933
General index
76.8 b78.3
76.2
59.5 b61.0
55.5
Iron and steel and their products.
not including machinery
66.2
66.0
44.2
67.9
42.8
43.3
Blast furnaces, steel works, and
rolling mills
65.9
65.4
67.9
39.2
41.7
42.2
Bolts, nuts. washers and rivets_
72.2
72.5
81.4
44.9
43.9
53.6
Cast-iron pipe
49.3
50.8
45.0
26.4
27.5
23.8
Cutlery (not incl. silver and
plated cutlery) and edge tools 78.9 b78.3
78.0
57.4 b55.9
54.1
Forgings, iron and steel
51.0 b49.2
51.1
35.8 631.5
34.4
Hardware
45.4 b44.2
57.9
34.2 b31.8
38.9
Plumbers' supplies
62.7 b61.9
58.6
37.6 b36.3
27.6
Steam and hot-water heating
apparatus and steam fittings_
49.3
49.6
56.3
32.0
32.4
30.6
Stoves
93.9 b95.3
93.5
67.0 b71.9
61.8
Structural & ornamental metal
work
57.9 657.1
53.3
41.2 640.8
35.4
Tin cans and other tinware
89.6 b93.9
83.9
79.4 b82.5
74.7
Tools (not including edge tools,
machine tools, files tuid saws) 58.1
57.7
59.0
48.4
47.4
44.9
Wirework
121.2 b121.4 118.3
94.5 b95.0
84.9
Machinery, not including transportation equipment
77.9 b77.9
73.3
57.2 1357.0
50.2
Agricultural implements
79.6
72.9
56.1
85.7
74.4
53.6
Cash registers, adding machines
and calculating machines_ _ _ _ 106.7 106.7
93.8
83.3
78.7
71.6
Electrical machinery,apparatus
and supplies
65.0
65.4
60.3
50.0
49.3
41.3
Engines, turbines, tractors and
water wheels
73.5
72.3
56.4
50.0
48.4
33.5
Foundry & machine-shop prod_
66.0
66.4
62.5
46.6
47.6
41.9
Machine tools
70.2
69.1
57.7
52.6
50.3
43.2
Radios and phonographs
214.5 b222.8 248.3 131.5 b137.8 150.5
Textile machinery and part,__
60.8 b60.8
77.4
43.4 b44.8
63.9
Typewriters and parts
196.1 b104.1
83.8
97.8 b92.5
64.2
Transportation equipment
62.0 b63.9
53.5
48.1 1349.4
38.6
Aircraft
250.4 265.0 337.4 214.5 234.9 299.0
Automobiles
67.1 b68.7
56.6
51.3 b52.0
39.6
Cars, electric & steam railroad_
30.2
34.1
28.5
31.6
27.5
24.4
Locomotives
37.5
38.0
22.4
16.6
17.0
8.7
Shipbuilding
69.3
71.2
63.5
54.0
56.2
46.8
Railroad repair shops
51.6
53.9
54.8
44.4 b46.8
46.1
Electric railroad
65.1
65.7
66.6
57.4 b57.1
56.2
Steam railroad
50.5
53.9
53.1
43.5
46.2
45.5
Non-ferrous metals & their prods. 76.0
75.1
72.6
52.4
58.8
57.5
Aluminum manufactures
62.5
61.8
81.7
53.8 b51..1
60.1
Brass, bronze & copper prods__
71.0
72.0
74.8
49.5
51.3
49.4
Clocks and watches and timerecording devices
77.6
75.1
64.0
64.7 b61.8
52.8
Jewelry
76.9
64.9
79.6
63.1 b65.4
51.8
Lighting equipment
68.9
67.1
62.6
58.0
56.3
48.8
Silverware and plated ware
70.6
71.7
70.7
56.7
52.1
53.8
Smelting and refining-copper,
lead and zinc
74.5
73.1
48.4
64.2
45.9
36.6
Stamped and enameled ware_
82.9
83.9
79.8
71.9
70.4
63.6
Lumber and allied products
48.6 649.5
52.3
33.6
35.2
33.6
Furniture
65.2 666.5
72.4
44.5 b47.2
45.0
Lumber-Millwork
36.3
36.3
37.2
24.0
24.1
22.1
..
Sawmills
32.8
33.9
34.7
21.3
22.6
21.8
Turpentine and rosin
92.4
89.3 101.1
47.9
45.1
45.3
3tone, clay, and glass products
52.2 651.9
60.3
35.6 b35.5
31.8
Brick, tile and terra cotta
29.9
29.9
29.2
16.5
16.9
13.8
Cement
48.2 b50.7
41.2
29.4 b32.4
23.0
Glass
88.5
82.2
86.1
72.0
69.4
63.0
Marble, granite,slate and other
products
28.6
35.5
29.7
17.3
18.6
20.5
Pottery
69.7 1368.4
69.1
47.7 b45.7
45.1
Textiles and their products
90.9
92.3
92.9
71.1
74.7
69.7
Fabrics
89.7
89.7
93.5
72.5
73.1
73.2
Carpets and rugs
60.1 b63.4
73.6
43.6 b46.3
53.8
Cotton goods
94.2
94.5
97.0
75.7
78.6
76.1
Cotton small wares
80.4 b82.2
79.1
64.7 b69.2
60.9
Dyeing and finishing textiles_
91.4 106.7 107.1
73.2
83.0
86.4
Hats, fur-felt
73.5
75.6
77.4
62.0
60.5
71.2
Knit goods
110.6 109.5 109.2 107.9 107.1 100.0
Silk and rayon goods
75.0
75.9
70.3
62.3
63.7
60.0
Woolen and worsted goods
75.0
68.1
80.5
53.6 1346.9
56.2
Wearing apparel
89.6
94.4
87.7
64.1
73.4
58.6
Clothing, men's
80.3
86.8
81.2
52.1
62.6
52.4
Clothing, women's
115.5 121.7 104.1
81.3
94.8
67.6
Corsets and allied garments. 89.3
89.2
87.2
80.7
79.4
65.9
Men's furnishings
116.9 107.0 107.3
87.5
78.6
74.1
Millinery
59.3 b68.8
67.4
45.1
54.8
47.6
Shirts and collars
101.3 103.4 107.7
98.3
99.8
90.7
'...eather and its manufactures
81.6
83.4
79.1
61.0
64.3
60.1
Boots and shoes
79.8
82.3
77.0
54.6
60.4
55.8
Leather
89.2 b88.2
87.8
82.0 b76.9
74.3
Food and kindred products
109.0 119.5 104.8
96.1 b103.4
85.3
Baking
115.4 116.1
109.1
98.6
98.3
90.4
Beverages
151.9 b168.2 136.3 142.2 b157.2 120.5
Butter
76.0
77.7
70.5
56.4
68.3
60.8
Canning and preserving
88.4 137.3
87.1
87.5 134.4
77.2
Confectionery
91.5
96.6
95.4
76.5
84.1
74.1
Flour
77.7
80.5
74.5
63.3
68.5
59.3
Ice cream
63.5 b69.8
61.8
50.2 b55.2
47.5
Slaughtering and meat packing_ 109.3 117.6
08.9 100.7 107.0
76.6
Sugar, beet
189.0 b200.4 262.3 147.2 b125.6 191.6
Sugar refining, cane
93.6
90.9
89.2
72.8
74.0
70.8
Tobacco manufactures
64.0
65.3
66.0
48.8
49.0
50.1
Chewing and smoking tobacco
and snuff
73.8
73.5
77.0
62.2
63.9
64.7
Cigars and cigarettes
62.7
64.2
64.7
47.1
48.3
47.1
?aper and printing
97.0 b96.4
94.2
82.8 b82.7
75.6
Boxes, paper
90.3 b89.7
87.5
81.3 b82.6
71.9
Paper and pulp
107.7 106.6 102.2
82.6
72.4
83.2
Printing and publishing:
Book and lob
87.2
87.0
83.9
74.4
73.7
67.0
Newspapers and periodicals_
99.8
99.2
99.6
90.4
80.4
89.9
3hemicals and allied products,
and petroleum refining
108.6 b109.4 108.4
00.9 b91.6
84.6
Other than petroleum refining. 107.9 b108.5 108.1
89.1 b89.6
83.1
Chemicals
104.9 b106.5 104.0
90.7 192.4
85.1
Cottonseed-oil, cake & meal 90.5 109.3 117.1
81.4 101.0 101.1
Druggsts's preparations
105.5 b106.8 101.9
96.8 b99.1
92.8
Explosives
91.6
91.8
92.9
71.2
66.5
72.5
Fertilizers
91.2 b91.5
00.8
69.7 1)73.5
63.0
Paints and varnishes
99.7 b99.6
91.1
78.5 b78.1
68.3
Rayon and allied products
320.8 307.0 332.0 231.0 217.2 218.9
Soap
104.6
105.7
07.7
04.6
92.5
80.1
Petroleum refining
111.9 b112.9 110.0
06.8 1397.9
89.8
Lubber products
76.6 b77.4
86.7
58.3
57.6 b58.3
Rubber boots and shoes
53.9 b54.7
65.1
46.8 b50.3
58.6
Rubber goods, other than boots
shoes tires and inner tubes
112.1 6113.1
135.2
96.1
85.2 b88.1
Rubber tires and inner tubes
68.7
69.4
72.5
44.8
49.6
50.4
November 1934 indexes preliminary, subject o revision. b Revised.
The following regarding employment conditions in nonmanufacturing industries is also from the Department of
Labor's index:
Financial Chronicle
Volume 139
Non-Manufacturing Industries
Five of the 18 non-manufacturing industries surveyed monthly by the
Bureau of Labor Statistics reported gains in employment from October to
November and five industries reported increase in payrolls.
The changes in employment in November were largely of seasonal
character. The increases of 3.8% in anthracite mining and 0.6% in bituminous mining reflected increased production during the November pay
period, while the increase of 1.5% in retail trade was due largely to seasonal
expansion in the general merchandising group of retail establishments.
The subgroup of department, variety, general merchandise, and mail-order
establishments reported an increase of 6.4% in employment. Employment in the remaining 56,766 retail trade establishments for which data
were available decreased 0.1% over the month interval. The remaining
two industries reporting increased employment from October to November
were wholesale trade and banks, in which gains of 0.9% and 0.1%,respectively, were shown.
Declines in employment of 5.6% in the dyeing and cleaning and 4.3%
in the quarrying and non-metallic mining industries reflect seasonal
recessions.
According to reports supplied by 10,010 contractors employingt78,354
workers, employment in the private building construction industry declined
2.2%. This decline is not as pronounced as those that have occurred in
November during the past three years. These building construction figures
do not include employees on construction projects financed from Public
Works funds. Laundries reported a seasonal decrease in employment from
October to November of 1.7%. Brokerage firms reported a further decrease
of 1.2% in number of employees over the month interval.
The remaining decreases in employment ranged from 0.9% in crude
petroleum production to 0.3% in the metalliferous mining and real estate.
The 18 non-manufacturing industries surveyed, with indexes of employment and payrolls for November 1934, where available, and percentages of
change from October 1934 and November 1933 are shown below. The
12-month average for 1929 is used as the index base, or 100, in computing
the index numbers of the non-manufacturing industries. Information for
earlier years is not available from the Bureau's records:
A
INDEX OF EMPLOYMENT AND PAYROLL TOTALS IN NON-MANUFACTURING INDUSTRIES IN NOVEMBER 1934 AND COMPARISON
WITH OCTOBER 1934 AND NOVEMBER 1933
(Average 1929=100)
Employment
Group
Payroll
P. C. Change front
Index
Nov.
1934
Anthracite mining
60.7
Bituminous coal mining
79.8
Metalliferous mining
43.2
Quarrying and non-metallic
mining
49.5
Crude petroleum producing
78.8
Telephone and telegraph
69.9
Electric light and power and
manufactured gas
85.5
Electric railroad and motorbus oper. dv maintenance.. 71.8
Wholesale trade
885.1
Retail trade
882.0
Ilotels(cash payments only)b 83.7
Laundiles
80.3
Dyeing and cleaning
75.8
Banks
c
Brokerage
c
Insurance
c
Real estate
c
Building construction d
c
P. C. Change from
Oct.
1934
Nov.
1933
Index
Nov.
1934
Oct.
1934
Nor.
1933
+3.8
+0.6
-0.3
-0.5
+6.7
+6.4
51.2
58.3
28.5
t6.1
1.3
0.9
+7.1
+15.0
+11.3
-4.3
-0.9
-0.5
-3.1
+9.1
+1.5
29.4
59.0
72.2
-8.3
-3.0
-3.5
+3.9
+17.3
+6.6
-0.4
+3.5
79.6
-1.2
+6.8
-0.6
+0.9
+1.5
-0.6
-1.7
-5.6
+0.1
-1.2
-0.4
-0.3
-2.2
1.1
4.3
0.1
+10.4
+2.4
-0.4
-0.1
-26.4
+1.3
+2.7
-1.7
61.8
a64.2
261.8
64.9
63.7
53.9
c
c
c
c
c
-1.8
+4.0
-0.5
+8.1
-0.2
+0.7
-0.6 +17.6
-1.7
14.9
-8.8
2.7
+0.4
1.2
-0.2 -28.8
-1.2
+4.2
+0.4
+3.7
-2.9
+3.6
a Revised, not comparable with previously published indexes. b The additional
value of board,room,and tips cannot be computed. c Not available. d Preliminary.
Summary of Business Conditio na in United States
According to Federal Reserve Board-Little Change
Noted in Industrial Activity During NovemberCommodity Prices Reported Unchanged
"In November," states the Federal Reserve Board, "the
rate of industrial activity showed little change, and the
general level of commodity prices remained unchanged.
Distribution of commodities to consumers was well maintained." In its summary of general business and financial
conditions in the United States, based upon statistics for
November and the first three weeks of December, Issued
Dec. 26, the Board reports:
Production and Ernplcrytnent
Volume of industrial production declined in November by
an :mount
somewhat smaller than is usual at this Beason and consequently
the Board's
seasonally adjusted index advanced from 73% of the 1923-1925
average in
October to 74% in November. In the steel industry output
continued to
increase during November and the first three weeks of December,
contrary
to the usual seasonal tendency. Automobile production also shGwed an
increase in the early part of December, following a decline
in cot nection
with preparations for new models. In November lumber output
decreased
by more than the estimated seasonal amount. At woolen mills there was a
considerable increase in output, while consumption of cotton by
domestic
mills showed a slight decline. Activity at meat packing establidunents
showed less than the usual seasonal increase. Production of the leading
miqerals was at about the same level as in October.
Factory employment declined between the middle of October and
the
middle of November by the usual seasonal amount, and was at the same
level as a year ago. Declines reported for the automobile, shoe and canning
industries were smaller than sea/tonal, while decreases at railroad repair
shops and saw mills were larger than are usual at this season. At meat
packing establishments, where employment has been at a high level in
recent months, there was a considerable decline, but the number cn the
payrolls in November was larger than in the corresponding recnth of
other recent years. Employment at woolen mills showed a substantial
increase. The number employed on construction projects of the Public
Works Administration declined further in November, according to the
Bureau of Labor Statistics.
Value of construction contracts awarded, as reported by the F. W. Dodge
Corp., showed a considerable decline in November and the first half of
December, following an increase in October. The indicated deedine in
awards from the third to the fourth quarter was somewhat smaller 'hart
usual.
4033
Department of Agriculture estimates for Dec. 1 indicate that preduction
of principal crops this season was about 22% smaller than in 1933 and
32% below the average for the previous 10 years, reflecting redtctions in
acreage and in yield per acre. There has been a shortage in feed crops,
accompanied by a sharp increase for the year in the slaughter of livestock.
Although output of agricultural commodities has been smaller that, in any
other recent year, farm income has been larger than in either 1932 or 1933,
reflecting chiefly higher prices, and, to a smaller degree, benefit payments.
Distribution
Total freight car loadings declined in November by less than the estimated
seasonal amount, reflecting chiefly a smaller decline than is usual in shipments of miscellaneous freight. Retail sales generally have een well
maintained. Department store sales increased by slightly less than the
estimated seasonal amount in November; preliminary reports for the first
half of December, however, indicate a more than seasonal intrtase in
Christmas trade.
Commodity Prices
Wholesale commodity prices generally showed little change during November and the first half of December. Prices of scrap steel continued to
increase during this period, while corn prices, which advanced rapidly in
November, declined somewhat after the first week of December. Retail
food prices declined in November, reflecting lower prices for meats.
Bank Credit
Developments at the Federal Reserve banks in December reflected largely
the seasonal increase in the demand for currency and the continued inflow
of gold from abroad.
Loans and investments of reporting member banks in leading cities
showed an increase of $150,000,000 in the four weeks ended Dec. 12, after
declining somewhat in the preceding four weeks. The growth reflected
increases in holdings of United States Government obligations and in
brokers' loans. Deposits at banks showed a further considerable growth.
Yields on short-term Government securities declined slightly in Deeember,
while other short-term open-market money rates showed little charge. On
Dec. 15 the discount rate of the Federal Reserve Bank of Atlanta was
reduced from 3% to 21,4%, and on Dec. 21 a similar reduction :Val§ made
at the Kansas City Federal Reserve Bank.
Report on Foundry Operations in Philadelphia Federal
Reserve District by University of PennsylvaniaMarked Decline in Activity During November
There was a marked decline in foundry activity during
November according to reports received by the Industrial
Research Department of the University of Pennsylvania
from foundries operating in the Philadelphia Federal Reserve District. The output of gray iron castings decreased
20%, malleable iron castings 15%, and steel castings 8%,
said the Research Department in its monthly report on
foundry operations in the Philadelphia Reserve District.
These decreases were widely distributed among the various
classes of work and among the foundries in various locations.
In general, however, the production of the foundries located
in Philadelphia declined more than that of plants operating
in the balance of the District. The report continued:
Shipments of iron and steel castings also decreased. The tonnage of
orders unfilled for steel castings continued to decline, but the iron foundries
reported a gain of 15% in their backlog. Raw stocks on hand increased
during November except for stocks of pig iron in the steel foundries.
IRON FOUNDRIES
No. of
Firms
Reporting
30
30
29
4
29
18
26
25
25
November 1934
Capacity
Production
Gray iron
Jobbing
For further manufacture_
Malleable iron
Shipments
Unfilled orders
Raw StockPig iron
Scrap
Coke
Per Cent Per Cent
Change
Change
from
from
Oa. 1934 Nov. 1983
11,872 short tons
2.343 short tons
2,028 short tons
1,654 shoit tons
374 abort tons
315 short tons
2,532 short tons
718 short tons
0.0
-19.7
-20.4
-21.8
-13.1
-15.1
-16.0
+15.0
0.0
-6.1
-6.4
-11.2
+23.2
-4.1
-2.8
-38.5
2,677 short tons
1,628 short tons
581 short tons
+2.7
+5.2
+18.0
-31.2
-17.4
+21.0
Gray Iron Foundries
The production of gray iron castings during November in 30 foundries
was 20% less than in the previous month and 6% less than in the same
month of last year. Both classes of castings experienced the decline in
activity, the output of castings for jobbing work was 22% less than in October and the tonnage of castings used in further manufacture was 13%
less. Compared with the same month of last year, jobbing work showed
a decline of 11% while the output for further manufacture increased 23%.
The decrease in production was largely seasonal in character. Although
Production in November 1931 was practically the same as in the previous
month, and although in the corresponding period of 1932 there was an
increase of 2%,the same period of other years since 1926 has had decreases
ranging from 8 to 20%•
The chart [this we omit. Ed.] compares the production of foundries
located in Philadelphia with that of firms operating in the balance
of this
Federal Reserve District. From this chart it can be seen that firms
in
Philadelphia had a more severe decrease in output than did the remainder
of the foundries. Of the eight plants which had a greater output
in November than in October only two operate in Philadelphia.
Shipments of iron castings were 16% less in November than in the previous month and 3% less than in the corresponding
period of last year.
The tonnage of orders unfilled at the end of October
was 15% more than
at the beginning of the month, but in spite
of this increase their total
volume remained, for the fifth consecutive month,
less than that for the
corresponding month of 1933. All raw stocks on hand increased
during
November over those reported a month ago.
Malleable Iron Foundries
The tonnage of malleableiron castings produced in four foundries
during
November was 15% less than in the previous month and 4% less than in
November 1933. The chart of the index of the production of malleable
iron castings [this we omit, Ed.] shows a downward tendency
from the
peaks reached in July and October 1933.
4034
Financial Chronicle
STEEL FOUNDRIES
No. of
Firms
Report8
8
8
7
6
6
6
November 1934
Capacity
Production
Jobbing
Fm further manufacture_ _
Shipments
Unfilled orders
Raw StockPig Iron
Scrap
Coke
Per Cent Per Cent
Change
Change
from
from
Oct. 1933 Nov. 1934
8,630 short tons
1,575 short tons
1,292 short tons
283 short tons
1,402 short tons
1.628 short tons
0.0
-7.7
-3.6
-22.5
-23.8
-9.6
0.0
+30.3
+19.4
+123.2
+34.9
+2.8
341 short tons
6,721 shmt tons
208 short tons
-9.8
+4.7
+7.2
+57.9
+46.6
The output of steel castings in eight foundries during November was
8% less than last month. The decrease was in both branches of the industry. the total output of jobbing work declined 4% while that used in
further manufacture declined 23%. Four foundries, however, reported an
Increase in activity.
This is the third consecutive month in which production has declined.
As a result the total output in November was the least in any month of
this year.
Shipments of steel castings were 24% less than in the previous month.
The total volume of shipments was less than the tonnage of castings produced. In spite of the continued decline in production and shipments,
the tonnage of unfilled orders declined for the fourth consecutive month.
Stocks of pig iron were less at the end of November than at the beginning
of the month, while the amount of scrap and coke on hand increased.
Employment and Payrolls in Pennsylvania Anthracite
Collieries Increased During November
The number of workers on the rolls of Pennsylvania anthracite companies and the amount of wage disbursements
about the middle of November showed further increases
of about 4 and 6%, respectively, according to indexes
compiled by the Federal Reserve Bank of Philadelphia from
reports to the Anthracite Institute by 34 companies employing over 84,000 workers whose weekly earnings exceeded
$2,000,000. An announcement by the Philadelphia Reserve
Bank said:
Employee-hours actually worked in November in the collieries of 30
companies registered an additional gain of 6% as compared with the
previous month. These increase in employment, earnings and working
time reflect in a measure the usual seasonal expansion in the operations
of the anthracite industry.
As indicated by the index of employment and census figures, the anthracite industry in Pennsylvania about the middle of November appeared to
have employed approximately 120,200 workers as compared with 115,800
in the previous month and 120,900 a year ago. The amount of wages
paid in November was nearly 7% larger this year than last. The trend
In employment and payrolls is indicated by the following indexes.
1923-1925 Average=100
(Prepared by the Department of Research and Statistics of Federal Reserve Bank
of Philadelphia)
Employment
Payrolls
1931
1932
1933
1934
1931
1932
1933 1934
January
February
March
April
May
June
July
August
September
October
November
December
88.3
87.1
79.9
82.9
78.3
74.2
63.4
65.5
77.8
84.4
81.2
77.7
74.2
69.3
71.7
68.1
65.1
51.5
43.2
47.8
154.4
62.1
61.0
60.6
51.1
57.2
53.1
50.3
42.0
38.5
42.7
46.4
55.2
55.3
69.4
53.0
62.3
61.4
65.7
56.6
62.0
56.0
52.2
48.2
55.4
56.9
59.0
75.0
85.5
59.6
63.1
63.9
55.9
45.0
47.2
54.4
76.3
66.6
65.6
51.5
48.0
51.3
60.4
48.6
31.4
29.0
34.6
39.4
56.0
42.7
47.1
36.3
47.7
40.9
31.3
25.2
28.8
32.0
39.0
50.9
.51.6
40.1
37.2
Average
78.4
60.8
50.4
63.2
45.0
38.4
59.4
55.2
69.2
43.3
53.7
44.7
35.4
33.3
39.4
40.4
42.8
New Business at Lumber Mills Maintains Level of
Recent Past Weeks-Production Declines Sea_
sonally
Due largely to reaction last December from the November
peak of new business preceding the first publication of minimum cost protection prices under the Lumber Code, orders
reported as booked so far this month are nearly 70% heavier
than those of corresponding weeks of 1933. Those received
during the week ended Dec. 15 1934, were however no more
than maintaining the average of recent past weeks and production was lower than for any week of 1934 since January,
except the week of July fourth, 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 1,252
mills whose production was 141,937,000 feet, shipments,
151,516,000 feet, orders received, 170,819,000 feet. Revised
figures for the preceding week were mills, 1,297, production,
151,064,000 feet, shipments, 158,331,000 feet, orders,
174,869,000 feet. The Association's report continued:
For the week ended Dec. 15, all regions except Southern Pine, California Redwood and Northeastern (Softwoods and Hardwoods) reported
orders above production. Total orders were 20% above production,
softwoods showing excess of 17% and hardwoods of 54%. Total shipments
were 7% above production.
All regions but Northern Hemlock reported orders above those of corresponding week of 1933, softwoods showing gain of 83% and hardwoods
of 74%. Total production was 10% above that of the 1933 week; shipments were 11% above those of similar week.
Unfilled orders on Dec. 15 as reported by identical mills were the equivalent of 21 days' production, compared with 21 a year ago. Identical mill
Dec. 29 1934
stocks on Dec. 15 were the equivalent of 168 days' average production.
compared with 155 days' on Dec. 16 1933.
Forest products carloadings totaled 20.524 cars during the week ended
Dec. 8 1934. This was 1,892 cars more than during the preceding week:
107 cars less than during similar week of 1933. and 5,170 cars more than
during corresponding week of 1932.
Lumber orders reported for the week ended Dec. 15 1934, by 913 softwood mills totaled 151,102,000 feet; or 17% above the production of the
same mills. Shipments as reported for the same week were 135,787,000
feet, or 5% above production. Production was 129,168,000 feet.
Reports from 377 hardwood mills give new business as 19,717,000 feet,
or 54% above production. Shipments as reported for the same week were
15,729 ,000 feet, or 23% above production. Production was 12,769,000
feet.
Unfilled Orders and Sloe/es
Reports from 1,628 mills on Dec. 15 1934. give unfilled orders of 699,169,000 feet and gross stocks of 5,321,323,000 feet. The 656 identical
mills report unfilled orders as 498.454,000 feet on Dec. 15 1934, or the
equivalent of 21 days' average production, as compared with 514,179,000
feet, or the equivalent of 21 days' average production on similar date a
year ago.
Identical Mill Reports
Last week's production of 442 identical softwood mills was 122,723,000
feet and a year ago it was 128,884,000 feet; shipments were respectively
129,477,000 feet and 114,200,000; and orders received 147,352,000 feet,
and 80,617,000 feet. In the case of hardwoods, 232 identical mills reported
production last week and a year ago 11,459,000 feet and 19,810,000; shipments 13,719,000 feet and 14,611,000 and orders 17,973,000 feet and 10,338,000 feet.
Less Than Seasonal Decline in Farm Employment from
Nov. 1 to Dec. 1 Reported by Bureau of Agricultural
Economics
Employment of farm labor on farms of crop reporters
declined less than seasonally from Nov. 1 to Dec. 1, but
dropped, nevertheless, to the lowest level for Dec. 1 during
the 12-year period covered by the record. In stating this
on Dec. 22, the Crop Reporting Board of the Bureau of
Agricultural Economics, United States Department of
Agriculture, said:
The number of persons employed per 100 farms was reported as 267 on
Dec. 1 compared with 284 on Nov. 1. The number of family workers
declined from 204 persons per 100 farms on Nov. 1 to 201 persons a month
later. The employment of hired labor made about the usual seasonal
decline, dropping from 80 persons per 100 farms on Nov. 1 to 66 persons
on Dec. 1. No data are available fro Dec. 1 1933, but in 1932 the total
number of persons employed per 100 farms was reported as 286, or 19 more
than on Dec. 1 this year.
The record low level offarm employment which has prevailed throughout
the fall of this year is a result of the sharp reductions in the production of
fall harvested crops following the severe and widespread drought. The
sharpest decline during November was recorded in the South Atlantic
States, where family and hired labor combined fell from 401 Persons employed per 100 farms on Nov. 1 to 376 persons on Dec. 1. Cotton picking
reached its peak in late September, but the number of persons engaged at
this task fell off somewhat in the latter half of October and sharply in
November. Tobacco harvesting was well under way in September, but
practically completed in November. The most moderate decline occurred
in the West North Central States, where employment on farms of crop
reporters has been at comparatively low levels during each of the last six
months of the year.
Increase Noted in Newsprint Production in Canada
During November- United States Production
Dropped
During November Canadian mills produced 240,869 tons
of newsprint, which compares with 235,021 tons in October
and 193,718 tons in November of last year, according to a
report of the News Print Service Bureau. Shipments by the
Canadian mills, the Bureau said, totaled 262,296 tons
during the month. A decrease in United States production
as compared with October and November 1933, was shown
by the report. In reporting the foregoing, the Montreal
"Gazette" of Dec. 14 stated:
For the 11 months of this year ended with November, production by mills
in the Dominion amounted to 2,358,098 tons, which contrasts with 1,833,722
tons in the corresponding 11-months' period of 1933, representing an
increase of 524.376 tons, or over 28%•
According to the Bureau report, production in the United States in
November of this year amounted to 74.933 tons and shipments to 79,187
tons, making a total United States and Canadian newsprint production
of 315,802 tons and snipment of 341,393 tons. During November 28,713
tons of newsprint were made in Newfoundland and 1,756 tons in Mexico,
so that total North American production for the month amounted to 346,271
tons.
For the first 11 months of this year the output in the United States was
12,022 tons, or 1% more than for the first 11 months of 1933. In Newfoundland the increase was 46,921 tons. or 19%.
Stocks of newsprint paper at Canadian mills were reported at 46,488
tons at the end of November and at United States mills 18,425 tons, making
a combined total of 64,913 tons, compared with 90,504 tons on Oct. 31 1934.
The following table shows monthly production of newsprint in Canada
and the United States for each month since the beginning of 1933.
1934November
October
September
August
July
June
May
April
March
February
January
Canada
U. S.
Tons
240,869
235,021
196,172
216,164
208,238
229,637
242,539
216,508
210,129
174,447
188,374
Tons
74,933
80,572
74,117
80,903
76,184
83,504
89,726
83,652
84,993
72,402
84,194
1933December
November
October
September
August
July
June
May
April
March
February
'Immo,'
Canada
U. S
Tons
175,304
193,718
191,452
179,416
194.262
180,387
171,419
171,776
147,759
137,078
125,916
140510
Tons
80,895
87,567
82,052
72,907
84,521
79,482
84,384
79,516
74,507
76,566
67,085
74.444
Financial Chronicle
Ford and Chrysler Release Prices of 1935 Models
The Ford Motor Co. on Dec. 27 announced the new
prices for its 1935 models:
Unged Sim's
Year and
Month
Passenger
Cars I Trucks
1
Total
128,825
105,447
115,272
176,432
214,411
249,727
229,357
232.855
191.800
134,683
60,683
Tot.(11 mos.) 1,839,492
November
December
60,683
80,565
Total (year). 1,920,057
New Sugar Contract Approved by New York Coffee &
Sugar Exchange-Provides Delivery of "All" Raw
Cane Sugar
A new sugar contract, designated Sugar Contract No. 3,
was approved by the members of the New York Coffee &
Sugar Exchange on Dec. 27. Trading in the new contract,
which provides for the delivery of "all" raw cane sugar, will
start Jan. 2 in the delivery month of March 1935 and thereafter. During the existence of any quota or allotment
plan decreed by any United States authorities, deliverable
sugars must be available for processing or consumption
within such existing decrees, the Exchange stated. The
present No. 1 contract, which will continue, provides only
for the delivery of Cuban raw sugar, in bond.
The Board of Managers of the Exchange, on Dec. 11,
adopted a resolution permitting the transfer of open contracts on the Exchange, made prior to Dec. 311934, in Sugar
Contract No. 1, into Sugar Contract No. 3 without the
charging of the usual commission, floor brokerage, Realty
Tax, or United States Internal Revenue Tax (last if permitted
by the Government). The resolution provides that the
substitution must be for the same delivery month and that
if other than the month specified is substituted, full charges
must be made.
United States Consumption of Sugar Reported Higher
in November
Sugar consumption in the United States showed an increase
in November of 3.56% over that of November last year
according to B. W. Dyer and Co., sugar economists and
brokers. Consumption in November this year as shown
by distribution amounted to 386,300 long tons, raw sugar
value. Compared with this was a consumption of 373,027
long tons in November of 1933, a tonnage increase in favor
of this year of 13,273 long tons.
For the 11 months ended Nov. 30, the firm reports consumption was 5,146,776 long tons, a decrease of 111,629
long tons or 2.12% from the consumption total of 5,258,405
long tons during the first 11 months of last year.
Automobile Sales in November Show Large Decrease as
Compared with October
November factory sales of automobiles manufactured in
the United States (including foreign assemblies from parts
made in the United States and reported as complete units or
vehicles),based on data reported to the Bureau of the Census,
consisted of 78,415 vehicles, of which 45,489 were passenger
cars, 32,920 trucks, and 6 taxicabs, as compared with 132,491
1932January
February
March
April
May
June
July
August
September
October
November
119,344
117.418
118.959
148,328
184,295
183,106
109,143
90,325
84,150
48,702
59.557
Tot.(11 mos.) 1.263,325
December
107,353
.000
1933January
February
March
April
May
June
July
August
September
October
November
0
00' 000 tO
.001
-,10t..00000WV
1 ot.(11 mos.) 2,595,502
,
0N0Q000
00000.1020
00
monor-00
t.1'. 000000000
1934lanuary
February
March
April
May
lune
ruly
August
3eptember
Dctober
November
0000001-
There will be two major lines, the Airflow and the Airstream models.
The latter, an entirely new line introduced for the first time with next
year's models, comprises cars of six and eight cylinders.
The list prices follow:
Airstream Six: Four-door sedan, $830; four-door touring sedan
$860;
touring brougham, $820; rumble seat coupe $810; business coupe
$745.
Airstream Eight: Four-door sedan, $975; four-door touring sedan, $995
touring brougham, $960; rumble seat coupe, $935.
Airflow Eight: All models, $1,395.
Airflow Imperial: All models, $1,675.
NUMBER OF VEHICLES
00
1-•01...0
.
Prices, f.o.b. Detroit, of the Chrysler lines of cars for
1935 were announced on Dec. 21 by J. E. Fields, President
of the Chrysler Sales Corp.:
vehicles in October 1934, 60,683 vehicles in November
1933, and 59,557 vehicles in November 1932.
The table below is based on data received from 113 manufacturers in the United States, 29 making passenger cars and
84 making trucks (10 of the 29 passenger-car manufacturers
also making trucks). Of the 119 manufacturers reporting
prior to June 1934, 6 have gone out of business. Figures for
taxicabs include only those built specifically for that purpose;
figures for trucks include ambulances, funeral cars, fire
apparatus, street sweepers, and buses. Canadian figures are
supplied by the Dominion Bureau of Statistics.
1010
In comparison with the 1934 prices set a year ago, which were reduced
slightly in June, the three 1935 standard Ford models are from $10 to $25
less in price while the comparable deluxe models range from unchanged to
$10 higher. Since the start of the 1933 season, the three standard models
have been increased by 85 to $15 or by 1% to 2.7%, while the three comparable de luxe models have been increased by $20 to $25 or 3.7% to 4.5%•
American Ford prices are as follows:
1935
1934
Five-window coupe
$495
$505
Tudor sedan
510
520
sedan
Fordor
575
575
De luxe five-window coupe
550
545
De luxe tudor sedan
575
560
Deluxe Fordor sedan
635
615
x Fordor touring sedan
655
Cabriolet
625
590
x Tudor touring sedan
595
De luxe three-window coupe
570
545
De luxe phaeton
580
550
De luxe roadster
550
525
Sedan delivery
585
565
Station wagon
670
650
x New type.
Canadian prices of the new Ford V 8 for 1935 show substantial reductions
on body types of largest demand, with higher prices on some of the deluxe
prices.
Prices follow: De luxe phaeton $725, up $35; de luxe roadster $715, up
$10: de luxe three-window coupe $720, up $5; five-window coupe $625, off
$25; cabriolet $815, up $20; tudor sedan $655, off $25; de luxe tudor $730.
off $5; Fordor sedan $750, off $15; de luxe Fordor sedan $810, up $5;station
wagon $870, up $10; tudor touring sedan $750, a new model; Fordor touring
sedan $830, also a new model.
4035
Canada
Tartcabs a
Total
43,255
44,041
56.525
65,714
57,887
46,213
42,708
51,309
44,963
47.985
32.920
321
6,904
27
8,571
16 14,180
1 18,363
____ 20.161
____
13.905
11.114
____
___. 9,904
___. 5.579
____
3,780
1.697
6
2,061,608 533.523
371 114,158
109.828
89,976
96,809
149,344
180,597
207.562
191,261
191,346
157,367
104,807
40,754
18,992
15,319
17,803
28,677
33.760
42.130
38,092
41,441
34,424
29.813
18,318
5
152
660
411
54
35
4
68
9
63
1,611
3.358
3.298
6,632
8,255
9.396
7.323
6,540
6,079
5,808
3,682
2,291
1,519,651 316,769
Passesgee cars TrucZ
4,948
7.101
12.272
15,451
16.504
10.810
8,407
7.325
4,211
2,125
1,052
1.958
1,470
1.908
2.912
3.657
3,095
2.707
2,579
1.368
1,655
645
90,204 23.954
2.921
3,025
5,927
6.957
8,024
6,005
5.322
4,919
4.358
2.723
1,503
437
273
705
1,298
1.372
1,318
1,218
1.160
1,450
959
788
3,072
62,662
18,318
29,776
1.611
1,299
2,291
3,282
1,569,141 346,545
4.371
65,924
.....
mwmg.o.k404-40
wo
01t;P.V-4.
0V6Vot
.
0.
..wcocumocia.
mco
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Volume 139
97
25
74
31
73
235
27
9
13
A
239
3,731
5,477
8,318
6.810
8,221
7,112
7.472
4,087
2,342
2,923
2.204
3,112
4,494
6.604
5,660
7,269
6.308
6.773
3,168
1.741
2,361
1,689
619
983
1,714
1.150
952
804
699
901
601
562
535
1,048,514 213.933
828
58.877
49,157
9,520
291
2,139
1,561
578
40,754
49,490
98,706
94,085
99,325
120,908
157,683
160,103
94,678
75.898
64.735
35,102
47,293
85,858
21,204
51,684 10,978
1,503
2,171
788
1,041
53,855 12,069
Total (n8.0- 1.370.678 1.134.372 235.187 1.119 60,816
50,718 10.098
a Includes on y factory-built taxicabs, and not private passenger cars converted
Into vehicles for hire.
Revised.
Petroleum and Its Products-PAB Optimistic on 1935
Oil Outlook-Administrator Ickes Outlines Methods of Establishing Crude Oil Allowables-Federal
Tender Board Acclaimed "Success"-Petroleum
Production Within Quotas
A year-end summary of the petroleum industry made by
the Petroleum Administrative Board to Administrator Ickes
reported that the statistical position of the industry is better
than it has been for several years and forecast continued
improvement in 1935.
Among the factors cited as responsible for the improvement were the effectiveness of the Federal Tender Board
in curbing interstate movements of "hot oil" from the East
Texas area, operations of the PAB in other fields and the
strengthening in retail refined products prices along the
Eastern seaboard in the past month as the gasoline "wars"
ended.
"We enter 1935 with the statistical position of the whole
industry vastly improved so that it is better than it has been
for several years," the PAB report stated. "The successful
work of the FTB, which began actual operations in accordance with your instructions at Kilgore, Texas, Oct. 24, has
brought to a standstill the inter-State movement of illegally
produced crude oil and its refined products,familiarly termed
"hot oil" from the East Texas field.
"The record of tank car shipments, chiefly of gasoline and
other products, since the Board began operations, shows
that they have been reduced approximately 65 per cent,
with the remaining 35 per cent obtaining approved clearance
from the FTB. It is clearly recognized that most all illegal
oil and gasoline has in the past moved in tank cars via the
railroads.
"The beneficial effects of the FTB's operations have been
widely felt. We have every reason to believe that progress
will continue through the ensuing months. Although as yet
there have been no final decisions on some legal problems
4036
Financial Chronicle
Dec. 29 1934
upon which the present program is based, any change in this use the Federal Tender Board to prevent it from moving in
situation or in statutory authority should be one of im- inter-State commerce.
provement."
Conflicting reports are heard in oil circles concerning daily
Administrator Ickes on Monday released an outline of average production of "hot oh" in the East Texas district,
the methods used by the Federal Oil Administration in de- but all agree that the "hot oil" is moving in intra-State and
not inter-State commerce.
termining the National crude oil allowable each month.
Operations of the Texas Tender Board are termed "disFour fundamental considerations in arriving at the total
appointing" due to "inadequate" enforcement of its orders,
were cited by the Oil Administrator, as follows:
(1) Conserving the country's supply, (2) providing an according to private advices from East Texas. Production
equitable distribution among producingLStates of the neces- of "hot oil" for the intra-State markets was set at approxisary supply, (3) stability in the industry, and (4) careful mately 30,000 barrels last week by these factors but other
reports held that output of illegal crude was under the 20,000statistical valuation and study of the demand.
barrel level.
The month's total of necessary crude oil production is
A request from the bankers' advisory group aiding the
estimated and divided among the States on the basis of
Texas Railroad Commission in passing on tender permits
the following six factors: (1) Gasoline demand by disthat it be relieved of its duties Jan. 1 has aroused trade
tricts, (2) gasoline supply foil each district sufficient to
groups in Texas who feel that the group has done good work
meet its demand,(3) refinery crude required for each district,
in holding down production and shipments of "hot oil" in
(4) imports of crude by districts, (5) distribution among the
the intra-State Texas markets. The committee, composed
proMirg—States of crude for refining, and (6) exports, fuel
of Tucker Royall, Palestine banker, Chairman; W. P.
and losses of crude by States.
Moore, Overton banker, and R. W. Fair, Henderson banker,
The first step, the outline explained, involves estimating asked to be relieved to devote more time to their persona
the likely total domestic and export demand for gasoline business.
in the United States during the period in question. A
Despite a small rise in daily average production of crude
forecast of the National domestic demand for gasoline can oil in the United States last week, output held within the
be made with a high degree of accuracy for short periods of Federal quota in the first week of the increased allowables,
time, it was stated, due to the absence of marked fluctua- reports to the American Petroleum Institute indicated.
tions in the number of motor vehicles used and the reCrude oil production rose 4,300 barrels to a daily average
liability of the trend of gasoline consumption per motor of 2,423,150 last week, 37,150 below the new allowable of
vehicles, it was pointed out.
2,460,300 set by the Federal Oil Administrator for the period
"The number of automobiles in use in the near future from Dec. 17 to Feb. 1. The allowable in the first half of
can be
with an error of only VI of 1%," the outline the current month was 2,307,000 barrels.
continued, "and the trend of gasoline consumption per
Aided by the higher quotas, Texas and Oklahoma stayed
motor vehicle, when adjusted for business conditions, has within their allowables but California did not. Output in
proven itself to be very close to actual conditions. The Texas was up 7,050 barrels to 954,650, against an allowable
non-automotive uses of gasoline comprise such a small and of 1,006,800. Oklahoma producers held their wells to 481,unvaried proportion of the total demand that they are 550 barrels, off 5,500 on the week and comparing with a quota
included in the calculation of thelgasoline demand per of 489,300. Despite a decline of 8,100 barrels, California
mo or vehicle.
output was 487,100, against an allowable of 473,900.
"Estimated average gasoline consumption per motor
There were no price changes posted during the week.
Prices of Typical Crudes per Barrel at Wells
vehicle multiplied by the total motor vehicles in use gives
an estimate as to the total domestic demand for gasoline in Bradford. Pa (All gravities where A.P.I. degrees are now shown)
81.00
82.05 Eldorado, Ark., 40
the United States. This total is then broken down by Corning, Pa
1.32 Rusk, ex., 40 and over
1.00
Illinois
1.13 Dant Creek
.87
refinery districts on the basis of the State gasoline tax Western Kentucky
1.08 Midland District, Mich
1.02
Mid-Cont., Okla., 40 and above_
1.08
1.35
Mont
figures. The summation of these domestic demand data by Hutchinson.
Tex.. 40 and over
Springs, Calif.. 40 and over 1.34
.81 Santa Fe'
1.03 Huntington, Calif., 28
Tex., 40 and over
1.01
districts and estimates of probable gasoline exports by Eipindleton.
Winkler. Tex
.75 Petrolla, Canada
2.10
districts completes the first step and gives figures of total Smackover. Ark., 24 and over
.70
gasoline demand in each of the refining districts.
REFINED PRODUCTS—KEROSENE PRICES UP ALONG AT"Step number three, or the determination of the crude
LANTIC SEABOARD—ADVANCES EXTENDED INTO RETAIL
FIELD—GASOLINE STOCKS RISE
required by refineries in each district, involves simply the
review of the district's record of operations to determine
Activity in the Eastern refined products market last
the estimated gasoline yield from crude oil and its appli- week was featured by further strengthening of kerosene and
cation to the figures of gasoline production obtained in fuel oil prices with the strengthening trend of the wholestep No. 2. The next step covers the allowable for crude sale market, spurred by cold weather conditions.
imports and involves the setting up of estimates for probable
Expansion of the advances into the retail price field
receipts of foreign crude for domestic consumption in those developed late in the week when Standard Oil of New Jersey
districts where foreign crude enters and the subtraction posted an advance of 1 cent a gallon in tank-wagon prices
of these data from total crude oil requirements at refineries. of kerosene at nearly all points in New Jersey, effective
This operation gives data for the required consumption Dee. 28. The new price at Newark is 93' cents a gallon.
The advances instituted late last week by several of the
of domestic crude by districts.
"Domestic crude requirements for refineries in each major companies were followed by practically all comdistrict is then broken down proportionately among the petitors, who posted corresponding advances in the affected
producing States which have supplied the refinery needs area with the new price scale of 6 cents a gallon for kerosene,
of that particular district in the past on the basis of es- refinery, or higher, prevailing at nearly all points along the
tablishing channels of movement between districts. The Eastern seaboard. No. 1 heating oil is generally posted
summation of these data gives a breakdown of total refinery at 6 cents, refinery, New York.
The shortage of kerosene has aided prices to advance
demand for domestic crude by States of origin, the fifth step.
"The sixth and last step involves the estimation of probable quite sharply during the past month or so, and some trade
exports, direct uses as fuel, and losses by States, and the addi- circles anticipate further strengthening in both the wholetion of these estimates to the data of refinery shipments to sale and retail price structure. A temporary shortage of
give data corresponding to the total reasonable demand for both gasoline and kerosene in the Gulf Coast market has
crude from each State, or, in other words, allocations by intensified the shortage of stocks held by first hands and
distributors in the Atlantic seaboard marketing area.
States."
The Atlantic Refining Co., followed by other major disAt his re cular weekly press conference in Was= Aon
later in the week (Thursday) the Oil Administrator termed tributors, posted a reduction of 1 cent a gallon in retail fuel
operations of the Federal Tender Board in East Texas oil prices within a radius of 15 miles of Philadelphia, west
"highly successful," and said that the "hot oil" situation in of the Delaware River, to meet a"temporary local situation."
The new prices, effective Dec. 22, were 7 cents for No. 1
that area had been generally corrected.
When asked as to what action the Oil Administration might and 6 cents on Nos. 2 and 3, with No.4 posted at 53/2 cents.
take to prevent the practice of diverting crude oil into creeks At these levels, majors are 34-cent above the independents
and rivers and recovering it as waste oil, Mr. Ickes said that on No. 1 and even with their prices on Nos. 2 and 3. Prices
he did not know how to meet this problem. Stating that it in Bristol and Norristown, Pa., were cut 3' -cent a gallon.
Steady improvement in the tank-car gasoline price strucwas leading to considerable marketing of "hot oil," the only
way for the Oil Administration to control it, he held, was to ture in Philadelphia was reflected in a M-cent-a-gallon
Volume 139
4037
Financial Chronicle
advance posted by Gulf Oil, Friday. Other major companies totaled 2,289,900 barrels. Further details as reported by the
Institute follow:
are expected to swing into line.
Imports of crude and refined oil at principal United States ports totaled
Marketing conditions in the Houston, Texas, area im- 1,304,000
barrels for the week ended Dec. 22, a daily average of 186,286
proved to the point where price advances of 2 cents a gallon 1.304,000 barrels for the week ended Dec. 22, a daily average of 186,286
in all grades were posted last week-end. Initiated by inde- barrels, against a daily rate of 104,286 barrels in the preceding week and
barrels over the last four weeks.
pendents and quickly followed by the major units, the new 135,607
Receipts of California oil at Atlantic and Gulf Coast ports totaled 752,000
scale posts third-grade at 16 cents, regular at 18 cents and barrels for the week ended Dec. 22, a daily average of 107,429 barrels,
against 78,214 barrels over the last four weeks.
1111$
premium grade at 20 cents a gallon, effective Dec. 22.
Reports received for the week ended Dec.22 1934 from refining companies
A change in trade sentiment in the Chicago bulk gasoline owning 89.7% of the 3,760,000 barrel estimated daily potential refining
market was reported as indications of early strengthening in capacity of the United States, indicate that 2,371,000 barrels of crude oil
to the stills operated by those companies and that they had
prices gained circulation although as yet no actual advances daily were run
in storage at refineries at the end of the week, 24,450.000 barrels of finished
have been made. Low octane material continued available gasoline; 4,985,000 barrels of unfinished gasoline and 110,645,000 barrels of
gas and fuel oil. Gasoline at Bulk Terminals, in transit and in pipe lines
at 33' to 3% cents a gallon.
to 17,683,000 barrels.
In the local market kerosene and other heating oils fur- amounted
Cracked gasoline production by companies owning 95.6% of the potential
nished most of the activity. While gasoline consumption charging capacity of all cracking units, averaged 453,000 barrels daily
over the week-end and on Christmas was aided by favorable during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
weather conditions, the unfavorable weather later on in
(Figures in Barrels)
the week cut down demand and distributors were reported
Average
Federal
Actual Production
to be operating on more or less hand-to-mouth buying
4 Weeks
Week
Ayeney
Ended
basis.
Allowable Week End. Week End. Ended
Dec. 23
Dec. 22
Dec. 22
Dec. 15
Effective
Gasoline stocks held in the United States rose 373,000
1934
1933
1934
Dec. 17
1934
barrels during the week ended Dec. 22 to 42,133,000 barrels, Oklahoma
471,750
505,800
487,050
481,5a0
489,300
127,050
106.350
131,800
127,000
137,100
reports to the American Petroleum Institute indicated. Kansas
Refinery stocks were up 111,000 barrels and terminal Panhandle Texas
40,650
58,100
57,900
16,100
57,350
56,000
56,250
57,350
North Texas
stocks 262,000 barrels.
27,000
23,850
26,550
26,350
West Central Texas
120,350
137,650
138,700
140,900
West Texas
Price changes follow:
42,950
45,300
46,550
47,000
East Central Texas
Dec. 22-Atlantic Refining Co. reduced fuel oil prices 1 cent a gallon
within a radius of 15 miles of Philadelphia, west of the Delaware River.
Other major units met the cut.
Dec. 22-All distributors lifted gasoline prices 2 cents a gallon in Houston, Texas. Third-grade is now 16 cents, regular 18 and premium 20 cents
a gallon.
Dec. 27-Standard Oil Co. of New Jersey advanced tank-wagon prices
of kerosene 1 cent a gallon throughout nearly all of New Jersey. Newark
is posted at 954 cents under the new scale, effective Dec. 28.
Dec. 28-Gulf Oil Co. lifted tank-car prices of gasoline 1,4 cent a gallon
at Philadelphia.
Gasoline, Service Station, Tax Included
$.18
Denver
New Orleans
New York
3.165
$.21
.13
Boston
.17
Detroit
Philadelphia
.16
115
Buffalo
Jacksonville
.20
Pittsburgh
145
128
Chicago
Houston
16
San Francisco
.185'
Cincinnati
.175
Los Angeles
.18
St. Louis
.158
Cleveland
175
Minneapolis
.149
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
I North Texas.$.03 -.03k I New Orleans_8.0416-.04!
New York:
(Bayonne)---$.05,4-.06'Los Angeles__ .0454-.0514 I Tulsa
.033.4-.0334
Fuel Oil, F.O.B. Refinery or Terminal
California 27 plus D
Gulf Coast C
$1.00
N. Y.(Bayonne):
Bunker C
$1.15
31.05-1.20 I Phila., bunker C__-- 1.15
Diesel 28-30 D__ _ _ 1.89 I New Orleans C_ .95-1.10
Gas Oil, F.O.B. Refinery or Terminal
N. Y.(Bayonne):
$.02-.02%
Chicago:
I Tulsa
27 plus
8 0456-.05
32-36 00.__ .$.02-.02),4 I
U.S. Gasoline, Motor (Above 65 Octane),Tank Car Lots, F.O.B. Refinery
Standard 011 N. J.:
New York:
0454-.05
Chicago
Motor, U. S
$.0614
Colonial-Beacon .$.059( New Orleans
0434
a Standard 011N. Y. .06
a Texas
Los Angeles. ax. 4-.04
.06
•Tide Water Oil Co .06
Y Gulf
ors Gulf ports__ _ _ .0554-.05%
x Richfield Oil (Cal.) .06
Republic Oil
.0454-.05
.055 Tulsa
Warner-Quinlan Co_ .05H N. Y. (Bayonne):
Shell East'n Pet 5.0634
•Tydol. $0.07. a "Fire Chief." 50.07. x Richfield "Golden." y "Good Gulf,"
z "Mobilgas."
A 1.4% in gain in refinery operations to 70.3% of capacity
was disclosed by reporting units. Daily average runs of crude
oil to stills mounted 45,000 barrels to 2,371,000 barrels during
the week. Gas and fuel oil stocks dipped 581,000 barrels to
110,645,000 barrels.
"The Manchukuo oil monopoly brought leading oil men
to Shanghai to-day to discuss the new State control as it
affects their business," an Associated Press dispatch from
Shanghai appearing in the New York "Herald-Tribune" of
Dec. 27 stated.
"Representatives of the Socony-Vacuum Oil Co., of New
York, and of Asiatic Petroleum, a British firm, met separately, but observers saw possibility of united action by the
concerns.
"Those who sat in the conference of the American firm
included Walden Parker, of New York, President; G. S.
Walden, Chairman of the board; J. C. Gould, Japan manager, and F. J. Twogood, North China manager. Frederick
Godber, director of Asiatic Petroleum, came here from London to confer with N. Leslie, China manager."
403,250
38,100
54,650
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
1,006,800
Total Texas
North Louisiana
Coastal Loulaiana
401,750
38,050
55,050
407,900
38,000
56,400
402,850
55,200
43,300
126,400
127,200
126.600
104,100
954,650
947,600
953,800
890,600
23,650
83,900
23,700
82,900
23,800
83,650
25,600
45,200
99,700
107,550
106,600
107,450
70,800
Arkansas
Eastern (not incl. Mich.)
Michigan
31,000
96,100
28,100
32,950
104,450
28,450
31,050
99,200
28,300
31,550
103,150
27,800
32,200
95,950
29,900
Wyoming
Montana
Colorado
35,700
9,300
3,500
34,600
12,100
3,1511
36,200
11,600
3,150
35,800
11,750
3,200
29,350
6,550
2,450
48,500
49,850
50,950
50,750
38,350
49,800
473,900
44,800
487,100
45,900
495,200
45,350
481,750
42,050
477,900
Total Louisiana
Total Rocky Mt.States_
New Mexico
California
Total United States.... 2,460,300 2,423,150 2,418,850 2,400,400 2,289,900
Note-The figures Indicated above do not include any estimate of any oll which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED DEC. 22 1934
(Figures in thousands of barrels of 42 ga,lons each)
Stocks
Stocks a Stocks
of
b Stocks
of
of
Gas
of
tinFinand
Repot ing
Daily P. C. ished inished Other
Fuel
Aver- Oper- Gass- Gaze- Motor
ated
Oil
Fuel
line
line
Total P. C. age
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
Polestial
Rate
Crude Runs
to Stills
582
150
446
582 100.0
140 93.3
422 94.6
449 77.1 11,509
104 74.3 1,752
296 70.1 7,097
927
278
628
250 13,285
45 1,421
70 5,327
461
351
566
168
92
96
848
386
167
552
162
77
64
822
262
91
527
128
45
40
439
67.9 3,940
54.5 1,193
95.5 4,779
79.0
976
210
58.4
62.5
606
52.2 10,071
533
224
1,238
178
63
103
813
575 3,881
460 1,680
205 10.691
____ 4,374
538
40
50
728
2,655 68,720
83.7
47.6
97.5
96.4
83.7
66.7
96.9
Totals week:
Dec. 22 1934 3,760 3,374 89.7 2,371 70.3 c42,133 4,985 4,350 110,645
Dee. 15 1934 3,760 3,374 89.7 2,326 68.9 d41,760 5,647 4,300 111.236
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 24,450,000 barrels at refineries and 17,683,000 barrels at
bulk terminals, in transit and pipe lines. d Includes 24,339.000 barrels at refineries
and 17,421,000 barrels at bulk terminals, in transit and pipe lines.
World Tin Consumption in Industry Increased 3.2%
During 12 Months Ended October According to
International Tin Council-Apparent Consumption Reported 8.1% Below Previous Year
The world's consumption of tin in industry for the year
ended October 1934 was 132,900 tons,compared with 128,800
tons in the preceding 12 months, an increase of 4,100 tons
or 3.2%, over the previous comparative period, while apparent consumption during the year ended October 1934 was
115,000 tons compared to 125,100 tons, according to the
December "Bulletin" of The Hague Statistical Office of the
Crude Oil Output Up 4,300 Barrels During Week International Tin Research & Development Council. DeEnded Dec. 22-Fails to Exceed Federal Quota- pletion of consumers' stocks is estimated as 17,900 tons for
Stocks of Gas and Fuel Oil Again Decline
the 1934 period, compared with 3,700 tons in the previous
The American Petroleum Institute estimates that the year, with
a decrease of about 2,000 tons in the month of
daily average gross crude oil production for the week ended October 1934. From
an announcement issued Dec. 24 by the
Dec. 22 1934 was 2,423,150 barrels. This was a gain of New York
Council we also take the following:
Office
of
the
4,300 barrels from the output of the previous week, but was
under the Federal allowable figure which became effective
The world's visible stocks at the end of November amounted to 18,598
Dec. 1 by 37,150 barrels. Daily average production for the tons or 16% of the current annual rate of consumption. This proportion
stocks to consumption Is somewhat higher than the avergae for the
four weeks ended Dec. 22 1934 averaged 2,400,400 barrels. of
period 1923 tf 1929 when stocjs ranged between 11 and 15% of annual
The daily average output for the week ended Dec. 23 1933 consumption.
4038
Financial Chronicle
Trend of Consumption
The current trend of world consumption is shown to be downward,
mainly on account of the seasonal decline in the United States, but also
due partly to the falling tendency of consumption in France and Germany.
In most other countries the trend is upwards.
Statistics of apparent consumption for the two comparative periods
are given as follows:
Yera End ed October
1933
1934
United States
United Kingdom
Germany
France
U. S. S. It
Other countries
Total world
Increase
or Decrease
42,769
20,790
9,774
9,409
5,040
27,218
57,950
19,385
10,022
9,955
4,259
23,549
-26.2%
+7.4%
-2.5%
-5.8%
+18.3%
+15.7%
115 non
125.100
-S.1'
Under "Other Countries" the following showed substantia increases;
Netherlands, 67.7%; Canada, 40%; Belgoluxemburg; 38.4%; Sweden
20.3%; Denmark, 20%; Japan, 19.2%; Poland, 15.8%. Increases are
recorded also for Italy, Spain, India, Norway and Switzerland, while
Czechoslovakia alone shows a decrease of 9.3%.
bWorld consumption of tin in industry for the month of October 1934
is given as 10,300 tons, compared with 9,700 tons in September and with
11,900 tons in October 1933. The United States apparent consumption
was 2,204 tons in October 1934, against 6.168 tons in October 1933; the
United Kingdom, 1,951 tons as compared to 1,907 tons, and in other
countries, 3,910 tons against 3,738 tons.
Consumption in United States
While the apparent consumption of tin in the United States shows a
decrease of 26.2%, the actual use of tin in manufacture for the year ended
October 1934 was 57.370 tons, which approximately equalled the quantity
used in the previous year. The actual consumption of tin for the United
States for the year ended October 1934 exceeded the apparent consumption
by 14,600 tons. The amount of tin used in bearing metals increased by
133.i% to 3,280 tons and the amount used for solder increased by 36%
to 8,710 tons.
Consuming Industries
The world output or automobiles showed an increase of 33.8% with
3,608,000 vehicles in the year ended October 1934,compared with 2,698,000
vehicles in the previous year. Tinplate production was slightly greater at
3,002,000 tons as against 2,984,000 tons.
World Production of Zinc During November Below
Preceding Month, But Above Corresponding Month
of 1933
According to figures released by the American Bureau of
metal statistics, the world production of zinc during the
month of November totaled 116,194 short tons. This compares with 116,382 tons produced in the preceding month
and 102,031 tons produced during November 1933.
The average daily world production of the metal during November
amounted to 3,873 short tons, as against 3,754 tons daily in October and
3,401 tons daily in November 1933.
Stocks of zinc in the hands of producers rose from 234,806 tons on Oct. 31
to 238,817 tons on hand Nov. 30 1934.
The following table gives in short tons world production of zinc, according to primary metallurgical works unallocated as to origin of ore:
Month of
11 Mos.
Ended
November Nov. 30 '34
August
September
October
United States
Mexico
Canada
Belgium a
France
Germany
Italy
Netherlands
Poland a
Rhodesia
Spain
Angio-Australian...
Elsewhere y
26,269
3.462
12.151
16,337
4,813
6,430
2,274
1,835
8.971
1,880
771
9,202
9,900
26,592
3.338
12,590
16,249
3,605
6,415
2,314
1,705
8,314
1,848
723
10,079
10.000
34,540
3,489
12,572
17,277
4,255
7,728
2,335
1,775
8.571
1,904
690
11,146
10.100
35,003
3.431
12,440
18,771
4,189
8,818
2,207
1,742
8,037
1,926
729
11,001
9.900
330.791
35,142
122,287
175,624
52,197
69,985
24,428
20,177
93,734
19,866
8,232
105,7913
107.700
World's total_ __ _
United States
Elsewhere
104,095
26,269
77,826
103,772
20,592
77,180
116.382
34,540
81,842
116,194
85,003
81,191
1,165.939
330,791
835,148
Stock at end116,076
111,027
United States
106.794
102,192
Cartel report
122,741
123,779
124.691
120.876
Includes salable zinc dust. y Partly estimated; includes Norway, Yugoslavia,
Czechoslovakia, Russia, Indo-China and Japan.
Non-Ferrous Metal Prices Steady Over Holiday Period
-Sales in Fair Volume
"Metal and Mineral Markets" in its issue of Dec. 27
stated that, in view of the fact that Christmas holidays
restricted operations in non-ferrous metals both here and
abroad, the total volume of business in major items for the
week that ended yesterday Dec. 28 might well be described
as fair. The undertone remained steady. Lead buying
moderated, but this failed to shake the confidence of important producers in the immediate future of the metal.
Forward sales of zinc have expanded to the impressive total
of about 30,000 tons. Galvanizers have been purchasing
the metal for first-quarter 1935 delivery, indicating that a
broader market for their products is expected in the first
half of 1935. Steel operations for the current week were
estimated at 35.2% of capacity, against 34.6% a week previous and 31.6% a year ago. "Metal and Mineral Markets"
further stated:
Foreign Copper Steady
Prices for copper in the foreign market were fairly steady throughout
the week, holding at about 7c.. c.i.f. European ports. The date has not
Dec. 29 1934
yet been fixed for the international conference. Selling pressure abroad
has been less in evidence of late, and those bearishly inclined feel that there
is little to gain at this time in going short of copper-the producers may come
to an agreement on output. Consumers abroad look for further expansion
in the demand for copper next year.
The domestic market was about the same as in recent weeks. Sales for
the week totaled about 3,500 tons, against 3,700 tons in the preceding sevenday period. The price continued at 9c. Valley. Blue Eagle sales so far
this month total 14.600 tons.
Speaking on the subject of price and production policy of Rhokana Corp.,
Sir Auckland Geddes, Chairman, told stockholders at the annual meeting
that England is ,onsuming more copper to-day than it did in the boom
years, because for the first time British manufacturers are able to buy copper more cheaply than their competitors in America. "But perhaps you
(stockholders) will say. 'Don't you want to get a higher price for copper?'
Of course we do. We want to see the price higher, but not too high, because we want the market to grow; we want to get the uses of copper to
multiply. We are quite prepared to co-operate with other copper producers
to prevent the accumulation of stocks; we are quite prepared to make some
sacrifices to that end, but we shall not take a back seat and be thankful
for small mercies."
Lead Buying Moderates
Demand for lead fell off sharply last week, total sales for the seven-day
period declining to less than 2,000 tons. Prices continued unchanged at
3.70-, New York, the contract selling basis of the American Smelting &
Refining Co., and 3.55c., St. Louis. Besides the low level of buying,
statistics revealing an increase in refined metal stocks in November were also
a disappointing development of the week. Little hope for a further improvement in the price of the metal before the end of the year was noticeable in the market yesterday [Dec. 261. In one direction, however, the
view was expressed that January requirements of onsumers were only
about 60% covered. Should active buying for January and February take
place in the next few days, an additional advance in the price basis was held
to be possible.
Tine Price Unchanged
Prime Western zinc was maintained at 3.725c.. St. Louis, for delivery
over the next three months. During the last week some business was
booked at a slight premium over this basis that involved March forward
business. Figures circulated by the American Zinc Institute reveal that
more than 6,000 tons of zinc were sold during the week ended Dec. 22.
The International Zinc Cartel will disband on Dec. 31 1934. A meeting
was scheduled for Dec. 20, but producers could not come together for an
eleventh-hour attempt to iron out the difficulties. The group will continue
to gather statistics for the industry, it is believed, and the idea of reviving
the Cartel at some latex date when conditions in the industry become more
settled has not been abandoned. The trend in the foreign field at present
is toward increased production of electrolytic zinc with a general realignment of the flow of business. The British tariff and other trade restrictions have played havoc with the old system.
World production of zinc during November totaled 116,194 short tons,
against 116,382 tons in October. The daily rate for November-3,873
tons-was the largest for any month since December, 1930. The daily
rate in the January-November period for the current year was 3,491 tons.
Slow Demand for Tin
Business in the domestic tin market was at a relatively low level throughout last week. Daily sales were said to have averaged less than 100 tons,
which metal was almost entirely for the accounts of small consumers. Little
or no change in the prevailing general conditions of the market is expected
over the remainder of the year.
Chinese tin, 99%, was quoted nominally as follows. Dec. 20, 49.900c.;
Dec. 21,49.950c.; Dec. 22, 49.950c.; Dec. 24, 49.950c.; Dec. 26, 49.950c.
World's production of tin, on ore basis, amounted to 10,260 long tons
during November, against 8,500 tons in October and 7,355 tons in November 1933, according to the American Bureau of Metal Statistics. The
daily rate of operations for November was 342 tons, against 274 tons in
the month previous,and a daily average for the first 11 months of the current
year of 309 tons.
Rising Steel Demand Holds Holiday Interruption to a
Minimum-Ingot Output Reaches 36M%-Automobile Industry Presses for Deliveries
The "Iron Age"in its issue of Dec.27 stated that accumulating pressure for steel, particularly on the part of the automobile industry, has held the holiday interruption in steel
works activity to a minimum. Plans to suspend mill operations for three days-from Saturday night through Tuesday
-were generally revised and in most cases Christmas shutdowns have been limited to three or four turns. Ingot output
has risen another point to 363%, and will probably make
further gains before the year end. The "Age" continued:
Automobile makers have gotten into production in earnest. December
output, now estimated at 145,000 cars, will exceed earlier estimates, and
January production will be the largest for that month in five years, with the
final total dependent on how quickly steel and automobile parts can be
made and delivered.
Steel bookings from the motor car trade this month will be the largest
since last June, when material was being stocked in anticipation of price
advances. Recent purchases included heavy tonnages from Ford covering
January needs, releases for 25,000 jobs from Oldsmobile and orders from
Hupp for 2,000 cars. The machining departments in automotive plants and
many parts manufacturers have gone on three eight-hour shifts to meet
assembly line requirements, and steel mills, especially makers of sheets and
strip, are bing pushed hard for deliveries. Industrial employment in Detroit
has reached the highest level for this season since 1929.
Detroitsteel ingot output has risen from 62 to 66% in its third consecutive
weekly increase. Operations also have risen two points to 56% in the Cleveland-Lorain area, six points to 41% at Buffalo, one point to 26% in the
Philadelphia district and one-half point to 37% at Chicago. Elsewhere
production rates are substantially unchanged.
Iron and steel demand from farm equipment and tractor makers and from
a wide range of miscellaneous sources-including shovel manufacturers
road machinery builders, stove plants and electric refrigerator makerscontinues to point upward. One electric refrigerator plant has raised output
from 1,100 to 1,500 units a day.
Bolt and nut business has been stimulated by the recent announcement of
price advances effective Jan. 1. With this exception, there is little inclination to build up stocks, contracting being at a minimum. Buyers are still
keeping a close watch on Washington for changes in National Recovery
Administration policy on code price control and for developments that may
grow out of the NRA and Federal Trade Commission reports on the steel
basing point system.
Fabricated structural steel awards of 11,200 tons compare with 10,650
tons a week ago. Sheet piling contracts include 2,800 tons for a dam on the
Mississippi River at Muscatine. Iowa.
Business in tubular products has succumbed temporarily to holiday influences, but bookings for the month will at least match those of November.
The major oil companies' plans for 1935 augur well for drill pipe, casing and
tubing. Increased drilling is contemplated in both California and the Gulf
States, 10,000 new wells in the east Texas field being mentioned in some
forecasts.
Prospects for railroad buying remain obscure. Heavy purchases are considered out of the question until the present freight rate case comes to a
decision and the pressing financial problems of many of the carriers are
brought nearer a solution. Pending railroad orders include two coal barges
for the Pennsylvania, calling for a total of 500 tons, and a ferry boat for the
Erie, also requiring 500 tons. The Ensley rail mill has shut down after a
short run and the Chicago rail mills are idle.
Pig iron shipments have shown a further increase in the Great Lakes area.
At Detroit they are running 25 to 30% ahead of November. Although many
foundries, particularly jobbing plants, are down for the year-end inventory
period, automotive plants in most cases will be idle Christmas day only.
An Ohio sanitary ware manufacturer is now operating 24 hours a day.
Competition from foreign steel is again being felt along the Eastern
seaboard. Not only are low base prices being quoted but extras are commonly being waived. An order for 800 tons of sheet piling, the largest
private purchase in months, has been placed with a German mill.
Scrap prices, though still buoyant, have made no further advances, the
"Iron Age" composite remaining at $11.58 a ton. The pig iron and finished
steel composites are unchanged at 217.90 a ton and 2.124c. a pound, respectively.
Finished Steel
Dec. 24 1934, 2.124o. a lb.
Based on steel bars, beams, tank plates.
One week ago
2.124c. wire, rails, black pipe, sheets and hot
One month ago
2.124c. roiled strips. These products make
One year ago
2 008c. 85% of the United States output.
High
Low
2.1990. Apr. 24
2.008c. Jan, 2
2.015o. Oct. 3
1.867c. Apr. 18
1.9770. Oct. 4
1.926c. Feb. 2
2037*. Jan. 13
1.945o. Dec. 29
2 273o. Jan. 7
2.018c. Dee. 9
2.317o Apr. 2
2.273e. Oct. 29
2.286o. Dec. 11
2,217o, July 17
2 402o. Jan. 4
2.212o, Nov. 1
Pis Iron
Dec. 24 1934, $17.90 a Gross Ton
Based on average of basio Iron at Valley
One week ago
$17.90 furnace foundry irons at Chicago,
One month ago
17.90 Philadelphia, Buffalo. Valley. and
One year ago
16.90 Birmingham.
High
Low
1934
517.90 May 1
$16.90 Jan. 27
1933
16.90 Dec. 5
13.56 Jan. 3
1932
14.81 Jan. .5
13.56 Dec. 6
1931
16.90 Jan. 6
14.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap
Dec. 24 1934, $11.58 a Gross Ton Based on No. 1 heavy
melting steel
One week ago
$11.58 quotations at Pittsburgh. Philadelphia
One month ago
10.33 and Chicago.
One year ago
11.08
High
Low
1934
$13.00 Mar. 13
$9.50 Sept.25
1933
12.25 Aug. 8
6.75 Jan. 8
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.26 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan, 11
13.08 Nov.22
1934
1933
1932
1931
1980
1929
1928
1927
The American Iron & Steel Institute on Dec. 24 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 35.2% of the
capacity for the current week, compared with 34.6% last
week, 28.1% one month ago, and 31.6% one year ago.
This represents an increase of 0.6 points, or 1.7% from the
estimate for the week of Dec. 17. Weekly indicated rates
of steel operations since Oct. 23 1933 follow:
1933Oat. 23
Oct. 30
Nov. 6
Nov. 13
Nov 20
Nov.27
Dec. 4
Dee. 11
Dec. 18
Dec. 25
31.6%
26.1%
252%
27 1%
26.9%
26.8%
28.3%
31.5%
34.2%
31.6%
1934Jan. 1
Jan. 8
Jan. 15
Jan. 22
29.3%
30.7%
34.2%
32.5%
4039
Financial Chronicle
Volume 139
1934Jan, 29
34.4%
Feb. 5
37.6%
Feb. 12
39.9%
Feb. 19
43.6%
Feb. 26
45.7%
Mar. 5 _ _47.7%
Mar. l2.__46,2%
Mar. 19
46.8%
Mar. 26
45.7%
Apr. 2
43.3.7:
Apr, 9
47.4%
Apr, 16
50.3%
Apr. 23
54.0%
Apr. 30
55.7%
May 7
56.9%
May 14
56.6%
1934May 21
54.2%
May 28
58.1%
June 4
57.4%
June 11
56.9%
Juno 18
58.1%
June 25
44.7%
July 2
23.0%
July 9
27.5%
July 16
28.8%
July 23
27.7%
July 30
26.1%
Aug 6
25.8%
Aug. 13.....22.3%
Aug. 20
21.3%
Aug. 27
19.1%
Sept. 4
18.4%
1934-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
Deo, 10
Dec. 17
Dec. 24
20.9%
22.8%
24.2%
23.2%
23.6%
22.8%
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
28.8%
32.7%
34.6%
35.2%
"Steel," of Cleveland, in its summary of the iron and steel
markets on Dec. 24, stated:
Pressure for iron and steel is outweighing holiday influences, with the
result steelworks operations last week continued strongly upward, advancing
4 points to 37M%,states the magazine "Steel."
Comparatively little capacity will be taken off this week. For most
producers Christmas and New Year will mean one-day holidays. They
have already anticipated loss in production this week, to keep finished steel
output abreast a vigorous demand from automobile, implement and tractor
manufacturers.
This reversal of the customary year-end trend finds full-finished sheet
output, mainly for automobile requirements, up to 48%. In northern
Ohio sheet mills reached a new high for the year-75 to 85%. Operations
in the tin plate industry, also running a contraseasonal course, are up 5
points to 50%.
While the 34,000 automobiles made last week represented only a moderate
gain, 10,000, over the preceding week, the industry is rapidly getting under.
way with new models. It sees no difficulty ahead in disposing of the first
half million cars as rapidly as they can be turned out; hence manufacturers
are accumulating material and parts, and establishing assembly lines for
Chevrolet's schedule is reported to call for
full production in January.
120,000 cars next month. Ford may be expected to equal or exceed this
figure.
One of the market's chiefsupports is demand,from agricultural implement
manufacturers, who, having completed their best year since 1930. nevertheless are preparing for more substantial improvement. A better farm
financial position has encouraged some leading makers to accumulate iron
and steel stocks to carry them far into 1935. One shipment of 400 tractors
has been made into the southern Indiana farm belt.
Steel buying undoubtedly has broadened to include many miscellaneous
classifications long listless or dormant, but two of the dominant consumer
groups-railroads and structural work-are lagging. The former's purchases in the week were negligible, it being an in-between season, while
structural shape awards mounted moderately to 11,168 tons. For various
navy yards 5,000 tons of plates and sheets were awarded.
Scrap prices are strong, with some further increases at Chicago. but in
general the market is quieter, suggesting that the upward movement
which began in October is leveling off. On the other hand, pig iron sales
continue to rise. Scrap and pig iron shipments this month will be substantially above November, an unusual occurrence.
Mesabi iron ore producers have been denied by the Minnesota Tax Commission an 18% reduction in their $200,000,000 tax assessment for 1934,
notwithstanding a recent court ruling that valuations are too high. Imported chrome ore, of which 7,000 tons were received at Philadelphia last
week, Is up 50 cents a ton. November iron and steel imports by this country were 35,272 tons. 75% over October, and highest since March.
Specifications for forging billets were driven by the new regulation becoming generally applicable putting billets under 4x4-inch on a steel bar
base, raising the price of this material about $10 a ton. Also, by reports
that new cutting extras are to be announced soon. Two new specific
price classifications have been set up in tin plate, for so-called waste-waste,
and tin plate strips, comprising assortments heretofore sold through individual negotiation.
Steelworks operations last week in the Cleveland district advanced 5
Points to 64%; Wheeling, 10 to 80; Pittsburgh, 2 to 26; Chicago, 1 to 3634:
eastern Pennsylvania, 234 to 22; Buffalo, 13 to 37; New England, 3 to 50:
and Youngstown, 2 to 41. Detroit held at 59%, and Birmingham dropped
23.4 points to 30%•
"Steel's" iron and steel price composite rose 2 cents to $32.46. due to
gains in scrap. The scrap index itself was up 13 cents to $11.25. The
finished steel composite remained $54.
Steel ingot production for the week ended Dec. 24 is placed
at fraction over 37%,according to the "Wall Street Journal"
of Dec. 27. This compares with a shade under 34% in the
previous week and 313.% two weeks ago. The "Journal"
further added:
U. S. Steel is estimated at 30%,against 28% in the week before and 27%
two weeks ago. Leading independents are credited with a rate of about
42%, compared with 38% in the preceding week and a little under 35%
two weeks ago. The following table gives the percentage rate of production
for the nearest correspobding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
Industry.
1933
1932
1931
1930
1929
1928
1927
33
123.4-2
24 -1
34 -3
63 - 34
83 +3
70 +214
U. S. Steel.
so
12
25
41
64
85
73
-3
-1
-3
+3
+23.4
httlependenis.
35
13 -134
23 -I
30 -3
6234- 34
81 +2
67 +2
Production of Coal for Latest Week Increased Sharply
The weekly coal report of the United States Bureau of
Mines, Department of the Interior, discloses that the production of soft coal for the week ended Dec. 15 totaled
7,870,000 net tons. This compares with 7,125,000 net tons
produced in the preceding week and 7,360,000 net tons produced during the week ended Dec. 16 1933.
Anthracite production in Pennsylvania during the week
ended Dec. 15 is estimated at 1,512,000 net tons, or more
than double the output of the preceding week, when 707,000
net tons were produced. For the week ended Dec. 16 1933
output totaled 1,083,000 net tons.
During the month of November 1934 30,450,000 net tons
of soft coal were produced. This compares with 32,573,000
tons produced during October and 30,582,000 net tons
produced during November 1933. Output of hard coal in
Pennsylvania during November totaled 4,261,000 net tons,
as against 4,729,000 net tons during October and 4,811,000
net tons during November 1933.
During the calendar year to Dec. 15 1934 341,801,000
net tons of bituminous coal and 54,988,000 net tons of anthracite were produced. This compares with 314,317,000 tons
of bituminous and 47,130,000 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 EndedDec. 15
1934.c
Dec. 8
1934.d
Dec. 16
1933
Calendar Year to Date
1934
1933
1929
Bltum. coal: a
Weekly total 7,870,000 7,125.000 7,360,000 341,801,000 314,317,000 513,415,000
Daily aver__ 1,312.000 1,187,000 1,227,000 1,161,000 1,065.000 1.737,000
Pa. anthra.: b
Weekly total 1,512,000 707,000 1,083,000 54,988,000 47,130,000 70,441,000
Daily aver__ 252.000 117,800 180,500
18,3,600
161,700
241,700
Beehive coke:
Weekly total
15,900
21,000
21,100
953,400
788,800 6,296,100
Daily aver__
3,500
3,517
2,650
3,189
21,057
2,638
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washcry and dredge coal, local sales and colliery fuel. c Subject to
revision. d Revised.
4040
Financial Chronicle
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES(NET TONS)
Week EndedState
Dec. 8
1934
Dec.1
1934
Dec. 9
1933
Alabama
100,000 152,000 203,000
Arkansas & Okla_
87,000
59,000
45,000
Colorado
183,000 155,000 132,000
Illinois
1 047,000 795,000 824,000
Indiana
370,000 302,000 330.000
Iowa
85,000
78,000
57.000
Kan. dr Missouri- 158,000 114,000 110,000
KentuckyEastern
525,000 445,000 421,000
Western
206,000 148,000 162.000
Maryland
36,000
31,000
37,00)
Montana
54,000
68,000
59,000
New Mexico___. 28,000
30,000
25,000
North Dakota_ _. 48,000
38,000
48,000
Ohio
385.000 325.000 307,000
Penna. (Mum.). 1,535,000 1,488,000 1.774,000
Tennessee
59,000
85,000
73,000
Texas
14,000
12,000
15,000
Utah
82,000
85.000
65,000
Virginia
186,000 178,000 139,000
Washington
45,000
37,000
35,000
West Virginia:
Southern a
1,200,000 1,147,000 1,130,000
IgNorthern b
434.000 393,000 505,000
Wyoming
115,000
94,000
98,000
Other States__ - _
9,000
12,000
18,000
Monthly Production
November
1934
October
1934
Norember
1933
763,000
690.000
732,000
297,000
249,000
221,000
577,000
546.000
630,000
3,675,000 3,850,000 • 3,713,000
1,417,000 1,417,000 1,430,000
325,000
310,000
250,000
563.00(1
522,000
553,000
2,520,C00 2,830,000
675,000
880,000
140,000
142,000
224,000
275,000
115,000
106,000
190,000
200,000
1,795,000 1,770,000
7,400,000 7,690,000
352.000
340.000
60,000
65,000
350,000
288,000
870,000
796,000
185,000
170,000
2,427,000
671,000
134,000
239,000
116,000
190,000
1.899.000
7,813,000
263.000
55,000
303,000
685.000
156,000
5,938,000 6,760,000
1,838,000 1,975,000
463,000
530,000
56,000
47,000
5,764,000
2,281,000
447,000
66,000
Total bit. coal- 7,125,000 6,207.000 6,640,000 30,450,000 32,673,000 d30,582.000
Penna. anthracite 707,000 779,000 880,000 4,261,000 4,729,000 4,811,000
XI
Total coal
7,832,000 6,988,000 7,520,000 34,711,000 37,302,000 35,393,000
a Includee operations on the N.& W ;C.& O.: Virginian; K.& M.;and B.C.& G.
b Rest of State, including the Panhandle and Grant, Mineral and Tucker counties.
c Revised figures. d Original estimate. No revision will be made in the national
total until detailed reports for months have been assembled for all districts.
Canadian Metal Mining Association Being Incorporated in Toronto-Directors Named
Representatives of the metal mining industry in Canada,
following a recent meeting, are incorporating an association
Dec. 29 1934
to be known as the Canadian Metal Mining Association, we
learn from the Toronto "Financial Post" of Dec. 22. The
objects of the association, which will have its head office in
Toronto, are "to collect data of interest to the industry and
to the public; to stimulate an exchange of operating informs,
tion among the various mines, especially as regards health
and safety measures, and to generally further the interests
of the metal mining industry as a whole." C. G. Williams
has been appointed Secretary of the new body. The board
of directors, according to the "Financial Post," consists of
the following:
J. P. Bickel!, President, McIntyre Porcupine Mines.
R. T. Birks, President. Howey Gold Mines.
A. L. Blomfield, managing-director. Lake Shore Mines.
Charles Bocking, President, Granby Consolidated Mining, Smelting &
Power Co.
It. H. Channing Jr., President, Hudson Bay Mining & Smelting Co.
J. G. Dickenson, General Manager, M. J. O'Brien, Ltd.
Alex. Fasken, Secretary, Dome Mines.
John Knox, General Manager, Hollinger Consolidated Gold Mines, Ltd.
MacAskill, General Manager,The International Nickel Co. of Canada.
E. L. Miller, President, Wright-Hargreaves Mines.
W. V. Moot, Managing-director, Sylvanite Gold Mines.
J. Y. Murdoch, President, Noranda Mines.
J. C. Nicholls, assistant to President, The International Nickel Co.
A. H. Permits. President, Sullivan Consolidated Gold Mines.
J. D. Perrin, President, San Antonio Gold Mines.
J. I. Rankin, director, N. A. Timmins.
Victor Spencer, President, Pioneer Gold Mines of British Columbia.
Austin C. Saylor, President, Bralorne Gold Mines, Ltd.
J. J. Warren, President, The Consolidated Mining & Smelting Co. of
Canada.
J. P. Watson. President, The Mining Corporation of Canada.
A representative (to be appointed), Maritime metal mining industry.
An executive committee has been appointed from the above directorate,
comprising the following; J. Y. Murdoch, chairman; J. P. Bickell, Alex.
Fasken, J. J. Warren and J. P. Watson.
Current Events and Discussions
-
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended Dec. 26, as reported by
the Federal Reserve banks, was $2,493,000,000, an increase
of $22,000,000 compared with the preceding week and a
decrease of $205,000,000 compared with the corresponding
week in 1933. Alter noting these facts, the Federal Reserve
Board proceeds as follows:
On Dec. 26 total Reserve bank credit amounted to $2,470,000.000a
decrease if $7,000.000 for the week. This decrease corresponds with a
decrease of $40,000,000 in Treasury cash and deposits with Federal Reserve
banks and an increase of $30,000,000 in monetary gold stock, offset in part
by increases of $41,000,000 in money in circulation, $18,000,000 in member
bank reserve balances and $4,000,000 in non-member deposits and other
Federal Reserve accounts.
There were practically no changes in the System's holdings of bills
discounted, bills bought in open market, and United States Government
securities. Holdings of industrial advances increased $2,000,000.
Beginning with the week ended Oct. 31 1934, the Secretary
of the Treasury made payments to three Federal Reserve
banks, in accordance with the provisions of Treasury 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 have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The amount
of the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)" to distinguish such surplus from surplus
derived from earnings which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended Dec. 26, in comparison with the preceding week and with the corresponding date of last year, will be found on pages 4085 and 4086.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
Dec. 26 1934, were as follows:
Increase (+) or Decrease (-)
Since
Dec. 28 1934 Dec. 19 1034 Dec. 27 1933
$
Bills discounted
9.000,000
-102,000,000
Bills bought
6,000,000
-105,000,000
U. S. Government securities
2,430,000,000
-2.000.000
Industrial advances (not including
$8,000,000 commitments-Dec. 26) 14,000,000
+2.000,000
+14,000,000
Other Reserve bank credit
11,000.000 -9,000,000
-9,000,000
Total Reserve bank credit
2 470,000,000
Monetary gold stock
8 228,000,000
Treasury and National bank currency_2,504,000,000
-7,000,000 -204,000,000
+30.000,000 +4,192,000,000
-1,000,000 +200,000,000
Money in circulation
5 628.000.000 +41,000,000
+01,000,000
Member bank reserve balances
3,961.000,000 +18,000,000 +1,288,000,000
Treasury cash and despoils with Federal Reserve banks
3 181,000,000 -40,000,000 +2,886.000,000
Non-member deposits and other Federal Reserve accounts
432,000,000
+4,000.000
-54,000.000
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 and also 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' loans of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned
for "account of out-of-town banks," as well as the amount
loaned "for the account of others." On Oct. 24 1934, the
statement was revised to show separately loans to brokers
and dealers in New York and outside New York, loans on
securities to others, acceptances and commercial paper,
loans on real estate, and obligations fully guaranteed both
as to principal and interest by the United States Government. This new style, however, now shows only the loans
to brokers and dealers for their own account in New York
and outside of New York, it no longer being possible to get
the amount loaned to brokers and dealers "for account of
out-of-town banks" or "for the account of others," these
last two items now being included in the loans on securities
to others. The total of these brokers' loans made by the
reporting member banks in New York City "for own account"
including the amount loaned outside of New York City, stood
at $626,000,000 on Dec. 26 1934, a decrease of $32,000,000
over the previous week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Dec.26 1934 Dec. 19 1934 Dec.27 1933
Loans and investments-total
7 335,000,000 7.388,000,000 6,756.000,000
Loans on securities-total
1 441,000,000 1,475,000,000 1,722,000,000
To brokers and dealers:
In New York
Outside New York
To others
573.000,000
53,000,000
815,000,000
605.000,000 628,000,000
53,000,000
43,000.000
817,000,000 1,051,000.000
Acceptances and commercial paper bought 222,000,000 228.000,000)
Loans on real estate
132,000,000 133,000,000,1,664,000.000
Other loans
1,210.000,000 1,239.000,000
U.S. Government direct obligations_ __ _3,086,000,000 3,060,000,000 2,253,000,000
Obligations fully guaranted by United
States Government
267,000,000 270,000.00011,117,000,000
Other securities
977,000,000 983,000,0001
Reserve with Federal Reserve banks_ _1,415,000,000 1,359,000.000 780,000.000
Cash in vault
46,000,000
59,000,000
54,000,000
Net demand deposits
Time deposits
,Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
6 457,000,000 6,441,000,000 5,257.000.000
602,000,000 596,000,000 693,000,000
735,000,000 735.000,000 386,000.000
75.000.000
75,000,000
73,000.000
1 679,000,000 1,727,000,000 1.125,000,000
Loans on investments total
Chicago
Dec. 26 1934 Dec. 19 1934 Dec. 27 1933
$
3
1 615,000,000 1,596,000,000 1,223,000,000
Loans on securities—total
231,000,000
230,000,000
308,000,000
To brokers and dealers:
In New York
Outside New York
To others
26,000,000
26,000,000
179.000,000
26,000,000
24,000,000
180,000,000
17,000,000
43,000,000
248,000,000
Acceptances and commercial paper bought 62,000,000
19,000,000
Loans on real estate
215,000,000
Other loans
65,000,0001
19,000,000 287,000,000
216.000,000J
U. S. Government direct obligations.-- 750,000.000
Obligations fully guaranteed by United
78,000,000
States Government
Other securities
260,000,000
748.000,000
Reserves with Federal Reserve Bank_
Cash in vault
438.000,000
40,000.000
381,000,000
77.000.0001 247,000,000
241,000,000J
411,000,000
42,000,000
368,000.000
45,000,000
1,490.000,000 1,499,000,000 1,081,000,000
380,000,000 378,000,000 347,000,000
43,000,000
46,000,000
48,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
186,000.000
445,000,000
188,000,000
446.000.000
194,000,000
269,000,000
Borrowings from Federal Reserve Bank_
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member
banks in 91 cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Dec. 19.
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."
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Dec. 19 shows increases for the week of
$387,000,000 in holdings of United States Government direct obligations.
854.000,000 in other securities, $572,000,000 in Government deposits
0 in time deposits, and decreases of $213,000.000 in net
.
and $19.000,00
demand deposits and $107,000.000 in reserve balances with Federal Reserve banks.
Loans on securities to brokers and dealers in New York City increased
$23,000,000 at reporting member banks in the New York district and 825,000,000 at all reporting banks; loans on securities to brokers and dealers
outside of New York remained unchanged; and loans on securities to others
declined $8,000,000/in the New York district and $9.000,000 at all reporting
member banks. Holdings of acceptances and commercial peper and of
real estate loans show no change for the week, while "other loans" declined
$4,000,000 in theiNew York district and $10,000,000 at all reporting member banks.
Holdings of United States Government direct obligations increased substantially in nearly all districts, the total increase being $367,000.000:
holdings of obligations fully guaranteed by the United States Government
show little change for the week; and holdings of other securities increased
$44,000,000 in the New York district and $52,000,000 at all reporting banks.
Licensed member banks formerly included in the condition statement
of member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,230,000,000 and net demand, time and Government/deposits of $1,389,000,000 on Dec. 19 compared with 81,179,000,000 and 41,327,000,000, respectively, on Dec. 12.
A summary of the principallassets 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. 19 1934, follows:
Increase (+) or Decrease (—)
Since
Dec. 19 1934 Dec. 12 1934 Dec. 20 1933
Loans and investments—total_ _18,339,000,000
+427,000,000 +1,645,000,000
Loans on securities—total
3,115,000,000
+16,000,000
—485,000,000
To brokers and dealers:
In New York
Outside New York
To others
753,000,000
162,000,000
2,200,000,000
+25,000,000
+92,000,000
—1,000,000
—576,000,000
Acceptances and commercial paper 444,000,000
979,000,000
Loans on real estate
3,207,000,000
Other loans
—9,000,000
—229,000,000
—10,000,000f
U. S. Govt. direct obligations—. 7,176,000,000
Obligations fully guaranteed by the
566,000,000
United States Government
2,852,000,000
Other securities
+387,000,000 +1,888,000,000
Reserve with Fed. Res. banks.. 2,953,000,000
305,000,000
Cash in vault
—107,000,000 +1,056,000,000
+39,000,000
+8,000,000
4041
Financial Chronicle
Volume 139
+2.000,0001 +471,000,000
+52,000,0001
Dec. 19 1934
Net demand deposits
Time:deposits
Government deposits
Due:from banks
Due to banks
Increase (4-) or Decrease (—
Since
Dec. 12 1934 Dec. 20 1933
13,576,000.000
4,360.000,000
1,343,000,000
—213,000,000 +2,896,000.000
+6,000.000
+19,000,000
+572,000,000 +456,000.000
1,713,000,000
4,045,000,000
+11,000,000 +534,000.000
—72,000.000 +1,389,000,000
Borrowings from F. R. banks
L000mo
+1,000,000
—22,000.000
Brokers' Loans on Montreal Stock Exchange $744,086
Lower in November
Collaterallborrowings;by Montreal Stock Exchange memduring November from $20,ber firms decreased $744,086,
433,165 Oct. 311to $19,699,079 Nov. 30, according to the
monthly report issued by the Exchange Dec. 10. The followingItableDontained in the Montreal "Gazette" of Dec.
11 shows/the monthly level of loans since the figures were
first made available on Oct. 3 1931:
1934—
1933—
818,073.812
$13,798,081 Jan. 31
$54,991,145 Jan. 5
18.883,463
28
Feb.
13.606,351
1
Feb. 2
20.211.814
13,431,614 Mar.31
25.373,885 Mar. 2
20,796.804
12,864,298 April 30
22,758,561 April 6
20,935.505
12,501,411 May 31
18.922,577 May 4
20,809,233
12,921,733 June 30
15,139,386 June 1
20,032.020
31
July
14,788,135
13,865,523 July 6
19.387.608
16.192,585 Aug. 31
13,020.454 July 31
19.950.233
16,627,421 Sept. 30
13,774.017 Aug. 31
20,443,165
17,585,330 Oct. 31
14,115,852 Sept.30
19,699,079
17.247,065 Nov.30
13,993,031 Oct. 31
17,227,466
13.817.709 Nov. 30
18,062,938
Dec. 30
The foregoing figures do not include loans on foreign securities but only
borrowings of members of the Montreal Stock Exchange on Canadian
securitiesiand notIthose of other exchanges in Canada. Nor do they include the borrowing/of bond houses or bond affiliates of Stock Exchange
members.
1931—
Oct. 3
1932—
Mar. 4
April 7
May 5
June 2
July 7
Aug 4
Sept.71
Oct. 6
Nov. 3
Dec. 1
Winnipeg Grain Exchange Temporarily Defers Trading
in Wheat Futures Beyond July Option
Trading in wheat futures beyond the July option was
temporarily deferred by the council of the Winnipeg Grain
Exchange on Dec. 28, according to Associated Press advioes
from Winnipeg, which reported that a brief announcement
was issued as follows:
As a result of instructions received from the Dominion Government,
the Council has/decided to/defer for the present the providing of facilities
for trading;intany wheat future beyond the month of July.
The same advices stated:
The rullndkept off the trading board the October option, which usually
goes'into operation!during the first week of January.
John I. McFarland,Chief of the Government stabilization agency,said the
action amounted to a change in policy for the grain exchange. "Why should
a future be open to trading when the new crop has not been sown," he
asked. "Theinew ruling prevents speculation on something that is not in
existence."
The December option expires next Monday. leaving traders the future
options of May and July.
In noting the action of the Winnipeg Market, the New
York "Sun" of last night (Dec. 28) said:
1111,While no authoritative interpretation of the ruling by the Winnipeg
Grain Exchangelwas obtainable here, it was assumed in the grain trade to
have political BignIfIcanceof a temporary nature rather than to represent
a permanent change of trade policy.
The Winnipeg Exchange has pegged May wheat at 80 cents and July at
817Cents. With trading in October about to begin, now that December is
on the way out, it would be necessary to peg October, unless it was to fall
to'world?price levels.
It isIbellevedlthe Canadian'authorities are undesirous offixing a minimum
Price on October untillits grain market policy for next year is settled. The
solution, therefore, seems to „be to deter trading in October until a later
date.
Sir Josiah Stamp to Broadcast from London To-morrow
(Dec. 30)—British Banker Will Discuss Economic
Outlook for A.935—Richard H. Grant to Speak on
Motor Industry Jan. 3
Sir Josiah Stamp, British economist and banker, W1=3cuss the economic outlook for _1935 over a nation-wide
VTABC-Columbia broadcast -to-morrow (Dec. 30) from 12.45
to 1.00 p. m., E.S.T., the Columbia Broadcasting System
announced on Dec.26. The address, entitled "An Economic
Forecast for 1935," will originate in the studios of the
British Broadcasting Corp. in London.
The Columbia System announced on Dec. 27 that Richard
H. Grant, Vice-President and Sales Manager of Gene1
Motors Corp., will broadcast over the WABC-Columbia network on Jan. 3 from 8.30 to 9.00 p. m., E.S.T., and will
discuss the problems of the automobile industry and their
relation to the general recovery program.
King George Broadcasts Christmas Greetings Throughout British Empire—Reminds Hearers They Are
"Members of One Family"
Although the British Empire still has its "own anxieties
to meet," those anxieties will be overcome if they are met
"in the spirit of one family," King George declared on
Dec. 25 in a Christmas message which was broadcast from
4042
Financial Chronicle
London throughout the Empire. The King said that the
world is still restless and troubled, but that "the clouds
are lifting." He reminded his hearers that "it is as members of one family that we shall to-day and always remomber
those other members of it who are suffering from siekness
or from the lack of work, or both, and we shall endeavor
to do our utmost to befriend them." The following is the
complete text of his speech:
On this Christmas Day I send to all my people everywhere my Chi istmas
greetings, the day with its hallowed memories in the festivity of the family.
I would like to think with you who are listening to me now, in whatever
part of the world you may be, that all the peoples of this Emrire are
bound to me and to one another by the spirit of one great family.
The Queen and I were deeply moved by the manner in which this spirit
was manifested a month ago at the marriage of our dear son and daughter
My desire and hope is that the same spirit may become stronger in its
hold and wider in its range.
•
The world is still restless and troubled. The clouds are lifting, but we
have still our own anxieties to meet. I am convinced that if we meet them
In the spirit of one family we shall overcome them, for then private and
party interests will be controlled by care for the whole community.
It is as members of one family that we shall to-day and always remember
those other members of it who are suffering from sickness or from the lack
of work, or both, and we shall endeavor to do our utmost to befriend them.
I send a special greeting to the peoples from any dominions overseas.
Through them the family has become a fellowship of free nations and they
have carried into their own homes the memories and traditions of the
mother country. The burdens of the world know no barriers of spaze.
If my voice reaches any of the people of India, let it bring assurance of
my constant care for them and of my desire that they, too, may evermore
fully realize and value their own place in the unity of the one family.
May I add very simply and sincerely that if I may be regarded as in
some true sense the head of this great and widespread family, sharing Its
life and sustained by its affection, this will be a full reward for the long
and sometimes anxious labors of my reign of well-nigh five and twenty years.
As I sit in my own home, I am thinking of the great multitude who are
listening to my voice, whether they be in British homes or in far-off
regions of the world. For you all, and especially for your children I wish
a happy Christmas. I commend you to the Father of Whom every family
In Heaven and on earth is named. God blass you all!
The King's message, which was part of the world-wide
Christmas celebration of the British Empire, was heard
over the radio in the United States.
Neville Chamberlain Says Britain Will Not Stabilize
Currency Now—Chancellor of Exchequer Asserts
Move Must Await Better Harmony Between Franc
and the Dollar
International currency stabilization must await a change
in price levels that will bring about greater harmony between
the dollar and the French franc, Neville Chamberlain,
British Chancellor of the Exchequer, declared Dec. 21 in a
speech in the House of Commons. Great Britain, he said,
has no intention at the present time of stabilizing the pound
to the dollar, which is still on gold, The Chancellor stated
that England cannot risk stabilization at present, but he
expressed the hope that at some future date there will again
be established a common international standard of currency.
United Press advices of Dec. 21 from London quoted from
his remarks as follows:
Dec. 29 1934
We quote below in part from the interview, as described
in a Paris dispatch of Dec. 23 to the "Times":
"What of the position of the franc?" he was asked. "I have heard
it said in Paris that if the Roosevelt monetary policy succeeds in raising
prices to the desired level devaluing the franc will be unnecessary, but that
If the effort falls or succeeds only partially devaluation cannot be avoided."
Interprets Action on Dollar
"In the first place," was the reply."I do not believe the primary purpose
of the dollar devaluation was either to raise world prices or to enable the
United States to compete in the world market. These aims were secondary
and have had small success.
"The main object as I see it was to correct a peculiarly American internal disorder by adjusting the enormous load of private debt. Until a
balance between the debtor and the creditor is established near a point at
which the debtor can pay probably the dollar will not stabilize in relation
to world currencies."
"As to the franc," M. Flandin continued slowly, switching from English
to French, which he prefers when he wishes to be especially explicit,"under
present conditions I see no benefit to be achieved by devaluation. For
foreign trade? But international commerce has dwindled to a thin trickle,
not to be expanded merely by cheap money. To reduce the living cost?
Difficult as life is here real wages are not low compared with other countries. If we succeed in striking a balance between production and consumption—my Government's first aim—at most in two years we should
approximate the domestic equilibrium essential to a country like this,
which exports only luxuries and demnds for trade on its customer's prosperity."
•
French Wheat Trading Free of Restrictions
In United Press advices from Paris Dec. 27 it was stated
that the French wheat market for both spot and future
trading is free of restrictions under France's new wheat law,
but remaining reserves of 1933 and 1934 wheat held by cooperatives under Government guarantee of a minimum price
will be acquired by the Government July 1 1935 at the
average price reached in the free market in Paris during the
first six months of 1935. In the same advices it was also
stated:
The Ministry of Agriculture announced to-night that the Government
was buying and exporting 1.000,000 quintals of wheat in January, partly
on the free market and partly from surplus stocks..
The Government started absorption of the co-operatives' surplus by
buying 1934 wheat under the old contract price of 97 francs per quintal
plus a bonus of 11 francs a quintal paid for one-half of the co-operatives'
stocks.
The wheat bill directed limitation of production and a gradual shift
from a controlled to a free market rather than regulation of market transactions. However, it contains a clause providing punishment of speculators
who provoke rise or fall of prices by launching false reports.
Higher Dividend Declared by Bank of France—SemiAnnual Payment of 107 Francs Compares with
100 Francs
A semi-annual dividend of 107 francs was declared by the
Bank of France on Dec. 27, compared with 100 francs for
the five previous semesters, said a wireless dispatch from
Paris Dec. 27, to the New York "Times" of Dec. 28. The
dispatch continued:
The Bank is in a particularly strong situation at present, and rumors
have been going the rounds of financial quarters here in the last week that
the Flandin Government's program to lower French interest rates comprehends vigorous action by the Bank of France.
"The position we cannot control," he said, "Is that the dollar and the
franc are not In harmonious relation with each other. If, at present, there
Resignation of Dr. Gustav Krupp as President of Reich
Is a strain on the pound sterling, we havefreedom to move in either direction,
Estate of German Industry
but if we have stabilization, we lose that freedom."
Official announcement of Dr. Gustav Krupp as President
The Chancellor looked forward confidently to the day "when we will be
able one again to embark on an international currency standard." Meanof the so-called Reich Estate of German Industry (in effect
time clouds on the norizon need not cause pessimism.
for several months) was made on Dec. 17, according to a
Hoping that Washington will achieve greater harmony between thefranc
and the dollar, Mr. Chamberlain said the only result of a British attempt to
wireless message on that date from Berlin to the New York
stabilize the pound while the dollar and the franc are not in harmony . "Times"
which added:
would be that England, after stabilization, might find herself in a position
Announcement was made in a letter from Dr. Hjalmar Schacht, Reich
where she would "either have to go off gold or follow a policy of deflation."
Economics Minister, thanking Dr. Krupp for "unselfish labor and effort
Mr. Chamberlain's statement was made in an incidental discussion of
In the interest of the National Socialist State." He declared he regretted
financial policy during debate on a motion for Christmas recess. The
that "professional duties" would prevent Dr. Krupp from taking over the
House of Commons later adjourned until January 28 and the House ot
direction of the Reich Group of Industries which is the estate's new name
Lords to January 29.
under the new plan providing a certain amount of self-administration.
The Chancellor's remarks to-day spiked rumors of negotiations for worldEwald Hecker, director under Dr. Schacht of the Reich Economic
wide stabilization of currencies.
Chamber, has been named head of the industrial organization as well.
World Recovery Dependent upon Joint Stabilization of
Sterling and Dollar, According to Premier Flandin
of France—Finds No Benefits to Be Achieved by
Devaluation
World business recovery must first await stabilization of
the dollar and pound sterling in relation to each other,
Premier Pierre-Etienne Flandin of France said on Dec. 22
in an interview with a correspondent of the New York
"Times." As we note elsewhere in this issue, the view was
expressed on Dec. 21 by Neville Chamberlain, the British
Chancellor of the Exchequer, that sterling cannot be stabilized until the dollar and franc are brought into greater
harmony. M.Flandin, while asserting that currency stabilization is the most important step toward world recovery,
held that this is a matter to be discussed by Great Britain
and the United States, and that "France can do nothing
but await the outcome of the fiscal policy of the two great
money powers."
Announcement Respecting Bulgarian External Loans
Issued Jointly by League Loans Committee
(London) and Bondholders Organizations—Seeks
Reduction in Service on External Debt
The proposal by the Bulgarian Government that a reduction be made in the current service of the country's external
debt from 32%% to 20% of the interest and that the transferred portion of the interest be reduced from 3234% to
10% is made known in the following announcement,(made
public Dec. 28 by Speyer & Co.) issued jointly by The
League Loans Committee (London), on which the American
bondholders are represented, in respect of the two Bulgarian
League of Nations Loans (7% 1926 and ni% 1928); The
Council of Foreign Bondholders; The Association Nationale
des porteurs Francais de Valeurs Mobilieres; The Committee
of the Amsterdam Stock Exchange; The Association Beige
pour la Defense des Detenteurs de Fonds Publics; The Swiss
Bankers' Association in respect of the Bulgarian Pre-War
Volume 139
Loans (6%, 1892, 5% 1896, 5% 1902, 5% 1904, 4%1907
and 43,% 1909):
The above-named bondholders' organizations were informed on Oct. 30
that the Bulgarian Government proposed to ask the League of Nations to
conduct an inquiry into the present economic and exchange position in
Bulgaria, and that pending the result of this inquiry, the Bulgarian Government proposed to reduce the provision in effective lovas for the current
service of the external debt from 3234% to 20% of the interest and to
reduce the transferred portion of the interest from 32%% to 10%. (It
will be remembered that under arrangements of April 20 and May 17
last, the Bulgarian Government undertook to provide in transferable lovas
and to transfer 32;i% of the interest service). As a result of telegraphic
communications, the Bulgarian Government transferred a sum of about
6,000 levas, representing 32;i% of the monthly installment due on Nov. 15
1934 for the service of the 1926 loan. This completed the provision in
foreign exchange required to meet 32%% of the coupon of that loan due
Jan. 1 1935, which will accordingly be paid at the rate of 3234%. The
Bulgarian Government at the same time transferred an approximately
equal amount representing 32Si% of two bi-monthly installments for the
service of the 1907 loan. On other payments which have fallen due in and
after November. the Bulgarian Government remained in default. Immediately after the Bulgarian Government had made the above-mentioned
transfer M. Todoroff, the Bulgarian Minister of Finance, assisted by
M. Boilleff, Vice-Governor of the National Bank, and M. Hadji Mischeff.
the Bulgarian Minister in London, met representatives of the abovenamed bondholders' organizations in London in an endeavour to reach a
temporary agreement as to the service of the external debt pending the
results of the League inquiry which is now proceeding. Following upon
the ensuing conversations M. Todoroff, on behalf of the Bulgarian Government, made the following declarations:
(1) The Bulgarian Government recognize that the arrangements of
April 20 1934 (for the League loans) and May 17 1934 (for the Pre-War
loans) remain in force; and they will maintain the full provision for the
service of those loans in the budget, receiving back against Treasury Bills
in the same way as hitherto 67M % of the interest and the whole of the
amortization where this applies (excluding capital repayments made by
refugees in respect of the 1926 loan).
(2) They will pay into appropriate deposit accounts at the Bulgarian
National Bank in effective levas the full balance of 32%% of the interest
as provided in the above arrangements.
(3) They undertake to transfer a minimum of 15% of that interest in
foreign exchange at once for payments already due but not paid, and on the
appropriate installment dates for subsequent payments,pending discussions
with the bondholders' representatives after the Financial Committee of the
League has made its report.
(4) If the Financial Committee assesses Bulgaria's capacity to transfer
on these debts at a rate higher or lower than 15%, the amounts due for
transfer as above after Nov. 1 1934(excluding amounts which the Bulgarian
Government have already transferred) will count towards whatever new
percentage of transfer is agreed with the bondholders.
(5) Should it be necessary to pay any coupons at a rate lower than the
32.Ji% stipulated in the arrangements of last April and May, such payment will not be taken as a complete discharge entitling the Bulgarian
Government to cancel the balance of the coupons (as would be the case if
the arrangements of last April and May were executed). In such case
therefore, the coupons would be stamped with an indication of the amount
paid and remain subject to further agreement with the bondholders.
For the Bulgarian Government,
(Signed) Todoroff, Minister of Finance.
The representatives of the above-named bondholders' organizations take
note of the declaration of the Bulgarian Government and announce it for
the information of the bondholders.
For the League Loans Committee (London),
(Signed) Austen Chamberlain, Chairman.
For the Council of Foreign Bondholders,
(Signed) C. Lubbock, President.
For the Association Nationale des Porteurs Francais de
Valeurs Mobilieres, and on behalf of The Association
Beige pour la Defense des Detenteurs de Fonds Publics
and the Swiss Bankers' Association,
(Signed) L. Martin.
For the Committee of the Amsterdam Stock Exchange,
(Signed) W. Cnoop Koopmans, Secretary.
Dr. Guillermo Patterson Appointed Cuban Minister
to United States
Dr. Guillermo Patterson, Cuban Minister to London, has
been appointed as Ambassador to Washington,according to a
statement by the Cuban Department of State Dec. 20, said
Wireless advices from Havana, to the New York "Times"
of Dec. 21. Dr. Patterson will replace Dr. Manuel Marquez
Sterling, who died in Washington on Dec. 9. From the wireless advices we also take the following:
Dr. Patterson, who is 66 years old, began his diplomatic career in 1902
as consul in Liverpool. He was appointed Minister to London by former
President Gerardo Machado in 1925 and has continued to hold that post
under the succeeding administrations.
The United States has already signified its acceptance of Dr. Patterson
as Ambassador, a spokesman of the State Department here said, and it is
expected that the new envoy will proceed to Washington immediately.
The appointment of a new Minister to London has not yet been announced.
Buenos Aires (Argentine) to Pay Jan. 1 Coupons on
6% Sinking Fund Bonds
Kidder, Peabody & Co., New York, fiscal agent for City
of Buenos Aires (Argentine) external 313. -year 63.% sinking fund bonds, Series 2-B, has announced that the Jan. 1
coupons on this issue will be paid in current funds at the
dollar face amount upon presentation at the firm's office
on and after Jan. 2.
Country's Foreign Trade in November-Imports and
Exports
The Bureau of Statistics of the Department of Commerce
at Washington on Dec. 27 issued its statement on the
foreign trade of the United States for November and the
4043
Financial Chronicle
11 months ended with November, with comparisons by
months back to 1930. The report is as follows:
Imports from foreign countries increased sharply in November, while
exports declined. The gain of 16% over the value of general imports in
October compares with a usual seasonal decrease of about 2%. However,
too much significance should not be attached to the large import gain over
the previous month inasmuch as the statistics for October indicated imports
to be about 10% below seasonal expectations. Taking the two months.
October and November, together and allowing for seasonal changes it
would appear that the increase in import trade since the third quarter has
been moderate. The decline of 6% in the value of exports, including reexports, was approximately the usual seasonal amount. November was the
fourth successive month in which the value of exports was greater than in
the corresponding month of each of the three preceding years.
Total exports, including reexports, were valued at $194,901.000 compared with $206,492,000 in the previous month and $184,256,000 in
November 1933. For the first 11 months of 1934 the total value was
$1,962,731,000 compared with $1,482,355,000 in the corresponding period
of 1933. Prices of goods moving in export trade have advanced during
the year and, therefore, although the gain in value of exports for the first
11 months was 32% greater than for the same months of 1933. the increase
In quantity was only about 12%.
General imports, consisting of goods entering immediately into consumption upon arrival in the United States, plus goods entered for storage
In bonded warehouses, were valued at $150,919,000 compared with $129,635,000 in the previous month and $128,541,000 in November 1933. For
the first 11 months of 1934 the value was $1,522,807,000 compared with
$1,316,041,000i n the corresponding period of 1933. Practically all of the
Increase in the value of imports in 1934 is attributable to higher prices.
The quantity of goods imported in the first 11 months of this year was
approximately the same as in that period of 1933.
The merchandise export balance declined from $77,000,000 in October to
$44,000.000 in November,and was $12,000,000 less than in November 1933.
In the months January through November exports have exceeded imports
by $439,924,000, a large amount relative to the value of foreign trade in
1934.
Imports for consumption, which include goods entering consumption
channels immediately upon arrival in the country, plus withdrawals from
from bonded warehouses, increased from a value of $137,864,000 in October
to $149,412,000 in November.
The principal factor in the expansion in the volume of our exports during
the first 11 months of 1934 was the increase in shipments of automobiles,
including parts and accessories, machinery and heavy iron and steel
products to foreign countries. The value of these three groups were, in
the order mentioned. $177,796,000. $199,243,000 and 880,557,000 during
the period January-November, 1934, in comparison with $81,325,000.
$116,710,000 and $38,644,000 in the same period of 1933. Exports of
rubber tires, copper, chemical products, advanced manufactures of iron
and steel, advanced manufactures of wood, paints, and varnishes, and
paper manufactures also showed substantial increases in value.
On the other hand, the value of raw cotton exports was less in the period
January-November 1934 than in the same period of 1933. The quantity
of unmanufactured cotton exports decreased 29% from 4,079.644,000
pounds in January-November 1933. to 2,876,486,000 Pounds in JanuaryNovember 1934, while the value declined by 5%. Lard exports also fell off
sharply, but other leading agricultural exports showed increases, in the
last named period. Unmanufactured tobacco exports increased 10% in
quantity and 77% in value. The value of fruits and nuts registered an
advance of 12%, while wheat exports showed large gains in quantity and
value but were still extremely small compared with exports in earlier years.
Among the import commodities, alcoholic beverages and grains and preparations (the latter including barley malt), showed outstanding gains
during 1934. Beverage imports were valued at $42,568,000 for the period
January-November 1934, as compared with $3,906,000 in the same period
of 1933, while grains and preparations totalled $27,807,000 and $12,212,000
in the two periods, respectively. Imports of newsprint, crude rubber.
fertilizers, copper, nickel and diamonds also increased considerably in
quantity but the quantities imported of raw silk, coffee, cocoa, sugar.
hides and skins, unmanufactured wool, and tin were decidedly less than in
the preceding year.
MERCHANDISE TRADE BY MONTHS
TOTAL VALUES OF EXPORTS INCLUDING RE-EXPORTS AND GENERAL
IMPORTS
(Preliminary figures for 1934 corrected to Dec. 22 1934)
November
11 Morahs Ending Nov.
1934
1933
1934
1933
Increase(+)
Decrease(-)
1,000
Dollars
194,901
150,919
1.000
Dollars
184,256
128,541
1,000
Dollars
1,962 731
1,522,807
1,000
Dollars
1,482,355
1,316,041
1,000
Dollars
+480.376
+206,766
43,982
55,715
439,924
166,314
Ezports and Imports
Exports
Imports
Excess of exports-Excess of imports.
Month or Period
Exports Including
Reesports
January
February
March
April
May
June
July
August
September
October
November
December
1934
1933
1932
1931
1930 •
1,000
1,000
1,000
1,000
1,000
Dollars Dollars Dollars Dollars Dollars
172,221 120,589 150,022 249,598 410,849
162,729 101,515 153,972 224,346 348,852
190,890 108.015 154,876 235,899 369,549
179,428 105,217 135,095 215,077 331,732
160.201 114,203 131.899 203,970 320,035
170,550 119,790 114,148 187,077 294,701
161.670 144,109 106,830 180,772 266.762
171,964 131,473 108,599 164,808 297,765
191,686 160,119 132,037 180,228 312,207
206,492 193.069 153,090 204,905 326,896
194,901 184,256 138,834 193,540 288,978
192,838 131,614 184,070 275,856
1929
1,000
Dollars
488,023
441,751
489,851
425,264
385,013
393,186
402,861
380,564
437,163
528,514
442,254
426,551
11 months end. Nov. 1,962,731 1,482,355 1,479,402 2,240,220 3,568,324 4,814,444
12 months end. Dee.
1,674,994 1,611,016 2,424,289 3,843,181 5,240,995
General ImportsJanuary
135,706
96,006 135,520 183,148 310,968 368,897
February
132,753 83,748 130,999 174,946 281,707 369,442
March
158,105
94,860 131,189 210,202 300,460 383,818
April
146,523 88,412 126,522 185,706 307,824 410.666
May
154,647 106,889 112,276 179,694 284,683 400,149
June
136,116 122.197 110,280 173,455 250,343 353,403
July
127,229 142,980
79,421 174,460 220,558 352,980
August
119,514 154,918
91,102 166,679 218,417 369,358
September
131,659 146,643
98,411 170,384 226,352 351,304
October
129,635 150,867 105.499 168,708 247,367 391,063
November
150,919 128,641 104,468 149,480 203,593 338,472
December
133,518
97,087 153,773 208,636 309,809
11 months end. Nov. 1,522,807 1,316,041 1,225,687 1,036,862 2,852,272 4,089,552
12 months end. Dec
1,449,559 1,322.774 2,090,635 3,060,908 4,399.361
4044
Financial Chronicle
TOTAL VALUES OF EXPORTS OF U. S. MERCHANDISE AND IMPORTS
FOR CONSUMPTION
November
Exports and Imports
11 Months Ending Nov.
1933
1934
1933
1,000
DoUars
1.000
Dollars
1,000
Dollars
1,000
Dollars
Dollars
1,457,413
1.305,842
+474,841
+202.798
Exports (U. S. mdse.)
192,321
181,291 1,932 254
Imports for consumption 149.412 125.269 1.508.640
Month or Period
Increase(+)
Decrease(-)
1934
1934
1933
1932
1930
1931
1929
Exports-U. .7. Met- 1,000
1,000
1,000
1,000
1,000
1,000
chandiseDollars Dollars
Dollars Dollars
Dollars Dollars
January
169,577 118,559 146,906 245,727 404,321 480,382
February
159,595
99,423 151,048 220,660 342.901 434,525
March
187,370 106,293 151,403 231,081 363,079 481,682
April
176,490 103,265 132,268 210,061 326,536 418,050
May
157,165 111,845 128,553 199,225 312,460 377,076
June
167,932 117,517 109,478 182,797 289,869 386,804
July
159,125 141,573 104,276 177,025 262.071 393,794
August
189,832 129,315 106,270 161,494 293,903 374.533
September
189,233 157,490 129,538 177,382 307,932 431,801
October
203,614 190,842 151,035 201,390 322,676 522,378
November
192,321 181,291 136,402 190,339 285,396 435,480
December
189,808 128,975 180,801 270,029 420,578
11 months end. Nov. 1,932,254 1,457,413 1,447,177 2,197.181 3,511,144 4,736,505
1,647,220 1,576,151 2,377,982 3,781,172 5,157,083
Imports for ConSum p1100January
128,921
92,718 134,311 183,284 316,708 358,705
125,047
February
84,164 129,804 177,483 283,713 364,188
March
153,273
91,893 130,584 205,690 304,435 371,215
141,158
AWE
88,107 123,176 182,867 305,970 396,825
May
146.865 109,141 112,611 176,443 282,474 381,114
June
135,074 123,931 112,509 174,516 314,277 350,347
July
124,010 141,018
79,934 174,559 218,089 347,133
August
117,271 152.714
93,375 168,735 216,920 372,757
September
149.743 147,599 102,933 174,740 227,767 356,512
October
137.864 149,288 104,662 171,589 245,443 396,227
November
149.412 125.269 105,295 152,802 196,917 332,635
December
127,170
95,898 149,516 201,367 302,692
12 months end. Dec.
11 months end. Nov. 1.508,640 1,305,842 1.229,194 1,942,708 2,912,710 7,027,825
12 months end. Dec.
1,433,013 1,325,093 2,088,455 3,114.077 4,338.572
GOLD AND SILVER BY MONTHS
11 Months Ending Nov.
November
Exports and Imports
ColdExports
Imports
Excess of exports
Excess of imports
SilverExports
Imports
Excess of exports
Excess of imports
1934
1933
1934
1933
Increase(+)
Decrea.te(-)
1,000
Dollars
310
121,199
1,000
Dollar
2.957
2,174
1,000
Dollars
52,619
1,094,421
1,000
Dollars
355,837
191,510
1,000
Dollars
-303,218
+902,911
783
120,889
164,327
1,041,802
1,698
15,011
464
4,083
15,538
94,014
18,451
55,248
13,313
3,619
78,478
36,797
Cold
Month or
Period
1934
1933
1932
--2,913
+38,766
Silver
1931
1934
1933
1932
1931
1,000
1,000 1,000 1,000 1,000 1,000 1,000 1,000
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
Exports
January
February
March
April
4,715
51
44
37
1,780
6,586
114
14.556
22,255
2,173
310
May
June
July
August
September
October
November
December
14 107,863
54
21,521 128,211
14
2,8123 43,909
26
16.741 49,509
27
22,925 212,229
628
4,380 226,117
40
85.375 23,474 1,009
81,473 18,067
39
58,282
60 28,708
34,046
61 398,604
2,957
16 4,994
10,815
13 32,651
859
734
665
1,425
1,638
2,404
1,789
1,741
1,424
1,162
1,898
1,551
209
289
193
235
343
2,572
7,015
3,321
2,281
464
590
1,611
942
967
1,617
1,865
1,288
828
433
888
1,316
875
1,260
3,571
1,638
2,323
3,249
2,099
1,895
2,305
2,024
2,183
2,158
872
2,168
The Committee on Securities rules that transactions made on and after
Jan. 2 1935. shall be settled by delivery of bonds bearing only the July 1
1935 and subsequent coupons, unless otherwise agreed at the time of
transaction; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
6% External Sinking Fund Gold Bonds, Due 1961, of
Colombia Affected by Ruling of New York Stock
Exchange
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following notice on Dec. 27:
NEW YORK STOCK EXCHANGE
Committee on Securities
Dec. 27 1934.
Referring to the offer of the Republic to make payment in scrip on surrender of the Jan. 1 1935, coupon on Republic of Colombia 6% External
Sinking Fund Gold Bonds, due 1961.
The Committee on Securities rules that transactions made on and after
Jan. 2 1935, shall be settled by delivery of bonds bearing only the July 1
1935 and subsequent coupons, unless otherwise agreed at the time of
transaction;
That scrip received in payment of coupons shall not be deliverable with
the bonds; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
Ruling by New York Stock Exchange on Bulgarian
7% Settlement Loan 1926 Dollar. Bonds
The following announcement was issued on Dec. 27 by
Ashbel Green, Secretary of the New York Stock Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
Dec. 27 1934.
Notice having been received that payment of $11.37 Per $1,000 bond
will be made on Jan. 2 1935, on surrender of the coupon then due on Kingdom of Bulgaria 7% Settlement Loan 1926 Dollar bonds, due 1967.
The Committee on Securities rules that transactions made on and after
Jan. 2 1935, shall be settled by delivery of bonds bearing only the Jan. 1
1934 ($17.50 paid), (ex July 1 1934 and Jan. 1 1935), July 1 1935 and subsequent coupons, unless otherwise agreed at the time of transaction; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
Part Payment of Jan. 1 Coupons on Three Series of
Bonds of El Salvador-92% of Bonds Deposited with
Bondholders Protective Committee
Holders of bonds of the Republic of El Salvador who have
deposited their bonds with the Bondholders Protective
Committee of El Salvador, will receive the following payments on the Jan. 1 coupons, it was announced on Dec. 27
by F. J. Lisman, Chairman of the Committee:
On bonds of series A $34.00 in payment of the maturing coupon for each
$1,000 bond; on bonds of series B £2 Ils, in payment of the maturing
coupon for each £1.00 bond; on bonds of series C $23.35 in cash and $7.50
In certificates of deferred interest, which the Republic has agreed to issue
In payment of the maturing coupon for each $1,000 bond.
These payments, Mr. Lisman said, are net to the bondholders after deduction of expenses amounting to approximately 15%. It was stated that the following bonds have
been deposited to date, thus assenting to the plan and
agreement:
11 mos.end.Nov. 52,619 355,837 809,515 434,143 15,538 18,451 12,590 24,317
12 mos.end.Dec.
366,652 809,528 466,794
19,041 13,850 26,485
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1,947 128,479 34,913
452,622 30,397 37.644
237,380 14,948 19,238
54,785 6,769 19,271
35,362 1,785 16,715
70,291
1,136 20,070
52,460 1,497 20,037
51.781
1,085 24,170
3,585 1,545 27,957
13,010 1,696 20,674
121,199 2,174 21,756
1,687 100,872
Series
A
B
34,426
16,156
25,671
49,543
50,258
63.887
20,512
57.539
49,269
60.919
94,430
89.509
3,593 1,763
2,128
855
1,823 1,693
1,955 1,520
4,435 5,275
5,431 15,472
2,458 5,386
21,926 11,602
20,831 3,494
14,425 4,106
15,011 4,083
4,977
2,097
2,009
1,809
1,890
1,547
1,401
1,288
1,554
2,052
1,305
1,404
1,203
2,896
1,877
1,821
2,439
2,636
2,364
1,663
2,685
2,355
2,573
2,138
3,215
11 mos.end.Nov. 1094421 191.510 262,443 522,610 94,014 55,248 18,447 25,448
12 mos.end.Dee.
_ _ _ 193,197 363,315 612,119
60,225 19,650 28,664
New York Stock Exchange Rules on 7% and 7
Gold Bonds of Hungarian Consolidated Municipal
Loan
Through its Secretary, Ashbel Green, the New York
Stock Exchange issued the following announcements pertaining to rulings affecting two bonds issues of Hungarian
Consolidated Municipal Loan:
NEW YORK STOCK EXCHANGE
Committee on Securities
Dec. 27 1934.
Referring to the offer to make payment in Pengoes in Hungary on surrender of the Jan. 1 1935, coupon on Hungarian Consolidated Municipal
Loan 20-year 73% Secured Sinking Fund Gold Bonds, due 1945:
The Committee on Securities rules that transactions made on and after
Jan. 2 1935, shall be settled by delivery of bonds bearing only the July 1
1935 and subsequent coupons, unless otherwise agreed at the time of
transaction; and
That the bonds shall continue to be dealt in "flat."
Dec. 27 1934.
Referring to the offer to make payment in Pengoes in Hungary on surrender of the Jan. 1 1935. coupon on Hungarian Consolidated Municipal
Loan 20-year 7% Secured Sinking Fund Gold Bonds, External Loan of
1926. due 1946:
Dec. 29 1934
Total
Outstanding
,rntai (P At A RARA1
%
Deposited
33,388.000
93.82%
39,010,300
£854,410
88,066,400
95.58%
89.52%
316.969.125
315.610.386
91.9961,
$3,609,000
£993,830
C
Total
Deposited
Cordoba (Argentine) to Pay Jan. 1 Coupon on 7%
Sinking Fund Bonds of 1925
Kidder, Peabody & Co. and First of Boston Ipternational
Corp., fiscal agents for Province of Cordoba, Argentine
Republic, external 7% sinking fund bonds of 1925, have
announced that the Jan. 1 coupons will be paid on and after
Jan. 2 in current funds at the dollar face amount.
Review of 1934 Bond Market by T. E. Hough of Halsey,
Stuart & Co.-Year Notable for Improved Bond
Prices-Outlook Is for Market of Large Proportions,
Dependent on Greater Confidence and Stabilization of Dollar-Balancing of Budget and Modification of Securities Act also Essential
The year 1934 "will probably be recalled as more notable
for improved bond prices than for markedly increased
activity," says T. E. Hough, Vice-President of Halsey,
Stuart & Co., in a review of the 1934 bond market, made
available for publication to-day (Dec. 29). As to the general
outlook, says Mr. Hough, two facts stand out sharply in
any consideration of the probable trend of the bond market:
(1) That vast sums of idle money are available and anxious to find
employment:
(2) That the accumulated capital demands of five years require very
large sums for refunding operations, replacements, modernization, &c.
Mr. Hough goes on to say:
The stage would thus appear to be set for a bond market of large proportions. Two things are necessary, however, to bring this potential supply
Volume 139
4045
Financial Chronicle
and demand together: first of all, there must be greater confidence in the
long-term outlook, which, in the opinion of most students means, first,
there must be no more tinkering with the dollar, but, on the other hand.
there must be assurance of stabilization at the earliest possible date. The
recent removal of restrictions on foreign exchange was a reassuring factor
in this direction, suggesting, as it does, that further dollar devaluation is not
now contemplated and that de facto stabilization exists. Even so, positive
and direct reassurance that legal stabilization is contemplated at the
earliest possible date appears to be a necessary basis for a long-term money
market.
Further, assurance is required that an honest effort will be made at
balancing the budget at the earliest possible date. Business men are aware
of the difficulty, if not the impossibility, of immediate balancing of the
budget, in view of existing demands, yet they want evidence that an earnest
and honest effort is being made to bring it into balance with all reasonable
expedition.
Finally, for longer term confidence, there must be a clear definition of the
respective fields of public and private endeavor so that the existing uncertainty on this point shall be removed.
In addition to these prerequisites to the development of a long-term money
market, modification of the Federal Securities Act so as to permit of new
financing without unnecessarily burdensome liabilities and expenses appears essential. With these obstacles removed, there is every reason to
expect a vigorous and broad-scale bond market; without them, the existing
impasse is likely to continue.
first 10 months of 1934 had a net operating income of E391.234.826, which
is at the annual rate of 1.75% on their property investment. In 1934.
47,200 miles of line, or nearly 20% of the total, were reported in receivership or as applicants for reorganization under the amended Bankruptcy
Law provisions.
The plight of the railroads is thus, obviously, a serious one and would,of
course, have been much more so except for the financial assistance rendered
during the year by the Government. Loans of about $400,000,000 have
been made to the railroads through the Reconstruction Finance Corporation.
Industrial Bonds
Total industrial bond financing to Dec. 1 1934, aggregated $26,666,000.
Such financing, limited as it was, was confined to strongly situated companies and for the most part was necessitous in character, that is,to refund
maturing issues, &c. This figure does not include financing of substantial
amount in connection with bond retirements at low rates by large corporations out of working capital, by bank loans, or by issues privately placed.
Incidentally, one of the unfortunate, and certainly one of the unintended,
results of the Federal Securities Act, has been to deprive individual investors
of the opportunity of buying some of the most desirable of current new
offerings. Issues privately placed need not be registered under the Act, as
a result of which a number of corporations of high credit standing have
found it advantageous to so place their securities during the year.
Surveying the 1934 bond market, Mr. Hough comments
as follows:
Bond Sales on New York Curb Exchange During 1934
Reach Record—Surpass $1,000,000,000 Mark for
First Time
Yearly bond sales on the New York Curb Exchange
reached $1,000,000,000 on Dec. 26. This is the first time in
the history of the institution, not excepting the boom years,
that sales have attained that figure, and compares with
$25,510,000 in 1921, the year the Curb moved indoors. The
previous high yearly record was $981,297,000 made in 1931.
,512,000 on
The largest day's trading during 1934 was
Feb. 6. Sales by years compare as follows:
The year 1934 will probably be recorded as one of convalescence in the
bond market. After four years of distress, numerous rallies and relapses
and much disagreement among the attending experts as to the causes and
cures of the market's continued ailments, there were rather definite and
sustained indications of improvement during 1934.
Among the constructive factors during the year bearing directly on the
bond market, three stand out as especially significant.
(1) The amendments to the Federal Securities Act.
(2) The amendments to the Federal Bankruptcy Act designed to facilitate
and expedite corporate reorganizations.
(3) The adoption of a Code of Fair Practice by the Investment Bankers.
Space does not permit of a discussion of these but, suffice it to say, that
the amendments to the Security Act are generally regarded as alleviative
but not curative; that the amended Bankruptcy Act is a very positive forward step in the vast problem of corporate reorganization now confronting
the nation; and that the Investment Bankers' code is an achievement of
first rank—the good effects of which are not yet evident but will become so
with the resumption of activity in the bond market.
Offsetting these forward steps, and accounting in large part for the unwillingness of capital to seek employment in anything but short or relatively
riskless investments, are these adverse developments during the Year:
(1) Mounting Government debt, further unbalancing the budget and
continuing the spectre of possible monetary inflation that has so long haunted
the buyer of fixed income securities.
(2) Governmental competition with private industry, notably in the
public utility field.
(3) Radical legislation past and potential, of which the Frazier-Lemke
Bill is one of the most disturbing examples.
(4) The growing tax burden, which looms threateningly over all productive enterprise no lees than on those individuals who derive their income
either in wages or capital return from industry.
Summarizing, 1934 will probably be recalled as more notable for improved
bond prices than for markedly increased activity. The fact is, of course.
that in both the corporate and municipal fields the lack of large-scale new
offerings is what has brought about the high level of prices; in other words,
the concentration of huge sums of idle money in the relatively few available
bonds has resulted in a scarcity value that has contributed markedly towards
advancing prices.
As to Government borrowings, Mr. Hough's review says:
Government Bonds
Aside from the mere size of the Government borrowings, the most
significant developments related thereto during the year were:
(1) Substitution of 182-day bills for the 91-day bills previously used,
thus reducing the frequency of new financing efforts.
(2) The lowering of the discount rates on such bills, as well as reduction
in the coupon rates of longer term obligations.
(3) Further progress toward refunding outstanding long-term debt at
lower interest rates and toward financing part of the Government's requirements with long-term rather than short-term obligations. Substantial
savings in interest nave resulted from these operations.
As a result of the year's operations the total gross debt of the United
States mounted to an all-time high of $27,364,639,503 on Dec. 7 1934,
surpassing the war-time peak of $26,596,701,648 registered on Aug. 31
1919. The 1934 total, moreover, does not include the debt of other
lending agencies, for which the Government is contingently liable for
payment of principal and (or) interest, or both. Of these the HOLC
and the FFMC alone have about $3,000,000,000 of bonds outstanding.
The extent to which the Government must continue to dominate the
financial markets is indicated by the fact that during the next five years
short-term debt aggregating over $11,500,000,000 is due for payment
(including $1,870,000,000 Fourth Liberty 4;is called for payment on April 15
1935). To the total given must, of course, be added any requirements
to fund further deficits in current operations. The scarcity of competitive
offerings and the glut of idle money have rendered the Government's
financial operations relatively easy, despite their staggering size. Even
so, the bonds have not been "popularly" placed. At present it is estimated that banks hold about 55% of the Government debt, such holdings
constituting about 25% of the total assets of members of the Reserve
System. So long as business remains stagnant, this probably presents no
serious problem either to the Government or the banks,though it is obviously
not a desirable situation nor an ultimate solution of the Government's
financial problem.
Regarding State and municipal bonds, the review states
in part:
In point of volume ($821,163,656, to Dec. 11934) State and municipal
bonds easily maintained their position ofleadership. which has now extended
over three years. This year's total compares with $520,975,438 new State
and municipal offerings in all of 1933, and $850,480,079 in 1932. Relief,
public works projects, and refunding operations, accounted for a majority
of the new offerings during the year.
From the review we also quote:
Railroad Bonds
revenues of the railroads declined from $6,280,000.000 in
1929 to $3,095,000,000 in 1933. a 51% decline. Class 1 railroads for the
Operating
1921
1922
1923
1924
1925
$25,510,000
55,212,000
90,793,000
200,315,000
500,533,000
1926
1927
1928
1929
1930
$525,810,00011931
575,472,00011932
838,722,000 1933
513,551,000 1934
863,541,000
$981.297.000
952,144,000
944,374,000
*1,001,500,000
•Up to Dec. 26.
Filing of Registration Statements Under Securities Act
On Dec. 17 the Securities and Exchange Commission
announced the filing of nine additional registration statements under the Securities Act of 1933 during the period
from Dec. 7 to Dec. 13, inclusive. The total involved was
$10,606,960, of which $3,742.960 represented new issues.
The securities are grouped as follows:
$1,642,960
Commercial and industrial issues
2.100.000
Investment trusts
Certificates of deposit and reorganizations
6.864.000
The list of registration statements (Nos. 1212-1220) was
announced as follows on Dec. 17:
Garland Building Corp. (2-1212, Form D-IA) of Chicago, seeking to issue
certificates of deposit for $866,500 of first mortgage 6 % serial gold bonds
in connection with a plan of readjustment.
Garland Building Corporation (2-1213, Form E-1) of Chicago, registering
$844,000 offirst mortgage 655% serial gold bonds in connection with a plan
of readjustment which contemplates an extension of maturity dates and a
modification of the provisions of the present issue without the issuance of
new securities.
Tampaz Sales Corp. (2-1214. Form A-1) of Denver, seeking to issue 743
shares of 8% preferred stock at $20 a share, 12,063 shares of class A common stock at *10 a share and 247 shares of class B common stock at $10 a
share, less stock sold prior to the effective date of this statement under
authority of Registration Statement 2-578, now in effect.
Oklahoma Carey Trust (2-1215. Form A-1) of Tulsa, seeking to issue 4,000
units of beneficial interest in ownership and income from certain Oklahoma
oil and gas mining leases at $100 each. Proceeds will be used to buy the
leases. W. E. Brown of Tulsa is President.
First Mortgage
Protective Committee for American Writing Paper Co.,
6% Gold Bonds Due Jan. 1 1947 (2-1216. Form D-1), seeking to issue certificates of deposit for $5,153.500 of the bonds having a market value on
Dec.3 of $1.145,190. Edward A. McQuade,22 East 40th Street, New York.
City. is Secretary of the committee.
Pennsylvania Engineering Works (2-1217, Form A-1) of New Castle, Pa.,
seeking to issue $500,000 of first mortgage 6% five-year bonds at $95 Per
$100 face value. The proceeds are to be used to liquidate current indebtedness, bank and trade notes and for working capital.
Pennsylvania Engineering Corp. (2-1218, Form A-1) of Pittsburgh, Pa.,
seeking to issue 100,000 shares of $1 par stock under options attached to
above bonds to convert the bonds at par value into stock at $5 a share, and
5.000 shares of $1 par stock under option attached to above bonds to buy
one share of stock at $2.50 a share for each $100 par value of bonds.
Foresight Foundation, Inc. (2-1219, Form A-1) of Philadelphia, seeking to
issue 20,000 units of stock fund contracts of $100 face amount for investment in a limited list of securities. Initial sales price will be face amount
plus 5%. After funds have been invested, the sales price will be liquidating
value plus 5%, or $5. whichever is greater.
Region Mines, Ltd. (2-1220. Form A-1) of Vancouver. B.C., seeking to
issue 500,000 shares of $1 par common stock at not above 30 cents a share
for mining development, machinery and corporate expenses.
The Securities and Exchange Commission on Dec. 24
announced the filing of 17 additional registration statements
under the Securities Act of 1933. The total involved is
$30,495,375, of which $4,901,875 represented new issues.
The securities involved are grouped as follows:
Commercial and industrial issues
Certificates of deposit and reorganizations
Oil royalties
$4,901,875
25,311,900
281.600
The list of securities (announced Dec. 24) for which
registration is pending covers the following (Nos. 589 and
1221-1236).
4046
Financial Chronicle
Dec. 29 1934
Blue Star Markets, Inc. (2-589, Form A-1, Refiling) of Phoenix, Ariz,
curities C., Dover, Del. This makes total net proceeds to be raised of
seeking to issue 5,000 shares of $10 par value common stock at $10 a share
$1.383,333.33. As of Oct. 1, the company's total investments costing
for equipment and operating expenses of a chain of food markets.
$242,136.50 were comprised solely of various debentures of the New England
Greenland Trust (2-1221, Form A-1), seeking to issue 25,000 units of
Gas & Electric Association.
beneficial interest in certain Oklahoma City Field oil and gas mining
Loomis-Soyles Second Fund, Inc. (2-1231, Form A-1) of Boston, seeking to
leases and interests at $5.00 per unit. Alexander, McArthur & Co. of
Issue 100,000 shares of $10 par common stock in a new general investment
Kansas City, Mo., are principal underwriters.
fund. Initial offering is to be made at $25 a share.
La Luz Mining Corp. (2-1222, Form A-1) of Montreal, seeking to issue
Schots Safety Razor Corp. (2-1232, Form A-1) of Detroit. Mich., seeking to
100,000 shares of $1 par class A stock at $1.50 a share for mining plant and
Issue 30,000 shares of $1 par common stock at $7.50 each, the proceeds to be
equipment.
used for general corporate purposes. 13. B. Howe & Co., 32 Broadway,
Bondholders' Protective Committee for Houston Medical Arts Building Co.
New York City, are principal underwriters.
Series "A" First Mortgage 5% Bonds (2-1223, Form 1)-1), seeking to issue
Precious Metals, Inc. (2-1233, Form A-1) of Buffalo, seeking to issue
certificates of deposit for $1,128,000 of the bonds. W. C. Collins of St.
500,000 shares of $1 par value common stock, 100,000 shares at $1 each and
Louis Is:Chairman,
each successive 100.000 shares at an increase of 25 cents a share up to $2
Caribbean Fisheries, Inc.(2-1224, Form A-1) of New York City, seeking to
a share for the last 100,000 shares. The proceeds are to be used for mine
Issue 62,500 shares of class A common stock at $1.25 a share and 62,500
and mill development and working capital.
shares of class B common stock at $1.25 to purchase equipment and provide
American Fidelity Corp., Ltd. (2-1234, Form G-1) of San Diego, Calif.
working capital.
seeking to issue oil and gas royalty interests in a one-eighth royalty interest
Unified Debenture Corp.(2-1225, Form 1)-1) of Newark, N. J., seeking to
in the "Harrell Davis Fish" lease in the Oklahoma City Field. The royalty
Issue certificates of deposit for 11 mortgage company issues totaling $11.owners are to receive payments from the Globe Oil & Refining Co. and the
684.900 insured as to principal and interest by the Metropolitan Casualty
Phillips Petroleum Co.
Insurance Co. of New York as follows:
Snowcrest, Inc. (2-1235, Form A-1) of Wilmington, Del., seeking to issue
40,000
shares of $10 par value class A common stock at $10 a share, the
$823,500 American Home Security Corp., coll trust gold bonds. series 0.
225.300 Federal Home Mortgage Co., guar. 1st mtge. coll. gold bonds.
proceeds to be used to construct, equip and operate a hotel and apurtenances
744.100 Fidelity Home Investment Co., guar. 1st mtge. coll gold bonds.
In California.
4,233,500 Home Mortgage Co., guar. 1st mtge. coll, gold bonds.
Protective Committee for First and Refunding Mortgage 6% Gold Bonds
1.008,600 Illinois Standard Mortgage Co., guar. 1st mtge.coll, gold bonds.
Series
Illinois
287,900
Standard Mortgage Corp., guar. 1st mtge.coll. gold bds.
A,of Chicago, Aurora and Elgin RR. Co. (2-1236, Form D-1), seeking
471,000 Mortgage Assurance Corp., guar. 1st mtge. coll, gold bonds.
to issue certificates of deposit for $4,850,000 of these bonds having a market
704,000 Southern Securities Corp., guar. 1st mtge. coll, gold bonds.
value
on
Dec. 14 of $266,750. John J. Slattery, 30 Pine Street, New York
1,821,000 Union Mortgage Co., guar. 1st mtge. coll, gold bonds.
City, is Secretary.
23,000 Union Mortgage Investment Co., guar. 1st mtge. coll, gold bds.
1.343,000 Universal Mortgage Co., guaranteed gold bonds.
In making public the above the Commission said:
The estimated market value of the issues as of Dec. 1 was $4,440,262.
These statements are now being examined by the Commission. In no
Under the proposed plan of reorganization, depositing bondholders will be
case does the act of filing with the Commission give to any security its
given for each $1,000 bond, $300 in cash and $700 face amount of new
approval or indicate that the Commission has passed on the merits of the
20-year unsecured debentures of the issuer bearing 2% for the first five
Issue
or that the registration statement itself is correct.
years, 3% for the second five years, 4% for the third five years, and 5%
for the last five years.
The last previous list of registration statements was given
• Interstate Debenture Corp (2-1226. D-1) of Newark, N. J., seeking to
in our issue of Dec. 15, page 3729.
issue certificates of deposit for 15 mortgage bond issues of apartment houses
and hotels totaling $1,684,000 guaranteed by the Metropolitan Casualty
Insurance Co. of N. Y., as follows:
C. G. Garcia Forms Committee for Protection of
$194,000 Asheville-Biltmore Hotel Co. (Asheville-Blltmore Hotel,
Asheville, N. C.)
December Sugar Contracts on New York Coffee
78,000 J. F. Evans (Briarcliff Apartments, Atlanta, Ga.)
and Sugar Exchange
110,500 Campus Building Corp.(Campus Apartments, Chicago, Ill.)
233,000 Capitol Hotel Co..Inc.(Capitol Hotel, Amarillo, Tex.)
The formation of a Committee for the protection of De70,000 Leslie M. White (Church-White Building, Pocatello, Ida.).
45,500 A. W. Eaton (Sheridan Apartments, Denver, Colo.).
cember
Sugar Contracts on the New York Coffee and Sugar
37,500 Harold R. Finn (Geraldine Apartments, Denver, Colo.).
28,000 W. E. and Helen B. Grimm (Lyndhurst Apartments. Denver,
Exchange was announced on Dec. 27 by Carlos G. Garcia,
Colo.).
President of the Garcia Sugar Corporation. Mr. Garcia,
114,000 Maple Manor Building Corp. (Maple Manor Apartments,
Chicago, Ill.).
Chairman of the Committee, and who is not a member of
130,000 Rockhill Hotel Co.(Rockhill Manor, Kansas City, Mo.).
46,500 Ethel G. and Roy W.Short (Short Apartments, Denver, Colo.).
the
Exchange, issued the following announcement on Dec.
174,000 Henry E. and Hattie W. Smith (Talmage Place Apartments,
27, regarding a meeting of the Committee scheduled for
Amarillo, Tex.).
156,000 DaMet Building Corp.(DaMet Apartments, Chicago, Ill.).
yesterday (Dec. 28):
40,000 Saul Katz and Sophie L. Katz, his wife (DuBois Apartments,
Detroit, Mich.).
The protective committee of holders of December. 1934, sugar contracts
227,000 Samuel Widre and Becky Wildre and Harry Rubin and Anna
n the New York Coffee and Sugar Exchange will meet at 11 A. M.,Friday,
Rubin (Selden Lodge-Glen Gable. Detroit, Mich.).
Dec. 28, at 99 Wall Street, twenty-third floor, to adopt all necessary
The estimated market value of these issues as of Dec. 1 1934. was $639.measures to maintain rights under the contracts, engage counsel,formulate
920. Under the proposed plan of reorganization, depositing bondholders
demand that the Exchange rules be observed and, if necessary, demand
will be given for each $1,000 bond. $300 in cash and $700 face amount of
Agricultural Adjustment Administration or Congressional investigation
new 20-year unsecured debentures of the issuer bearing 2% for the first
of trading conditions on above mentioned Exchange. All persons having
five years, 3% for the second five years, 4% for the third five years, and
contract interest in the December position are invited to attend this
5% for the last five years.
meeting.
Empire Debenture Corp (2-1227, Form D-1) of Newark, N. J., seeking to
It was stated lsst night (Dec. 28) that as an outgrowth of
issue certificates of deposit for 12 mortgage bond issues of certain apartment
houses in the vicinity of New York City totaling $2.914.000. guaranteed
the meeting the Committee instructed its Counsel to take
by the Metropolitan Casualty Insurance Co. as follows:
the necessary steps to enforce the contracts. From the
$167,500 Arline Court, Inc.(Arline Court Apartments, Brooklyn, N.Y.).
New York "Sun" of last night we quote:
149.500 Chatelaine Construction Co., Inc. (Bedford Apartments,
Brooklyn, N. Y.).
Counsel for the Committee of"longs" has filed a brief with the Chairman
460.000 B. & C. Nieberg Realty Co., Inc. (Broadway Terrace Court
of the Adjudication Committee of the Exchange, and no statement will be
Apartments, New York City).
Issued
until the Committee receives a reply. • • •
191,500 Glenwar Realty Corp. (Glenwood-Warburton Apartments,
Yonkers, N. Y.).
The action of the Committee was generally acclaimed by the rank and
414,000 Mayfair Manor Corp. (Mayfair Manor Apartments, Jackson
file of "long" sugar interest who are not members of the Exchange.
Heights, N.Y.).
The view was expressed that these "outsiders" were representative of
155,500 Passaic Arms, Inc.(Passaic Arms Apartments, Passaic, N. J.).
the general public wnich has often gone "long" on sugar and who, having
266,500 Carco Realty Co., Inc. (St. Albans Apartments, N. Y. City).
330,000 Shermave Realty Co., Inc. (Sherman Avenue Apartments.
won for the first time in years against the shorts, are now unable to collect
New York City).
their profits.
179,500 Symel Realty Co., Inc. r001-1011 University Ave., N.Y.City
It is understood that the matter may be aired before the AAA and Con197,000 Symel Realty Co.,Inc. 1021-1031 University Ave.,N.Y.City
gress.
244,500 Symel Realty Co.,Inc. 1041-1051 University Ave.,N.Y.City .
158,500 Vestor Holding Corp. (Vestor Court Apartments, Jackson
Referring to the action taken by the Exchange in the
Heights, N. Y.).
matter of the December contracts, the New York "Herald
The estimated market value of the issues as of Dec. 1 was $1,107,320.
Tribune" of Dec. 22 noted that with trading in December,
Under the proposed plan of reorganization, depositing bondholders will be
given for each $1,000 bond, $300 in cash and $700 face amount of new 201934, contracts in sugar suspended by order of the Board
year unsecured debentures of the issuer bearing 2% for the first five years.
of Managers, William H.English, Jr., President of the New
3% for the second five years, 4% for the third five years, and 5% for the
York Coffee and Sugar Exchange, appointed on Dec. 21 a
last five years.
committee of five, to be known as the committee for volunMitten Bank Securities Corp. (2-1228, Form E-1) of Philadelphia, Pa.,
tary liquidation, to attempt to bring longs and shorts together
seeking to register, as guarantor. $1,220,400 (market value) guaranteed
in an amicable settlement in the sugar "squeeze" on that
first mortgage 4% bonds to be issued in a reorganization. The reorganizamarket.
tion involves a modification of the terms of the bonds. The bonds were an
In the same item it was stated:
original issue of $3,750,000 principal amount first mortgage 6% gold bonds,
Issued by Edward D. Cuthbert, of which $3,051,000 are now outstanding.
The Sugar and Coffee Exchange apparently is seeking an amicable settleThe guarantors propose to reduce the interest rate of the bonds from 6%
ment on short interest, now estimated at 25,000 tons. If voluntary agreeto 4% and to extend the maturity dates falling between March 15 1934, and
ments are not made and settlements are forced under the exchange conMarch 15 1939, to March 15 1940.
stitution, shorts unable to deliver are subject to a penalty of 25 points.
Bankers National Investing Corp. (2-1229, Form A-1) of Wilmington,
34" cent a pound, above the spot price on day of delivery. This spot price
Del., seeking to register 25,000 shares of preferred stock 60-cent dividend
Is set at 2 o'clock daily by the exchange.
convertible series, to be offered at $10 per share: and 250,000 shares of
Penalty Not Released
common stock, of which 225,000 shares are to be offered at $4.625 Per
Another resolution of the managers decreed that the "rights of parties to
share, and 25,000 shares are reserved for the conversion privilege of the
contracts still open at 3 P. M. on Dec. 24 1934, as reported to the Board
preferred stock at $10 per share. The new funds are to be used for general
investment purposes.
by the committee on voluntary liquidation, shall be reserved for determination in accordance with the by-laws and rules of the exchange, and that
New England Capital Corp. (2-1230, Form A-1), of Cambridge. Mass..
neither of the resolutions nor the action of said committee of voluntary
seeking to issue $1,000,000 of 6% debentures at face value to be invested
inipublic utility operating and holding companies. At present the issue is
resolutions shall predetermine the applicability of sugar trade rule 15 or
being,offered to employees of the New England Gas & Electric Association
the penalties therein provided for, or the applicability of other by-laws and
and certain subsidiaries who are residents of Massachusetts without the
rules of the exchange." Sugar rule 15 provides for the 25-point penalty.
use of the mails for solicitation or delivery. It is intended to offer the issue
With the sugar market reported as totally stripped of Cuban sugar under
to other employees of the Associated Gas & Electric System. Employers
the AAA restrictions until 1935, the only apparent solution to the impasse
are to contribute 33 1-3 cents for each dollar paid by subscribers. In
Is financial settlement. All indications yesterday were that the Sugar and
addition, an issue of 500 shares of common stock was sold to Day & Co. of
Coffee Exchange hoped for a friendly settlement, in view of the protests
New York City at $100 a share for account of the Utilities Employees Sefrom shorts that the refiners agreement had "changed the rules ofthe game."
Volume 139
Financial Chronicle
Regulations of SEC Governing Application for Permanent Registration of Securities Under Securities
Exchange Act of 1934—Form 10 for Corporations
As was noted in these columns Dec. 22, page 3879, the
Securities and Exchange Commission issued on Dec. 20 the
rules and form to be used by corporations for the permanent
registration on stock exchanges of• securities temporarily
registered. This form (designated Form 10) is to be used
by all corporations except the following classes of registrants
and securities:
Carriers under jurisdiction of Inter-State Commerce Commission.
Companies under jurisdiction of Federal Communications Commission.
Certificates of deposit.
American certificates against foreign issues, either government or
corporate.
Insurance companies.
Banks and bank holding companies.
Investment trusts, corporate or other.
Foreign corporate bonds.
Securities of corporations in process of reorganization pursuant to Section
77 or 77-B of the Bankruptcy Act.
Securities of corporations in bankruptcy or receivership.
It is stated that the requirements governing the above
issuers and securities will be promulgated later.
The SEC announces as follows the general rules as to
Form 10:
1. Any application shall be deemed filed on the proper form unless objection to the form is made by the Commission prior to the becoming effective
of the registration.
2. An original of the application, including exhibits, shall be filed with
the exchange upon which registration is being sought. One duplicate
original thereof, including exhibits, shall be filed with the Commission,
and in addition two copies of the application proper and financial statements,
but without exhibits. Reference is made to Rule JB-4 of the general rules
and regulations of the Commission, permitting incorporation of exhibits by
reference. If application is made for the registration of securities of the
registrant on more than one exchange, the registrant may prepare one
application covering all securities to be registered on any of the exchanges
and, in such case, shall file originals of such application with each exchange
and a duplicate original and two copies, as above, of such application with
the Commission. A registrant may,however, at its option prepare separate
applications for each exchange upon which registration of any of its securities is being sought, and, in such case, shall file a duplicate original and
two copies, as above, of each such application with the Commission.
3. Attention is called to Section 24(b) of the Act, which reads as follows.
"Section 24(b). Any person filing any such application, report, or
document may make written objection to the public disclosure of information contained therein, stating the grounds for such objection, and the
Commission is authorized to hear objections in any such case where it
deems it advisable. The Commission may, in such cases, make available
to the public the information contained in any such application, report, or
document only when in its judgment a disclosure of such information is
in the public interest; and copies of information so made available may be
furnished to any person at such reasonable charge and under such reasonable limitations as the Commission may prescribe."
Rule UB-2 of the general rules and regulations of the Commission further
provides as follows:
"Objections to public disclosures of material filed with exchange and(or)
CommissWn. (a) If any person filing an application, report or document
with the exchange and(or) the Commission under any provision of the Act
wishes to object to the disclosure of the information contained therein, he
shall file that portion of the application, report, or document which contains
such information separately from the remainder and shall plainly mark it
'confidential.' taking care that the other portions of the application, report,
or document that is filed shall contain none of the information to the
disclosure of which objection is made. He shall also, at the time of such
filing, file with the Commission written objection to such disclosure which
(1) shall identify that portion of the application, report, or document to
the disclosure of which objection is made, (2) shall state the reasons why
disclosure thereof is not in the public interest, and (3) may request a hearing
on the question of disclosure.
"(1)) Until and unless the Commission determines that such information
elan be publicly disclosed, it will be kept confidential."
Any registrant which desires to avail itself of the foregoing provisions
may enclose that part of its application, to public disclosure of which
objection is made, in a separate envelope marked CONFIDENTIAL and
addressed to Joseph P. Kennedy, Chairman, Securities and Exchange
Commission, Washington, I). C.
4. All applications shall be typed or printed on good quality unglazed
white paper 8% inches by 13 inches in size. Tables and financial data,
however, may be on larger paper if folded to such size. Typed or printed
matter shall leave a margin of at least 1% inches on the left. Applications
shall be securely bound and on the left only. Riders may not be used.
If the application is typed on a printed form, and the space provided in
the form for an answer to any given item is insufficient, the answer shall
be typed on the space provided so far as the space permits and shall include
in such space a reference to a full insert page or pages on which the answer
shall be continued. Such insert page shall bear the number of the item
thus continued.
The registrant is not required to use the printed form; if it does not do
so, however, it will be necessary to type or print a complete application.
containing both the items in the forth and the answers thereto.
5. Matters contained in the application proper or in the financial data
may be incorporated by reference as answer or partial answer to any
particular item in the application proper, provided the reference is specific
and the matter incorporated is clearly designated in the reference. A
reference to an exhibit will not suffice as an answer, subject, however,
to the provisions of the next rule, and except as otherwise specifically
provided.
6. Where "brief" answers are required, brevity is essential. It is not
intended, in such case, that a statement shall be made as to all of the
provisions of any document, but only, in succinct and condensed form, as
to the most important thereof. In addition, the answer may incorporate
by reference particular items, sections or paragraphs of any exhibit, and
may be qualified in its entirety by such reference.
7. All answers shall be so worded as to be intelligible without the necessity
of referring to the instruction book.
8. The items require information only as to the registrant, unless the
context clearly shows otherwise.
9. Information required must be given unless neither known nor available to the registrant without unreasonable effort or expense. In such
ease, however, an explicit statement to such effect shall be made.
19. All debits in credit categories and all credits in debit categories shall
be set forth in such manner as to be clearly distinguishable both on the
original and any photostat made thereof, such as by italics or asterisks.
See Rule A-2 of general rules and regulations.
4047
11. Except as specifically provided, if any item is inapplicable, or the
answer is "none," a statement to such effect is to be made.
Definitions
Unless the context clearly indicates the contrary, all terms used in these
instructions and in the form have the same meaning as in the Securities
Exchange Act of 1934 and in the general rules and regulations of the Commission thereunder. In addition, the following definitions apply, unless
the context clearly indicates the contrary:
The term "registrant" means the issuer of the securities for which the
application is filed.
The term "control" (including the terms "controlling," "controlled by"
and "under common control with") as used herein, means the possession,
directly or indirectly, of the power to direct or cause the direction ot the
management and policies of a person, whether through the ownership of
voting securities, by contract or otherwise. If in any instance the existence of control is open to reasonable doubt, the registrant may state the
material facts pertinent to the possible existence of control, with a:disclaimer of any admission of the actual existence of effective control. las
The term "affiliate" or "affiliated" refers to a person that directly, or
indirectly through one or more intermediaries, controls or is controlled by,
or is under common control with,the registrant.
The term "parent" refers to an affiliate controlling the registrant directly.
or indirectly through one or more intermediaries.
The term "subsidiary" refers to an affiliate controlled by the registrant
directly, or indirectly through one or more intermediaries.
The term "material," when used herein to qualify a requirement for the
furnishing of information as to any subject,limits the information required
to such matters as to which an average prudent investor ought reasonably
to be informed.
The term "voting power" refers to the right, other than as affected by
events of default, to vote or, by virtue of beneficial ownership of securities
or otherwise, to direct votes, for the election of directors.
The term "funded debt" has reference only to indebtedness having a
maturity, at the time of its creation of more than one year, independent
of acceleration.
Whenever any fixed period of time in the past is indicated, such period
shall be computed from the date of filing of the application.
Whenever words relating to the future are employed,the question relates
solely to present intention.
The term "principal underwriter" means an underwriter in privity of
contract with the issuer of the securities as to which he is underwriter.
The term "amount" used in regard to securities, means the principal
amount if relating to evidence of indebtedness, the number of shares if
relating to capital stock, and the number of units if relating to any other
kind of security.
Rule AT-2 of the general rules and regulations provides:
"Definition of officer. The term officer means a president, vice-president, treasurer, secretary, comptroller, and any other person who performs
for an issuer, whether incorporated or unincorporated, functions corresponding to those performed by the foregoing officers."
When in any table required to be furnished the words "Title of Issue"
are used, there shall be given:
(a) In the case of stock, the full designation of the class of stock, and if
not included therein, the rate of dividends, if fixed, and whether cumulative
or non-cumulative;
(b) In the case of funded debt, the full designation of the issue, and, if
not included therein, the rate of interest, and the date of maturity. If
"Income" bonds, debentures or notes, the word "income" should be added
to the designation. If due serially a brief indication should be 1940..
given of
the serial maturities, for example,"maturing serially from 1936 to
(c) In case of any other security, a similar designation.
Form 10, to which the above general rules apply, follow:
(Sample Form—Not for Filing)
Application Received
File No.
Form 10
For Corporations
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
Application for Permanent Registration under Section 12(b)
of the Securities Exchange Act of 1934
of
Securities Temporarily Registered
(Name of Registrant)
Securities to be Registered
Amount
Title of Issue. or Issues
Issued
Unissued
Names of Exchanges
on which
Registration
Applied for
Name and Address of Person Authorized to Receive Notices and
Communications from the Securities and Exchange Commission:
The information required to be given under the items hereinbelow set
forth is more specifically defined in the "Instruction Book for Form 10,
For Corporations."
ORGANIZATION
1. Exact name of registrant:
2. Address of principal executive offices:
3. The State or other sovereign power under which incorporated:
4. Date of incorporation:
.5. Date of termination of charter:
6. Date upon which fiscal year ends:
7. Date and place of annual meetings:
8. Name all securities exchanges upon which each class of securities of
the registrant is temporarily registered:
9. Name all securities exchanges upon which each class of securities
registered hereunder is to be registered:
10. List the following and indicate the respective percentages of voting
power as required by the instructions:
(a) All subsidiaries of the registrant.
(b) All parents of the registrant.
HISTORY AND BUSINESS
11. Describe briefly the general character of the business done by the
registrant and its subsidiaries, and any substantial changes which may
have occurred in the general character of the business within the preceding
five years:
PROPERTY
12. State briefly the general character and location of the principal
plants and other important units of the registrant and its subsidiaries. If
any principal plant or important unit is not held in fee,so state and describe
how held:
4048
Financial Chronicle
Dec. 29 1934
CAPITAL SECURITIES
13. A. For each issue of authorized Funded Debt of the registrant,furnish the following information:
As of:
Cot. A
Col. B
Col. E
Cot. L5
Col. F
Col. C
Col. G
Title
Amount in
Amount
Amount out- Amount
Amount
Amount
ofA
treasury
authoroutstandpledged
standing
held by
Issue
ized
exclusive
of regisby regising as
subsid•
by
trant
per balof that
trant
lades
Indenheld in
ance sheet
ture
of
regLstreasury of
registrant
train
Coi.H
Col. J
Col.
Amount
in Sinklog and
other
funds of
matstrant
State
whether
additional
amounts
may be
Issued
Amount
being
registered
13. B. For each issue of authorized Funded Debt of subsidiaries of the registrant consolidated in the registrant's consolidated balance sheet,furnish
the:following information:
As of:
Col. A
Cot.))
Coi. C
Col. B
Cot. E
Col. F
Col. G
Col. H
Name of
Amount outTitle of
Amount
Amount outAmount in
Amount pledged
State
Issuer
standing exauthorized
issue
standing as
treasuries
by registrant
whether
elusive of
per consollby ladenof regisand subsidadditional
amount held
tare
dated balance
trant and
laries conamounts
in treasuries
sheet
subsidiaries
solidated
may be
of registrant
consolidated
issued
and subsidiaries
consolidated
14. For each class of authorized Capital Stock of the registrant, furnish the following information:
As of:
Col. E
Col. B
Col. D
Col. C
Col. F
Col,
Cot. A
Title of
Issue.
including
par, or
It no par,
stated
value, If
any
Amount
authorized
by charter
by-laws
Amount
outstanding
Capital
Stock
liability
as per
balance
sheet
Amount
in
Treasury
of
Registrant
Amount
owned by
subsidiaries
Amount
owned by
parents
Col. H
Amount reserved
for officers
and employesis
Col. I
Amount reserved for
options,
warrants,
conversions
and other
rights, excluding
amounts under
Col. H
Col. J
Amount
being
registered
15. For each class of Securities of Other Issuers Guaranteed by the Registrant, furnish the following information:
As of:
Cot. A
Col. B
Col. C
Col. D
Col. E
Title of issue, including par or, if no par,
stated value, if any.
Total amount guaranAmount in Treasury of
Amount In Treasury of
Brief statement of
of stock
teed and outstanding
Registrant
issuer of securities
nature of guarantee
16. For Warrants or Rights granted by the registrant to subscribe for or purchase securities of the registrant,furnish the following information.
As of:
Col. A
Col. B
Col. C
Cot.))
Col. B
Cot. F
Col. G
Title of Issue
Number of
Amount of
Aggregate
ExpiraPrice at which
Amount of warof Securities
Securities
Amount of
Warrants
tion date
Warrant or Right
rants or rights
called for by
called for
or Rights
securities
of Warrants
exercisable
being regisWarrants or
outstanding
called for
by each
or Rights
tered
Rights
Warrant or
by Warrants
Right
or Rights
Outstanding
17. If there is any class of securities of the registrant authorized, other
than those called for by Items 13-A, 14, 15 and 16, set forth information
concerning such securities similar to that required for the securities mentioned.
DESCRIPTION OF SECURITIES
18. For each issue of Funded Debt set forth under Item 13-A which Is
to be registered hereunder:
(a) Outline briefly the amortization, sinking fund, redemption and
retirement provisions.
(b) Outline briefly the terms of any conversion or voting rights.
(c) State whether secured by any lien, and briefly describe the property
subjected to such lien.
(d) If serial, give the plan of serial maturities.
(e) If additional securities of the same issue may be issued under the
respective indenture, state the amount thereof and outline briefly the
conditions on watch such issue can be made.
(f) State the amount of other securities which may be issued, and, if
issued, will as to security rank ahead of, or pad passu with, the issue
described.
(g) If substitution of any property securing the Issue is permitted, outline briefly the principal provisions permitting such substitution, stating
whether or not any notice is required in connection with any such substitution.
(h) State the interest rate and interest dates if the obligation to pay
interest is made dependent upon earnings or other special conditions, outline briefly the provisions applicable thereto.
19. For each class of Stock set forth under Item 14, which is to be
registered hereunder, or which, either as to dividends or on liquidation,
ranks equal or prior to any stock to be registered hereunder:
(a) Outline briefly: (i) dividend rights; (it) limitations in any indentures or other agreements on the payment of dividends; (ill) voting rights,
(iv) liquidation rights; (v) pre-emptive rights; (vi) subscription rights;
(vii) conversion rights; (viii) redemption provisions applicable thereto,
and (ix) liability to assessment.
(b) Submit a schedule indicating for a period of three fiscal years: (i) the
dividends paid per share; (ii) the methods of payment, i.e. whether in
cash, stock or otherwise; (tit) if dividends were paid in stock, state the
exact name of the account charged and the dollar amount per share at
which such dividend stock was so charged.
20. For each class of Securities of Other Issuers Guaranteed by the
registrant, set forth under Item 15, outline briefly the contract of guarantee.
21. For each class of securities of the registrant set forth under Item 17.
which is to be registered hereunder, furnish information similar to that
required under Items 18 and 19.
22. If any securities of the registrant which are to be registered hereunder are guaranteed, give the titles of the issues and state whether or
not the guarantor has applied, or is applying, for permanent registration
of any securities on any exchange upon which the registrant's securities
which are guaranteed are to be registered hereunder.
RECENT SALES OF SECURITIES BY REGISTRANT
23. For all securities of the registrant sold by the registrant to any
persons other than employees within three years, furnish the following
information:
(a) Title ofissue, including par or, if no par,stated value, if any,ofstock.
(b) Amount sold.
(c) Date of sale.
(d) Aggregate net cash proceeds, or the nature and aggregate amount of
any consideration other than cash, received by the registrant.
(e) Names of principal underwriters, if any, indicating any such Underwriters as are affiliates of the registrant.
MANAGEMENT AND CONTROL
24. Names and addresses of all directors and officers of the registrant.
Indicate the office held.
Name
Address
Office
25. Give the information required below for all persons owning of record
more than ten per cent of any class of equity security of the registrant.
As of:
Name and
Address
Ma of
Issue
Amount
Owned
Percent of
the Class
26. Give the information required below in tabular form concerning the
aggregate remuneration paid by the registrant and its subsidiaries, directly
or indirectly, to the following persons in all of their capacities:
(a) The name and aggregate remuneration of each director of the
registrant.
(b) The name and aggregate remuneration of each of the officers of the
registrant receiving the three highest aggregate amounts of remuneration.
(c) The aggregate remuneration of all other officers of the registrant,
whatever the amount of the respective remuneration of each; indicate the
number of such officers without naming them.
(d) The aggregate remuneration of all employees of the registrant who.
respectively, received remuneration from the registrant in excess of $20,000
during the past fiscal year; indicate the number of such employees without
naming them.
Name
or Number
of Persons
Not Named
Capacities
in Which
Remuneration
Was Received
Agoregate Remuneration
During Registrant's
Past Fiscal
Year
27. Give the information required below in tabular form concerning the
aggregate remuneration paid by the registrant, directly or indirectly, to
any person, other than a director, officer or employee, whose aggregate
remuneration from the registrant, in all capacities, exceeded $20,000 during
the past fiscal year.
Name
Capacities in 1Vhich
Remuneration Was Received from the Registrant
Aggregate Remuneration
During Registrant's
Past Fiscal Year
28. The following information as to the registrant's securities owned of
record or beneficially by each director and officer of the registrant, each
underwriter named in answer to Item 23, and each security holder named
in answer to Item 25.
As of:
Name
Position
Securities Owned
Title of Issue
Amount
29. General effect, briefly and concisely stated, of material bonus and
profit-sharing arrangements now in effect; including the name of. and
amount received by, each persea who received as bonuses or shares in
profits $30,000, or more, from the registrant or its wholly-owned subsidiaries, during the past fiscal year.
30. General effect briefly and concisely stated of all material management
and general supervisory contracts now in effect providing for management
of, or services to, the registrant or any of its subsidiaries.
31. General effect briefly and concisely stated of all material advisory,
construction and service contracts with affiliates now in effect providing
for management of, or services to, the registrant or any of its subsidiaries.
Financial Chronicle
Volume 139
32. Dates of, parties to, and general effect briefly and concisely stated
of every material contract, except as provided by the Instructions, between
the registrant and any director or officer of the registrant, any underwriter
named in answer to Item 23, or any security holder named in answer to
Item 25.
OPTIONS
33. As to any securities subject to options to purchase from the registrant;
(a) state the amount, with the title of the issue, called for by such options;
(b) state briefly the prices, expiration dates, and other material conditions
on which such options may be exercised; (c) give the name and address of
each person holding options from the registrant calling for more than
five per cent of the total amount subject to option, and give the amount
called for by the options of each such person; and (d) for each such class
of options granted within three years state the consideration for the granting thereof.
SUPPLEMENTAL FINANCIAL INFORMATION
34. Furnish the information required below as to the respective captions
on the registrant's balance sheet, the balance sheet of the registrant and its
subsidiaries consolidated, and each individual or group balance sheet
required to be furnished for unconsolidated subsidiaries:
(a) If, since Jan. 1 1925, there have been any increases or decreases in
Investments, in Property. Plant and Equipment, or in Intangible Assets,
resulting from substantially revaluing such assets, state:
(I) In what year or years such revaluations were made.
(ii) The amounts of such write-ups or write-downs, and the accounts
affected, including the contra entry or entries.
(iii) If in connection with such revaluations any adjustments were made
in related reserve accounts, state the accounts and amounts, with explanations.
(b) If, since Jan. 1 1925, there have been restatements of Capital Stock,
state the amounts of such restatements, and the contra entries. If, since
Jan. 1 1925, there has been an original issue of Capital Stock any part of
the proceeds of which was credited to surplus, state such amount.
(c) If. since Jan. 1 1925. any substantial amount or amounts of Bond
Discount and Expense, on issues still outstanding, have been written off
earlier than as required under any periodic amortization plan, give the
following information: (a) name and maturity date of issue; (b) date of
such write-off: (c) amount written off; (d) to what account charged.
35. Give the names of any independent public or independent certified
public accountants who have certified financial statements for the registrant
since Jan. 1 1925.
FINANCIAL STATEMENTS
36. Submit financial statements in accordance with the Instructions and
the Rules and Regulations of the Commission supplementary thereto.
EXHIBITS
The following exhibits shall be attached as a part of the application.
The registrant may file such other exhibits as it may desire, marking them
so as to indicate clearly the items to which they refer.
Exhibit "A"—A copy of the charter or the articles of incorporation of
the registrant as amended, if amended and a copy of the existing by-laws
or instruments corresponding thereto.
Exhibit "B"—Copies of all indentures and amendments thereof relating
to the authorized funded debt of the registrant, set forth in answer to
Item 13A.
Exhibit "C."—If the registrant has subsidiaries with funded debt set
forth in answer to Item 13 B, an agreement by the registrant to furnish,
or cause to be furnished, to the Commission upon request copies of any
indentures or amendments thereof relating to such funded debt of subsidiaries.
Exhibit "D"—Copies of any other constituent instruments defining
rights of securities issued or guaranteed by the registrant and now outstanding, set forth in answer to Items 15, 16, 17 and 20.
Exhibit "E"—Copies (specimens, if available) of all securities registered
hereunder.
Exhibit "F"—Copies of contracts described in answer to Items 29, 30,
31 and 32.
Exhibit "G"—Copies of any voting trust agreements with respect to any
securities registered hereunder.
This application comprises:
(1) The application proper, containing pages numbered
to
consecutive, and insert pages numbered
(2) The following financial statements and schedules:
(3) The following exhibits:
(Signature of Registrant)
By
(Name
(Title)
(Seal)
Attest*
(Name)
(Title)
Registration Not Required in Case of Securities Sold
Over-the-Counter—SEC Says Corporations Not
Listing Securities Need Not File Reports
The Securities and Exchange Commission issued the following statement on Dec. 22 designed to correct the mistaken
impressions of a number of persons who had been led to
believe that they were required to make reports under the
Securities Exchange Act:
Where no securities of a corporation are listed or admitted to unlisted
trading privileges on any national securities exchange, such a corporation
is under no duty to file reports under Section 12 or 13 of the Securities
Exchange Act, nor is such a corporation subject to the requirements of
Section 14 as to the solicitation of proxies for the voting of its stock. Furthermore. Section 16 does not require reports from such a corporation or
from its officers, directors or stockholders as to holdings of or transactions
in its stock. Although Section 15 of the Act authorizes the Commission
to require registration of securities sold on over-the-counter markets, no
such requirements have as yet been promulgated.
In explaining the purpose of its statement, the SEC said:
An organization seeking to sell reference material on the Exchange Act
distributed advertising literature dealing with the restrictions and requirements imposed by the Act. The advertisements reached a number of
people who are not required to file reports, and led them to believe that the
reporting provisions of the Act applied to them.
4049
SEC Amends Ruling Affecting Officers' Salaries—
Companies Desiring to List New Issues Required
to Give Additional Data
The Securities and Exchange Commission has amended
the item in its Form A-1 for registration of new issues under
the Securities Act regarding reports of the remuneration of
officers, directors, &c., it was announced Dec. 24. As
amended, the question now requires the name and total
payment to those persons who received "any such remuneration from the issuer." The first paragraph of item 47 as
now amended follows:
Give the information required below concerning the remuneration for
services paid and to be paid by the issuer,its subsidiaries or its predecessors,
directly or indirectly, to the following officials of the issuer and to other
Persons in all their capacities who receive any such remuneration from the
issuer.
The first paragraph of item 47 as it stood following a
previous amendment read:
Give the information required below concerning the remuneration paid
and to be paid by the issuer, its subsidiaries or its precedessors, directly
or indirectly, to the following officials of the issuer and to other persons
in all of their capacities.
Suspension of Trading in December 1934 Sugar Contracts by New York Coffee and Sugar Exchange—
Further Resolution Suspends All Trading Dec.20—
Committee Named to Liquidate Open Sugar
Contracts
The New York Coffee and Sugar Exchange on Dec. 20
adopted a resolution suspending all trading at the close of
business that day in December 1934 sugar contracts. The
Exchange had previously suspended trading in the December
contracts on Dec. 15 except in the case of liquidation of
contracts made prior to Dec. 15; reference to this was made
in our issue of Dec. 22, page 3870. The resolution of Dec.
20, adopted by the Board of Managers,follows:
Whereas, an unusual situation in the December 1934 sugar position.
arising through an exceptional contingency, has been found by this Board
to exist and to be sucn a situation as is contemplated in Section 110 of the
By-Laws,
Be it resolved, by an unanimous vote of this Board and by virtue of the
power conferred on them by Section 110 of the By-Laws, that trading in
December 1934 contracts in sugar, except as is hereinafter provided, shall
be and hereby is suspended as of the close of trading on Dec. 20 1934, and
that the President be requested to announce this action to the members
from the rostrum and to cause such announcement to be made on the ticker
and by mail to all members.
Be it further resolved that a Committee for Voluntary Liquidation of not
less than three be appointed by the President to facilitate the liquidation
of open sugar contracts for delivery in December, 1934, and that such
Committee for Voluntary Liquidation nave power to require all members
having open contracts for sugar for December, 1934, to appear before them
and to disclose their position and indicate, at their option, whether they
desire to deliver or receive sugar (as the case may be) or to have a settlement
of their contracts; that the Committee have further power to suggest to
such members a method of liquidating contracts by alibiing deliveries of
sugars available for delivery to those desiring to receive sugars, or to endeavor to arrange liquidation by a monetary settlement, and in the event
of any private settlements being made, to require that such settlements be
reported to the Committee for its information.
Resolved further that the rights of parties to contracts still open at 3 P. M.
on Dec. 24 1934, as reported to the Board by the Committee for Voluntary
Liquidation, shall be reserved for determination in accordance with the
By-Laws and Rules of the Exchange, and that neither these Resolutions
nor the action of said Committee for Voluntary Liquidation shall predetermine the applicability of Sugar Trade Rule 15 or the penalties therein
provided for, or the applicability of other By-Laws and Rules of the
Exchange.
William H. English, Jr., President of the Exchange, on
Dec. 21 appointed Walter Murphy, H. H. Pike, George
Hintz, B. B. Peabody and Frank C. Russell as members
of the Voluntary Liquidation Committee.
Following a 13-hour session on Dec. 26 of the Board of
Managers of the Exchange, on the question of unliquidated
contracts in December sugar, it was announced that the
matter had been turned over to the Adjudication Committee
of the Exchange for study and report. This action was
taken, it was stated, because of the many technicalities
involved and it is expected that the Committee, which has
the power to summon and examine any Exchange member,
will take several weeks to review the matter. The announcement by the Exchange added:
It was understood that the report of the Committee for Voluntary Liquidation to the Board of Managers revealed that several settlements had been
effected at an unrevealed price.
It was announced that the protests of receivers of the 7,950 tons of sugar
tendered for delivery on December contracts, would also be adjudicated.
The protesting receivers claim that the deliveries are not valid due to the
fact that the sugars tendered are in excess of the Cuban quota, which was
announced filled on Dec. 18, and therefore cannot be withdrawn from
store until after Jan. 1.
Reduction of Maximum Rate of Interest on Time and
Savings Deposits—Amendments to Regulation Q
of the Federal Reserve Board
In making available the text of the amendments to Regulation Q of the Federal Reserve Board limiting to 23 % the
rate of interest to be paid by member banks on time or
Financial Chronicle
4050
savings deposits after Jan. 31, J. H. Case, Federal Reserve
Agent, of the Federal Reserve Bank of New York in a notice
to member banks in the New York Reserve District, dated
Dec. 15, says:
The Federal Reserve Board has adopted,effective Feb. 1 1935,the amendments set forth below to its Regulation Q relating to payment of interest
on deposits by member banks of the Federal Reserve System. Copies of
Regulation Q of the Federal Reserve Board, series of 1933, were transmitted to member banks in this district with our Circular No. 1275, dated
Sept. 1 1933.
Regulation Q as so amended provides that no member bank shall pay
Interest, accruing after Jan. 31 1935, on any time deposit or savings deposit
or any part thereof at a rate in excess of 2yi% per annum, compounded
quarterly,regardless of the basis upon which such interest may be computed,
except as otherwise provided in the regulation; but makes exception as to
rates of interest provided in contracts which were lawfully entered into in
good faith prior to Dec. 18 1934 and in force on that date and which may
not legally be terminated or modified by the bank at its option or without
liability.
The Federal Reserve Board has requested me to advise member banks
In this district which have branches located outside of the States of the
United States and the District of Columbia that, in accordance with
subsection (c) (5) of section III and subsection (c) (5) of section V of
Regulation Q as amended, the Board will be glad to give consideration to
requests for the prescribing of a higher maximum rate of interest which
may be paid on time and savings deposits at such branches.
Copies of Regulation Q as amended by the amendments set forth on the
following pages are being printed and will be available for distribution
shortly. When available I shall transmit a copy of such amended regulation
to each member bank in this district.
The following are the amendments:
AMENDMENTS TO REGULATION Q OF THE FEDERAL RESERVE
BOARD RELATING TO PAYMENT OF INTEREST ON DEPOSITS
Effective Feb. 1 1935
Subsection(c) of section III, and footnote t of Regulation Q are amended
to read as set forth below.
Section III. Interest on Time Deposits
(c) Maximum Rate of Interest-1. No member bank shall pay interest
accruing after Jan. 31 1935, on any time deposit or any part thereof at a
rate in excess of 2M % per annum, compounded quarterly,t regardless of
the basis upon which such interest may be computed, except as otherwise
provided in this subsection.
2. A member bank may pay interest on time deposits in accordance with
the terms of any certificate of deposit or other contract which was lawfully
entered into in good faith prior to Dec. 18 1934, and in force on that date
and which may not egally be terminated or modified by such bank at its
option or without liability; but no such certificate of deposit or other ontract shall be renewed or extended unless it be modified to conform to the
provisions of this regulation, and every member bank shall take such
action as may be necessary, as soon as possible consistently with its contractual obligations, to bring all such certificates of deposit or other contracts into conformity with the provisions of this regulation.
3. The rate of interest paid by a member bank upon a time deposit shall
not in any case exceed (i) the maximum rate prescribed in paragraph 1
of this subsection, or (ii) the maximum rate authorized by law to be paid
upon such deposits by State banks or trust companies organized under the
laws of the State in which such member bank is located, whichever may
be less.
4. A member bank may pay interest on a time deposit received during
the first five days of any calendar month at the maximum rate prescribed
in paragraph 1 of this subsection calculated from the first day of such
calendar month until such deposit is withdrawn or ceases to constitute a
time deposit under the provisions of this regulation, whichever shall first
occur.
5. A member bank may pay interest on a time deposit which Is payable
only at an office of such bank located outside of the States of the United
States and of the District of Columbia at a rate not exceeding the maximum
rate prescribed in paragraph 1 of this subsection or such higher maximum
rate as may be prescribed by the Federal Reserve Board from time to
time for payment in the locality in which such office is located.
Subsection (c) of section V. and footnote t. of Regulation Q are amended
to read as set forth below.
Section V. Interest on Savings Deposits
interest,
(a) Maximum Rate of Interest-1. No member bank shall pay
accruing after Jan. 31 1935. on any savings deposit or any part thereof at a
of
regardless
quarterly,t
compounded
annum,
rate in excess of 2%%per
the basis upon which such interest may be computed, except as otherwise
provided in this subsection.
2. A member bank may pay interest on savings deposits in accordance
with the terms of any contract, which was lawfully entered into in good
faith prior to Dec. 18 1934, and in force on that date and which may not
legally be terminated or modified by such bank at its option or without
liability; but no such contract shall be renewed or extended unless it be
modified to conform to the provisions of this regulation, and every member
bank shall take such action as shall be necessary, as soon as possible consistently with its contractual obligations, to bring all such contracts into
conformity with the provisions of this regulation.
3. The rate of interest paid by a member bank upon a savings deposit
shall not in any case exceed (i) the maximum rate prescribed in paragraph
1 of this subsection, or (ii) the maximum rate authorized by law to be paid
upon such deposits by State banks or trust companies organized under the
laws of the State in which such member bank Is located, whichever may be
less.
4. A member bank may pay interest on a savings deposit received during
the first five days of any calendar month at the maximum rate prescribed
In paragraph 1 of this subsection calculated from the first day of such
calendar month until such deposit is withdrawn or ceases to constitute a
savings deposit under the provisions of this regulation, whichever shall
first occur.
5. A member bank may pay interest on a savings deposit which is payable
only at an office of such bank located outside of the States of the United
States and of the District of Columbia at a rate not exceeding the maximum
rate prescribed in paragraph 1 of this subsection or such higher maslmum
rate as may be prescribed by the Federal Reserve Board from time to time
for payment in.the locality in which such office is located.
t This limitation is not to be interpreted as preventing the compounding
of interest at other than quarterly intervals provided that the aggregate
amount of such interest so compounded does not exceed the aggregate
amount of interest at the rate above prescribed when compounded quarterly.
Dec. 29 1934
Reference to these amendments were made in the Reserve
Board's announcement of a week ago incident to the reduction in interest rates, which appeared in our Dec. 22
issue, page 3882.
A. B. A. Takes Steps to Promote Co-operation by
Bankers with FHA in Creating National Mortgage
Associations
Under authorization of the American Bankers Association
Administrative Committee, the executive officers of the
Association have taken steps to promote co-operation by
bankers generally with the Federal Housing Administration
in making effective Titles II and III of the National Housing
Act, setting up mutual mortgage insurance and creating
national mortgage associations, it was announced on Dec.23.
In a letter addressed to members of the Association by
President R. S. Hecht, urging them to become approved
mortgagees under the Act, the opinion is expressed that
these sections are "not only effective national recovery
measures but will exert a beneficial economic effect in liquefying mortgages that now are or may become part of the
investments of banks."
This action by the Association is in addition to its previous
activity in co-operation with the FHA in regard to Title I,
providing for the renovation and modernization of homes.
Robert V. Fleming, First Vice-President of the Association,
President of the Riggs National Bank, Washington, D. C.,
has been appointed by James A. Moffett, Federal Housing
Administrator, as a member of the National Housing
Advisory Council of 25, and designated on the Executive
Committee of that body.
The letter which President Hecht addressed to members
of the Association is as follows:
Your executive officers believe that,in addition to Title I of the National
Housing Act, providing for renovation and modernization of homes.
Title II, setting up mutual mortgage insurance, and Title III, creating
national mortgage associations, are deserving of hearty support of banks
generally. In our opinion they not only are effective national recovery
measures, but will exert a beneficial economic effect in liquefying mortgages
that now are or may become part of the investments of banks.
The lack of a mortgage market is one of the chief obstacles to home
construction and thereby to the revival of the heavy goods and building
activities. The FHA under Title III of the Act is authorized to provide
for 100% insurance of the principal of mortgages on urban real estate
upon which is situated a dwelling for not more than four families, such
principal not to exceed $16,000 in amount and not to exceed 80% of the
appraised value of the mortgaged property; also under Title III to provide
for national mortgage associations to buy and sell first mortgagee and
to issue and sell debentures against insured mortgages.
In practice. mortgagees. whether original lenders or their successors or
assigns, who are approved by the Housing Administrator, are entitled
to insure their mortgage paper as above. Secondly, any mortgagee who
later wants to turn his insured mortgages into cash should be able to find
a market for them through the national mortgage associations which it is
proposed to organize.
Through these arrangements,insured mortgagee should become a desirable
investment for a part of the bank's funds and we believe that in this way
we will help in promoting recovery by aiding strictly private enterprise
to assume its normal functions which we believe is basic to the welfare
of the Nation.
We urge, therefore, that each of our members consider the advisability
of becoming an approved mortgagee in order to be in position if or when
It is desirable, to avail itself of the insurance privileges as described,
as well as to hold insured mortgages under Pledge from correspondents,
and we recommend the matter to your sympathetic consideration.
J. Howard Ardrey of FHA to Address Annual Business
Meeting of National Association of Real Estate
Boards—Meeting to Be Held Jan. 21 to 25
J. Howard Ardrey of the Federal Housing Administration,
Deputy Administrator for Title II, covering mutual mortgage insurance, will be a principal speaker at the annual
business meeting of the National Association of Real Estate
Boards, to be held in Houston, Tex., Jan. 21 to 25. The
meeting will be to a high degree a meeting to determine
policies and plans for the Association for the coming year.
It is being planned as a business meeting, not as a program
on general real estate topics.
Hugh Potter, Houston, as President of the Association,
will have the chair at general sessions, and will open for
discussion the current work of the Association. Walter F.
Schmidt, Cincinanti, President-elect, as an important part
of the general session program, will outline the work ahead
for the Association for the coming year.
Suits Against Stockholders of Central Republic Trust
Co. of Chicago Brought by RFC—One Action
Filed in New York
A civil suit to collect-approximately $500,000 from 103
stockholders of the Central Republic Trust Co. of Chicago,
formerly known as the Central Republic Bank & Trust Co.,
was filed on Dec. 22 in New York in the U. S. District Court
by the Reconstruction Finance Corporation and the United
States Government through Martin Conboy, United States
Volume 139
Financial Chronicle
Attorney. In reporting this, the New York "Herald Tribune" of Dec. 23 added.
The suit is directed against stockholders in tile Southern District of New
York and grows out of two loans, which have come to be known as the
"Dawes loans," made to the bank by the RFC the first on June 29 1932,
of $30,000,000 and the second Oct. 6 1932, of $50,000,000. Both were
Payable Dec. 24 1932. The suit holds stockholders liable under the constitution of Illinois and the Illinois banking laws which stipulate liability
to the amount of the stock.
Sued for $100 on Each Share
Each stockholder is sued on the basis of $100 for each share of stock
owned by him. In addition to the notes, interest of $600,959.68 is due
on the $30,000,000 note and $2.754,169.32 on the $50,000,000 loan. The
loans were made after Charles G. Dawes, a stockholder in the bank, nad
resigned in June 1932 as Chairman of the RFC.
On Nov.19 1932, a month before the notes were due,the Central Republic
Bank & Trust Co. changed its name. Payments on the loans were formally
demanded Nov. 4 1933, but they were not forthcoming. The bank was
capitalized at $14,000,000 at the time of the reorganization with 140,000
shares at $100. Similar civil suits already have been filed against stockholders in Connecticut and Illinois.
Last Nov. 21, the RFC contends, the Auditor of Public Accounts of
Illinois took possession and control of the Central Republic Trust, determined that the bank be liquidated through receiversnip. William L.
O'Connell, of Chicago, was appointed receiver. The action asks the court
to appoint a receiver for any money collected from stockholders in the
Southern District of New York.
4051
Association and one the successor of a former Clearing House bank, in
satisfaction of a suit brought by the Government against the Clearing
House institution to enforce a pledge said to have been made by the
Association to support the Harriman.
Depositors and general creditors have received 50% of their approved
claims out of funds made available through a Reconstruction Finance
Corporation loan upon the assets of the closed bank. Those depositors
who assented to the plan of settlement involving the 10 banks have received
16% additional.
An earlier reference to the affairs of the Harriman National Bank & Trust Co. appeared in these columns Oct. 20,
page 2464.
Interest Rate Reduced from 3% to 2 2% by Associated
Mutual Savings Banks of Baltimore—Change
Effective Jan. 1
James D. Garrett, President of the Associated Mutual
Savings Banks of Baltimore, announced on Dec. 19 that
the member banks of the association would reduce the rate
of interest from 3% to 2/
1
2%,effective Jan. 1. The members
of the association are:
The Savings Bank of Baltimore.
Eutaw Savings Bank.
Provident Savings Bank.
Central Savings Bank.
Hopkins Place Savings Bank.
Metropolitan Savings Bank.
St. James Savings Bank.
Citizens Savings Bank.
Broadway Savings Bank.
City Savings Bank.
The appointment of the receiver was noted in our issue of
Nov. 24, page 3245.
The Baltimore "Sun" of Dec. 20 had the following to say
A dispatch, Dec. 19, from New Haven to the Hartford
"Courant" stated that 15 residents of Connecticut, as stock- regarding the reduction:
Interest to be paid next Jan. 1 will bear the rate of 3%, as the reduced
holders of the Central Republic Trust Co. of Chicago, are
rate does not become effective until the period beginning on that date.
among the defendants in a suit brought by the United States
The new 2%%, rate by the mutual banks had been expected and will be
and the RFC to recover $60,476,438.25 allegedly due on two Identical to the maximum rate paid since July 1 on savings deposits of
loans made by the RFC in 1932. The "Courant" adds that Baltimore Clearing House banks. The mutual rate also will conform to the
maximum specified for savings accounts of member banks of the Federal
the connected Connecticut defendants, who are allegedly Reserve
and Deposit Insurance Systems, effective Feb. 1.
liable to the extent of their stock holdings, which are valued
The change by the local savings banks, however, was made independently,
the
Federal
as
ruling does not apply to these banks.
at $100 a share, are named in a suit filed with the United
States District Court at New Haven by United States
Attorney Robert P. Butler and Assistant United States Commercial Banks of Cleveland Clearing House Association to Lower Interest on Savings Accounts
Attorney George H. Cohen, acting for the Government and
Jan. 1 from 23/2.% to 2%
by Harry Bergson of Boston, solicitor for the RFC.
•
The
rates paid on savings accounts will be lowered by the
The Boston "Herald" of Dec. 18 reported that the RFC
through United States Attorney Francis J. W. Ford and commercial banks of the Cleveland Clearing House AssociaAssistant United States Attorney John A. Canavan filed on tion from 21/2% to 2%, effective Jan. 1. The National City
Dec. 17 a bill in equity against 20 Massachusetts stockholders Bank of Cleveland, a member of the Association, has been
of the Central Republic Trust Co.of Chicago,in receivership, paying the 2% rate since July.
to assess stock liability under the Illinois statute. The
Railroad Credit Corporation to Pay Liquidating Divi"Herald" added:
dend of $735,993 on Dec. 31
The RFC alleges it lent the company $80,000.000 in two loans and says
E. G. Buckland, President of the Railroad Credit Cor$7.722,268 is due on one loan and $52,754,169 on the other, which originally
was $50,000,000.
poration, authorized the following statement on Dec. 24:
Stockholders of Closed Harriman National Bank &
Trust Co. Required to Pay 100% Assessment—
Payment of 18%.
Stockholders of the defunct Harriman National Bank &
Trust Co. of New York City must pay a 100% assssment, according to a letter, Nov. 21, by Frederick V. Goess, receiver of
the closed bank. The assessment, amounting to $100 a share,
was payable on Dec. 20. It amounts to $2,000,000, equivalent
to the stated capital of the bank when it was closed in
March 1933. The letter from Mr. Goess contained a copy
of a notice of assessment by the Comptroller of the Currency, stating that in order to pay the debts of the bank "it
Is necessary to enforce the individual liability of the stockholders," who are permitted to make the payments in four
Instalments. The letter from Mr. Goess said:
You will please take notice that the Comptroller of the
Currency has, on
Nov. 13 1934, levied an assessment upon the shareholders
of the Harriman
National Bank & Trust Co. of the City of New York, New
York, of the par
value of each and every share, payable at the office of the
receiver on or
before Dec. 20 1934.
The receiver is, however, authorized by the Comptroller
to grant an
extension, without interest, to shareholders who pay
25% of the assessment on or before that date and who will give a written
obligation, satisfactorily guaranteed, to pay 25% additional on or before Jan.
20 1935,
25% additional on or before Feb. 20 1935, and the remaining
25% on or
before March 20 1935.
Deferred payments will bear interest after Dec. 20 at the legal
rate in
the State of New York, except that the interest may be abated in
the case
of any shareholder who pays one-fourth of his assessment on or
before
Dec. 20 1934, and who pays the remaining instalments on or before
the
dates at which they mature, under the terms of this extension.
The Comptroller of the Currency announced on Dec. 22
that shareholders of the bank had paid $358,000 of the
$2,000,000 assessment. This includes 25% instalments and
some 100% payments, and is equivalent to almost 18% of
the total assessment. Mr. Goess said he was satisfied with
the co-operation shown by stockholders.
The financial condition of the bank was described as
follows in the New York "Times" of Nov. 22:
At the time of the closing of the bank there existed a deficiency estimated at about $6,300,000 and which has since increased to about $9,000,000.
A part of this deficiency has been met by a special settlement of
$2,866,950
made by 10 banks, nine of them members of the New York Clearing
House
The Railroad Credit Corporation announced to-day that it will make a
liquidating distribution on Dec. 31 of $735,993, or 1%, to participating
carriers. Of this amount,$354,932 will be in cash and $381,061 in credits.
This will be the thirteenth liquidating distribution that has been made
to participating carriers since liquidation began on June 1 1933 and will
bring the total amount distributed to $20,627,177. The authorized distributions aggregate 28% of the $75,422,410 fund after deduction of the
$1,753,918 direct refunds in reimbursement of taxes paid on the revenues
turned over to the pool.
$656,510 of Hoarded Gold Received During Week of
Dec. 19—$32,940 Coin and $623,570 Certificates
The Federal Reserve banks and the Treasurer's office
received $656,510.44 of gold coin and gold certificates during
the week of Dec. 19, it is shown in figures issued by the
Treasury Department on Dec. 24. Total receipts since
Dec. 28 1933, the date of the issuance of the order requiring
all gold to be returned to the Treasury, and up to Dec. 19,
amounted to $111,438,860.76. Of the amount received
during the week of Dec. 19, the figures show, $32,940.44
was gold coin and $623,570 gold certificates. The total
receipts are as follows:
Received by Federal Reserve Banks'
Week ended Dec. 19
Received previously
Total to Dec. 19 1934
Received by Treasurer's Office:
Week ended Dec. 19
Received previously
Gold Coin Cold Certificates
$32.340.44
$616,270.00
25,579,194.32 79,019,950.00
$29,611.334.76 S79,636.220.00
$800.00
257.906.00
$7,300.00
1,925,300.00
Total to Dec. 19 1934
$258.506.00 $1,932,600.00
Note—Gold bars deposited with the New York Assay Office to the
amount of
$200,572.69 previously reported.
Transfer of Silver to United States Under Nationalization Order—Receipts During Week of Dec. 21
Totaled 692,795 Fine Ounces
Silver in amount of 692,795 fine ounces was transferred
to the United States during the week of Dec. 21 under the
Executive Order of Aug. 9, nationalizing the metal. Receipts since the order was issued and up to Dec. 21 total
110,999,635 fine ounces, it was noted in a statement issued
by the Treasury Department on Dec. 24. The order of
Aug. 9 was given in our issue of Aug. 11, page 858. In the
statement of the Treasury of Dec. 24 it is shown that the
4052
Financial Chronicle
Dec. 29 1934
silver was received at the various mints and assay offices
during the week of Dec. 21 as follows:
same. Secretary of the Treasury Morgenthau,in announcing
the new offering on Dec. 25, said:
Fine Ounces
4,233.00
685,957.00
The bills will be sold on a discount basis to the highest bidders. They
will be issued in bearer form only, and in amounts or denominations of
$1,000, $10,000. $100,000, $500,000, and $1.000,000 (maturity value).
No tender for an amount less than 81,000 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. 28 1934,
all tenders received at the Federal Reserve banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve banks in cash or other immediately available funds on
Jan. 2 1935.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other dispostion thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
Philadelphia
New York
Denver
New Orleans
Seattle
1,447.00486.00
672.00
692,795.00
Total for week ended Dec. 21 1934
Following are the weekly receipts since the order of Aug.9
was issued:
Week EndedAug. 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
Oct. 28 1934
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
1,044,127
746,469
Flag
Week EndedNov. 2 1934
Nov. 9 1934
Nov. 16 1934
Nov. 23 1934
Nov. 30 1934
Dec. 7 1934
Dec. 14 1934
Dec. 21 1934
Total
Fine Ounces
7,157,273
3,665,239
338,191
261,870
80,682
292,358
444,308
692,795
110,999,635
Silver Purchased by Treasury in Amount of 797,206.31
Fine Ounces During Week of Dec. 21
During the week of Dec. 21, it is indicated in a statement
issued by the Treasury Department on Dec. 24, silver
amounting to 797,206.31 fine ounces was received by the
various United States mints from purchases made by the
Treasury in accordance with the President's proclamation
of Dec. 21 1933. The proclamation, which was referred to
in our issue of Dec. 23 1933, page 4441, authorized the
Department to buy at least 24,421,410 fine ounces of silver
annually. During the previous week of Dec. 14 the purchases amounted to 648,729.44 fine ounces. Of the amount
purchased during the latest week, 247,779.47 fine ounces
were received at the Philadelphia Mint, 460,518.84 fine
ounces at the San Francisco Mint, and 88,908 fine ounces at
the mint at Denver. The total weekly receipts since the
issuance of the proclamation are as follows (we omit the
fractional part of the ounce):
Week EndedJan. 6
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar.30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
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 EndedJune 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
Dec. 7
Dec. 14
Dec. 21
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
648.729
797,206
United States Gold Clause Held Valid in Saar-Court
Rules 1933 Law Does Not Apply to Loans
Havas News Agency advices to the New York "Evening
Post" from Saarlouis, Saar Territory, Dec. 27, said:
The gold clause, contained in two American loans of $3.000,000 each
obtained in the United States by the municipality of Saarbruecken in 1925
and 1927, is valid despite the American law of AprIl 19 1933, abolishing
the gold standard, and must be faithfully carried out, the Superior Court
ruled to-day in an appeal made by the municipality.
Miss Edith Thomas, Accused of Hoarding Gold, Turns
Over Metal to Government-Court Case Dropped,
She Reiterates Her Belief She Was Right in
Principle
Miss Edith M. Thomas of Denver, Colo., daughter of the
late Senator Charles S. Thomas, has decided not to fight
in the courts the Presidential gold-hoarding proclamation,
and has surrendered to the Government $3,000 in gold which
she held, it was announced by officials on Dec. 4. As a
result, representatives of the Department of Justice on
Dec. 13 asked the Federal District Court in Denver to expunge the case of Miss Thomas from the records, and this
request was granted. Miss Thomas later told newspaper
men that although she had given up the legal battle, she
still considered that she was right and that the Government
has no such constitutional powers as that exercised. Miss
Thomas was originally indicted Jan. 9 for failure to report
gold hoardings to the Collector of Internal Revenue.
*Corrected figure.
Tenders of $76,300,000 Accepted of $229,299,000 Received
to Offering of $75,000,000 or Thereabouts of 182Day Treasury Bills Dated Dec. 26 1934-Average
Rate 0.12%
The bids received to the offering of $75,000,000 or thereabouts of 182-day Treasury bills, dated Dec. 26 1934 and
maturing June 26 1935,totaled $229,299,000, Henry Morgenthau Jr., Secretary of the Treasury, announced Dec. 21.
Of this amount $75,300,000 was accepted. The tenders to
the offerings were received, as noted in our issue of Dec. 22,
page 3885. at the Federal Reserves banks and the branches
thereof up to 2 p. m., Eastern standard time, Dec. 21. In
his announcement of Dec. 21 Secretary Morgenthau stated:
The accepted bids ranged In price from 99.950, equivalent to a rate
of about 0.10% per annum, to 99.937, equivalent to a rate of about 0.12%
per annum, on a bank discount basis. The average price of Treasury bills
to be issued is 99.942 and the average rate is about 0.12% per annum on a
bank discount basis.
The average rate of 0.12% compares with those at which
recent issues of bills sold of 0.16% (bills dated Dec. 19),
0.20% (bills dated Dec. 12), 0.22% (bills dated Dec. 5),
and 0.23% (bills dated Nov. 28).
New Offerings of $76,000,000 or Thereabouts of 182-Day
Treasury Bills-To Be Dated Jan. 2 1936
Up to 2 p. m., Eastern standard time, yesterday (Dec. 28),
tenders were received at the Federal Reserve banks and the
branches thereof to a new offering of $75,000,000 or thereabouts of 182-day Treasury bills. The bills bear date of
Jan.2 1935 and will mature on July 3 1935. On the maturity
date the face amount will be payable without interest. An
issue of similar securities in amount of $75,167,000 matures on
Jan. 2 and the bids to the new bills will be used to retire the
Return to Fixed Gold Standard Urged by Economists
at Annual Meeting of American Economic Association
The return by the United States to a fixed gold standard
was urged by 95 leading monetary economists gathered at
Chicago on Dec. 27 for the annual meeting of the American
Economic Association. Associated Press advicesfrom Chicago
Dec. 27 report that in answer to a questionnaire submitted
by officers of the Economists' National Committee on
Monetary Policy, the 95 members of the Committee gave
the following replies:
94% held the Government immediately should declare whether it intends
to return to the gold standard as important to economic recovery; 100%
held imperative a speedy return to a fixed gold standard, 77% favored a
gold bullion standard, 98% opposed any further purchases of silver, 97%
believed there is a trend toward inflation by a "dangerous" expansion of
bank credit and 88% believed it is unlikely that inflation will be controlled
The Associated Press further said:
The Committee opposed a managed currency, unanimously opposed
frequent changes in the weight of gold units, and said that if there is to be
currency management it should be in the hands of the Federal Reserve.
As to Government gold buying, the Committee believed it had little
effect upon commodity prices, and 93% believed prices should be left to
find their own level.
The President of the Committee making public the report was Ray B.
Westerfield, of Yale; Dr. Edwin W. Kemmerer of Princeton was Honorary
Chairman, and Dr. Walter E. Spahr of Now York University, was Secretary-Treasurer.
President Roosevelt Calls for Spirit of Courage and
Unity-Refers to Career of Andrew Jackson in
Speech Preceding Illumination of Washington's
Christmas Tree
A spirit of courage and unity will promote greater happiness and well-being in the United States, President Roosevelt declared on Dec. 24 in a speech marking the illumination
of Washington's community Christmas tree in the park oppo-
Volume 139
Financial Chronicle
site the White House, Where the statue of Andrew Jackson
stands. The President's speech, which was broadcast, was
devoted chiefly to the lessons to be learned from Andrew
Jackson's life. The former Executive, he said, "will live
forever as the embodiment of courage." His expression of
the necessity for union, Mr. Roosevelt said, referred to a
subject "which grows in importance with the years." The
President's address follows in full:
Secretary Roper used an expression which I think was very appr.priate,
and I think I shall use it, also—"Friends of Christmas Everywhere."
This is the second year that I have joined with you on this happy occasion.
Then as now, with millions of others we celebrate the happy
observance of Christmas.
The year toward which we looked then with anticipation and hope has
passed. We have seen fulfilled many things that a year ago were only hopes.
Our human life thus goes on from anticipation and hope to fulfillment.
This year again we are entitled to new hopes and new anticipations. For all those who can hear but not see this gathering, let me explain
that here before us in the park in front of the White House is the monument
of a man who will live forever as the embodiment of courage—Andrew
Jackson.
His was a long, long life in the public service, distinguished at all times
by a chivalrous meeting of problems and difficulties that attended that
service; a fast belief in people and a profound love for them.
His patriotism was unstained and unafraid. Carved into that monument
Is his expression of the necessity for union. That message grows in importance with the years.
In these days it means to me a union not only of the States but a union
of the hearts and minds of the people in all the States and their many
Interests and purposes, devoted with unity to the human welfare of our
country.
Just across the street is the house he occupied 100 years ago, th. house
the people of the country have built for their Presidents. From its windows
I see this monument to this man of courage. It is an inspiration to me
as it should be to all Americans.
And so let us make the spirit of the Christmas of 1934 that of courage
and unity. It is the way to greater happiness and well-being. That is, I
believe, an important part of what the Maker of Christmas would have
It mean.
In this sense, the Scriptures admonish us to be strong and of good courage, to fear not; to dwell together in unity.
I wish you one and all, here and everywhere, a very, very merry
Christmas.
President Roosevelt Reported Ready to Ask Additional
Funds for Senate Munitions Investigation—Senator Nye Confers with Executive at White House—
Preliminary Report on Inquiry Likely Next Week
President Roosevelt will recommend to Congress that it
appropriate whatever additional funds are necessary to complete the Senate investigation of the munitions industry, according to newspaper reports from Washington, Dec. 26.
Senator Nye,Chairman of the investigating committee, made
this announcement after he had conferred with the President at the White House. He said the inquiry would be
resumed in January and that hearings might continue until
spring, investigating committee is expected to file a preliminary report with the Senate next week, at the time that
it seeks additional funds, which will probably amount to at
least $50,000. A Washington dispatch of Dec. 26 to the
New York "Herald Tribune" discussed the proposed activities of the investigating committee, as a result of the
conference between the President and Senator Nye, as
follows:
As a result of to-day's conference an additional appropriation of from
$50,000 to $100,000 is expected to be granted to the Committee by Congress.
With the President assuring Senator Nye of co-operation, the Democratic
leaders in the Senate will not oppose the grant of more funds which Senator
Nye and his Committee want. Once this appropriation is made, the
Committeelwill go forward with its plans for a sweeping investigation into
the relations of finance—especially international banking, steel and shipbuilding, as well as other interests—to the munitions business and shipment
of war materials.
One assurance received by Senator Nye from the President was that
Administration bills to take the profits out of war would not be pressed by
thegWhite House until the Committee was willing to have such legislation
considered. The Senator said he believed there would be no essential
conflict between the Committee and the Administration over such legislation. He dicilnot claim Administration support for a government monopoly of munitions manufacture, however.
As to the War Department's plan for a 6% profit to industry in wartime, Senator Nye expects this to fall through and does not expect the
Administration to back it. Up to to-day there had been controversy between the Administration and the Nye Committee over the munitions
Inquiry and the issue of taking the profits out of war. The President
recently announced the selection of a group headed by Bernard M. Baruch
and General Hugh S. Johnson to draft legislation on the subject. This
action was resented by Senator Nye and some of those on his Committee,
on the theory that it was a move to cut short the investigation. . . .
To-day's conference is looked on as having cleared the air and as indicating that the Nye Committee and the Administration no longer will
work at cross-purposes.
Treasury Department Clarifies Policy with Regard to
Imposing High Taxes on Companies Which Fail
to Distribute Earnings for Purpose of Tax Evasion
The Treasury on Dec. 17 issued a statement clarifying its
attitude regarding the application of Section 102 of the
Revenue Act of 1934 and Section 104 of the Revenue Act of
1932 to business corporations, other than investment or
holding companies, or personal holding corporations. The
4053
two sections mentioned deal with corporations "improperly
accumulating surpluses." and specify a high rate of tax
whenever it is found that the corporation is "formed or
availed of for the purpoie of preventing the imposition of
the surtax upon its shareholders or the shareholders of any
other corporation, through the medium of permitting gains
and profits to accumulate instead of being divided or distributed." The statement of Treasury policy, as made by
Robert H. Jackson, Assistant General Counsel of the Bureau
of Internal Revenue, is given below:
Few executives will have trouble to know whether their situation indicates that withholding distribution of earnings is for business reasons or
for tax reasons.
Executives are also inquiring what the Treasury will regard as "reasonable needs of the business" in measuring corporate surplus. Congress did
not lay down in advance a definite rule applicable to all cases, and the
Bureau of Internal Revenue is unable to do so. No corporation, however,
will be assessed this tax until it is advised of the Bureau's intention and
after a hearing of its case, at which time the Bureau will take into consideration every fact and prospect that a prudent business man would
consider in determining what surplus was reasonably needed for that
enterprise. Among other things, the Bureau will consider the hazards
of that business, its normal rate of expansion, any contingencies against
which reserves ought to be set up,any unemployment insurance or employee
benefits that require reserves, whether the surplus is actively used in the
business of the corporation or is invested in lines of business foreign to
Its own, together with any other facts which the particular corporation
desires the Bureau to consider. With the assurance that, while the Bureau
intends to apply the Acts just as they were written, it has no purpose by
Interpretation to extend them beyond the intent of Congress, we believe
that few executives will have difficulty in determining whether their
surplus is a reasonable business surplus or whether it is withheld from
stockholders for other reasons.
This tax is one upon corporations improperly accumulating surpluses,
beyond the reasonable needs of the business, for the purpose of preventing
surtax upon stockholders and will be strictly and impartially enforced
against the corporations to which it is obviously intended to apply.
Federal Income Tax—Filing of Ownership Certificates
The following notice to owners of corporate bonds, regarding the filing of ownership certificates, has been issued
by the New York Trust Co.:
We wish to direct your attention to the new requirements of the United
States Treasury Department for filing ownership certificates on collection
of bond interest.
After Jan. 1 1935, ownership certificates (Form 1000) will he required
with all interest coupons from obligations issued by a domestic corporation,
a resident foreign corporation or a non-resident foreign corporation having a
fiscal or paying agent in the United States, whether or not they contain a
tax-free covenant and regardless of the amount of coupons or the net
Income of the owner.
Form 1001 is required of non-resident aliens, foreign corporations and
unknown owners.
As heretofore, no certificates need be filed when the owner of the obligation is a domestic corporation or resident foreign corporation.
Further information on this subject may be obtained, if desired, through
any of our officers.
Clients whose securities are lodged for safekeeping with our Custody
Administration Department may disregard this notice, since attention to
such details is a part of our service.
State Income Tax Rates Considerably Higher in Past
Two Years Along With Increases in Federal Taxes—
Survey by James W. Martin, Research Director of
Inter-State Commission on Conflicting Taxes.
State income tax rates have been raised considerably
in the past two years, despite the increases in Federal
personal and corporation income taxes, according to a survey
made by James W. Martin, Research Director of the InterState Commission on Conflicting TaxItion. The report
appears in the December issue of "The Tax Magazine."
released Dec. 20.
Income tax rates have increased in three ways, the study
shows:
(1) The maximum rates have been raised.
(2) The exemptions have been lowered, so that the tax now frequently
applies to incomes of lower-middle-class citizens.
(3) In many States the graduation has been made steeper.
It is pointed out that while in some cases corporation
taxes have been increased by the same methods, more frequently corporate income has been subjected to a flat rate
which has gradually been raised in States already having this
tax. This rate on the whole has been higher in the new corporation tax statutes than in those enacted some years ago.
Of the 30 income-taxing States, New York collected the most
money for the fiscal year ending June 30 1934, according to
Mr. Martin's findings. Regarding these findings, it is also
stated:
In this State, revenue from the personal income tax and the franchise
tax amounted to more than $70,000,000. New Mexico, which derived the
lowest aggregate yield, received less than $85,000.
In terms of the average revenue per person, also. New York enjoyed the
maximum yield, with $5.60 per capita. Arkansas got only $0.11 per capita
for corporation and personal taxes combined.
From the revenue point of view, Mr. Martin finds, income taxation is
much more feasible in States with high;per capita wealth, such as most
of the northeastern States, than it is in States which have comparatively
low per capita wealth, such as most of those in the South and west.
The per capita yield of personal income taxes in Delaware, for example,
is seven times as great as in Virginia, though the rate is approximately
4054
Financial Chronicle
20% lower. The per capita yield in New York was about 73 times that of
Arkansas in the fiscal year ending June 30 1934, although the rates in New
York are only a trifle higher.
The extreme differences in yield are much greater in the case of income
taxes than in gasoline, tobacco, and othet selective excises. It is, Mr.
Martin comments, somewhat greater than in the case of general sales taxes.
A tabulation of direct administrative costs shows that on the average the
States pay out 2% to 3% of the revenue to administer the Personal
income tax.
For corporation taxes the typical administrative cost is 134 to 2%. The
administrative costs are much lower than this among the States in which
Income taxation constitutes a significant part of the tax plan and has been
effective long enough to be well under way.
Tax exemptions and credits for dependents provided in Acts of the last
four years are lower, on an average, than they were before 1930. The
lowest exemption is found in Iowa, where the head of a family with three
dependents must pay the State $12 tax on a $2,000 income.
Some recent tax laws provide exemption in terms of tax, rather than in
terms of income, so that the "relief" for the large taxpayer is no greater
than that for the small taxpayer. Wisconsin, Arizona and Iowa follow this
procedure.
Treasury Department Rules Holders of Mortgage Title
Certificates Are Released from Additional Taxes
When Title is Extended—New York Supreme Court
Upholds Investment of Trust Funds in Participation Certificates Based on Group Mortgages
George S. Van Schaick, New York State Superintendent
of Insurance, announced Dec. 22 that the Treasury Department has issued a ruling releasing guaranteed mortgage
certificate holders from additional stamp tax payments when
mortgages underlying their certificates are extended through
reorganization under the State Schackno Act. This ruling
will affect all title and mortgage companies in rehabilitation
and is expected to result in a considerable saving for certif cat° holders.
The legality of investment of trust funds in participation
certificates based on group mortgages was upheld Dec. 20
in a decision handed down by Justice Alfred Frankenthaler
of the New York Supreme Court. The decision will affect
many trust funds administered by banks and individual
trustees who have invested large amounts in guaranteed
mortgage certificates based upon groups of mortgages, but
does not apply to mortgage certificates based upon shares in
a single mortgage, the legality of which has not been questioned. Justice Frankenthaler's decision was described in
part as follows in the New York "Times" of Dec. 21:
Justice Frankenthaler admitted "serious doubt" as to the legality of
trust investments in group mortgage certificates, but he said he was loath
to hold that such certificates were not legal investments for trust funds.
Matter for the Legislature
"The wisdom of authorizing the investment of trust funds in such participation certificates is, however, a matter for the Legislature and not
for the Court," he concluded.
The decision was in the case of the application of Harry J. Leffert,
committee of the estate of Georgina Nix, an incompetent living in Ireland,
for approval of his account before forwarding sums on hand to the incompetent. As the estate included a $1,000 certificate in the F-1 issue of
the New York Title & Mortgage Co., the question arose as to whether Mr.
Leffert should be held accountable for the difference between the certificate's $1,000 par value and the present market value.
His doubts as to the legality of the investment, Justice Frankenthaler
said, were based on the language of the statute, which authorizes investment in "shares or parts of . . . bonds and mortgages," but does
not mention shares or parts of group bonds and mortgages, as well as
upon a Court of Appeals decision holding that owners of group certificates
had not become owners of the underlying mortgages.
Opinion by Attorney-General
But in 1928, the Court continued, the State Attorney-General rendered
an opinion that the laws authorize investment of trust funds in "participation certificates in groups of mortgages."
Justice Frankenthaler cited also that "for many years such participation
certificates have been generally regarded as legal investments for trust
funds," and "the Legislature apparently acquiesced in this construction."
The investment of enormous sums in these certificates by trustees and
fiduciaries, and the attitude of the community at large, he held, "amount
to a practical construction of this statute."
The Court pointed out, however, that "recent events have demonstrated the inadvisability of permitting fiduciaries to invest trust funds
in participation certificates.'
We also quote from the New York "Herald Tribune" of
Dec. 23 regarding the Treasury Department decision on
stamp tax payments.
The ruling by Guy T. Helvering, Commissioner of Internal Revenue,
decrees no additional tax shall be paid if the certificate is endorsed with a
legend showing the extension of the underlying bond and mortgage, unless
there is an extension of the certificate itself. Mr. Helvering holds that
the legend does not constitute an extension of the certificate. There
is, of course, a stamp tax on the extension of the underlying mortgage.
The ruling reads:
"Where a corporation calls the participation certificates issued by it
and stamps a legend tnereon showing that the certificate has been modified
ancleor extended by certain agreement which provides for the payment of
interest at a different rate, it is held that such modification or alteration of
the certificate does not constitute a re-issue within the comprehensive terms
of the law imposing the stamp tax on 'all bonds, debentures or certificates of indebtedness" issued by any corporation.
"The participation certificates are separate obligations of the issuing
corporation and subject to stamp tax as corporate securities. Therefore,
where the certificates of participation do not have a fixed date of payment,
neither the agreement to extend the maturity date of the bond described
In the participation certificates nor the stamping of the legend on the
certificate is regarded as a renewal of such certificates."
Dec. 29 1934
United States Supreme Court to Rule on Rail Pensions
—Government's Plea for Quick Decision on Constitutionality Granted
Early settlement of the dispute between the Government
and the railroads over the constitutionality of the Railroad
Retirement Law to pension retired employees was assured
when the United States Supreme Court, Dec. 17, granted
the plea of the Department of Justice for a review of the
case. Unopposed by the railroads, the Government had
asked the high court to grant a writ of certiorari, and this
request was agreed to. The issues involve 1,000,000 railway
workers and their families. Railway officials say that the
law, if upheld, would cost the carriers $60,000,000 annually
in pensions.
The Government, through J. Crawford Biggs, Solicitor-General of the
United States, on Dec. 7 filed in the United States Supreme Court a petition
for a writ of certiorari asking the court to take from the Court of Appeals
of the District of Columbia for review the case in which Chief Justice
Wheat of the District of Columbia Supreme Court found the Railroad Retirement Act unconstitutional. The Government had appealed from the decision
but the Court of Appeals has taken no action in the case, and the SolicitorGeneral took the position that a prompt determination of the constitutionality of the law "is of vital concern to many thousands of employees, who
by its terms will be entitled to annuity payments on and after Feb. 1 1935,
and to the families of such employees."
Early decision is also a matter of great importance to the present employees, he said, because the carriers are now withholding 2% of the wages
of their employees in order to be able to satisfy the requirements of the
Act should it finally be held constitutional, and it is in the public interest
that it be promptly determined whether the wage deductions already made
should continue to be withheld and whether future wage payments should
be subject to like deductions.
The questions presented by the appeal, according to the
petition, are:
(1) Whether the Railroad Retirement Act is unconstitutional because it
applies to all employees of carriers subject to the Act, including employees
not directly engaged in inter-State transportation.
(2) Whether the Act is unconstitutional because it provides for the payment of retirement annuities computed, in part, by reference to time spent
in railroad service prior to the enactment of the statute.
(3) Whether the provision of the Act, which includes among the employees subject thereto those who were in the service of the carriers within
one year prior to the enactment of the Act, is unconstitutional.
Counsel for the railroads filed a reply memorandum saying they did not oppose the application of the petitioners for
writ of certiorari and that "the issuance of the writ as
prayed would result in the speedy and final determination
of the important questions involved in this case." However,
they point out certain inaccuracies in the petition.
It is said on page 5 of the petition:
The Supreme Court of the District of Columbia concluded that Congress
has power to enact a statute "providing for the compulsory retirement at a
certain age of employees of railroads engaged in inter-State commerce,
together with provisions for the pensioning of employees so retired."
To this the railroads reply:
The trial court did not hold that. It held the statute before it unconstitutional for the reasons set out in the memorandum opinion and in its
conclusions of law. It simply refused to go further and utter a dictum
as to whether Congress might have power to enact some other compulsory
retirement and pension statute, saying:
"I am not prepared to say that the enactment of a statute providing for
the compulsory retirement at a certain age of employees of railroads engaged
in inter-State commerce together with provisions for the pensioning of
employees so retired is beyond the power of Congress under the inter-State
commerce clause of the Constitution."
Although not opposing the petition for certiorari, the railroad counsel
"assert that in their opinion the holding of the court below, that the Railroad Retirement Act is unconstitutional, was and is correct. And these
respondents do not agree that the questions involved herein are so narrow as
stated on page 2 of the petition. Broader grounds of unconstitutionality
of the statute than those adopted by the trial court were advanced by the
bill of complaint, were pressed upon the trial court and will, if the writ
Issues, be pressed upon this court. It is clear from the authorities that in
such situation the broader grounds to sustain the decree below will be
properly before this court."
Compilation as of Oct. 31 by States and Commodities
of Rental and Benefit Payments, Processing and
Related Taxes Collected, and Tax Refunds
Processing tax collections under the Agricultural Adjustment Act total $550,081,419 as of Nov. 1 1934, Chester C.
Davis, Administrator, announced Dec. 13. Benefit payments financed by taxes and paid to farmers to compensate
them for co-operation in making adjustments in their production, Mr. Davis said, totaled $421,697,389 the same date.
These figures were also contained in the monthly report
of the Comptroller of the Administration issued Dec. 3,
reference to which was made in our issue of Dec. 8, page
3583. Mr. Davis draws attention to the figures in making
public on Dec. 13 an explanatory statement regarding processing taxes and benefit payments, and also tables compiled
by the.AAA showing total processing tax collections by States
from date of levy up to and including Oct. 31 1934, receipts
from the different types of taxes by commodities,a tabulation
by States of tax refunds up to Oct. 31, benefit payments by
States, and a tabulation of the percentages of total National
population and of National income represented by each
State, as approximate indicators of the extent to which taxes
are borne by the various States.
The following with reference to tax refunds, is from the
Administration's explanatory statement of processing taxes:
. . . Taxes on floor stocks are to be refunded at the time the tax is
to be discontinued, at a rate equivalent to the processing tax collected on the
commodity from which processed. Refunds are also made of taxes on pro-.
ducts delivered to any organization exclusively for charitable distribution
or use, including public relief distribution, and on exported products.
Several of the tables contained in the Adjustment Administration's compilation follow:
TABLE A-PROCESSING AND RELATED TAXES COLLECTED )GROSS)
TO OCT. 31 1934 AS REPORTED BY THE BUREAU OF INTERNAL
REVENUE, CLASSIFIED BY STATES AND COMMODITY
Total all
Commodutes
State
..Jabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
LouLsiana
Maine
Md.including D. C....
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virgliala
Wash. incl. Alaska
West Virginia
Wisconsin
Wyoming
Totals
Slate
4055
Financial Chronicle
Volume /3.9
$
10,552,719
441,226
674,623
16,915.930
5,911,259
2,445,132
613,231
830,996
24,978,382
684,469
631,202
91,990,189
9,261,687
16,466,680
17,209.051
6,622.101
3,380,877
2.509,824
7,079,455
29,026,184
6,597,983
34,514,277
1,017,395
24,397,658
2,410.586
6.348.597
159,996
2.570.240
5,053,324
180,476
58,213,425
41.256,015
1,472,251
18,936,793
4,894.878
3,791,324
17,082,863
4,226,500
23,197,395
634,294
7,720,783
14,642,609
1.097,946
391,764
8,814,547
5,476,623
1,405.820
5,067,975
281,840
Wheat
$
122.393
233,887
119.392
7,033.398
3,113,726
108,051
104,803
81,527
944,025
26,247
341.455
10,496,947
3,511,751
730,989
15,882.338
2,167,160
135,622
72.032
854,077
487,517
2,979,637
30.025.711
91,399
13.519,645
2.108,121
4,331,518
89,052
154,856
487,628
97,372
17,199.920
1,830.315
1,283,274
6,762,488
3,838,346
3.111,979
3.610,341
55,530
146,392
315,933
2.223.352
9.864,178
319,192
54,607
1,866,487
4,151,052
407,098
647,577
187.815
Cotton
Field
Corn
Tobacco
$
9,896,629
42.029
414,673
2.454.771
387,440
1,883.255
167,039
144,450
22,531,619
108,907
54,783
4,717,190
737.876
400,177
433,402
774.694
1,155.369
2,229.321
2.474,452
24,548,506
1,079,963
673,215
844,311
3,291,499
65,103
217,863
8.871
2,167,844
1,869,462
42,109
17,093.535
31,329,524
68,379
2,457.586
536,419
167.976
3,526,534
4,006,832
22,661,673
71,959
3,156,048
3,072,852
105,942
191,599
3,011,897
290,714
372,104
645.738
24,605
$
8
25,399
111.835
2,458
2,063
44,007
16,358
661,848
27,861
5,011
12,113
34,641
2,257
5.929
74.986
408,191
8,476
131,426
38,317
278
7,975
1.477
3,355
574,104
992,745
137,927
446,020
747,274
35,010
13,068
26,877
304,811
2,372,877
53,195
65.399
10,524
1.522
103,431
18,866
87,571
24,021
438,048
176,552
46,895
25,311
14,885
31,031
809.995
264,526
3,043
6,198
12,176
97,114
6.893
2,846
53,454
1,446
1,120,359
11.760
1,445
3.191
5,921,804 2,470,974
57,532
7,628,548
1,040
2.105
1.558,278
101.207
15,095
70,357
10,155
3,577
144,154
1,579.564
5.576
11,695
33,607
31,232
4,226
2,168
667,105
137.704
75,833
163,040
1,309
3,343
594
3.816
2,530,379
57,003
21.411
18,244
334,130
26,633
59,557
150,511
2,391
663
550.081.419 158.328.178 178.608.763 27.595 345 7.029.038
Hogs
Paper
& Jute
Sugar
Tobacco
ProCotton
Peanuts Ginning ducers'
Sales
$
$
$
272,967
24,746
Ala
79,405
149,946
Ariz
8,731
2,055
57,937
Ark
12.833
8,881
Calif
2,647,939
992,428 2,908,849
Colo
514,916
183,069 1,692,519
Conn
405,866
4,964
6.095
Bela
240,316
18,990
1,166
Fla
77.543
45,312
55,780
Ga
468,553
294,092
534,062
Hawaii
50,730
467.385
22,627
Idaho
209.834
3,064
16,902
Ill
74,467,815
329,721
193.245
Ind
4,368,787
23,221
35,766
Iowa
14,460,596
32,889
59,367
Kan
733,266
63,441
55,696
Ky
927.786
38,597
22.880
La
297,357 1,585,365
86,336
Me
102.032
6.353
88,035
617,234 1,056,769
Md.Incl.D.C. 1,952,775
Mass
372.821
2,901,352
603,533
Mich
1,387.459
365,664
86,205
Minn
3,453,210
208,164
81,724
Miss
20,905
9,876
4.197
Mo
5,237,927 1,215,741
54,522
Mont
211,089
5,916
9,858
1.648,252
Neb
18,443
23,200
35,867
16.464
Nev
9,686
N. It
1,986
104,181
1.495,013
13,780
54.719
N. J
26,398
7,283
1.506
N M
5,189,547 2.666,444 7,602,743
N. Y
111,899
24,078
49,824
N.C
105,723
3,521
7,253
N. Dak
7,470,128
92,016
492,817
Ohio
20,764
387,383
26,511
Okla
400,186
18,323
78,455
Ore
4,904,276
409,154 2,881,123
Penn
142,137
2,230
2,498
R. I
93,486
12,836
163,628
S.C
6.425
3,499
230,081
S. Dak
19,565
227,953
1,284,552
Tenn
383.121
188.778
880,818
Texas
469.353
30.932
167,866
Utah
109,4991,787
29,841
Vt
356,378
429,443
502,116
Va
Wash., incl.
49.247
44,200
901,746
Alaska....
11,083
114.193
140,374
W. Va
37,804
168,724
3,334,893
Wig
735
63,767
NVyo
II& nnA AO. In AA. nlenl OAA 110/
(We oin t Table A-1,-Editor).
$
$
4,528
WY
classtfled
$
$
14,813
53
186
350
26
119
_ 238,687
-----------2,463
7,257
2,457
9 13,835 22,439
221
96
---------329
18,418
_-336
-----------373
-----------959
-----------13,293
___
2,190
39
.65
--------1,781
-----------859
-----------84,450
-----------42
149
--___.
637
-----------3,799
-----------1,255
-----------28
-----------78,784
-----------1,168
49
--------8,405
-------185,875 38.415
-----------953
-----------2,269
----670
-----------------27,714
---
2:347
147577 37:812
ia
.._
_-- 4:483
__
4,774
-___
9.213
-----------5
17
-------52,319 8.520
-----------5
-----------202
-----------23,169
79
0110
01 one
non Agar nAr Inn
TABLE A-2-TAX REFUNDS TO OCT. 31 1934 AS REPORTED BY THE
BUREAU OF INTERNAL REVENUE CLASSIFIED BY STATE AND
COMMODITY
Wheat
Cotton
Total
Stole
$10,238.11
515,341.85
192.18
5,378.96
411.70
1,168.43
49,858.82
659,075.67
7,650.61
10,050.64
11,946.12
19,907.56
97.73
543.01
1,269.60
1,473.12
30,441.40
35,917.86
362.30
482.50
355.94
918.56
41,315.04
3.456.660.80
11,500.75
105,672.62
2,738.95
945,361.25
3,573.17
110,625.09
473.92
14,963.16
28,343.52
45,788.25
373.02
1,041.51
117,267.85
3,611,776.13
244,256.19
416,083.77
8,931.50
90,518.67
12,890.28
217,765.68
1,987.46
2,936.82
6,238.37
67,633.33
705.83
4,485 34
2,303.29
38,597.15
17.47
61.26
6,705.57
6,815.63
14,017.71
16,499 49
81.01
1,445.61
1,471,911.54 1,112,974.00
89,899.97
93,252 22
200.00
1,198.95
56,006.01
233,224 63
656.42
28,555.23
750.50
114,429.38
74,017.51
100,850.49
14,896.46
15,036.06
21,602.56
22,406.68
121.55
1,036.65
25,025.66
45,213.52
11,196.20
80,617.91
113.57
129.53
117.68
241.78
30,096.50
39,937.41
10,890.74
405,458 70
2,200.04
2,676.05
5,022.57
329,842 24
16.67
944.30
Alabama_
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
$4,801.83
5,184.92
342.94
602,091.41
2,045.45
7,833.07
192.46
5,242.39
186.01
52,343.72
30,629.77
18,770.31
73,271.84
12,707.56
7,781.37
284.55
881,297.41
2,802.04
80,878.54
113,672.92
871.42
60,164.16
3,302.73
3,880.76
37.62
1,439.16
1,341.91
121,515.71
2,066.65
937.53
85,342.64
23,817.90
113,610.43
18,909.62
114.50
555.39
915.10
19,196.65
67,471.38
15.96
121.72
2,468.51
392,867.89
189.32
31,909.69
927.63
Tobacco
$9.10
90.15
457.89
27.03
12.65
7.36
13.49
55.78
8.09
57.48
259.12
221.24
67.28
146.60
17.43
37.34
98.69
165.04
15.29
65.45
68.17
59.89
8.30
43.79
.56
4.34
749.41
5.75
117.34
23.27
7.24
167.82
1.77
21.78
232.58
103.51
35.09
200.84
34.51
812,891,972.99 52,072.350.02 52,856,352.49 53,718.46
Totals
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Vermont
Virginia
Washington
West Virginia
Wisconsin
Totals
Paper
and Jute
Hogs
Corn
State
Sugar
$60.11
5232.70
1.86
319.42
1,248.42
163.79
6.00
-__4.22
5,142.13
45.69
36.98
277.00
70.99
72.74
445.28
3.70
184.06
19.11
145.00
11,985.41
393.80
5,859.63
362.83
7.16
186.06
1,144.58
354.70
590.56
7.12
438.68
178.55
139.36
41.68
---_
__ --
10.62
22.31
34.32
3,350,729.14
62,635.85
917,669.39
33,240.31
1,624.92
9,535.15
93.25
2.613,091.77
167,647.23
105.11
90,397.56
5.37
421.23
229.63
32,179.35
25.90
23.00
189.20
230.01
199.29
101.73
109.66
3.00
110.78
67.29
119.10
135.04
83.78
199.07
36.31
161.28
1.22
199,140.53
5,779.89
250.18
55.67
44.58
7.92
_5-4:154
---_
---____-
302.72
8.71
86.09
----
34.35
877.00
22.69
31,752.00
1,035.42
1,026.10
129.42
45.81
3,903.65
39.21
171.08
570.07
936.20
2.38
544.94
189.45
64.73
369.38
565.686.38
t
__-
90,687.96
3,920.30
15.40
3,164.78
----_-_
687.11
4.12
77.65
251.23
214.89
-------
5,548.79
231.67
21.12
292,180.51
1,156.00
1,243.86
1-9:113
57.876,422.07
517,323.29
148.13
566.66
__-
325.58
5120.28
(We omit Table B-Editor).
TABLE C-RENTAL AND BENEFIT PAYMENTS THROUGH OCT. 31 1934
ANALYZED BY STATE AND COMMODITY
State
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Massachussetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Total
Cotton
Wheal
Tobacco
Corn-Hogs
$
$
201,392
15,481,957.06
21,352
20,592
650,309.78
477,719
180
1,945
16,994,112.91
829,007
1,172,272
2,637,983.01
798,384
1,610,321
2,408,705.93
20,921
299,640
320.561.85
15,223
82,868
108.092.80
129,218
243,260
395,609
768,097.90
69,714
8,364 1.470,243
14,736,194.86 13,187,872
225,714
2,864,178
3,089,893.51
267 16,144,722
2,392,697
18,537,687.61
75,045 10.597,176
2,135,005
12,807,227.19
31,328,517
441,790
31,770,308.12
7,176.078
3,611
3.052 32,246,197
39,428,940.19
4,559,418.63
66,307
235.662 2,705,329 1,552,119
8,223,366.55 8,223,366
222.874
38,288
1,145,513
1,406,677.23
185,463
117,355
302,818.99
1,285,967
827,834
2,113,802.31
27,864 8,879.485
1,622,568
10,529,918.98
28.967
15,211,357.81 15,182,390
54,632 11.019,335
15,447,131.19 2,519,920 1,853,236
226,850
6,516,724
6,743,575.00
12,503,271
7.360,473
19,863,745.01
$
15,278,998
608,364
16,514,268
636,703
kg 11.40 KA
$
R9005
$
1,566
95 RSA
4056
Financial Chronicle
State
New Hampshire_ _ _
New Jersey
New Mexico
New York
North Carolina
North Dakota_ - _ _
Ohio
Oklahoma
Oregon
Pennsylvania
Puerto Rico
Rhode Island
Routh Carolina
South Dakota_ _ __
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Totals
Total
Cotton
Wheat
Tobacco
$
a
$
$
13,085.90
2,594
.125,405.96
12,895
1,396,762.94
612,989
624,495
162,894.08
42,489
26,820
11,233.510.59 5,322,699
56,442 5,590,367
16.014,606.10
14,829,738
9,811,080.28
1,775,714
488,225
26,518,848.52 15,634,807 8,900,661
2,754,938.41
2.510,153
963,816.91
292.835
548,038
1,158,051.50
1,158,051
2,176.84
10,290,060.13 8,353,874
1,841,395
10,480,629.18
4,626,686
7,167,997.87 4,956,634
131,793
662,643
67,167,913.09 59,051,339 6,243,192
892,930.65
807,314
27,331.36
2,833
2,232,305.89
237,177
640,380
658,227
4,435,970.69
4,117,248
213,993.74
66,846
33,785
3.877,385.85
31,316
522,373
546,165.96
378,815
Corn-Hogs
$
10,491
112,510
159,278
93,584
264,001
1,184,867
7,547,140
1,983,379
244,784
122,942
2,176
103,785
5,853,942
1,416,925
1,873,381
85,616
24,498
696.519
318,722
113,362
3,323,696
187,350
421.697.389.40 166.786.379 108.669.557 16.572.652 129.688.799
United States Court in Denver Forbids Town in Kansas
to Use PWA Funds to Construct Municipal Light
Plant
The Tenth U. S. Circuit Court of Appeals at Denver
issued a temporary injunction on Dec. 27 forbidding the
city of Independence, Kan., to construct a municipal light
plant with Federal funds. Associated Press accounts from
Denver reported:
The Kansas Gas & Electric Co. filed a complaint in the Oklahoma
Federal Court against the city, seeking to prevent the use of funds provided
by the Public Works Administration.
The case was dismissed and the electric company then sought the temporary injunction in the Court of Appeals.
"The injunction shall be in force and effect pending the final determination of the appeal of the gas company from an order of the Oklahoma
District Court dismissing the action," the Circuit Court order said.
It was understood here that Independence sought $60,000 from the PWA
to help finance the plant. The case is of interest in a number of cities
throughout the country where efforts are being made to construct similar
plants.
Senator Lewis Warns United States Against SubScribing to Naval-Limitation Treaty-In Radio
Address Declares Such Pacts Can Only Bring
Danger of War
The United States should not conclude any treaty with
another nation which would limit its naval defenses, Senator
J. Hamilton Lewis of Illinois said on Dec. 24 in a radio
broadcast. Such a treaty, he declared, could only bring
a danger of war to this country. The recent meetings held
in London by representatives of the United States, Great
Britain and Japan were described by Senator Lewis as the
"London navy construction meet." He added that if the
three countries do not contemplate war it is unnecessary
for them to limit the size of navies. He then added, in part:
Why should America go into this form of threatening compact against the
United States? Plain it must be that should we enter the deal, and it is
disobeyed by any of its parties, the United States will be called on by the
nations involved to lend ourselves to enforce the compact. This means war
upon the United States by the nations we threaten to force to obedience, or
war from the nation we refuse aid in the enforcement.
We are as an island, centered bewteen Aisle and Europe. We seek no
place to colonize among either, nor do we ask possession of foreign territory
or property. Our only war danger is one to be put on us, not one we would
put on another.
If war is to be put on us, then it is, as intimated, from among the very
nations we are fraternizing with. Is it possible that we shall join in providing a limitation on our own defense against the sasaults of those who are
combining to limit our measure of protection against their attacks?
Let the United States keep out of volunteer entrance or adherence with
any foreign nation in the processes of revenge satisfying ancient and inherited grievances. Let us hold for ourselves the now sustained superior
station of the one nation at peace with the world, and with vengeance
threatened against none.
Guided by the Christmas spirit of our national text "friendship with all,
alliance with none," we stand as a mediator in all service required, but with
no contracts to assume obligations or give support by human lives in any
international or foreign complication in which for our defnese we are in no
wise involved.
Representative Tinkham Charges Administration Is
Taking Steps Leading to United States Member
ship in League Against Will of People-International Labor Office Called Part of League
Organization
The United States is being "enticed" into the League
of Nations, despite the expressed opposition of its people,
Representative Tinkham of Massachusetts said in a statement made public on Dec. 25. Acceptance of membership
in the International Labor Office, he said, will soon be
followed by entrance into the World Court, both of which
steps will be preliminary to full membership in the League.
The independence of the United States will this be destroyed, he continued, the will of the American people
will be thwarted and the United States will be inevitably
involved in the next European war. He asserted that the
joint resolution authorizing the United States to participate
Dec. 29 1934
in the International Labor Office was passed by the last
Congress in its closing hours, without hearings and without
a quorum. We quote in part from his statement as given
itin, Washington dispatch of Dec. 25 to the New York
"Times'':
The assurance of Miss Prances Perkins, Secretary of Labor. giventto
Congress, that membership in the International Labor Office does not involve this country in membership in the League, was called misleading by
Mr. Tinkham. He quoyed as follows in support of his contention that the
International Labor Office is an integral part of the larger organization. I
"Article 392 of the Treaty of Versailles states:
"The International Labor Office shall be established at the seat of the
League of Nations as part of the organization of the League.'
"The International Labor Office is one of the two parts of the International Labor Organization. The other part is the International Labor
Conference.
"Article 427 of the Treaty of Versailles refers to the International Labor
Office as 'permanent machinery . . . associated with that of the
League of Nations.'
"Article 393 of the Treaty of Versailles provides that 'any question as to
which are the members of the chief industrial importance shall be decided
by the Council of the League of Nations.'
"Article 397 explicitly states that membership in the League of Nations
shall 'carry with it membership in' the Labor Organization.
"Article 399 provides that the expenses of the International Labor Offic
and of the International Labor Conferences shall be met' out of the general
funds of the League,' and that 'the director shall be responsible to the Secretary-General of the League for the proper expenditure of all moneys paid
to him in pursuance of this Article.'
Assistance From League Provided
"Article 398 provides that the International Labor Office 'shall be entitled
to the assistance of the Secretary-General of the League of Nations in any
matter in which it can be given.'
"Article 405 of the Treaty ofVersailles provides that it is for the SecretaryGeneral of the League of Nations to communicate to the members of the
(Labor) Organization certified copies of recommendations and draft conventions adopted by the International Labor Conferences; members are to inform the Secretary-General of the League of Nations of action taken on such
recommendations and draft conventions, and their ratifications of draft
conventions are to be communicated to him.
"Article 406 provides that a convention (of the Labor Organization)
which is rarified is to be registered by the Secretary-General of the League
of Nations.
"Under Article 412, upon application of the governing body of the International Labor Office, the Secretary-General of the League of Nations is to
nominate members of COITIT11113140119 of inquiry to consider complaints as to
the excecution of conventions ratified.
"Other provisions of the treaty bearing upon the International Labor
Organization involve us with the Permanent Court of International Justice
of the League of Nations."
War Department Opposes Nationalization of Munitions
Plants-Statement Read to Senate Munitions
Committee Declares Private Interests Should
Continue Control Over Arms Factories-Huge Cost
is Cited
The War Department is categorically opposed to Government nationalization of the munitions industry, it was revealed in a statement from the Department which was read
before the Senate Munitions Committee on Dec. 21. Asserting that if the Government should attempt to nationalize
the industry it would involve a huge financial expenditure,
the statement said that private industry should continue
to control the manufacture of arms and munitions in this
country. The Department estimated that in order to
nationalize the industry it would cost between $500,000,000
and $1,000,000,000, according to the size of the army to be
equipped, not including approximately $80,000,000 for upkeep, or other huge items such as aviation, tanks and gas
defense.
Some of the principal extracts from the War Department
statement are quoted below:
The War Department is convinced that in the event of war American
Industry must produce the major portion of the required munitions. Assuming this premise, it follows that so far as practicable industry should be
prepared to perform its war mission. Therefore, the War Department has
Consistently favored the participation of American industry in munitions
manufacture and has encouraged the production of munitions not only for
the United States Government but also for export where such export is
not contrary to the policies of the State Department and does not divulge
vital military secrets of design. This policy has been followed because it
is believed that an organization or an industry that has produced munitions
In peace will be better qualified thereafter to produce munitions in war.
The War Department does not oppose in any the licensing of American
Industry in the manufacture of munitions, as it does not believe that control
by licensing will in any way impair the efficiency of American industry for
munitions manufacture in war.
The War Department does not favor the nationalization of munitions
manufacture-that is, the full manufacture in government establishments,
Such a policy would fail in war, and therefore does not appear logical In
peace.
The War Department's policy in this matter agrees completely with the
British policy regarding the same matter, as set forth by Sir John Simon in
a statement before the British Parliament,as follows:
"Our system for the supply of munitions of war to the government combines a nucleus of State production with production by armament firms and
private shipyards. A nucleus of State factories is useful not only for the
weapons that they themselves produce but as a check on the prices and
qualities of those produced by private companies. The private armamenS
firm has its skilled staff, its organization, its machinery-some of it extremely heavy and important. The armaments side of its business could not
be maintained without foreign orders. If we are plunged into war, these
armament firms and private shipyards are able to switch over rapidly from
their level of peace production to their maximum of war production." . • •
Volume 139
Financial Chronicle
Small Arms and Small Arms Ammunition
Between August 1914, and April 1917, the small arms industry in the
United States built up a large manufacturing capacity under the stimulus
of orders from the Allies. As a result, after this country entered the war,
requirements in small arms and small arms ammunition were more satisfactorily met than in almost any type of military supplies and equipment.
Generally speaking, the same firms are in business to-day, but are not
engaged to any considerable extent in the production of military items.
As has already been pointed out, the United States Government is not
purchasing any standard small arms ammunition at the present time, and
only a few small arms such as the patented Browning machine guns and
automatic rifles. Except for a limited export business, these firms are
engaged mostly in the manufacture of such commercial items as sporting
arms and ammunition, washing machines, refrigerators, cutlery, &c. In
the event of war, manufacturing experience in the production of sporting
types of arms and ammunition will be valuable.
Plans for the Mobilization of Industry
Under the mandate of Congress expressed in Section 5a of the Act approved June 4 1920, the War Department, in co-operation with the Navy
Department, has striven to improve the state of industrial preparedness
of the United States. Generally speaking, tnis effort has taken the form
of detailed plans for war procurement and the mobilization of industry.
In order to prevent confusion and delay in placing orders and to acquaint
industry with what it will be called upon to do in war, tentative tasks have
been assigned to particular facilities. In selecting plants for allocation,
every effort has been made to secure the mazimum utilization of existing
facilities and manufacturing experience. . . .
Government Control and Operation of the Munitions Industry
1. Government control.
It does not appear that Government control of the munitions industry
would adversely affect the state of industrial preparedness of the country.
For instance, the licensing of manufacture or export should not reduce
productive capacity.
2. Government monopoly in peace.
The construction and operation of factories for the manufacture of
military aircraft would present a difficult problem. However, with a comparably small increase in existing plants. Government arsenals could produce all other munitions required in peace. Even with such increase, the
Government plants would be able to meet only a small part of the initial
war load. A policy of exclusive Government manufacture would tend to
deprive the country of commercial sources of supply. The curtailing of
orders with industrial plants will greatly increase the importance of procurement planning.
If, for reasons of policy, a decision is reached to manufacture all peacetime requirements in Government plants, action along the following lines
should be taken to offset to some extent the additional time that will be
required to secure production from industry:
(a) Increase the war reserves of items that do not deteriorate and are
not likely to become obsolete.
(b) Increase the manufacturing capacity of the arsenals, especia
for the production of all types of ammunition. Moreover, all facili es
should be kept in readiness to go into production. By utilizing regular
personnel in key positions, such an increase can be accomplished in a reasonable.space of time. Any new construction should be located with due
regard to security from hostile attack, distribution of products to any part
of the country, raw materials, power, fuel and labor. The expansion program for artillery ammunition should contemplate the utilizing of private
industry for those operations that may be performed with standard machinery and little added training.
(c) Increase the present war procurement planning activities, especially
with regard to the preparation of factory plans, descriptions of manufacture and the furnishing of technical information to allocated facilities. . .
Government Plant Cost
All told, the initial cost of a complete system of Government manufacplants
turing
capable of equipping and supplying a force of 4,000,000 men
would be not less than $1,000,000,000.
To the initial cost must be added the cost of upkeep. Plants start to
depreciate as soon as they are built. New machinery and machine tools
are necessary by improvement in types of military equipment. It is
believed safe to assume that the annual charge necessary to cover upkeep,
depreciation and additions would be not less than 5%,or for a billion dollar
plant, $50,000,000. If to this be added 3% to ocver interest on the original
Investment, it is apparent that the sum of $80,000,000 would be added to
the annual cost of national defense. . . .
5. Relative efficiency of Government and private plants.
In time of peace, Government arsenals can manufacture at slightly less
cost than commercial facilities. It has been estimated that this saving will
average 11%. The difference is due in large part to the following factors:
(a) Arsenals make no allowance for profits.
(b) Overhead expenses are slightly lower in the arsenals and there are
no selling costs.
(c) Depreciation charges are less in the arsenals because there is no
question offuture business. Sporadic Government orders necessitate private
plants entering a relatively high depreciation charge against each order.
It does not follow, however, that because arsenals now manufacture more
cheaply than private plants they could do so if operated as a war monopoly.
During years of peace, the enormous carrying charges on reserve facilities
would more than double present costs, i.e., instead of costing 11% less,
current supplies would cost from 90% to 100% more than if procured
commercially. In war the necessity of building up new organizations from
untrained personnel would tend materially to increase unit costs. It takes
more time and costs more money to acquire these organizations than any
other element of manufacture. It is doubtful, therefore, whether Government plants could show any operating advantage in war to offset the
deficits that would have accumulated in peace.
War Profits
Present procurement plans should go far in preventing contractors making
excessive profits. Government departments will not compete with each
other in the purchase of supplies. Forms for war contracts are being
developed by which it is expected contractors' profits will be limited to a
reasonable amount.
Should any manufacturer refuse to accept a Government contract at a
reasonable price, the law authorizes the placing of a compulsory order and
In the event of further refusal, the commandeering of his plant or factory.
Attempts of the War and Navy Departments to prevent profiteering will
no doubt be supplemented by Government regulatory measures and excess
profits taxes. However, any control measures that may be adopted should
not be so binding as to prevent reasonably prompt negotiations and agreement with industry to produce materials required, since any failure to
procure munititions when needed may have to be paid for, not in dollars
and cents but in the consequences of possible defeat.
4057
It should be remembered that war profits are not limited to munition
makers. The exorbitant demands for food, farm products, raw materials.
labor, power and fuel and the withdrawal of a substantial part of industry
from the ordinary channels of trade tend to cause a sharp rise in the general
price level. Under any control measures that may be instituted by the
Government to prevent excessive prices, munition makers will fare no better
than any one else.
A very pertinent paragraph of the Foreword to the Industrial Mobilization plan is here quoted:
"The tendency to overemphasize administrative efficiency and underemphasize national effectiveness has been guarded against. The objective
of any warring nation is victory, immediate and complete. It is conceivable that a war might be conducted with such great regard for individual
justice and administrative efficiency as to make impossible those evils whose
existence in past wars is well known. It is also conceivable that the outcome of a war so conducted might be defeat. In all plans for preparedness
and policies to be pursued in event of war it must never be overlooked that
while efficiency in war is desirable, effectiveness is mandatory."
Large United States Investment in Tin Advocated as
Preparedness Measure by Bernard M. Baruch, in
Testimony Before House Committee
The United States should accumulate huge supplies of tin
as a preparation against war with "everybody, even our best
friend," Bernard M. Baruch, Chairman of President Roosevelt's War Profits Committee, said on Dec. 21 in testifying
before the House Foreign Affairs Committee which is inquiring into the tin resources of the country. Mr. Baruch said
that if this Nation wishes to prepare itself from a strategic
position,it should invest in tin and keep it in storage. United
Press advices of Dec. 21 from Washington quoted further
from this testimony as follows:
Chairman Samuel McReynolds (Dem., Tenn.), asked him if it might
not be advisable to accept tin in partial payment of war debts.
"We should certainly be glad to get it in that manner," Mr. Baruch
replied.
Another witness was William A. Irvin, President, United States Steel
Corp.. which operates tin plants producing about 40% of domestic capacity.
His company buys tin cheaper abroad, most of it from the Straits Settlements and London dealers.
"Roughly speaking, costs of labor in the United States are 40% higher
United Kingdom," Mr. Irvin said. "and for that reason we
than in t
Cal=
mpete with them in the tin plate industry."
enator Glass Questions Legality of Order Requiring
State Banks in Federal Reserve System to Reduce
Interest Rates—Also Criticizes Viner-Hardy Report
The legal justification of the joint announcement of the
Federal Reserve Board and the Federal Deposit Insurance
Corporation in calling upon non-member State baLks along
with member banks of the Federal Reserve System to
reduce interest payment on savings and time deposits from
1
2% has been questioned by Senator Carter Glass.
3% to 2/
In a letter dated Dec. 18 (and made public Dec. 24),
which Senator Glass has addressed to C. S. Hanidn, of
the Federal Reserve Board, the Senator indicates that
he had sought information from the Board as to the
legal authority for either the Reserve Board or :he FDIC
to exact any such requirement from non-member State
banks. According to Senator Glass, the General Counsel
of the Board, Walter Wyatt, "unhesitatingly" stated that
the Board had no such legal authority, and the Chairman
of the Corporation admitted "that he could cite no legal
authority for such action." "Only Congress," says Senator
Glass, in his letter to Mr. Hamlin, "has authority to legislate on the subject involved, and Congress did not authorize
any such action by the Insurance of Deposits Corporation in
respect to non-member State banks." Reference to the
action of the Federal Reserve Board and FDIC in requir1
2% appeared in our
ing the lowering of interest rates to 2/
Issue of Dec. 22, page 3882. On the same page we referred
to the Viner-Hardy report on the availability of bank credit
in the Chicago Reserve District, to which Senator Glass also
directs criticism in his letter to Mr. Hamlin, without, however, specifically mentioning it by name in his criticisms.
Among the recommendations made in the report was one proposing that the Federal Reserve banks be relieved of responsibility of making direct loans to industry. The report also
contained recommendations regarding bank loans and the
modification of rules for eligibility of rediscount at Federal
Reserve banks. In his comments on the report, Mr. Glass
says:
I note hastily in the papers to-day proposals from one or two of these
supremely wise men to strike from a certain Federal statute, which has
had but a few months' test, a provision which the President urgently asked
to have Incorporated; also a provision drawn by former Governor Black,
of the Reserve Board, and by him earnestly pressed upon the Banking and
Currency Committees of Congress, together with a provision which you and
other members of the Federal Reserve Board thought to be a major codtribution to the code of regional banking legislation. . . .
Apparently they think resort now to the unwise banking practices which
helped to bring on disaster would facilitate recovery from the evil consequences of such practices. There is scarcely a phase of banking touched
by this report which has not repeatedly been traversed by the Banking and
Currency Committees of Congress without the assembling of a costly staff
of employees to furnish data and make suggestions.
4058
Financial Chronicle
The letter follows, in full:
Lynchburg, Va., Dec. 18 1934.
Hon. C. S. Hamlin, Federal Reserve Board, Washington, D. C.
My dear Mr. Hamlin: Adverting to my inquiry over the phone yesterday
as to the legal justification of the joint announcement of the Federal Reserve Board and the Insurance of Deposits Corporation that non-member
State banks, along with member banks of the Federal Reserve System, will
be required to reduce to 21
/
2% interest payment on savings and time deposits, I had not time to pursue the subject with you before leaving Washington. I infer that you referred the inquiry to your General Couneel,
since I was called on the phone by Mr. Wyatt and given the provision of
law authorizing the Federal Reserve Board to establish a maximum rate
of interest to be paid by member banks on a certain line of deposits.
However, what I desired to be told was the legal authority for either the
Federal Reserve Board of the Insurance of Deposits Corporation, or both
in conjunction, to exact any such requirement from non-member State
banks.
Lack of Authority Indicated
Your General Counsel unhesitatingly stated, of course, that the Federal
Reserve Board had no such legal authority, and, off the record, as it were,
said he had been unable to find any legal justification of any such action
by the Insurance of Deposits Corporation. The Chairman of that Corporation frankly admitted to me that he could cite no legal authority for
such action and confessed that the Corporation, in so resolving, "was skating
on thin ice." The Comptroller of the Currency, another member of the
Corporation Board, could refer me to no provision of the law authorizing
any such action by the Corporation, and I conjecture he had no part in
the performance.
The Corporation's General Counsel disclaimed responsibility for advising
such action by the Corporation and frankly said the action was "subject
to serious question." In any view there can be no possible question of
the illegality of the action, which plainly constitutes assumption of legislative authority, and I venture to think the Federal Reserve Board made a
grave mistake in lending the force of its prestige to such illicit action by
making itself the medium of the public announcement.
Mr. Crowley distinctly disclaims any responsibility for the announcement,
and thus the Federal Reserve Board may be held to account for a proceeding
which may keep out of the System hundreds of desirable State banks which
will not relish having an untried Corporation assume unlawful authority
over their business practices.
Only Congress Ilas Authority
Only Congress has authority to legislate on the subject involved, and
Congress distinctly did not authorize any such action by the Insurance of
Deposits Corporation in respect to non-member State banks. On the contrary, the statute expressly defines the eligibility of non-member State banks
for participation in the insurance privileges of the Corporation; and neither
In text nor by implication does the statute authorize the Corporation to
make different requirements.
Should hundreds of State non-member banks refuse to readjust their
Interest. rates on deposits in compliance with this illegal order of the
Insurance of Deposits Corporation, how will the Corporation enforce its
order? Will it thrust such banks from the insurance deposit privileges
of the Act, notwithstanding they were brought into the System in the
total absence of any such requirement as to eligibility as that now sought
to be applied?
Only by a further usurpation of authority could the Corporation assume
to do this.
Over a period of years there has been discussion in the Banking and
Currency Committees of Congress of the desirability of prohibiting payments by banks of interest on deposits. I confess to a moderate sympathy
with that view, but no action has ever been taken by Congress beyond the
authority delegated to the Federal Reserve Board to fix a maximum rate
on certain deposits in member banks of the System. It may be desirable
to enact legislation affecting State non-member banks; but that is a
point for the determination of Congress after hearing these banks, and not
for decision by the Insurance of Deposits Corporation.
Mr. Crowley thinks, and bluntly says, the existing statute is "a fool
law"; but unless and until Mr. Crowley can convince Congress ti.at his
appraisal of the statute is accurate I sin inclined to think that the Insurance
of Deposits Corporation should obey the law enacted by Congress and not
assume to alter it. The suggestion that this arbitrary disregard of existing law is "in the interest of recovery" is, in my judgment, simtoy convenient imagination, amply proved so by repeated experiments in the
fixing of discount rates.
Proposals of Professors
We seem, my dear sir, to have reached a stage in public affairs where
every little sub-professor brought to Washington, however destitute of
practical business acument, is supposed to know more in a fortnight about
banking and financial problems than the President of the United States,
the seasoned officials of the Federal Reserve System and members of Congress, who for many years have been keen observers of banking practices
and intimately identified with financial measures. I note hastily in the
papers to
-day proposals from one or two of these supremely wise men to
strike from a certain Federal statute, which has had but a few months'
test, a provision which the President urgently asked to have incorporated;
also a provision drawn by former Governor Black, of the Reserve Board,
and by him earnestly pressed upon the Banking and Currency Commibttees
of Congress, together with a provision which you and other members of
the Federal Reserve Board thought to be a major contribution to the code
of regional banking legislation. Possessing the merit of reasonable precaution, I assume these provisions of law are comprehended in the sneer at
banking "righteousness" contained in this remarkable report.
Apparently the embryonic &lions responsible for the report are cheerful
believers in the wanton use of bank trust funds, the very vice that so
recently plunged the country into an era of bank wreckage unprecedented
in the history of America. Apparently, they think resort now to the unwise
banking practices which helped to bring on disaster would facilitate
recovery from the evil consequences of such practices. There is scarcely
a phase of banking touched by this repart which has not repeatedly been
traversed by the Banking and Currency Committees of Congress without
the assembling of a costly staff of employees to furnish data and make
suggestions.
Speaking as Chairman of the Senate committee directly in charge of the
legidation condemned without adequate trial, I think the sooner Washington is rid of impatient academicians whose threatening manifestos and
decrees keep business and banks alike in suspense, if not in consternation,
the sooner and more certain will we have a complete restoration of confidence and resumption of business in every line of endeavor. Terram coelo
miscent; or as Cicero has it: "Damnant quod non intelligunt."
Sincerely yours,
CARTER GLASS.
Dec. 29 1934
In another item we refer to a statement by Governor
Eccles of the Federal Reserve Board defending the action
of the Board, and the reply made thereto by Senator Glass.
Action of Federal Reserve Board in Reducing Interest
on Deposits by Member Banks Defended by Governor Eccles as in Accord with Banking Act—Order
as to Non-Member Banks by FDIC Applied in Case
of Insured Banks—Reply of Senator Glass
A statement with reference to the authority of the Federal
Reserve Board in calling upon member banks to reduce the
rate of interest on deposits from 3% to 21h% was issued
on Dec. 26 by Marriner S. Eccles, Governor of the Reserve
Board. According to Mr. Eccles, the action of the Board
was taken in accordance with the provision in the Banking
Act of 1933 requiring the Board from time to time to limit
the rate paid by member banks on time deposits. Mr. Eccles
states that a misunderstanding has arisen in the matter of
the lowering of rates in the case of non-member banks, the
requirement in that case having emanated from the Federal
Deposit Insurance Corporation, and having affected the
time deposit rate of insured non-member banks. Mr. Eccles
points out that separate action was taken by the Reserve
Board and FDIC. The question as to the authority for the
action was brought up by Senator Carter Glass, in a letter
addressed to C. S. Hamlin of the Reserve Board, which we
give elsewhere in this issue under another head. The reduction in the interest rate was noted in these columns Dec. 22,
page 3882. Mr. Eccles's statement follows:
A misapprehension has arisen with respect to the scope of and the authority
for the action recently taken by the Federal Reserve Board limiting, after
Feb. 1 1935, the maximum rate of interest that may be paid on time and
savings deposits by member banks to 21
/
2%.
The misunderstanding appears to have arisen because the statement
announcing the Board's action also carried with it a reference to the action
taken by the FDIO reducing the time deposit rate for insured non-member
banks and trust companies to 2/
1
2%.
The Board's statement carried this reference because there was abundant
reason for believing that both member banks and their depositors would
be vitally concerned by the rates of interest which might be paid by competing non-member banks.
The action taken by the Federal Reserve Board in limiting the rate of
interest that banks might pay on deposits was taken in accordance with
the provision of the Banking Act of 1933 requiring the Federal Reserve
Board from time to time to "limit by regulation the rate of interest which
may be paid by member banks on time deposits."
Its recent action, like similar action taken on Aug. 29 1933, related only
to member banks.
The Federal Reserve Board has never assumed that It had authority
to regulate the rate of interest paid by non-member banks. It clearly has
no authority to do so. Such jurisdiction as the Federal Government exercises over the non-member insured banks rests with the FDIC.
On Dec. 15 the Federal Reserve Board was advised that the board of
directors of the FDIC had reduced the maximum time deposit rate for
insured non-member banks and trust companies to 21
/
2%.
The action of the Federal Reserve Board in reducing interest rates for
member banks and the action of the FDIC in reducing the interest rates
for insured non-member banks were taken separately, not jointly.
The recent action of the FDIC was similar in character to the action it
took on Jan. 1 1934 when it issued a regulation limiting to 3% tin maximum rate of interest which might be paid by any non-member banks whose
deposits were insured by that Corporation.
In the summer of 1934, in view of the fact that the trend of interest
rates had been steadily downward, the Board undertook a further review
of interest rates in accordance with the duty imposed upon it by the
Banking Act of 1933.
Before taking action the Board communicated with all the Federal
Reserve banks in order to have the benefit of their views as to the advisability of a further reduction of the deposit rate. The replies received from
the Reserve banks were almost unanimous to the effect that a reduction of
deposit rates to 21
/
2% would be in the public interest.
In view of these replies and its own independent analysis and study of
the situation, the Federal Reserve Board determined that a further reduction of /
1
2 of 1% in the rate which might be paid by memter banks on
time deposits would be advisable.
It is worth noting in this connection that the maximum rate on time
deposits in Canada at the present time is 2%, and in, England it is /
1
2 of 1%
in London and 11
/
2% in the country.
Following the issuance of the above statement by Mr.
Eccles, Senator Glass on Dec. 27, gave out at Richmond
what he said he hoped to be his "last newspaper word"
on the matter. The following is the reply of Senator Glass:
The headline statements that Governor Eccles has "answered the attack
of Senator Glass" are utterly inaccurate. He has done nothing of the
kind nor has anybody else.
I distinctly did not charge the Federal Reserve Board with any usurpation
of power or with any illegal action whatsoever; hence the uselessness of the
repeated assertion, if directed at me, that the Board did not exceed its
autnority in fixing maximum interest rates which member banks of the
system may pay on time and savings deposits. I am entirely familiar
with the statutory provisions authorizing the Board to take action from
time to time; but not "requiring" it, as the Governor of the Board now
states. I may say,parenthetically,that Congress did not intend the interest
payments to be uniform throughout the country. There is no more reason
why the interest rate for deposits should be uniform than there is for a
uniform discount rate at all the Banks, which, of course, does not prevail,
and against which there are many conclusive reasons. So much for what
I did not charge and what, therefore, needs no repeated contradiction.
What I did charge was that the action of the Insurance of Deposits Corporation was without authority of law and that the Federal Reserve Board
should not have made itself the official medium of publicly announcing the
illicit action of another corporation in a way that produced the impression
Volume 139
Financial Chronicle
that the Board sanctioned, if it did not advise, such irregular action. Nobody has assumed to assert that the action complained of by me was legal,
or to controvert a single fact contained in my letter.
Chairman Crowley of FDIC Defends Latter in Ordering
Cut in Interest by Insured Banks—Senator Vandenberg Believes Corporation Has Power to Act
Leo T. Crowley, Chairman of the Federal Deposit Insurance Corporation, on Dec. 25 defended the FDIC order for
reduced interest rates. In United Press advices fr.3m Washington, Dec. 25, Mr. Crowley was quoted as follows:
"Senator Glass always has been very friendly and helpful to th.• FDIC',
and with Representative Henry Steagall, Chairman of the HoLse Banking
and Currency Committee, an important factor in FDIC efforts," he stid.
Mr. Crowley pointed out the original rate reduction action was taken a
year ago, before he was a member of the Board.
"At that time 3% was fixed by the FDIO and the Federal Reserve as
the maximum rate of interest to be paid on time and savings deposits_ by
State banks and trust companies in the fund," he said. "This time the
FDIC and the Federal Reserve simply passed a similar resolution limiting
it to 2%%. This action of the Board was unanimous."
Mr. Crowley explained, however, that the Corporation's counsel a year
ago rendered an opinion holding that non-member banks miat e!..;:oy the
same privileges as banks which are members of the FDIC. This same
opinion is relied upon in the action extending limitation of intertst payments by non-member institutions, he said.
"The Federal Reserve has the power to do this, and it was placing our
banks at a disadvantage," Mr. Crowley said.
On Dec. 27 Senator Vandenberg (Republican) of Michigan
joined in the controversy by declaring it vital that the FDIC
have the power to require uniform interest rates on deposits.
From Associated Press advices from Washington Dec. 27
we quote:
Senator Vandenberg, one of the authors of the deposit insurance legislation, said to
-day he believed with Leo T. Crowley,Insurance Corporation
Chairman, that the organization had the power to order its members to
uniform
interest rates.
Pay
But, if the authority is lacking, Mr. Vandenberg said, the act "should be
immediately and adequately amended by Congress next week" to prevent
. ."
a repetition of "rash competition for deposits.
The Insurance Corporation's cut affected all of its member banks whether
in or out of the Reserve system.
"My own view is that the need and the authority may be distinctly
related," said Vandenberg.
He quoted from the law authorizing the Corporation "to exercise all
powers specifically granted . . . and such incidental powers as shall
be necessary to carry out the powers as granted," but added:
"The FDIC lawyers will have to speak for themselves respecting the
legal phase."
He said uniform rates were "absolutely vital" to the integrity of the
insurance system because if one bank paid more interest than another the
"former will drain off the deposits of the other," and cause an "unwholesome war" for deposits and another banking calamity.
Mr.Crowley conferred to-day with Vandenberg and later said his agency's
action was based on "implied authority" to prevent discrimination between
reserve members and non-members.
Senator Dickinson Assails New Deal Program—Advocates Increased Production, Lower Government
Expenditures and Cut in Interest Rates
The New Deal is not bringing about the predicted results,
and therefore the Republican party should oppose the extension of the National Industrial Recovery Act, Senator
Dickinson of Iowa declared in a radio speech on Dec. 22.
Senator Dickinson, who was the temporary Chairman of
the Republican National Convention in 1932, advocated
increased production, lower interest rates, and the curtailment of Government expenditures so that taxation cou d be
reduced. The present program, he said, encourages monopoly, depresses private initiative, and eliminates the small
business man. The rich, he continued, "are becoming richer
and the poor poorer, and the relief rolls are increasing."
Further extracts from the Senator's speech are given
below, as contained in Associated Press Washington advices
of Dec. 22:
Most of the regulation under the New Deal has been for the benefit of
big business. Big business is always able to take care of itself. The benefits
received by individuals have been Li meagre amounts, either by way of
wages, rental benefits or for service."
The Senator contended Congressshould again "assume its legislative authority" and that "government by Executive orders" should be terminated.
"Government Interference in every line of private business should cease,"
he continued. "Private initiative will not assert itself under threat of
government codification or competition,"
Urging a definite monetary policy, and conferences with other nations
on such a policy for the future, he maintained "a reformed dollar is rarely
a dependable dollar."
He advocated a program to balance the budget and a "sane system of
taxation that will protect all interests and punish none." The Recovery
Act was "without merit at its inception, proceeded on a basis of ballyhoo
and has ended in a complete collapse."
Many Administration Laws of Doubtful Constitutionality, John W. Davis Declares—Says in Radio
Address that Much Legislation Will Soon Be
Tested in Court
Much of the New Deal legislation is of doubtful constitutionality, John W. Davis, Democratic candidate for President in 1924, said in a radio address on Dec. 22, under the
auspices of the American Bar Association. Citizens should
4059
"defend their rights," Mr. Davis said, adding that this is
the only way in which American freedom can be maintained.
The Constitution does not grant the Federal Government,
he added, any right to pass legislation covering the entire
field of special betterment, nor was the Government ever
intended to be"a universal parent or a universal providence."
We quote further in part from his speech, as reported on
Dec.23 in the New York "Herald Tribune":
Mr. Davis said he wondered that so few cases had so far presented themselves to the courts for settlement, but found some answer in the spirit of'
the American people. "We are quick, we Americans, in quiet times to
resent any restraints upon our personal action or any invasion of what
we believe to be our personal rights. But in the presence of a national
danger or a common misfortune we have reserves of patience fortitude and
hopefulness that have carried us over many a hard place in the past, and
if they are not abused will do as much for us in the future," he said.
Mr. Davis said he had never taken any stock in the idea the American
people are ripe for revolution. "I do not hold their courage,intelligence or
patriotism so lightly as that," he said. "There will be no revolution in this
country unless demagogues incite it. That we were ready and willing to
try experiments in 1933 there is no doubt; and ready and willing also to
give experiments a chance before condemning them."
The New Deal experiments, Mr. Davis predicted, will be measured by
several yardsticks. The first is that the Federal Government is a government of limited and enumerated Powers.
"Justice" Under Codes Assailed
The second consideration is that not one of the three great branches or
Government may usurp the functions of another. The third, he said.
is the distinction between intra-State and inter-State commerce. The
fourth, he observed, is to be found in the Bill of Rights, and provides that
no man may be deprived of rights or property without due process oflaw.
"When one and the same officer, board, bureau, code authority or commission," he said, "undertakes to write the law, indict the violator and to
try then to sentence him, fundamental justice demands that he mustibe
given an appeal to the courts."
Finally, he said, there is a rule that what Congress has no power to do
directly, it should not attempt to do indirectly by means of the taxing
power. He objected to attempts to silence critics of the Administration on
the ground they are "destructive."
"What in truth can be more constructive," he asked, "than to bring to
the bar of public opinion or the courts things in themselves destructive of
American traditions, private right and public good? It will be a sad day
for America when men hesitate to speak the faith that is in them, or fear
to defend their rights."
Business Outlook for First Three Months of 1935
Regardedlas Encouraging by H. H. Heimann of
National Association of Credit Men—Later Developments Depends on Congressional Activity
The business outlook is encouraging for the first three
months of 1935 because of the current improvement in
holiday trade and the consequent replenishment of stocks
resulting from this increased activity, Henry H. Heimann,
Executive Manager of the National Association of Credit
Men, declares in his review of business sent to the Association's 20,000 members Dec. 22.
But it is difficult to appraise what may be in store beyond
March, Mr. Heimann points out, since a great deal depends
upon Congressional activity. He adds:
If Congress has what may be termed a more normal session, it will help
to build a firm foundation for further continued recovery. On the other
hand, radical and confiscatory legislation or wild spending programs will
act as an immediate brake upon recovery. Despite some inevitable form
of further inflation I believe these measures will be held to compromise
programs and that Congress will not get out of bounds. . . .
Business Reassured
The recent trend of developments In Washington has been reassuring
and to-day there is a feeling among business men that some of the serious
troubles that seemed to characterize the situation some six months ago
may never really confront us.
This more confident feeling is due more to analytical deductions from
certain Washington pronouncements than to any specific, direct action
on the part of the Administration. The more frequent reference to fundamental recovery measures gives rise to a belief that tested and proven
methods will be more fully employed in the future and this, in turn, has
caused business buoyancy.
Illustrative of the present Administration thought, which has proven
so reassuring to business, Is:
1. The emphasis of certain men high in administration affairs of the
need of re-employment through increasing production, as against emphasis
heretofore by strong Administration leaders on artificial measures and
direct Government stimulation through large public works programs. IA
2. The attitude of the Administration of allowing business to refinance
expansion through normal channels as against the previous emphasis on
the continued use of Federal funds.
3. The recent differences in the Administration leadership over the
program of housing, certain influences being decidedly for private capital
and initiative to develop a building program as against other influences
for direct Government ventures.
Back to Fundamentals
All of these differences of opinion and pronouncements are weathervanes
indicating a turn in thought in the direction of time-proven fundamentals.
To state the matter more succintly. while the Administration has not
swung to the right,it is now discussing the value of a shift in that direction.
Secretary of War Dern Advocates Change in Method of
Collecting Panama Canal Tolls—Annual Report
Urges Legislation Which Failed to Pass Last
Congress—Reviews Year's Canal Record
The only basis for levying tolls on vessels passing through
the Panama Canal should be the Canal rules on ship measurements, Secretary of War Dern said in that portion of his
4060
Financial Chronicle
annual report made public on Dec. 21. Mr. Dern advocated
the passage of legislation to make this principle effective,
and pointed out that although in the last session of Congress
such a bill was passed by the House,kit failed of approval
in the Senate before adjournment.
Passages from Mr. Dern's report, analyzing the recent
record of Panama Canal operations, are given below:
Commercial traffic through the Panama Canal during the year ending
June 30 1934 was considerably higher than in either of the two preceding
years. Comparisons with the fiscal year 1933 show that in 1934 there were
increases of 23% in number of transits, 25% in net tonnage of vessels, 36%
In tons of cargo carried through the canal, and about 23% in tolls
collected.
The increase in traffic was reflected in almost all of the leading trade
routes, an outstanding exception being that between Europe and the
west coast of North America. The specific trade routes over which moved
the greater part of the cargo shipped through the Canal during
the fiscal year 1934, were, in order of quantity of cargo: Between the
Atlantic and Pacific coasts of the United States (intercoastal); between
the United States and the Far East, including the Philippines; between
Europe and South America; between Europe and Canada; between Europe
and the United States; between the east coast of the United States and the
west coast of South America; between Europe and Australasia; between
the United States and the Hawaiian Islands; and between the United States
and Australasia.
Vessels of the United States carried 46.8% of all the cargo passing through
the Canal. The remaining 53.2% was carried by foreign ships, those of
Great Britain carrying 21%. Norway 8.4%. Japan 6.1%, and the balance
scattered.
Panama Canal revenues from tolls, postaLrand miscellaneous receipts
amounted to $24.161,731, expenses $7,351,383; net $16,810,348. Panama
Canal revenues from other business operations amounted to $15,858,897.
expenses $14,492,142; net $1,366,755. The total net revenues amounted
to $18.177,103. an increase of about 50% or $6,000,000 over 1933. This
was due to the gain in tolls collected, coupled with a decrease in the expenses
of operation brought about by temporary reduction in salary and wage
scales under the Economy Act, and to a general retrenchment and curtailment of activities all along the line.
haPanama Railroad Co. revenues from itajbwainees operations amounted
W*111.535.763. expenses $10.710,009; net $825,754. To this must be added
Interest, exchange and miwellaneous profit and lose items amounting to
$454.430 resulting in a total net revenue of $1,280.184.
The combined total net revenues of both the Panama Canal and the
Panama Railroad Co.for the year from all sources amounted to $19,457,287.
kligiVork on the Madden Dam project is approaching completion and the
reservoir 18 now being filled. It is anticipated that the contract work will
be,completed before the end of the calendar year 1934, and that the power
plant will be ready for operation during February 1935.
Provision in Home Owners' Loan Act Permitting State
Building and Loan Companies to Federalize Held
Ineffective in Wisconsin Under Decision of State
Supreme Court
The Wisconsin Supreme Court, in a decision on Dec. 11,
held that the provision in the Federal Home Owners' Loan
Act permitting State building and loan associations to Federalize has no validity so far as Wisconsin is concerned, unless the State's consent to the conversion is first obtained.
In the Milwaukee "Sentinel" of Dec. 12 it is also stated that
the decision reversed a ruling of Circuit Judge Charles
Aarons, Milwaukee, who held, among other things, that
Congress had the power to authorize the conversion of State
associations into Federal associations, without the State's
consent. In the same account it is noted that the Supreme
Court's ruling infers also that Congress was powerless to
give an intra-State effect to the amendment of the Home
Owners' Loan Act of April 27 1934, by provisions of which
State building and loan associations which are members of
a Federal Home Loan Bank may transmute themselves into
Federal corporations. From the "Sentinel" we also quote:
Nation-Wide Scope
Three Milwaukee associations are affected by the decree, which attorneys
declare is of nation-wide importance and will be finally decided by the
United States Supreme Court on appeals by the Milwaukee associations.
The companies involved are the Hopkins Federal Savings and Loan Association, and the Reliance and the Northern Building and Loan Associations.
By the decision, the Hopkins's recent conversion of itself into a Federal
concern is declared null and void and it is compelled to operate as a State
association only.
The Reliance and Northern, which had not yet succeeded in Federalizing
themselves, are restrained from doing so and compelled to remain State
associations.
The Hopkins case was brought to the Supreme Court by the Banking
Commission as an original action, to test out the power of Congress. The
State's brief asked that that section of the Federal Act permitting Federalization be declared unconstitutional and that the high court declare the
State's rights of sovereignty over its associations superior to those of the
Federal Government.
To United States High Court
While the Court's opinion, which WRS written by Justice Edward T. Fairchild, did not directly pass on the constitutionality of the Federal section,
It declared its lack of effect in this State in such uncertain terms that
upon appeal, the associations must ask the United States Supreme Court
to uphold it as constitutional.
B. F. Saltzstein, attorney for the Hopkins association, stated last night
that an immediate appeal will be taken to the Federal High Court as soon
as he has had an opportunity of reading the written opinion.
The three associations became parties to the actions after becoming members of the regional Federal Home Loan Bank, for the purpose of borrowing
money to add to their capital structures. Membership is allowed by the
State law, with the consent of the Banking Commission, and the three
gained this permission.
Dec. 29 1934
Seize Books, Assets
After the Federal Act amendment of April 1934, permitting State associations to convert themselves into Federal corporations, the three companies
made application to the Federal Home Loan Bank for permission to convert.
The applications were without the consent or authority of the Banking
Commission, and upon learning of them, the Commission attempted to restrain the associations from accepting charters. It seized the books and
assets of the Hopkins, which then secured a restraining order in the Circuit
Court and accepted a Federal charter and after that time operated as a
Federal corporation.
The Reliance and Northern then commenced restraining actions, and the
Commission counter-claimed, also asking for injunctions. It appealed
when Judge Aarons held in favor of the plaintiffs.
The Supreme Court decision ruled that associations could not divest themselves from the corporate charters conferred upon them by the laws of the
State, because their only powers are those emanating from the State, and
that they could not accept a charter from any other sovereign government,
while operating under the power and authority of a State charter.
Lack of Power
"It is our conclusion," says the decision, "that respondents (Milwaukee
associations) have no power to transmute and that any purported efforts
In that direction are void for want of this power. It is assumed that if the
Act of Congress is to be given the construction contended for by respondents,
It results not in the creation of a new corporation, but in the transfer of
its allegiance by the State corporation from the sovereignty of its creator,
to the Federal Government.
"It has not been thought necessary to consider the possibility that Congress, by this Act, has created a new corporation, because in that event,
there being no provision in the charter of the original corporation or in
the laws of Wisconsin for a transfer of its property, the corporation would
find itself a naked legal entity without any means of carrying out the
purposes of the transfer."
In arguments before the Supreme Court, attorneys for the associations
contended that the Congressional Act had created new corporations, and
that there was no transmutation.
Improvement in Business Activity Cited by Secretary
of Commerce D. C. Roper in Annual Report—
Capital Goods Industry, However, Still Depressed
—Reciprocal Trade Program—Commends Efforts
of Business Advisory and Planning Council
According to the annual report of Secretary of Commerce
Daniel C. Roper, made public Dee. 24, "the fiscal year just
closed witnessed an improvement in business activity following four years of decline which had taken an unprecedented toll from our national income." The report cites
the extent of the improvement in 10 economic series, as to
which It says:
Each of these series reveals an increase of substantial proportions camrn
pared with the preceding year, despite the fact that temporary interruptions
of the upward movement occurred during the year. The smallest relative
Increase indicated in these 10 series was in electric power production,
where the gain amounted to almost 10%, and the largest was in construction contracts awarded, which increased by about one-half from the
extremely low level of the preceding year. Of especial significance is
the gain of approximately 24% in industrial production, of 26% in
factory employment, and of 43% in factory payrolls. There was, further,
a considerable increase in agricultural income during the year, a decrease
In the number of commercial failures and of the volume of liabilities
involved, and gains in retail sales and in foreign trade.
July 1933 marked the culmination of a four-month increase in production without parallel in the history of the nation. The Federal Reserve
Board index of industrial production, adjusted for the usual seasonal
variation, advanced from the depression low of 69% of the 1923-1926
monthly average in March 1933 to 99% of that base in July, a gain of
68%. The manufacturing component of this index advanced during this
period from 56% to 101% of the 1923-1926 monthly average.
As demand was not sufficient to sustain the initial pace that had been
set, declines in industrial output ensued during the succeeding four months
following July, the adjusted index falling about 27% by November. At
that time the movement was reversed, and during the next six months
the adjusted index of industrial production rose from 72% to 86% of
the 19234925 monthly average, an increase of approximately one-fifth.
During the final month of the fiscal year the index declined three points.
Although production and distribution costs advanced during the year,
the upward trend of activity was accompanied by an improvement in
profits. A representative group of nearly 500 companies reported profits
approximating $1,400,000,000, an increase of about 76% over the low
total for the preceding fiscal year.
The report states that "while evidences of the progress
which has been made are concrete and numerous, the fiscal
year closed with the capital goods industry still greatly
depressed, private construction very low, unemployment
large, and relief demands making a steady and severe drain
on the national budget." "Further," says the report, "the
volume of bank loans outstanding, despite the plethora of
bank credit available, remained at a very low level. Notwithstanding the lack of uniform improvement throughout
the various aspects of our economic life, the year as a whole
brought definite gains from the low point of the depression."
The major employment problem, the report notes, "lies in
the stimulation of the durable goods industries, and this,"
it says, "Is receiving increasing attention." The report
goes on to say: "On the basis of the average for the years
1923-1925 as 100, employment in the durable goods industries in June 1934 was 70.7, or about one-fourth less than in
the base period, while the non-durable goods index stood at
92.9, or only 8% below that for the period indicated."
It is observed in the report that "although the value of
construction contracts awarded increased by 50%, the con-
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Financial Chronicle
struction industry continued in a depressed state throughout the fiscal year. During the calendar year 1933 the
volume of construction dropped to about $3,000,000,000, an
aggregate not much more than one-fourth of the total for
the years prior to 1930. While some improvement occurred
during the fiscal year 1934, mainly by reason of the expenditures of the Public Works funds, the volume was still
extremely low." In part, the report adds:
As the Public Works program was accelerated, construction contracts
awarded showed a rapid rise from August through December. Subsequently
public awards declined, and, with private contracts continuing in restricted
volume, the index of contracts awarded receded from a high of 58% of the
1923-1925 average in December to 26% in the final month of the fiscal
year. This latter figure compares with an index of 18 for the final month
of the preceding fiscal year. . . .
Work privately financed was valued at $282,360,000, an increase of less
than 5% over the preceding year. . . .
The number employed on projects (Federal and non-Federal) financed
by funds from the Public Works Administration increased steadily throughout the year to a total of 592,000 in the final week of June.
Of the total of $3,700,000,000 made available for public works, all but
$35,000,000 had been allocated by the early part of the fiscal year 1934-1935.
Exact data are not available as to the amount actually expended, but the
pwA estimated that by Aug. 1 1934 about 30% of all allotments had
been spent.
Recognizing the failure of private activity to absorb the unemployed
normally attached to the building industry, the Federal Government launched
a housing program in the final month of the fiscal year. This plan contemplated facilitating the flow of mortgage credit, upon which private
construction is to a large degree dependent, and reducing the interest
charges on construction loans.
"Outstanding among the activities of the Department undertaken last year," says the report, "was a series of studies
in connection with the reciprocal trade agreement program
initiated by the Trade Reciprocity Act signed June 12 1934
and authorizing the President to promote trade between the
United States and other countries by means of reciprocal
agreements. With regard to the reciprocal trade program
the report adds:
The foreign trade of the United States, as well as international trade in
general, had sharply declined during the last few years to the point where
It became necessary that definite and aggressive measures be taken to
arrest and reverse the tide, if the volume of our foreign commerce considered essential to the country's economic well-being was to be recovered
and maintained. The method of procedure which seemed to give promise
of most effective results, and the one most in harmony with the practices
of other countries and with general world trends, was that of reducing
tariffs and relaxing or abolishing trade restrictions of other types by means
of reciprocal trade agreements.
A movement in this direction had already been started in the latter
part of the preceding year, when exploratory studies were begun at the
request of the Department of State, with a view to trade agreements with
a selected number of foreign countries. However, the President felt it
desirable that this procedure should be expedited as much as possible so
that we should be able to cope adequately with the increasing number of
restrictions which were being imposed by other countries on the products
of American farms and factories, and as a result of this desire, which was
reflected in Congress, the Trade Reciprocity Act was passed and signed
In June.
Immediately upon the passage of this Act an interdepartmental organization was set up at the direction of the President and under the auspices
of the Department of State to carry out the purposes of the Act. The
Bureau of Foreign and Domestic Commerce has had an important share
In the work of this organization, especially in the task of preparing studies
preliminary to the negotiation of trade agreements. The studies made by
the Bureau are particularly from the standpoint of developing such proposals for the moderation of tariffs and other trade barriers of other countries as might be sought in the course of negotiations.
As the first fruit of the general program, a highly satisfactory agreement
with Cuba was signed on Aug. 24 and put into effect on Sept. 3. Negotiations are now pending with several other countries and the program will
be expedited.
Under the head "Foreign and Domestic Commerce" the
report indicates that the Bureau of Foreign and Domestic
Commerce "has kept fully abreast of the flood of new
nationalistic eeenomic and commercial legislation in foreign
countries during the past year and of the many new interpretations of older laws and regulations." It also says:
At increasingly frequent intervals, the Bureau has released information
on the complex and rapidly multiplying foreign exchange regulations which
are proving so embarrassing to commerce throughout the world and has
made available many fundamental facts with respect to the financial
position of governments or corporations abroad which have defaulted—
wholly or in part—on their obligations to American lenders and investors.
Particular attention has been given to the effort to increase the comprehensiveness and accuracy of the Bureau's highly valued study of the
balance of international payments of the United States; at no time in the
past have the data presented in this study been so urgently needed as
during this last fiscal year, or so immediately applicable to the consideration of weighty problems of our national economy. Consequently, the
Bureau hopes to effect still further improvements and expansion in this
field of study.
The Bureau has made special studies of American branch factories abroad
—a problem that has been appreciably complicated by the recent shifts in
economic policy in major nations.
The experiences of foreign countries with cartels have been closely followed and scrutinized by the experts in the Bureau, with a view to enabling
Americans to profit by exact knowledge of motives and results.
As to the merchant marine the report has the following
to say, in part:
On Aug. 10 1933 the activities of the United States Shipping Board and
Merchant Fleet Corporation were, by Executive order, transferred to the
Denrrtment of Commerce, and the Shipping Board was abolished. The
4061
Board's activities have since been carried on in the United States Shipping
Board Bureau, under a director who reports to the Secretary of Commerce.
By this reallocation of functions the Government's principal activities with
respect to the American merchant marine were co-ordinated under one
Federal department. Following this, the Shipping Board Bureau and
Merchant Fleet Corporation were reorganized, with the result that on
June 30 1934 the payrolls of the two units showed a reduction for the.
year of 128 employees, involving annual salaries and wages totaling
$267,103. . . .
An outstanding development during the year was the decision to exercise
more vigorously the Department's regulatory powers over the rates, fares,
charges and practices of carriers by water engaged in inter-State and foreign
commerce. This course of action, predicated upon the generally accepted
principle that regulation affords the most effective means of stabilization,
gave rise to two important investigations. The first of these, ordered by
the Secretary of Commerce, on Feb. 5 1934, had to do with common
carriers in the intercoastal trade. The second, ordered by the Secretary, on
March 9 1934, sought to determine whether conditions unfavorable to
shipping in the foreign trade exist as the result of competitive practices
by operators or agents of foreign-flag vessels, and if so, what remedial action
could be taken by the Department under existing statutes. At the close of
the fiscal year both investigations were still in progress. . . .
The Secretary of Commerce, on June 20 1934, designated an interdepartmental committee to make an intensive study of ship subsidies and related
phases of the shipping industry, with special reference to our future policy
in the development of a strong merchant marine.
Pending a determination of the future policy with respect to subsidies
and related problems, no additional ocean-mail contracts were entered into
during the fiscal year. As a result, the Bureau is still in possession of
five foreign trade lines, which continue to be operated for Bureau account
by managing agents who receive compensation on the basis of a stipulated
sum per voyage.
Reference is also made in the report to the Business Advisory and Planning Council, Secretary Roper's comments,
in part, being as follows:
The anticipation of the Department of Commerce of obtaining valuable
assistance and co-operation from the members of the Business Advisory and
Planning Council, when that organization came into existence on June 26
1933, has been more than realized. This group, now numbering 52 of the
nation's most representative and distinguished business leaders, has been
unremitting in its efforts to make available to the Department of Commerce
its seasoned judgment on matters vitally affecting the Department and
business, and on questions of a broader nature, concerned with Government
relationship to commerce and industry.
The recommendations of the council committees specifically concerned
with the activities of the Department of Commerce have been of valuable
assistance in the conduct of the Department's affairs throughout the year.
Important phases of the departmental program have come up before these
groups for review and suggestions. The Department has had the benefit
of business men's advice on questions involving its services to business.
Before the initiation of new services or changes in the existing program
have been effected, counsel and advice was secured from this advisory
group of representative business men, thus providing business with a direct
voice in the affairs of the Federal department representing it.
It is the desire of the Department of Commerce to further co-operation
between Government and business to the fullest extent.
President Roosevelt Appoints Sigmund Solomon as
Superintendent of United States Assay Office in
New York
Announeemnt of the appointment by President Roosevelt
of Sigmund Solomon as Superintendent of the United States
Assay Office in New York City, was made at Washington
on Dec. 22. Mr. Solomon succeeds Niles R. Becker, who
had been Superintendent since June 1925.
Dinner to Be Given in Honor of Joseph A. Broderick
by New York State Bankers Association—Banquet
to Conclude Seventh Annual Mid-Winter Meeting
Jan. 21
As a conclusion to its seventh annual mid-winter meeting
in New York City on Jan. 21, the New York State Bankers
Association will tender a dinner in honor of Joseph A. Broderick, who will resign as Superintendent of Banks of New
York State on Jan. 1. The dinner will be held in the evening
of Jan. 21 at the Hotel Roosevelt. The resignation of Mr.
Broderick, and the choice of George W. Egbert as his successor by Governor Lehman, was referred to in our issues
of Dec. 22, page 3900, and Dec. 15, page 3750.
In announcing the plans for the fortcoming meeting and
dinner, William L. Gillespie, President of the Association,
said that the business sessions will be held as previously in
the auditorium of the New York Reserve Bank building.
Prior to the business sessions, which will commence at 2
p. m., the directors and officers of the Reserve Bank will
entertain the visiting bankers at the usual annual luncheon
in the Bank's dining room.
Death of John E. Andrus
John E. Andrus, one of the wealthiest men in the United
States, died on Dec. 26 of pneumonia at his home in Yonkers, N. Y. Mr. Andrus, who was 93 years old, had been
ill only three days. He was often referred to by his friends
as the "millionaire straphanger" because he preferred to
ride to his office on the subway, despite his wealth. United
Press advices from Yonkers on Dec. 26 outlined his career
as follows:
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Financial Chronicle
The fortune of Mr. Andrus was estimated at $300,000,000. The
millionaire straphanger was a contemporary and friend of the senior
Rockefeller, of Andrew Carnegie and of railroad giants like James J. Hill
and Edward H. Harriman.
While the backbone of his fortune was solidly erected around a chain
of chemical companies, his land holdings, from New York to New Mexico,
and from Texas to Alaska, brought him more millions.
The actual beginning of the Andrus fortune was founded in an investment of $650, part of which he borrowed, in Singer Sewing Machine
stock. He had heard, he recounted, that the company was going to
"cut a melon." He never sold the stock and in 1928 told friends that
these shares by his reinvestment policy had increased to 7,200 shares with
a value of about $2,000,000.
Mr. Andrus was a prominent stockholder in National Fuel Gas Co., in
which Standard Oil executives were interested. He was a director of
the company up to a year ago.
Martin J. Insull Acquitted of Embezzlement Charges—
Illinois Jury Finds Brother of Samuel Insull Not
Guilty in Prosecution Based on Collapse of Utilities
Empire
Martin J. Insull, brother of Samuel Insull, former utilities
magnate, was declared not guilty of embezzlement on
Dec. 21, when a jury in an Illinois criminal court in Chicago
failed to find that evidence at his trial sustained charges
that he had appropriated $344,720, from the Middle West
Utilities Co., which he headed, for personal stock market
operations. Samuel Insull and 16 co-defendants were
recently acquitted of charges growing out of the collapse of
their utilities network. Prosecutions on both Federal and
State charges are still to be carried out, but according to
newspaper reports from Chicago the strongest cases have
already been presented by the prosecution.
A dispatch from Chicago, Dec. 21 to the New York
"Times" discussed the Insull cases as follows:
The State's Attorney's office was unable to say what would be done about
the trial of Samuel Insull for embezzlement,set for Jan. 9, or the remaining
embezzlement indictments against Martin Insult,one of which wasscheduled
to be called up Jan. 15.
The jury reported in court at 3:28 this afternoon after they had been out
since 12:50 in the morning. They had deliberated about 8 hours of this
time and taken 11 ballots, the first having been 9 to 3 for acquittal. The
Jurors slept a while and, when they resumed balloting, a switch made the
standing 10 to 2. After lunch, the two men changed to the acquittal side.
The debate in the jury room was evidently acrimonious and was so loud
that it could be heard outside. The two who held out so long for conviction were termed "stubborn" by the others and were said to have received
threats of being "socked on the nose" and "thrown out."
What impelled the two toward conviction was the question of Martin
Insult's legal right to buy stocks with funds of the Middle West company
which had been withdrawn under pressure from his own brokerage account
with Paul II. Davis & Co. in 1931.
Business Leaders Deny They Advocated Adoption of
Dale—C. L. Bardo Says Recent Conference Dealt
Sympathetically with Unemployment Problem
A denial that the business leaders who met last week at
White Sulphur Springs, W. Va., had advocated the substitution of the dole for work relief was made on Dec. 21 by
C. L. Bardo, President of the National Association of Manufacturers and one of the sponsors of the conference The
principal recommendations approved at the meeting were
outlined in our issue of Dec. 22, page 3906. In answering
criticism of some of these proposals, Mr. Bardo suggested
that the critics had not actually read the platform. He
stressed the fact that the dole was not recommended, and
said that the conference had dealt sympathetically with the
problem of unemployment and did not urge the sudden
termination of Federal relief.
President Roosevelt said at a press conference on Dec. 21
that he had not yet read the platform adopted by the conference, but that he intended to do so.
A Washington dispatcb of Dec. 21 to the New York
"Times" gave Mr. Bardo's statement as follows:
Mr. Bardo, In his statement, denied that the "dole" was recommended
by the business men in their plan and emphasized that "rewarded work"
was recommended. The fundamental purpose of returning relief functions
to local government "as soon as practicable," he said, has been set forth
repeatedly as the attitude of the Administration.
"Obviously," Mr. Bardo said, "those who accuse business men of not
recognizing the necessity of dealing sympathetically with the unemployed
spoke without reading that which they criticized.
"It is unfortunate that hasty commentators would lead the public to
believe that the conference favored cutting off Federal relief suddenly
without regard to the distress it would cause. The facts are that during
the transitional period of returning the relief load to the States as recommended by the conference, Federal relief expenses, excepting Civil Works
Administration, which has been abandoned, could be continued at the rate
of the fiscal year of 1934 and still balance the budget approximately in
1936 and fully balance it in June 1937."
Several Million Idle Entitled to Jobs, and Not Merely to
Dole, Donald R. Richberg Tells Washington Board
of Trade
Several million idle persons in the United States are
entitled to jobs, and not merely to charity, Donald R. Richberg, Executive Director of the National Emergency Coun-
Dec. 29 1934
cil, told the Washington Board of Trade on Dec. 17. Mr.
Richberg said that private enterprise must provide for the
re-employment of these persons rather than continuation of
a dole if "our constitutional liberties and democratic institutions" are to be preserved. It is not "playing Santa Clause,"
Mr. Richberg said, for the Government to borrow or tax to
feed the hungry, but it would be doing so to "fill empty
stockings" without at the same time doing all possible to
bring about permanent re-employment of idle workers in productive activities. United Press advices from Washington,
Dec. 17, quoted from his address as follows:
"All the people of this country whose homes and livelihoods are reasonably
secure owe to several million idle workers something more than charity,"
he said. "In a very real sense we, who are well-fed and well-housed, owe
to our fellow citizens, who are in distress for no fault of their own, equal
opportunity to earn their own living."
Five years of depression have brought the understanding of the weak
nesses and evils of our economic system, Mr. Richberg declared, but an
accompanying advance in constructive planning to improve condit,cns haa
not followed.
Despite some faults, the National Recovery Administration has made the
"great and undeniable contribution" of eliminating ruthless warfare in the
field of trade practices and labor relations, he said.
"The fact that in recent years some form of State control of industry has
been adopted by nation after nation as the result of a political revolution
does not show the malevolent influence of a mere political theory," he said.
"It shows the inevitable product of an industrial anarchy which, when it
finally brought economic chaos and collapse, destroyed the suprcrts of
political government and compelled a military dictatorship to rebuild the
industrial foundations upon which the political structure of a modern
nation rests.
"The lesson is clearly written that the political freedom and seArity of
the American people rest upon their economic freedom and security."
He decried attempts to liken the nation to Santa Claus and said some
monetary proposals were comparable to the theory "that it is easier to
produce an egg without a hen than to produce a hen without an egg."
Representative Snell Charges Administration with
Giving "Christmas Present" to American People
in Form of Relief
The principal "Christmas present" given by the Administration to the American people Is a tremendous relief burden,
Bertrand Snell, who will be minority leader in the next
House, said in a statement made public on Dec. 25. He
estimated that 26,000,000 Americans are either directly or
Indirectly dependent upon the Government for their livelihood, and that more people than ever before are now on
the relief rolls. United Press Washington advices of Dec. 25
gave other remarks by Mr. Snell as follows:
Mr. Snell made clear to-day that as leader of his party In the House he
would pursue the same tactics as in the seventy-third session. He said,
personally, he favored "meeting each issue on its respective merits."
"There will be no general program of co-operation or obstruction," he
said. "We will take a stand on each major bill as it comes up."
Mr. Snell declined to comment on Democratic plans for depriving Republicans of their present strength on House committees. It was believed,
however, that he would fight for retention of the present Republican membership of 10 on the important Ways and Means Committee, and might beagreeable to a change in representation on other committees.
Mississippi Valley Committee Recommends Federal
Unification and Control of All Nation's Electricity
Production—Would Link Public and Private
Systems—President Roosevelt Considers Extension
of EHFA Activities—Federal Trade Commission
to Recommend Legislation by Jan. 1—New York
Maps Plans for Municipal Plants
Unification of all electricity resources in the United States
under Federal control was recommended on Dec. 26 by
President Roosevelt's Mississippi Valley Committee in a
report to the Public Works Administration. The Committee,
which was appointed to report on the problems of use and
control of water in the Mississippi River drainage area,
advocated the joining of all public and private electricity
production in a system that would promote economy and
stability, and said that "the production and distribution of
electricity, more than most other factors, demands valleywide co-ordination as part of a unified national system."
The possibility of further extension of Government control
Over the utility industry was revealed in several other events
at Washington this week.
Recent items describing controversies between private
utility companies and Government agencies were contained
in our issue of Dec. 22, pages 3289-92. President Roosevelt
revealed at a press conference on Dec.26 that he is considering
proposals for expanding the activities of the Electric Home
and Farm Authority throughout the country. This organization is a subsidiary of the Tennessee Valley Authority,
and was created to aid in financing the purchase of electrical
equipment by farmers and householders within the TVA
power area. Possible plans for extension of its activities
were discussed as follows in United Press, Washington
advices of Dec. 26:
In expanding the EHFA domain the President would offer co-operation
with private utility companies which will reduce power rates to what the
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Financial Chronicle
Government considers a fair level. But behind the offer was an implied
threat that utilities refusing to reduce rates would have to compete with
municipal plants built with funds loaned by the Government.
So far the Administration has refused to fix an arbitrary percentage for
rate reductions. Costs and accounting methods differ widely in various
sections, Chairman Frank R. McNinch, of the Federal Power Commission,
pointed out recently. The New York State Power Authority recently indicated that rates in that State might be reduced 50%•
Increased EHFA activity would bring electrical equipment within reach
of thousands of persons now deprived ofit, and would build up an important
consumer power load.
President Roosevelt on Dec. 26 ordered the Federal
Trade Commission to have its recommendations on utility
legislation ready by Jan. 1. The Commission recently
completed a six-year inquiry into public utilities, and upon
this survey will submit its requests for new legislation.
Officials of New York City continued this week to formulate plans for construction of municipal power plants, aided
by Federal loans, which would furnish electricity both to
city and Federal projects, and which might ultimately
compete with private companies in selling to domestic
consumers. Secretary of the Interior Ickes has indicated
that he might look favorably on an application for a PWA
loan for this purpose.
We quote from a Washington dispatch of Dec. 26 to the
New York "Times" regarding the recommendations made
to the PWA by the Mississippi Valley Committee:
"There is nothing novel in the conception of a completely unified system
for generation and transmission of electricity," said the report, which was
made after a year's study. "Over wide areas such unification exists. It
should not be difficult to reconcile the public and private interests involved
in including in such a system power from dams which are built primarily
for the proper use and control of the nation's water resources.
"The legal and operating problems appear relatively trivial in contrast
to the great social purposes to be accomplished."
5,000,000 Farms Have No Power
More than 5,000,000 farms have no electric service, the report stated;
only 800,000 farms were found electrified, and of these, only 650.000 had
"high line" service. The individual plants serving the rest were said to
be expensive to operate and limited as to use.
"Having recognized the advantages of rural electric service and reached
the conclusion that only under Government leadership and control is any
considerable electrification of 'dirt farms' possible, we face the obligation
of getting it done," the committee said. "Perhaps the start should be
through an allotment of $25,000 or $50,000 to survey specific localities.
"But an allotment of $100,000,000 actually to build independent, selfliquidating rural projects would exert a mighty influence in various directions."
Electrical co-ordination would benefit not only the consumer but the
private producers, the committee held, by eliminating duplications of plant
and equipment, stabilizing service and making available new sources of
energy.
"The Federal Government should regulate transmission, regardless of
the number of generating plants or transmission lines it may ultimately
own," the report continued. "During the next 20 years, it could profitably
spend a billion dollars on river works in the Mississippi Valley, half of which
would be for self-liquidating power installations. With this nucleus. it
could experiment as well as regulate."
The Mississippi Valley committee was made up of Morris L. Cooke,
consulting enginerr, of Philadelphia, chairman; Harlan H. Barrows, chairman of the Department of Geography, University of Chicago; Herbert S.
Crocker, consulting engineer, Denver; Lieut. Col. Glen E. Edgerton,
Corps of Engineers; Henry S. Graves, dean. School of Forestry, Yale University; Major Gen. Edward S. Markham, chief of engineers; Charles H.
Paul, consulting engineer, Dayton; Harlow S. Person, consulting economist,
New York, and Sherman M. Woodward, Professor of Hydraulics, State
University of Iowa.
Loans by Production Credit Associations This Year
Exceed $100,000,000 According to Governor Myers
of FCA
Increasing Use of Production Credit Association Loans
Over $100,000,000 has been loaned by the production
credit associations this year representing loans to approximately 125,000 farmers, according to a statement made at
Washington, D. C., to-day (Dec. 22) by W. I. Myers,
Governor of the Farm Credit Administration. About half
this credit has been extended since June, Governor Myers
said, continuing:
The volume of business of the associations has followed a general upward
trend since Aug. 1, During the last two weeks of November over 3,600
loanslwere made to farmers for $5,800,000 compared to 3,300 loans for
about $4,000,000 during the preceding two weeks. The amount of new
credit extended during November was larger than in any month since
June;and the number of applications received was greater than in any month
since May.
The most noticeable development during the fall months has been the
increase in business of the associations in the mid-western and Pacific
States, especially in the livestock financing areas. The largest volume of
loans closed in November was in the Spokane district, covering Washington,
Oregon, Montana and Idaho, in which over $3,200,000 was loaned. The
second largest volume was in the Berkeley district including California,
Nevada, Utah and Arizona, with loans of $1,060,000. In the Wichita
district covering Kansas, Colorado, Oklahoma and New Mexico loans
totaled $980,000; and in the Omaha district including Iowa, Nebraska,
South Dakota and Wyoming, $860,000.
United States to Import Hay Duty-Free from Canada
—AAA Announces Formation of Agency to Distribute to Drought-Stricken States
The Agricultural Adjustment Administration on Dec. 24
announced that until further notice duty-free Canadian hay
could be imported to alleviate the feed shortage caused by
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the drought in Northwestern States. Secretary of Agriculture Wallace signed an agreement authorizing an "agency for
deficiency distribution" to effect the importations. This
agency is composed of the Farmers National Grain Corporation of Chicago and the Cargill Elevator Co. and F. H.
Peavey & Co. of Minneapolis. F. Peavey Heffelfinger of
the Monarch Elevators has been named manager of the
enterprise and offices have been established in Minneapolis,
Winnipeg and Saskatoon. Participating companies will finance the operation of the agency. Further details were
given as follows in Washington advices of Dec. 24 to the
New York "Herald Tribune":
It is anticipated that the project will make available to the farmers
in the Northwestern States possibly 300,000 tons of roughages from Alberta, Saskatchewan and Manitoba. The hay will be distributed through
local commercial dealers on a service charge basis in territory where freight
costs make this practicable. It is expected that most of the movement
will be into the Dakotas, Montana, Wyoming and Minnesota.
Tentative Agreement on Cane Sugar Production for
Hawaiian Islands Reached by AAA with Growers
Announcement was made on Dec. 24 by Secretary of
Agriculture Wallace that a tentative agreement had been
reached on a cane sugar program for the Hawaiian Islands
at conferences between officials of the AAA and represenatives of the Hawaiian Sugar Planters Association.
According to a dispatch Dec. 24 from Washington to the
New York "Times" under the agreement the producers,
would sign a contract to abide by quotas and allotments set
up by Secretary Wallace, adjust production as the contract
may provide, abide by labor provisions similar to those in
domestic beet and cane adjustment contracts, accept the
Secretary's adjudication of disputes and allow examination
of their books and records by the AAA. From the same
account we take the:following:
Public hearings will be opened in Hawaii within 45 days to develop
details of the program, which is expected to result in a contract providing
for benefit payments to growers agreeing to adjust their production as
provided in the Jones-Costigan amendment.
On his part. Secretay Wallace agrees to re-examine the data on which
were fixed the original quotas of the islands which caused the dispute, and
to provide for benefit payments to growers to about 90% of the full amount
of the processing taxes on Hawaiian sugar, less administrative expenses.
John Waterhouse, President of the Association, and John Russell represented the growers in the conferences.
About 15% of the United States sugar requirements is met by Hawaiian
cane, AAA officials estimate. Benefit payments to Hawaiian growers are
tentatively expected to be $8,500,000 yearly.
The Hawaiian growers sued to enjoin the Secretary of Agriculture from
enforcing the provisions of the Jones-Costigan Sugar Act, contending that
it was discriminatory. The suit was dismissed in the District of Columbia
Supreme Court, but an appeal has been pending.
The agreement is expected to result in the withdrawal of
the litigation.
Plaintiffs File Brief in Suit to Halt Activities of Longshoremen's Union—Charge Conspiracy to Prevent
Free Movement of Commerce in New York City
Continuing the legal action brought by the Merchants
Association of New York, the Brooklyn Chamber of Commerce and about 30 industrial concerns which charge that
union longshoremen refused to handle freight at New York
City piers when carried by trucks operated by non-union
labor, the counsel for the plaintiffs on Dec. 24 filed a brief
in Kings County Supreme Court. Walter G. Merritt, counsel
for the plaintiffs, asserted that the defendants, including
150 labor organizations, union officials and steamship lines,
conspired to prevent the free movement of commerce in the
port. He added that the refusal of trucking concerns to
employ men whose union views were inspired by the International Longshoremen's Union was used by the union to
injure shippers. The New York "Times" of Dec. 25 added
the following regarding the plaintiffs' contentions:
The case is held to be important as a test of Federal legislation and of
the powers of the truckers and longshoremen's union. The trial of the case
lasted 21 days, during which the plaintiffs called 123 witnesses. The
defense failed to call witnesses, but argued that the suit should have been
taken to the Shipping Board rather than to court, and that the actions of
the union were legal under the terms of the Norris-LaGuardia Anti-Injunction Act. Mr. Merritt's brief says:
"The facts show conclusively that the purpose of these defendants is to
prevent the plaintiff shippers from enjoying the services and facilities of
common carriers. The union defendants, by stoppage of work, by ordering
the employees of the common carriers not to perform the duties for which
they are employed, and by strikes and threats to strike against the common
carriers, are coercing the common carriers not to serve the plaintiffs who
utilize non-union truclanen to approach the piers.
"The steamship companies are placed in a position where they have to
tolerate these stoppages of work, and possibly suffer strikes unless they
consent to the demands of the union defendants of committing a crime in
violation of the Shipping Act."
Mr. Merritt urged that the ship lines were responsible for the proper
handling of freight on their piers and should have discharged employees
who refused to carry out their orders.
He also argued that the longshoremen were engaged in a public activity
and should quit their work for labor of another type if unwilling to accept
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Financial Chronicle
the responsibilities of public service attending their work. The attitude
of the men and their employees, he said, constituted a discrimination against
certain shippers and was in violation of the National Recovery Act.
NLRB Orders Los Angeles Transportation Companies
to Recognize Union in Collective Bargaining—
Finds Violation of Section 7-A of NIRA—San Francisco Dispute Settled by Arbitration
The National Labor Relations Board on Dec. 24 issued a
ruling holding that the Los Angeles Railway Corp. and the
Los Angeles Motor Coach Co. had violated Section 7-A of
the National Industrial Recovery Act by interfering with
the organization of employees and refusing to bargain collectively. The companies were ordered to announce within
10 days that they had recognized the Amalgamated Association of Street and Electric Railway Employees and were
willing to bargain collectively. Otherwise, the Board said,
the case would be referred for action to the Compliance
Division of the National Recovery Administration.
Meanwhile, the employees of another California transportation company recorded a victory in a dispute with their
employers when on Dec. 14 a special board of arbitration
ordered that the employees of the San Francisco Market
Street Railway should be granted shorter hours, increased
wages and union recognition. This decision specified a 48hour week for platform men and a 40-hour week for workers
In the shops, with wage increases averaging 25%.
United Press advices from Washington, Dec. 24, discuss
the NLRB's order in the Los Angeles case as follows:
The board said its decision was in line with that made in the case of the
Ronde Engineering Corp., that "when an organization has been designated
by the majority of employees in a plant or other appropriate unit for
collective bargaining, it is the right of the representative so designated to be
treated by the employer as the exclusive collective bargaining agency of
all employees in the unit."
Federal Court Holds News Is Public Property Immediately After Publication—Dismisses Suit by Associated Press Against Radio Station in News
"Piracy" Charge
A ruling that news becomes public property immediately
after newspaper publication and distribution was handed
down on Dec. 18 by Federal Judge John C. Bowen, of Seattle,
In dismissing a temporary restraining order against radio
station KVOS, of Bellingham, Wash. A permanent injunction had been sought by the Associated Press, which charged
that the radio station "pirated" local and telegraph news
from three of its member newspapers, the Bellingham "Herald," the Seattle "Post-Intelligencer" and the Seattle
"Times." The suit also charged "unfair competition." A
dispatch from Seattle, Dec. 18, to the New York "Times"
summarized the court's ruling as follows:
Judge Bowen, in a 24-page memorandum, dismissed both the rastrainer
and the suit brought by the complainant. The court held that the radio
station was not a news-gathering agency and hence the suit did not involve
"pirating" of news by one news-gathering agency from another.
"The court finds," Judge Bowen wrote, "that defendant has in its
radio news broadcast taken and 'pirated' local and general news dhpatches
In some specific instances, as charged by the complainant, but not until
after such news items were published and distributed to the public in the
regular editions of the newspapers.
"Such news reports from that moment belong to the public, 11 eluding
the defendant IIVOS and all others who may desire to use them for all
purposes except for sale by a rival news agency to its news publishing
members, and the mere fact that defendant disseminates gratuitously those
news reports as a part of its radio service to the public after they have
been so received by defendant contemporaneously with other members of
the public, does not prevent defendant from so receiving and using such
news reports, since such practice by defendant does not involve the pirating
by one news-gathering and distributing agency, as in the case of Associated
Press versus International News Service."
After tracing the history of the development of communications from
the time of Paul Revere, the court went on:
"The protection of private investments has had to yield to the convenience of the public.
"Newspaper facilities are not likely to pass into disuse as some news
communication instrumentalities have in the past, but the service cannot be
employed to hinder the use of more modern means, including those of defendant radio station, which in some respects surpass complainant's facilities
to an extent comparable to the advantages of the airplane over those of a
railroad train."
Canadian Newsprint Producers Fail to Reach Price
Agreement—Will Confer Again in Montreal Next
Week
Canadian newsprint manufacturers and officials of the
Dominion Government conferred in Quebec on Dec. 19, but
failed to reach an agreement on newsprint prices. Representatives of the 18 newsprint companies planned to meet
again in Montreal this week In order to seek a universal
price agreement, and later to inform Premier L. A. Taschereau regarding the result of their meeting. Mr. Taschereau
said on Dec. 19 that the conference was satisfactory and
that the newsprint manufacturers were aware of the necessity of stabilizing prices. It was reported from Quebec,
Dec. 29 1934
however, that he indicated that the Government might make
it difficult for recalcitrant companies to fulfil existilig contracts. A dispatch from Quebec, Dec. 19, to the New York
"Times" discussed the meeting on that date as follows;
St. Lawrence paper mills were represented at to-day's meeting, but their
representatives did not take an active part in the discussion.
Nothing was said about McLaren Mills, which are reported to have sold
30,000 tons of newsprint to New York at 1934 prices of $40 a ton This
report has not yet been confirmed.
Following the conference the following statement was issued by Mr.
Taschereau:
"Gentlemen of the newsprint industry have agreed to meet among themselves within the next few days, and to try and reach an agreement. They
will come back and see us in another 10 days.
"Representatives of nearly all newsprint companies were present, and we
discussed the situation in general.
"The representatives of the various companies readily understeod the
importance of reaching an agreement so as to stabilize newsprint prices in
order that their industry might operate with a sufficiently profitable margin.
"In any case, the delegates have promised to meet among themsetves and
to come back in 10 days."
NRA to Hold Hearing on Newspaper Hours and Wages
Jan. 17—NLRB Recommends Removal of Blue
Eagle from San Francisco "Call-Bulletin"
The National Recovery Administration announced on
Dec. 27 that on Jan. 17 the American Newspaper Guild will
be given an opportunity to present data on wages, hours and
working conditions in the newspaper publishing industry
for use in connection with proposed wages and hours amendments to the code. The NRA has designated Dr. Gustav
Peck, Assistant to the Administrative Officer on Employment
Problems, to be present at the hearing.
The National Labor Relations Board announced Dec. 27
that it has referred to the NRA the case of the San Francisco
"Call-Bulletin" with the recommendation that the Blue
Eagle insignia be removed from the newspaper because of
alleged violation of the collective bargaining provisions of
the National Industrial Recovery Act.
Secretary of Commerce Roper Urges Organization of
Local Relief Agencies—Formulates 6-Point Pro.
gram for Individuals Wishing to Aid Recovery
Every community in the United States should form local
organizations to carry out its relief program, Secretary of
Commerce Roper said in an address on Dec. 22 before the
New England Society of Charleston, S. C. For the Federal
Government, he said, "to care for local social conditions
when and where the community can cope with them is to
destroy local self-respect, to disinherit States' rights, and
to endanger the foundations of our democratic form of
government."
Mr. Roper discussed a six-point program as a guide to
enable individuals to aid in economic recovery. His program, as given in outline form, was as follows:
First—Seek knowledge of economic facts and an understanding of
economic principles.
Second—There can be no better way to discharge our obligations tnan
by generous co-operation in local relief endeavors.
Third—Every citizen has the obligation which accompanies the privilege
of democracy—namely, the certifiying of proper administration of his
local, State and National Government. of honest relief administration, of
proper and due course of law.
A fourth positive duty of every one is the registering of his own wellconsidered opinion in an effective manner.
A fifth important method is through the conduct of the individual in
his business or professional sphere.
As a sixth important factor we need a controlled social and economic
structure.
Sharp Upturn in Durable Goods Industry by Spring
Looked For by Secretary of Commerce Roper—
Finds Fall Season Best Since 1929—Remarks on
Forthcoming Shipping Report
Predicting that the durable goods industry will show a
"decided" upturn next spring, Secretary of Commerce
Roper said on Dec. 26 that the business outlook for 1935 is
"indeed very satisfactory." The fall season just closed, he
said, was the best the country has experienced since 1929,
while the mental attitude of the public is far more satisfactory now than it was five years ago. Mr. Roper announced that scattered reports to the Department of Commerce showed that the volume of Christmas buying this year
would set a record since 1929, and that despite fears that
have oppressed the people in recent months they now find,
on reflection, "that the resources of this country haven't
even been scratched." Other comments by Mr. Roper are
given below, as contained in a Washington dispatch of
Dec. 26 to the New York "Times":
Mr. Roper said that "these times carry assets as well as liabilities."
The country, he held, was doing "more studying and understanding of
"conditions at home and abroad than has been the case at any time in
remembrance."
The whole country is a study forum, which augurs well for 1935. We
are better prepared and better ballasted to expedite the recovery program."
Volume 139
Financial Chronicle
Speaking of a recent trip to South Carolina, when he had occasion to meet
many people, he remarked:
"The faces and features of these people, their possession of themselves,
showed that they were better off. We are on our way, better prepared to
think things through soberly than ever before."
Reciprocal trade negotiations and merchant marine studies now under
way will be this country's contribution to the restoration of world commerce,
the Secretary said.
The shipping report, to be submitted to President Roosevelt by the time
Congress convenes, was described by Mr. Roper as the most important
study of the subject ever made by this Government.
Prepared by a committee of experts from almost all Government departments, it is intended as a guide to the administration in establishing
a fixed mercnant marine policy.
It will discuss outright subsidies to American shipping, as advocated
in some administration quarters, as well as other questions.
Turning to the question of relief, Mr. Roper indicated that the Business
and Advisory Planning Council, in forthcoming recommendations, would
advocate work relief instead of direct cash. This position would agree
with the opinion of Harry L. Hopkins, Relief Administrator, but would
differ from the findings of the recent industrial conference held at White
Sulphur Springs, W. Va.
Code Price Fixing by NRA Held Unconstitutional by
Kansas City (Mo.) Court Ruling Given in Case of
Sutherland Lumber Co Says Congress Has No
Power to Fix Prices
Code price fixing by the National Recovery Administration, even in transactions which are part of inter-State
Commerce, was held unconstitutional on Dec. 27 by Judge
Merrill E. Otis in the Federal District Court at Kansas City,
Mo. It was indicated by NRA legal authorities in Washington that the decision would be appealed. Judge Otis
denied an injunction sought by the Government to restrain
the Sutherland Lumber Company from selling at prices
below those fixed in the retail lumber code. In his decision
Judge Otis held that the NIFtA only expressly authorized
the President to approve codes of fair competition. Price
fixing under the code, he maintained, destroys fair competition. He added:
Fair competition must still be competition. The adjective does not
destroy the noun. Competition is the effort of two or more parties, acting
independently to secure the custom of a third party by the offer of the most
favorable terms.
To prohibit one of two who are dealing in the same commodity to offer
that commodity at a lower price than the other offers it is not to effect fair
competition, but is to destroy competition in its very essence.
The decision also said:
Congress has no power to fix prices, even in transactions undoubtedly
a part of inter-State commerce.
The people had suffered too recently from tyranny to be led into the
voluntary creation of tyranny infinitely more dangerous. In the commerce
clause, as written, they sought protection of individual liberty of trade and
all its incidents from the then stifling and conflicting commercial regulations of the states.
It is enough to say that the price at which an owner offers to sell his
property and the price a prospective purchaser agrees to pay in no sense
whatever are incidents of commerce among the states. The meeting of
the minds of vendor and vendee in an agreement as to price precedes any
movement of the property sold and bought. Since the contract is no part
of that commerce which Congress is given power to regulate, Congress
cannot regulate the terms of the contract directly.
Nor can it accomplish the same end indirectly by prohibiting the movement in commerce of things harmless in themselves unless they are sold
at prices satisfactory to Congress.
Associated Press advices from Kansas City Dec. 27 al—
so
had the following to say:
The suit was based on the sale by the company's Oklahoma City yard of
six squares of Oregon cedar shingles at $4.20 a square against the code price
of $4.45.
In holding that Congress did not have power to fix prices or to authorize
the President to do so. Judge Otis said.
"The only suggested support for the asserted power is the constitutional
provision (Article I, Section 8), that Congress shall have power to regulate
commerce among the several States."
The court pointed out that in any case this power extends only to what
either is inter-state commerce or directly affects inter-state commerce.
"The defendants who sell for cash out of their lumber stock at their
yards, just as any merchant sells goods over the counter, are not engaged
in inter-state commerce," the opinion continued.
After declaring that the fact the bunch of shingles involved was transported to Oklahoma from Oregon did not mean that the vendor was engaged
in inter-state commerce, the most significant point in the opinion, that
"Congress has no power to fix prices even in transactions a part of interstate commerce." was reached.
In case the commerce clause of the Constitution had been made to read
that "the Congress shall have power to regulate commerce among the
several States, including the power to fix prices at which persons may sell
in such commerce," it undoubtedly would have been rejected, the judge
declared.
From Washington, Dec. 28, Associated Press accounts of
Dec. 27 reported NRA legal authorities as saying that they
would take no definite action in the matter of appeal until
they had given the decision further study. These advices
added:
NRA officials explained the retail code prices were not affected by last
week's order suspending the price-fixing clause of the Lumber Code for
manufacturers.
They said several favorable decisions had been received on similar cases
affecting retail lumber dealers.
There is no case now pending in the United States Court involving the
validity of code price-fixing, but the Government is preparing to appeal a
ease recently decided in Birmingham, Ala., by Federal Judge W. I. Grubb.
which held the NIRA and the Lumber and Timber Code invalid.
4065
NRA Holds Employees in Coded Industry Must Be
Compensated for "Work Interruption" Beyond
Their Control
Employes in coded industries must be compensated for
"work interruption beyond their control," according to the
National Recovery Administration. A Washington dispatch, Dec. 27, to the New York "limes" indicates as follows the conclusions:
•
Causes of "interruption" over which the employes, in the opinion of the
NRA authorities, presumably have no control,include breakdowns, delays,
and time spent waiting for materials from the loading or unloading of railroad cars and other vehicles of transportation.
The decision results from an investigation of complaints of alleged
practices of some employers, subject to various codes, of enforcing reductions in pay for interruptions beyond the control of the employes. The
complaints were that these reductions were based on circumstances in no
way involving the willingness of the employe to work.
The question the NRA was asked to answer was:
"Under the minimum hour and minimum wage provisions of codes, may
an employer properly require an employe to take time out for such interruptions and not compute such time in determining maximum hours of
labor and the wages ofsuch employe?"
The NRA answer, which is the decision announced to-day, reads:
"Time during which an employe is inactive by reason of interruptions In
his work beyond his control may not be construed as time not worked, nor
excluded in computing his hours of labor and wages. The term 'interruptions' includes, but without limitation, the specific instances hereinabove
set forth under 'facts' whenever the imminence of resumption of work
requires the employes' presence at the place of employment. Such requirement is to be presumed in the absence of adequate prior notice from the
employer that the employe is free to leave his place of employment if he
desires.
"An employer may not, however, by notifying an employe that he is
free to leave for an interval too brief reasonably to be considered a temporary
lay-off thus avoid computing such period as time worked."
Value of CCC Work Put at $291,000,000 Up to Sept. 30
by Robert Fechner
The value of conservation work performed by the members of the Civilian Conservation Corps up to Sept. 30
totaled more than $291,000,000, Robert Fechner, Director
of the CCC, estimated in an article published on Dec. 26 in
the "Forestry News Digest." "Work records for the first
year and a half operation of the CCC," Mr. Fechner said,
"make it clear that the CCC has been an outstanding economic success." Mr. Fechner had previously recommended
to President Roosevelt that the COO be continued, and
that camps be maintained where unemployed youth assemble
for forest and other conservation work. In the article mentioned above he said, in part:
"The figures, as compiled by the Bureau of the Census from reports
sent to Washington by camp superintendents disclose that MC men completed snore than 40,000 miles of truck trails through forest areas as a
fire-prevention move, completed more than 25,000 miles of telephone
lines, improved more than 1,000,000 acres of forest lands, protected millions of acres from the destructive attacks of fires, insects, tree diseases
and other forest pests and developed recreational projects valued at
millions of dollars.
"More than 700,000 small dams have been constructed to protect
valuable agricultural lands from erosion and to minimize the danger
of floods. More than 200,000,000 trees were planted and thousands of
man-days spent in nursery work growing seedlings for future plantings."
FCC Reports to President Roosevelt on Radio and
Telegraph Investigations—President Orders Two
Major Telegraph Companies to Adopt NRA Code
or Offer Substitute Pact
Members of the Federal Communications Commission on
Dec. 22 submitted to President Roosevelt a report outlining
briefly the recommendations they are likely to make to
Congress covering the radio, telegraph and telephone service.
The Commission has already completed its investigations of
the radio and telegraph industries, and will make a report
to Congress Feb. 1. President Roosevelt on Dec. LO was
said to have advised the two major telegraph companies
that they must accept the code for their industry, which has
been pending for more than a year, or must submit a substitute of their own. This statement was made by the President at a White House conference with leaders of the industry. A Washington dispatch of Dec. 20 to the New York
"Times" discussed the conference, in part, as follows:
Those present at the conference were S. Clay Williams, Chairman of
the National Industrial Recovery Board, and the whole membership of the
Board; Judge Eugene R. Sykes, Chairman of the FCC; Newcomb Carlton,
Board Chairman of the Western Union Telegraph Co.; Sosthenes Beim,
Chairman of the Board of the International Telephone dc Telegraph Co., of
which the Postal Telegraph Co. is a unit, and L. H. Peebles, who is in
charge of the proposed telegraph code.
At least a part of the Administration's insistence on a code %r the
telegraph industry was ascribed to the President's desire to have all major
business interests operating under the National Recovery Administration
when he presents to Congress new legislative proposals for perpetuating the
major points of the recovery program.
The National Industrial Recovery Act will expire on June 15, but fair
trade practices, stipulations regarding minimum wages and maximum hours
of work and other high points of the Administration recovery program as
it affects business will be recommended before that date as sub;ects for
new legislation.
A code for the telegraph industry has been hanging fire since September
1933, when the Industry submitted one which was unsatisfactory to the
4066
Financial Chronicle
NRA. At various times General Johnson threatened to impose a code on
the industry.
NRA Drafted Own Code
Following months of effort by the NRA to obtain satisfactory reJision of
the proposed code, hearings were begun on April 2 1934. The proposed
code provided for a 48-hour week to be averaged for every 13 weeks'
period, and minimum wages of $12 to $15 a week, according to the area
of population.
The minimum wage and maximum hour provisions would not, according
to the proposed code, apply to .those earning above $35 a week.
We also quote from a Washington dispatch of Dec. 22 to
the New York "Herald Tribune" regarding the FCC report
to the President:
Although Chairman Sykes would not discuss the details of the conference
with the President to-day, beyond saying that the present status of the
report has been considered, plans and dates for two inquiries were announced by the Commission.
Jan. 21 has been set for hearings on interlocking directorates in the communications field. Leading officials of the radio, telegraph, telephone and
cable companies have been summoned to appear. More than 400 applications, it was learned, are now pending before the Commission for authority
to hold positions of officer or director of more than one carrier.
A hearing has been called for Jan. 14 to inquire into the present operation of the "franking" privilege, particularly as it relates to the telegraph companies. The purpose of the Commission is to curtail the use of
telegraph frank, now said to be unlimited, by officials of railroads, steamship lines, air services and bus transport companies.
The FCC has given a month or more to hearings on the proposals to
allot 25% of radio time to educational broadcasts. Other hearings covered
the proposed merger of the Western Union and the Postal Telegraph companies, and possible consolidation of all "record" forms of communication,
both national and international. The inquiry into the telephone field, to
deal largely with the capital structure of American Telephone & Telegraph,
licenses and purchase of equipment from the Western Electric Co., is
under way.
The White House discussion to-day also turned more or less on the NRA
code of fair competition, which the Administration has indicated it will
Impose on the telegraph companies. Members of the Commission were
party recently to a White House conference with officers of the telegraph
companies when the code question was considered.
Dec. 29 1934
International Typographical Union Votes 40-HourWeek Limitation—Authorizes Increased Tax for
Unemployment Relief
The International Typographical Union on Dec. 20, by a
vote of 21,914 to 21,857, decided that no subordinate union
might enter into a contract for a work week of more than
40 hours. By the same vote it was made optional for local
unions to levy up to 3% of salaries for the purpose of unemployment relief, as compared with the previous limit of 1%.
The union voted by 31,874 to 11,350 against a proposition
to increase the salaries of its First and Second Vice-Presidents, and by a vote of 24,277 to 14,540 approved an amendment to the constitution to include a form of charter to be
granted to local unions.
Regarding the work week, Woodruff Randolph, Secretary of the International Typographical Union, explained
at Indianapolis on Dec. 20, according to the Associated
Press, that under the existing system local unions in newspaper offices were limited to a maximum of 48 hours a week,
while those in commercial printing plants had the 40-hour
maximum, but most newspaper unions had been operating
on a 45-hour-week basis. The press advices from Indianapolis added:
The proposition on the work week was as follows:
"To amend Article 11 of the General Laws to provide that no subordinate union shall make a contract for a work week In excess of 40 hours;
prohibiting a member from holding a situation obligating him to work in
excess of 40 hours; to provide that in offices where the regular daily shift
exceeds six hours and 40 minutes, no member shall work more than five
shifts in a financial week when a substitute is available; to permit special
assessment for out-of-work relief by a vote of the local unions of not more
than 3% on earnings."
NRA Suspends Minimum Prices Under Lumber Code—
Quotas Set for First Quarter of 1936
Two Brooklyn Fur Companies Declared Violators of
The National Industrial Recovery Board on Dec. 22
NIRA for Moving Plants Outside New York City—
under
NLRB Finds Them:Ignoring Collective Bargaining suspended its orders establishing minimum prices
the lumber code, although at the same time continuing the
Provisions
The National Labor Relations Board on Dec. 24 ruled operation of all production control provisions of the pact.
that two Brooklyn fur dressing companies had violated Sec- The Board stated that on Jan.9 it will begin a series of open
tion 7-A of the National Industrial Recovery Act when they hearings on the general question of price regulation by codes.
-closed their plants and moved them outside New York City, The Board states that the order suspending minimum prices
meanwhile refusing to continue collective bargaining nego- follows a long agitation of the price question and a hearing
tiations with their employees. The two concerns in question by the Board on Dec. 11-13 1934, following an application
are the Globe Gabbe Corp. and the Shuster Gaio Corp. The of the West Coast Logging and Lumber Division and some
Board ordered the companies to reinstate its Brooklyn em- other administrative units for the suspension of prices in
ployees who desire work at the new location, to establish their jurisdiction. The Board found that prices should be
a preferential list for old employees who cannot be re-em- suspended in those divisions and that the inter-relation of
ployed at once, to recognize and bargain collectively with the industry is such as to require suspension of all other prices
two unions as representing all employees, and to notify em- under the code.
Major David T. Mason, Executive Officer of the Codo
ployees that it is not a condition of employment that they
Authority, authorized the following statement:
resign from unions.
Prices are out of the Lumber Code but that does not mean that the
A dispatch from Washington, Dec. 24, to the New York
Lumber Code is washed up. To-day the NIRB ordered the suspension
"Times" outlined the history of the case as follows:
of minimum prices under the Lumber code, effective immediately, but in
Globe Gabbe moved its plant to South Norwalk, Conn., while the
Shuster Gain Corporation transferred its operations to Farmingdale, L. I.
The complaining unions were the fur dressers and the fur floor workers
organizations.
Both companies had for years been operating under written closed
shop agreements with the two unions and in February and March had
reached an understanding with these and other companies In the same
trade, pending the negotiation of new contracts.
The understanding as interpretated by the National Labor Board was
that "there would be no strike or lockout and that wage scales and
working conditions as provided for in the expired contracts would prevail until the new contracts were signed."
The two companies participated actively in the negotiations with the
unions and then in May, without formal notice to their employes, moved
their plants, at the same time refusing to bargain collectively as to the
conditions upon which the New York workers might be transferred to
the new plants, the board declared.
Gulf Refining Co. Contends NIRA Is Unconstitutional
—Asks Court for Dismissal of Indictments Charging Violation of Oil Code
The National Industrial Recovery Act is unconstitutional,
the Gulf Refining Company contended Dec. 24 in a demurrer asking the United States District Court at Philadelphia to dismiss indictments charging the company with
code violations on 72 counts. The company asserted that
the President has no right to define What constitutes a
criminal offense under the law, and said that the delegation of such power to the President by Congress was "unauthorized and unconstitutional." Associated Press Philadelphia advices of Dec. 24 described other arguments advanced by the company as follows:
Another argument given for dismissal of the indictments was that
the NIRA did not apply to commerce within a State, the demurrer holding
that the company's alleged violations concerned work done within Pennsylvania.
The indictments acccused the Gulf firm of breaking maximum-hour
regulations by working maintenance employes as long as forty-eight consecutive hours during strike trouble at its plant here last Summer.
the same order emphasized reliance on production control as a stabilizing
factor, and in addition provided for the study of costs and prices, with
the object of taking steps to deal with destructive price cutting if and to
the extent that the practice develops In the industry.
Our code as originally approved by the President substantially shortened
hours and greatly increased wages in our industries. To protect working
capital in order to be able to pay the increased wages and to meet other
Increased expense due to shortened hours and the conservation features
under our code,the President authorized two measures of prime importance.
These measures were production control, to balance supply with demand,
to prevent destructive overproduction, and price control at levels below
full cost but sufficient to return out of pocket expense. Unfortunately
failure to include the wholesalers under the code, failure to promptly
prosecute code violators in the early stages of code operation, and later
conflicting decisions in the lower Federal courts,led to serious Impairment
of the price structure In some divisions.
Testimony at a public hearing In Washington on Dec. 11, 12 and 13
showed a serious breakdown of prices in a few of the more Important Divisions. While the maintenance of price control was advocated for most of
the divisions at this public hearing, the NIRB on the basis of the evidence
presented has by to-day's order determined that It is impracticableto maintain prices in some of the major divisions and that if prices are not maintained In these divisions, it is not practicable to maintain them in the
other divisions of the industry. Therefore, the order eliminates prices In
all divisions of the industry but Indicates that production control must
bear the brunt of stabilizing the industry. The order also provides for
investigation ofcosts and prices with the object of observing destructive
price cutting, if it develops, and of taking steps to prevent it in case it
does develop.
The action of the BoardlelinalnatIng prices is regarded as clearing up an
Impossible situation in some divisions and at the same time it brings a
bitter disappointment to other divisions. While this action undoubtedly
will create serious distrubance in the industry as a whole, every effort will
be made by the leaders of the industry to minimize the difficulties and to
restore order as promptly as practicable. NRA has already taken steps,
for all codes, designed to bring vigorous prosecution of hour and wage
violations; at the same time we expect vigorous support from NRA In
maintaining production control.
The industry is in rough water but It will weather the storm.
The operative part of the NIRB order, after calling attention to the fact that Article VIII of the Lumber Code,
which provides for the control of production, is still in full
force and effect, concludes as follows:
Financial Chronicle
Volume 139
4067
for the retail meat trade, to become effective Dec. 31 in
the case of establishments in which sales of meat are equivalent to 50% or more of total sales. He also approved a
separate schedule, amounting to a supplementary code, with
minimum wages about twice those for other shops, for retailers of kosher meat. The labor provisions of the retail
meat code are similar to those in the code for the food and
grocery trade. Maximum working time is fixed at 48 hours
weekly, with minimum wages of between $10 and $15 a
week, according to population, with a $1 differential in
Washmgton
m
meeting
The Lumber Code Authority at a
provisions do not apply to
which adjourned on Dec. 15, fixed total allowable lumber the South. The maximum hours
salaries. Allowminimum
certain
if
receive
they
managers
first
the
for
allotments
production
regional
and
production
periods.
is
holiday
ance
in
made
for
overtime
NRA
three months of 1935. An announcement from the
Other provisions of the code were given as follows in a
gave the new lumber quotas as follows:
Washington dispatch of Dec. 22 to the New York "Herald
Although expecting an appreciably increased demand for lumber in the
spring and summer, the Authority, in fixing the total allowable lumber
Tribune":
mind the need
1. That Administrative Orders Nos. 9-46 and 9-58, dated July 16 and
July 25 1934, respectively, and all Administrative orders supplementary
thereto be and they hereby are suspended:
2. That the Research and Planning Division be and hereby is directed
to study the prices at which lumber and timber products are sold or offered
for sale and to advise the NIRB whenever said division determines that
destructive price-cutting exists as to any item of said products: and
r, 3. That, subject to the provisions of Article IX of said code, this order
may be stayed as to said reasonable costs of any item or items of said
products and the rules and regulations for their application, whevever the
NIRB finds that destructive price-cutting exists with respect to said item
or items.
production for the first three months of 1935, also kept in
for abetter balance bativeea stocks on hand at the mills and the movement
of lumber to the trade. The Authority, therefore, settled upon a total
first-quarter 1935 output for softwoods and hardwoods 10% and 26%
respectively under the aggregates it allowed a year ago for the first quarter
of 1934.
The following is a comparison of total softwood production allowed for
the first quarter of 1935 and that for the same period a year ago, together
with the regional allotments established by the Authority:
Region
Southern Pine
West Coast
Tillamook Burn
Western Pine
Redwood
Cypress
Northern Pine
Northern Hemlocks
Menominee Slowdown
Northeastern Softwood
Appalachian Softwoods
Sustained Yield.*
1934 First-Quarter
1935 First-Quarter
(in Millions of Ft.) (in Millions of Ft.)
1,194.9
1,181.3
45.0
745.0
108.0
60.0
26.6
65.7
1.5
86.1
36.2
12.0
1,460.0
1,460.0
740.0
99.0
45.0
24.0
76.0
88.0
24.0
3,562.3
4,016.0
Total softwoods
Total allowed hardwood product on for the first quarter of 1935 and
regional allotments compared with the same period a year ago as follows:
Region
Appaiachlan & Southern
Northern
Menominee Blowdown
North Central
Northeastern hardwoods
Walnut
Miscellaneous hardwoods
Sustained yield..
1934 First Quarter
1935 First Quarter
(in Millions of Ft.) (in Millions of Ft.)
522.9
112.4
1.6
30.4
52.3
4.4
10.0
3.0
705.0
147.8
52.8
73.8
10.5
10.1
737.0
1.000.0
Total hardwoods
• Represents extra allotments as rewards of merit, allowable under the lumber
sustained
a
yield
on
operations
their
basis,
timber
placing
conforming
firms
code, to
with the forestry conservation provisions of the lumber code.
The schedule:for the Kosher trade establishes minimum wages of $25 in
cities over 1,000.000 and $20 elsewhere for employees engaged in cutting
or preparing meats for sale or assisting in such work. Messenger boys
and delivery boys in the South are not subject to the minimum wage provisions but must receive at least 20% more than the rate prevailing June 15
1933.
The code makes it an unfair trade practice to misrepresent meat as that
for which a definition of identity has been prescribed by the Department of
Agriculture and which simulates such a product or fails to conform to such
definition, and to sell meats which have been kept in storage below freezing longer than 30 days except as cold-storage meat.
It also contains the standard destructive-price-cutting provisions and
permission for the National Industrial Recovery Board to establish minimum
prices during any emergency found to exist. These rules, however, were
stayed by the President's order of approval until the same provisions can
be incorporated in codes governing the retailing of meat not covered by
this code.
Would Extend Sales Rules
The letter transmitting the code to the President said:
"Provisions governing the advertising and selling methods for the dealers
who will be governed by this code should be incorporated in the code of
fair competition for the retail food and grocery trade."
Other trade practice rules, which are not stayed, prohibit defamation of
competitors, commercial bribery, inaccurate advertising, false invoicing,
enticing employees and selling except by net weight of 16-ounce pounds.
The President's order approving the code prescribes the constitution of
the Code Authority. It is to consist of 11 industry members, seven to be
selected by the board of directors of the National Association of Retail
Meat Dealers, Inc., one by the Federation of Kosher Butchers of Greater
New York, Inc.. oneAby the National Association of Meat. Poultry and
Game Purveyors, and two by the NIRB to represent members of the trade
not affiliated with those organizations. If any memberships remain unfilled after 30;days, the board may appoint representatives.
The schedule for the kosher trade is to be administered by an 11-member
code authority, seven selected by the board of directors of the Federation
of Kosher Butchers of Greater New York, Inc.. and four by members of
associations affiliated with the Federation.
Nation's 1,200 Newspapers to Consider Action of
NLRB in San Francisco "Call-Bulletin" CaseRegarded as Attempt to Usurp Power Over Code
For Newspaper Publishing Business
Announcement of an immediate convention of 1,200 of
First Quarter 1934
First Quarter 1935
the Nation's newspapers to consider the National Labor
36 MM Ft.
32 MM Ft.
Oak flooring
15 MM Ft.
Relations Board action in the San Francisco "Call-Bulletin"
20 MM Ft.
Maple, Beech & Birch flooring
West Coast logs (excl. of Tillamook
case "as it affects their continuance" under the Daily
*1,162 MM Ft.(L. S.) 616.5 MM Ft.(L. S.)
Burn)
797.2 M Squares
750 M Squares
Bed Cedar shingle
Newspaper Code, was made through the Associated Press
40 M Squares
Redwood shIng,e
MM
9
Ft.
products
Redwood split
Dec. 27 by Howard Davis, Chairman of the Publishers'
on
90 MM Sq. Ft.
75 MM Sq. Ft.
Face veneer
75 MM Sq. Et.
National Code Committee.
75 MM Sq. Ft.
Plywood Package
45 MM Ft.
40 MM Ft.
Eastern shook & wooden box
According to Mr. Davis, who is also President of the Amer16 MM Handles
17 MM Handles
Broom and mop handle
(Feb. March)
ican Newspaper Publishers' Association, "the issue raised
•Does not include "pee.er blocks" not longer than 10 feet or smaller than 36-Inches
by the National Labor Relations Board has precipitated
In diameter.
the gravest problem with which the press of this country
Philippine
the
for
feet
16.4
of
was
MM
approved
An import quota
has yet been confronted." He issued his statement after
Mahogany Subdivision for a seven months period from Dec. 1 1934 to
June 30 1935.
the Labor Board at Washington on Dec. 27 had asked the
NRA Compliance Division to remove the "Call-Bulletin's"
Supplementary NRA Code Approved for Gasket Manu- blue eagle for failing to heed the Board's order for the refacturing Industry
instatement of Dean S. Jennings, a re-write man.
The National Industrial Recovery Board announced on
Mr. Davis states that the action of the NLRB is regarded
Dec. 21 approval of a supplementary code for the gasket by the six associations of daily newspaper .publishers as a
manufacturing industry, a product group of the automotive
violation of the code.
parts and equipment manufacturing industry. It will
A letter addressed to the National Recovery Administrabecome effective Dec. 30. The announcement added:
by the six associations points out that "the newspaper
tion
There are no wage and hour provisions in the supplementary code. Those
code contains complete, final and exclusive provisions for
of the basic automotive parts code will apply: they establish a maximum
work week of 40 hours at minimum wages of 40 cents an hour for males and
the adjustment of controversies arising from the application
30 cents an hour for females in processing operations, and $15 a week for
its provisions" and adds that the NLRB has not only
of
other employees.
asserted a jurisdiction over a controversy which, by both
The trade practice rules approved include the standard emergency price
provisions, regulation of allowances for returned goods, maximum disthe spirit and letter of a solemn compact between the Presicounts, an open price association, customer classification, warehousing
dent and the publishers, was exclusively vested in the Newsrules, as well as certain standard clauses.
paper Industrial Board, but even has asserted a claim to
The supplementary code will be administered by the Executive Committee of the Automotive Gasket Institute, and the National Industrial
superior jurisdiction." The letter concludes with the remembers
represent
to
member
one
add
to
empowered
is
Board
Recovery
quest that "you [the NRA] repel this usurpation of power
of the industry who are not members of the Institute.
on the part of the NLRB in order that the good faith of the
President Roosevelt Approves Code for Retail Meat Government may be maintained and the code preserved."
Trade-Hours and Wages Similar to Those in The statement issued by Mr. Davis, in which is embodied
the letter of the publishers to the NRA follows:
Food and Grocery Pact
The action of the National Relations Board in the San Francisco "CallThe National Industrial Recovery Board on Dec. 22
announced that President Roosevelt had approved a code Bulletin" case constitutes, in my opinion, an attempt to usurp power over
Lumber Products Quotas
Quotas were established for the timber products groups for the first
quarter of 1935, and compare with 1934 as follows:
4068
Financial Chronicle
the code for the daily newspaper publishing business, which is specifically
prohibited by Articles VI and VII of the Newspaper Code.
This attempt was characterized by Donald R. Richberg, former General
Counsel of the NRA and now Director of the President's Emergency
Council, in his statement filed with the Board on Dec. 7, as a breach of
faith by the Government.
It is regarded by the six associations of daily newspaper publishers which
co-operated in the preparation and submission of the code as a violation
of the code. Representatives of these associations met in New York on
Dec. 17 and 18 to consider the issue raised by the NLRB. After a thorough
discussion they submitted their views in writing to NRA.
Under instructions from these associations a convention of the 1,200
daily newspapers which have assented to the code will be called immediately
to consider the situation as it affects their continuance under the code.
The issue raised by the NLRB has precipitated the gravest problem with
which the press of this country has yet been confronted. The nature of
that problem is fully set forth in the communication of Dec. 19 to NRA
from the six publisher associations as follows:
Letter to NRA
"The National Recovery Administration,
"Washington, D. C.
"Sirs.—The six associations of daily newspaper publishers, representing
more than 1,200 newspapers which have assented to the code for the daily
newspaper-publishing business, are compelled to call to your attention
a situation now existing which, under certain conditions beyond the control
of the signatory newspapers. may render the code invalid.
"The facts are simple. The Newspaper Code contains complete, final
and exclusive provisions for the adjustment of controversies arising from
the application of its provisions. The NLRB has not only asserted a jurisdiction over a controversy which, by both the spirit and letter of a solemn
compact between the President and the publishers, was exclusively vested
in the Newspaper Industrial Board but even has asserted a claim to superior
jurisdiction.
"It has directed a member of one of our associations to comply with its
order prior to Dec. 22. FaWng this, the case will be referred to the Compliance Division of the NRA and to the enforcement agencies of the Federal
Government for appropriate action.
"We respectfully point out to you thht the action of the NLRB is illegal
and void and constitutes an attempt to destroy the agreement between
the individual publishers and the President.
Drafting of Newspaper Code
"Our position is the simple one that the newspapers, at the request of the
Government, drafted and signed the newspaper code; that this code was
a carefully lfmited agreement between the individual newspapers assenting
thereto and the Government, being so drawn in order to safeguard the
freedom of the press; that the basic clause protecting these safeguards was
the agreement by the Government not to alter the code save with the
consent of each individual newspaper; and that the NLRB by its decision
now denies the binding force of this limitation and thereby seeks to destroy
the agreement thus entered into.
"As you may recall, the Newspaper Code was the result of a long effort
on both sides. Because of the extraordinary powers granted the President
under the Recovery Act, including especially the right to license, there
were many publishers who from the start felt that the risks were too
great to be born and the code system could not safely be applied to a
free press.
"The progress of newspapers toward freedom of utterance over the
centuries had been one long effort to end the system of Government license.
Whenever in recent years a dictatorial government in Europe had taken
control of the press, it has been through the machinery of license. The
publishers' hesitation was understandable. But the desire to co-operate
with the recovery plans of the Government was strong and the Newspaper
Code was finally drafted, approved by the President and assented to by
all but a few newspapers of the country.
"In that process of negotiation, it was repeatedly made clear to the
NRA that the newspapers could not accept a code that could be modified
in any respect after it was agreed to save by the consent of the individual
publishers affected thereby. This clause was fundamental; without it the
other safeguards obviously were futile. The President agreed to accept
the Newspaper Code with this clear and precise limitation upon the general
right to modify granted by the Recovery Act.
"The newspapers of the country signed an agreement containing as
its most essential clause this limitation on the right to modify. Upon this
there can be no dispute. The executive director of the National Emergency
Council was. as General Counsel of the NRA, at the centre of the negotiation and his testimony confirms the view of the newspapers. We quote
from his memorandum read before the NLRB on the rehearing of this case:
"The merits or wisdom of the action of the publishers or the President
are not involved in questions presented to the NLRB nor are they the appropriate subject of discussion. It is, however, an essential obligation ot the
Government and of any agency of the Government to maintain good faith.
"The agreement made and embodied in Article VII should certainly
be maintained by any agency of the Government in letter and spirit, and
no representative of the Government would certainly voluntarily participate
in any eafort to twist the meaning of Article VII or to evade its obligations
by any legal hair-splitting.
"We cannot allow the integrity of the instrument to be violated for any
reason great or small.
"Even though the issue of the freedom of the press may not be involved
in the question of whether an employee of a certain newspaper is dismissed,
that is not the issue in this case. The issue of the freedom of the press is
raised rather by the attempt of the NLRB to place a construction on
Article VII of the code contrary to that understood by the parties to the
compact, and thus, in effect, to modify the code In violation of the restrictions against modification.
Precedent Would Destroy Freedom of Press
"In the present case, a bureaucratic board is endeavoring to arrogate to
Itself power to modify the code. If conceded, this would undermine the
Bill of Rights as preserved therein. The newspapers cannot safely wait
until the process of destruction is started. The precedent set by this case
would,ifsustained,destroy at a stroke the essential safeguard ofthe freedom
of the press contained in the Newspaper Code.
"If the newspapers now submitted to it, the threat for the future would
be clear. The mischief would be done if the newspapers failed to protest
the assumption by the NLRB that the code may be modified in derogation
of the restriction contained in Article VII against the effect of such modification in the absence of consent by the publishers. The courts might
regard such acquiescence as a waiver of the constitutional right itself.
And it would lie in the mouth of no newspaper which sat silent to-day and
remained under the code to assert its constitutional rights later in protest.
"These associations which, in behalf of their membership, participated
in the negotiations leading up to the submission and approval of the code
therefore feel their course to be clear. They cannot permit the future of
the press of America to be compromised and endangered. Both for their
Dec. 29 1934
own protection and as trustees of a public right, they cannot sit idly by and
see their charter offreedom, preserved as in the code, bearing the President's
approval, become a scrap of paper.
"Therefore, these associations—American Newspaper Publishers Association, New England Daily Newspaper Association, Southern Newspaper
Publishers Association, Del-Mar-Va Association, Inland Daily Press association and Pacific Northwest Newspaper Association—come to you as the
agency set up by the President to administer the NIRA with the request
that you repel this usurpation of power on the part of the NLRB in order
that the good faith of the Government may be maintained and the code
preserved.
"By direction of the above-named associations.
"Very truly yours,
"HOWARD DAVIS.
"American Newspaper Publishers Association,
"By Howard Davis.
"New England Daily Newspaper Association,
"By Frank E. Phillips.
"Southern Newspaper Publishers Association,
"By Cranston Williams.
"Del-Mar-Va Association,
"By William F. Metten.
"Inland Daily Press Association,
"By Verne E. Joy.
"Pacific Northwest Newspaper Association,
"By J. F. Young."
Laws to Check Communist Activities in United States
Advocated by William Green—A. F. of L. Head
Says They Will Reach Danger Point Unless Curbed
Immediately
Enaction of laws designed to restrict Communist activities in the United States was advocated Dec. 17 by William
Green, President of the American Federation of Labor, testifying before the House Committee on un-American Activities. Other witnesses before the Committee confirmed Mr.
Green's opinion that although such activities are not now a
menace to American institutions, they will inevitably develop to a dangerous extent unless immediately checked.
Mr. Green said that New York is the source of more present
and future trouble along such lines than is Chicago or any
other city in the country, and supported his assertion by
mentioning the allegedly Communist-controlled activities of
needle trade workers in the fur industry. This testimony
was described, in part, as follows, in a Washington dispatch
of Dec. 17 to the New York "Times":
Documentary evidence of the efforts of Communist organizations to undermine trade unionism and get control of the organized labor movement in
this country was presented by Mr. Green in behalf of the American Federation of labor. Evidence of the violent and unlawful nature of the activities,
specifically of the needle workers, complained of by Mr. Green, was presented by Representative McCormack, Chairman of the Committee.
Abstracts of testimony taken in executive session in New York City by
the Committee on Nov. 20 to 24, and made public to-day by Mr. McCormack, included supporting evidence in the form of canceled checks, alleged
forced payments in amount of 3% of their payroll exacted from employers
by the Needle Trade Workers Industry Union.
Tells of "Assessments"
Albert A. Williams, whose concern has been in business for 117 years,
told in his New York testimony of making such "contributions" from February 1933 to March 1934, and of 2% assessments he said were exacted from
his 150 employees. He said his company had agreed to make these payments to protect the employees, some of whom were forcibly removed from
the premises to Communist headquarters, and further, because they had a
large number of valuable skins on which work was only half finished and
which would have been a total loss if they had not signed the agreement.
He submitted canceled checks showing that the money had been deposited
to the credit of the Needle Trade Workers Industry Union of the United
States of America and placed in a special fund known as "Rabbit Pressers
Unemployment Fund."
John F. Mallon, actuary of the Fur Dressers and Dyers Association, Inc.,
testified that 15 concerns connected with his organization had suffered as a
result of the Communist activities of the "left-wing" union having contracts with them, many employers paying the 3% demanded of them and
others sustaining pecuniary damage in varying amounts for refusing to do so.
Annual Banquet of American Acceptance Council to
Be Held Jan. 28
The Sixteenth Annual Banquet of the American Acceptance Council will be held at the Waldorf-Astoria, Monday
evening, Jan. 28 1935. The guests of honor and speakers
will be William Phillips, Under-Secretary of State, Thomas
J. Watson, President of the International Business Machines Corp. and Allan M. Pope, President, The First
Boston Corp. and President of the Council. The genera'
theme of the program will be the foreign trade of the United
States. It is expected that about a thousand guests will
attend, according to Robert H. Bean, Executive Secretary
of the Council.
Union Wages to Prevail on Public Works Projects—
New York State Commissioner Brandt and Labor
Officials Agree on Local Scale
An agreement on wages to be paid on State and Federal
public works projects in the five counties of New York City
has been reached by Captain Arthur L. Brandt, New York
State Commissioner of Highways, and officers of the State
Federation of Labor, it was announced on Dec. 26, according
Financial Chronicle
Volume 139
to Albany advices on that date to the New York "Herald
Tribune" which went on to say:
Under the agreement the prevailing wage, which is also the union
scale of pay, will prevail on all contracts, both state and Federal, as
Captain Brandt represents the Federal government in emergency public
works projects.
Captain Brandt was criticized at a recent meeting of the Executive
Council of the State Federation for alleged failure to insist upon prevailing rates of pay. At the meeting at which the agreement was reached
the Federation was represented by George Meany, State President; John
M. O'Hanlon, Secretary-Treasurer; Leonard J. Klink and Michael J.
Finn, representing the Structural Steel and Metal Lath Workers; Charles
A. Hanson, of the Carpenters' Union, and Thomas J. Curtis, of the New
York City Building Trades Council.
Trust Division of American Bankers Association to
Hold Mid-Winter Trust Conference in New York,
Feb. 12, 13 and 14
The 16th annual mid-winter trust conference of the Trust
Division, American Bankers Association, will be held Feb. 12
13 and 14, at the Hotel Waldorf-Astoria, New York City,
it is announced by Leon M. Little, President of the division,
and Vice-President New England Trust Co., Boston, Mass.
The annual banquet which brings the conference to a close
will be held the evening of Feb. 14. An announcement in
the matter said:
This annual three-day meeting, which brings together representatives of
the leading trust companies and banks in all parts of the country,is expected
to be of unusual importance this year, according to Mr. Little. He pointed
out that problems have arisen under present-day conditions that have an
Important bearing upon the operation policies of trust companies and banks
with trust departments.
Meeting of Municipal Bond Men to be Held in Chicago
Jan. 14 and 15—Forum to be Conducted by Investment Bankers Association
Municipal bond men from all parts of the United States
will hold a two-day forum Jan. 14 and 15 at the Palmer
House, Chicago, the municipal securities committee of the
Investment Bankers Association of America announced
Dec. 27. All members of the Association are invited to
attend. The forum will consist of five sessions at which
developments affecting State and municipal financing will
be discussed. Foremost among the subjects of the forum
will be State and local taxation and effective methods of
meeting relief problems. The announcement of Dec. 27
further said:
Special reports covering state and municipal finances in practically every
state of the Union will be presented at the forums. In preparing the forum
program the country has been divided into 24 districts and one of the 24
members of the municipal securities committee has been assigned to each
district to see that information on important situations in each district
is available for the round table discussions of the forums. D.T. Richardson
of Kelley. Richardson tic Co., Chicago, Chairman of the municipal securities
committee, will preside at the meetings. Among the speakers from civic
organizations who will take part in the forum are Carl Chatters, Executive
Secretary of the Municipal Finance Officers Association. A similar forum
was held by the Investment Bankers Association two years ago, but covered
only 14 states. The success of that effort led to organization of the forthcoming meeting on a national scope. Investment bankers from all principal
cities of the country will attend the forum.
Elon H. Hooker to Address New York Chamber of
Commerce on Jan. 3 on "Government Utilities"
Elon H. Hooker, President of the Hooker Electrochemical Co., of Niagara Falls and Tacoma, Wash., will
address the Chamber of Commerce of the State of New York
at its first 1935 meeting on Jan. 3. Mr. Hooker, who is a
large consumer of electric power, will discuss Government
encroachment in the public utility industry and what it
means to the taxpayer and investor.
Reopening of Closed Banks for Business and Lifting
of Restrictions
Since the publication in our issue of Dec. 22 (page 3907)
with regard to the banking situation in the various States,
the following further action is recorded:
MASSACHUSETTS
Arthur Guy, State Bank Commissioner of Massachusetts,
on Dec. 21 announced plans for the division of approximately
,000,000 to 100,000 depositors of eight closed banks,
made possible, in part, by a $5,000,000 loan from the Reconstruction Finance Corporation. The closed banks and the
amount and percentage of their dividends, as given in
Associated Press advices from Boston on Dec. 21 reporting
the matter, follow:
Tne Exchange Trust Co. of Boston. a 10% dividend amounting to
1783,000; the Bancroft Trust Co. of Worcester. 10%. $455,000; the Central
Trust Co. of Cambridge, 32%. $2,093,000; the Charlestown Trust Co. of
Charlestown, 35%,$689,000; the Highland Trust Co. of Somerville, 15%,
$608,000; the Inman Trust Co. of Cambridge, 10%, $214,000; the Merchants Trust Co. of Lawrence, 10%, $330,000; the Revere Trust Co. of
Revere, 10%, $91.000.
The dispatch continued:
In addition tne commercial depositors of the Central Trust will receive
$300,000,or 15%,and those of the Inma n Trust a 10% dividend of$82,000.
4069
Between $45,000 and $50,000 was paid out Dec. 22 by the
Athol National Bank, Athol, Mass., in the third dividend
paid since the bank closed a year and a half ago, according
to a dispatch from that place on Dec. 23, printed in the
Springfield "Republican," which added:
The dividend to-day was for 1235%. The other two were for 25% each..
Thedividend was paid at the First National Bank here.
MICHIGAN
Regarding the affairs of the defunct Berkley State Bank
of Berkley, Mich., the "Michigan Investor" of Dec. 22
carried the following:
With the sale at public auction in Pontiac of the remaining assets of the
Berkley State Bank, Berkley, the receivership was terminated. This
sale will mean a dividend to depositors of from 3 to 4% to add to previous
dividends of 27.5%. The bank closed March 17 1931.
The reorganized State Bank of Ortonville, Ortonville,
Mich., opened for business on Dec. 18 and began payment
of a 40% dividend totalling 0,000 to the depositors. The
new institution is capitalized at $25,000 and has the following
officers: Hugh Taylor, President; Herman Profrock, Vice,.
President; John Waltz, Secretary, and William Narrin,
Cashier. The "Michigan Investor" of Dec. 22, authority
for the above, continued:
The reorganization was accomplished under the direction of Conservator
James R. Leece. The institution is able to release its 40% payment and
reopen for business without borrowing any additional funds.
According to the "Michigan Investor" of Dec. 22, the
Romeo Savings Bank of Romeo, Mich., was scheduled to
reopen on Dec. 24 and release 40% of impounded deposits.
The officers were named as John J. Brewer, President;
Henry F. Rumsey, Vice-President, and Dwight F. Seamen,
Cashier.
OREGON
An order was issued last week by A. A. Schranim, State
Superintendent of Banks for Oregon, giving the Steiwer &
Carpenter Bank of Fossil, Ore., until Jan. 31 to complete
reorganization. Salem, Ore., advices to the Portland
"Oregonian" of Dec. 20, from which this is learned, continuing, said:
This bank has been operating on a restricted basis. Thirty-five per cent
of the restricted deposits of the bank previously were released, Schramm
said.
PENNSYLVANIA
From the Philadelphia "Inquirer" of Dec. 23 it is learned
that the Gosstonyl Savings & Trust Co. of Bethlehem, Pa.,
has been reorganized and was authorized to reopen on
Dec. 24 under the title of the Gosstonyl Bank by Dr. William
D. Gordon, the State Secretary of Banking for Pennsylvania.
The paper went on to say:
The capital has been fixed at $200,000. The surplus is $100,000, undivided profits total $10,000 and deposits $517,523. The officers are:
President Rosi Gosstonyl, Vice-President, Rudolph Gosstonyl, Cashier
and Secretary, Charles A. Gosstonyl; Assistant Cashier, Joseph (I. Tatoccka.
RHODE ISLAND
We learn from the Providence "Journal" of Dec. 19 that
an additional dividend of 8% was authorized on Dec. 15
by Governor Green and Latimer W. Ballou, State Bank
Commissioner for Rhode Island and was to be paid Dec. 19
to persons who had commercial or time deposits in the
Columbus Exchange Trust Co. of Providence, R. I., according to an announcement by the Governor the previous day.
The paper mentioned added:
This will be the second dividend paid on deposits of the bank, which
has been in charge of Conservator Achille Vervena since 1933. The former
dividend was 60%.
OHIO
Resumption of business by the Lorain Street Savings &
Trust Co. of Clveland, Ohio, by Jan. 2, under its new setup
as the Lorain Street Bank, where accounts up to $100 would
be available in full and 30% of larger accounts would be
freed, with a minimum of $100 available, was forecast last
night, following Reconstruction Finance Corporation approval of a $1,200,000 loan and purchase of $200,000 in
the new bank's debentures. The Cleveland "Plain Dealer"
of Dec. 18,from which this is learned, continued:
R. M. Huston, President-elect of the new bank and conservator-liquidator of the old institution, said last night that an extra force of employees
was working day and night to speed the operations incidental to reorganization, in which remaining frozen assets would be segregated in the Fulton
Mortgage Loan Co. for the benfit of depositors.
It was expected that the details of reorganization could be concluded
within a few days and formal negotiation of the loan completed.
The RFC yesterday also approved the purchase of $100.000 of debenture
notes of the Bank of Cleveland, where Stanley Elonowski is President.
It was said this would enable the bank to free all deposits under $25 and
to release 55% on all larger accounts, as well as to pay in full public fund
deposits of $150.000.
Both banks will reopen with Federal Deposit Insurance Corp. protection
for their depositors.
The Lorain Street reorganization plan contemplates that from the
$1,200,000 RFC loan will be deducted $200,000 to repay an old RFC loan
and $662,000 to release public deposits.
4070
Financial Chronicle
Dec. 29 1934
Concerning the affairs of the closed Farmers' Banking Co.
of,Lakeview, Ohio, a dispatch from Bellefontaine, Ohio,
appearing in the Toledo "Blade", had the following to say:
dividend totaling $176,374, bringing the total payments
to 60%.
An application to reopen the Farmers Banking Co. at Lakeview early
nest year, with 50% of the general claims against the institution immediately
payable in cash was flied In common pleas court here by I. J. Fulton, State
Superintendent of Banks. The hearing will be Jan. 8.
Paterson advices on Dec. 20 to the Newark "News" stated
that Vice-Chancellor Vivian M. Lewis of New Jersey on
Dec. 19 signed an order directing distribution of $38,791 to
depositors of the closed Guaranty State Bank in Passaic,
N. J. Vincent C. Duffy, counsel to the State Commissioner
of Banking and Insurance, said the funds would be available
at the institution beginning Dec. 20. We quote further, in
part, from the dispatch:
ITEMS,ABOUT BANKS, TRUST COMPANIES, &c.
The New York Cotton Exchange membership of John L.
Burdett was sold Dec. 27 to Walter L. Johnson, for another,
at $15,000, off $1,500 from last sale.
A petition of the members of the New York Stock Exchange, to close the Exchange on Monday, Dec. 31, was
denied at a meeting of the Governing Committee on Dec. 26.
The Commodity Exchange, Inc., will close at noon, Dec. 31,
and the Montreal Stock Exchange and Montreal Curb Exchange at 12:30 p. m.
The fourteenth annual Wall Street community Christmas
tree and carol singing was held at Wall and Broad Streets,
in front of the New York Stock Exchange, on Dec. 24, at
12 noon. The celebration, around a large illuminated tree,
lasted more than an hour. The glee club of the New York
Stock Exchange led the singing, under the direction of
Henderson E. Van Surdam, with Thomas J. Reynolds as
accompanist, and assisted by the Harmony Trumpeters.
The New York Produce E- xchange will hold its annual
New Year's celebration to-day (Dec. 29), from 1 to 6 p. m.
Dancing and entertaining will be featured. It is expected
that approximately 2,000 will attend the party, including
members of the Exchange, their guests and employees.
The Merchant's Bank of N- ew York will open an agclitional office at 434 Broadway, corner of Howard Street,
on January 2. This is said to be the first new banking
office opened in this section of New York for five years
and is reported as due to an increase in the textile business
there.
W. C. Potter, Chairman of the Guaranty Trust Company
of New York, announced that at a meeting of the Board of
Directors on Dec. 19, Louis Edmund Zacher was elected
a director of the company. Mr. Zacher is President
of the Travelers Insurance Company; President and Treasurer of the Travelers Indemnity Company, and President
and Treasurer of the Travelers Fire Insurance Company.
Mr. Zacher began his business career in 1895, with the
Charter Oak National Bank, later entering the employ of
the Farmers Mechanics National Bank, both of Hartford.
In 1904, he became Secretary to the President of the
Travelers Insurance Company; was made Assistant Treasurer in 1910; Treasurer in 1912; Vice President in 1922,
and President in 1929.
On Dec. 17 the New York State Banking Department
approved a proposal to reduce the capital stock of the Rye
Trust Co., Rye, N. Y., from $200,000 at a par value of $100
a share to $100,000 at a par value of $50 a share.
Plans to reduce the capital stock of the Lafayette Trust
Co. of Suffern, N. Y., from $150,000, consisting of 1,500
shares of the par value of $100 each, to $100,000 to consist
of 2,000 shares of a par value of $50 a share, were approved
by the New York State Banking Department on Dec 17.
The Banking Department also on the same day approved a
change of name of the institution to the "Lafayette Bank &
Trust Co. of Suffern."
The New York State Ban- king Department on Dec. 14
approved a proposed merger of the Lackawanna National
Bank, Lackawanna, N. Y., into the Marine Trust Co. ofr
Buffalo, N. Y., under the title of the Marine Trust Co. of
Buffalo.
A 5% dividend, totaling $207,083, was authorized to be
paid to depositor creditors of the commercial department
of the City Bank & Trust Co. of Hartford, Conn., by Howard
W. Alcorn, receiver, in a decision handed down Dec. 14 by
Judge P. B. O'Sullivan in Superior Court, we learn from the
Hartford "Courant" of Dec. 15, which added:
This will bring the total disbursements to date to 80% to creditors of
the commercial department. The savings department has paid 50%.
-"Courant" of Dec. 15, Judge
According to the Hartford
O'Sullivan ordered Walter M. Bassford, receiver for the
Commercial Trust Co. of New Britain, Conn., to pay a 10%
This dividend, which represents about 7%, is the third to be paid depositors since the institution closed Oct. 31 1931, and brings the amount distributed to date to approximately $400,000, or 72% of the total deposits.
The first dividend, of 60%, was paid in May 1932, and the second, for 5%,
in December 1932.
Mr. Duffy was accompanied yesterday by John F. McGuire, Special
Deputy Assistant Banking Commissioner, who is in charge of the bank.
Payment of dividends to the depositors of three Pennsylvania closed banks—the Commercial National Bank of Philadelphia, the Merlon Title & Trust Co. of Ardmore, and the
Jordan State Bank of Allentown—was announced on Dec. 22.
Checks had already been distributed to the depositors of
the two last named banks, and the other will make payment
early in the new year. The Philadelphia "Inquirer" of
Dec. 23, authority for the above, also supplied the following
information:
The Commercial National will pay 20% of deposits to about 35,000
depositors. The total amount will be about $747,000.
The dividend of the Merlon Title & Trust Co. will be 10%, and 29,932
depositors will benefit. A payment of 5% already has been made. The
remaining deposit liability of the institution is $5,258,415.
A 5% dividend paid by the Jordan State Bank, of Allentown, brings
the total made available to depositors up to 65%. There are 1,765 depositors. The remaining deposit liability is $52,124.
Announcement of the payment by the Commercial National Bank WRS
made by Joseph K. Willing, the receiver. He stated that the checks have
been made out and will be mailed immediately on their return from the
Comptroller of the Currency in Washington.
Payment will be made to depositors who filed proof of claim before
Nov. 30, and whose claims have been approved. It is understood that the
committee of depositors which sought to reorganize the bank has abandoned its efforts.
"During the past six months," said Mr. Willing, explaining the bank's
position, "we have paid back $1,200,000 to the Federal Reserve Bank of
Philadelphia, and also $600,000 to the local agency of the Reconstruction
Finance Corporation. In return, the Reserve bank has released $2,000,000
In assets and the RFC more than $1,000,000 that had been pledged as
collateral for loans. Substantial portions of these assets remain for liquidation, although a part has been used to provide for the payment soon to
be made.
"Assessment on stockholders, under the double liability provisions of
the law, have yielded considerable revenue."
The Economy National Bank of Ambridge, Pa., capitalized
at $100,000, was placed in voluntary liquidation on Apr. 14.
This bank is succeeded by the Economy Bank of the same
place.
C. Addison Harris Jr., former President of the closed
Franklin Trust Co. of Philadelphia, Pa., convicted, it is
reported, of misapplication of funds of the bank, was released in $20,000 bail on Dec. 17 pending his appeal to the
Superior Court. The higher court allowed a writ of supersedeas, staying his conviction and sentence and fixing bail.
Mr. Harris was sentenced to from five to 10 years in jail by
Judge Eugene.V. Alessandroni, on Dec. 14. The Philadelphia
"Record" of Dec. 18, authority for the above, also supplied
the following Information:
Bail was denied Mr. Harris's co-defendants, Arthur B. Dauphinee, former
Vice-President of the bank, and Edward S. Conro, former Treasurer. The
three were convicted and sentenced together.
After the Judge refused a motion for a new trial for the men, their
counsel, Bryan A. Hermes, took an appeal to the higher court and also
took a writ of sapersedeas to have the three admitted to bail pending
appeal.
The Court ruled favorably in the case of Mr. Harris, but ruled Mr. Danuhinee and Mr. Conro could not be admitted to bail because they were
convicted, among other counts, of issuing false reports to the State Banking
Department. Mr. Harris was not indicted on that charge.
The three former bankers were charged with misapplication of $234,000.
W. E. Anderson, heretofore Assistant Trust Officer of the
Central United National Bank of Cleveland, Ohio, has been
appointed Trust Officer of the Central Trust Co. of Cincinnati, Ohio, according to the Cleveland "Plain Dealer" of
Dec. 19. Mr. Anderson will succeed Edward A. Sisson, who
Is to retire Jan. 1, the paper said.
A fifth dividend of 10% has been ordered paid to depositors and creditors of the Farmers' Deposit Bank of Richwood, Ohio, which closed nearly three years ago, according
to Marysville advices on Dec. 15, which added:
This will make a total of 65% the bank has paid in all. Several thousand
dollars will be distributed throughout the county within the next week.
Volume ISO
Financial Chronicle
4071
Lawrence Wood, receiver of the Fortville State Bank,
Fortville, Ind., bas been authorized by the Hancock Circuit
Court to pay a dividend of 5% to creditors of the institution, according to Greenville, Ind., advices, on Dec. 14, to the
Indianapolis "News," which also said:
Effective Dec.6 1934, the First National Bank in Oakland,
Calif., was placed in voluntary liquidation. The institution
was absorbed by The Anglo California National Bank of
San Francisco, Calif.
This is the second 5% payment. The bank has been in receivership since
early in 1931.
Nationalization of 61 branches of the Bank of America
(California), the State bank associated with Bank of America National Trust & Savings Association (head office San
Francisco), was announced Dec. 24 by L. M. Giannini, Senior
Vice President. The 61 branches became a part of the Bank
of America N. T. & S. A. effective at the close of business
Dec. 22. As the two institutions are identical in ownership, management and accounting methods, the change is
largely a formality. The announcement by the bank continued:
-the Merchants National Bank
A new banking institution,
in Chicago, Chicago, Ill., with capital of $200,000, was
chartered by the Comptroller of the Currency on Dec. 21.
George R. Boyles is President and A. F. Whitehead, Cashier,
of the new organization.
As of Dec. 15, The Macomb National Bank, Macomb, Ill.,
capitalized at $100,000, went into voluntary liquidation.
The institution was absorbed by The Union National Bank
of Macomb.
The First National Bank in Staunton, Staunton, Ill., was
chartered by the Comptroller of the Currency on Dec. 12.
The new bank is capitalized at $65,000, made up of $25,000
preferred stock and $40,000 common stock, and succeeds
two Staunton banks. The Staunton National Bank and
the First National Bank of Staunton. C. F. Hackman is
President of the new organization, while C. W. Weis is
Cashier.
The Hudson State Savings Bank of Hudson, Mich., and
the Waldron State Savings Bank of Waldron, Mich., have
consolidated under the name of the former, we learn from
Hudson advices on Dec. 14 appearing in the Toledo "Blade,"
which also stated:
The institutions have been under similar management and largely identical
ownership for 14 years.
There will be no change in management and the banks will operate in
Hudson and Waldron as at present, it was stated. The bank has resources
said to be in excess of $1,000,000.
Byron J. Foster, President of the consolidated institution, has been here
30 years. A. C. Moine, Vice-President, will remain in charge of the
Waldron office.
The Oakley National Bank of Buffalo, Buffalo, Minn.,
was chartered by the Comptroller of the Currency on Dec.
14. The new institution, which represents a conversion of
The Oakley State Bank of the same place, is capitalized
at $60,000. W. D. Oakley and John A. Berger are President
and Cashier, respectively, of the new organization.
Effective Dec. 14, The Firs-t National Bank of Garretson,
S. D., was placed in voluntary liquidation. The institution
was absorbed by the First National Bank in Garretson
(formerly The First National Bank of Sherman, S. D.).
We learn from the St. Louis "Globe-Democrat" of Dec.
It) that the Comptroller of the Currency has authorized the
payment of a second dividend, amounting to 15%. to the
creditors of the Grand National Bank of St. Louis, Mo..
according to an announcement on Dec. 18 by John W. Synder, receiver for the institution. We quote from the paper:
The cash distribution, according to Mr. Snyder, will amount to approxi•
mately $250,000. This payment was made possible by a loan which was
secured from the Reconstruction Finance Corporation, Synder explained.
The first dividend of 37%% was paid on June 2, for the approximate
amount of $550,000.
A liquidating dividend of 3% was ordered paid to depositors and creditors of the Union-Easton Trust Co of St.
Louis, Mo., by Circuit Judge Ryan, on Dec. 14, on application
of George W. Clarkson, Special Deputy Finance Commissioner in charge of liquidation. In noting this, the St. Louis
"Globe-Democrat" of Dec. 15 added:
The dividend allowed, amounting to $14,198, will bring the total amount
of dividends paid to 88%, which is $176,647 of the total claims allowed,
which were $473,278.
Gurney P. Hood, State Com- missioner of Banks for North
Carolina, on Dec. 17 announced the completion of liquidation
of the Bank of Lewiston, Lewiston, depositors of which
received 100% in dividends and offsets. The Raleigh "News
and Observer" of Dec. 18, from which this is learned, continued:
Payments to depositors and other common claimants amounted to
$27,874.76 in dividends and offsets, Mr. Hood said. Preferred claims of
$2,803.13 and bills payable of $25,680.48 also were paid in full, as was
interest of $1,020.71 on the bills payable. The bank also paid interest of
$2,102.88 on proved claims.
Closed Feb. 20 1933, liquidation of the bank was completed on Saturday
(Dec. 15). Of listed assets of $128,505.79, the bank collected $63,434.02,
or 50.1%.
Liquidation of the bank was accomplished at a profit of $688.88, Mr.
Hood said. Expenses amounted to $3,322.61, while income during liquidation was $4,011.49.
The absorption of the 61 branches of the State bank into the national
system is in accordance with the management's advocacy of a unified
system of branch banking under national regulation.
With the addition of the branches transferred from the State bank,
the Bank of America N. T. & S. A. now has 414 branches, while nine
branches remain in the Bank of America (California).
Payment of a seventh dividend of 5% in the savings department of the Marine Bank of Santa Monica, Calif., bfinging the total liquidating dividends to 65%, has been authorized by Friend W. Richardson, Superintendent of Banks,
Bruce M. McBirney, Special Deputy, announced on Dec. 14,
according to the Los Angeles "Times" of Dec. 15, which also
stated:
Mr. McBirney stated he expected to have the necessary approval of the
Superior Court of Los Angeles County, under whose jurisdiction the liquidation is being made, in time to mail the checks to depositors on Dec. 18, the
third anniversary of the closing of the bank.
Arrangements for the payment, on Dec. 20, of a dividend
of 10% of the deposits to savings account depositors by the
Bank of Woodburn, Ore., were indicated in a dispatch from
that place on Dec.14 to the "Oregonian," which added:
This will be the fourth dividend paid since liquidation of the bank began.
In indicating that a 5% dividend was to be paid Dec. 17
to depositors of the defunct American Bank of Spokane,
Spokane, Wash., a dispatch by the Associated Press from
that city on Dec. 15 said:
Harry S. Wilson, liquidator of the American Bank, today (Dec. 15)
obtained Court permission to begin disbursement Monday of $115,000
to 400 depositors as a 5% dividend.
Permission was obtained following receipt of $30,000 from New York
from the sale of bonds. The bank closed Apr. 15 1932.
Monday's payment will bring the total to 27% more than $700,000,
The Canadian Bank of Cramerce (bead offive Toronto)
has recently published its annual report covering the fiscal
year ended Nov. 30 1934. It shows net profits for the period, after making appropriation to contingent reserve
fund, out of which full provision for bad and doubtful debts
was made, of $3,413,655, which when added to $662,167,
representing the balance to credit of profit and loss brought
forward from the preceding year, made $4,075,822 available for distribution, which was allocated as follows: $2,400,000 to take care of four quarterly dividends at the
rate of 8% per annum; $600,000 to pay Dominion and Provincial taxes; $246,838 transferred to pension fund, and
$150,000 written off bank premises, leaving a balance of
$678,984 to be carried forward to the current fiscal year's
profit and loss account.
Total resources of the institution are shown in the report
as $575,314,009 (comparing with $574,196,003 at the end
of the preceding fiscal year) of which $315,196,712 are liquid
assets, or 60% of total liabilities to the public, while total
deposits (including both publie and Government deposits)
are given at $478,290,981, a gain of more than $23,000 over
the preceding year. It is stated—we quote from the Montreal "Gazette "of Dec. 22—that this large net increase in
deposits was effected despite the repayment of quite large
deposits when the bank closed two of its foreign branches.
The Canadian Bank of Commerce is capitalized at $30,000,000 with a rest fund of $20,000,000, and maintains 670
branches throughout Canada and other countries. Sir John
Aird is President and S. H. Logan, General Manager. The
New York Agency of the bank is at Exchange Place and
Hanover Street.
The annual report of the Royal Bank of Canada (bead
office Montreal) was released this week and makes a very
satisfactory showing. The statement, which covers the
fiscal year ended Nov. 30 1934, shows net profits (after
making appropriations to contingent reserves, out of which
4072
Financial Chronicle
reserves provision for all bad and doubtful debts have been
made) of $4,398,218, which, when added to $1,383,604, the
balance to credit of profit and loss brought forward from
the preceding fiscal year, made $5,781,822 available for distribution. Out of this sum appropriations were made as
follows: $2,800,000 to take care of four quarterly dividends
at the rate of 8% per annum; $200,000 contributed to officers' pension fund; $200,000 set aside for bank premises,
and $1,075,017 reserved for Dominion and Provincial Government taxes, leaving a balance of $1,506,805 to be carried
forward to the present fiscal year's profit and loss account.
Total assets of the institution, the report shows, stand at
$758,423,905 (compared with $729,260,476 on Nov. 30 1933),
of which $382,172,287 are liquid assets, or 56.16% of total
liabilities to the public. On the debit side of the statement
total deposits are shown at $637,479,211, comparing with
$601,219,092 in the preceding year. The capital of the
Royal Bank of Canada is $35,000,000, and its reserve fund
$20,000,000. The annual general meeting of the shareholders
will be held in Montreal on Jan. 10.
THE CURB EXCHANGE
Curb market dealings were without noteworthy feature
during the present week. There has been considerable
activity among the specialties, but the gains were generally
in minor fractions. Public utilities have been under pressure
from time to time, but the losses were small and without
special significance. Merchandising shares were fairly steady
and mining and metal stocks were moderately strong.
The general price trend was upward during the two-hour
session on Saturday, though prices, on the whole, held within
narrow limits and trading was quiet, due in a measure to
the absence of many traders for the Christmas holiday.
Merchandising stocks attracted the most attention and
there were some modest advances recorded in the specialties
group, but most of the mining and metal shares were lower.
Public utilities were under pressure during the opening hour.
but moderate support appeared as the day progressed and
a steadier tone was apparent at the close. Prominent among
the active stocks closing higher on the day were American
Gas & Electric common, Ford Motor of Canada A, Glen
Alden Coal, Humble Oil& Refining, International Petroleum,
Newmont Mining, Niagara Hudson Power, Hiram Walker
and Wright Hargreaves.
Moderate trading activity was in evidence on Monday,
but the changes were small and the transactions were without
noteworthy feature. The specialty issues were in fairly
good demand, but with the exception of Cuneo Press and
Colt Fire Arms, price fluctuations were within a comparatively narrow channel. Industrial issues were slightly higher,
but there was little change in the oil shares. Alcohol issues,
metal stocks and public utilities were easier. The turnover
for the day was 187,000 shares as compared with 214,000 on
the last full day. Among the issues closing higher were Consolidated Gas of Baltimore, Cities Service common,Commonwealth Edison, Ford Motor of Canada A, Humble Oil &
Refining Co., Swift & Co., United Gas Corp., United Verde
Extension Mining and Sunshine Mining Co.
The New York Curb Exchange, the New York Stock
Exchange and all commodity markets were closed on Tuesday
in observance of Christmas Day.
On Wednesday, the volume of trading was the largest in
some time, but reactionary influences were apparent and the
bulk of the active stocks recorded moderate declines as the
session came to an end. Oil stocks and metal shares were
fairly active, but public utilities were under selling pressure
and gradually moved lower: In the specialties group,
transactions were moderately active but the trend, as a rule,
was toward lower levels. The declines included among
others,. American Cyanamid B, Pioneer Gold, Aluminum
Co. of America, American Light & Traction, Atlas Corp.,
Cord Corp., Electric Bond & Share, Fisk Rubber, Ford
Motor of Canada A, Glen Alden Coal, Newmont Mining,
Standard Oil of Kentucky and Hiram Walker.
Selling for tax purposes greatly increased the volume of
business on the Curb Exchange, on Thursday, and while
stocks generally closed at higher levels, price movements
were somewhat erratic during the greater part of the session.
The outstanding feature of the trading was the sharp decline
in Singer Manufacturing Co. which slipped off 12 points on
a small transaction. Substantial losses were also registered
by Alabama Great Southern, Aluminum Co. of America,
Celluloid Corp,. and United Shoe Machinery. Stocks closing on the side of the advance included Aluminum Ltd.
Dec. 29 1934
cum. pref., Long Island Lighting pref. B,Swift International
and Pittsburgh Plate Glass.
Prices on the Curb Exchange generally moved upward on
Friday,and while a major part of the changes were fractional,
there were a few of the more active of the trading favorites
that registered gains of 2 or more points. Mining and
metal stocks were in good demand at higher prices and there
was some buying in the public utilities and specialties, but
the changes were not especially noteworthy. As compared
with Friday of last week, last night's prices were somewhat
higher, Aluminum Co. of America closing at 46 against 45
on Friday of last week, American Cyanamid B at 153%
against 153; American Gas & Electric at 193
4 against 19%;
American Light & Traction at 93/i against 83/8; Associated
Gas & Electric A at 7-16 against Yi; Atlas Corp. at 93'
against 83; Cities Service at 1% against 1%; Creole Petroleum at 13% against 12; Electric Bond & Share at 73/i against
63%; Ford of Canada A at 28% against 273/8; Greyhound •
Corp. at 243. against 213
%; Gulf Oil of Pennsylvania at 55
against 54
Hudson Bay Mining & Smelting at 12%
against 113/8; Humble Oil (new) at 49 against 483's; National Bellas Hess at 23/2 against 23/8; Niagara Hudson at
33/2 against 33'; Swift & Co. at 183/i against 173/8; United
Gas Corp. at 1% against 1%; United Light & Power A at 1
against Hi, and Wright Hargreaves at 9 against 8%.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Dec. 28 1934
Stocks
(Number
of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Par Value).
Foreign
Foreign
Domestic. Government Corporate.
Total.
108,130 $1,845,000
186,668 2,597,000
HOLT DAY
274,430 2,791,000
405,070 4,085,000
248,799 3,120.000
$30,000
14,000
131,000
160,000
115,000
$11,000 $1,886,000
52,000 2,663,000
HOLI DAY
46,000 2,968,000
125,000 4,370,000
57,000 3,292,000
1,223,097 $14,438,000
$450.000
$291,000 $15,179,000
Sales at
New York Curb
Exchange.
Week Ended Dec. 28
1934.
Stocks—No, of shares_
1,223,097
1,870,714
Bonds
Domestic
$14,438,000 $14,149,00
Foreign government._
450,000
856,000
Foreign corporate
291,000
430,000
Total
Jan. 1 to Dec. 28
1933.
1934.
1933.
59,666,691
100,719,038
$948,493,000
35,669,000
25.270,000
$862,953,000
42,603,000
40,402,000
$15,179,000 $15.435,000 $1,009,432,000
$945,958,000
COURSE OF BANK CLEARINGS
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
Dec. 29) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
3.8% below those for the corresponding week last year.
Our preliminary total stands at $4,187,562,642, against
$4,351,694,485 for the same week in 1933. At this center
there is a loss for the week ended Friday of 10.6%. Our
comparative summary for the week follows:
1934
1933
Per
Cent
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$1,860,197,252
191,800,748
203,000,000
131,000,000
53,181,666
49,000,000
74,775,000
66,830.733
59,06,547
47,089.021
35,461,335
26,050,000
$2,081,512,768
120,C46,266
175,000,000
117,000,000
45,100,475
43,600,000
71,208,000
57,680,938
39,202,030
34,372,843
29,598,589
20,169,000
—10.6
+89.8
+16.0
+12.0
+17.9
+14.4
+5.0
+15.9
+53.0
+37.0
+19.8
+28.2
Twelve cities, five days
Other cities, five days
$2,799,282,302
607,053,235
$2,834,490,909
429,537,675
—1.2
+41.8
Total all cities, five days
All cities, one day
•
$3,406,335,537
781,227,107
$3,264,028,584
1,087,665,901
+4.4
—28.2
CA 157 009 Ad,
' CA SOT anA ADO
_2 42
Clearings—Returns by Telegraph
Week Ending Dec. 29
'meal all rlflaa fnr amok
Complete and exact details for the week coverad 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. 22. For
that week there is an increase of 35.5%, the aggregate of
clearings for the whole country being $6,413,166,265, against
$4,733,495,425 in the same week in 1933.
Outside of this city there is an increase of 23.9%, the bank
clearings at this center having recorded a gain of 42.1%. We
Financial Chronicle
group the cities according to the Federal Reserve districts
in which they are located, and from this it appears that in
the New York Reserve District, including this city, the totals
show an expansion of 41.6%, in the Boston Reserve District
of 16.6%, and in the Philadelphia Reserve District of 28.9%.
In the Cleveland Reserve District there is an improvement
of 21.3%, in the Richmond Reserve District of 19.4%, and
in the Atlanta Reserve District of 26.0%. The Chicago
Reserve District has managed to enlarge its totals by 27.5%,
the St. Louis Reserve District by 24.8%, and the Minneapolis Reserve District by 10.7%. In the Kansas City
Reserve District the increase is 27.8%,in the Dallas Reserve
District 5.2%, and in the San Francisco Reserve District
32.3%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
1934
1932
$
209,073,722
3,096,242,550
208,318,299
180,383,632
93,329,576
104,551,020
302,956,167
96,634,953
76,048,117
95,617,873
48,033,612
162,305,904
%
+16.6
+41.6
+28.9
+21.3
+19.4
+26.0
+27.5
+24.8
+10.7
+27.8
+5.2
+32.3
$
196,909,261
2,938,787,045
310,477,227
177,106,372
98,161,798
83,887,787
272,414,768
83,417,806
67,565,536
88,303,169
36,420,334
148,608,528
$
272,439,412
3,540,331,510
208,104,551
214,698,434
81,580,627
89,528,998
381,106,991
93,329,485
70,772,288
105,829,441
41,042,650
176,286,291
rotal
110 cities
Outside N. Y. City
6,413,166,265
2,137,193,513
4,733,495,425 +35.5
1,724,517,213 +23.9
4,502,059,631
1,649,188,268
5,335,050,658
1,893.533,933
Ica aln rla
,A/ 171 fin 4.15,
740 7,2 771
32eltl.
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Dec. 22
Clearings at1934
1933
Inc. or
Dec.
3
$
%
First Federal Reserve Dist act-BostonMe.-Bangor._
551,358
414.900 +32.9
Portland
1,674,299
2,675,146 -37.4
Mass.-Boston _ _ 211,661,732 180,131,438 +17.5
Fall River_ _
632,196
636,126 -0.6
Lowell
282,026
295,289 -4.5
New Bedford_ _
761,282
540,380 +40.9
Springfield. _
2,742,878
2,259,631 +21.4
Worcester
1,339,389
1,476,724 -9.3
Conn.-Hartford
11,334.749
9,304,815 +21.8
New Haven_ _ _
3,184,561
3,431,738 -7.2
R.1.-Providence
9.211.900
7,423,000 +24.1
N.II.-Manches'r
356,234
484,535 -26.5
Total(12 cities)
243,732,604
209,073,722 +16.6
Second Feder al Reserve D strict-New
N. Y.-Albany..
7,678,903
7.320,502
Binghamton_ _
1,120,893
776,468
Buffalo
27,400,000
23,086,117
Elmira
653,209
630,498
Jamestown....
531,261
430,895
New York.... 4,275,972,752 3,008,978,212
Rochester
6,204,072
5,636,488
Syracuse
3,284,554
3.259,548
Conn.-Stamford
2,996,128
2,733,745
N. 3.-Montclair
500,682
537,09
Newark
20,028,419
16,791,847
Northern N. J
36,622.031
26,061,43
1932
3
1931
5
359,623
1,891.959
169,291,209
596,918
267,592
534,413
2,536,236
1,819,215
8,708,499
3,339,181
7,247,400
317,016
477,212
2,097,662
237,000,000
717,980
188.601
617,007
3,281,721
1,978,448
10,160,787
6,109.586
9,221,600
588.808
196.909,261
272,439,412
York-+4.9
7,538.882
3.505,060
+44.4
962,075
638,043
+18.7
18,725,453
25,345,046
+3.6
575,040
747,782
+23.3
390,916
504.651
+42.1 2,852,871,363 3,441,516.736
+10.1
5,322,071
7,022,379
+0.8
3.133,349
3,170,649
+9.6
2,347,507
3.542,002
-6.8
245,500
397,006
+19.3
20,530,715
21,723,310
+40.5
26,144,174
32.218,846
Total(12 citle.s 4.382,992,904 3,096,242,550 +41.6 2,938,787.045
3,540,331,510
Third Federal Reserve Dist rict-Philad
Pa.-Altoona __
318,473
314,081
Bethlehem.
a2,683,558
b
Chester
258,185
314,363
Lancaster
1,089,005
757,995
Philadelphia _ _ 331,000,000 258,000,000
Reading
1,110,257
977,887
Scranton
3,598,784
2,096,921
Wilkes-Barre. _
1,076,926
1,355,412
York
1,486,994
1,057,640
N.3.-Trenton..
5,908.000
3,444.000
Total(9 cities).
345,846,624
elphia+1.4
480,565
a663,679
738,459
1,592,247
253,000,000
1,987,848
3,147,730
1,813.308
1,237.394
4,107,000
268,318,299 +28.9
310.477,227
268,104,551
177,106,372
214,698,434
443,129
2,935.000
28,987,982
858,993
49,056,179
15,880,515
465,994
2,196,180
19,730,008
1,000,000
39,659,401
18.529,044
93,329,576 +19.4
98,161,798
81,580,627
Sixth Federal Reserve Dist rict-Atlant aTenn.-Knoxvill
2,90(1,660
4,116,075 -29.4
13,251,918
1 Nashville
9,799,338 +35.2
Ga.-Atlanta_ _ •
47,700,000
40,000,000 +19.3
Augusta
1,235,287
1,297,263 -4.8
1,066,359
Macon
763,880 +39.6
•
14,896,000
12,187,000 +22.2
Ala.-Birm'ham
19,788,320
12,555,025 +57.6
1,154,787
909,479 +27.0
I Mobile
b
b
Miss.-Jackson
b
120,478
136,746 -11.9
I Vicksburg
La.-NewOrlean
29,604,455
22,786,214 +29.9
2,106,579
8,795,769
28,900,000
1,043,435
508,841
8,054,026
7,936,936
865,312
b
95,697
25,681,192
2,913,451
9,327,240
25,500,000
939.631
903.924
9,879,427
10,213,779
936,219
b
92,291
28,823,036
Total(10 cities
111,479,583
131,724,264
104,551.020 +26.0
302,956,167 +27,5
272,414,768
381,106,991
Eighth Federa I Reserve Dis trict-St.1.0 ulsb
Ind.-Evansville.
b
b
Mo.-St. Lou1s
62,000,000 +22.9
76,200,000
Ky.-Louisville
26,386,126
20,350,273 +29.7
Tenn.-Memphis
13,967,680 +26.1
17,617,059
111.-Jacksonville
Is
b
Is
Quincy
317,000 +23.3
391,000
b
56,200,000
17,266.706
9,561,876
b
389,224
Is
64,100,000
17,483.138
11.188.497
b
557.850
83,417,806
93,329,485
Ninth Federal Reserve Dis trict-Minn eapolis3,355,924
Minn.-Duluth
2,461,495
2,900,044 -15.1
Minneapolis...
45,196,676
54,987,322
50,955,807
+7.9
St. Paul
22,369,658
15,661.452
19,174,723 +16.7
S.D.-Aberdeen.
522,099
534,170
470,688 +13.5
Mont -Billings.
432,174
282,563
299.966 +44.1
2,546,822
Helena
3,388,446
2,246,889 +50.8
5,558,774
45,619,923
16,390.606
578,477
334,784
2,289,704
83,887,787
386,248,287
b
91,576,901
89,528,998
Total (4 cities)_
Total(6 cities).
120,594.185
$
$
96.634,953 +24.8
67,565,536
70.772,268
Tenth Federal Reserve Dis trict-Kens as CityNeb.-Fremont..
87,919
93,887
+8.9
86,253
108.218
Hastings
70,493
b
Lincoln
1,689,095
1,982,615
1.808,709
+9.6
18,502,347
Omaha
26,511,831
24,002,575 +10.5
1,991,251
Kan.-Topeka. _
2,673,198
1,901,527 +40.6
3,506,903
Wichita
1,911,919 +37.0
2,620,278
Mo.-Kan. City_
58,875,571
82,965,335
62,361,024 +33.0
St. Joseph__ _ _
2,487,078
3,098,755
2,614,076 +18.5
Colo.-Col.Spgs_
459,117
502,716
445,162 +12.9
Pueblo
595,670
486,628 +250.6
1,706,130
131.648
150,737
1,932,148
23,757,829
3,061,317
3,836,837
68.424,048
2,868,191
669,195
997.491
Total(10 cities)
84.173,265
76,048,117 +10.7
95,617,873 +27.8
88,303.169
105,829,441
Eleventh Fede cal Reserve Disttlet-Da hasTexas-Austin...
1,791,015
769,231 +132.8
Dallas
+4.4
38,701,037
37,071,368
Ft. Worth_._ _
5,225,891
5,661,986
+7.7
Galveston
2,325.000 +16.1
2,700,000
La.-Shreveport.
2,126,742
2,206,027 -3.6
640,961
27,427.126
4.524,284
1,802,000
2,025.963
902,358
29,262,480
6,705.644
2.081,004
2,091,124
36,420,334
41,042,650
Ft anci sco19,725,248
+29.7
5,081,000
+81.0
+40.0
340,985
14,382,686
+40.1
11,831,296
+13.6
2,884,365
+13.3
2,545,501
-1.0
6,569,050
+39.1
81,965,432
+32.6
1,395,509
+22.2
896,138
+33.7
991,318
+27.8
20,842,735
6,051.000
477,400
19,042,192
11,056,629
3,549,808
3,021,736
10,012,093
98,184,109
1,700,337'
1.010,188
1,338,064
Total(5 cities).
122,225,238
50,544,685
48,033,612
Twelfth Feder al Reserve D 'strict-San
Wash.-Seattle
25,061.427
19,319,439
Spokane
9,021,000
4,985,000
Yakima
609,652
435,542
Ore.-Portland._
24,853,269
17,737,801
Utah-S. L. City
14,080,079
12,389,308
Cal.-Long Beach
3,066,384
2.706,509
Pasadena
2,536,473
2,562,902
Sacramento_ _ _
4,698,830
3.377,387
San Francisco_
126.241,695
95,181,250
San Jose
1.539,664
1,880,809
Santa Barbara_
986,162
1.318,235
Stockton
1.386,549
1,084,940
+5.2
Total (12 cities) 214,754,402 162,305,904 +32.3 148.608,528 176,286.291
Grand total (110
cities)
6 413,166,265 4,733,495,425 +35.5 4,502,059,631 5.335,050,658
Outside New York 2,137.193,513 1.724.517,213 +23.9 1.649,188,268 1,893,533,922
Week Ended Dec. 20
lear
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)
Inc. or
Dec.
1933
,0.,000W0000051-000N0004119.M0.4001
-0.r0000..
.4,M00.000M....0C5.41
MWOMW=.M.MOW
•W=WON.1
.
,,
180,383,632 +21.3
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt.to
143,365
115,714 +23.9
Va.-Norfolk._ _
3,208,000
2,161,000 +48.4
10. Richmond _
32,267,774
28,544,033 +13.0
S.C.-Charlesto
968,973
856,599 +13.1
Md.-Baltimore
58,003,340
48,015,938 +20.8
D.C.-Washing'
16,888,131
13,636,292 +23.8
Total (6 cities)
1931
127,523
514,910
86,881,589
2,873,729
1.239.000
1,374,024
11,478,000
1,563,732
3,124,675
15,486,718
688,671
4,461,852
2,428,594
Is
837.415
242,446,680
583,289
2,212,218
1,198,045
1,586.327
• .4-
c
c
41,751.262
72,355,571
8,014,700
1,000,000
218,848,224
1932
85.791
411,556
57,932.740
2.264,067
462,200
806,997
9,812,000
959,310
2,679.284
10,505,625
605,968
5,095,687
1.833.791
b
755,051
174.175.128
458,734
1,859,136
463,593
1,248,110
.0..
c
c
35,800,042
58,941.976
6,233,300
761,391
b
75,369,663
Total (5 cities)
Inc. or
Dec.
$
5
%
Seventh Feder al Reserve D istrict-Chi cagoNlich.-Adrian __
73,948
63,158 +17.1
Ann Arbor_._.
438,582
466,294 -5.9
Detroit
84,822,185
60,796,754 +39.5
Grand Rapids_
2,035,910
1,445,360 +40.9
Lansing
1,092,114
1,006,000 +8.6
Ind.-Ft. Wayne
772,536
547,996 +41.0
Indianapolis_.
13,070,000
10,085,000 +29.6
South Bend _ _ _
674,147
690,982 -2.4
Terre Haute...
4,381,152
4,171,427 +5.0
14,588,614
12,844,434 +13.6
Wis.-Milwaukee
lowa-Ced. Rap.
733,484
335,161 +118.8
Des Moines...
4,937,329 +91.4
9,450,180
Sioux City
2.464,926
2,047,609 +20.4
b
Waterloo
b
b
111.-Bloomingrn
268,591 +113.1
572,288
Chicago
246,356,028 198,874,402 +23.9
Decatur
584,458
495.997 +17.8
Peoria
2,666.263
2,540,374 +5.0
Rockford
519,391 +20.6
626,472
+3.1
Springfield_
819,908
*845,000
...1.0.Nm...ocowamnmocommom...1.0c.0.0
N00.00.:0
,
w.woo.r-LcmmaDot,mm..mmatc.nc>n.ncionclqmoco
-17.9
+43.7
+28.3
+13.5
+71.6
-20.5
+40.6
+71.5
334,785
a354.686
233,943
1,022,875
299,000.000
1,637,803
2,388,362
1,543,895
1,176,564
3,139,000
Fourth Fede al Reserve 13 Istrict-Clev eland
Ohio-Akron.._
C
c
c
Canton
C
c
c
Cincinnati....
45,218,670
36,543,334 +23.7
Cleveland
64,277,307
53,613,015 +19.9
Columbus
10,659,500
8,600,700 +23.9
Mansfield
1,095,195
911.424 +20.2
Youngstown__
I)
b
b
Pa.-Pittsburgh
97,597,552
80,715,159 +20.9
1933
1931
$
Federal Reserve Diets.
243,732,604
1st Boston_ _ _ _12 cities
2nd NewYork__12 "
4,382,992,904
3rd Philadelpla 9 "
345,846,624
4th Cleveland__ 5 "
218,848,224
5th Richmond _ 6 "
111,479,583
6th Atlanta_ _._10 "
131,724,264
7th Chicago _ _ _19 "
386,248,287
8th St.Louls.... 4 "
120,594,185
SKIL Minneapolis 6 "
84,173,265
10th Kansas City10 "
122,225,238
11th Dallas
50,546,685
5 "
12th San Fran_ _12 "
214,754,402
filmulik
1934
Total (19 cities)
1956.0?
Dec.
1933
Week Ended Dec. 22
Clearings at-
354,830,779
a Not Included In totals.
functioning at present.
• Estimated.
1932
1931
+29.3
+10.8
+26.3
-9.8
+0.1
+12.7
$
82,658,314
73,067,691
46,635,566
13.053,714
4,494,548
3,738,509
2,091,034
3,756,564
5,310,669
1,510,499
1,276.034
2,429,012
3,671.792
2,625.610
358,716
336,134
1,441,655
650,030
834,647
598,202
392,866
207,072
667.443
584,641
953,757
2,153.637
258.286
785,091
515,018
778,897
503,918
423,205
$
85,942,268
91.619,344
44,764.792
14,893.313
6,439,076
5,046,992
2,589,075
4,415,822
6,621.366
2,137,516
1,734,524
3.260.416
4,727,203
3,481.267
392,120
446,213
1,436,788
730,141
1,030.664
727,698
571.284
266,676
819,394
703,552
1,172,558
2.695,420
354,366
851.138
681.332
707,411
615,372
619,115
262,171.018 +35.3
258,762.771
292,494,216
6141.10-coo1.2Vo4p.W0.-...A.Ww141
2Voocljoo
10.
,
0oo00.o.v.-4100000000
0001200-loo..30000000000..4w-4
Week Ended Dec. 22 1934
4073
.WMC
N.
014.M.A.4N-.000.WWWCWNIWID.I
7
6
4,
000flOI0=000.-4..4=0009..W0NVW;4000,
1 0000A. 100.tN
CANCONWW.WMV,..1WWWCA.O.W.WW4.a.....1000100
Volume 139
%
+38.0
+30.6
+68.3
+19.8
+18.1
+10.4
+11.8
+1.4
+38.4
+18.4
+3.4
+16.4
+36.9
+48.3
+16.9
+40.2
+34.1
+14.3
+15.2
+22.2
+30.8
+28.6
+24.9
-8.0
b No clearings available. c Clearing house not
4074
Financial Chronicle
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 12 1934:
GOLD
The bank of England gold reserve against notes amounted to £192,182,804
on the 5th instant, as compared with £192,113,083 on the previous Wednesday.
Business in the open market has been on a moderate scale, about £1,500,000 being disposed of during the week. The premium in the price
tended to decrease and on occasion disappeared altogether, quotations
being fixed at the dollar exchange parity. Shipments of gold have been
made to New York.
Quotations during the week:
Equivalent Value
Per Ounce
Fine
of E .Sterling
12s. 1.03d.
December 6
140s. 07d.
December 7
12s. 1.33d.
140s. 334d.
December 8
12s. 0.95d.
140s. 8d.
December 10
12s. 1.25d.
140s. 434d.
12s. 1.25d.
December 11
140s. 43.id.
12s. 1.20d.
December 12
140s. 5d.
Average
12s. 1.17d.
140s. 5.42d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 3d instant to mid-day on the 10th instant:
Exports
Imports
Belgium
£65,081
£34,965 Belgium
61,870
France
27,591 France
9.813
Switzerland
8,631 Switzerland
Iraq
462.142
11,875 United States of America_
8.647
British South Africa
1,245,169 Other countries
British India
451,733
British Malaya
12,449
-Hong Kong
43.480
Australia
85,564
New Zealand
33,900
Venezuela
12.196
Other countries
22,679
$607,553
£1,990,232
The SS. Narkunda which sailed from Bombay on the 8th instant carries
gold to the value of about £464,000 consigned to London.
The Transvaal gold output for November 1934 amounted to 878,847 fine
ounces as compared with 885,627 fine ounces for October 1934 and 898,468
fine ounces for November 1933.
SILVER
Prices have shown slightly wider movements during the past week and
at times the tendency appeared slightly easier: this, however, was due to
a slackening of demand rather than any pressure to sell, as offerings were
mostly limited as to price.
On selling by China and profit-taking, prices gradually eased until 24%cl•
for cash and 24%d. for two months delivery were touched on the 10 instant,
a level at which demand improved. Purchases were made by America and
there was also more speculative enquiry, followed by further demand
from the Indian Bazaars: as a result, there was a slight recovery.
The undertone remains good as the market seems able to find resistance
at any signs of a decline.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 3d instant to mid-day on the 10th instant:
Imports
Exports
Belgium
£15,188 France
£86,937
Soviet Union (Russia)__- 10,066 French possessions in India
1,500
France
3,861 Italy
2,150
British India
35,910 Bombay-via other ports_
97,828
New Zealand
x54,620 United States of America__ 181,510
Canada
12,346 Other countries
2,844
Aden & Dependencies_ _
3,834
Other countries
4.434
£140,259
£372,769
x Coin at face value.
Quotations during the week:
IN LONDON
IN NEW YORK
-Bar Silver Per Oz. Std.(Per Ounce .999 Fine)
Cash
2 Mos.
Dec. 6.-2434d.
25d.
Dec. 5
5534c.
Dec. 7 __ _24 11-16d. 24 13-16d.
Dec. 6
5534c.
Dec. 8.....24%d.
Dec. 7
2434d.
5554c.
Dec. 10-_243d.
2434d.
Dec. 8
55c.
Dec. 11-24%d.
Dec. 10
2434d.
55c.
Dec. 12_24 9-16d.
24 11-16d. Dec. 11
553ic.
Average_ _ _24.646d.
24.771d.
The highest rate of exchange on New York recorded during the period
from the 6th instant to the 12th instant was $4.9634 and the lowest $4.94.
INDIAN CURRENCY RETURNS
(In Lacs of Rupees)
Dec. 7
Nov. 30
Nov. 22
Notes in circulation
18,508
18,556
18,508
Silver coin and bullion in India
9,624
9,624
9.673
Gold coin and bullion in India
4,155
4,155
4,155
Securities (Indian Government)
3,321
3,321
3,332
Securities (British Government)
1.407
1,408
1,397
The stocks in Shanghai on the 8th instant consisted of about 28,800,000
ounces in sycee, 264,000.000 dollars and 39,400,000 ounces in bar silver, as
compared with about 31,200,000 ounces in sycee, 271,000,000 dollars and
38,500.000 ounces in bar silver on the 1st instant.
ENGLISH FINANCIAL MARKET-PER CABLE
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Dec. 22
Silver, per oz__ 2374d,
Gold, p.fine oz. 1408.834d.
Consols, 234% Holiday
British 334%W. I
Holiday
British 4%1960-90
Holiday
3fon.,
Dec. 24
23 15-16d.
1408.8d.
92
10834
120
Tues.,
Dec. 25
Holiday
Holiday
Holiday
Wed.,
Dec. 26
Holiday
Holiday
Holiday
Holiday
Holiday
10834
10834
' Holiday
Holiday
12034
12034
Thurs.,
Fri.,
Dec. 27
Dec. 28
243s d.
2434d.
140s.10d 1408.1034d,
9234
9234
The price of silver in New York on the same days has been:
Silver in N. Y
(foreign) per
oz. (eta.) _
U. S. Treasury
U. S. Trea.ury
(newly mined;
5334
50.01
6434
5334
50.01
Holiday
Holiday
5334
5334
50.01 .1 50.01
COMPLETE PUBLIC DEBT OF THE UNITED STATES
The statement of the public debt and Treasury cash holdings of the United States, as officially issued as of Aug. 31
1934, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the same date in 1933:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
Aug. 31 1934 Aug. 31 1933
$
$
Balance end of month by dally statements, eac
2,136,676,859 1,199,515,473
Add or Deduct-Excess or deficiency of receipts over
+4,012,311
or under disbursements on belated items
-179,688
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Certiticates
Settlement on warrant checks
Total
Balance. deficit (-)or surpluz(+3
Hiliday
6434
6434
1,203,527,784
26,824,209
165,328,907
3,937,475
2,746.636
28,390,604
95,122,615
4,113,870
1,426,749
198,837,227
129,053,838
+1,937,659,944+1,074,473,946
Interest Aug. 31 1934 Aug. 31 1933
Title of Loan-Payable
$
599,724,050
28 Consols of 1930
Q -J. 599,724.050
48,954,180
2s of 1916-1936
48,954,180
Q.-F.
25,947,400
28 of 1918-1938
25,947,400
Q -F.
49,800,000
3s of 1961
49,800,000
Q.-M.
28,894,500
38 convertible bonds of 1946-1947
28,894,500
Q -J
Certificates of indebtedness1,681.945,000 1,542,681,000
3345 First Liberty Loan, 1932-1947
J -D. 1,392,226,350 1,392,227,350
5,002,450
48 First Liberty Loan, converted 1932-1947
5,002,450
_J.-D.
532,489.950
434s First Liberty Loan. converted 1932-1947_ _J.-D. 532,489,100
3,492,150
4345 First Liberty Loan, 2d cony., 1932-1947_ _J.-D.
3,492,150
434s Fourth Liberty Loan of 1933-1938
A -0.d4,405,064,450 6,268,094,160
758.983,300
434s Treasury bonds of 1947-1952
A.-0
758,983,300
3s Treasury bonds of 1944-1954
.1.-13. 1,036,834,500 1,036,834,500
489.087,100
334s Treasury bonds of 1946-1956
M.-S. 489,087,100
454,135,200
.1.-D. 454,135,200
334s Treasury bonds of 1943-1947
352,993,950
3345 Treasury bonds of 1940-1943
J.-D. 352,993,950
544,915,050
334s Treasury bonds of 1941-1943
M.-S. 544,914,050
819,497,000
3348 Treasury bonds of 1946-1949
J -D. 819,096,500
759,494,200
3s Treasury bonds of 1951-1955
M.-S. 755,478,850
835,036,350
334s Treasury bonds of 1941
F.-A. 834,474,100
4Ms-3 Ms Treasury bonds of 1943-1945
A -0. 1,400,570,500
334a Treasury bonds of 1944-46
1,061,960,500
35 Treasury bonds of 1946-1948
824,508,050
234s Postal Savings bonds
68,633,500
88,684,020
J.-J.
Treasury notes
6,921,075,400 5,152,501,200
Treasury bills, series maturing1935-Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
1934-Sept. 5
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31Nov. 7
Nov. 14
Nov. 21
Dec. 19
Dec. 28
1933-Sept. 6
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
c75,167,000
e75,235,000
c75,144,000
c75,200,000
c75,025,000
c75,327,000
c75,320,000
c75,090,000
c75,065,000
c100,236,000
c50,525,000
c50.096,000
c50,225,000
c50,033,000
c50,040,000
c50,037,000
c50,173,000
c50,080,000
c50,140,000
e75,226,000
c75,353,000
c75,529,000
c100,361,000
c75,607,000
c100,010,000
c75,453,000
c75,172,000
c80,122,000
c60,096,000
c75,143,000
c76.100,000
c60,200,000
e100,296,000
26,495,072,650 22,722,597,530
311,572,641
518,078,925
64,350,515
65,867,350
Aggregate of interest-bearing debt
Bearing no interest
Matured,interest ceased
Total debt
827,079,918,925 23,098,520,686
Deduct Treasury surplus or add Treasury deficit.-- 4-1,937,659,944+1,074,473,946
Net debt
b26,142,258,981 22,024,046,740
aTotal gross debt Aug. 31 1934 on the basis of daily Treasury statements was
827..079,860,564.08, and the net amount of public-debt redemptions and receipts
In transit dcc. was $58,360.75. b No reduction is made on account of obligations
of foreign governments or other investments. c Maturity value. d Includes
amount of outstanding bonds called for redemption on April 15 1934
CONTINGENT LIABILITIES OF THE UNITED STATES, AUG. 31 1934
-.I mount of Contingent LiabilityDetailPane:pal
Interest a
Total
Guaranteed by the United States:
Federal Farm Mortgage Corp.:
$
2% bonds 01 1935
38,900,000.00
386,838.89
39,286,838.89
3% bonds of 1944-49
526,956,600.00 4,610,870.25 531,567,470.25
334% bonds of 1944-64-...... 105,939,700.00 1,578,060.11
107,517,760.11
671,796,300.00 6,575,769.25
Federal Housing Administration_
Federal Land Banks:
4% consol. bonds of 1943-63._
b387,892.22
Home Owners' Loan Corp.:
4% bonds of 1933-51
e4,859,055.00
3% bonds, series A, 1944-52- _ - 538,215,875.00 5,382,158.75
234% bonds, series Ii, 1939-49._ 15,499,350.00
35,517.68
134% bonds, series C, 1936-- 49,736,000.00
31,085.00
36,343.85
P4% bonds, series 1), 1937.... 49,843,000.00
2% bonds, series E. 1938_ __ _
49,532,100.00
41,276.75
678,372,069.25
.702,826.325.00 10,385,437.03
713,211.762.03
Reconstruction Finance Corp.:
231% notes, series E
2% notes, series F
3% notes, series(1
2% notes, series II
5434
50.01
6434
2,136,497,171
INTEREST-BEARING DEBT OUTSTANDING
149,621,666.67
64,093,000.00
16,000,000.00
11,000,000.00
240,714,666.67
Total, based upon guaranties
6434
Dec. 29 1934
717,448.15
184,615.70
69,130.43
37,065.22
387,892.22
4,859,055.00
543,598,033.75
15,534,867.68
49,767,085.00
49,879,343.85
49,573,376.75
150,339,114.82
64,277,615.70
116,069,130.43
11,037,065.22
1,008,259.50 d241,722,926.17
1,633,694,649.67
Total, based upon credit of the
United States
1,310,876,062.96
Other Obligations'
Federal Reserve notes (facelamt.)
g3,373,214,124.00
• Includes only bonds issued and outstanding.
a After deducting amounts of funds deposited with the Treasury to meet interest
payments. b Interest on $59,170,000 face amount of bonds. c Interest on $627,778,800 face amount of bonds, which are exchangealm until Oct. 27 1934, for 3"'.,
bonds, guaranteed as to principal and interest. d Does not include 63,110,000,000
face amount of notes and accrued interest thereon, held by 'Trea-sury and reliected
in the public debt. e Funds borrowed by Secretary of Agriculture pursuant to
Sec. 4 of the Act of May 12 1933, upon cotton In his possession or control, for which
the warehouse receipts for such cotton have been pledged as collateral. (Figures
as of July 31 1934-figures as of Aug. 31 1934, not available. Offset by cash in
designated depositary banks and accrued interest amounting to $645,492,030.34,
which is secured by the pledge of collateral 89 provided in the Regulations of the
Postal Savings System having a face value of $692,405,410.37; cash in possession
of System amounting to $90,389,090.17, and Government securities with a face
value of $474,782,190 held as investments, and other assets. o Exclusive of $23,889,431 redemption fund deposited in the Treasury. Federal Reserve notes issued
are secured by gold certificates in the amount of S3,133,656,000: United States
Government securities of a face value of $294,000,000, and commercial paper of a
face amount of SI2,685,000.
The Berlin Stock Exchange
Closing prices of representative stocks as received by cable
day of the past week
Dec. Dec. Dec. Dec. Dec.
22
26
27
24
25
Per Cent of Par
AllgemeineElektrizitaets-Gesellschaft(AEG) 27
27
Berliner Handels-Gesellschaft(5%)
93
93
Berliner Kraft u. Licht(10%)
132
131
Commerz-und Privat-Bant A G
69
70
Deasauer Gas(7%)
121
119
Deutsche Bank mid Disconto-Gesellsobatt_ 70
71
Doutsche Erdoel (4%)
101
99
Deutsche Reichsbahn (German Rye) pf(7%)117
Closed-In
117
Dresdner Bank
72
observance of
72
FarbenIndustrie 10(7%)
132
Christmas
131
Gesfuerel (6%)
107
107
Holiday
Hamburg Electric Werke(8%)
,
118
118
Hapag
24
24
Mannesmann Roehren
74
74
Norddeutscher Lloyd
28
29
Reichsbank (12%)
149
145
Rheinieche 13raunkohle (12%)
211
210
Salzdetfurth (7%%)
143
143
Siemens & Helaine(7%)
132
133
each
Dec.
28
26
93
132
70
120
71
99
117
73
132
107
119
23
75
28
144
212
143
133
Boston Stock Exchange
Dec. 22 to Dec. 28, both inclusive, compiled from official sales lists
Par
Weeks' Range
of Prices
Sales
for
Week
July 1
1933 to
Nov.30
1934
Low
High Shares
Amer Continental Corp_'
7% 8
360
50 12% 12%
Amer Pneu 1st prof
10
100 101% 104
Amer Tel & Tel
3,738
Amoskeag Mfg Co
•
2% 3% 5,438
Boeton & Albany
100 115% 117%
386
Boston Elevated
100 59% 60%
210
Boston & MainePreferred stainped__100
2
3
20
Prior preferred
100 18
18%
225
Class A let pret stpd-100
5% 6%
30
CI B let pret stpd-100
8
8
20
Boston Personal Pr Tr___' 10% 11%
225
25
Calumet & Heels
2% 3%
233
UnStk
Yds
pt100 104% 105%
ChJetRy&
61
Copper Range
25
3% 3%
105
East Gas & Fuel AssnCommon
•
4% 5%
335
100 4736 51%
6% cum pret
795
44% prior preferred 100 62
664
513
Ea Mass St fly Co com100 80c 85c
121
let preferred
100
434 536
12
Preferred 11
100
136
15
1%
Adjustment
100 99c
1
150
Eastern SS Lines corn....'
434 4%
585
Economy Stores
• 20
21
340
Edison Eleo Ilium
100 105% 10834
1,462
Employers Group
11% 11%
170
General Cap Corp
• 26
925
27%
Georgian Inc(The)Apref 20
136
220
134
Gillette Safety Rasor
134 13%
258
Ilygrade Sylvania Lamp..' 27
15
27
Intl Hydro-Elec Sys cl A 25
214 2%
5C
Isle Royale Copper
25 30c 74c
740
Loew's Theatres
2$
54 54
25
Maine Central
100
4% 4%
16
Preferred
55
100
8
8
Mass Utilities Mao° v t0_•
1
1%
1,13'
Mergenthaler Linotype..' 31% 32
175
100 91
198
New Eng Tel & Tel
92
NY N Ileven&Hartford100
64 6%
487
2513
North Butte
2 Se, 25c 25c
41
100 71% 7334
Old Colony RR
25 40c 60c
350
Old Dominion Co
100 19
123
Pacific Mills
20%
• 244 254
335
PC Pocahontas Co
Pennsylvania RR
50 234 244
949
25 40c 500
91
Quincy Mining Co
28
Reece Button Hole SIch 10 13% 134
Shannon Copper Co__..25 17c
500
21c
8
Shawinut Assn tr ctfs.....•
8%
807
•
3% 44
1,150
Stone & Webster
921
25 17% 19
Swift & Co
684
392
Torrington Co
• 68
12
100
Union Twist Drill Co_ _ _ _5 12
1
Si
'ii
326
United Founders coin_
25 674 70
1,888
U shoe Mach Corp
35
30
25 35
Preferred
5
14 14
100
Utah Apex !dining
24 2% 2,105
Utah Metal & Tunnel_ ..„1
100
Venezuela Holding Corp . 90c 90c
5% 5%
35
•
Waldorf System Inc
16
45
Waltham Watch pref.100 16
34 4
519
warren Bros Co .. . .•
5
*
8
8
Warren S D & Co
Bonds$5,000
Amoskeag Mtg Co 6s..104,3 674 68
Chi Jet Sty 8: TJn Stk Yds
1940 1054 1054 5,000
4.1
Ea Mass St fly ser A
1948 49
4,000
4934
4343
1,000
East Mass St Ry II 58 1948 524 5234
Q.,,.1.. is iv,
_ _ _ _ _1948 58
58
3.000
• No Dar value. s Es-dividend,
Range Since
Jan. 1 1934
Low
High
Low
4%
414 Jan
94 July
10
10
Oct
28
Jan
100% 100% Nov 125% Feb
334
2% Dec 10% Feb
July
109% 109% Jan 140
55
55
Jan
70
Apr
3%
14%
4%
5%
9
2%
85
3
Dee
10
Nov 42%
Oct 16%
Nov
21
Jan
124
Oct0%
Jan 10536
Jan
5St
Jan
Feb
Feb
Feb
Feb
Feb
Dec
Feb
4%
44 Nov 10%
53
4734 Dec 801.4
Jan 70
404
45
50e 76c July
2%
44
44 Dec 16%
1
114 Oct6%
1
99•5 Dec
3
4%
4% Dec
84
154
16
July
21.34
105% 1054 Nov 1544
64
714 Jan 12%
12%
18
Oct274
36
136 Dec
2
15
74
8% Jan
174
18
Oct27
316
234 Dec
9%
34
300 Dec
2%
4
4
Oct
64
5
4% Dec 14%
916
8
Dec 27%
1
1
May
2%
204
204 July 35
83
Jan 100
75
8
6% Dec 24
20.3
200 Nov 80e
71
71
Nov 1044
250 Nov
250
1%
19
19
Dec 3434
10
10
Jan
26%
20% 214 Aug 39
500
40c Dec
234
8
10
Jan
14
100
120
Apr 210
934
5%
514 Aug
44
34 Dec 13%
11
14
Jan 20%
35
494 Jan 71
8
8
Jan
15
14
.,,
N Dec
47
75
56% Jan
31
324 Jan
38
3
72c
750
Jan
Jan
filc
1
634
500
50c Sept
3
3% Oct
814
394
11
12% Oct 21
3% Dec 134
534
5
8
Nov
12%
Feb
July
July
Jan
May
Feb
Feb
July
Oct
Fen
Fat
Dec
Jan
Nos
Des
Feb
Feb
Feb
Fet
Mai
Fet
Dec
No',
Feb
Jar
July
Api
Feb
De(
Feb
Api
Dec
Not
Feb
Fet
Aug
001
Api
Fet
De(
Sep
Fet
Jul3
Mai
Fet
Fel
Jac
Mal
2
14%
44
54
9%
2%
86%
3
534
58
Aug
76
AU
90
9334
Jan 106
Del
324
35
38
38
39
53
Jan
Jan
June
52
58
62
Mw
Mat
Turn
Baltimore Stock Exchange
Dec. 22 to Dec. 28, both inclusive, compiled from official sales lists
J lay 1
Stocks-
Par
Week's Range
of Prices
Low
High
10c
Appalachian Corp
• 10c
16%
Arundel Corp
• 16
31
Ati Coast Line (conn)50 31
Black & Decker com_'
734 7%
25 2334 24
Preferred
Ch ,
‘& Pot Tel of Bit pf 100 11736 11734
Commercial Credit Corp25 2914 30
Preferred B
25 2934 29%
7% preferred
51%
Consol Gas E L & Power_* 49
5% preferred
100 104% 104%
1%
134
El Porto Rican Sug corn. _1
3% 3%
1
Preferred
4334
20 43
Fidelity & Deposit
Fidel & Guar Fire Corp_10 20% 22
6
6
Ga Sou & Fla 2d pret__100
6
636
Houston Oil pre:
100
136
1
Mfrs Finance corn v t__25
8% 816
25
1st preferred
1%
1%
2d preferred
25
1
1%
1
Maryland Cas Co
134
Junior cony pret ser B_1
134
7c
Mtge Bond Jr Title cora . 2c
28
National Marine Bank __30 28
53-4 6
New Amsterdam Casualty5
Penna Water & Pow com_• 5236 UN
Standard Gas Equip pf_100
%
N
2c
lo
United Rye & El Co com50
2
534 534
U S Fidelity & Guar
BondsBaltimore City1951 104% 10434
45 annex impt
1951 10434 104%
4s paving loan
4s 2d water ser__1954 10434 10434
Bait Sparrows Point & Ches
44% certificates 1953 1214 1234
5% 534
Md El fly 635s (flat)_1957
United Ity dr El4
4
1936
Fund 5s flat
35
34
Funding 5.9 (ctfs) 1936
1940 124 1234
1st 6s (bat)
1,1 65 ctts (flat).__ _1949 124 1234
34
1949
%
Income 4s (flat)
1949 12% 1234
1st 4s (flat)
bet 4s ctfs (flat)___ _1949 1236 123.4
14
PA
Wroth II A- A F.(MN)nae41
Sales 1933 to
Nov.30
for
Week
1934
Range Since
Jan. 1 1934
High
Low
Low
Jan
13c
Jan
10c
7c
1134
1134 Sept 184 Jan
Aug 4634 Feb
24
24
816 Nov
4% July
434
8% July 2436 Nov
836
115% Sept 119
July
112
0.'1O
1,190,378,690.60 22,689,224.39 (1213,067,914.99
Prices on Paris Bourse
Quotations of representative stocks as received by cable each day
of the past week
Dec. 22 Dec.24 Dec. 25 Dec. 26 Dec. 27 Dec. 28
Francs Francs Francs Francs Francs Francs
9,900
10,050
10,100 10,100
Bank or Frame
915
893
925
Banque de Paris et Des Pays Bas
463
453
454
Banque dL'Union Parialenne
-185
183
187
Canadian Pacific
18,700 18.600 18,600
18,700
Canal de Sues
1,101
1,083
1,126
Cie Distr. d'Electricitie
1,170
1,140
Clio
1,146
Cie Generale d'Electricitle
27
25
25
25
Cie Generale Transatlantique
64
66
54
Citroen B
970
975
977
---Comptoir Nationale d'Escompte
95
90
so
97
Coty S A
217
225
_
227
Courrieres
579
565
580
Credit Commercial de France
1,65
1,750
1,700
1,749
Credit Lyonnais
2,150
2,100
2,080
Eaux Lyonnais
450
460
457
Energie Electrique du Nord
600
646
652
Enenrie Electrique du Littoral
489
503
Closed-In
510
Kuhlmann
630
640
-456
640 Observance of
'lair Lleulde
915
905
Christmas
924
Lyon (P L M)
1,221
1,249
Holiday
1,234
Nord fly
452
456
457
440
Orleans fly
51
50
so
Pathe Capital
839
865
885
Pechiney
78.40
ig.F5
.
78.50
77.85
Rentes. Perpetuel 3%
85.60
85.70
85.75
Bente!, 4%, 1917
85.80
85.90
85.90
Recites 4% 1918
91.80
91.75
91.60
91.55
Rental 44%. 1932 A
90.10
90.01
89.91
Relates 416%, 1932 B
113.40 113.10 113.30
113.25
Rentes 5%. 1920
1,330
1,320
1,370
Royal Dutch
953
____
967
975
Saint Gobain C & C
____
1,350
1,350
Schneider & Cie
1,350
44
44
43
____
Societe Francalse Ford
40
43
___ _
40
Societe Generale Fonclere
2,140
2,060
2,095
Societe Lyonnalse
560
560
560
---Societe Marsellialee
66
64
65
Tubize Artificial Silk pref
625
601
620
---Union d'Electricitie
62
63
Wagon-Lits
50
,m.
0010t
-Amount of Contingent LiabilityTotal
Principal
Interest a
97,764,697.00
43,450.97 e97,808,147.97
23
20
4634
91
2%
436
15
8%
264
4
75c
534
1
1
134
So
2534
516
4234
14
3c
3
95
93
§§§-§§§§§ -§§
On Credit oldie United Stales:
Secretary of Agriculture
Postal Savings System:
Funds due depositors
Tennessee Valley Authority
Stocks-
4075
Financial Chronicle
Volume 139
83,
24%
24
52
93
1%
3%
19
1034
2%
434
758
516
1
136
134
2c
2534
5%
45%
A
Sc
3
Jan 304
Jan 30
Dec 68%
Jan 106
334
Dec
7
Dec
Jan 444
Jan 24
9
Jan
934
Jan
Mar
134
916
Oct
34
Oct
2%
Dec
236
July
7c
Dec
May 30
Dec 12%
Jan 57
Dec
2%
Dec 15c
7
Jan
Dec
Nov
July
Nov
Oct
Oct
May
Dec
Nov
Apr
Jan
Dec
May
Feb
July
Max
Feb
June
Oct
Jan
Feb
Feb
Dec
10034 Feb 105
Feb 105% June
100
10434 Dec 10434 Dec
4
9% Nov
Nov
4
4
.16
74
74
A
7
734
1%
4
34
8
8%
A
8
734
1
Oct
Nov
Sept
Jan
Dec
Apr
Sept
Dec
1236 Dec
836 Jan
Si
31
134
1334
1
1336
13
236
Jan
June
Dec
De(
Fet
De(
De(
Oct
AUCTION SALES
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, N. J., Boston, Philadelphia, Buffalo and
Baltimore on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares
Stocks
$ per Share
200 Electric Shovel Coal Corp. (Del.) preferred, no par
$110 lot
100 Golden Center Mines, Inc. (Del.), par $5
14 Amer. Trading Co.(N. Y.) non-cum. pref., no par, and 2 corn., no par____
131
00
1ot
1
$$
5 Ardsley Estates, Inc.(N. Y.), no par
$9 lot
500 American ars. representing deposited participating debentures of Kreuger
& Toll Co., par 20 Swedish crowns
$2 lot
$8021ot
Kings Highway Development Co.,35
Inc. (N. Y.). par $100
35 Wallack Construction Co., Inc. (N. Y.), par $100
$13 lot
50 Fibre Conduit Co.(N. Y.), par $25
$17 lot
50 Flasher Sales & Service Co., Inc.(N. Y.), preferred, par 5100
1 Harrison-Rye Realty Corp.(N. Y.). par $100
$50 lot
50 Continental Metropolitan Corp. (Del.), class A, no par
20 Mohawk Mining Co. (Mich.) (in liquidation',, stamped, par $25
10 National Republic Investment Trust WI.) non-voting common, no par,"$2 lloott
$11 lot
and 10 cum, convertible preferred, no par
25 The Rurnidor Corp. (N. J.), no par
S100 lot
100 blends Associates, Inc.(N. Y.), par $50
50 Teitelbaum Baking Co., Inc. (N. Y.), common, no par, and 50 1st pre-$5 hot
$100 lot
[erred, par $100
39
50 Dardelet Threadlock Corp. (Del.), common, no par
$10 lot
250 East Coast Investors Corp.(N. Y.). par $1
$4 lot
44 United States Shares Financial Corp. (Del.), with warrant, no par
4076
Financial Chronicle
Shares
Storks
$ per Share
10 United States Financial Holding Corp. (Del.), with warrant, no par
$2 lot
15 Henry Mandel Associates, Inc.(N. Y.). Investors Shares, no par
$1 lot
4,338 The Savarins, Inc. (N. Y.:. no Par
$100 lot
45 Madison Mortgage Corp.(N. Y.) let pref., no Par
20
40 Diplomat Products Co., Inc. (N. J.), 2d pref., par $100
$13 lot
275 City Housing Corp. tN. Y.), par $100
$18 lot
200 Matinnecock Holding Co., Inc.(N. Y.), par $25; 450 MeIlwaine Properties Inc. (Fla.), no par; 500 Pencil Mechanism Corp. (N. Y.), par $25;
200 E. P. Beaumont, Inc. (N. Y.), par $25: 10 Southwest 011 Co. (Wyo.),
par $1; 20 Industrial Motors Corp. (Del.), no par; 25 Hillsborough-Tampa
Realty Corp. (Fla.), par 8100; 100 North Boca Raton Corp. (Fla.), par
$100; 25 Investment Trust of New York Inc.(Md.). no par; $500 part. etf. of
Nassau Devel. Co. (N. Y.); $5,000 ett. of partic., Blain Syndicate No. 10
on St. Andrew's Bay, dated Nov. 28 1925: $1,500 promissory note dated
Feb. 17 1927. payable 1 yr. after date, without int.; $2,500 promissory note
dated Feb. 12 1929, payable 6 loos, after date; $325 promissory note payable
Jan. 5 1924; $3,000 account receivable, with int. from May 16 1929; 527,500
account receivable, with int. from Aug. 1929 (reduced by credits aggregating
$9,750, realized from dive, on and sale of original collateral, all of which has
been sold)
$37 lot
10,933 1-10th abs. capital stook of Fobs Oil Co.(Del.), together with subscription rights to 318 shs. at $4 per sh. and additional subscription rights for
2.087 9-10 abs. at $5.06 per sh., no par
$75,000 lot
50 Safe Guard Check Writer Corp. (Del.), no par
$3 lot
30 Dramagraph Motion Picture Corp.(N. Y.1, pref.. par $10; 30 Dramagraph
Motion Picture Corp.(N. Y.) common, par $10
$1 lot
5Equitherm Engineering Corp.(N.Y.) let prof., par $100,and Scorn.,no par..$1 lot
333 Mercantile National Bank of Dallas. Texas
1135
387 City National Bank of Wichita Falls, Texas, stamped
$25 lot
50 Union Guarantee & Mortgage Co.(N. Y.) common, Dar $100
$14 lot
100 Insumnshares & General Management Co. (Del.), par 51
$24 lot
33 1-3 General Theatres Equipment common v. t. c., no par; and 50 $3 cony.
preferred. v. t. c., no par
$10 lot
10 Bowman-Biltmore Hotels Corp. (N. Y.), common, no par; and certificate
evidencing the right to receive 10 shs. Bowman-Biltrnore Hotels Corp. 1st
prof., after a regular div. upon the pref. stock of the Westchester-Biltmore
Corp.shall have been declared and paid, par $100
$2 lot
50 Pacific Development Corp.(N. Y.), no par; 20 Denver & Rio Grande RR.
. Co. (Colo. and Utah). prof., Dar $100: $488.85 Coral Gables Corp. (Fla.)
debenture trust note No. 67, due May 9 1931
$11 lot
100 New York Realty & Improvement Co., Ine.(N. Y.), pref., par $100_
$80 lot
50 Home & Foreign Securities Corp. (Md.) common, no par
$22 lot
50 Home dc Foreign Securities Corp.(Md.)$3 cum. pref., no par
$207 lot
100 United Porto Rican Sugar Co. (Md.), preferred, no par
$61 lot
BondsPer Cent
$3,000 Metropolitan Opera Co.(N. Y.)6% 5-year income note
$25 lot
$13 Lorain Street Ry. Co. let cons. mtge. 5% gold bonds, due Nov. 1 1949.
Nov. 1932 and subsequent coupons attached
$151 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares
Stocks
$ per Share
250 Amefican Rheolaveur Corp. (Del.), common, par $1: 50 American !theeCorp. (Del.), preferred, par $100
•
$75 lot
50 New York State Holding Co., Inc. (N. Y.), common, no par; 50 New
York State Holding Co., Inc., (N. Y.). preferred, par $100
$125 lot
240 Southern Holding dr Securities Corp. (Del.), no par
$7 lot
240 Southern Surety Co. of New York (N. Y.), par $2.50
$12 lot
2,100 Southern Holding & Securities Corp. (Del.), no par
$76 lot
25 American certificates representing deposited participating debentures
of Kreuger & Toll Co
$1 lot
500 Seaboard Public Service Co. (Del.), 56 preferred, no par
$10 lot
8,000 Niagara Hudson Power Corp. (N. Y.), 5-year class C. Options to
purchase common stock and class A warrants void after Nov. 30 1934,
no par
$2 lot
1,000 National Public Service Corp. (Va.), cum. cony. preferred $3.50 series
with warrants to purchase 1,000 shares class B common, no par
$2 lot
400 National Public Service Corp. (Va.). series A preferred, par $100; 1,100
National Public Service Corp. (Va.), 7% series A preferred, par $100
$4 lot
Warrants to purchase 3,000 shares of class A common stock void after Dec.
311933. no par
81 lot
1,000 Intercontinents Power Co. $7 cum. pref. let series
$1 lot
1,000 Swiss American Electric Co. of Zurich class B common stock purchase
warrants void after April 30 1934
51 lot
100 Metal Stamping Co. (N. Y.), common, par $100
$75 lot
200 Fintube Radiator Co., Inc. (N. Y.), common, no par: 200 Fintube
Radiator Co., Inc. (N. Y.), preferred. par $25
$20 lot
1,000 Argent Financial Corp.(N. Y.), common, no par; 1,000 Argent Financial Corp.(N. Y.), preferred, no par
$2101
167 Serelco, Inc. (Del.), class B. no par
$1101
34 Pelcode Electric Corp. (Del.), common. no par
$2 lot
250 Empire Bond & Mortgage Co. (Del.), participating Preferred, par $i00_$t lot
1,400 International Match Corp. (Del.), ills. of deposit for participating
preferred, par $35
$22 lot
150 Middleburg National Bank. of Middleburg, Va., preferred, par $10__ -$85 lot
15.000 New Gibraltar Controlled Mines Co., Inc. (Nev.), Par 100
$4 lot
Stakmore
200
Co., Inc., formerly The Buffington Co., Inc.(N. Y.), common,
no par; 10 Stakmore Co., Inc.. formerly The Buffington Co., Inc.,(N. Y.),
prior preferred, par $100; 25 Stakmore Co., Inc., formerly The Buffington
Co., Inc. (N. Y.), 2d preferred, par 5100
225 lot
250 Union Solvents Corp. (Del.), common, no par; 250 Union Solvents Corp.
(Del.), preferred, no par
$42 lot
500 E. F. Drew dr Co., Inc. (Del.), 1st preferred, no par
530 lot
4,000 Moto Vita Corp. (Del.), common, no par
$5 lot
1,800 The Valspar Corp. (Del.), no par
$200 lot
120 Missouri-Kansas Pipe Line Co. (Del.), common, par $5; 9 MissouriKansas Pipe Line Co. (Del.). voting trust certificates, class B. par $1____16 lot
204 Electrceorder Corp. (Del.), preferred, par $100; 1,408 Electrecorder
Corp. (Del.), common, no par
$5101
3736 Airite Corp. (Del.), preferred. par $100
$3 lot
400 Airite Corp. (Del.), common, no par
$2101
3754 Airite Corp. (Del.), preferred, par 8100
$3101
372 Arctic Alaska Fur Corp. (Del.). no pal: $500 promissory note Arctic
Alaska Fur Corp., due Oct. 311930, dated Oct. 31 1929 for one year
$1 lot
50 Milgrade Realty Co., Inc. (N. Y.), common, Par $100
$3 lot
2,500 Minaret Consolidated Mines Co. (Nev.). par $1
$35101
100 Standard Rock Asphalt Corp. (Del.), no par
$10 lot
5 Tyson Co., Inc. (N. Y.), common, no par; 5 Tyson Co., Inc. (N. Y.),
preferred, par $100
$1 lot
50 Eton Lodge, Inc. (N. Y.), common, no par; 50 Eton Lodge, Inc. (N. Y.),
preferred, par $100
$10 lot
50 East Coast Investors Corp. (N. Y.), par $1
$5 lot
65 United States Shares Financial Corp. (Del.), with warrant
812 lot
150 Insurance Securities Co., Inc. (La.). common temporary Mrs, par $1___$2 lot
100 The Hartman Corp., class B, certificates of deposit, no par
$3 lot
All right, title and interest of seller, in and to Lowrie-Young Oil Venture_ _ __$50 lot
650 North and South American Corp. (Del.). class A common, par Si
$16 lot
40 Gnome Products, Inc. (N. Y.). common, DO par
81101
BondsPer Cent
$40,000 The Valspar Corp. 10-year 6% cony, gold debs. with Feb. I 1932
and subsequent interest coupons attached, certificates of deposit
12)4% flat
$3.000 Explorers Holding Corp. 8% 2d mtge, gold income bonds, due Aug.
1 1948
54 lot
By. R. L. Day & Co., Boston:
Shares
Stocks
96 Chelsea Trust Co., par $10
96 Chelsea Trust Co., par $10
4 Wauregan-Quinnebaugla Mills, Inc., V. t. 0
200 Farr Alpaca Co, par $50
25 Consolidated Dry Goods, common
5,000 Robertson Paper Box Co., Inc., par $5
150 National American Co., Inc
300 The Standard Textile Products Co.. common
600 The Standard Textile Products Co., common
$ per Share
5
5
13
13
825 lot
2
50s5 lot
138 lot
2 lot
Dec. 29 1934
Shares
Stocks
$ per Share
100 Co
Continental Shares, Inc., common
200 International Match Corp.. preferred. par $35
30 American Community Power Co. $6 1st pref.; 30 American Common1°0011
wealths Power Corp. 86.50 1st prof
$10 lot
100 Plymouth Rubber Co., Inc., common B, v. t. c
10 Magee Furnace Co., Inc., 1st prof,. par 8100
81Ire!ot
10 National Electric Power Co., 7% pref., par $100
$1.60 lot
50 Old Colony Investment Trust
13‘
10 New England Public Service Cos. $6 preferred
2
1 Boston Athenaeum, par 8300
300
245 Petroleum Chemical Corp., common; 35 Petroleum Chemical Corp.,
pref.; 150 Crown Locke Co. A
lot
15 Kreuger & Toll American certifs., par 100 kronen
1001
6
units Thompsons Spa, Inc
6
90 Tracey Footwear Process, Inc., common; 15 preferred
500 lot
75 Malden Hand Laundry, Inc., pref.. par $20; 17 Malden Hand Laundry,
Ino.,common;165 Diamond Laundries, Inc.,class A;35 Diamond Laundries,
Inc.. class B
$25 lot
1,000 011 Exploration Co. (National Shawmut Bank), Of. deo
50 Greene Bros., Inc., common
501001
81101
3
100 Greene Bros.. Inc., prof par 8100
$11 lot
30 Punta Alegre SugaiCorp.,par
Co
850
1,000 Nantucket Sound Associates
Bonds
Per Cent
83,000 Canadian Rail & Harbour Terminal 75, certificates of deposit
6110o lot
Pt
Post Office Square Co.. gen. mtge. 6345, 1943
flat
By Crockett & Co., Boston:
Shares
Stocks
$ per Share
5 Wilton RR. Co
50
20 Kreuger dr Toll American certificates
100 lot
90 Beechers Falls Co
100 Insurance
ns
Securities Co., Inc
50 Central Industrial Real Estate Trust, pref., Beneficial interest shares;lloott
10 Central Industrial R. E. Trust beneficial interest shares
Is lot
402 Hathaway Bakeries , 1,200 B
$1,800 lot
30 S. W.Straus & Co
50c lot
100 International Combustion Engineering, prof
700 Co.
Cons, Automatic Merchandising Corp. v. t. c
462 Kreuger & Toll Co. American certificates
$431
5 2 lot
ilo
100 Maryland Casualty Co
131
100 Shur-on Properties Co., Inc
$1101
50 Eaton Paper Corp. pref.; 50 v. t c
$350 lot
200 Industrial Development Corp
$1 lot
600 First National Copper
$1101
9 Bates Manufacturing Co
4
17226-1000 Pelzer Manufacturing Co
123,
1
10 Central Industrial Real Estate Trust Beneficial Interest Shares; 50 wet...571ot
200 Mid-Continent Laundries
12
16 Associated Gas & Electric; 4 Associated Gas & Electric $5 pref.; 200 Associated Securities Investors; 110 Corporation Securities Co. of Chicago; 100
National Public Service Corp. $3.50 cum, cony. pref.; 50 National Toll
Bridge Co., class A; 50 National Toll Bridge Co. class 13; 50 Peoples Light
& Power Corp. $6.50 pref
40 Direct Control Valve Co. class A
110ott
lot21
15 National
na Public Service Corp. series A preferred
20 Kreuger de Toll Co. American certificates; 75 Kenmore Terminal Trust;
35 Oliver Building T
$rust
Bonds
er1MCelonft
Bay
$2,500 Jam River Bridge Corp. 7s, June 1 1934; 81,000 San Francisco P
Toll Bridge Co.. Nov. 1 1942 certificates of deposit
posit
$14 lot
5.5,000 Insult Utility Investment 8s, 1940
156 lot
By Barnes & Lofland, Philadelphia:
Shares
Stocks
lros
e
Sha
.
5 .s
per300
10..
80 Interboro Bank &Trust Co., Prospect Park, Pa., common, Dar $
50 Central-Penn National Bank par $10
120 Integrity Trust Co., par $10
2i
3
v
88 at 238:2
3
82eaxt411
50 Hatboro Trust Co., Hotboro, Pa., par $50
$20 lot
8 First National Bank of Pleasantville, N. J.. par $100
$1 lot
15 Kensington-Security Bank & Trust Co., par $50
15 Kensington-Security Bank & Trust Co., par $50
o
$61
5 10
20 Kensington-Security Bank & Trust Co., participating certificate
$10 lot
32 Kensington-Security Bank & Trust Co., participating certificate
$842 lot
96 Fink Brewing Co. preferred, par $50
3
$2
192 Fink Brewing Co. common, no par
lot
10 Horn & Hardart Baking Co. of Philadelphia. no par
400 The Latherizer Sales Co., Inc., no par
1510 Walnut Street Corp. voting trust etts.-10 sirs. 81 lot: 5 shs., $1 loo
tat_s
$7
2
8 Greater Northeast Realty Co. preferred, par $50, and 1,084 common, no
lot
35 Real Estate Mortgage Guaranty Co., par $10
67 Cooper's Creek Chemical Co., common,
$$2
4 101
20 Mortgage Guarantee Co. capital stock, par $100
10 Frank J. Cremen, Inc., capital stock, par $100
5
86
2
1 10t
1
Willys-Overland Co. common, par $5
00
10 Electric Power Equipment Corp. cwn. 8% preferred
10 Warner
rn Co. new common
100 Chester Valley Securities, Inc.. common, par 51, and 20 class A pref._ -1
52
49 lot
tt
200 Federal United Corp. class A common
50c.
•
BondsPer Cent
5300 Hamilton Club of Philadelphia, Pa., 454e, gen, mtge., due Feb. 1 1909.5150 lot
$5,000 Pittsburgh Hotels Corp. 6% serial mortgage gold bonds, dated Mar. 1
1928. certificates of deposit
$4,000 United Public Service Co.6i6% gold debentures, ctfs. of deposit
$19
817 1°
ot
t
52.000 President Hotel 25-year income, due May 1 1955
an lot
$0
50 President Hotel 15-year 6%, due June 1 1045
$8 lot
By A. J. Wright & Co., Buffalo:
Shares
Stocks
20 Niagara Falls Hotel preferred, vrith 10 shares of common
200 Tonawanda Brewing
wi
Co
S per share
. lio
ot
t
50$
c5
By Weilepp, Bruton & Co., Baltimore:
Shares
Stocks
m
ao.
$ per Share
25 Aetna Mortgage Co. common, and 50 preferred
1 Annapolis Banking & Trust Co. (Annapolis, Md.)
10 BaltimoreAcceptance Corp. common and 20 preferred
lot
500 General Theatre Equipment v. t. preferred, no par
ll t
$15$11 lot
10 Calvert Building & Construction CO. V. t. pref., and 133 common
300 Fox Theatres Corp. class A common, no par
10 Norman T. A. Munder Co. preferred, par 5100, and 3 common, no par..8
.:1 11100
ot
tt
53 National Mortgage Co. of Baltimore preferred
$1 lot
Shelburne Inc. preferred
$11
BondsPer Cent
$500 Suburban Club of Baltimore 5s, Dec. 1 1936
. $35 lot
$5,000 Baltimore Trust Co. certificate payment Guaranty Fund
$1 lot
NATIONAL BANKS
The following information regarding National banks is
issued by the office of the Comptroller of the Currency, in
the Treasury Department:
CHARTERS ISSUED
Capital
Dec. 12-The First National Bank in Staunton, Staunton, Ill_ _ _$65,000.00
Capital stock consists of $40,000.00 common stock and $25,000.00 preferred stock. President, C. F. Hackman. Cashier,
C. W.Weis. Will succeed No. 10777, The Staunton National
Bank, Staunton, Ill., and No. 10173, The First National
Bank of Staunton, Staunton, Ill,
Dec. 14-The Oakley National Bank of Buffalo, Buffalo, Minn__ 80,000.00
President, W. D. Oakley. Cashier, John A. Berg. Conversion
of The Oakley State Bank. Buffalo, Minn.
Dec. 18-First National Bank at DeKalb, DeKalb,Tex
50,000.00
President, O. C. Crump. Cashier, E. E. Bearden. Will succeed No. 12287, First National Bank in DeKalb, Tex,
Dec. 21-Merchants National Bank in Chicago, Chicago, Ill__ -200,000.00
President, George R. Boyles. Cashier, A. F. Whitehead.
Financial Chronicle
Volume 139
VOLUNTARY LIQUIDATIONS
Dec. 17-The First National Bank of Blackwell, Okla
100,000.00
Effective Nov. 24 1934. Liq. committee, Board of Directors
of the liquidating bank. Succeeded by"First National Bank
in Blackwell," Charter No. 14278.
Dec. 17-The First National Bank of New Bremen, Ohio
50,000.00
Effective Dec. 7 1934. Liq. agent, H. F. Diens, New Bremen,
Ohio. Succeeded by"First National Bank in New Bremen.'
Charter No. 14294.
Dec. 17-The Macomb National Bank,Macomb, U
100,000.00
Effective Dec. 15 1934. Liq. agent, J. 0. Peasley, Macomb,
Ill. Absorbed by The Union National Bank of Macomb.
Charter No. 1872.
Dec. 17-First National Bank in Oakland, Calif
Effective Dec.6 1934. Liq. agent, V. J. LaMotte, 1560 Broadway, Oakland, Calif. Absorbed by The Anglo California
National Bank of San Francisco, Calif. Charter No. 9174.
Dec. 20-The Economy,National Bank of Ambridge, Pa
100,000.00
Effective April 14 1934. Liq. committee, L. C. Beall, A. D.
Johnson, C. Roy Kerr, Peter Nussbaum, David L. See and
George L. Wanamaker, care of the llq. bank. Succeeded by
the Economy Bank of Ambridge, Pa.
Dec. 21-The First National Bank of Garretson, S. Dak
25,000.00
Effective Dec. 14 1934. Liq. agent, T. E. Wangsness, Garretson, S. Dak. Absorbed by "First National Bank in Garretson," (formerly The First National Bank of Sherman, S.
Dak.). Charter No. 12488.
BRANCHES AUTHORIZED
Dec. 17-Bank of America National Trust & Savings Association, San
Francisco, Calif. Location of branch, City of Colusa, Colusa County,
Calif. Certificate No. 1045A.
Dec. 18-The Anglo California National Bank of San Francisco, Calif.
Location of branch. City of Red Bluff, Tehama County, Calif. Certificate
No. 1045A.
Dec. 18-The Anglo California National Bank of San Francisco, Calif.
Location of branch, City of Red Bluff, Tehawa County, Calif.
Certificate No. 1046A.
Dec. 21-The Citizens National Trust & Savings Bank of Riverside,
Calif. Location of branch, City of Banning, Riverside County, Calif.
Certificate No. 1047A.
Dec. 21-"Bank of Amerida National Trust & Savings Association," San
Francisco, Calif. Location of branches-All in State of California: City
of Alturas, Modoc County; Town of Antioch, Contra Costa County;
City of Arroyo Grande, San Luis Obispo County' City of Auburn.
Placer County; 2347 Telegraph Avenue City of Berkeley, Alameda
County; City of Bishop, Inyo County; City of Burlingame, San Mateo
County; City of Calexico, Imperial County; City of Chino, San Bernardino County; Town of Cloverdale, Sonoma County; City of Chowchina, Madera County; City of Colton. San Bernardino County; City of
Dinuba, Tulare County; Town of Dixon, Solano County; Town of
Dunsmuir, Siskiyou County; unincorporated area of Elk Grove, Sacramento County; unincorporated area of Encinitas, San Diego County;
City of Exeter, Tulare County; unincorporated area of Folsom, Sacramento County; Town of Fowler, Fresno County; Township of Gardena,
Los Angeles County; unincorporated area of Geyserville, Sonoma County;
133 Mill Street, City of Grass Valley, Nevada County; 126 Main Street,
City of Grass Valley, Nevada County; Township of Indio, Riverside
County; Town of Isleton, Sacramento County; City of Jackson, Amador
County; City of Kingsburg, Fresno County; City of La Habra, Orange
County; Town of Lincoln, Placer County; City of Livingston, Merced
County; unincorporated area of Lone Pine, Inyo County; unincorporated
area of Loomis, Placer County; 5202 Whittier Boulevard, City of Los
Angeles, Los Angeles County,' City of Monterey Park, Los Angeles
County; City of Needles, San Bernardino County; City of North Sacramento, Sacramento County; unincorporated area of Norwalk, Los Angeles
County;Town of Orland, Glenn County; City of Oxnard, Ventura County;
City of Pacific Grove, Monterey County; unincorporated area of Palm
Springs, Riverside County; unincorporated area of Pismo Beach, San
Luis Obispo County; City of Placerville, El Dorado County; City of
Porterville, Tulare County; unincorporated area of Ramona, San Diego
County; City of Red Bluff, Tehama County; City of Richmond, Contra
Costa County; Township of Ripon, Joaquin County; City of San Carlos.
San Mateo County' City of San Clemente, Orange County; unincorporated area of Salano Beach, San Diego County; 2700 Santa Ana
Street, Town of South Gate, Los Angeles County; 901 Fair Oaks Avenue,
City of South Pasadena, Los Angeles County; Town of Suisun City,
Solano County; City of Susanville, Lassen County; City of Turlock.
Stanislaus County; City of Upland, Ban Bernardino County; unincorporated area of 'Valley Ford, Sonoma County; City of Whittier, Los
Angeles County; Town of Williams, Colusa County. Certificates Nos.
1048A to 1108A inclusive.
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
A B C Trust Shares, series E (special)
4.762c
Affiliated Fund. Inc. (initial)
3c
Ajax Oil & Gas Co.(quar.)
2c
Alaska Juneau Gold Mining (guar.)
15c
Extra
15c
Allied Chemical & Dye Corp.,common (quar.)-- $134
Aloe (A. S.) Co.7% preferred
$134
7% preferred
14131
American Cities Power & Light, A
75c
American Hair & Felt lat'preferred
/42
American Ice, preferred quar.)
$134
American Investment Co. of Illinois7% preferred (quarterly)
4331c
American Lace Mfg
20c
American Light & Traction Co.common (qu.)_ _
30c
Preferred (guar.)
134%
Amparo Mining Co
2c
Anglo-Amer. Corp. of So. Africa, ord
xwlO%
6% cumul. pref.,interim
zw6
Associated Telepnone, Ltd., Calif., preferred_ - _ $134
Atlantic Ice & Coal Co.735% pref. flemi-ann.).. $234
Atlantic Steel
Barber(W. H.) preferred
$1.
Beatty Bros., Ltd., 7% 2nd preferred (s.-a.)_- _
Bell Telep. of Penna.(quar.)
Bibb Manufacturing Co
Birmingham Fire Ins. of Ala.(quar.)
25c
25c
Extra
Bloomingdale Bros. 7% preferred (quar.)
UM
Boston Acceptance Co., Inc.,7% pref.(quar.)_ _ 1734c
Boston Consolidated Gas, no div. action taken.
$1.
Bourbon Stockyards (quarterly)
25c
Bower Roller Bearing Co.(quar.)
8734c
Brandtjen & Kluge, Inc.,7% pref. (quar.)
$1
Bremner Norris Realty Investment, Inc
British Columbia Electric Ry.,5% pref. (5.-a.).. 234
Buffalo Insurance Co.(N. Y.)(quar.)
$2
Extra
/41.10
Burkhart Mfg. Co., cumulative preferred
Si
Calhoun Mills (quar.)
h8734c
California Oregon Power Co.,7% preferred_ _
h75c
69' preferred
75c
6% preferred (series 1927)
25c
Canada Dry Ginger Ale, Inc.(quar.)
r15c
Canadian Bronze Co., common (quar.)
r$1.3i
Preferred (quar.)
E.
When Holders
Payable of Record
Dec. 31
Jan. 5 Dec. 31
Jan. 15 Dec. 31
Feb. 1 Jan. 10
Feb. 1 Jan. 10
Feb. 1 Jan. 11
Jan. 2 Dec. 20
Jan. 2 Dec. 20
Feb. 1 Jan. 5
Jan. 15 Dec. 31
Jan. 25 Jan. 7
Jan. 2 Dec. 20
Dec. 22 Dec. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Jan. 25 Jan. 10
Jan. 30 Dec. 31
Jan. 30 Dec. 31
Feb. 1 Jan. 15
Jan. 1 Dec. 20
Dec. 31 Dec. 21
Jan. 1
Jan. 2 Dec. 31
Dec. 31 Dec.31
Jan. 2
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Feb. 1 Jan. 21
Dec. 31 Dec. 20
Jan. 2 Dec. 24
Jan. 25 Jan. 2
Jan. 2 Dec. 24
Dec. 31 Dec. 28
Jan. 4 Jan. 15
Dec. 31 Dec. 18
Dec. 31 Dec. 18
Jan. 1 Dec. 26
Jan. 1 Dec. 24
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Jan. 15 Dec. 31
Jan. 15 Jan. 2
Feb. 1 Jan. 21
Feb. 1 Jan. 21
Name of Company.
4077
When Holders
Per
Share. Payable. ofRecord.
Jan. 2 Dec. 20
Canadian Fire Insurance Co.(s.-a.)
Canadian International Trust Shares9.39c Jan. 2
Original series partic.shares
9.60c Jan. 2
Modified series partic. shares
50c Jan. 15 Dec. 31
Canadian Light & Power (s-a)
$3 Dec. 31 Dec. 24
Carolina Telep.& Teleg
Carreras, Ltd., Amer. dep. rec. ord. reg., A.... 7.55c Dec. 27 Dec. 11
Amer. dep. rec. ord. reg., class B
8.6c Dec. 27 Dec. 11
Central Arizona Light & Power,$7 pref.(quar.)_ $131 Feb. 1 Jan. 15
$1% Feb. 1 Jan. 15
$6 preferred (quarterly)
25c Dec. 27 Dec. 17
Central Fire Ins. Co.(Bait.)(s-a)
$184 Jan. 15 Dec. 31
Central Kansas Power Co.,7% pref. (quar.)
$134 Jan. 15 Dec. 31
6% preferred (quarterly)
$134 Jan. 2 Dec. 21
Champion International Co. (guar.)
$1 Jan. 2 Dec. 21
7% preferred (quarterly)
Sc Jan. 15 Dec. 24
Chapman Ice Cream Co. (quar.)
Cincinnati Gas 55 Transport Co.5% pref. (ann.)
$5 Dec. 31 Dec. 24
Common A (annual)
$10 Dec. 31 Dec. 24
Common B (annual)
$5 Dec. 31 Dec. 24
Citizens Wholesale Supply7% preferred (quarterly)
8734c Jan. 10 Dec. 30
6% preferred (quarterly)
75c Jan. 10 Dec. 30
Clearing Industrial District6% pref.(quar.)_ _ $1% Jan. 2 Dec. 15
Cleveland Ry.(quar.)
$134 Dec. 31 Dec. 24
Dec. 31 Dec. 24
Certificates of deposit(guar.)
Jan. 2 Dec. 15
Columbia Ry.Power & Light Co.,6% pref.(qu.)
$15 Feb. 1 Jan. 15
634% preferred (quarterly)
Commercial Discount Co.(Los Angeles)8% preferred A (quar.)
20c Jan. 10 Jan. 2
7% preferred B (guar.)
17;5c Jan. 10 Jan. 2
Consol. Chemical Industrial, preferred A (quar.) 373ic Feb. 1 Jan. 15
25c Mar. 15 Feb. 11
Consolidated Gas Co.(N. Y.)
Sc Jan. 25 Jan. 15
Consolidated Royalty Oil(quarterly)
Consumers Power Co., $5 pref. (guar.)
$131 Apr. 1 Mar. 15
6% preferred (quarterly)
$134 Apr. 1 Mar. 15
$1.65 Apr. 1 Mar. 15
6.6% preferred (quarterly)
7% preferred (quarterly)
$131 Apr. 1 Mar. 15
50c Feb. 1 Jan. 15
6% preferred (monthly
50c Mar. 1 Feb. 15
69', preferredonthly
50c Apr. 1 Mar. 15
ed (monthly6%iref
preferred(monthly
55c Feb. 1 Jan. 15
6.6
6.6
preferred monthly
55c Mar. 1 Feb. 15
(monthly
preferredonthly
55c Apr. 1 Mar. 15
Continental Public Service, A (8.-a.)
55% Jan. 15 Dec. 29
Coronet Phosphate Co
$13.5 Jan. 2 Dec. 27
Crowell Publishing Co.7% pref.(semi-ann.).--- $334 Feb. 1 Jan. 24
Jan. 2 Dec. 15
Des Moines Gas Co.,8% pref. (quar.)
7% preferred (quarterly)
8711 Jan. 1 Dec. 15
Jan. 15 Jan. 8
Detroit River Tunnel Co. (8.-a.)
50c Dec. 31 Dec. 31
Diamond State Telephone (quar.)
Discount Corp. of N.Y.(guar.)
$3 Jan. 2 Dec. 31
Extra
$8 Jan. 2 Dec. 31
District Bond Co.(Los Angeles)6% prof. (qu.)_ 3734c Jan. 2 Dec. 30
iSa Jan. 2 Dec. 24
Dominguez Oil Fields (monthly)
Duncan Mills 7% preferred (guar.)
SlA Jan. 2 Dec. 20
Feb. 1 Jan. 10
Edison Electric Illuminating (Boston) (quar.)
Egry Register A (quarterly)
50c Jan. 2 Dec. 15
Electrograph Corp., preferred
hS7 Dec. 21 Dec. 14
Ely & Walker Dry Goods(guar.)
25c Mar. 1 Feb. 18
Extra
50c Jan. 15 Jan. 4
Jan. 15 Jan. 4
let preferred (s-a)
Jan. 15 Jan. 4
2d preferred (s-a)
Fafnir Bearing Co.(quar.)
75c Jan. 2
25c Jan. 1 Dec. 21
Fairmount Creamery Co.(Del.) (guar.)
% preferred (quarterly)
$1,4 Jan. 1 Dec. 21
Jan. 2 Dec. 31
First National Bank of North Bergen(N.J.)---- $I
Fuller Brush Co.,7% preferred (quar.)
$131 Jan. 1 Dec. 26
Dec. 31
9.
Fundamental Trust Shares A
Series B
8.4c Dec. 31
15c Dec. 31 Dec. 15
Gachin Gold Syndicate Units (quar.)
10c Dec. 31 Dec. 15
Extra
Gardner Electric Light Co. (s.-a.)
$4 Jan. 15 Dec. 31
$234 Dec. 31 Dec. 20
5% preferred (semi-ann.)
Jan. 21 Jan. 10
1
General Alliance Corp
General Development
25c Dec. 31 Dec. 26
$131 Jan. 2 Dec. 21
General Machinery Corp.,7% pref. (quar.)_
10c Jan. 15 Jan. 2
General Shoe Corp.(quar.)
10c Jan. 15 Jan. 2
Class A (quarterly)
Goderich Elevator & Trans. Co. pref.(quar.)--- $134 Jan. 15 Dec. 31
15c Dec. 27 Dec. 17
Great American Indemnity
Greenfield Gas Light (quar.)
50c Dec. 15 Dec. 2
75c Feb. 1 Jan. 15
6% preferred (quar.)
/41 j•i, Jan. 1 Dec. 15
Greening(B.) Wire Co.,7% preferred
Jan. 1 Jan. 1
Griggs Cooper & Co.,7% pref. (quar.)
Guarantee Co.of N.Amer.(Mont.)(quar.) _ _ $134 Jan, 15 Dec. 31
Jan. 15 Dec. 31
Extra
Jan. 2 Dec. 31
Guenther Pub.Corp. Financial World
$13i Jan. 2 Dec. 22
GulfPower Co.,$6 preferred (guar.)
40c Jan. 2 Dec. 24
Hartford Steamboller Inspection & Ins.,(quar.)_
20c Dec. 31 Dec. 20
Hawaii Consolidated Ry.,7% pref. A
25c Dec. 31 Dec. 24
Hawaiian Sumatra Plantation
Mac Feb. 15 Feb. 4
Hercules Powder Co.,preferred (quar.)
Feb. 15 Jan. 15
Hershey Chocolate Corp.(guar.)
$1 Feb. 15 Jan. 25
Extra
$1 Feb. 15 Jan. 25
Quarterly
$IN Jan, 2 Dec. 22
Highland Dairy,Ltd.,7% pref.(quar.)
25c Dec. 31 Dec. 24
Hobart Mfg. Co. B (initial)
lc Jan. 15 Dec. 31
Holly Development Co.(quar.)
Home Telep. & Teleg. (Ft. Wayne, Ind.)Jan. 2 Dec. 21
7% preferred (s-a)
/41% Dec. 31 Dec. 19
Hooker-Electrochemical,6% pref
40c Feb. 1 Jan. 12
Horn & Hardart (quar.)
10c Jan. 5 Dec. 31
Hutchinson Sugar Plantation(mo.)
Sc Jan. 2 Dec. 22
Illinois Art Industries, Inc..'ref
50c Dec. 31 Dec. 20
Illuminating Shares Co.,A (guar.)
Ins. Co.of N. America (s.-a.)
50c Jan. 15 Dec. 31
30c Dec. 29 Dec. 20
Inter-Island Steam & Navigation Co.(quar.)-- International Bronze Powders,6% pref.(quar.)_ 371
Jan. 15 Dec. 31
3
Investors Royalty Co.,Inc.(quar.)
0c Dec. 20 Dec. 15
8% preferred (quarterly)
50c Dec. 20 Dec. 15
Investment Trust Shares, A and B
13.65C Dec. 31
Iowa Power & Light Co.,7% pref.(guar.)
$1% Jan. 2 Dec. 15
6% preferred (quarterly)
$135 Jan. 2 Dec. 15
Irving Investors Fund Co.,Inc.
Investors shares (quar.)
50c Jan. 15 Dec. 31
Jams Investment Corp.(Calif.) pref. A (quar.)_ S1i1 Jan. 1 Dec. 21
Julian & Kokenge
Jan. 15 Jan. 2
Jones (J. E.) Royalty Trust,series A
$3.03 Dec. 26 Nov.30
Series B
$2.77 Dec. 26 Nov.30
Series C
$6.26 Dec. 26 Nov.30
Kansas Power & Light, 7% preferred (quar.)__ Jan. 2 Dec. 20
6% preferred (quar.)
1 Jan. 2 Dec. 20
Keystone Steel & Wire, pref. (guar.)
Jan. 15 Jan. 5
$1
Keystone Watch Case
Jan. 15 Jan. 2
Knabb Barrel Co.,Inc. pref.(s.-a.)
75c
June 1
Laclede Steel Co.(quar.)
15c Dec. 31 Dec. 21
Lafayette Fire Insurance (New Orleans) (5.-a.)$8 Jan. 1 Dec. 20
Lane Bryant. Inc.. 7% preferred (quar.)
Feb. 1 Jan. 15
Lane Co.(quarterly)
Jan. 2 Dec. 22
Extra
Jan. 2 Dec. 22
7% preferred (quar.)
$1,4; Jan. 2 Dec. 22
Leader Filling Station Corp.
8% preferred (quar.)
$1 Jan. 2 Dec. 22
Lee Rubber & Tire Corp
25c Feb. 1 Jan. 15a
Lehigh & Hudson River RR.Co.(guar.)
SI Dec. 31 Dec. 20
Link Belt, 634% pref. (quar.)
Apr. 1 Mar. 15
Louisville Gas & Electric Co.(Ky.)7 preferred (quarterly
1
Jan. 15 Dec. 31
6 preferred (quarterly
Jan. 15 Dec. 31
5 preferred (quarterly
Jan. 15 Dec. 31
Lowell Gas Lt. Co.(guar.
Dec. 31 Dec. 18
Lyons-Magnus, pref. A
h25c Dec. 31 Dec. 20
s3g
4078
Financial Chronicle
Name of Company.
Per
When Holders
Share. Payable. of Record.
Mabbett (Geo.) & Son,7% 1st pref. (guar.)--- $1% Jan. 1 Dec. 20
7% 2d preferred (quar.)
$1% Jan. 1 Dec. 20
Major Corp. Shares, bearer
5.721c Dec. 31
Manufacturers Life Ins. Co., Toronto (8.-a.)-- $5 Jan. 2 Dec. 28
Marathon Paper Mills,6% pref. (quar.)
$154 Jan. 1 Dec. 26
Massachusetts Lighting Cos. (quar.)
75c Jan. 15 Dec. 31
$8 preferred (quarterly)
$2 Jan. 15 Dec. 31
$6 preferred (quarterly)
$154 Jan. 15 Dec. 31
Merchants Exchange, Inc. (San Francisco)
$1 Dec. 20 Dec. 1
MerchantsNational Realty Corp.
6% preferred A and B (quar.)
$1;4 Jan. 1 Dec. 24
Merchants Refrigerating of New York37 preferred (quar.)
$1% Feb. 1 Jan. 24
Michigan Gas & Electric Co7% prior lien stock
587%a Feb. 1 Jan. 15
$6 prior lien stock
h75c Feb. 1 Jan. 15
Michigan Public Service Co7% preferred
587%c Feb. 1 Jan. 15
6% preferred
575c Feb. 1 Jan. 15
Mill Creek & Mine Hill Navigation RR. Co.,
semi-annual
$1% Jan. 10 Dec. 31
Missouri Power & Light Co., $6 pref. (quar.)
$154 Jan. 2 Dec. 15
Missouri River-Sioux City Bridge Co—
Cumul. partic. preferred (quar.)
51.31 Jan. 15 Dec. 31
Mollohan Mfg. Co.,7% pref. (s.-a.)
Jan. 2 Dec. 22
$3
Montreal Finance Corp.,8% pref
50c Jan. 1
Montreal Teleg. Co.(quar.)
80c Jan. 15 Dec. 31
Moore (Wm.) Dry Goods
Jan. 1 Jan. 1
Extra
siô Jan. 1 Jan. 1
Mt. Carbon & Port Carbon RR.(5.-a.)
$1% Jan. 10 Dec. 31
National Distillers Products Corp. (quar.)
50c Feb. 1 Jan. 15
Neilson (Wm.) Ltd., 7% pref. (quar.)
$13
ii Dec. 31 Dec. 19
Nevada-California Electric, pref
Feb. 1 Dec. 31
New Bedford Gas & Edison Lt. (quar.)
75c Jan. 1 Dec. 27
New Brunswick Telep. Co.(quar.)
1254c Jan. 15 Dec. 31
New England Power Assoc., $6 pref. (quar.)__ _ $156 Jan. 2 Dec. 22
$2 preferred (quarterly)
50c Jan. 2 Dec. 22
New Jersey Zinc Co. (quarterly)
50c Feb. 9 Jan. 18
New York & Hanseatic, extra
$2 Jan. 15 Jan. 10
New York & Richmond Gas,6% pref
Jan. 2 Dec. 15
551
New York Telephone (quar.)
Dec. 31 Dec. 31
Norfolk & Western, adj. pref. (guar.)
$I Feb. 19 Jan. 31
North American Finance Corp., A (quar.)
50c Jan. 1 Dec. 24
7% preferred (quarterly)
8734c Jan. 1 Dec. 24
North Indiana Public Service7% preferred (quarterly)
8754e Jan. 14 Dec. 31
6 preferred (quarterly)
75c Jan. 14 Dec. 31
5 % preferred (quarterly)
6851c Jan. 14 Dec. 31
Northwestern Bell Telephone (quar.)
$1 Dec. 31 Dec. 28
64% preferred (quarterly)
$15.4 Jan. 18 Dec. 20
Northwest Title Ins.,"Spokane, Wash." (qr.)
Dec. 31 Dec. 31
Norton (T. M.) Brewing, pref. (s.-a.)
4c Jan. 2 Dec. 15
Oakland Cotton Mills, pref. (s.-a.)
Jan. 2
$3%
Ohio Leather, common (quarterly)
25c Jan. 2 Dec. 21
1st preferred (quarterly)
$2 Jan. 2 Dec. 21
2nd preferred (quar.)
515' Jan. 2 Dec. 21
Ohio Loan Co
Jan. 2 Dec. 29
$1
8% preferred (quarterly)
$ Jan. 2 Dec. 29
Ohio Telephone Service, pref. (quar.)
$151 Jan. 2 Dec. 24
Old Colony Light & Power Assoc.67
0 preferred (quarterly)
$154 Jan. 5 Dec. 20
Old Dominion Fire Insurance Co.(Va.) (quar.)_
25c Jan. 3 Dec. 22
Old Joe Distilleries, pref.(quar.)
10c Jan. 1 Dec. 24
Preferred
520c Jan. 1 Dec. 24
Ontario Silknit, Ltd., 7% preferred
552 Jan. 10 Dec. 28
Orchard Farm Pies (Dela.) A (quar.)
75c Jan. 2 Dec. 24
Pacific Lighting, common (quarterly)
75c Feb. 15 Jan. 19
$6 1st preferred (quar.)
134 Jan.)15 Dec. 31
Pacific Southwest Realty Co.,64% pref.(qu.)_ $134 Jan. 2 Dec. 22
53.4% preferred (quarterly)
51% Jan. 2 Dec. 22
Pan-American Life Ins.(N.0.) (s.-a.)
60c Jan. 2 Dec. 22
Parker-Wolverine, initial
25c Jan. 2 Dec. 24
Penn-Mex Fuel Co
75c Dec. 20 Dec. 14
Pfaudler Co.(quarterly)
$1 Jan. 2 Dec. 20
Piedmont & Northern Ry.(quarterly)
75c Jan. 10 Dec. 31
Pittsburgh. Bessemer & Lake Erie (s.-a.)
75c Apr. 1 Mar. 15
Plume & Atwood (quarterly)
50c Jan. 1 Dec. 25
Polygraphic Co. of America,8% pref. (quar.)
25c Jan. 10 Dec. 31
Power Corp. of Canada6% cumul. preferred (quar.)
13.6Jan. 15 Dec. 31
6% non-cumul. preferred (quar.)
13.4% Jan. 15 Dec. 31
Premier Shares, Inc. (8.-a.)
Scc Jan. 15 Dec. 31
Reading Co. (quarterly)
50c Feb. 14 Jan. 17
Reed Roller Bit Co.(quar.)
25c Jan. 1 Dec. 21
Extra
25c Jan. 1 Dec. 21
Reversible Collar,(quarterly)
$1 Jan. 2 Dec. 18
Extra
$1 Jan. 2 Dec. 18
Rhode Island Electrical Products (quar.)
$154 Jan. 1 Dec. 20
Russel Motor Car,7% preferred
55134 Feb. 1 Dec. 31
Russell Motor Car, Ltd., pref. (quar.)
$151 Feb. 1 Dec. 31
St. Croix Paper (quarterly)
50c Jan. 15 Jan. 5
St. Joseph Stockyards (quar.)
75c Dec. 31 Dec. 20
50c Jan. 1 Dec. 20
St. Paul Union Stockyards (quar.)
Samson Corp.. preferred
50c Jan. 31 Dec. 31
San Antonio Public Service, 7% pref. (quar.)__ _
3151 Dec. 31 Dec. 21
8% preferred (quar.)
$2 Dec. 31 Dec. 21
San Diego Consolidated Gas & Electric Co.—
Preferred (quarterly)
Jan. 15 Dec. 31
Schuylkill Valley Navigation & RR.(8.-a.)
3.4 Jan. 10 Dec. 31
25c Jan. 2 Dec. 20
Security Investment Co.(St. Louis)(quar.) _
_
25c Jan. 2 Dec. 20
Extra
Special
50c Dec. 31 Dec. 20
Preferred (quarterly)
$2 Jan. 2 Dec. 20
Shaffer Stores, 7% preferred (quar.)
5134 Dec. 24
10c Jan. 15
Common
Shasta Water Co.(quarterly)
40c Jan. 2 Dec. 24
Sedalia Water Co., pref.(quar.)
$134 Jan. 15 Dec. 31
Smyth Manufacturing Co
32 Jan. 2 Dec. 24
Southeastern Express (s.-a.)
$34 Jan. 1 Dec. 15
Southern Berkshire Pow.& Elec. Co
$1 Dec. 31 Dec. 20
Southern Canada Power Co., common (quar.)
20c Feb. 15 Jan. 31
Southern Fire Insurance Co.(N. C.) (quar.).... 3754c Dec. 22 Dec. 18
Extra
25c Dec. 22 Dec. 18
Southern New England Telephone (quar.)
$14 Jan. 15 Dec. 31
Southland Royalty (quar.)
5c Jan. 10 Dec. 31
Extra
Sc Jan. 10 Dec. 31
Spicer Mfg. Corp.,$3 cumulative pref.(quar.)_ _
75c Jan. 15 Jan. 4
Square D Co. (Los Angeles), pref
5874c Dec. 31 Dec. 26
Stamford Gas & Electric (Conn.) (quar.)
$2 Jan. 15 Dec. 31
Standard Cap & Seal Corp.,common
60c Feb. 1 Jan. 4
Standard National Corp., pref. (guar.)
V 51 Jan. 2 Dec. 26
Standard Screw (quar.)
31 Dec. 31 Dec. 18
Preferred (semi-annual)
53 Jan. 2 Dec. 18
State Street Investment (Boston, Mass.)(qu.)
40c Jan. 15 Dec. 31
Stony Brook RR.•Corp.,(s.-a.)
$3 Jan. 5 Dec. 31
Super Corp. of Amer.,trust shares,series C
12.4c Dec. 31
Series D
12.4c Dec. 31
Swift & Co.,special
25c Feb 15 Jan. 25
Teteautograph Corp.. corn. (quar.)
25c Feb. 1 Jan. 15
Title Insurance Co. of Minn. (s.-a.)
31 Jan. 2 Dec. 20
Towle Mfg. Co. (quarterly)
5154 Jan. 15 Jan. 5
Transcontinental Air Transport, Inc.—
Liquidating distribution
Dec. 28
Twin State Gas & Elec.7% prior lien (quar.)_ _
Jan. 2 Dec. 15
Union Public Service (Minn.)—M
7% preferred A & B (quarterly)
51% Jan. 1 Dec. 20
$6 preferred C & D (quarterly)
3134 Jan. 1 Dec. 20
United Gas & Electric Co., N. J., common (qu.)
75c Dec. 31 Dec. 26
5% preferred (semi-ann.)
Jan. 15 Dec. 31
2
1
United Gas & Public Service (Del.), pref. (qu.)_
Jan. 2 Dec. 22
United Power & Light (Kansas)5134 Jan. 2 Dec. 15
7% preferred (quarterly)
50c Jan. 15 Dec. 27
United Securities, Ltd..(guar.)
$334
Name of Company.
Dec. 29 1934
Per
When Holders
Share. Payable. of Record.
United States Cold Storage, prig
$354 Jan. 2 Dec. 28
United States Guarantee Co., extra
10c Dec. 31 Dec. 22
United States Smelting, Refining & Mining Co.
Preferred (quarterly)
8754c Jan. 15 Dec. 31
Utah Power & Light,7% preferred
$1.1633 Feb. 1 Jan. 5
6% preferred
$1 Feb. 1 Jan. 5
Van Camp's, Inc.. pref..(quar.)
5141 Jan. 2
Virginia Bridge & Iron (8.-a.)
Jan. 2 Dec. 23
Warren Foundry & Pipe Corp
50c Feb. 1 Jan. 15
Waterbury Farrell Foundry & Machine Co___ _
75c Jan. 2 Dec. 26
Western Assurance (Toronto, Ont.) pref. (s.-a.) $1.20 Jan. 2 Dec. 31
Western Power Corp.,7% pref.(quar.
Jan. 15 Dec. 31
White Villa Grocery, preferred (quar.
Jan. 2 Dec. 15
$1
Wisconsin Electric Power,64% pref. quar.)_- _ 5154 Jan. 2 Dec. 24
6% preferred (quarterly)
Dec. 24
$154 Jan.
Wisconsin Gas & Electric, 6% pref. (quar.)—_ _ $1% Jan. 15 Dec. 31
Wisconsin Telephone, pref. (quar.)
51% Jan. 31 Jan. 19
Woolson Spice (quarterly)
25c Jan. 2 Dec. 28
6% preferred (quarterly)
Jan. 2 Dec. 28
$I
Worcester Suburban Electric Co.(guar.)
Dec. 31 Dec. 30
Worthington Ball Co., A. (quar.)
50c Jan. 15 Dec. 31
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When Holders
Share. Payable. of Record.
Abbott Laboratories, Inc. Mari
50c Jan. 2 Dec. 18
Extra
15c Jan. 2 Dec. 18
Abraham & Straus, Inc. (quar.)
30c Dec. 31 Dec. 21
Extra
15c Dec. 31 Dec. 21
Acme Steel (quarterly)
754c Jan. 2 Dec. 20
Extra
1256c Jan. 2 Dec. 20
Adams Express Co.,5% cum. pref.(quar.)
$151 Dec. 31 Dec. 14a
Adams Royalty
Sc Dec. 29 Dec. 20
Aetna Casualty & Surety Co. (guar.)
50c Jan. 2 Dec. 8
Extra
50c Jan. 2 Dec. 8
Aetna Fire Insurance Co.(quar.)
40c Jan. 1 Dec. 17
Aetna Life Insurance Co.(quar.)
10c Jan. 2 Dec. 8
Extra
10c Jan. 2 Dec. 8
Affiliated Products Corp.,(monthly)
Sc Jan. 1 Dec. 14
Agnew-Surpass Shoe Stores. Ltd., pref. (quer.).
% Jan. 2 Dec. 15
Air Reduction Co., inc.(quar.)
75c Jan. 15 Dec. 31
Alabama Great Southern RR. Co., preferred_ _
3% Feb. 27 Jan. 22
Ordinary stock
4% Dec. 31 Dec. 17
Alabama Power Co., $7 pref. (quar.)
$151 Jan. 2 Dec. 14
$6 preferred (quar.)
$114 Jan. 2 Dec. 14
$5 Preferred (guar.)
$151 Feb. 1 Jan. 15
Albany & Susquehanna RR.(extra)
$14 Jan. 12 Dec. 19
Semi-annually
544 Jan. 2 Dec. 15
Allegheny & Western By. Co
S3 Jan. 1 Dec. 20
Alles & Fisher (quar.)
10c Jan. 2 Dec. 22
Allied Chemical & Dye Corp., pref. (quar.)
13.1% Jan. 2 Dec. 11
Allied Laboratories (quarterly)
10c Jan. 1 Dec. 26
$354 convertible preferred (quar.)
8714c Jan. 1 Dec. 28
Alpha Portland Cement Co
25c Jan. 25 Jan. 2
Aluminum Co. of America (Pa.), preferred
525c Jan. 1 Dec. 15
Preferred (quar.
3756c Jan. 1 Dec. 15
Aluminum Goods Mfg. Co.(quar.)
10c Jan. 1 Dec. 21
Aluminum Mfg. (quar.)_
50c Dec. 31 Dec. 15
7% preferred (mar.)
$134 Dec. 31 Dec. 15
Amalgamated Leather Cos., pref
S 50c Jan. 1 Dec. 19
American Agricultural Chemical Corp
50c Dec. 31 Dec. 10
American Bakeries Co.. 7% pref. (8.-a.)
$314 Jan. 1 Dec. 14
7% preferred (quar.)
Sb 51 Jan. 1 Dec. 17
American Bank Note Co., preferred (quar.)_ _ _ 114
Jan. 2 Dec. 13a
American Beverage Corp.. 7% pref. (qu.)
83'c Dec. 31 Dec. 20
American Brake Shoe & Foundry (quar.)
Dec. 31 Dec. 21
Preferred (quarterly)
$1% Dec. 31 Dec. 21
American Can Co. common (quar.)
$1 Feb. 15 Jan. 25a
Common (extra)
51 Feb. 15 Jan. 25a
Preferred (quar.)
Jan. 2 Dec. 14a
American Cast Iron Pipe.6% preferred
553 Jan. 2 Dec. 2
American Chicle Co. (quar.)
75c Jan. 2 Dec. 12
Special
50c Jan. 2 Dec. 12
Ii154 Ian. 2 Dec. 15
American Cigar Co.. preferred (quar.)
American Composite Trust Shares
7.705c Dec. 31
American & Continental Corp.,com
500 Jan. 15 Jan. 2
Class A
50c Jan. 15 Jan. 2
American Cyanamid Co.class A & B com.(qu.).
10c Jan. 2 Dec. 15
American Discount(Ga.)(quar.)
15c Jan. 2 Dec. 20
63.4% preferred (semi-annual)
$1.63 Jan. 2 Dec. 20
American District Telep. Co. of N. J.(quar.)
$1 Jan. 15 Dec. 15
7% preferred (quarterly)
$1% Jan. 15 Dec. 15
American Dredging Co. (8.-a.)
$1 Jan. 2 Dec. 4
American Express Co.(quar.)
Jan. 2 Dec. 21
$1
American Felt Co.. 6% pref. (quar.)
Tan. 2 Dec. 20
Si
American Fork & Hoe, preferred (quarterly)
Jan. 15 Jan. 5
$1
American Gas & Electric Co.common (quar.)_ _
2fic Jan. 2 Dec. 8
Common (special)
20c Jan. 2 Dec. 8
Preferred (quar.)
$14 Feb. 1 Jan. 8
American General Ins.(Houston, Texas)
I5c Dec. 31 Dec. 20
American Hard Rubber Co..8% pref.(quar.).-$2 Jan. 2 Dec. 18
American Hardware Corp. mar./
25c Jan. 1
American Hawaiian S.S. Co.(quar.)
25c Dec. 31 Dec. 15
20c Jan. 2 Dec. 140
American Home Products Corp. (monthly)_ _ _
Deec
b.. 311 Jan. 140
20c F
Monthly
4.71c
American Investors Trust
25c Dec. 31 Dec. 24
American Maize Products, cum.
Preferred (quarterly)
$1% Dec. 31 Dec. 24
American Mfg. Co.. pref. (quar.)
$151 Dec. 31 Dec. 15
2% Jan. 1 Dec. 24
American Motorist Ins. (quar.)
60c Jan. 1 Dec. 24
American Motorists Insurance (Chic.. III)
American National (Toledo. Ohio)
Jan. 2 Dec. 15
$1.
7% preferred A & B (quar.)
25c Jan. 15 Jan. 5
American News N. Y.Corp.(bi-monthly)
$151 Jan. 1 Dec. 15
American Optical Co.,7% preferred (quar.)
5374c Jan. 2 Dec. 5
American Power & Light $6 preferred
531 lic Jan. 2 Dec. 8
$5 preferred
51 Dec. 31 Dec. 16
American Safety Razor (quar.)
20c Jan. 2 Dec. 19
American Screw Co.(quar.)
6c Jan. 15 Jan. 10
American Security Shares (St. Louts, Mo.)__ _
Sc Jan. 15 Jan. 10
Extra
50c Feb. 1 Jan. 18
American Shipbuilding (quar.)
75c Jan. 2 Dec. 12
American Snuff (quar.)
25c Jan. 2 Dec. 12
Extra
$14 Jan. 2 Dec. 12
Preferred (quar.)
50c Dec. 31 Dec. 15
American Steel Foundries, preferred
50c Jan. 1 Dec. 14
American Stores Co.(quar.)
50c Jan. 2 Dec. 5
American Sugar Refining Co., com.(quar.)
$151 Jan. 2 Dec. 5
Preferred (quar.)
50c Jan. 2 Dec. 1545
American Surety Co. of N. Y
$234 Jan. 15 Dec. 15
American Telep. & Teleg. Co.(quar.)
American Thermos Bottle. 7% pref. quar.).(_ _ 8754C Jan. 2 Dec. 20
124c Jan. 1 Nov.30
American Thread. 5% preferred (s.-a.)
American Tobacco Co. preferred (quar.)
13.4% Jan. 2 Dec. 10
American Water Works & Electric Co.
$14 Jan. 2 Dec. 7
56 first preferred (quar.)
624c Jan. 2 Dec. 16
American Wringer Co.(quar.)
50c Jan. 3 Dec. 22
Amoskeag Co
75c July 2 June 22
Common
Jan. 3 Dec. 22
$2
Preferred (semi-annual)
July 2 June 22
Preferred (semi-annual)
$2
15c Jan. 2 Dec. 19
Anchor Cap Corp.. common (quar.)
Mar.)._
_
_
_
_
_
2 Dec. 19
Jan.
preferred
514
$614
$1 Jan. 1 Nov. 18
Andian National Corp. (semi-annual)
Angostura-Wuppermann Corp
Sc Dec. 31 Dec. 24
Sc Dec. 31 Dec. 24
Extra
$1% Jan. 2 Dec. 5
Appalachian Electric Power Co. $7 pref. (qu.)
Volume 139
Name of Company.
Financial Chronicle
Per
When Holders
Share. Payable. ofRecord.
Apponaug Co. (quarterly)
50c Jan. I Dec. 15
Arkansas Power & Light Co. 7% preferred
$1.17 Jan. 2 Dec. 15
$6 preferred (guar.)
$1 Jan. 2 Dec. 15
Armour & Co.(Del.)7% guaranteed pref.(qu.)_ SIX Jan. 1 Dec. 10
Armour & Co.(Illinois) $6 prior pref. (quar.)__ _ 31 X Jan. I Dec. 10
Arms Mfg. Co. (extra)
50c Dec. 31 Dec 8
10c Jan. 2 Dec. 22
Arrow-Hart & llegeman Elect. (guar.)
$1.
Preferred (quarterly)
Jan. 2 Dec. 22
Arundel Corp. (quar.)
25c Jan. 2 Dec. 21
r25c Dec. 31 Dec. 15
Associated Breweries, Ltd., common
Preferred (quarterly)
$1% Jan. I Dec. 15
Associated Investment (quar.)
$1 Dec. 31 Dec. 21
Extra
$1 Dec. 31 Dec. 21
Associates Investment (guar.)
$1 Dec. 31 Dec. 31
Extra
$I Dec. 31 Dec. 31
Atchison Topeka 8c Sante Fe, pref. (3.-a.)
$2% Feb. 1 Dec. 31
Atlanta, Birmingham & Coast Co.,5 pf. (s.-a.)_ $2% Jan. 1 Dec. 12
Atlantic City Sewerage (quar.)
25c Jan. 12 Jan. 2
Atlantic & Ohio Telegraph Co. (quar.)
$1% Jan. 2 Dec. 15
Atlas Thrift Plan,7% pref.(quar.)
17 Mc Jan. 2 Dec. 24
Attleboro Gas Light (quar.)
$3 Jan. 2 Dec. 15
Austin Nichols, prior A (quar.)
$1% Feb. 1 Jan. 15
Autoline Oil, preferred (quar.)
20c Jan. 2 Dec. 24
Automatic Voting Machine Co. (quar.)
12%c Jan. 2 Dec. 20
Quarterly
12%c Apr. 2 Mar. 20
Quarterly
12%c July 2 June 20
Automobile Ins. Co. of Hartford (quar.)
25c Jan. 2 Dec. 8
Avon Geneseo & Mt. Morris RR.(s-a)
$1.45 Jan. 1 Dec. 26
Axton-Fisher Tobacco Co. class A (guar.)
80c Jan. 2 Dec. 15
Class B (quar.)
40c Jan. 2 Dec. 15
Preferred (quar.)
SI% Jan. 2 Dec. 15
Babcock & Wilcox Co
10c Jan. 2 Dec. 20
Balaban & Katz. pref
h$5% Jan. 2 Dec. 24
Baltimore & Cumberland Valley Ext. RR.(3.-a.) SI% Jan. 1 Dec. 31
Bancohio-Corp. (quarterly)
IRe Jan. 2 Dec. 20
Bangor & Aroostook RR.(quar.)
62e Jan. I Nov.30
Preferred (guar.)
$1% Jan. 1 Nev.30
Bangor Hydro-Electric 6% pref.(quar.)
$1% Jan. 1 Dec. 10
7% preferred (quar.)
31% Jan. I Dec. 10
Bankers Investment Trust of America debenture stock (s.-a.)
30c Dec. 31 Dec. 15
Bankers Trust Co.(quar.)
Jan. 2 Dec. 12
7X
Bank of New York & Trust Co.(quar.)
S3
Jan. 2 Dec. 21
Bank of the Manhattan Co
27Sic Jan. 2 Dec. 18a
Barber(W. Ii.) & Co., pref.(quar.)
Jan. 1 Dec. 20
$1
Basic Industry Shares
6.962c Dec. 31
Battle Creek Gas,6% pref. (quar.)
5( 14 Jan. 2 Dec. 20
Bayuk Cigars. Inc., pref. (quar.)
$114 Jan. 15 Dec. 31
Beatrice Creamery Co. preferred (quar.)
31
Jan. 2 Dec. 14
Beech Creek RR. Co
50c Jan. 2 Dec. 14
Beech-Nut Packing Co.. common (quar.)
75c Jan. 2 Dec. 12
Bell Telephone of Canada (quar.)
r$1 14 Jan. 15 Dec. 22
Bell Telephone Co. of Pa.6%% pref.(quar.)_ _ _ $1% Jan. 15 Dec. 20
Belt RR. & Stockyards (quar.)
75c Jan. 2 Dec. 20
6% preferred (guar.)
75c Jan. 2 Dec. 20
Bickford's, inc., (quar.)
15c Jan. 2 Dec. 20
Extra
10c Jan. 2 Dec. 20
Preferred (quarterly)
62Xc Jan. 2 Dec. 20
Biltmore Hats, Ltd
31 Jan. 15 Dec. 31
Binghamton Gas Works,7% pref. (quar.)
$1X Jan. 1 Dec. 20
Bird & Son (quar.)
12 14c Jan. 2 Dec. 20
Birmingham Electric. $7 pref
h$1 14 Jan. 2 Dec. 12
$6 preferred
h5134 Jan. 2 Dec. 12
Block Bros Tobacco, pref.(quar.)
$1 X Dec. 21 Dec. 24
Bon Ami Co.. cl. A common (extra)
SI Dec. 31 Dec. 22
Class B common (extra)
50c Dec. 31 Dec. 22
Borg-Warner Corp., common (quar.)
25c Jan. 2 Dec. 14
Common (extra)
25c Jan. 2 Dec. 14
Preferred (quar.)
$1% Jan. 2 Dec. 14
Boston & Albany RR.Co
$214 Dec. 31 Nov.30
Boston Elevated Ry.(quar.)
$1 X Tan. 2 Dec. 10
Boston Ilearald-Traveler, commbn
60c Jan
2 Dec. 20
Boston Insurance (quarterly)
$4 Jan. 2 Dec. 20
Quarterly)
$4 Apr. 1 Mar. 20
Boston & Providence RR.(quar.)
82.1234 Jan. 2 Dec. 20
Quarterly
32.12;.4 Apr. I Mar. 20
Quarterly
52.1234 July 1 June 20
Quarterly
82.1214 Oct. 1 Sept. 20
Boston RR. Holdings. pref. (semi-ann.)
32 ran. 10 Dec. 31
Boston Warehouse & Storage (guar.)
$111 Dec. 31
Boston Wharf (semi-annual)
$13i Dec. 31 Dec. 1
Boston Woven Hose & Rubber pref.(semi-ann.)
33 Jan. 2 Dec. 1
Bower Roller Bearing Co. (guar.)
280 Jan. 25 Jan. 2
Brach (E. J.) & Sons. (extra)
60c Dec. 29 Dec. 22
Bralorne Mines. Ltd. (quarterly)
15c Jan. 15 Dec. 31
Brantford Cordage Co., Ltd., 1st pref
r50c Jan. 15 Dec. 20
Brazilian Traction, Light & Power, pref. (guar.) $1% Jan. 2 Dec. 15
Brewer (O.)& Co., Ltd., extra
$4 Dec. 24 Dec. 20
Brewer (C.) & Co., Ltd.(mo.)
$I Jan. 25 Jan. 20
Monthly
Si Feb. 25 Feb. 20
Monthly
$1 Mar. 25 Mar. 20
Bridgeport Brass
10c Dec. 30 Dec. 10
Bridgeport Gas Light (quar.)
60c Dec. 31 Dec. 17
Briggs Mfg. (special)
50c Dec. 29 Dec. 19
Briggs & Stratton Corp. (guar.)
50c Dec. 31 Dec. 20
Brillo Mfg. Co., Inc. common (quar.)
15c Jan, 2 Dec. 15
Class A (quar.)
50c Jan. 2 Dec. 15
Bristol Brass Corp.. preferred (quar.)
5134 Dec. 29 Nov.22
British American Oil Co.. Ltd.(quar.)
r20c Jan. 2 Dec. 15
British-American Tobacco Co., Ltd.(final)
ir8d Jan. 17 Dec. 22
Ordinary stock (interim)
wl0d Jan. 17 Dec. 22
British Columbia Electric, Power & Gas Co.
6% preferred (quarterly)
$1% Jan, 2 Dec. 20
British Columbia Power Corp. class A (quar.)_ _
r37c Jan. 15 Dec. 31
British Columbia Telep.,8% 1st pref. (quar.)_ _ $1
Jan. I Dec. 17
6% preferred (quarterly)
Feb. I Jan. 16
$1
Broad Street Investing Co., Inc.(quar.)
20c Jan. I Dec. 17
Brooklyn Borough Gas Co. (guar.)
$134 Jan. 10 Dec. 31
75c Jan. 2 Dec. 18
69 preferred (quarterly)
6% preferred (extra)
6%e Jan. 2 Dec. 18
Brooklyn-Manhattan Transit Corp.
Common (quar.)
75c Jan. 15 Jan
2
Preferred (guar.)
$114 Jan. 15 Jan. 2
Preferred (quarterly)
Apr. 15 Apr. I
(quarterly)
Preferred
July 15 July 1
$1
Brooklyn & Queens Transit Corp., preferred
Jan. 2 Dec. 15
Brooklyn Trust (semi-ann.)
$2 Jan. 2 Dec. 24
Brooklyn Union Gas(quar.)
$1% Jan. 2 Dec. 3
Bruck Silk Mills, Ltd. (quar.)
25c Jan. 15 Dec. 15
Extra
Sc Jan. 15 Dec. 15
Bucyrus-Erie Co. preferred
50c Jan. 2 Dec. 14
Bucyrus Monighan A (quar.)
45c Jan. 2 Dec. 20
Class B
90c Jan. 2 Dec. 20
Buffalo, Niagara & Eastern PowerSi X Feb. I Jan. 15
35, 1st preferred (quar.)
Preferred (guar.)
40c Jan. 2 Dec. 15
3
Builders Exchange Building of Bait
Jan. 9 Dec. 22
2
Building Products, Ltd., A & B (guar.)
Jan. 2 Dec. 17
& B (extra)
25c Jan. 2 Dec. 17
r90c Dec. 31 Dec. 3
Bulolo Gold Dredging, Ltd. (interim)
75c Jan. 2 Dec. 20
Burco, Infl., $3 preferred (guar.)
$1 Jan. I Dec. 15
Burger Brewing Co..8% pref.(quar.)
50c Jan. 2 Dec. 17
Burt (F. N.) & Co.(quar.)
$1% Jan
Preferred (guar.)
2 Dec. 17
40c Jan. 2 Dec. 15
Calamba Sugar Estate, common (guar.)
$134 Jan. 2 Dec. 15
Calgary Power, Ltd. (quar.)
California Electric Generating, 6% pref. (guar.) $134 Jan. 2 Dec. 5
Cameron Machine,8% pref. (quar.)
$2 Dec. 31 Dec. 20
15c Jan. 15 Dec. 31
Canada Bud Breweries
25c Jan. 25 Dec. 31
Canada Northern Power Corp. common (qu.)
Jan. 15 Dec. 31
7" cumulative preferred(quar.)
Jan. 2 Dec. 15
Canada Packers. Ltd.. 7% pref. (quar.)
Name of Company.
4079
Per
When Holders
Share. Payable. ofRecord.
Canada Permanent Mtge. (guar.)
32 Jan. 2 Dec. 15
Canada Southern Ry (s.-a.)
51% Feb. I Dec. 28
Canadian Canners, convertible preferred
r1234c Jan. 2 Dec. 15
Convertible preferred (bonus)
r234c Jan. 2 Dec. 15
6% 1st preferred (quar.)
4134 Jan. 2 Dec. 15
Canadian Celanese. Ltd.. 7% preferred (quar.)_ 4134 Dec. 31 Dec. 14
Canadian Cotton, Ltd.. corn. (quar.)
41 Jan. 2 Dec. 14
Preferred (quar.)
41 Jan. 2 Dec. 14
Canadian Equity Trust Shares.
17c Dec. 31 Dec. 15
Canadian Fairbanks Morse, pref.(quar.)
$134Jan. 15 Dec. 31
Canadian Foreign Investment. 8% pref. (quar.)
r$2 Jan, I Dec. 15
Canadian General Electric (guar.)
780 Jan. 1 Dec. 15
Preferred (guar.)
dr8734c Jan. 1 Dec. 15
Canadian Industrial (quar.)
$1 Jan. 31 Dec. 31
Preferred (quar.)
5134 Jan. 15 Dec. 31
Canadian Oil Cos.. Ltd. 8% pref. (quar.)
32 Jan. 1 Dec. 20
Canadian Permanent Mortgage Corp
$2 Jan. 2 Dec. 15
Canadian Westinghouse, Ltd. (quar.)
50c Jan. 1 Dec. 20
Canadian Wineries, Ltd
rlOc Jan. 15 Jan. 2
Canadian Wirebound Box, Ltd. A
h25c Jan. 2 Dec. 15
Canfield Oil Co., pref. (quar.)
5134 Dec. 31 Dec. 20
Cannon Mills (quar.)
50c Jan. 2 Dec. 18
Canton Co. of Baltimore
$2 Dec. 31 Dec. 28
Capital Administration Co Ltd.preferred(quar.)
75c Jan. 1 Dec. 17
Carnation Co., common (quarterly)
50c Jan. 2 Dec. 20
7% preferred (quar.)
5134 Jan. 1 Dec. 20
Preferred (quar.)
$134 Apr. 1 Mar. 20
Preferred (quar.)
$1X July I June 20
7% preferred (quarterly)
$1.34 Oct. 1 Sept.20
Carolina Power & Light,$7 preferred
5134 Jan. 2 Dec. 14
$6 preferred
5134 Jan. 2 Dec. 14
Case (J. 1.) Co.. preferred (quar.)
31 Jan. 1 Dec. 12
Case, Lockwood & Brainard (quar.)
$234 Jan. 2 Dec. 17
Cayuga & Susquehanna RR.(s.-a.)
31.20 Jan. 2 Dec. 20
Celanese Corp.of Amer.7% cum.prior pref.(qu) $134 Jan. 1 Dec. 14
7% cum.first preferred
5334 Dec. 31 Dec. 14
Centlivre Brewing Corp., class A
634c Jan. 3 Dec. 24
3734c Jan. 2 Dec. 18
Central Aguirre Associates (quar.)
Central Hanover Bank & Trust Co.(quar.)
5134 Jan. 2 Dec. 20
Central
Illinois Light Co.,6% pref. (quar.)
134% Jan. 2 Dec. 15
.77. preferred
1 X% Jan. 2 Dec. 15
(quar.)
Central Maine Power,7% preferred
8734c Jan. 1 Dec. 10
6% preferred
75c Jan. 1 Dec. 10
75c Jan. 1 Dec. 10
$6 dividend, series pref
Central Power,7% pref. (quar.)
8734c Jan. 15 Dec. 31
6% preferred (quarterly)
75c Jan. 15 Dec. 31
I5c Feb. 15 Feb. 1
Chain Belt Co., common
Chain Store Products Corp., preferred (quar.)_ _ 3734c Dec. 31 Dec. 20
Champion Coated Paper Co.—
3134 Jan. 2 Dec. 18
1st and special preferred (quar.)
9
Champion Fiber Co., preferred (guar.)
3134 Jan. 1 Dec.
Chapman Valve Mfg. CO., 7% pref
5334 Dec. 31 Dec. 1
Chatham Mfg. Co.,7% preferred (quar.)
$134 Jan: 2 Dec. 20
6% preferred (quarterly)
$134 Jan. 2 Dec. 20
480 Jan. 2 Dec. 18
Chemical Bank & Trust
63c Jan. 1 Dec. 7
Chesapeake Corp.(quarterly)
Chesapeake & Ohio Hy. Co., common (guar.)._ 12
704 Jan. 1 Dec. 7
Preferred (semi-annual)
$5 Dec. 31 Dec. 21
Chesebrough Mfg. Co. special extra
Chicago Daily News, Inc., $7 pref. (quar.)
3114 Jan. 2 Dec. 29
25c Dec. 29 Dec. 19
Chicago Flexible Shaft, com. (quar.)
Chicago Junction Union Stockyards (quar.)____
3234 Jan. 2 Dec. 15
6% preferred (guar.)
5134 Jan. 2 Dec. 15
Chicago Mail Order (extra)
50c Jan. 31 Dec. 20
Chicago Towel Co., preferred (guar.)
$134 Dec. 31 Dec. 20
50c Jan. 2 Dec. 14
Chickasha Cotton Oil (special)
Christiana Security Co.7% pref.(quar.)
3134 Jan. 2 Dec. 20
Chrysler Corp.. corn. (guar.)
25c Dec. 31 Dec. 1
50c Jan. 7 Dec. 15
Churchill House Corp
25c Jan. 2 Dec. 20
Cincinnati Advertising Co.(quar.)
Cincinnati Gas & Electric. 5% pf. A (quar.)_
Jan. 2 Dec. 14
$1
Cincinnati, Newport & Covington Lt. & Tr.
n. 15
Quarterly
5 Dec. 2
28
8
513-4
Jan.
Dec.
$434 preferred (quarterly)
Cincinnati Northern RR.(s-a)
56 Jan. 31 Jan. 21
$1.125
$1.12 Jan. 2 Dec. 18
Cincinnati & Suburban Bell Tel. Co.(quar.)
40c Dec. 31 Dec. 13
Cincinnati Union Stockyards (guar.)
Extra
10c Dec. 31 Dec. 13
Cincinnati Union Terminal.4% pref.(quar.)
$134 Jan. 1 Dec. 20
Citizens Water (Wash., Pa.), 7% pref. (quar.). 3.1X Jan. 1 Dec. 20
City Ice & Fuel (quarterly)
50c Dec. 31 Dec. 15
City Investing
$1. Jan. 4 Dec. 31
Preferred (quarterly)
$114 Jan. 2 Dec. 26
280 Jan. 1 Dec. 20
Claude Neon Electrical Prod. (quar.)
Clearfield & Mahoning RR. Co.. (s.-a.)
5134 Jan. 2 Dec. 20
Cleveland Cincinnati Chicago & St. Louis RR.—
5% preferred (quar.)
3114 Jan. 31 Jan. 21
50c Jan. 1 Dec. 20
Cleveland Electric Illuminating (auar.)
$13.6 Mar. 1 Feb. 15
6% preferred (quar.)
Cleveland By.(quar.)
$134 Dec. 31 Dec. 26
Certificates(quarterly)
5134 Dec. 31 Dec. 26
25c Dec. 31 Dec. 21
Cleveland Union Stockyards. corn
Sc Dec. 31 Dec. 15
Climax Molybloom Co. (quar.)
50c Jan. 2 Dec. 20
Clinton Trust Co.of New York (guar.)
Extra
50c Jan, 2 Del. 20
5134 Jan. 15 Jan. 2
Clinton Water Works Co.. 7% pref. (qu.)
Cluett, Peabody preferred (quar.)
5134 Jan. 2 Dec. 21
6234c Jan. 2 Dec. 15
Coca-Cola Bottling (Del.) (guar.)
$1.34 Jan. 2 Dec. 12
Coca-Cola Co.(quar.)
$1. Jan. 2 Dec. 12
Extra
5111 Jan.Jan. 2 Dec. 12
12
Class A (quar.)
Dec.
Coca-Cola International Corp.. com.(quar.)..
Common (extra)
$2 Jan. 2 Dec. 12
$3 Jan. 2 Dec. 12
Class A (semi-ann.)
Cohen (Dan.) Co.(quar.)
40c Jan. 2 Dec. 20
$1 Jan. 10 Dec. 31
Coleman Lamp & Stove
Collateral Loan Co.(Boa.. Mass.) (guar.)
32 Dec. 31 Dec. 11
Collyer Insulated Wire
280 Jan. 2 Dec. 26
Colonial Ice. $7 preferred (quar.)
$114 Jan. 2 Dec. 20
86 preferred B (guar.)
5134 Jan. 2 Dec. 20
Colt's Patent Fire Arms Mfg. Co.(quar.)
280 Dec. 31 Dec. 8
Special
50c Dec. 31 Dec. 8
Columbia Mills
$134 Dec. 31 Dec. 24
Columbia Pictures Corp., common (quar.)
25c Jan. 2 Dec. 14
Common (send-ann.)
% Feb. 2 Jan. 14
Commercial Credit (quar.)
Oc Dec. 31 Dee. 11
$3 A convertible (quar.)
780 Dec. 31 Dec. 11
634% 1st preferred (quar.)
$134 Dec. 31 Dec. 11
7% cum.preferred (quar.)
4334c Dec. 31 Dec. 11
8% cum.preferred (quar.)
50c Dec. 31 Dec. 11
Commercial Investment Trust Corp..com.(qu.) m50c Jan. 1 Dec. 50
Common (extra)
50c Jan. 1 Dec. 50
Commercial Nat. Bank & Trust (guar.)
$2 Jan. 2 Dec. 26
Commerciai Solvents Corp. corn. (s.-a.)
30c Dec. 31 Dec. 1
Commonwealth Investors (Calif.)(quar.)
4c Feb. I Jan. 14
Commonwealth & Southern Corp.,$6 pref.(qu.) $1
Jan. 2 Dec. 7
Commonwealth Utilities,7% prof. A (quar.)$1
Jan. 2 Dec. 15
6% preferred B (quar.)
3134 Jan. 2 Dec. 15
634% preferred C (quar.
Mar. 1 Feb. 15
$1
Commonwealth Water &
ht—
37 preferred (guar.)
$134 Jan. 2 Dec. 20
$6 preferred (quar.)
3134 Jan. 2 Dec. 20
Concord Gas, 7% pref. (quar.)
5134 Feb. 15 Jan. 31
Confederation Life Association (guar.)
SI Dec. 31 Dec. 25
Conigas Mines Ltd
1234c Jan. 10 Dec. 31
Connecticut Electric Service (guar.)
780 Jan. 1 Dec. 15
Connecticut Fire Ins.(Hartford)(qu.)
34 Jan. 2 Dec. 15
Connecticut Gas & Coke Securities Co—
$3 preferred (quarterly)
780 Jan. 2 Dec. 15
Connecticut Gen. Life Ins.(Hart.)(quer.)
20c Jan. 2 Dec. 14
Connecticut & Passumpsic Rivers RR—
Semi-annual
53 Feb. 1 Jan. 1
121
4080
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Consolidated Bakeries of Canada (quar.)
20c Jan. 2
Consolidated Cigar. 7% pref. (quar.)
51% Mar. 1 Feb. 15
Prior preferred (quar.)
51% Feb. 1 Jan. 15
Consolidated Film Industries Inc. preferred50c Jan. 2 Dee. 10a
Preferred
550c Jan. 5 Dec. 10
Consolidated Gas(N. Y.), preferred (guar.)-7
$1% Feb. 1 Dec. 28
Consolidated Gas of Baltimore. common (qu.)
90c Jan. 5 Dec. 15
Preferred A (guar.)
$1% Jan. 2 Dec. 15
Preferred D (guar.)
Jan. 2 Dec. 15
$1
Preferred C (guar.)
Jan. 2 Dec. 15
$1
Consolidated Mining & Smelting Co. of Canada
5 Dec. 31 Dec. 15
Semi-annual
Bonus
4$1 Dec. 31 Dec. 16
Consolidated Paper, pref. (quar.)
Jan. 2 Dec. 21
Consolidated Traction Co.of N.J.(s.-a.)
$2 Jan. 15 Dec. 31
Consumers Gas of Toronto(quar.)
$2% Jan. 2 Dec. 15
Consumers Power Co.,$5 pref.(quar.)
$1% Jan. 2 Dec. 15
6% preferred (quarterly)
$1% Jan. 2 Dec. 15
6.6% preferred (quarterly)
$1.65 Jan. 2 Dec. 15
7% preferred (quarterly)
$184 Jan. 2 Dec. 15
6% preferred (monthly)
50c Jan. 2 Dec. 15
6.6% preferred (monthly)
55c Jan. 2 Dec. 15
Continental Assurance (Chic- Ill.) (quar.)_..,...
50c Dec. Si Dec. 15
Continental Baking Corp.. preferred (quar.)___ Si Jan. 1 Dec. 17a
Continental Bank & Trust CO.(guar.)
20c Jan. 1 Dec. 14
Continental Gas & Electric, pref.(quar.)
$1% Jan. 2 Dec. 12
Continental Ins. Co.(semi-annual)
60c Jan. 10 Dec. 31
Extra
15c Jan. 10 Dec. 31
Corporate Trust Shares(orig.ser.)
5.07c Dec. 31
Series A A
4.623c Dec. 31
(Modified)series A A
4.9436c Dec. 31
Accumulative series
4.623c Dec. 31
(Modified)accumulative series
4.9436c Dec. 31
Cottrell (C. B.) & Sons,6% pref. (quar.)
$1% Jan. 2 Dec. 20
Courier-Post Co
$6 Jan. 1 Dec. 15
51% Jan. 1 Dec. 15
Preferred (guar-)
Creamery Package Mfg
30c Jan. 10 Jan. 1
Cream of Wheat (quarterly)
50c Jan. 2 Dec. 22
Extra
25c Jan. 2 Dec. 22
h$1 Feb. 1 Jan. 15
$7, 1st preferred
Crown Willamette Paper Co.. 1st pref
551 Feb. 1 Jan. 15
$7, 1st pref
531 Jan. 1 Dec. 20
Crum & Forster, 8% preferred (guar.)
75c Mar. 31 Mar. 21
Crystal Tissue,8% preferred (semi-ann.)
$4 Jan. 1 Dec. 20
Cudahy Packing (quarterly)
62)5c Jan. 15 Jan. 5
Curds pubbahing,17 pref.(guar.)
$1% Jan. 2 Dec. 20
Curtiss-Wright Export Corp.
$1% Jan. 15 Dec. 31
6% preferred (quar.)
Darby Petroleum
25c Jan. 25 Jan. 10
Davega Stores Corp. common
10c Jan. 2 Nov.30
Davenport Hosiery Mills, common
50c Jan. 1 Dec. 10
Dayton & Michigan RR.Co.,8% pref.)quar.)_ _
$I Jan. 2 Dec. 15
Dayton Pow.er & Light Co..6% pref.(mo.)
50c Jan. 1 Dec. 20
Deisel Wemmer Gilbert (quar.)
105c Jan. 2 Dec. 20
Extra
37%c Jan. 2 Dec. 20
De Jay Stores. Inc., A
h55c Jan. 2 Dec 17
Delaware RR. Co. (8.-a.)
$1 Jan. 2 Dec. 15
De Long Hook & Eye (titian)
75c Jan. 2 Dec. 20
Denver Union Stockyards (quar.)
50c Jan. 1 Dec. 26
Extra
$1 Jan. 2 Dec. 20
Deposited Bank Shares(N. Y.)series A (s.-an.)- 05% Jan. 2 Nov. 15
Detroit Edison Co.(quarterly)
51 Jan. 15 Dec. 31
DetroitHillsdale & Southwestern RR.(s.-a.)
$2 Jan. 5 Dec. 20
Devoe & Raynolds,common A & B (quar.)
25c Jan. 2 Dec. 18
Common A. & B extra
25c Jan. 2 Dec. 18
1st and 2nd preferred (quar.)
51% Jan. 2 Dec. 18
Diamond Shoe Corp.,common ((mar.)
15c Jan. 2 Dec. 20
% preferred (guar.)
).1% Jan. 2 Dec. 20
6% 2nd preferred (8.-a.)
30c Jan. 2 Dec. 20
Diamond State Telep. Co.684% pref.(quar.).... $1% Jan. 15 Dec. 20
Diversified Trustee Shares
6.08c Dec. 31
Dixon (Jos.) Crucible Co
Dec. 31 Dec. 17
1
Dome Mines. Ltd.(quarterly)
Jan. 21 Dec. 31
5
Dominion Fire Ins. (semi-annual)
$3 Jan. 2 Dec. 31
Extra
$2 Jan. 2 Dec. 31
Dominion Glass (quar.)
$1% Jan. 2 Dec. 22
Preferred (guar.)
•
$1 84 Jan. 2 Dec. 22
Dominion Rubber Co.,7% pref.(quar.)
Dec. 31 Dec. 26
13
Dominion Stores, Ltd.. common (guar.)
r30c Jan. 2 Dec. 15
Dominion Textile Co., Ltd., common (quar.)_- r31% Jan. 2 Dec. 15
Preferred (quar.)
Jan. 15 Dec. 31
Dow Drug Co., 7% cum. pref. (quar.)
$1% Jan. 2 Dec. 21
Draper Corp. (quarterly)
60c Jan. 2 Dec. 1
Extra
$2 Jan. 2 Dec. 1
Driver-Harris Co., common
25c Dec. 31 Dec. 21
7% preferred (guar.)
$184 Jan. 1 Dec. 20
Duke Power Co.common
%al% Jan. 2 Dec. lb
Preferred
131% Jan. 2 Dec. 15
Duplan Silk (semi-annual)
50c Feb. 15 Feb. 1
Preferred (quarterly)
$2 Jan. 2 Dec. 20
du Pont de Nemours(E.I.)& Co.—
Debenture (quarterly)
$1% Jan. 25 Jan. 10
Duquesne Brewing Co
105c Jan. 2 Dec. 21
Preferred A (guar.)
1284c Jan. 2 Dec. 21
Duquesne Light Co.,5% 1st pref.(quar.)
$1 ii Jan. 15 Dec. 31
Eagle Warehouse & Storage Co.(quar.)
$I Jan. 2 Dec.126
Early & Daniel
1284c Dec. 31 Dec. 20
Preferred (quarterly)
$184 Dec. 31 Dec. 20
Eastern Gas& Fuel Assoc.,484% pref.(guar.)_ - 51.125 Jan, 1 Dec. 15
6% preferred (quar.)
$184 Jan. 1 Dec. 15
455% preferred (quar.)
51.125 Apr. 1 Mar. 15
6% preferred (quarterly)
$135 Apr. I Mar. 15
Eastern New Jersey Power,6% Pref. (quar.)
5184 Jan. 1 Dec. 15
Eastern Steamship Lines, 1st pref. (quar.)
51% Jan. 2 Dec. 14
No par preferred (quar.)
8735c Jan. 2 Dec. 14
Eastern Steel Products Ltd.,7% pf.(qu.)
5.1 Si Jan. 2 Dec. 15
Eastman Kodak Co., common (quar.)
$1 Jan. 2 Dec 5
Common (extra)
75c Jan. 2 Dec. 5
Preferred (quarterly)
$1
Jan. 2 Dec. 5
East Pennsylvania RR. Co. (s.-a.)
Jan. 17 Jan. 7
$1
East Tennessee Telegraph (5.-a.)
51.44 Jan. 2 Dec. 17
Economical-Cunningham Drug Stores
35c Jan. 15 Jan. 10
6% preferred B (semi-ann.)
$3 Jan. 2 Dec. 15
Ecuadorian Corp., Ltd., coin. (quar.)
u2c Jan. 1 Dec. 10
Preferred (semi-ann.)
Jan. 1 Dec. 10
Edmonton City Dairy,684% pref.(quar.)
3it7
A Jan. 2 Dec. 15
Elder Mfg. Co.(quar.)
25c Jan. 1 Dec. 21
8% 1st preferred (quar.)
$2 Jan. 1 Dec. 21
$5 preferred (quarterly)
5184 Jan. 1 Dec. 21
Electrical Securities Corp. $5 pref. (quar.)
$1% Dec. 31 Dec. 15
5 Jan. 1 Dec. 15
Electric Auto-Lite 00.7% pref.(quar.)
$14
Electric Bond & Share Co.,56 pref.(quar.)
Feb. 1 Jan. 4
$1
$1 84 Feb. 1 Jan. 4
$5 preferred (quarterly)
Electric Controller Sc Mfg. Co.(quar.)
25c Jan. 2 Dec. 20 .
Electric Storage Battery Co.,common
75c Jan. 1 Dec. 10
Cumulative participating preferred
75c Jan. 1 Dec. 10
Elizabethtown Consol. Gas Co.(quar.)
$2 Jan. 2 Dec. 26
Elmira & Williamsport RR..7% pref. (s.-a.)
$1.61 Jan. 2 Dec. 20
El Paso Electric(Del.)7% pref.(quar.)
El% Jan. 15 Dec. 28
$6 preferred (quarterly)
5184 Jan. 15 Dec. 28
El Paso Electric (Tex.).6% pref. (guar.)
5184 Jan. 15 Dec. 31
Emerson Bromo Seltzer, Inc.. 8°
50c Jan. 2 Dec. 15
? pref. (quar.)_
Emerson Electric Mfg., 7% pref
55384 Jan. 15 Dec. 20
Empire Power Corp.,$6 cum.preferred
Jan. 1 Dec. 15
$1
Empire Safe Deposit Co.(quar.)
"g Dec. 29 Dec. 22
Enamel Products
Dec. 29 Dec. 15
Empire Trust Co.(quarterly)
25c Jan. 2 Dec. 21
Endicott Johnson (quar.)
75c Jan. 1 Dec. 18
Preferred (quarterly)
$1% Jan. 1 Dec. 18
Equity Trust Shares in America (reg.)
6c Dec. 31 Dec. 26
Eureka Vacuum Cleaner Co.(quar.)
20c Jan. 1 Dec. 15
Evans Products Co
50c Jan. 2 Dec. 24
Name of Company.
Dec. 29 1934
Per
When Holders
Share. Payable. of Record.
Excelsior Life Ins. Co. (Ontario)$1.20 Jan. 2 Dec. 31
3% paid stock (semi-annual)
Excess Ins. Co. of Amer.(N.J.)common
25c Jan. 15 Dec. 31
Faber Coe & Gregg (quarterly)
25c Mar, 1 Feb. 15
Fall River Electric Light (quar.)
75c Ian. 2 Dec. 15
Family Loan Society (quar.)
25c Jan. 2 Dec. 15
5331 participating preferred (guar.)
87%c Jan. 2 Dec. 15
5331 participating preferred (extra)
3731c Jan. 2 Dec. 15
Fanny Farmer Candy Shops (quar.)
631c Dec. 31 Dec. 15
Extra
6%c Dec. 31 Dec. 15
Farmers & Traders Lire Ins.(guar.)
$2% Jan. 1 Dec. 11
Quarterly
$2% Apr. I Mar. 11
Faultless Rubber (quar.)
50c Jan, 2 Dec. 15
Federal Insurance Co.(Jersey city. N.J.)(s.-a.)
$1 Jan. 7 Dec. 21
Federated Dept. Stores. Inc. (quar.)
15c Jan. 2 Dec. 21
Extra
10c Jan. 2 Dec. 21
Federation Bank & Trust Co.(N. Y.)
20c Jan. 3 Dec. 22
Fidelity & Guarantee Fire (Baltimore, Md.)_ _
50c Jan. 2 Dec. 26
Fidelity-Phenix Fire Insurance (semi-ann.)
60c Jan. 10 Dec. 31
Special
15c Jan. 10 Dec. 31
Fifth Avenue Bank of N. Y.(guar.)
36 Jan. 2 Dec. 31
Fifth Avenue Bus Securities (quar.)
16c Dec. 29 Nov. 14
Filene's (Win.) Sons, common (quar.1
20c Dec. 31 Dec. 19
Common (extra)
10c Dec. 31 Dec. 19
Preferred (guar.)
51% Jan. 2 Dec. 19
Finance Co. of America (Baltimore, Md.)—
Common A & B
10c Jan. 15 Jan., 5
7% preferred
4331c Jan. 15 Jan. 5
7% preferred class A
831c Jan. 15 Jan. 5
Finance Co. of Pennslyvania (guar.)
8255 Jan. 2 Dec. 15
Firestone Tire & Rubber common (guar.)
10c Jan. 21 Jan. 4
Preferred (guar.)
5131 Mar. 1 Feb. 15
First State Pawners Society(quar.)
$1% Dec. 31 Dec. 21
First National Bank (quar.)
$25 Ian. 2 Dec. 20
First National Corp. of Portland, Ore.,class A
525c Jan. 15 Dec. 26
First National Stores, Inc., common (quar.)
6231c Jan. 2 Dec. 15
7% pref. (quar.)
5131 Jan, 2 Dec. 15
8% preferred (guar.)
20c Jan. 2 Dec. 15
Fisher Flour Mills,7% pref
5131 Jan. 2 Dec. 15
Fishman(M. H.) preferred A & B (quar.)
5184 Jan. 15 Dec. 31
Fisk Rubber. pref. (quar.)
5131 Jan. 2 Dec. 12
Five-Year Fixed Trust Shares, bearer
12.622c Dec. 31
Fixed Trust Oil Shares, bearer
8.9667c Dec. 31
Fixed Trust Shares B
15.635c Dec. 31
Original series, bearer
17.405c Dec. 31
Florsheim Shoe Co_ A (guar.)
25c Jan. 2 Dec. 20
Class B quar.
1234c Jan. 2 Dec. 20
Class A quar.
5c Apr. 1 Mar. 20
Class B guar.
1231c Apr. 1 Mar. 20
Flour Mills of America preferred A
552 Jan. 1 Dec. 19
Food Machinery Corp. of N. Y., common
25c Jan. 10 Dec. 31
05% preferred (monthly)
50c Jan. 15 Jan. 10
05% preferred (monthly)
50c Feb. 15 Feb. 10
631% preferred (monthly)
50c Mar. 15 Feb. 10
05% preferred monthly)
50c Apr. 15 Apr. 10
6;5% preferred monthly)
50c May 15 May 10
50c June 15 June 10
05% preferred monthly)
Foreign Light & Power Co..6% 1st pref.(quar.) 5184 Jan. 2 Dec. 20
5184 Jan. 1 Dec. 20
1st preferred (quar.)
20c Dec. 29 Dec. 24
Fostoria Pressed Steel (quar.)
Freeman (A. J.), Ltd.. 6% pref. (quar.)
5184 Jan. 2 Dec. 15
Freeport Texas Co. preferred (quar.)
$115 Feb. 1 Jan. 15
Frick Co., Inc ,6% preferred (quar.)
75c Jan. 1 Dec. 18
8731c Jan. 2 Dec. 20
Fruehauf Trailer Co.,7% pref. (quar.)
Fulton Trust (quar.)
$3 Jan. 2 Dec. 24
9.2c
Dec. 31
Fundamental Trust Shares, series A
Series B
8.4c Dec. 31
Galland Mercantile Laundry (quar.)
8731c Jan. 1 Dec. 15
Jan. 2 Dec. 15
Gannett Co., Inc. $6 cony. pref. (quar.)
25c Jan. 1 Dec. 20
Gardner-Denver (quar.)
20c Jan. 2 Dec. 22
Garlock Packing Co.,com.(quar.)
5284 Jan. 2 Dec. 19
Gas & Electric Co. of Bergen Co.(N.J.)s.-a.)
gliofl% Jan. 2 Dec. 15
Gas Securities Co.,com.(mo.)
Preferred (monthly)
50c Jan. 2 Dec. 15
General Amer. Investors Co., Inc., pref.(quar.) 5131 Jan. 2 Dec. 20
874c Jan. 1 Dec. 10
General American Transportation Corp
Jan. 2 Dec. 22
General Baking Co., preferred
$2
$1 Feb. 1 Jan. 16
General Cigar Co.(quar.)
Extra
$3 Feb. 1 Jan. 16
Preferred (quar.)
$I% Mar. 1 Feb. 2
$131 June 1 May 23
Preferred (quar.)
General Electric (quar.)
15c Jan. 25 Dec. 28
15c Jan. 25 Dec. 28
Special stock (guar.)
General Mills, Inc.,6% cum. pref. (guar.)
5184 Jan. 2 Dec. 14a
$1% Feb. 1 Jan. 7
General Motors Corp.,$5 preferred (quar.)
General Printing Ink, common (quar.)
15c Dec. 31 Dec. 15
Common (special
30c Dec. 31 Dec. 15
Preferred (guar.)
5184 Jan. 2 Dec. 15
25c Jan. 2 Dec. 10
General Ry. Signal. common
Preferred (quar.)
5131 Jan, 2 Dec. 10
50c Feb. 1 Jan. 15
General Stockyards Corp.,common
$184 Feb. 1 Jan. 15
Preferred (quar.)
General Tire & Rubber,6% pref.(quar.)
5131 Dec. 31 Dec. 20
55131 Dec. 31 Dec. 20
6% preferred
25c Jan. 2 Dec. 17
General Water, Gas & Electric, pref. (quar.)
an. 2 Dec. 15
Georgia Power Co.$6 preferred (qua'.)
an. 2 Dec. 15
55 preferred (quar.)
$284 Jan. 15 Jan, 1
Georgia RR. & Banking (quar.)
20c Jan. 2 Dec. 20
Gibson Art (quarterly)
25c Dec. 31 Dec. 1
Gillette Safety Razor common (quar.)
5134 Feb. 1 Jan. 2
Preferred (qua'.)
25c Jan. 19 Jan. 5
Glen Alden Coal (quar.)
25c Jan. 19 Tan. 5
Extra
40c Jan. 1 Dec. 15
Glens Falls Insurance (quar.)
25c Jan. 2 Dec. 14
Glidden Co., common (quar.)
15c Jan, 2 Dec. 14
Common (extra)
$131 Jan. 2 Dec. 14
Prior preferred ((mar.)
25c Jan. 2 Dec. 15
Goderick Elevated & Transit Co.(s-a)
Jan. 2 Dec. 31
$1
Gold & Stock Teleg. (guar.)
25c Jan. 2 Dec. 10
Goldblatt Bros., Inc.(guar.)
30c Feb. 1 Jan. 10
Gold Dust Corp.(quar.)
$131 Dec. 31 )ec. 17
$6 preferred (guar.) .
50c Dec. 31 Dec. 31
Goodman Manufacturing Co.(quar.)
$1 Jan. 2 Dec. 1
Goodyear Tire & Rubber Co., 1st pref
Goodyear Tire & Rubber Co.,of Canada—
Si Jan. 2 Dec. 15
Common (quar.)
r$1% Jan. 2 Dec. 15
Preferred (guar.)
741% Jan. 1
Gorden & Belyea, Ltd.,7% prererred
50c Jan. 15 Dec. 31
Gorham Mfg Co.
Gotham Silk Hosiery Co., Inc.$131 Feb. 1 Jan, 11
7% cumul. preferred (quar.)
Jan. 2 Dec. 20
Gottfried Baking Co., Inc., preferred (quar.)....
Apr, 1 Mar, 20
Preferred (quarterly)
14 o July 1 June 20
Preferred (quarterlyi
1%. Oct. 1 Sept.20
Preferred (quarterly
sei Jan. 1 Dec. 20
Preferred (quarterly
Dec. 29 Dec. 27
Grace(W. R.) & Co.,6% first prof. (11.-a.)
$2 Dec. 29 Dec. 27
Preferred A Mar./
Preferred B
$4 Dec. 29 Dec. 27
Grand Rapids Varnish Corp.(quar.)
12%c Dec. 31 Dec. 20
25c Dec. 31 Dec. 17
Granite City Steel Co. (quar.)
25c Jan. 1 Dec. 12
Grant(W. T.) Co., common (quarterly)
Great Lakes Power Co., Ltd.—
$1% Jan. 15 Dec. 31
$7,series A,no par, preference
25c Dec. 29 Dec. 19
Great Lakes Steamship (quar.)
551 Jan. 2 Dec. 22
Great Lakes Transit 7% preferred
Great Western Electro-Chemical Co.
51% Jan. 2 Dec. 21
1st preferred (quar.)
$5 Jan. 2 Dec. 20
Great Western Life Assurance,(Winnipeg)
60c Jan. 2 Dec. 15
Great Western Sugar Co.,common (quar.)
$1% Jan. 2 Dec. 15
Preferred (quar.)
$1% Jan. 1 Dec. 20
Green (Dan.),6% pref.(guar.)
Volume 139
Name of Company.
When Holders
Per
Share. Payable. of Record.
Greenwich Water & Gas System.6% pref. (qu.) $184 Jan. 2 Dec. 20
25c Jan. 2 Dec. 15
Greif Bros. Cooperage Corp., cl. A cons. (quar.)
514 Jan. 1 Dec. 22
Greyhound Corp. A preferred (quar.)
37$4ic Jan. 1 Dec. 31
Group Corp.6% preferred
$100 Dec. 29 Dec. 15
Group No. 1 Oil (quar.)
$5 Jan. 2 Dec. 14
Guaranty Trust Co. (quar.)
43%c Dec. 31 Dec. 17
Hackensack Water. 7% preferred A (quar.)
45c Jan. 2 Dec. 10
Halifax Fire Insurance Co.(N. S.) (s -a.)
25c Jan. 2 Dec. 14
Haloid Co.,common (quarterly)
25c Jan. 2 Dec. 14
Extra
5184 Jan. 2 Dec. 14
7% preferred (quarterly)
$184 Dec. 31 Dec. 15
Hamilton United Theatres,7% pref
1 Dec. 15
$184 .lan
Hammermill Paper. 6% pref. (quar.)
52 Jan. 20 Jan. 10
Hannibal Bridge (guar.)
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
7% preferred (quar.)
5154 Jan. 1 Dec. 21
$184 Jan. 21 Jan. 7
Harbison-Walker Refractories Co.. ef. (quar.)
$1% Jan. 15 Dec. 31
Harrisburg Gas, pref. (ouar.)
$1.125 Jan. 1 Dec. 17
Hart & Cooley Co.. Inc. (quar.)
SI Feb. 28 Feb. 20
Hartford & Connecticut Western RR.(s-a)
Hartford Fire Insurance Co.(quar.)
50c Jan. 2 Dec. 18
Hartford Gas,common
75c Dec. 31 Dec. 14
Preferred (quarterly)
50c Dec. 31 Dec. 14
h$1 Feb. 1 Jan. 4
Hat Corp. of America preferred
Preferred (quar.)
51% Feb. 1 Jan. 4
Hatfield Campbell Creek Coal pref. (quar.)__
$14 Jan. 2 Dec. 20
Prior preferred (quar.)
15c Jan. 2 Dec. 20
Haverhill Gas Light
30c Tan. 2 Dec. 27
Hawaiian Commercial Sugar Co. (quar.)
75c Feb. 15 Feb. 5
Hawaiian Sugar (quar.)_
60c Jan. 15 Jan. 1
Hazel Atlas Glass Co
$i Jan. 2 Dec. 15
8
Heath (D. C.) & Co.. 7% preferred (quar.)
$14
Dec. 31 Dec. 28
Helme(Geo. W.),common (quar.)
$184 Jan. 2 Dec. 10
Common(extra)
$2 Jan. 2 Dec. 10
Common kspeclal)
$484 Jan. 2 Dec. 10
Preferred (quarterly)
5184 Jan. 2 Dec. 10
Hercules Motors (quar.)
I5c Dec. 31 Dec. 20
Extra
15c Dec. 31 Dec. 20
Hershey Creamery Co..7% pref.(s.-a.)
5384 Jan. 2 Dec. 15
Heyden Chemical Corp.. extra
25c Jan. 2 Nov. 26
Preferred (quar.)
$184 Jan. 2 Dec. 20
Hickok Oil, 7% preferred (quar.)
5184 Jan. 2 Dec. 22
Holland Land (liquidating)
$2 Dec. 29 Dec. 19
r5c Dec. 31 Dec. 13
Hollinger Consolidated Gold Mines (monthly)._
Extra
r5c Dec. 31 Dec. 13
Holrns(D H)Ltd.(guar.)
51 .Tan. 2 Dec. 22
Horn & Hardart Baking (quarterly)
$14 Jan. 1 Dec. 21
Household Finance Corp. (guar.)
75c Jan. 15 Dec. 31
Preferred (guar.)
87%c Jan. 15 Dec. 31
Houston Natural Gas,pref.(quar.)
87%c Dec. 29 Dec. 19
Howe Sound
75c Dec. 31 Dec. 21
Humble Oil & Refining Co.(quar.)
25c Jan. I Dec. 1
Humbolt Malt & Brewing.8% Preferred (qu.)-20c Jan. 1 Dec. 15
Hunt's, Ltd., A and B (quar.)
12$4ic Jan. 2 Dec. 17
Huron & Erie Mtge. (London. Ont.), (quar.)
$184 Jan. 2 Dec. 15
Huyler's of Dela., Inc., pref.(quar.)
$1 Jan. 2 Dec. 14
Preferred,stamped (quar.)
51 Jan. 2 Dec. 14
Hygrade Sylvania Corp., common (quar.)
50c Jan. 2 Dec. 10
Preferred (quarterly)
$184 Jan. 2 Dec. 10
Idaho Maryland Consol. Mines (extra)
3c Jan. 20 Dec. 31
Ideal Cement Co.(quar.)
25c Jan. 1 Dec. 15
Ideal Financing Asso.(quar.)
12%c Jan. 2 Dec. 15
52 Jan. 2 Dec. 15
$8 preferred (quar.)
50c Jan. 2 Dec. 15
$2 cony. preferred (quar.)
Illinois Bell Telephone
$1% Dec. 31 Dec. 31
Illinois Central RR. leased lines (semi-ann.)
$2 Jan. 2 Dec. 11
Imperial Life Assurance (guar.)
$34 Jan
1
Imperial Tobacco of Canada. ord. (guar.)
rl%% Dec. 31 Dec. 15
Independent Pneumatic Tool (quar.)
75c Dec. 31 Dec. 21
Extra
25c Dec. 31 Dec. 21
Indiana General Service. 6% pref. (quar.)
$114 Jan. 2 Dec. 5
8 Jan. 2 Dec. 5
Indiana Michigan Elect., 7% Pref. (quar.)51%
6% preferred (quar.)
$114 Jan. 2 Dec. 5
Industrial Credit Corp. of New Eng.(quar.) _ _
32c Jan. 2 Dec. 15
7% preferred (quar.)
8734c Jan. 2 Dec. 15
Indianapolis l'ower & Light, 6% pref. (guar.).- 8184 Jan. 1 Dec. 5
6%% preferred (quarterly)
51
Jan. 1 Dec. 5
Indianapolis Water Co.5% pref.(quar.)
$184 Jan. 1 Dec. 12a
Industrial Cotton Mills, pref.(quar.)
$I% Feb. 1
Industrial Rayon Corp.(quar.)
42c Dec. 29 Dec. 20
Ingersoll Rand Co.. preferred (s.-a.)
$3 Jan. 2 Dec 8
Inland Investors, common (quar.)
20c Jan. 1 Dec. 20
Inspiration Hosiery Mills. preferred (quar.)
$1'g Dec. 31 Dec. 14
Insurance Co. of No. America (s-a)
$1 Jan. 15 Dec. 31
Interallied Investments A (semi-annual)
35c Jan. 15 Jan. 10
Intercolonial Coal common
$2 Jan. 2 Dec. 21
Common (extra)
$2 Jan. 2 Dec. 21
Preferred (semi-annual)
$4 Jan. 2 Dec. 21
Interlake Steamship (quar.)
1) Dec. 31 Dec. 15
International Business Machines Corp
5134 Jan. 10 Dec. 22a
Stock div. at rate of 2 shs. for each 100
Jan. 10 Dec. 224
International Business Machine Corp.—
Quarterly
184 Jan. 10 Dec. 22
Stock dividend
e2% Jan. 10 Dec. 22
International Carriers (quar.)
Sc Jan. 2 Dec. 14
International Cement Corp
25c Dec. 31 Dec. 11
International Harvester, corn. (quar.)
15c Jan. 15 Dec. 20
International Mining Corp.. Corn
15c Dec. 30 Dec. 5
International Nickel of Canada. corn
tile Dec. 31 Dec. 1
Preferred (quar.)_
$131 Feb. 1 Jan. 2
7% preferred (quar.)
8%c Feb. 1 Jan. 2
International Ocean Teleg.(quar.)
$134 Tan. 2 Dec. 31
International Power Securities of America
h$3 Dec. 31 Dec. 24
International Salt Co
37$4c Jan. 2 Dec. 15a
International Shoe Co.(quar.)
1 Dec. 15
50c Jan
International Silver Co.. preferred_
$1 Tan. 1 Dec. 10a
31.331-3 Jan. 2 Dec. 15
International Telegraph (s.-a.)
International Teleg. of Maine, (s.-a.)
$1.33 I-3 Jan. 2 Dec. 15
$2 Jan. 2 Dec. 14
Intertype Corp., 1st pref. (quar.)
6% 2nd preferred (semi-ann.)
$3 Jan. 2 Dec. 14
38c Jan. 15 Dec. 31
Investment Foundation Ltd., cons. pref.(quar.)
Preferred
hl2c Jan. 1: Dec. 31
Investors Corp. of R. I., $6 1st pref. (quar.)
$184 Tan. 2 Dec. 20
37Sie Dec. 29 Dec. 18
Investors Mortgage & Guar. Co.(Conn.)
7% preferred (quar.)
$1% Dec. 29 Dec. 18
Iowa I5ublic Service $7 1st pref.(quar.)
$14 Jan. 2 Dec. 20
$1% Jan. 2 Dec. 20
$684 first preferred (guar.)
$1% Jan. 2 Dec. 20
$7 second preferred (quar.)
$1% Jan. 2 Dec. 20
$6 first preferred (quar.)
Iowa Southern Utilities 7% pref.(quar.)
$1% Jan. 19 Dec. 31
684% preferred (guar.)
$1% Jan. 19 Dec. 31
6% preferred (quar.)
$134 Jan. 19 Dec .31
10c Dec. 31 Dec. 15
Irving Air Chute
25c Jan. 2Dec. 4
Irving Trust Co.(quar.)
Island Creek Coal Co., pref.(quar.)
$184 Jan. 2 Dec. 20
Jamaica Public Service quar.)
25c Jan. 2 Dec. 21
Jamestown Telephone 7% preferred (quar.)_ _
$1% Jan. 2 Dec. 15
$2% Jan. 2 Dec. 15
$5 preferred (semi-annual)
Jefferson Electric. (quar.)
50c Dec. 29 Dec. 15
Jenkins Bros. 7% preferred
748% Dec. 31 Dec. 17
Jersey Central Power & Light Co.
584% preferred (quarterly)
$1% Jan. 1 Dec. 10
$1% Jan. 1 Dec. 10
6% preferred (quarterly)
$1% Jan. 1 Dec. 10
7% preferred (quarterly)
75c Jan. 15 Jan. 2
Jewel Tea Co.. Inc..common (quar.)
$1% Jan. 1 Dec. 17
Johns-Manville Corp., 7% pref. (quar.)
$1% Jan. 15 Jan. 2
Joplin Water Works 6% preferred (quar.)
$14 Jan. 7 Dec. 21
Joliet & Chicago RR.(quar.)
SIM Jan. 2 Dec. 20
Kahns Sons Co., pref.(guar.)
15e Dec. 31 Dec. 20
Kalamazoo Vegetable Parchment Co. (quar.)_..
4081
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
el00% Dec. 29 Dec. 22
Kalamazoo Stove Co
25c Feb. I Jan. 20
New stock (initial)
8134 Jan. 1 Dec. 14
Kansas City Power & Light. 1st pref. B (guar.)_
Kansas City St. Louis & Chicago RR. Co.
5134 Feb. 1 Jan. 18
6% guaranteed preferred (quar.)
5184 Jan. 2 Dec. 14
Kansas (Tas & Electric. 7% preferred (quar.)
5134 Jan. 2 Dec. 14
$6 preferred (quar.)
Kansas Electric Power Co.,7% pref. (quar.)_-- A131 Jan. 2 Dec. 15
$184 Jan. 2 Dec. 15
6% junior preferred (quar.)
Kansas Power (Chicago). 56 preferred (quar.) _ _ 5184 Jan. 2 Dec. 20
513
4 Jan. 2 Dec. 20
(quar.)
preferred
$7
51% Jan. 2 Dec. 21
Kansas Utilities. 7% preferred (quar.)
$114 Jan. 2 Dec. 14
Katz Drug Co.. $684 preferred (guar.)
20c Jan. 28 Jan. 10
Kaufmann Dept. Stores, Inc
8 Jan. 2 Dec. 10
51 %
Preferred (guar.)
51% Jan. 1 Dec. 26
Kaynee Co. preferred (guar.)
20c Jan. 2 Dec. 24
Kekaha Sugar. Ltd.(mu.)
15c Jan. 2 Dec. 22
Kelley Island Lime & Transport (guar.)
12$4c Jan. 2 Dec. 5
Kelvinator Corp. (quar.)
20c Jan. 2 Dec. 5
Extra
15c Dec. 31 Dec. 10
Kennecott Copper Corp
3114 Jan. 15 Dec. 29
Kentucky Utilities Co..6% pref.(quar.)
70c Jan. 2 Dec. 15
Keystone Public Service, pref. (quar.)
$184 Jan. 2 Dec. 12
Kimberly-Clark Corp. preferred (quar.)
5184 Jan. 2 Dec. 18
Kings County Lighting Co. (quar.)
513% Jan. 2 Dec. 18
5% preferred (quar.)
5184 Jan. 2 Dec. 18
6% preferred (quar.)
5184 Jan. 2 Dec. 18
7% preferred (quar.)
52 Dec. 31 Dec. 15
Kings Royalty,8% pref.(quar.)
25c Jan. 2 Dec. 20
Klein(D.Emil)quarterly)
75c June 1
Rnobb Bar Co.,pref.(s-a)
50c Dec. 31 Dec. 24
Koloa Sugar (monthly)
$114 Jan. 2 Dec. 12
Koppers Gas & Coke,6% pref. (quar.)
25c Jan. 2 Dec. 11
Kresge (S. S.) Co.,common
$184 Jan. 2 Dec. 11
Preferred (quar.)
Kroger Grocery & Baking. 6% 1st pref.(quar.)_ $184 Jan. 2 Dec. 30
31%Feb. 1 Jan. 18
7% 2d pref. (quar.)
Jan. 2 Dec. 7
Lackawanna RR. of N. J.. 4% gtd (quar.)_ _
15c Dec. 31 Dec. 21
Laclede Steel(quar.)
e
J
paec
n.. 32
1 Dec. 17
3774c
Lambert Co., common (quar.)
Landers, Frary & Clark.corn.(quar.)
Jan.
15
Dec. 31
h25c
Bakeries
class
A
Langendorf United
234c Dec. 31
Latin-American Bond Fund (s.-a.)
60c Jan. 2 Dec. 21
Lawyers County Trust Co.(quar.)
10c Jan. 2 Dec. 20
Lazarus (F. & R.) Co.(quar.)
$184 Jan. 2 Dec. 20
Preferred (quar.)
5c Jan. 2 Dec. 20
Extra
51 Jan. 15 Jan. 5
Lercourt Realty preferred
60c Jan. 4 Dec. 21
Lehman Corp. (quar.)
873.4c Jan. 2 Dec. 14
Lehigh Portland Cement Co. preferred
$2 Jan. 21 Jan. 11
Lehigh & Wilkes-Barre Corp.(quar.)
$234 Jan. 2 Dec. 15
Lenox Water Co. (s.-a.)
$2 Jan. 2 Dec. 15
Lexington Union Station Co., preferred (s.-a.)
$184 Jan. 1 Dec. 10
Liggett & Myers Tobacco, preferred (quar.)
$184 Jan. 1 Dec. 20
Linde Air Products6% preferred (quar.)
15c Mar. 1 Feb. 15
Link Belt
5134 Jan. 2Dec.15
Preferred (quar.)
$184 Apr. 1Mar.15
Preferred (quar.)
25c Feb. 1 Jan. 17
Liquid Carbonic Corp., common (quar.)
25c Feb. iJan. 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.)
$2 Jan. 2 Dec. 20
Lock Joint Pipe 8% preferred (quar.)
25c Dec. 31 Dec. 21
Loew's, Inc. (quarterly)
75c
Dec. 31 Dec. 21
Extra
h$1% Dec. 31 Dec. 20
Loew's(Marcus) Theatres,7% pref
5184 Dec. 31 Dec. 13
Lone Star Gas 6% preferred (quar.)
5184 Jan. 1 Dec. 15
Long Island Lighting, 7% pref. (quar.)
$114 Jan. 1 Dec. 15
6% preferred (quar.)
50c Jan. 2 Dec. 15
Loomis Sayles Mutual Fund (quar.)
50c Jan. 2 Dec. 15
Extra
5184 Jan. 1 Dec. 180
Loose-Wiles Biscuit Co., pref. (quar.)
$234 Jan. 2 Dec. 17
Lord & Taylor Co.. common (quar.)
$2 Feb. 1 Jan. 17
2nd preferred (guar.)
30c Jan. 2 Dec. 15
common
(P.)
Co.,
Lorillard
$1 Jan. 2 Dec. 15
Common (extra)
$iji Jan. 2 Dec. 15
Preferred
373.4c Jan. 2 Dec. 14
Loudon Packing (quar.)
12%c Jan. 2 Dec. 14
Extra
51% Jan. 2 Sept.30
Lowenstein(M.)& Sons. 1st pref.(guar.)
51% Jan. 1 Dec. 19a
Ludlum Steel Co., pref.(quar.)
5134 Jan. 2 Dec. 22
Lunkenheimer Co., 684% pref. (quar.)
40c Jan. 2 Dec. 15
Lykens Valley RR.& Coal Co.(semi-ann.)
$3 Jan. 1 Dec. 15
Lynchburg & Abingdon Teleg. (s.-a.)
5134 Dec. 31 Dec. 21
Lynn Gas & Electric Co.(quar.)
$184 Dec. 31 Dec. 21
Trust certificates (quar.)
50c Jan. 15 Dec. 31
MacAndrews & Forbes (quar.)
$I Jan. 15 Dec. 31
Extra
$134 Jan. 15 Dec. 31
Preferred (quar.)
$3 Jan. 15 Dec. 31
Macfadden Publications, Inc., preferred (s.-a.)_
25c Dec. 31 Dec. 15
Mack Trucks, Inc. (quar.)
50c Jan. 15 Dec. 28
Magma Copper Co
Feb. 1 Jan. 15
$684
(quar.)
common
Mahoning Coal RR.,
514 Jan. 2 Dec. 24
Preferred (semi-annual)
$184 Jan. 2 Dec. 20
Manchester Gas Co.7% preferred (quar.)
$184 Jan. 1 Dec. 20
Manischewitz (B.) & Co.7% pref. (quar.)
21%c Dec. 31 Dec. 17
Manufact Finance Co.of Bait., pref
25c Jan. 2 Dec. 14
Manufacturers Trust Co.(quar.)
75c Jan. 2 Dec. 17
Mapes Consolidated Mfg.(quar.)
75c Apr. 1 Mar. 15
Quarterly
75c July 1 June 14
Quarterly
10c Jan. 21 Dec. 14
Marine Midland Corp
nig Jan. 1 Dec. 20
Marion Water Co.,7% pref. (quar.)
15c Jan. 2 Dec. 20
Maritime Telep. & Teleg. Co.(guar.)
17$4c Jan. 2 Dec. 20
75" preferred (quar.)
50c
Dec. 31 Dec. 20
Marlin-Rockwell Corp
e3% Feb. 1 Jan. 15
Maryland Fund. Inc.. stock distribution
53 Feb. 1 Jan. 2
Massawippi Valley RR.(s-a)
Mathieson Alkali Works,common (quar.)
3711c Jan. 2 Dec. 10
51.% Jan. 2 Dec. 10
Preferred (quarterly)
15c Jan. 2 Dec. 21
Maui Agricultural Co. (quar.)
75C Feb. 1 Feb. 1
Mayfair Investment (quar.)
50c Feb. 1 Jan. 15
McCall Corp., corn. (quar.)
r$134 Jan. 15 Dec. 31
McColl Frontenac Oil, pref.(quar.)
25c Feb. 1 Jan. 10
McGraw Electric Co.. corn
$I Jan. 2 Dec. 17
McKeesport Tin Plate Co.(quar.)
75c Jan. 2 Dec. 21
McQuay-Norris Mfg.common (guar.)
75c Jan. 2 Dec. 15
Mead Johnson & Co.(quar.)
25c Jan. 2 Dec. 15
Extra..
35c Jan. 2 Dec. 15
Preferred (semi-annual)
Memphis Natural Gas $7 Pref. (guar.)
51% Jan. 1 Dec. 20
Memphis Power & Light Co..$7 pref.(quar.)_ _ _ 51% Jan. 2 Dec. 15
5134 Jan. 2 Dec. 15
$6 preferred (quar.)
Merchants Bank of N.Y.(quar.)
50c Dec. 31 Dec. 20
Extra
50c Dec. 31 Dec. 20
Merchants & Miners Transportation Co.(quar.)
40c Dec. 31 Dec. 17
Merck Corp. preferred
52 Jan. 2 Dec. 17
3734c Jan. 1 Dec. 17
Mesta Machine Co. common (quar.)
Metal Package Corp.(quar.)
$1 Jan. 1 Dec. 24
25c Jan. 31 Jan. 15
Metal Textile Corp
25c Dec. 31 Dec. 15
Participating preferred (extra)
Jan. 2 Dec. 20
Metal& Thermit 75" preferred (quar.)
$1.3 Dec. 31 Dec. 24
Metropolitan Coal, 7% pref. (quar.)
Metropoliton Edison. $7 pref. (quar.)
51% Jan. 1 Nov.30
5184 Jan. 1 Nov.30
$6 preferred (quarterly)
5184 Jan. 1 Nov.30
$5 preferred (quarterly)
5184 Jan. 2 Dec. 20
Meyer-Blanke.7% pref.(quar.)
5.384 Jan. 2 Dec. 26
Middlesex Water Co.7% pref.(semi-ann.)
$3 Jan. 1 Dec. 20
Midland Grocery Co..6% Pref. (seml-ann.).--51 Dec. 31 Dec. 21
Midland Steel Products. 8% preferred (quar.)__
51
Jan. 1 Dec. 20
Minneapolis Gas Light,5% units (quar.)
Minn.-fioneywell Regulator.6% pref. A (quar.) 3134 Jan. 1 Dec. 20
$I
4082
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Minnesota Mining & Mfg. Co.(guar.)
15c Jan. 3 Dec. 21
Extra
24ic Jan. 3 Dec. 21
Minnesota Power & Light,$7 pref.(guar.)
$1.31 Jan. 2 Dec. 11
56 preferred (quarterly)
$1.12 Jan. 2 Dec. 11
6% preferred (quarterly)
$1.12 Jan. 2 Dec. 11
Mississippi Power Co.,$7 pref.(guar.)
$14 Jan. 2 Dec. 20
$6 preferred (guar.)
$14 Jan. 2 Dec. 20
Mississippi rtiver Power, pref.(guar.)
$14 Jan. 2 Dec. 15
Mississippi Valley Public Service,6% pf. B(qu.) $14 Jan. 1 Dec. 22
Missouri Edison Co.,$7 cumul. preferred (qu.) 8740 Jan. 1 Dec. 20
Mitchell (J. S.). Ltd.. pref. (guar.)
51% Jan. 2 Dec. 15
Mobile & Birmingham RR.4% Pref.(semi-ann.)
$2 Jan. 2 Dec. 1
Mock Judson & Voehringer preferred (quar.)___ 514 Jan. 2 Dec. 15
Monarch Knitting Mills, 7% preferred
$1 Jan. 2 Dec. 15
Monongahela West Penn Public Service Co7% cum. preferred (guar.)
43%c Jan. 2 Dec. 15
Monongahela Valley Water 7% preferred (guar.) SI
Jan. 15 Jan. 2
Monroe chemical Co.. preferred (guar.)
87%c Jan. 1 Dec. 15
Montgomery Ward & Co. A
h$5% Jan. 2 Dec. 21
Montreal Light, Heat & Power (quar.)
r38c Jan. 31 Dec. 31
Moore Corp., Ltd.,7% pref. A & B (quar.)__ _ _ 314 Jan. 2 Dec. 15
Moore Dry Goods Co.(guar.)
*1% Jan. 1 Jan. 1
Extra
$2 Jan. 1 Jan. 1
Morris (Philip) & Co. (guar.)
25e Jan. 15 Jan. 3
Morris & Essex RR. Co
d$24 Jan. 2 Dec. 7
Morris Finance. A (guar.)
$14 Dec. 31 Dec. 21
B (quarterly)
30c Dec. 31 Dec. 21
7% preferred (quarterly)
$14 Dec. 31 Dec. 21
Morrison Cafe, Consol., Inc.,7% pref.(quar.)_ _ $14 Jan. 1 Dec. 24
Morristown Securities Corp..corn
10c Jan. 2 Dec. 21
$5 cumul. preferred (s-a)
324 Jan. 2 Dec. 21
Motor Finance Corp. (guar.)
20c Nov.30 Nov. 23
8% preferred (guar.)
$2 Dec. 31 Dec. 22
Mountain Producers Corp (guar.)
15c Jan. 2 Dec. 15a
Mountain States Telep. & Teleg.(guar.)
$2 Jan. 15 Dec. 31
Mount Vernon-Woodberry Mills preferred
$24
62 Dec. 31 Dec. 18
Murphy (G. C.). preferred (guar.)
Jan. 2 Dec. 22
Myers(F.E.)& Bros. Co.,corn.(guar.)
40c. Dec. 31 Dec. 15
Preferred (guar.)
31% Dec. 31 Dec. 24
Nashua Gummed & Coated Paper. pref.(quar.)_ 51% Jan. 2 Dec. 24
Nashville & Decatur RR.74% gtf.(8.-an.)........ 934c Jan. 2 Dec. 21
Nassau & Suffolk Lighting. 7% preferred
75c Jan. 1 Dec. 15
National Automotive Fibers. $7 preferred
h$1% Jan. 2 Dec 1"
National Battery Co pref. (guar.)
55c Tan. 2 Dec. 17
National Biscuit Co.. common (guar.)
50c Jan. 15 Dec. 14a
National Breweries. Ltd., common (quar.)_..
r40c Jan. 2 Dec. 15
Preferred (quarterly)
r43c Jan. 2 Dec. 15
National Candy Co., common ((plan)
25c Jan. 1 Dec. 12
1st and 2d preferred (guar.)
$14 Jan. 1 Dec. 12
National Carbon. pref.(guar.)
$2 Feb. 1 Jan. 18
National Cash Register (guar)
12%c Jan. 15 Dec. 31
National Casket preferred (quar.)
$14 Dec. 31 Dec. 14
National Dairy Products. coin.(guar.)
30c Jan. 2 Dec. 5
A & B. preferred (guar.)
$14 Jan. 2 Dec. 6
National Enameling & Stamping Co. (quar.)_ _ _
50c Dec. 31 Dec. 18
National Finance Corp. of America
6% preferred (guar.)
15c Jan. 2 Dec. 10
National Fire Insurance Co.(guar.)
50c Jan. 2 Dec. 20
National Grocers, Ltd., preferred (guar.)
$1% Jan. 2 Dec. 20
Preferred
h$1% Jan. 2 Dec. 20
National Gypsum Co., preferred (guar.)
51% Jan. 2 Dec. 15
National Lead Co
614% Jan. 15 Dec. 31
National Lead Co.. corn.(guar.)
$1 si Dec. 31 Dec. 14
Class B (quarterly)
$14 Feb. 1 Jan. 18
National Licorice Co.,6% pref.(guar.)
Dec. 31 Dec. 15
National Oil Products. $7 preferred (quar.)
Jan, 2 Dec. 20
National Power & Light 36 pref. (guar.)
$14 Feb. 1 Jan. 7
National Safety Bank & Trust (initial)
25c Jan. 1 Dec 15
National Sugar Refining Co.of New Jersey
50e Jan. 2 Dec 3
National Tea Co.. common (guar.)
15c Jan. 2 Dec. 14
Nationwide Securities, voting shares
1.5c Jan. 2 Dec. 15
Natomas Co.(guar.)
I5c Dec. 29 Dec. 12
Extra
15c Dec. 29 Dec. 12
Natural Fuel Gas (guar.)
25e Jan. 15 Dec. 31
Naumkeag Steam Cotton (guar.)
31 Jan. 2 Dec. 22
Newark Consol. Gas Co., guaranteed (8.-a/0-- 52% Jan. 2 Dec.
21
Newark Telep.(Ohio).6% pref.(guar.)
314 Jan. 10 Dec. 31
Newberry (J. J.) Co.,(guar.)
25c Jan. 1 Dec. 17
New Brunswick Light. Heat & Power Co.
5% preferred (semi-ann.)
324 Jan. 2 Dec. 21
New England Equities Corp. (guar.)
40c Jan. I Dec. 26
8% preferred (quar.)
52 Jan. I Dec. 26
New England Gas & Elec. Assn..354 pref.(qu.)
75c Jan. 1 Nov.30
New England Inv. & Sec. Co.4% pref.(5.-an.)
$2 Jan. 2 Dec. 20
New England Tel.& Tel. Co.(quar.)
51% Dec. 31 Dec. 10
New Hampshire Fire Ins. Co.(guar.)
40c Jan. 2 Dec. 15
New Hampshire Power 8% preferred (quar.)___
$2 Jan. 1 Dec. 15
New Haven Water Co.(semi-ann.)
$2 Jan. 2 Dec. 15
New Jersey Power & Light. $6 pref. (quar.)____
El% Jan. 1 Nov.30
$5 preferred (quarterly)
314 Jan. 1 Nov.30
New Jersey Water Co.,7% pref. (guar.)
$1 1:i Jan. 1 Dec. 20
New London Northern RR.(quar.)
$2
Jan. 2 Dec. 15
Newport Electric. 6% pref. (guar.)
31% Jan. 1 Dec. 15
New York & Harlem RR. Co.. (semi-ann.)
$244 Jan. 2 Dec. 15
Preferred (semi-ann.)
$24 Jan. 2 Dec. 15
New York & Honduras Rosario Mining Co.—
Special
$1 Dec. 29 Dec. 18
N. Y. Lack. & Western Ry. Co..5% gtd. (qu.) 314 Jan. 2 Dec.
14
N. Y. Mutual Teleg.
75c Jan. 2 Dec. 31
New York Power & Light 7% pref.(guar.)
51% Jan. 2 Dec. 15
$6 preferred (guar.)
51% Jan. 2 Dec. 15
New York Shipbuilding preferred (guar.)
Jan. 2ec
D.22
Founders Shares (guar.)
5110c% Jan. 2 Dec. 22
Participating shares (guar.)
10c Jan. 2 Dec. 22
New York State Realty & Terminal
56 Jan. 2 Dec. 26
New York Steam Corp.$7 preferred (guar.).— _
VA Jan, 2 Dec. 15
$6 preferred (guar.)
$14 Jan. 2 Dec. 15
New York Telephone Co.. 64% pref. (guar.). $14 Jan. 15 Dec. 20
New York Trust Co. (quar.)
5% Jan. 2 Dec. 22a
Niagara Alkali Corp. 7% preferred (guar.)
31% Jan. 2 Dec. 20
Niagara Fire Insurance Co.(N. Y.) (quar.)___ _
$1 Jan. 3 Dec. 26
Niagara Shares Corp. of Md.class A pref. (qu.)_ $14 Jan. 2Dec.14
Niagara Wire Weaving Co
$1 Dec. 31 Dec. 24
$3 preferred (guar.)
75c Dec. 31 Dec. 24
Noblitt-Sparks Industries. Inc.(guar.)
30c Jan. 2 Dec. 20
North American Co., preferred (guar.)
75c Jan, 2 Dec. 5
Common
25c Jan. 2 Dec. 5
North American Rayon Corp. prior pref. (guar.)
75c Jan. 1 Dec. 21
7% preferred (guar.)
$111 an. 1 Dec. 21
North Central Texas Oil. pref.(guar.)
an. 2 Dec. 10
51
Northeastern Water & Electric, $4 pref. (guar.)
Jan. 2 Dec. 10
Northern Canada Mining Corp.
2c Jan. 2 Dec. 15
Northern Central By. (semi-ann.)
32 Jan. 15 Dec. 31
Northern Ontario Power Co., common (guar.)._
50c Jan. 25 Dec. 31
6% cum. cony. preferred (guar.)
14% Jan. 25 Dec. 31
Northern Pipe Line Co
25c an 2 Dec. 7
Northern Securities Co
2% Jan. 10 Dec. 20
Northern States Power Co. (Del.)7% preferred (quarterly)
143' Jan. 21 Dec. 31
6% preferred (quarterly)
Jan. 21 Dec. 31
1%
North & Judd Mfg. Co.(guar.)
25c Dec. 31 Dec. 20
Northland Greyhound Lines, pref. (guar)
31% Jan. 2 Dec. 20
Common
50c Dec. 30 Dec. 20
Northwestern National Ins. (Milwaukee) (qu.)
$14 Dec. 31 Dec. 17
Northwestern Teleg. Co.(s-a)
$14 Jan. 2 Dec. 15
Norwalk Tire & Rubber Co., preferred (guar.).- 87J4c Jan. 2 Dec.
21
Norwich Pharmacal Co.(guar.)
31
an. 1 Dec. 20
Extra
Jan. 1 Dec. 20
Norwich & Worcester RR.,8% pref.(guar.)._ _
$2 Jan. 2 Dec. 15
Novadel-Agene Corp., corn.(guar.)
50c Jan. 2 Dec. 20
Nova Scotia Light & Power (guar.)
75c Jan. 2 Dec. 15
Nunn, Buell & Weldon Shoe co., 1st pref
h$2 Dec. 31 Dec. 15
Name of Company
Dec. 29 1934
Per
Share
When Holders
Payable of Record
Occidental Petroleum
2c Dec. 31 Dec. 20
Ogden Mine RR. (semi-annual)
324 Jan, 15 Jan. 12
Ogilvie Flour Mills (guar.)
2 Dec. 21
Ohio Brass 11, common
25c
52 j
Jan. 25 Dec. 31
Preferred (guar.)
51% Jan. 15 Dec. 31
Ohio Edison Co., $5 preferred (guar.)
$14 Jan. 2 Dec. 15
$6 preferred (guar.)
314 Jan. 2 Dec. 15
$6.60 preferred (guar.)
$1.65 Jan. 2 Dec. 15
$7 preferred (guar.)
51%; Jan. 2 Dec. 15
$7.20 preferred (guar.)
31.80 Jan. 2 Dec. 15
Ohio Finance Co..8% pref.(guar.)
$2 Jan. 1 Dec. 10
Ohio Public Service Co..7% pref.(mo.)
581-30 Jan. 2 Dec. 15
6% preferred (monthly)
50c Jan, 2 Dec. 15
5% preferred (monthly)
4l2-3c Jan. 2 Dec. 15
Ohio Wax Paper Co.(guar.)
20c Jan. 1 Dec. 20
Old Colony RR.(guar.)
$14 Jan, 2 Dec. 15
Old Line Life Insurance Co. of America
15c Jan. 2 Dec. 15
Omnibus Corp. preferred (guar.)
$2 Jan. 2 Dec. 14
Ontario Loan & 'Debenture (quar.)
314 Jan. 2 Dec. 15
Ontario Manufacturing Co. (guar.)
25c Dec. 31 Dec. 20
Preferred (quarterly)
51% Dec. 31 Dec. 20
Orange & Rockland Co. Elect.,7% pref.(qu.)__ 314 Jan. 2 Dec.
Dec.D . 26
6% preferred (quarterly)
$1
16c
% Ja
Jan. 2
Otis Elevator Co. common
15 Dec. 24
Preferred (guar.)
$14 Jan. 15 Dec. 24
Ottawa Electric By
50c Jan. 2 Dec. 15
Ottawa Light, Heat & Power, Ltd.(guar.)
314 Jan. 2 Dec. 15
64% preferred (quarterly)
$14 Jan. 2 Dec. 16
Otter Tail Power (Minn.) $6 preferred
h72c Jan. 1 Dec. 15
$54 preferred
h66c Jan. I Dec. 15
Pacific & Atlantic Telegraph (s.-a.)
50c Jan. 2 Dec. 15
Pacific Finance Corp. of Calif.(Del.)—
Preferred A (guar.)
20c Feb. 1 Jan. 15
Preferred C (guar.)
164c Feb. I Jan. 15
Preferred D (guar.)
17%c Feb. I Jan. 15
Pacific Gas & Electric Co., common (guar.).- -- 37%c Jan. 15 Dec. 31
Pacific Guano Fertilizer (quar.)
$1 Dec. 31 Dec. 31
Extra
$2 Dec. 31 Dec. 31
Pacific Lighting Corp.. $6 pref. (quar.)
314 Jan. 15 Dec. 31
Pacific Southern Investment. pref
1414 Jan. 1 Dec. 15
Pacific Southern Investors, Inc. (preferred)..
h$1.% Ian. 1 Dec. 15
Pacific Telep. & Teleg. (guar.)
$14 Dec. 31 Dec. 20
Preferred (quarterly)
$14 Jan. 15 Dec. 31
Packer Corp.(quar.)
25c Jan. 2 Dec. 22
Page Hersey Tubes (quar.)
r75c J
u
sti
n.
. 2 Dec... 16
Preferred (guar.)
Panama Power & Light, 7% pref. (guar.)
Tan. 2 Dec. 15
Parke Davis & Co.(guar.)
25c Jan, 2 Dec. 22
Extra
50c Jan, 2 Dec. 22
Paterson 3: Hudson RR.(semi-ann.)
51%
Jan. 2 Jan. 2
Peaslee Gaulbert Corn. 7% preferred
$14 Jan. 2 Dec. 22
Penn Central Light & Power,$5 pref. (quar.)__ $14 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.)
314 Dec. 31 Dec. 21)
Penna. Co. for Ins. on Lives & Granting Annuities (Philadelphia) (guar.)
40c Jan, 2 Dec. 19
Pennsylvania Conley Tank.8% pref. (guar.)__ _
$2 Dec. 31 Dec. 20
Pennsylvania Gas & Elec. (Del.), 7% pr. (qu.)
51% Jan. 2 Dec. 20
$7 preferred (guar.)
$14 Jan. 2 Dec. 20
(quar.)
Pennsylvania Glass Sand. $7 pref.
$14 Jan. 2 Dec. 15
Pennsylvania Power Co.. $6.60 preferred
55c Jan. 2 Dec. 20
$6.60 preferred (monthly)
55c Feb. 1 Jan. 21
$6.60 preferred (monthly)
55c Mar. 1 Feb. 20
$6 preferred (guar.)
$14 Mar. 1 Feb. 20
Pennsylvania Pr. & Lt..$7 pref.(quar.)
314 Jan. 2 Dec. 15
$6 preferred (quar.
$14 Jan. 2 Dec. 15
$5 preferred (guar. _
314 Jan. 2 Dec. 15
Pennsylvania Salt M g.(guar.)
75c Jan, 15 Dec. 31
Pennsylvania Telep. Corp..6% pref. (guar.) _ 51% Jan. 1 Dec. 15
Penna. Warehouse & Safe Deposit (phila.)(qu.)_
60c Jan. 2 Dec. 29
Pennsylvania Water & Power Co..corn.(quar.)_
75c Jan. 2 Dec. 15
Preferred (quarterly)
314 Jan. 2 Dec. 15
Peoples Drug Stores. Inc
e100
26
/ Dec.
an. 32
1 Dec. 21
Quarterly
Extra
$14 Jan. 2 Dec. 21
(ouar.)____
Peoples Natural Gas Co., 5% pref.
624c Jan. 2 Dec. 15
Peoria Water Works Co.. 7% Preferred (guar.).
Jan. 1 Dec. 20
Perfect Circle Co.(quarterly)
.50c Jan. 1 Dec. 14
Peter Paul. Inc. (guar.)
75c Jan. 2 Dec. 20
Pet Milk Co., common (guar.)
25c Jan. 1 Dec. 11
Preferred (quarterly)
$14 Jan. 1 Dec. 11
Phila. Bait. & Washington RR. (s.-a.)
514 Dec. 31 Dec. 15
Philadelphia Co., common (guar.)
20c Jan. 25 Dec. 31
$6 preferred (guar.)
$14 Jan. 2 Dec. 1
$5 preference (guar.)
314 Jan. 2 Dec. 1
Philadelphia Electric $5 preferred (guar.)
$14 Feb. 1 an. 10
Philadelphia Electric Power Co..8% pref. (qu.)
50c Jan. 1 Dec. 10
Philadelphia Suburban Water Co., pref. (guar.) 314 Mar. 1 Feb. 10a
Philadelphia & Trenton RR.(guar.)
Jan. 10 Dec. 30
$2
Quarterly
524 Apr, 10 Mar.30
Quarterly
24 July 10 June 30
Quarterly
24 Oct. 10 Sept.30
Phoenix Finance Corp.8% pref. (guar.)
50c Jan. 10 Dec. 31
Phoenix Insurance Co.,(special)
50c Jan. 2 Dec. 15
Phoenix Insurance Co.(Hartford) (quar.)
50c Jan. 2 Dee. 15
Pie Bakeries (voting trust certificates)
40c Jan. 2 Dec. 18
7% preferred (guar.)
$14 Jan. 2 Dec. 18
53 2nd preferred (guar.)
The Jan. 2 Dec. 18
Piggly-Wiggly. Ltd.(Can.) 7% pref. (s.-a.)__ _ _ 334 Jan. 15 Dec.
31
Pioneer Gold Mines of B. C.(guar.)
r20c Jan. 2 Dec. 1
Pioneer Mill Co Ltd. (monthly)
10c Jan. 2 Dec. 21
Pittsburgh Fort Wayne & Chicago R.R.(quar.)_ 31% Jan. 2 Dec.
10
7% preferred (guar.)
51% Tan, 8 Dec. 10
Pittsburgh & Lake Erie (s.-a.)
314 Feb
1 Dec. 28
Pittsburgh Plate Glass Co.(guar.)
40c Jan. 2 Dec. 10
Pittsburgh Thirft (guar.)
17%c Dec. 31 Dec. 11
7% preferred (quar.)
$1
n. 31 Dec. 11
Plainfield Union Water Co.(guar.)
Jan. 2Jan
2
Planters Nuts & Chocolate (guar.)
324 Jan. 1 Dec. 31
Plaza Permanent Bldg. & Loan (Halt.)(s.-a,).,
$24 Dec. 31 Dec. 31
Pleasant Valley Water Co
7%c Dec. 30 Dec. 15
Plymouth Cordage Co., coin. (quar.)
514 Jan. 19 Jan. 2
Pneumatic Scale Corp..7% pref.(quar.)
17%c Jan. 2 Dec. 22
Pocahontas Fuel Co
31 Dec. 31 Dec. 20
6% preferred (semi-ann.)
$3 Dec. 31 Dec. 20
Ponce Electric 7% pref.(guar.)
$14 Jan. 2 Dec. 14
Pond Creek Pocahontas Co.(quar.)
50c Jan, 2 Dec. 20
Portland & Ogdensburg RR.(quar.)
50c Feb. 28 Feb. 20
Porto Rico Power Ltd., 7% pref. (guar.)
$14 Jan. 2 Dec. 15
Powdrell & Alexander, pref. (guar.)
$1% Jan. 2 Dec. 20
Pratt & Lambert. com.(guar.)
25c Jan. 2 Dec. 15
Premier Gold Mines (quar.)
r3c Jan. 15 Dec. 14
Procter & Gamble Co.. 8% pref. (quar.)
$2 Jan. 15 Dec. 24
Producers Royalty Corp.(Initial)
24‘c Dec. 31 Dec. 20
Properties Realization Corp.(liquidating)
31 Jan. 7
Voting trust certificate (liquidating)
31 Jan. 10 Jan. 7
Providence Gas Co.(guar.)
20c Jan. 2 Dec. 15
Providence & Worcester RR.(guar.)
32% Jan. 1 Dec. 12
Provident Adjustment St Investment—
Preferred (guar.)
31% Jan. 2 Dec. 22
Provincial Paper,7% preferred (guar.)
314 Jan. 2 Dec. 15
Prudential Investors, $6 preferred (quar.)
Jan. 15 Dec. 31
31
Publication Corp.,7% original pref.(quar)---- $1
Jan. 1 Dec. 20
Public National Bank & Trust (guar.)
374c Jan. 2 Dec. 20
Public Service Corp. of N. J.(guar.)
Dec. 31 Dec. 1
8 preferred (quarterly)
$2 Dec. 31 Dec. 1
ua
7% preferred (quarterly
Dec. 31 Dec. 1
$14
$ preferred (quarterly)
$14 Dec. 31 Dec. 1
6% preferred (monthly)
50c Dec. 31 Dec. 1
Public Service Corp. of N. J.6% pref.(mthly.)
50c Jan. 31 Jan. 1
I
514
Financial Chronicle
Volume 139
Name of Company.
Per
When
Share. Payable.
olders
Record.
Public Service Co. of Colorado, 7% pref. (mo.)_ 58 1-3c Jan. 2 Dec. 15
607 preferred (monthly)
50c Jan. 2 Dec. 15
5% preferred (monthly)
41 2-3c Jan. 2 Dec. 15
Public Service of Oklahoma,6% pref.(quar.)
$1% Dec. 31 Dec. 20
7% preferred (quar.)
$1% Dec. 31 Dec. 20
Public Service Electric & Gas Co.. (quar.)
$1% Dec. 31 Dec. 1
7% preferred (quarterly)
$1% Dec. 31 Dec. 1
Pullman, Inc. (quar.)
75c Feb. 15 Jan. 24
Quaker Oats Co., common (quar.)
$1 Jan. 15 Dec. 31
6% preferred (quarterly)
$1% Feb. 28 Feb. I
Queens Boro. Los & Electric Co.
56 preferred (quarterly)
$1% Jan. I
Rainier Pulp & Paper.$2 class A
h50c Mar. 1 Feb. 10
$2 class A.
h50c June I May 10
Rath Packing Co. (quar.)
d50c Jan. 1 Dec. 20
Reading Co., 2d preferred (quarterly)
50c Jan. 10 Dec. 20
Real Estate Loan (Canada) (s.-a.)
$1 Jan. 2 Dec. 15
Reliance Mfg. of Illinois, pref. (quar.)
31% Jan. 1 Dec. 21
Reno Gold Mines
Sc Jan. 3 Nov.30
Rensselaer & Saratoga RR (s.-a.)
$4 Jan. 2 Dec. 15
Republic Investment Fund, Inc
lc Jan. 2 Dec. 15
Reynolds Spring Co.. common
10c Dec. 29 Dec. 15
Reynolds (It. J.) Tobacco Co., A & B (quar.)
75c Jan. 2 Dec. 18
Rice-Stix Dry Goods Mfg. Co.,com
50c Jan. 15 Dec. 31
1st & 2r1 preferTed (quar.)_
$14 Jan. I Dec. 15
Richman (Bros.)(quar.)
75c Jan. 2 Dec. 26
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
Rike-Kurnler, 7% pref. (guar.)
$1% Jan. 2 Dec. 24
Rickel (H. W.)
8c Jan. 15 Dec. 20
Riverside & Dan River Cotton Mills—
Preferred (semi-annual)
3% Jan. 1 Dec. 20
Riverside Silk Mills, $2 class A
25c Jan. 2 Dec. 15
Robbins (S.) Paper Co.. 7% pref. (quar.)
31A Jan. 2 Dec. 20
Rochester & Genesee Valley RR.(s.-a.)
Jan. 2 Dec. 20
Rochester Telep. Corp. (quar.)
$1
Jan. 2 Dec. 20
64% 1st pref. (quar.)
Jan. 2 Dec. 20
$1
5% 2d pref. (quar.)
$1% Jan. 2 Dec. 20
Rockville Williamantic Lighting Co7% preferred (quar.)
Jan. 1 Dec. 15
51
6% preferred (quar.)
Jan. 1 Dec. 15
$I
6-7% preferred (quar.)
Jan. 1 Dec. 15
$1
Rome& Chinton Ry.Co.,Inc.(5.-a.)
32% Jan. 2 Dec. 21
Ross Gear & Tool Co., common (quar.)
30c Dec. 31 Dec. 20
Royal Baking Powder (quarterly)
25c Jan. I Dec. 6
6% preferred (quarterly)
$1% Jan. 1 Dec. 6
Safeway Stores, Inc.,com.(quar.)
75c Jan. 1 Dec. 20
707 preferred (quarterly)
Jan. 1 Dec. 20
$1
6% preferred (quarterly)
$1% Jan. 1 Dec. 20
St. Croix Paper Co. (quar.)
50c Jan. 15 Jan. 5
Preferred (semi-annual)
$3 Jan. 2 Dec. 22
St. Joseph & Grand Island RR.. 2d preferred
$4 Dec. 31 Dec. 28
St. Joseph Ry., Lt., Ht.& Pr., pref.(quar.)_
$1% Jan. 2 Dec. 15
St. Louis Bridge first preferred (semi-ann.)
$3% Jan. 2 Dec. 15
Second preferred (semi-annual)
$1% Jan. 2 Dec. 15
St. Louis National Stockyards
Dec. 29 Dec. 19
$3
San Antonio Gold Mines (interim)
ye Feb. 1 Jan. 1
Santa Cruz Portland Cement (quar.)
Jan. 2 Dec. 22
$1
Saratoga & Schenectady RR.(s.-a.)
$3 Jan. 15 Dec. 31
Savannah Elect. & Pow.,8% pref. A (quar.)
$2 Jan. 2 Dec. 10
74% preferred B (quar.)
$1% Jan. 2 Dec. 10
7% Preferred 0 (quar.)
$1% Jan. 2 Dec. 10
% preferred D (quar.
$1% Jan. 2 Dec. 10
Sayers & Scoville Co (quar.)
$1%
Jan. 2 Dec. 20
6% preferred (quar.)
51% Jan. 2 Dec. 20
Scott Paper Co., common (guar.)
424c Dec. 31 Dec. 17
Common (extra)
Dec. 31 Dec. 17
Scovill Mfg. Co.(quarterly)
25c Jan. I Dec. 15
Scranton Electric Co.,6% pref. (quar.)
$1%
Jan.
2 Dec. 5
Seagrave Corp., $7 preferred (quar.)
$1% Jan. 2 Dec. 20
Second International Securities Corp.
6% 1st cumulative preferred
62%c Jan. 2 Dec. 15
Second Twin Bell Syndicate (mo.)
20c Jan. 15 Dec. 31
Securities Holding, Ltd.,6% prof
r25c Jan. 2 Dec. 20
Seeman Bros., Inc. common (guar.)
62 c Feb. 1 Jan. 15
Common (extra)
SOc Feb. 1 Jan. 15
Common (extra)
50c May 1 Apr. 15
Selected Industries 354 prior stock
87%c Jan. 1 Dec. 15
Shattuck (F. G.) Co., common (quer.)
7c Jan. 10 Dec. 20
Shawmut Assoc. (guar.)
10c Jan. 2 Dec. 14
Sherwin-Williams of Canada,7% preferred
h$1%
. Jan. 2 Dec. 15
Silver King Coalition Mines Co
jOe Jan. 2 Dec. 20
Singer Mfg. (quar.)
$1% Dec. 31 Dec. 10
Extra
$2% Dec. 31 Dec. 10
Siscoe Gold Mines (quar.)
3c Dec. 31 Dec. 15
Extra
2c Dec. 31 Dec. 15
Slattery (E. T.) 7% pref. (quar.)
Si% Jan. 1 Dec. 22
S. M.A.Corp.(guar.)
12%c Jan. 2 Dec. 20
South American Gold & Platinum Co
10c Dec. 31 Dec. 21
South California Gas 6% pref. (quar.)
3714c Jan. 15 Dec. 31
South Carolina Power Co., $6 pref. (guar.)
Jan. 1 Dec. 15
Southeastern Cottons, Inc. 7% preferred
Dec. 31
Southern Acid & Sulphur. pref. (quar.)
51% Jan. 2 Dec. 10
Southern Bleachery & Print Works.7% pf.(cm.) $1%
Jan.
1 Dec. 20
Southern Calif. Edison Co., Ltd.7i preferred (quar.)
43%c Jan. 15 Dec. 20
Series 0 54% preferred (quarterly)
34%c Jan. 15 Dec. 20
Southern Canada Power Co.,6% pref. (quar.).... 14% Jan. 15
Dec. 20
Southern Counties Gas (Calif.). pref. (quar.)
$1% Jan. 15 Dec. 21
Southern Indiana Gas & Electric Co.—
7% preferred (quarterly)
Jan. I Dec. 20
6% preferred (quarterly)
I
Jan. 1 Dec. 20
6.6% preferred (quarterly)
Jan. 1 Dec. 20
607 preferred (semi-annnual)
3% Jan. 1 Dec. 20
Southern New England Telephone (quar.)
$
Jan. 15 Dec. 31
Southern Weaving(s-a)
1g Dec. 31 Dec. 26
707 preferred (s-a)
Dec. 31 Dec. 26
$3%
South Penn Oil Co. (quarterly)
30c Dec. 31 Dec. 15
South Pittsburgh Water 7% preferred (quar.).... $1% Feb. 15 Jan.
2
507 preferred (semi-annual)
$1% Feb. 19 Feb. 9
South Porto Rico Sugar Co.. common (quar.)
50c Jan, 2 Dec. 8
Preferred (quarterly)
2
Jan. 2 Dec. 8
Southwestern Gas & Electric 8% pref.(qu.)___ _
Jan. 2 Dec. 15
707 preferred (quar.)
$I
Jan. 2 Dec. 15
Southwestern Bell Telep.. pref. (quar.)
Si4 Jan. 1 Dec. 20
Southwestern Light & Power $6 preferred
50c Dec. 31 Dec. 15
Southwestern Portland Cement (quar.)
Si Jan. 1
Preferred (quar.)
$2 Jan. 1
Southwestern It R. Co. of Ga.,5% gtd
$2% Jan. 2 Dec. 15
5% guaranteed
h52% Jan. 2 Dec. 15
South West Pennsylvania Pipe Lines
51 Dec. 31 Dec. 15a
' Extra
Si Dec. 31 Dec. 15a
Spang, Chafant & Co.. Inc., pref
50c Dec. 31 Dec. 17
Preferred
50c Jan. 4 Dec. 17
Sparta Foundry Co.(quar.
Si Dec. 22 Dec. 15
Spartan Mills (semt-annual)
$4 Jan. 2 Dec. 22
Spencer Kellogg & Sons,corn.(quar.)
40c Dec. 31 Dec. 15
Spencer Trask Fund, Inc. (quar.)
12 c Dec. 31 Dec. 15
Sperry Corp. voting trust ctfs
Dec. 29 Dec. 26
Springfield-Fire & Marine Ins.(guar.)
$1.12 Jan. 2 Dec. 20
Springfield Gas & Electric Co. pref. set. A (quo _
Jan. 2 Dec, 15
Springfield Rys. Co.(semi-ann.)
$1.15 Jan. 2 Dec. 20
407 preferred (semi-ann.)
$2 Jan. 2 Dec. 20
4% preferred (extra)
75c Jan. 2 Dec. 20
Square D
class A preferred
27 v.c Dec. 31 Dec. 20
E.) Mfg. Co.,7% pref.(s.-a.)
Staley(A.Co..
$31
4 Jan. 1 Dec. 20
Standard Brands, Inc.. common (quar.)
25c Jan. 2 Dec 6
Class A. $7 preferred (quar.)
$1% Jan. 2 Dec 6
Standard Cap & Seal Corp.(special)
40c Dec. 29 Dec. 24
Standard Coosa Thatcher. 7% Pref.(quar.)_ $1% Jan. 15 Jan. 15
Standard Fuel 00.6%% pref.(guar.)
$1% Jan. 1:Dec. 15
%
Name of Company
4083
Per
Share
When Holders
Payable of Record
Standard Oil Co.(Ohio),5% pref. (quar.)
51% Jan. 15 Dec. 31
Standard Oil Export Corn 5% cum. gtd. pref_ $234 Dec. 31 Dec. 14
Stanley Works of New Britain, Conn. (quar.)
25c Jan. 2 Dec. 17
Preferred (quar.)
3734c Feb. 15 Feb. 2
Starrett (L. 8.)
SOc Dec. 31 Dec. 18
Preferred (quar.)
$14 Dec. 31 Dec. 18
State Theatres Co.(Boston, Mass.)8% pf.(qu.)
$2 Jan. 2 Dec. 21
Stearns(Fred.)& Co.,pref
5131 Dec. 31 Dec. 20
Steel Co. of Canada,common (quar.)
43%c Feb. 1 Jan. 7
Common (extra)
27%c Feb. 1 Jan. 7
Preferred (quar.)
43%c Feb. 1 Jan. 7
Stein (A.) & Co., common
25c Feb. 15 Jan. 31
Preferred (guar.)
51% Jan. 2 Dec. 14
Stetson (John B.).8% pref
$2 Jan. 15 Jan. 1
Stix-Baer-Fuller, 7% pref. (quar.)
43%c Dec. 31 Dec. 15
Stony Brook RR.(semi-ann.)
$3
Jan. 5 Dec. 31
Stouffer Corp. class A
56%c Dec. 29 Dec. 22
Suburban Electric Securities6% 1st preferred (quar.)
$134 Feb. I Jan. 15
$4 2d preferred
50c Jan. 2 Dec. 20
Sunshine Mining (quar.)
16c Dec. 31 Dec. 15
Extra
4c Dec. 31 Dec. 15
Superheater Co. (quar.)
1211c Jan. 15 Jan. 5
Superior Portland Cement, Inc
55c Jan. 2 Dec. 22
Supersilk Hosiery Mills,7% pref
h$1% Jan. 2 Dec. 21
Supertest Petroleum Corp.(quar.)
25c Jan. 2 Dec. 14
Ordinary (guar.)
25c Jan. 2 Dec. 14
Common bearer (quar.)
25c Jan. 2
Ordinary bearer (guar.)
25c Jan. 2
$7 preferred A (guar.)
$131 Jan. 2 Dec. 14
$134 preferred B:
3734c Jan. 2 Dec. 14
Sussex RR.(semi-ann.)
50c Jan. 2 Dec. 15
Swift & Co.(quarterly)
12%c Jan. 1 Dec. 1
Sylvanite Gold Mines(guar.)
5c Dec. 31 Nov. 20
Tacony Palmyra Bridge Co., class A (gear.)....
50c Dec. 31 Dec. 10
Common (quarterly)
50c Dec. 31 Dec. 10
51% Feb. 1 Jan. 10
734% pref. (guar.)
Tamblyn (G.) Ltd., 7% pref. (quar.)
5131 Jan. 2 Dec. 22
Taunton Gas Light (quar.)
5134 Jan. 2 Dec. 15
Taylor Milling Co.(quar.)
25c Jan. 2 Dec. 10
Extra
25c Jan. 2 Dec. 10
Teck-Hughes Gold Mines, Ltd
10c Jan. 2 Dec. 10
Telephone Investment Corp. (mo.)
25c Jan. 2 Dec.120
Tennessee Electric Power Co.
5 1st preferred (quar.
UM Jan. 2 Dec. 15
6 let preferred (quar.
. 15
5
.%
50 Jan. 22
5$
11
7 1st preferred (quar.
5131 Jan. 2 DOC. 15
7.2% 1st preferred (quar.)
Dec.
8% 1st preferred (mo.)
50c Jan. 2 Dec. 15
7.2% 1st preferred (mo.)
60c Jan. 2 Dec. 15
Texas Corp.(quarterly)
25c Jan. 1 Dec. 7
Texas Electric Service, $6 pref. (gear.)
5134 Jan. 2 Dec. 15
Tex-O-Kan Flour Mills, pref.(quar.)
$151 Mar. 1 Feb. 15
Preferred (quarterly)
5131 June 1 May 15
Texon Oil & Land Co.(guar.)
15c Dec. 29 Dec. 15
Textile Banking (war.)
50c Dec. 31 Dec. 26
Thatcher Mfg., pref. (guar.)
90c Feb. 15 Jan. 31
Thayers. Ltd.. first preferred (semi-ann.)
5131 Jan. 2 Dec. 15
Third Twin Bell Syndicate (bi-mo.)
10c Dec. 31 Dec. 27
Thompson Products. preferred
h$7 Jan. 2 Dec. 24
Thrift Stores, Ltd., 1st pref.(quar.).
40540 Jan. 1 Dec. 15
2nd preferred (quarterly)
17%c Jan. 1 Dec. 15
Time. Inc.(quar.)
c Jan. 2 Dec. 20
Extra
50c Jan. 2 Dec. 20
$634 cony. preferred (quar.)
5134 Jan. 2 Dec. 20
Tip Top Tailors, Ltd., 7% pref
h3131 Jan. 2 Dec. 17
7% preferred (gear.)
5131 Jan. 2 Dec. 17
Title Insurance & Trust (guar.)
40c Jan. 2 Dec. 20
Tobacco & Allied Stocks. Inc
52 Dec. Si Dec. 24a
Tobacco Securities Trust
5.8c Dec. 31 Nov.30
Toledo Light & Power Co., pref.(guar.)
5134 Jan. 2 Dec. 15
Toledo Edison. 7% preferred (mo.)
581-Sc Jan. 2 Dec. 15
50c Jan. 2 Dec. 15
6% preferred (monthly)
5% preferred (monthly)
412-3c Jan. 2 Dec. 15
Toronto Elevator, Ltd 707 pref. (gear.)
$131
Toronto Mtge. Co. (Ont.) (quar.)
5 jDaenc 2
J
J.an 12
10
5
2
$13 j
Torrington CO
Dec.
Travelers Insurance (guar.)
$4 Dec. 31 Dec. 17
Tile° Products Corp. (guar.)
nn
6$
14
2%
1:42
2
51 Dec 3
c JJ
Jaa
an
Tr -Continental Corp. $6 cum. pref. (quar.)........
Dec. 15
Trumbull Cliffs Furnace Co., pf. (guar.)
51% Jan. 2 Dec. 15
Tunnel & RR.of St. Louis (s.-a.)
53 Jan. 1 Dec. 15
Twin Bell Oil Syndicate, mo
Twin City Bldg.& Loan A.B & C (s.-a.)
5134 Jan. 1 Dec. 30
Underwood Elliott Fisher Co.,com
50c Dec. 31 Dec. 124
Preferred (quar.)
5131 Dec. 31 Dec. 124
Union Carbide & Carbon Corp
35c Jan. 1 Dec. 6
Union Electric Light & Power Co. of 111.6% preferred (quarterly)
5134 Jan. 2 Dec. 15
Union Electric Light & Power Co. of Mo.7% preferred (quarterly)
3131 Jan. 2 Dec. 15
Union Pacific RR.,common
5134 Jan. 2 Dec. 1
Union Stockyards Co of Omaha (guar.)
5134 Dec. 31 Dec. 21
United Biscuit Co. of America, preferred (guar.) 5131 Feb. 1 Jan. 15
United Carbon (quarterly)
60c Jan. 1 Dec 15
United Corp.. preferred (guar.)
75c Jan. 2 Dec. 5
United Dyewood Corp., pref. (guar.)
3131 Jan. 2 Dec. 15a
75c Jan. 15 Dec. 20
United Fruit Co.(quar.)
United Gas & Electric Corp., pref.(war.)
131% Jan. 1 Dec. 15
United Gas Improvement Co.common (gust.)...
30c Dec. 31 Nov.30
$5 preferred (guar.)
51% Dec. 31 Nov.30
United Gold Equities of Canada (war.)
234c Jan. 15 Jan. 5
United Light & Rys. Co.(Del.), 7% pref.(mo.)58 1-3c Jan. 2 Dec. 15
6.36% preferred (monthly)
53c Jan. 2 Dec. 15
6% preferred (monthly)
50c Jan. 2 Dec. 15
United Loan Industrial Bank,Brooklyn—
Common (quarterly)
Jan. 2 Dec. 20
$1
Extra
SI Jan. 2 Dec. 20
United Milk Products Co.,$3 pref
75c Jan. 2 Dec. 20
United Molasses Co., Ltd.—
American dep. rec. ord. reg. (final)
tex6% Jan. 15 Dec. 8
United New Jersey RR.& Canal Co.(quar.)......
5214 Jan. 10 Dec. 20
United New York Bank Trust Shares—
Series 03,registered (semi-annual)
9.233c Jan. 2 Dec. 1
Series 03, bearer (semi-annual)
9.233c Jan. 2
United Shoe Machinery Corp.,corn.(guar.)_ _ _ _ 6234c Jan. 5 Dec. 18
Common (special)
52 Jan. 5 Dec. 18
Preferred (quarterly)
37%c Jan. 5 Dec. 18
United States Banking Corp. (monthly)
4c Jan. 2 Dec. 17
United States Electric Light & Power Shares
Sc Jan. 2 Dec. 15
United States Foil Co.,common,class A & B..-15c Jan. 2 Dec. 15
Preferred (quarterly)
513j Jan. 2 Dec. 5
United States Gauge (send-ann.)
2g Jan. 2 Dec. 20
7% preferred (semi-annual)
1
Jan. 2 Dec. 20
United States Gypsum,common (quar.)
Jan. 2 Dec. 7
2
Preferred (quarterly)
3131 Jan. 2 Dec. 7
U. S. Pipe & Foundry Co.. com.(quar.)
1234c Jan. 20 Dec. 31
Preferred (quar.)
Jan. 20 Dec 31
United States Playing Card Co.. common
25c Jan. 1 Dec. 21
Extra
50c Jan. 1 Dec. 21
United States Smelting. Refining & Mining
53 dJan.I5 Dec. 31
United States Sugar Corp.. prof. (guar.)
5134 Jan. 5 Dec. 10
Preferred (quarterly)
51% Feb. 20 Sept 10
Preferred (quarterly)
51% Apr. 5 Mar. 10
Preferred (quarterly)
51 34 July 5 June 10
United States Tobacco Co. common
51% Jan. 2 Dec. 17
Common (special)
$2
Jan. 2 Dec. 17
Preferred (quar.)
Jaann.. 2 Dec. 17
J
United States'Trust.(N. Y)(quar.)
115
2 Dec. 21
United Verde Extension Mines (War.)
10c Feb. 1 Jan. 3
Universal Leaf Tobacco Co.. corn. (guar.)
50c Feb. 1 Jan. 17
Preferred (quar.)
52 Jan. 2 Dec. 14
1
4084
Financial Chronicle
When Holders
Per
Share. Payable. ofRecord
Name of Company.
Universal Products Co., Inc
Upper Michigan Pow.& Lt.,6% pref. (quar.)
Valley RR. Co. of N.Y.(s.-a.)
Valve Bag Co., pref. (quar.)
Vanadium Alloys Steel Co
Van de Kamps Holland Dutch Bakers,$63.6 pref.
(quay.)
Veeder-Root. Inc., extra
Vermont Lighting,pref.(quar.)
Victor-Monaghan Co. preferred (quar.)
Virginian By., common
Vortex Cup (quar.)
Class A (quay.)
Vulcan Detinning (special)
Preferred (quar.
Preferred (quar.
Preferred (quar.
Preferred (guar.
Wagner Electric Corp., preferred (quarterly)
Waldorf System Inc., common
Walgreen Co. 63407 pref. (guar.)
Ward Baking Co.. 7% preferred
Ware River RR., guaranteed (semi-ann.)
Waukesha Motor (quar.)
Wayne Knitting Mills Co.,6% pref.(s.-a.)
Weeden & Co. (quar.)
Wehle Brewing(W. Haven)
Weinberger Drug (quar.)
Wesson Oil & Snowdrift Co.. Inc.—
Common (quarterly)
Common (extra)
West Coast Oil, preferred
Western Grocers. pref.(quar.)
Western Grocers. Ltd.. common
Western Maryland Dairy. $6 pref. (quar.)
Western N. Y. & Penne Ry.(semi-ann.)
5% preferred (semi-ann.)
Western N. Y. Water Co.,$5 pref. (quar.)
Western Tablet & Stationery Corp..7% pf.(qu.)
Western United Gas & Elec..634% pref.(quar.)
6% preferred (quarterly)
Westinghouse Air Brake Co.(quar.)
West Jersey & Seashore RR.(9.-a.)
West Kootenay Power & Light, pref.(quar.)_ _ _
Westland Oil Royalty Co.. Cl. A (mo.)
West Massachusetts Cos.(quar.)
Westminster Paps'
Westmoreland,Inc.(quar.)
Westmoreland Water Co., S6 pref. (quar.)
West New Brighton Bank (S. I.)(s-a)
Weston Electrical instruments, class A
Weston (G.) Ltd.(quar.)
West Penn Electric. class A (quar.)
West Penn Power.6% preferred (quar.)
7% preferred (quarterly)
West Texas Utilities.$6 pref
20c
$1 34
$2)4
$134
25c
Dec. 31 Dec. 20
Jan. 1
Jan. 2 Dec. 14
Jan. 2 Dec. 19
Jan. 2 Dec. 20
Jan. 2 Dec. 10
$1
50c Dec. 29 Dec. 20
$134 Dec. 31 Dec. 26
Jan. 2 Dec. 20
2 Jan. 2 Dec. 20
3734c Jan. 2 Dec. 15
82)4c Jan. 2 Dec. 15
Jan. 19 Jan. 10
Jan. 19 Jan. 10
Apr. 20 Apr. 10
134% July 20 July 10
Oct. 19 Oct. 10
Jan. 1 Dec. 20
20c Dec.31 Dec. 20
$1 M Jan. I Dec. 20
50c Jan. 2 Dec. 15
$334 Jan. 2 Dec. 30
:30c Jan. 2 Dec. 15
$1 34 Jan. 2 Dec. 31
50c Dec. 31 Dec. 20
25c Jan. 2 Dec. 20
25c Jan. 2 Dec. 22
14e
1234c
3734c
-81
$
ig
$13i
$I.M
$1
$1%
$134
$134
1234c
Si
50c
r20c
30c
Sig
25e
$1
Si
$1
75c
Jan. 2 Dec. 15
Jan
2 Dec. 15
Jan. 5 Dec. 26
Jan. 15 Dec. 20
Jan. 15 Dec. 20
Jan. 2 Dec. 20
Jan. 2 Dec. 31
Jan. 2 Dec. 31
Jan. I Dec. 21
Jan. 2 Dec. 20
Jan. 2 Dec. 17
Jan. 2 Dec. 17
Jan. 31 Dec. 31
Jan. 2 Dec. 15
Dec. 31 Dec. 19
Jan. 16 Dec. 30
Dec. 31 Dec. 18
Jan. 1
Jan. 2 Dec. 20
Jan. 1 Dec. 19
Jan. 10 Dec. 31
Jan. 2 Dec. 17
Jan. 2 Dec. 20
Dec. 31 Jan. 4
Feb. I Jan. 4
Feb. I Dec. 15
Jan. 2 Dec. 15
Dec. 29 1934
Per
Share
Name of Company
When Holders
Payable of Record
West Point Mfg. Co.(quar.)
Jan. 2 Dec. 17
Extra
gl Jan. 2 Dec. 17
Westvaco Chlorine Products preferred (quar.)
$134 Jan. 2 Dec. 14
West Virginia Pulp & Paper Co., corn
10c Jan. 2 Dec. 18
West Virginia Water, $6 preferred
hgl Jan. 1 Dec. 31
Whitaker Paper Co., pref.(quar.)
$1 M Jan. 2 Dec. 20
Common
$I Jan. 2 Dec. 20
White River RR guaranteed (8.-a.)
$335 Jan. 2 Dec. 21
White Rock Mineral Springs Co.,corn.
50c Jan. 2 Dec. 21
1st preferred (quar.)
Si 3( Jan. 2 Dec. 21
2nd preferred (quar.)
Jan. 2 Dec. 15
$2
Whittal Can, Ltd..634% preferred
Jan. 2 Jan. 2
hil
Wichita Water Co.7% Preferred (guar)
5134 Jan. 15 Dec. 18
Wilcox-Rich Corp class A (guar.)
62Mc Dec. 31 Dec. 21
Will & Baumer Candle. preferred (quar.)
$2 Jan. 2 Dec. 15
Wilson & Co.. preferred (guar.)
741% Jan. 2
Winn & Lovett Grocery Co.—
Class A & B (quarterly)
50c Dec. 29 Dec. 19
Preferred (quarterly)
134% Dec. 29 Dec. 19
Wiser Oil Co. (quar.)
25c Jan. 2 Dec. 12
Woodley Petroleum Co
10c Dec. 31 Dec. 15
Worcester Salt Co.(quar.)
50c Dec. 30 Dec. 21
Wright-Hargreaves Mines (quar.)
rlOc Jan. 2 Dec. 10
Extra
r5c Jan. 2 Dec. 10
Wrigley (Wm.) Jr. (monthly)
25c Jan. 2 Dec. 20
Monthly
25c Feb. 1 Jan. 19
Monthly
25c Mar. 1 Feb. 20
Monthly
25c Apr. 1 Mar. 20
Special
50c Jan. 16 Jan. 10
Yale & Towne Mfg. Co
15c Jan. 2 Dec. 10
Young (J. S.) common (quar.)
$134 Jan. 2 Dec. 21
Preferred (guar.)
$134 Jan. 2 Dec. 21
Young (L. A.) Spring & Wire (quar.)
25c Jan. 2 Dec. 14
Extra
25c Jan
2 Dec. 14
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
j 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. e Payable in Mock.
Payable in common stock. g Payable in scrip. it On account of accumulated dividends. 5 Payable In preferred stock.
A liquidating dIv. of $4.81 in cash and one share of Crown Zellerbach
Corp. com, stock for each share of Investors Assoc. held.
m The usual quar. div. on the cony. pref. stock, opt. series of 1929, has
been declared at the rate of 5-208 of one sh. of com, stock, or at the option
of the holder, in cash at the rate of $134 for each cony. pref. share. This
dividend is payable Jan. 1 to stockholders of record Dec. 5.
o Transcontinental Air Transport, Inc. declares a liquidating dividend of
two shares of stock of the new Transcontinental & Western Air, Inc. for
each 5 shares ofcapital stock of Transcontinental Air Transport, Inc. held.
r Payable in Canadian funds,and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
U Payable in U. S.funds. le A unit w Less depositary expenses.
Less tax is 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. 26 1934,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR WEEK ENDED SATURDAY, Dec. 22 1934
Surplus and
Undivided
Profits
•Capital
Clearing House
Members
$
6,000,000
Bank of N Y & Trust Co
20,000,000
Bank of Manhattan Co_
National City Bank_ ___ 127,500,000
Chem Bank es Trust Co. 20,000.000
90,000,000
Guaranty Trust Co
32,935,000
Manufacturers Trust Co
21,000,000
Cent Hanover Bk di Tr Co
15,000.000
Corn Each Bank Tr Co.
10,000,000
First National Bank_.
50,000,000
Irving Trust Co
4,000,000
Continental Bk di Tr Co
150,270,000
Chase National Bank
500,000
Fifth Avenue Bank
25,000,000
Bankers Trust Co
10,000,000
Title Guar iii Trust Co
5.000,000
Marine Midland Tr Co.
12,500,000
New York Trust Co
7,000,000
Comm'l Nat Bk di 'Tr Co
8,250,000
Public Nat Bk & Tr Co_
AreiDWMand
Deposits,
Average
g
$
10.198,000
103,093,000
31,931.700
294,398,000
38,996,200 a1,005,139,000
48,541,900
342,629,000
177,167,500 111,027,784.000
10,297,500
274,591,000
61,309,300
584,158.000
16,206,100
186,438,000
90,241,400
386,353,000
57,769.400
389,754,000
3.548,700
31,327,000
66,399,900 c1,301,839.000
3,278,400
42,125,000
60,123,700 d638,221,000
15,311,000
8,165,100
7,378.900
51,243,000
21,714,500
219,492.000
7,631,700
52,961,000
5,170,500
53,382,000
Time
Deposits,
Average
$
12,992,000
28.888,000
145,678,000
17,193,000
49,379,000
100,219,000
28,181,000
21,608,000
12,540,000
6,855,000
1,565,000
67,415,000
102,000
16,092,000
269.000
3,986,000
16,675,000
1,369,000
36,560,000
Totals
614,955,000 726,068,400 7,000,238,000 567,566,000
*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)$199,849,000;(b)$69,105.000:
(c) $83,412,000: (d) $26,203,000.
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. 21:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. DEC. 21 1934
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Disc. and
Investments
Manhattan—
$
$24,914,900
Grace National
Trade Bank of N.Y_ 3,873,311
Brooklyn—
PAnnhea Alnitnnel
5.155.000
Cash
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos.
3
90,200
155,547
$
2,474,800
1,065,455
116.000
319.000
Gross
Deposes
a
$
2,365,800 25,082,000
243,349 4,428,168
62 nen
A
meo nnn
TRUST COMPANIES—AVERAGE FIGURES
Loans
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
$
57,503,600
7,035,063
10,941,348
17,282,800
30,109,100
64,867,620
Cash
Res. Dep., Dep. Other
N. Y. and Banes and
Elsewhere Trust Cu.
S
$
*3.846,000 8,013,300
140,360
629.640
*867,854
374,100
*2,715,200
552,100
*5,088.500
472,800
13,126,622 16,750,403
Gross
Deposits
$
$
2,489,200 60,154,800
1,025,364 7,125,864
62,385 10,544,346
787,700 16,458,600
33,429,300
64,936,093
87,500,000 2,879,000 21,868.000
357,000 98,755,000
29.462.557 1.986.742 6.423.460
29545 9,2
•Includes amount with Federal Reserve as follows: Empire,$2,634,900; Fiduciary,
$636,436: Fulton, $2,540,300; Lawyers County, 84,327,300.
KIncre Cnuntv
Dec. 26 1934 Dec. 19 1934 Dec. 27 1933
Assets—
s
s
Gold certificates on hand and due from
1,767,382,000 1,703,662,000
U. S. Treasury_x
Gold
Redemption fund—F. R. notes
1,499,000
1,654,000
Other cash
49,352,000
50,764,000
s
266,671,000
608,386,000
10,707,000
50,800,000
Total reserves
1,818,233,000 1,756,080,000 936,564,000
Redemption fund—F.R. bank notes.-3,032,000
1,427.000
1,591.000
Bills discounted:
Secured by U. S. Govt. obligations
1,844,000
21,197,000
direct .4 (or) fully guaranteed
2,587,000
27,904,000
Other bills discounted
3,564,000
2,949,000
Total bills discounted
Bills bought in open market
Industrial Advances
U.S. Government securities:
Bonds
Treasury notes
Certificates and bilk
a.Government securities—
Total U.
5,408,000
5,536,000
49,101,000
1,983,000
810,000
2,055,000
748,000
4,679,000
140.955,000
475,234,000
161,566,000
140,955,000 170,047,000
475,234,000 361,165,000
161,566,000 300,469,000
777.755,000
777,755.000 831,681,000
904,000
Other securities
Foreign loans on gold..
Total bills and securities
785,956,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
300,000
5.415,000
99,171,000
11,624,000
29,668,000
Total assets
788,094,000 886,365,000
300,000
4,910,000
137,335,000
11.624,000
28,717,000
1,207,000
3,480,000
107,949,000
12,818,000
24,926,000
2,751,794,000 2,726,651,000 1,976,341,000
Liabilities —
678,859,000 671,546,000 643,317,000
F. R. notes in actual circulation
25,614,000
25,819,000
52,701,000
F. R. bank notes in actual circulation net
Deposits—Member bank reserve &col 1,659,964,000 1,591,358,000 962,067,000
41,735,000
59,722,000
20,354,000
U. S. Treasurer—General account
7,825,000
6,604,000
3,528,000
Foreign bank
114,650.000 111,945,000
32,670,000
Other deposits
Total deposits
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies_
All other liabilities
1,824,174,000 1,769,629,000 1,018,619,000
96,754,000 133,822,000 101,147,000
59,620,000
59,600,000
58,267,000
45,217,000
45,217,000
85,058,000
615.000
615,000
4,737,000
1,667,000
4,737,000
16,204,000
15,565,000
15,666,000
2 751,794.000 2.726,651,000 1,976,341,000
Total liabilities
Ratio of total reserves to deposit and
F. R. note liabilities combined
72.6%
71.9%
56.4%
Contingent liability on bills purchased
354,000
for foreign correspondents
330,000
1,783,000
Dommitments to make industrial
2,851,000
advances
2,432,000
•"Other cash" does not Include Federal Reserve notes or a banee own Federal
Reserve bank notes.
x These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents, these certificates being worth less to the extent of the difference, the difference Reell having been appropriated as profit by the Tress=
under the orovtalone of the Gold Reserve Act of 1934.
Financial Chronicle
Volume 139
4085
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, Dec. 27, showing the condition
of the twelve Reserve banks at the close of business on Wednesday. The first table presents the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount hold 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. 26 1934
Dec. 26 1934 Dec. 19 1934 Dec. 12 1934 Dec. 5 1934 Nov. 28 1934 Nov. 21 1934 Nov. 14 1934 Nov. 7 1934 Dec. 27 1933
ASSETS.
Gold Ms.on band at due from U.S.Treas
Gold
Redemption fund (F. It. notes)
Other cash •
Total reserves
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct 3,(or) fully guaranteed
Other bills discounted
'Total bills discounted
$
3
5,122,396,000 5,122,762,000 5,123,148,000 5.111,620,000 5.087.272.000 5.055.529.000 5,018,687,000 4,998,077.000
18,952,000
213,620,000
19,454,000
219.662,000
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
945,651,000
2,578,393,000
44,739,000
209,356,000
21.296.000
212.643,000
5,354,968,000 5,361,878,000 5,378.506.000 5,350.191.000 5.327.626.000 5.315.865.000 5,271.411.000 5.232,016,000 3,778,142,000
1,677,000
1.841,000
1,983,000
2,168,000
1,886,000
1,886.000
2,071.000
2,204.1300
13,566,000
4,820,000
4,461,000
4,768,000
3,839,000
4,982,000
4,274,000
6,274,000
4,192,000
7.315,000
4.557.000
t6,073.000
t4.650.000
4,816.000
4,326.00
5.003,000
5.666.000
36,925,000
73,627.000
9,281,000
8,607,000
9.256,000
10,486,000
11,872,000
10.723.000
9,142,000
10.669,000
110,552,000
Bills bought in open market
Industrial Advances
U.S. Government securities-Bonds
Treasury notes
Certificates and bills
5,611.000
5,682,000
.5,690.000
6.073,000 111,083,000
5,682.000
5,683.000
5,685,000
5.708.000
13,589,0041
12.494,000
10,662.000
6.617.000
10.204.000
9,769,000
8,673,000
7,753.000
395,582,000 395,572,000 395,586,000 395,588,000 395,544.000 395,550,000 395.545,000 395.589.000 443,166,000
1,507,141,000 1,507,124,000 1,398,264,000 1.405.248.000 1.410,257.000 1,410.229.000 1,410.942,000 1.411.717,000 1,053,163,000
527,475,000 527,475,000 636,367,000 629,368.000 624,368,000 624,368,000 623,687,000 622.886,000 935,850.000
Total U. S. Government securities
Other securities
Foreign loans on gold
2,430,198,000 2,430,171,000 2,430,217.000 2,430,204,000 2,430.169,000 2,430,147.000 2.430,174,000 2.430,192,000 2,432,179,000
1,494,000
2,247.000
3,050,000
10,339.000
15,765.000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks_
Uncollected items
Bank premises
All other assets
2358,679.000 2,456,954,000 2,455,825.000 2,456,556,000 2,460.543,000 2,465.567,000 2,468,542,000 2.455,798.000 2,655,308,000
804,000
795.000
804.000
3,333,000
819.000
803,000
800.000
803,000
802,000
22,614,000
22,028,000
18,515,000
16,739,000
19.538,000
20.041.000
25.055,000
21.122,000
21,885,000
452,135,000 551,496,000 490,109,000 449.696.000 425,277.000 486,032,000 607,241,000 404.194.000 425,900.000
53,372,000
53,372,000
53,084.000
53,276,000
54,804,000
53.162.000
53,084,000
53,275,000
53,164,000
43,064,000
42,133,000
48,381,000
52,349,000
45,414,000
49,760,000
49,141,000
50.475,000
50,561,000
8.387,313,000 8,490,506,000 8,451,358,0001 8,384.284,000 8,339.901.000 8.397,927.000 8.474,177,000 8.216.034,000 6,993,206,000
Total assets
LIABILITIES.
F. It. notes in actual circulation
3,261,403,000 3,231,862,000 3.201.456,000 3,213,805,000 3,188,471,000 3,157,686.000 3.178,512,000 3,189,172.000 3,080,948,000
F. R. bank notes In actual circulation_.
26,603,000
26.752,000
27.054.000
27.769.000
27.477.000
27.774.000
28.164,000
28.313.000 210,298,000
Deposits-Member tanks' reserve account 3,961,204,000 3,943,123,000 4,111,949,000 4,073.385.000 4.108,453,030 4,195,892.000
4,106,927,000 4.031.551,000 2,675,153,000
U. S.'Treasurer--General aocount_a
168,114,000 232.261,000
33,049,000
97.750,000
29,720,000
85,576,000
32,699,000
98.369,000
53,180,000
Foreign banks
19,582,000
18.361,000
17,113,000
9.074,000
5,110,000
16,992,000
16.554,000
15.638.000
11,465,000
Other deposits
168,016,000 166,548,000 168,502,000 160.272,000 143.000,000 142,555.000 151.994,000 163,058,000 119,177,000
Total deposits
Deferred availability 1011111
Capital paid in
Surplus (Section 7)
Surplus (Section 13-11)
Reserve for contingencies_
All other liabilities
Total liabilities
4,316,916,000 4,360,293,000 4.393.314.000 4,347,662.000 4,354,021,000 4,387,700.000 4.323,566,000 4,236,732,000 2,829,160,000
441,843,000
146,752,000
138,383.000
6,459,000
22,272,000
26,682,000
532,562,000
146,718,000
138,383,000
5,126,000
22,272,000
26,533,000
484,803,000
146.846.000
138.383,000
5.065,000
22,293,000
32.144,000
454,865.000
146,860.000
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
32,284,1300
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
410,929,000
144,684,000
278,599,000
12,092,000
26,496,000
8,387,313,000 8,490,506,000 8.451,358,000 8,384,284,000 8.339,901,000 8,397.927.000 8.474.177,000 8.216,034.000 6,993,206,000
Ratio of total reserves to deposits and
F. It. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make industrial advances
70.7%
70.6%
70.8%
70.8%
70.6%
70.4%
70.3%
70 5%
63.9%
675,000
8,225,00
651,000
7,399,000
1348,000
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
3,710,000
Maturity Distribution of Bills and
Short-term SecuritiesI-15 days bills discounted
16-30 days bills discounted
31-80 days bills discounted
81-90 days bills discounted
Over 90 days bills discounted
7,281,000
404,000
884,000
638,000
74,000
6.865,000
221,000
863,000
627,000
31,000
7,962,000
177,000
441,000
649,000
27.000
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
296,000
310,000
91,000
7,143,000
278.000
1,194.000
379,000
148,000
8.095.000
865,000
1.268,000
293,000
148,000
82,787,000
5,913,000
8,890,000
11,748,000
1,214,000
9,281,000
8,607,000
9,256,000
10,486,000
11.872,000
10,723,000
9.142,000
10.669,000
110,552,000
1,185,000
695,1300
1,027,000
2,724,000
1,140.000
513,000
1,271,000
2,758,000
254,000
1,221,000
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
,517
1Z:g2
520,000
4,192,000
1,1
5.N.A0
0
237.000
4,098,000
16,518,000
14,816,000
46,136,000
33,440,000
173,000
5,611,000
5,682.000
5,690,000
5,682,000
5,683,000
5,685,000
5,708,000
6.073,000
111,083,000
32,000
71,000
211,000
865,000
12,410,000
99,000
146,000
205,000
832,000
11,212,000
95,000
34,000
283,0011
669,000
9,581,000
69,000
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
88,000
180.000
8.256.000
9,769,000
8,673.000
'Total bills discounted
1-15 days bills bought in open market__ _
16-30 days bills bought In open market__
31-60 (lays bills bought in open market
61-90 days bilis bought in open market_ _ _
Over 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(lays industrial advances
Total industrial advances
1-15 days U. S. certificated and bills
16-30 days U. S. certificates and bills__ 31-60 days U. S. certificates and
_
61-90 days U. S. certificates and
_
Over 110 days U. S. certificates and bills
Total U. S. certificates and bills
S
$
a
s
$
13,589.000
12,494,000
10,662,000
10.204,000
38,399,000
27,500,000
83,199,000
90,570,000
287,807,000
42,399,000
30,9.50,000
80.317,000
78.752,000
295.057,000
149,872,000
38,399,000
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
527,475,000
527,475,000
636.367,000
629,368,000
624.368,000
s
s
s
$
7,753,000
6.617,000
18,875,000
38,425,000
173,825,000
73,349,500
75,317,000
301,877.000
233,925,000
85,585,000
307,302,000
229,924,000
49.050,000
307.487,000
77,500,000
67,198,000
88,714,000
310,528,000
391,910,000
624,368,000
623,887.000
622.888,000
935,850,000
1-15 days municipal warrants
16-30 days municipal warrants
31-80 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
1,378,000
80,000
36,000
Total municipal warrants
Federal Reserve NotesIssued I.] F. R. Rant by F. R. AgentHeld by Federal Reserve Bank
In actual circulation
1.494,000
3.551,542,000 3,540,121.000 3.506.943,000 3,489.128,000 3,464,219,000 3,457,582,000
3,471.064,000 3,459.862.000 3,363.184,000
290,139,000 308,259,000 305.487,000 275.323,000 '275.748,000
299,896,000 292,552,000 270,690,000 282,236,000
3,261,403,000 3,231,862,000 3.201,456,000 3,213,805.000 3.188,471,000 3,157.686,000
3,178,512.000 3,189,172,000 3,080,948,000
Collateral Held Oy Agent as Security for
Notes Issued to BankGold etre. on hand in due from U.S. Trees
BY gold and gold certificates
3,350,200,000 3,366,700,000 3,309,200,000 3,281,200,600 3,243,416,000 3,250,916,000 3.258,918,000
3,252,916.000 147 5298,000
Geld fund-Federal Reserve Board
111 9745.000
By eligible paper
7,575,000
6,932,000
7,694,000
8,837,000
10,237,000
8,854,000
7,233,000
9,045.000 177,422,0(10
U. S. Government securities
238,000,000 206,000,000 226,000,000 235.000.000 258,700.000 254,700,000 254.100,000 255,400.000
639,000,000
Total collateral
3,595,775,000 3.579,632,000 3,542.891,000 3,525.037,000 3,512,353,000 3,514,470,009 3,520,249.000
3.517.381.0003,411.465,000
.-other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
t Revised figures.
a Those are certificates given by the U. S. Treasury for the gold taken over from
the Reserve banks when the dollar was devalued from 100 cents to 50.06 cents,
on Jan. 31, 1931, these certificates being worth less to the extent of tne difference, the difference itself
appropriated as profit by the Treasury under the probeen
having
vision/ of the Gold Reserve Act of 1934.
{
a Caption changed from "Government" to "U. 3 Treasurer-General account" and $100,000.000 included In Government depoeits on :k.1 ay 2 1934
transferred to
"Other deposits."
Dec. 29 1934
Financial Chronicle
4086
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATEMENT OF RESOURCES '1.ND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 26 1934
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
New York
Boston
Total
Phila.
Cleveland Richmond Atlanta
San Fras.
St. Louis Minneap. Kan. Cits Dallas
Chicago
$
RESOURCES
s
$
,
S
Gold certificates on band and du
5,122,396,0 373,230,0 1,767,382,0 279,505,0 390,930,0 197,777,0 122.249,0 1,060,943,0 193,386,0 141,380.0 182,496,0 107,607,0 305,511,0
from U.S.Treasury
328,0 3.632.0
613,0
330,0
1,923,0 3,853,0
614.0
1,311.0
1,499,0 2,525,0 1,662,0
662,0
18,952,0
Redemption fund-F.R. notes_
24,688,0 10,169,0 10,419,0 9,818,0 6,728,0 14.450,0
49.352,0 32,757.0 8,612,0 9,788,0 10,930,0
213,620,0 25,909,0
Other cash
a
$
s
s
5,354,968,0 399,801,0 1,818,233,0 314.787,0 401,204,0 209,488,0
Total reserves
1.427,0
250,0
1,677,0
Redem. fund-F. R. bank notes
Bills discounted:
See. by. U.S. Govt.obligati°
105,0
252,0
720,0
1,844.0
4,820,0 1,502,0
direct and(or)fully guarantee
128,0
64,0
465,0
3.564,0
49,0
4,461,0
Other bills discounted
169,0
380,0
1,185,0
5,408,0
1,551,0
9,281,0
Total bills discounted
209.0
528,0
584,0
1,983,0
404,0
Bills bought in open market
5,611,0
913,0 1,539,0
810,0 2,695,0
13,589,0 1,777,0
Industrial advances
U. S. Government securities:
395.582,0 23,206.0 140.955,0 25.138,0 30,557,0 14,858,0
Bonds
1,507,141,0 98,827,0 475,234,0 104,810,0 134,108,0 65,195,0
Treasury notes
527,475,0 35.638.0 161.566,0 37,172,0 48,360,0 23,510,0
Certificates and bills
$
$
$
s
s
137,032,0 1,086,942,0 204,169,0 152,129,0 192,927,0 114,663.0 323,593,0
43,0
51,0
40,0
8,0
177,0
3,0
94.0
303,0
832,0
48,0
707,0
922,0
180,0
115,0
419,0
80,0
1,617,0
40,0
01,0
12,0
85,0
38,0
131,0
154,0
433,0
12,0
154,0
1,014,0
123,0
390,0
588,0
13,535,0
59,317,0
21,385,0
62.144,0 13,798,0 15,382,0 13,334,0 18,818,0 23,857,0
273.102.0 58,359,0 37,071,0 57,705,0 38,701,0 104,712,0
93,097,0 21,043,0 13,181,0 20,805,0 13,953,0 37,762,0
Total U.S. Govt.securities. 2,430,198,0 157,671,0
777.755,0 167.120,0 213,025,0 103,563,0 94,237,0
428,343,0 93,200,0 65,634.0 91,844,0 71,475,0 166,331,0
2,458,679.0 161,403,0
60,0
804,0
366,0
22,614,0
452,135,0 49,229,0
53,372,0 3,224,0
567,0
43,064,0
785,956,0 171,584,0 214.846,0 105,480.0 95.466,0
31,0
77,0
28,0
87,0
300,0
1,621,0
591,0 1,183,0 3,182,0
5.415,0
99,171,0 35,981,0 46,927,0 40,946,0 17,281,0
11,624,0 4.661,0 6,788,0 3,133,0 2.372,0
29,668,0 4,752,0 1,371,0 1,406.0 1,847,0
430,020,0 93.914,0 67,331,0 92.562,0 72,685,0 167,432,0
57,0
9,0
22,0
22,0
105,0
6,0
351,0 2,591,0
3,171,0 1,358,0
1,684,0 1,101.0
58,750,0 20,706,0 12,762,0 28.386,0 19,870,0 22,126,0
7,389,0 3,127,0 1,664,0 3,544,0 1,757,0 4,089,0
794,0
219,0
757,0
344,0
863,0
476,0
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected items
Bank premises
All other resources
8,387,313,0 614.900,0 2,751,794,0 532,443,0 672,396,0 363,666,0 255,647,0 1.587,171,0 323,602,0 236,333,0 318,886,0 210,211,0 520,364,0
Total resources
LIABILITIES
F. R. notes In actual circulation_ 3,261,403,0 274,685,0 678,859,0 247,193,0 314,892,0 172,595.0 135,712.0
25,614,0
989,0
26,603,0
F.R.bank notes in act'l circurn__
Deposits:
Member bank reserve account_ 3,961,204,0 253,403,0 1,659,964,0 204,467,0 268,196.0 118,125,0 77,471,0
41,735,0 8,230,0 7,529,0 18,764,0 9,654,0
168,114.0 11,356,0
U. S. Treasurer-Gen. acct.._
683,0
629,0
7,825,0 1,870,0 1,726,0
1,294.0
19,582,0
Foreign bank
2,601,0 3,422,0 1,012,0 3,373,0
1,449,0
114,650,0
168,016,0
Other deposits
630,927,0 127,073,0 100,473.0 158,350,0 121,095,0 241,660,0
53,695,0 11,634,0
739,0
964,0 1,856,0 1,958,0
2,265,0
593,0
414.0
503,0
503.0 1,277,0
3,951,0 9,482,0 6,050.0 2,803,0 1,265,0 17,958,0
4,316,916.0 267,502,0 1,824,174.0 217.168,0 280,873,0 138,584,0 91,127,0
96,754,0 35,175,0 45,399,0 40,010,0 15.917,0
441,843,0 48,768,0
59,620,0 15,149,0 13,062,0 4,975,0 4,368,0
146,752,0 10,768,0
45,217,0 13,352.0 14.090,0 5,171.0 5,145,0
138,383,0 9,610,0
378.0
957,0
775.0
615,0 1,050,0
6.459,0
768,0
4,737,0 2,345,0 2,300,0 1,156,0 2,486,0
22,272,0 1,053,0
218,0
514,0
1,011,0
1,005,0
16,204,0
757,0
26,682,0
690,838,0 148,782,0 107,676,0 162.620,0 124,719,0 262,853,0
58,301,0 19,466,0 11,790,0 28,267,0 21,158,0 20,838,0
12.721,0 4,088.0 3,135,0 4,062,0 4,046,0 10,758,0
20,681.0 4,756.0 3,420,0 3,613,0 3,683,0 9,645,0
297,0
733,0
382.0
504,0
2,967,0
850.0 1,004,0
621,0 1,133,0 1,620.0
4,924,0
440.0
547,0
202,0
405,0
455,0
Total deposits
Deferred availability Items
Capital paid in
Surplus (Section 7)
Surplus (Section 13 b)
Reserve for oontingenelec
All other liabilities.
796,006,0 144,738,0 108,257,0 119,204,0 55,067,0 214,195,0
8.387,313.0 614.900,0 2,751,794,0 532,443,0 672,396,0 363,666,0 255,647,0 1,587,171,0 323,502,0 236,333,0 318,886,0 210,211,0 520,364,0
Total liabilities
Ratio of total res. to dep. & F. R.
note liabilities combined
Contingent liability on bills purchased for torn correspondents
Commitments to make industrial
advances
70.7
73.7
72.6
67.8
67.3
67.3
60.4
13.1
69.6
70.5
68.5
63.8
675,0
35,0
354,0
51,0
47,0
19,0
17,0
62,0
16,0
11,0
14,0
14,0
R 225 0
1.342.0
2.881.0
249,0
946.0
412.0
601,0
1,088,0
67.8
35,0
28,0
678,0
•"Other Cash" does not Include Federal Reserve notes or bank's own Federal Reserve bask notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (0O) Omitted.
Federal Reserve Agent at-
3
$
!federal Reserve notes:
Issued to F.R.Bk.by F.R.Agt_ 3,551,542,0 300,192,0
Held by Fedi Reserve Bank_ _ _ 290,139,0 25,507,0
$
3
3
776,759,0 262,454,0 331,927,0 186,591,0 154,001,0
97,900,0 15,261,0 17,035,0 13,996,0 18,289,0
St. Louis Minneap Kan. City Dallas San Fran.
_.
$
3
3
3
3
3
831,546,0 150,739,0 112.726,0 128,130,0 61.975,0 254,502.0
35.540,0 6,001,0 4,469,0 8,926,0 6,908,0 40,307,0
3,261,403,0 274,685,0
In actual circulation
Collaseral held by Agent as security for notes Issued to bks
Gold certificates on hand and
3,350,200,0 302,617,0
due from U.S.Treasury
7,575,0 1,551.0
Eligible paper
U. S. Government securities_ 238,000,0
678.859,0 247.193,0 314,892,0 172,595,0 135,712,0
796.006,0 144,738,0 108,257,0 119,204,0 55,067,0 214,195,0
788,706.0 223,000,0 297,715,0 154.340,0 91.385,0
178,0
143,0
977,0
380,0
3,856,0
40,000,0 35,000,0 33,000,0 65.000,0
832,513,0 141,936,0 114,000,0 124,550,0 62,675,0 216,763,0
122,0
48,0
127,0
12.0
181,0
5.000,0
40,000,0
10,000,0 10,000,0
792.562.0 263.977.0 333.095.0 187.483.0 156.563.0
842.561.0 152.117.0 114.000.0 129.677.0 62.687.0 256.885.0
Boston
Total
New York
Phila.
s
$
1 565 775 0 31)4.168.0
Tntal anlliktwral
Cleveland Richmond Atlanta
Chicago
FEDERAL RESERVE BANK NOTE _STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent al-
Total
Boston
New York
Federal Reserve bank notes:
Issued to F. R. Bk.(outatdg.)Held by Fedi Reserve Bank__
$
37,790,0
11,187.0
$
1,511,0
522,0
In actual circulation-net •Collat, pledged agst.°Mat. notes:
Discounted & purchased bills..
U. S. Government securities_
26,603,0
989,0
Phila.
Cleveland Richmond Atlanta
$
$
26,071,0 10,208,0
457,0 10,208.0
Chicago
San Pram,
St. Louis lifinneap. Kan. City Dallas
3
s
3
$
$
$
$
$
$
'
25,614,0
43,274,0
5,000,0
26,274,0 12,000,0
41 97411
5 non 0
28 274 n 12 000 0
•Does not Include 378,739.00001 Federal Reserve bank notes for the retirement of which Federal Reserve banks have deposited lawful money with the Treasurer of
the United States.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 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.
LEADING CITIES, BY DISTRICTS, ON DEC. 19 1934
;PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN
(In Millions of Dollars)
St. Louis Vinneap. Kan. City
Dallas
1,202
366
364
1,982
552
363
592
438
San Aran.
1,946
Loans on securities-total
3,115
220
1,683
204
181
61
62
278
68
35
54
49
220
To brokers and dealers.
In New York
Outside New York
To others
753
162
2,200
19
35
166
639
55
989
19
16
169
2
7
172
6
3
53
28
26
224
3
4
61
1
1
33
6
3
45
444
979
3,207
7,176
566
2,852
47
93
258
383
8
152
230
250
1,396
3,260
292
1,204
20
72
174
289
35
264
2
75
132
598
21
193
2
12
118
110
11
49
75
35
287
927
95
285
11
37
109
210
22
9..
6
6
105
151
3
17
17
14
116
262
15
114
20
344
315
668
39
340
2,953
305
13,576
4,360
1,343
1,713
4,045
205
73
895
317
97
109
196
1,415
68
6,896
1,017
772
142
1,788
1
141
16
709
298
77
163
243
163
25
729
438
52
121
179
26
7
197
129
35
73
81
483
51
1,749
509
67
265
543
88
9
386
162
32
90
164
65
5
266
124
7
95
119
86
12
477
162
26
203
271
155
17
734
946
105
212
209
Loans and investments-total
Acceptances and commercial paper
Loans 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
Due from banks
Due to banks
-_ e e
Total
Boston
New York
Phila.
CON04.COW=
1,058
NiC04,•-.10W
Chicago
8.315
.1.0.0NO W
000WIP,000
Atlanta
1,161
Wt.=
Cleveland Richmond
18,339
Federal Reserve DiSiria-
20
9
191
4087
Financial Chronicle
Volume 139
„b
itij
(Comma('
United States Government Securities
Bankers Acceptances
(firanirlf.
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
6 Mos.
12 A103.
Including Postage$6.00
$15.00
United States, U. S. Possessions and Territories
9.75
16.50
In Dominion of Canada
10.75
South and Central America, Spain. Mexico and Cuba_- - 18.50
Great Britain, Continental Europe (except Spain), Asia,
11.50
20.00
Australia and Africa
NOTICE.-On account of the fluctuations In the rates of exchange,
made
must
be
advertisements
and
subscriptions
foreign
remittances for
in New York funds.
Representative.
Western
CrucAoo OSSIDE-In charge of Fred. H. Gray,
208 South La Salle Street, Telephone State 0613.
LONDON 0/FICD-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. 22 Dec. 24 Dec. 25 Dec. 26 Dec. 27 Dec. 28
High 103.222 1032,22
First Liberty Loan
334% bonds of 1932-47__ Low_ 1032,11 103.022
Close 103"3/ 103"n
(First 355s)
22
7
Total sales in $1,000 units_
---_
_--Converted 4% bonds of_ Hie;
Low_
_--1932-47 (First 4s)
103.222 103.622 103,012
1031622 1031722 103"32
1031..2 1031:2, 103::2,
27
43
175
-- --------------_____-
Total sales in $1,000 units_
1031in 1031.22 103.22
Converted 43.j% bonds.{ High 103-un 1031:22
1031.22 1031622 1031.22
of 1932-47 (First 41(s) Low. 1031722 1031.22
103.22 1031.s2 1031.22
Close 103.22 1031.22
6
39
1
8
61
Total sales in $1,000 units.....
___ 102.22
102.122
Second converted 4si% High
------_
102.622
____ 1022.22
bonds 01 1932-47 (First( Low_
---_..__ 102"22
102.122
Second 434e)
11
Total sales in $1,000 units___
- ---_--103..22 103-.22 1032.22
Fourth Liberty Loan
1 High 103..22 1032.22
103.22 103,1s2 10321,2
434% bonds of 1933-38_ Low.. 103.22 103'122
103trw 103:122 1032:12
(Fourth 434s)
Close 103:in 103:.22
7
12
7
9
27
Total sales in $1.000 units......
101,222 101"22 101"s2
101",, 101.722
I
Fourth Liberty LoanHigh
101.'” 101". 101"33
44% bond,(3d called). Low_ 101:122 101:722
1012.22 101"s2 101"s2
Close 101:822 1012:22
147
196
Total sales in $1,000 units__
47
11
59
113
113
113
Treasury
{ HIV; 113122 1131:2
112.22 112,222 113
Low_ 1131u 112.122
44s 1947-52
1122622 1122.22 113
Close 1131u 112.22
4
9
36
2
12
Total sales in $1,000 units__
103,
.. 108..2 108.72,
{High 1031422 1082.12
1081.s2 1031.2 103"al
4e, 1944-54
Low_ 1052.22 105"s2
1081.22 1081.2 107.21
Close 108:32, 1082.2
5
19
87
Total sales in 41,000 unUs __
20
3
1021622 102212 1021:21
1 High 1022.22 102..2
1021722 102.42 1022.21
LOw. 102"s2 102:12
434s-334s, 1943-45
1021722 102.22 102.12:
Close 1022.22 102os
11
109
Total sales in $1,000 units__
103
10
39
106:62 106:72
IlIgh 106:722 1061:2
-1062122 106"2
-.354, -.
1946-56
Law. 106:::, 106"a
--105,.22 106:72
Close 103.722 106.12
12
Total sales in $1,000 units__
81
1
8
-.
103",,103r2
{High 103",,103::22
-.
103.22 103
,
-2
33.4s. 1943-47
Low_ 103:hi 1031:22
103::22 103::2
---•
Close 103:62, 103:in
6---.
Total sales in $1,000 units__
2
1
35
1001,22 100242 1002
(High 100-321 100"22
::
35, 1951-55
10(.0:22 100w2 100,
Low. 100::22 100:022
Close 100Whi 1001:22 HOLT 1001.32 1.101., 100",
91
Total sales in $1,000 units.
37
35
44
56 DAY
1002.22 100", 100"s,
(High 10026: 100"22
1001622 100222 1002.2
3, 1948-48
Low.. 1002322 100"22
1001.2 1002.2 100.72
Clew 1001422 100,,22
51
Total sales in $1,000 units...52
8
63
.... - •
104.22 104
'
23
1 Higfi 1011022 1011.22
Mt, 1940-43
---.
104.22 101.22
Low_ 1011622 100022
104.22 104::2
---•
Close 101162: 1011112
Total sales in $1,000 units__
361
10
-.
1
43
:
2
____
104722 1011,2 10.023
{ High 1011022
394s, 1941-43
Low.. 101"22
- _,104.22 101.2 10412,
104722 104 222, 104162
Close 1011022
---21
Total sales in $1,000 units_
25
139
1
.2
101 262 101,1.22 101,
(High 1012.22 101;1
;
33.4e, 1946-49
101",,101"s2 101"s
Low. 101",, 101",,
10120,2 1012.22 101 27,
Close 1011:22 101.1.s2
T
Total sales in $1.000 units___
236
6
28
4
101"st 101 1.22 101112
f High 101 1.22 101 1.212
314s 1949-52
101.s2 101 122, 101il,
(low, 101"s2 101"a2
1011122 101w22 101.2
[Close 101 1.22 101 1.22
34.
Total sales in $1,000 :mils_ _ _ _
30
10
360
113
104"42 101o, 104:02
1 High 1011222 104"12
334s, 1941
104722 1011222 1041.2
Low_ 10 Phi 104"st
104'n 1041022 104::
Close 1041:22 1041:22
3
Total sales in $1,000 units_
5
165
310
103
1022022 102s.22 1021.3
1 High 102.222 1022.22
1021.22 102"s2 1021.2
34e. 1944-46
Low_ 102.022 102"22
102:92, 102.2 102",
Close 1022:22 102::22
6
Total sales In $1.000 wins__
52
34
III
98
101 1622 101.
Federal Farm Mortgage(High 101 1.22
1 2, 101 16,
--1011122 101 1122 101 15,
314,2, 1944-64
Low_ 101 1.22
--1011.22 101 1.22 101.2,
Close 101 1.22
---Total sales in $1,000 units__
70
____
13
Federal Farm Mortgage
991722 99i.22 9925I
High 991722 99"st
991.22 991.22 991.1
3s, 1949
Low- 99::22 991.22
99"31 99:022 9912,
Clow 99.22 991.22
16
Total sales in $1,000 units__
175
89
88
18
1002522 1002222 101 12,
Home Owners' Loan
(High 100,622 100"22
100,91g 100,12, MP:,
Low. 100..22 100.122
45, 1951
100::22 1001:22 1014:
Close 100:62, 100:hi
148
161
Total sales in $1,000 units_ _.
89
79
127
99.932 0022., g9re4
Home Owners' Loan
r High 99102t 092022
991.s2 991.ss 99::,
{LOw_
3s, aeries A, 1952
99.22 9917s:
99.22 99,022 99"
(Close 9920s2 99022
20
Total sales in $1,000 units__
153
129
72
68
962022 96,
.22 004
LoanHigh
Irish
961122 962122
Home Owners'loan(
961.22 96.22 96"
96"22 96:12
2its. series B 1949_-_ Low_
962722 90022 962.
962,st 96"n
155
154
519
Total sales in 81.000 units_ __
387
97
{
3
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
11 1st 314s 1932-47
5 1st 434s 1932-47
7 4th Ode (uncalled)
1 Treasury 1940-43
103122: to 1031.22
103,62 to 1031:21
101.622 to 101,122
104",, to 104"22
NEW YORK AND HANSEATIC CORPORATION
97 WALL ST., NEW YORK
United States Treasury Bills-Friday, Dec. 28
Rates quoted are for discount at purchase.
Bid.
mar. 27 1935
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
Dec. 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. 6 1935
Mar. 13 1935
Mar. 20 1935
Atka.
Biol.
Asked,
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Apr. 3 1935
Apr. 10 1935
Apr. 17 1935
Abr. 24 1935
May I 1935
May 8 1935
May 15 1935
May 22 1935
May 29 1935
June 5 1935
Juno 12 1935
June 19 1935
June 26 1935
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Dec. 28
Maturity.
Int.
Rate.
Md.
June 15 1936- _
Sept.15 1936._
Aug. 1 1935__
Juno 15 1939___
Mar. 15 1935......
Sept. 15 1038.....
Dee. 15 1935___
Feb. 1 1938_
Asked.
Maturity.
Rate.
Bid.
Asked.
1002522
101"2:
101.21
101.22
101.g2
102.22
10212,2
103.s2
Dec. 15 1936__ _
Apr. 15 1936_ ._
June 151938,_.
June 151935._
Feb. 15 1937_
Apr. 151937......
Mar. 15 1938_ _
Aug. 1 1936___
Sein.15 1937_._
%
234%
234%
3%
3%
3%
3%
334%
3 ti %
103"23
103.22
103.222
1011
.22
1134,12
104.22
104:21
104w
1041:22
1031in
103:22
103.1,2
101.622
104.22
104,22
10462,
104,2,
104,tar
The Week on the New York Stock Market-For review
of New York Stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
Dec. 23 1934.
Saturday
Monday
Tuesday
Wednesday ....
Thursday
Friday
Total
Total
Bond
Sales.
503.460 $3,826,000
6.983,000
808,520
IRMA DAY
6,970,000
1,055,065
9,591,000
1,632,065
7,535,000
1,276,151
81,022,000
1,220,000
1,262,000
1,838,000
1,464,000
81,030,000 S5.878.000
8,963,000
760.000
HOLT DAY
3,364,000 11,596,000
1,564,000 12,993,000
1,576,000 10,575.000
5.275.261 $34.905.0001
56.806,000
88,294.000 850,005,000
Sales at
New York Stock
Exchange.
Stocks-No, of shares_
Bonds
Government bonds_ _ _
State & foreign bonds_
Railroad bonds
Total_ _ _ .
United
States
Bond.s.
State.
Railroad
Stocks.
Number of and Miscell. Municipal &
Porn Bonds.
Bonds.
Shares.
Jan. 110 Dec. 28
Week Ended Dec. 28
1934.
1933.
1934.
1933.
5,275,261
7.727,703
322,058,208
654,064,839
38,294.000
6,806,000
34,905,000
37,074,500
13,710,000
41,377,000
8883,085.700
599,834,000
2,227,813.000
$500,106,950
767,147.500
2,095,626,400
$50,005,000 862.167.500 83,710.732,700 83.362,880.850
CURRENT
NOTICES
-The formation of the partnership of Adler. Blumenthal & Co., members
of the Now York Stock Exchange. as of Jan. 2 1935, is announced by
Hamilton Adler, former partner of Cowen & Co. and previously of Adler,
Cowen & Co., and A. Pam Blumenthal, a member of the New York Stock
Exchange. The new firm which will conduct a general brokerage business
In stocks, bonds and commodities, will have its main office at One Wall
Street, with a branch office at 730 Fifth Ave., this city.
-Hartley Rogers & Co., Inc. are distributing a telegraphic code book
on bonds and stocks to every security house and trading department in
the country. The code was originated by them three years ago and they,
and the houses most actively trading with them, found that its use was
effecting a very large and consistent savings in their wire expenses. Besides
a list of code names for some three hundred specific securities, a portion of
the book is given over to prices, amounts, terms and trading phrases.
-Lober Bros. & Co., members of the New York Stock Exchange and
other leading exchanges, announce that Alfred S. Klauber, who has been
assodiated with them for the past seven years and who for the 24 years preceding was Treasurer of Klauber Bros. & Co., lace importers and cotton
converters, will be admitted as a general partner in their firm on Jan. 1 1935.
-Eli T. Watson & Co., Inc., 60 Wall Street, New York, have prepared
statistical reports on Greenwich Lodge. 1st 6 Hs; Keith Albeo Building, 1st
6s: The Pierrepont 1st 53is; 987 Memorial Drive, Inc., income 5s.
-Bristol & Willett announce that A. George Jensen and Thomas A.
Uber who have been associated with them a number of years will be admitted as general partners on Jan. 2 1935.
-A. J. MacNicholas is now with Amott, Baker & Co., Inc., in their
trading department specializing in public utility, industrial, and personal
finance company stocks and bonds.
-Hare's Ltd., affiliated with Bank & Insurance Shares, Inc., 19 Rector
Street, New York, has issued a comparative analysis of bank stocks and
insurance stocks.
-Neal Weber, formerly with Swart, Brent & Co., Inc., is now associated
with Amott, Baker & Co., Inc., in charge of advertising and sales promotion.
-Hoffman, Adams & Co.. of this city, announce that Edward W. Place
and Charles E. Weinmann Jr., have become associated with the firm.
-Allen & Co. have opened an office in Phlladelphia with private telelipone
connection to their New York office.
-James Talcott, Inc., has been appointed factor for Stone Silk Co.,
Childs, Pa., manufacturers of silks.
4088
Dec. 29 1934
.,-
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 day's range, unless they
are the only transactions of the day. No account is taken of such
sales In computing the range for the year.
HIGH AND COW S.4I E PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 22
Monday
Dec. 24
Tuesday
Dec. 25
Wednesday
Dec. 26
Thursday
Dec. 27
Friday
Dec. 28
Sales
for
the
1Veek
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
S per share $ per share $ per share
*3314 4312 .3614 4322
*10912 _
•110_
658 -61
4
6'2 -61
4
*8314 86
*8314 86
•31
3112 *31
32
838 838
818 818
*434 512 *518 5,2
7
7
*as, 718
11014 11114 11014 11158
115 112
158
158
1878 1918 1834 1918
____ ____
•314 4
234 324
138
138
114
138
*512 534
512 558
*412 5
*412 434
•
*4
434
4
418
.1812 2018*1812 2018
:.:- ---- ---- -131 13114 13134 13234
*12512 12612 12512 12512
1438 1438 1434 1518
17
17
1734 18
•324 312
314 314
Highest
$ per share $ per share $ per share Shares
Par $ per share
S Per share
.3614 4312 40
40
50 Abraham & Straus
*3638 4312
No par 35 Jan 17 43 Apr 18
*10912 _ _ *10912
.*10912 _ . _ _ _ ___
Preferred
100 89 Jan 2 111 Nov 28
658 -6-34
612 _-6519
634 -8,000 Adams Express
7
No par
8 July 26 1178 Feb 5
*8314 _ _ 85
*8314 86
85
20
Preferred
100 7014 Jan 25 285 Dec 13
3118 -31-18 32
32
3212 3212
500 Adams Millie
No par 16 Jan 5 3478 Apr 5
814 814
818
814
818
838 1,700 Address Multtgr Corn
10
634Sept 14 1138 Feb 6
400 Advance Rumely
538 53s
538 5,2
538 535
No par
318July 27
758 Feb 6
7
7
634 634
1,200 Affiliated Products Ine
873 7
No par
478Sept 25
958 Feb 6
112 113
111 11258 2112 11238 3,100 Air Reduction Inc
No par 9134June 2 113 Nov 26
112
112
158 158 *112 158
600 Air Way Elee Appliance No par
138 Nov 2
338 Apr 26
1858 19
1812 1878 1812 1938 10,500 Alaska Juneau Gold NIin
10 1658Sept 14 2378 Jan 15
____ ____ ____ ___- -___ __-_ ______ Albany & Susquelaanna
100 196 Sept 14 205 July 16
*278 438 *3
378 *3
438
500 A P W Paper Co
No par
234 Dec 24
778 Apr 24
114
114
114 138
138 8,500 :Allegheny Corp
138
No par
514 Feb 1
114 Dec 21
5
514
412 512 2,300
438 518
Prat A with 430 warr
100
438 Dec 27 1618 Apr 10
412 412
414 414
414
4
800
Prof A with $40 warr
100
4 Dec 27 14511 Apr 10
412 458
378 414
412 412 1,300
Prof A without warr,
100
378 Dec 27 1438 Apr 9
•1812 2014 *1812 2018 *1812 2018
Allegheny Steel Co
No par
15 June 16 2318 Feb 23
_ ____ ____ ____ ____ ____ ______ Allegheny & West 6% gtd___100 82 Jan 10 9814July 26
133 13312 130 13234 13114 13312 6,450 Allied Chemical ct Dye
No par 11518Sept 17 16034 Feb 17
*12314 12612 123 124 *123 12612
400 Preferred
100 12218 Jan 16 130 June 32
1512 15
15
1512 1538 1612 9,400 Allts-Chalmers Mfg
No par
1038July 26 2338 Feb 5
177s 1812 1858 1858 1858 1834 1,300 Alpha Portland Cement No par 1112July 28 2018 Feb 6
1
2
3 4 3311
3 8 318 • 318 318 1,300 Amalgam Leather Co
223 July 27
1
75 Mar 12
27
3334
27
•27
. 27
3012
27
3338 *25
*27
300
7% preferred
60 25 Jan 8 46 Mar 13
48
4838 48
48
4738 4734 4734 4814 49
5112 2,700 Amerada Core
No par 39 Oct 8 5558June 8
__ ______ Am Agri Chem (Conn) pi_No par 38 Aug 18 40 Aug 21
-,IK 451-2 --,iT4 -451-4
-iii4 -4-&171 "iii4 -41- -iai2
1,000 Amer Agile Chem (Del) No par 2514 Jan 4 48 Nov 9
14
1414
14
14
14
1418 1314 1378 1358 1412 4,900 American Bank Note
10 11128ept 18 2514 Apr 27
*45
46
*45
48
45
45
*4312 46
.45
46
40
Preferred
60 40 Jan 4 5012 Apr 27
2538 2512 2612 2634
27
27
27
2714 2712 2734 1,500 Am Brake Shoe & Fdy _No par 1912Sept 17 38 Feb 6
•11814 1197g 11814 11834
*11814 11978,11814 11814 *11814 11978
160
Preferred
100 96 Jan 10 122 Dec 21
10818 109
10834 111
109 11114 10918 110
18,100 American Can
11034 114
26 9014May 14 114 Dec 28
14819 14812 •147 150
.148 149
14914 14978 150 15134
Preferred
700
100 12612 Jan 6 15212 Nov 26
1612 1612 1.534 162.1
1618 1638 1538 1618 1578 1718 4,900 American Car & Fdy
No par 12 July 26 33719 Feb 6
3718 3718 3712 3812
3734 3814 3712 3758 3912 3912 1,600
Preferred
100 32 Oct 30 5612 Feb 5
*8
9
*818 9
812 *8
.8
838 838
838
100 American Chain
No par
412 Aug 7 1214 Feb 27
•31
3434 *3112 3434
*3112 3412 3218 3212 *34
35
200
7% preferred
100 19 Aug 31 40 Apr 24
66
66 .6234 6614
Stock
6512 6534 6358 66
641 1 6534 1,800 American Chicle
No par 4614 Jan 8 7058 Dec 10
*2612 35
*2612 35
*2613 35
*2612 35
Am Coal of N J (Allegheny Co)26 22 Apr 7 3512 Feb 21
*2612 35
*3
312 *3
312 Exchange
*3
312
3
.312 312
3
100 Amer Colortype Co
10
218 Aug 6
612 Feb 5
3112 3158 3114 3114
3158 3112 2958 31
3034 3178 6,000 Am Comml Alcohol corv
20 2034July 26 6212 Jan 31
*634 712
718
3
Closed
718
34
1,500 b American Crystal Sugar____ .10
718 718
63
7
4
4
718
6
23
612Nov
1312June
19
5724 5834 .
5738 5812
57,4 58
7% preferred
130
5738 5758 5738 5758
100 ./.612 Jan 4 7278June 18
178 2
2
2 Christmas
218 231
214 238 6,500 Amer Encaustic Tiling___No par
238 212
112June 27
5 Feb 16
5
*3 8 4,4 *358 418
418
418
4
4
*418 5
200 Amer European Sec's____No par
4 Dec 27 1012 Feb 3
418 414
4
414
Day
4
378 418
414 13,500 Amer Ar For'n Power
418
4
No par
378 Dec 27 1334 Feb 6
153* 1512 1514 16
1514 16
16
1634 1612 1714 5,400
Preferred
No par
1134 Nov 23 30 Feb 7
*614 6,
4
612 678
612 678
618 718
612 612 1,800
2nd preferred
No par
618July
26 1712 Feb 6
1313 1312 1438
14
1412 1414 15
13
1412 1434 3,200
$6 preferred
No par
11 Nov 13 25 Feb 6
•11
1212 *11
12
11
11
1118 1112 1112 1112
600 Amer Hawaiian S S Co
10 1012July 27 2258 Feb 16
*414 514 *4319 514
*438 514
434 434 *5
100 Amer Hide & Leather___No par
514
312July 26 1012 Feb 5
23
23
2314 2314
2314 23,
8 2314 24
2,400
2458 25
Preferred
100 1734 Aug 1 4214 Mar 15
30
,
4 31
30
,
8 3078
3034 3118 31
4,400 Amer Home Products
3112 3134 32
1
25
34 Oct 27 3638 Apr 26
314 324
318 314
3,8 314
3
314 *318 334 5,200 American Ice
3 Dec 12 10 Feb 5
No par
30
30
2912
29
2812 29
2714 28
*2738 2812
900
6% non-cum prof
100 2534 Oct 27 4514 mar 26
534 578
534 6
534 578
534 578
618 4,600 Amer Internal Corp
6
No par
434July 28 11 Feb 5
*3s
'2
.38
'2
ati
%
12
150:Am L France & Foamite_No par
•38
38
324
38 Nov 20
112 Apr 4
0358 4
*358 4
4
4
378 378
4
4
80
Preferred
100
314Sept 26 10 May 22
1614 1612 1614 1634
16
1718 1534 1638 17
18
5,800 American LocomotIve____No par 1412Sept 17 3854 Feb 6
*46
4738 47
47
4734 49
49
4914 *5014 5278 1,300
Preferred
100 3512Sept 12 7458 Mar 13
2178 2238 2238 2314
2258 2338 2234 2314 2278 2338 17,500 Amer Mach & Fdry Co___No par 1238July 27 2338 Dec 26
7
7
*634
7
.658 7
634 634
7
7
300 Amer Mach & Metals____No par
314 Jan 3 1014May 11
*578 614 .6
*6
614
614
614 614 *614 718
Voting trust Ws
100
No par
412 Jan 24 10 May 22
1412 1478 1412 1434
1434 1558 14
1478 1478 1538 6,200 Amer Metal Co 1.td
No par 1278 Dec 5 2758 Feb 15
06812 7218 .68
.68
7218
70
*68
72
*68
72
8% cony preferred
100 63 Nov 20 91 Feb 15
*2112 2412 24,2 2412
*2412 2514 *2412 251 4
2514 2514
200 Amer News, NY Corp__ No par 21 Jan 3 348 Mar 13
3
314
358
3
3
318
3
314 338 15,600 Amer Power & Light____No par
31 1
3 Dee 21
1214 Feb 6
1138 1178
1112 12
1178 1214 12
1212 1214 1212 4,400
$6 preferred
No par
1118 Dec 22 2978 Feb 6
1038 1078, 1018 1034
1038 1034 1058 1138 1114 1112 5,300
$5 preferred
No par
912 Dec 20 2614 Feb 7
1434 15
1434 1518
15
153s 15
1538 1516 1512 21,800 Am Red & Stand San'y
No par 10 July 26 1758 Feb 1
13712 13712 13778 13778 *13612 138
- - •137 138
*1351
20
Preferred
100 11112 Jan 23 13778 Dec 27
1934
2-20
2112 2218 2178 2212 2212 2312 36,200 American Rolling MIII
2014 2138
25 1312July 26 2814 Feb 19
6314 6314 6318, 6312
6312 6312 6334 65
65,8 6534 1,100 American Safety Razor __No par 36 Jan 13 6534 Dec 28
522 512
1
518 5,8
54
700 American Seating v i a___No par
518
538 53*
518 515
2I8July 27
738 Feb 19
*88
34
*54,
34
400 Amer Ship & Comm
*58
58
34
34
34
58
No par
58 Oct 2
288 Jan 30
22
22
22
2212
22
22
2278 2218 2212
22
240 Amer Shipbuilding Co
No par 1758July 27 30 Jan 30
3614 3634 3638 3738
37
3778 3738 3838 3714 3878 21,900 Amer Smelting & Refg
No par 3014July 26 5114 Feb 15
*12278 125 *12234 125
412312 12412 12212 12334 123 123
900
Preferred
100 100 Jan 2 125 June 29
108 108 .10612 108
10738 10738 10614 10712 *106 108
800
2nd preferred 6% cum
100 7114 Jan 2 108 Dec 22
66
66
6512 65,2
86
65
6512 66
6538 6538 1,000 American Snuff
25 4834 Jan 5 71 Nov 28
*127 _ -__ •127
*127
__ *127
__ 127 127
10
Preferred
100 106 Feb 2 12712Nov 8
1578 16
1558 -163
16
- 4 1512 -16
1-638
1614 1678 6,700 Amer Steel Foundries____No Pm
1018July 26 2612 Feb 5
*88
92
*88
92
88
88
*88
92
89
10
*89
Preferred
100 5978June 2 92 Dec 10
41/8 4118 4114 4114
4138 4138 42
42
4234 4278
600 Arne/lean Stores
No par 37 Jan 3 4434 Dec 11
.64
65
64
63
6358 6214 6338 6412 65
6534
3,700 Amer Sugar Refining
100 48 Jan 3 72 July 14
.12312 12618 *12334 12558
*125 12558 12558 12558 *12512 129
100
Preferred
100 10312 Jan 3 12918 Dec 3
23
23
2238 23
.2238 2278
2212 2258 2234 2314 1,300 Am Sumatra Tobacco___No par 13,
4May 10 24 Nov 15
10214 10231 10234 1037s
10112 10278 10178 10212 10218 10378 30,600 Amer Telep & Teleg
100 10018 Nov 17 12514 Feb 6
80
8014 7912 80
7878 79
7834 791 4 7914 8012 4,800 American Tobacco
25
6514
Jan 6 8512 Nov 26
8134 8214 8114 82
8118 8134 8114 821 1 82
83
11,300
Common class B
25 67 Jan 8 89 Nov 26
*12812 130 *12812 130
*12834 130 *12834 12934 *129 12934
Preferred
100
Jan
10714
3 13034 Dec 12
3
312 3 4
312 312
312 312
3,2 322
334 334 1,600 f Am Type Founders
No par
3 July 25 13 Feb 21
*1234 1334 13
13
13
1218 1218 13
1312
1313
90
Preferred
100
734
Jan
6 2834 Feb 21
13
1378 13
1378
1258 1338 13
1438 1334 1438 15,500 Am Water Wks & Elec___No par 1258 Dec 26 275
8 Feb 7
•5912 6212 *5912 62
60
60
5912 5912 60
60
400
let preferred
No
par
54
Jan
3 80 Feb 5
858 838
834 878
834 IN
834 9
838 914 3,900 American Woolen
No par
7 July 31 1718 Feb 5
44
4434 4412 4618
45
4658 4412 4578 45
4678 8,600
Preferred
100 38 Sept 18 8354 Feb 7
*1
118 *1
*1
118
118
1
1
.1
lls
400 Ltin Writing Paper
1
1 June 27
414Mar 14
*4
414
4
4
*334 4741
4
*4
4
434
300
Preferred
No par
278July 27 1712 Apr 23
*4
412 *4
04
418
438
378 4
*4
300 Amer Zinc Lead & Smelt___1
458
334 July26
9
Feb 16
.35
3719 37
37
37
37
•37
'3718 37
37
Preferred
200
25 3612Nov 26 501s Feb 16
1034 107P
1058 1078
1053 11
1058 1078 1078 1112 30,100 Anaconda Copper Mining
60
ii
10
Apr
July
173
4
26
01534 1612 *1534 17
*16
17
*16
17
17
17
200 Anaconda Wire & Cable__No par
914 Jan 12 1858 Nov 22
•1718 1714
1712 17,
1714 1714 171s 1714 *18
4
18,
8
500 Anchor Can
No par 1318July 24 34% Jan 31
*102 10434 *102 10434
•10212 10434 10434 10434 *104
_
$6.50 cony preferred
50
No par 84 Feb 5 106 Dec 5
4334
512 4334
518
*378 518
418 418 *412. .-6
200 Andes Copper Mining
418 Dee 27 1018 Apr 12
3718 3718 3718 373*
3738 3712 3718 3738 373g 3758 1,900 Archer Daniels Midl•d___No 10
par 2614 Jan 9 3918 Dee 6
.11614 117 *11612 117
117 117 *1177
8-•1177
7% preferred
10
100 .10 Jan 24 117 Dec 4
101 101
*99 100,2
10022 loco2.100 16612 lo 5 1-06400 Armour & Co (Del) pref
100 7614 Jan 2 10338 Nov 23
478 5
478
518
5
5
524
5
538 25,500 Armour of 111100149 new
558
5
312July 26
634 Aug 29
6414 6518 6414 643,
65
6518 64
65
64
67
8,200
$6 cony prat
No par 4614July 26 7114 Nov 30
85
.81
80
80
079
85
80
80
*80
8918
200
Preferred
100 54 July 26 85 Nov 24
-4-612
• Bid and asked priors/, no sales on this day.
I Companies reported
in receivership.
a Optional sale. e Cash sale
July 1
1933 to Range for
Noe. 30 Year 1933
1934
Low Low
High
$ perch $ per share
30
1318 4012
89
97
6
3
1314
65
39
71
1412
8
2153
6
515 1212
318
134
938
478
558 1134
8018
4712 112
12
4
114
1658
1118 33
170
170
178
334
958
1
112
824
78
518
1
217a
458
118 21
412
114 20
1314
5
26
82
82
83
10712
7034 152
115
117
125
6
103g
2638
1112
584 24
218
ki
9,4
2114 I
5
40
27
1812 4758
2712
1018 31
714 35
20
1118
8
2812
3418
34
4978
1912
915 4213
88
60
106
80
4912 10012
120
134
112
12
618 3934
3138
15
5934
4
158 14
14
312 3118
34
4312
51 24
20
20
27
2
2
618
2034
13
8978
518
1
1634
32
234 64
a
118
1
438
378
13
412
378 1958
1184
714 447s
438 2714
618
1014
618 3538
1012
428 21 12
212 16
312
1734
1312 572 2
2434
2434 4212
314
334 1712
2534
25
5778
434
414 15,8
312
ki
33
2
114 12
578 3918
1412
3512
1734 63
12
834 2238
3
6
1
514
54
3
1314
318 2358
63
1512 7578
3012
17
20,
4
312
4
197s
978 4118
11 12
35
9
1014
458
10
19
10712
8112 119
1238
534 3178
2018 4754
3358
2
7/9
718
18
412
5/3
1112 3634
15
1034 5312
2812
71
31
9912
2012 73
67
43
3212 51,4
106
10218 112
458 27
1018
52
3758 85
30
3518
4778
2112 74
4512
102
11214
80
6
26
11
8612 13434
100,8
9078
49
6312
6478
6034 9434
10234 120
105
218 25
218
7
3778
7
107e 4314
1234
80
35
5(1
312 17
7
2258 6712
36
38
Ala
1
278
34 1434
214 1075
334
66
20
32
5
2278
10
758
418
1512
1318
8
39,4
6212 90
80
258
512
1412
2178
934 29,4
95
106
115
90
41
64
3,2
---- -4614
- -3114
-7
-0-3
s Sold 15 dayr. z Ex-Myi lend.
p Ex-cll.:MA.
,
New York Stock Record-Continued-Page 2
HIGH AND 10W SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 22
Monday
Dec. 24
Tuesday
Dec. 25
Wednesday
Dec. 26
Thursday
Dec. 27
Friday
Dec. 28
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
4089 I
Range Since Jan. 1
On Batts of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Noe.30 Year 1933
1934
High
Low Low
$ Per share $ per share 8 per share $ per share $ per share jper share Shares
Par $ per share
$ per share $ per sh 8 per share
*612 678
658 65
614 6%
612 612
900 Arnold Constable Corp
*614 678
83s Feo 9
278
3 July 27
5
11/
412
*4
5
r4
*438 612 *412 612
4
4
2
318
4 Dec 26 101 Apr 21
100 Artloom Corp
No par
91
6334 63% *7010 ---4812 70
*7018 ____ 701 7018 *7018 ---Preferred
120
100 634 Dec 22 7018 Dec 27 6814
313
Art Metal Construction
35,
974 Apr 23
41s July 27
10
9711
-ilia .ii" "ii" "Hai
12
1214 11
1218 1212 5,100 Associated Dry Goode
12
312 20
714
714July 26 1814 Feb 6
1
87 87
*87 90
8814 89
8784 8734 87 88
44
8% Ist preferred
1,200
18
6112
100 46 July 28 89 Dec 21
6312 6312
*62 68
*6214 65
*6214 65
15
5134
100
46214 68
36
7% 2d preferred
100 86 July 26 6478 Apr 20
33
3212 *31
*31
3212 *31
3212
*31
3212 *31
834 3513
26
Associated 011
25 291s Jan 5 4012 Apr 25
2
52
5214 52
5278
•
5314 5412 8,300 .8011 Topeka & Santa Fe----100 4514 Aug 11 7334 Feb 5
52
53
52
53
4412
34
Ms
86
5612 *8412 86
96% 8612 8658 8658 x84
8414
7974
800
50
5314
Preferred
100 7018 Jan 5 90 July 14
3512 3812 35
33
3312 33 3484
3614 3512 3678 6,000 Atlantic Coast Line RR
1812 59
2412
100 2412Ju17 31 5414 Feb 16
71g 758
*6
7%
6
714 *6% 77
8
8
412 26
1,100 At 0 & W I SS Lines--No par
5
5 Aug 1 18 Apr 12
*612 8
8
8
*8
912
8
8
r8
10
412 3378
800
Preferred
778 Nov 9 24 Apr 24
100
78
2414 2412 2414 2434
2414 2434 2412 25
1258 3218
2458 2534 11,100 Atlantic Refining
21%
25 2112July 26 3514 Feb 5
39
3914 3914 40
4012 4012 3958 4018 3834 39
9
3918
18
1,700 Atlas Powder
No par 3514 Jan 8 5512 Mar 13
*10412 __ *10112 .. __
*106 8318
*10612 - - *10612 _ __ --60
75
Preferred
100 83 Jan 9 10634 Dec 11
.658 -i18 *612 -718
612 -6-12
612 -612
*612 -7%
400 Atlas Tack Corp
112 34%
512
512 Nov 13 1614 Mar 14
No par
2414 2412 2412 25
24
2412 2314 2512 4,100 Auburn Automobile
2414 25
31
8414
1612
No par 1812july 30 5758 Mar 13
*1334 14
1334 1384
1358 1334 1334 1414 1,200 Austin Nichols
1314 14
4
612Sep1 20 1658 Mar 5
78
088
No par
6212 6212
62 62
61
6114 6312 63%
62 62
13
2758
Prior A
240
No par 3114May 14 65 Dec 15
3912
318 538
518 518
514 512
51s 538
514 534 15,300 Aviation Corp of Del(Thal- _5
312 1670
374
834July 26 1034 Jan 31
518 512
514 512
514 512
5
514
514 512 15,500 Baldwin Loco Works
312 17es
4%
41 Oct 29 18 Feb 5
No -par
2212 2212 22
22
227 23
2112 2214 2238 23
912 60
16
1,200
Preferred
100 1814 Oct 27 6434 Apr 21
13
1312 1234 1318
1318 1334 23,800 Baltimore & Ohio
1278 1338 1234 13
131
814 377
100 1234 Dec 24 3413 Feb 5
1514 1514 1518 1514
1538 1512 15
94 3914
1558 1534 1614 3,900
18
Preferred
100 15 Dec 27 3738 Feb 8
*101 10212 *10114 10212
8814 997s
20 Bamberger(L)& Co prof-_-.100 8812 Jan 9 1027s Dec 3 86
10012 10012 *10014 10212 *10014 10212
40
3034 3078 40
40% 4012 4114 41% *4112 42
20
4134
2914
600 Bangor & Aroostook
50 8512Ju1y 27 481a Feb 1
115 115
115 115
c118 118
8858 10
114 115 r105 115
91%
80
Preferred
100 951s Jan 5 115 Dec 19
384 384
*312 4
*378 4
214
*358 4
*312 4
100 Barker Brothers
612 Feb 5
74
714
214July 24
No par
*34% 3534 *3418 3584
51g 2414
14
3418 3412
35
*3412 353
35
100
6)4% cony preferred
100 16% Jan 9 3812 Apr 12
6
6
618
618
11
6
618
3
578
6
6
618
614 9,000 Barnsdall Corp
578 Oct 4 10 Jan 22
5
*4312 4434
44
44
44
44 *4234 4334 4314 4314
314 52%
23
300 Bayuk Cigars Inc
No par 23 May 8 4534Nov 15
*10612 10912 *10512 10912
27
100
*10814 10912 *10812 10912 x108 108
80
30
1st preferred
100 89 Jan 15 10912 Dec 19
1618 1614 1612 1612
27
1614 1612 1658 1634 1612 17
7
888
1,400 Beatrice Creamery
195 Apr 28
27
26
1014July
.93
9812 *98
9812
85
98
45
55
9812 *9778 100
500
100 100
Preferred
100 55 Jan 13 100 Deo 28
7212 7212 *70
74
701s
*6912 73
46
7418
70% 7012 *71
54
200 Beech-Nut Packing Co
20 58 Mar 2 787s Dec 6
1114 1112 1114 1112
31z 1212
1114 1114 1214 3,500 Belding Hemingway 0o--No per
1114 1138 11
7
37s Jan 8 1514 Apr 24
*109 114% *109 11418
*109 11418 *109 11418 *11014 11418
6214 10114
Belgian Nat Rya part prof
954 Jan 9 127 Sept 8 8374
1558 1534 157 1612
1638 16% 1614 188 1678 1734 16,900 Bendix Aviation
934
8% 2114
934July 26 2378 Feb 1
5
16
161s 18
1638
1218
1618 1614 1658 4,700 Beneficial Indus Loan____No par 121s Jan 31 191g Apr 28
16
1314 15
1618 16
3678 3714 3634 3634
3614 3634 3512 3658 36
9
3614 3,600 Best & Co
33%
21
No par 28 July 28 40 Nov 26
2912 2978 2914 30
2934 3058 2912 3012 30% 32
1018 4914
23
19,000 Bethlehem Steel Corp-- No par 24% Oct 26 4912 Feb 19
66
443
664 6612 68
2514 82
67 6712 6634 6714 6784 6938 2.900
7% preferred
100 547 Oct 30 82 Feb 19
2212 2212 2218 2258
81
2911
18
22
670 Bigelow-Sanf Carpet Inc__ No par 1914 Sept 17 40 Feb 5
2278
2212 2238 2212 22
95
312 1914
912 984
958
6
9% 978
8 Sept 17 1614 Jan 30
10
934 10
No par
118 7,400 Blaw-Knox Co
*2112 237
237 2378
658 21
16
24
24
20 Bloomingdale Brothers-No par 17 Oct 2 26 Feb 7
*2112 2412 *231 2412
104 104 *105 106
88
53
65
*105 106
Preferred
20
106 106 *105 106
100 88 Jan 8 109 Nov 23
*29
39 *33
34
24
50
28
*29
*29
34
Blumenthal & Co pref
32
32 .29
100 28 Nov 30 56% Feb 19
914 912
914 934
934 10
65
,
912 984
-- r_
.
958 1014 12,400 Boeing Airplane Co
634 Oct 29 1114 Dec 6
5
5658 5658 5634 5678
I%
3334
56% 57
-63,5634 57
a
2,400 Bohn Aluminum & Br
5714 59
5 4412Sept 17 8888 Jan 24
*92
9214 9214 9234
78
52
93
68
9314 9258 9314 9212 93
290 Bon Ami class A
No par 76 May 14 9314 Dec 28
23
2314 2258 2314
18
23
2314 2234 2314 2278 2312 13,800 Borden Co (The)
18
3713
25 197s Jan 6 2814July 14
2814 2838 2858 2834
1174
2858 2938 2838 2918 2914 3014 16,300 Borg-Warner Corp
512 2214
10 1818July 28 3014 Dec 28
534 6
*534 614
80
8
584
514 Dec 28 1912 Feb 5
1.200 Boston & Maine
7
100
514 534 *57
534 584
*Bs 178
1
1
vs
118
88
412
3 Feb 9
%
300 :Botany Cons Mlle class A---50
1
1
7s July 25
*78 112
2518 2538 2538 2618
25, 1458
614
257 2614 2658 267
2634 2778 27,900 BrIggs Manufacturing-No po 12 Jan 6 277 Dec 28
*2214 2434 *2212 2414
13
7%
Dee
*2212 23
183
4
101
2712
July
20
1,600 Briggs & Stratton
25
2234 2312 24
No par 14
3258 3212 3214 3234
25
381
25
Stock
3258 3312 3258 3234 3258 33
1,900 Bristol-Myers Co
5 26 Jan 4 3712July 18
312 312 *313 334
312
9311
313
888 Feb 7
*312 384
338 358
38 Dec 28
338 358 1,100 Brooklyn & Queens Tr___No par
*31
37 *31
3612 Exchange *31
3212
3534 601
3114 3112 *32
35
300 Preferred
3478
No par 3114 Dec 28 5814 Apr 26
4012 4078 405* 41
40% 4034 403 41
2534
2114 4114
41
4112 4,700 Bklyn Maul, Transit
No par 2814 Mar 27 4478 Aug 27
*87
90 *86
89
64
8312
6914
Closed
21
*8612 90
July
97
311
preferred
100
90
Jan
4
aeries
A
par
9014 .87
8218
No
93
*4712 49
49
49
60
50
4714 48
46
8812
48
4912 492 1,600 Brooklyn Union Gas
No par 46 Dec 20 8012 Feb 6
571 Christmas *5634 5712 56
*5612 57
57
41
2812 5371
5634 *5518 578
800 Brown Shoe Co
No par 45 Sept 15 61 Feb 16
*124 _ .*124 _ _
10814 118
Dec 14 117
Preferred
*124-..*12018 - _ •12018 _-_ _ _ _
100 11814June 1 12514 D
5
5
I
1
47
4
Day
174 1812
5
-5
434 -478
1,700 Bruns-Balke-Collender-No par
5
4 July 23 107s Mar 17
418 414
4
2
1278
418
37
4
45, 6,9001 Bucyrus-Erie Co
418
10
, 312July 117* 958 Feb 5' 3%
38 458
7
7
*712 g
1
4
88
2
34 19/
8
Apr
24
1418
758 8%
Preferred
934 5,500
8 July 26
-5
734 812
*54
58 *55
2012 72
47
58
58
7% preferred
340
5912 58% 6112 62 62
100 50 July 80 75 Jan 15
412 45,
478 47
47
3
7% Apr 25
434 5
84
974
434 5
3 July 26
3,500 Budd (E 0) Mfg
5
No par
2834 29
2884 2814
3
35
18
29
28% 31
29
7% preferred
100 18 July 25 44 Apr 25
770
31
32
234 278 *278 3
1
534
2
234 3
57s Jan 30
2 July 28
3% 2,500 Budd Wheel
234 27
No par
3
78
5
7
*4
414 *378 438
213
811 Apr 28
278 Jan 9
Bulova Watch
No par
*3,
413 *37
43, *3% 43,
12
12
1214 13
212 1314
4%
13
13
14
1258 127
13
572July 81 1512 Feb 16
4,300 Bullard Co
No par
*2
%
6
278 *2
27
1
*1
6 Feb 21
Burns Bros class A
212 '1
1% Jan 26
No par
212 *1
212
*34 312
14
3
*% 312
412 Feb 23
1
58 Dec 20
Class A v Its
No par
100
534 312
84
84
*78 312
*114 2
*114 2
1
334
1
3% Feb 21
*114 2
Class B
.114 2
*114 2
1 Aug 15
No par
14
*18 114
*18 114
Is
2
Feb
23
*18 114
212
2
*88
114
Jan
Clem
B
*38
114
12
Ms
No par
.714 784
712 712
134 13
3
4 Jan 9 1512 Feb 20
100
838 83,
712 712
812 9
7% preferred
140
1412 1412 145g 144
1514 8,500 Burroughs Add Mach......-No par 1012July 26 z1938 Feb 1
1458 14% 141 147
1012
15
6% 207*
158 15, *184 17
37 Feb 9
1
8
34
2
2
I% 178
34Sept 19
1,400 tBush Term
2
2
No par
91
2
618 718
*634 712 *612 712
1
912 Dec 15
534 6
614 614
284 Nov 27
100
Debenture
600
41$
41
1714 1714 1712 19
8
1878 1938 *18
5% Jan 3 21 Deo 17
1878 19
100
550 Bush Term BI gu pref ctfa
198
278
1
15,
218 Feb 16
1% Jan 13
Butte & Superior Mining____10
---- ---- ---- ----__ - -_12
414
--lis -1.1
8 --ii8 --178
314 Aug 8
112July 27
111
1% 17; *178 2
*1% 2
400 Butte Copper & Zino
5
13
114
114
114
18
114 114
484 Feb 1
712
I% Dec 18
138 112
112
No par
15, 158 1.700 Butterick Co
174 1778 1714 18
4314
81
138
1758 1814 1758 18
No par 1374July 26 3258 Feb 7
178 18% 3,400 Byers Co (A M)
*46
48 *48
48
3018 80
40
100 40 &lag 8 6778 Apr 23
*46
48
120
47
4612 4612
47
Preferred
*3658 3733 3634 37
1658
734 3434
37
2,500 California Packing
3738 37% 375
3734 38
No par 1874 Jan 4 4434 Aug 29
14
214
z2
78
78
1
1
78 1
184 Jan 23
%July 27
1
1
2,500 Callahan Zino-Lead
1
1
I
*278 3
27
958
3
658 Feb 5
27
278
234 3
2
234
258July 26
27
3,000 Calumet & Hecla Cons Oop....25
3
*858 9
2
1614
*834 9
6
23
*9
91s
8 July 27 1578 Feb
858 9
938 1024 1,900 Campbell W & C Fdy--_-No par
4112
15
15
1412 15
71
1212
1458 1484 1412 15
1458 15's 4,400 Canada Dry Ginger Ale
S 1212July 26 291 Apr 24
*4812 52
*4812 52
40
45
44
*4812 52
*47
52
Canada Southern
100 4812July 27 5618 Apr 24
*47
52
1158 1112 113 1158
7
107
712 20,
1114 115* 1114 1112 11% 11'4 21,100 Canadian Pacific)
25 10% Nov 21 18% Mar 12
*35
36
35
35
14
2214
3512
3412 341
*34
35
34
34
No par 2812 Jan 4 3814 Dec 6
400 Cannon Mills
*53
7
414 1258
414
*55* 7
100 Capital Adminis el A
*618 61
61
Jan 2 1014 Apr 20
1
578 5% *6
5
3
,
*3178 3412 *3178 34
26
25% 3512
*30% 33% *31
*31
34
34
Preferred A
.... 10 2834 Jan 24 39 Apr 20
.80 --*84 85
42
81
60
*80
_ _ *80
__
___ *80
Carolina Clinch & Ohio Ry-100 74 Apr 2 85 June 19
*80
95- *80
95
5014 7912
70
*80 -95 *88 -95. *88 -95
Styr'
100 70 Jan 8 9212June 23
51
5158 5112 5334
35
5312 5434 53
3012 10312
54
12,400 01180 (J I) Co
53% 56
100 35 July 28 885.* Feb 8
*89
90
89
90
90
3472
9034 90
41
86'4
580
91
91
91
Preferred certificates
100 587k Aug 15 9215 Dec 17
37
3758 3684 3714
37
3818 3714 3814 38
512 294
15
3812 17,200 Caterpillar Tractor
No par 23 Sept 14 3812 Dec 28
317 3258 3134 3218
3258 3334 22,400 Celanese Corp Of Am
3112 32
31% 32
412 5878
1718
No par 1718July 28 447 Feb 5
*4
18
57
414
4
4
4
4
*334 418
578 Nov 5
4
418
118July 27
600 /Celotex Corp
1%
No par
234 234 5238 258
%
*238 258
38
42,
212 258
2
4 Apr 12
Certificates
28 1,500
1 July 27
No par
1812 19
18% 1912
1812 1834 1812 1912 1812 1912 1,290
212
112 1234
612 Jan 18 2238 Apr 13
Preferred
100
217 217
21
22
22
2212 22
14
41
2214 2214 23
195*
4,300 Central Aguirre Asso.--No par 1834 Dec 4 8218 Feb 5
*55
57
*55
57
55
55
38
122
5512 5512 *5512 60
53
300 Central RR of New Jersey-100 53 July 27 92 Feb 3
10% 1018 10
93
51
10
1012 1034 1018 1018
2
1188
900 Century Ribbon Mills-No Par
10
512Sept 14 12% Feb 19
110 110 *107 110
*107 110
100
107 107 *105 10912
52
75
30
Preferred
100 82 Mar 31 11012 Dec 20
41% 42% 4212 434
4212 437, 4212 4338 4318 4378 16,100 Cerro de Pasco Ommer-No par 3014May 18 441 Dec 17
233
57
4484
558
*2
558 .5
618 4,612 6
558 *5
*5
73,
1
Certain-Teed Products..-No par
258
734 Apr 5
314 Jan 2
*2514 297
26
2612 2612
26
2612 2778 2758 2758
4
305,
1058
7% preferred
440
100 17% Jan 19 35 Apr 5
•512 7
5
512
*5
612
412 5
5478 5
800 Checker Cab
712 2312
518
412 Dec 28 1612 Mar 18
5
4214 43% 4214 4212 4214 4314 7,700 Chesapeake Oorp
4334 44% 4234 4312
147g 5212
2912
No par 34 Jan 4 4878 Apr 21
4314 4334 4318 4334
4358 4378 4378 4412 10,500 Chesapeake & Ohio
2458 4914
435* 44
37%
25 3912 Jan 5 4858June 16
*1%
*114
178 *114 178 *114 178
112
%
184 134
8
100 2C61.3 & East Ill By Co
1
7 Feb 17
1% Dec I
100
*158 134 .158 2
*158 214 *13,1 214 *158 214
12
812
112
8 Feb 16
178July 23
4% Preferred
100
, 17
17
17
2
112 112 *I% 214 1,400 Chicago Great Western
134 134
17
Ds
77e
5% Feb 1
112 Dec 28
100
F3'2 312 *334 4
33
4
4
4
4
4
212 1478
900
4
Preferred
312 Dec 19 1178 Feb 19
100
*134 2
134 13
*184 3
5134 10
50 :Chic Ind & Louis, prat---100
*184 10
6
25
2
7 Apr 24
174 Dec 21
2% 238
2
218
218 218 4,700 COM Milw St P & Pao--No par
2
214
258 212
1
1134
212
2 Dec 27
8% Feb 5
35, 334
35
334 334
118 1814
3,2 378 11,000
3,2 358
312 378
Preferred
3% Dee 27 1314 Feb 5
100
33
4
418
4
418 418
414
312 418
4% 19,100 Chicago & North Western-1On
114 18
412
312 Dec 28 15 Feb 5
75, 734
*812 834
718 7%
634 812
712 812 3,300
2
2434
Preferred
8%
6% Dec 24 28 Feb 16
100
512 534
558 558
97 Feb 5
512 614 3,600 Chicago Pneumat Tool__-No par
218 1238
538 834 *512 578
358
35aJuly 26
2012 203
218s 22
2014 2014 *2038 2058
2,100
2012 21
Cony preferred
512 25%
1414
No par 1414July 26 283 Apr 24
112 158 2,900 :Chicago Rock Isl & Pacific-100
13
112
112 112
1% 158
112 112
2
2
6% Feb 7
I% Dec 28
10%
21
212 212 1,100
212
212 212
212 258
238 212
7% preferred
312 1912
3
958 Feb 6
238 Dec 28
100
218 218
21
214 214
2
2
178 2
*2
600
6% preferred
8 Feb 6
178 Dec 27
100
2% 15
2
Chic it Paul Minn & Om
6
812 Apr 7
118Sept 25
100
1
118
_ _
_
_ _ _ . _ ____
2
12
4 Oct 2 1184 Feb 15
Preferred
100
314
*Ho 1612 ;IC) "III, *I.E1 164
81* 221*
Ms
Chicago Yellow Cab
No par
;la" "Rili ;16- -1-61-2
91s Oct 24 118 May 18
•Bid and asked priced, no sales on this day. I Companies reported in receivership. b Name changed from Amer. Beet Sugar Co. x Ex-dividend.
4
4090
New York Stock Record-Continued-Page 3
HIGH AND l OW SALE PRICES-PER SHARE', NOT PER CENT
Saturday
Dec. 22
Monday
Dec. 24
Tuesday
Dec. 25
Wednesday
Dec. 26
Thursday
Dec. 27
Friday
Dec. 28
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Par
5 Per share $ per share $ per share 3 per share $ per share $ per share Shares
*2712 2734 2738 28
2,800 Chickasha Cotton 011
28
2814 2818 2812 288 29
10
*618 658 06
634
5% 612 *612 65* 1,400 Childs CO
*618 65*
No par
12
12
200 Chile Copper Co
*12
1412 *12
1412 12
12
*12
25
141 2
40
4134 74,600 Chrysler Corp
3912 4014 393 40
5
3814 3834 3838 397
20
20
2018 2018
800 City Ice & Fuel
20
No par
2018 2018 2014 2014 2012
*90
91
340
Preferred
90
9034
100
*90
91
9014 9034 9012 9078
City Investing
100
033
34
*33
34
*32
50
*33
44 *33
50
78
78
78
No par
34 3.000 City Stores
78
34
38
34
78
78
12
12
12
12
Voting trust certifs
800
No par
58
*12
12
58
58
38
5
Class A
.5
*5
538
400
No par
54 514
5%
'5
54 53
*438 6
100
Class A v 1 c
*5
6
6
*5
6
No par
5
5
*5
*1212 15
Clark Equipment
*1134 14
•12
15
No par
*13
15
*1134 15
*7712 ____ *7712 ____
*7712 ____ *7712 ____ *7712 ____ ______ Cleveland & Pittsburgh
50
_ ___ ___
Special
_
*44
.. *44
_ *44
50
*4414 --*2714 273
*44- 4 27 -27,2
27% -273
600 Cluett Peabody & Co____No par
- 4 2712 -2712
-2712 -2712
*11138 11334 11334 11334
10
Preferred
100
*11133 116 *11212 116 *11212 116
1.100 Coca-Cola Co (The)
155 15512 *15512 15734
No par
0156 15734 157 15734 158 158
No par
400
Class A
*5478 5558 56
56
*55
5614 5514 5512 *5514 574
*305
*305
_ '305
_ _ ___ Coca Cola Internet Corp_No par
*305
*305__
1714 --1738 9,100
LIolgate-Palmolive-Peet No par
17 1714 1678 1738
167 1714 17 1714
700
6% preferred
100
*10012 101
10012 10012
10034 101
10012 10034 100% 1004
1214
7,400
Collins & Aikman
12
1218
12
1212
143
No par
12
1178 12
12
Preferred
80
100
*76
78
7712 7712 *7814 81
78
76
76
*76
160 Colonial Beacon 011
No par
*6
7
6
612 *6
7
*6
7
*614 7
414 414
4
418
414 414 1,300 :Colorado Fuel & Iron
No par
4
44
414 414
Preferred
21
21
*21
2234 *20
2238
20
100
*1918 2238
01918 21
150 Colorado & Southern
17
18
17
17
*17
19%
100
*17
19
*18
19
1.314 1312 1312
270
474 1st preferred
1314 1312 13
100
1312 1334 13
1312
4% 2d preferred
*1018 1212 *1018 1112 *1018 1112
100
*10
13
*104 1212
7212 7212 7112 7214 72
744 3,900 Columbian Carbon v t c __No par
71
7114 7012 7112
1,500 Columb Pict Corp vi c___No par
3712 3712 3634 37
3714 38
3712 3712 37
3734
634 7
658 7
7
712 44,900 Columbia Gas & Elec___No par
7
74
7
7,4
54
54
5314 54
53
5314
GOO
Preferred series A
100
*53
5612 *53
55
4518 4518 *41
46
4534 46
150
5% preferred
100
45
46
4512 46
3912 16,800 Commercial Credit
377 3814 3712 385* 38
10
3712 3734 3712 38
*2912 30
10
7% 1st preferred
25
30
30 '2912 30
*2912 30
02912 30
Class A
50
52
*5112 5218 *5158 5218 *5178 5218
100
*5112 524 .52
60
25
*2912 3038 30
30
30
Preferred B
*2912 30
*2912 30
30
110 110
220
100
110 110
109 10912
10912 10912 110 110
638% Bret preferred
5838 10,625 Comm Invest Trust
56% 573
5534 5678 56
No par
557 5638 5614 573o
11332 11312 *11314 114
500
Cony preferred
11314 114
No par
•11258 11312 113 113
2038 2114 2012 2114 2118 2134 34,300 Commercial Solvents
No par
2078 2138 21
2112
I
118
1
118
1
114 69,100 CommonwIth & Sou
No par
1
118
1
14
No par
30
31
29
3012 2934 3012 6,200
38 preferred series
3012 3012 3012 31
No par:
*73
812
712 7% *714 912
200 Conde Nast Pub.. 1no
*758 812 *738 812
3318 34
34
3438 9,900 Congoleum-Nairn Ino
No par
3314 3358 3312 337
338 34
*912 934
200 Congress Cigar
No par
1038
*94 931
912 9,2 *8
912 912
*35
40
34
35
*31
33
34
*34
40
50 Connecticut Ry & Lighting__100
•
*39
55
*39
55
*39
55
Preferred
100
*39
55
'39
55
938 934
9
9
912 934
No par
*838 9
94 912 1,000 Consolidated Cigar
72
72
*7012 75
Preferred
100
*69
80
744 7412
130
74
74
150
Prior preferred
100
73
73
7212 7212 *7112 73
7213 7212 73
73
Prior pref ex-warrants
*7012 _ _- 07012 _
100
*7012
_
*7012 __ _ _ _ _ ___
*70 _
6,300 Consol Film Indus
1
6
618
534 _-65% 6512 -51
4
5,
8 6
1914 1934 1938 2018 1934 204 9,500
No par
20
Preferred
2014 193 20
1812 197
1934 2018 1934 2014
1858 20
1918 1934 118,950 Consolidated Gas Co
No par
75
7712 x71
No par
7334 73
76
8,900
Preferred
7634 78
771 2 7738
13
158 2
134 2
No par
Stock
*178 218 2,200 Consol Laundries Corp
1%
14
18
No par
714 812 66,000 Consol Oil Corp
738 738
714 712
7,2 738
738 Pa
87 preferred
100
*110 11214 *11014 11214 Exchange *110 11214 *110 11214 *110 11214
23
214
*238 234
238 238
214 238
24 214 1,400 Consol RR of Cuba pref
100
Closed
34
58
34
No par
34
58
58
%
58
34 4,800 Consolidated Textile
58
1218 1238 115* 117
1178 1212 1178 1218
1214 1234 7,100 Container Corp class A
20
413 458
413 413
412 4% 5,900
4
414
412 Christmas
45*
Class B
No par
55
57
57
558 6
534 614 3,100 Continental Bak class A No par
6
6
534
*78
1
78
78
78
78
Day
72
1
78
1
5,100
Class B
No par
4714 4712 4714 4714 *4712 48
700
Preferred
100
*4713 4812 *4634 4734
625* 6314 6214 6318 627 8312 15,900 Continental Can Inc New ____213
6178 6238 624 6234
7
7
7
718
712 75
1,200 Cont'l Diamond Fibre
•634 734
612 7
5
325* 33
334 338 3212 3312 3214 33
6,900 Continental Insurance
32% 33%
2.50
No par
34
% 3,900 Continental Motors
78
34
%
34
38
34
%
%
1714 177
1712 1734 1714 1778
1714 1778 18
1812 23,200 Continental Oil of Del
5
*42
424 4214 4238
417 4212 404 4112 4112 42
910 Corn Exchange Bank Trust Co 20
62
6218 6112 6238
8214 6212 61
6212 6112 6378 9,30C Corn Products Refining
28
•149
14912 14912 *14634
__ *14912 - --- *150
_,-200
Preferred
100
514
512 _-534
512 534 3,400 Coty Inc
No par
53s _-538
55*
514 -5,2
353 3578 3578 35%
1,700 Cream of Wheat etre
357 3578 353 357
357 36
No par
*1214 13
1238 1212 113 12
13
13
3,600 Crosley Radio Corp
1214 1214
No par
2214 23
2212 234 23
223s 2314
2412 2412 254 7,600 Crown Cork & Seal
No par
*42
4258 *4218 4238
*4218 4238 425* 42% *4218 435*
100
$2.70 preferred
No par
Crown W'mette Pap 1st piNo par
*8212 89
*8212 - *8334 -- - *8334
*8318
47
47
434 --43
--4
4% -478
434 478
4,800 Crown Zellerbaok v t o___No par
434 4%
2112 22
2212 23
2212 2212
2314 245
2,800 Crucible Steel of America--100
2238 23
*60
65
*6012 64
6012 6012 6113 6112 6212 6212
400
Preferred
100
4 1
1
1
78
78
7g
78
1
I
5,200 Cuba Co (The)
No par
*412 578 *458 578
*434 57
434 434 *44 53
20 Cuba RR 6% pre!
100
414 412
414 412
414 412
44 4,2
10
412 518 6,700 Cuban-American Sugar
*384 40
*38
3814 38,4
397
3814 384 3914 4114
290
Preferred
100
*45
48
45
45
4518
4514 4514 4514 4512 463
1,400 Cudahy Packing
50
2014 203* 2014 2014
20
2014 1934 21
2034 2034 4.301 Curtis Pub Co (The)
No par
9412 9412 9412 9412
9234 9412 93
93
1,900
93
93
Preferred
No par
212 234
25* 234
212 234
238 2
,
4
1
2
,
4 278 11.900 Curttss-Wright
83
834 878
834
Class A
1
834 9
852 914
914 958 5,000
*80
8238 *80
823*
823* 823* *734 82
10 Cushman's Sons 7% prof _100
*7314 82
*6412 70
*64
*6412 70
No par
70
*6412 70
06412 70
o preferred
1614 1614 1612 1612
1618 1612 1658 173
No par
174 1734 3,100 Cutler-Hammer Inc
*712 818 *712 818
*712 818
Davega Stores Corp
5
'712 818 *712 818
25
251 1
2534 2678
2734 2818 2734 2838 28,
No par
8 3038 24,100 Deere & Co
1814 1812 1812 185
185* 1878
20
184 1834 1834 194 4,500
Preferred
404 41
40
41
40
100
4113 393 4034 414 4218 7,300 Delaware & Hudson
17% 18
1713 1818
175* 1814 1714 1778 1734 1838 12,100 Delaware Lack & Weetern__50
37
37
37
33
37
3%
4
700 Deny & Rio Or West prof-AO°
41
334 *4
069
7134 *70
100
70
70
69
6914 x69
69
600 Detroit Edison
7134
*1
8
*112 4
Detroit & Mackinac Ry Co...,100
*113 4
*112 4
*112 4
•2
10
.24 8
5% non-cum preferred__ _100
*212 8
*212 8
*212 8
*5234 53
5212 53
51
5212 507 5078 50
504. 1,900 Devoe & Reynolds A_-NO par
100
*116
1st preferred
*116
__
_
_ ...
*116
.*116
•116
255* -2538 2538 -257No par
8
*2574 /6
2614 _-1,400 Diamond Match
2614 --257s -2-1i
34
26
34
34
Participating preferred
34
*3358 34
34
34
500
3334 34
No par
38
3834 3814 3812
38
384 3758 38
5,500 Dome Mines Ltd
x3758 39
No par
1114 1112 1114 1114
1112 1112 1114 1112 1113 1112 1,500 DOM111100 Stores Ltd
22
2234 2218 2312
2312 244 2378 2438 244 2514 26,800 Douglas Aircraft Co Inc No par
013
1714 *1318 16
*13
200 Dresser(SR) Mfg cony A No par
1714 *14
15
15
10
06)
8
712 (.618
712 *618
712
Convertible class B___-No par
*64
7
*618
712
Duluth S 9 & Atlantic
'
,
a
%
*38
58
*38
5*
*38
58
*%
58
100
12
12
Preferred
*38
1
500
*38
1
*%
1
* 72 1
1
*412 47
434 43
0458 434
41
412
412 434 1.000 Dunhill International
No par
*1714 1812 1714 1814
•1714 18
800 Duplan Silk
1778 1778 *174 18
100
Preferred
*107 115 *107 115
_ *107 115 *107 115
0107
934 9334 9312 94%
30,300 DuPont deNemours(E.I.)&Co.20
9434 6514 9318 947
933 96
100
6% non-voting deb
12712 12712 *127 12812
600
127 12714 12712 12712 *128 12812
100
10412 10412 1043 10514
150 Duquesne Light 1s0 pref
*10434 1054 *10434 10534 *10312 1054
*2312 ----•23'2 _ _
130 Durham Hosiery Mills pref _100
*2312 _ __
2112 2312 *2112 __ _
*614 634
678 -67i
7
7-58 1,300 Eastern Rolllng Mills____No par
7
-7
7
7
11078 11112 11012 11134
11014 11112 20,400 Eastman Kodak (N .1)___No par
110 11114 10934 111
6% cum preferred
100
80
*139 140
140 140
141 141
141 141 *141 14114
No par
5,700 Eaton Mfg Co
177 178 1712 177
19
18
1818 17% 1818 18
No par
634 634 2,500 Eitingon Sehild
*712 8
6
(37
73
734
7
7
26
264 257 2638
5
2614 2678 2618 2738 2738 28% 25,300 Else Auto-Lite (The)
100
10812 10812 10812 108,2
470
Preferred
10838 1085* 108 10812 10812 10812
5
5
478 5
538 7,300 Electric Boat
3
434 478
434 478
5
758
712 75*
75*
75* 734 3,200 Elec & Mm Ind Am shares
758 738
712 738
214 212
214 238
214
212
212 258 13,200 Electric Power & Light __No par
214
238
7
7
Preferred
No par
7
7
7
738
6%
713
714 758 3,600
56 preferred_ _
No par
6
638
614
63
612 678 3,000
634 634
638 612
• 1514 and asked prima, no sales on this day
Dec. 29 1934
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
$ per share
1914 Jan 8
334July 25
1014 Aug 9
2914 Aug 7
1714 Jan 5
67 Jan 3
3714 Nov 19
12July 27
38July 24
214 July 25
2 July 20
834 Jan 5
7012Sept 19
38 Jan 25
247 Nov 28
95 Jan 28
9514 Jan 2
5018 Jan 11
314 Dec 14
938 Jan 31
8813 Jan 8
10 July 26
74 Nov 5
5 Aug 28
338 Jan 2
1013 Jan 3
17 Dec 21
13 Nov 7
11 Nov 14
58 Jan 8
2112July 26
63 Dec 28
52 Jan 5
41 Jan 9
1838 Jan 4
2312 Jan 5
38 Jan 3
24 Jan 3
9112 Jan 3
3534 Jan 4
91 Jan 3
1534July 28
1 Nov 20
2112 Jan 2
5 Aug 2
22 July 26
714Sept 7
34 Dec 19
55 Jan 18
514July 26
31 Jan 5
4514 Jan 2
49 Feb 13
13s July 27
1038 Jan 2
1812 Dec 26
x71 Dec 27
112Sept 18
7I4July 26
108 Feb 9
218 Jan 5
12July 28
618 Jan 5
238 Jan 2
54July 26
78July 27
4414 Dec 7
5634 Oct 30
6 July 26
234 Jan 6
%July 24
1534July 26
4012Sept 18
5512 Aug 8
135 Jan 4
358July 28
28 Jan 3
8 Jan 2
18 July 26
3512 Jan 2
47 Jan 9
338July 27
17 July 27
44 Nov 7
78 Dec 19
314 Jan 15
312 Jan 10
2018 Jan 9
37 Jan 2
1313 Jan 8
434 Jan 3
24 Nov 1
514 Jan 3
7514 Dec 10
6412 Nov 26
11 Jan 4
8 Jan 10
1018July 26
1014July 27
35 Aug 6
14 July 28
33 Dec 19
6312 Jan 5
5 Jan 25
10 Mar 19
29 Jan 8
99 Feb 17
21 Sept 17
2814 Mar 27
32 Jan 25
11 Dec 14
1414 Jan 2
814Sept 14
5 Sept 14
58 Jan 15
13 Nov 16
3 Sept 15
1313 Oct 31
100 Feb 9
80 May 16
115 Jan 2
90 Jan 16
21 Feb 7
44July 25
79 Jan 4
120 Jan 16
1218July 26
6 Sept 17
15 July 26
80 Jan 5
3 July 26
44 Jan 3
214 Dec 21
638 Nov 19
8 Nov 19
Highest
July 1
1933 to Range or
Nov.30 Year 1933
1934
Low Low
High
$ per share $ Per oh 3 Per share
5
34
15
304 Feb 5
1158 Feb 19
34
2
104
2112
1014
6
1738 Apr 9
2614
784 57%
6038 Feb 23
1412
718 25
2438 Jan 30
45
72
6338
9212 Dee 15
55
52 Feb 17
40
3714
24 Feb 6
14
358
4
18
218
14 Feb 6
%
112
813
558 Feb 6
2
514 Dec 20
5,4
34
34
612
2134 Mar 5
5
1414
78 Nov 15
60
60
65
45 Dee 5
31
30
31
45 Apr 7
22
10
4112
115 Apr 23
90
90
100
16012 Dec 10
85
7312 105
57 Oct 11
4512
44
51
314 Dec 14 200
180
200
1818 Mar 13
9
7
223*
10212 Dec 5
49
82.
66
2812 Feb 19
10
3
28
94 Apr 18
72
637
85
9 Feb 5
5
54 12
834 Feb 6
273
27o
1738
32 Feb 23
9
9
54
1038 Feb 1
16
1514 51
3314 Feb 9
13
1212 4234
30 Feb 3
11
10
30
7714 Apr 23
45
2318 71 12
413 Dec 3
1718
65
28
1914 Feb 6
67
9
284
7834june 21
50
50
83
71 Apr 24
41
40
7412
3912 Dec 6
1114
4
1914
3018 Nov 30
22
1813 25
32
5212 Dec 12
16
3912
304 Dec 11
23
1818 254
110 Dec 5
85
70
957
61 Aug 16
2734
18
431 3
114 Nov 23
8412
84
977
36% Jan 30
1534
9
5714
334 Feb 6
1
618
114
5234 Apr 23
1738
1738 6013
1338Apr 19
3
11
5
3538 Nov 19
1612
7% 275*
1412Mar 6
714
612 18
61 June 23
4713
52
60
58 Jan 15
5072
5078 55,2
1338 Mar 17
514
312 19%
3014
7412 Dec 28
3014 60
73 Dec 20
4514
31
65
70 Dec 6
4514
3812 6284
614 Dec 21
15s
134
534
57
2014 Dec 21
734
14%
4738 Feo 6
2114
34
64,8
95 July 23
80
8118 99
113
112
43* Feb 7
54
1414 Feb 13
714
5
153
11218 Oct 18 103
9512 108
634 Feb 5
2,s
1,4 105*
314
14
t2
'218 Feb 7
414
Ds
1334 Apr 23
10,4
2
538 Apr 18
14
4,2
1438 Jan 24
514
3
1838
238 Feb 7
12 1312
%
464
30
64
64 Feb 9
6412 Nov 26
5634
- -- - -312
1134 Feb 6
8
3614 Dee 6
20
1012 361z
4
238 Feb 21
34
1
47
1214
2234 Apr 21
1958
51 Jan 31
40,2
-5512
1538 -9-0%
844 Jan 26
15012 Dee 12 133
11712 1453
91 Feo 5
314
238
7,2
3614 Dec 19
23
23
39,2
214
143
1712June 16
7
3614 Feb 1
188
1414 65
2413 38,2
444 Dec 3
32
54
824 Deo 5
4218
17
658 Apr 27
314
1
812
14
9
3712
383* Feb 19
16
6038
71 Apr 19
30
12
438
318 Feb 9
34
3
212 16
1012 Jan 23
14 1112
212
978 Feb 8
68
10
1412
65 Aug 30
3514
20,
4 5912
5238 Aug 29
1
1312
2938 Apr 12
6 2 3214
60
3813
30
9534 Dee 18
112
Os
2
514 Jan 31
2
8
38*
124 Apr 2
91 May 1
75
74
9612
6012 82
90 June 19
6412
913
414 21
2112 Feb 21
512
11'8
814
814 Feb 5
1018
2438 49
344 Feb 1
194 Dec 28
1014
614
1838
35
3738 9334
7312 Feb 1
14
174 46
3334 Feb 5
4
2
1314 Mar 28
194
84 Feb 23
55
48
9112
7 Feb 6
5
913
3
1814Juise 20
113
113 16
20
5514 Dec 19
10
3372
117 Dec 19
8913
7914 100
284 Jan HI
21
1712 294
3412 Aug 21
2738
2618 31
25
3912
4814June 27
12
23 Mar 10
13
1012 2638
2813 Jan 31
114
1014 1814
63
20 Nov 16
814
18
1178 Mar 28
338
24 105
12
14
212
158 Apr 20
24 Apr 20
12
34
3*
11% Mar 26
3
1434
%
23 Feb 16
1313
912 2838
110 Mar 9
92
8234 95
3218 9688
1037s Feb 18
60
128 Dec 19 10414
9712 117
107 Sept 21
10218
85
85
30 May 4
13
913 1914
1234 Feb 19
Ds
10
312
11612Nov 26
6513
46
891*
147 June 27 120
110
130
34 16
2212 Apr 19
10
1914 mar 6
6
313* Feb 21
115
16
17-12
110 Nov 19
75
75
8812
814
1
712 Jan 29
3
412
918May 8
212
1
158*
27
318
938 Feb 7
21 Apr 18
712
3812
65*
612 3234
1934 Feb 7
6
(Companies reported in receivership. a Optional We. e Cash sale. r Ex-dividend.
17's
v Ex-r ghts.
,
111a11
Saturday
Dec. 22
AND I 01V SAFE PRICES-PER SHARE, NOT PER CENT
Monday
Dec. 24
Tuesday
Dec. 25
4091
New York Stock Record-Continued-Page 4
Wednesday
Dec. 26
Thursday
Dec. 27
Friday
Dec. 28
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Par $ per share
No par 34 Sept 22
Elec Storage Battery
%May 11
:Elk Horn Coal Corp....1Vo par
1 July 26
50
6% part preferred
50 45 Sept 8
Endicott-Johnson Corp
100 120 Jan 3
Preferred
2 Dec 2S
Engineers Public Serv____No par
1018July 27
No par
$5 cony preferred
11 Jan 8
Vo par
$552 preferred
No par
13 July 26
86 preferred
5 July 24
No par
Equitable Office Bldg
938Sept 17
100
Erie
100 1434 Dec 28
First preferred
9 Sept 25
100
Second preferred
50 50 Jan 25
Erie & Pittsburgh
7 July 26
5
Eureka Vacuum Clean
9 Jan 3
5
Evans Products Co
3 July 27
Exchange Buffet Corp_No par
1 Sept 1
25
Fairbanks Co
334 Sept18
100
Preferred
7 Jan 6
Fairbanks Morse & C0___No par
100 30 Jan 10
Preferred
4 July 27
15
Federal Light & Trac
Preferred
No par 3418 Jan 12
Federal Min & Smelt Co__I00 52 Oct 11
Preferred_
100 62 Oct 6
275 July 25
Federal Motor Truck____No par
2 Jan 13
Federal Screw Works____No par
1 Nov 20
Federal Water Serv A_ ___No par
Federated Dept Stores_ _No par 20 Aug 7
Fidel Phen Fire Ins N Y.
2.50 2334 Jan 5
7 Feb 15
Fifth Ave Bus Sec Corp._:No par
71 23
-F8 -ii-- -*-23.18 14- .7,2'5i's -21.7.518 -2.4 02312 24
Filene's(Wm)Sons Co
No par 23 July 25
*1041.2
100 87 Jan 10
10534 10534 10534 1054
*105
*10438
614% preferred
50
1578 1612 153* 1634 1614 1678 8,200 Firestone Tire & Rubber
8 1578 1158
10 1318 Oct 26
1512 15790
9012 91
Preferred series A
100 71 Jan 9
9014 9058 9178 1,300
*9012 9118 9078 9078
53
5412 55
5434 5514
55
5438 55
5314 5414 4,200 First National Stores__No par 53 Dec 27
15 Jan 4
*2234 2314 2234 2234 2234 2234
*2234 2334 *2234 2312
200 Florsheim Shoe class A_.No par
438 458
438
412
2 July 26
No par
438
458 *412 434 1,300 :Follansbee Bros
412 412
1913 1913 1978 20
1012 Jan 9
*1958 2014 *20
52012 2034
2014
700 Food Machinery CorpNo par
14
14
1418 1418 1412 1458 1534 2,400 Foster-Wheeler
813July 27
No DA+
1334 1334 14
*6912 73
06912 70
*6912 73
No par 55 July 23
70
Preferred
190
7278
7012 71
614 July26
812 812 *814 812 *812 912
*814 878 *814 858
No par
100 Foundation Co
2512 2618 2538 2534 25
2534 26
25
1712July 26
1
25
4,000 Fourth Nat Invest w w
25
814July 26
No par
13
1318 13
1258 1258 1278 13
1338 1313 3,300 Fox Film class A
13
*3212 37
3514 3514
*36
37
3234 33
110 Fkln Simon & Co Inc 7% pf__100 20 Aug 16
33
33
23
2314 2318 24
10 2112Sept 20
2313 23
23
2312 2318 2438 12,300 Freeport Texas Co
11818 11818
100 11312Sept 21
*11812 120
•11818 125
Preferred
119 119 *11812
200
14 July 26
*17
2014 *17
2014 2014 2014 *17 -203-4
*17
20,4
10 Fuller (G A) prior pref___No par
47
04
4758 014
5 July 26
No par
$6 2d pref
914
9,4 *7
*8
914 *7
14July 25
*114
118
138
No par
134
1,4
114
1(4
114
800 Gabriel Co (The) cl A
138
138
8 Dec 19
812 834
818 818
*818 10
No par
818 818
180 Gamewell Co (The)
84 818
558July 27
634 678
No par
658 634
634 634
658 7
2,000 Gen Amer Investors
634 7
8234 824
84
No par 73 Aug 25
*75
84
075
075
Preferred
*75
84
500
84
5 30 Aug 9
36
36
3558 36
38'2 3678 3612 3678 3678 3738 2,600 Gen Amer Trans Corp
10 12 July 26
1514 1514 1458 15
1518 1518 1478 15
1538 16
2,500 General Asphalt
612 Oct 27
678 718
678 678
5
678
7
634 678
7
714 5,200 General Baking
10412 106
No par 100 May 8
010312 106
*10312 106
$8 preferred
106 107
120
10712 108
Stock
5 Sept 18
578 57
558 534
5
578 578
•558 534
General
Bronze
1,000
578 6
3
3
*3
318
212 25
214July 26
No par
258 258
258 258 1,200 General Cable
*5
414July 27
No par
57
Class A
05
*5,2 618 *538 61s Exchange
512
300
558 618
*20
*2018 2612 *2112 2612
261 *22
7% cum preferred
100 1413 Jan 9
2513 *2312 2612
58
Closed
5712' 5712 5714 5712
No par 27 Jan 2
581
59
5914 5912 5912 1,300 General Cigar Inc
125 12518
•120 125
100 97 Jan 8
*126 130 *126 130 *12712 130
7% preferred
40
164July 26
1958 1978 1934 2038 Christmas 2018 2012 x20
No par
203s 20,4 2134 105,400 General Electric
10 111[8 Dec 28
1138 1158 1138 1112
1112 113* 51112 1158
SPeClal
11,8 113* 111,000
3334 3418
Day
3334 34
28 July 28
No par
3378 34(4 3334 3412 3458 35
5,900 General Foods
38
1
38 Nov 16
No par
38
35
4
3*
38
12 11,200 Gen'i Gas de Elea A
38
38
*1214 1318 .1214 13'4
614 Jan 2
1318 1314 13,2 1334
*1214 131
Cony pref series A__No par
500
*1314 16
*1314 18
No par 11 July 25
*1314 16
$7 pref class A
*1412 16
*1434 16
*1412 16
13 Aug 6
*1413 16
No par
*12
1412 1412 1412 16
$8 pref class A
50
16
0, _ 58 0_ . 58
50 Jan 24
*____ 58 •_
Gen Ital Edison Elec Corp
58 *_ 58
iio 60 66 6034
6014
No par 51 Sept 20
6014 5954 6034 6034 61
2,100 General Mills
*115 11818 *115 118
*115 118 *11518 118 *115 118
100 103 Feb 27
Preferred
3078 3118 3118 3214
10 2458July 28
3214 3258 3218 3258 3234 34
95,100 General Motors Corp
10758 1078 *10712 108
No par 8934 Jan 6
10738 10712 10612 107
10758 10758 1,100
$5 preferred
*978 1014 *978 1018
834 Jan 5
No
par
Gen
Outdoor
Adv
A
700
978 978 *934 1038 *10
1038
314 Nov 1
338 338
No par
338 338
34 333 *3% 3,2
Common
314 338 1,6C0
2112
*21
2112 *21
1012 Jan 3
21
No par
21
21
40 General Printing Ink
021
21
2234
98
9434 *95
93
*95
97
No par 7312 Mar 10
*95
*95
97
$8 preferred
30
97
218 2,8
218 2,8
214
2 Nov 2
214
214
23g
214
No par
238 4,500 Gen Public Service
2434 25
25
25
2518 2513 2514 2614 2612 2678 2,500 Gen Railway Signal
No par 2312July 27
*70
90
.70
90
100 90 May 2
*70
90
Preferred
*70
90
*70
90
114
114
138
114
1 July 26
_1
118
114 *114
118
138
132 3,100 Gen Realty & Utilities
1514 1512 1538 1538
10 Sept 14
1538 1512 1512 1534 16
No par
16
86 preferred
1,700
•17
1778 1714 1734
No par
1778 18
1018 Jan 3
1814 1834 1914 1914
1,300 General Refractories
1634 1634 1612 1714
1712 1778 1818 1834 1814 1858 16,700
10 July 26
Voting trust certifs__ No par
22
*21
25
22
*2012 25
1758 Oct 3
100 Gen Steel Castings pref No par
*2012 25
*2012 25
1338 1358 1312 137s
1314 1331
1318 1314 1358 1438 9,000 Gillette Safety Razor__ _No par
8is Jan 6
*7014 7138 7114 7114
070
7114 *7013 7114 7114 7138
Cony preferred
No parC 47 Jan 11
700
331 334 *358 4
3
258Ju1y 2
No par
1,600 Gimble Brothers
3,4
3,4
358
3
334
338
*2818 2918 2818 2818
*2318 2738 *2314 2778 *2414 2678
100 1614 Jan 8
100
Preferred
2612 2678 2612 2714
2678 2714 2658 2714 2634 2714 6,800 Glidden Co (The)
1558 Jan 4
No par
10412 10412 10412 10412
10412 10412 104 104
Prior preferred
100 83 Jan 19
110
104 104
33* 3%
338 Dec 21
5
4,700 Gobel (Adolf)
378 4
334 378
378 4
334 418
17
1718
17
1718
1612 1678 1634 1718 7,800 Gold Dust Corp v t a
164 17
16 Oct 26
No par
11412 11412
*11012 118
11478 11478 *11478 118 .11478 118
$6 cony preferred
No par 9812 Jan 6
300
978 10
97a 1018
1018 1058 1018 1034 1058 1118 8,700 Goodrich Co(B F)
No par
8 July 26
*4812 50
4912 49,2
4912 50
100 3512July 2
50
5012 5038 5134
Preferred
1,500
2278 2278 2278 2312
2278 2358 2354 2454 15,200 Goodyear Tire & Rubb___No par
23
24
1812 Aug 6
85
*8514 86
85
85
8534 *85
151 preferred
1,000
8534 86
86
No par 64 Aug 6
512
53*
5
5
434 5
53* *5
1,500 Gotham Sill- Hose
No par
478 478
378July 2
*46
49
*46
49
*46
49
49
4912 *46
Preferred
30
49
100 3812 Dec 10
2
211
2
218
218
214
218
24 2,4
214 7.400 Graham-Paige Motors
112Ju1y 2
1
658 658
634 678
634 634 2,600 Granby Cone M Sm & Pr_ _100
6$8 658
4 Nov 10
612 678
434 478
43* 412
438 412
412 412
1
4 Jan 8
4,4 458 1,900 Grand Union Co tr ctfs
27
2814 27
2912 2912 2812 2918
27
27
27
Cony pref series
1,1130
No par
23 Jan 6
*2234 2512 *2234 2612
*2234 24
*2234 2612 *2234 26(2
Granite City Steel
No par 21 Oct 26
3412 3412 3434 3434 344 35
3412 3412 53414 3434
800 Grant (W T)
No par 28 Sept 17
1114 1138 4,200 Gt Nor Iron Ore Prop -No par
1138
1118 1114 11
1118 1118 1118 1112
812July 27
1618 1678 1614 1634 1634 1738 23,400 Great Northern pref
1638 1612 1638 1634
100 121.July2S
27
2714
2758 2612 2714 2612 2814 6,500 Great Western Sugar____No par 25 May 14
2714 2714 27
____
118 118 *11734 ____
118 118
118 118 *118
Preferred
80
100 102 Jan 2
*20
*20
50
*32
50
Greene Cananea Copper
*20
*20
50
50
50
18 Jan 10
100
1
118
118
118
118
118
118
113 2,200 Guantanamo Sugar
118 *114
No par
4 Jan 2
*1313 1034 *1334 1934 *1334 1934
•1312 1934 •1312 194
Preferred
714 Jan 16
100
518
518 *458 7
*5
6
5
0412 7
5
400 Gulf Mobile & Northern
5 July 25
100
14
*1214 1312
13
13
•12
1334
12
12 .12
Preferred.
200
100 12 July 28
*2178 27
22
22
30
02358 30
2112 2112 *22
3,800 Gulf States Steel
No par
154July 28
62
*61
*61
62
*61
•61
62
62
62
061
Preferred
100 47 Jan 8
*2114 24
*2114 24
02114 24
02114 24
24
*23
Hackensack Water
25 2012 Jan 9
,
4 *2912 3034
*2912 30,
4 *29,2 30
02915 3034 *2912 3054
25 27 Jan 4
7% Preferred class A
558 578
534 534
6,700 Hahn Dept Stores
312.10IY 26
No par
578 6
554 6
578 64
58
5712 5713 57
*564 59
5738 5812
Preferred
900
*5534 57
100 2514 Jan 9
4.900 Hall Printing
8
8
712 814
73* 758
*718 712
754 8
312 Jan 8
10
012 012 4618 912
912 0814
0618 912 *618
200 Hamilton Watch Co
912
358 Jan 26
No par
*55
63
63
58
*58
63
*43
63
Preferred
10
58
*48
100 25 Jan 15
•100 101 *100 101 *100 101
Hanna (M A) Co $7 pf___No par 84 Jan 8
•100 101 *100 101
16
1614 16
16
13 July 26
1612 1614 1718 2,300 Harbison-Walk Refrac___No par
1614 1612 16
*95 100
Preferred
*95 100
*95 100
*95 100
100 87 Jan 10
*95 100
618
61,8
618 618
400 Hat Corp of America Cl A-_1
613 612
612 612
618 618
1 12July 28
084
50
85
85
85
6 ti % preferred
*85
8614
8518 *84
100 1934 Jan 4
8614
85
*35
38
38
12
•88
38 Dec 10
100 Havana Electric Ry CO
No par
12
38
12
*38
12 '
Preferred
512
.3
512 *3
3 Jan 2
100
512
5'2 *3
512 53
*3
$ per share $ per share $ per share $ per share $ per share $ per share Shares
4518 4514 4434 45
4518 4678
45
45
1,800
45
45
000
34
34
34
81
78
78
*78
1
1
1
138
138 *113 112 *118
134
112 112 *138
300
134
*50
51
1,000
4912 4912 5218 53
5214 5214
*5114 53
*125
_ .... *12514
10
*12514
__
127 127
_
0127
218 -214 *178 -2
2 _-2
700
214
214
*17s -214
*1314 1378
1312 1313 1334 1334
1,700
1212 1212 1234 1334
1612
*14
1534 15
1518 15
1,400
15
*1334 1538 15
41512 20
16
16
*1512 20
*1534 20
100
*1512 18
5
5
5
5
*5
518
500
5
518
5
5
1218 1238 1134 1214 1238 1212 2,100
1238 1238 1214 1214
1478 1514 1434 1538 1513 1512
700
*1518 1612 *1514 1512
*014 1178 *10
10
100
1178
1178 *10
*10
1178 10
68
68
50
68
68
. *68 . _
*6712
.
*63
1034 1034 1034 1034 11 --1114
- *1034 1114
760
11*1034 -2034 2078 21
2138 2114 22
3,800
2034 2078 2012 2058
313 312
318
3i3 *338 412
480
312 312
312 312
*112 178 *112
130
112
178
178
*138
178 *112
178
40
7
738
614 614 *658 738
*612 678 *63* 738
1612 1612 1612 1612 1634 17
1,900
1634 1634 1612 1634
72
72
73
7112 7218 7213 7212
200
72
7212 72
*512 6
400
6
6
578 578
512 512
57s
573
*5018 55
*5018 55
20
*5018 55
5018 5018 *5018 55
60
*60
60
*50
60
*50
60
*50
*50
60
76
*65
76
*65
065
76
*65
76
*65
76
*5
514
434 5
*414 518 *434 5
900
478
514
314
314
338 338
*318
338
200
338
*314 338 *314
1
118
1
118
1
1
1
2.100
1
118
1
*2014 2112 2112 2112 *21
*2012 22
21
21
300
2258
34
3338 3338 34
3312 3414 3278 3312 533
3378 2,100
• Bid and asked prices, no sales on this day.
,
2 Companies reported in receivership.
a Optional sale.
Highest
July 1
1933 to Range for
Nov. 30 Year 1933
1934
Low Low
High
8 per share $ per sh $ per share
21
54
34
52 Jan 24
58
Is
4
178 Feb 21
58
6
1
334 Feb 23
6278
26
45
63 Feb 16
107
123
128 Nov 22 112
212
334
1434
834 Feb 7
11
47
1018
2312 Feb 6
4978
11
11
2412 Feb 5
12
12
55
2512 Feb 5
5
612 1338
1038 Jan 22
938
33* 2534
2478 Feb 5
1314
412 29,3
2814 Apr 26
212 2314
9
23 Apr 21
50
45
50
88 Dec 26
1814
3
638
14% Feb 19
3
7t,
10
2714 Apr 27
3
1112
312
1012 Apr 2
78
258
1
238 Apr 17
1
312
814
1212 Apr 14
212 114
478
18 Feb 19
25
10
424
75 Dec 20
4
434 144
1114 Apr 3
5912
33
33
62 Mar 13
15
103
52
107 Feb 14
74
18
50
98 July 12
54 114
278
834 Jan 30
34
4.4
1
53* Feb 23
138
634
1
4 Feb 6
712 30
1814
31 Mar 6
1014 36
2014
3512 Dec 11
93*
5
614
11 Jan 3
9
30
21
30 June 21
95
81
106 Aug 9 z85
918 31 13
1318
2514 Feb 19
75
42
6718
9214 Dec 18
704
43
4714
69(4 July 16
712 18
1258
25 Apr 11
212 19
2
173* Feb 21
612 16
1012
2112 Dec 4
412 23
812
22 Feb 16
3212 71
4414
80 Mar 18
23%
2
614
1714 Jan 30
1358 2614
1658
2712 Feb 5
12
19
814
174 Feb 26
12
50
20
63 Feb 7
1618 4938
2112
5038 Feb 19
16018
97
16018 Jan 31 11312
31
9
1212
3312 Apr 26
4
23
5
1958 Apr 26
1
514
118
458 Mar 12
612 207s
812
20 Feb 19
258
12
558
1112 Feb 6
85
42
6412
87 Mar 13
1334 43,4
2534
433* Feb 19
458 27
12
2312 Apr 24
612
1012 204
1438 Feb 5
9934 108,4
10812 Feb 7 100
218
5
1012
1018 Mar 9
214
1,4
1112
618 Feb 1
214 23
414
12 Feb 1
14
612 46
33 Apr 20
244 4858
2414
5912 Dec 28
112
90
90
12518 Dec 24
164
1012 304
25,4 Feb 5
1118
1078
12,4
1234 Feb 26
21
3973
28
384 Jan 30
12
27,
134 Feb 6
314
318
514
19 Mar 13
1612
1812
634
21 Mar 13
634
5
20
712
22 Mar 12
3914
244 554
6218 Oct 29
3512 71
51
6412 Jan 15
9212 10813
118 Dec 21 10012
10
35:
2212
42 Feb 5
6512 95
84
109 Dec 14
54 24
814
21 Apr 14
212 104
314
658 Apr 20
17
1012
314
2512 Apr 23
82
31
6114
9434 Dec 21
2
2
83*
558 Feb 7
1314 4912
2312
4534 Mar 3
6934 93
90
10112 Feb 2
38
458
1
3% Jan 30
513 2234
10
2638 Jan 30
812
212 1954
2338 Feb 23
714
18
714
1912 Feb 21
1758
94 38,2
4812 Mar 15
758
758 2014
1478 Nov 15
4512 75
4513
72 Dec 21
258
34
758
6% Feb 5
514 33
1312
30 Feb 5
334 20
12
283* Apr 28
9112
48
8058
10712 Dec 7
16
3
334
913 Feb 27
2738
12
16
23 Apr 23
9612 105
9613
120 Sept 4
3
2112
8
18 Feb 19
63
9
2612
6234 Apr 21
1812
914 4712
4138 Feb 19
55
274 8014
8614 Feb 19
378
813 17,2
1134 Feb 5
41
73
7112 Apr 26
49,z
1
553
112
412 Feb 1
378 1558
4
1338 Feb 16
35s
1053
834 Jan 31
35*
3838
20
20
40 Apr 24
2078
114 30%
3118 Apr 25
1534 363*
25
4058 Feb 19
518 164
734
1512 Feb 19
1214
4% 334
3212 Feb 5
35(4 July9
678 4178
25
7212 110
99
11812 Dec 19
858 3014
18
59 Apr 24
14
412
312 Feb 8
%
5
3712
714
31 Feb 9
13
4
1112
4
20
Feb
1614
213 2312
12
3534 Feb 21
634 38
1514
42 Mar 13
1614 64
2514
83 Apr 20
15
253*
1978
2814July 6
25
2878
26
31 Nov 2
912
312
l's
814 Feb 15
9
3812
18
6312 Dec 11
338
934 Feb 14
34 1012
212
0
35,
1178 Apr 20
15
35
20
63 Dec 1
4512 85
77
10134July 21
618 2512
12
2434 Feb 21
48
95
82
100 Jan 26
78
vs
758 Dec 11
1,2
518 30
1412
92 Dec 11
3.
234
112 Jan 23
38
3
812 Apr 19
112
634
c Cash sale. z Ex-dlvidend.
y Ex-r ghts.
,
New York Stock Record-Continued-Page 5
4092
HIGH AND I OW SAI E PRICES-PER SHARE, NO?' PER CENT
Saturday
Dec. 22
Monday
Dec. 24
Tuesday
Dec. 25
$ Per share $ per share $ per share
338 338
338 338
84
84
*82
84
.125 140 *125 130
*138
..138
_ __
.834 _-11
.834 io
7358 74
7312 7378
•124 12612 124 124
*7112 74
*7112 74
•10414 10712 .10414 10712
814 812
812 812
1034 1034 1058 1034
380 381
380 380
3058 31
31
3112
758 758
734 8
.4712 4912 "4712 4812
.15
161 1
1434 1434
234 234
258 278
4912 4958 4912 50
414 414
414
438
913 912
9,8 914
1158 1134 113g 1134
234 278
234 278
15
1512 15
1514
22
2212 .2112 23
..._ _ 59 .__ . 58
.8
9
.8
9
238 238 .238 212
2934 2934 2958 30
.6412 66
"65
6712
__ .112 _ _
4734 4814 4812 -4812
9.1134-.278 3
234 278
.418
418 418
414
1414 1478 1438 15
Wednesday
Dec. 26
Thursday
Dec. 27
Friday
Dec. 28
3 per share $ per share $ per share
*312 334
334 334
35s 37a
8312 8312 83
84
84
85
*125 130 .125 130
121 125
*138
_ ..138
_ _ 138 138
*8
if
912 912 "914 11
7318 7318 73
7412 7412
73
*124 12612 *12418 12612 12414 12414
.72
74
7212 7212 .7234 74
10414 10414 104 10412 10414 10414
838 831
838 838
814 812
1034 1034 1078 11
11
1138
375 375
375 375 .357 395
3112 3134 31
3214 3112 3334
77s 8
778 814
818 858
.4778 4918 48
48 .48
51
*1518 1612 15
1518 1558 16
258 278
258 234
3
313
4934 5012 5014 5138 5114 5178
414 412
418
414
4
414
.912 10
*912 10
*958 11
1138 1214
1112 1178 1158 1238
234 318
278 318
278 3
1518 1558 15
1512 1514 1612
.21
2312 21
2112 23
23
•____ 5712 ._ - 5712.
.. 5712
812 912
834 834
*814 912
238
238 *238 234
238 238
30
3038 3018 3034 3078 3178
66
66
6412 6512 65
67
*109
__ .109
_ *109
_
4814 -5014 5212 --5414 5212 -5-434
258 234
258 278
278 3
.418 438
4
418 .4
414
.1438 1512 1434 1538 1453 1514
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Dec. 29 1934
Range Since Jan. 1
On Basis of 100-share 1.01.3
Lowest
Highest
July 1
1933 to Range for
Nov. 30 Year 1933
1934
Low Low
High
Shares
900
1,100
100
100
100
1.200
70
200
1,000
2,000
4,500
600
8,100
23,000
100
600
3,700
7,500
3,200
300
14,000
17,500
11,300
700
Par $ per share
3 per share $ Per sh 3 Per share
Hayes Body Corp
it4 Jan 2
2
1
634 Feb 15
312
34
Hazel-Atlas Glass Co
25 74 Sept 11 9678 Apr 23
65
65
9712
Helme (0 W)
25 101 Jan 9 145 Nov 28
94
6912 105
Preferred
100 12312 Mar 17 153 Dec 14 120
11614
13218
Hercules Motors
No par
514July 10 121s Mar 15
514
3
17
Hercules Powder
No par 59 Jan 4 8158July 17
40
15
6858
$7 cum preferred
100 111 Jan 4 12534 Dec 5 10418
85
11018
Hershey Chocolate
No par 4812 Jan 15 7312 Nov 26
44
3518 72
Cony preferred
No par 83 Feb 16 10412 Dec 10
8112
6434 90
Holland Furnace
No par
434 Aug 8 1014 Apr 23
4
312 1012
Hollander dr Sons (A)
5
534 Jan 2 13 June 21
518
214
1012
Homestake Mining
100 310 Jan 4 x43018 July 19 200
145
373
Houdaille-Hershey el A __No par
11 Jan 8 3334 Dec 28
712
418
15
Class B
No par
258Ju1y 26
858 Dec 48
212
1
634
Household Finance part pf___50 43 Feb 5 54 Mar 12
43
43
511
Houston 011 of Tel tern 2118_100 1212July 26 2934 Feb 5
1212
814 394
Voting trust etre new
212July 27
25
558 Apr 6
212
178
73
Howe Sound v 1 c
5 3512 Jan 3 5714June 28
20
512 384:
Hudson & Manhattan
100
4 Dec 27 1218 Feb 7
412
612 19
Preferred
9 Nov 24 2614 Jan 24
100
9
1818 514,
Hudson Motor Car
No par
618July 23 2414 Feb 5
618
3
1638
Hupp Motor Car Corp
10
178 July 23
714 Jan 30
178
158
734
Illinois Central
100 1358July 26 3878 Feb 5
1358
812 5034
8% pref series A
100 21 Dec 27 50 Apr 28
22
16
6018
Lessee lines
100 4834 Jan 5 66 May 2
4618
31
80
100
RR Sec etl's series A____1000
712Sept 19 2414 Feb 6
712
412 34
200 Indian Refining
10
238 Dec 17
434 Apr 5
238
118
412
9,500 Industrial Rayon
No par
1938July 26 3178 Dec 28
1938
1,100 Ingersoll Rand
No par 4912 Oct 26 7334 Feb 3
45
)19-1. -ii
_ _ _ ___
Preferred
100 105 July 16 11634 Apr 20 105
105
106
3,700 Inland Steel
No par 34' Sept 14 5434 Dec 28
26
12
4578
1,400 Inspiration Cons Copper
258 Nov 20
20
678 Feb 6
258
2
912
1,200 Insuranshares Ctfa Inc
1
218 Jan 2
438 Nov 26
2
114
37s
10,400 2Interboro RapidTran v 2 c -100
512July 26 1712 Dec 19
512
418 1334
Certificates
No par
612May
11
1212Nov
21
5
5
1078
*434 514 *434 5
.434 5
434 434 *434 5
50 Internet Rye of Cent Amer __100
2 Aug 6
7 Apr 18
2
Ps
7
.358 5
.358 5
.358 5
.33.4 5
"358 5
Certificates
No par
638 Apr 19
212Sept 20
3
1 18
4
•15
1834 15
15
14
1434 1514
1458 1512 1512
310
Preferred
100
758 Jan 15 2234 Apr 17
658
414 20
.2
258 .218
212
.218
212
214
238
214
21, 2,300 Intercont'l Rubber
No par
218 Dec 13
678May 4
2
58
412
514 514
54 5,2
538 5,2
512 512
558 534 2,600 Interlake Iron
No par
4 Sept 14 1114 Feb 19
4
218 12
334 378 *334 37s
378 4
4
4
4
4
1.600 Internet Agricul
No par
2 Jan 8
12
618 Feb 5
1
72
53
8
.2912 30
30
30
30
30
30
30
3012 3012
500
Prior preferred
100 15 Jan 8 3714 Feb 3
5
10
2712
151 151
15034 15114
151 15178 15012 15112 15112 15214 3,800 Int Business Machines___No par 131 June 2 164 Dec 11 1253
4
7534 153,4
55, 53,
5,2 512
514 512
5
558 558 1,800 Internet Carriers Ltd
558
1
412July 26 1218 Feb 21
4
278 1078
2838 2838 2812 29
2834 29
2858 29
2834 29
4,300 International Cement____No par 1838Sept 18 3734 Feb 6
1838
618 40
3818 39
3858 3934
3912 4014 3978 41
4078 4234 26,400 Internet Harvester
No par 2314July 28 4678 Feb 5
2314
1358 46
•124 136 *124 136
.125 136 .125 136 •125 136
Preferred
100 110 Aug 31 137 Dec 6 110
80
11913
218
212
214
238
238 212
214
212
218
238 8,600 lot Hydro-El Sys of A
25
218 Dec 20
91s Feb 7
234
212 1378
214 3
214 214
2
214
2
218 .218 212 2,000 lot Mercantile Marlise___No par
2 Dec 26
6 Jan 24
214
114
678
2258 2278 2278 2318
2278 2338 2278 2318 2314 2414 41,300 lot Nickel of Canada____No par 21 Jan 4 2914 Apr 27
1434
634 23,4
12512 12512 .12512 126
12512 12512 *12512 126
126 126
900
Preferred
100 11534 Jan 13 130 June 26 101
72
115
Internal Paper 7% pref
100 10 July 27 25 Apr 24
814
212 2134
214 214 .218 214
2
218
2
2
218 218
1,100 Inter l'ap dr Pow cl A__No par
2 July 23
612 Apr 20
2
12 10
•1
114 *1
114
1
1
1 18
118
1 14
500
114
Class 13
No par
78 Dec 14
312 Apr 21
Vs
14
534
34
34
34
1
5,
58
34
Class C
513
34 5,500
34
7,
No par
26
Dec
Apr
5
8
23
23
4
14
4
912 912
914 938
838 9.38
9
912 1014 4,300
912
Preferred
812July 26 2478 Apr 23
100
678
221,
2
2314 2314 2318 2314
23
23
2334 2334 23
23
1,000 lot Printing Ink Corp-No par
9 Jan 13 2512 Dec 4
9
.9834 9934 9934 9934
3'2 14
Stock
.9934 100
9934 9978 9934 9934
120
Preferred
100 66 Jan 2 100 Dec 17
65
35
71
.30
3114 3012 31
30
30
30
30 .30
32
600 International Salt
No par 21 Jan 3 32 June 19
20
1334 2734
*43
44
*43
44 Exchange
43
43
43
43 .4212 43
500 International Shoe
No
38
par
Sept
563,
19
2438
50321
,
Jan
38
21
.25
26
2518 25,2
.2312 2538 2334 2434 .24
2478 1,200 International Silver
100 19 July 27 4534 Feb 15
19
934 5912
.72
7312 7012 7314
Closed
70
70 .70
71
71
180
7312
7% preferred
100 59 Jan 4 8412 Apr 9
2412 717,
40
818 814
818 838
8
838
8
818 858 40,700 Inter Telep & Teleg
814
No
par
28
712July
173
4
518 2184
Feb
6
712
1278 1278 1278 127 Christmas .1212 1278 1278 1278 1214 1214 2,400 Interstate Dept Steres
No par
312 Jan 4 16$8 Apr 20
2$4
112
878
.70
78 .70
78
.70
78
"70
78 .70
78
Preferred
2158 Jan 4 8112Nov 30
100
1614
403,
12
612 612
1
714 714
Day
7 4 714 *612 714 *612 714
300 Intertype Corp
No par
551 Jan 3 10 Feb 8
4
114
17s
*3314 34
.3314 34
•3358 34
3312 34
*3314 3712
300 Island Creek Coal
I
2434 Jan 29 36 Dec 18
2034
32
11
*105 110 .105 110
•105 110 •105 110
110 110
60
Preferred
1 90 Jan 31 110 Aug 7
85
85
90
5514 5514 5518 55,8
5478 5512 5418 55
5418 5412 1,600 Jewel Tea Inc
par
No
33
Dee
I
26
5712
Jan
9
23
45
5214 5234 5278 5334
54
53
5212 5378 5314 5418 11,200 Johns-Manville
No par 39 Aug 6 663
,Jan 30
1214 6312
3612
.119 125 .120 125
•120 125 .120 125 .120 125
Preferred
100 101 Jan 4 121 Dec 6
87
42
106'3
.130 175 .130 175
•130 175 •130 175 .130 175
Joliet dr Chic RR Co 7% gtd_100 135 Feb 14 140 Oct 11 115
115
115
52
52 .53
5312
53
5312 5234 53
5314 5512
880 Jones dr Laugh Steel pref_ 100 45 Aug 1 77 Jan 23
45
35
91
.114 _ ___ •1I4 _ ___
*114
_ __ •114
_ _ "114
Kansas City P & L pf ser BNo par 97711 Jan 3 11412 Dec 14
9778
98
110
8
.734 -8,4
8
-8
734 -.
%
734 *734 878
500 Kansas City Southern
1158July 26 1934 Apr 21
100
658
613
1234 1234 .11
1378
*1114 13
1014 1112 1112 12
i4
900
Preferred
100 1014 Dec 27 2712 Apr 21
1114 x12
812 812
858 858
812 812 .8
814
812 812
500 Kaufmann Dept Stores S12.--50
July
Os
26
Apr
6
25
514
8
13
103
8
1638 1638 1612 1612
1612 1612 1612 1612 .1614 1612
500 Kayser (J) dr Co
12
5 1378 Jan 4 1812 Apr 20
1912
678
"30
35
*30
35
*30
35
*30
35
.30
35
Kelth-Albee-Orpheum pref. _100 20 Jan 19 3712 Aug 2
15
8
26
114
138
118
114
114
114
118
114
11s
114 5,800 2Kel1y-8pringfie1d.Tire
1 Dec 19
5
412 Mar 12
78
618
1,4
*534 634
614 614
6
6
6
6
658 634
700
8% preferred
No par
5 July 29 20 Jan 30
6
5
3118
.618 738 .612 8
.612 738
100 Kelsey Hayes Wheel conv.clA __I
71s 718 *Vs 81z
28
3
July
10
Feb
212
16
2
8
.438 458
434
438
458 458 •334 434 *414 434
200
Class 11
1
238Sept 15
712 Feb 16
634
112
112
16
16
1512 16
1578 16
1558 16
1578 1658 14,700 Kelvinator Corp
No par Ill's July 28 2114 Mar 14
318
7
1533
90
90 .89
95
*89
95
89
9412
•85
89
40 Kendall Co pt pf ser A
No par 6518 Jan 18 94 Dec 17
55
30
73
1638 1634
1638 1634
1612 1678 1612 1678
1634 1738 48,300 Kennecott Copper
No par
16 July 26 2318June 13
1558
738 26
'1018 11
*1018 11
*1018 11
978 1018 .
934 1034
200 Klmberly-Clark
No par
975 Dec 27 1814 Apr 12
938
5711 2538
514
518 514 *434 514
800 Kinney Co
51s 518 "438 5
518
No par
3 Jan 16
714 Apr 13
214
I
614
32
32
3112 3212
3258 3312 32
3312 3214 3212
290
Preferred
No par
1312 Jan 6 41 Apr 26
12
458 30
2038 2058 2038 2058
2058 2034 2058 2114 2118 2112 14,000 Kresge (S S) Co
10 1332 Jan 2 2234 Feb 5
512
1014
1678
.11118 113
11214 113
111 112 *111 11112 11112 11112
80
7% preferred
100 101 Jan 4x1.14 Dec 10
9914
105,
88
*334 5
.
334 8
•332 434
100 Kresge Dept Stores
334 334 .312 434
No par
212 Jan 6
714 Feb 7
2
7-3
1
4034 4034 *4012 45
*4012 45 .4012 45
45
45
Preferred
60
100
19 Jan 12 55 Apr 4
12
25,
10
*55
9412 .60
6412
.6018 6112 .6018 6414 *6018 641i
Kress)(S H) & Co
No par 36 Jan 3 6512 Dec 11
2734
27
44'.
28
2818 2778 2818
2758 2814 2712 2814 28
2838 9,600 Kroger Groc & Bak
No par 2314 Jan 8 3353 Apr 23
11)
1412 35'3
no 2412 *21 2412
21
21 .20
.20
25
2438
50 Laclede Gas Lt Co St Louis __100 20 July 26 6312 Feb 13
30
20
80
*27
29
*28
*27
29
29
27
27
33
10
*29
5% preferred
100 27 Dec 27 60 Feb 9
30
3712 61,
"27
2714 27
27
2678 2714 2634 27
2634 2714 3,400 Lambert Co (The)
No par 2214 Jan 4 3132 Feb 5
1938
193
8
41,3
912 912 .9
978
*9
934 .9
958 •9
958
100 Lane Bryant
No par
5 Jan 6 1414 Apr 19
418
3
10.3
1038 1058 1034 Ills
11
11
1138 1158 1112 1158 3,200 Lee Rubber & Tire
5
7 July 26
1412 Apr 26
518
33
4
12-3
.13
1338 1312 13,2
1312 1312 1378 1378
15
14
900 Lehigh Portland Cement
50 11 May 14 20 Feb 23
9
578 27
.82
90 .82
•85
90
90
90
90
90
10
*80
7% preferred
100 7368June 22 90 Dee 27
73
34
78.4
10
10
978 10
10
10
10
*1012 1034 1.400 Lehigh Valley RR
10
50
912July 26 2114 Feb 5
912
858 27
278 278
278 278
234
234
234 218
218 278 3,300 Lehigh Valley Coal
'Jo par
212 Jan 8
5 Feb 21
2
633
I
11,4 1114 11,2 11'2
1114 1138 11
1114 1138 1158 1,100
Preferred
50
5 Jan 3 1638July 19
4
212 12.
6912 70 .69
70
69
6914 6878 69
6834 7014 2,400 Lehman Corp (The)
No par 6414July 26 78 Feb 6
6834
3712 79"3
*1512 1618 *1512 1534
1512 1531
1512 1534
1614 1614
500 Lehn & Fink Prod Co
5 1112Sept 17 2312 Apr 19
1112
14
2314
2634 27
2634 2712 2612 2714
2634 2714
23,500 Libby Owens Ford Glass__ No par 2212 Nov 1
2734 30
4378 Jan 19
21
434 3758
.2112 22
22
.2134 22
22
2134 2134 22
400 Life Savers Corp
22
6 1718 Jan 8 24 Apr 23
1558
1558 2218
10112 10112 101 10112
9934 10012 9934 10012 10114 10112 2,300 Liggett & Myers Tobacco____25 73 Jan 8 110 Nov 26
7112
49
98
103 10418 1023s 103
10034 10212 10014 102
Series B
102 10314 14,000
23 7412 Jan 8 11114 Nov 26
7314
4914 993*
.149 151
151 151
151 151 .149 151 .
149 151
Preferred
200
100 129 Jan 13 15212 Dec 3 123
121
14018
•I8
1912 *1838 1912
1812 1834 1714 1838 "18
1834 1,400 Lily Tulip Cup Corp____No par
16 Jan 15 2612July 18
1414
13
2112
.1.673 19
19
19
.1812 19
1812 19
19
19
600 Lima Locomot Works____No par 15l Sept12 3614 Feb 5
10
1514
3134
.1734 19
*1734 1778
•1778 18
1734 1778 *1734 18
200 Link Belt Co
No par
11 12 Oct 16 1938 Feb 6
11 12
63
4
1934
2912 2934 2958 30,8
3018 3058 3014 313g 3058 3112 9,900 Liquid Carbonic
No par
1618July 26 3538 Apr 23
1014 50
1618
3378 3418 3378 3414
3334 3418 3358 3418 3378 35
16,700 Loew's Incorporated
No par 2078July 26 37 Dec 1
1912
812 3613
104 104 .10334 104
10312 10312 •10312 10418 10418 10418
Preferred
No
300
par 72 Jan 2 105 Nov 30
7$l
66
35
113
138
158
158
112
112
158
134
134
178 4,700 Loft Incorporated
No par
1' July 24
3 Jan 31
114
Ilz
4,4
*218 214
2
218
*178
218 *17g
2
2
2
500 Long Bell Lumber A__No par
I July 26
12
3 Nov 5
612
I
3334 3334 34
3418
45
.34
*3412 3434 35
1,000 Loose-Wiles Biscuit
3514
25 3314 Oct 29 x4434 Jan 17
1914 4434
33'4
12534 12534 12212 12212
12234 12234 •12t04___ •12134
7% 1st preferred
80
100 11954 Jan 11 12812July 13 116
11312
120
1958 1934
1912 1934
1938 1958 1938 1658 1958 1-9-34 10,000 Lorillard (P) Co
10 1534 Jan 8 2212 Dec 16
1434
1038 2514
•12414 129
129 129
•12812 12978 12812 130
12958 130
7% preferred
240
100 102 Jan 26 x130 Dec 13
8712 106
9812
34
54
*78
118
78
1,400 Louisiana Oil
78
34
78
No par
78
78
34 Dec 21
3-3* Apr 4
58
I
4
97, 978
9'2 912 *912 1212
934 978 *973 1034
Preferred
100
100
714 Jan 2 2312 Apr 4
3'2 29
6
12
1218 1214 1214
12
1212 12
1214 1214 1238 3.700 Louisville GILFI & El A___No par
12 Dec 22 21 Feb 7
1378 2534
13
*4314 45
44
4414
4312 4434 4212 44
43
4414 2.100 Louisville ,k Na.shyllle
100 37348ept 18 6212 Apr 20
34,2
21,4 67
'2
1514 1514
1512 1618
1534 1618 •1534 1614 1618 1612 2,800 Ludlum Steel
1
814July 26 1912 Feb 20
712
4
201s
85
85
85
8734
89
88
87
8812 90
88
1,800
Cony preferred
No par 60 Oct 10 97 Feb 20
1438 0512
60
.4112 4214 4112 4112
4114 4112 4138 4214 x4012 403
,
900 MacAndrews & Forbes
10 30 Jan 5 4214 Dec 27
912 3134
21
•11134 ____ •11214 ____
•11214 ____ *11212 ____ .11212 ____ ______
6% preferred
100 95 Jan 13 11114 Oct 24
87311
74
96
____
____ ____ ____ ____ ..._ _ ____ ______ Mackay Cos preferred
100 2018 Aug 25 33 May 2
201s
---- ---• Bid and asked prices, no sales on this day. :Companies reported In receivership.
a Optional sale.
c Cash sale
s Sold 15 days. z Ex-dividend.
y Ex-rights.
New York Stock Record-Continued-Page 6
HIGH AND 1 OTV SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 22
Monday
Dec. 24
Tuesday
Dec. 25
$ Per share $ per share 3 per share
25
2514 25
2032
4412 4412 4312 4414
558 558 *512 58
2014 20
20
21314
214
*178 214 '17
1514 1514 1534 1534
*1
218
234 *1
*334 412 *334 412
512
*418
*418 47
*33
*33
30
39
1834 217
1914 2012
1212 1238 13
13
*114
138 *114 214
514 514
514 514
618 614
6% 618
*12
73
*12
78
*214 4
*214 4
*418 412
41g
418
*34
*34 214
214
2212 2212 2212 2212
1038 1012 101g 1012
734 734 *712 8
2818 28% 28
2838
*130 134 *130 134
42
4212 4217 4234
512 558
512 558
3514 3512
3512 36
*3378 36
*3278 36
83
83
*82
83
*2912 30
*2912 30
1017 1012 10
1038
*1012 11
1014 1038
59
5938 *56
60
812 812 *8
812
4038 4038 4014 4034
9014 9014 898 90
78 814
814 812
3834 3914 3978 4014
1414 1412 1418 1458
*85
89
*85
89
11
4112 4138 4134
*378 4
378 418
*26
2712 2612 27'8
2512 2534 *2434 26
2312 2334 2338 2334
2814 2814 28
28
•278 318
278 3
1218 1214
125 1234
934 98
934 1014
*6112 62
6178 62
6012 6012 *6012 6112
438 434
412 412
37
37
3712 3818
14
4
*14
%
*1
118 *1
118
*114
134 *114
134
*134 214
134 2
518 514
518 514
Stock
1212 13
12
1212
112
112
112 134 Exchange
213
218
218
214
14
14
14
1412 Closed
54
5412 5434 5618
2734 28
277 2838 Christmas
6214 6214 62
62
*5418 68
68
68
Day
38
38
,1
/
4
88
*1018 1212 *1018 1212
2438 2438 2414 25
1
9
94
94
912
9
014
914 938
*3634 39
*3634 39
*17
1838 •17
1838
634 634
673 713
*27
32
*28
32
1634 1714
1634 1738
*2212 23
*2314 24
*514 5,2
512 512
*7
8
*738 8
*512 534
5,2 534
2638 2634 2614 2678
*14314 145 *14312 145
1634 17
164 17
1612 1638 1614 1638
238 234
278 3
24
241. 2434 2512
28
2834 2818 281.
*2138 26
*2438 26
'160 168
167 167
143 14513 .14312 1461s
12112 125 *121 125
7
7
7
7
*34
114
118
14
538
17
12
*38
4533 45,4 458 47 *11
1112 11
11
*1114 4212 4212 4217
1018 lOis
10
1014
*2312 27
•2312 2612
13
43
*4058 43
^110_ •110
_
*7 -1-9
•7 Ili
714
678 638 *638
26
2614 26
2612
1934 2038 1938 2018
11
11
1012 11
2238 2258 2238 2278
*3
538 *3
5
*714 9
*714 9
120 123
120 124
110 160
'110 160
*38
34
5s
5s
---- ---- ---- ---618 634
618 658
1118 1138 1118 1112
5
478 478
5
4.34
1
*34
1
134 134 1314 1314
*8214 85
*7814 85
*7838 8412
•7858 85
90
*93
*93
90
327 33
3318 3333
138
138
1$8
158
16914 170
16814 16812
100 10012 *100 10012
1238 1238 1238 1234
•3912 408 40
40
312 338
338 3,
8
56
56
56
56
*8
*818 19
19
94
9214 9214 587
Wednesday
Dec. 26
Thursday
Dec. 27
$ per share
25% 2518
4318 444
*512 578
2014 2014
Vs
Vs
1512 152
*1
218
*334 412
*418
434
*33
3878
19
20
1338 1338
114
114
5
54
58 618
*12
78
*214 4
41g
418
434 214
*2212 2412
$ per share
2033 2514
4238 4334
512 512
51912 198
*134 2
*1434 1712
*118 218
4
4
414
414
34
34
1918 1938
*1212 1358
*112 214
518 5%
58 618
*12
%
214
214
3
317
*34 214
2212 2234
Sales
for
the
Week
STOCKS
N W YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-share Lots
LOW63t
Highest
3 per share Shares
$ per share
Par 3 per share
per sh $ per share
2512 2638 10,600 Mack'rucks Inc
No par 22 July 26 4134 Feb
22
1312 46%
43
4334 5,800 Macy (R H) Co Inc
No par 354 Sept 14 621s Jan 30
244 65%
35,4
512 512
238 Jan 2
No par
500 Madlson Sq Gard v t a
212
7 Aps 27
158
7
1934 20
1,5C0 Magms Copper
1214
10 1512 Jan 17 x2314June 28
538 19%
• 134 2
1%July 26
100 Mallinson (H R)& Co_ _No par
414 Apr 24
1
78
514
*15
1712
30
7% referred
758 Jan 9 3338 Apr 24
100
4
3
2634
*118
218
Mena'1 Sugar
78 Dec 11
100
334 Jan 23
14
63
4
8
99%
Prete rred
35
334 334
134 Jan 3
100
9,4 Apr 26
*414
478
100 Mande Bros
3 July 26
No par
3
1%12
817 Jan 26
*34
3878
100 :Mani]. ttan Ry 7% guar ___100 20 Jan 3 41 Dec 7
14
12
28
1912 21
9,2CC
Mod 5% guar
6
100 1034July 26 2938Sept 10
20
10%
*1212 1334
600 Manha tan Shirt
25 1017July 27 2038 Feb 1
1014
512 23
*112 214
900 Maraca lbo Oil Explor___No par
333 Feb 17
118 July 25
118
12
4
518 518 3,400 Maran( ha Corp
418Sept 14
5
418
5% Feb 5
4%
5%
6
6
5
8,700 Marine Midland Corp
9 Feb 6
517July 27
5
1112
512
%
3%
Market
Street Ry
238 Mar 17
12 Dec 13
100
%
2
2
Preterred.
30
2 Dec 28
100
814 Apr 24
1
414
Prior preferred
312 413 1,660
3 Dec 27 121
100
/
4 Apr 24
1,
8
8
312
78
2nd preferred
414 Apr 24
1 Jan 9
100
*34
214
12
312
23
23
3.000 Marlin- Rockwell
No par 17 July 31 32 Jan 25
12
6
23,4
912 10
934 1038
1018 1114 10,200 Marsha11 Field & Co
414 1838
838
838 Aug 9 1958 Apr 11
No par
*712 8
*717 8
8
214
8
No par
300 Martin. Parry Corp
4 July 27 1238 Mar 3
%
L78
28
2812 2778 2812 2878 29
2312
5,100 Mathie on Alkali Works_-No Par
2312Sept 15 4034 Jan 24
14
46%
*130 134
134 135
136 136
Preterred
100
100 110 Jan 23 136 Dec 28 10612 10018 11214
4214 43
42
4258 43
5,300 May D epartmenS Stores
431
23
10 30 Jan 2 45% Nov 22
934 33
514 512
514 558
558 534 4,200 Maytas Co
812
418 July 26
834 Feb 21
118
No par
3,4
36
36
*33
35
35
35
No par
1,200
834
3% 154
Preterred
10 Jan 2 36 Dec 21
*3278 36 .25
36
*3112 36
Preterred ex-warrants _ ..No par
8
9 Jan 13 3234 Dec 21
8
11
*8212 83
*8212 83
40
83
Prior preferred
83
49 Jan 3 9212 Apr 3
27
15
No par
58
2912 2912 2812 2914 *29
3018
1,200 McCall Corp
22
13
No par 24 Jan 11 32 Apr 13
3034
1018 1038 1038 1134 118 1212 27,600 :McCrl ry Stores classA No par
84
118 Jan 8 1212 Dec 28
38
4%
1038 1038 105 1114
1114 12
4,600
118
Clam B
118
6
No par
1'4 July24 12 Dec 28
*56
59
58
6034 6134 63
Cons preferred
1,200
212 21
312
100
614 Jan 2 6338 Dec 18
*8
873 *8
3
873 •814 878
818
1C0 McGill' -Hill Pub Co___No par
4
4 Jan 4 1012 Apr 21
40
403
40
41
3938 40
6,300 McInty re Porcupine Mines___ _6 3812 Jan 25 5012June 19
4838
28%
18
888 90
8812 8912 92
04
1,300 McKee port Tin PlateNo par
4418 95%
79 July 26 95 Nov 8
6714
812 834
914 16,300 McKee!on de Robbins
914 Dec 6
812 834
414July 26
834
6
312
1%
1312
4012 41
3912 4012 3912 4238 4,100
COD V pref series A
60 11% Jan 2 4234 Dec 6
3% 25
912
14
1434 14
34
1514
15
1514 33,500 :McLelIan Stores
1 Jan 6 1718 Dec 14
No par
4
338
*85
89
89
89
*89
90's
700
8% c nv pref sec A
218 22,
8
100
9% Jan 2 9217 Dee 8
41% 42
41
41
418 41
5,000 Melvillio Shoe
834 28%
No Par 28 Jan 2 42 Dec 26
1712
4
414
414
412
473 514 2,800 Mengel co (The)
312July 26 11 Jan 22
1
312
2
20
26% 29
30
31
32
160
32
22
24
7% I referred
100 24 Sept 26 52 Apr 19
67
*2434 30
*2434 26
26
26
50 Is.ferch 4 Min Tramp Co_No par 2517 Dec 22 3334June 13
28
2312 24
2353 2438 2414 2538 10,400 Meta Machine Co
32018 Nov 30 2538 Dec 28 x2018
*28
2812 •28
2838 *28
2814
131, 22
200 Metro-) Idwyn Pict pref----27 21 Jan 5 2814 Dec 22
18
278
278
278 3
5278 34
2:44Dec 21
600 Miami Copper
3
5
617 Feb 16
1%
934
1214 13
918
1214 1234
1214 1258 8,700 Mid-Cc ntinent Petrol
1414 Feb 5
9',July26
10
334 16
1014 1014 1017 1038 *1114 12
612 July 26 217s Feb 19
3
No par
1,200 Midlan. Steel Pmel
612
1734
6212 8212 61
6212 6214 6214
100
44
8% C11212 let pref
26
100 44 Oct 2 8514 Apr 21
72
5912 6014 *5812 60
000 Minn-E oneywell Regu___No par 36 Jan 4 65 Dec 10
60
60
2058
13
36%
434 478
112
478 5
78
53,
438 514 18,100 Minn N °line Pow Impl __No par
8July 26
578 Jan 30
1,
3834 30
39
1512July 26 41 Dec 18
39
Preterred
6
No par
393 404 2,200
30
15
•44
38
*14
%
*14
14
38
400 :Wilmsapolls & St Loule__100
1% Mar 28
14July 30
18
214
s,
*1
1%
*78 2
78
1
300 Minn SI Paul & SS Marle_100
3% Feb 6
04 Oct 26
12
578
*1 14
134
114
11 4
44
200
*112 212
134
518 Apr 20
7% t referred
114 Dec 20
100
812
178
178
2
2
*214
550
112
4% 1eased line ctfs
112 Nov 23
21
100
712 Mar 10
212 1412
5
514
434
1718
par
51g
513 512 6,800 Mo-Ka. -Texas RR
4%
438July
Feb
No
5
8
27 14,
1534
1238 127
1218 1212 1234 1312 6,000
Preterred series A
1314
1112 3714
100 12 Dec 24 3438 Feb 6
112
134
112
112 515, 134
112 Dec 22
950 :M16801in Pacific
2
6 Feb 5
118
100
1014
218 214
218
214
Cony preferred
238
238 6,690
3
218 Dec 20
100
914 Feb 7
138 1514
1412 1434 1312 14
15
1517 2,200 Mohaw Carpet Mills
11
7
22
20 1217 Jan 4 2238 Apr 21
5512 5658 54
5614 5512 57
8,900 Monsar to Chem Co
39
25
10 39 May 14 6138Nov 26
83
2838 2858 2838 20
2858 2912 29,500 Mont V ard & Co Ino____No par 20 Aug 6 35% Feb 15
1514
8% 2878
*62
63
63
63
6314 6314
No par 37 Jan 4 6314 Dec 28
500 Morrel (J) dr Co
25
3478
56
*541 6734 *54% 674
*5418 68
55%
50 Morris & Essex
50 68 Jan 11 71 Apr 18
4917 64
's
38
12
138 Feb 8
38
38 Dec 22
18
218
12
%
12 2,900 Mother Lode Coalition ___No Par
.1014 1212 *1038 1212 *1038 1212
Moto afeter Gauge & Eq
6 July 27 12 Feb 21
1
134
14
878
2514 2538 2512 2534 2578 2812 5,100 Motor IProduct, Corp____No par
1514
15't July27 4434 Feb 15
704
3631
914
912
9
95 1018 6,400 Motor Wheel
914
658 July 26 1612 Feb 16
614
112 11%
5
*938 10
934 934
934 1014 1,200 Mullins Mfg Co
3%
No par
514 Jan 12 1538 Apr 23
112 1034
•3634 39
3634 3634 3712 39
Cony preferred
80
5
No par 12% Jan 12 46 Apr 21
25
10
*17
18
*17
18
18
100 Munelnswear Inc
18
13 Aug 10 2514 Apr 13
5
1838
10
No par
678 718
7% 714
714
778 6,500 Murray Corp of Amer
1112
3%
3,8 July 26 1138 Feb 16
I%
10
*27
32
*27
32
*27
Myers 1 & E Bros
32
14 July 26 33 Dec 6
8
No par
2012
1312
17
1734 1678 1714 1738 1833 34,600 Na.sh a otore Co
No par
1258
1238July 26 324 Jan 30
Ills 27
2317 2312 2314 2314 2314 2314
40 Nashville Chatt & St Louie __100 1934 Nov 22 46 Jan 24
1934
13
57
512 538 *5% 558
512 57
1,400 Nationi 1 Acme
3
318 July 23
8% Feb 23
1
1%
734
718
718
714
717
712 814
1,200 Nation, 1 Aviation Corp.__No par
9% 1018
514 Sept 14 134 Jan 31
5,4
7
31,
*51z 5
400 :Natior al Belles Hess pref___ 100
534 534 *512 534
314 Jan 6 12%Mar 19
114
9,
8
2618 2634 2618 2678 27
2712 39,000 Nations I Biscuit
25%
10 2878 Oct 1 4917 Jan 16
3112 60,
8
*14312 145 *14312 145
14312 145
200
7% c,urn pref
146
100 131 Jan 3 14812July 23 12912 118
17
1714
17
1714 51712 1734 6,200 Nat Caso Register
12
12 July 26 2338 Feb 6
518 2358
No par
1618 1638 16
1638 1618 1634 14,250 Nat Di try Prod
11%
No par 13 Jan 4 1834June 9
1012 2534
278
278
234 27
278 278 2,000 :Nat DepartmentStores.-No Dar
1 Jan 9
Is
212
3% Oct 22
25
25
25
25
25
2514 2,270
Prete red
3
114
100
10
5 Jan 17 2818 Nov 7
2738 2812 2634 2812 2734 2878 76,100 Nati Distil Prod
18
2078 3314
No par
16 July 26 31% Feb 1
*2433 2514 52412 2514 2513 2514
200 Nat Enam At Stamping
10
5
No par
1938
1617 Jan 5 3278 Apr 24
167 167 *157 16534 16812 16812
300 Nations Lead
4314 140
100 135 Feb 10 170 Dec 7 100
14618 14618 *14614 150
--------100
Prete red A
101
12814
100 122 Jan 16 14618 Dec 26 122
*121
_ _ _ *121
. 121 121
20
Prete red B
9934
75
10918
100 10017 Jan 9 12112 Dec 15
634 -7
64 _-718
678
714 8,800 Nations I Pow & Lt
6% 2012
6%
No par
6% Nov 19 1517 Feb 6
34
1
*34
04
450 Nat Ry of Mex let 4% pf___100
*34
04
84 Dec 26
238 Apr 4
Is
%
3,7
38
38
38
600
38
*38
2d pi tarred
12
1 Mar 7
Ss Jan 5
Is
138
100
4617 4712 4634 4738 4714 4918 11,300 Nations 1 Steel Corp
33
15
5518
25 3412Sept 25 58% Feb 5
11
11
11
1118
1112 1112
700 Nations I Supply of Del
4
2858
914
25 10 July 26 211g Apr 24
4212 4212 4134 4134 4112 4112
Prefe red
60
33
17
6014
100 3317 Jan 4 60 Apr 23
10
10
9% 10
10
10
3,100 Nations I Tea Co
9
9 July 26 1834 Feb 1
No par
612 27
*2414 2617 *2414 25
24
2518
700 Nelsner Bros
4
112
No par
1218
617 Jan 4 3014 Apr 13
*41
43
4212 4212 '43' 448 1,200 Newberry Co (J J)
No par 31 July 28 497s Apr 10
15
11012 11012 *110
_ 11012 11012
60
7% t referred
80
100 100 Apr 3 112 Dec 3
*7
19
*7 --19
*7
:New C rleans Texas & Mex__100
53
19
53
31
6 July 26 25 Feb 21
65, 65
7
7
738 738
600 Newport Industries
1
5
512Sept 18 13 Mar 6
138 1134
26
2612 2612 2858 28
2834 7,700 N Y Alr Brake
No par
1D2July 26 2834 Dec 28
618 2312
1117
1912 2038 1912 1978 2014 2078 37,200 New Y• rk Central
No par 1838 Aug 6 45% Feb 5
5812
1838
14
1012 1012 1038 11
12
12
2,500 NY ChIC & St Louis Co
218 2758
9
July 26 26% Apr 24
100
23
23
2212 2234 2334 2334 2,500
Prete•red series A
258 3414
100 16 Sept 17 4314 Apr 23
1414
•3
412 *3
412 *3
41.
New Y(Irk Dock
238 July 81
2% 117s
100
258
814 Mar 19
*714
9
734 734 *734 912
100
Prete!Ted
5 July 26 20 Mar 13
6
100
22
5
•120 124 *120 124
120 122
30 N Y & I arlem
50 108 Jan 2 139 Feb 1 101
100
15834
•110 160 *110 160
110 160
Prete! ed
50 112 Sept 27 120 Sept 1 112
99
125
is
5s
12
38 2,000 211 Y It vestors Inc
58
'2
No par
114 Feb 7
%Sent 14
38
234
____ ____ ____ ____ ____ ____
N Y Ltu kawanna & Western _100 83 Feb 7 96 June 16
7812
7514 80
614 638
6
63
638 678 16,700 N Y N H & Hartford
34,8
6
Dec
27
100
2418
Feb
5
74
111s
11
104 11
117
1012 12
Cony preferred
5,800
100 1012 Dec 28 3758 Feb 5
56
18
11%
438 45,
412 458
434 478 2,300 N Y Ontarlo & Western
100
417July 27 11% Feb 6
412
712 15
*34
1
*34
1
NY Railwaye pre(
*34
1
No
par
%July
23
338
154 Jan 16
%
1312 1312 1234 13% 14
1412 1,9(0 NY SillPbldg Corp Dart stk____1
9%July 26 2278 Feb I
918
134 2212
.7814 86
*80
86
583
86
7% Preferred
72
100
July
26
89%
Apr
13
6912
31
90
8134 8134 *7858 8412 *7838 8412
20 NY Ste m 36 pre
Vs par 73 Nov 20 9912 Apr 10
70
70
10178
113
93
*9212 99 .94
07
10
37 let preferred
No par 90 Jan 15 10978May 26
83
83
110
33
3333 3212 3312 3234 3312 6,900 Norands Mines Ltd
No par 3014 Nov 20 4578 Aug 9
25
173
0
3878
*114
178 *114
Vs *114
178
300 /Norton Southern
100
118 July 23
4% Apr 20
12
478
16814 169
169 180 .17014 174
1,000 Norfolk & Western
161 Jan 5 187 July 16 138
100
11112
177
.100 10014 9914 9914 10014 10014
210
Adios 4% pref
100 82 Jan 8 10014 Dec 20
77
74
8712
1178 1278 1212 1278 1212 13
37.200 North A merican Co
No par
1014 Nov 20 254 Feb 6
1214 3617
1014
3914 3934 394 3912 3984 4018 2.000
Preferred
50 34 Jan 9 45 Apr 20
31
31
46
312 338
314
312
338 35, 10,500 North A mer Aviation
258July 26
1
834
4
1
9
2%
55
5534 5434 5434 5558 5612 1,100 No Ame Edison pref____No par 4712 Jan 4 74% Feb
Apr 26
39
39
79
*9
19
818 818 •84 934
100 North German Lloyd
718 Nov 1
16 Feb 27
718
*87
94 .87 -___ •87
10 Norther, Central
____
50 81 Mar 10 9214 Dec 22
69
7618
71
•1814 and asked prices, no sales on this day.
Friday
Dec. 28
4093
July 1
1933 to Range for
Nco.30 Year 1933
1934
High
Low Low
Companies reported In receivership.
a Optional sale.
c Cash sale
s Sold 15 days
x Ex-dividend.
y Ex-righta.
New York Stock Record-Continued-Page 7
4094
HIGH AND I OW SA1 E PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 22
Monday
Dee. 24
Tuesday
Dec. 25
Wednesday
Dec. 26
Thursday
Dec. 27
Friday
Dec. 28
Sales
for
the
Week
STOCKS
NEW .YORK STOCK
EXCHANGE
Dec. 29 1934
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
Highest
$ Per share $ per share $ per share $ per share $ per share $ per share Shares
Par $ per share
$ per share
1938 1978
1958 20
20
2038 20
2058 2034, 2114 13,200 Norther. Pacific
100 1412July 31 3614 Apr 20
*37
*37
40
40
*3712 4112 3712 3712 *3712 4112
30 Northwestern Telegraph
50 33 Sept 13 43 Apr 26
2
2
*2
238
2
*2
2
23
238 *2
200 Norwalk Tire & Rubber ....No par
412 Feb 19
158July 27
.26
3212
•25
32
*26
3312 *28
*28
32
32
Preferred
50 29 Dec 17 4014Sept 5
914 94
912 958
918 934
94 938
938 104 35,000 Ohio 011 Co
812July 26 1578 Fob 5
No pa,
1
3 2 34
3,4 3,4
334 378
2 July 25
No par
334 34
7 Feb 5
37s 438 13,100 Oliver Farm Equip
2012 21
2112 2238
2212 2338 23
2614 7,600
2358 24
Preferred A
9 July 27 273B Feb 5
No pa
*414
412
*414 514
438 412
414 438
900 Omnibus Corp(The)vto No pet,
414 414
358July 27
838July 9
*7018 95
*7012 80
*7012 95 '7012 95
Preferred A
*7012 95
100 70 Nov 27 95 Jan 3
*712 978 *758 8
714
*712 834 *712 978
758
200 Oppenheim Coll St Co____No par
54July 27 1458 Mar 31
124 13
1212 1234
1234 124 1258 13
1258 13
5,900 Otis Elevator
No par
1212 Dec 24 1938 Feb 16
•105 110 *106 110
0106 110 *107 110
35
107 108
Preferred
100 92 Jan 18 108 Dee 28
458 434
5
5
54 514 4,700 Otis Steel
5
518
5
518
No par
8 Feb 19
358July 27
*19
2078 *19
*2014 21
2018
*2014 2034 2014 2034
Prior preferred
400
100
9 Jan 2 25 Feb 20
*43
46
*43
*43
46
46
Outlet CO
*43
*43
45
45
No par 30 Feb 5 47 Dec 6
*11412
_ *11412
*1141
_- .11412
_ 011412
__ _ _ _ ___
Preferred
100 97 Jan 23 11412May 19
8338 lily 83 -8.
3
832-8338 83 -8-352 8314 -3.700 Owens-Illinois Glass Co
85
25 80 Sept 17 94 Jan 30
*118
134 *118
134
*14
134
118
118 .138 134
50 Pacific Coast
10
118 Dec 19
632 Mar 14
*312 4
312 34
*3
4
*3
4
*3
4
10
1s1 preferred
No par
312 Dec 20 1114 Apr 20
*214 3
*214 3
*214 3
*2
3
*2
3
2d preferred
No par
2 Jan 3
64 Mar 14
1918
14
1438 14
1312 1458 1312 1412 x14
1414 11,100 Pacific Gas & Electric
25 1238 Oct 4 2312 Feb 7
2112 2112 *2158 22
2158 22
2138 2212 2234 23
3,800 Pacific Leg Corp
No par
20345ept 17 37 Feb 7
1912 2014 1938 191*
1918 1912 1914 1938 20
20
1,400 Pacific Mills
No par
19 Dec 8 34 Feb 5
*70
704 *70
7078
70
70
69
6912 *70
71
200 Pacific Telep de Teleg_______100 69 Dec 27 8512 Mar 13
•11112 112 *Ill 11112
*111 11212 11112 11212 *112 115
20
6% preferred
100 103 Jan 3 116 June 22
*814 812
814 814
758 74
734 818 1,400 Pac Western 011 Corp___No par
512 Oct 4
734 814
938 Dec 7
458 434
412 458
458 434
412 438
412 5
32,500 Packard Motor Car
No par
24Ju1y 26
638 Feb 23
12
12
*1034 1312
100 Pan-Amer Petr & Trans
*1034 1312 *1034 1312 *1034 1212
5 1034 Jan 9 12 Dec 22
*18
21
*18
21
.18
19
18
1812 *1714 2112
400 Park-Tilford Inc
1 17 July 28 3512 Feb 6
*53
34
34
58
34
58
58
is Nov 5
2 Feb 5
58
34
78 1,200 Parmelee Transporta'n___No par
*4
34
*4
78
*4
4
400 Panhandle Prod & Ref___No par
58July 24
58
4
4
4
212 Apr 6
*738 10
.718 10
74 74 *612 10
*714 10
20
8% cony preferred
100
7 Oct 30 214 Apr 6
314 338
3,4 34
34 3.4
318 314
314 314 30,400 :Paramount Publix etfs
54 Feb 16
10
134 Jan 2
318
318 318
314
318
318
318 314
34 338 5,500 Park Utah C M
1
212July 26
878 Feb 15
118
1
118
1
118
1
14
118
118 14 3,500 Pathe Exchange
No par
12July 27
414 Mar 2
1334 1334 14
14
14
1438 1312 1378
1378 15
4,600
Preferred class A
No par 1012 Jan 4 2434June 12
1014 1012 1018 1018
10
1014 10
1038 1034 1114 8,000 Patin° Mines & Enterpr No par
912 Dec 12 214 Jan 2
138
138 *114
1
114
114 3,800 Peerless Motor Car
14
1
118 *1
3
1 Dec 26
478June 5
*63
6312 63
6338
*61
62
611* 6112 63
63
700 Penick & Ford
No par 4458Sept 17 67 Nov 27
6838 6958 6912 7038
6934 7012 6818 6934 69
70
23,600 Penney (J 0)
No par 6112 Jan 4 7414 Dec 18
*10512 108 '105 108
*105 108 *105 108 *105 108
Preferred
100 10512Mar 8 10812May 16
*178 314 *218 3
*2
3
*213 278 •218 278
Penn Coal & Coke Corp
10
1a July 27
54 Apr 26
.34 34 *338 334
334 334
500 Penn-Dixie Cement
No par
34 334 *334 34
278July 26
734 Feb 5
*16
2018 .16
174
*1612 1738 *1612 1738 *1812 1738
Preferred series A
100 1214July 26 32 Apr 24
2338 2378 2312 2334
2312 2378 23
2312 2314 2438 23,000 Pennsy: yenta
50 201s Sept15 377g Feb 19
*6114 63
62
62
6212 63
*6318 65
6318 64
1,600 Peoples Drug Stores
No par
1958 Jan 9 66 Nov 10
*110 111 *110 111
0110 111 *110 111 "110 111
Preferred
100 86 Jan 19 11214 Oct 20
20
2012 20
2018
1914 20
1912 2012 2012 204 6,200 People's 0 L & 0 (Chlo)._ 100
1914 Dec 26 4378 Feb 6
*234 412 *234 412
*234 412
234 234 *234 314
100 Peoria Ss Eastern
100
2 Sept 19
8 Feb17
*1418 1712 •14
1712
*1458 1712 1518 16
*1612 20
200 Pere Marquette_
100 12 Aug 7 38 Apr 29
*27
29
29
29
*29
35
30
30
*2612 35
200
Prior preferred
100 18 Jan 13 5112 Apr 23
.2012 2012 *1912 23
2112 2112 20
2034 2134 2134
500
Preferred
100 1318 Aug 7 43 Apr 23
*164 17
*1634 17
164 1678 *1612 1678 1612 1612
200 Pet Milk
No par
94 Jan 3 1778 Nov 16
834 834
812 84
812 834
838 812
814 July 27 1414 Feb 3
858 914 4,800 Petroleum Corp of Am
5
1412 1458 1434 1434
1434 1478 1458 15
1434 1518 8,300 Phelpe-Dodge Corp
25
1314Sept 17 1878 Apr 28
*2534 2778 *2514 28
*2512 28
*2512 27
26
26
100 Philadelphia Co 6% pref
50 2414 Jan 2 37 Feb 9
•-_-_ 5034 •
5034
•____ 5034 ._ _ 5034 *____ 504
36 preferred
No par 49 Jan 12 6434 Feb 17
Stock
*312 4
*312 4
*3,2 4
0512 334 *312 34
:Philadelphia Rap Tran Co___50
2 Nov 1
6 Apr 25
614 614 *534 7
.614 8
'614 7
*6
8
100
717 preferred
50
412 Jan 12 16 Apr 24
414 414
414 414 Exchange
414
412
418 44
438 438 3,900 Mile & Read 0 elk I
No par
314 Jan 4
654 Feb 21
4314 44
4434 4514 46
4314 4312
47
4634 4712 2,900 Phillip Morris & Co Ltd
10 1112 Jan 3 4838 Dec 17
*9
11
*9
11
Closed
.878 11
*918 11
*918 11
Phillipe Jones Corp
7 July 27 21 Apr 2
No par
*52
60
*52
60
*52
60
*52
60
*52
60
7% preferred
100 48 Aug 14 744 Apr 7
144 1412 1414 1438 Christmas 14
1414 15
1438 14
1414
21,500 Philips Petroleum
No par 134 Oct 18 z2034 Apr 11
.5
5
618
612
•5
612 *614 612 *612 614
Phoenix Hosiery
5
412July 26 134 Feb 3
*55
57
*55
57
Day
*55
57
*55
57
55
55
10
Preferred
100 60 Jan 27 64 Mar 3
*34
78
34
78
34
34
34
78
612 Feb 10
78
78 15,400 :Pierce-Arrow Mot Car Co
5
34 Oct 31
'4
12
•32
12
38
12
25
38
38
12 1,200 Pierce Oil Corn
38 Dec 26
118 Jan 30
*38
*478 .512 *44 5,2
458 514 *412 434 *5
6
800
Preferred
412 Dec 5 1034 Feb 14
IOU
78
78
78
78
34
78
34
78
78
1
2,300 Pierce Petroleum
No par
34 Dec 26
2 Feb 6
*3358 3334 3334 3378
3378 3378 3318 3334 *3338 34
900 Pillsbury Flour Mills
No par
1812 Jan 8 3434 Nov 28
'7012 75 *__
75
*____ 75
*7014 7434 *7014 7434
Pirelli Cool Italy Amer shares__
7014 Jan 22 87 Sept 19
8
812 *8
978
*8
812
8
8
'8
9
300 Pittsburgh Coal of Pa
712July 28 1812 Feb 19
100
*24
29
*2414 30'
*2612 30
2612 2612 *2414 30
100
Preferred
100 26 Dec 21 4212 Feb .
Pitts Ft W & Chic prof
100 14112 Jan 15 160 Nov 28
634 63-4
618 653
634 634
64 64
612 634 3,400 Pittsburgh Screw & Bolt_ No par
412July 26 1138 Apr 4
*2214 2312 23
.2334 3112 2334 2334 *25
2312
3112
130 Pitts Steel 7% cum pref
100 15I July28 43 Feb 21
*218 212 *218
238
24 218
2
2
*2
3
400 Pitts Term Coal Corp
100
112July 26
312 Feb 21
013
1434
1414 .13
*13
1434 *13
1412 1414 1414
30
6% preferred
100
818 Jan 4 1912Nov 13
*112 2
*112 2
*112 2
158
134 *15*
Pittsburgh United
25
118Sept 26
5 Feb 19
134
*33
35
*33
35
*33
35
*34
35
34$8 35
100
Preferred
100 25.58SePt 17 5972 Feb 19
*11
1258 10
11
*8
11
*8
12
*8
12
300 Pittsburgh & West vIrginla _100 10 Dec 24 27 Feb 21
____ ____ ____ ____ ____ ____ ______ PIRs Young & A slit Ry7% 95.100 133 Mar 2 144 Oct 24
---- -__- ---- ---_
2
2
2
2
.
114 212
2
2
.178 212
400 Pittston Co (The)
5 Feb 21
No par
14 Jan 4
734 8
7,2 74
7,4 712
738 818 8,300 Plymouth Oil Co
734 74
5
71 4 Dec 27 164 Jan 30
*84 834
814 814
838 838
838 858
018 912 1,600 Poor .4 Co class 13
No par
6 June 2 144 Feb 5
3
3
*258 312
*3
312
3
318 *258 312
300 Porto Rio-Am Tab cl A
No par
238 Oct 9
6,4 Jan 30
112 14
113
138
114
114 *114
158
134
1,100
Class 13
No par
1 July 27
134
314 Jan 30
14
14
1358 1412 1312 14
144 1412
1438 1458 3,600 Postal Tel dr Cable 7% pref _100 1012July 27 294 Feb 6
__,_ _ --_ ___, _ --_ __z_
_ _ _,__ Prairie Pipe Line
____
25 12 July 27 20 Feb 20
*218
212
218
238
2
2
178 218
214 2,300 :Pressed Steel Car
No par
114July 26
2,4 _-512 Feb 16
*9
10
*9
11
034
938 94 10
700
Preferred
100
558July 26 22 Feb 17
*0
934
4312 4338 4314 4334
4314 4334 424 4334 4338 4334 8,200 Procter & Gamble
No par 3318June 2 4438 Nov 21
•1154 116
11512 115,2
115 115 *11418 115
115 115
300
5% pref (ser of Feb 1 '29)__100 10212 Jan 22 117 Oct 4
2538 2614 2512 2678
2532 2614 25
2614 2534 2658 19,000 Pub Ser Corp of N J
No par 25 Dec 27 45 Feb 6
.67
70
6934 70
63
68
900
No par 67 Jan 2 84 Feb 6
67
67
68
68
35 preferred
80
80
7912 7934
7912 7912 78
*77
80 ., 500
100 78 Dec 27 9734July 11
78
8% preferred
90
90
90
90
*90
93
88
88
89
89
7% preferred
100 88 Dec 27 106 Feb 21
800
*103 10812 *103 109
•104 10818 *10314 1084 *10314 1085*
100 105 Jan 12 11912 Feb 17
8% preferred
*9712 100
*9712 99
'9712 984 97
200 Pub Set El & Goa pf 35_ _No par 8712 Dec 21 10412 Aug 9
9712 *9634 9834
4.534 4612 4618 47
4554 4658 4578 461 1
No par 354 Oct 4 5932 Feb 5
4634 4712 8.500 Pullman Intl
No par
818 Dec 13 1472 Feb 16
64 7
614 634
634 64
678
658 74 33,300 Pure 011 (The)
7
54
8% cony preferred
100 49 Oct 29 80 Feb 6
54
55
54
54
5412 56
500
*5312 5434 54
838 Nov 24 1934 Feb 5
6,500 Purity Bakeries
No par
94 10
912 10
932 10
878 914
834 934
412July 26
No par
94 Feb 6
518 558
54 514
518 538 88,400 Radio Corp of Amer
514 5
538 .558
.5212 53
5134 53
5212 5212 5214 5312 5234 534 2,300
Preferred
50 2314 Jan 4 5512 Dec 15
37
Preferred B
...No par
15 Jan 4 46 Deo 8
3834 3612 3778
3634 3738 3718 4018 3934 4138 38,200
258 234
No par
112July 23
414 Feb 17
212 258
238 212
212 234
238 212 11,100 :Radlo-Kelth-Orph
•20
2012 *2018 2012
2012 2012 204 2012 2012 21
1412July 28 23 Feb 5
No par
1,600 Raybestos Manhattan
*42
44
42
42
42
42
50 3518 Aug 11 5638 Feb 5
4112 4112 4134 4134 1,300 Reading
'3812 3912 '3812 3912 3812 3812
1st preferred
60 334 Feb 8 4112June 9
*3812 3912 03812 3912
100
*35
36
*35
36
*35
60 2918 Jan 11
3912..Tune 19
36
*35
36
2d preferred
*35
36
64 84 *612 834
618 618
.10
5 July 27 14 Feb 6
578 6
*614 634
500 Real Silk Hosiery
*3512 3712 3712 3712
100
35
Oct
28
6014
Apr 26
*3712 39
40
Preferred
3612 3612 •36
40
*178 214 *134 2,i
158July 27
*134 2
No par
6 Apr 2
134
134
158
158
300 Reis (Robt) & Co
*1134 13
.12
13
•1134 13
*1134 13
1112 1112
100
1st preferred
100
53eJuly 26 3834 Apr 2
958 934
978 10
978 10
1
6 July 26 1338 Feb 23
94 1014
94 1014 4,800 Remington-Rand
67
67
6612 66,2
6634 6634 6712 6712 6734 6734
100 324 Jan 5 8912 Mar 14
1st preferred
500
6212 6212 65
65
100 30 Jan 8 67 Mar 14
*6312 8412 6412 64 12 6518 6518
220
24 preferred_
.____ 125 •____ 125
.____ 125 s_ 125 *____ 125
Renss 6; Saratoga RR Co__100 114 Feb 6 126 June 1!)
238 238
238
238
2 July 28
238 212
512 Feb 23
213 212
212 258 7,400 Reo Motor Car. ______ ___5
1312 1358 1312 1334
1012July 26 2534 Feb 23
1334 1418 1358 14
NO par
14
144 10,900 Republic Steel Corp
40
40
40
4012
41
4112 4058 4158 414 43
6% cony preferred
100 3312 Oct 29 6712 Feb 23
3,500
*3914 41
3958 40
*4012 42
*40
42
3912 Dec 13 4214 Dec 8
*40
42
6°7 pref Ws of dep
400
.64 8
*612 8
*612 8
*612 8
5
5 Jan 8 1412 Apr 11
8
8
100 Revere Copper & Brass
*16
2018 '15
2018
2018
*15
2018 015
2018 .15
Class A
10 1114 Jan 29 2812 Apr 11
.81
84
*81
84
84
84
*82
86 '82
Preferred
100 46 Jan 5 90 June 25
86
50
22.4 2238 2212 2314
2334 2334 2314 24
2338 24
5,100 Reynolds Metal Co __No par 154 Jan 2 2734 Apr28
01312 1412 1334 1334
•1334 15
*1312 15
14
14
1
612 Jan 9 16 Dec 6
200 Reynolds Spring
4934 5018 4938 50
4912 50
4938 5018 50
5014 22,600 Reynolds(R J) Tob class B___10 3934 Mar 21 5334 Dec 5
*60
6034 *60
60.4
6014 6014 804 6034 61
A
Class
10
67
Jan 5 6278 Nov 26
30
61
*1412 17
*144 24
*1412 17
Rhine Westphalia Elec Power.... 1212 Oct 16 23 Mar 13
*1478 17
*144 17
*578 7
.558 7
'552 7
200 Ritter Dental Mfg-------No par
54 Aug 10 134 Feb 8
538 534 *558 7
*23
24
2314 23,2
*2314 2334 23
2318 *2318 2378 1,000 Roan Antelope Copper Mfnes___
2078 Oct 4 3318 Apr26
• Bid and asked prices, no sales on this day.
1 Companies reported In receivership. a Optional sale. c Cash sale. z Ex-dividend.
July 1
1933 to Range for
Nov.30 Year 1933
1934
Low Low
High
rper oh
1412
33
158
30
812
2
9
358
70
518
1134
92
3
74
28
97
60
134
334
2
1238
2034
19
69
9914
512
234
84
1658
12
58
7
118
2
12
438
1034
153
4458
3512
103
14
24
10
2018
21
80
194
2
12
1412
12
914
814
1154
2112
384
2
3
234
1018
7
43
11
412
44
34
12
434
78
18
534
712
30
14114
44
1514
118
618
118
2558
1114
113
114
8
6
238
1
1012
12
153
54
3318
10158
26
5978
75
84
99
8372
3514
614
49
838
412
22
1338
112
1118
3518
28
27
5
35
158
538
514
2434
24
104
2
9
19
3
10
35
12
6
3934
57
1212
518
2078
y Ex-rights.
3 per share
958 3478
2634 43
1]8
578
20
36
434 174
1 18
834
314 3034
134
84
64
95
212 15
104 2514
9312 106
14
914
214 214
22
42
100
105
3112 9634
1
7
14 10
1
7
15
32
22
434
6
29
65
9434
994 11112
912
534
14
84
8
14
6
3638
38
3
4
414
534 20
I8
212
34
414
14
212
14
1414
54 25
84
9)5
z2512 6034
194 56
90
108
34
958
54
912
44 32
134 4214
1034 32
65
87
25
78
73
0
378 37
6
4412
412 3812
612 1514
432 15
412 1878
2112 38
3814 62
2
578
3
10
212
912
8
1478
3
1634
35
35
453 1834
14 1734
25
72
3
712
i4
178
34 1378
52
234
94 264
334 75
4
23
17
48
150
134
14 114
10,4 3834
12
64
4
2312
84
613
1534 64
612 3534
9812 115
38
7
634 174
14 134
158
8
83
4
4
40
7
22
4
612
18
3
1958 4712
97
11034
324 574
5978 8812
75
1014
84
11212
99
125
8378 103,2
18
58,8
212 1538
30
8978
572 2538
3
1214
1314 40
612 27
1
54
5
204
234 6212
25
38
234 37
512 2078
25
60
14
412
14 1812
212 1114
712 3712
8
3534
los
97
138
638
4
23
9
5412
1-14
1-2
214 25
7
60
8
2112
112 1534
264 x344
60
624
/4
24
612 1634
2338 2653
iv
4095
New York Stock Record-Continued-Page 8
HIGH AND 1 OW SAC E PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 22
Monday
Dec. 24
Tuesday
Dec. 25
Wednesday
Dec. 26
Thursday
Dec. 27
Friday
Dec. 28
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Ranee Since Jan. 1
On Basis of 100-share LOU
Lowest
Highest
lull, i
1933 to
Range for
Nov. 30 Year 1933
1934
LOW Low
High
par $ per share
$ per share $ per sh $ Per share
S per share 3 per share $ per share $ per share S per share S per share Shares
338
2
____ ____ ____
__ -_-104
- - ...__ Roasts, Insurance Co
5
4 Jan 3 1014 Feb 6
---- ---- ---- ---2978
1758 3934
30
30
2834 19
2834 -283
-4
900 Royal Dutch Co (N Y shares)__
2858 Dec 10 3918 Feb 19
2958 2958 .2958 2934
1812
558
6
412 412 *412 612
458 458
400 Rutland RR 7% pref
100
412 Dec 22 15 Feb 7
458 44
412 412
1514
818 3134
1558 1614 1338 16
16
1614 10,000 St Joseph Lead__
10 1514 Oct 30 2778 Feb 5
1534 1618
1578 16
138
458 Feb 8
114
114
118
118 *114
134
14 Dec 14
1,700 :St Louls-San Francisco _ _ __100
78
94
112
114
*118
Ds
914
112
1
618 Apr 4
112
158
112
158
112
134 2,700
1st preferred
100
llii 158
112N0v 7
112
112
514 22
8
14
*818 14
*8
14
*8
14
*8
100
8 July 28 20 Mar 8
14
St Louis Southwestern
*8
12
13
2638
20
*12
20
*12
20
*12
20
*12
100 13 Oct 27 27 Apr 30
20
Preferred
*12
6238
3534
28
4634 47
4412 4614 4514 4514
47
1,500 Safeway Stores
4614 4638 *48
No par 384 Oct 4 37 Apr 20
9412
_
72
80
10712 108 *10714__ *10712
70
100 8434 Jan 3 108 July 5
*107 10734 107 108
6% preferred
9018
8014 105
11312 11312 11312 11312 11314 11314
60
100 9812 Jan 15 11312 Dec 28
7% preferred
*11034 114 *113 114
214
15
412
12
Feb
53
4
6
20
1214
6
53
4
6
563
8
Oct
6
7
1,600
Savage
54
6
Arms
Corp
No
par
6
1718
24
2512 2618 25
4514
2618 2558 264 18,200 Schenley Distillers Corp
2514 2534 2538 2534
5 1718July 26 3878 April
8 Feb 5
58 1014
358 358
2,2
314 338
I
3 Sept 14
314
3,2
318 312
34 312 4,100 Schulte Retail Stores
34 354
12
1734 18
1658 1734
1612 18
1738 1738
690
Preferred
100 15 Jan 2 3034 Apr 16
*1658 17
3714
28
4478
*52
57
*52
57
"52
57
80 Scott Paper Co
No par 41 Jan 10 6038 Dec 3
37
5714 "5578 57
5
8
5
8
12
5
8
5
8
Feb
0
3
84
24
2
14
':Doc.
4
58
2,000
:Seaboard
No
p2r
12
Alr
Line
5
8
58
1
118
38
478
118
14
118 *118
318 Feb 21
112
119
600
*118
112 *14
Preferred
1 Sept 12
100
19
15
4338
2334 24
2414 *2334 245*
2234 2318 2358 241; 5,300 Seaboard 011 Co of Del___No par 2034 Oct 4 3838 Apr 11
24
212
*4
512 *4
558 Dec 17
14
534
438 458
512
44 5
400 Seagrave Corp
212Sept 15
434
*4
'Jo oar
30
1212 47
3814 39
38
39
3814 3912 19,300 Sears. Roebuck & Co
3818 3838 3818 39
No par 31 Aug 6 5114 Feb 5
5
114
112
24 218 *2
414 Jan 26
214
2
2
214
1,600 Second Nat Investors
112Nov 7
134
2
1
134
24
48
30
5112 52
50
52
5112 50
50
49
4912
1 82 Jan 8 52 Dec 24
*49
590
Preferred
358
2 Jan 22
Is
12
12 Dec 24
:Seneca Copper
No par
---- ---- ---- ---Apr 24
312
12 758
1,2
712
712 8
734 814 20,900 Servel Inc
438July 26 9
75*
1
738
714 74
8
534 1314
9
0
94 914
914 938 4,300 Shattuck (F G)
634 Jan 2 1378 Mar 9
No par
94 94
9
94
4
112 12
814 838
814
812 812
858 914 3,200 Sharon Steel Hoop
814 814 *8
No pa
518 Jan 11 1314 Feb 23
858
4
212
458 434
74 Feb 5
434 44
458 434
5
5
4 July 26
1,700 Sharpe & Dohme
478 44
No par
30
454
*44
46
4512 4512 *44
*4438 46
46
2114 414
46
200
Cony preferred ser A. No par 3814 Jan 8 49 May 3
19
1114 31
*2014 2112 *2014 2112 *2014 21 12
Shell Transport & Trading___£2 19 Nov 22 2612 Mar 14
*2014 2112 *2014 2112
34 1158
6
614 84
814 638
638 638
638 634 7,800 Shell Union 011
8 Oct 18 1112 Jan 27
614 614
No par
47
2812 61
68
*66
6812 *67
68
68
69
*67
69
70
600
Cony preferred
100 57 July 31 89 Jan 26
538
24 104
*1012 1058
1018 1012 10
8 June 4 1212 Feb (6
*1018 11
1014 1014 1014
900 Silver King Coalition Mines___5
438 31
918
818
914
9
9
914
834 94
84 934 6,900 Simmons Co
818July 26 2418 Feb 5
9
No pa
478
1238
714
15
1538 15
1512 1512 1638 6,600 Simms Petroleum
1514 1512 1538 1538
714 July 26 174 Nov 26
10
6
3
978
7
7
658 7
*7
712
838 658
7
7
800 Skelly 011 Co
6 Oct 4 1118 Apr 25
25
42
22
*5358 59
*54
5712
*5338 5958 *5338 5938
69
"54
60
Preferred
100 5112Nov 2 8818 Apr 26
12
7
35
16
18
1714 1812 1834 1978
1714 1714 1714 1714
200 81o**-Slaeff Steel dr Iron__,._100 15 Jan 9 2712 Feb 17
29
15
"2512 29
2918 29
42 Apr 23
8,4 42
*25
29
2938 29
31
180
7% preferred
100 1812 Oct 11
18
4
934
184 18
1814 1814 18
181_
1834 1914 5,200 Snider Packing Corp__ _No pa
34
18,4
834 Jan 3 1914 Dec 10
1338 14
1312 14
1312 1378 134 1414 47,400 Socony Vacuum 011 Coinc____1
1212July 28 1978 Feb 5
1358 14
9,2
6
17
78
58
92
10712 108
•108 10878 *108 10878
10712 10712 *10612 110
600 Solvay Am Invt Tr preL
i00 86 Jan 6 10812 Dec 19
20
2314
1578 48
2034 2112 21
2138 2014 2038 21
21,2
2112 8.700 So Porto Rico Sugar
No var 20 Dec 2C 3938 Feb 5
132
112
*127 136 *127 136 *127 136
*127 136 *127 136
Preferred
100 115 Jan 18 137 July 23 112
1418 28
1018
10/
1
4 11
104 11
1034 1078 1012 11
1058 1118 10,000 Southern Calif Edison
25 1018Sept 15 2218 Feb 7
*51.2 97, *512 678 .512 978
•512 628 •5i2 678
512
54Sept 24 1038 Oct 29
358 2012
Southern Dairies class A _ _.Vo par
214
*112 414
314 Nov 16
114
•I12 414 *112 44
734
112
20
Class B
No par
112 Dec 20
Ds *134 414
1478
114 3834
17
174 17
1738 1734 1714 1712
1734
1734 1812 23,200 Southern Pacific CO
100 144 Aug 6 3334 Feb 5
418 36
114
1512 144 1558
1434 1538
1412 15
15
15
1534 15.300 Southern Railway
100 1112 Aug 6 3612 Feb 5
54
49
14
1734 19
1814 1812 1818 1914
1758 1814 1778 1914 7,000
Preferred
100 14 July 26 4114 Apr 26
28
8
4014
363
*33
3634 '33
3634 '3314 3634 *3314 3634
533
Mobile dr Ohio stk Cr etre __100 3112 Nov 20 4734 Apr 20
5
514
4
1178
*6
7
*54 7
200 Spalding (A G)& Bros-No var
5 Oct 2 13 Apr 21
*54 65*
534 6 '
7
3014
254 61
52
*45
*45
52 '45
52
*45
52
Ist preferred
"45
52
100 3014 Jan 11 74 Apr 21
7
412 1512
Spang Chalfant & Co Inc__ No par
7 Jan 22 154 Apr 23
20
1712 50
64
64
*60
64
*i6 -a *55 Ii *55 li
10 Preferred
100 30 Jan 23 66 Nov 2f1
34
8
54 5/
1
4
8 Feb 21
54
518
24 Sept 14
24
518 534 3,900 Sparks WIthington
5,4 54
5
5,4
No par
512
12
74
Apr
*4
5
*4
5
3
18
'34 5
"414
412
Jan
112
5
5
par
2
100 Spear & Co
'Jo
3012
20
42
*63
70
Stock
70
*63
70
'63
63
63
10
100 39 Apr 10 6412 Dec 21
*64
70
Preferred
121
/
4
712 22
3258 3258 *3258 33
3258 33
3212 3318 *3314 34
600 Spencer Kellogg & Sons No par 1534 Jan 5 3318 Dec 27
218
914 Exchange
938 64 10,10( Sperry Corp (The) v to
34
918
938
914 94 x9
938
9
7,2
1
538 Jan 5 1138 Apr 2
6
5
18
No par
6 July Ii' 13 Feb 7
*1178 13
*1118 1178 *1178 1214
1178 1178 *1158 1258
100 Spicer Mfg Co
90
18
18
113
4 3212
4012 41
*37
Closed
2
4114
Dec
53758 404 *37
4012 4012 401•
Jan
210
213
4
Cony preferred A
No par
1
74
6634 6834 87
67
8734 6812 6818 70
1
19 Jan 4 7514 Dec 28
21 12
7012 754' 7.700 Spiegel-May-Stern Co
No par
174
18
1838 18
1818 Christmas 1734 184 1712 18
1334 374
1714July 28 2514 Feb 1
No par
1778 1858 39,000 Standard Brands
120
124
*12514 12614 12612 12612
'12514 12614 •12514 12612 *12514 12612
10
Preferred
No par 12114 Jan 3 127 Sept 4 120
1
938
8 Mar 13
3
Day
358 358
3 Oct 29
312 338
312 358 1,200 Stand Comm Tobaoco_No par
34 338 *358 334
5
44 414
518 2212
17 Feb
358 Dec 21
418 4,2
438 7,600 Standard Gas dr El GO.. No par
4
334 414
378 414
84
257
8
5
518
54 518
55
8
Feb
6
44 514
458 Dec 21 17
5
538
5
512 4,700
No par
Preferred
61
15
15
12
12
*1034 12
1112 1134
1034 1118
1118 1114 2,300
No par 1034 Dec 27 33 Feb 6
$6 curd prior pref
68
16
3812
Apr
24
16
144 1412 *1312 1412
27
par
1314
Dec
*1312 14
1314 1378 14
1418
prior
pref
No
1,800
$7 cum
78
12
278
*138
172 Jan 5
112
14
114
14
138
112 112. 2,000 Stand Investing Corp
No par
78 Jan 13
Ds
138
9412
9212 1024
11014 11014 11012 111
111 111
111 111 *11014 111
700 Standard 011 Export pref____100 9612 Jan 2 114 Dec 3
1912 45
30
2612
8
Jan
2934 3038 2958 2978
2914 2934 2878 2938 2914 31
36,900 Standard Oil of Calif
No par 2614 Oct 4 427
2314
244 25
2412 2478
2438 2458 2414 2458 2412 2518 23,200 Standard 011 of Indiana
231: Oct 26 2714 Aug 30
25
-3 78
19
*30
3118 *30
3118
314 314 *30
35 '3014 40
200 Standard Oil of Kansas
10 26 Dec 7 41 Apr 21
42
4212 4112 4214
334
2234 474
4158 42
4153 42
4158 43
32,500 Standard Oil of New Jersey
25 3914 Oct 27 5018 Feb 17
8
4
111:
*134 134 13
13
51212 14
13
1338 1312 1312
700 Starrett Co (The) L S____No par
8 Jan 15 1538Nov 26
4534
4534 8034
5814 584 5818 5812
58
5858 5778 583s 5818 5834 4,300 Sterling Products Inc
10 4714 Jan 4 6812July 30
3 Feb 6
1
14
1,500 Sterling Securities Cl A _No par
34
134
14 *14
14
134
14
14 Nov 18
4
134
178 2
*434 514 *44 514
7 Feb 6
*478
518
24
478 44
478 44
600
3 Jan 3
112
734
Preferred
No par
*3778 384 *3778 3814
2818
20
3614
53778 384 '3778 384 *3778 39
Conver8Ible preferred
60 30 Jan 12 3818 Dec 20
212 1112
44
8
818
814 812
812 9
4.200 Stewart-Warner
412July 26 1058 Feb 21
8,8 814
814 838
5
438 412
414
438
434
4
438
378 4
4
414 11,300 Stone & Webster
34 Dec 27 134 Feb 6
512 1914
No par
1.78
112
838
178 2
914 Feb 21
14 2
178 2
26,300 :Studebaker Corp(The) No par
178 2
14 2
14 Nov 14
9
3818
1178 1212 11
10
12
•1218 1234 12
124 1312 14
1,400
Preferred
100 10 Sept 24 47 Feb 19
35
59
64
42
64
6414 6458
*65
66
6518 611
8634 67
1,100 Sun 011
No par 5112 Jan 2 7414 Nov 21
98
89
103
115 11512 116 116
110
116 116 *116 117 *115 117
Preferred
100 100 Jan 17 118 Nov 2
"14
1434
1112
712 27
14
14
1412 15
1,100 Superheater Co (The)____Nopar
'12
15
1214 14
1112July 27 2514 Feb 5
158
14
114
112
158
158 2,800 Superior Oil
34
412
3 Feb 1
158
114July 26
112
112
112 112
1
2238
2
453
*734 74
8
8
734
84 812
9001 Superior Steel
74 74
738
458 July 28 1534 Feb 19
100
318
•412 478
26
1
10
44 44
Jan
*412 5
400 Sweets Goof Amer (The)
27
53
4
478 5
*412 5
318July
60
4
3
34
5
34
58
58
200 Symington Co
212 Feb 19
38July 24
38
No par
*5
78
34
558
34
14
514
112
*214 3
214
214
178
158
158 1,200
538 Feb 23
134
14
158
Class A
112July 27
No par
163
8
84
500 Telautograph Corp
712
5812 0
*812 9
834 834 '812 84
834 9
/12Sept 14 1514 Feb 1
5
412 412
414 44
438 438
434 478 1,400 Tennessee Corp
834 Feb 19
34
41 4
412
14
714
318July 28
5
....
194 2014
2938
Feb
5
1814
103
4
3018
1978 2012
2034 24,000 Texas Corp (The)
27
1978 2012 1958 2012 20
Dec
195
8
25
3178 3238 3214 33
2234
3212 33
3214 3234 3212 3358 12,200 Texas Gulf Sulphur
1514 4514
No par 30 July 26 4314 Feb 6
*3
318
3'
5,600 Texas Pacific Coal & 011
318 318
812 Apr 4
212
3
318
278 318
14
3's
10
212July 27
612
814 814
312 1118
85
8
812
9
Apr
2
6
838 812
84
8,100 Texas Pacific Land Trust
83s 812
1
634 Jan 6 12
/
4
*1934 2012 20
20
600 Texas & Pacific Ry Co
1312
15
43
20
20
2012 2012 2114 211
100 1312Ju1y 27 4314 Feb 1
*1578 16
1534 1534
1534
300 Thatcher Mfg
5
2218
1578 154 •1514 1.534 *15
8
8 July 26 18 Nov 26
No par
*5112 52
274 44
5112 5112
5134 5134 5158 5158
400
3858
*5138 52
$3.80 cony pref
No par 39 Jan 15 5218 Dec 19
7
7
238 1212
634 7
600 The Fair
4
'612 634
*612 75* *634 7
No par
4 Aug 7 1218 Feb 16
65
"63
"61
72 '61
72
*6118 63
Preferred
45
33
70
*6118 72
100 50 Jan 10 83 Apr 30
*414 438
4
4
4
4
418
SOO Thermoid Co
34 4
4
212
1
105*
212Nov 3
918 Feb 19
1
434 434 '414 538
400 Third Avenue
412 412 a458 438 *412 512
4
418 1218
100
4 July 26
814 Jan 12
*2014 214 2134 2212
22
*2012 2134
800 Third Nat Investors
2218 2218 22
13
10
2114
1
1312 Jan 2 2212 Dec 24
55,4 6
*538 61.
154
*514 6
*514 6
•514 6
Thompson (J It)
6
478
25
44 Aug 15 11 Feb 5
18
1614 1614
10.100 Thompson Products Inc..- No par
1614
16
10
538 2014
18,4 1612 164 1718 17
10 July 26 2014 Feb 18
12
912
212 258
238
214 214 3,700 Thompson-Starrett Co_ _ _No par
212 212
214
238 212
134July 26
512 Jan 29
134
*1712 22
100
*1712 20
18
18
*171
: 22
"1712 22
$3.50 cum prof ___. ___No par
12
30
17 Nov 3 2412 Jan 30
17
912 15,000 Tidewater Assoc Oil
858 84
838 878
9
84 9,2
84 94
No par
8 Oct 24 1438 Apr 23
74
34 1134
86
1,000
84
8412 58312 84
85
8478 8578 86
2312 6514
84
Preferred
44
100 8412 Jan 4 86 Nov 30
*2612 32
Tide Water 011
.2612 32 '2612 32
*2612 32
•2612 32
914 28
No par 24 Dec 13 40 Apr 27
18
900
9938 9938
Preferred
"9938 100
9938 0938 9914 9914 *9014 100
82
45
80
100 80 Jan 11 10018 Dec 19
614 61. 2.700 Timken Detroit Axle
8
6
64 618
112
814
578 6
84 Apr 24
3
8
10
378 Jan 4
3214 3134 32
32
324 3212 3218 3234 3314 3438 11,200 Timken Roller Bearing_ __No par 24 July 26 41 Feb 5
1334 351
:
21
512 54
•5,2 534 8,400 Transamerica Corp
938
5,2 538
54 54
55* 5,2
No par
518July 26
812 Feb 5
518
258
612 612
64 612
900 Transue & Williams St'l No par
612 612
7
7
*612 678
412July 28 1312 Feb 17
41 2
24
17,2
314 34
35* 8,950 Tr4Continental Corp_
3 Dec 27
3,2 358
314
No par
834 Feb 3
318
312 338
312
3
24
84
72
7518
400
*68
72 '70
8% preferred
70
70
72
7218 *70
41
No par 8014 Jan 9 78 Apr 20
51
275
600 Trice Products Corp
3978 40
•3912 40
40
40
4012 4012 4012 4012
No par 33 Jan 6 4212 Nov 28
254
2018 3878
1,000 Truax Traer Coal
12
514
478
434 434
5
*478 5
478 478
478
5
'Jo par
152 Jan 3
512 Dec 1
112
458 458
458 458
412 458
44 478 2,000 Truscon Steel
458 44
10
958 Feb 19
338
2
1234
$'s July 23
34
254 3
400 Twin City Rapid Trans__ No par
*3
312
*234 3
*278 3
3
3
138 Jan 10
812 Apr 24
34
44
1512 16
40 Preferred
18
18
*1618 174 18
412
*1534 18
•16
100
6 Jan 12 39 Apr 24
412 15
'134 2
100 171en & Co
•112 178 .158 2
158
158 "134 2
No par
1 July 23
4 Jan 15
1
34
614
57
57
700 Under Elliott Fisher Co
57
5714 574 584 5712 55714 574
No par 38 Jan 3 584 Dec 5
2212
57
94 3912
20
127 127
100 102 Jan 22 12878 Nov 2
*12514 127 *12514 127
Preferred
95
*12514 127 '12514 127
76
105
100 Union Bag & Pap Corp_No par 3914July 26 8078 Feb 23
*4412 4658 4412 4412 *444 4658
*4412 4638 '4412 4658
3112
512 60
4534 4658
464 4678 4558 4634 46
47
22.800 Union Carbide & CarbNo par 3578May 14 5078 Jan 19
3412
1934 5178
4514 46
1318 1514
15
1534
1514 1558 7.200 Union 011 CaIlfornia
23 1112 Oct 4 2012 Feb 5
1514
1112
812 234
1518 1538 15
-1-23a.
.2
• Bid and asked prices, no sales on this day. :Companies reported In receivership.
a Optional sale.
c Cash sale.
3 Sold 7 days. x Ex-dividend.
y Ex-rights.
New York Stock Record-Concluded-Page 9
4096
HIGH AND I OW SAIE PRICES-PER SHARE, NOT PER CENT
Saturday
Dec. 22
Monday
Dec. 24
Tuesday
Dec. 25
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basis of 100-share Lots
Dec. 29 1934
July 1
1933 to Range for
Nov. 30 Year 1933
1934
High
Low Low
TVednesday
Friday
Dec. 26
,eThursdayc.
Dec. 28
Lowest
Highest
Per share $ per share $ Per share 3 per share $ Per share $ Per share Shares
Par $ Per share
$
per share $ per sh $ per share
107 107
10514 1061
10414 106
10414 105
105 10512 5,700 Union Pacific
6114 132
90
100 90 Aug 8 1334 April
.8434 8512 *8478 851
8512 8512 8514 8578 85
85
800 Preferred
56
Jan
18
100
7512
6272
89
713
July 13
2
2438 25
25
2534
25
2538 2518 2538 2518 2518 3,800 Union Tank Car
par
No
253
15
4
5
Dec
3
1012 2234
Jan
24
9
133
4
1318 1358 1314 1458
1414 1478
1414 1518 15
1518 44,600 United Aircraft Corp
84 Sept 18 1512 Dec 11
5
818
578
512
534
514
5%
512 578
558 618
614 20,900 United Air Lines Traru3p v t c 5
314 Sept 14
612 Sept 5
314
*8
9
*8
9
9
834 834
*10
9
1118
200 United American Bosch_ _No par
8 July 24 17 Feb 6
3
7
1714
2478 2478 2478 2514
2478 2478 25
2538 2,700 United Biscuit
2538 25
No par 21I4Sept 19 2914 Apr 26
1312 2758
19
11612 117 *11612 11713
*11612 117 *11612 11712 11712 11712
40
Preferred
107
Jan
9
92
111
100
104,
120
June
30
4
4758 4812 4814 4832
4814 4812 48
4878 49
5018 6,500 United Carbon
No par 35 Jan 4 5032 Dec 7
2014
1014 38
212 258
212 258
218
212
238
218
212
234 76,900 United Corp
218 Dec 26
No par
872 Feb 7
4
14,2
234
2314 2418 2314 2334
2114 2278 2114 23,4 23
2312 12,500
Preferred
No par 2114 Dec 26 3772 Feb 7
2218
2218 4072
1234 1278 1212 1278
12.38 1238 1214 1212 1212 1314 6,400 United Drug Inc
914 Jan 8 1814 Apr 28
5
618
12
64
612 658 *7
8
7
7
7
7
1,500 United Dyewood Corp
753 8
332 Jan 2 1072 Apr 26
10
234
34
678
*80
85
*80
85
*80
90
*80
*80
87
87
Preferred
100 5934 Mar 9 7534 Nov 10
2834 70
50
*512 534
518 534
534 6
538 6
6
618 2,700 United Electric Coal
No par
Jan
13
10
714
31a
Nov
87
8
3
1
7278 73
72
73
7212 73
7134 73
7312 7434 5,100 United Fruit
No par 59 Jan 5 77 Apr 21
4912
2314 68
1152 1218 1178 12
1112 12
1112 1218 1134 1212 31,300 United Gas Improve
1112 Dec 26 20,3 Feb 6
No par
1158
1378 25
90
90
8912 8912
*8514 90,4 *8514 8912 *8514 88
Preferred
300
No par 86 Jan 8 9932July 18
8212
8212 100
*218 212 *218 212
.218 212 *218 212
218 218
12
100 :United Paperboard
512
152 Nov 1
100
352 Feb 19
1
*514 512
514 512
512 534 2,400 United Piece Dye Wks___No par
5
538
5
538
4 July 26 1334 Feb 20
4
3,2 2172
3514 3514 3312 3334
*34
38
*3458 3814 *3514 38,4
90
6 54% preferred
100 30 Nov 28 68 Feb 21
30
35
85
678 7
7
678
7,4
7
84
714
658 714
7
214July 26
7,2 10,100 United Stores class A____No par
814 Dec 18
218
*72
76
73
73
*7114 73
*60
7114 73
73
300
Preferred class A
No par 64 Aug 15 76 Dec 18
45
4912
66
5614 5614 56,2 57,4
57
5714 5758 5734 5778 5878 1,700 Universal Leaf Tobacco
No par 4014 Feb 26 63 Nov 26
37
2112
5112
*134 137 *134 137
134 137
135 135 *135 138
Preferred
10
100 11212 Jan 9 140 Dec 5 10814
96
12012
*36
39
*36
39
39
.36
*36
39
*36
39
Universal Pictures 1s1 pfd ___100 1672 Jan 8 4613 Apr 11
35
15
10
III
•114
114
1,2
112 •138
114
112 *138
78
112
700 Universal Pipe & Rad
72 July 27
1
3 Feb 16
14
333
*1218 1312 12
12
*1014 12
*1014 12
1114 12
Preferred
30
414
414
Jan 3 24 Apr 25
100
4
1812
1918 1914 1918 1912
1914 1912 1918 1912 x1912 2014 5,900 U S Pipe de Foundry
20 1512July 26 33 Feb 7
12
64 2212
*1878 1912 *1878 1914
1914 1914 *1918 1912 *19
200
1st preferred
19%
1612 Jan 11
No par
1953 Feb 23
123
4 19
1314
*112 212 *112 212
214
238
214
212 •1I2 234
500 U S Distrib Corp
No par
4 Jan 31
112 Jan 5
1
1
6
•634 12
.7
12
*8
12
812 9
Preferred
250
734 812
4 Nov 3 14 Nov 30
100
4
4
20
*14
12
*14
5.8
United States Express
*14
58
•14
*14
58
58
100
114 Apr 19
14 Nov 5
32
212
14
•1358 15
1312 4312
1314 1314 13,4 1314 *1338 1514
600 U 8 Freight
No par 11 July 26 2712 Feb 5
7
11
2958
7
714
714
7,4
652 634
718 7,4
318
7
1,200 U 8 & Foreign &cur
7,4
No par
6 Oct 30 1514 Feb 5
6
1734
*7218 76
*7218 76
•7218 76
*7218 75,2 *7213 7512
Preferred
60
No par 634 Jan 5 78 Feb 26
3612 84
4838 4834 49
4912
4914 50
4834 4912 50
2,200 U 8 Gypsum
50
5114 Nov 28
20 3414June 1
18
3414
5312
*142
*144 145
*144 145
145 145
146 146
60
7% preferred
100 115 Jan 10 146 Dec 28 110
10114 121
Ps 538
5,2 5,2
*512 6
500 U 8 Hoff Mach Corp
5,a 5,2 *512 6
452 Jan 9 104 Apr 24
5
13
2
1173
314
4314 4314 421. 4314
43
44
4278 4312 4438 4514 3,400 U El Industrial Alcobol___No par 32 Sept 17 6434 Feb 9
32
1312 94
*514 6
*512 6
*514 5
538 578
538 6
1,300 U 13 Leather v I o
512July 26 1172 Jan 24
No par
232 1714
518
934 10
934 10
10
1012 1012 1034 11
11
2,500
Class A v 1 o
7 Oct 29 1934 Feb 1
Nova'
414 2734
7
*4812 59
*4812 59
*5012 58
*52
59
*52
58
Prior preferred v t c
100 45 Sept 24 80 Jan 30
45
30
784
6
6
618 618
614 638
638 678 4,200 U 8 Realty & Imp:
638 634
No par
4 July 26 1234 Feb 2
4
212 1452
1618 1618 157g 1632
16
1618 1534 1638 1534 1634 10,500 U S Rubber
No par
11 July 26 24 Apr 21
27
2
25
103
4
4038 4012 3934 41
3914 4114 3912 40
4012 4134 8,600
let preferred
100 2412 Jan 8 6114 Apr 20
1718
512 4312
122 12314 12212 12312
12134 12518 12134 12312 x12012 1225 13,200 U 8 Smelting Ref & Min
50 9652 Jan 13 141 July 19
5314
1312 10512
*6414 66
6414 65
64
64
04
64
26334 6334
500
Preferred
30 5412 Jan 13 6512 Oct 1
5112
3912 5812
3618 3718 3614 37
3612 3738 3614 3678 3718 3838 52,800 U S Steel Corn
100 2933Sept 17 5972 Feb 19
2933
2338 6714
8114 8134 8134 82
8178 8278 82
8278 84
Preferred
8514 4,000
100 6714 Sept 17 9912 Jan 5
67,4
5
105
11512 11512 *115 11712
*115 11712 *115 11712 11512 11512
300 U 8 Tobacco
No par 99 Jan 5 140 Nov 30
10978
59
8134
*135 150 *135 150
*135 150 *135 150 •135 150
Preferred
100 126 Jan 10 150 Nov 2 12453 12452 1304
*4714
*4714 5934
5934
*4714 5934 *4714 5934 *4714 5934
Utah Copper
10 4812 Dec 6 67 Apr 26
35
51
14
8372
112 112
112
132
112
112 112
112 138
134 6,100 Utilitiee Pow & Lt A
112 Dec 21
1
533 Feb 6
178
814
134
1
1
1
78
1
1
78
1
1
1
1,700 Vadsco Sales
54
No par
172 Jan 25
34 July 21
Ni
3
*1912 2312 *1912 2312
*1912 2312 •l912 2312 *1912 2312
Preferred
100
1914 Aug 28 2212June 27
1512 24
1214
1818
1814 18,4
18
1832 1812 1812 1812 1834 1934 2,400 Vanadium Corp of Am___No par
14 July 28 3134 Feb 19
14
753 36
1112 1112 1218 1213
Stock
12
12
"1112 12
1172 1172
400 Van Raalte Co inc
5
152 1032
44 Jan 2 1212 Dec 13
334
92
92
*89
*89
*89
92
90
90
*90
93
7% 1st pref
10
100 25414 Mar 1
98 Feb 3
2012 6512
28
*3212 3334 3318 3318 Exchange
33
33
33
33
3318 33,4
1,300 Vick Chemical Inc
5 2453 Jan 4 3634July 20
2318
234 31 12
338 338
3,4
8
312 *34 3,
j7 July 23
314 314
55
3% 3,2 1,600 Virginia-Cafolina Chem __No par
532 Jan 23
178
733
*19
1934 1912 1912 Closed
19
1914 *1834 2018 •19
6% preferred
2014
500
100 10 July 26 26 Feb 5
332 26
10
*78
82
82
*78
*78
82
82
*78
*78
82
7% preferred
100 5934 Jan 8 84 Aug 17
5714
3532
634
*7112 7314 7112 7112 hrlstmas •7112 73,4 70
72
*7012 73
220 Virginia El dr Pow $6 pf __No par 65 Jan 2 80 July 31
60
60
85
512
*418 512 *418 5,2
*418
4
418
*418 634
150 Virginia Iron Coal & Coke
100
34July 31
9 Feb 23
218 15
3,2
*1558 40
Day
•1538 40
*1538 40
"1558 40
*1558 40
5% pref
100 1612 Dec 20 27 Feb 23
30
20
40
77% 7758 75% 77
*7612 78
7578 7612 *7814 81
60 Vulcan Detinning
100 52 Jan 4 82 Dec 11
36
123
4 67
*112 120
111 112
*105 120
105 120 *105 120
20
Preferred
100 95 Jan 20 112 Dec 7
95
102
57
138
138 *138 2
"112
138
138 *112 2
134
200 :Wabash
132 Dec 22
100
178
472 Jan 30
112
7,2
212 212
212 3
*212 3
212 212
212 2,2 1,400
Preferred A
238 July 26
100
214
852 Apr 26
118
978
134
*134 2,4
134
•134 2,4 •134 214
134
140
Preferred B
134
100
114 Nov 3
612 Mar 14
6
1
13
4
*6
618
6
6
578 578
534 618
618 614
1,200 Waldorf System
No par
4
4 Oct 24
872 Feb 20
518 12
*2834 2914 2878 2878
2014 2834 29
29
2878 2878 1,000 Walgreen Co
No par 2214 Feb 26 2914June 18
2214
116 116
115 116
116 116
116 116 *116 11612
150
652% preferred
100
901
4
1165
8412
8
Dec
Jan
6
81
75
*212 278
232 278
238 234
212 238
234 234 2,600 Walworth Co
214 July 27
No par
214
633 Feb 1
72
838
.6
714 •6
*6
714 *6
714
7
*6
7
Ward Baking class A____No par
20
5
5 Aug 6 12 Feb 5
218
*158
178 •138
134
158
158
112
112
134
134
700
Class B
No par
14July 27
352 Feb 5
114
%
5%
*3012 32
*3012 32
*3012 32
*3012 3134 *3012 3134
Preferred
11i2 444
24
100 24 Sept 18 36 Jan 24
418
414 414
414
4
4,4
4
418
418
438 18,500 Warner Bros Pictures
912
234July 26
5
234
814 Feb 5
1
*19
22
21
2112
*2012 21,2 2012 20,2 21
21
151
$3.85 cony pref
414 2412
No par
12
15 Nov 23 3172 Apr 24
1
1
1
1
1
1
1
118
118
118 2,200 Warner Quinlan
58
478
No par
1
1
Feb
Nov
16
30
34
358 378
378 418
3711 4
378 412 3,500 Warren Bros
334 378
212 223s
No par
514
3,4 Dec 14 13% Jan 24
814
814
9
934
*9
10
10
*834 10
10
500
Convertible Prof
8 Dec 20 2872 Apr 23
712 3552
No par
10
*2338 24
24
2414
*24
2412 2414 2412 24
2412 1,500 Warren Fdy & Pipe
par 1312July 27 31 Jan 20
5
No
30
1312
53g 538
538 512
512 534 *5,2 534
534 6
2,000 Webster Eisenlohr
1
No par
3
7 Jan 25
3 July 27
8
*80 ____ *80
*80
____ *80
.80 ____
Preferred
50
100 65 Jan 8 90 Aug 2
75
60
•1
*4
*1
114 "1
114
114
114
1
1
is
50 Wells Fargo & Co
3
23
4Jul1
Jan
27
1
214
3
4
3134 32
32
3212
33
3312 3312 3334 3378 3538 5,600 Wesson Oil & Snowdrift __No par
15
1534 Jan 4 3538 Dec 28
7
37.
7234 73
74
74
7312 7312 7312 7312 7438 7438 1,000
Cony preferred
49
40
No par 5213 Jan 5 7434 Dec 4
63
3212 3212 3214 3338
32
3358 3158 3212 3214 3338 11,300 Western Union Telegraph
2912
100 2912 Sept 15 6672 Feb 6
1714 7714
24
24
2312 2378
2334 2413 24
2412 x2412 2618 7,100 Westingh'se Air Brake
154July 26 36 Feb 6
1572
1134 3552
No par
3338 34
3312 3478
3434 3518 3478 3638 36,4 37,2 43,100 Westinghouse El at Mfg
2778
1932 5834
60 2772July 26 474 Feb 5
*8914 90
•8914 90
90
9012 9012 9012 *91
95
60
let preferred
95 July 11
96
77
82
6012
50
Aug
8
*12
1238
1238 1238
1212 1234 1212 1212 1338 1338
500 Weston Eleo lastruml___No par
5
313 1314
6 July 30 1512 Nov 26
•2838 2978 *2838 2978
*2838 2978 *2838 2912 02858 2912
28
2214
15
Class A
Nov
10
Jan
5
par
2912
163
3
No
*5212 5412 *5212 54,2
*5212 5412 05212 5578 *5212 5434
West Penn Eleo class A___No par 4412 Jan 8 70 June 13
30
73
3934
*5912 60,2 5818 5814
58
5812 58
5812 5914 59,4
90
47
Preferred
37
7734
100 514 Jan 8 80 July 13
*52
55
52
52
•52
55
52
52
52
52
30
4012
6% preferred
45 Jan 3 x6812July 19
3312 6912
100
*107 108
106 107
•10618 108
106 10618 *10114 108
8812
60 West Penn Power pref
8812 11038
100 8912 Jan 2 11053June 12
9512 96
*9212 95
9412 9412 *9212 9412 95,4 95,4
80
7834
6% preferred
80
101
100 7814 Jan 10 105 June 29
*218 238
2
218
*2
238
2
2
*2
214
Jan 30
300 West Dairy Prod el A____No par
29
13
64
Oct
4
212 1134
13
4.12
52
12
12
12
12
73
*12
58
Class B v to
12July 27
55
212 Jan 30
No par
52 1,200
4
858 834
838 858
812 312
312 834
658
834 9,2 3,300 Western Maryland
712 July 28 1714 Feb 20
4
100
16
*12
15
*12
15
*12
16
12
12
15
"11
9(4
914 Sept 17 23 Feb 20
RD
2d preferred
552 1912
100
*278 3
*278 3,4
*27g
314
27g
278
234 278
812 Mar 29
700 Western Pacific
218
252July 27
100
912
1
614 6,2
6,4 6%
618 638
6
638
4
452 Jan 5 1712 Mar 28
17, 16
534 612 4,800
Preferred
100
2114 2134 2134 213.1
21
21
2038 21
21
22
1214
5
1,700 Westvaco Chlorine Prod__ No par 1472 Jan 12 2714 Feb 8
2012
•121g 2712 *1218 2712
*1218 2712 *16
18
*13
18
Wheeling & Lake Erie RI Co_ 100 2412July 3 29 Apr 26
2412
*24
30
*24
30
27
27
*26
30
*26
30
70
21
6% non-cum preferred. ,100 21 Dec 19 36 June 27
.15
1512 1512 1512
1512 1512 16
16
16
1112Sept 17 29 Feb 21
17
No par
1,000 Wheeling Steel Corn
712 35
11,2
*3878 40
4118 4118
*40
4118 *4118 4132 *43
45
34
Preferred
100
100 34 Nov 9 57 Feb 26
15
67
*1514 16,2 *1514 1612
•1514 16
*1514 1578 •15I4 1578
50 15 July 26 2812 Feb 19
15
White Motor
14
2612
2412 *23
*23
2412
2412 2412 2318 2312 *2314 2412
21 14
200 White Rk Min Spr ctt ____No par 2114July 26 314 Apr 19
29
23
*112 2
*112 2
*112 2
0112 2
454
372 Feb 6
•1,2 2
MaohineNo par
14 Jan 8
White
Sewing
II
1
12
*612 6
*434 8
*6
*5
8
8
4
5 July 25 1114 Apr 20
No par
Cony preferred
113 1012
"512 6,4
218
218
*218 214
218 218
2
2
54 Apr 5
2 Dec 10
•218 214
212
5
2
900 Wilcox Oil & Gas
512
.34
3434 *34
343
*34
3412 34
34
*3332 34
100 Wilcox-Rich Corp class A _No par 274 Jan 17 3412 Dec 20
227g
15
2714
*57, 61s .572 6 4
6
612
6
614
434 Jan 8
No par
9 Apr 11
61s
318
72
11
612 4,100 Wilson & Co Inc
2758 2734 2712 2734
2714 2714 2714 28
2818 29
1214 Jan 9 3232 Dec 13
No par
Class A
4,500
4
22
1114
96
96
95
9534
9478 9478 93
9438 9412 9618 1,800
Preferred
100 53 Jan 8 105 Dec 13
19
30
7212
5134 5214 5178 5214
5134 5218 5112 5234 52
10 4112 Jan 3 554 Nov 26
5378 20,900 Woolworth (F W) Co
2518 5073
35
*1758 18,2 *1712 1812
18
18
1712 18
*5338 54
100 1312July 24 3173 Feb 5
500 Worthington P & W
394
8
1312
*3912 41
3912 3912
03912 4034 3912 4078 42
Preferred A
42
100 3112Sept 14 53 Jan 24
121
51
14
31,2
•2812 3114 *29
3012
30
30
3014 3038 31
31
Preferred B
100 2352 Aug 8 42 Jan 24
700
2214
14
47
*49
52
52
52
50
50
51
51
5112 5218
No par
1672 Jan 8 75 Jan 27
190 Wright Aeronautical
12
6
24
7434 7434 *74
75
*7412 75
75
75
•75
76
5120 Wrigley (Wm) Jr (Del) No par 5412 Jan 11 75 Nov 7
3412 5714
4734
2014 2014 *2014 21
2014 *1912 21
2014 2014 20
25 14 Jan 5 2212 Deo 10
Yale & Towne Mfg Co
1,000
7
23
1138
314
338
314 312
338 358 4,900 Yellow Truck & Coach el B_10
234 July 26
3,4 338
3,4 3,4
714 Feb 19
234
215
734
*3912 40
40
40
41
41
*40
42
.40
42
100 28 Jan 2 4712 Apr 26
Preferred
110
42
25
18
•1914 1938 1958 1934
1934 1934 1934 20
2018 2034 2,000 Young Spring & WIre__.No par 13 July 26 2234 Feb 19
312 1912
1018
18
1812 1838 1812
18
1812 1814 1878 1832 1934 6,800 Youngstown Sheet de T___No par
1252Juiy 26 3334 Feb 19
1258
712 37'2
3812 3812 40
40
*4018 43
4112 4112 04212 4373
600
100 34 Nov 7 5934 Feb 17
514 preferred
61
34
25
2
•178 2
2
*134 2
2
2
112
134
Vo par
800 Zenith Radio Corp
112 Dec 27
t2
5
434 Feb 5
14
4
33
4
4
*334
358 418 4,600 Zonite Products Corp
334 33t
334 378
1
332July 28
3%
812
734 Feb 19
34
•
• Bid and asked prices, no sales on this day.
1 Companies awned in receivership.
a Optional sale.
e Cash sale. s Sold 7 days. r Et-dividend.
o Ex-rights.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
4097
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"—except for income and defaulted bonds
NOTICE—Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside or the
regular weekly range are shown in a footnote in the week In which they occur. No account is taken of such sales in computing the range for the year.
BONDS
N Y STOCK EXCHANGE
Week Ended Dec. 28
Week's
r,,,,,
July 1
',?:
Range or ; 1933 to
..i t
Friday's
F.,1:2 Nov.30
..., a. Bid & Asked alit
1934
U. S. Government.
Low
High No.
First Liberty Loan-314 of '32-47-- -- J D 10314,103242 273
J D
Cony 4% of 193247
1 D 10315.210319.2 126
Cony 44% of 1932-47
J D 10213.4 10223.,
2d cony 44% of 1932-47
1
Fourth Lib Loan 44% of 1933-1938 A 0 10334210394, 62
43.4% (3d called)
1933-1938,.,. 1015'3210135a2 462
Treasury 414e.
1947-1952 A 0 11226,21131n
54
Treasury 44-348_Oct 15 1943-1945 A 0 10214,10234, 277
Treasury 418
1944-1954 J 0 10814,108242 134
Treasury 33(s
1948-1956 M a 10651,210651n 106
Treasury 314s
1943-1947 1 D 10334,103 42 44
Treasury 3s
Sept 15 1951-1955 M S 10014,100142 275
Treasury 3:
Dec 15 1946-19482 D 10014,10017u 267
Treasury 334s____ June 15 1940-1943 2 D 1043,2 10419.2 503
Treasury 314s......_ Mar 15 1941-1943 M S 1043.2 10413,2 415
Treasury 34s____ June 15 1946-19492 D 10114,101314, 311
Treasury 3i is
1949-1952 J D 1019.2 10119., 855
Treasury 33.(s
Aug 1 1941 F A 104,44 104'532 613
Treasury 33.4,
1944-1946,-,_ 10214210234 353
Fed Farm Mtge Corp 34e
1984 51 8 10114,10113, 97
3s
1944-1949 M S 9914, 9914 008
Home Owners Mtge Corp 45
1951 J J 10019.110142 601
38 series A
1952 MN 99142 9923.2 558
1939-1949 F A 9613., 9623,, 1297
23-is
State & City—See note below.
f
Range
Since
Jan. 1
Low Low
High
99
1004,10413e
1000,, 1000., 1033,,
99,9., 1011
/
4,104u,,
102
10214,10229u
10039., 101w.,10419.,
1024, 101”..10214,
10419,, 104,4,11441
9733., 97198,10494,
10119., 10194,10934,
995.., 100,a, 10850
98..1 980,005"0
9314, 9314,10219u
9733,, 9734,10214,
98041 98..82105041
983., 9839,,15529.,
94,,132 951.1003'5ms
1014.101204
9734, 9734,10519u
9933,, 9914.,10919.,
98
98 10233.,
94w., 943,41014,
9439., 9439n 191.4,
94"8, 940i, 101,,,
9239.1 92".,9614,
Foreign Govt & Municipals
Agile Mtge Bank a t Os
1947 F A
Feb 1 1935 eubseq coupon
-3314 5
6
Sinking fund 11.1 A
Apr 15 1948 -6 _ _.
_ ____
April 15 1935 coupon on
=-_, 3412 --35
3
Akershus (Dept) ext 55
1963 36 N
00
91
3
Antioquia (Dept) coil 7: A
1945 J 2 10
1138 15
External a f 79 ser B
19452 1
1012
1112 12
External e f 7: ser C
1945 2 1
1152 1178
6
External s 1 78 ser D
19452 1
1012 1138 13
External s f 75 1st ser
1957 A 0 10
1014
3
External sec 81 78 2d ser
1957 A 0
978
9/
1
4
2
External sec a f 70 3d ser
1957 A 0 10
10
5
Antwerp (City) external 5s
1958 J 0 98
9834 18
Argentine Govt Pub Wks 135
1960 A 0 9312 944 47
Argentine tis of June 1925
1959 1 D
9358 941.2 94
Extls t (1.3 of Oct 1925
1959 A 0 9312 9412 65
External: 161. series A
195781 5 0338 9438 56
External 69 series B_ _Dec
1958 2 0 9358 9418 40
EMI s 1 89 of May 1926
1960 M N 9312 9412 84
External a Its (State Ry)
1960 M S 9312 9438 99
Esti 6s Sanitary Works
1961 F A
9338 94
92
Extl 68 pub wks May 1927
1961 MN 9334 9418 17
Public Works eat! 514s
1962 F A 8912 9014 172
Argentine 'rreesury 5s £
1945 M S 9812 9812
5
Australia 30-yr is, _July 15 _ _1955 J 2 10138 102
165
External 5., of 1927_ _Sept
1957 M S 10135 102
52
External g 434* of 1928
1956 M N 9614 9678 168
Austrian (Govt) 5 f 78
1943 2 D 10112 10134 28
International loan a 1 7.,
1957 2 J
8738 8812 34
18/
1
4
1812
1538
27
64
738
634
712
714
638
64
658
7312
44
44
4438
44
4414
4412
444
4412
45
4114
6912
7758
78
7379
834
4212
181
/
4 35
20
35
1538 38
35
27
664 91
818 17/
1
4
9
17
9/
1
4 17
81
/
4 1714
778 1434
8
1458
8
1432
82/
1
4 10212
5312 9438
531s 95
53
9478
53
9412
5338 95
5358 9438
5349484
5238 941
/
4
5258 9478
4712 91 12
8034 10114
8812 10258
1
4
89 102/
83
9714
911, 10278
50
90
Bavaria (Free State) 6348
,,845 F A
Belgium 25-yr extl 641,
1949 M 5
External e t 6e
1955 J J
External 30-year sr 7e
19552 D
Stabilization loan 7e
1956 MN
Bergen (Norway) 5s_ _Oct 15 .._ _1949 A 0
External oinking Jund 58
1960 M 5
Berlin (Germany) a f 614s
1950 A 0
External a f 69_ _ _June 15
_1958 2 D
Bogota (City) extl s f Fa
1945 A 0
Bolivia (Republic of) esti 8e
1947 MN
External secured 78 (flat)
1958 2 1
External, f 78 urea)
1969 M
Brazil (US of)external 88
1941 J D
External 5 f 04s of 1926
1957 A 0
External 9 1 6 14s of 1927
1957 A 0
78 (Central Ry)
1952 2 D
Bremen (State of) eat! 75
1935 51 S
Brisbane (City) s f 5e
1957 M 8
Sinking fund gold 69
1958 F A
20-year, f 69
1950 -1 D
13U0Apet3t (City) cal a f 6s
1962 2 D
June 1 1935 coupon on
,-Buenos Aires (City) 83.4: B 2 ____1955 2
External: f Ss ser 0-2
1060 A 0
External of Os sec 0-3
1960 A 0
Buenos Aires (Prov) exti 6s
1961 M 8
69 stamped
1961 M S
External s 1 014e
1961 F A
814s stamped
1961 F A
Bulgaria (Kingdom)s f 7,
1967 J J
July coupon off
Stabil'n a f 73.4a, _Nov 15 _ __1968 M N
May coupon off
2614
8812
8812
9234
91
8718
8214
22
2012
1718
51
/
4
41:
41
/
4
2178
1938
194
1858
29
68
6812
75
2984
24
404
38
3614
2914
2558
31
2539
15
1512
17/
1
4
1619
2614 594
95 105
94 104
99 11131
/
4
95/
1
4 1061
68
9612
6811 92
22
52
2012 491,
1718 25
6
1134
54 1012
518 1012
2234 414
204 37
2014 3678
204 384
29
8318
734 96
73
9614
83 10112
341
/
4 461,
24
31/
1
4
461
/
4 91
47
8334
4514 8338
3014 72
264 83
3138 724
6412
27
25
18
1512 20/
1
4
17/
1
4 2812
181s 2214
2914
1024
101
11018
10512
*0414
91
27/
1
4
2612
174
6
514
511
39
3138
3112
31
3312
95
95
10038
531
3134
8812
8312
8314
70
6058
7134
61
21
1712
1814
1612
31
19,
103
III
10212 30'
11134 34
10638 36
96 -__
9112 10
28
8
274 18
174
4
612 105
512 25
552 38
40
49
32/
1
4 93
32/
1
4 44
3218 66
36
10
95/
1
4 28
9558 33
10112 16
35 ___
3134
3
9012 13
8312
5
8314
1
71
9
6214 54
7134
1
63
25
21
3
1834
9
1814
3
19
22
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 28
Week's
July 1
tr
*. Range or
4
1933 to
ta
Friday's
t
C.
3 Noc.30
...a. Rid dc Asked oh r.%
1934
.
Range
Since
Jan. 1
Foreign Govt. & Munk.(Con.)
Low
High No. Low Low
High
Cuba (Republic) 59 of 1904
1944 M 13 *9458 9612 ____
8818
744 99,2
9512
External 55 of 1914 ser A
93
8312
1949 F A *80
93 ___
External loan 414s
62/
1
4 89
6138
1949 F A *851
__ ___
Sinking fund 53,45 Jan 15
61
1953 .1 J 77 8-611
/
4 8418
7758 15
Public wks 514e June 30
1915 2 D 2238; 2358 50
19/
1
4
2232 We
Cundinamarca 84e
21
1334
10
1959 M N
14
1018 1934
Czechoslovakia (Rep of) Se
1951 A 0 98
100
88 101
13
7734
Sinking fund 8s ser B
77
1952 A 0 9818 9934
90 101
9
Denmark 20-year extl 68
1942 2 J 102
10258 13
8811 103
7978
External gold 514s
75
1955 F A
99
9934 24
8334 991
/
4
External g 44s_Apr 15 _1962 A 0 92
63
93/
1
4
61
93
71
Deutsche Bk Am part elf Os _ _1932
49
Stamped extd to Sept 1 1935
4812 774
4
5412
54
Dominican Rep Cust Ad 514s __'42 M 8 6512 6578
4314 70
40
6
1st ser .534e 01 1926
36
87
36
6
-1940 A 0 5814 5814
2d series sink fund 51.49
3711 67
1940 A 0 a5734 a5734
5
36
Dresden (City) external 79
3112 38 19
27
6
3314 3414
1945 M N
El Salvador (Republic) 89 A _ _1948 2 2 .63
481
/
4 6512
36
5612
Certificates of deposit
J .1 5618 5618
38
1
35
Estonia (Republic of) is
1
4 89
57/
4812
8712 ____
1967J J *82
1945 M S 10414 10414
Finland (Republic) ext 6s
79 105
9
6934
864 10214
External sinking fund 75
1950 M S 10078 10118 27
77
External sink fund 6148
7012
14
784 1034
1956 M 5 10112 102
External sink fund 548
6834
76 1004
1
4 15
1958 F A 10014 100/
Finnish Mun Loan 645
67
77 101
6
1954 A 0 10012 100'z
External 64e serial II
754 10114
6714
1954 A 0 10114 10114
2
48
1953 M N
Frankfort (City of) s f 6149
20
20
2512 27
23
French Republic extl 745
1544 18812
18534 23 126
1941 J D 185
External 79 of 1924
3 12712 160 189
1949 J D 183
183
German Government Interne2312 8312
2312
Lionel 35-yr 514, of 1930
281 258
2714
1965 J D
German Republic mai 7s
3112 8712
3112
66
1949 A 0 3758 39
German Prov & Communal Bks
7112
23
(Cons Agric Loan) 1314s
2312
30
401
1958 J D 40
Graz (Municipality) //
5738 109
49
1954 NI N *8414 86 __
1
4
86
Only unnaatured coupons on ____
62
62
353
_
8314
84
Or Brit & Ire (U K of) 514s
FA 11334 115
41 10758 11138 1244
1937 -+4% fund loan £ opt 1960
9538 109 12079
1990 M N al1712 a11814 18
38
Greek Government at ser 7.3
22
22
1964 M N *38
3812 ___
S f secured (is
1834 32
3014
13
30
161
/
4
1968 F A
7412 8418
Haiti (Republic) 9 f 68 ser A
67
7
1952 A 0 28334 8334
Hamburg (State) es
20,8 58
6
204
1940 A 0 2614 27
44
15
15
Heidelberg (German) extl 7421._ _'50 J J *17
45 ___
Helsingfors (city) ext 614e
72/
1
4 10112
8614
-1960 A 0 10034 10112 10
Hungarian Munk Loan 73-4,
28/
1
4 4914
4
25
39
1945 J 1 39
Only unmet coup attached25 30
3038 45
28
External s f 721 (coup)
19462 J *2i_ ___
4
Only unmet'd coupe attached__ . J .1 2958 -3-251 30
2514
3
0
Hungarian Land M Imot 7 45 ____ii SIN
3312 5018
3
4438 4518
2939
Sinking fund 7348 ser Il
31
3
504
31
1961 M N 4452 46
31 12 43
Hungary (King of) e f 734,
3112
5
4252 4278
1944 F A
February coupon on
42
43
17
3918
WS 43
Irish Free State extl at 58
9012 10818 116
11538 __ 1
1960 M N 3.107
Italy (Kingdom of) eft! 78
8934 102
8514
1951 J D 9019 911
/
4 106
9314 100
Italian Cred Consortium 723 A ____'37 M El a9312 09412 28
1
4
89/
External sec s f 78 ser II
841
/
4 100
82
6
1947 M El 8434 8712
Italian Public Utility ext178
9318
78
121 7212
7712 80
1952 2 J
Japanese Govt 30 yr e16149
8414 9612
9412 9512 49
77
1954 F A
731
/
4 86
664
Ertl sinking fund 514e
70
1905 M N 8114 82
Jugoslavia secured s f g 75
2318 4212
2212
9
38
1957 A 0 38
79 with all unmet coup
52418 35 ___
1957 _
15/
1
4 97
1541
1312 21
With Oct 1 '35 52 sub coups on ____ ____ *1938 ____ ____
1312
Leipzig (Germany) a f 7s
304 6514
2938
1
3738 37/
1947 F A
1
4
Lower Austria (Prov) 74s
--------50
60 104
1950 2 D *65
Only unmatured coups affected_
50
63
--50
8
Medellin (Colombia) 814e
814 1638
0i8 IA 26
195;1 i -1-1
Mexican Irrig Asstng 43-4:
3
4,2 94
1943 MN -----------Mexico (US) esti be of 1899 g
6
74
_'45 @ 1 *-- 25 ---4
64 13
Assenting 55 of 1899
958 40
4
0,2
-1945 ---_
*54
612 ____
7
13
54
Assenting 59 large
Assenting 5e small
61,a 10
618
- ----- ---4sof 1904
612
*234
4/
1
4
4/
1
4 7,2
1954 -_
418 9
3
Assenting 45 01 1904
612
5
612
1954 ____
5
3
94
4
Assenting 41 of 1910 large
534
534
438 9,4
Assenting 4, 01 1910 small
4
578 12
512
§Treas 88 0113 essent(largey _ _33 J J
*534
9/
1
4—_
534
84 111
/
4
i .4 _
_•_.
534
534 1118
'Small
911
/
4
Milan (City. Italy) extl 6145 ____1952 A 0 zkii8 8138 24
79
74
24
Minas Geraes (Brazil) 64.3
17
17
1
4 19
1958 M /3 1938 19/
1934
1934
September coupon off
1812 23
2
1912
Ext sec 614s series A
17
2412
17
1959 M 5 1912 1978 31
1812
181s 2214
19/
1
4 1934 12
September coupon off
Montevideo (City of) 7e
27,4 45
2714
3
1952 J D 4134 43
1
4 ____
2614 3614
25
External s 1 Is series A
1959 M N *3618 38/
New So Wales (State) 8211 9* _
1
4 33
85 101,9
7334
1957 F A 10014 100/
7312
8514 101
10012 20
External is f 5s
Apr 1958 A 0 100
Norway 20-year eat] 89
914 1041
23
/
4
88
1943 F A 10312 104
104
20-year external (is
9014 104,2
10
8712
1944 F A 104
10138 10
30-year external (is
894 102
834
1952 A 0 101
40-year Fl t 5148
1
4 17
8318 100
784
1965 J D 9918 99/
External 5 f 5s_ __Mar 15
76
801, 98,4
1963 M 8 9778 9814 36
/
4
8312 1011
774
5
1038 184
Municipal Bank rattler 5s
19872 D 10112 10158
92 10514
Municipal Bank extl s f 55
81
1
93
7912
1970 J D 974 9714
27
10314 113
3
22
22
27
5512
Nuremburg (City) extl 68
1952 F A
Oriental Devel guar 6s
10034 105
64
65
8014
1953 M S 7914 8014 23
5614 8012
Ext1 deb 514s
7412 7512 11
594
8234 7512
1958 St N
1014 19
osio (city) 30-year a 1 68
1955 m N 9812 9879
781
/
4 9934
6
73
2912 73
10634
7
89
26
98 10634
69
Panama (Rep) extl 54s
1953 J D 106
361
/
4 69
Eat' a f 59 ser A___Slay 15 _ _1963 MN 4158 4158
2912 4614
1
2472
2718 70
3814
Stamped
9
38
27
2938 44
812 1838 Pernambuco (State of) extl 78 ____'47 M El 1814
818
1614
10/
1
4 18'2
4
718 1778
September coupon off
15/
1
4
1512 17
----- - ---7
1778 Peru (Rep of) external 79
812 1712
1334 10
7
1959 M 5 13
7
1778
Nat Loan extl, t es 1st ser
938 145
5
5/
1
4 1418
0
1960 J D
7/
1
4 1778
Nat Loan extl s t Is 2d ser
454
958 79
614 1418
878
1961 A 0
74 17/
1
4 Poland (Rep of) gold 6s
79
73/
1
4
59
7
50
1910 A 0 72
71
/
4 1734
Stabilization loan s 1 7e
1
4 11512 17
88 13334
63
1947 A 0 114/
External sink fund g 88
94 1712
1950 j 3 8612 87
6914 90
58
63/
1
4
10
184 Porto Alegre guar Se
5
1
4 2012
1614
1712 25
1961 J D 20/
81a 174
June coupon off
2014
2014
20
1
23
21
8
1638
Eati guar sink fund 734s
13
1934 21
1418
1638 25
1988 1 .1
7
1234
July coupon off
2018
2018
3
21
2018 23
2758 4138 Prague (Greater City) 714e
100
9
7714
1959 M N 100
83 100
811
/
4 99
Prussia (Free State) ext) 64e ___'51 M S 2818 2912 59
241,
2412 5812
22
50
External a f 6a
18
234
1952 A 0 2734 29
234 57,2
Queensland (State) extl s f 7s
102 109/
6
1
4
94
1941 A 0 10918 10958
214 3958
25-year external 81,
3
8334
1947 F A 10612 10078
9412 107,2
21
4012 Rhine-Main-Danube 7e A
1
4 40
5
3518
195058 5 39/
3712 89321
15
27
Rio de Janeiro 25-year 8 f Ss
171, 2558
6
1312
1946 A 0 1934 2018
15/
1
4 2638
April coupon off
20
20
2
19
1818 2314
15
2712
External a f (514s
17:/
1
4 18
1953 F A
17
25
13
16
63/
1
4 95
August coupon off
18
1834
1738 24
8
18
5912 8912 Rio Grande do Sul extla t Ss __,J946 A 0 224 2412
4
1758
19
274
1414 491•
April coupon oft
*22
25 ____
1854
1834 27
3738 45
External sinking fundne
19
2012 13
1968 J D
154
1514 27
294 5014
June coupon off
19
20
10
2012
19
2614
25/
1
4 74
External s f 7s of 1928
1966 M N
1939 2012 17
1812
1714 2712
Slay coupon off
1934 20
4
1838
1838 27
30
40/
1
4
External,fig manic loan
22 ____
174
1967 J D *20
1714 274
1834 Mx
June coupon on
2412
20
27
Caidas Dept of(Colombla)749'46_
.1 J
13/
1
4 144 18
101
/
4
Canada (Dotn'n of) 30-yr 48
1960 A 0 10478 10514
77
8612
59
1952 M N 11218 11234 20
9912
4348
1936 F A 10312 10312 39
9812
Carlsbad (City) s t 8s__
1934 J J 6212 6212
2
5614
Cauca Val Wept) Colom 73.4s'48..__ A 0 1238
13
11
10
Cent Agrie Bank (Ger) 7s
1950 M S 5012 50
294
Farm Loan St 68__July 15 __ _ _1960 J J 4234 4512 10
14
26
Farm Loan :1 69_ _Oct 15 _ _1960 A 0 43
45
20
26
Farm Loan 69 ser A Apr 15 _ 1938 A 0 43
54
18
2718
Chile (Rep)—Ext1 5 f 7s
1942 M N
1558
1612 32
7
External sinking fund 69
1960 A 0 13/
1
4 1412 62
5
Ext sinking fund_09__Feb __1961 F A
1334
1438 34
618
Ry ref ext s f 89
Jan _ _1961 2 J
1358
1418 51
64
Ext sinking fund 69- -Sent ---_1981 NI S 1334. 1418 44
61
/
4
External sinking fund 6s
1
4 1438 20
1962 M El 13/
64
External sinking fund 6s
1963 M N
13/
1
4 1418 48
6
Chile Mtge Ilk 014s June 30 .._ _1957 .5 D
13
14
8
71
/
4
S f 84e of 1926__June 30 .- _1961 2 D
1312 14
16
978
Guar a f 68
Apr 30 ____1961 A 0 1238
1378 21
712
Oiler a f Os
N
12/
1
4 131
1982 M
/
4 26
71,
Chilean Cons Munic 78
9/
1
4 1014 37
1960 M S
5
Chinese (lIukuang Ry) 59
1951 J D 4414
441
/
4
3
22
f'hristiania (Oslo> 20-yr a f tls '54._ _ M S *9738 9914 ____
75
Cologne (City) Germany° ,28
1950 M 13 *2718 29 _22
Colombia(Rep)69 of'28_ _Oct'61
78 April 1 1935 coupon On.. Met 1961 A 0 3712 39
138
18
Jan 1 1935 coupon on__ _Jan 19613 J 3814
3912 58
201
/
4
Colomble Mtge Bank 634a of
1947 A 0 2358 2358
3
14
Sinking fund is of 1926
2312 23/
1946 M N
1
4 15
12
Sinking fund 7e of 1927
23/
1
4 23/
1947 F A
1
4
3
14
Copenhagen (City) 56
1952 1 D 90
9158 61
6012
25-year g 414s
1953 M N 8712 8814 14
5514
Cordoba (City) extl 5 1 75
1957 F A 47
47
2
12
75 stamped
4333 441
1957 /
4
9
3733
External:1 75_ ___Nov 15 _. 1937 SIN *50/
1
4
..
. 294
Cordoba (Prov) Argentina 78 __ _1942 .1 J 7318 -74
8
2518
Costa Rica (Republic)—
75 Nov 11032 coupon on
1951 MN *
42
2618
1951 ____ •
7e May 11038 coupon on
2412 _
14
For foonotes Bee Page 4102.
Mint
ties occur very rarely on the New York Stock
NOTE—tSalee of State and City
Exchange,
Bid and asked quotations, however, by active dealers in these securities, will be found on a subsequent dealings In such securities being almoe entirely over the counter
page under the general head of "Quotations for Unlisted Securities.'
a&
4098
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Deo. 28
r.
July 1
Week's
Range or ;
_ 1933 to
t3
,3,3iF. Nor. 30
-_.
t
Friday's
.•.-. a. Bid & AskedraTA
1934
Foreign Govt. &Munk.(Concl)
High No.
&GUI
Rome (City) extl 6455
1952 A 0 8158 83
37
Rotterdam (City) mai 6s___ _ _1964 M N *13134 137 ____
Rumania (Monopolies) gu 7a ____1959 F A *3418
3538
August coupon off
____
34
3834 8
Saarbruecken (city) 65
1953 .1 J *77
80 ___
Sao Paulo(City) s f 85._5far
1952 MN
May coupon off
1
25
25
Externals (63.4* of 1927
1957 M N
May coupon of/
1
22
22
1936 J .1 3612 3612
San Paulo (State) extl 8!85
1
July coupon off
.30
39
External sec s f 8s
1950 1 J 2378 25
70
*2378 27 __
July coupon off
External, fig Water L'n
1956 M 5 2112 2112
9
2234 2234
September coupon off
6
External o f 68
32
1968.3 .1 2058 21
20
July coupon off
21
10
Secured s f 7s
1940 A 0 9214 94
62
Santa Fe (Prov Arg Rep) 78
1942 NI 5 *52
5312 -2
Stamped
5013 5058
Saxon Pub Wks(Germany) is ____'45 F A
3613 3712
5
Gen ref guar 634s
3312 3412
6
1951 M N
Saxon State Mtge last 75
2
52
1945 J D 52
Sinking fund g 841s_ Dec _ _1946 J D 46
4
48
Serbs Croats & Slovenes 85
1962 M N *2414 25
2312 26
All unmatured coupon on
35
Nov 1 1935 coupon on
*2158
External sec 7s ser B
3212 3212
1962 M N
1
2358 2512 30
All unmatured coupons on
Nov 1 1935 coupon on
22
6
22
1958 1 D 6612 67
Silesia (Prov of) eat! 75
Mullen Landowners Assn 65 _ _1947 F A
5014 51
Sols5ons (City of) mit' 65
1936 M N 17318 17318
1946 F A *68
Styria (Prov) external 75
February 1934 coupon off
1055 F A
Sydney (City) s 1 531s
9912 9934
Taiwan Elec Pow 5 f 5445
1971 1 J 7412 7434
Tokyo City 55 loan of 1912
1952 54 5 •7038 73
External a f 5315 guar
75
1961 A 0 7414
1947 51 N
Tolima (Dept of) foal 75
12
12
Trondhjem (City) lot 5418
1957 M N 9014 9112
1945 J D 8218
Upper Austria (Prov) 75
Only unmatured coups attch__ __ -_- - 70
External s f 8418_June 15 ____1957 J
*6853
Unmatured coupons on
Uruguay (Republic) e111 85
1946 F A 44
Externals!65
1960 MN 4012
External 5 f 65
1964 M N 4134
Venetian Prov Mtge Bank is ____'52 A 0 ____
Vienna (City of) extl 3 f 65
1952 SIN *8114
May coupon on
8218
1958 /-A
6478
Warsaw (City) external 75
Yokohama (City) extl 135
1961 J D 7973
RAILROAD AND INDUSTRIAL,
COMPANIES.
1:Abitibi Pow & Paper lot 55____ '53 J D 3012
Abraham & Straus deb 531s
1943 A 0 10314
1948 M 5 86
Adams Express coll tr g 45
Adriatic Elec Co ext 75
1952 A 0 a9618
Ala (A Sou 1st cons A 55
1943.3 D *105
let cons 48 ser B
1943.3 D *10012
Albany Perfor Wrap Pap 65
1948 A 0 64
1946 A 0 100
Alb dr 819N 1st guar 344s
:Allegheny Corp coil tr 55
7158
1944 F A
Coll & cony 5a
1949 .1 D 8334
Coll & cony 55
1950 A 0 1934
1912
Certificates of deposit
Alleg & West 1st gu 45
A0 *86
1998Alleg Vol gen guar g 45
1942 M S 10534
1937 M N 10012
Allis-Chalmers Mfg deb 55
1955 M 8 *931g
Alpine-131ontan Steel 1st is
1935 F A •10018
Amer Beet Sugar 68
F A
65 extended to Feb 1 1940
9614
American Chain 5-yr 65
1938 A 0 9918
Am & Foreigh Pow deb 5s
2030 re 8 5078
American Ice 5 I deb 55
1953 1 D 6834
Amer I G Chem cony 541e
1949 M N 10475
Am Intermit Corp cony 5445 ____1949 J J 8314
Amer Mach & Fdy a I Os
1939 A 0 10514
Am Rolling 51111 cony 5s
1938 M N 10712
Am Sin & R 1st 30-Yr 55 ser A ___'47 A 0 103
Amer Sug Ref 5-year 68
1937 J I 10212
Am Telep az Teleg cony 40,.
1936 M S 10314
30-year coil tr 53
1946 J D 10834
35-year a f deb 55
1960.2 J 11058
20-year of 541s
1943 MN 11112
Cony deb 4415
1939.3 J 10613
Debenture 58
1985 F A 11053
:Am Type Founders 65 ctfs
31
1940 Am Water Works & ElectricDeb g 65 series A
1975 51 N 7414
10-yr 5s cone coil tr
1944 PA S 91
:Am Writing Paper 1st II 611
1947 1 J 22
Anglo-Chilean Nitrate 75
1945 M N
858
:Ann Arbor 1st g 4s__July_ _1995 Q J 54
Ark & Mem Bridge & Ter 5s
1964 M S 84
Armour & Co (III) 1s1 4315
1939 J D 102
Armour & Co. of Del 5415
1943 .1 J 10318
Armstrong Cork cony deb 55 ____1940 .1 D 10334
Atch Top & S Fe-Gen g 45
1995 A 0 10618
Adjustment gold 4&-July -__1995 Nov 10113
Stamped 45_ _
_1995 M N 101
_ July
Cony gold 45 of____
1955.3 D 101
____
Cony 45 01 1905
1955.2 D 10178
Cony g 48 issue 01 1910
1960 1 D .9753
Cony deb 4415
1948 1 D 10613
Rocky Mtn Div lot 45
1965.2 J •100
Trans-Con Short I. lat 45
1958.3 1 1065s
Cal-Ariz 1st & ref 4415 A
1962 Pli 9 10958
All Knox & Nor 1st g 55
1946.3 D •105
--
25
12
1
4
7
35
8
1
8218
2
70
1
97 ____
45
28
4238 44
4214 23
__ ____
-90 .._ .
8218
2
6512 23
8114
18
Low
7812
9118
23
32
56
18
2012
1558
1912
1518
32
1212
1812
1278
2212
1034
1774
61
17
38
3212
2812
38
4478
1914
1234
1312
17
1212
11
42
33
117
4714
70
75
58
5334
5334
813
6334
5134
70
4112
70
33
2612
2858
8914
5258
431z
41
03
33
48
1535
10412 17
87
61
8773 21
a961s
8
9014
10712 _
8012
--------74
6412
7
4612
10012 24
83
75
185
4734
6634 189
41
19
23
89
22
69
21
90
62
10578
5
93
10058 39
8312
50
10014
7014
9612
7
80
9912 46
5812
56
457
32
6713
7
62
10514 66
7613
86
31
65
10514
1 103
11034 133
87
10414 17
92
104
39 10212
10314
2 10078
10978 72 10113
11114 73 10178
11134 31 104
107
20 105
11138 1821 10131,
3112
6
20
6
7538
93
218
2234 33
10
136
54
1
85
4
10212 70
10358 151
19
10414
10714 109
10112
9
102
14
102
26
102
6
107
102
10658
10958
110
39
I
7
58
05
18
314
27
7818
75
74
85
8414
7412
7518
75
7414
78
8813
79
89
8714
9934
For footnotes see page 4102.
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
Dec. 29 1934
Week's
July 1
t es
Ran.
ta
Range or , 1933 to
Range
BONDS
Since
N. Y. STOCK EXCHANGE
Friday's
Since
Rzt, Nov.30
ri t.
Jan. 1
.Bid & Asked .60
Week Ended Dec. 28
1934
Jan. 1
Low
High
Low
Mob No. Low Low
High
At! & Char! A I. 1st 4115 A
92
80
1944 J J 10312 10312
8678 10412
3
8678
112 144
1st 30-year 55 series 13
88 10634
86
1944 J .1 10612 10634 10
23
40
Atlanta Gas L 1st 53
95 10018
05
___ ---1947 J 0 *1011
32
3634 Atlantic City 1St guar 45
9114
75
74
2-95 ____
1951 J 1 *9113
Atl Coast Line 1st coast., July ...._'52 NI 8 100
6615 81
82 101
45
7112
101
22
8934 28
30
General unified 4415
6113
________ 1 D 89
74
92
2012 2514
L de N coil gold 4sOct
68
85
57
10
79
A.-- ----1952 SIN 78
1735 26
All & Dan lot g 4s
1948.1 J 3714 3714
5
35,5
35
5378
2d 4s
1912 23
47
29
31 __-,
1948 J 1 *29
27
Atl Gulf & W I SS coil tr 55
18
1959 .1 .1 4418
45
4012 6118
4512
9
4012
32
42
3937.3 .1 10718 10714 13 101
Atlantic Refining deb 5s
10353 108
1358 2914 At! & Yad 1st guar 48
64
46
5338 __ -1949 A 0 *45
37
1812 29
Austin & N W lot gu g 5s
7914 92
92 .-1941 J J *87
75
1338 2578
2212 2578 Baldwin Loco Works 1st 55
99 108
1940 M N 10112 102
31
9814
1258 2812 8811 dr Ohio let g 45-_- July ____1948 A 0 10038 10158 108
8812 10314
8214
1778 2458
Refund dr gen 55 series A-----1995 J D 6914 7112 04
5413
63
86
1st gold 5s
94
65
9812 109
July
9418
10658 99
_1948 A 0 106
Ref & gen 68 series C
1811 53
7338 9712
59
8138 59
1995 J 12 79
P L E dr W Va Sys ref 4s
5158
38
85 100
1941 MN 9778 9834 27
7638
3212 67
Southwest Div 1st 341-55
8312 10014
1950J J 9612 9714 89
7414
Tol & Cin Div Ist ref 4s A
2812 6078
1959 J J 8212 83
8812
7
61
66
4212 71
Ref & gen 55 series D
2000 M S 68
53
6278 8518
70
74
Cony 4448
4478 70
5212 5412 178
4012
1980 F A
4912 7234
1996 111 S 63
2118 33
Ref & gen M Is ser F
6978 65
54
6212 8578
Bangor & Aroostook 1st 58
26
16
9412 101 110
11014 __-_
1943J J •110
1313 1814
Con ref 4s
75 101 14
1951 J J 10014 10034 17
7413
4s stamped
18
3334
1951 ,--- 10112 103
36 10212 101 12 1031 2
1234 2512 Batavlan Pete guar deb 4345 ____1942 -1 J 110
4
9438 10233 116
110
11
2438 Battle Crk & Slur tat gu 35
1989 J 0 *5918 73 __-60
60
6514
Beech Creek 1st gu g 45
90 10214
1936J J 10112 10112
5
88
2d guar g 5s
5235 71
101 __-1936 J J 595
8912
92 10134
Beech Creek ext 1st g 3148
69
33
83
1951 A 0 *90_ _ __-95
66
150 17414 Bell Telep of Pa 55 series B
7 103
108 114,4
1948 / 1 11314 11-313
1st & ref 55 series C
55
9578
1980 A 0 11714 11758 19 10314
106 11753
Beneficial Indus Loan deb 65 ____1946 M S 107.2 108
70
70
4
82
84 108
80
9934 Berlin City Elec Co deb 6415 ____1951 J 0 36
37
44
2758
2755 6534
Deb sinking fund 644s
6134 75
31
3218
14
2534
2534 67
1959 F A
7312
Debentures 8s
65
2438
1955 A 0 2814
2458 6514
3014 17
Berlin
Elec El & Underg 6345 _ _1956 A 0 *3118
6134 77
__
2758
2758 74
Beth Steel lot at ref 513 guar A __ 242 M N 106
1012 17
27
107
9418
9973 1155s
30-year p m & inapt a I 5s
6734 9312
94
1936.3 J 10234 10312 80
99 .104
Big Sandy 18t 4s
9618 103
1944 J D •1025
90
__ __-Bing & Bing deb 6415
62 104
45 _._ 25
30
1950 M 14 *33 8-3712
Boston & Maine 1st 514 A C
70
76
122
5914
1967 51 S 7114 73
6412 9015
lot NI 5s series II
4812 9814
72
46
61
6578 90
1955 M N 7114
1st g 4415 ser JJ
70
70
56
1961 A 0 6658 6714 28
6058 8414
3412 46
Boston & N Y Air Line 1st 4a ___1955 F A 37
12
47
40
37
7312
2714 44
I:Botany Cons Mills 6345----1934 A 0 1214
3
812
812 25
13
2914 44
A 0 10
Certificates of deposit
1
758
758 20
10
4Bowman-Bilt Hotels 1st 75
8914 109
1934
M S *458 ------------412 412
58
9912
Strap aa to pay of $435 pt red
82,2 4:11'way & 7th Ay 1s1 cons5a'43.3 0
50
978
278
2
81
953 1013
6814 Brooklyn City RR 1st 55
53
1941 J .1 *8834 8912 __-_
6812
72
8913
8114 Bklyn Edison Inc gen 55 A
86
1949 J J 10914 110
17 103
10512 11012
Gen mtge 55 series E
16 10212 10514 11014
11014
1952 J J 109
Bklyn-Manh It T sec Os A
1968.3 / 104
8635
10434 137
9314 10434
Bklyn Qu Co & Sub con gtd 55
4
5258
_'4I SIN
5614 58
5253 67
1812 4834
--------5754
1s1 55 stamped
1941 J J *60
6614 6734
93 10534 Bklyn Union El 1st g 55
4
7212
7512 10013
1950 F A 10014 10012
89
Bklyn Uzi Gas lot eons g 55
62
1945 M N 11458 11518 25 105
10634 11558
1st lien & ref 65 series A
9014 110
1947 MN •12258 --------10514
11078 12358
94 10412
Cony deb g 5445
158 158
1936 J / -------- ----158
96 10114
Debenture gold 5s
1950 J 0 10212 10338 27
03
98 10533
1st lien & ref 5s series B_
56
70
1957 M N 10778 109
10 10013 10434 11078
85 10012 Bruns & West lot IN e 45
5
8878
1938 1 / 10158 10158
8878 10158
5118 75
Buff Gen El 4345 series B
3
11612
1981 F A 10834 109
99 10934
44
6913 Buff Roth & Pitts gene 58._
91
10534
1937 M 5 105
2
97 106
19
Consol 441s
46
31
1957 M N 6434 66
50
5878 8034
1912 4018 IIBurl C R & Nor 1st & coil 55 _ __'34 A 0 19
4
2578
19
20
48,4
7334 91
Certlficates of
25
40
*1818 24 ____
20
96 10578 :Bush Terminal lot
deposit-1
4s
39
1952 A 0 75
60
75
75
1955
J
J
901g 101
Consol 55
41
45
43
1018
1213 45
5614 95
Bush Term Bldgs 55 gu tax e_.x '80 A 0 5714
5838 17
31
3638 61
71 101
By-Prod Coke 1st 5415 A
54
7634 11
1945 NI B 75
6112 88
80
9612
Cal 0 dc E Corp unf & ref 5s
64 100
1937 51 N 10734 10778
6 10238 10318 10858
35
5912 Cal Pack cony deb 58
15
85
1940 J J 1012 104
8813 10418
62
7934 Cal Petroleum cony deb 5!15----5 '39 F A 102
5
92
102
9638 103
8378 10834
Cony deb a f g 5415
9918 10412
1938 MN 10258 103
31
9414
6718 8712 Camaguey Sugar 75 etre
278 12
8
1 18
314
334
1942
,
10412 10712 Canada Sou cons gu As A
A0 109
5
79
92 10978
1962 -109
9514 11612 Canadian Nat guar 4415
9118
9853 10634
1951 51 5 10234 10378 33
30-year gold guar 4415
9912 107
1957 J J 11212 11334 30
9114
9812 11458
10213 10712
1068 J 0 10412 10558 23
Guaranteed gold 434s
9118
9912 109,3
10158 10458
Guaranteed g 5s
9834 105 1185g
July 1069.3 1 1174 11838 19
Guaranteed g 55
10518 11012
9818 10478 120%
Oct 1989 A 0 11878 12018 18
10314 11112
Guaranteed g 55
0634 105 l2018
12012 65
1970 F A 119
10575 113
Guar gold 4445
4
9434 10218 11812
June 15 1955 J D 11675 11734
Guar g 434s
10618 113
9158 100 11658
1956 F A 11458 11558 36
10018 11532
Guar g 4415
9155
10318 11138
Sept 1951 54 5 11358 11413 59
Canadian North deb guar 75
20 40
105 1095*
1940.3 D 10712 10778 48 10218
24 10518 10914 12212
1946.3 1 12134 122
Deb guar 644s
6414 90
1935 J J .10058 1004 _-_
guar g 4445
9813 10012 10418
91 , Ill
Canadian Pac Ry 4% deb stock __ ____ „-- 85
5234
61
8638 125
861 2
66
18
62
37
Coll tr 444s
7434 10012
1946 Ai S 9914 100
37
9433
110
9918 11073
1944 J J 109
5,5 equip tr ctfs
7314
5
1734
Coll tr g 55
Dec 1 1954 J 0 10218 10234 41
7714 10234
71i8 9738
Collateral trust 4318
6434
29
1900.3 J 9512 97
60
60
19
80
45 ____
90
:Car Cent lot guar g 45
3212 45
1949 1 J *40
8712 10278 Caro Clinch & 01st 55
107
1938 .1 D 106
12
9534
9514 107,4
8914
82 10334
11
1st & cons g 65 ser A
Dec 15'52 J D 10812 109
9014 10912
88 10412 Cart & Ad lot gu g 45
77
1981 J D 77
1
68
70
84
93 10734 Cent Branch U P lot g 48
44 ____
2414
1948 1 D nz
28
56
84 102
1943.3 0 10835 10914
Cent Dist Tel 1st 30-yr 56
7 10358 10453 110
Nov 1945 F A *40
83 10234 :Central of Ga 1s1 g 55
60 ____
39
41
65
22
1914 21
8212 102
1945 MN
Consol gold 5s
1613
1812 38
Ref & gen 5345 series B
30 102
11
1959 A 0 10
18
834
9
26
Rd keen 55 series C
7811 97
11
1959 A 0 10
21
813
9
26
Chatt Div pur money g 45
9514 108
1951 .1 D *1813 27 ___
1712
18
37
Mac & Nor Div 1st g 55
82 102
1046 J J *_
25 ____
35
Mid Ga & All Div pur m 5._ __s '47 .1 J *17
9514 10834
25 ___
20
20 -21-12
Mobile Div 1st g 55
1946 J J *2113 --------25
95 10958
25
35
Jan 1957 5.1 8 •10834 ---- ---. 10018 10413 10912
9954 10512 Cent Hudson 0 & E 55
-
-
NEW YORK
Private Wires to Chicago, Indianapolis and Si. Louis
4099
New York Bond Record-Continued-Page 3
t,„
Week's
July 1
1933 to
Range
BONDS
h 3 Range or ;
F.3 Nov.30
Friday's
Since
,i• t
N. Y. STOCK EXCHANGE
... o. Bid ..4 Asked 4/10% 1934
Jan. 1
Week Ended Dec. 28
High No.
Low Low
Low
High
70/
1
4 7112 36
1951 F A
43
4512 72
Cent Ill Elec & Gas let 58
65
1961 J J 65
60
5
60
8334
Cent New Engl 1st gu 48
1987.7 J 10578 10678 12
95 10878
90
Central of N J gen g 5s
1987.7 1 e9072 e9078
78
9712
78
5
General 4s
/
4 98
124
1949 F A 971
65%
7512 9834
Cent Pao 1st ref gu g 4s
1
4
1954 A 0 *95/
6312
Through Short L 1st gu0
734 9534
7518 7614 66
1960 F A
55
6372 87
Guaranteed g rra
1
4 6214
1
49
53
73
:Cent RR & /3kg of Ga coil 55 _ -1937 M N 62/
1941 MN •11412 115
10118 115
100
Central Steel 1st g a f 8s
42
1948 M 8 6834 7112 100
5218 7478
Certain-teed Prod 5 He A
1
I
•
,
•
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 28
Week's
July 1
4. t,
Range or ; 1933 to
;
4a
Friday's.
E n_ Nov.30
-.4 t
'*3, Bid & Asked r5.5 1934
Low
1954J .1 *
Con.sol Ry non-cony deb 48
1955 .1 J *____
Debenture 4s
1955 A 0 •____
Debenture 45
1956 1 J *___
Debenture 413
:Cone Coal of Md lot dr ref 5s..._1950 1 I:1 30
-- r 2934
Certificates of deposit
Consumers Gas of Chic gu 58--1936 1 11 10334
1952 M N 108
Consumers Power let 58 C
1946 J D 99
Container Corp lot 611
1943 J D 80
15-year deb 58 with warr
Copenhagen Telep 56 Feb 15 __ _ _1954 F A 196
1 0 10512
1947.
Crown Cork Seal a f 6s
1951 J .1 10118
Crown Willamette Paper 6s
1940 NI fl *9734
Crown Zellerbach deb Saw w
1942 1 /3 34
Cuba Nor Ry lot 530
2812
19521 J
Cuba RR lot 5a g
1963 J D 2312
1st ref 7348 series A
1936 1 0 26
1st lien & ref 68 ser B
112
1950 .1 J
ii:Cuban Cane Prod deb 68
Cumb T & T lot & gen 541
1937 J .1 10612
High No
31 ---39/
1
4 ---4812 ---4112 _-3212 60
3112 29
10438 14
5
10878
9912 10
66
83
13
96
10618 22
9
102
9834 ---3534 39
6
3014
7
273
1
26
1% 191
7
10612
Low Low
Wigs
3212 5912
40
4912
4912 58
4432 59
4458
44
44
584
10
12
3212
/
4 3112
111
10
98
100 10518
10012 1094
98
70 100
68
4912
52
83
69%
754 96,4
9612
97/
1
4 107
7912 103
75
70 100
65
15
1914 39
18
34
1314
16/
1
4 31
1318
15
15
29
1%
112 85
10312 10714
102
2 103
1936 J J 10458 10458
103 108
Charleston dr Sav'h 1st 78
10458 182
94
96 110
Chesap Corp cony 5s ___May 15'47 M N 104
1939 M N 11034 1118 19 104
1054 11234
Ches & Ohio lot con g 58
9114
General gold 490
1992 M 8 11414 11434 26
9834 1144
10834 40
83/
1
4
1993 A 0 108
Ref & Rapt 4348
8858 109
1995 J J 10718 10814 68
8812 109
84
Ref & Impt 430 ser B
_ ---1940 1 1
96
Craig Valley let 5s_ _May
974 105/
1
4
*105-10278
Potts Creek Branch 1st 4s
1946 1 .3•
85
934 101
R & A Div lot cons 48
901
/
4
1
1989 J J 10518 10518
97/
1
4 10518
2c1 corm!gold 4s
1989 J 1 *10112 --------8712
874 101,2
67
66
Warm Spring V 1st g 5s
1941 M 8 *10538
Del & Hudson lot d ref 4s
1943 M N 9334 947
99 105
99
927s
102 --__
45/
1
4
Chic & Alton RR ref g 3e
1949 A 0 454 4912 21
4512 7018
58
1935 A 0 *101
8912
14
M
N
1937
10218
103
84
Chic Burl & Q-III DPI 330
1949 1 J 10134 1028 25
Gold 530
88 1027
9334
5
23
93
107
Illinois Division 48
1949 1 J 106
Del Power & Light let 430
1971 1 J 1055g 10558
97 107
88
1
103
General 4/8
1958 171 8 10614 10714 51
8414
let & ref 4E5
1969 1 J 103
9212 10714
93
10512 ---1969.1 J *105
1st & ref 430ser B
77
1977 F A 1064 10712 34
1st mortgage 430
8818 10712
_ ___,
1936 F A
96
18t & ref 58 ser A
1971 F A *11078
96 11112 D RR & Bridge let g 48
8412
1
53
75
f:Chicago & East III lot 68
1934 A 0
1024 10212
85
8
_53
Den Gas & El L let & ref a f 58 _ 1951 M N •10283
2
8312
102
9
106
8
IC & E III Ely (new co) gen 5s
1951 M N
7/
1
4 254
778
Stamped as to Penna tax
1951 Iv! N 102
7/
1
4
5
7
74
3012
Certificates of deposit_
deposit
Den & It0 lot cone g 411
1936 J J 3434 3614 145
64 21
---_
34
11034 111
Chicago & Erie lat gold 5a
22
1982
8212
Consol gold 430
1936 J I 3712 3812 20
91 111
10
35
Ch G L & Coke lot gu g .58
97
1937 J J 10312 104
9814 106
Den & R 0 West gen fra __Aug 1955 F A 1058 1112 50
8
30
934 11
304 25
Chicago Great West 1st0
---25
1959 M 5 2914
25
Assented (subi to plan)
57
2012
49
21
0 stamped_
1969 ---- 2634 3018 105
24
Ref & impt Sc ser B
24
33
Apr 1978 A 0 20
24
vi
54 ___
1935 J .1
:Chic Ind &Louis,ref 6s
1947 J .1 211 2134
1
21
21
4712 :Des M & Ft Dodge 4a etts
21
1947 M S ------------8358
Refunding g 5a ser B _____ __ _ _1947 J .1 21
2
2114
21
4218 Des Plaines Val lot gu4 He
Refunding 40 series C
25 --__
1947 1 J *18
20
41
20
95
24
109
614
lot & gen 58 series A
7
758 25
1966 M N
1949 A 0 107
534 237s Detroit Edison 5s ser A
2
92
1st & genes series B_May
8
612
712 10
1966 1 1
Gen & ref 58 series B
1955 J D 10834 10834
612 2538
9414
89
Chic Ind & Sou 50-year 4s
3
1966J J 881
1962 F A 10834 1091s 11
70
71
9534
Gen & ref 511 series C
1961 F A 10658 10714 24
854
Chic L 8& East let 430
1969 1 D *10818
99
Gen & ref 430 series D
99 1057s
10914
164
Chit) M & SIP gen 48 ser A
9178
9
49
1989 1 J 5418 56
49
Gen & ref 58 series E
1952 A 0 109
7478
1959 J J 4812 50
20
Gen g 330 ser 13 May 1
4
47
Det dr Mac lot lien g 48
1995 J D *26____
47
71
47
; ____
Gen 430 series C_-May 1 __ _ _1989 J J 58
6012 22
ills
52/
1
4
521
/
4 8012
Second gold 4s
1995 i D •i212 TI
Gen 430 aerial E__May 1 __ _ _1989 J .1 59
84
52
5
59
52
81
Detroit River Tunnel 430
1961 M N 10614 10614
92
30
Gen 43-ja aeries F-_May 1
1989 J J 60
5412
9
6114
Dodge Bros cony deb 68
1940 M N 10634 107
5412 84
87
/
4 2238 642
5
Chic MIlw St P &Pao 55 A
18
1975 F A 201
1942 1 J 1011e 101%
18
5612 Donner Steel let ref 7s
_ 102
Cony ad) 5a
534
5%
61
/
4 688
Jan 1 ___.1000 A 0
1941 1 J 010514, _ __
534 2358 Dul Missabe & Nor gen 53
2 102
1937 A Oi 10714 10171
Chic & No West gong 330
1987 M N 4558 4614 13
46
Dul & Iron Range lat 58
4558 70
20
6
411g
General 4/4
1987 MN 4818 50
48
83
48
Dui Sou Shore & Atl g Es
1937 J J 41
77
9914
Stud 45 non-p Fed Inc tax
1987 M N 84912 64912
5412
5
Duquesne Light lot 430 A __ 1967 A Oi 10734 10858 36
50
78
Gen 4348 stud Fed Inc tax
99%
1987 M N 5418 5512 10
1957 m 8 *11112__. ___
lat M g 430 series 13
5512
544 8234
Gen 5s stpd Fed Inc tax
573 873s
43
1987 M N 5738 59
58
-1
614
45
858
93
430stamped
_
___
1987 MN __ __
56
6012 62 !East Cuba Sug 15-yr a f 730
1937 M 5
Secured g 640
-- ___-1 8912
6212 -6512 34
1936 M N
1946 A 0 *1003
East Ry Minn Nor Div let0
64
62
98
4
1-0814
1st ref g 58
78
May 1 _ _2037 J D 2638 2834 46
2912
1956 M N 10842638 6612 East T Va & Ga Div 1st 5s
1st & ref 410stpd_May 1 _ _ _2037 J D 22
99
2
107
25
145
2612
1939 J J 107
22
60% Ed El III Bklyn 1st cons0
2 1074
124
1905 J J 124
lot & ref 4%.ser C_May 1 _2037J
D 2158 25
116
Ed Elec(NY) lot cons g 5s
215 61
25%
5
Cony 45is aeries A _
3118
1612 1912 632
_ _ __I919 M N
2034
1612 5312 El Pow Corp (Germany) 630-1950 M 8 3512 36
I:Chicago Railways lot__30
58 ------let sinking fund 834e
1953 A 0 *3412 35 ____
- F A *6418 70
89
105 ____
Aug 1 1933 25% part pd
1941 MN *104
47
67% Elgin Joliet dr East let g 58
4214
814
1
91
1965 A 0 91
:Chic RI & P Ry gen 48
1988 J J 3914 4218 104
40,4
3812 7312 El Paso & SW let 58
-_-_
90
38/
1
4 3814
Certificates of deposit
4
1940 1 .7 *10138 10178 ___
40
Erie & Pitts g gu 330ser B
381
/
4 73
!Refunding gold 48
90
__
1940 J J *10112 10134
1934 A0 1412 1512 281
1414
Series C 330
1414 3112
69
1996 J J 9712 9814 61
Certificates of deposit
1434 133
---- 13
14
Erie RR let cons g 48 prior
13 1 29
;Secured 430 series A
52
1612 113
1952 M 5 1538
1512
1st consol gen lien e 48
1996 1 1 7578 7713 50
151
/
4 3234
1951 F A •____ 10412 ____
99
Certificates of deposit
- *15
18
15
Penn coil trust gold 48
15
28
57
5012
3
76
1953 A 0 76
Cony e 4144
1960 M N
658
Cony 48 series A
7% 153
58 1834
1953 A 0 75% 76
504
6
Series B
Ch StLdeN Co 52
1
4
1
81 107
75
June 15 1951 .1 D 10412 104/
Gen cony 48 series D
1953 A 0 ------------62
Gold 3348
1967 M N 71
4612
7178 124
June 15 1951 J D *78
6312
Ref & impt Sa of 1927
8434 8434
Memphis Div 1st g 48
46%
1975 A 0 7012 7112 219
84
1951 1 D *81
63/
1
4 8634
59
Ref & impt 58 of 1930
Chic T H & So East lot 58
21
1960 J D 49
9014
8
4934
45
45
80
Erie & Jersey 1st s f 68
1955 1 J 11358 114
Inc gu 5a
9212
5
Dec 1 __l960 M S 2714 2958 29
2558
2558 62
Genessee Myer lot a f (Ls
1957 1 .1 11212 1124
Chic Un Sta'n let gu 430 A
--------86
1963 J J 10818 10814 34
9334 10038 10878
N Y & Erie RR ext 1st 45
1947 M N *103
Se series B
1983.st
95
__
.1 110
1 100
110
3d mtge 4 Ha
10512 11012
1938 M 8 *1011
Guaranteed g 58
1944 J D 107
68
81-8
7 ___ _
15
107
95
9714 10834 Ernesto Breda 78
1954 F A *._ _ _2let guar 630 series C
19633 J 11314 11378 29 108
11134 1154
Chic & West Ind con 4s
1952.3 J 9118 9238 69
60
1
63%
78
Federal Light & Tr 18t 58
7214 93
1942 M 8 78
lot ref 530 series A
75
1942 M S 57912 8012 ____
1962 M 5 10214 103
48
82
Es International series
8458 1044
Childs Co deb 5/3
59
- ____
1943 A 0 6038 62
61
3014
lot lien a f 58 stamped
41
65
1942 M S
Chile Copper Co deb 58
5912
1
81
81
79
1947 1 .1 78
85
46
56
87
1st lien 68 stamped
194 M S *7018--('hoc Okla & Gulf cons 56
61
1952 M N 37
4614
1
37
37
2
36
62
30-year deb 6/3 series B
1954 J D 61
Cin G & E let M 48 A
9712
95 ____
194 .1 J •____
1968 A 0 10312 104
22
8778
92 10412 Flat deb a f g 78
Cin II & - 24 gold 4348
1937 J J *10338
25
40 ____
96 10312 :Fla Cent & Penin 58
887s
_194 J1 J *33
CIStL&C lug 4aAug 2
48
9712
4
4
1936 Q F 10314 10338
99 104
:Florida East Coast let 430
l959i D 6612 67
Cm Lob & Nor lit cot gu 48
1942 MN •101
612
89
9
11
85 101
82
1st dr ref 58 series A
1974 M 5
57
CM Union Term lot ella A
2020.3 .1 10914 10972 10
1034 60
9
- -9758 100/
Certificates of deposit
1
4 110
lot mtge 5s aeries B
2020.3 .1 112
11234
1952
9811
/
4 1042 11278 :Fonda Johns & Cloy 4%a
3
1st guar 58 series0
1957 MN 11312 11414 35 100
4
M N .5478 10 ____
Proof of claim filed by owner
104/
1
4 11414
Clearfield Bit Coal let 0
1940 J .1 *64
521
/
4 654
5218
(Amended) let cons 2-4a
fi83
Clearfield & Nish let gu Si
1943.1 J *10014
3
5378
5 ____
9658 103%
7812
- ---Proof of claim filed by Owner„... M N
Cleve Cin Chi & St L gen 48
/
4 --9612
65
4
1993 1 D 951
751/497
312
---2
3
313
Certificates of deposit
General 58 series 13
1993 J D
83
- ____
9212 109
9212
Fort St U D Co 1st g 430
1941 J J
Ref & impt 6s ser C
1941 1 .1
9858 9858
1
9478
5
10534 10534
73
1961 J D *10018-80 10012 Ft W & Den C let g 594s
Ref & impt 58 ser D
10631 .1 8158 8158
1
66
9434
1
7438 9112 FramerIcan Ind Dey 20-yr 730
1942 J J 10618 10618
Ref dr impt 430 ser E
1977 J 3 73
74
15
5
25
91
22
64
82 :Francisco Sug lot at 730
5534
1942 M N
Cairo Div let gold 45
_ _ ____
1930.1 ./
92 1044
8818
Cln W & Al Div 1st 45
*8511 88 ____
58
1991 1 .1 *104-75
2
68
81
9212 Galv nous & Rend let 5348 A_.._'38 A 0 81
St L Div let colt ti g 48
91
1990 M N *88
77
66
7334
18
95
Gannett Co deb 68 ser A
1943 F A 10034 101
Spr & Col Div lot g42
/
4 ---- ---1940 M 5 •1021
92
99
85
Gas & Riot Berg Co cons g 5s__ _1949 J D *1111
--__ 10358
W W Val Div let g 4s
19401 J *95
--------72
1
3512
8-643
-4
7378 96
!Gelsenkirchen Mining 68
1934 M S 64%
Cleveland & Mahon Val g 5s _._1938 1 1 104
9912 104
87
Gen Amer Investors deb 58 A --- _1952 F A
4
104
7312
9812 9978 19
Ciev& Mar let gu g 430
1935 MN 0101
99
10112 9912 102
10414 25 1110
Gen Baking deb 8 f 5)4e
1940 A 0 103
___
*10412
Clev & P gen gu 4%s ser B
0
1942 A
48
8712 15
Oen Cable 1st a f 5348 A
1947 J J
@FedFRASER