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The Financial Situation
HE gold clause question has overshadowed every- a good many. .So that by the time the issues were
thing else in the financial community during about to reach their final legal test before the court
the past week. With its many ramifications, it has of last resort, the community had apparently beindeed extended its influence far beyond the banks come rather accustomed to this new and strange
and the securities markets. At times, as on Tuesday, conglomeration of unprecedented legislation, and
the behavior of the foreign exchange and securities accordingly was rather unprepared for what a
markets bordered upon the hysterical. For much learned and dispassionate group of eminent jurists
of this excitement there was no very good reason, trained in what we had always considered the fundaand as the week wore on a calmer frame of mind mental philosophy of American jurisprudence and
was manifest, even though much deep anxiety was economic justice might do when required to subject
still in evidence. Unquestionably there was and is this legislation to realistic analysis. All this doubtgood warrant for this, growing out of the uncertainty less is quite true to human nature, a fact which
as to what the Supreme Court is likely to hold in makes the condemnation due the Administration
the premises, and the well-justified doubt as to for conducting itself as it has all the more severe.
As for ourselves, we
whether Congress can be
heartily welcome what
depended upon to act raA Ghost That Will Not Down
seems to be the disposition
tionally in the event of a
"We believe . . . that it is essential
decision upholding the gold
of the Supreme Court to
that the Federal Government assume responclause either in the conlook the facts squarely in
sibility for safeguarding, investing and liquidating all reserve funds (of unemployment
tracts of the Government
the face and not to "wince
insurance schemes), in order that these reitself or those of corporaand relent and refrain"
serves may be utilized to promote economic
stability . .
—From the Cabinet Comtions, or both. At best,
when the situation requires
mittee report to the President on social
moreover, a period of drascourage and determination.
insurance.
tic readjustment in certain
Here we have a recrudescence of the idea
We should applaud a dethat business stability can be effectively
aspects of our business life
cision
by the Court uppromoted by monetary manipulation. On
would be unavoidable if
such an idea, of course, was based the theory
holding the gold clauses in
of Prof. Warren, in accordance with which
the Court should invaliall particulars and interdrastic manipulation of the dollar was cardate the gold clauses.
preting them to mean just
ried forward—with what results we are now
beginning to see, since the constitutionality
There is, however, really
what
everybody knows
of it, or a part of it, has been called seriously
no reason for panicky acthey were intended to
into question.
To be sure, the proposal to use unemploytion, and certainly none
mean. We think that the
ment insurance reserves for the promotion of
for criticizing the Supreme
Attorney-General has
economic stability does not directly involve
Court for what it has done,
the monetary unit as such, but it is evident
greatly exaggerated the difenough that essentially what has become
or for a ruling, if made by
ficulties that would be enknown as "managed money" is contemplated.
it, that the contracts in
It may well be true, as some insurance excountered as a result of
perts hold, that the unemployment schemes
question are to be held insuch
a ruling, provided
now contemplated will not for some years to
violable. Indeed, it is not
Congress, under
that
only
come, at least, produce any very substantial
reserve, due to the drain upon such funds
altogether clear why intelleadership of the Presithe
almost certain to occur under any conditions
ligent business men should
dent, would then perform
very likely to obtain in the predictable
future.
find in the present situaits plain duty, which for
At the same time, it is well to note that at
tion anything essentially
one thing should include
another place the Committee already quoted
says: "The Secretary of the Treasury is
unexpected. It seems to
a revaluation of the dollar
recommended to have full responsibility for
us, on the contrary, that
in terms of gold. In any
the safeguarding and investment of all social
what has happended has
insurance funds."
event, we cannot for a
Old age pension reserves are estimated at
all along been more or less
moment agree that the ac$15,250,000,000, and the fact that a considerinevitable, unless, indeed,,
able period of time will be required for these
tion taken by the Governplans to get into full operation ought not
the highest court in the
ment was in any way necto blind us to the nature of the proposals.
land is to be presumed to
essary for Congress to
have succumbed to the
maintain a uniform and
emotionalism of the day, which has been fanned sound currency,or for that matter even conducive to
by the wholly insupportable doctrines of the "brain that end. Just what'relevancy any other economic
trust" in Washington. Of this latter there was argument has to the issue before the Court is too
some slight evidence a year ago. That evidence, much for us.
we think, has now fortunately vanished in a large
The Legal Tender Experience
measure, although of course one can never be very
Those familiar with the financial history of the
certain about such matters.
United States will remember well the political conNever Believed Constitutional
demnation of the Supreme Court during the GreenAt any rate, there was at the outset more than back era of the late 1860's because that tribunal
serious doubt in most informed minds about the would not yield to the clamor of the day. They
constitutionality of a large part of the New Deal will likewise remember the movement that finally
legislation, including of course that which had to succeeded in what is now described as "packing"
do with banking and monetary subjects. These the Supreme Court for the purpose of getting a
fears were widely aired at the time, and indeed reversal of the first legal tender decision. Yet it
widely shared. As time passed, however, this aspect is not the Supreme Court that refused to be swept
of the situation seems, perhaps naturally, to have from its feet which is condemned by history, but
been gradually lost to sight, at least on the part of rather the Congress which by its yielding to false
T
MP
350
Financial Chronicle
Jan. 19 1935
prophets subjected the country to the terrible conse- Cabinet Committee at points contents itself with
quences of greenbackism. We venture the pre- statements that some way must be found in the fudiction that should it now show iteself unmoved and ture to reduce this expense below that which their
unmovable by the clamor of the day, the Supreme own actuaries have said would be involved.
Court, rather than the legislative and executive
The Magnitude of the Plans
branches of the Government, would again win the
The various aspects of these plans are described
favorable verdict of history.
elsewhere in this issue. It may, however, be well to
Let us not forget that the legislation now in call attention here to the magnitude of some of the
question and those other statutes likely to be.brought problems involved in them. The Cabinet Committee
to a test before the highest court during the year, report to the President envisages old age pension
are objectionable not only upon strictly consti- reserves in the amount of some $15,250,000,000, a
tutional grounds, but also and equally from the figure about half again as large as the combined
standpoint of economic well-being. Whatever atti- deposit liabilities of the mutual savings banks of
tude the Supreme Court may take, the natural the country. And the figure has been reduced to this
forces of economics are certain, sooner or later, to size only by having the Government itself assume
require extended and painful readjustments to rid enormous but apparently undetermined liabilities
the economic system of the evil effects of much of in lieu of setting up the reserves that under any
this unwise legislation. The invalidation of impor- actuarial system would be necessary. It is certainly
tant financial legislation of this sort and the sudden not impossible that before we are through with all
repeal or sharp revision of equally important statutes this, provided of course that we continue it inwould of course inevitably cause drastic disturbances definitely, a very large part of the savings of the
in various directions. Yet it is not at all clear that country will be found not in the savings banks and
more harm would be done in the long run by this insurance companies but in this huge fund under the
means than by stretching the agony over a long centralized control of the Secretary of the Treasury.
period of time. At any rate the most disturbirg
Form A2
feature of the situation as it stands to-day is perOTHER matter that the financial community
haps the uncertainty surrounding it all. TO
has not found the time to study as carefully
aspect of the matter is not improved by knowledge
as
it
otherwise
would is the new form for registraof the fact that highly important/cases are certain
tion
of
new
issues
under the Securities Act of 1933,
to be brought before the Supreme Court for a good
and the instructions accompanying it. Examination
while to come.
of these documents gives the definite impression that
Social Security
the Securities and Exchange Commission has underHE community has been rather too much ab- taken to be as helpful as the law and the circumsorbed with gold clause problems to give the stances surrounding it permit. Substantially less
attention to certain other developments that they detail apparently is required at various points, and
deserve. One of these is, of course, the appearance of the instructions not infrequently introduce a desirthe President's social insurance program. Upon able flexibility into the requirements by permitting
first examination at least the specific proposals now issuers to omit material that would be unduly costly
made appear to be less alarming than there was at or for other reasons not practicable to furnish. In
one time reason to fear. The terms seem to be rather these respects it is similar to Form 10, which was
more moderate than had often been urged by the recently issued for use in registering securities upon
professional reformers sponsoring such plans. The a national securities exchange. For all this the
time of actual inauguration of the schemes in ques- Commission is to be commended.
tion is pushed fairly well into the future in the beThe fact remains that the ability of that body to
lief, presumably, that the state of business will by relieve the burdens imposed by its regulations and
such dates be substantially improved and the com- requirements is severely limited by the terms of the
munity more able to bear the burdens imposed, al- law itself. It has not been merely, probably not even
though, of course, it is obvious that a very substan- chiefly, the expense and effort required to register
tial period of time is required to organize such elab- new issues that has prevented a revival of offers of
orate systems as are here contemplated. The im- refunding issues during the months since the enactmediate shock to business will accordingly be less ment of the Act in 1933. Corporate directors, undersevere than some had feared.
writers, and others have been deterred by the liabiliAll this, however, should not for a moment be per- ties that they are called upon to assume upon such
mitted to obscure the fact that what is being here occasions. These liabilities are imposed by the
suggested carries far-reaching implications of the statute itself, and cannot be reduced by act of the
most serious sort. The mere fact that obligations Commission.
Indeed any abbreviation of data required, and pernow to be assumed need not be met in cash today or
tomorrow or next month does nothing to alter the mission, limited in general terms, to omit certain
fact that they must some day be met. It is a common classes of data, always, or nearly always, carry the
practice with Congress to enter commitments reck- danger of increasing rather than reducing the
lessly if only the day of reckoning can in some way amount of liability assumed, since those making the
be deferred. Let us not deceive ourselves. The levies decision on how to abbreviate and what to omit must,
on industry that are involved in these plans will one supposes, assume the responsibility for the abfall with telling weight upon the whole community breviations or the omissions. It would, for example,
two, three, or forty years from now, whenever they be much more difficult, it seems to us, to charge an
have to be paid. Apparently not even the spenders issuer with misleading investors in respect to its
have the courage to estimate the burdens the tax- balance sheet position if the full statement were given
payers will be called upon to carry because of these in great detail than would be the case if a condensed
schemes and make the results known, since the account were presented. An issuer could hardly be
M
T
Volume 140
Financial Chronicle
construed as giving a misleading impression concerning a contract if it handed the public a copy of
the document in question. Yet there is always the
possibility of a charge of being misleading if only a
severely condensed description of it is furnished. If
an issuer must decide concerning the materiality of
contracts or patents, he must assume the risk of
deciding which are and which are not material, or
else file them all, whether required to do so or not.
But, however these things may be, it is of course
idle to expect any large revival of new financing
so long as such matters as the gold clause situation,
and for that matter a dozen other factors of uncertainty and difficulty, are present to deter business
managers from undertaking important new commitments which can be deferred. It is indeed doubtful
in the extreme whether even a substantial volume of
refunding offerings can be reasonably expected so
long as the situation is as uncertain as it is generally
regarded at this particular moment. It therefore
seems necessary to discount• heavily the statements
that have lately issued from Washington about the
volume of financing likely to be stimulated by the
appearance of the new Form A2.
Utility Baiting
HE attack of the Administration upon the utility industry does not seem to abate with the
passage of time. On the contrary, the national authorities and State officials, with the encouragement
of the Federal Government, appear to be obdurate in
their determination either to force rates down ruinously or else to build their own competitive plants.
Indeed it appeared during the past week that the
Secretary of the Treasury was determined to construct his own plants in New York City regardless
of whether it was possible for the Government to
obtain much lower rates for the current it needs.
The plans of the President to conduct a vigorous,
and apparently an indiscriminate, attack upon utility holding companies were reported to be proceeding with dispatch. Whatever may be thought of
the report of the President's expert that savings
banks, insurance companies and other such institutions would not be seriously injured by this wholesale slaughter of holding companies in this field, it
is quite certain that as much cannot be said of the
results of the construction plans of the Government,
including those connected with the Tennessee Valley
Authority and other such schemes.
T
Federal Reserve Bank Statement
THER than a further accentuation of prevailing tendencies, little of note is recorded in
the current condition statement of the 12 Federal
Reserve banks, combined. In the week to Jan. 16,
the United States Treasury deposited with the Reserve banks a total of $75,427,000 of the gold certificates which now represent the sole interest of
these banks in the gold stock of the country. But
the actual increase in the monetary stocks of gold
during the same period was only $15,000,000, according to the credit summary, and it is thus apparent
that a heavy draft on the so-called "free gold" was
made. The metal represented by the current large
deposits of certificates appears to be chiefly that
accumulated from imports and new domestic production in the final weeks of last year. The large
addition to the gold certificate holdings, coupled
with a further decline of currency in circulation,
O
351
occasioned directly and indirectly another decided
gain in the reserve deposits of member banks with
the Reserve System, the increase being no less than
$105,014,000. Excess reserves over requirements
thus are estimated at more than $2,000,000,000,
which establishes a new high record.
Of peculiar interest in the current statement is a
sudden increase in borrowings by member banks
from the System. Discounts on Jan. 16 advanced
to $17,221,000 from the Jan. 9 figure of $6,994,000,
which is nearly a three-fold gain, although the actual
amount involved is of relatively little importance.
There would seem to be little occasion for borrowing
while excess reserves are at swollen figures, but it
is just possible that recent reductions in rediscount
rates of most Reserve banks have induced some expansion of activities. The industrial advances of
the System increased only a little to $14,826,000
from $14,744,000. Open market bankers' bill holdings were $5,562,000 on Jan. 16 against $5,611,000
on Jan. 9, while United States Government security
holdings were $2,430,219,000 against $2,430,254,000.
The increase in gold certificates brought the total
up to $5,237,503,000 from $5,162,076,000, and total
reserves showed a commensurate increase to $5,542,345,000 from $5,168,780,000. Currency continued to
flow back into the banks in accordance with usual
post-holiday experience, and Federal Reserve notes
in actual circulation dropped to $3,099,050,000 on
Jan. 16 from $3,136,987,000 on Jan. 9. Net circulation of Federal Reserve bank notes fell to $25,869,000
from $26,185,000. Member bank deposits on reserve
account, as already noted, moved up to $4,387,560,000 from $4,282,546,000, and this, together with
other changes, brought aggregate deposits up to
$4,669,803,000 from $4,556,522,000. Although deposit liabilities increased, note liabilities dropped,
and the increase in reserves occasioned an advance
of the ratio of reserves to deposit and note liabilities
combined to 71.3% on Jan. 16 from 71.1% on Jan. 9.
The New YorkyStock Market
IGHLY irregular markets for securities, as well
as for commodities and foreign exchanges,
were caused this week by what has aptly been described as an attack of "gold clause nerves," occasioned by the course of arguments before the United
States Supreme Court late last week in cases involving the abrogation of the gold clause in bond contracts. Fears that a decision by the highest court
against the Government in these cases might cause
immense further monetary confusion have prevailed
all this week. The confusion started on Friday of
last week, and the decline in stocks registered on
that day was continued last Saturday in an active
session. Week-end musinis on the gold confusion
seemed to be somewhat more reassuring, and the
tendency on Monday was firm, with movements very
narrow and trading in stocks on the New York
Stock Exchange hardly more than 500,000 shares.
But on Tuesday the fears again increased, and they
were the predominant influence in the market.
Stocks generally were weak, with issues of gold and
silver descriptions especially soft. The decline was
the heaviest since last July 26, when a European war
scare caused a large break. Dealings in equities
aggregated about 1,370,000 shares, and the liquidation was not readily absorbed. The excitement was
less in evidence on Wednesday, when trading in
stocks fell to 667,000 shares, and a very modest re-
H
352
Financial Chronicle
covery took place in equities. Erratic movements
in foreign exchanges were brought somewhat under
control in that session by large engagements of gold
for shipment from Europe to the United States, and
this tended to quiet the general apprehensions to a
degree. Overnight reports from Washington that
the Administration would not in any event permit
revalorization of the dollar also helped sentiment,
even though they were unofficial. The fears waned
further on Thursday, and trading increased slightly
to 736,000 shares, while prices moved slowly upward
in most groups of stocks. Gains were very modest,
however, and there were also numerous small recessions. The dealings yesterday were exceedingly dull,
but they again reflected growing confidence that
extreme monetary developments would be prevented
by some means or other, regardless of the Supreme
Court decision on the gold clause litigation. Small
fractional gains were in the majority, and the
atmosphere was more cheerful than at any previous
time this week.
In the listed bond market the apprehension regarding the gold clause litigation also was apparent,
but to.a lesser degree than in stocks. Equities were
affected by fears of severe deflation in the event or
a decision adverse to the Administration and an
inability to find a way out of the impasse. But
many bonds carry gold clauses, and senior securities
were affected in various ways. Issues of the United
States Government with gold payment provisions
were in better demand than Treasury obligations
payable only in lawful currency, and the phenomenon of a dual market in Government bonds thus appeared, with gold issues selling fractionally higher
than non-gold bonds. The general trend of Treasury
issues, however, was upward. Best-grade corporate
bonds also improved quite generally, but speculative
issues followed the trend of the stock market. Foreign exchange fluctuations were peculiarly important throughout the week. The apprehension that
gold might be devalued again in the event of an
adverse Supreme Court decision at first prevented
engagements of gold from Europe, despite an upswing of the dollar occasioned by a sudden demand.
But a method of insuring against large losses was
found by Wednesday, through borrowing of francs.
The gold units fell early in the week much below the
gold shipment points from Europe, but large engagements Wednesday and Thursday tended to reverse
the movement. Sterling fell below its nominal
parity of $4.8665 and also regained part of its loss
in later dealings. Commodities dropped sharply in
nearly all sessions of the week, owing to the apprehensions of deflation, and this movement was not
an aid to the securities market. Perhaps the only
reassuring feature of the week's performances was
a continued improvement in industrial indices.
Steel-making operations for the week beginning
Jan. 14 were estimated by the American Iron and
Steel Institute at 47.5% of capacity, against 43.4%
last week. Production of electric energy for the
week ended Jan.12 was 1,772,609,000 kilowatt hours,
according to the Edison Electric Institute, against
1,668,731,000 kilowatt hours in the preceding week.
Car loadings of revenue freight aggregated 553,675
cars in the week ended Jan. 12, the American Railway Association reports, this being an increase of
55,602 cars over the previous week.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
Ian. 19 1935
yesterday at 975
/
8c. as against 991/
4c. the close on
Friday of last week. May corn at Chicago closed
yesterday at 865
/
8c. as against 89c. the close on Friday of last week. May oats at Chicago closed
yesterday at 521/
8c. as against 54c. the close on
Friday of last week. The spot price for cotton here
in New York closed yesterday at 12.60c. as against
12.70c. the close on Friday of last-week. The spot
price for rubber yesterday was 13.00c. as against
13.38c. 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 9/16
pence per ounce as against 24 7/16 pence per ounce
on Friday of last week, and spot silver in New York
at 54/
3
4c. as against 54%c. on Friday of last week.
In the matter of the foreign exchanges, cable transfers on London closed yesterday at $4.88 as against
$4.901/2 the close on Friday of last week, while cable
transfers on Paris closed yesterday at 6.58%c. as
against 6.60%c. on Friday of last week. Call loans
on the New York Stock Exchange remained unchanged at 1%.
Among dividend actions this week the National
Steel Corp. declared an extra dividend of 121/
2c. a
share in addition to the regular quarterly distribution of 25c. a share on the capital stock, both payable
Jan. 31, and the Radio Corp. of America, a dividend
of $9.621/
2 a share on the class A $7 preferred stock
on account of accumulations; this is the first distribution on the stock since the first quarter of 1932.
Another noteworthy action was the -declaration by
the New Haven Shore Line Ry. of an initial dividend
of 25c. a share, and in addition, an extra dividend
of 50c. a share on the common stock, both of which
become payable Feb. 1.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 666,420
shares; on Monday they were 554,350 shares; on
Tuesday, 1,369,670 shares; on Wednesday, 667,240
shares; on Thursday, 736,480 shares, and on Friday,
(;84,630 shares. On the New York Curb Exchange
the sales last Saturday were 102,085 shares; on
Monday, 134,505 shares; on Tuesday, 250,397
shares; on Wednesday, 115,280 shares; on Thursday,
106,220 shares, and on Friday, 108,400 shares.
The stock market the present week inclined
toward dulness and irregularity, with the exception
of Tuesday, when a wide downward reaction in
values occurred. As the week progressed prices recovered somewhat, and at the close yesterday the
market recorded fractional changes over the previous week. General Electric closed yesterday at 23
against 22 on Friday of last week; Consolidated Gas
3
4 against 213%; Columbia Gas & Elec.
of N. Y.at 20/
4; Public Service of N. J. at 26%
at 63% against 71/
against 26; J. I. Case Threshing Machine at 55
against 56%; International Harvester at 40%
against 40; Sears, Roebuck & Co. at 361/
4 against
37%; Montgomery Ward & Co. at 277
/8 against 277
/8;
% against 52%; American Tel. &
Woolworth at 523
%, and American Can at
8 against 1033
/
Tel. at 1047
2.
1131/2 against 1121/
Allied Chemical & Dye closed yesterday at 134
against 134/
1
2on Friday of last week; E. I. du Pont
8 against 93%; National Cash
de Nemours at 941/
1
4 against 17; International Nickel
Register A at 16/
2; National Dairy Products at 161/2
at 23 against 231/
against 161/
2; Texas Gulf Sulphur at 341A against
1
4 against 28/
33/
1
2; Conti.
1
2; National Biscuit at 28/
Volume 140
Financial Chronicle
2 against 65½; Eastman Kodak
nental Can at 641/
4
at 114 against 116½; Standard Brands at 181/
8
against 177
/8; Westinghouse Elec. & Mfg. at 381/
1
2
ex-div. against 38%; Columbian Carbon at 69/
2; United
8 against 201/
against 71½; Lorillard at 201/
States Industrial Alcohol at 39% against 40; Can8 against 15%; Schenley Distillers
ada Dry at 151/
8
/8, and National Distillers at 261/
/
8 against 257
at 255
against 271
/
4.
The steel stocks show little change as compared
with the close on Friday a week ago. United States
4 against 37y2 on FriSteel closed yesterday at 373
8 against
day of last week; Bethlehem Steel at 311/
31%; Republic Steel at 141/2 against 14, and Youngstown Sheet & Tube at 19% against 19%. In the
motor group, Auburn Auto closed yesterday at 25%
against 26 on Friday of last week; General Motors
/8,
/8; Chrysler at 38% against 387
at 313
4 against 317
8 against 3. In the rubber
and Hupp Motors at 31/
group, Goodyear Tire & Rubber closed yesterday at
231/
8 against 24 on Friday of last week; B. F. Good/8, and U. S. Rubber at 15%
rich at 10% against 107
against 15%.
The railroad shares reached lower levels as compared with the close on Friday of the previous week.
Pennsylvania RR. closed yesterday at 22 against
23 on Friday of last week; Atchison Topeka & Santa
Fe at 49% against 5134; New York Central at 18%
4 against 1087
/8;
against 19%; Union Pacific at 1043
Southern Pacific at 16 against 17%; Southern Rail2 against 147/g, and Northern Pacific at
way at 131/
173
4 against 1914. Among the oil stocks, Standard
4 against 42%
Oil of N. J. closed yesterday at 413
4
Friday
of
last
week;
Shell
Union
Oil at 63
on
8, and Atlantic Refining at 24% against
against 71/
24%. In the copper group, Anaconda Copper closed
/8 against 1114 on Friday of last
yesterday at 107
4 against 16%;
week; Kennecott Copper at 163
8,
American Smelting & Refining at 351/2 against 361/
/8.
2 against 147
and Phelps Dodge at 141/
European Stock Markets
r•IT ".".•••••••
RICE trends were generally favorable this week
in trading on the chief European securities
markets. The upward movement was well sustained
on the London Stock Exchange, but temporary setbacks interrupted the advances on the Paris Bourse
and the Berlin Boerse. Favorable political developments furnished much of the stimulus for investment
activities on the foreign markets, the quiet voting in
the Saar last Sunday being an especially important
influence since it meant an absence of international
complications. Also significant were the moves for
greater international amity which followed the Saar
plebiscite. Returns of trade and industry remain
somewhat indecisive at the present time, but some
comfort is taken from a consideration of the advances
effected last year in the chief industrial countries.
Financing on the London market was resumed, Tuesday, with an offering of a large Australian conversion loan. In the German market the first mortgagebank bond isspe in three years was offered and
placed successfully, indicating that the capital
market in the Reich finally is being restored. These
incidents are highly satisfactory signs of the improvement in general financial confidence which
necessarily must precede or accompany a real upswing from depression conditions, and they were so
interpreted in the European markets. British foreign
trade statistics for all of 1934 were made available
p
353
in London Monday and they reflect a quite substantial improvement over the preceding year. Unemployment statistics in all the leading European
countries show an unfavorable trend at the moment,
but this is considered due to seasonal factors.
Moderate activity marked the dealings on the London Stock Exchange when trading was resumed for
the week, and the tendency was cheerful in almost
all departments of the market. British funds were
firm at first, but reacted under profit-taking. The
industrial group was firm, with tobacco and motor
stocks especially strong. Gold mining issues were
in quiet demand, and most international securities
likewise advanced. In a quiet session on Tuesday,
British funds came into renewed demand and closed
fractionally higher for the day. Industrial securities were firm despite some profit-taking, and gold
mining issues also held their ground rather well.
German bonds were marked sharply higher, owing to
announcement of the Saar plebiscite results, and
other international securities also were better. Unusually sharp fluctuations in foreign exchanges
caused some unsettlement on the London market
Wednesday, and commitments were lightened. British funds sold lower at first but regained their losses
in a late rally. The industrial section was irregular,
while gold mining issues dipped on fears that the
American dollar might be revalued. International
issues of all descriptions sold down. The tone on
Thursday again was cheerful, notwithstanding
rather modest dealings. British funds showed good
fractional advances on a resumption of investment
buying, and industrial stocks also were in demand.
(l old mining stocks and international issues were
firm. Prices advanced in all departments of the
market early yesterday, but best figures were not
maintained owing to profit-taking.
The Paris Bourse was favorably impressed by the
week-end announcement of vigorous recovery
measures in France, which Premier Pierre-Etienne
Flandin made at a Radical-Socialist party rally,
and the general tone was good in the initial trading
session of the week. The calmness of the Saar
plebiscite also was viewed favorably, and a general
demand for securities followed. Rentes moved forward easily, as did French bank and industrial
stocks, while a sharp rise likewise was recorded in
German bonds. Results of the Saar plebiscite, announced on Tuesday, occasioned another buying
wave in the first part of that session, but the enthusiasm waned in the later trading and not all of the
initial gains were maintained. Closings, however,
were at much better figures in virtually all groups
of securities, with German bonds favored more than
others. The sharp rise of the dollar in foreign exchange trading caused uneasiness on Wednesday,
and a general reaction developed in international
securities on the Bourse, with French equities also
affected, although on a more modest scale. Rentes
were well maintained. After a weak opening on
Thursday, prices moved upward, but the uncertainty
occasioned by foreign exchange developments again
was in evidence and net movements for the day were
mostly toward lower levels. Small gains were general in a quiet market yesterday.
Confidence in a German victory in the Saar
plebiscite caused heavy buying of securities on the
Berlin Boerse in the trading on Monday, and good
gains were registered. Equities showed advances up
to 3 points, while bonds also were strong. Although
354
Financial Chronicle
the Saar plebiscite results thus were discounted on
the Boerse, the upward movement was continued
Tuesday, when the figures on the balloting were
made available. Business was brisk and all groups
of issues joined in the upswing. Realizing sales
were much in evidence Wednesday, and the tone of
the German market was heavy in that session. Fractional losses were general, both in stocks and bonds,
and in some instances larger recessions were recorded. After a further sinking spell early Thursday,
prices began to advance on the Boerse and small net
gains were common at the close. Reichsbank shares
were up 2 points for the day and some industrial
and chemical stocks were equally firm, while bonds
enjoyed fractional improvement. Formal action by
the League of Nations Council for return of the Saar
to Germany on March 1 stimulated much of the activity. An upward movement in mining stocks developed on the Boerse yesterday, and other groups
also were firm.
Currency Stabilization
iNTEREST in the possibilities of international action toward stabilization of currencies has been
increased greatly by recent sharp fluctuations in
foreign exchanges and by hints that Premier Flandin,
of France,intends to discuss the problem on a forthcoming visit to London. There is, of course, no likelihood of any early moves toward currency stability,
despite the well-known desire of France for action
by both Britain and the United States, and the
apparent willingness of the United States Government to receive friendly overtures on the matter.
The British attitude of aloofness remains unchanged
and until the war debts problem and possibly some
other questions are adjusted it is quite unlikely that
stabilization of the pound sterling will be attempted
in terms of gold. Chancellor of theExchequerNeville
Chamberlain stated the viewpoint of the British
Government less than a month ago, in a declaration
before the House of Commons. He said at the time
that the prerequisite to stabilization is a suitable
adjustment of price levels and of the relationship
between the French franc and the United States
dollar. Although the entire problem again has been
debated avidly in all capital markets this week,
nothing has developed to indicate that the British
views have changed.
Some of the close interest currently paid the stabilization question is attributable to comments made
by Attorney General Cummings, while the United
States Government's case on the gold clause suspension was being presented before the Supreme Court
at Washington last week. Mr. Cummings remarked
that the Administration wants to see currency
stabilization realized in all countries. The time will
come, he added, when the United States will be found
conferring with other nations in the movement to
stabilize. Of more immediate significance than these
general remarks, however, were reports from London, late last week, that Premier Pierre-Etienne
Flandin desired to discuss stabilization with the
British Government during his visit to London late
this month. The Premier was informed by British
authorities, it was said, that there would be no objections to discussions of this matter, but he also was
advised that results could not be expected at this
time. It was not denied in Paris that M. Flandin
would talk about stabilization in London, but the
French Minister of Finance made it plain on Monday
Ian. 19 1935
that France is not likely to take the initiative iii
the matter.
The entire problem again received attention, Sunday and Monday, during the discussions at Basle
among the leading European central bank heads, who
assembled in the Swiss city for the usual monthly
meeting of Bank for International Settlements directors. Jean Tannery, the new Governor of the
Bank of France, was said in one report to have indicated that the French Government might suggest a
world economic conference this year, with stabilization one of the main items on the agenda. But
Montagu Norman, Governor of the Bank of England,
is said to have indicated that stabilization of the
pound is not currently in question. M. Tannery convinced his central banking colleagues that France
will continue to adhere to the gold standard and to
the traditional policies of the Bank of France, a dispatch to the New York Times said. French banking
and official circles remain determined to await
formal return by both Britain and the United States
to gold, it appears, and the bankers at Basle thus
gained the general impression that the situation is
unchanged. The belief prevailed that there will be
no definite results from the stabilization conversations to be held at London by Premier Flandin, and
the obscurity of the general economic situation also
was held to support this view.
World Court
EBATE on American adherence to the Permanent Court of International Justice was started
in the United States Senate on Tuesday, and on the
following day President Roosevelt addressed a message to the Senate urging the consent of that body
to adherence in such form as not to defeat or delay
the objective. These moves signalized what is generally believed to be the start of the final consideration of the problem, which has been Under debate
here for 14 years. That the Senate will consent to
American entry into the World Court is generally
conceded, notwithstanding opposition which already
has developed. Senator Robinson, as the Democratic floor leader, made the World Court resolution the unfinished business of the Senate, and the
issue will be kept before the Senate until a final vote
is taken. The protocols of American adherence
carry the reservation that the Court is not to entertain any request for an advisory opinion over an
objection by the United States. In his message to
the Senate on the subject, President Roosevelt stated
that the movement to make international justice
practicable and serviceable is not subject to partisan
considerations. Republican and Democratic administrations alike have advocated a court of justice to which nations might bring their disputes for
decision, he added. "The sovereignty of the United
States will be in no way jeopardized" by adherence
to the World Court, the President said. "At this
period in international relationships, when every
act is of moment to the future of world peace, the
United States has an opportunity once more to
throw its weight into the scale in favor of peace."
D
Saar Plebiscite
NG dreaded as an incident that might easily give
rise to international complications, the Saar
plebiscite passed off last Sunday in an exceedingly '
quiet and calm atmosphere, and the count of ballots
on Monday revealed the expected huge majority in
E
Volume 140
Financial Chronicle
favor of allegiance to Germany.. The League of Nations Council, called in special session to consider
the returns, voted unanimously on Thursday for
annexation of all the Saar Basin territory to the
Reich on March 1. This solution of the Saar problem caused satisfaction in virtually all countries
throughout the world, as it means the elimination
of one of the most dangerous territorial situations
created by the Treaty of Versailles. The mining
territory was placed under League of Nations rule
in 1920, with a provision for a plebiscite after 15
years. France was granted the ownership of the
mines in the area as compensation for German
destruction of French mines during the World War.
In recent years German authorities consistently took
the position that only the Saar question could disturb relations between France and Germany, and
these statements caused much anxiety concerning
the possible consequences of a vote by Saar inhabitants to remain under the League or to join France.
All such matters now are resolved, and incidental
questions are to be settled under the terms of the
Franco-German treaty signed at Rome several
months ago and by the League Council. That relations between France and Germany henceforth will
improve is at least a good hypothesis, and it is possible that future developments will reflect a vastly
improved general diplomatic atmosphere throughout
Europe.
Of the 800,000 Saarlanders, 528,005 went to the
polls last Sunday and indicated by a proportion of
nine to one that they preferred to rejoin the German
Reich. The votes cast for reunion with Germany
numbered 477,110, or 90.4% of the total ballots.
There were 46,513 ballots, or 8.8% of the total, for
maintaining the status quo of rule by the League of
Nations Governing Commission. Union with France
was favored only by 2,124 voters, while 2,249 ballots
were thrown out as invalid. Extraordinary precautions were taken to insure order at the polls and
throughout the Saar during the plebiscite. The
League of Nations Council adopted a proposal made
by the French representative and issued an appeal
to the Saarlanders for maintenance of calmness and
dignity. The 4,000 special troops from England,
Italy, Holland and Sweden kept a vigilant watch.
Despite the universal tenseness, however, all of the
voting was accomplished without a single noteworthy incident. The proCeedings could hardly be
more auspicious for the universal hope of peace, said
Frederick T. Birchall,the able special correspondent
of the New York "Times." No quieter or more
orderly election was ever held anywhere than this
most elaborate and costly of plebiscites, he added.
Long, silent queues formed early in the day at the
polling places and silently the votes were cast.
The League of Nations Council promptly began its
consideration of the problem when the final results
were announced, Tuesday. At the suggestion of
Great Britain an invitation had been extended to
Germany to participate in thee final deliberations
regarding the date for return of the Saar and the
questions incident to the return. But the Reich preferred to maintain its attitude of aloofness. A
special League committee for the Saar agreed immediately after the balloting that unconditional return
to the Reich was in order, but no dafe was fixed.
The Council itself grappled with this problem, and
also with the question of the military status of this
border zone between France and Germany after
355
return. The German Consul at Geneva, who was
observer for his country in the deliberations, held
that the Saar should be formally returned to Germany not later than Feb. 15, and he also declared
there was no point in re-stating Versailles Treaty
obligations as to the demilitarized area on the left
bank of the Rhine, to which the Saar now will be
added. But French delegates maintained there
would be no harm in clarification of the military
status. All questions were settled by Thursday,
when the Council decided that return of the Saar
to Germany would take place officially on March 1.
An agreement between Germany and France is said
to provide that the demilitarized status of the Saar
would be continued, while other questions of an economic or political nature not settled by special agreement will be adjusted by the League Council itself
on Feb. 15.
One of the most significant comments on the settlement of the Saar problem was made at the conclusion of the League Council meeting by Pierre
Laval, Foreign Minister of France. He issued a
solemn appeal for a rapprochement between France
and Germany. This is, he said, one of the essential
conditions of an effective guaranty of the peace of
Europe. Chancellor Adolf Hitler, in a speech delivered Tuesday at Berchtesgaden, Bavaria, expressed the satisfaction of the German nation with
the balloting and the termination of "15 years of
injustice." The decision of the Saarlanders permits
a solemn declaration, the German Chancellor added.
"With the return of the Saar to Germany, we have
no more territorial claims to make against France,"
he said. "We want to obtain equality of rights for
Germany, but we also want to achieve solidarity
among nations." In the Saar itself there was jubilation when the results of the voting were announced
officially early on Tuesday. Celebrations were held
throughout Germany. The result was anticipated
in France, and no great chagrin was felt there.
Premier.Pierre-Etienne Flandin issued a statement
in which he expressed the hope that "progressive
improvement toward co-operation in the maintenance of peace in Europe" would follow. In London
the voting was considered satisfactory, relief being
expressed that the balloting was not indecisive. But
for Communists in the Saar, and for the Jews who
still are persecuted by the Nazis, the voting was a
sad augury. An exodus of Jews and of political
opponents of the Nazis started from the Saar immediately after the results were announced, and it is
likely to reach large proportions before the territory finally is turned over to Germany, notwithstanding the guaranties extended by the German
Government of freedom from interference for at
least one year. Scores of emigres already have
moved over the French border.
European Diplomacy
TIVE efforts for the improvement of diplomatic relations and the consolidation of peace
in Europe were started immediately after the results
of the Saar plebiscite became known, and it is
already evident that this activity will continue for
some time to come, with the chief aim of inducing
Germany to rejoin the League of Nations and the
General Disarmament Conference. Also important
will be the negotiations for a modified Eastern Locarno treaty and a similar pact to cover the Mediterranean area. It was made known both in Lou-
N
356
Financial Chronicle
don and in Geneva, early this week, that Great
Britain favors relaxation of the military clauses of
the Versailles Treaty, which restrict German armaments, provided the Reich in return will participate
in a general pact for the limitation or control of
armaments. No official statement was issued to
this effect, but the usual "authoritative sources"
were quoted and there has been no denial. In Paris
it was indicated in the same way that France will
continue her policy of "individual security" and
organization of European peace through alliances
and friendships, but the negative attitude taken by
the late M. Barthou toward German rearmament is
conspicuously absent. The French Government addressed a note to Berlin, Wednesday, regarding the
Eastern Locarno proposal, which heretofore has met
a distinctly hostile attitude in the Reich. It was
admitted in Paris that the question of German armaments must finally be taken up, as it is no longer
possible to pass over that matter in silence. The
address by Chancellor Hitler, Tuesday, in which he
declared that settlement of the Saar problem eliminates all territorial disputes with France, was accepted as an indication that Germany will be receptive to overtures on armaments and other matters.
In most informed quarters it is accepted that the
outline of coming diplomatic developments already
have been fixed in the discussion preceding the Saar
treaty between France and Germany and in other
diplomatic exchanges.
Jan. 19 1935
to describe his own course. France was called upon
to "deflate selfishness and pessimism" and thus win
through. Other countries have reacted to the
troubled times much better than France, he said.
Political reforms were promised and the Premier
also declared his intention to end the "collusion of
swindlers and blackmailers with certain police
officials,lawyers, members of Parliament and magistrates." One of his first endeavors will be to reduce
long-term interest rates, he said, since high rates
"are disorganizing the entire national economy."
This problem will be attacked by broadening the
short-term money market through making shortterm French Treasury paper readily discountable
at the Bank of France. But the discount practices
will be sound and will not imply any risk of inflation, according to the Premier, who added that stability of the franc must be maintained. "A vigilant
check on banking operations exercised by the bank
of issue is perfectly compatible with measures to
create a quicker circulation of capital, which will
contribute to the defense of national activities," M.
Flandin said. The Government, on its part, he
added, would continue to adjust expenditures to the
level of the tax-paying capacity of the country.
The bill for the organization and regulation of
essential French industries, which calls to mind
the National Industrial Recovery Act, was introduced in the Chamber of Deputies on Jan.10 by Paul
Marchandeau, Minister of Commerce in the French
Cabinet.'This measure naturally is suited to French
France Fights the Depression
conditions, but the aim is said to be the adjustment
RINCIPLES which will guide the Government of production to consumption under conditions that
of Premier Pierre-Etienne Flandin in the permit a profit to the producer and fair prices to
struggle against the depression in France were out- the consumer. It gives the French Government the
lined by the youthful Premier last Saturday, soon power to make binding on all producers in any given
after a bill was introduced in the Chamber of Depu- industry, for a limited time, decisions reached by a
ties providing for the organization of French indus- majority of the producers in the industry. Such
tries much along the lines indicated in our National decisions may cover the limitation or temporary
Industrial Recovery Act. These moves are generally cessation of production, the regulation of producinterpreted as the start of a program which will tion according to the market's capacity of absorpdevelop in a fashion not dissimilar to the "New tion, the limitation of working hours, the withholdDeal" in this country. It is doubtless significant ing of merchandise from the market, the levying of
that M. Flandin spent some time in the United special taxes and the emission of loans within the
States last year, before he became Premier of his industry. The formation of corporative or induscountry. In a speech before a Radical-Socialist trial groups is not obligatory, but measures are to
party gathering, last Saturday, M. Flandin sug- be taken to "give the necessary incentive" to indusgested a program which is far less experimental than tries held in need of organization. Solutions to
that current here, since currency devaluation is to depression problems vary in each country, said M.
be avoided entirely, while a balanced budget will be Marchandeau in explaining his measure, but he
sought. In many other respects, however, the pointed out that the necessity of regulating indusFrench Premier seems to entertain ideas that have trial production had been forced upon the United
recently been considered peculiarly American. States and other countries. "We have kept equiFrench financiers and industrialists were warned distant between the conception of State interference
that "meddling which puts production and trade in industry and the doctrine of Fascist corporaout of gear does not come from one side only." tism," M. Marchandeau continued. "It is an experiThere are times, M. Flandin remarked, when the ment that we hope will prove decisive. It respects
Government must intervene as a balance to the individual initiative and pertains exclusively to the
money power. "Respect for economic liberty must emergency conditions of the crisis."
not be confounded with privilege of capital over
Chaco War
labor, and still less with the claims of modern
ECENT reports from battlefronts in the Chaco
manipulators of the public's savings to turn the
Boreal indicate that the warfare between
economic organization of the nation to their own
Paraguay and Bolivia over the boundaries of the
profit," he added.
possibility
of
making
mistakes
The
through vig- area is being continued with all the resources of
was
admitted
action
by
M.
Flandin
in his men and materials at the command of the two conorous
address, but he expressed preference for this course testants. The efforts made by the League of Nato what he called the certainty of disaster through tions and by neutral American States to end this
inaction. The phrases "organized liberty" and "de- futile warfare have been fruitless. In this third
fended liberty" were used alternately by the Premier year of the struggle, the Bolivians, who have re-
P
R
Financial Chronicle
Volume 140
cently been heavily defeated, are calling to arms all
males up to 49 years of age, and the new forces thus
called into service already are being employed to
fight the advancing- Paraguayans. La Paz dispatches stated late last week that severe losses were
suffered by the Paraguayan armies in their desperate advance. But Asuncion states with equal
emphasis that the forward movement is continuing.
The embargo on arms shipments to the two belligerents came in for criticism recently, mainly because
it is proving ineffective. A British delegate to the
League of Nations lodged successive protests
against arms shipments by Norway and Belgium,
while Chile and Uruguay were said to be violating
the arms transit provisions of the embargo. The
League Assembly's Chaco Committee considered the
entire problem of the Chaco war on Wednesday, with
specific reference to the Bolivian willingness to engage in a general armistice and the Paraguayan unwillingness to do so. The Committee recommended
unanimously that all League members strengthen
their arms embargo in so far as it applies to Paraguay and terminate it in relation to Bolivia. This
was construed as punitive action against a memberState making war despite the peace activities of the
League, and it constitutes a major precedent. If the
Chaco Committee's recommendations are accepted it
is likely that Paraguay will withdraw from the
League, and since the embargo is demonstrably ineffective in any event there is some doubt as to
whether anything will thus be gained.
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
Country
Austria— —
Belgium_ __
Bulgaria- -Chile
Colombia__
Csechoslocattle__
Danzig_ ___
Denmark__
England__
Estonia..._
Finland— _
__
France_Germany __
Greece -_-_
Flatland
Rate ln
Effect
Date
Jan.18 Established
PreSous
Rate
434
234
7
434
4
June 27 1934
Aug. 28 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
5
3
8
534
5
334
4
234
2
5
4
234
4
7
214
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
Rent IR 1033
434
3
3
234
534
434
3
6
734
R
Country
Rate in
Effect
Data
Jetn.18 Established
Hungary —
India
Ireland
Italy
Japan
Java
Jugoslavia.
Lithuania
Norway
Poland
Portugal
Rumania_.
SouthAtrIce
Spain
Sweden—__
Switzerland
434
334
3
4
3.65
334
634
6
334
5
5
434
4
6
234
2
Oct. 17 1932
Feb. 16 1934
June 301982
Nov.28 1934
July 3 1933
Oct. 31 1934
July 16 1934
Jan. 2 1934
May 23 1933
Oct. 25 1933
Dec. 13 1934
Dec. 7 1934
Feb. 21 1933
Oct. 22 1932
Dee. 1 1933
Ian 22 1021
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were /%, as against %% on Friday
of last week, and /@7-16% for three-months' bills
as against /@7-16% on Friday of last week. Money
3 %. At Paris the
on call in London yesterday was 4
open market rate remains at 1 8%, and in Switzerland at 1 2%.
Bank of England Statement
HE statement for the week ended Jan. 16 shows
a gain of £146,526 in bullion, bringing the total
to another record high, £192,944,041, which compares with £191,686,153 a year ago. As the gain
in gold was attended by a contraction of £7,499,000
in circulation, reserves rose £7,646,000. Public deposits increased £2,258,000 and other deposits fell off
£239,477. The latter consists of bankers' accounts
which rose £216,249 and other accounts which decreased £455,726. The reserve ratio rose to 47.06%
from 42.79% a week ago; last year the ratio was
T
50.06%. Loans on Government securities decreased
£4,740,000 and those on other securities £857,024.
Other securities include discounts and advances which
rose £11,519 and securities which fell off £868,543.
The rate of discount did not change from 2%. Below
are shown the different items with comparisons of
other years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Jan. 16
1935
Jan. 17
1934
Jan. 18
1933
Jan.20
1932
Jan.21
1931
£
£
£
.£
£
Circulation
378,107,000 365,837,944 354,663,728 347,878.781 346.461.899
Public deposits
14,163,000 19,366,162 12,116,196 20,813,259 22,323,852
Other deposits
144,854,591 152,088,832 137,885,403 115,925,709 102,197,129
Bankers'account& 108,738,416 114,981,108 105,380,987 77,481,720 68,812,580
Other accounts
36,116,175 37,107,724 32,504,416 38,443,989 33.384,549
Government securs
83,357,413 81.770,807 96,552.390 52,430,906 49.246.247
Other securitift,
18,939,009 21,924.570 30,623,352 53,951,564 36,953.788
Disct. & advances_ 9,052,730 8,268,075 11,819,357 14,031.271 10,994,845
Securities
9,886.279 13,656,495 18,803,995 39,920,293 25,958,943
Reserve notes & coin_ 74,836,000 85,948,209 40,906,926 48,442,390 58,399,867
Coin and bu1lion_ _ 192,944,041 191,686,153 120,570,654 121,321,171 142,861,766
Proportion of reserve
to liabilities
27.27%
35.42%
47.06%
50.06%
45.29%
Bank rate
2%
2%
2%
6%
3%
Bank of France Statement
HE Bank of France statement for the week ended
Jan. 11 reveals a further decline in gold holdings, the loss this time being 1,556,725 francs. The
Bank's gold now aggregates 82,016,146,779 francs,
in comparison with 77,254,004,794 francs last year and
82,404,571,779 francs the previous year. French
commercial bills discounted, bills bought abroad and
advances against securities register decreases of
128,000,000 francs, 1,000,000 francs and 73,000,000
francs respectively. The proportion of gold on hand
to sight liabilities is now at 80.78%, compared with
79.24% a year ago. Notes in circulation show a
loss of 907,000,000 francs, bringing the total of the
item down to 82,680,395,015 francs. Circulation a
year ago stood at 80,838,331,105 francs and two
years ago at 83,590,847,140 francs. An increase appears in creditor current accounts of 822,000,000
francs. Below we furnish a comparison of the different items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT
P90'.
Haus
Rat*
5
4
334
3
3
4
7
7
4
6
b%
6
5
634
3
.11Z
357
Changes
for TVeek
Jan. 11 1935
Jan. 12 1934
Jan. 13 1933
Francs
Francs
Francs
Francs
—1,556,725 82,016,146,779 77,254,004,794 82,404,571,779
No change
10,003,727
15.794,171 2,944,907,560
Gold holdings.
Credit bals. abroad_
a French commercial
bills discounted__ —128,000,000 3,246,087,411 4.025,622,262 2,642,844.452
b Bills bought abr'd
—1,000,000
952.236.452 1,127,767,254 1,522,748,617
Adv. against secure_
—73,000,000 3.224,257.357 2,948,490,368 2,601.786,261
Note circulation_ __ _ —907,000,000 82,680,395,015 80,838,331.105 83,590,847,140
Credit current accts
+822,000,000 18,843,245,989 16,656,876,767 22,045,748,066
Proport'n of gold on
hand to sight flab_
+0.06%
80.78%
79.24%
78.01%
a Includes bills purchased In France. b Includes bills discounted abroad.
Bank of Germany Statement
HE Bank of Germany in its statement for the
second quarter of January records another
increase in gold and bullion, the gain this time being
34,000 marks. The total of gold is now 79,156,000
marks, in comparison with 383,474,000 marks last
year and 801,127,000 marks the previous year. A
decrease appears in reserve in foreign currency of
172,000 marks, in bills of exchange and checks of
154,479,000 marks,in advances of 14,347,000 marks in
investments of 3,697,000 marks, in other assets of
22,597,000 marks,in other daily maturing obligations
of 748,000 marks and in other liabilities of 30,103,000
marks. The proportion of gold and foreign currency
to note circulation is now at 2.34%, as against 11.7%
a year ago. Notes in circulation show a contraction
of 121,330,000 marks, bringing the total of the item
down to 3,563,192,000 marks. A year ago circulation
aggregated 3,354,083,000 marks and the year before
3,270,835,000 marks. An increase appears in silver
and other coin of 41,208,000 marks and in notes on
other German banks of 1,869,000 marks. A corn-
T
358
Financial Chronicle
parison of the different items for three years appears
below:
Prime eligible bills
Prime eligible bills
—90 Days—
Bid
Asked
'ii
%
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for IVeek
Assets—
Gold and bullion
Of which depos. abroad
Reserve In foreign curr_
Bills of each, and checks
Silver and other coin_
Notes on other Ger.bks_
Advances
Investments
Other assets
Jan. 15 19.35 Jan. 15 1934 Jan. 14 1933
Rsichsmarks
Refehsmarks Retehsmarks Retehsmarks
79,156,000 383.474,000 801.197.000
+34,000
33,838,000
33,091,000
No change
21,204,000
—172,000
4,481,000
8,041,000 119,733,000
—154,479,000 3,500,583,000 2,779,032,000 2,406,238,000
+41,208,000 279,159,000 288,981,000 283.221.000
12,670,000
11,656.000
+1,860,000
13,593,000
64,122,000
71,378,000
—14,347.000
56,244,000
—3,697.000 762,638,000 596,198,000 398,188,000
—22,597.000 691,540,000 527,967,000 857,012,000
Jan. 19 1935
SPOT DELIVERY
—180 Days— —150 Dais—
Bid
Asked
Bid
Asked
M
M
%
%
—120 Days—
Aged
Bid
hi
M
—60 Days-- —30 Days—
Bid
Asked
Bid
Asked
1118
hi
M
M
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
M% bid
M% bill
Discount Rates of the Federal Reserve Banks
HE rediscount rates of the Atlanta, Philadelphia
and Chicago Federal Reserve Banks were
lowered this week, in each instance, from 23/2%
Liabilittes—
Notes In circulation___ _ —121.330.000 3,563,192,000 3,354,083,000 ,270,835,000
Other daily matur. oblig
—748,000 033,610,000 456,970,000 353.423,000
to 2%, effective Jan. 14, Jan. 17 and 19, respecOther liabilities
—30,103,000 267,795,000 226,281,000 756,870,000
Propor.of gold and torn
tively.
This is the second reduction to be made by
0
,1
curr. to note cIrcurn_
11.7%
28.2%
+0.07
2.34%
the Atlanta Bank during the past month, the Bank
having lowered its rate on Dec. 15 from 3% to 21A%.
New York Money Market
HANGES in conditions and in rates both were There have been no other changes this week in the
lacking in the New York money market this rediscount rates of the Federal Reserve banks. The
week. Supplies of funds continued to exceed the following is the schedule of rates now in effect for
demands of sound borrowers, even at the extremely the various classes of paper at the different Reserve
low figures which long have been common as a con- banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
sequence of the official easy money policy. The
Rate in
United States Treasury marketed on Monday a furWiest ea
Federal Reserve Bank
Date
Pretious
Jas. 19
Nstobltiked
Rate
ther issue of $75,000,000 discount bills due in 182
Feb. 8 1934
2
Boston
2%
discount
made
at
an
average
days, and awards were
Feb. 2 1984
1%
New York
2
2
Jan. 17 1935
254
of 0.15%, computed on an annual bank discount Philadelphia
Cleveland
Feb. 3 1934
2
23.4
2%
Richmond
Jan. 11 1935
3
Jan. 14 1935
2
basis. Call loans on the New York Stock Exchange Atlanta
Jan. 19 1935
2
Chicago
2
Jan. 3 1935
held to 1% for all transactions, while transactions St. Louis
2%
Jan. 8 1985
Minneapolis
Dee. 21 1934
254
City
/
4%. Kansas
were reported in the unofficial street market at 3
2%
Dallas
Jan. 8 1985
3
2
Feb. 16 1984
254
Time loans again were 3
/
4@1%. There was little San Francisco
activity in commercial paper or bankers' bills, and
Course of Sterling Exchange
here, also, all rates were carried forward. The trend
TERLING exchange declined sharply and extoward lower rediscount rates of the Federal Reserve
perienced erratic fluctuations during the week.
banks was evidenced by lowering of charges at the
Ever
since Wednesday of last week the foreign
institutions,
the
Chicago, Philadelphia and Atlanta
showed a marked trend toward ease in
exchanges
change in every case being from 2y2% to 2%.
terms of the dollar as a result of apprehension over
the possiblities inherent in the gold clause litigation
New York Money Rates
Supreme Court. The most marked
EALING in detail with call loan rates on the now before the
developed in trading on Monday
this
respect
fear
in
Stock Exchange from day to day, 1% remained
week, and the market did not
Tuesday
of
this
and
the ruling quotation all through the week for both
of
equanimity until Thursday,
degree
recover
any
new loans and renewals. The market for time money
the
other currencies still weak
sterling
and
when
is still in the doldrums this week, no transactions
the
dollar
steadied
in
terms
of
somewhat to a more
having been reported. Rates are nominal at %@1%
fluctuations
range
of
reasonable
in a market of
1 4% for six months.
for two to five months and 1@1/
The
range
for
trading.
limited
sterling
this week
Price commercial paper transactions have been quite
$4.9034
and
has
been
between
for
bankers'
$4.833.'
brisk this week. Supplies of paper have been fairly
with
a
compared
range
sight
bills,
of
between
$4-903'I
large and the demand has been good. Rates are
week.
The
$4.925
A
last
range
for
and
cable
transsix
four
to
from
4
3 % for extra choice names running
between
.837
been
A
fers
has
and$4.907
A
,
comless
known.
names
months and 1% for
pared with a range of between $4.903, and $4.923
4
Bankers' Acceptances
a week ago. Sterling was if anything slightly firmer
HE market for prime bankers' acceptances has in terms of French francs, as is shown by the London
been slightly stronger this week. More bills check rate on Paris, but the relative steadiness here
have been available and the demand has shown some seems to have been due to efforts on the part of
improvement. Rates are unchanged. Quotations the British Exchange Equalization Fund and the
of the American Acceptance Council for bills up to Paris authorities.
The following tables give the mean London check
and including 90 days are 3-16% bid and N% asked;
rate
on Paris from day to day, the London open
for
five
asked;
and
W
L%
bid
5-16%
months,
for four
gold price and the price paid for gold by the
*market
The
bill
asked.
and
/%
bid
months,
and six
United States:
buying rate of the New York Reserve Bank is
MEAN LONDON CHECK RATE ON PARIS
for bills running from 1 to 90 days and proportion74.312 Wednesday, Jan. 18
74.288
Jan. 12
ately higher for longer maturities. The Federal Saturday,Jan.
74.175 Thursday, Jan. 17
74.291
14
Monday,
74.305 Friday,
Jan. 18
Reserve Bank's holdings of acceptances decreased Tuesday, Jan. 15
74.169
LONDON OPEN MARKET GOLD PRICE
from $5,611,000 to $5,562,000. Their holdings of
acceptances for foreign correspondents also decreased Saturday,Jan. 12 ____141s. 7ad. Wednesday, Jan. 18 ...141s. 8d.
Thursday, Jan. 17 __141s. lid.
Monday, Jan. 14 ___ _141e. 11d.
Friday,
from $878,000 to $567,000. Open market rates for Tuesday, Jan. 15 _ _142s. 4d.
Jan. 18 _..142e.
acceptances are nominal in so far as the dealers are PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
concerned, as they continue to fix their own rates.
35.00
35.00 Wednesday, Jan. 18
Saturday, Jan. 12
are
acceptances
market
open
rates
for
The nominal
35.00
35.00 Thursday, Jan. 17
Monday, Jan. 14
35.00
35.00 Friday,
Jan. 18
Tuesday, Jan. 15
as follows:
T
C
S
D
T
Volume 140
Financial Chronicle
Uneasiness as to the outcome of the gold clause
litigation became thoroughly apparent when in New
York the market in gold clause bonds grew extremely
active. The rise/of,theldollar in foreign exchange,
while not remarkable in itself, carried it to the best
price since Dec. 21. The franc fell 12% points to 6.47,
which compared with a range last week of from 6.6031
to 6.63%._Sterling cable transfers dropped to 47837
4,
compared with a high last week of 4.923
4 which was
recorded on Wednesday, Jan. 9. On Monday last,
American banks were overwhelmed with inquiries
from their European correspondents indicating that
apprehension was widespread and cable transfers
on London sold down to 4.883
4. The extremes of
nervousness in the market were reached on Tuesday,
when sterling sold down to 4.8374 and the French
franc sold down to 6.59, at which point gold imports
from France could be expected. At this point it
became evident that foreign exchange banks were
unwilling to assume even the slightest risk of a downward revision of the American gold price while the
metal was in transit. AS a consequence of this hesitancy to buy gold abroad to bring to this side for
profit, the foreign exchange panic was on as foreign
currencies were thrown overboard in a frantic attempt
to buy dollars, which were appreciating widely in
terms of sterling and foreign money. With the gold
point completely ignored there was no automatic
check on depreciation of the exchanges. It was just
as though France and other countries had suddenly
abandoned the gold standard. French francs broke
125
4.
% points to 6.47 and sterling went to 4.837
Despite the wide fluctuations and the demand for
dollars and the offering of foreign currencies, there
seem to have been no important transactions anywhere.
At any price around 6.59 for French francs gold
could have been imported from France at a profit,
and at 6.47 the potential profit was fantastic. But
banks refused to accept the opportunity because of
the fear that the price of gold on thise side might
be lowered while the metal was in transit, and
transform the profit into loss. The Treasury Department was importuned from many quarters to
give assurance as to the future of its gold buying
price, but to all requests about a guarantee of a future
price the Treasury replied as it always has since the
Secretary of the Treasury's statement of Jan. 31
1934 that "until further notice" it would buy gold
at $35 an ounce. "Until further notice" was not
sufficient assurance for the banks. Nevertheless it
would seem that some gold must have been taken
in the London open market for American account
as the amounts taken this week were exceptionally
heavy on Tuesday and Wednesday. The market
was full of rumors of official intervention on the
part of London, the Bank of France, and banks
acting for United States interests.
Persistent reports were heard in the market late
on Tuesday afternoon that the Bank of France had
acquired large dollar balances by the earmarking of
gold in Paris for the account of the Federal Reserve
Bank of New York. The dollars thus acquired,
it was surmised, would be used to support franc
exchange in lieu of the ordinary support forthcoming
when commercial banks would buy francs in order
to obtain gold for shipment on their own account.
Other strongly asserted reports in New York had it
that the New York Reserve Bank had been com-
359
missioned to buy gold in Paris as the agent of the
American Treasury. While there was no official
confirmation of these reports, the market became
convinced that official support of some sort was
active, and the entire market continued to move
along more normal lines for the rest of the week.
The decline on Tuesday carried sterling to the lowest
level since Nov. 3 1923. Even the Canadian dollar
went to a discount for the first time since last April,
and on Tuesday around noon at a discount of Vi%
was at the lowest since early last March. Sterling
suffered wide fluctuations abroad apparently because
of a widely held belief that the pound would follow
the dollar in a major move in terms of gold. There
can be no doubt that nervousness will continue in
the foreign exchange markets until the United
States Spureme Court renders its decision on the
gold clause and its consequences fully comprehended
on this side, whether it may prove favorable or
adverse to the Administration.
A return to more normal activity was reflected in
the fact that from Tuesday to Thursday gold amounting to approximately $43,000,000 was engaged for
shipment to New York from Canada, India, England,
France and Holland. The bulk of the import engagements was understood to be coming from England
and India. However,it was reported in well informed
quarters that the major part of this gold was not
influenced by the low prices recorded for foreign currencies this week but represented deliveries on old
contracts. According to Paris dispatches it will take
some time for the market to recover from the scare
suffered on Tuesday. The episode served to clean up
shorts who had positions in the dollar and to reveal
the fact that the dollar is still in strong demand in
Europe for commercial account. The events of the
last few days are also regarded as having reintroduced
a disturbing element in an exchange situation which
had shown a tendency to develop normally in the
direction of stability.
Paris dispatches on Thursday and private advices
received in New York stated that Bank of France
officials were eager to support the French franc by
selling gold and were looking for persons willing to
take a chance and export the gold available. From
this circumstance, widely accepted as a fact, the conclusion was reached that banks could safely import
gold from the other side and derive the profit represented by the price of $35 an ounce. It is inevitable
that the foreign exchange market will continue more
or less erratic and uncertain until monetary policies
on this side are fully resolved.
At the time of going to press the market was filled
with rumors of the possibility that the New York
Federal Reserve Bank might reduce its rate of redisCount below the present 13/2%, which has been in
effect since Feb. 2 1934. This speculation arises
from the fact that in-the last few weeks several of the
other Federal Reserve banks have reduced their rediscount rate to 2% from 23/2%.
Aside from the special circumstances affecting the
market as a result of the cases before the United
States Supreme Court there is no important change in
the general trend of the foreign currencies, especially
sterling. London doubts that a currency conference
is being arranged and regards prospects of stabilization as extremely remote. Meanwhile London continues, as has been the case for a long time, to be the
principal repository for funds from the greater part
360
Financial Chronicle
of the world, as seen by the steady low rates for money
in the London market. Call money against bills con1 %. Two-months'
tinues to be in supply at M% to 4
%% to 7-16%,
bills
three-months'
%%,
bills are
bills 1A%.
six-months'
and
7-16%,
bills
four-months'
All the gold available in the London open market
this week was taken for unknown destination and
there can be no doubt that a great part of it was for
American account. On Saturday last there was
available and so taken £136,000, on Monday 039,000, on Tuesday, £705,000, on Wednesday, £850,000,
on Thursday, £296,000, and on Friday, £446,000.
On Monday the Bank of England bought £40,579
in gold bars.
The Bank of England statement for the week
ended Jan. 16 shows an increase in gold holdings of
£146,526. Total bullion holdings now stand at
£192,944,041, which compares with £191,686,153 a
year ago and with the minimum of £150,000,000
recommended by the Cunliffe Committee. At the
Port of New York the gold movement for the week
ended Jan. 16, as reported by the Federal Reserve
Bank of New York, consisted of imports of $7,859,000, of which $3,787,000 came from India, $3,228,000
from Canada, $828,000 from England, and $16,000
from Guatemala. There were no gold exports. The
Reserve Bank reported a decrease of $345,000 in
gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York
for the week ended Jan. 16, as reported by the
Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,JAN. 10-JAN. 16, INCLUSIVE
Exports
Imports
$3,787,000 from India ,
3,228,000 from Canada
None
828,000 from England
16,000 from Guatemala
$7,859,000 total
Net Change in Gold Earmarked for Foreign Account
Decrease: $345,000
Note—We have been notified that approximately $100,000 of gold was
received from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports or
exports of the metal, or change in gold held earmarked for foreign account. On Friday there were
no imports or exports of the metal or change in gold
held earmarked for foreign account.
Canadian exchange continues to show an easier
tendency in terms of the dollar as a consequence
of the easier tone in sterling exchange. On Saturday
last, Montreal funds were at a premium in terms of the
United States of %%, on Monday at a premium
of 38%, on Tuesday at a discount of 5-16% to a
premium of %%, on Wednesday at a discount of
1-16% to a premium of 3-32%, on Thursday at a
discount of 1-32% to a premium of 1-16%, and on
Friday at a discount of 5-16% to a premium of %%.
Referring to day-to-day rates, sterling exchange
on Saturday last was dull and easy. Bankers'
sight was 4.903/@$4.00%; cable transfers $4.90%
@$4.90%. On Monday sterling was off sharply.
The range was .883/2@$4.89% for bankers' sight
and $4.88%@$4.90 for cable, transfers. On Tuesday the pound was erratically easier. The range
2@$4.88% for bankers' sight and $4.833/
was .833/
@$4.88% forjcable transfers. On Wednesday exchange was slightly firmer and steadier. Bankers'
sight was $4.873.@$4.883; cable transfers $4.87%
(04.88%. On;Thursday sterling was steady and
dull. The range ,was $4.873@$4.883 for bankers'
sight and $4.88@$4.88% for cable transfers. On
Jan. 19 1935
Friday sterling was steady; the range was $4.88@
$4.883. for bankers' sight and .883/g@$4.883A for
cable transfers. Closing quotations on Friday were
$4.88 for demand and $4.883 for cable transfers.
Commercial sight bills finished at $4.88; 60-day
bills at $4.873
/;90-day bills at $4.87; documents for
payment (60 days) at $4.87%, and seven-day grain
bills at $4.873
%. Cotton and grain for payment
closed at $4.88.
Continental and Other Foreign Exchange
INTEREST
in the Continental exchanges centers
around the pressure on French francs and the sharp
rise in the dollar as a consequence of the nervous
excitement aroused in the foreign exchange markets
everywhere because of the gold clause cases now being
argued before the United States Supreme Court.
The peculiar character of the market and its special
bearing upon the franc are depicted in the foregoing
resume of sterling exchange. There was a strong
demand for dollars in London and Paris ever since
Thursday a week ago. A London "Times" financial
editor stated in comment on the situation, according
to a dispatch to the New York "Times": "Though
dealings on foreign exchanges were more active, the
expansion of business was not commensurate with the
exceptionally wide movements in leading rates.
French holders of gold offered the metal and a large
amount, about £706,000, was sold (on Tuesday), the
bulk of which, it is understood, will be for shipment
to New York via the Berengaria, due to reach the
United States before any decision concerning the
gold clause is expected. Last year America added well
over 000,000,000 gold to her already huge pile of
metal. This implies undervaluation of the dollar,
which tends to accentuate rather than ease America's
problem. As Chancellor Chamberlain pointed out in
his speech Dec. 21, there can be no chance of stabilization until disequilibrium between the franc and the
dollar, which has been evident so long, has been
corrected."
According to Paris dispatches, bears on dollars
continue to seek cover, and since much of the business
is done through London the London rate on Paris is
prevented from falling. All other European gold
currencies and the general European list ruled lower
this week in terms of the dollar purely in sympathy
with the movement of the French franc. The Bank of
France statement for the week ended Jan. 11 shows a
decrease in gold holdings of 1,556,725 francs. Total
gold holdings now stand at 82,016,146,779 francs,
which compares with 77,254,004,794 francs a year
ago and with 28,935,000,000 francs when the unit
was stabilized in June 1928. The bank's.ratio now
stands at the high point of 80.78%, which compares
with 79.24% a year ago and with legal requirement
of 35%.
The following table shows the relation of the leading
currencies still on gold to the United States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Switzerland (franc)
Holland (guilder)
Old Dollar
Parity
3.92
13.90
5.26
19.30
40.20
New Dollar
Parity
6.63
23.54
8.91
32.67
68.06
Range
This Week
6.47 to 6.61
23.18 60 23.44
8.38 to 8.56%
31.81 60 32.44
66.50 to 87.68
The London check rate on Paris closed on Friday
at 74.14, against 74.32 on Friday of last week. In
New York sight bills on the French center finished
2, against 6.603 on Friday of
on Friday at 6.583/
last week; cable transfers at 6.58%, against 6.60k.
and commercial sight bills at 6.56%, against 6.583z8.
Volume 140
Financial Chronicle
Antwerp belgas finished at 23.33 for bankers' sight
bills and at 23.34 for cable transfers, against 23.41
and 23.42. Final quotations for Berlin marks were
40.04 for bankers' sight bills and 40.05 for cable
transfers, in comparison with 40.17 and 40.18.
Italian lire closed at 8.50 for bankers' sight bills
and at 8.51 for cable transfers, against 8.55 and 8.56.
Austrian schillings closed at 18.85, against 18.90;
exchange on Czechoslovakia at 4.17%, against
4.183/2; on Bucharest at 1.01, against 1.01; on
Poland at 18.873/
2, against 18.92, and on Finland
ay 2.173', against 2.17. Greek exchange closed at
0.933
% for bankers' sight bills and at 0.93% for
cable transfers, against 0.9334: and 0.933
/
s.
361
against 33. The unofficial or free market close
was 25@25.05, against 25@25.15. Brazilian milreis, official rates, are 8.14 for bankers' sight bills
and 83 for cable transfers, against 8.20 and 83..
The unofficial or free market close was 6%, against
4. Chilean exchange is nominally quoted on the
63
new basis at 5.20, against 534:. Peru is nominal at
23.55, against 23k.
XCHANGE on the Far Eastern countries continues to follow the trends which have been
in evidence for many months past. The Chinese
silver units are firm following the course of the
silver market and dominated by the silver purchasing policies of the United States. The other
XCHANGE on the countries neutral during the Far Eastern exchanges move in sympathy with
war was of course greatly influenced by the sterling exchange. Extreme inactivity marks the
gyrations of sterling, French francs and the dollar. course of the Far Eastern units at present.
The gold neutrals dropped far below the lower gold
Closing quotations for yen checks yesterday were
points for gold for shipment to New York but the 28.42, against 28.59 on Friday of last week. Hong
wild fluctuations in the quoted rates were not indica- Kong closed at 43/@43 11-16, against 43.05@
tive of any substantial volume of trading. The rates 43 7-16; Shanghai at 35@35 3-16, against 34%
7
were largely sympathetic reflections of the Paris @35 1-16; Manila at 49.95, against 49.95; Singapore
market. Actual trading was almost at a standstill. at 57%,
3 against 57.80; Bombay at 36.87, against
Nevertheless it is understood that guilders were 36.95, and Calcutta at 36.87, against 36.95.
heavily offered by short dollar interests as AmsterForeign Exchange Rates
dam was a reported bidder for dollars. It is understood that Amsterdam interests have sold some gold
URSUANT to the requirements of Section 522
which is now en route for New York. The Scandinaof the Tariff Act of 1922, the Federal Reserve
vian units, of course, moved strictly in harmony Bank is now certifying daily to the Secretary of the
with sterling to which these currencies are attached, Treasury the buying rate for cable transfers in the
as Norway, Sweden, and Denmark are important different countries of the world. We give below a
members of the sterling bloc.
record for the week just passed:
Bankers' sight on Amsterdam finished on Friday FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
at 67.45, against 67.68 on Friday of last week;
JAN. 12 1935 TO JAN. 18 1935, INCLUSIVE
cable transfers at 67.46, against 67.69, and comNoon Buying Rate for Cable Transfers in New York
mercial sight bills at 67.43, against 67.66. Swiss Country and Monetary
Value in United States Money
Unit
francs closed at 32.31 for checks and at 32.32 for
Jan. 12 Jan. 14 Jan. 15 Jan. 16 Jan. 17 Jan. 18
cable transfers, against 32.41 and 32.42. CopenEUROPE3
$
$
$
$
$
Austrla,schIlling
.188150* .188010* .187610* .187390* .187708* .187490*
hagen checks finished at 21.80 and cable transfers at Belgium,
belga
.234169 .233815 .231707 .232738 .232584 .233223
Bulgaria. lev
012375* .012000* .011666* .011333* .011500* .012125°
21.81, against 21.89 and 21.90. Checks on Sweden Czechoslovakia.
krone .041835 .041812 .041507 .041667 .041682 .041742
Denmark, krone
.219045 .218591 .217272 .217645 .217758 .217991
closed at 25.18 and cable transfers at 25.19, against England, pound
sterling
4 905.500 4.894083 4.864416 4.875750 4.877666 4.881500
25.29 and 25.30; while checks on Norway finished Finland. markka
021679 .021654 .021516 .021575 .021583 .021591
France franc
066025 .065975 .065326 .065661 .065690 .065843
reichsmark .401742 .401328 .398875 .399938 .400057 .400435
at 24.53 and cable transfers at 24.54, against 24.64 Germany,
Greece. drachma
.009377 .009365 .009315 .00933. .009320 .009330
guilder
.676423 .675892 .670607 .67.021 .673057 .674507
and 24.65. Spanish pesetas closed at 13.64 for Holland,
Hungary, pengo
296875 .296500 .293500* .296250" .294625 .296250*
lire
Italy,
.085568 .065423 .084603 .084945 .085023 .085176
bankers' sight bills and at 13.65 for cable transfers, Norway. krone
.246466 .245958 .244525 .244900 .245033 .245158
Poland. zloty
189160 .189160 .188040 .188200 .188400 .188500
against 13.67 and 13.68.
Portugal, escudo
.044881 .044608 .044141 .044366 .044258 .044300
E
P
Rumania. leu
Spain, peseta
010040
.136842
.010040
.136688
.009981
.135582
.010035
.136078
.010035
.138164
.010025
.136392
krona
252916 .252408 .2.51025 .251408 .251509 .251658
XCHANGE on the South American countries Sweden,
Switzerland, franc
.324110 .323760 .320584 .322464 .322421 .323100
dinar
.022805 .022812 .022616 .022690 .022560 .022741
made no response to the nervousness which Yugoslavia,
ASIAupset the major foreign exchanges during the week ChinaChetoo (yuan) dol'r .347083 .347083 .347500 .346666 .348333 .348333
Ilankow(yuan) dol'r .347083 .347500 .347916 .347083 .348750 348750
beyond a general sympathetic movement of South
Shanghal(yuan)dol'r .346093 .348562 .346875 .346406 .347500 .347656
Tientsin (yuan)dol'r .347083 .347500 .347916 .347083 .348750 .348750
American units to harmonize official rates of exHongkong. dollar
.429062 .430000 .431062 .430937 .432500 .431562
India, rupee
369460 .368976 .366540 .367700 .367740 .367960
change to the trend of sterling. Official quotations Japan, yen
285470 .284590 .283090 .283200 .283610 .283900
(S. S.) dol'r .574375 .571875 .568125 .568750 .570000 .569375
have practically ceased for Brazilian milreis pending Singapore
AUSTRALASIAAustralia. pound
3.891875*3 881875.3.853750* 3.863437 3.867500*3.869062"
the outcome of the Brazilian debt mission to the New Zealand,
pound_ 3.915000°3.906250" 3.876875*3.887c00 3.891250* .892500*
AFRICAUnited States. The mission will also proceed from South Africa, pound 4.854500,4.841E00* 4.813250•4.822500 4.826750*4.829500*
NORTH AMER.Canada, dollar
1.003359 1.001484 .999176 .999895 .999973 1.000494
New York to London and maybe to Paris and Cuba,
peso
.999200 .999200 .999200 .999200 .999200 .999200
Mexico, peso (saver). .277500 .277500 .277500 .277500 .277500 .277500
Berlin. Meanwhile the unofficial or free market in Newfoundland,
dollar 1.000875 .999250 .997312 .997375 .997687 .997875
SOUTH AMER.milreis is reported showing a firmer tendency at Argentina,
peso
.326937* .326050* .324025* .324737 .325200* .325037*
Brazil, mIlrels
.0818754 .081475* .081275* .081275 .081275* .081325*
Rio de Janeiro. The Argentine Government has Chile.
peso
.050625* .050625* .050625* .050625 .050625* .050625*
Uruguay, peso
.802750* .803350* .799650* .798125 .799000* .8000000
sent several bills to the Congress contemplating the Colombia,
peso
645200* .645200* .645200* .645200 .645200* .645200"
complete reorganization of the country's banking
•Nominal rates: firm rates not available.
and monetary system. A central bank is planned
Gold Bullion in European Banks
following the recommendations made by Sir Otto
Niemeyer in 1933. Stabilization of the peso is not
HE following table indicates the amount of gold
contemplated at the present juncture.
bullion (converted into pounds sterling at par
Argentine paper pesos closed on Friday, official of exchange) in the principal European banks as of
quotations, at 325
/
s for bankers' sight bills, against Jan. 17 1935, together with comparisons as of the
32% on Friday of last week; cable transfers at 32%, corresponding dates in the previous four years:
E
T
Financial Chronicle
362
Banks or—
1935
1934
1933
1932
1931
.£
121,321.171
558,774,581
42,716,250
89,911,000
60,854.000
73,294,000
72,853,000
61,042,000
11,435,000
8,015,000
6,559,000
£
142,861,766
435,301,676
99,529,000
97,297,000
57,297,000
35,510,000
39,222,000
25,757,000
13,377,000
9,558,000
8,134,000
Total week_ 1,247,339,815 1,245,214,191 1,247,213,728 1,106,775,002
Pray weak 1 245 0751 nsa 1 244 060 499 E250.299.287 1.102.828.061
964,147,342
963.213.505
England_ _ _
France a___
Germany b_
Spain
Italy
Netherlands
Nat. Belg'm
Sw1t7erland
Sweden__
Denmark.
Norway
£
192,944,041
656,129,174
2,897,600
90,702,000
62,400,000
70,170,000
72,856,000
69,392,000
15,872,000
7,395,000
6,582,000
£
191,686,153
618,032,038
17,022,000
90,458,000
76,828,000
76,789,000
78,480,009
67,518,000
14,430,000
7,398,000
6,573,000
£
120,570,654
659,236,574
37,877,b00
90,345,000
63,053,000
86,050,000
74,263,000
88,963,000
11,443,000
7,397,000
8.015,000
a These are the gold holdings of the Bank of France as reported In the new form
of statemen . b Gold hotclIngs of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,060,200.
The Administration Before the Supreme
Court
The presentation of the Government side in the
gold cases which were argued before the Supreme
Court last week,as summarized in newspaper reports
of the hearings, leaves at some points a singularly
unfavorable impression. Here was a group of cases,
admittedly of prime importance, which not only involved at vital points the attitude of the Administration toward the Constitution, but the judicial decision of which might go far toward indicating the
attitude of the Court toward other parts of the Administration program. Under such circumstances
one would naturally expect that Government counsel
would avoid all appeal to partisan interest or popular emotion, and rest their case upon legal contentions as serious and fundamental as the gravity of
the issues obviously suggested. Something of this
was, of course, attempted, but the force of such Constitutional arguments as were advanced was greatly
weakened from the start by hysterical pictures of the
situation which the Administration's action aimed
to meet and of the chaos which would ensue if its
course were not now approved. It is difficult to read
the reports of the arguments without feeling that
the Government,while citing everything it could find
in the Constitution that could be made to appear as
a legal justification for abrogating gold contracts,
counted at least as much upon impressing the Court
with the unique and catastrophic character of the
financial situation in 1933, and the horrendous possibilities looming just ahead, as conclusive reasons why
what was done should now be blessed by the Court.
Attorney General Cummings, for example, in his
argument on Jan. 9, assured the Court (we quote
from a Washington dispatch to the New York
"Times") that "failure of Congress to act in 1933
would have made impossible the carrying into effect
.
of the relief program of the Administration." It
would be interesting to know where, in the history
of the seizure of gold in private hands, the devaluation of the dollar and the invalidation of gold contracts, the constitutionality of these measures was
defended on the ground that they would facilitate
relief expenditures, or how the facilitation of relief,
granting that it was afforded, made constitutional
the methods by which it was attained. The persons
who now seek to have the gold clause invalidated,
Mr. Cummings further declared, "are squatters on
the public domain, and when the Government needs
this territory they must get off." Mr. Cummings
should have consulted a dictionary. The plaintiffs
whom he characterized as "squatters" were in no
sense such, but holders of valid titles, conferred by
Government grants, which the Government had
arbitrarily taken away without even a pretence of
the compensation which the Constitution provides
for property taken for public uses. "The invalidat-
Jan. 19 1935
ing of this resolution," he further averred, "would
create a privileged class which in power and immunity would be unparalleled in human history," yet
the "privileged class" whose "power and immunity"
threatened the nation was precisely the same "class"
which, until a few months ago, the Government was
relying upon for support through the purchase of
Government securities to whose payment in gold, or
in money based upon a known and unquestioned
value in gold, the faith of the Government was
pledged.
The picture of what would happen if gold contracts had now to be met with "the asserted equivalent of the dollar of the old standard" is difficult
to regard as sober legal argument. Assuming that
the total volume of gold clause contracts outstanding is about $100,000,000,000, "the debt burden" on
the "gold clause obligation of the holders," Mr. Cummings declared, "would be increased by more than
69%. The increase in annual interest payments on
private obligations alone would be about $2,600,000,000, the equivalent of an annual tax of $20 on
every man and child in the United States, or more
than twice the total gross market value of all the
cotton and wheat grown in the United States in
1930, or one and one-half times the amount of dividends and interest paid in this country in 1932,"
and so on. As for carriers, public utilities and "basic
industries," the"added burden of an enforceable gold
clause would mean widespread bankruptcy." Counsel
for the Baltimore & Ohio R.R. Co., which also sought
a favorable decision from the Court, pointed out that
the annual interest charge of the assumed $100,000,000,000 of outstanding securities containing gold
clauses approximated $5,000,000,000, "which was
more gold than the then existing gold stock in the
United States." One is reminded of the famous contention of Postmaster General Farley, in his speech
at Rochester, N. Y., on June 6, 1933, in defense of
the abandonment of the gold standard, that a
"fourth-grade schoolboy" would know that "sixty
or seventy billions of dollars of debts" could not be
paid "with four billions of dollars of gold." Were
Mr. Cummings and other counsel seriously maintaining that the whole volume of obligations containing gold clauses, whether interest or principal,
would under any circumstances ever have to be paid
at once?
It is not unusual for members of the Supreme
Court to interrogate counsel, but the questions asked
at these hearings were unexpectedly searching.
When the Assistant Solicitor General contended
that Congress, in abrogating the gold clause in Liberty bonds, exercised a sovereign power which was
in harmony with its Constitutional right to coin
money and regulate its value, Chief Justice Hughes
interrupted. "Here," he said, "you have a bond issued by the United States Government, issued in a
time of war and in the exercise of its war powers, a
bond which the Government promised to pay in a
certain kind of money. Where do you find any
power under tilt Constitution to alter that bond, or
the power of Congress to change that promise?"
Mr. MacLean, in reply, cited the power of Congress
to coin money and fix its value, and referred to the
action of the House of Lords in upholding devaluation in Great Britain, but Associate Justice Van
Devanter promptly observed that "what England
can do, what Germany or any other nation can do,
has no controlling influence here. We must act
Volume 140
Financial Chronicle
under the Constitution of this country." It was more
than disturbing when Chief Justice Hughes asked
counsel to explain what was meant by "value," or
when Associate Justice Butler asked if Congress
could act "to make a dime a dollar," or when Associate Justice McReynolds, after describing the "hardship" which it would be for the Missouri Pacific
Railroad to pay off $169 for every $100 which it
had borrowed, interposed the remark, "Look at the
effect on the people who hold these bonds."
To "the plain man in the street" the Constitutional issues involved in the gold contract cases have
not at any time, probably, seemed very difficult.
The object of writing a gold contract into Government bonds was, of course, to facilitate their sale
by guaranteeing to purchasers and possessors the
kind and standard of money in which the bonds
would eventually be paid. The authority to stipulate the kind and standard of money is derived from
the power delegated to Congress by the Constitution "to coin money and fix the value thereof," and
the insertion of the guarantee in the bond was understood by everybody, including the Government itself,
as a protection against any form of currency depreciation which would lower the value of the bond
as measured by the standard money in existence
when the bond was issued. It was for similar reasons, accentuated by the apprehension aroused by
the free silver agitation, that gold contract pro.
visions were inserted generally in corporation securities, State and municipal issues, and, to a considerable extent, in mortgages and other financial
agreements. If, with the memory of Civil War inflation and the later demand for free silver coinage
fresh in mind, a gold contract clause had not been
inserted, it may well be doubted whether either Government or private security issues could have been
sold at anywhere near par, or if speculation would
not have played as much havoc with Government
bonds as it has at times been able to play with securities which did not have back of them the faith of the
Government as well as a specific guarantee of the
kind of money in which payment would be made.
Few people, presumably, have ever maintained
that a Government standard of money, once fixed
by Congress, could never under any circumstances be
changed, but there has seemed to be all necessary
ground for believing that changes,if made, would not
be such as to destroy a large part of the value of
securities issued under a deliberate guarantee, but
that present possessors would be protected in property for whose redemption value the faith of the
Government was pledged. One gathers from the
arguments of Government counsel in the cases recently argued, however, and of other counsel who
took the Government point of view, that the confidence which the gold contract clause long inspired
has never at any time had an assured foundation.
The Constitutional right of Congress to coin money
and regulate its value appears to be regarded as giving to Congress the right to break at will any contract involving the value of money which the Government may have made and from which it has
profitted in an assured market for its bonds, and
to absolve private issuers from any similar obligation they may have assumed toward their own
creditors. A sovereign State, in other words, may
give its word, reap the harvest of tangible benefit
which naturally follows from confidence in its good
faith, and then repudiate its promises at its discre-
363
tion and leave the citizen to take the consequences.
"Noblesse," by long usage, has become inseparable
from "oblige," but the honor of a sovereign State
must apparently, with full Constitutional warrant,
be regarded as only an expression of the moment,
to be held to or discarded as politics suggest.
We have no disposition to anticipate in any respect the decision of the Supreme Court in the gold
clause cases. It is to be hoped that the decision will
be a clear-cut and unequivocal declaration regarding the meaning and application of the Constitution in the issues presented. It will not have escaped
observation, however, that the contention of the Government is essentially that policies inaugurated by
a dictatorial Executive and a subservient Congress
shall be approved on the ground that they were necessary in an emergency, notwithstanding great lack of
evidence that they remedied any of the conditions
which they were devised to meet, and because to undo what has been done might occasion temporary
financial difficulties, however slender may be the
Constitutional warrant that can be cited in the Government's defense. It is another illustration of how
small a scrap of paper the Constitution has seemed
to the "brain trust" in comparison with "policies."
Security at Wholesale and at Rising
Costs
The program of social security which President
Roosevelt laid before Congress on Thursday, and
upon which Congress is urged to act with all possible speed, is far and away the most elaborate
scheme for direct Government aid to individuals
that has ever been submitted to the American
people, and in some respects the most complicated
that any country has ever been asked to consider.
As usual, the President's message gives only a very
general outline of the proposal, and the details must
be sought in the formidable report of the Committee
on National Security, of which only a press summary is at the moment available, and in the 14,000word bills, in identical terms, which were at once
introduced in Congress by Senator Wagner of New
York and Representative Lewis of Maryland. A
long list of special committees have co-operated in
the work of the Committee on National Security,
and a program of health insurance is yet to come.
In outlining his plan, President Roosevelt lays
down three principles which the legislation asked
for should observe. The first is that "the system
adopted, except for the money necessary to initiate
it, should be self-sustaining in the sense that funds
for the payment of insurance benefits should not
come from the proceeds of general taxation." The
second is that, save for old age insurance, "actual
management should be left to the States subject to
standards established by the Federal Government."
The third principle is that "sound financial management of the funds and the reserves, and protection of the credit structure of the nation, should be
assured by retaining Federal control over all funds
through trustees in the Treasury of the United
States." These principles being assumed, the legislation asked for is to include unemployment compensation, old age benefits with both compulsory
and voluntary annuities, Federal grants to States
in aid of dependent children, and "additional Federal aid to State and local public health agencies
and the strengthening of the Federal public health
service."
364
Financial Chronicle
The old age pension plan, as gathered from the
summary of the recommendation of the Committee
on National Security, contemplates a fund, to be
held by the Treasury, derived from a compulsory
tax on payrolls, one-half of the payments to be made
by employers and one-half by employees. The tax,
which starts at 1% on Jan. 1 1937, and rises to 5%
on Jan. 1 1957, is expected, according to the estimate of the Associated Press, to amount eventually
tc: the colossal sum of approximately $15,250,000,000.
To be eligible, an employee must be 65 years old and
no longer gainfully employed, and must have paid
taxes for at least 200 weeks during the five-year
period before the age of 60 is reached. To provide
for the immediate needs of dependent aged, Federal
appropriations of $50,000,000 for the next fiscal year
and $125,000,000 annually thereafter are provided,
these appropriations to be matched by State and
local contributions sufficient to provide, with the
Federal grants, a maximum pension of $30 a month.
For persons under 65 who desire a voluntary insurance, annuity certificates are to be sold by the Government with maximum maturity values of $9,000.
This last provision, it will be noted, means a further
step in direct Government competition with private
business.
The unemployment insurance plan contemplates
a payroll tax, to begin Jan. 1 1936, and amounting
to 3% by 1938, with a rebate of 90% of whatever
contributions employers may make to State unemployment insurance plans which the Federal Government shall approve. The Wagner-Lewis bill, in
specifying the conditions which State unemployment insurance plans must meet before the Secretary of Labor shall certify approval to the Treasury, includes (Section 602, paragraph e) the requirement that "compensation is not denied in such
State to otherwise eligible employees for refusing
to accept new work under any of the following conditions: (1) If the position offered is vacant due
directly to a strike, lockout, or other labor disputes;
(2) if the wages, hours and other conditions of the
work offered are substantially less favorable to the
employee than those prevailing for similar work in
the locality; (3) if acceptance of such employment
would either require the employee to join a company union or would interfere with his joining or
retaining membership in any bona fide labor organization." If the bill represents the views of the
Administration (and it seems hardly likely that the
bill would have been prepared for immediate introduction and marked for immediate consideration if
it did not have Presidential approval), the proposed
unemployment insurance plan is to be used to force
endorsement by Congress of the union labor interpretation of the highly controversial Section 7-A of
the National Industrial Recovery Act.
The unemployment benefits provided by the plan
reach, apparently, a maximum of $15 a week, with
15 weeks as the maximum period when the payroll
tax amounts to 3%. In aid of the administration
of the State laws the Federal Government would
appropriate $50,000,000 annually. A further grant
of $25,000,000 annually is provided to match State
grants in aid of dependent children, the plans for
such aid to have Federal approval; $4,000,000 annually would be distributed among the States in aid
of maternal and child health; $3,000,000 for the
care of crippled children; $2,500,000 for child welfare work, and $10,000,000 for general public health
Jan. 19 1935
service. For the first fiscal year the Federal appropriations for all purposes would aggregate $98,400,000, and for each succeeding year $217,500,000.
It is clear, however, that these figures represent only
a small part of the actual cost, since they do not
include either the amounts which the States are
expected to contribute on a dollar-for-dollar basis
as a condition of receiving Federal grants, or the
contributions of employers and employees to the
unemployment insurance and old age pension funds.
The extraordinary lengths fo which costs may run
is recognized by the Committee on National Security,
which states frankly that "only approximate estimates can be given regarding costs of proposed
grants in aid," that "the actuarial figures assume
that contributory annuities will not cover a large
percentage of our population comprising those who
are not actual wage earners," and that "it is essential that as soon as possible these persons be brought
into the compulsory system of contributory annuities, else the annual Government contributions will
be so high as to constitute an impossible charge on
the taxpayers."
Such, in barest outline, are the main features of
the plan which is to be imposed, if the Administration can have its way, upon a country whose national
debt has reached an all-time high and whose budget
is not likely to be balanced for a long time to come.
The most that can be said for the plan is that it
might have been worse, but even with all the safeguards which it throws about the expenditures
which it proposes, nobody really knows how much
it will cost. It will not, of course, do anything to
alleviate the present unemployment situation; that,
apparently, is to be dealt with by the expenditure
of $4,000,000,000 or so for work relief; but if the
vicious provision of Section 602 of the WagnerLewis bill which we have quoted becomes law, the
number of unemployed will be indefinitely increased
through the support which the provision gives to
strikes and the prosecution of labor disputes. It is
a serious question whether business can stand the
contributory charges which are to be laid upon it
without raising production costs to a point where
consumer demand will decline. Already, moreover,
come reports from Washington that the old age
pension allowances are regarded as much too low
and the unemployment benefits as well as the period
for which they may be enjoyed as quite inadequate.
The success of the plan depends, of course, upon the
co-operation of the States, and the desire of President Roosevelt to have the plan enacted into law so
that all the States will be able to act upon it during
this winter's sessions of their Legislatures can be
realized only if discussion in Congress is drastically
curtailed.
Ominous and debatable as the scheme is, however,
the country at least knows what is proposed. The
details of the program, especially such crucial matters as the actuarial calculations involved, the probable Federal and State costs, the conditions imposed
upon the States, and the conformity of the WagnerLewis bill to the recommendations of the Committee
and of the recommendations of both to the statements of the President's message, must be left for
further discussion. Meantime the Wagner-Lewis
bill, a cursory inspection of which reveals a number
of highly debatable points, should be carefully
studied. It will be a misfortune if the report of
the Committee on National Security is not promptly
Volume 140
Financial Chronicle
365
There are many evidences of intelligent care in the drafting
made available in full, since the condensed summary
of
the scheme. Yet once the country is committed to it, it is
given to the press by no means makes clear all the
bound to impose its own laws of growth (much as the British
arguments which have weighed with the Committee, system has done) upon the economic and social organization
while most of the data upon which conclusions are of the Nation, in ways that would be very difficult to predict
based are lacking. A revolutionary proposal which with finality. To embrace so vast and far-reaching a project
has occupied the attention of the Committee and its without the most thorough criticism of its every aspect, and
-which is more important-without the fullest popular
corps of associated experts for months, and which
understanding and assent, is to court a first-class disaster.
bristles with points of controversy even though its The President, however, is demanding its immediate passage
general principles are conceded, should under no through Congress in order that the States, many of which
circumstances be forced through Congress without have hardly considered the subject, can prepare, perfect and
the fiffiest publicity of all the information and rea- adopt their own plans in the two or three months remaining
of their own legislative sessions. We doubt whether that
soning on which its provisions are based.
precipitate schedule will give one-half the time which should
go to the work of discussion, education and analysis. Congress should realize the momentous character of the legislaThe Program for Social Security
tion for which the President is asking and give to it the
[Editorial In New York "Herald Tribune" of Nov. 18 1935]
time
and debate which it deserves.
The colossal character of the President's program for social
who
have
not
security should be apparent now to those
The Course of the Bond Market
already realized its implications. The accompanying Wagner
No decisive action has occurred in the bond market during
bill carries Federal appropriations of $98,500,000 for the
coming year, to jump immediately to $218,500,000 for the the week. Last Friday's decline was followed by a further
next and succeeding years. Since most of these, however, tapering off during the week for medium- and low-grade
are on the matching basis, the total cost in taxation would issues, whereupon some recovery took place. High grades
be more than $200,000,000 for the first year and nearly did not participate in this week's decline; in fact, some of
$400,000,000 thereafter. In addition, there would be the them advanced, the average yield of 30 Aaa issues making
payroll tax on industry, starting at 1% but soon advancing a new record at 3.77% on Monday, though advancing to a
to 3%, and the employer's contribution to the old-age in- 3.79% basis by Friday.
United States Government issues continued strong, but
surance plan, starting at one-half of 1%,but gradually rising
to 234%. Finally, there would be the equal contributions did not advance above last week's record high. Last week's
to the old-age plan from the employees. Assuming that these diverse movements of "gold clause" and other issues tended
percentages would apply to a wage bill of around 30 billions, to be evened up. Excess reserves of member banks reached
new high levels. A temporary flurry in foreign exchange,
this would give a cost when the plan was fully in operation
which brought the dollar above the gold import point, was
of about $1,000,000,000 in direct taxation and payments by quickly followed by a decline, possibly due to operations of
industry, with another $500,000,000 in contributions by the Treasury's stabilization fund and to the purchase of
employees. As the old-age premiums reached their maximum some gold abroad by banks.
Price fluctuations in high-grade railroad bonds were somethis $1,500,000,000 total from both sources would rise to
what
erratic. Norfolk & Western 4s, 1996, closed at 111%
$2,800,000,000. And the health insurance plan is still to
Come.
These figures do not represent out-of-pocket costs because
they would in large part represent substitutions for money
now being spent through other channels. They do, however,
imply a considerable shift of present relief costs from borrowings against the future to current income of taxpayers and
industry, while they serve to give some idea of the magnitude
of the whole project and the extent to which it might affect
the present workings of the economic machine. Nor is the
plan one which can be lightly adopted in the "experimental"
mood, with the idea that it might be dropped later if it proved
unsatisfactory. Once committed to it, withdrawal would be
impossible. The Commission report, for example, points
out that the non-contributory old-age pension plan (for the
existing indigent aged) would develop by 1980 costs so
enormous that the contributory plan must be adopted at
the same time to take up the burden. More than that, the
contributory plan for wage earners, as provided in the
Wagner bill, must be supplemented "as soon as possible" by
a contributory plan for non-wage earners (farmers, selfemployers, etc.), although the bill does not attempt this
subject.
The administrative difficulties must clearly be enormous
and intricate. Upon most of these the bill does not touch,
since it is largely an attempt to force the States to set up the
system themselves; but a particularly thorny one appears
at the outset, when it is discovered that Senator Wagner has
slipped his view on labor questions into the text. The unemployment insurance schemes are in effect required to pay
benefits to strikers and must not withhold benefits from those
refusing such employment as would require them to join a
company union or "interfere" with their joining "a bona fide
labor organization." Upon the possibilities tucked away in
that provision it is scarcely necessary to elaborate, while
they may serve to give some hint of the great engines of
economic and political power concealed in other elements of
the scheme upon which the bill is silent.
compared with 111% last week; Chesapeake & Ohio 4%s,
1992, at 116% were up % point. Medium-grade rail bonds
were generally lower. Louisville & Nashville 4%s, 2003,
closed at 1011/4 compared with 101% last Friday; Pennsylvania 4%s,1970, at 95% were off % point. Prices of lowergrade rail issues were irregular, and volume of trading
smaller. St. Paul mtge. 5s, 1975, closed at 23% compared
with 22% last week; Southern Railway 4s, 1956, at 60 were
down 1 point.
The utility bond market was somewhat irregular, but sustained strength in the latter half of the week resulted in a
majority of net changes. High grades remained quite firm,
and such issues as Bell Telephone of Pennsylvania 5s, 1948,
Union Electric Light & Power 5s, 1957, and Cleveland Electric Illuminating 5s, 1961, entered new high ground. Greater
irregularity prevailed among lower-grade issues. Among
those which ended the week with gains, Arkansas Power &
Light 5s, 1956, advanced 3 points to 80; Interstate Power 5s,
1957, at 60 were up %; Iowa-Nebraska Light & Power 5s,
1957, gained 2% to close at 93. Holding company issues
again held up well. Continental Gas & Electric 5s, 1958,
advanced % to 44%; Penn-Ohio Edison 5%s, 1959, gained
5% points, closing at 72%.
On smaller volume, industrial bond prices for the most
part underwent little change. Previous gains were generally
held, and a few steel industry issues pushed into new high
ground, such as General Steel Castings 5%s, 1949, which
advanced 1% to 91%. Rubbers settled back a little after
the recent strength in this group, Goodrich 6s, 1945, for
example, declining 1% points to 94%. Changes in the oils
were nominal. In the speculative category, American Type
Founders 6s, 1940, gained 7% to close at 41, and Otis Steel
6s, 1941, advanced 5 to 81, while Bush Terminal 5, 1955,
declined 3% to 42.
Continued strength in German bonds as well as partial
recovery of Brazilians was the outstanding development in
the foreign bond market. There was some recovery in
Italian issues. A sharp recession in Royal Dutch 4s and
Batavian Petroleum 4%s followed a court decision authorizing service on these issues in current dollars. Weakness
was seen in Japanese bonds.
Moody's computed bond prices and bond yield averages
are given in the following tables:
366
Financial Chronicle
MOODY'S BOND PRICES
(Based on Average Yields)
Jan. 18- 106.79
17- 106.75
16- 106.59
15- 106.65
14-- 106.50
12__ 106.72
11- 106.81
10-- 106.48
9-- 106.19
8-- 105.94
7-- 105.77
5-- 105.66
4-- 105.76
3-- 105.75
2-- 105.75
1-- Stock
High 1934 106.81
Low 1934 99.06
Yr.AgoJan. 18'34 100.38
2 Yrs.Ago
Jan. 18'33 102.87
100.81
100.49
100.49
100.49
100.65
100.65
100.81
100.98
100.81
100.81
100.65
100.33
100.33
100.17
100.00
Exchan
100.00
84.85
120 Domestic Corporate.
by Ratings
Aaa
Aa
117.43 109.31
117.22 108.94
117.43 109.12
117.43 109.12
117.84 109.12
117.63 109.12
117.63 109.12
117.43 109.12
117.43 108.75
117.43 109.12
117.43 109.12
117.43 108.94
117.43 108.94
117.43 108.75
117.22 108.57
go Clos et117.22 108.75
10..37 93.11
A
Baa
99.52
99.36
99.20
99.20
99.36
99.36
99.52
99.36
99.20
99.20
99.04
99.04
98.88
98.88
98.73
82.26
81.90
81.90
81.66
82.02
82.14
82.50
82.99
82.74
82.62
82.38
81.66
81.54
81.18
81.07
120 Domestic
Corporate. by Groups
RR.
C.)
Cs ix
4.;141.
oth
w be 4+.
02 00 IP 0.4 6:4 CO ciPvl 4,00CO Ca
CA 00
U. S.
120
Govt. DomesBonds
tic
••
Corp.'
MOODY'S BOND YIELD AVERAGES t
(Based on Individual Closing Prices)
:2 0 878 888888888888888
1935
Daily
Averages
Jan. 19 1935
P. U. /ndus.
96.23
95.93
95.78
95.78
95.63
95.78
95.93
95.93
95.48
95.33
95.03
94.58
94.58
94.29
94.14
All
1935
120
Daily
DomesAverages
tic
120 Domestic Corporate
by Ratings
Aaa
A
Aa
Baa
120 Domestic
Corporate by Groups
RR.
ft
30
ForP. U. Indus. elf=
106.78
106.78
106.78
106.78
107.14
106.96
106.96
106.78
106.78
106.96
106.96
106.96
106.96
106.78
106.78
Jan. 18._ 4.70
3.79
4.21
4.78
6.02
4.77
4.99
4.35
6.15
17-- 4.72
3.80
4.23
4.79
6.05
4.79
5.01
4.35
6.17
16- 4.72
3.79
4.22
4.80
6.05
4.79
5.02
4.35
6.20
15__ 4.72
3.79
4.22
4.80
6.07
4.79
5.02
4.35
6.22
14__ 4.71
4.79
6.04
3.77
4.22
4.77
5.03
4.33
6.22
4.79
6.03
3.78
4.22
12-- 4.71
4.76
5.02
4.34
6.21
11_ 4.70
4.78
6.00
3.78
4.74
4.22
5.01
4.84
6.22
10_ 4.69
4.79
3.79
4.22
5.96
4.72
5.01
4.35
6.23
9_ 4.70
4.24
4.80
5.98
3.79
4.72
5.04
4.35
6.26
8-- 4.70
4.80
5.99
3.79
4.72
4.22
5.05
4.34
6.27
3.79
4.22
7._ 4.71
4.81
6.01
4.72
5.07
4.34
6.28
4.23
5-- 4.73
4.81
6.07
3.79
4.74
5.10
4.34
6.29
4._ 4.73
4.23
4.82
6.08
3.79
4.75
5.10
4.34
6.30
4.24
3-- 4.74
4.82
6.11
3.79
4.76
5.12
4.35
6.32
4.25
2-- 4.75
4.83
6.12
3.80
4.77
5.13
4.35
6.33
I-- Stock Exchan go Clos ed94.58 106.78
99.04 83.72
Low 1934 4.75
5.90
4.72
4.24
4.81
3.80
5.10
4.35
6.35
81.78 66.38
74.25 96.54
High 1934 5.81
7.58
5.75
6.06
4.43
5.20
6.74
4.97
8.65
Yr.
.Ago90.00 107.31 97.16 87.43 73.45
81.78 98.57
Jan.18'34 5.42
4.32
4.93
5.61
6.82
5.36
6.06
4.84
8.11
2 Yrs.4go
82.74 105.03 91.53 80.72 62.95
88.10 86.64
8.00
6.71
Jan. 1833 5.98
6.15
5.31
5.56
4.45
5.67
9.95
•These prices are computed from average yields on the basis of one "ideal" bond (4)i% 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 leve s and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's index of bond prices by months back to 1928, see the issue of Feb. 6 1932. page 907.
**Actual average price of 8 long-term Treasury ISSue3. 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 of 40 foreign bonds.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, Jan. 18 1935.
Business activity continued its upward surge. The improvement in trade thus far this year exceeded all compartive totals as far back as 1931 or 1930. The fear of an
adverse decision on the gold clause cases by the United
States Supreme Court had little or no effect on commercial
operations, although in financial centers it caused much
nerVousness. There was not much change in distributive
totals during the week, but they are higher than a year ago.
Industrial activity made the best showing in many months,
led by steel and electricity. The output of both these industries reached the best peaks for some time back. Steel was
up to 47.5% of capacity, the best level since June 1934.
Electricity production gained 5.3% for the week, and was
7.7% above the comparative figures of 1934. It reached
the highest peak for this period in five years. Bituminous
coal production increased a little owing to a better demand
from industrial centers. The crude oil output increased
sharply and exceeded the Federal allowable for the first
time in several weeks. Car loadings were larger. Automobile production was further expanded. Both wholesale
and retail business was larger. Commodity markets, as a
rule, showed little activity. Cotton was only fairly active
at best, and prices, influenced by the nervousness over the
Impending decision by the United States Supreme Court,
showed a downward tendency. Good buying appeared, however, on the announcement of the Bankhead quota, but a
reaction followed later on. Wheat and other grain were
under the same influences, and prices were weaker. Trading in other commodity markets, with the exception of hides
and rubber, at times showed little life, and because of fears
of an adverse gold clause decision, prices drifted downward.
Light snow flurries at times endangered traffic here early
ir the week. On the 14th inst. a 60-mile gale hit New York
and the Eastern seaboard and brought with it a cold wave.
Early on the 15th inst. the mercury fell to 15 degrees, but
temperatures became more moderate later in the day. On
the 17th inst. snow and rain and icy pavements delayed
traffic. Albany had a snowfall of 5 inches on the 13th inst.
Boston had 2 inches of snow on that day and the storm
was still raging. At Bouquet Valley in the Adirondack
region a freak storm covered the highways and fields of
that section with snowballs, which were comparable in
size to the balls used in tennis and ranged upward to those
employed in soccer, being as shapely as if made by hand.
lonnketed Connecticut last Sunday, measuring from
2 to 3 inches. Lower temperatures were credited with
sending the Little River down approximately 3 feet. Before the snowstorm it had flooded the meadow lands in
West Cromwell and caused the deaths of two boys. To-day
It was fair and cold here, with temperatures ranging
from 31 to 37 degrees. The forecast was for fair, colder
to-night. Saturday probably rain or snow afternoon or
night. Overnight at Boston it was 22 to 34 degrees; Baltimore. 38 to 46; Pittsburgh, 28 to 54; Portland, Me., 10
to 30: Chicago. 16 to 28: Cincinnati, 26 to 46: Cleveland,
22 to 36; Detroit, 18 to 34; Charleston, 56 to 72; Milwaukee,
6 to 22; Dallas, 50 to 62; Savannah, 56 to 78; Kansas City,
30 to 44; Springfield, Mo., 40 to 48; St. Louis, 30 to 44;
Oklahoma City, 46 to 52; Denver, 20 to 48; Salt Lake City,
32 to 42; Los Angeles, 46 to 60; San Francisco, 46 to 56;
Seattle, 22 to 34; Montreal, 10 to 28, and Winnipeg, 20
below to 10 below.
Revenue Freight Car Loadings 0.6% Below Like Week
of 1934
Loadings of revenue freight for the week ended Jan. 12
1935 totaled 553,675 cars. This is an increase of 55,602
cars, or 11.2% over the preceding week, and a loss of 3,591
cars, or 0.6% from the total for the like week of 1934. The
comparison with the corresponding week of 1933, however,
was more favorable, the present week's loadings being
47,782 cars, or 9.4% higher. For the week ended Jan. 5
loadings were 0.5% below the corresponding week of 1934,
but 13.3% above those for the like week of 1933. Loadings
for the week ended Dec. 29 showed a loss of 6.5% when
compared with 1933 and an increase of 4.9% when the
comparison is with the same week of 1932.
The first 16 major railroads to report for the week ended
Jan. 12 1935 loaded a total of 241,072 cars of revenue freight
on their own lines, compared with 211,974 cars in the
preceding week and 239,941 cars in the seven days ended
Jan. 13 1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cam)
Loaded on Own Lines
Week Ended-
Rec'd from Connections
Week Ended-
Jan. 12 Jan. 5 Jan. 13 Jan. 12 Jan. 5 Jan. 13
1935
1934
1935
1935
1935
1934
Atch. Top. & Santa Fe RI'
Chesapeake dc Ohio RI'
Chicago Burl. & Quincy RR
Chic. Milw. St. Paul & Pea. Ry_ _
y Chicago & North Western Ry
Gulf Coast Lines
Internat. Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific, RR
New York Central Lines
N. Y. Chic. & St. Louis Ry
Norfolk & Western RI'
Pennsylvania RR
Pere Marquette HY
Southern Pacific Lines
Wabash By
Total
17,244
20,033
13,063
16,891
12,897
2,919
1,751
4,170
12,474
39,665
3,814
15,828
51.897
5,405
18,304
4,717
15,135
18,887
11,862
14,086
11,158
2,328
1.559
3,723
11,757
33,749
3,322
13,714
45,398
4,262
16,754
4,281
16,785 4,451 3,878 4.168
20,860 8,416 5,862 6,114
13,931 5,966 5,738 5,853
17,290 6,394 5,949 5,977
13.525 8,418 7,363 8,488
2.315 1,242 1.077 1,213
2,256 1,952 1,604 1.729
4,411 2.413 2,296 2.508
12,705 7,099 6,072 7,020
37,881 56,271 50,696 54,923
3,517 8,473 7.272 7,928
15,616 3,521 3,004 3,172
51,086 31,834 27,529 29,941
4,520 4,825 4.168 4,527
17,742
4,601 7,654 6,421 67883
241,072 211,974 239,941 156,929 138,929 149,943
x Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended-
Chicago Rock Island & Pacific By.
Illinois Centtal System
St. Louis-San Francisco By
Total
Jan. 12 1035
Jan. 5 1935
Jan. 13 1934
20.329
25,827
11,158
18,188
23,511
10,125
19,088
24,599
11.761
57,314
51,824
55,418
The Association of American Railroads, in reviewing the
week ending Jan. 5, reported as follows:
Loading of revenue freight for the week ended Jan. 5 totaled 498,078
cars. This was an increase of 72,953 cars above the preceding week, but a
Financial Chronicle
Volume 140
decrease of 2,740 cars under the corresponding week in 1934 ; compared
with the corresponding week in 1933, it was an increase of 58,604 cars.
Miscellaneous freight loading for the week ended Jan. 5 totaled 181,990
cars, an increase of 33,586 cars above the preceding week, 11,149 cars above
the corresponding week in 1934, and 39,852 cars above the corresponding
week in 1933.
Loading of merchandise less than carload lot freight totaled 126,951 cars,
an increase of 6,988 cars above the preceding week, but decreases of 7,437
cars below the corresponding week in 1934 and 6,705 cars below the same
week in 1933.
Coal loading amounted to 127,545 cars, an increase of 20,067 cars above
the preceding week, but a decrease of 3,791 cars below the corresponding
week in 1934. It was, however, an increase of 22,856 cars above the
same week in 1933.
Grain and grain products loading totaled 22,009 cars, an increase of
4,063 cars above the preceding week, but decreases of 1,329 cars below
the corresponding week in 1934 and 2,190 cars below the same week In
1933. In the Western districts alone, grain and grain products loading for
the week ended Jan. 5 totaled 13,766 cars, a decrease of 1,175 cars below
the same week in 1934.
Live stock loading amounted to 13,820 cars, an increase of 2,462 cars
above the preceding week, but decreases of 1,797 cars below the same week
in 1934, and 1,933 cars below the same week in 1933.
In the Western districts alone, loading of live stock for the week ended
Jan. 5 totaled 10,453 cars, a decrease of 1,429 cars below the same week
In 1934.
Forest products loading totaled 16,153 cars, an increase of 4,371 cars
above the preceding week, 1,288 cars above the same week in 1934, and
3,740 cars above the same week in 1933.
367
Ore loading amounted to 2,448 cars, an increase of 252 cars above the
preceding week, but a decrease of 365 cars below the corresponding week
in 1934. It was, however, an increase of 1,209 cars above the corresponding
week in 1933.
Coke loading amounted to 7,157 cars, an increase of 1,164 cars above the
preceding week, but a decrease of 458 cars below the same week in 1934.
It was, however, an increase of 1,775 cars above the same week in 1933.
Four districts-Eastern, Allegheny, Northwestern and Central Westernreported decreases for the week of Jan. 5, compared with the corresponding week in 1934, in the number of cars loaded with revenue frieght, while
three districts-Pocahontas, Southern and Southwestern-reported increases.
All districts, however, reported increases compared with the corresponding
week in 1933.
Loading of revenue freight in 1935 compared with the two previous
years follows:
1933
1935
1934
Week of Jan. 5
439,469
498,073
500.813
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
Jan. 5 1935. During this period a total of 65 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Atchison Topeka & Santa Fe System,
the Chesapeake & Ohio RR., the Southern System, the
Illinois Central System, the Louisville & lashville RR.,
and the Southern Pacific RR. (Pacific Lines).
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED JAN. 5
Total Revenue
F eight Loaded
Railroads
1935
Eastern DistrictGroup ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. II. & Hartford
Rutland
Total
Group 11Delaware & Hudson
Delaware Lackawanna dr West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western.
Pittsburgh & Shawmut
Pittsburgh Shawmut dr North._
Total
Group
Ann Arbor
Chicago Indianapolis & Lotdsv_
C. C. C. dr St. Louis
Central Indiana•
Detroit .Sr Mackinac
Detroit & Toledo Shore Line
Detroit Toledo Jr Ironton
Grand Trunk Western
Michigan Central
Monongahela
N. Y. Chicago Jr St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & %Vest Virginia
Wabash
Wheeling & Lake Erie
Total
1934
Total toads Received
from Connections
1933
1935
1934
1,720
2,414
6,4411
784
2,379
8,607
497
1.961
2.750
6,298
828
2,351
9,223
447
1.350
2,314
5,865
461
2.089
7,993
449
262
3,817
8,544
1,333
2,210
9,698
837
265
4.546
9,882
2,084
2,643
11,201
905
22,847
23,858
20.521
26,701
31,526
4,413
8,428
9,877
83
1.330
6,851
1,321
15,935
1,649
368
301
5,830
9,161
10,744
102
1,612
8,125
1,361
16,850
2,030
407
408
3,263
5,887
8,633
112
1,029
6.064
1,280
14,565
1,696
369
236
5,763
5,068
11.835
1,559
848
5,316
24
24,145
1,724
20
211
6,492
5,226
12,154
1.642
912
6,113
14
25.971
2,288
32
189
50,556
56,630
43,134
56,513
61,033
500
1,196
11,458
15
130
243
1,965
2,574
7,001
3,902
3,322
4,262
4,039
937
4,281
3,054
402
1,224
6,407
16
164
129
1,716
2,405
4,433
3,704
3,293
3,610
2,999
954
3,977
2,632
303
1,192
6,299
12
223
192
789
2.149
4,084
2,834
3,015
3,236
2,236
712
4,088
2,333
853
1,483
10,279
32
77
3,230
1,399
6,105
8,522
151
7.272
4,168
3,746
1,007
6.421
2.711
894
1.551
10,528
57
69
3,008
1.252
5,984
8,604
141
7,872
4.568
4,160
633
6,351
2,212
43,879
38,065
33,697
57,456
57,952
Grand total Lla-stern District__
117,282
118,553
97.352
140,670
150,511
Allegheny DistrictAkron Canton Jr Youngstown..
Baltimore Jr Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
Central RR. of New Jersey__ _
Cornwall
Cumberland Jr Pennsylvania.._
Ligonier Valley
Long Island
b Penn-Reading Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
446
22,051
1,078
218
1.013
4,992
14
344
153
696
797
45,398
10,793
4,948
70
2,826
346
22,834
862
294
1,106
5,181
5
355
165
681
1,080
48,324
12,378
3,370
89
2,743
643
19,713
543
239
a
3,550
0
256
216
825
963
40.688
7.629
2,533
56
2,327
660
11,435
1,265
596
11,411
663
8
10
9,903
25
14
14
2,698
1.612
28,539
12,857
715
95,837
99.813
80.181
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup AAtlautio Coast Line
Clinch field
Charleston & Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac__ _
Southern Air Line
Southern System
Winston-Salem Southbound_
Total
6
12
9.145
52
18
19
2,334
943
27,529
12,369
855
o
1
5,08h
4,710
71,728
73,776
18,887
13.714
804
3,267
17,982
14,347
768
3,132
17,878
13,435
639
3,411
5,862
3,004
935
581
6,013
2,568
764
527
36,672
36,229
35,363
10,382
9,872
7,740
1,024
310
130
39
786
440
221
6,389
16,107
114
7,710
1,033
290
128
46
881
388
224
6,541
15,591
105
6,804
865
284
108
39
1,075
421
243
5,603
15,079
136
4,001
1,384
930
320
82
881
743
2,541
2,941
10,578
526
3,921
1,250
884
277
89
302
734
2.562
3.104
10,034
467
Group 13Alabama Tennessee 8.r. Northern
Atlanta Birmingham & Coast__
Atl. & W. P.-W.RR.of Ala__
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile dr Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah__
Mississippi Central
Mobile Jr Ohio
Nashville Chattanooga & St. L_
Tennessee Central
Total
Total Loads Received
from Connedlons
Total Revenue
Freight Loaded
Railroads
1935
1934
1933
161
538
552
2,930
148
570
521
186
1.074
16,121
16,052
80
120
1,442
2,194
369
187
509
598
2,838
180
823
594
256
1,134
14.624
14,765
100
118
1.443
2,074
240
138
493
496
2,320
186
761
810
217
928
15,253
14,679
112
108
1,475
2,266
262
1935
107
516
935
2,094
198
574
1,115
340
688
7.759
3,280
336
223
1,017
1,760
628
1934
110
632
979
2,230
259
522
1,212
386
600
6.332
3,231
432
208
1,269
1,839
611
43,058
40,483
40,504
21,570
20,852
Grand total Southern District..
76.358
73,420
71,161
46,497
45,066
Northwestern DistrictBelt RY. of Chicago,
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P. dr Pacific_
Chicago St. P. Minn. & Omaha
Duluth Mtssabe Jr Northern...
Duluth South Shore dr Atlantic_
Elgin Joliet dr Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming._ Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Spokane International.
Spokane Portland dr Seattle....
484
11.158
1.623
14,085
3,039
352
439
4,068
199
7,666
590
221
1,213
3,859
6,964
54
876
554
11.645
1,968
15,343
3,530
468
385
2.953
184
7,417
421
243
1.317
3,943
7,045
70
724
408
10,295
1,888
12,895
2,673
316
239
2,205
192
6,179
403
259
1,365
3,280
6,082
52
533
1,220
7,353
2,332
5,949
2,142
62
224
4,148
74
2,196
315
100
1,304
1,830
1,928
141
669
1,225
8,104
2,190
5,773
2,005
145
276
4,138
109
1,567
289
SO
1.276
1.664
1,704
158
683
56,890
58,210
49,264
31,987
31.386
15.135
2,270
193
11.862
1,591
8,877
2,592
826
2,737
431
912
1,781
320
33
11,476
130
211
9,747
528
1,094
14,923
2.068
186
12.170
1,528
8,775
2,446
894
2,411
351
941
1,918
336
101
11.021
240
328
11,093
371
1,026
15,316
2,300
203
10,910
1,155
8,921
2,034
1,301
2,081
218
936
1,578
294
105
8,620
194
227
8,902
565
775
3,878
1,602
35
5,738
682
5,900
1,619
711
1,683
7
717
922
179
68
3,027
212
812
5.737
6
1,195
4,034
1,449
27
5.433
725
4,887
1.513
799
1.539
72,755
73,127
66,635
34,730
32.279
125
117
187
2.328
1.559
137
1,399
1,096
114
382
765
62
3,723
11,757
27
81
6.008
1,739
5.278
3.442
1,701
19
183
116
119
216
2,014
1,987
147
1,418
1,037
134
246
720
75
3,913
11,518
43
112
6,411
1.787
4,713
3,365
1,170
11
189
109
102
204
2,185
1,640
136
1,222
766
196
209
651
44
3.836
11,129
49
121
0,600
1,745
4.364
3,116
1,061
25
a
3,180
242
169
1.077
1,604
867
1,319
755
249
622
166
122
2,296
6.072
13
112
3,032
1,467
1.825
2.907
13,050
31
42
3,123
427
151
1.182
1,412
884
1,238
571
227
557
207
267
2.501
7.070
16
117
2,590
1,514
1.707
2,811
14,236
30
34
Total
Central Western DistrictAtch. Top.& Santa Fe System.
Alton
13ingbam & Garfield
Chicago Burlington & Quincy
Chicago dr Illinois Midland_ _ _ _
Chicago Rock Lsland & Pacific_
Chicago dr Eastern Illinois,...
Colorado & Southern
Denver & Rio Grande Western.
Denver & Salt Lake
Fort Worth dr Denver City
Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph d: Grand Island _ _ _ _
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern..
Kansas Oklahoma dr Gulf
Kansas City Southern
Louisiana dr Arkansas
Louisiana Arkansas dr Texas...
Litchfield dr Madison
Midland Valley
Missouri & North Arkansas_ _
Missouri-Kansas-Texas Lines_ _
Missouri l'acific
Natchez dr Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas Jr New Orleans
Texas Jr Pacific
Terminal RR.of St. Louls__
Weatherford M. W. Jr N. W
Wichita Falls & Southern
s
682
924
189
51
2,645
223
789
5,332
5
1,028
30,657
32,937
33.300
24,214
24.927
42,279
Total_
41,461
39.513
41,219
42.872
• Previous figures. a Not available. b Pennsylvania-Reading Seashore Lines Include the new consolidated lines of the West Jersey Jr Seashore RR., formerly
Pennsylvania
RR.. and Atlantic City RR.. formerly part of Reading Co.
part of
Financial Chronicle
368
Selected Income and Balance Sheet Items of Class I
Steam Railways for October
The Bureau of Statistics of the Interstate Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of
October. These figures are subject to revision and were
compiled from 143 reports representing 149 steam railways.
The present statement excludes returns for Class I switching
and terminal companies. The report in full is as follows:
TOTALS FOR THE UNITED STATES (ALL REGIONS).
For the Month of October
For the 10 Months of
Income Items
1934
1934
1933
1933
Net railway oper. income- -- $48,624,982 $57,366,038 $391,234,736 8398,823,836
Other income
13,032.619 13,618,658 140,239,405 112,724,579
Total Income
Rent for leased roads
Interest deductions
Other deductions
861.657,601 $70,984,696 $531,474,141 8541,548,415
11,188,207 11,200.579 111,426,196 110,683.767
43,168,577 44,124,774 433.997,913 442,260,527
1,584,241
1,745,389 17,398,767 11,673,841
Total deductions
$55,941,025 857.070,742 3562.822,876 $564,618,135
Net income
Div. declarations (from Income and surplus):
On common stock
On Preferred stock
85,716,576 $13,913,954 c$31,348,735 c$23,069,720
656,565
570.636
1,291,186
509.835
63,467,693
13.233.986
52,657,375
11.530.432
Balance Sheet Items
Balance at End of October
1934
$804,871,687
$758,226,160
Cash
Demand loans and deposits
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets
8329,476.685
38,960.859
38,067,722
47,592,878
6,699.383
54,641,822
45,461,425
156,335,120
303.622,839
46,500,638
3,888,854
4,255,474
$330,065,280
40,103,559
55,793,071
32,715,080
10,335,969
57,470,423
44,208,032
133,749,870
293,526,858
42,956,770
3,020,755
4,621,424
Loans and bills payable_ b
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured Interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities
81,075,503,699 $1,048,567,091
$122,703,794
$222,201,074
$304,469,998
69,144,933
212,061,210
65,294,212
303.883,333
4,737,470
273.362,903
1,407,296
110,572,591
37,296,815
17,562,115
$340,393,659
71,190,098
203.334,909
52,665,919
223,181,243
4,804,132
97,556,452
902,153
110,367,146
35,062,135
16,754,105
$1,399,792,876 $1,156,211,951
Tar LiabilityUnited States Government taxes
$33,826,224
$35,260,987
Other than United States Government taxes
159,178,640
177,156,629
a Includes payments which will become due on account of principal of longterm debt (other than that in Account 764, funded debt matured unpaid) within
six months after close of month of report. b Includes obligations which mature
lees than two years after data of issue. c Deficit.
Present Conditions Under Which Recovery Movement
Is Going Forward Regarded by Colonel Ayres of
Cleveland Trust Co. as Better than in Previous
Periods of Depression
Observing that "as 1935 begins American business is
engaged in its sixth attempt to stage a recovery from the
depression," Colonel Leonard P. Ayres, Vice-President of the
Cleveland Trust Co., of Cleveland, Ohio, asserts that "the
conditions under which this recovery movement is going forward in this country are better than they have been in the
previous instances, for they are more powerfully influenced
by natural forces." "On the other hand," says Colonel
Ayres, "conditions abroad are less hopeful than they were
early in 1933, when the nations were confidently expecting
accords to be reached in the international economic conference, or early last year when progressive recovery seemed
In prospect for the gold bloc nations and Germany."
These comments by Colonel Ayres are contained in the
Jan. 15 number of the "Business Bulletin" of the Cleveland
Trust Co., in which he also has the following to say:
The succession of resulting temporary increases in the volume of industrial
production may be traced in the black silhouette diagram published on
this page of the "Business Bulletin" [this we omit.-Ed.]. The first was
in the opening months of 1930, and the upturn may be attributed to the
results of conferences called by President Hoover to persuade States, municipalities, railroads, public utilities and business in general to spend freely
for construction and equipment in the attempt to check business contraction.
The second important upturn came in the early months of 1931. Probably
some part of the brief improvement is attributable to the huge bonus payments to the veterans. Perhaps the working of the natural forces making
for recovery was another factor, for the duration of the decline had then
been about as long as it was in many previous ordinary depressions, and
Improvements took place simultaneously in England, Belgium, Germany
and Japan. The third noteworthy improvement came in the second half
of 1932, and perhaps it is the most important of all, because it marked
the turning point from the bottom of the great depression in most of the
countries of the world.
The fourth upturn in this country came following the banking crisis, and
just after the new Administration took power in Washington, and during
kur months it was the most rapid recovery we have ever experienced. The
fifth attempt at recovery began late in 1933 and continued to the summer
of last year. The sixth is the present one, which began last October and
has now been making progress during four months. . . .
Production
December was the third consecutive month of increase in industrial production. The tentative figures for the month show the volutne of output
at about 31% below the computed normal level, but they are only an estimate, and there is some reason to believe that the final data will make a
somewhat better showing. The record as it stands is a little better than
that of December one year earlier, and not quite so good as that of January
a year ago.
The improvement in the record of December over that of November is
largely to be accounted for by a sharp increase in the production of automobiles, which brought with it a considerable advance in the output of
Iron and steel, and of glass. It is encouraging that industry closed the
old year with an increase in the volume of production, and it is important
despite the fact that it did the same thing in 1931, 1932 and 1933.
Noting that "the iron and steel industry enters the new
year with steel output at about 40% of full capacity, and
with rather more than 20% of its blast furnaces active,"
Colonel Ayres says:
These rates of operation are not far different from what they were a
Recently operations have been vigorously expanding, and as a
consequence the general sentiment in the industry is optimistic. . . .
Apparently any revival of prosperity in the industry must wait upon a
resumption of profit-making activity by larger numbers of corporations in
diverse fields of enterprise, and upon a greatly increased flow of new
corporate financing.
year ago.
1933
Selected Asset ItemsInvestments in stocks, bonds. &c., other than those
of affiliated companies
Total current assets
Selected Liability ItemsFunded debt maturing within six months_a
Jan. 19 1935
Moody's Daily Index of Staple Commodity Prices
Reacts Further on Gold Clause Uncertainty
The principal commodity markets were, with few exceptions, affected by the general uncertainty induced by
the Supreme Court's consideration of the gold clause.
Moody's Daily Index of Staple Commodity Prices declined
2.7 points to 155.5, after touching 155.0 early in the week,
only six days after the four-year high of 160.0 was reached.
Only three of the 15 commodities included in the Index
resisted the general decline; i.e., copper, lead and wool, all
of which have been relatively immobile recently. The
others all suffered losses, the most important being in hogs,
corn, wheat, rubber, steel scrap and cotton, while hides,
sugar, silk, coffee, cocoa and silver all declined fractionally.
The movement of. the Index number during the week,
with comparisons, is as follows:
Fri.
Jan. 11
Sat.
'' 12
Mon. " 14
Tues. " 15
Wed. " 16
Thurs. " 17
Fri.
" 18
158.2
157.5
157.1
155.0
155.6
156.2
155.5
2 weeks ago, Jan. 4
158.0
Month ago, Dec. 18
151.4
Year ago,
Jan. 18
132.1
1933-High, July 18
148.9
Low, Feb. 4
78.7
1934-35-High, Jan. 9.'35___160.0
Low, Jan. 2,'34___126.0
Sr
"Annalist" Weekly Index ot Wholesale Commodity
Prices Lower During Week of Jan. 15
Uncertainty regarding the gold value of the dollar as a
result of the case before the Supreme Court weakened commodity-price levels last week, the "Annalist" Weekly Index
of Wholesale Commodity prices declining to 121.9 on Jan. 15
from 122.1 (revised) Jan. 8. In noting this, the "Annalist"
said.
The decline would have been much greater had it not been for the persisting strength in cattle and the meats. The chief losses were in the
grains and flour, cotton, cocoa, coffee and tin-commodities the prices of
which are more or less made in world markets and are, therefore, very
sensitive to possible changes in foreign-exchange rates.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
Unadjusted for Seasonal Variation (1913=100)
Jan. 15 1935
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
b All commodities on old-dollar basis._
116.4
125.0
*107.0
169.9
109.7
112.1
98.6
79.5
121.9
72.7
Jan. 8 1935
117.6
124.1
a107.2
161.9
109.7
112.1
st98.13
78.9
al22.1
a72.4
Jan. 16 1934
87.5
102.8
120.2
155.1
105.0
112.1
99.0
84.9
104.9
RA 9
•Preliminary. a Revised. b Based on exchange quotations for France, Switzerland, Holland and Belgium.
Sharp Increase During December Noted in "Annalist"
Monthly Index of Business Activity
The year 1934 closed with the "Annalist" Index of Business
Activity showing a sharp rise. The preliminary index for
December is 75.9, as compared with 71.2 for November and
70.5 for October, the "Annalist" said, adding:
The most important factor in the rise of the combined index was a sharp
increase (estimated) in the adjusted index of automobile production. Next
in importance was a sharp gain in the adjusted index of steel ingot production, the increase, on a weighted basis, being almost the same as that
for the automobile index. Substantial increases were also shown by the
adjusted index of freight-car loadings and the preliminary index of electric
power production. Smaller gains were shown by the adjusted indices of
silk consumption and pig-iron production. Only two of the components
of the combined index for which data are available, cotton consumption
and zinc production, declined last month. The decreases in both cases
were small.
Table I gives the combined Index and its components, each of which is
adjusted for seasonal variation and, where necessary for long-time trend,
for the last three months. Table II gives the combined index by months
back to the beginning of 1929.
TABLE I-THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS
October
November
December
57.6
36.1
31.8
92.4
92.2
76.0
75.5
88.4
51.6
46.7
40.8
66.2
70.5
Freight car loadings
58.9
63.1
42.8
Steel ingot production
57.3
Pig iron production
33.3
37.2
Electric power production
a95.4
93.5
Cotton consumption
86.0
84.3
Wool consumption
*100.7
Silk consumption
60.8
74.6
Boot and shoe production
97.9
Automobile production
43.5
b66.9
Lumber production
42.5
Cement production__..42.3
Zinc production
68.0
-6.
Combined index
*75.9
*71.2
TABLE II-THE COMBINED INDEX SINCE JAN. 1929
1932
1930
000
,00000.0000000
1931
1 •-"0.400.2.•-.o0CCOVCD
• • • • • • • • • • • •
NNI10.0Db•COOCOODet.<0
1933
44..y.tlwicoMoN.
1934
1929
112.9
73.1
70.1
63.0
112.4
76.7
68.1
61.6
111.9
78.9
58.4
66.7
115.0
63.2
80.0
64.0
115.7
80.2
72.4
60.9
116.6
77.2
60.4
83.3
116.7
73.2
89.3
59.7
115.6
61.3
71.1
83.5
115.0
65.2
66.4
76.4
113.4
65.4
70.5
72.3
106.0
64.7
*71.2
68.4
101.2
*75.9
69.5
64.8
* Subject to revision. a Based on an estimated output of 7,857,000,000 kwh.
as against a Geological Survey total of 7,602,000.000 kwh. in November and 7,470,000,000 in December 1933. b Based on an estimated output of 175,000 cars and
trucks, as against Department of Commerce total of 80,112 cars and trucks in
November and 87,414 ears and trucks in December 1933.
wwwwoonr.c.c.b.
January
February
March
April
May
June
July
August
September
Octoter
November
December
Weekly Electric Output Increases 7.7% Over
Corresponding Week of 1934
The Edison Electric Institute in its weekly statement
discloses that the production of electricity by the electric
light and power industry of the United States for the week
ended Jan. 12 1935 totaled 1,772,609,000 kwh. Total output
for the latest week indicated a gain of 7.7% over the corresponding week of 1934, when output totaled 1,646,271,000
kwh.
Electric output during the week ended Jan. 5 1935 totaled
1,668,731,000 kwh. This was a gain of 6.7% over the
1,563,678,000 kwh. produced during the week ended Jan. 6
1934. The Institute's statement follows:
PERCENTAGE OF INCREASE
Motor Geographic
DivIsionv
Week Ended
Jan. 5 1935
Week Ended
Jan. 12 1935
New England
Middle AtIsntle
Central Industrial_ .._.
West Central
Southwn Rotas
Rocky Mountain
Pacific Coast
Week Ended
Week Ended
Dec. 29 1934 Dec. 22 1934
7.7
5.4
8.7
4.1
9.4
12.0
6.0
5.9
2.9
6.9
1.0
15.9
10.6
5.8
6.4
4.7
7.5
5.3
13.8
9.6
2.9
5.7
6.5
8.7
6.1
12.3
11.1
4.7
7.7
6.7
7.2
7.9
Total United States.
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
%
Change
1933
Week ofiVeek ofOct. 13 1,656,864 Oct. 14 1,618,948
Oct. 20 1,667,505 Oct. 21 1,618,795
Oct. 27 1.677,229 Oct. 28 1,621,702
Nov. 3 1,669,217 Nov. 4 1,583,412
Nov. 10 1,675,760 Nov. 11 1,616,875
Nov. 17 1,691,046 Nov. 18 1,617,249
Nov.24 1,705,413 Nov.25 1,607,546
Deo. 1 1,683,590 Dec. 2 1,558,744
Dec. 8 1,743,427 Dee. 9 1,619,157
Dec. 15 1,767,418 Dec. 16 1,644,018
Dec. 22 1,787,936 Dec. 23 1,656,616
Dec. 29 1,650,467 Dec. 30 1,539,002
1935
Jan. 5 1,668,731 Jan.
Jan. 12 1,772,609 Jan.
Jan.
Jan.
1932
1931
Week of
+2.3 Oct. 15
+3.0 Oct. 22
+3.4 Oct. 29
+5.4 Nov. 5
+3.6 Nov. 12
+4.6 Nov. 19
+6.1 Nov. 26
+8.4 Dec. 3
+7.7 Dec. 10
47.5 Dec. 17
+7.9 Dec. 24
+7.2 Dec. 31
1934
6 1,563,678 +6.7 Jan.
13 1,646,271 +7.7 Jan.
20 1,624,846 ____ Jan.
27 1.610.542 ___ _ Jan.
Week of1,507,503 Oct. 17 1,656,051
1,528,145 Oct. 24 1,646,531
1.533,028 Oct. 31 1,651,792
1,525,410 Nov. 7 1,628,147
1,520,730 Nov. 14 1,623,151
1,531,584 Nov. 21 1,655,051
1,475,268 Nov. 28 1,599,900
1,510,337 Dec. 5 1,671,466
1,518,922 Dec. 12 1,671,717
1,563,384 Dec. 19 1.675.653
1,554,473 Dec. 26 1,564,652
1,414,710
1932
1933
Jan. 2 1,523,652
7 1,425,639 Jan. 9 1,619,265
14 1,495,116 Jan. 16 1,602,482
21 1,484,089 Jan. 23 1,598,201
28 1.469.636 Jan. 30 1.588.967
DATA FOR RECENT MONTHS
Month ofJanuary-._
February..
March
April
May
June
July
August _ ._
September _.
October _ _ _.
November..
December_
Tntni
369
Financial Chronicle
Volume 140
1934
1933
%
Change
1932
1931
7,131,158,000
6,608,356,000
7,198,232,000
6,978.419,000
7,249,732,000
7,056,116,000
7,116,261,000
7,309,575,000
6,832,260,000
7,384,922,000
7,160,756,000
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
+10.0
+13.2
+16.4
+15.8
+11.0
+3.6
+0.8
+1.3
-1.4
+4.1
+4.8
___
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
80.009.501 000
____ 77.442.112.000 86.063.969.000
Note-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based 00 about 70%.
Continued Decline During December in Retail Prices
Noted by Fairchild Index
Retail prices in December continued the sagging tendency
evident since March, according to the Fairchild Publications
Retail Price Index. Prices on Jan. 2 1935 show a decrease
of 0.3 of 1% under Dec. 1 and a decline of 1% under Jan. 2
1934. Current quotations also show a decline of 2.7% below
the April 1 1934 high. However, prices still remain 25.6%
above the May 1 1933 depression low. An announcement
issued Jan. 15 by Fairchild Publications also had the following to say:.
The trend of retail prices during 1934 was contrary to that recorded in
1933, according to A. W. Zelomek, economist of the Fraichild Publications.
Wheras quotations from the March 1934 high were sagging irregularly
during the rest of the year, prices during the corresponding period in 1933
were moving very sharply higher. The advance from May 1 1933 low to the
end of the year was one of the greatest for any corresponding period in
post-war history.
For the first time since prices began to sag, four of the five major subdivisions of the index actually recorded fractional decreases, with women's
apparel and home furnishings showing the greatest declines with 0.8 of 1%.
Men's apparel showed a fractional gain of 0.2 of 1%. The decline in
women's apparel under a year ago was largely responsible for the lower
composite index as compared with a year ago. However, piece goods prices
showed the greatest advance from the low point.
One of the interesting tendencies disclosed in the index is the close
movement of the five subdivisions. This contrasts with the trend evident
in 1933. Infants' wear is the only item showing a greater dispersion.
THE FAIRCHILD RETAIL PRICE INDEX-JANUARY 1931=100
(Copyright 1935, Fairchild News Service)
Composite index
Piece goods
Men's apparel
Women's apparel
Infants' wear
Home furnishings
Piece goods:
Silks
Woolens
Cotton wash goods
Domestics:
Sheets
Blankets dz comfortables
Women's apparel:
Hosiery
Aprons hi house dresses
Corsets and brassieres..
Furs
Underwear
Shoes
Men's apparel:
Hosiery
Underwear
Shirts and neckwear
Hats and caps
Clothing. incl. ovemlls
Shoes
Infants' wear:
Socks
Underwear
Shoes
Furniture
Floor coverings
Musical Instruments
Luggage
Elec. household appliances
China
May 1
1933
Jan. 2
1934
April 1
1934
Nov. 1
1934
Dec. 1
1934
Jan. 2
1935
69.4
65.1
70.7
71.8
76.4
70.2
88.0
82.8
86.2
90.3
90.4
85.8
89.6
85.9
88.9
91.2
93.6
88.7
87.4
86.3
87.7
*89.5
94.4
88.9
87.4
86.1
87.3
88.8
94.3
89.2
87.2
85.7
87.4
88.1
93.9
88.5
57.4
69.2
68.6
69.8
81.7
96.9
70.9
80.3
106.6
67.5
83.3
108.2
66.7
83.4
108.2
66.9
82.9
108.2
65.0
72.9
92.6
91.8
97.6
97.3
97.7
100.2
97.7
100.3
96.2
98.6
59.2
75.5
83.6
66.8
69.2
76.5
79.6
101.9
96.1
92.0
89.2
83.1
79.4
103.4
96.2
92.7
89.9
86.0
76.6
103.0
92.5
95.9
86.5
*82.5
76.3
102.2
92.6
93.1
86.0
82.6
76.1
102.5
92.3
90.4
85.5
82.1
64.9
69.6
74.3
69.7
70.1
76.3
86.1
92.9
90.0
78.6
81.9
88.1
87.4
95.2
92.2
81.4
87.2
89.8
87.2
93.0
86.5
81.8
87.6
90.0
87.2
92.9
84.6
81.7
87.2
90.1
87.2
92.5
86.5
81.8
86.9
90.0
74.0
74.3
80.9
69.4
79.9
50.6
60.1
72.5
81.5
88.3
92.2
90.7
97.2
95.5
57.4
80.5
77.4
88.6
95.2
94.9
90.6
96.7
97.8
60.6
80.6
78.0
93.0
97.8
93.8
91.5
94.4
101.3
59.9
76.0
77.5
91.6
97.4
94.0
91.5
95.6
101.6
60.1
76.6
77.4
91.6
96.8
93.5
91.4
94.7
101.3
60.2
76.8
77.9
91.1
• Revised.
Increase of 1% in Wholesale Commodity Prices During
Week of Jan. 5 Reported by United States Department of Labor
Wholesale commodity prices advanced 1% during the
first week of 1935 to the highest level reached since January
1931, Commissioner Lubin of the Bureau of Labor Statistics,
United States Department of Labor announced Jan. 11.
In issuing the announcement Mr. Lubin stated:
The Bureau's index for the week ending Jan. 5 increased to 77.9% of
the 1926 average. Compared with a month ago, present prices show an
increase of 1.8%. When compared with the week ending Jan. 6 1934.
when the index was 71.0, the current index is up by 10%. It is 26%
above two years ago when the index was 61.9. rhis week's index Is 0.1
of 1% above the high for the year 1934, the week of Sept. 8, when the index
was 77.8, and 10% above the low point of 1934. the week of Jan. 6. when
the index was 71.0. As compared with the high point of 1933, 71.7 on
Nov. 18, the index is up by 8%. When compared with the low point of
1933, 59.6 on March 4, the index is higher by 30%.
Of the 10 major groups of items covered by the Bureau, six-farm products, foods, hides and leather products, textile products, metals and metal
products, and chemicals and drugs-registered increases from the previous
week. Four groups-fuel and lighting materials, building materials, housefurnishing goods and miscellaneous commodities-registend decreases.
With the exception of hides and leather products, textile products, building materials and fuel and lighting materials, all of the 10 major groups
show higher average prices than for the corresponding week of a year ago.
Farm products registered the greatest rise with an increase of approximately
31% %;foods advanced 25%; chemicals and drugs. 8%; and miscellaneous
commodities, 73,5%. Metals and metal products and housefurnishing goods
showed smaller increases.
During the year average prices of textiles have decreased 8%; hides and
leather products, 3%%; building materials, 1%, and fuel and lighting
materials, 0.3 of 1%. All commodities other than farm products and
foods are % of 1% above a year ago.
Farm products, with an advance of 4% during the week, showed the
greatest rise for any of the major groups. This was partly due to livestock
and poultry advancing by 13U %. Other farm products, including cotton.
eggs, apples, lemons, oranges, hops, seeds and potatoes rose by 1% %.
Lower prices were recorded for grains, peanuts and onions. The accumulated rise for farm products over the past three weeks has been 6%. The
0 higher than two years ago
present farm products' index, 75.6, is 72%7
when the index was 43.8.
370
Financial Chronicle
Wholesale food prices for the week were up nearly 3%, due to advances
of 8% in meats. 2j% in fruits and vegetables, and 1% for butter, cheese
and milk and the sub-group of other foods. The sub-group of cereal products
remained unchanged. Price increases were recorded for cocoa beans,
coffee, lard, glucose and most vegetable oils. Prices of raw sugar, rye
flour and canned spinach, on the other hand, decreased slightly. Since
Dec. 8 foods have shown a steady upward tendency. The increase during
this period has been nearly 5%. The index for the group, 78.5 is 35% above
two years ago with an index of 58.1.
The following is also from Mr. Lubin's announcement:
Higher prices for chemicals and mixed fertilizers resulted in the group
of chemicals and drugs reaching a new peak. Drugs and pharmaceuticals
were lower by 3,5 of 1%. The present index. 79.1, shows an advance over
the previous week of 1%, the highest since June 1931.
Textile products, with an index of 70.0, advanced 0.4 of 1% because of
sharp increases in knit goods, silk and rayon, burlap, hemp and jute.
Smaller increases were recorded for clothing and cotton goods. Woolen
and worsted goods remained unchanged.
Advances in prices of hides and skins and leather caused the index of
hides and leather products to increase 0.2 of 1%. Average prices of shoes
have fallen to the lowest level reached since August 1933, while other
leather products remained unchanged at the level of the previous week.
Metals and metal products, due to higher prices for motor vehicles,
advanced 0.1 of 1%. Lower prices for scrap steel were responsible for
the slight drop in iron and steel products. Agricultural implements, nonferrous metals and plumbing and heating fixtures were unchanged.
Fuel and lighting materials, with an index of 74.1%. dropped 0.8 of 1%
because of declining prices for petroleum products and bituminous coal.
Anthracite coal, on the contrary, was slightly higher; no change was shown
In coke.
Lower prices for lumber and certain paint materials forced the index
number of building materials to 84.6, the lowest point reached since Nov. 11
1933, when the index was 84.4. The sub-groups of brick and tile, cement,
structural steel and other building materials were unchanged.
An increase of 1 % in crude rubber was more than offset by a decrease
of 2 1-3% in cattle feed and smaller declines in paper and pulp and other
miscellaneous commodities, resulting in the "miscellaneous" group as a
whole dropping 0.3 of 1%. The index for this week is 70.9.
Lower prices for furniture were responsible for the drop of 0.2 of 1%
in the group of housefurnishing goods. Furnishings, however, were
slightly higher.
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.
78.0, compares with 77.6 for a year ago and 68.2 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 following table shows index numbers of the main groups of commodities for the past five weeks and for the weeks of Jan. 61934. and Jan.7
1933
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JAN.5
1935. DEC. 29, DEC. 22, DEC. 15, DEC. 8, AND JAN. 6 1934. AND
JAN. 7 1933
(1926=100.0)
Jan.
5
1935
Commodity Groups
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities other than farm
products and foods
Dec.
29
1934
Dec. Dec.
22
15
1934 1934
Dec.
8
1934
Jan.
6
1934
Jan.
7
1933
77.9
77.1
76.7
76.7
78.7
71.0
61.9
75.6
78.5
86.8
70.0
74.1
85.6
84.6
79.1
82.3
70.9
72.6
76.3
86.8
69.7
74.7
85.5
84.9
78.3
82.5
71.1
71.2
75.4
86.4
69.7
75.0
85.5
84.7
78.1
82.5
71.1
71.1
75.4
85.7
69.4
75.2
85.4
85.0
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
57.4
62.7
90.0
76.0
74.3
83.3
85.5
73.3
81.7
85.9
43.8
58.1
68.9
52.7
68.1
79.1
70.7
72.0
73.3
61.4
78.0
78.1
78.2
78.2
78.3
77.6
68.2
Index numbers for the high and low weeks of each year, 1934, 1933 and
1932. are shown in the following table:
1934
Commodity Group Date and
High
1933
1932
Date and 1 Dale and Dale and Dale and
Low
Low
High
High
Date and
Low
All commodities 9-8 _77.8 1-6 _71.0'11-187l.7 3-4 _59.6 1-2 .68.2'12-31.82.2
Farm products- - 9-8 _74.3 1-6 _57.4 7-22_62.7
9-8 _77.2 1-6 _82.7 7-22_66.
Foods
Hides and leather 2-10_90.5 8-18_84.2 9-2 _92.9
Textile products_ 2-24.76.712-8 _69.3 9-23_76.4
Fuel and lighting_ 11-17_76.1 3-31.72.411-1L74.7
Metals, &a
5-12_88.8 1-6 .83.311-25.83.
Baikungmateria 6-30_87.8 12-22_84.7 12-30_85.4
Chemicals& drugs 12-29_78.3 1-6 _73.3 11-25_73.8
Housefurnishings. 5-26_83.9 1-27_81.7 11-11_82.2
Miscellaneous
12-15_71.2 1-6 _65.9112-30_65.
All commoditi
other than, &a_ 4-28_79.2 1-6 .77.812-30.77.6
1-9 .65.612-3L43.7
1-2 _68.7 12-31_57.9
1-23_79.7 7-23.68.5
1-2 _60.5 7-23_51.3
79 _73.3 - .67.7
1-2 _82.3 7-23_79.0
1-2 -76.0 8-13_69.4
1-2 _76.4 12-31_72.2
2-20_78.7 12-3 _72.5
1-9 _66.8 12-31.63.1
I
4-22_65.5 1-2 _72.1 12-31.88.8
2-4 _40.2
3-4 _53.
3-11_67.
3-4 _50.
6-10_80.
4-8 _76.7
2-18_69.8
4-15.71.2
5-6 _71.
4-8 -57.1
Index of Wholesale Commodity Prices of National
Fertilizer Association for Week of Jan. 12 at
Highest Level Since Jan. 24 1931-Increased for
Fourth Consecutive Week
Reaching the highest level since the week of Jan. 24 1931,
the wholesale commodity price index of the National
Fertilizer Association advanced during the week of Jan. 12
to 77.5, based on the 1926-1928 average as 100, from 76.8
in the week of Jan. 5. The index for the latest week was
1.2% above the highest point reached in 1934, and 39%
above the 1933 low point. The index has now moved
upward for four consecutive weeks. Continuing, the
Association also had the following to say on Jan. 14:
Although five of the groups rose in the latest week, the increase in the
index was due primarily to a rise in the prices of livestock and meats. The
only group which declined was fuel, with the decrease due to lower gasoline
quotations. Ten items in the grains, feeds and livestock group advanCed,
with grains moving upward in addition to higher prices for livestock.
Feedstuffs were generally lower. Although the rise of the food group was
due largely to higher meat prices, sugar, potatoes, and beans also advanced.
Ian. 19 1935
Cotton at New Orleans, Japanese silk, and woolen yarns moved down, but
the decrease in these items was offset by higher prices for cotton textiles.
Advances in the prices of news-roil paper and crude rubber resulted in the
increase in the miscellaneous commodities group index.
The prices of 40 individual commodities increased last week as against 14
declines; in the preceding week there were 35 advances and nine declines;
in the second preceding week there were 29 advances and 13 declines.
The index numbers and comparative weights for each of the 14 groups
included 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
23.2
16.0
12.8
10.1
8.5
8.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group
Latest
Week
Jan. 12
1935
Preceding
Week
Month
Ago
Year
Ago
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House furnishings
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements....
77.1
69.7
86.2
69.9
70.6
88.4
78.8
81.9
85.5
75.9
94.0
66.1
76.9
99.7
75.1
70.0
84.7
69.9
70.3
88.4
78.8
81.9
85.5
73.7
94.0
86.0
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
71.1
68.0
50.1
88.6
67.8
84.9
78.9
78.7
85.2
44.3
88.2
67.1
72.8
90.8
77.5
76.8
75.2
69.141111
All groups combined
Business Conditions in Minneapolis Federal Reserve
District-December Volume at Highest Level in
Three Years
"The volume of business in the Ninth (Minneapolis) Federal Reserve District increased to the highest point in three
years during December," said the Federal Reserve Bank of
Minneapolis, stating that "the December volume was much
larger than in December 1933." The bank also had the following to say (in part) in its preliminary summary of agricultural and business conditions issued Jan. 15:
Retail trade in the Ninth Federal Reserve District during December continued to be much larger than in the corresponding month of the prtceding
year. Twenty-two city department stores reported an increase of 15%,
most of which was obtained in the first half of the month. . . . Two
hundred and sixteen country stores reported an increase of 23% over
December last year. All sub-sections of the district showed increases, the
greatest being in North Dakota and the plains section of Montana, with
increases of 47% and 36%, respectively, followed by central Minnesota,
32%, and southwestern Minnesota, 31%.
The estimated cash income to farmers in the Ninth District from the
sale of seven important agricultural products was 11% smaller than in
December 1933 because of the greatly reduced wheat marketings. Flax
marketings continued to be larger than a year ago. Because of liberal
marketings and a 12% increase in price, the estimated income from flax
was 67% larger than in December 1933. Higher prices for both butter
and milk more than offset the smaller volume and resulted in an estimated
12% larger dairy product income. The estimates of income from hogs,
potatoes and rye were also larger than in the same month in the preceding
year. These estimates do not include acreage rental and benefit payments for drought relief funds received by Northwestern farmers during
December of this year. Prices of all important Northwestern farm products
were higher in December than a year ago with the exception of light and
heavy feeder steers, ewes and potatoes. Prices of heavy hogs and corn
were more than double those of December 1933.
Valuation of Construction Contracts Awarded
in December
The construction industries in the 37 Eastern States ended
the year 1934 with a contract total of $1,543,101,300 for all
classes of construction, according to F. W. Dodge Corp.
This was a gain of about 23% over the total for 1933, the
increase occurring entirely in the sphere of public work.
For the final month of 1934 the contract volume was smaller
than in either the previous month or in December 1933; in
fact, the total of $92,723,700 was lower than for any month
since July 1933. The loss from November 1934 was 17%,
while the decline from December 1933 amounted to 55%.
The year 1934 showed contract gains over 1933 in each of
the 10 general classes of construction, except factories and
residential building. The decline in factory construction
totaled almost 10%, while the loss in residential building
2 of 1%. An increase of more than 50% was
was less than 1/
reported in commercial buildings; awards for educational
buildings were practically treble those of 1933; hospital and
institutional building showed only a slight advance; public
buildings increased by about 5%; religious and memorial
buildings gained less than 5%;social and recreational buildings increased by something more than 50%; public works
of engineering types increased by about 25%, while public
utility structures shared in the general advance, too, the
gain being somewhat more than 20%.
Improvement over 1933 in total contracts was shown in each of the 18
major districts in the area east of the Rocky Mountains, except up-State
New York. For residential building alone, however, gains between 1938
and 1034 were limited only to the following major areas: Middle Atlantic
territory; Southeastern territory; Chicago territory; Southern Michigan
territory; St. Louis territory, and the New Orleans territory. For nonresidential building types gains between the two years were shown in
contracts in each of the 13 territories with the exception of Texas.
In the case of public works, of engineering design, increased contracts
over 1933 were reported for each maior district except up-State New York,
Financial Chronicle
Volume 140
southern Michigan, the Kansas City territory, and the New Orleans district.
For public utility construction, 1934 awards showed losses from 1933 in
New England, up-State New York and the Southeast.
Contemplated construction reported during December for all classes of
construction in the 37 Eastern States as a whole totaled $212,813,700 as
against $205,207,300 in November 1934 and $778,030,600 in December 1933.
Losses between December 1933 and December 1934 in new planning were
shown for each of the 10 general classes of construction, except commercial
buildings, factories and residential buildings, for which gains were recorded.
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS
New Floor
No. of
Projects Space (sq. ft.)
Month of December 1934Residential building
Non-residential building
Public works and utilities
Total construction
Month of December 1933Residential building
Non-residential building
Public works and utilities
Total construction
12 Months 1934Residential building
Non-residential building
Public works and utilities
Total construction
12 Months 1933Residential building
Non-residential building
Public works and utilities
Total construction
2,491
2,170
1,110
4,048,200
4,938,900
206,200
$14,550,500
28,106,200
50.067.000
5,771
9,193,300
$92,723,700
1,720
3,189
2,768
5,880,600
5,184,600
377,300
$23,899,600
5?,040.000
133,269,900
7,677
11,451,500
207,209,500
37.879
35,251
19,398
64,254.700
85,435,100
2,708.000
$248,840,100
543,024,700
751,236,500
92,528
152,397,800
$1,543,101,300
40.479
29,543
15.195
72,782,500
70,387,800
3,883,600
$249,262,100
903,723.700
602,722,600
85,217
147.053.900
$1.255,708,400
1933
Month of DecemberResidential building
Non-residential building
Public works and utilities
Total construction
First 12 MonthsResidential building
Non-residential building
Public works and utilities
Total construction
2,180
4,713
3,742
Valuation
$48,913,800
259,146,100
469,970,100
1934
No. of
I rojects
3,148
2,838
1,956
Valuation
$51,506,200
82.846,700
78,460.800
10,635 8778,030,600
7,442 $212,813,700
47.094 $658,604,100
41,236 1,508,197,000
24,756 3,428,482,800
45,309 $585,207,200
44,050 1,056,424,000
22,327 1,889,871,800
113,086 85,595,283,900 111.686 83,531.503.000
Import Duty on Wheat Flour Lowered by FinlandIncreases That on Wheat
Effective Jan. 1 1935, the Finnish import duty on wheat
flour has been reduced from 2.50 Finnish marks to 2.40
Finnish marks per gross kilo and that on unmilled wheat
ncreased from 1.30 to 1.35 Finnish marks per net kilo,
according to a cablegram received in the United States
Department of Commerce from Consul General Herbert S.
Goold, Helsingfors, the Department announced Jan. 5.
U.S. Senate Adopts Resolution Calling Upon Secretary
of Agriculture to Inquire into December Sugar
Futures on New York Coffee and Sugar Exchange.
In a resolution adopted by the Senate on Jan. 14 Secretary
of Agriculture Henry A. Wallace is called upon to report to
the Senate on the so-called sugar "corner" on the New York
Coffee and Sugar Exchange. As adopted the resolution
reads as follows:
(S. Res. 41)
That the Secretary of Agriculture is requested to report to the Senate
(a) all information at the disposal of the Department and the Agricultural
Adjustment Administration respecting the so-called "corner" in December
sugar futures, and the ultimate results as found by these Government
agencies and by the New York Coffee & Sugar Exchange;(b) the history of
any dealings the Department of Agriculture or the AAA may have had with
the merchandising of the 1934 Cuban sugar quota in the United States;
(c) the names of all so-called "long" and "short" traders in December sugar
futures on the New York Coffee & Sugar Exchange if available; (d) the
names of the members of the board of directors and of the managers of the
New York Coffee & Sugar Exchange and of the personnel of the Cuban
Sugar Stabilization Institute; (e) the names of any banks or other financial
Institutions in the United States known to the Department or the AAA to
have been connected with financing, or refusing to finance, the 1934 Cuban
Sugar crop;(f) the effect, if any, of Cuban price decrees and of the so-called
"corner" in December futures upon the sugar-price index of the United
States; and (g) any other available information bearing upon additional
legislation that may be needed to safeguard the objective of the JonesCostlgan Act or to control commodity dealings on the New York Coffee &
Sugar Exchange.
The incidents prompting the inquiry were referred to in
our issues of Jan. 5, page 41, and Jan. 12, page 221.
Sugar Consumption by 14 European Countries During
First 11 Months of 1934 Above Same Period of 1933.
Consumption of sugar in the 14 principal European countries during the first 11 months of 1934, January through
November, totaled 6,854,454 long tons, raw sugar value, as
compared with 6,594,591 tons consumed during the corresponding period in 1933,an increase of 259,863 tons, or 3.9%,
according to European advices received by Lamborn & Co.
The firm on Jan. 17 said:
The 14 countries included in the survey are Austria, Belgium, Bulgaria,
Czechoslovakia, France, Germany, Holland, Hungary, Irish Free State.
Italy, Poland, Spain, Sweden, and the United Kingdom.
Sugar stocks on hand for these countries on Dec. 1 1934 amounted to
4.799.635 tons, as against 4,588,084 tons on the same date in 1933, an
increase of 211,551 tons.
Production ofsugar for the 14 principal European countries for the season
starting Sept. 1 1934,is forecast at 6,263,000 long tons, raw sugar,as against
5,457,000 tons in the previous season, an increase of 806,000 tons, or
approximately 15%.
Valuation
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS
No. of
Projects
371
Changes in Cost of Living June to November 1934Index of United States Department of Labor
Increased 1.8% During Period
The average cost of the goods purchased by the families
of wage and lower salaried workers in the larger cities of
the United States increased by slightly less than 2% in the
five months' period from June 1934 to November 1934, Secretary of Labor Perkins announced Jan. 9. "The index of
living costs compiled by the Bureau of Labor Statistics for
November 1934 was 138.9 as compared with 136.4 in June,"
Miss Perkins said. "The advance was equal to 1.8%. The
survey upon which these figures are based covers 32 cities,
each with a population of over 50,000 persons, scattered
throughout the United States." Secretary of Labor Perkins
continued:
The Bureau of Labor Statistics index, based upon the average for 1913
as 100, is constructed by pricing a long list of items known to be the
most important in the expenditures of wage and lower salaried workers'
families. The index includes price quotations on 178 different items in
addition to rents.
In the 32 cities covered the cost of three major groups of items entering
Into family expenditures showed an increase, two showed no change, and
one decreased. In the construction of the index retail price changes are
weighted according to their importance in family spending. Food, which
rose by 5.8% from June to November, was the most important factor in
the increase of living costs. Fuel and light costs increased 1.3% during
the period, and the average cost of house furnishing goods increased 1.0%.
Average rental costs in the cities studied remained unchanged from June
to November. The average cost of the miscellaneous group of items (which
includes medical and dental service, drugs, hospital care, transportation
costs, telephone, laundry, barkers' services, toilet articles, newspapers,
movies and tobacco products) remained the same. Average clothing costs
decreased 0.1 of 1%.
Living costs as a whole for wage earner and lower salaried workers'
families increased in each of the 32 cities studied except one. The exception
was Indianapolis, where there was a decline of 0.1%. The increases ranged
from 4.2% in Birmingham, Ala.; 3.7% in Houston, Tex.; 3.4% in both
Los Angeles and New Orleans, and 3.1% in Portland, Ore., to 0.2% in
Scranton, Pa. The rise in Washington for this type of family was 1.9%
as compared with a 0.9 of 1% advance in the living costa of the average
Federal employee residing in the capital.
During the five months' period the average cost of food increased in all
but one of the 32 cities covered. The increases ranged from 13% in Los
Angeles to 1% in Detroit and Philadelphia. In Indianapolis the average
cost of food decreased 1%.
The cost of clothing bought by these groups increased slightly in 15
cities. The largest increase was reported from Birmingham, where a rise
of 1% was reported. Minor increases of less than 1% were found in
Detroit, Houston, Los Angeles, Memphis and Mobile. Decreases occurred
in the cost of clothing in 15 cities, ranging from 0.2% in Norfolk to 1.3%
in Buffalo and Savannah. No change in the cost of the clothing budget
priced was reported from Atlanta or Chicago.
Average rental costs for wage earner families increased in 11 cities. The
increases ranged from 8.5% in Detroit to 0.1 of 1% in Washington, D. 0.
Decreases were shown in 21 cities, ranging from 0.1 of 1% in Portland,
Ore., to 2.1% in St. Louis, Mo.
Increases in the cost of fuel and light were reported from 21 cities.
These increases ranged from 5.3% in Mobile to 0.1 of 1% in Los Angeles.
Decreases in the cost of this group of items were reported from nine cities,
ranging from 7.8% in St. Louis to 0.1 of 1% in Kansas City and Seattle.
No change in fuel and light costs was reported from Jacksonville and San
Francisco.
The cost of the house furnishing goods included in the index increased
Ii 29 of the 32 cities. The increases ranged from 3% in Richmond to 0.1
of 1% in San Francisco and Scranton. Decreases were reported in two
cities. Cleveland reported a decrease of 0.8%, and New York a decrease
of 0.1 of 1%. No change in the cost of such goods was reported from
Detroit.
The total cost of the goods and services included in the miscellaneous
group of items increased slightly in 19 cities, decreased in 10, and did not
change in three. The increases ranged from 1.3% in Birmingham to 0.1
of 1% in Cleveland. The decreases ranged from 2.5% in Jacksonville to
0.1 of 1% in Mobile. No change in the cost of these items was reported in
Cincinnati, Detroit and Washington, D. C.
Although the past 18 months have witnessed a continuous rise in living
costs, the average cost of goods purchased by wage earner and lower salaried
workers' families was 18.8% lower in November 1934 than in the first six
months of 1928. Average rental costs were lower by 35.6%; the cost of
food, by 25.7%; housefuniishing goods, by 16.5%; clothing, by 16.3%;
fuel and light by 12.3%. The cost of goods and services classified as
"miscellaneous" were only 4.6% lower.
Miss Perkins stated that it is the intention of the Bureau
of Labor Statistics hereafter to compile cost of living data
on a quarterly basis rather than every six months, as in the
past. In preparation for this change the Bureau's figures
for the latter half of 1934 are based upon prices prevailing
in the month of November rather than for December. The
following tables, showing, by cities, the percentage change
from June to November for the various groups of items
entering into the budgets of wage and lower salaried worker
372
Financial Chronicle
families (Table I), and the changes that have occurred for
the individual cities since the first six months of 1928
(Table II), were also issued by Miss Perkins:
Jan. 19 1935
1923-1325 Averag100
(Prepared by the Department of Research and Statistics of Federal Reserve Bank
of Philadelphia)
Employment
North Atlantic AreaBoston
Buffalo
New York
Philadelphia
Pittsburgh
Portland, Mo
Scranton
South Atlantic ArcaAtlanta
Baltimore
Jacksonville
Norfolk
Richmond
Savannah
Washington, D.C
North Central AreaChicago
Cincinnati
Cleveland
Detroit
Indianapolis
Kansas City
Minneapolis
St. Louis
South Central AreaBirmingham
Houston
Memphis
Mobile
New Orleans
Western AreaDenver
Lou Angeles
Portland, Ore
San Francisco
Beattie
+4.2 + .7 - .8 +3.4 + .4 + .2
+3.3 -1.3 - .7 +2.3 + .8 - .2
+2.8 - .7 -1.3 +4.1 - .1 + .4
+1.0 + .3 + .5 - .7 +1.2 - .2
+3.9 + .3 -1.2 - .8 + .9 - .7
+5.4 + .7 -1.0 +3.7 + .7 + .2
+1.8 - .7 - .8 +3.7 + .1 - .6
+1.8
+ .9
+1.0
+ .4
+ .8
+2.1
+ .2
Average United State.; _
+7.0
+7.0
+8.5
+6.5
+5.6
+7.7
+5.8
Rent
a
+ .3
- .8 - .9
- .3 +1.1
- .2 -2.0
-1.0 -1.1
-1.3 -1.6
- .5 + .1
Fuel
and
Lipid
+3.3
+3.0
x
+3.0
+1.7
+ .6
+2.6
+1.5 + .5
+ .5 - .8
+1.4 -2.5
+1.1 - .9
+3.0 + .9
+1.1 - .8
1
+ .6
+2.6
+2.2
+1.3
+1.5
+2.0
+1.3
+1.9
- .6 +4.2 +1.0 + .3 +1.8
a
+4.7
+1.7
+6.3 + .4 -1.6 - .3 +1.2
a
+3.2 - .5 +1.9 -5.6 - .8 + .1 + .4
a
x
+1.3
+8.5 +2.1
+1.0 + .1
-1.0 - .7 + .2 +3.8 +1.4 + .2 - .1
+7.1 - .3 - .3 - .1 + .3 + .5 +2.1
+3.1 + .9 -1.3 +3.7 +2.1 - .2 + .9
+7.4 + .8 -2.1 -7.8 + .7 + .3 +1.7
+9.9
+10.4
-1-6.6
+7.9
+11.3
+1.0
+ .1
+ .1
+ .1
- .5
+5.0
+3.8
+2.9
+ .2
-1.3
+2.1
+1.4
+1.5
+5.3
+2.2
+7.9 + .4 - .3 -2.2
+13.0 + .1 -1.3 + .1
+11.4 - .8 - .1 -2.1
+9.4 + .2 -1.7
a
+8.7 - .7 - .4 - .1
+5.8 - .1
a
+1.3
+1.5 +1.3
+ .7 + .3
+1.9 + .6
+2.3 - .1
+1.2 + .2
+4.2
+3.7
+2.3
+2.7
+3.4
+1.1
+2.5
+2.1
+ .1
+ .7
+2.4
+3.4
-,-3.1
+2.9
+2.1
+1.0
+
+
+
+
+
.3
.2
.5
.9
.2
a
+1.8
x No change.
TABLE II-INDEXES OF THE COST OF GOODS AND SERVICES
PURCHASED BY WAGE EARNERS AND LOWER SALARIED
WORKERS IN THE LARGER CITIES OF THE UNITED STATES BY
GROUPS OF ITEMS, NOVEMBER 1934
(Average December 1927 and June 1928=1001
House HisFureel+tithing laneGoods
ous
Food
Clothfag
Rent
Fuel
and
Light
72.9
73.9
75.2
74.2
74.6
73.1
71.4
88.8
81.2
80.9
78.6
82.9
86.4
83.9
74.9
64.7
73.5
65.5
58.9
82.2
71.1
88.9
96.5
91.8
88.8
96.5
87.4
83.6
82.8
85.1
79.0
81.6
80.4
89.8
85.3
97.5
92.5
95.5
92.3
95.2
102.7
96.0
82.4
80.6
81.8
79.6
78.6
84.5
80.4
71.3
76.2
74.2
72.1
74.0
73.1
76.9
85.4
84.1
84.2
87.4
88.4
86.5
82.9
63.4
72.3
51.3
72.9
73.6
62.3
85.4
77.2
95.1
86.6
85.8
83.3
85.6
91.7
89.1
81.8
82.4
86.6
87.4
84.1
86.6
92.3
99.6
88.6
98.1
95.5
93.8
99.3
79.4
83.9
79.4
83.9
83.1
81.6
85.3
70.4
73.3
69.9
70.4
68.7
76.5
74.1
74.3
78.3
81.8
81.9
85.6
79.6
83.2
83.2
81.6
52.7
68.1
61.4
81.4
61.2
1311.8
70.1
56.5
89.4
98.4
92.2
86.5
99.5
86.2
92.3
89.2
76.7
86.3
81.9
83.0
83.4
81.5
87.1
82.8
94.2
96.3
98.8
88.5
92.4
97.4
92.8
99.2
75.7
81.1
80.2
75.4
78.7
82.6
81.1
79.4
Ad
Items
North Atlantic AreaBoston
Buffalo
New York
Philadelphia
Pittsburgh
Portland, Me
Scranton
South Atlantic AreaAtlanta
Baltimore
Jacksonville
Norfolk
Richmond
Savannah
Washington
North Centras AreaChicago
Cincinnati
Cleveland
Detroit
Indianapolis
Kansas City
Minneapolis
Bt. Louis
South Central AreaBirmingham
Houston
Memphis
Mobile
New Orleans
Western AreaDenver
Lax Aflame
Portland, Ore
San Francisco
Seattle
71.3
77.4
74 3
70.4
78.2
88.0
78.4
88.8
90.0
79.1
45.2
64.6
61.2
63.5
72.1
84.1
80.2
84.8
72.5
76.3
76.4
84.4
87.5
88.8
87.0
93.2
95.4
97.2
94.6
95.1
75.9
81.7
82.0
80.8
81.6
78.4
76.3
76.9
80.7
79.2
80.5
85.2
81.9
89.8
85.3
65.4
54.8
58.3
71.1
63.7
79.1
88.3
83.4
83.8
92.1
83.9
81.0
85.1
81.5
85.4
08.9
89.9
95.1
97.3
93.9
82.3
80.3
82.1
85.5
83 3
A vpraire United States _ _.
74.3
83.7
64.4
87.7
83.5
95.4
81.2
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
54.4
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
58.9
59.0
59,8
Average
78.4
60.8
50.4
57.9
1931
1932
1933
1934
A.aawwbawamouka
All
Items
rankSag
1932
g'14?—!01010.,
.0.00MM.O.0A.00.0•
tsco.omm4o.o.y4r-cm
House HisFurcelnishing laneous
Goods
Food
Payrolls
1931
36.3
47.7
40.9
31.3
25.2
28.8
32.0
39.0
50.9
51.6
40.1
37.2
59.4
55.2
69.2
43.3
53.7
44.7
35.4
33.3
39.4
40.4
42.8
43,9
63.2
45.0
38.4
46.7
1
TABLE I-PERCENT OF CHANGE FROM JUNE 1934 TO NOVEMBER 1934
IN THE COST OF GOODS AND SERVICES PURCHASED BY WAGE
EARNERS AND LOWER SALARIED WORKERS IN THE LARGER
CITIES OF THE UNITED STATES BY GROUPS OF ITEMS
New Business at Lumber Mills Heaviest Since Last May
New business booked at the lumber mills during the week
ended Jan. 12 1935 was the heaviest of any week,except one,
since May 1934, orders of the West Coast region being larger
than any week in 1934, even though the number of mills
reporting was slightly less. Orders received at Southern
Pine and Western Pine mills were also heavy, being overtopped only slightly by two or three weeks of 1934,and probably being larger than for any week when revisions are added.
Production and shipments exceeded those of the two preceding holiday weeks. These comparisons are based upon
telegraphic reports to the National Lumber Manufacturers
Association from regional associations covering the operations of leading hardwood and. softwood mills. Reports
for the week ended Jan. 12 were from 1,068 mills (100 fewer
hardwood mills reporting than for the preceding week),
whose production was 131,969,000 feet; shipments-, 149,458,000 feet; orders received, 203,681,000 feet. Revised
figures for the preceding week were: Mills, 1,190; production,
101,281,000 feet; shipments, 144,576,000 feet; orders,
173,132,000 feet. The Association's report further stated:
For the week ended Jan. 12 all regions but Northeastern Softwoods and
Northern Hardwoods reported orders above production, total orders being
54% above output. Shipments were 13% above production.
All reglans except Northern Hemlock and Northeastern Softwoods reported
orders above those of corresponding week of a year ago. total orders being
74% in excess of the 1934 week. Production was 6% above and shipments
were 43% above those of similar week of 1934.
Unfilled orders on Jan. 12, as reported by 1,002 identical mills, were the
equivalent of 27 days' average production, compared with 21 days a year
ago. Identical mill stocks on Jan. 12 were the equivalent of 171 days'
output, compared with 166 days on Jan. 13 1934.
Forest products carloadings totaled 16,153 cars during the holiday week
ended Jan. 5 1935. This was 4,371 cars above the preceding week, 1,288
cars above corresponding week of 1934 and 3.740 cars above similar week
of 1933.
Lumber orders reported for the week ended Jan. 12 1935 by 898 softwood
mills totaled 192,441,000 feet, or 57% above the production of the same
mills. Shipments as reported for the same week were 141,324,000 feet,
or 15% above production. Production was 122,719,000 feet.
Reports from 211 hardwood mills give new business as 11,240,000 feet,
or 22% above production. Shipments as reported for the same week were
8,134,000 feet. or 12% below production. l'roduction was 9,250,000 feet.
Unfilled Orders and Stocks
Reports from 1,585 mills on Jan. 12 1935 give unfilled orders of 822,243,000 feet and gross stocks of 5,190,026,000 feet. The 1,002 identical
mills report unfilled orders as 736,158,000 feet on Jan. 12 1935, or the
equivalent of 27 days' average production, as compared with 581,999,000
feet, or the equivalent of 21 days' average production, on similar date a
year ago.
Identical Mill Reports
Last week's production of 735 identical softwood mills was 120,932.1)00
feet, and a year ago it was 113,596,000 feet; shipments were respectively
139,123,000 feet and 96,867,000; and orders received 191,159,000 feet and
108,927,000 feet. In the case of hardwoods, 120 identical mills reported
production last week and a year ago 8,412.000 feet and 8,361.000; shipments,6,914,000 feet and 5,356,000 and orders 8,854,000 feet and 5,800.000
feet.
The National Lumber Manufacturers Association for the
week ended Jan. 5 1935, stated in part as follows:
Employment and Wages in Pennsylvania Anthracite
Collieries Show Further Increase
The number of workers on the rolls of Pennsylvania
anthracite companies and the amount of wage disbursements
about the middle of December showed further increases of
about 1 and 2%, respectively, according to indexes compiled by the Federal Reserve Bank of Philadelphia from
reports to the Anthracite Institute by 34 companies employing more than 85,000 workers whose weekly earnings
exceeded $2,000,000.
The Philadelphia Reserve Bank
further announced:
Operating time in December in the collieries of 30 companies registered an
additional gain of nearly 5%. These increases In employment, earnings
and employee-hours actually worked reflect chiefly seasonal expansion in
the operations of the anthracite industry.
As shown by the latest index of employment and census figures, the
Pennsylvania anthracite industry about the middle of December was
employing approximately 121,800 workers as compared with 120.150
one month earlier and 107,800 a year ago. The amount of wages paid in
December was 18% larger this year than last. The trend of employment
and payrolls during the past four years is shown in the following table.
Even though the week ended Jan. 5 1935. contained a holiday and the
year-end shut-downs were still largely In effect, the year opened at the
lumber mills with considerable gains in new business, shipments and production over the preceding week and large excesses in orders and shipments
over the corresponding week of 1934.
Revised figures for 1934 as a whole from 1,392 mills representing about
60% of the total production of the country, showed shipments 2.5% below
production and new business booked during the year 1.4% below production.
For the week ended Jan. 5, all regions but Southern Pine, California
Redwood, Northeastern Softwoods and Northern Hardwoods reported
orders above production, reports from Western Pine mills for the second
successive week showing exceptionally heavy bookings. Total orders were
72% above output, shipments were 43% above production. All regions
except Northern Pine reported orders above those of corresponding week of a
year ago, total orders being 63% above the 1934 week. Production was 11%
below and shipments were 55% above similar week of a year ago.
Auburn Announces Prices of New Line
Prices on Auburn's new 1935 100-miles-an-hour supercharged line of motor cars were announced as follows:
Brougham. $1,445; four-door sedan. $1,545; convertible cabriolet.
$1,675; five passenger phaeton sedan, $1,725; coupe, $1,545; speedster.
$2,245. These prices are at the factory.
373
Financial Chronicle
Volume 140
The super-charged models are in addition to the Company's regular line
of sixes and straight eights.
The super-charged cars are powered with a straight eight 150-horsepower
Lycoming engine. The super-charger is of the centrifugal type, similar
to that developed and pioneered by Duesenberg, and is an inherent part
of the engine which has been designed to meet the demands of the additional
power loads. In truly racing car fashion engine exhaust on all these models
is disbursed through four outside exhaust pipes covered with three-inch
Polished stainless steel tubing. The pipes extend out through the hood
and turn down under the chassis where they connect with the muffler.
Interiors are luxurious and chromium plate is greatly in evidence with
many color combinations available.
Census Report on
Cotton Consumed and on Hand, &c.,
in December
Under date of Jan. 14 1935 the Census Bureau issued
its report showing cotton consumed in the United States,
cotton on hand, active cotton spindles and imports and
exports of cotton for the month of December 1934 and
1933. Cotton consumed amounted to 413,535 bales of
lint and 52,066 bales of linters, compared with 477,060
bales of lint and 51,391 bales of linters in November
1934 and 347,524 bales of lint and 50,570 bales of linters in
Stocks of Cotton Producers' Pool Total 1,617,932 Bales, December 1933. It will be seen that there is an increase
According to Oscar Johnston, Manager
over December 1933 in the total lint and linters combined
The Cotton Producers' Pool now holds a total of 1,617,932 of 67,507 bales, or 16.95%. The following is the statement:
bales of actual cotton and 20,900 bales of long futures con- DECEMBER REPORT OF COTTON CONSUMED, ON HAND. IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES
tracts, it was announced Jan. 8 by Oscar Johnston, manager
(Cotton in running bales, counting round as half bales, except foreign, which Is in
of the pool. At the close of business on Jan. 7 1935 the
500-pound bales]
status of the pool was as follows, Mr. Johnston said:
Cotton Consumed
DU11110-
Cotton on hand unsold, 1,594,290 bales.
Cotton sold with price not fixed, 23,642 bales; total stock, 1,617,932
bales.
Cotton futures long contracts, 20,900 bales.
The futures are distributed through the months of May,
July and October. The pool holds no short contracts. In
noting the foregoing, an announcement issued by the Agricultural Adjustment Administration said:
The total amount of cotton acquired from the Farm Credit Administration
in June of 1933 was 2,485,574 bales, including cotton futures. This cotton
was optioned to producers at 6c, per pound as a part of their compensation
in the 1933 emergency cotton adjustment program.
Mr. Johnston further stated that participation trust certificates, representing 221,000 bales, sold to the Cotton Pool, pursuant to an agreement
made Dec. 6 1934, with a group of cotton shippers, have all been purchased,
the price fixed and the transaction closed. When this agreement was made
on Dec. 6, May New York cotton was quoted on the opening of that day
at 12.63c. per pound. This same contract opened on Jan. 7 at 12.64c.
During the month in which the transaction was consummated, prices have
ranged between 12.57c. and 12.71c. per pound. Mr. Johnston added that
in so far as he knew, cotton shippers and other purchasers of participation
trust certificates do not now bold certificates for any appreciable quantity
of cotton.
"At present price levels, I.ertificate holders have shown no disposition to
offer any large number of certificates to the Pool," Mr. Johnston said.
"Current offerings are averaging less than 200 bales each day."
Census Report on Cottonseed Oil Production
On Jan 12 the Bureau of the Census issued the 'ollowing
statement showing cottonseed received,crushed and on hand,
and cottonseed products manufactured, shipped out, on
hand and exported for the five months' period ended Dec. 31
1934 and 1933:
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS)
Received at Mills •
Crushed
Aug. 1 to Dec. 31 Aug. 1 to Dec. 31
On Hand at Mills
Dec. 31
State
1934
Alabama
Arizona
Arkansas
CalUornia
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
1933
252.998 182,072
30,483
33,631
264,253 281,660
95,795
71,596
376,990 264,834
142.422 125,594
451.509 413,490
218,567 186,843
83,529 340,191
174,316 126,912
269,182 259,873
645,821 1,160,110
68,641
60,169
1934
1933
1934
1933
182,501
25,429
177,658
60,889
262,080
120.487
281,585
153,798
63,577
135.819
181,083
514,169
44,322
126,672
17.849
190,858
41,917
205,081
85,367
225.640
141,638
253,114
106,577
197,174
798,762
36,342
89,584
8,330
91,678
35.306
140,920
25,475
209,219
66,710
37,957
39,568
113,313
234,413
24,767
58,364
12.845
106,792
32,606
71,244
42,805
199,587
45,710
114,359
20,971
107,971
460,651
23,869
United States
3.077,654 3,503,827 2,183,177 2.426.991 1,117.238 1,297.774
* Includes seed des royed at mills but not 222,761 tons and 220,938 tons on
hand Aug.1 nor 55,491)tons and 24,058 tons reshipped for 1934 and 1933 respectively.
COTTONSEED PRODUCTS MANUFM...1 uRED, SHIPPED OUT AND ON
HAND
Item
Season
On Hand
Aug. 1
Produced
Aug. 1 to
Dec. 31
Shipped Out
Aug. 1 to
Dec. 31
On Hand
Dec. 31
Crude oil, lbs.... 1934-35 *34,400,287 671,571,981 644,953.593 *95,266,790
51,269,417 750,349,682 649,927,349 170,430,329
1933-34
Refined oil, lbs. 1934-35 a656.804,830 b564,088,829
0516,717,045
1933-34 876,331,574 566,423,527
769,101,513
Cake and meal, 1934-35
124,572
989,030
793,280
320,322
1933-34
1,096,102
tons
160,874
944,518
312,458
564,134
Hulls, tons
1934-35
30,958
409,295
185,797
1933-34
76,686
652,336
604,595
124,427
Linters, running 1934-35
75,958
474,715
384,531
166,142
bales
1933-34
70,786
437,433
346,538
161,681
Hull fiber, 500- 1934-35
646
29,653
28,685
3,614
lb. bales
1933-34
985
28,180
24,933
4,232
Grabbots,motes,
Ac., 500 - lb. 1934-35
3,970
19,917
13,981
9,906
bales
1933-34
3,216
19,414
14.409
8,221
* Includes 4,378,638 and 23,948,523 pounds held by refining and manufacturing
establishments and 9,998,880 and 24,677,110 pounds In transit to refiners and consumers Aug. 1 1934 and Doe. 311934, respectively.
a Includes 3,605,195 and 7.144,355 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments
and 5,153,478 and 9,266,649 pounds in transit to manufacturers of lard substitute.
oleomargerine, soap, ttc., Aug. 11934 and Dec. 311934, respectively.
b Produced from 608,755,135 pounds of crude oil.
EXPORTS AND IMPORTS OF COTTONSEED PRODUCTS FOR FOUR
MONTHS ENDING NOV. 30
Item
Exports-Oil, crude, pounds
Olt, refined, pounds
Cake and meal, tons of 2,000 pounds
Linters, running bales
Imports-Oil. pounds
Cake and meat, tons of 2.000 pounds
1934
1933
1,068,709
1,097,473
1,821
67,793
3,982,040
13.992
5,765,559
1,815,489
37,830
45,502
582
Year
United States
Cotton-growing States
New England States
All other States
Cotton on Hand
Dec. 31
Cotton
Five
In Con- In Public Spindles
Months suming
Storage
Active
Ended Establish- dt at Corn- During
Dec. Dec. 31
ments
presses
Dec.
(bales) (number)
(bales)
(bales) (bales)
f 1934 413,535 2,127,814 1,299,554 9,640,558 25,057,270
1 1933 347,524 2,415,210 1.641,839 10334.998 24,828,396
1934 329.636 1,704,791 1,045,841 9,418,041 17.411,208
1933 282,091 1,932,643 1,291,053 9,950,404 17,328,074
1934 67,252 333,629 208,615 182,952 6,972,992
1933 56,331 411,337 289,226 270,629 6,813,382
89,394
45,098
39,565
1934 16,647
673,070
71,230
61,560 113,965
686.940
1933 9,102
Included Above-Egyptian cotton
1934 6,803
1933 6,150
1934 2,501
1933 2,536
Amer.-Egyptian cotton- 1934
752
1933 1,119
Not Included AboveLinters
f 1934 52,066
1 1022 AA A7A
Other foreign cotton
37,982
45,019
12,412
18,795
3,625
5,170
29,415
25,376
17,277
20.342
5,679
5,288
22,042
21,398
13,951
3,673
4,522
2,308
276,787
258,271
58,389
290 127
901 022
25 242
Imports of Foreign Cotton (50045. Balm).
Country of Production
December
1934
Egypt
Peru
China
Mexico
British India
All other
Total
5 Mos. End. Dec. 31
1933
7,808
1,496
610
68
9,982
1934
1933
3,783
375
2.930
896
812
34,537
317
2,061
1,018
10,694
73
36,989
2,657
4,518
1,051
9,826
132
8.796
48,700
55,173
Exports of Domestic Cotton Excluding Linters
(Running Bales-See Note for Linters)
Country to Which Exported
United Kingdom
Prance
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
All other
December
5 Mos. End. Dec. 31
1934
1933
1934
91,985
48.789
30,246
15,531
19,222
9,963
40,997
216,562
4,200
20,353
6,337
151,431
81,692
73,662
122,238
24,410
12,527
70,775
217,190
29,028
29,407
7,739
346,580
727.710
211,648
496,528
214,601
371.059
179,085
757,378
110.230
137,941
36,866
67,753
226,075
314,226
909,750 1,018,750
47,557
138,326
103,168
120,681
12,767
31.746
1933
Total
504,185
820,099 2,398,327 4.180.098
Note-Linters exported, not included above, were 15,801 bales during December
In 1934 and 17,571 bales in 1933; 83,354 bales for the five months ending Dec. 31 in
1934 and 63,073 bales in 1933. The distribution for December 1034 follows: United
Kingdom, 6,673; Netherlands, 438; France, 3,130; Germany, 2,707; Italy, 667:
Canada, 571; Japan, 1,615.
WORLD STATISTICS
The world's production of commercial cotton, exclusive of linters, grown in 1933,
as complied from various sources was 25.451,000 bales, counting American In
running bales and foreign In bale* of 478 pounds lint, while the consumption of
cotton (exclusive of linters In the United States) for the year ending July 31 1934,
was 25,324,000 bales. The total number of spinning cotton spindles, both active
and idle, Is about 157,000,000.
Petroleum and Its Products-Favorable Report on
Connally Bill by Senate Committee-Administrator
Ickes Holds Broad Federal Power Needed Governor Allred Against United States Oil Control
-East Texas "Hot Oil" Output Rises-Crude Oil
Production Exceeds Allowable
The Senate Mines and Mining Committee Thursday
ordered a favorable report on the Connally bill, which gives
the President authority to prohibit movement in interState commerce of crude oil produced in excess of State
quotas. The bill is designed to meet the objections voiced
by the Supreme Court recently in finding Section 9-C of
the National Industrial Recovery Act unconstitutional. On
the following day it was announced that the bill had been
revised and would be re-introduced before being referred to
the Mines and Mining Committee for final action.
No reference to Federal control is made in the measure,
reports from Washington indicated. The omission was
deliberate and was actuated by the desire to avoid public
hearings and to meet objections voiced by the section of
the industry bitterly opposed to Federal control of any
sort, it was said.
374
Financial Chronicle
Ian. 19 1935
Senator Connally announced Friday that a Senate Mines improvement has developed despite the adverse ruling on
and Mining sub-committee had completed the revision of Section 9-C of the NIRA by the Supreme Court recently,
the Connally measure to prohibit inter-state commerce he declared.
in "hot oil." The revised measure includes some features
"Since that decision, there are those who say the State is
of the Gore bill.
powerless, under its present laws, to deal in petroleum and
Administrator Ickes, questioned at a press conference in its products in inter-State commerce," he continued. "While
Washington Tuesday as to his opinion of Senator Connally's I am personally in favor of a re-enactment of Section 9-C
measure, replied that he had not seen the measure. He of the NIRA to meet constitutional objections and enable
added, however, that he thought that it should be made the Federal Government to operate in its constitutional
broad enough for the Federal Government to eliminate domain (that is, regulation of shipments of illegal oil in interthat "damnable waste in natural gas that is going on in -State or foreign commerce) yet I am firmly of the opinion
Texas."
that the State, and the State alone, has the power to deal
"From what I hear," he continued, "people in Texas with the production of oil within the State. I am still in
themselves are in favor of that. People in the industry, agreement with the State Democratic platform opposing the
people who could burn gas in their homes are beginning to 'abdication or surrender of the State's power to control the
take strong exception to this waste."
production of its natural resources,' and likewise oppose any
Administrator Ickes said flatly that there is no prospect Federal encroachment upon the exclusive power of the State
of permanent control in the absence of effective Federal to control the production of oil and gas.
"Believing as I do that the State and the State alone has
authority. He disclosed that a committee investigating
the effect of Section 9-C and the oil code on small operators this power, and that the State can adequately control the
would be ready to present its recommendations within the same, I am also of the opinion that if our laws are not
next two weeks or so.
adequate, they should be strengthened so as to give the
Washington rumors indicated that the Administration State Conservation Commission sufficient means and power
was not satisfied with the Connally measure and would to make them fully effective.
"I am inclined to believe the present laws are not suffisupport a Federal oil measure with broader governmental
powers than contained in the Connally bill. This, it was ciently strong to punish those who outright steal oil, or
held, means that a dispute between the Administration and produce oil in violation of valid orders of the State Commission.
Congressmen and Senators from the various oil States.
"At this time, there is no so-called 'chaos' in the oil
This interpretation was strengthened by the results of
a poll of members of the House Interstate Commerce Sub- industry, but there are those who for selfish purposes or
Committee, which probably will write the bill to be sub- for power would relish the State's failure adequately to
mitt d to the House, which indicated that a majority of handle this situation."
East Texas production of "hot oil" was placed at a daily
the Sub-Committee is opposed to Administrator Ickes'
belief that the Federal Government should possess the average of 22,000 barrels in unofficial estimates, which is
power to dictate to the States just how much crude should more than double the indicated total before the Supreme
Court ruled against Section 9-C of the N IRA. Compared
be produced.
The United Press, which conducted the poll, was told by with the pre-Federal Tender Board era when daily producone member of the Committee that he was of the opinion tion was placed as high as 125,000 barrels, the total was
that Mr. Ickes had been ill-advied on the petroleum ques- comparatively small.
tion and that his other manifold duties in the Administration
The final injunction order restraining the Wilshire Oil Co.
set-up had prevented him from realizing this.
and its subsidiaries from producing crude oil in excess of
"An official who has as many irons in the fire as Mr. their allotted quotas was signed by Federal Judge McCormick
Ickes has, cannot make a thorough study of the industry," in Los Angeles late Jan. 11. While no date has yet been set
he contended. "He has been forced to take the opinion of for hearing the case on its merits, it was thought that the
subordinates and he has carried these advices to the Presi- hearing will probably come up early next month.
February daily average crude oil production for the nation
dent. The Committee has made a very comprehensive
ground floor study of the industry and we believe that we was lifted 65,800 barrels from January by orders issued by
are as well, or better, informed as to the conditions as is Administrator Ickes placing the Federal quota for next
month at 2,526,100 barrels, against 2,460,300 barrels.
the Secretary."
The increase, attributed by the Oil Administrator to the
The chief point cited by many of those in opposition to
Mr. Ickes was their distaste for intrusion of the Federal need for meeting demand from the spring trade season, gave
Texas an allowable of 1,031,700, up 24,900 barrels, the
Government into private business.
"I am opposed to the Government going into business," greatest gain allotted to any state.
Increases and allowables of other states is shown in the
stated Representative E. W. Kelly (Dem., Ill.). "Competition in business created this Government. The States following table:
Gain
Quota
should be given an opportunity to work out their own
Gain
Quota
Arkansas
32.000 Montana
3,000
200
9.500
salvation. Federal control should be the last resort."
California
14,700
488,000 New Mexico
.40
49.400
Colorado_
3,500 New York
30
10,500
Representative S. B. Pettengill (Dem., Ind.) voiced much Illinois
11,700 Ohio
11,7 0
2.200 Oklahoma
7,800
497.100
the same opinion, saying "I am opposed to the principle Indiana
1,500
Kansas
138,000 Pennsylvania
3,600
39,000
14,800 West Virginia
800
of the Thomas-Disney bill. If we are going to regiment Kentucky
11,000
9,800
109,600 Wyoming
.200
35,500
the oil industry it won't be long until the same will be Louisiana
1,900
Michigan
30,000
applied to every other industry."
Administrator Ickes has approved plans for developing 312
Holding that any other form of control would be "futile," new oil pools and modified plans for 19 pools during the
Representative C. E. Mapes (R. Mich.) supported the period from Sept. 30 1933, through Jan. 12 1934, the
Administration viewpoint that Federal regulation is the Petroleum Administrative Board announced in mid-week.
only possible way to avert complete chaos in the oil industry.
An adjustment in crude oil prices in the Van field in Texas
Unofficially, it was reported that the committee, which involving a reduction of 5 cents a barrel was made Monday
recently con pleted an investigation of the oil industry, by the Pure Oil Co. The range was lowered to 79 cents to
ordered at the last session of Congress,is preparing a measure $.79 to $1.03 a barrel, from $.89 to $1.08 and is now in line
for submission to Congress in an effort to ward off bills with prices paid in other fields in the east central Texas area.
sponsored by the Administration.
Daily average crude oil production last week exceeded the
It also was reported that the bill will be based on the Federal allowable of 2,460,300 barrels, rising 149,900 barrels
principal that the Federal Government should back up to 2,538,500 as California and Oklahoma both showed proState production control legislation. This, in effect, would duction totals far above their allowables, reports to the
mean support of the Marland-sponsored plan of inter-State American Petroleum Institute indicated. The A. P. I.
crude oil production compacts, backed by Federal legislation. reports do not include "hot oil" totals.
While admitting that existing State laws are inadequate
Texas was the sole major oil-producing State to stay within
to exterminate the "hot oil" business, Governor Allred in its quota, despite a 6,250-barrel rise in its daily average prohis first message to the Texas Legislature repeated his duction to 1,002,800 barrels, against its allowable of 1,006,opposition to Federal control of the oil industry. Governor 800. Oklahoma, with a gain over the previous week of
Allred promised to submit oil regulatory measures in detail 106,200 barrels, reported daily ouput at 513,200 barrels,
later in the session.
against a quota of 489,300 barrels. California production
The Governor continued that he thought that "upon the was up 32,100 barrels to 508,200, compared with a total of
whole the prospect for the oil industry is good." Steady 473,900 set in the Federal schedule.
Volume 140
Financial Chronicle
A decline of 549,000 barrels in total stocks of domestic
and foreign c ude held in the United States during the week
ended Jan. 12 pared the total to 321,646,000, the Bureau of
Mines reported late in the week. The decline was composed of a drop of 413,000 barrels in domestic and 136,000
barrels in foreign crude oil stocks.
Price changes follow:
Jan. 14-The Pure 011 Co. reduced crude oil prices in the Van field in
Texas 5 cents a barrel, readjusting their schedule to fit prices maintained
in other east central Texas fields. The new range is 8.79 to S1.03a barrel.
against 3.84 to $1.08 paid previously.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. 1. degrees are now shown)
Bradford, Pa
$2.20 Eldorado, Ark., 40
81.00
Corning, Pa
1.32 Rusk. ex.,40 and over
1.00
Illinois
1.13 Darst Creek
.87
Western Kentucky
1.08 Michand District, Mich
1.02
Mid•Cont., Okla., 40 and above_ 1.08 Sunburst, Mont
1 35
Hutchinson, Tex.,40 and over
.81 Santa Fe Springs, Calif.,40and over 1.34
SpIndletop, Tex., 40 and over
1.03 Huntington, Calif.. 26
1.01
Winkler. Tex
.75 Petrolla. Canada
2.10
Smackover. Ark.. 24 and over
.70
REFINED MARKETS-GAS PRICES ADVANCED IN NEW YORKNEW ENGLAND AREA-BUFFALO PRICE WAR RESUMESFEBRUARY GASOLINE ALLOWABLE LIFTED - MOTOR
FUEL STOCKS DIP
Advances in wholesale and retail prices of gasoline in
the New York-New England marketing area featured
developments in the refined products markets this week.
Early in the week several major companies lifted tank
ear prices of branded gasoline 3i-cent in these markets,
which was followed by another advance of a like amount
later in the week.
In addition to adding another X-cent a gallon to the
tank car price of gasoline at New York, Providence and
Boston, Socony-Vacuum also marked up tank wagon and
service station prices 3/2-cent a gallon throughout the New
York-New England area, all advances effective Jan. 21.
Other majors moved to bring their prices into line with the
revised schedule.
Socony's advances include all of this area save certain
spots in western New York and Maine, where abnormal
market conditions prevail.
The sharp improvement in the Gulf Coast market, which
furnishes most of the gasoline used along the Atlantic Seaboard area, East Texas,continues to hold,down production of
"hot oil" with the consequent shut-off of stocks of "distress"
gasoline at low prices has aided the price structure. Another feature is the more than favorable weather conditions
experienced thus far this winter.
The Gulf Refining Co. posted fractional advances in tank
car prices of kerosene at several major Southern points last
week-end, including Wilmington, N. C., Charlestown, S. C.,
Jacksonville and Tampa, Fla.
The Buffalo gasoline war, which ended s short time ago
when all major dealers lifted retail prices 5 cents a gallon to
17 cents, taxes included, broke out again Wednesday when
reductions of 2 cents a gallon, instituted by the Sun Oil Co.,
pared prices to 15 cents a gallon. Friday another cut of
2 cents a gallon was posted by major companies, paring the
service station price to 13 cents, taxes included. Saturday,
prices were further reduced 1 cent a gallon to 12 cents, all
taxes included.
Retail prices were cut 1 cent a gallon in Rochester on Wednesday by all leading majors as cut-price competi ion from
a trackside operator forced a reduction. The SoconyVaccum Oil Corp., however, Wednesday boosted prices in
Utica, Rome, Olean and Salamanca 1 cent a gallon.
Administrator Ickes set the national gasoline allowable for
February at 32,560,000 barrels, a drop from the 34,750,000
barrel-total in the previous month, but an increase of 42,000
barrels in daily production since February has but 28 days.
The daily av rage in February will be 1,163,000 barrels,
against 1,121,000 in January.
Bureau of Mines experts recommended to the Oil Administrator that gasoline production in February should be 27,960,000 barrels, with a provision of 4,600,000 barrels to be
added to inventories to maintain sufficient working stocks
to m et trade requirements.
A seasonal increase lifted total gasoline stocks in the United
States 1,457,000 barrels to 45,633,000 barrels on Jan. 12,
the American Petroleum Institute reported. Refinery operations rose 2.6% to 68.4% of capacity.
Daily average runs of crude oil to stills were up 91,000
barrels to a total of 2,333,000 barrels. Gas and fuel oil
stocks were cut 1,188,000 barrels to 106,814,000 as rising
seasonal demand stimulated withdrawals.
Major price changes follow:
Jan. 14-The Texas Co. advanced the tank-car price of65 octane gasoline
s-cent to 6 cents, refinery, Bayonne and Baltimore.
Jan, 15-Standard Oil of New Jersey advanced branded gasoline a
-cent
a gallon in tank-car lots at New York-New England marketing points
with
375
the New York price 63'( cents, refinery. Socony-Vacuum Oil and Shell
Eastern Petroleum met the advance.
Jan. 16-The Sun Oil Co. reduced service-station prices of gasoline 2
cents a gallon at Buffalo to 15 cents, taxes included. Socony-Vacuum 011
and Shell Union 011 Corp. met the cuts.
Jan. 16-Service-station prices of gasoline were cut 1 cent a gallon at
Rochester, N. Y., by all major companies.
Jan. 16-Socony-Vacuum Oil Corp.advanced retail gaasollne prices 1 cent
a gallon at Utica, Rome, Olean and Salamanca.
Jan. 17-Service station prices of gasoline were cut 2 cents a gallon
in Buffalo by all major distributors, effective Jan. 18. to 13 cents a gallon.
Jan. 18-Socony-Vacuum Oil Co. advanced tank car prices of gasoline
a-cent a gallon at New York, Providence and Boston. The company
also advanced tank wagon and service station prices 4-cent a gallon
in the New York-New England marketing area, all advances effective
Jan. 21.
Jan. 18-Service station prices of gasoline were cut 1 cent a gallon in
Buffalo by all major distributors, effective Jan. 19.
Gasoline, Service Station, Tax Included
Denver
8.18
$.21
New Orleans
$ 165
.16
Detroit
17
Philadelphia
.16
.42
Jacksonville
Pittsburgh
20
.145
18.8
Houston
16
San Francisco
185
175
Los Angeles
18
St. Louis
.158
.176
Minneapolis
149
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York:
'North Texas.S.03 -.03% I New Orleans3.054.-05%
(Bayonne)...-$.08- 084I Los Angeles.. .04,3-.055([Tulsa
.034-.034
Fuel Old, F.O.B. Refinery or Terminal
N. Y.(Bayonne):
California 27 plus D
Gulf Coast C
$1.00
Bunker C
$1.15
31.05-1.201Phila., bunker C___- 1.15
Diesel 28-30 D
1.89 New Orleans C. .95-1.10
Gas Oil, F.O.B. Refinery or Terminal
N. Y.(Bayonne):
I Chicago:
[Tulsa
$.02.-024
27 plus
8.044-.051 32-36 G0.....3.02-.024 I
U.S.Gasoline, Motor (Above 65 Octane),Tank Car Lots. F.O.B Refinery
Standard Olt N. J.:
New York:
Ch Icfigo _
$.04%-.05
Motor, U.S
Colonial-Beacon_ _$.054 New Orleans__ _
$ 06)4
.044
a Standard 011N. Y. .063.1
a Texas
.06 Los Angeles,ex„.044.-04
•licle Water Oil Co. .06
y Gulf
.06 UnIt ports.- .044-.044
Richfield 011 (Cal.) .06
Republic 011
05% Tulsa
.044-.043(
Warner-Quinlan Co_ .0534 N. Y. (Bayonne):
Shell East's) Pet-S.063i
•Tydol, $0.07. a "Fire Chief:* $0.07. x Richfield'Golden." y "Good Gulf."
$0.074. z "Mobllgas."
New York
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Crude Oil Output Rises 149,900 Barrels in Week Ended
Jan.12-Exceeds Federal Quota by 78,200 Barrels
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Jan. 12 1935 was 2,538,500 barrels. This was an increase of
149,900 barrels from the output of the previous week and
exceeded the Federal allowable figure which became effective
Dec. 17 by 78,200 barrels. Daily average production for
the four weeks ended Jan. 12 1935 is estimated at 2,447,750
barrels. The daily average output for the week ended
Jan. 13 1934 totaled 2,311,250 barrels. Further details as
reported by the Institute follow:
Imports of crude and refined oil totaled 620,000 barrels in the week
ended Jan. 12, a daily average of 88,571 barrels against 137.214 barrels over
the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 373,000
barrels for the week, a daily average of 53,286 barrels, against 48.036
barrels over the last four weeks.
Reports received for the week ended Jan. 12 1935 from refining companies owning 89.8% of the 3,795,000 barrel estimated daily potential
refining capacity of the United States, indicate that 2.333.000 barrels of
crude oil daily were run to the stills operated by those companies and that
they had in storage at refineries at the end of the week. 27.062.000 barrels
of finished gasoline: 4,862.000 barrels of unifnished gasoline and 106,814.000
barrels of gas and fuel oil. Gasoline at Bulk Terminals, in transit and in
pipe lines amounted to 18.571,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units, averaged 469,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Actual Produaton
P•derai
Agency
Alienable Week End. Week End
Jan. 12
Effectfee
Jan. 5
1935
Dec. 17.
1935
Oklahoma
Klit188/1
489,300
137,100
Panhandle Texas
Worth Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Total Texas
Week
Ended
Jan. 13
1934
513,200
137,750
407,000
137,550
467,750
137,450
348,200
108,250
57,350
51,150
26,200
155.700
51,950
423,900
46.700
56,950
55.900
57,500
28,400
155.700
51,650
420.700
46.500
55,400
58.900
57,400
26.350
152,000
49,150
416,800
44.350
55,400
41.600
58.050
24,450
120.550
43.150
381,550
55,100
42.650
126,900
126,800
127,520
104,650
1,006,800 1,002,800
996,550
987.900
871.150
23,850
84,100
24,000
84,450
23,850
84,450
27,700
44,000
North Louisiana
Coastal Louisiana
Total Louisiana
Average
4 Weals
Ended
Jan. 12
1935
99,700
107.950
108.450
108,300
71,700
Arkansas
Eastern (not incl. Mich.)-Michigan
31.000
96,100
28,100
30,950
108,300
31,150
33,600
106,150
28,550
32,950
103.850
28,950
31,950
98.350
27,300
Wyoming
Montana
Colorado
35,700
9,300
3.500
35.600
12,250
4,100
34.950
11,900
3,050
35,050
12,100
3.350
29,950
6,650
2,800
Total Rocky Mt.states
New Mexico
California
Total United States_
48,500
51.950
49.900
50,500
39,400
49,800
473,900
48,250
508,200
44.750
478.100
45,650
484.450
41,950
473.000
2.460.300 2.538.500 2185800 2 447 75n 2 511 250
NOTE-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
Financial Chronicle
376
CRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED JAN. 12 1935
(Figures in Thousands of Barrels of 42 Gallons Each)
Stocks
Stocks a Stocks
of
b Stocks
of
of
Gas
of
UnFinand
Other
finished
ished
C.
P.
Daily
ing
Repot
Aver- Oper- Gab- Gaso- Motor Fuel
011
Fuel
line
line
Wed
Total P. C. age
Daily Refining
Capacity of Plants
DiSITid
East Coast__
Appalachian
Ind.,Ill.,Ky.
Okla., Kans..
Mo
Inland Texas
Texas Gu;f
La. Cult_..
No. La.-Ark.
Rocky Mtn_
California_
PotenHal
Rate
Crude Runs
to Stills
582
150
446
582 100.0
140 93.3
422 94.6
464 79.7 13,172
90 64.3 1,880
311 73.7 7,421
739
298
644
245 12,593
45 1,329
70 4,882
461
351
601
168
92
96
848
386
167
587
162
77
64
822
251
95
536
117
48
29
392
65.0 4,423
56.9 1,233
91.3 5,412
72.2 1,078
197
62.3
632
45.3
47.7 10,185
604
185
1,260
181
58
87
806
530 4,065
465 1,645
175 10,466
____ 4,181
460
40
738
55
2,690 66,455
83.7
47.6
97.7
96.4
83.7
66.7
96.9
Totals week
Jan. 121935. 3,795 3,409 89.8 2,333 88.4 d45633 4.862 4,315 106,814
3,795 3,409 89.8 2,242 65.8 c44,176 4,852 4.440 108,002
Jan. 5 1935_
b Estimated
a Amount of unfinished gasoline contained in naphtha distillates.blended
motor
Includes unb ended natural gasoline at refineries and plants; also
barrels at
18,071,000
and
refineries
at
fuel at plants c Includes 26,105,000 barrels
bulk terminals, in transit and pipe lines. d Includes 27.062,000 barrels at refineries
and 18,071,000 barrels at bulk terminals, in transit and pipe lines.
World Gold Production Lower in November
The world's output of gold in November is estimated at
2,246,000 ounces, or 74,867 ounces per day as compared
with 2,327,000 ounces, or 75,065 ounces per day in October.
Transvaal's production in November was 879,000 ounces,
or a 0.8% decline from the preceding month's total. In
the United States, including the Philippines, 236,747 ounces
of gold were produced; this represented a 19.9% decrease
from the October output. The United States production
in November consisted of 138,986 ounces received by private
smelters and refiners, 96,365 received at the mint and
1,396 contained in ore and base bullion exported. Germany
received 2,308,351 ounces from Russia during the first
10 months of 1934, as against 1,888,655 in the calendar
year 1933.
Gold production in Canada amounted to 250,000 ounces,
compared with 265,076 in October and 241,928 in November 1933. During the 11 months ending November the
production was was 2,703,452 ounces, as against 2,700,670
in the same period of 1933.
Demand for •Major Non-Ferrous Metals ImprovesForeign Copper Unsettled
"Metal & Mineral Markets" in its issue of Jan. 17 stated
that possible action in reference to the "gold clause" case
now before the Supreme Court in Washington seemed to
have little influence on non-ferrous metals. The price of
tin, was pushed around quite a bit because of the gyrations
in sterling exchange, but prices for the domestic items were
easily maintained, with the undertone steady to firm. The
volume of business was larger than in recent weeks, particularly in copper. Unfavorable December copper statistics
failed to disturb the market. Foreign copper was under some
pressure because of disappointment over the slow progress in
the preliminary conversations in reference to the control
scheme. "Metal & Mineral Markets" further stated:
Copper Trade Better
last
Demand for copper in the domestic market improved substantially
tons, reaching
week. Total sales for the seven-day period exceeded 7,500
June. The good
toe highest level for any week since the middle of last
uncertainty prevailing in
buying was all the more impressive because of the
on the "gold
Court
Supreme
the
of
connection with the impending ruling
of consumers in
clause." In addition to the generally satisfactory interest
included reports that
the metal, other favorable developments of the week
that some interests
the business of the brass mills was picking.up nicely, and
time were again
some
the
for
whicn had been out of the copper market
called to the fact that, if
buying metal. In one direction attention was
of January,
buying continues at about the prevailing rate for the remainder
continued unchanged
toe book for the month will be sold. Price of the metal
at 9c., Valley.
markets durA fair volume of business was also transacted in the foreign
level. During the
ing the past week, despite further recession in the price
c.i.f.
week Prices ranged from 6.80c. to 7.05c.,
Jan. 1. employing
United Verde resumed operations in a moderate way on
one furnace at its Clarkdale smelter.
slump in the
The December copper statistics finally reflected the recent
in the United States
demand for copper in the domestic market. Stocks
surplus abroad
increased about 13,000 tons during the month, whereas the
in the hands of prodeclined 2,500 tons. World stocks of refined copper
which 373,250 tons
ducers at the end of December totaled 494,250 tons, of
In addition
were in North and South America and 121,000 tons elsewhere.
tons of refined
to the 373,250 tons owned by first hands, about 101,000
copper are held for the account of domestic consumers.
follows:
An unofficial summary of the Copper Institute's statistics
December
November
Production21,500
20,500
United States mine
11,500
10,750
United States scrap
83,200
84,000
Foreign mine
6,200
5,500
Foreign scrap
122,400
120,750
Totals
Shipments, Refined22,750
26,500
United States
91,000
101,000
Foreign
113,750
127,500
Totals
494,250
483,500
World stocks, refined
Jan. 19 1935
Lead Buying Expands
Sales of lead for the last week were larger, the total being in excess of
4,800 tons. Though most of the call was for February-shipment metal, a
fair quantity of January was specified in the week's purchases. This buying
imparted a better tone to the market, and, in some quarters, it was said
that should the demand continue, a higher price level seems warranted.
Consumers are reported to be about 30% covered against their February
requirements. The quotations held at 3.70c., New York, the contract basis
of the American Smelting & Refining Co.,and 3.55c., St. Louis, Corroders
were the largest buyers of lead last week.
Output of primary domestic desilverized lead in 1934 was about 172,300
tons, of soft lead about 102.300 tons, and of desilverized soft lead about
23,000 tons, making a total output from domestic ores of about 297,600
tons of refined lead, according to an advance summary issued by the United
States Bureau of Mines. Corresponding figures in 1933 were 151.828 tons
of desilverized, 85,578 tons of soft lead, and 22,210 tons of desilverized soft
lead, making a total of 259,616 tons.
Zinc Steady
Demand for zinc last week was of moderate proportions, total sales for
the calendar week ended Jan. 12 amounting to about 4,000 tons. Price of
the metal was unchanged and steady at 3.75c., St. Louis, throughout the
seven-day period. Concentrate production In the Tri-State district is
holding at about 9.000 tons a week, which factor, pending the development
of a substantial increase in demand for the metal,is not encouraging.
United States deliveries (shipments) of zinc to consumers during 1934
totaled 352,367 tons, against 344,001 tons in 1933 and 218,517 tons in 1932.
The monthly average for 1934 was 29,364 tons, against 28,667 tons a month
in 1933 and 18,210 tons in 1932.
Tin Irregular
The action of sterling exchange held the center of interest in tin last week.
On Tuesday, Straits tin in New York was down to 50.30c., but the price
advanced from this point on renewed weakness in the dollar. A fair volume
of business was reported in tin last week, with the buying well diversified.
Tin-plate operations have increased to about 50% of capacity.
Chinese tin, 99%, was quoted nominally as follows: Jan. 10, 50.15C.;
11th, 50.10c.; 12th, 50.10c.; 14th, 49.65c.; 15th, 49.50c.; 16th, 49.75c.
Steel Production Advanced to 49% of Capacity-Ingot
Output Rises 432 Points to Highest Level Since
Last June-Motor Car Output Continues to
Mount
The "Iron Age," in its issue of Jan. 17, stated that steel
production has again increased, ingot output rising from
44% to 49% of capacity. This rate is the highest since
the third week of June 1934, and continues an almost uninterrupted upward trend which began in September. The
"Age" further stated:
Pressure from the automobile industry for steel has intensified, and
deliveries on a number of finished products are lengthening, some makers
of cold-finished sheets being booked solid for four weeks or more. The
container industry also is taking more steel, lifting tin plate production from
45% to 60% of capacity. Other expanding outlets for iron and steel
are farm implement and tractor manufacturers, sanitary ware makers,
refrigerator plants and metal furniture companies.
The current rise in iron and steel output is especially encouraging because
it reflects a genuine increase in consumption and has not been caused by
artificial influences such as brought about the bulges in output in the
second quarter of 1934 and during the summer of 1933. While buyers
are undoubtedly watching the labor situation, the strike danger is still
too remote to encourage anticipatory buying. All present evidences point
to the prompt fabrication and conversion of iron and steel upon delivery;
there are as yet no signs of inventory inflation.
Automobile makers are being pushed hard for cars, receiving orders by
telephone, telegraph and mail. Demand from the rural sections of the South
and West is particularly active. Revised production schedules for January
call for well over 300,000 units, with a reasonable certainty that assemblies
will at least reach 275,000. For February the industry plans an output
of 400,000 cars, which will be the highest total for that month since 1929,
when 497,705 units were turned out.
Railroad rail programs are materializing slowly. The Norfolk & Western
is expected to close this week for 32,000 tons of rails, and has already
bought part of the required track accessories. The Southern Pacific has
entered the market for 26,000 tons of rails, while the Louisville & Nashville
contemplates buying 25,000 to 30,000 tons. The St. Louis-San Francisco
is considering the purchase of 13,000 tons, and the New York Central may
buy 20,000 tons.
Structural steel awards of 9,750 tone compare with 28,200 tons a week
ago. New projects aggregate 19,700 tons as against 25,950 tone in the
previous week. Steel purchases for a Government project, the Tygart
River dam, Grafton, W. Va., total 5,200 tons and cover concrete bars,
structural steel sheet piling and steel pipe.
Export demand is expanding. A tin plate producer has booked substantial orders for Far Eastern delivery. The Amtorg Trading Corp. 1,
inquiring for 500 tons of cold-rolled strip. Imports of wire products are
making themselves felt along our entire seaboard and for some distance
inland.
Continued strength in scrap prices at most consuming centers has
encouraged steel plants to bring in additional blast furnaces and has
prompted foundries to use a larger proportion of pig iron in their
mixtures. At Chicago, however, where one steel company is lighting two
stacks, prices of heavy melting scrap have suffered a sharp setback. The
"Iron Age" composite price for scrap is therefore unchanged this week,
despite advances at Pittsburgh and Philadelphia.
Stimulation of new capital issues, as well as refunding operations, by
durable goods industries is looked for by the Administration as a sequel
of the simplification of registration regulations just announced by the
be
Securities and Exchange Commission. The same end is expected to
promoted by the announced willingness of the Reconstruction Finance
modernization
and
for
replacement
Corporation to consider industrial loans
of plant and equipment.
to
Steel output has risen five points to 32% at Pittsburgh, seven points
four
57% at Chicago, one point to 29% in the Philadelphia district,
10 points
points to 60% in the Valleys, two points to 43% at Buffalo, and
Wheeling
to 76% at Detroit. Operations are unchanged at 90% in the
South.
the
in
district, 69% at Cleveland, and 29%
pig
The "Iron Age" composite prices are unchanged at $17.90 a ton for
Base prices for cold•rolled
iron and 2.124c. a pound for finished steel.
drawing.
sheets may be revised for the second quarter to include extras for
Apr. 2
Apr. 9
Apr. 16
Apr. 23
‘,34Jan. 1
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
29.3%
30.7%
34.2%
32.5%
34.4%
Apr. 30
May 7
May 14
May 21
May 28
June 4
37.5% June 11
45.7%
43.3%
47.4%
50.3%
54.0%
55.7%
56.9%
56.6%
54.2%
58.1%
57.4%
56.9%
1934June 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept. 4
Sept. 10
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
58.1%
44.7%
23.0%
27.5%
28.8%
27.7%
26.1%
25.8%
22.3%
21.3%
19.1%
18.4%
20.9%
1934Oct. 22
Oat. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
193522.3% Jan. 7
24.2% Jan. 14
23.2%
23.6%
22.8%
23.9%
25.0%
28.3%
27.3%
27.6%
28.1%
28.8%
32.7%
34.6%
35.2%
39.2%
43.4%
47.5%
"Steel," of Cleveland, in its summary of the iron and steel
markets on Jan. 14, stated:
Up 3 points last week to 45%%, steelworks operations have re-entered
the profit zone.
Last year the rate did not reach this point until March, and did not
remain above 46% except through the second quarter, when the industry
made a rapid, though temporary, financial recovery.
Not only ingot production, but also output of finished steel is strongly
upward. Some steel producers booked more finished steel in the first 10
days this month than in all of January last year.
Sheet mill operations have risen to an average of 60%; strip mills close to
this figure; tin plate to 50%. The nut and bolt industry is at 45%.
Some sheet mills, working at capacity for the automobile industry, are
allotting tonnage to their customers, as in 1929. Scrap prices in the
Middle West have made another sharp advance, extending a two-month
upward trend.
Shortly, with the approach of spring, it will be demonstrated whether
demand from the leading consumers outside the automobile industry is to
be propped mainly by Government spending; as in 1934, or whether the
Improvement in fact is strengthening private initiative.
The big farm market for steel products this year is a reflex of Government aid last year. The new $4,000,000,000 Federal public works program
presents this difference-it emphasizes relief through work, meaning more
material and equipment.
With increasing manufacturing operations, the need for replacing outworn equipment is becoming strong enough to overcome even some of the
hesitancy engendered through uncertain Government policies. Many purchases in the current iron and steel markets are for requirements to facilitate production; it is obvious that a fair start on rebuilding the industrial
machine will be an important factor in steel demand.
Action of the Steel Labor Board in ordering employee representative
elections at Carnegie, Illinois Steel and Youngstown Sheet & Tube plants,
the consequent suit filed by the Carnegie employees' association contesting
the order, presumably to be followed by similar action by Illinois and
Sheet & Tube employees, is not considered evidence of a final break between
steel employers and the union labor group. Department of Labor officials
continue to negotiate for a truce.
Possibly as a protection against interruptions, automobile manufacturers
are bringing strong pressure to bear for steel. Automobile output last
week, 59,000, compares with 42,000 in the preceding week. The Ford
sel.edule for this month, 100,000 cars, may fall short of this through inability
to obtain sufficient bodies.
Rail tonnage in prospect at this time is far less impressive than in 1934.
About 150,000 tons are marked for early award, which the carriers themselves will finance. Southern Pacific is inquiring for 26,740 tons. December domestic freight car purchases, 110, brought the total for the year to
23,829, largest since 1930. Relaying rails have been reduced $1 a ton.
U. S. Steel
Industry
32.)6
16S5
24,
4
40
65
8214
74
7614
1934
1933
1932
1931
1930
1929
1928
1927
29
15
24
44
67
85
78
85
+1%
+1
+2.ti
+4
+55i
-1-3
Independents
+1
+36
+2
+1
+5
-1
+2
35
+1
17
+334
25
37
+5
64
+8
-2
80
+3
70
6814
+3
Production of Coal Shows Sharp Rise Over Christmas
Week
The weekly coal report of the United States Bureau of
Mines, Department of the Interior, stated that the total
production of bituminous coal during the week ended Jan. 5
is estimated at 7,188,000 net tons, a gain of 978,000 tons,
or 15.7%, over the output in Christmas week. Tuesday,
New Year's Day, was observed as a holiday in most soft
coal fields, the total loadings for the day being approximately 1,230 ears. Production during the first week in
January 1934 amounted to 7,005,000 tons.
Anthracite production in Pennsylvania during the week
ended Jan. 5 is estimated at 1,115,000 net tons, an increase
of 207,000 tons, or 22.8%, over the week of Dec. 29. Anthracite production during the week of Jan.6 1934 amounted
to 1,393,000 tons.
During the coal year to Jan. 5 1935 259,954,000 net tons
of bituminous coal and 39,779,000 net tons of anthracite
were produced. This compares with 259,800,000 tons of
bituminous and 38,093,000 tons of anthracite produced in
the corresponding period of 1933-34. The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAT. AND BEEHIVE
COKE (NET TONS)
Coal Year to Date
Week EndedJan. 5
1935 c
Dec. 29
1934 d
Jan. 6
1934
1934-35
1933-34
1932-33
Bitum. cosi_a:
Total period_ 7,188,000 6,210,000 7,005,000 259,954,000 259,800.000 225,169,000
963.000
Daily aver__ el423000 1,242,000 1,374.000 1,114,000 1,110,000
Pa. anthra. b:
Total period_ 1,115,000 908,000 1,393,000 39,779,000 38,093,000 37,314,000
164,900
172,200
160,800
Daily aver__ 223,000 181,600 278,600
Beehive coke.
644,600
17,400
610,800
445,500
14.600
22,200
Total period_
2,566
2.708
2,433
3,480
3,700
1,872
Daily aver__
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes Sullivan County, washery and dredge coal, local sales, and colliery fuel.
c Subject to revision. d Revised. e Averaged based on 5.05 working days.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES (NET TONS)
Week EndedState
Dec. 29
1934
Dec. 22
1934
Alabama
135,000
220,000
Arkansas and Oklahoma
66,000
80,000
120,000
168,000
Colorado
985,000 1,110,000
Illinois
Indiana
348,000
402,000
lows
79,000
95,000
Kansas and Missouri
145,000
155,000
Kentucky-Eastern
815,000
430,000
Western
172,000
220,000
Maryland
30,000
38,000
Montana
58.000
62,000
New Mexico
23,000
28,000
North Dakota
43,000
42,000
Ohio
382,000
498,000
Pennsylvania (bituminous) 1,457,000 1,856,000
Tennessee
62,000
92,000
Texas
13,000
14,000
Utah
60,000
65,000
Virginia
136.000
196,000
37,060
Washington
42,000
West Virginia-Southern b 1,013,000 1,485,000
Northern_c
324,000
505,000
Wyoming
102,000
119,000
10,000
Other States
11,000
Total bituminous coal
Pennsylvania anthracite
Dec. 30
1933
Dec. 31
1932
153,000
48,000
139,000
782,000
283,000
69,000
129,000
426,000
170,000
30,000
48,000
24,000
50,000
334,000
1,302,000
68,000
10,000
91,000
156,000
30,000
1,096,000
325,000
94,000
20,000
December
Average
1923 a
§§§§§§§§§§§§§§§§§§§§§§§§ 1
Mar. 26
39.9%
43.6%
45.7%
47.7%
46.2%
46.8%
U. S. Steel is estimated at above 39%, against 36% in the week before
and 33% two weeks ago. Leading independents are credited with 51%.
compared with 46% in the preceding week and 4434% two weeks ago.
The following table gives the approximate percentage of production
for the nearest corresponding week of previous years, together with change
In points from the week immediately preceding.
.p,.-. .-... ..boo.
wp,..coir.ba
WI
M 4.
W-4WW0:004W0 ,-.*W0w0W...wv,
1934Feb. 12
Feb. 19
Feb. 26
Mar, 5
Mar. 12
Mar. 19
Steel ingot production for the week ended Jan. 14 is
placed at nearly 46% of capacity, according to the "Wall
Street Journal" of Jan. 16. This compares with 41%
in the previous week, and with 39% two weeks ago. The
"Journal" further stated:
,
'5.
P?:°
5.S.PP74 F.r.F.Per!
1116
31.6%
28.1%
Nov. 6
25.2%
Nov. 13
27.1%
Nov.20.---26.9%
Nov.27
26.8%
28.3%
Dec. 4
31.5%
Dee. II
Dec. 18
34.2%
Dec. 25
31.6%
one at Lorain, Ohio. Pig iron shipments in the Middle West this month
are 40% ahead of the comparable period in December.
Steelworks operations last week advanced 2 points to 27% at Pittsburgh;
2% to 26, eastern Pennsylvania; 5 to 33%, Birmingham; 5 to 82, Cleveland; 4 to 84, Wheeling; 3 to 56, Youngstown. Chicago held at 49;
Detroit, 59; New England, 68; Buffalo, 39.
Daily average steel ingot production in December, 77,645 gross tons,
was 27% over November; total for the month, 1,941,127 tons, up 22%.
Output for the year, 25,260,570 tons, was 11.8% above 1933.
"Steel's" iron and steel price composite has advanced 6c. to $32.57,
reflecting the rise in scrap. Finished steel index remains $54, while the
scrap composite is $12.08, up 370.
n§§§§§§§§§§§§§§§§§§§§§§
1933Oct. 23
Structural shape awards dropped to 9,291 tons, practically all public
work. On some small orders for cast pipe for public projects, scheduled
prices were reduced $2 a ton.
Two more blast furnaces have been blown in in the Pittsburgh district;
ow. ...
WO
-•
.-.ZWWWW0, MOOt..CAWWM.P.WOIWW,-4
The American Iron and Steel Institute on Jan. 14 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 47.5% of
the capacity for the current week, compared with 43.4% last
week, 34.6% one month ago, and 34.2% one year ago. This
represents an increase of 4.1 points, or 9.4%, from the estimate for the week of Jan. 7. Weekly indicated rates of
steel operations since Oct. 23 1933 follow:
Oct. 30
377
Financial Chronicle
Volume 140
A revision of steel code regulations No. 9 dealing with fabrication-intransit privileges, is under consideration.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Jan. 15 1935, 2.1240. a lb.
Based on steel bars, beams, tank plates,
One week ago
2.1240.
wire, rails, black pipe, sheets and hot
One month ago
2.1240. rolled strips. These products make
One year ago
2.0080. 85% of the United States output.
High
Low
1934
2.008c. Jan. 2
2.199e. AIR. 24
1.8670. Apr. 18
1933
2.015o. Oct. 3
1932
1.9260. Feb. 2
1.977o. Oct. 4
1.945c, Dec. 29
1931
2.037c. Jan. 13
2.0180. Dec. 9
2.273c. Jan. 7
1930
2.2730. Oct. 29
1929
2.3170. Apr. 2
2.2170. July 17
2.286e. Dec. 11
1928
2.212o. Nov. 1
1927
2402c. Jan. 4
Pig Iron
Jan. 15 1935, $17.90 a Gross Ton {Based on average of basis iron at Valley
One week ago
817.90 furnace and foundry irons at Chicago,
One month ago
17.90 Philadelphia, Buffalo. Valley and
One year ago
16.901 Birmingham.
Low
High
1934
$16.90 Jan. 27
$17.90 May 1
1933
13.56 Jan. 3
16.90 Dec. 5
1932
13.56 Dec. 6
14.81 Jan. 5
1931
14.79 Dec. 15
15.90 Jan. 6
1930
18.21 Jan. 7
15.90 Dec. 16
1029
18.71 May 14
18.21 Dec. 17
1928
17.04 July 24
18.59 Nov. 27
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap
Jan. 15 1935, $12.33 a Gross Ton
Based on No. 1 heavy melting steel
One week ago
$12334 quotations at Pittsburgh, Philadelphia
One month ago
11 581 and Chicago.
One year ago
11.831
INA
Low
1934
$13.00 Mar. 13
39.50 Sept. 25
1933
12.25 Aug. 8
6.75 Jan, 3
1932
8.50 Jan. 12
6.42 July 5
1931 •
11.33 Jan. 6
8.50 Dec. 29
1930
11.25 Dec. 9
15.00 Feb. 18
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
6,210,000 8,118,000 01,943,000 5,877,000 9,900,000
908,000 1.263,000
950,000
901,000 1,806,000
Total coal
7,118,000 9,381,000 7,393,000 6,778,000 11.706.000
a Average weekly rate for entire month. b Includes ()mations on N. & W.,
C. & 0., Virginian, K. & M., and B. C. & G. c Rest of State, including the Panhandle and Grant, Miners , and Tucker counties. d Revised figures. e Origin's
estimate. No revision wil be made in National total until detailed r.norts have
been assembled for all districts.
Financial Chronicle
378
December Anthracite Shipments
Jan. 19 1935
5.03% Higher Than
a Year Ago
Shipments of anthracite for the month of December 1934,
as reported to the Anthracite Institute, amounted to 4,213,647 net tons. This is an increase, as compared with shipments during the preceding month of November, of 612,995
net tons, or 17.02%, and when compared with December
1933, shows an increase of 201,655 net tons, or 5.03%.
Shipments by originating carriers (in net tons) are as
follows:
Month of-
Dec. 1934
Nor. 1934
909,677
716,728
326,561
500,388
421,471
542,725
360,148
244,548
191.401
817,394
628,315
254,267
416,806
335,951
479,992
315,115
204,298
148,514
908,961
677,329
365.496
468.972
42,468
440.294
345,652
236,865
115,955
899,476
691.895
332,305
453,949
505,446
475,696
343,535
221,732
174,196
4.213.647
3.600 (152
4 flit 002
4 095 230
Reading Co
Lehigh Valley RR
Central RR. of New Jersey
Delis., Lackawanna & Western RR
Delaware dr Hudson RR.Corp._Pennsylvania RR
Erie RR
N. Y., Ont. dr Western Ry
Lehigh & New England RR
Dec. 1933 Nov. 1933
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 Jan. 16, as reported by
the Federal Reserve banks, was $2,464,000,000, unchanged
from the preceding week and $194,000,000 less than in the
corresponding week in 1934. After noting these facts, the
Federal Reserve Board proceeds as follows:
On Jan. 16 total Reserve bank credit amounted to $2,468.000.000. an
Increase of $1,000.000 for the Week. Increases of $105,000,000 in member
bank reserve balances and 321,000.000 In non-member deposits and other
Federal Reserve accounts and a decrease of $4,000,000 in Treasury and
National bank currency were practically offset by decreases of $38,000,000
in money in circulation and $75,000,000 in Treasury cash and deposits
with Federal Reserve banks and an increase of $15,000,000 in monetary
gold stock.
Bills discounted increased $9,000,000 at the Federal Reserve Bank of
Chicago. $2,000,000 at the Federal Reserve Bank of New York, and
810.000,000 at all Federal Reserve banks. There was practically no change
in holdings of bills bought in open market and United States Government
securities.
Beginning With the week ended Oct. 31 1934,theSecretary
of the Treasury made payments to three Federal Reserve
banks, in accordance with the provisions of Treasury regulation issued pursuant to subsection (3) 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
dervied from earnings, which is shown against the caption
"Surplus (Section 7).
The statement in full for the week ended Jan. 16, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 430 and 431.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Jan. 16 1935, were as follows:
Increase (+) or Decrease (-)
Since
Jan. 17 1934
Jan. 16 1935 Jan. 9 1935
-84,000.000
-106.000.000
-2,000,000
17,000,000
Bills discounted
6,000,000
Bills bought
2,430,000,000
U. S. Government securities
Industrial advances (not including
110,000,000 commitments-Jan.16) 15,000,000
*
Other Reserve bank credit
+10,000,000
2 468,000,000
Total Reserve bank credit
8 273,000,000
Monetary gold stock
'Treasury and National bank currency.2,504,000,000
+1.000.000 -178,000,000
+15,000,000 +4,238,000,000
-4,000,000 +202,000,000
5,382,000,000
Money in circulation
4 388,000,000
Member bank reset ve balances
Treasury cash and despoits with Fed3 019,000,000
eral Reserve banks
Non-member deposits and other Fed457,000,000
eral Reserve accounts
+26,000,000
-38,000,000
-I-105,000,000 +1,600,000,000
-9,000,000
+15,000,000
-1,000,000
-75,000,000 +2,612,000,000
+21,000,000
+26,000,000
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 $658,000,000 on Jan. 16 1935, an increase of $40,000,000
over the previous week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Jan. 16 1935 Jan. 9 1935 Jan. 17 1934
$
$
Loans and investments-total
7,487,000,000 7,332,000.000 6,579,000,000
Loans on securities-total
1 465.000,000 1,415,000,000 1,620,000,000
To brokers and dealers:
In New York
Outside New York
To others
603,000,000
55.000,000
807,000,000
584.000,000 564,000.000
54,000,000
44,000,000
797,000,000 1,012,000,000
Accept, and commercial paper bought 227,000,000 231,000,0001
Loans on real estate
131,000,000 130,000.0001,659.000.000
Other loans
1,181,000,000 1,183,000,000
U. S. Government direct obligations---3,209,000,000 3,127,000,000 2.185,000,000
Obligations fully guaranted by United
States Government
268,000,000 269,000,00011,115,000,000
Other securities
1,006,000,000 977,000,000f
Reserve with Federal Reserve banks.
Cash in vault
1,505.000,000 1,527,000,004)
40,000,000
45.000,000
Net demand deposits
Time deposits
Government deposits
6 684,000,000 6,560,000,000 5,335,000,000
609,000,000 605,000,000 696,000,000
731,000,000 731,000,000 224,000,000
846,000,000
37,000,000
Due from banks
Due to banks
73,000,000
71,000,000
74.000,000
1 870,000,000 1,785,000,000 1,221,000,000
Borrowings from Federal Reserve Bank.
Loans on investments total
Chicago
1.553,000,000 1,554,000.000 1,303,000,000
Loans on securities-total
234,000,000
231,000,000
280,000,000
To brokers and dealers:
In New York
Outside New York
To others
26,000,000
29,000,000
179,000,000
27,000,000
24,000,000
180,000,000
17,000.000
30,000,000
233.000,000
Accept, and commercial paper bought_ 61,000,000
Loans on real estate
19,000,000
Other loans
212,000,000
61.000,000}
19,000,000 302,000,000
211000,000)
U. S. Government direct obligations.-732,000,000
_
Obligations fully guaranteed by Drit
United
States Government
78.000,000
Other securities
217,000,000
734.000,000
78,000,0001 284,000,000
220,000.0001
Reserves with Federal Reserve Bank.... 476,000,000
Cashin vault
36.000,000
452,000,000
38,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
437,000,000
324,000,000
42,000,000
1.489.000,000 1,469,000,000 1,117,000,000
382,000,000 383,000,000 337,000,000
46,000,000
46,000,000
28,000,000
179,000,000
459.000,000
179,000,000
449,000,000
182,000,000
294,000,000
Borrowings from Federal Reserve Bank
•Lew than 8500.000.
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 no 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
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 nom: 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 Jan. 9.
On October 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
Volume
Financial Chronicle
140
379
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."
American brokers for a charter for a new Canadian exchange,
is contained in the following Canadian Press advices from
Toronto, Jan. 16:
H.0. Nixon, Ontario Provincial Secretary, said to-day no formal appli-
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Jan. 9 shows decreases for the week of
$63,000,000 in total loans and investments and 620,000,000 in net demand
deposits and $8,000,000 in Government deposits, and increases of $145.000.000 in reserve balances with Federal Reserve banks and $9,000,000 in
time deposits.
Loans on securities to brokers and dealers in New York City declined
$27,000,000 at reporting member banks in the New York district and
$26,000,000 at all reporting member banks; loans on securities to brokers
and dealers outside New York City declined $5,000,000 in the Boston
district and $8,000,000 at all reporting banks; and loans on securities to
others declined $7,000,000 in the Atlanta district, $6,000.000 in the New
York district and $22.000,000 at all reporting banks. Holdings of acceptances and commercial paper increased $4,000,000 in New York district
and at all reporting member banks; real estate loans declined $2,000,000;
and "other loans" declined $14,000,000 in the New York district and at
all reporting banks.
;4 Holdings of United States Government direct obligations declined
$18,000,000 in the Chicago district and $11,000,000 in the St. Louis district, and increased $14,000,000 in the New York district and $6,000,000
in the San Francisco district, all reporting banks showing no change for the
week; holdings of obligations fully guaranteed by the United States Government increased $7,000,000 in the Philadelphia district and 65,000,000 at
all reporting member banks and declined $8,000,000 in the New York
district; and holdings of other securities increased $12,000,000 in the New
York district and declined a like amount in the other districts.
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 $1,231,000,000 and net
demand, time and Government deposits of $1,399,000,000, compared with
$1.255,000.000 and 61,380,000,000. respectively, on Jan. 2.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended Jan. 9 1935, follows:
Increase (+) or Decrease (—)
Since
Jan. 10 1934
Jan. 9 1935
Jan. 2 1935
$
—63,000,000 +1.770,000,000
Loans and investments—total_ _ —18,158,000,000
Netherlands Court ark The Hague Rules Against
Validity of Gold Clause in Bonds of Royal Dutch
and Batavian Petroleum Companies
The Netherlands Court of Justice at The Hague ruled on
Jan. 14 against the validity of the gold clause in bonds of
the Royal Dutch Petroleum Co. and the Batavian Petroleum
Co. The Court, it is stated, decided that the companies
are no longer obligated to fulfill the gold payment clauses
of their dollar bonds floated in Amsterdam and New York.
United Press advices from The Hague Jan. 14, published in
the New York "Sun," had the following to say regarding
the decision:
Loans on semulties—total
3,025,000,000
—.56,000,000
—472,000.000
To brokers and dealers:
In Now York
Outside New York
To others
715,000,000
161,000,000
2,149,000,000
—*22,000m0
—26,000,000
—8,000.000
+62,000,000
+18,000,000
—552,000,000
Aeceptan. and corn, paper bought 440,000,000
Loans on real estate
975,000,000
Other loans
3,138,000,000
+4,000,000
—2,000,0001 —159,000,000
000,000
TJ. S. Govt. ditect obligations
7,192,000,000
Obligations fully guaranteed by the
United States Government
588,000,000
Other securities
2,800,000,000
+5.090,000} +419,000,000
Reserve with Fed. Res. banks__ 3,208.000,000
284,000,000
Cash in vault
+145,000,000 +1,225,000,000
+36,000,000
—8,000.000
13,665,000,000
4,397,000,000
1,336,000,000
—20,000,000 +2,714,000,000
+54,000,000
+9,000,000
—8,000,000 +765,000,000
1,706,000,000
4,129,000,000
—64.000.000 +496,000,000
—4,000,000 +1,325,000,000
Borrowings from F. R. banks
* Jan. 2 figures revised (San Francisco district.
—21,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
+1,982,000,000
Toronto Stock Exchange Plans to Remove from List
Firms Failing to Submit Annual Statements—
Action Aimed at Several Mining Companies
The Toronto Stock Exchange, said advices from Toronto,
Jan. 16, by the Canadian Press, has decided to take action
on a number of mining companies that have failed to comply
with Exchange regulations calling for regular financial
statements for the benefit of shareholders. The advises
stated that recommendation has been made for the delistment of several stocks and a number of others will be given
60 days to satisfy requirements, after which on their failure
to do so, they will be scratched from the Exchange listing.
The following is also from the advices:
The Exchange requires that each company whose shares are listed shall
hold an annual meeting in each year or shall submit direct a financial statement in the customary form or shall forward to all its shareholders in each
year a statement of the company's financial condition, certified by an
accountant or the company's directors.
A sub-committee of the Exchange has found that 43 mining companies
had not held an annual meeting or made a report to their shareholders
and a recommendation has been made and approved by the Exchange
Managing Committee, that these companies be given 60 days to hold
meetings or make reports. The sub-committee also recommended that the
stocks of five companies, Aconda, Baldwin, Grandview, McDougall-Segur
and Spooner Oils, be delisted for failure to file questionnaires with the
Exchange.
The sub-committee was apparently dissatisfied with questionnaires filed
by four companies, Buckingham, Capitol Rouyn, Hilltop and KootenayFlorence, or they recommended that the stocks of these companies be
delisted.
Rumors of Formation of New Canadian Exchange by
United States Brokers Denied by H. C. Nixon,
Ontario Provincial Secretary
A denial by H. C. Nixon, Ontario Provincial Secretary,
of reports that application had been made by a group of
cation has been made to his department for another stock exchange charter
in Toronto. A report yesterday (Jan. 15) said the application was made to
the Provincial Secretary by a group of New York brokers who are members
of the New York Produce Exchange. Mr. Nixon declined to reveal what
the Government's attitude to such an application would be.
The decision was to the effect that because of the Roosevelt suspension
of gold payments, interest on the bonds need not be paid in gold dollars,
as stipulated.
The case, brought by the Stockbrokers' Union of Amsterdam, will
be appealed to the high court of The Hague.
The case is a direct outgrowth of the American legislation of May 1933,
abandoning the gold standard and abrogating the gold clause in bonds.
Similar cases are now before the United States Supreme Court.
Bonds in question of the Royal Dutch and the Batavian Petroleum
Co. were floated in New York and Amsterdam in March 1930.
They carry a clause to pay principal and interest in "United States gold
coin," but the company decided last October that the Roosevelt legislation. abolishing this clause in all loans, foreign and domestic, was mandatory upon the company so far as this loan was concerned.
$31.600,000 in Bands
Bonds in question are $6,600,000 at 4% and $25,000,000 at 4%.
Brokers, realizing that gold was unobtainable, asked an equivalent in
present currency.
On the basis of the 69% increase in the price of gold, this request was
for $1.69 for each dollar in principal and interest due.
Interest thus far since abrogation of the gold clause has been paid in
paper dollars in New York, or in case of Dutch holders, in florins equal
to the depreciated dollar.
As Dutch investors had taken a substantial part of the original issue
and had subsequently repatriated a further large portion, the company's
decision provoked widespread dissatisfaction in the Netherlands. However,its first effect was bullish on the company's shares,since such payment
lightened the debt burden.
Bound to Pay Interest
The Amsterdam Stock Exchange, which brought the case up. won
when it was submitted to a lower court. The latter ruled that the company was bound to pay interest to Dutch holders in gold, since it had
sold part of the original issue to them and had made the interest payable
In Amsterdam as well as in New York:
This, in the opinion of the lower court, constituted a definite agreement
with Dutch investors which could not be affected by the American legislation. The company promptly appealed to the Court of Justice.
Although the lower court confined itself to the rights of Dutch bondholders, the practical effect of that decision was to cover the American
bondholders as well, since the loan was sold in both New York and Amsterdam. If that decision had stood, Americans could at small expense
have collected their interest in Amsterdam at its full gold value.
Royal Dutch is not the first European borrower to decide that it came
under the American legislation abolishing the gold clause. A number
of Italian and German borrowers had previously taken that position.
The present case has been fought purely in the Netherlands domestic
courts. No international court was involved.
Further advices (Associated Press)from The Hague Jan. 15
said:
The Amsterdam Stockbrokers' Association, as plaintiff, to-day appealed
to the Supreme Court from an Appellate Court decision yesterday giving
the Royal Dutch Petroleum Co. and its main operating unit, the Batavian
Petroleum Co., the right to meet service on their dollar bonds with depredated dollars. The Court held that the gold clauses in the bonds
concerned gold coin and not gold value.
New Issue of Mortgage Bank Bonds Floated in Germany
—First in About Three Years
Stating that measures to revive, or rather to test the possibility of reviving, the German capital market, with the aim
ultimately to convert public loans and to consolidate part
of the short-term debt, were continued during the week, a
wireless message, Jan. 12, from Berlin to the New York
"Times" added:
An issue of mortgage bank bonds was successfully undertaken this week,
with official permission, after an interruption of about three years in this
type of financing. The issue consisted of Ph% bonds sold at a price of
94, which is cheap borrowing in view of the fact that most of the existing
mortgage bonds are still carrying 6% and are quoted well below par.
The Boerse believes Dr. Schacht, the Reich's economic dictator, regards
the issue merely as an experiment and will not permit other issues to be
sold except in special circumstances. Hence this offering has not affected
the general bond market, which remains firm.
New German Law Requiring Conversion of Excess
Earnings to Government Loans Viewed as Having
Material Effect on Chemical Companies
As the chemical industry is foremost among remunerative
German industrial groups, German chemical companies are
likely to be affected to a considerable degree by a recent law
380
Financial Chronicle
which requires conversion of all earnings above certain levels to Government loans, according to a report from Consul
Sydney B. Redecker, Frankfort-on-Main, made public Jan. 10
by the Commerce Department's Chemical Division. These
loans, the report states, which are expected to reach 40,000,000 marks per annum, are to be utilized for carrying out
public works projects and for other purposes in line with
the Government's work creation program for reducing unemployment. It is added that many German chemical companies have continued throughout the depression to make
remarkably favorable showings, some paying regular dividends up to 15% on outstanding common stock. The Department's advices also state:
Under the new law, which became effective in December, superseding
that enacted in March 1934, for the same purpose, dividends may be paid
only up to 6%, with an increase to 8% in those cases where profits in the
preceding year were higher. All profits exceeding these levels must be
turned over to the German Gold Discount Bank as loans for investment in
Government bonds or other State-guaranteed loans. After four years the
amounts so invested will be returned to the companies originally purchasing
the bonds, it was stated.
The old law of March 1934 was so restricted by its terms that it affected
only a few companies, and the yield was small.
Among chemical companies affected by the new law are those producing
soaps and other cleaning agents, cyanides, fumigants, pharmaceuticals,
wood distillation products, lamp black and pigments. (Current value of
reichsmark equals approximately 40c.)
The new law was referred to in our issue of Dec. 8,
page 3555.
$580,772,564 Paid to Jan 8 to Farmers Co-operating in
AAA Adjustment Programs
Farmers participating in the programs of the Agricultural
Adjustment Administration have received a total of $580,772,564 in rental and benefit payments, and payments in
connection with exercise of cotton options and the cotton
producers' pool, up to *Jan. 8 1935, according to the latest
tabulation of checks disbursed, it was announced Jan. 11.
Total payments,as shown by nearly 9,000,000 checks issued,
were as follows by commodities:
Cotton, 1933 program, $112,739,159.
Cotton, 1934 program, $93.803.307.
Exercise of cotton options, $12,175,445.
Cotton option pool, $39,318,288.
Tobacco, 1933 program, $2.051,898.
Tobacco, 1934 program, $16,776,537.
Wheat, 1933 program, $89,189,046.
Wheat, 1934 program, $54,705,861.
Corn-hogs, 1934 program, $159,957,478.
Sugar. 1934 program, $55,541.
State Department Concludes Reciprocal Tariff Agreement with Brazil—Signing Postponed Until After
Arrival of Financial Mission
The State Department on Jan. 12 announced the completion of negotiations for a reciprocal trade agreement
with Brazil, adding that signing of the pact will be postponed until after the arrival of the Brazilian financial mission due in the United States Jan. 24. The agreement was
completed at a conference between Sumner Welles, Assistant
Secretary of State, and Oswald° Aranha, Brazilian Ambassador to Washington. It was believed that some details of
exchange arrangements, which it was originally intended to
incorporate in the treaty, may be placed in a separate agreement after consultation with the financial commission which
will confer with New York bankers regarding Brazilian
foreign debt service. Washington advices of Jan. 12 regarding this treaty and other reciprocal agreements said:
Complications relating to exchange which recently arose in Brazil caused
a delay in the treaty negotiations, but did not rear an insuperable obstacle.
Details of the treaty have not been disclosed, but the understanding is that
lower duties are fixed on imports of Brazilian coffee to the United States in
exchange for reductions on exports of machinery and certain agricultural
products to Brazil.
Reciprocal treaties are approaching completion with Colombia and Haiti,
and may be signed soon. Also on the list are treaties with the five Central
American republics, on which progress is being made.
France Acts to Abolish Double Taxation—Ratifies
Tardieu-Edge Treaty—Regarded as Benefitting
Franco-American Trade Relations
The French Chamber of Deputies ratified on Dec. 22
the Tardieu-Edge Treaty abolishing double taxation, after
it is noted, a delay of two-and-a-half years, the action it
is expected, tending toward the betterment of FrancoAmerican trade relations. Through ratification controversial matters of many years standing and representing
a saving estimated at $120,000,000 for American firms, it is
stated, are brought to an end.
The action of the French Chamber followed the recommendation of its Finance Committee that the accord between
the United States and France be carried out. Associated
Press accounts from Paris Dec. 22, said in part:
Jan. 19 1935
Criticism that the treaty was less favorable to France than to the United
States was overcome by the Committee's decision to ask for supplementary
provisions "safeguarding French interests."
Ratifications, which had been urged by Foreign Minister Pierre Laval,
came without debate or a record vote. The treaty now goes to the Senate.
Negotiated in 1932 by Ambassador Walter E. Edge and Premier Andre
Tardieu the treaty dropped out of sight for two years and finally was
placed before the Chamber by Premier Gaston Doumergue in an effort
to smooth over the debt-ruffled Franco-American relations.
It represented an important piece of work on the part of former Ambassador Edge. He and Tardieu signed it April 27 1932. Two months
later the United States Senate ratified it. When Ambassador Jesse I.
Straus took over the Embassy the question still was a problem.
The treaty contains ten articles establishing regulations for taxation
of American and French businesses established in the two countries and
defines the kinds of revenue for which double taxation is avoided.
Under former French law, branches in this country of American business
houses were subject to taxation not only on the profits they made in France
but on a part of the profit made by the parent company all over the world.
The treaty specifically bases taxation only on the business actually done
in France.
6.That the treaty makers were farsighted..is indicated by article three.
which says.
i• Revenues which a business of one of the contracting states draws from
exploitation of airships licensed in that state and carrying on transportation between the two countries shall be taxable only in the first state.
Article 7 frees from taxation salaries paid by either of the two governments to its representatives in the other country, as well as war pensions.
United States to Negotiate Reciprocal Trade Agreement with Finland—Hearing Before Committee
for Reciprocity Information Fixed for Feb. 11
Secretary of State Hull on Dec. 19 announced plans to
negotiate a reciprocal trade agreement with Finland, and
fixed Feb.4 as the date for submission of written statements
and Feb. 11 as the date for the presentation of oral arguments before the Committee for Reciprocity Information.
This marked the fourteenth country with which the United
States has entered into similar negotiations. A State Department announcement regarding plans for an agreement
with the Netherlands is referred to elsewhere in this issue
of the "Chronicle." A Washington dispatch of Dec. 19 to
the New York "Journal of Commerce" outlined the course
of United States trade with Finland in recent years as
follows:
Giving public notice concerning plans with Finland, Secretary Hull noted
that trade between the United States and that Government has declined
especially in the amount of exports from the United States. Imports from
Finland, he said, have held up fairly well during the depression.
Statistics of the Department of Commerce show that United States exports to Finland in 1929 had a value of $14,760,670, against only $3,458,856
in 1933.
Imports into the United States from Finland in 1929 were valued at
$11,225,433, and in 1933, $8,915,533.
Principal exports to Finland from this country have been wheat flour,
gasoline, naphtha and other petroleum products; passenger automobiles, raw
cotton, lard, bacon, copper rods, cereal foods and prunes.
Cotton Hokla Up
The trade of all of these, except raw cotton, declined sharply in value
between 1929 and 1933.
Imports from Finland are not of so great a variety and, as wtuld be
expected in the case of a country where forests cover 73% of the total area,
the Secretary said, consists chiefly of forest products.
Paper and pulp, timber and lumber products account for about 83% of
Finland's total exports. In 1929 the United States imported wood pulp
from Finland to the value of $7,429,290. This item had fallen in 1938
to $6,486,828.
United States imports of newsprint from Finland in 1929 had a value of
$1,564,362, and in 1933, $1,432,964. Imports of calfskins, the next important item, had a value of $491,376 in 1929 and $283,681 in 1933.
Opposition by F. P. Garvan to Reciprocal Agreement
That Might Harm Chemical Industries—Testifies
at Hearing on Proposed Pact with Switzerland—
Watch Manufacturers Also Protest
The development of chemistry and chemical knowledge is
not only the basis of all national defense but will eventually
end all war, Francis P. Garvan, President of the Chemical
Foundatioin, testified on Dec. 17 before the Reciprocal Trade
Information Committee, which was considering the negotiation of a reciprocal tariff agreement with Switzerland. Mr.
Garvan said that he was opposed to any agreement that
might adversely affect the chemical industries. He also
represented the Chemical Alliance, the Synthetic Organic
Chemical Manufacturers' Association and the Manufacturing Chemists' Association of the 'United States. Other witnesses who opposed any form of reciprocal tariff agreement
represented the American watch industry.
A Washington dispatch of Dec. 17 to the New York
"Times" summarized the testimony before the _Committee
as follows:
T. Albert Potter, President of the Elgin National Watch Co.; Frank
Beckwith, President of the Hamilton Watch Co. of Lancaster, Pa., and
I E. Boucher, manager of the Waltham Watch Co. of Waltham, Mass., all
expressed fear of ruin of their industry and the disorganization of their
highly trained workers if the tariff on watches was lowered.
In spite of present tariff barriers, Swiss manufacturers have supplied.
not less than 50% of the American market, Mr. Beckwith asserted.
Volume 140
Temporary Suspension By Bank of Brazil of Handling
of Drafts—To Be Followed It Is Said By Exchange
Readjustment
Temporary suspension of handling "drafts for collection
and of importation in foreign money" was announced on
Jan. 14 by the Bank of Brazil, said a cablegram on that day
from Rio de Janeiro to the New York "Times", which went
on to say:
The measure went into effect immediately.
International bankers refrained from comment,deciding to await developments. They did state, however, that the suspension at this time was
likely to cause confusion abroad.
It is believed the suspension will last a few days, to be followed by an
exchange readjustment, possibly with the Bank of Brazil !educing the free
exchange list which now includes all exports except coffee, and incorporating such exports into an official exchange list.
Chamber of Deputies in Chili Passes Bill Providing For
Resumption of Service on Foreign Drafts
The Government's bill providing for resumption of service
payments on Chile's foreign debts was passed in the Chamber
of Deputies on Jan. 17 by a vote of 64 to 43, with two
abstentations. Advices to this effect Jan. 17 from Santiago
(United Press) as given in the New York "Journal of Commerce" added:
The measure now goes to the Senate for a vote.
America's stake in Chile's foreign debt is in excess of $300,000,000 and
comprises Government and Government-guaranteed issues, municipal
obligations and corporate loans on which interest payments and sinking
fund operations were suspended about three years ago.
Moves toward resumption of the debt service were ascribed to improvement in the nitrate and copper industries, the two principal industries of
the republic.
The bill passed by the Chamber of Deputies was originally presented
to the Chilean Congress in November. 1934, by President Alessandri. It
provides for partial resumption of payments.
Central Bank to Be Formed by Argentina with Capital
of 30,000,000 Pesos—Plan Based on Report of Sir
Otto Niemeyer of England.
The Argentine Government has decided on the formahon
of a Central bank. The plan to form the bank was discussed
four or five years ago and the Government in November of
1932 invited Sir Otto Niemeyer, British banking authority,
to visit Argentina and examine the situation. His recommendation for the creation of a Central bank which followed
several months of study of the country's financial, economic
and banking situation, was referred to in our issue of April 8
1933, page 2333. The project, it is stated, will follow the
main lines of the Niemeyer report with certain modifications
based on the experiences of the intervening time. Its main
purposes are reported to be as follows:
1. To regulate the quantity of credit and means of payment, adapting
them to the real volume of business.
2. To promote liquidity and the good functions of banking.
3. To insure sufficient gold reserves to smooth out the fluctuations in the
balances of payments due to exports and movements of capital.
4. To act as financial agent for the Government.
In Buenos Aires advices Jan. 17 it is stated:
Under the new plan, the Banco de la Nacion, which in the absence of a
Central Bank had to stop into the breach, will return to its normal functioning as a strict commercial bank. The entire assets and liabilities of the "Caja
de Conversion" (conversion office or note issuing department) will be transferred to the Central Bank which will have the privilege of controlling the
note issue of the country with the exception ofsmall subsidiary coin.
The gold of the country will be used to offset unfavorable balances and for
international trade settlements. At present the gold backing of the note
issue is about 44% and it will be maintained at about that figure.
The capital of the bank will be 30,000,000 pesos (about $10,000,000) of
which 20,000,000 pesos will be subscribed immediately, one-half by the
Government, who will have no voting power, and the other half by various
banks throughout the country with a capital of not less than 1,000,000 pesos,
who will subscribe on a pro rata basis. Other banks with smaller capital
will also be entitled to the facilities of the bank and as soon as they reach the
necessary capitalization of 1,000,000 pesos, they will be admitted as shareholders.
The officers of the bank will consist of a President, Vice-President, and
12 directors. The directors will represent, as closely as possible, the
elements of the banking community.
Of the 12 directors, foreign banks having branches in Argentina will elect
two. These directors cannot be of the same nationality and they will be
selected at a conference of the various foreign banks. The Government will
appoint the President, Vice-President and one of the directors.
It is considered that one advantage of the Central bank will be the concentration of the reserves of all banks, thus permitting banks to rediscount
381
Financial Chronicle
A. M. 0. Barnes, counsel of the Jeweled Watch Manufacturers of New
York, declared that to stop wholesale smuggling the Government should
adopt a rigid import quota and maintain its present schedules.
A. H. Whitehead, President of the New Haven Clock Co., who appeared
for the Clock Manufacturers of America, said that Switzerland had copied
American clocks with cheap labor and would be able to undersell American
factories.
The efficiency of the national defense is determined by the comparative
progress of American chemical industries and their ability to draw upon
the increasing knowledge of American chemists, Mr. Garvan said.
"The greatest discoveries of science for the advancement of civilization
and the cure of disease had been made as a by-product of industrial chemistry," Mr. Garvan said, adding that he feared for the future of the industry
if it came under any form of reciprocal trade agreement.
and increase their cash reserves when the crops have to be moved. Definite
provisions are made governing the relations between the Government and
the bank, and limitations are placed upon the power of the Government to
borrow from the new institution.
There has been much discussion in Argentina about the advisabilityrof
establishing a Central bank while the country was off the gold standard.
some people contending it would be more prudent to await the stabilization
of the pesos. On this point, Sir Otto Niemeyer said there was no reason for
delaying the Central bank idea because the country was off the gold standard.
On the contrary, he considered that.a Central bank was required to coordinate and direct affairs during the transition period and such a bank
would provide a powerful instrument for bringing about stable money and
be a valuable counsellor for determining when to stabilize and at what rate.
Up to the present, the Argentine banking structure has worked with
complete freedom and has been without any regulation whatever. At the
same time the country had the unique record of no bank failures throughout
the period of the depression, with the exception of one small bank.
Italy Draws for Redemption Credit Consortium for
Public Works 7% Secured Gold Bonds—$415,000
to Be Redeemed Through Sinking Fund
J. P. Morgan & Co., fiscal agents of the Credit Consortium
for Public Works, of Italy, external loan sinking fund 7%
secured gold bonds, announced Jan. 14 that $267,000 principal amount of series A bonds, due 1937, and $148,000 principal amount of series B bonds, due 1947, have been drawn
by lot for redemption on March 1 1935, through operation of
the sinking fund. Payment will be made at par upon presentation of the bonds at the office of the fiscal agents on
and after March 1, it was stated.
Funds Remitted for 35% Payment of Feb. 1 Coupons
on Greek Government 40-Year 6% Secured Sinking Fund Gold Bonds
Speyer & Co. and the National City Bank of New York, as
fiscal agents for the Greek Government 40-Year 6% Secured
Sinking Fund Gold Bonds, Stabilization and Refugee Loan
of 1928, announced yesterday (Jan. 18) that, in accordance
with the agreement between the Greek Government and the
League Loans Committee (London), published on Nov. 17,
1933, they have received funds sufficient to pay 35% of the
interest due Feb. 1 1935, on the above bonds. Such payment will be made, on or after that date, at the offices of
the fiscal agents upon presentation of the coupons, accompanied by a letter of transmittal. The coupons will be
stamped with the dollar amounts paid and will be returned
to the bondholders who should re-attach the same to their
bonds.
Argentina to Redeem on March 1 All Outstanding
Bonds of 5% Internal Loan of 1909
The Government of the Argentine Nation, through Felipe
Espil, Argentine Ambassador, announced yesterday (Jan.
18), that in the exercise of the rights reserved to it the
Government elects to, and will, by increase of the sinking
fund, redeem at 100 per cent on Mar. 1 1935, all bonds of
its 5% internal loan of 1909 then outstanding. Interest on
these bonds will cease from the redemption date. It was
further announced:
Matured coupons and bonds called for redemption may be presented
for payment, at the option of the holder, at Buenos Aires, London, Paris,
Berlin or New York, such payments to be effected in currencies of the
respective countries. Payment of bonds presented for redemption in
New York will be effected at the office of J. P. Morgan & Co. in legal
tender currency of the United States or in bank checks or other instruments which pass current at par in New York City as the equivalent of
currency, at the rate of 973 United States of America dollars per 1,000
Argentine pesos principal amount of bonds.
New York Stock Exchange Rules on 732% Bonds,
External Loan of 1925, of Porto Alegre (Brazil)
The following rulings on bonds of Porto Alegre, Brazil,
by the New York Stock Exchange, were issued through Ashbel Green, Secretary of the Exchange, on Jan. 7:
NEW YORK STOCK EXCHANGE
Committee on Securities
Jan. 7 1935.
Notice having been received that payment of $6.56% per $1,000 bond is
now being made on surrender of the coupon due Jan. 1 1935 on City of
Porto Alegre 40-year VA% sinking fund gold bonds, external loan of 1925,
due 1966:
The Committee on Securities rules that transactions made on and after
Jan. 8 1935 shall be settled by delivery of bonds bearing only the Jan. 1
1932 to Jan. 1 1934, inclusive (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.
An announcement on the payment of the Jan. 1 interest
on the bonds of Porto Alegre, issued by Laden'burg Thalmann & Co., special agents, was given in our issue of Jan. 12,
page 233.
Financial Chronicle
382
Feb. 1 Coupons on Buenos Aires (Argentina) 6%
Sinking Fund Gold Bonds of 1930 to Be Paid in
Part
Announcement was made yesterday (Jan. 18) that the
Province of Buenos Aires, Argentine Republic, has made
available at First of Boston International Corp., 100 Broadway, New York City, for delivery on or after Feb. 1 1935 to
holders of 61(2% external sinking fund gold bonds of 1930,
due Aug. 1 1961, who assent to the Province of Buenos Aires
Loan Readjustment Plan of 1933, the sum in cash of $24.98
with respect to each $32.50 coupon, and 12.49 with respect
to each $16.25 coupon maturing Feb. 1 1935, together with
5% arrears certificates for the balance remaining unpaid
or, such coupons. Payment, it is stated, will be made only
against the surrender of the substituted coupons due Feb. 1
1935, issued pursuant to the plan and attached to assenting bonds.
Rulings on Three Bond Issues of San Paulo (Brazil)
by New York Stock Exchange
Incident to the announcement that San Paulo, Brazil, is
paying 20% of the Jan. 1 coupons on bonds of its external
loans of 1921 and 1925 and external dollar loan of 1928 (referred to in our issue of Jan. 12, page 232), the New York
Stock Exchange adopted several rulings affecting the bonds
which were issued as follows on Jan. 7 by Ashbel Green,
Secretary:
NEW YORK STOCK EXCHANGE
Committee on Securities
Jan. 7 1935.
Notice having been received that payment of $8 per $1,000 bond is now
being made on surrender of the coupon due Jan. 1 1935 on State of San
Paulo 15-year 8% sinking fund gold bonds, external loan of 1921, due 1930:
The Committee on Securities rules that transactions made on and after
Jan. 8 1935 shall be settled by delivery of bonds bearing only the July 1
1932 to Jan. 1 1934, inclusive (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."
Jan. 7 1935.
Notice having been received that payment of $8 per $1,000 bond is now
being made on surrender of the coupon due Jan. 1 1935 on State of San
Paulo 25-year 8% secured sinking fund gold bonds, external loan of 1925,
due 1950:
The Committee on Securities rules that transactions made on and after
Jan. 8 1935 shall be settled by delivery of bonds bearing only the July 1
1932 ($32 paid) to Jan. 1 1934, inclusive (ex July 1 1934 and Jan. 1 1936),
July 1 1935 and subsequent coupons, unless otherwise agreed to at the
time of transaction; and
That the bonds shall continue to be dealt in "flat."
Jan. 7 1935.
Notice having been received that payment of $0 per $1,000 bond is now
.being made on surrender of the coupon due Jan. 1 1935 on State of San
Paulo 40-year 6% sinking fund gold bonds, external dollar loan of 1928
due 1988:
The Committee on Securities rules that transactions made on and after
Jan. 8 1935 shall be settled by delivery of bonds bearing only the Jan. 1
1932 to Jan. 1 1934, inclusive (ex July 1 1934 and Jan. 1 1936), July 1 1935
and subsequent coupons, unless otherwise agreed at the time of transac•
tion ; and
That the bonds 81101 continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
Rise In Price of Realty Bonds Noted By Amott, Baker
& Co.—Reviving Interest In Real Estate Issues
Regarded as Definite Sign of Recovery In Realty
Circles
Realty bonds, based on an average of 200 eastern real
rose from
estate issues selected by Amott, Baker & Co.—
—an
average price of $197 per $1,000 bond to $269 per $1,000
I'lus,
"
*
bond, an increase of 36.5%, during the year-1-93-4717—
it is stated, compares with an increase of 7.8% in 1934 for
all bonds listed on the New York Stock Exchange. It is
added:
The closing six weeks of the year accounted for 9.8% of the realty issues'
gain. The same group of issues showed an advance of 22.4% during 1933.
The reviving interest in real estate and real estate issues is regarded
as a definite sign of recovery in realty circles. The 200 issues include
134 New York issues, 5 Boston. 6 Buffalo, 13 Philadelphia, 10 Pittsburgh
and 32 miscellaneous, each of them originally outstanding in the amount
of $500,000 or more.
Jan. 19 1935
Stating that "the charge has been made that the Act has
been holding back the flotations," Mr. Kennedy in making
public the new requirements said:
This is our answer to our pledge to make less onerous, less expensive and
more practical the registration of securities. We have tried this out with
the most vociferous opponents of the Securities Act and with accountants.
We believe that this form can be filed without unreasonable delay or expense. They feel that there is nothing in it which is unreasonable and will
advise their clients to go ahead.
"Though," says Chairman Kennedy, "it [the Commissionj has required the information which the Act demands,
it has at the same time framed the questions in such a form
as will avoid any undue burden of expense and effort to issuers
and will minimize the risk of liability to officers and directors." The new regulations define a "seasoned" corporation
as one with a three-year record of operations. In the Washington account Jan. 13 to the New York "Journal of Commerce" it is noted:
Registrants are required to state their exact name, address of Principal
executive offices, the State or other soverign power under which incorporated, and the date of incorporation, and list all subsidiaries and respective
percentages of voting power.
They are to outline briefly the general character of the business done and
intended to be done and the general development of the business for the
preceding five years. They are to state briefly the general character and
location of the principal plants and other important units and outline
briefly the general effect of all material franchises and concessions held.
In reporting the funded debt, capital stock, securities and other issues
guaranteed, and warrants or rights granted by the registrant to subscribe
for or to purchase securities of the registrant, the information furnished is to
be as of the date of the latest balance sheet and by footnotes any material
changes since the date of the balance sheet may be indicated.
Action on Securities
All securities authorized including any to be offered under this registration, are to be set forth under the respective tables. A reference to the
financial data will not suffice as an answer to the items, it was said.
In Item 10A. column 13 of the new form, applicants are required to give
the total of capital stock liability, exclusive of paid-in or other surplus, and
in item II, a brief statement of the nature of the guarantee, limited to a
phrase, such as "guarantee of principal and interest," "guarantee of interest," "guarantee of dividends," or the like. Information need not be set
forth as to notes, drafts, bills of exchange or bankers' acceptances having a
maturity at the time of issuance of not exceeding one year.
In outlining a description of the securities offered, the Commission decided that it need relate only to such matters as have bearing on the investment value of the security registered and as to which an average prudent
investor ought reasonably to be informed before purchasing the security
registered.
Mechanics Left Out
Details which are mere mechanics are not to be set forth, it was said.
"What is required." the Commission said, "is such information as will
reasonably inform the investor from an investment standpoint, and not from
the standpoint of obtaining a full and complete legal description of the rights
and duties involved. For example, in the case of conversion rights, only the
general character of dilution provisions need be set forth; and in the case
of sinking fund provisions oily the general method of operating the sinking
fund, but not the mechanical details thereof.
"No statement need be made as to any issue, the total amount of which
outstanding amounts of less than 5% of the total funded debt outstanding
as shown by the registrant's balance sheet, unless additional securities of
the same class may be issued under the respective indenture."
Underwriting and Sales
As regards the underwriting and sales to other special parties, the applicant is required to give the name and address of each principal underwriter
and the amount underwritten. All such underwriters as are affiliated with
the registrant must be identified and the nature of affiliation stated.
If the price to the public is not a fixed price, the method by which it is
to be determined shall be set forth. If the answer is "at the market," an
estimate shall be made for the purpose of giving the information required.
If the price to the public is not a fixed price, the method by which it is to be
determined shall be set forth.
Commissions, which must be set forth, include all cash, securities, contracts or anything else of value, paid, to be set aside, or disposed of. or
understanding with or for the benefit of any other persons in which any
underwriter is interested in connection with the sale of the securities registered.
Filing of Statements
In the filing of financial statements the registrants are permitted, in the
case of consolidated statements, that principal of inclusion or exclusion
which, in the opinion of its officers, will most clearly exhibit the financial
condition and the results of the operations of the registrant and its subsidiaries.
The consolidated balance sheet shall reflect, where practicable, in a footnote or otherwise, the extent to which the equity of the registrant in its
unconsolidated subsidiaries has been increased or diminished since the date
of acquisition as a result of profits, losses and distributions.
The consolidated profit and loss statement shall show the registrant's
proportion of the sum or difference between current earnings or losses and
the dividends declared or paid by unconsolidated subsidiaries.
In the.same account it is stated:
Rules for Registration of New Securities Under Securities Act Simplified by SEC to Stimulate New
Capital Financing—New Requirements Embodied
in Form A-2
Simplified requirements for the registration of new security
issues of "seasoned" corporations were announced on Jan. 14
by the Securities and Exchange Commission, with the issuance of Form A-2, under the Securities Act of 1933.
Joseph P. Kennedy, Chairman of the Commission, estimates that there are at least $3,000,000,000 in securities
issues, ready for refunding, that have not been called. Under
the new regulations, he said, their issuers can take advantage
of the clarification of the Act to begin refinancing at lower
interest rates.
In the past, business firms have found some of the required information
costly to secure and considered much of it as irrelevant to security issuance.
For example, the information previously required by the Commission on
patents made it necessary for one large steel company to secure, at considerable cost for research, enouzli material to fill six large books. Under
the new regulations, if patents have any bearing on the security issue, they
must be described briefly, otherwise they need not be listed.
In its announcement released Jan. 14 regarding the new
form the Commission said:
Form A-2 for the registration of new security issues of seasoned corporamore suitable
method of protecting the investor but at the same time calculated to eliminate as far as possible needless burdens to new capital financing, has been
promulgated by the Securities and Exchange Commission.
The new form will serve the registration requirements of seasoned corporations with a record of operations. It will not be available to ventures of a
promotional nature.
tions under the Securities Act of 1933, designed to provide a
Volume 140
The Commission has devoted intensive study to the clarification and
simplification of the questions seeking the information required by the Act.
The present form has had the benefit of the constructive criticism oflawyers,
bankers, accountants, business executives, and persons representing the
interest of the investing public, all of whom are familiar with the business
and professional problems involved in registration. Every effort has been
made to provide a form which, while meeting the strict requirements of the
statute, nevertheless offers no serious difficulty to the well-intentioned
corporation.
The Commission has drawn upon the experience of the Federal Trade
Commission and its own experience under the Act in seeking to eliminate
questions which asked for information burdensome and expensive to compile and which did not have commensurate value to the investor. Though
it has required ttie information which the Act demands, it has at the same
time framed the questions in such a form as will avoid any undue burden
of expense and effort to issuers and will minimize the risk ofliability to officers
and directors. In this task the Commission has kept in mind as in Form 10
the need of adequate informative data for the protection of investors
Because of the more specific nature of the questions asked and because
of the fact that many relatively unimportant questions as to historical details
have been eliminated, the burden to officers and directors of registering
companies has been materially reduced and at the same time the value of
the statement from the investor's viewpoint has been increased.
As a result, the Commission believes that every possible facility and
encouragement is being given by this form to established companies desiring
to raise new capital in the financial markets. The Commission believes that
reputable companies no longer have any justification for hesitating to undertake new issues under the Securities Act.
The Securities Act requires the Commission to obtain certain information
from companies which propose to offer new securities for sale to the public
in inter-State commerce or through the mails. The purpose of the Act is to
afford vital information to prospective investors by requiring the companies
to make public the fundamental facts which affect the value of their securities.
The new form lays emphasis on the financial condition and operations of
the business within the last three years. With regard to historical information questions are asked but are limited to the pertinent transactions which
may have occurred since 1922. Otherwise detailed information is restricted
to the past three fiscal years of the operation of the company.
Among the new current information which companies must furnish are
consolidated balance sheets and profit and loss statements, which formerly
had to be furnished only if the company had prepared them in the past.
The Commission feels that in most cases these consolidated statements will
tell the real story of the business and should therefore not be left optional
with the company.
In drafting the new form,the Commission has recognized that the problem
of the "average prudent investor" in appraising the value of securities of
corporations which have a past record of operations is quite distinct from
his problem in evaluating the securities of new enterprises.
The accounting and financial requirements under Form A-2 have been
closely related to those in Form 10, which the Commission recently issued
under the Securities Exchange Act of 1934, for listed companies seeking
permanent registration on stock exchanges.
The new form is accompanied by an instruction book which specifically
defines the scope of the questions, and is designed to simplify the problem
of companies in filling out the required information. Contained in the instruction book are precise tables showing the nature of the material which
the Commission regards as significant to a comprehensive understanding of
the balance sheet items and profit and loss statements.
The Commission believes that the instruction book answers the great
majority of the questions which have hitherto required correspondence on
the part of issuers preparing registration statements. In addition, the
questions required by the Act have been set up in a more orderly, and more
integrated manner to facilitate an easy comprehension of the material to be
furnished.
A revision of the requirements for the prospectuses with a view to providing a clear, concise and simple document for the protection of prospective
purchasers will be available within a few days.
Form 10, mentioned above, was referred to in our issue of
Dec. 29, pages 40474050. As to the general rules applying
to the use of Form A-2 for corporations the Commission in
its "Instruction Book" says:
RULE AS TO THE USE OF "FORM A-2 FOR CORPORATIONS"
This form is to be used for registration statements under the Securities
Act of 1933 by corporations which file profit and loss statements for three
years and which have in the past fifteen years paid dividends upon any class
of common stock for at least two consecutive years, except such statements
as to which a special form is specifically prescribed.
The form is to be used for all statements, falling within the conditions
prescribed,filed on or after Jan. 15 1935, except that Form A-1 may be used
for statements for which the rules otherwise permit or prescribe Form A-1,
if such statements are filed on or before March 15 1935.
GENERAL RULES AS TO THE FORM
1. Any statement 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 statement.
2. The registration statement, including financial statements, exhibits
and the prospectus, shall be filed in triplicate. Two extra copies of the
prospectus shall be filed. Reference is made to the general Rules and Regulations of the Commission under the Act, permitting the incorporation by
reference of Exhibits previously filed.
3. Attention is called to the general Rules and Regulations of the Commission providing for the non-disclosure of portions of material contracts if
the Commission determines that disclosure of such portion would impair
the value of the contract and would not be necessary for the protection of
investors.
4. All statements 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. Statements shall be securely
bound on the left only. Riders may not be used. If the statement 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 statement, containing all the items in the form and the answers thereto.
5. Matters contained in the registration statement proper or in the financial data may be incorporated by reference as answer to or partial answer to
any particular item in the statement proper, provided the reference is specific
383
Financial Chronicle
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.
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 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 bean 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 need be given only in so far as known or reasonably available to the registrant.
if, however, the information required is not reasonably available to the
relistrant either because the obtaining thereof would involve unreasonable
effort or expense or because it rests peculiarly within the knowledge of
another person neither controlling, controlled by nor under common control
with the registrant, the registrant shall give such information as it possesses
or can acquire with reasonable effort, together with the sources thereof.
In such case, there shall be included a statement respectively showing
either that unreasonable effort or expense would be involved, or indicating
the absence of any relationship of control and the result of a request made
to such person for the information; and the registrant may include a disclaimer of responsibility for the accuracy or completeness of the information
given relating to that required by the particular item.
10. 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.
(Purple or red ink should, therefore, not be used.)
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
Act of 1933, as amended, 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
registration statement is filed.
The terms "director," "principal executive, financial and accounting
officer," and "trustee," of any other words indicating the holder of a position or office, include persons performing similar functions.
The term "officer" means a president, vice-president, treasurer, secretary, comptroller, and any other person who performs for an issuer functions
corresponding to those performed by the foregoing officers.
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 of 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.
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 "unit," as applied to securities of any class, means that unit of
the class representing the smallest interest in the registrant or property of
the registrant or having the smallest par value which is separately transferable by a holder thereof, except that in the case of evidences of indebtedness it means a principal amount of $100.
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.
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 before purchasing the security registered.
Whenever any fixed period of time in the past is indicated, such period
shall be computed from the date of filing of the registration statement.
Whenever words relating to the future are employed, the question relates
solely to present intention.
Whenever the word "certified" is used in regard to financial statements,
it means certified by an independent public or independent certified public
accountant.
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 "issuer" having the meaning as given in Sections 2 (4) and 2 (11) of
the Act.
The term "charter" includes articles of incorporation, articles of association and any similar document.
The term "amount" used in regard to securities, means the principal
amount if relating to evidences of indebtedness, the number of shares if
relating to capital stock, and the number of units if relating to any other
kind of security.
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 given of the
serial maturities, for example, "maturing serially from 1936 to 1940."
(c) In case of any other security, a similar designation.
FORM A-2
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.
For Corporations
REGISTRATION STATEMENT
Under Securities Act of 1033
(Name of Regtstiant)
Financial Chronicle
384
Securities Registered
Amount
Title of Issue or Issues
Amount of Filing Fee.
Approximate Date of Proposed Public Offering:
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 A-2
for Corporations."
The Instruction Book also sets forth requirements as to Financial Statements, Exhibits, Signatures, Consents of Experts and the Prospectus,
which are to accompany the registration statement or to be incorporated
therein by reference.
CALCULATION OF REGISTRATION FEE
Col. A
Col. B
Title of
issue, or
issues
registered
Amount
registered
Col. E
Col. C
Col. D
Proposed
maximum
offering price
Proposed
maximum
aggregate
offering price
per unit
Amount of
filing fee
Jan. 19 1935
ORGANIZATION
1. Exact name of registrant:
2. Address of principal executive offices:
3. The State or other sovereign power under which incorporated, and
the date of incorporation:
4. 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
5. Outline briefly the general character of the business done and intended to be done by the registrant and its subsidiaries.
6. Outline briefly the general development of the business for the preceding five years.
PROPERTY
7. 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.
8. Outline briefly the general effect of all material franchises and concessions held by the registrant or its subsidiaries.
CAPITAL SECURITIES AND SECURITIES BEING REGISTERED
9, A. For each issue of authorized Funded Debt of the registrant, furnish the following information:
As of:
Col. A
Title
of
Issue
Col. B
Col. C
Col. D
Col. E
Col. F
Col. G
Amount
authorized
by indenture
Amount
outstanding
exclusive
of that held
in treasury of
registrant
Amount
outstanding
as per balance
sheet of
registrant
Amount
in treasury
of registrant
Amount
pledged
by registrant
Amount
owned by
subsidiaries
of registrant
Col. If
Col. I
Amount
owned by
parents of
of registrant
Amount
in sinking
and other
funds of
registrant
B. Funded Debt to be offered under this registration:
Col. A
Title of
issue
Col. D
Col. C
Col. B
Amount
to be
offered
Amount
authorized
or to be
authorized
by indentiure
Present
status
10. A. For each class of authorized Capital Stock of the registrant, furnish the following information:
As of:
Col. A
Title of
issue including
par,
or it no par,
stated value.
it any
Col. C
Col. B
Amount
outstanding
exclusive
of amount
held in
treasury
Amount
authorized
by charter
Col. D
Capital
stock
liability
as per
balance
sheet
Col. E
Col. F
Amount
in treasury
of registrant
Amount
owned by
subsidiaries
of registrant
Col. H
Col. G
Amount
owned by
parents of
registrant
Col. I
Amount
reserved for
officers
and employees
Amount reserved
for options,
warrants,
conversions
and other rights
excluding amounts
under_Col. It
B. Capital Stock to be offered under this registration:
Col. B
Col. D
Col. C
Col. A
Title of issue
including par,
or if no par,
stated value,
If any
Amount
authorized
or to be
authorized
by charter
Amount
to be
offered
Present
status
11. A. For each class of Securities of Other Issuers Guaranteed by the registrant, furnish the following information:
As of:
Col. A
Name of issuer
of securities
guaranteed
Col. B
Col. C
Title of issue guaranteed,
and, it stock, par or, if no
par, stated value, if any
Total amount
guaranteed
Col. D
Amount in treasury
of registrant
Col. E
Col. F
Amount in treasury
of issuer of securities
guarantteed
Brief statement
of nature of
guarantee
B. Guarantees to be offered under this registration:
Col. A
Name of issuer
of securities
guaranteed
Col. B
Col. C
Title of issue guaranteed,
and, if stock, par or, if no
par, stated value, if any
Amount of
guaranteed securities
to be offered
Col. D
Brief statement
of nature of
guarantee
Col. B
Present
status
12. A. For Warrants or Rights granted by the registrant to subscribe for or purchase securities of the registrant, furnish
(By a footnote refer to any description of conversion and other option rights contained in the registration statement.)
As of:
Col. B
Col. F
Col. D
Col. A
Col. B
Col. C
Date from which
Expiration
Aggregate amount
Title of issue
Amount of
Number of
warrants or
date of
of securities
of securities
securities called
warrants or
rights are
warrants or
called for by
called for by
for by each
rights
exercisable
rights
warrants or rights
outstanding
warrants or
warrant or
outstanding
rights
right
B. Warrants to be offered under this registration:
Cot.E
Col. F
Col. D
Col. A
Col. B
Col. C
Title of issue
of securities
called for by
warrants or
rights
Amount of
securities called
for by each
warrant or
right
Number of
warrants or
rights to be
offered
Aggregate amount
of securities
called for by
warrants or rights
to be offered
13. A. If there is any class of securities of the registrantlother than
those called for by Items OA, 10A, 11A, and 12A, outstanding or authorized, set forth information concerning such securities similar to that required for the securities mentioned.
B. If there is any class of securities, other than those called for by
Items 9B, 10B, 11D, and 12B, to be offered under this registration, set
forth information concerning such securities similar to that required for
the securities mentioned.
DESCRIPTION OF SECURITIES
14. Funded Debt, other than that to be offered:
As to each issue, other than that to be offered, set forth in answer to
Item 9A, give the title of the issue and furnish the following:
(a) Date of issue.
(h) State the annual amount required for the satisfaction of amortization, sinking fund, redemption and retirement provisions.
(c) Outline briefly the terms of any conversion or voting rights.
(d) State whether secured by any lien, and briefly describe the principal
property subjected to such lien.
(e) S tate whether the respective indenture permits the issuance of
further securities, and, if so, state the amount.
(I) If serial, give the plan of serial maturities.
(g) Outline briefly any provisions to maintain any ratio of assets, not
to declare dividends, not to secure other issues without securing the particular security, and provisions of a similar character.
Date from which
warrants or
rights are
exercisable
Expiration
date of
warrants or
rights
the followint information:
Col. G
Price at which
warrant or
right
exercisable
Col.
Price at which
warrantor
right
exercisable
Col. it
Present
status
(h) If the obligation to pay interest is made dependent
.
upod earnings
or other special conditions, outline briefly the provisions applicable thereto.
15. Funded Debt to be Offered:
As to each issue set forth in answer to Item 913, give the title of the
Issue and furnish the following:
(a) Date of issue.
(b) Outline briefly the amortization, sinking fund, redemption and
retirement provisions, and state the annual amount required for the:satisfaction thereof.
(c) Outline briefly the terms of any conversion or voting rights.
(d) State whether secured by any lien, the kind thereof, and briefly
describe the property subjected to such lien.
(o) State the priority as to security of the Issue registered and briefly
state all existing indebtedness secured by liens on the property securing
the issue registered, ranking prior to or part passu with the liens securing
the issue registered, and the kind of any such or part passu liens.
(f) If serial, give the plan of serial maturities.
(g) If additional securities of the same issue may be issued under the
respective indenture, state the amount thereof and outline briefly the
conditions on which such issue can be made.
(h) Slate the amount of other securities which may be issued, and, If
issued, will as to security rank ahead of, or pan i passu with, the issue
described.
(i) If substitution of any property securing the issue is permitted,
outline briefly the principal provisions permitting such substitution, and
UNDERWRITING AND SALES TO OTHER SPECIAL PARTIES
The information required by Items 21 through 26 is to be given as to
each class of securities registered hereunder:
-21. State whether a firm commitment to take the issue has been made
and, if so, the amount received or to be received, and within what period.
he 22. Give the respective name and address of each principal underwriter
and the respective amount underwritten. Identify all such underwriters
as are affiliated with the registrant, and state the nature of the affiliation.
23. Outline briefly the material provisions of each underwriting contract
with a principal underwriter, and each contract made by the registrant
or an affiliate thereof agreeing not to sell securities of the same class as
those registered during the period of distribution.
24. Give the information required by the following table (estimate, if
necessary).
Price to
Public
Underwriting
Discounts or
Commissions
Proceeds to
Registrant
Total
Per unit
25. State briefly the discounts or commissions to be received by subunderwriters or dealers.
26. List the persons or classes of persons (other than the underwriters
as such) to whom securities of any class registered hereunder have been
or are to be sold for a consideration varying from that at which the securities
are to be sold to the general public, naming such persons or specifying each
class, and stating the consideration to be given by each.
PROCEEDS AND THE APPLICATION THEREOF
The information required by Items 27, 28 and 29 is to be given with
respect to proceeds to be received, or received within one year, by the
registrant from the sale of the securities registered:
27. (a) Total proceeds (estimated, it necessary), after deduction of
underwriting discounts or commissInos, but before deduction
of other expenses
$
(b) A reasonably Itemized statement of other expenses of the
registrant In connection with the sato of the securities.
(e) Net proceeds after deducting expenses itemized under (b)
28. Furnish a reasonably itemized statement of the approximate amount
devoted to each purpose, so far as determinable, for which the not proceeds
have been or are to be used.
29. Give the information required below as to any property acquired
or to be acquired in whole or in part, directly or indirectly, not in the
ordinary course of business, in consideration of any of the securities registered or of all or any part of the proceeds thereof:
(a) General character and location of such property.
(b) The names and addresses of the persons from whom acquired or
to be acquired, specifying their relationship to the registrant, if any.
(c) The allocation of the consideration given or to be given in connection with each such acquisition, reasonably itemized.
MANAGEMENT AND CONTROL
30. (a) Names and addresses of all persons who are, or are chosen
to
.become, directors and officers of the registrant. Indicate the office held.
Name
Address
Office
(b) State as to each such person named as chosen to become a director
or:officer whether he has consented thereto.
31. Describe briefly the business experience of the principal executive
officers for the last five years.
385
Financial Chronicle
Volume 140
state whether or not any notice is required in connection with any such
substitution.
(j) If the obligation to pay interest is made dependent upon earnings
or other special conditions, outline briefly the provisions applicable thereto.
(k) Name the trustee and state whether the trustee has had a regular
course of dealings with the registrant during the past five years. If so.
state briefly the nature of such course of dealings.
(I) State the names of all directors and officers of the trustee who are
also either (1) directors or officers of the registrant, or (2) directors,
officers or partners of any principal underwriter of the securities being
registered.
(in) Outline briefly what rights, if any, are given the trustee or the
fiscal agent to engage in other transactions with the registrant or to engage
in other dealings in regard to the securities registered.
(n) What percentage of security holders is necessary to require the
trustee (1) to accelerate the maturity of the security and (2) to enforce
the lien thereof? Outline briefly what indemnification the trustee is
entitled to require before proceeding to enforce the lien. What percentage
of security holders must concur in order to be able to direct the trustee?
(o) Outline briefly any provisions for the modification or amendment
of the terms of the security or the indenture relating thereto by holders
of part of the issue.
16. Stock, other than that to be offered:
As to each class, other than that to be offered, set forth in answer to
Item 10A, give the title of the issue and outline briefly the following:
(a) Dividend rights; (b) limitations in any indentures or other agreements on the payment of dividends; (c) voting rights; (d) liquidation
rights: (e) pre-emptive rights; (f) subscription rights; (g) conversion rights;
(h) redemption provisions applicable thereto; and (i) liability for further
calls.
17. Stock to be Offered:
As to each class set forth in answer to Item 10B, give the title of the
Issue and furnish the following:
(a) Give the same information as required by Item 16.
(b) State whether any portion of the consideration to be received for
the stock to be offered is to be credited to an account other than capital.
and, if so, who is to make the allocation? If determined, state to what
other account to be credited, and the amount per share.
18. Guarantees:
As to each class of securities of other issuers guaranteed by the registrant, set forth under Item HA or B, outline briefly the contract of
guarantee.
19. Other Securities:
As to each class of securities set forth in answer to Item 13A or B, outline
briefly the rights evidenced thereby.
20. Give the name and address of counsel for the registrant and for
the principal underwriters who have passed or are to pass upon the legality
of the securities registered hereunder.
32. Dates of, parties to, and 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.
33. Give the information required below for all persons owning of record
or beneficially more than 10% of any class of voting stock of the registrant:
As of'
Owner of Record
Name and Address
Renefcial Owner
(if Known)
Name and Address
Title of
Issue
Amount
Owned
Per Cent of
the Class
34. 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 ansewr to Item 22, and each security holder
named in answer to Item 33.
Securities Owned
as of
Name
Securities Owned
as of
(Approximately One
Year Previous)
Position
Title of Issue
Amount
Title of Issue
Amount
35. Full particulars as to the nature and extent of any substantial
interest of every director, principal executive officer, underwriter named
in answer to Item 22, affiliate, and of every security holder named in
answer to Item 33, in any property acquired within two years, or proposed to be acquired, not in the ordinary course of business. Include
the cost of any such property to any such person.
36. 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
Aggregate Remuneration
During Registrant's
Past Fiscal Year
37. 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 Which
Remuneration Was Received
from the Registrant
Aggregate Remuneration
During Registrant's
Past Fiscal Year
RECENT SALES OF SECURITIES BY REGISTRANT
38. For all securities of the registrant sold by the registrant to any
persons other than employees within two years, furnish the following
Information:
(a) Title of issue, and if stock, the par or, if no par, stated value, if any.
(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.
OPTIONS
39. As to any securities subject or to be subject to options to purchase
from the registrant, (a) state the amount, with the title of the issue, called
for by such options; (b) outline 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 allotted or to be allotted options
calling for more than 5% 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 two years state the consideration for
the granting thereof.
MISCELLANEOUS
40. Outline briefly the substance of the claims involved in, and state
the title of. any material pending legal proceeding to which the registrant
or one of its subsidiaries is a party or of which property of the registrant
or of one of its subsidiaries is the subject. If such proceeding departs from
the ordinary routine litigation incident to the kind of business conducted
by the registrant or its subsidiaries, as the case may be; make a similar
statement as to any such proceeding known to be contemplated by governmental authorities.
41. Dates of, parties to, and general effect briefly and concisely stated
of every material contract not made in the ordinary course of business,
to be performed in whole or in part at or after the filing of the registration
statement or made not more than two years before such filing. Only such
contracts need be set forth as to which the registrant or a subsidiary of
the registrant is a party or has succeeded to a party by assumption,
assignment or otherwise, or has a beneficial interest.
42. Briefly describe any material patent, material patent right, or
material contract for a patent right, if the proceeds of the security registered are to be used for the particular purpose of acquiring or developing
such patent, patent right, or contract for a patent right.
43. With respect to each denial by a governmental regulatory body.
In a proceeding to which the registrant or a principal underwriter was a
party or received notice, affecting the right to sell securities issued by
the registrant, set forth briefly the grounds and terms of the denial, and
any subsequent modification thereof.
44. If any expert named in the registration statement as having prepared or certified any part of the statement (a) has any interest of a substantial nature in the registrant or any affiliate thereof or is to receive
any such interest as a payment for such statement, or (b) is an officer
or employee of the registrant or any affiliate thereof, or (c) has been employed upon a contingent basis; furnish a brief statement of the nature
of such interest, office, employment or contingent basis.
Financial Chronicle
386
HISTORICAL FINANCIAL INFORMATION
45. 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 1922, 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 1922, there have been restatements of Capital Stock,
state the amounts of such restatements,and the contra entries. If, since
Jan. 1 1922, 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 1922, 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) Title of issue: (b) date of such write-off;
(c) amount written off; (d) to what account charged.
46. Give the names of any independent public or independent certified
public accountants who have certified financial statements for the registrant since Jan. 1 1922.
This registration statement comprises:
(1) The registration statement proper, containing pages numbered
consecutive, and insert pages numbered
to
(2) The following financial statements and schedules:
(3) The following exhibits:
pages.
(4) The prospectus, consisting of
SIGNATURES
(a) Of the Issuer.
In pursuance of the requirements of the Securities Act of 1933, the registrant,
, a corporation organized and
, has duly caused this registration
existing under the laws of
statement to be signed on its behalf by the undersigned, thereunto duly authorized,
and its seal to be hereunto affixed and attested, all in the City of
, 19
day of
and State of
on the
By
(Title)
By
(Title)
(SEAL)
Attest:
(Title)
(b) Of the Principal Executive Officer or Officers, the Principal Financial Officer
and the Comptroller or Principal Accounting Officer:
In pursuance of the Securities Act of 1933, the undersigned have signed the
within registration statement on the respective dates set beside their names.
(i) Princupal executive officer or officers:
(Title)
(Date)
(Title)
(Date)
(Title)
(Date)
(ii) Principal financial officer:
(Title)
(iii) Comptroller or principal accounting officer:
(Date)
(Date)
(Title)
(c) Of the Directors:
In pursuance of the Securities Act of 1933, the undersigned have signed the
within registration statement on the respective dates set beside their names.
(Date)
(Date)
(Date)
(Date;
(Date)
(Date)
(d) Of the Duly Authorized Representative in the United States:
In pursuance of the Securities Act of 1933, the undersigned has signed the within
19.
day of
egistration statement on the
CONSENTSOF EXPERTS
Interpretations of,Rules of SEC by James M. Landis—
Describes Form A-2 as "Distinct Advance" over
Form A-1—Form 10 Termed "Basic Form"—Disapproves Private Sales of Securities by Large Corporations—Court Proceedings on Gold Clause
Viewed as Delaying New Security Offerings
The new forms recently issued by the Securities and Exchange Commission, and the requirements incident thereto,
were discussed on Jan. 14 by Dr. James M. Landis, a member of the Commission, before the New York State Society
of Certified Public Accountants. The newest of these forms,
A-2 (to which detailed reference is made in another item
In this issue of our paper), was described by Dr. Landis as
"a distinct advance over the early Form A-1." "Form 10,"
said Dr. Landis,"can be regarded as the basic form." "Form
A-2," he went on to say,"has been modeled upon it, deviating
only where the need for providing different and additional
Information for new security issues has called for such
change." The meeting at which Dr. Landis spoke was
held at the Waldorf-Astoria, in New York, and at the conclusion of his address he undertook to answer questions
which were submitted to him. As to these queries and his
replies, the New York "Journal of Commerce" had the following to say:
Dr. Landis stated, in answer to a question after his address, that the
hesitation of finance and business pending the decision of the Supreme
Court on the gold clause would be most likely to delay any new security
Jan. 19 1935
offerings, regardless of the opinion of executives and bankers as to the
feasibility of complying with the new Form A-2.
Sees Liability Cut
A difference of opinion among those present was voiced on the question of
liabilities under the Act. Dr. Landis, supported by several leading accountants, held that the liability of officers and directors of issuing corporations
are reduced almost directly in the ratio that the amount of data required is
reduced by use of the new form. Others, including bankers and attorneys,
gave it as their view that Congressional action to lighten the liabilities
provided in the law will be necessary before there is a wide upturn in
new financing.
That there is much financing to be done was indicated by bankers present.
Dr. Landis said he thought that the amount apparently required by maturities during a 15-month period, into which business has now progressed, is
about $1,500,000,000.
Hits Private Sales
Dr. Landis stated that the Commission is definitely opposed to private
offerings of securities, and remarked that there is no longer any need for
"that type of offering" since Form A-2 has been made public. The buyer
of such securities, he said, need be the subject of no worry. He deplored
the loss of investment opportunities for investors.
Dr. Landis also made it clear that corporations wishing to register new
security issues are free to come to Washington before filing the papers in
order to secure the benefit of the Commission's advice, and stated that in
many cases advantage has been taken of this welcome. He said that a few
unusual situations had been cleared up by this method of procedure.
Annual Reports
To still another question Dr. Landis answered that the Securities and
Exchange Commission has nothing to do with the reports companies make
to their stockholders, and that there is no Federal liability attaching to
those reports. He said the delay in making annual reports this year will
probably be due to the desire of the companies to have the figures conform
to those to be made in permanent registration statements on Form 10, to
be made by July 1.
In his address Dr. Landis spoke, in part, as follows:
My subject, as it has been announced to you, is the recent regulations
promulgated by the Securities and Exchange Commission dealing with the
character of the reports that corporations shall file as a condition either
to their issues being registered on a national securities exchange or as a
condition precedent to the issuance and distribution of new securities. As
you know, the Securities Exchange Act of 1934 empowers the Commission
to prescribe the type of listing requirements that shall govern on the
various stock exchanges of this country. These listing requirements are
to become effective on July 1 of this year, supplanting the temporary scheme
for listing which was introduced last October. The first series of these
requirements was promulgated a few days before Christmas and is known
as Form 10, which is to be used for all corporations whose securities are
now listed on an exchange with certain specified exceptions, such as railroads, banks, insurance companies, foreign corporate bonds and the like.
The second series, promulgated last Saturday under the Securities Act, is
known as Form A-2, and is the form to be filed by all corporations which
have earnings records for at least three years and have paid dividends on
their common stock for two consecutive years during the past 15 years.
Form 10
First let me discuss Form 10, the form to be filed by corporations wishing to have the status of their securities now listed on the stock exchanges
continued after July 1 of this year. Let me make clear at the outset that
the mechanical regulations as to the manner of filing this form have not
yet been promulgated. It seemed wise to the Commission not to defer the
publication of this form until all these mechanical details could be thoroughly canvassed. So the form itself was promulgated in order that
corporation executives and accountants could, before the end of the year,
have an adequate conception of the nature of the information that would
be required. Bemuse of this fact—the absence of these mechanical requirements—it is impossible for me now definitely to answer certain questions
that I find are commonly asked. Such questions, for example, as, what
procedure will be required in the case of corporations whose fiscal year
ended before Dec. 31 1934, and thus have already issued their statements
In a different form than is now required? Or such a question, as to when
deviations in substance from the Commission's requirements as are demanded by the very nature of the business, will be permitted? Or the
question, as to what requirements the Commission will adopt with reference
to quarterly statements or subsequent annual reports? These questions are
still to be determined; but I can assure you that they will be determined
shortly in a sensible and practical manner.
Form 10 can be regarded as the basic form. The new Form A-2 has
been modeled upon it, deviating only where the need for providing different and additional information for new security issues has called for
such change. The later forms will in all likelihood follow the same principle of basing themselves on Form 10. The problem raised by prescribing
a form such as this is, of course, that of bringing to the investing public
adequate information as to the nature and the record of securities now
listed on the exchanges. The task, was to accomplish this result and at the
same time to make no demands either from a standpoint of difficulty or
of expense to which any corporation which held itself out for public
investment could reasonably object. . . .
Form 10 may appropriately be considered as consisting of two parts.
The one consists of financial data that the registering corporation is called
upon to furnish; the other consists of information of a non-financial nature
bearing upon the security being registered and absolutely essential to any
determination of its investment merit. A brief glance at these nonfinancial questions, 33 in number, will illustrate the character of the
material called for. First, a number of simple questions go to the organization of the registering corporation and of the system of which it may be
an integral part. Next follow a series of questions which outline the capital
structure of the corporation, calling for its authorized and outstanding
funded debt; the debt structure of its subsidiaries; the authorized, issued
and outstanding capital stock of the registering corporation; the amount
of securities of other corporations that it may have guaranteed, and its
position with reference to outstanding warrants and rights. Then follow a
series of questions directed towards getting an adequate description of the
actual securities being registered, so that there should be a succinct statement of those matters relating to these securities of which any investor
should be aware, such as conversion and redemption rights, interest or
dividend rates, underlying collateral, substitution rights, and the like.
An effort to keep these restrictions brief and confined to elemental facts
relating to the issue being registered has been made in these questions.
To afford those investors who seek more detailed and thorough knowledge
of such matters, the Commission instead of calling for a more expanded
Financial Chronicle
Volume 140
description has instead merely requested the filing of certain exhibits,
such as underlying indentures or other constituent instruments defining
the rights of the security holder. This is a desirable procedure, for it
relieves the corporation of the difficult burden of summarizing the provisions of complex instruments already presumably free from surplusage
and unnecessary prolixity, but at the same time it affords the inquisitive
investor such evidence as will best inform him as to the nature of his
rights.
Control and Management
There follows a question seeking information as to the recent financing
that the corporation may have undertaken which from the investing standpoint is one effective means of checking upon the general credit standing
of the corporation. Finally, a series of questions relate to the control and
management of the corporation. Large stockholding interests are asked
to be stated. The general cost of executive management is required, and,
in order to bring the light of publicity to bear upon the larger salaries,
those payable to directors and to the three highest executives are specifically required to be stated. At the same time, however, a decent respect
for the confidential character of salaries is preserved by asking by name
only for those which may generally be presumed to be above any question
as to the need for non-disclosure from the purely managerial standpoint.
Material management, engineering and supervisory contracts, which have
been so unfortunately abused in recent years in some enterprises are also
required to be disclosed. Finally, one question directs itself towards such
stock options as may be outstanding and thus may materially affect the
trading position of the securities on an exchange. The questions contained
in the form are supplemented by instructions, which seek to amplify the
nature of the question with the hope thereby of getting more exactitude
in the answers. Throughout, the instructions insist upon brevity in the
answers and by such devices as cross-referencing and permitting certain
portions of the exhibit to be incorporated by reference, make brevity easy
of achievement. We, as well as the investor, are weary of the illuminous
answers that we have too often received. Neither fear of liability nor
adequate investment description of the security demands this bulk and
essentially confusing prolexity. We are now opening a means for brief,
simple, inexpensive descriptions, and we shall use our powers to their full
to the end of securing that ready intelligibility that the wide investing
public rightly demands.
Financial Data
I turn now to the second portion of the form, that portion which calls
for financial data. Here, as distinguished from the forms earlier promulgated, flexibility is the rule. Let me illustrate this specifically. We
require the latest balance sheet and the latest profit and loss statement,
but though we set forth an illustrative form, we specifically permit the
furnishing of these financial statements in any other form that will be
as comprehensive and as adequate. We set forth certain accounting
terminology and accounting classifications, but we permit the use of other
generally accepted terms and classifications. We call for consolidated
balance sheets and consolidated profit and loss statements, but we do not
Insist that all subsidiaries shall be consolidated ; instead, we ask for the
adoption of such a principle of inclusion and exclusion as will, in the
opinion of the officers of the corporation, best exhibit the financial condition of the registrant, and in lieu of complete consolidation the submission of separate financial statements as to those subsidiaries that the
registrant has chosen to exclude. We do not prescribe the form of the
auditor's certificate ; instead, we ask for a certificate that shall be illuminating both as to the scope of the audit and the quality of the accounting
principles employed by the registrant. Or, again, in dealing with such a
problem as the annual charges for maintenance and repairs, and depreciation and amortization, we do not disturb the integrity of such an item as
the cost of goods sold, where these charges, under the accounting procedures practiced by a particular registrant, may be embraced within such
an item. These, and other examples, are illustrative of the principle of
flexibility employed in this portion of the form.
The general requirement is for financial statements covering the fiscal
year ending last December or any date subsequent thereto which may be
the closing period of a registrant's fiscal year. Why, it may be asked, do
we not go beyond this and demand either balance sheets or profit and
loss statements for several years back, especially in view of the fact that
our supporting soliedules with reference to such accounts as the property
account and the investment account permit the accountant to take as his
opening balance the closing balance of the prior fiscal year? To this
there are several answers. In the first place, it must always be remembered
that we are dealing with companies whose securities are already listed on
the exchanges, and who consequently have already met the listing requirements of the exchanges and have in accordance with these requirements
been reporting more or less adequately to the exchanges and to their stockholders during the past years. Furthermore, for the same reason, the
securities are themselves seasoned in the sense that they have been before
the public for many years and have recently passed through a period which
has generally tried them so as to make apparent these historical and
congenital weaknesses. In the second place, the emphasis from the investment standpoint, as distinguished, for example, from the standpoint of rate
regulation, is placed by the form primarily upon present earnings rather
than past history. Thus, actual earnings, as such, and current position are
stressed as contradistinguished from the ratio of earnings to actual investment. In the third place, with this same viewpoint dominating these
regulations, there is the recognition that past accounting practices may
effect the integrity of present reported earnings. With this in mind, the
regulations require a survey of certain outstanding practices which may
have occurred during the past decade and which in all probability are still
reflected in present reported earnings. Thus, substantial revaluations that
may have been made in such specific accounts as the investment account,
the property account, and the intangible asset account, are required to be
stated together with the contra entries that will indicate the disposition of
the amount added or deducted from the balance sheet by such write-ups or
write-downs. Again, any amount that may have been released from the
capital stock account either by the device of paid-in surplus or by restatement of capital stock is to be fully accounted for. Thirdly, a specific
finger is put upon the too frequent and pernicious practice of writing off
debt discount and expense rather than amortizing it over the period of the
debt to which It relates, a practice which patently distorts the earnings
statement and whose significance too often escapes even the vigilant investor.
By this method, which avoids at the same time the difficult task of
actually auditing surplus over this period, the great weaknesses which
may exist in that account are disclosed. Now let me turn for a moment
to the general balance sheet and profit and loss requirements. Examination
of the various items will disclose in no instance, I believe, any case where
there is demand for figures that the great majority of corporations do not
already possess but may not have made generally available to their stockholders. To discuss these individual items at length is beyond the present
387
scope of this talk, but a few general features deserve some comment. The
first may be summed up in the phrase that current assets shall be truly
current. No longer is it permissible to include among marketable securities, securities which do not truly meet that generally accepted criterion,
and, at whatever figure these may be carried at in the balance sheets,
their value on the basis of current market quotations must also be shown.
Furthermore, a breakdown of this item is required when, as in a few
corporations, it represents a substantial portion of the total assets of the
company. Again, current assets, if they consist of amounts due from
subsidiaries or affiliates, or to be shown as such, and, in any event, are
not to be treated as current assets unless the net current position of the
subsidiary or affiliate justifies this treatment.
Gross Sales and Cost of Goods Sold
A second feature of the financial statements is the insistence in the
profit and loss statement upon gross sales and cost of goods sold. The
importance of these figures to the investor are self-evident. Indeed, no
other figures in the financial statements can, perhaps, rank in equal importance with them. Obviously the Commission is justified in calling for
them. At the same time, it is to be recognized that in unusual circumstances non-disclosure of these items may, perhaps, be justified, due to
the extraordinary competitive nature of the enterprise in which the corporation may be engaged. Fortunately, from the standpoint of the investor,
hesitancy on the part of corporations to the disclosure of these and other
matters is not general. A recognition that the corporation, as a trustee
of other people's money, owes a general duty of disclosure to its beneficiaries
is not something that the Commission need exercise the power of government generally to enforce. Indeed, by observation and my contacts lead
me to the conclusion that this is a doctrine whose acceptance is more
general than otherwise, and whose further acceptance needs only the encouragement and protection of government rather than the exercise of its
power.
Confidential Treatment of Material Required
A word as to the matter of confidential treatment of material that may
be required to be furnished. In promulgating general requirements, it is
inevitable that some individualization of treatment must find its place in
the administration of these requirements. The Act itself recognizes this
by providing means for confidential treatment of certain material whose
disclosure in a particular instance may damage rather than benefit the
investor. The mechanism provided gives the corporation not only the right
to request such confidential treatment, but requires the Commission to
give the protesting corporation the benefit of a hearing. What one would
hope as a matter of administration will take place is that such requests
will not be made without an accompanying informal but adequate presentation of the reasons that underlie such a request, and that the hearing will
be demanded only in the very significant cases.
Many questions have been asked of us as to the relationship of these
reports and the annual report made by the corporation to its stockholders.
T6 put the general question more concretely, must the annual stockholders'
report for any reason be identical with such reports as may be required to
be filed with the exchanges and with the Commission? To answer this
question, let me first analyze it. Form 10 is the form which is to be
filed as of the time that permanent registration is sought It need only
be filed once. But the Commission is required to call for annual reports
which, in general, shall keep current the information filed in response to
Form 10. The Commission may also, at its discretion, call for quarterly reports. But the Commission possesses these powers only with reference to the
reports furnished to itself and to its exchanges ; it possesses no express power
as to the content or nature of the reports sent to stockholders. There is one
way that the Commission might, however, affect the content of the stockholders' reports. This is by requiring that these reports should be filed
with it, thus attaching to these reports the general statutory liabilities
created by the Act. This requirement has not, however, been imposed.
Even if it were imposed, nothing would prevent reasonable and non-misleading condensation of the financial statements filed with the Commission.
But with no such requirement in existence, the content and character of
these reports from a legal standpoint is governed only by common law
liabilities. As a practical matter, one knows that major differences between
the reports filed with the Commission and those sent to stockholders will
not occur; but again, as a practical matter, one hopes that a reasonable
degree of condensation will take place. The analytical stockholder will
always still have easily available the degree of elaboration that can be
found in the reports filed with the Commission and the exchanges, reports
that under the law are accessible at all reasonable times to any inquirer.
Form A-2
Let me now leave Form 10 for the moment and turn to Form A-2, the
recently promulgated form under the Securities Act governing new security
Issues. . . . However adequate its requirements may be to deal with
the promotional venture—the corporation with no history—for the seasoned
corporation its requirements, though occasionally illuminating, imposed
burdens and difficulties incommensurate with the value of these facts to
the investor. It is, of course, impossible to get every fact that may have
it:vestment merit before a prospective purchaser, and, however close one
may come to such a goal in an individual case, to do it in a generalized
fashion—the way in which the law of necessity must operate—is much
more difficult. For example, the answer to one question may be of vital
importance in the hundredth case, but have no significance in the 99 cases
where, nevertheless, the task of getting together the information involves
both difficulty and expense. Thus, again, one is faced with a problem of
basing generalizations upon nice and experienced judgments.
Form A-2, as I said before, is modeled after Form 10. This very fact
gives the corporation whose securities are listed a great advantage over
the unlisted corporations, and rightly so, for the corporation that in the
past has been dealing openly with its bondholders and stockholders should
by that very fact be entitled to seek In the same open fashion new bondholders and new stockholders. This synchronization of these two forms
means in substance that the task of the listed corporation in filing a registration statement under the Securities Act is, in essence, simple. The task
of the unlisted corporation, contrariwise, is proportionately more difficult
as its practices vary from the listing requirements described under the
Securities Exchange Act.
I can illustrate this thesis best by briefly comparing the two forms.
In the non-financial data called upon to be furnished these are the chief
additional features required to be stated:
I. A succinct statement of the franchise cosition of the registering corporation—
obviously, in those businesses where franchises are the legal foundation of their
privilege to operate or of the monopoly they enjoy, a vital investment fact.
2. A more detailed description of the nature of the funded debt that ranks either
prior to or upon an equality with the security being offered.
3. A more detailed description of the security being offered, requiring, besides
such matters called for under Form 10, additional data such as, for example, a brief
description of what obligations rest upon the trustee in event of default and
rights accrue to the bondholder upon the occurrence of the same contingency.what
388
Financial Chronicle
4. An analysis of the underwriting of the issue being offered, including a definite
disclosure of the underwriting spread or commission, as well as a disclosure of all
preferred lists.
5. A statement with a reasonable degree of itemization as to the use to which the
corporation is planning to apply the proceeds to be derived from the issue.
6. A statement as to the business experience of the corporation's chief executive
officers, and of their major transactions with the corporation during the past few
years.
7. A statement concerning pending litigation which may substantially threaten
the financial position of the registrant.
8. A statement, carefully exact and limited, as to unexecuted and recent material
contracts and as to material patents. A word as to this requirement, because from
the star.dpoInt of difficulty and expense to the corporation, the char.ges from the
old form are of great consequence. AS distinguished from the earlier requirement,
which called simply for material contracts not in the ordinary course of business,
the new requirement delimits by definite and exact standards those contracts which
for the purposes of registration are deemed to be material and are deemed not to
have been made in the orldnary course of business. Similarly, the treatment of
material patents is such that those patents only need be mentioned which from an
investment standpoint are of particular significance, because the proceeds of the
Issue are to be used for their development. Furthermore, they are to be described
in a general and not in a highly technical manner so that the relationship of these
patent rights to the security being offered shall be succinctly set forth.
These are the prime differences in that portion of A-2 that does not
comprehend the financial data. The other portion of A-2, that concerns
itself with financial statement, differs primarily from Form 10 in only
one respect, and that is the requirement for profit and loss statements
covering three years rather than one. Of the absolute necessity for this
requirement there can be no doubt, for to purchasers of new securities and
earnings record over a period of years is, of course, essential. This change
naturally brings some minor changes with it, such as slight adjustments in
the supporting schedules, which will incorporate in these schedules such
fact as the three-year audit of income readily brings out. Similarly, a
survey of the dividend record over this period is required and other like
matters. With regard to the historical financial information, for the
reasons that I advanced earlier, the requirements are the same; that is,
a survey of certain specified accounts and certain specified practices, going
back, however, to 1922, rather than merely to 1925, avoiding as Form 10
does the necessity for actual auditing over these past years but at the
same time bringing about the disclosure of those practices whose effect
upon income is still present.
Form A-2 is, I believe, a distinct advance over the early Form A-1. Not
only does it very materially lighten the difficulties and expense that were
entailed by meeting theearlier requirements, but it also furnishes the
investor with more valuable and more current information. This, I feel
sure, is bound to result both in a more informative and less cumbersome
prospectus, and very much less hesitancy on the part of business executives
and accountants in accepting the obligations of the Securities Act
The work of getting out these two forms has been in preparation for
many months. Indeed, some- portion of that work even antidated the
Securities and Exchange Commission. But these efforts, from our standpoint, will have, I believe, broken the back of the general problem though
not, I trust, of our loyal staff and our hard-working accounting friends.
Other forms to meet the special situations still unprovided for are already
on the way and will shortly be launched. In this final effort, I feel sure
that we can count upon your continued earnest co-operation, so that you
will then feel as you should now rightly feel, as participants in this truly
democratic and joint process of government. You will still be more than
welcomed at Washington for both your help, your criticisms and your
inquiries.
I say advisedly, more than welcomed. For here, in order to don the
role of a true Government executive, I must make my only little threat,
which is that you must for your own good come when we need you.
Indeed, we need you as you need us-we to make government rightly
respond to the desires to those who have the desire, the ability and the
experience to help us in attaining the objectives of candor, honesty and
integrity in corporate finances, objectives that are common to all of us.
Correlatively, you need us to help you buttress with our strength your
constant efforts in the same direction for more adequate and informative
corporate accounting, efforts which already have and will assuredly continue to make your profession capable of fulfilling the high possession of
trust that our modern corporate civilization demands that it assume.
SEC Announces Action on Various Registration Applications-Denies Unlisted Privileges to Several
Real Estate Issues
The Securities and Exchange Commission,in an announcement made public Jan. 16, listed its approval of a number of
registration applications, including voting trust certificates
to deal in the common stock of the Columbia Pictures Corp.,
various securities of the Rhine-Westphalia Electric Power
Corp. and general mortgage 4%% bonds of the Chicago dr
North Western Ry. Co. The SEC denied the application of
the New York Real Estate Securities Exchange, Inc., for
admission of several securities to unlisted trading privileges.
The Commission's announcement read in part as follows:
The SEC nes ordered effective the application of Harry Cohn, Attllio
H. Glannini and Jack Cohn, as voting trustees, for the registration on the
New York Stock Exchange of 5,023 voting trust certificates of a voting
trust to nold and deal witn tne common stock of the Columbia Pictures
Corp. Tne registration is to become effective upon the notice to the Exchange of the issuance of the certificates.
The Commission has also ordered effective the registration on the New
York Stock Exchange of the following securities of the Rhine-Westphalia
Electric Power Corp.: $7,482,000 of direct mortgage gold bonds 7% series
of 1925 due 1950, $12,737,500 of direct mortgage gold bonds 6% series of
1927 due 1952; 817.164,5001 of consolidated mortgage gold bonds 6% series
of 1928 due 1953, and $17,100,000 of consolidated mortgage gold bonds
6% aeries of 1930 due 1955.
The Commission has also ordered effective the application for registration
on the New York Stock Exchange of $2,214,000 general mortgage 43 %
bonds due Nov. 1 1987. of the Chicago & North Western fly. Co., to become effective upon notice to the Exchange of the issuance of the bonds.
The application for the registration of 4,340 shares of unissued stock
of the Columbia Pictures Corp. on the New York Curb Exchange was also
ordered effective upon notice to the Exchange of issuance of the stock.
The Commission denied the application the New York Real Estate
Securities Exchange, Inc., for admission of the following securities to
unlisted trading privileges: Drake Towers,first mortgage registered income
bonds, due Oct. 1 1943; Crake Towers stock trust certificates for capital
stock; No.2 Park Avenue Building, first mortgage fee 4% refunding bonds,
due Dec. 15 1946; and No. 2 Park Avenue Building second mortgage
refunding 3% income bonds. due Dec. 15 1946.
Jan. 19 1935
The appliCation for the registration of $691,000 of certificates of deposit
of Atlas Imperial Diesel Engine Co. five-year convertible 6% gold notes
on the San Francisco Curb Exchange was ordered effective immediately
as to $498,000 of these certificates now issued and effective upon notice
to the Exchange of the issuance of the balance of $193,000 of tile certificates.
In making public the above the Commission said:
In no case does the act offiling with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of the
issue or that the regiatratoin statement itself is correct.
Changes in Amount of Their Own Stock Reacquired
by Companies Listed on New York Stock Exchange
The monthly list of companies listed on the New York
Stock Exchange reporting changes in the reacquired holdings
of their own stock, was issued on Jan. 17 by the Exchange.
In issuing the list, the Exchange also made known several
companies reporting holdings of their own stock for the first
time since the issuance of the last previous report. The
announcement of Jan. 17 follows:
The following companies have reported changes in the amount of reacquired stock held as heretofore reported by the Committee on Stock List:
Ne-Adams Express Co.(common)
Air Reduction Co.(common)
American Agricultural Chemical Co. (Del.) (*sm.).American Beet Sugar Co.(cony,dabs.ext.to 1940)
AmericanChicle Co.(common)
American Ship Building Co. (preferred)
Armour & Co. (Del.),(7% preferred)
Armour dr Co. (111.), (7% preferred)
Atlas Powder Co. (preferred)
liarnadall Corp.(common)
Bristol-Myers Co.(common)
Bucyrus-Erie Co. (preferred)
Coca-Cola Co. (class A)
Commercial Investment Trust Corp.(common)
Curtis Publishing Co. (preferred)
Detroit Edison Co.(common)
Eaton Manufacturing Co.(common)
Electric Power dr Light Corp.(common)
Florsheim Shoe Co. (class A, common)
General Motors Corp.(common)
Hat Corp. of America (preferred)
B. S. Kresge Co.(common)
S. H. Kress dr Co.(common)
Kroger Grocery dc Baking Co.(common)
Lehigh Portland Cement Corp.(common)
Lehigh Portland Cement Corp. (preferred)
The Lehman Corp.(common)
Mack Trucks, Inc. (common)
Mesta Machine Co.(common)
Minneapolis-Honeywell Regulator Co.(common)._
Morris & Co.. Ltd. (Philip) (common)
National Lead Co.(common)
National Tea Co.(common)
North American Co.(common)
The Outlet Co. (preferred)
Plymouth oil co.(common)
Schulte Retail Stores Corp. (preferred)
Skelly Oil Co. (preferred)
Standard Oil Co. (Ind.) (capital)
Stone dr Webster, Inc. (capital)
Sun on co.(common)
The Texas Corp. (capital)
Tide Water Associated Oil Co.,(common)
United Carbon Co.(common)
United States Gypsum Co.(common)
Universal Leaf Tobqcco Co.(common)
Utilities Power & Light Corp. (class A)
Ward Baking Corp. (preferred)
Weston Electrical Instrument Corp.(common)
Weston Electrical Instrument Corp. (class A)
Wheeling steel Corp. (common)
Wheeling Steel Corp. (preferred)
Wilson & Co.. Inc.(common)
Shares
Previously
Reported
Shares Per
Latest
Report
502.037
8.698
502,014
4,960
8280,400
3,071
1,270
39,199
700
15,063
38,784
5,813
6.318
327,820
170,290
88.311
4,658
25,181
821
1,393
538,507
3.177
357,952
2.050
39,525
14,454
8.963
8,200
46,710
20,655
26
16.343
38,327
24,797
27,547
600
40.384
8,486
52,700
17,035
7,170
13,872
492,330
387,703
24,200
59,026
1.800
12,898
5,000
3,400
2,600
15,031
2,477
290
8,921
4,975
$288,400
2,881
1,280
39,305
800
15,513
63,484
5,836
6,338
127,820
170.185
38,939
3.820
17,403
824
893
538,509
3,597
270,452
1,958
39,025
14,854
None
5.200
48,810
18,155
31
16,023
38,331
30,000
27,416
635
None
7,821
53,000
None
7,270
12,296
501.500
387,609
None
58.739
None
13,000
None
3,417
3,024
14,881
2.443
None
Since the last publication of the Committee on Stock List covering the
holdings of listed companies, the following have reported holdings of their
own stock as set forth below.
NameKelvinator Corp.(common)
J. J. Newberry Co.(common)
5..1. Newberry Co. (preferred)
Phelps Dodge Corp. (capital)
Walgreen Co.(common)
No. of Shares
Reported
58,432
14.868
1.859
84.819
51,768
The last previous list showing stock holdings of companies,
issued by the Stock Exchange, was given in our issue of
Dec. 15, page 3727.
SEC Announces Standard Oil Co. of New Jersey Plans
Issuance of $10,000,000 Capital Stock for Employee
Participation-Easing of Registration Requirements Seen Aiding Action
The Securities and Exchange Commission announced
Jan. 17 that the Standard Oil Co. of New Jersey has filed
notice of its intention to register under the Securities Act of
1933, $10,000,000 of capital stock which will be issued in
connection with its Fifth Stock Acquisition Plan. The notice
which was filed with the SEC stated that the company
planned to register on the New York Stock Exchange
400,000 shares of $25 par value capital stock, whi eh would be
available for the compan y's employees. This announcement
was interpreted in financial circles as evidence that the
recent liberalization of registration requirements, as made
public by the SEC, was encouraging the flotation of new
issues. The company filed its notice in the form of a proposed
communication to prospective participants in the plan as
follows:
Under tne provisions of the Securities Act of 1933, shares of the capital
stock of Standard Oil Co. (New Jersey) purchased by the trustees of the
Volume 140
Financial Chronicle
fifth stock acquisition plan are required to be registered with tne SEC.
Wasnington, D.0., upon completion of an audit of Standard Oil Co.(New
Jersey) and its subsidiaries now being made. It is anticipated tnat the
audit and registration will be accomplished not later than July 1 1935.
Deductions from salaries and payments to the trustees may be authorized.
effective Jan. 1 1935.
Pending registration under the Securities Act of 1933. the trustees will
not issue shares of stock to employees participating in the fifth stock
acquisition plan. Upon completion of such registration, there will be made
available to each employee participating in the plan a prospectus covering
the stock to be distributed under the plan. When such prospectus is made
available, each employee participating in the plan will have the opportunity of deciding whether he desires to continue in the plan; and in the
event of withdrawal, deposits will be refunded, with interest at the rate of
6% per annum. Any employee who does not withdraw within 30 days after
such prospectus is made available to nim will be presumed to have elected
to continue in the plan.
Como Mines Co. Files Registration Statement With
SEC.
The Como Mines Company, in accordance with its agreement with the Securities and Exchange Commission dated
December 22, 1934, has filed a registration statement with
the Commission under the Securities Act of 1933for 1,900,000
shares of $1 par value capital stook. In announcing this on
Jan. 16 the Commission added:
Although 1.800.000 shares are already outstanding, the company states
that the entire 1,900,000 shares are to be registered.
The value of the issue based on current quotations In the over-the-counter
market is placed at $5,225,000. The St. Joe Consolidated Mines Corporation and the Seventh National Company of New Jersey are given as principal
underwriters.
This statement is now being examined by the Commission. In no case
does the act offiling with the Commission give to any security its approval or
indicate that the Commission has passed on the merits of the issue or that the
registration statement itself is correct.
Fractional Undivided Interest in Oil, Gas, Etc., Exempt
from Registration Under Securities Act of 1933
Until Feb. 15.
The Securities and Exchange Commission announced
Jan. 17 that it has extended until Feb. 15 the exemption from
registration under the Securities Act of 1933 of fractional
undivided interests in oil, gas or other mineral rights (other
than fractional undivided oil and-or gas royalty interests),
commonly known as working interests in leases. The Commission's announcement continued:
In connection with this action the Commission raised from $100 to 8500
the Minimum price at which fractional interests may be offered to the public
under the exemption. It contained its previous limitation that the exempdon applies only if the aggregate amount of the issue does not exceed
$100,000.
The Commission also made the exemption available for the first time to
overriding royalties for the same period and on the same basis.
SEC to Hold Hearings on Applications of Mesta Machine
Corp. and New Ocean House, Inc., for Withdrawal
of Stock from Listing and Temporary Registration
—Boston Stock Exchange Applies for Removal
of Bonds of Unterelbe Power & Light Co.
The Securities and Exchange Commission announced
Jan. 15 that it has called a hearing on Feb. 5 1935 on application of the Mesta Machine Co. for withdrawal from
listing and temporary registration on the Detroit Stock
Exchange of 600,000 shares of its common stock. The
Commission also said that it will hold a hearing on Feb. 6
on application of the New Ocean House, Inc., for withdrawal from listing and temporary registration on the
Boston Stock Exchange of $366,100 principal amount of
its first mortgage sinking fund 63'% gold bonds, due Jan.
1 1946, and a hearing on Feb. 7 1935 on application of
the Boston Stock Exchange for striking from the list of
the Exchange and from temporary registration $4,820,000
principal amount of the 25-year sinking fund mortgage
gold bonds, series A, 6s, due April 1 1953 of the Unterelbe
Power & Light Co.
As to the various applications, the SEC said:
The application of the Mesta Machine Co. states that this action la
being taken on the part of the company because the number of shares of
this stock dealt in on the Detroit Stock Exchange does not justify continuing the listing on that Exchange, and that the company has discontinued its stock transfer and stock registrar agencies in the City of
Detroit as of Dec. 31 1932 because the small volume of dealings in the
stock on that Exchange did not justify the expense of maintaining those
agencies. It is further stated that the company intends to maintain
stock transfer and registrar agencies in Pittsburgh, Pa., and in New York
City.
The application of the New Ocean House, Inc., states that the records
of the Boston Stock Exchange show that there have been no transactions
of these bonds on the Exchange during the years 1932. 1933 or 1934. and
that the original underwriters of the issue have advised the company
that there have been few, if any, transactions on the Exchange since the
bonds were originally listed.
The application of the Boston Stock Exchange states that since the
filing by the Exchange of the original application for temporary registration under Rule JE-2, the Unterelbe Power & Light Co. has advised
the Exchange that it does not wish the registration of the bonds continued
inasmuch as the greater part of these bonds has been repurchased or exchanged in reichsmark obligations, and has requested the Exchange to
389
strike the bonds from its list. It is further stated that there have been
no trades in these bonds on the Boston Stock Exchange between Dec. 31
1931 and Dec. 18 1934.
Requirements of Holding Companies, Partnerships,
&c., Filing Reports Under Securities Exchange
Act Covering Listed Equity Securities Owned—
Opinions of John J. Burns, General Counsel of
Commission—Reports Called for Where Ownership
Exceeds 10%—Rulings Issued
On Jan. 12 the Securities and Exchange Commission made
public several opinions of its General Counsel, John J.
Burns, concerning questions presented under Section 16(a)
of the Securities Exchange Act. These opinions were accompanied by a number of rules of the Commission relating to
the filing of reports under that section. Section 16(a) re:
quires periodic reports concerning the beneficial ownership
of the directors, officers and principal shareholders of companies whose equity securities are listed on a national securities exchange. The Commission recently granted an extension of time for the filing of reports of changes of ownership during the months of November and December 1934 in
equity securities temporarily registered under the Act. The
last day for filing such reports was advanced from Jan. 10
to Jan. 30 1935.
The opinions relate to inquiries with regard to the filing
of reports covering listed equity securities owned by holding
companies, partnerships and personal trusts. The Commission issued the following summary of the opinions and
rulings:
The opinion was expressed that in addition to the report required of a
holding company itself, persons in control of a holding company which is
used by a small group primarily as a medium for investment or trading in
securities, should report to the extent of their respective interests the
securities owned by the holding company. This applies to all officers and
directors of the issuer and to persons whose ownership (including their
respective interests in the holding company.) exceeds 10%.
In the case of partnerships owning listed equity securities, the opinion
was expressed that each partner should report as to his proportionate share
of the securities held by the partnership, except that a partner who does
not wish to reveal his interest in the partnership may report as to the
holdings of the partnership without specifying the extent of his individual
interest. It was stated that reports should be filed by a partnership whose
holdings exceed 10%, and that in such a case reports should also be filed
by individual partners who are officers or directors or whose total holdings,
directly and through the partnership, exceed 10%.
The view was taken that the trustee of a personal trust who has no
irterest in the trust need not combine his personal holdings with those of
the trust, nor need he file reports in behalf of the trust unless its holdings
of an equity security exceed 10%. It was indicated that as a general rule
reports need not be filed by beneficiaries of a trust. Circumstances, however, may be such as to require filing by a beneficiary who has created a
trust or controls its administration. Persons who have a right to revoke
the trust for their own benefit should report the holdings of the trust
as their own.
One of the rules announced by the Commission expressly permits persons
who report to state that they do not thereby admit that they are beneficial
owners, as that term is used in the Act. Other rules announced by the
Commission make certain requirements as to the form of reports and provide
for certain exemptions. The exemptions granted apply to securities held
by the issuer and to securities in the estates of deceased persona, incompetents, minors, insolvents and similar persons.
The rules also provide that for the purpose of determining whether a
person is the beneficial owner of 10% of a class of securities the class is to
include securities reacquired and held by the issuing company.
The following are the rulings of the Commission:
Rule NA2. Ownership of More Than 10% of an Equity Security. In determining, for the purposes of Rule NM, whether a person is the beneficial
owner, directly or indirectly, of more than 10% of any class of any registered security, such class shall be deemed to consist of the amount of such
class which has been issued and is registered under the Act, regardless of
whether any of such amount is held by or for account of the issuer.
Rule NA8. Manner of Reporting Holdings and Changes in Ownership
Under Rule NA1:
(a) A person filing a report pursuant to Rule NA1 otherwise than as
the direct beneficial owner of any equity security shall specify the nature
of his beneficial ownership of such security.
(b) A partner who is required under Rule NM to report in respect of
any equity security owned by the partnership may include in his report the
entire amount of such equity security owned by the partnership and state
that he has an interest in such equity security by reason of his membership in the partnership, without disclosing the extent of such Interest; or
such partner may file a report only as to that amount of such equity
security which represents his proportionate interest in the partnership, indicating that the report covers only such interest
(c) Reports filed pursuant to Rule NA1 may contain any relevant explanatory matter.
(d) A person filing a report pursuant to Rule NA1 may expressly declare
therein that such filing shall not be construed as an admission that the
person filing such report is, for the purposes of Section 16, the beneficial
owner of any equity security covered by the report.
Rule NA4. Exemptions from Section 16(a) and 16(0. The following
securities shall be exempted securities for the purposes of Section 16(a)
and 16(b).
(1) Securities held in the estate of a deceased person during a period of
two years following the appointment and qualification of the executor or
administrator.
(2) Securities held by a guardian or by a committee for an incompetent.
(3) Securities held by a receiver, trustee in bankruptcy, assignee for the
benefit of creditors, conservator, liquidating agent, or other similar person
duly authorized by law to administer the estate or assets of another person.
(4) Securities reacquired by or for account of the issuer and held by it
or for its account.
390
Financial Chronicle
Value of Commercial Paper Outstanding as Reported
by Federal Reserve Bank of New York—Figure for
Dec. 31 $166,200,000, as Compared with $177,900,000
Nov. 30
The following announcement, showing the value of commercial paper outstanding on Dec. 31, was issued on Jan. 17
by the New York Federal Reserve Bank:
Reports received by this bank from commercial paper dealers show a total
Of $166,200,000 of open market paper outstanding on Dec. 31 1934.
Below we furnish a record of the figures since they were
first reported by the Bank on Oct. 31 1931:
a
1934—
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
.July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
1933—
Dec. 31
5166,200,000
177.900,000
187,700,000
192.000,000
188,100,000
168,400,000
151,300,000
141,500,000
139,400,000
132,800.000
117,300.000
108,400,000
1933—
Nov. 30
Oct. 31
Sept.30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar.31
Feb. 28
Jan. 31
1932—
Dec. 31
108,700,000 Nov. 30
1932$133,400,000
129,790,000
122,900,000
107,400.000
96,900,000
72,700,000
60.100,000
64,000,000
71,900,000
84,200,000
84,600,000
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 29
Jan. 31
1931—
Dec. 31
$81,100,000 Nov. 30
109,500,000 Oct. 31
8113,200,000
110,100.000
108.100,000
100.400.000
103,300.000
111,100,000
107,800.000
105,606,000
102,818,000
107,902,000
$117.714,784
173,684,384
210,000,000
United Hospital Fund—Contributions to "Bankers'
and Brokers' Commiteee" now Total $64,241
James Speyer, Chairman of the "Bankers' and Brokers'
Committee" of the United Hospital Fund of New York, and
the Associate Chairmen representing various groups, are
gratified (considering the "hard times" and the many other
appeals), at "Wall Street's" response to this year's collection, contributions having been received in excess of $64,000.
The Associate Chairmen representing the various groups
are:
Banks, Jackson E. Reynolds.
Trust Companies, William C. Potter.
Savings Banks, William L. DeBost.
Investment Bankers, Ralph T. Crane.
Stock Exchange, E. H. H. Simmons.
Curb Exchange, Morton F. Stern.
Unlisted Security Dealers, J. Roy Prosser.
Volume of Outstanding Bankers' Acceptances Declines
$17,995,352 in Month—Stands at $543,385,189 at
Close of Year
The year-end figures showing the total volume of bankers'
acceptances, reported Jan. 17 by the American Acceptance
Council, are $17,995,352 below the volume outstanding at
the end of November. Compared with the volume of
acceptance business at the end of 1933, the Dec. 31 volume
was off $220,725,379, says Robert H. Bean, Executive
Secretary of the Council, who adds:
During December four of the six classifications of acceptance business
showed a decline, although in some cases the amount was unimportant.
Acceptances created for the purposes of financing exports went off
$8,546,055, bringing the total down to $139.933.007. which is compared
with $207,226,980 at tae end of the previous December and $524,128,815
at the all-time high In December 1929.
Acceptances created for the purposes of financing goods stored in or
shipped between foreign countries also declined sharply to the amount of
$8,211.920. The total of these bills is now $118,660,816, as compared
with $181.807,108 at the end of 1933.
The reductions in Import acceptances and warehouse acceptances showed
a combined drop of only $1,625,838, while the increase In domestic acceptance credits amounted to only $103,685.
Bills drawn for the purpose of creating dollar exchange increased $284,776.
While there was some reduction in the volume of bills held by accepting
banks, for a few days over the actual turn of the year, it was not sufficient to materially improve the dealers' position and did not assure
them any increased volume of bills. For the entire month of December
dealers' portfolios ruled at only about $5,000,000.
The total of own and other bills held at the end of December by accepting
banks amounted to $496,729,843, which was $20,000,000 less than these
same banks held at the end of November.
Detailed statistics supplied by Mr. Bean follow:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS
Federal Reserve Distrid
1
2
a
It was announced Jan. 14 that in addition to $57,000 previously acknowledged the following contributions have been
received to date:
Stephen Carlton Clark
Mr.& Mrs. Van Santvoord
Merle-Smith
Mrs. Moses Taylor
Winthrop W. Aldrich
Bank of the Manhattan Co
S. B. Chapin & Co
"A Friend"
J. F. Fedor
J. P. Grace
"A Friend"
Abraham & Co
Baxter Blagden
$100
$1,000 Carlisle, Mollick de Co
Dominick & Dominick
100
1,000 William C. Potter
100
1,000 The Second Panel Sheriff's Jury__
190
100
500 George A. W1nsor
250 Philip J. Rooseveet
100
250
250
55,750
906
250 Other smaller contributions
57,685
250 Previously acknowledged
200
564,241
100 Total to date
100
4
5
6
7
8
9
10
11
12
Grand total
Decrease for month
Decrease for year
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
between foreign countries
Number of Loans
191
149
67
49
Amount
55,236.30
8,569.25
6,388.00
3,028 00
466
$23,221.55
The average amount of the loans granted was $50.93.
Interest, which is not charged on loans for medical purposes
or for school tuition, amounted to $130.50, the Exchange
said. Bad debts of $1 were written off during the year.
Election of Nominating Committee of New York Stock
Exchange for 1935
The following members of the New York Stock Exchange
have been elected members of the Nominating Committee
for 1935, the Exchange announced Jan. 14:
Charles Maury Jones,
Arthur L. Kerrigan,
R. Lawrence Oakley,
Sidney Rheinstein,
John Witter,
The Exchange announced Jan. 15 that Mr. Oakley has
been elected Chairman of the Nominating Committee,
and Mr. Witter, Secretary.
Nov. 30 1934
$34,190,081
428,640,097
12,286,764
3,125,951
863,437
6,381.483
24,470,586
1,630,119
2,494,197
335,000
2,627,151
26,340,323
833,094,318
445,931,128
13,704,427
3,074.306
648,987
6.844,910
23.462,939
1,592,486
3,182,157
335,000
2,782,728
26,727,155
846,913,275
611,924,545
15,496.418
2.158,390
973,004
8,834,996
40,949,115
2,262,614
3,914,107
1,300,000
3,626,114
25,757.990
8543,385,189
17,995,352
220.725,379
8561,380,541
8764,110,568
Dec. 30 1933
Dec. 31 1934
Nov. 30 1934
889,165,242
139.933,007
7,533,274
185,719,831
2,373,019
889,421,586
148,479.062
7,429,589
187,089,325
2,088,243
594,268,506
207,226.980
13.833,145
263,006,977
3,967,852
118.660,816
126,872,736
181,807,108
Dec. 30 1933
CURRENT MARKET QUOTATIONS ON PRIME BANKERS'
ACCEPTANCES JAN. 16 1935
Days—
$23,222 Advanced During 1934 by New York Stock
Exchange Employees' Loan Fund
The annual report of the Stock Exchange Employees'
Loan Fund, submitted to the Committee of Arrangements of
the New York Stock Exchange recently, shows total loans to
employees during the year of $23,221.55, compared with
$21,540.50 in 1933, it was announced Jan. 12. The fund,
which has been set aside by the Exchange to aid employees
In meeting emergency payments, school tuition charges,
medical bills, &c., consists of $10,000, and was turned over
2/
1
2 times during the year. It was originally established in
1920 by the Committee of Arrangements. A total of 456
loans were made during 1934 for the following purposes:
•
Dec. 31 1934
CLASSIFIED ACCORDING TO NATURE OF CREDIT
The membership of the Committee and previous contributions through it were noted in our issues of Dec. 1, page 3405,
and Dec. 15, page 3731.
Educational
Medical
Home needs
Personal and miscellaneous
Jan. 19 1935
30
60
on
Dealers'
Dealers'
Buying Rate Selling Rate
3-16
3-16
2-IA
3i
H
k5
Days—
120
150
180
Dealers'
Dealers'
Buying Rate Selling Rate
5-16
Ii
ii
il
Annual Report to Stockholders of Irving Trust Co. of
New York—Net Profit for 1934 at $5,255,679 Compares With $391,088 Previous Year—Operating
Profit 14% Below That of 1933—Reduction in
Holdings of German Credits
The annual report to the stockholders of the Irving Trust
Company of New York, indicates that net profit for the
year 1934 amounted to $5,255,678.63, as compared with
$391,088.55 for the previous year. This improvement,
says the report, reflects mainly the non-recurrence of the
substantial charge-offs in 1933.
According to the report, operating profit, amounting to
$5,713,108.91, "was about 14% less than in the previous
year, due principally to a further drop in the average rate
earned on loans and investments from 2.87% in 1933 to
2.48% in 1934." The report, which was presented to the
stockholders on Jan. 16 by Lewis E. Pierson, Chairman, and
Harry E. Ward, President of the Institution, said in part:
The year was one of continued depression and one in the course of wnlcn
many problems were pressing for solution. . .
witn business operations continuing at a relatively low level, the demand
for credit was so limited that commercial banks generally were not able to
expand the volume of loans of the character considered suitable for the
employment of depositors' funds.
On the other hand, the capacity of the banks to grant credit was greatly
Increased. Such factors as gold imports and Treasury credit operations
contributed to a sharp rise in excess reserves, which provide a basis for
the expansion of credit by the banking system as a whole.
The immediate effect of so large an amount of loanable funds, coincident
with a limited demand for credit, was to force short term interest rates—
on which bank earnings primarily depend—to the lowest levels on record.
Furthermore, present indications are that low interest rates will continue
for some time to come, since the total of unused reserves appears to be
far in excess of the amount required to provide a credit basis for business
recovery. . . .
Volume 140
391
Financial Chronicle
Itinow seems that 1934 will be regarded as a year of moderate and halting
progress in recovery from the depression, but of considerable progress in
public understanding of the nature of our economic, social and political
problems.
The following extracts are also taken from the report:
Capital Funds
On Dec. 31 1934, capital, surplus fund and undivided profits—which
comprise the Company's capital funds—totaled $107,819,839.86. These
capital funds represented 22% of total deposits which, on the same day,
amounted to $482,555,114.01.
Liquid assets, consisting of cash, demand balances due from banks,
United States Government securities (less those pledged to secure deposits
of public monies), securities guaranteed by the United States Government,
call loans and acceptances of other banks, amounted to $364,735.453.79.
This was equivalent to 83% of the unsecured deposits.
Capital Note Paid
The Company's $5,000,000 capital note to the Reconstruction Finance
• Corporation, which had been issued in response to the request of the President of the United States to all banks for their co-operation in the Government's program, was paid on July 2 1934. in advance of maturity. . . .
Loans in Germany
Loans in Germany at Dec. 31 1934, amounted to $12,340,624.55, as
compared with $15,815,000 reported a year ago. In this reduction of
$3,474,375.45, the Company sustained a loss of $609,931.77, or 17.56%.
The total of $12,340.624.55 at the end of 1934 consisted entirely ofshortterm loans, of which $6,351,077.24 was either guaranteed by the German
Gold Discount Bank or owed directly by the German Government. The
balance of $5,989,547.31 was due almost entirely from leading German
banks based on their customers' obligations. Of tnis amount 40% was
secured bit merchandise held in trust for our account.
The interest on all German loans is being fully paid in dollars.
Loans in Austria
During the past year the Austrian banking situation has so improved
that the Standstill Agreement with Austrian debtors has been dissolved
by mutual consent. On Dec. 31 1934, the Company's loans in Austria
were loss than $200,000.
. .
Receivership Activities
Following an amendment to the Bankruptcy Act, the United States
District Court for the Southern District of New York discontinued the
office of Standing Receiver in Bankruptcy on July 15 1934, and arranged
that each judge, in cases coming before him, would appoint such receivers
as ne saw fit. The functions of Standing Receiver had been performed
by this Company since Jan. 16 1929. . . .
By its own request, the Company has not been appointed receiver in
now cases since July 15 1934. It has continued, however, to administer
as receiver or trustee the cases which were in its hands at that date.
Settlement of Lawsuit
Following the closing of the Harriman National Bank and Trust Company, a suit was brought by the Comptroller of the Currency and others
against the twenty member banks of the New York Clearing House Association and the members of its Clearing House Committee to recover on an
alleged guarantee of the deposits of the closed institution. Irving Trust
Company and its President, who was a member of the Clearing House
Committee, were included as defendants. Based on the best estimate
obtainable, any judgment against the Company would have resulted in a
loss of not less than $558,000, and perhaps considerably more.
This Company was one of ten banks which, without regard to technical
defenses, considered it advantageous to settle the controversy. It has
paid $392,522, which represented its share of the settlement, and the suit
against this Company and its President has been discontinued.
Guaranty Trust Company of New York,in his annual report
on Jan. 16 to the stockholders. Mr. Potter added:
The continued depressed state of business has created little demand for
loans of sound character, and the consequent low rates for bank credit have
caused bank earnings to decline. The markets for securities continue to
remain inactive, very few important new issues having been made by either
industrial or service companies. In "The Guaranty Survey" published on
Dec.31 last, we refer to this condition as one of the factors deterring recovery
especially in the durable goods industries.
In part Mr. Potter also said:
The past year has been marked by several events of major importance to
your Company.
The Banking Act of 1933, by its terms, made it necessary to put the
Guaranty Company into liquidation, and on June 6 1934. I addressed a
letter to you describing the course which your Directors had decided to take,
and in that letter I gave the reasons why that particular course was adopted.
Under the present banking laws, banks such as ours are permitted to
conduct a business in bonds of the United States Government, as well as
those of States and Municipalities, and certain other securities issued by
corporations authorized under acts of Congress. After mature consideration,it has been decided to limit our bond dealings to United States Government securities, and to confine our purchases of all other securities to those
which we may buy for our own account, and not for distribution.
On June 16 1934,the Temporary Plan for Deposit Insurance was extended
by Congress until June 30 1935, and the amount of each deposit insured was
increased from $2,500 to $5,000. This Temporary Poan provides for a
maximum assessment against each bank of an amount equal to 1% of its
insurable deposits during the 18 months' period to June 30 1935. Thus far,
one assessment of one-half of 1% has been made, one-half of which has been
paid into the Federal Deposit Insurance Fund, the other half being held
subject to call. Whatever burden is placed upon the Guaranty Trust Company by the Temporary Plan for Deposit Insurance can be borne if it is
regarded as a contribution to a state of increased confidence, and pending
progress in the development of a better banking system. It must be remembered, however, that unless the present law is revised, the Permanent
Plan will go into effect on July 1 next. . . .
A comparison between the earnings of 1933 and 1934 follows
1933
1934
Earnings
$20,992.304 $24,562,622
The earnings of the Company were
Out of such earnings dividends were paid at the
18,000,000 18,000400
rate of $20 per share, or
Leaving
During the period there was set aside as reserves
or for miscellaneous charge-offs, including
payment to the Deposit Insurance Fund
$2,992,304
$6,562,622
3,683,220
4,810,481
Resulting in a
$690.916
Debit to Undivided Profits of
$1,752,141
Credit to Undivided Profits of
The amount of American bank credit extended to German institutions.
while still important, has become increasingly less so with each succeeding
year. At the end of 1934, the amount of credit actually being extended to
German concerns by your Company was $12,807,683, which is $11,428.317
less than the corresponding figure one year ago.
The program of strengthening the capital structure of our banking system
has been carried forward by the Reconstruction Finance Corporation, which
has at present more than $800,000,000 invested in the capital notes and
preferred stocks of banks. In my last annual report. I explained the participation which the Guaranty Trust Company had taken in this program.
The capital notes of the Guaranty Trust Company aggregating $20,000,000,
which were purchased from us by the Reconstruction Finance Corporation,
were paid on July 2 1934, but we have retained our investment in the Notes
of the Reconstruction Finance Corporation of an equal amount.
We regret that in complying with the requirements of the Banking Act of
1933 your Company has of necessity lost the services of several directors
whose advice and assistance have been of great value to it in the past.
William C. Potter, Chairman of the Board.
Annual Meeting of Stockholders of Central Hanover
From the New York "limes" of Jan. 17 we take the
Bank & Trust Co. of New York—Earnings $11,217,- following:
000 in 1934
Following a practice begun last year, Mr. Potter explained various items
Addressing the annual meeting of stockholders of the on the balance sheet, using for the purpose an enlarged copy of the statement
Central Hanover Bank & Trust Co., New York, on Jan. 10, as of Dec. 31, which had been hung in the meeting room. Of the item of
in United States Government securities, he said that all but
William S. Gray, Jr., President expressed the opinion that $464,507,036
about $100.000 consisted of Treasury obligations having less than 5 years
the temporary deposit insurance plan would, with certain to run.
The $62,546,154 of public securities included. he said, $25,000.000 of
changes, be continued after July 1, 1935, and that the
York City obligations, $10.700400 of Federal Intermediate Credit
unlimited liability imposed by the permanent plan, scheduled New
Banks debentures due in 1935 and $2,156,000 of obligations of the Argentine
to go into effect on July 1, would be discarded. Mr. Gray Government. Other securities, listed at $25,706,933, included, he said,
long-term investment
made no formal report to the stockholders but gave infor- active short-term investments of $6,749,000, active
$1,468,000, active stocks of $2,079.000. consisting chiefly of shares
mation informally in response to questions. Earnings of of
over by the bank,
taken
previously pledged as collateral against loans and
$11,217,000, equal to $10.68 a share, were reported by Mr. all of which were marketable, and the investments of $10,000,000 in the
in liquidation.
Gray who said that this was a little less than in 1933. The Guaranty Company, which is now
Among the items making up the bank's loans and bills purchased, Mr.
allocation of the earnings were reported by Mr. Gray as Potter
enumerated as assets eligible for rediscount at the Federal Reserve
follows:
Bank,$45,000,000ofbills purchased,$86,000,000ofacceptances,$4,300.000
$6,300,000 for dividends, about $250.000 to undivided profits and of acceptances,$4.300,000 ofshort-term loans on United States Government
securities and $36,000.000 of commodity loans.
$4,600,000 to set up reserves and to adjust assets to a point where they
bp, He explained in response to a shareholder's question that it was the bank's
were conservatively valued under present conditions.
practice not to carry reserves as a separate item on its statement, but to
In answer to an inquiry as to what proportion of the bank's deduct them from the stated value of its loans and discounts.
holdings of United States securities were long term issues,
the President said that about 90% are of less than five
Time Schedyears' maturity. German credit holdings of the bank, he Federal Reserve Bank of New York Issues
Branch
Buffalo
and
Head
Office
for
ules
stated, have reduced to less than $4,000,000, compared with
The Federal Reserve Bank of New York on Jan. 16 issued
between $10,000,000 and $11,000,000 a year ago and about
circulars containing the time schedules for the New York
two
peak.
$40,000,000 at the
head office of the bank and the Buffalo branch office. The
bank points out that the schedules do not necessarily show
Report of William C. Potter, Chairman, at Annual the actual time required for the collection of cash items, and
Meeting of Stockholders of Guaranty Trust Company of New York—Earnings of $20,992,304 in 1934 added that "advices received from us showing the availability of items cannot be considered as advices of actual
Compared With $24,562,622 in 1933.
Comment to the effect that "the past year has not been payment on the dates of availability." Credit in all infavorable for satisfactory bank earnings, notwithstanding the stances, the circulars said, will be subject to receipt of payfact that deposits have increased and that the payment of ment by the bank in actually and finally collected funds, and
interest on demand deposits has been prohibited by law" was the bank may in its discretion refuse at any time to permit
made by William C. Potter, Chairman of the Board of the the withdrawal or other use of credit given for any item for
392
Financial Chronicle
which it has not received payment in actually and finally
collected funds.
Rediscount Rates Lowered from 234% to 2% by Federal
Reserve Banks of Philadelphia, Atlanta and
Chicago—Change Second in Month
For the second time during the past month the Federal
Reserve Bank of Atlanta has lowered its rediscount rate, the
latest reduction. from 23% to 2%, becoming effective
Jan. 14. The Bank had lowered its rate to the 23 % level
from 3% on Dec. 15 1934. The Philadelphia and Chicago
Federal Reserve Banks also lowered their rate this week from
2M% to 2%, effective Jan. 17 and Jan. 19, respectively.
The 23 % rate of the Philadelphia Bank had been in effect
since Nov. 16 1933, while that of the Chicago Bank had been
in force since Oct. 21 1933.
Following the reduction made on Dec. 15 by the Atlanta
Bank, other Reserve Banks—Richmond, Minneapolis,
Dallas, St. Louis and Kansas City—also made changes in
their rates. These changes were referred to in our issues of
Jan. 12, page 253, Jan.5, page 45, and Dec. 22, page 3883.
Organization of Field Force to Conduct Survey of
Credit Availability in Cleveland Federal Reserve
District
The Secretary of the Treasury announced on Jan. 14 that
the organization of a field force to conduct a survey of credit
availability in the Cleveland Federal Reserve District has
been completed and that the investigators are now at work
in that area. The announcement added:
The investigation is being conducted in co-operation with the Federal
Reserve Board, the Reconstruction Finance Corporation and the Federal
Deposit Insurance Corporation. The study is under the direction of
George C. Haas, Director of Research and Statistics of the Treasury
Department, and the field work is being administered by W. H. Moore
of the University of Chicago. Charles 0. Hardy of the Brookings Institution is acting as special adviser to the staff of the survey.
This survey is along lines similar to those followed in the investigation
of credit conditions in the Chicago Federal Reserve District which was
carried out by Professor Jacob Viner and Mr. Hardy in September. The
staff of field investigators, which consists of about 40 university economists,
will be asked to get from the files of banks in cities and small towns of the
Cleveland Federal Reserve area 2,000 cases of small business men who have
recently been refused credit by toe banks or who are being pressed to
liquidate the capital indebtedness to banks which they have incurred in
the past. The staff will also be asked to procure from the business men
themselves another 1.000 cases in whicn banks have rejected credit applications or brought pressure for the liquidation of the existing indebtedness.
Special attention will be given to the attitude of banks toward real estate
mortgage loans.
The inquiry is purely a fact finding enterprise intended to supplement
the information obtained in the previous survey and furnish a better basis
for planning Federal banking policies. Among the questions to which
answers will be sought are:
Are persons who are rated as good credit risks unusually reluctant to
borrow, and if so, why?
What changes have there been in recent years in banks' lending practices
and Policies?
What is the attitude of the banks to renewal of old slow working capital
loans?
Have bank losses in recent years on real estate loans been proportionally
greater than on other types of loans?
How far is the lending policy of banks determined by the attitude of
banking examiners toward certain types of loans?
It is expected that the results of the investigation,in the form ofstatistical
summaries and percentages, together with the conclusions drawn by the
committee in charge of the study will be released some time in March.
The Fourth Federal Reserve District, which includes Ohio, western
Pennsylvania, northern West Virginia, and eastern Kentucky, was selected
for study because it provides an excellent sample of business and industrial
conditions throughout the nation.
The proposed survey in the Cleveland Reserve District
was referred to in our issue of Dec. 22, page 3884. An item
on Viner-Hardy report appeared in the same issue, page 3882,
It is stated that Dr. Viner has returned to his post in the
University of Chicago.
Annual Reportof Savings Banks Trust Co. and Inititutional Securities Corp.—Deposits of Trust Company Reported $25,000,000 Higher During Year
The annual reports of the Savings Banks Trust Co., New
York, and the Institutional Securities Corp. were made
public on Jan. 16. In issuing the report of the Trust
company, C. A. Miller, President, said that "at the close
of 1934, 131 savings banks maintained deposit accounts with
the company aggregating $43,799,823.41, a gain of almost
$25,000,000 for the year." He continued:
The company has maintained a very strong liquid position as befits its
original conception as a central reserve agency. In addition to the deposits
of its Trust Department, other deposit accounts with the Trust company
were those of the Institutional Securities Corp. and the United States
Government war loan deposit account.
While the savings banks, during the early part of 1934, utilized to a degree
the ample loaning facilities of the trust company,all loans have been paid.
The Savings Banks Trust Co. in its first full year of
operation, it was stated, showed net profits of $538,452.89
for the calendar year ending Dec. 31. The net earnings of
•
Ian. 19 1935
the Trust company in 1933 for less than four months' opera-.
tion was $14,895.45. It was further reported:
At the end of the fiscal year, July 31 1934, $100,000 of net profits was
allocated to surplus fund, $82,205.72 to undivided profits. and $181,994.40
to reserve for contingencies, making the current period profits before taxes,
as shown on the statement of condition as of Dec. 31. $189,148.22.
id
Capital stock remains unchanged,at $2,500,000, and total capital debentures for which payment has been received from the savings banks have
risen from $10,254.000 to $26,662,000. Surplus has increased $100.000 to
$2,500,000. In its report the Trust company called attention to the fact
that it has sold none of its capital notes to the Reconstruction Finance
Corporation, although the RFC had agreed in November 1933 to purchase
up to $50,000,000 of these notes.
The Savings Banks Trust Co. acts also as trustee for the Mutual Savings
Banks Fund, which serves as deposit insurance for all but three of the
savings banks in New York State. It has added to its functions the safekeeping of securities, acting as agent in the purchase and sale of securities
for savings banks, and rendering a general collection service. It has also
instituted a mortgage rehabilitation service to assist savings banks in the
conservation of their bond and mortgage assets, where underlying premises
require rehabilitation to reasonably assure payment of such obligations.
As to the report of the Institutional Securities Corp., it
was stated:
The annual report of the Institutional Securities Corp., issued to its
stockholders Jan. 16, shows cash and United States Treasury bonds of
$3,625,502.78 and mortgages purchased from savings banks of$3,717,301.50,
against outstanding liabilities of $2,504,300.86 and capital and surplus of
$5,059,440.75.
The reports of the two institutions for June 30 1934 were
referred to in our issue of July 21, page 363.
Deposits in Savings Banks of New York State Increased
$90,000,000 During 1934—$13,000,000 Increase Noted
in Last Quarter
Reversing a trend characteristic of the period since 1930,
savings banks deposits throughout New York State increased over $13,000,000 during the last quarter of 1934, it
VMS announced Jan. 12 by the Savings Banks Association of
the State of New York. The number of depositors increased
by over 30,000. Total deposits in the 137 savings banks on
Jan. 1 1935 were $5,154,357,083, it was stated, a gain of
$90,000,000 for the year. During the year the number of
depositors increased by 150,000 to a total of 5,896,276, the
largest number on record. In announcing the figures,
Henry R. Kinsey, President of the Association, said:
Compared with the last quarter of 1933, when withdrawals exceeded
deposits by Over $53,000,000, the 1934 report is exceedingly encouraging.
The gain in the number of depositors was anticipated, since there has been
an increase during the last quarter every year since the Association's
records were started.
The depositor total of nearly 5.900,000 does not include the thousands
of Christmas club accounts and accounts of school children which fluctuate
but which if added, would show that one-half the population of New York
State has part, if not all, of its funds in savings banks. This confidence of
the depositors was rewarded with $134,000,000, which was distributed last
year to our depositors as dividends.
The gain of $13,000,000 in deposits registered last quarter is about onehalf the normal gain for the period, if we consider the average gain for
1925, 1926 and 1927 as "normal." The average for those years is slightly
over $25,000,000.
Opening of Investment Banking Corporation of Cassatt
& Co., Inc.—Principal Offices in Philadelphia,ind
New York City
The newly-organized investment banking corporation of
Cassatt & Co., Inc., opened for business on Jan. 15 with
principal offices at South Penn Square, Philadelphia, and
40 Wall Street, New York. Robert K. Cassatt, who, with
Joseph W. Wear,former partner in the Stock Exchange firm
of Cassatt & Co., joins E. A. Pierce & Co., is Chairman of
the Board of the new corporation and T. Johnson Ward,
President. An announcement regarding the opening said:
Cana & Co., Inc., will engage in the general investment business as
dealers in and distributors of investment securities. Its activities are
expected to include the underwriting of issues on its own account or in
participation with other underwriting houses. Its dealings will extend to
all classes of investment securities, including Government and State and
municipal bonds, and corporate bonds and stocks.
Associated with the new corporation in an executive capacity are George
S. Armstrong, Chauncey P. Colwell, 0. A. Griscom 3rd, Ray W. Stephenson
and T. Ellwood Webster, Vice-Presidents, and Edward O. Bendere, Secretary.
Mr. Armstrong was formerly connected with the National City Co., and
more recently has been with Merrill, Lynch & Co. • the other officers have
been with Cassatt & Co. Charles E. Merrill and Edmund C. Lynch, of
Merrill, Lynch & Co., will be interested in the new corporation, individually,
as stockholders.
Oassatt & Co., Inc., in addition to its principal offices, will maintain
branches at Allentown, Altoona, Lebanon, Pittsburgh, Wilkes-Barre and
York, Pa.; Elmira, N. Y., and Wilmington, Del. It plans also to have
representatives in various of the principal cities in which E. A. Pierce & Co.
now maintain offices.
Coincident with the establishment of the new corporation, E. A. Pierce &
Co. are placing their brokerage facilities at the disposal of former customers
of Casaatt St Co. through offices which will open to-day in part of the
premises heretofore occupied by Cassatt & Co., in Philadelphia, Lebanon
and York, Pa., and Elmira, N. Y., with substantially the same brokerage
personnel.
Previous reference to the formation of Cassatt & Co., Inc.,
appeared in our issue of Jan. 5, page 61.
Volume 140
Financial Chronicle
Maryland Emergency Banking Act In Operation with
Re-opening of Thurmont (Md.) Bank
From the Baltimore "Sun" it is learned that with the
reopening of the Thurmont Bank, at Thurmont, Md., on
Jan. 8, the last of the State banking institutions placed under
the restrictions of the Maryland Emergency Banking' Act
resumed business and the banking emergency necessitating
this law now has come definitely to an end, according to a
statement by John J. Ghingher, State Bank Commissioner.
In part, the "Sun" also said:
While the emergency law, passed by the Legislature in the midst of the
banking holiday, does not expire formally until March 4, the law now
becomes practically inoperative, as its purposes have been fulfilled, Mr.
Ghingher explained.
Law Extended One Year
The law first was made effective for one year, but an expiration of the
original time limit the work of reorganizing the State banks had not been
completed and last March Governor Ritchie, on recommendation of the
Bank Commissioner and with the approval of the Attorney-General of
Maryland, extended the life of the Act another 12 months.
Twenty-one in Receivership
When the emergency law was made effective, March 4 1933, there were
138 State banking institutions in operation in Maryland and 11 banks in
receivership, Mr. Ghingher said.
On expiration of the banking holiday in the middle of March, in co-operation with the National Government, 69 of these banks reopened and another
89 went into the custody of the Commissioner under the provisions of the
emergency law.
With the reopening yesterday of the last of the banks to have recourse to
the special law, there are 139 State banks now in operation in Maryland
and 21 banks in receivership, the Commissioner said. Of the 21 receivership banks, 10 were placed in receivership after the emergency law was
put into effect. Five of these 10 banks were able to form new banks
out of the old banking structures, leaving finally only five banks to close
down without attempting some form of reorganization. . . .
The five banks that reorganized by creating new institutions and placing
the old bank in receivership were the Hagerstown Bank Sz Trust Co., Hagerstown; the Baltimore County Bank, Towson; the Lonaconing Savings Bank,
Lcnaconing ; the Southern Maryland Trust Co., Seat Pleasant, and the
Baltimore Trust Co.
Failed to Make Attempt
The other five banks which did not attempt to reorganize under the
emergency Act were the American Trust Co., Baltimore; the Mercantile
Savings Bank, Baltimore; the Pleasant Valley Bank of Carroll County,
Pleasant Valley; the Deals Island Bank, Deals Island, and the Oxford Bank,
Oxford. The remaining 59 banks reorganized within their own structures
without resort to receivership of the old banks.
In the various reorganizations, Mr. Ghingher said, it was necessary in
many instances for depositors to waive a certain percentage of their respective claims. These plans provided that the depositors be repaid these
amounts "if, as and when" banks could do so safely. Up to this time 10
banks have returned to their waived depositors $1,643,152.33.
Paid tci Depositors
Since March 4 1933 the additional sum of $12,671,305.26 has been paid
to the depositors of the institutions which are in receivership, a detailed
list of which follows:
Total
Total
Name of BankPer Cent
Amount
American Trust Co.. Baltimore
15%
357,534.21
Chesapeake Rank of Baltimore
402,624.18
10%
Commercial Savings Bank, Baltimore
5%
8,552.42
Park Bank, Baltimore
337,422.87
10%
Deals Island Bank, Deals Istand
10%
6,419.59
Washington Trust Co., Ehicott City
50%
174.608.15
Central Trust Co., Frederick
6%
646,532.82
Goldsboro Bank, Goldsboro
10°I,
45,961.46
Mechanics Loan and Savings Bank, Hagerstown
346,317.90
"0%
Cltirens Rank, Huriock
49,571.41
20%
Pleasant Valley Bank, Pleasant Valley
20%
23,795.18
Peoples Bank of Somerset County, Princess Anne
20%
99,029.67
Peoples Banking Co., Smithsburg
25%
88,442.60
Baltimore Trust Co., Baltimo.e
31.6%
9,479,688.66
Lonaconing Savings Sank, Lonaconinp
36%
360,471.69
Mercantile Savings Sank. Baltimore
50%
335,898.09
Southern Maryland Trust Co., Beat Pleasant
32%
61,426.17
Baltimore County Bank, Towson
1214%
147,009.19
Total
312.671,303.26
$5,000,000 of Consolidated 4% Bonds of Federal Land
Banks Offered by Brown Harriman 8c Co. and
First Boston Corp.
trown Harriman & Co.,IWurrrhe Fir7rBoston Corp.
announced Jan. 14 that they have acquired and are offering
at 1023 and int, to yield about 3.72% to first callable date,
$5,000,000 Federal Land banks consolidated 4% bonds
dated July 1 1934 and due July 1 1946. The bonds are
not redeemable before July 1 1944. It was further announced:
These consolidated bonds are the joint and several obligations of the 12
Federal Land banks. In addition, the law requires that these bonds
may be issued only upon the deposit as collateral security of at least an
equal principal amount of obligations of the United States and(or) mortgages on farm properties which must be first mortgages. Interest on
these bonds is exempt under present laws from all Federal, State and
municipal income taxes. The Federal Farm Loan Act provides that
the bonds shall be lawful investments for all fiduciary and trust funds under
the jurisdiction of the United States Government. Under the laws of
most States, these bonds are eligible for the investment of trust funds,
and also for investment by savings banks.
393
offering of $75,000,000 or thereabouts of 182-day Treasury
bills, dated Jan. 16 1935 and maturing July 17 1935, Henry
Morgenthau, Jr., Secretary of the Treasury, announced
Jan. 14. The tenders were received at the Federal Reserve
banks up to 2 p. m., Eastern Standard Time, that day.
Secretary Morgenthau said that $75,079,000 of the tenders
were accepted. He further announced:
The accepted bids ranged from 99.960, equivalent to about 0.08%
to 99.914, or about 0.17% per annum on a bank discount basis. Only
part of the amount bid for at the latter price was accepted.
The average price of bills to be issued is 99.926 and the average rate
about 0.15% per annum on a bank discount basis.
The rate of 0.15% compares with previous rates at which
recent issues so.d at 0.12% (bills dated Jan. 9); 0.10%
(bills dated Jan. 2);0.12% (bills dated Dec. 26);0.16% (bills
dated Dec. 19), and 0.20% (bills dated Dec. 12).
The offering of bills dated Jan. 16 was referred to in our
issue of Jan. 12, page 240.
$828,051 of Hoarded Gold Received During Week of
Jan. 9-$42,341 Coin and $785,710 Certificates
The Federal Reserve banks and the Treasurer's office
received $828,050.85 of gold coin and gold certificates during
the week of Jan. 9, it is shown in figures issued by the
Treasury Department on Jan. 14. Total receipts since Dec.
28 1933, the date of the issuance of the order requiring all
gold to be returned Co the Treasury, and up to Jan. 9,
amounted to $113,192,354.69. Of the amount received
during the week of Jan. 9, the figures show, $42,340.85 was
gold coin and $785,710 gold certificates. The total receipts
are as follows:
Received by Federal Reserve Banks:
Week ended Jan.9 1935
Received previously
Total to Jan.9 1935
Received by Treasurer's Office:
Week ended Jan.9 1935
Received previously
Gold
Cain
$42,340.35
29,691,467.84
Gold
Certificates
$773,510.00
80,460.430.00
$29,739,808.69 $81,233,940.00
$12,200.00
258,806.00
1,953,600.00
Total to Jan.9 1935
3258,806.00 31,965,300.00
Note-Good Sara deposited with the New York ASSAY Office to the amount of
5200,572.69 previously reported.
Silver Received by Mints in Amount of 504,363.12 Fine
Ounces During Week of Jan 11
During the week of Jan. 11 it is indicated in a statement
issued by the Treasury Department on Jan. 14,silver amounting to 504,363.12 fine ounces was received by the various
United States Mints from purchases by the Treasury in
accordance with the President's proclamation of Dec. 21
1933. The proclamation was referred to in our issue of Dec.
23 1933, page 4441,and authorized the Department to absorb
at least 24,421,410 fine ounces of newly-mined silver annually. Receipts by the mints during the previous week of
Jan. 4 amounted to 467,385.07 fine ounces. During the
latest week the Philadelphia Mint received 179,645.59 fine
ounces, the San Francisco Mint, 320,533.53 fine ounces,
and the Denver Mint, 4,184 fine ounces.
The total weekly receipts since the issuance of the proclamation are as follows (we omit the fractional part of the
ounce):
Week Ended1934Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar, 2
Mar. 9
Mar. 16
Mar.23
Mar.30
Apr. 6
Apr. 13
Ape. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
•Corrected figure.
Ounces
1,157
547
477
94.921
117,554
375.995
232.630
322.627
271,800
126,604
832,808
369,844
354,711
569,274
10.032
753,938
436,043
647,224
600,631
503,309
88.5.056
295,511
200,897
206,790
380,532
64,047
•1.218,247
Week EndJuly 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
Dec. 28
1935Jan, 4
Jan. 11
Ounces
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
484,278
487,385
504,383
Transfer of Silver to United States Under Nationalization Order-Receipts During Week of Jan. 11
Totaled 535,734 Fine Ounces
Silver in amount of 535,734 fine ounces was transferred to
Tenders of $75,079,000 Accepted to Offering of the United States during the week of Jan. 11 under the
$75,000,000 or Thereabouts of 182-Day Treasury Executive Order of Aug.9,nationalizing the metal. Receipts
Bills Dated Jan. 16 1935-$142,359,000 Received- since the Order was issued and up to Jan. 11 total 111,907,000
Average Rate 0.15%
finee ounces,it was noted in a statement issued by the TreasA total of $142,359,000 in tenders was received at the ury Department on Jan. 14. The Order of
Aug. 9 was given
Federal Reserve banks and the branches thereof to the in our issue of Aug. 11, page 858. In
the statement of the
Financial Chronicle
394
Treasury of Jan. 14 it is shown that the silver was received
at the various mints and assay offices during the week of
Jan. 11 as follows:
Philadelphia
New York
San Francisco
Denver
Fine Ounces
Fine Ounces
375
238,600 New Orieans
1,068
254.867 Seattle
39.381
Total for week ended Jan.IL. 535,734
1,443
Following are the weekly receipts since the Order of Aug.9
was issued:
Week Ended—
Aug. 17 1934
Aug. 24 1934
Aug. 31 1934
Sept. 7 1934
Sept. 14 1934
Sept.21 1934
Sept.28 1934
Oct. 5 1934
Oct. 12 1934
Oct. 19 1934
Oct. 26 1934
Nov. 2 1934
Fine Ounces
33,465,091
26,088,019
12,301,731
4,144.157
3,984.368
8,435.920
2,550,303
2,474,809
2,883,948
1,044,127
746,469
7.157.273
Week Ended—
Nov. 9 1934
Nov. 16 1934
Nov. 23 1934
Nov.30 1934
Dec. 7 1934
Dec. 14 1934
Dec. 21 1934
Dec. 28 1934
Jan. 4 1935
Jan. 11 1935
Total
Fine Ounces
3.665,239
336,191
261,870
86.662
292,358
444,308
692,795
63,105
309,117
535,734
First, the system adopted, except for the money necessary to initiate it.
should be self-sustaining in the sense that funds for the payment ofinsurance
benefits should not come from the proceeds of general taxation; second,
excepting in old age insurance actual management should be left to the
States, subject to standards established by the Federal Government, and,
third, sound, financial management of the funds and the reserves and
protection of the credit structure of the Nation should be assured by retaining Federal control over all funds through trustees in the Treasury of the
United States.
111,907,000
Immediately after the reading of the President's message
on Jan. 17, Senator Wagner introduced in the Senate a
14,000-word bill, designed to put into effect many of the
measures recommended by Mr. Roosevelt, although it was
said that the language of the bill had not been specifically
approved at the White House. Associated Press advices
from Washington, Jan. 17,summarized the principal features
in Senator Wagner's bill as follows:
New Offering of 182-Day Treasury Bills in Amount of
$75,000,000 or Thereabouts—To Be Dated Jan. 23,
1935.
Secretary of the Treasury Henry Morgenthau, Jr., announced on Jan. 17 a new offering of $75,000,000 or thereabouts of 182-day Treasury bills, dated Jan. 23 1935, and
maturing July 24 1935, and on their maturity date the face
amount being payable without interest. Tenders, Secretary
Morgenthau said, will be received Ett the Federal Reserve
banks, or the branches thereof, up to 2 p.m., Eastern Standard Time, Monday,Jan. 21. Bids will not be received at the
Treasury Department, Washington. The bills will be sold
on a discount basis to the highest bidders and the accepted
bids will be used to retire an issue of similar securities in
amount of $75,200,000 maturing Jan. 23. In his announcement of Jan. 17 Secretary Morgenthau also said:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1.000. $10,000, $100,000, $500,000, and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
rTenders 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 Jan. 211935.
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. 23 1935.
Phe Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or other
disposition of the Treasury bills shall be allowed as a deduction, or otherwise
recognized, for the purposes of any tax now or hereafter imposed by the
United States or any of its possessions.
$1,200 of Governmtnt Securities Purchased by Treasury
Department During December.
Market purchases of Government securities for Treasury
investment accounts for the calendar month of December,
1934, amounted to $1,200, Secretary of the Treasury Henry
Morgenthau, Jr., announced Jan. 15. During November,
as noted in our issue of Dec. 22, page 3886, the reasury sold
5,750 of the securities.
$29,80.
P sident Roosevelt, in Message to Congress, sks
Enactment of Four-Point Program of Social Se rity—Unemployment Insurance, Old Age Beneffts
and Public Health Improvement Among Objectives
Listed—Senator Wagner Introduces Bill to Carry
Out Proposals
President Roosevelt, in a special message to Congress
Jan. 17, recommended the enactment of a program of
economic security, covering unemployment insurance, old
age benefits, Federal assistance to dependent children through
grants to States, and further Federal aid to State and local
public health agencies, and the strengthening of the Federal
public health service. This legislation, the President said,
should be brought forward with a minimum of delay. He
pointed out that the program is conditioned upon the actions
of States and that 44 Legislatures are meeting or will soon
converse. The President referred to a report submitted to
him by a Committee of Economic Security, setting forth in
detail the proposals he suggested be enacted by Congress.
At the same time Mr. Roosevelt sounded a note of caution
Jan. 19 1935
when he said that "it is overwhelmingly important to avoid
any danger of permanently discrediting the sound and necessary policy of Federal legislation for economic security by
attempting to apply it on too ambitious a scale before
actual experience has provided a guidance for the permanently safe direction of such efforts."
Three principles, Mr. Roosevelt'said, should be observed
in formulating this legislation. He continued:
Old Age Pensions
It creates an old age pensions fund in the Treasury, supplied by a compulsory tax on pay rolls, half to be paid by the employer and half by the
employee. The tax starts at 1% on Jan. 1 1937 and reaches 5% on Jan. I
•
1957.
Eligible employees are those 65 years old who are no longer gainfully
employed and for whom taxes have been paid for at least 200 weeks over
a 5-year period beginning before they are 60. Pensions, paid monthly.
vary according to the monthly wage and length of tax payments. It is
estimated that the Old Age Reserve would eventually be maintained at
about $15,250,000.000.
For those now aged and without support, the Government would appropriate $50.000,000 for the next fiscal year and $125,000,000 thereafter, to
be matched by State and local payments for a maximum pension of $30 a
month.
For voluntary old-age insurance, the Government would be authorized
to sell to citizens under 65 annuity certificates with maturity values ranging
up to $9,000.
Unemployment Insurance
The bill further provides a tax on payrolls beginning on Jan. 1 1936 and
reaching 3% by 1938, employers receiving a 90% credit on the contributions they make to approved State unemployment insurance systems. The
rate in their estimates used a maximum of $15 a week and no minimum.
They suggested that on the 3% contribution basis, the maximum benefit
period should be 15 weeks. The Federal Government would appropriate
$50,000.000 annually to encourage the administration of State unemployment insurance lams.
Aid to Dependent Children
The Treasury would allot $25,000,000 annually to be matched by the
States and used when the Relief Administrator approves State plans for
dependent children's care.
Public Health
The bill would appropriate $4,000,000 annually to be allotted among the
States on a dollar-for-dollar basis for maternal and child health. Similarly
there would be appropriated $3.000,000 annually for the care of crippled
children. Under both allotments, each State would receive $20,000 annually and more according to need. For child welfare, there would be
$2.500.000 annually, with at least $10.000 for each State. General public
health work would get $10.000,000 annually.
Administration
A social insurance board of three would be set up to supervise the old
age and unemployment pension systems and assist the States. The Labor
Department and Treasury, the Relief Administration and the Public Health
Service would all have a share in the program.
The following is the President's message to Congress on
social security:
To the Congress of the United States.
In addressing you on June 8 1934 I summarized the main objectives of
our American program. Among these was, and is, the security of the men,
women and children of the nation against certain hazards and vicissitudes
of life. This purpose is an essential part of our task.
In my annual message to you I promised to submit a definite program of
action. This I do in the form of a report to me by a Committee on Economic
Security, appointed by me for the purpose of surveying the field and of
recommending the basis of legislation.
I am gratified with the work of this Committee and of those who have
helped it: the Technical Board on Economic Security drawn from various
departments of the Government, the Advisory Council on Economic Security, consisting of informed and public-spirited private citizens and a
number of other advisory groups, including a Committee on Actuarial
Consultants. a Medical Advisory Board, a Dental Advisory Committee,
a Hospital Advisory Committee, a Public Health Advisory Committee, a
Child Welfare Committee and an Advisory Committee on Employment
Relief.
All of those wno participated in this notable task of planning this major
legislative proposal are ready and willing, at any time, to consult with and
assist in any way the appropriate Congressional committees and members
with respect to detailed aspects.
It is my best judgment that this legislation should be brought forward
with a minimum of delay. Federal action is necessary to and conditioned
upon the actions of States. Forty-four legislatures are meeting or will
meet soon. In order that the necessary State action may be taken promptly
It is important that the Federal Government proceed speedily.
The detailed report of the Committee sets forth a series of proposals
that will appeal to the sound sense of the American people. It has not
attempted the impossible nor has it failed to exercise sound caution and
consideration of all of the factors concerned; the national credit, the rights
and responsibilities of States, the capacity of industry to assume financial
responsibilities and the fundamental necessity of proceeding in a manner
that will merit the enthusiastic support of citizens of all sorts.
Volume 140
Financial Chronicle
It is overwhelmingly important to avoid any danger of permanently
discrediting the sound and necessary policy of Federal legislation for economic security by attempting to apply it on too ambitious a scale before
actual experience has provided guidance for the permanently safe direction
of such efforts. The place of such a fundamental in our future civilization
is too precious to be jeopardized now by extravagant action. It is a sound
idea—a sound ideal. Most of the other advanced countries of the world
have already adopted it and their experience affords the knowledge that
social insurance can be made a sound and workable project.
Three principles should be observed in legislation on this subject. In the
first place, the system adopted, except for the money necessary to initiate
it, should be self-sustaining in the sense that funds for the payment of
insurance benefits should not come from the proceeds of general taxation.
Second, excepting in old age insurance, actual management should be left
tq the States subject to standards established by the Federal Government.
Third, sound financial management of the funds and the reserves, and protection of the credit structure of the nation should be assured by retaining
Federal control over all funds through trustees in the Treasury of the
United States.
s At this time, I recommend the following types of legislation looking to
economic security:
1. Unemployment compensation.
2. Old age benefits, including compulsory and voluntary annuities.
3. Federal aid to dependent children through grants to States for the
support of existing mothers' pension systems and for services for the protection and care of homeless, neglected dependent and crippled children.
4. Additional Federal aid to State and local public health agencies and
. the strengthening of the Federal Public Health Service. I am not at this
time recommending the adoption of so-called health insurance, although
groups representing the medial profession are cooperating with the Federal
Government in the further study of the subject and definite progress is
being made.
With respect to unemployment compensation, I have concluded that the
most practical proposal is the levy of a uniform Federal payroll tax, 90%
of which should be allowed as an offset to employers contributing under a
compulsory State unemployment compensation Act. The purpose of this
is to afford a requirement of a reasonably uniform character for all States cooperating with the Federal Government and to promote and encourage the
passage of unemployment compensation laws in the States. The 10% not
thus offset should be used to cover the costs of Federal and State administration of this broad system. Thus, States will largely administer unemployment compensation, assisted and guided by the Federal Government.
An unemployment compensation system should be constructed in such a
as to afford every practicable aid and incentive toward the larger purpose of
employment stabilization. This can be helped by the intelligent planning
of both public and private employment. It also can be helped by correlating
the system with public employment so that a person who has exhausted his
benefits may be eligible for some form of public work as is recommended in
this report. Moreover, in order to encourage the stabilization of private
employment Federal legislation should not foreclose the States from establishing means for inducing industries to afford an even greater stabilization
of employment.
In the important field of security for our old people, it seems necessary
to adopt three principles—first, non-contributory old age pensions for those
who are now too old to build up their own insurance; it is, of course, clear
that for perhaps 30 years to come funds will have to be provided by the
States and the Federal Government to meet these pensions. Second, compulsory contributory annuities whicn in time will establish a self-supporting
system for those now young and for future generations. Third, voluntary
contributory annuities by which individual initiative can increase the
annual amounts received in old age. It is proposed that the Federal Government assume one-half of the cost of the old age pension plan, wnich ought
ultimately to be supplanted by self-supporting annuity plans.
The amount necessary at this time for the initiation of unemployment
compensation, old age security, children's aid and the promotion of public
health, as outlined in the report of the Committee on Economic Security,
is approximately 3100,000,000.
The establishment of sound means toward a greater future economic
security of the American people is dictated by a prudent consideration of
the hazards involved in our national life. No one can guarantee this country
against the dangers of future depressions but we can reduce these dangers.
We can eliminate many of the factors that cause economic depressions and
we can provide the means of mitigating their results. This plan for economic
security is at once a measure of prevention and a method of alleviation.
We pay now for the dreadful consequence of economic insecurity—and
dearly. This plan presents a more equitable and infinitely less expensive
means of meeting these costs. We cannot afford to neglect the plain duty
before us. I strongly recommend action to attain the objectives sought in
this report.
FRANKLIN D. ROOSEVELT.
The White House, Jan. 17 1935.
President Roosevelt Urges United States Adherence
to World Court—Special Message Says Sovereignty
of Nation Would Not Be Jeopardized—Senator
Johnson Opposes Participation
President Roosevelt, in a special message to the Senate
Jan. 16, asked that body to consent to the adherence of the
United States to the World Court. The President pointed
out that this question was non-partisan, and told the Senate
that "at this period in international relationships, when
every act is of moment to the future of world peace, the
United States has an opportunity once more to throw its
weight into the scale in favor of peace." He also assured
the Senate that the sovereignty of this country would be in
no way diminished or jeopardized by adherence to the
Court.
Immediately after the reading of the President's message
in the Senate, Senator Johnson of California led an attack
against the principle of American participation in the court,
declaring that it would drag this country into European
affairs and endanger peace. The text of President Roosevelt's message reads as follows:
To the Senate:
The movement to make international justice practicable and serviceable
is not subject to partisan considerations. For years, Republican and Democratic administrations and party platforms alike have advocated a court of
justice to which nations might voluntarily bring their disputes for judicial decision.
395
To give concrete realization to this obviously sound and thoroughly
American policy, I hope that at an early date the Senate will advise and
consent to the adherence by the United States to the Protocol of Signature of the Statute of the Permanent Court of International Justice, dated
Dec. 16 1920, the Protocol for the Revision of the Statute of the Permanent Court of International Justice, dated September 14, 1929, and the
Protocol for the Accession of the United States of America to the Protocol
of Signatures of the Statute of the Permanent Court of International Justice, dated Sept. 14 1929, all of which were submitted to the Senate,
Dec. 10 1930.
I urge that the Senate's consent be given in such form as not to defeat
or to delay the objective of adherence.
The Sovereignty of the United States be in no way diminished or
jeopardized by such action. At this period in international relationships,
when every act is of moment to the future of world peace, the United
States has an opportunity once more to throw Its weight into the scale
in favor of peace.
FRANKLIN D. ROOSEVELT.
The White House, Jan. 16 1935.
,We quote from United Press Washington advices of Jan.
16, describing Senator Johnson's speech on the World Court
issue:
After describing the Senate as "the last free forum on this earth" and
"the bulwark of American liberty" and the "last place the people can
look for protection of their rights and liberty," Senator Johnson attacked Mr. Roosevelt's remarks on peace.
"We are told to go into the Court to preserve world peace!" he exclaimed.
"What a marvellously naive expression! Europe can't preserve peace.
Peace! Peace! Peace! They cry about it but—they don't want it. ...
Senator Johnson charged that the World Court was a political body; that
its decisions were dominated by dictators and that American adherence to
the tribunal was a step through the back door into membership in the
League of Nations.
He pointed out that the United States was not considering participation in the World Court to adjust disputes of this nation with other
powers.
The Court, he added ,is forbidden to render an advisory opinion in any
case in which the United States has or claims an interest.
"We would enter it to meddle and muddle in hysterical internationalism
such as Europe has today," he shouted. "Do these European nations go to
this court to preserve peace? What peace? No, they hand among themgives to decide the fate of nations."
•Senator Johnson diverted to launch a biting attack upon America's war
debtors. He recalled that Majority Leader Joe T. Robinson in opening the
Administration's fight for adherence yesterday sarcastically criticized some
who advocated a "sponger's policy"—that of calling upon the Court for
aid without helping finance the tribunal.
"I do not favor such a policy," he asserted, "but I want to point out that
these European nations which sponged on their war debts to this country
will be sitting in judgment on Uncle Sam."
President Roosevelt Makes Public Statement of Federal
Power Commission Designed to Refute Charges
Insurance Company and Savings Bank Portfolios
Have Been Harmed by Administration Utility Policy
—Report of Federal Trade Commission on Holding
Companies
President Roosevelt made public, on Jan. 11, a report by
the Federal Power Commission in answer to charges that
the power policy being pursued by the Administration was
impairing the asset values of insurance companies and savings banks, representing the investments of millions of persons throughout the country. At the same time the President made public a report by the Commission indicating that
utility bond holdings of life insurance companies are currently valued at $109,441,000 more than before the stock
market crash in 1929. Referring to statements that the Government attack on holding companies was threatening money
Invested in life insurance and savings bank deposits, the
Commission said that the portfolios of such companies include securities of operating companies rather than those of
holding Corporations.
Representative Rayburn, Chairman of the House InterState and Foreign Commerce Committee, urged, on Jan. 11,
the passage of legislation to provide rigid Federal regulation of holding companies or to formulate a policy which
will result in their elimination. Meanwhile, the Federal
Trade Commission on Jan. 9 issued a report to the Senate
charging that control of the power industry in this country
has been placed in the hands of a few holding companies
because of personal "greed and ambition." The Commission
said that large combinations of utilities have been formed
within the past few years to concentrate control of the
Industry within a small group.
We quote, in part, from United Press Washington advices
of Jan. 11 regarding the statement of the Federal Power
Commission as made public by President Roosevelt:
"The utility investments of standard life insurance companies and savings banks," the Commission said, "are and always have been almost
exclusively in the bonds of operating companies. They hold few preferred
stocks and practically no common stocks. They have almost no holding
company securities of any kind."
The Power Commission statement NVIttl regarded as one more weapon in
the Administration's intention, as described by President Roosevelt to wipe
out "the evils of holding companies," especially in the utilities field.
This program, the President said to-day, will get under way within the
next two or three weeks. He said conversations regarding regulation of
holding companies were continuing and he was uncertain whether recom-
396
Financial Chronicle
mendations would be presented to Congress in a special message or handled
directly by Congress through a bill from a regular committee.
Widows and orphans and other beneficiaries of estates, said the Commission, are secure "provided the executors and trustees of such estates have
conformed to the legal requirements which most States have established for
such fiduciary officers, and have invested the funds entrusted to their supervision in the securities of operating companies and not in stocks or debentures of holding companies or so-called investment trusts."
The report showed that the security portfolios of six large life insurance
companies in New York State, the Metropolitan, Equitable, New York
Life, Guardian, Home and Mutual Life, have total admitted assets of
$8,518,000,000.
"These companies," the Commission explained, "as reported by the Superintendent of Insurance of New York in 1933, have invested in public utility
bonds $720,000,000, or 8.4% of their total assets. They have only $81,000,000 invested in public utility preferred stocks, or less than 1% of their
total assets."
Fifteen large insurance companies in other States with assets of $7,871,000,000 had $752,000,000, or 9.5%, in public utility bonds. They had
$64,000,000 in public utility preferred stocks, or 8/10 of 1% of total assets.
"These 21 companies combined have total assets of $16,389,000,000, representing 79.0% of the admitted assets of all the life insurance companies
in the United States," said the report.
As regards banks in the State of New York, the report pointed out that
less than 3% of their assets were invested in public utility bonds and that
their investments in utilities stock were negligible.
The Commission reported the market value of utility bonds of the class
held by life insurance companies and savings banks was now approximately
six points higher than at the boom peak in September 1929.
Regarding that part of its report on electric and gas utility
companies transmitted to the Senate on Jan. 9 the Federal
Trade Commission said, in part:
The instalment of the financial and corporate phase of the inquiry transmitted to the Senate to-day includes two chapters, the first being entitled
"Origin and Scope of the Inquiry," and the second, "Growth and Importance of Electric and Gas Industries." Chapter I pictures the industry
at the time of the adoption of the Senate resolution under which the investigation was conducted and Chapter II tells the story of the growth of the
electric and gas utility industries down to 1982. . . .
Reciting the story of the growth and development of the electric and gas
utility industry, the report says that at the time the Walsh resolution was
adopted the industry was represented by several thousand holding, opeiating and service companies. In a number of instances individual holding
companies controlled several hundred subsidiary companies. While the
manufactured gas industry was first to develop in this country, the electrical industry, once established, developed much more rapidly. In the
local operating field these two industries were at the beginning distinct and
separate lines of business. However, those engaged in the gas industry,
being familiar with the public utility field, were often pioneers in the
electrical field also. To a large extent, they were competing enterprises
at first, but the gas lighting business rapidly decreased in importance as
compared with electricity. However, the loss of gas lighting business to
that industry was compensated by an increase in the demand for gas for
cooking and other fuel purposes. Holding companies developed in each
industry, at times separately, but often covering both fields and frequently
including street railways and electric interurban railways.
The report shows that the electric utility industry had its beginning in
the more populous communities, but spread rapidly through smaller towns.
With the extension of unit operations, large enterprises tended to displace
smaller ones. These units of operations were increased in order to reduce
the cost of generation and to take advantage of technical improvements,
making practicable the transmission of electricity for long distances without great loss of energy. Nevertheless, the Commission finds that while
this technical motive was an influence inducing consolidations of operating
companies, and later the formation of holding companies, the report says
that "unquestionably, as developed later, the desire for commercial expansion, greed and personal ambition to become dominating factors in the
Industry were major motives in impelling promotional desires and schemes
for the development of large combinations of utilities."
Financial Motive for Ezpancion
The financial motive for such expansion was early in evidence, the report
says. The large amount of money required for the enormous development
that took place called forth great activity in getting capital interested.
Securities to fit the ideas of all classes of investors were produced and
marketed. Mortgage bonds on the plants and other fixed investments of
operating companies were issued for the more conservative investors, while
the common stocks of holding companies which held the common stocks of
operating companies were offered to the speculative buyers. Later, says
the report, "even the common stocks of an apex company of a series of superholding companies, pyramided one above the other—'the equities of equities'
—were able to find a wide demand."
"Such super-holding company stocks," says the Commission, "had a
great attraction for the highly speculative or credulous investor and trader,
because as long as the industry continued to grow rapidly they afforded the
possibility (not always realized, of course) of enormous advances in value
through the immense 'leverage' afforded by the capital structure of the
pyramided super-holding companies."
The Commission's report is based on data assembled during the investigation of and hearings on 18 super-holding companies, 42 sub-holding companies, and 91 operating companies, including the examination of their
accounting, financial and other records. In addition, many other affiliated
companies were included in the inquiry. These covered a wide range of
activity, such as supervision and management of operating companies, construction of electric and gas plants, sales of holding and operating companies' securities, &c.
Independent Offices Appropriations Bill Passed by
House and Sent to Senate—Carries Total of
$777,267,462—Appropriation for Home Loan Bank
Board
The first of the 1936 Federal appropriation measures was
passed by the House of Representatives on Jan. 11, when
the $777,267,462 Independent Offices Appropriation bill
was passed without a record vote, and was sent to the
Senate, where it was considered in Committee this week.
The favorable report on the bill by the House Appropriations
Committee was noted in our issue of Jan. 12, page 247.
Jan. 19 1935
The total specified in the bill is $135,843,300 more than
in the measure passed last year.
Passage of the bill by the House was described as follows
in a Washington dispatch of Jan. 11 to the New York
"Times":
The first measure to be voted by either branch of Congress at this ses-,
sion, the Independent Offices bill, included $705,420,000 for the Veterans'
Administration, an increase of $158,671,904 over the current year, and
$2,030,000 for the Securities and Exchange Commission. The latter
Item represented a reduction of $310,000 from the budget estimate, but
an increase of $350,756 over the amount recommended by the Appropriations Committee.
r•
This was the only change from the Committee's original recommendations, the increase having been made on the protest of Cnairman Kennedy
of the SEC that he could not properly carry out his assigned tasksiwith
the lesser sum. The Committee itself offered as a compromise toe amendment restoring part of his estimate.
Representative Hull of Wisconsin and several of his Progressive colleagues tried in vain to get the House to return to the amount set in the
budget.
4-011
When the appropriation for the Home Loan Bank Board came up,
Representative Blanton of Texas offered an amendment to reduce to
$1 the $264.043 provided for salaries and other expenses. His amendment
was rejected.
In arguing for it he said that withholding of salaries would be "psychological discipline" for the Board, and added:
"We will have those fellows on the front seat of the mourners' bench.
These men must change their autocratic way of doing Government
business."
He threatened to ask President Roosevelt to remove the present members of the Board, of which John H. Fahey is Chairman, and in case the
President declined, declared he would consider moving for their impeachment.
United States Supreme Court to Hear Arguments
Feb. 11 on Validity of New York State Milk Control
Law—Suit Involves Power to Forbid Sale of Product
Bought at Lower Price Outside State
The United States Supreme Court agreed Jan. 14 to rule
on the validity of a section of the New York State Milk
Control law to prevent the sale of milk outside New York
at prices lower than those quoted within the State. The
case will be argued on Feb. 11. The case originated in the
Federal District Court in New York City, which prohibited
State officials from interfering with sales of G. A. F. Seelig,
Inc., milk dealers of New York City, which had been refused
a license to operate because it would not agree to discontinue milk bought outside the State at prices lower than
the cost from New York producers. A Washington dispatch
of Jan. 14 to the New York "Times" described the case as
follows:
The case involves the barrier against selling milk produced outside the
State at a lower price in New York than milk produced inside the State.
The Seelig case was previously brought before the high court but was
returned to the Federal Court for the New York Southern District to
clear up legal technicalities. Both sides are appealing to the Supreme
Cou(t for a decision.
Through an order to-day, the Court noted "probable jurisdiction"
which ordinarily means that it will take full Jurisdiction in the issue. Reduced to ordinary terms the issue is whether Commissioner Baldwin shall
be able to enforce an order carrying out the New York milk law.
An early decision was asked, a joint belief pointing out that the State
Milk Control law will expire March 31, and before that time "the Legislature will take some action upon the situation for which action a final
decision in this case is needed for guidance."
Bill to Amend New York State Milk Control Law
Introduced in State Legislature by Assemblyman
Farbstein—Would Exempt New York Stores from
Minimum Price Provision
A bill to amend New York State's milk control law, introduced in the State Legislature on Jan. 16 by Assemblyman
Leonard Farbstein (Dem.), would exempt New York City
storekeepers from orders fixing the minimum price at
which milk can be sold to consumers. Associated Press
accounts Jan. 16 from Albany reporting this added:
The measure was presented just as the Assembly Committee on Agriculture reported favorably on the Kelly bill extending the life of the Milk
Control law in its present form. Several other proposed amendments
are expected to be introduced.
Assemblyman Fa.rbstein's amendment would not affect dealers who
sell milk in wholesale lots, or those who deliver milk from house to house.
It merely strikes out a section of the law that gives the Milk Control
Division power to say how much storekeepers must charge for bottled
milk. Up-State communities would not be affected.
The Assemblyman said the amendment is designed to give New York
City consumers milk at lower prices in cases where grocers Wish to sell
at price below the present level set by the State. Ile said it would not
affect the price received by the producers or the wholesale dealers.
Report of President Roosevelt's Committee on Economic
Security
Below we give the report of the President's Committee
on Economic Security, made public at Washington on Jan.
17, with the submission of President Roosevelt's message to
Congress on social security. The message, embodying a
program for unemployment insurance, old age pensions,
8rt., is given under another head in this issue of our paper.
The social security program recommended by the President
Volume
Financial Chronicle
140
is based on tne report of his Committee on Economic Security, the textual summary of whose report follows:
Employment Assurance
Since most people must live by work, the first objective in a program of
economic security must be maximum employment. As the major contribution of tne Federal government in providing a safeguard against unemployment we suggest employment assurance—the stimulation of private employment and the provision of public employment for those able-bodied workers
whom industry cannot employ at a given time. Public work programs are
most necessary in periods ofsevere depression, but may be needed in normal
times as well to help meet the problems of stranded communities and overmanned or declining industries. To avoid the evils of hastily planned
emergency work, public employment should be planned in advance and
co-ordinated with the construction and developmental policies of the
Government and with the State and local public works projects.
We regard work as preferable to otner forms of relief wnere possible.
While we favor unemployment compensation in cash, we believe that it
should be provided for limited periods on a contractual basis and without
governmental subsidies. Public funds should be devoted to providing
work, rather than to introduce a relief element into what should be strictly
an insurance system. . . .
The resources of all public bodies, Federal, State and local must be
co-ordinated if the policy of employment assurance is to be effectively
realized. It would be advantageous to include in the program many types
of public employment other than those which are considered necessary for
the regular operations of government. This would include not only public
construction of all kinds, but also appropriate work to employ usefully
the professional and self employed groups of our population. It would
also be desirable to extend Federal loans at low rates of interest to States
and local governments for employment purposes. Such loans, once established, should be on a self-liquidating basis, and snould become a revolving
fund to be used over and over again as loans are repaid.
nits entire program points immediately and inevitably toward practical
advance planning on a broad scale to make tne potential resources of a
region available for tne general welfare of toe people involved, and toward
detailed development of individual projects. To this end we endorse the
recommendation of the National Resources Board for the establishment of
a permanent National Planning Board.
Unemployment Compensalion
Unemployment compensation, as we conceive it, is a front line of defense,
especially valuable for those who are ordinarily steadily employed, but
beneficial also in maintaining purchasing power in depression time. While
it will not directly benefit those now unemployed until they are reabsorbed
in industry, it should be instituted at tne earliest possible date to increase
the security of all who are employed.
We believe that the States should administer unemployment compensation, assisted by the Federal Government. We recommend as essential the
imposition of a uniform payroll tax against which credits shall be allowed to
industries (which have contributed to unemployment insurance funds) in
States that shall have passed compulsory unemployment compensation laws.
Through such a uniform payroll tax it will be possible to remove the unfair
competitive advantage that employers operating in States which have failed
to adopt a compensation system enjoy over employers operating in States
whicn give such protection to their wage earners. . .
.
We believe also that it is essential that the Federal Government assume
responsibility for safe-guarding, investing, and liquidating all reserve funds,
in order that these reserves may be utilized to promote economic stabilities
and to avoid dangers inherent in their uncontrolled investment and liquidation. We believe, further, that the Federal Act should require high
administrative standards, but should leave wide latitude to the States in
other respects, as we deem varied experience necessary within particular
provisions in unemployment compensation laws in order to conclude what
types are most practicable in this country. . . .
In the basis caluclations of our actuaries, a waiting period of four weeks,
a'50% compensation rate and a maximum of$15 per week, but no minimum,
were assumed. We suggest to the States in framing their lawd that on the
basis of 3% contribution rate the maximum benefit, period cannot safely
exceed 16 weeks and should be reduced to 15 weeks, if it is desired to give
workers who have been long employed without drawing benefits an additional (maximum) week of compensation for each six months they have
been employed without drawing benefits, up to a maximum of 10 additional
weeks.
Extended cash benefits seem to us far less desirable than work benefits
and we recommend that an employee, after he has exhausted his contractual
rights, be certified to the authorities in charge of the Federal work program
as entitled to a work benefit. Such certification shall entitle the unemployed
insured worker, who has exhausted his cash benefits, to employment on
any available public employment project. . . .
The States should make all contributions compulsory and may require
them from employers alone, or from employers and employees, with or
without contribution by the State Government. The States should have
freedom in determining their own waiting periods, benefit rates, maximum
benefit periods, &c. We suggest caution lest they insert in their laws
benefit provisions in excess of collections. . . .
We earnestly recommend prompt enactment by the Congress of legislation which will (1) impose a uniform tax on the employers to whom the act
Is applicable, beginning with the year 1936, and (2) create machinery for
participation in the administration of unemployment compensation.
The tax should be imposed upon all employers who have employed four
erlmore employees for a reasonable period of time (any 13 weeks of the
taxable year for example), and should be measured by a percentage of
thelemployer's payroll. By 1938 the rate of tax should be 3% of the
payroll; but in the first two years, if economic recovery has not progressed
satisfactorily, we recommend a lower rate, and suggest that the index
of industrial production of the Federal Reserve Board may well be used
toZdetermine whether the rate in the first and second years shall be 1%,
2%, or 3%. We are opposed to exclusions of any specified industries
from the Federal Act, but favor the establishment of a separate nationally
administered system of unemployment compensation for railroad employees and maritime workers.
0Against the tax imposed in the Federal law, a credit, up to 90% of the
tax, should be allowed for the money the employer has paid to the proper
State authority as contributions for unemployment compensation purposeoursuant to State law. These credits, however, should be permitted
only if the State is co-operating with the Federal Government in the
unemployment compensation, expending the money
administration
raised solely tforibenefits, and is depositing all contributions as collected
trust fund in the United States Treasury.
unemployment
an
In
Ulf a State, to encourage stabilization of employment, permits particular
industries or companies to have individual reserve or guaranteed employment accounts (such accounts to be kept by the State authority, but with
deposit of the funds in the United States Treasury) or allows lower rates
of contributions to employers not having such individual accounts on
397
the basis of their favorable experience, an additional credit beyond the
amount contributed in a particular year may be granted in the Federal
Act. We recommend, however, that such credit be allowed in all cases
only on the condition that the employer has discharged in full his obligations under the State law and continues to pay at least 1% into the pooled
State fund. Further,such an employer with an individual reserve account
before becoming entitled to any additional credit, must have and maintain
a reserve equal to at least 15% of his payroll, and an employer with a
guaranteed employment account a reserve of 73i% of his payroll; while
no additional credit for any reduction in rates payable to a pooled State
fund may be allowed until after the State law has been in operation for
five years.
To encourage efficient administration; without which unemployment
insurance will fail to accomplish its purpose, we believe that the Federal
Government should aid the States by granting them sufficient money for
proper administration, under conditions designed to insure competence
and probity. Among these conditions we deem selection of personnel on
a merit basis vital to success. We also recommend that as a condition,
both of grants-in-aid for administration and of the allowance of any tax
credits for payments made under any State unemployment compensaction
Act, the State must have accepted the provisions of the Wagner-Peyser
Act (Public Employment Service) and provide for the payment of unemployment compensation through the public employment offices established
under such Act. A grant-in-aid for administration would not create any
new burden on the Federal Government, as it would be paid for by the
amount of the payroll tax over and above the credits allowed for contributions to State funds.
liols an essential part of the Federal law, it should be made a requirement for any tax credits that all moneys collected for unemployment
compensation purposes under State laws (Including those credited to
individual industry or company accounts) be deposited as collected in
the freasury of the United States in a trust account to the credit of the
State, to be invested and liquidated as the Secretary of the Treasury may
from time to time direct. Withdrawals from the fund are to be made only
for unemployment compensation purposes, under regulations to be prescribed by the Secretary of the 'treasury. . . .
The plan of unemployment compensation we suggest, is frankly experimental. We anticipate that it may require numerous changes with
experience, and, we believe, is so set up that these changes can be made
through subsequent legislation as deemed necessary. If we are to wait
until everyone interested in the subject is in agreement as to What is a
perfect measure before enacting unemployment compensation legislation,
there will be a long and unwarranted postponement of action.
We submit that the Federal part of the program should be enacted
Into law by the Congress at the earliest date possible. This is urgently
necessary if the State legislatures are to act in time to permit the legislation to go into effect Jan. 1 1936. In the coming year 44 of the 48
States will hold regular sessions of their legislatures. Most of these will
convene in January and will be in session three months or less. Unemployment compensation in this country will suffer another year of delay unless
there is prompt action by the Congress.
Old Age Security
To meet the problem of security for the aged we suggest as complementary measures, non-contributory old age pensions, compulsory contributory annuities and voluntary contributory annuities, all to be applicable on retirement at age 65 or over.
Only non-contributory old age pensions will meet the situation of those
who are now old and have no means of support. Laws for the payment
of old age pensions on a needs basis are in force in more than half of all
States and should be enacted everywhere. Because most of the dependent aged are now on relief lists and derive their support principally
from the Federal Government and many of the States cannot assume
the financial burden of pensions unaided, we recommend that the Federal
Government pay one-half the cost of old age pensions but not more than
$15 per month for any individual. . . .
Since the Federal Government, under the plan we recommend, is to
assume one-half the cost of old age pensions, we deem it proper that it
should require State legislation and administration which will insure to
all of the needy aged pensions adequate for their support. We recommend that aid be granted only to those States which enact laws that are
State-wide or Territory-wide in scope, and, if administered by political
subdivisions, are mandatory upon them. Such laws may limit the granting
of pensions to citizens of the United States and residents of the State or
Territory, but may not require a longer period of residence than five years.
within the last ten years preceding the application for a pension. Property
and income limitations may, likewise, be prescribed but no aged person
otherwise eligible may be denied a pension whose property does not exceed
$5,000 in value or whose income is not larger than is necessary for a reasonable subsistence compatible with decency and health. The pension to be
allowed must be an amount sufficient, with the other income of the pensioner, for such a reasonable subsistence. Federal grants-in-aid are to
be paid only on account of pensions granted to persons over 65 years of
age but until Jan. 1 1940 States may maintain a 70-year age limit, which
must thereafter be reduced to 65. No Federal aid is to be extended for
aged persons cared for in institutions, and so much of the total pensions
paid to any pensioner as was derived from the United States Government
shall constitute a lien on the estate of the aged recipient, which, upon
his death shall be enforced by the State or Territory and refunded to the
Federal Government. The administration of the old age pensions law
must be under the supervision of a designated State Department and
must be so conducted as to insure fulfillment of the intent of the Federal
graints-in-aid; namely, to give all dependent aged persons not in need
of institutional care a decent subsistence in their own homes.
Costs
Only approximate estimates can be given regarding costs of proposed
grants in aid. The estimates of actuaries consulted by this committee are
in our judgment so high in estimated figures for the year 1980 that further
careful studies must be given to them with the objective of finding ways
and means for reduction and limitation of estimated Government contributions as of that year.
Obviously figures will be reduced if a compulsory system of contributory
annuities is established simultaneously with the Federal grants in aid.
Sound financing demands this simultaneous action. Furthermore, the
actuarial figures assume that contributory annuities will not cover a large
percentage of our population comprising those who are not actual wage
earners. It is essential that as soon as possible these persons be brought
into the compulsory system of contributory annuities, else the annual
Government contributions will be so high as to constitute an impossible
charge on the taxpayers.
, Contributory Annuities (Compulsory System)
The satisfactory way of providing for the old age of those now young is a
contributory system of old age annuities. These will enable younger
workers, with matching contributions from their employers to build up a
398
Financial Chronicle
Jan. 19 1935
more adequate old age protection than it is possible to achieve with pensions
of such children are on the relief lists than are in receipt of children's aid
based upon a means test. To launch such a system we deem it necessary
benefits. We are strongly of the opinion that these families should be
that workers who are now middle aged or older and who, therefore, cannot
differentiated from the permanent dependents and unemployables, and
in the few remaining years of their industrial life accumulate a substantial
we believe that the children's aid plan is the method which will best care
reserve be. nevertheless, paid reasonably adequate annuities upon retirefor their needs. We recommend Federal grants-in-aid on the basis of
ment. A portion of these particular annuities will come out of Government
one-half the State and local expenditures for this purpose (one-third the
funds, but, because receipts from contributions will in the early years
entire cost). . . .
greatly exceed annuity payments, it will not be necessary as a financial
Such Federal grants-in-aid are a new departure, but it is imperative
problem to have Government contribution until after the system has been
to give them if the mothers' care method of rearing fatnerless families is
in operation for 30 years. The combined contributory rate we recommend
to become nationally operative. Toe am:milt of money required is less
is 1% of payroll to be divided equally between employers and employees,
tnan tne amount now given to families of this character by tne Federal
which is to be increased by 1% each five years, until the maximum of 5%
Government by tne less desirable route of emergency relief. An initial
is reached in 20 years. . . .
appropriation of approximately $25,000,000 per year is believed to be
We recommend that the contributory annuity system include, on a comsufficient. If the principle is adopted of making grants equal to one-half
of the State and local expenditures (one-third the total cost), with special
pulsory basis, all manual workers and non-manual workers earning less
than $250 per month, except those of governmental units and those covered
assistance to States temporarily incapacitated, this sum might in time
rise to a possible $50,000,000. Federal grants should be made conditional
by the United States Railroad Retirement Act. (In the first five years that
on passage and enforcement of mandatory State laws and on the subthe act is in effect only employees who on the effective date are less than 60
mission of approved plans assuring minimum standards in investigation,
years of age are to be included.) Employees who lose compulsory coverage
amounts of grants and administration. After a specified date. State
(by becoming employers, ceasing to work, &c.) after they have made at
financial participation should be insisted upon. This might take the form
least 200 weekly contributions are to be permitted to continue membership
either of equalization grants to local units or of per capita grants, as the
on a voluntary basis by paying a contribution equal to the combined
several States may prefer. . . .
contributions required from employers and employees.
We recommend also that the Federal Government give assistance to
The compulsory contributions are to be collected through a tax on payrolls
States in providing local services for the protection and care of homeless,
and wages, to be divided equally between the employers and employees.
neglected
and delinquent children and for child and maternal health
To keep tilt)reserves within manageable limits, we suggest that the combined
services especially in rural areas. Special aid should be given toward meetrate of employers and employees be 1% in the first five years the system is
ing a part of the expenditures for transportation, hospitalization and
in effect; 2% in the second five years; 3% in the third five years; 4% in
convalescent care of crippled and handicapped children, in order that those
the fourth five years and 5% thereafter. If it is deemed desirable to reduce
very necessary services may be extended for a large group of children
the burden of the system upon future generations, the initial rate may well
whose only handicaps are physical. . . .
be doubled and the tahing effect of each higher rate advanced by five years.
Both the tax on the employers and the employees is to be collected through
Risks Arising Out of Ill Health
the employers, who shall be entitled to deduct the amount paid in the
As a first measure for meeting tne very serious problem of sickness in
employees' behalf from wages due them. The necessary rules and regulafamilies with low income we recommend a nation-wide preventive public
tions for collection of contributions are tb be prescribed by the Secretary
health program. It snould be largely financed by State and local governof the Treasury.
ments and administered by State and local nealth departments; the Federal
We suggest that the Federal Government make no contribution from
Government to contribute financial and technical aid. The program congeneral tax revenues to the fund during the years in which income exceeds
templates (1) grants-in-aid to be allocated through State departments of
payment from the funds, but that it guarantee to make contributions, when
health to local areas unable to finance public health programs from State
the level of payment exceeds income from contributions and interest, suffiand local resources, (2) direct aid to States in the development of State
cient to maintain the reserve at the level of the last year in which income
health
services and the training of personnel for State and local health
exceeded payments. According to our actuarial estimates the reserve on
work, and (3) additional personnel in the United States Public Health
this basis would be maintained at about $15,250,000,000.
Service to investigate health problems of inter-State or national concern.
No benefits are to be paid until after the system has been in operation
The second major step we believe to be the application of the principles
for five years, nor to any person who has not made at least 200 weekly contriof
insurance to this problem. We are not prepared at this time to make
butions,nor before the member has reached the age of 65 and retired from
recommendations
for a system of health insurance. We have enlisted
gainful employment. Persons retiring after having passed ago 65 will
the co-operation of advisory groups representing the medical and dental
receive only the same pension as if they had retired at that age. The
professions and hospital management in the development of a plan for
benefits are normally to take the form of annuities payable during the
health insurance which will be beneficial alike to the public and the proremainder of the life of the annuitant. Should a member die before the age
fessions
concerned. We have asked these groups to complete their work
of 65 or before the amount of his own contributions has been paid to him as
by March 1 1935, and expect to make a further report on this subject at
an annuity, the difference between his contributions and the amount which
that time or shortly thereafter.
he may have received as an annuity, with interest at 3%,is to be paid as
Residual Relief
a death benefit to his dependents. Members who have made contributions
for a short time but who, on reaching age 65 are not entitled to an annuity
The measures we suggest all seek to segregate clearly distinguisnable
(because they have not made 200 contributions) are to be refunded their
large groups among those now on relief or on the verge of relief and to
own contributions with 3% interest.
apply such differentiated treatment to each group as will give it the greatest
Under one proposal considered by the committee, the annuity payable to
practical degree of economic security. We believe that if these measures
members in whose behalf contributions are first paid during the years 1937
are adopted, the residual relief problem will have diminished to a point
to 1941 shall be computed as follows: If they are eligible to retirment in
where it will be possible to return primary responsibility for the care of
the sixth year after becoming members, their annuity shall be equal to
people who cannot work to the State and local governments.
15% of the average weekly wage during the period they have been within
To prevent such a step from resulting in less humane and less intellithe system, not counting that portion of the wage in excess of $150 Per
gent treatment of these unfortunate fellow citizens, we strongly recommonth. For those retiring in the next five years this annuity is to be
mend that the States substitute for their ancient, out-moded poor laws
Increased by 1% of the average weekly wage for each additional 40 weeks
modernized public assistance laws, and replace their traditional poor laws
of contributions, but the increase shall not exceed 1% of each year of
administrations by unified and efficient State and local public welfare
membership in the system. Thereafter the initial annuity is to be increased
departments, such as exist in some States and for which there is a nucleus
by 2% for each 40 weekly contributions, but not more than 2% per year,
in all States in the Federal Emergency Relief Organization,
until a maximum pension of 40% of the first $150 average monthly wages
Administration
upon which contributions have been paid shall be reached.
The creation of a Social Insurance Board within the Department of
The minimum annuity payable to persons in whose behalf contributions
Labor, to be appointed by the President and with terms to insure conare first paid in 1942 or subsequent thereto, shall on retirement at age 65
tinuity of administration, is recommended to administer the Federal
or over after 200 weekly contributions, be 10% of the first $150 average
compensation Act, and the system of Federal contributory
unemployment
monthly wages upon which contributions have been paid. To this 10%
old age annuities.
shall be added, I% for each 40 weekly contributions subsequent to the
The Secretary of the Treasury is recommended to have full responsibility
first 200 payments made within the first five years of membership in the
for the safeguarding and investment of all social insurance funds. The
system, but not to exceed 1% for each year of membership after the
Federal
Emergency Relief Administration is recommended as the most
qualifying period offive years. . . .
appropriate existing agency for the administration of non-contributing
Voluntary Old Age Annuities
old age pensions and grants-in-aid for dependent children, If this agency
snould be abolished the President should designate the distribution of its
The voluntary system of old age annuities we suggest as a supplement to
work.
the compulsory plan that contemplates the Government shall sell to indiviIt is recommended that all activities of the Federal Government dealing
duals on a cost basis, deferred life annuities similar to those issued by comwith the administration of laws based on those recommendations be comercial insurance companies; that is, in consideration of premiums paid at
ordinated and systematized.
specified ages. the Government would guarantee the purchasers a definite
The members of the President's Committee on Economic Security signing
amount of income starting at 65 for example, and continuing throughout
the report were:
the lifetime of the annuitant. The primary purpose of the plan is to offer
The Secretary of Labor, Chairman.
persons not included within the compulsory system a systematic and safe
The Secretary of the Treasury.
method of providing for their old age. It could also be used by insured
The Attorney -General.
persons as a means of supplementing the old age income provided under the
The Secretary of Agriculture.
compulsory plan. . . .
The plan should be designed primarily for the same income groups
The Federal Emergency Relief Administrator.
as those covered by compulsory system, hence, provision should be made
for the acceptance of relatively small premiums (as little as $1 per month)
and the maximum annuity payable to any individual should be limited to
Senate Approves Appropriation of $50,000 to Continue
the actuarial equivalent of $50 per month. . . .
Munitions Inquiry—Public Hearings Will Resume
There should be a study of the feasibility of Government contributions
Jan. 21.
toward the annuities of people now middle-aged or older with income of
The Senate on Jan. 17 voted an appropriation of $50,000
$2,500 per year or less who come under this voluntary Plan, comparable
to the unearned part of the annuities which will be paid by the Governto continue the investigation of the munitions industry,
ment to people of middle age or older who are brought under the comalthough twice that amount had been sought by those backing
pulsory system. This is but a fair deal to farm owners and tenants, selfemployed persons and other people of smallincome whose economic situation
the inquiry. The Senate Audit and Control Committee
may be not one whit better than that of any workers covered by the
lowered the sum asked, with the understanding that if more
compulsory system. Further study will be necessary, however, before a
funds are needed later they might be supplied. Public
practical method of accomplishing this purpose can be suggested, one which
will avoid the danger of benefiting those persons woo need assistance
hearings are scheduled to be resumed Monday (Jan. 21).
least.
Arguments were pressed in the Senate this week for the
Security for Children
appropriation of an additional $100,000 to enable the
A large group ofthe children at present maintained by relief will not be aided
by employment or unemployment compensation. There are the fatherless
Senate committee investigating the munitions industry to
and other "young" families without a breadwinner. To meet'the problems
complete its inquiry. Senator Bone, a committee member,
of the children in these families no less than 45 States have enacted children's
charged on Jan. 14 that the committee had been "the victim
aid laws, generally called Mothers' Pension Laws. However, due to the
present financial difficulty in which many States find themselves, far more
of a great amount of propaganda" which sought to show
Volume 140
Financial Chronicle
that the inquiry was "un-American in nature." Senator
Nye, heading the committee, asked the Senate to appropriate the $100,000 on Jan. 4, and a resolution authorizing
the appropriation was referred to the Committee on Audit
and Control. Meanwhile the Committee, which lacked
funds to continue its work, was forced to recess. When the
Committee resumes its inquiry it is expected to discuss the
naval shipbuilding situation, and this will be followed by
an investigation of steel companies and then by an inquiry
into activities by some bankers and financial institutions in
financing activities during the World War.
Bill Embodying Townsend Old Age Pension Plan
Introduced in House — Proposal Opposed by
Administration
In the House on Jan. 16 Representative McGroarty
(Dem., Calif.) introduced a bill to effect the Townsend
plan whereby the Federal Government would pay $200 a
month to persons over 60 years old. The plan, which is
reported as opposed to the Administration as impracticable,
is sponsored by Dr. Franklin E. Townsend of California.
A Washington dispatch Jan. 16 to the New York ,"Herald
Tribune" stated:
The plan provides that every sane law-abiding American man or woman
past 60 years of age shall be paid a $200 monthly pension for life. Provided he or she quits gainful work and will "expend the same for goods."
To pay for this there would be levied a tax of 2% "on the gross dollar
value of each business, commercial or financial transaction in the United
States." The President could increase or decrease the tax 50%. Every
seller of goods would be required to take out a license, the fee to be fixed
by the Secretary of the Treasury, and the pensions would be disbursed
by banks which are members of the Federal Deposit Insurance Corporation.
The bill is said to call for a first Treasury grant of $2,009,000,000, sufficient to pay the first month's benefits.
Retailers' Association Adopts Program of Economic
Security, Including Unemployment and Old Age
Insurance—Plan Endorses Much of Proposed
Administration Legislation—Would Provide Pension Funds for Widows
A comprehensive program of economic security, including
unemployment insurance, was adopted Jan. 15 by the
National Retail Dry Goods Association, meeting in convention in New York City. .The program was formulated
by a committee headed by Percy S. Straus, President of
R. H. Macy & Co. The plan, which endorses much of the
legislation proposed by the Washington Administration,
was forwarded to Senator Wagner of New York, Federal
Relief Administrator Harry L. Hopkins, and Secretary of
Labor Perkins. Among the proposals are old age insurance
and pensions for those already incapacitated by old age,
provisions for sickness or disability, and widows' pensions.
Unemployment insurance funds, according to the program,
would be contributed to by both employers and employees.
The Association adopted a resolution containing the
program after a motion to that effect by Samuel W.Rayburn,
President of the Associated Dry Goods Corp. of New York,
and Chairman of the National Retail Dry Goods Association Committee on Unemployment Reserves. Regarding
the economic security plan the program says in part:
We must distinguish between a desired ultimate objective, with respect
to economic security, and the necessities caused by the situation in which
we find ourselves. With respect to the Administration program for
meeting the present situation on an emergency basis through providing,
as proposed by the Administration, work when possible, and relief when
necessary, we are in accord. But we must not permit ourselves to accept
these emergency measures as permanent solutions.
Our objective should be to give the worker work, and through adequate
reserve and insurance protection against the hazards of unemployment,
old age, sickness, disability and dependency. Unfortunately, the building
up of reserve for each of these purposes reduces purchasing power, particularly in its initial stages. This, however, should not cause us to delay
the development of programs, nor should it prevent us from taking the
Initial steps, and of progressively increasing a general program of economic
security.
As to unemployment reserves we quote in part from
the program as follows:
A program of unemployment reserves, to be of National benefit, must
be created by Federal law. Such law must result in eliminating undue
benefits for particular States that might be unwilling to meet a minimum
National standard. At the same time it should be flexible enough to
allow for administrative variation, to correspond with local needs and
preferences, and to provide much-needed practical experimentation.
The unemployment reserve fund, in our opinion, should be built up
by contributions by the employer, the employee and the State. The
State should contribute at least the expenses of administration, in order
that the full amount contributed by employers and employees may be
available as benefits.
In the initial stages, the contributions from the various industries and
establishments should be at the same basic rate. As soon as experience
with the incidence of unemployment is built up, provision should be made
whereby differential rates can be established. This would be an inducement to employers to exercise their ingenuity and initiative in stabilizing
employment and would discourage them from throwing workers upon
the unemployment fund as a measure of labor economy. . . .
399
A plan of unemployment reserves presupposes an efficient and widely
distributed system of public employment offices. In recent months
there has been a certain improvement of this important public service,
but further progress must be made to meet the needs that will arise. The
Federal Government should continue its interest and support of State
public employment offices and should be supported in its efforts to provide a workable Federal-State system.
While unemployment reserves will take the first brunt of cyclical depression,full plans should be made ready for public works, and for measures
of relief that will more promptly than has been the case in the present
depression restore the purchasing power upon which industry depends.
We are in sympathy with the efforts being made by the Federal Government. in co-operation with the States, to plan constructive public projects
for the future.
In the ease of old age security the suggestion is made for
"a program of Federal and State co-operation, in the provision of the resources necessary for pensions, with flexibility
that will permit each State to arrange the terms and conditions in accordance with local needs."
As to mothers' and widows' pensions it is suggested "that
the Federal Government, in co-operation with the States,
establish minimum standards of benefits toward which the
Federal Government can make an appropriate contribution.
Retailers Consider Plans for Unemployment InsuranceHold Simultaneous Meetings at 187 Key Cities—
Three Leading Proposals Debated
Suggestions for unemployment legislation were debated
Jan. 7 by approximately 20,000 retail merchants at a series of
simultaneous luncheons held in 187 key cities throughout the
United States. The luncheon in New York, sponsored by the
Retail Merchants Committee on unemployment insurance,
was attended by more than 700 representatives of leading
department stores and industrial and financial activity.
Speakers who addressed the luncheons through a radio
hook-up included Samuel W. Reyburn, President of the
Associated Dry Goods Corp., Lincoln Filene, of William
Filene's Sons Co. of Boston; Professor E. P. Hohlman of
Northwestern University, and A. B. C. Dohrmann, of the
Emporium Capwell Corp. of San Francisco. The New York
"Herald Tribune" of Jan. 8 summarized the proceedings in
part as follows:
Ballots outlining three separate plans for unemployment insurance
and a proposal for Federal machinery to supplement any of the three plans
were distributed at all the meetings.
Merchants throughout the country will decide on the plan which they
believe will be best and then the delegates named at yesterday's meetings will carry the decision to Congress and the various State Legislatures.
Mr. Rayburn, in opening the meeting, said that "it is unfair to expect
lawmakers alone to do all the thinking and planning to bring about recovery. Those in distress cannot be expected to help," he said. "It is up to
us who have jobs and time for thought and study to take a hand and help.'.
Slump Hits Bottom
Mr. Reyburn said that he believed the "depression has reached bottom."
He added that the "old cycle is ended, the new begun," and that the degree
of progress to be made depends on "our full co-operation in thought and
deed."
Lincoln Filene, in his speech broadcast from Boston, urged a system of
compulsory unemployment insurance by State law, with individual company
funds, held by the State, with no compulsory contributions, by employees,
and with no contribution from the State except administration expense.
"I favor the principle of the National Wagner-Lewis Bill to secure uniform
State action, eliminate competitive disadvantages and make National
minimum standards." he said.
He felt that"we have to-day enough knowledge and enough experience to
lay the cornerstone of a system of unemployment reserves on which we can
build, over the years, a system that will be grounded in American experience
and adapted to American psychology and economic needs."
Mr. Dohrmann Cautious Against Haste
From San Francisco, Mr. Dohrmann cautioned against too much haste.
The need for an adequate relief program will still be great, even when
unemployment insurance is under way, he said, in pointing out that all
would not be eligible for such insurance.
Posing the question,"Are we really ready for this important legislation?"
he said that action at this time will neither alleviate distress nor hasten
recovery. It may, though, he said, "retard recovery."
Mr. Dohrmann advised more intensive study and recommended that a
Federal Commission representing all interested groups be given sufficient
time to work out a plan of unemployment insurance that would be fair and
equitable to employer and employee alike.
Prof. Ho?, rnan Presents Analysis
Professor Hohlman, talking from Chicago, presented an analysis of the
four-way plan, involving contributions by the employee, employer. State
and Federal Government.
The case for the three-party plan was outlined at the New York meeting
by Frank L. Well, Attorney, and member of the law firm of Well, Gotshal & Mangos. He favored the plan whereby the employee, employer and
the State would contribute. Contribution by the employer only, such as
proposed by the American Federation of Labor, he declared, is "unsound."
"Payment of his share by the worker arouses a definite sense of responsibility and a pride of part ownership," Mr. Well said.
Opposition to Compulsory Insurance Measures Before
New York State Legislature Indicated by Merchants' Association of New York in Communication to Legislative Leaders—Sees Unemployment
Reserves Placing Huge Financial Burden on
Business
On the ground that the time is inopportune for the establishment of compulsory public unemployment insurance,
and that to set up unemployment reserves now would impose
400
Financial Chronicle
a huge financial burden on business enterprises at a time
when they are least able to assume it, the Merchants' Association has advised legislative leaders at Albany of its opposition to pending measures for the establishment of compulsory unemployment reserves.
The Association points out that two bills—the ByrneKillgrew bill and the Hanley-Ehrlich bill—have been introduced at the present session of the Legislature with a view
to establishing a system of unemployment reserves in New
York State. The Byrne-Billgrew bill would tax employers
an amount equal to 3% of their payroll, and the HanleyEhrlich bill 2% for such reserves. It is unofficially estimated, says the Association, that the cost to mercantile and
industrial enterprises of setting up a 3% reserve would be
from $100,000,000 to $150,000,000 a year.
One of the points made by the Association is that New
York has already advanced so far beyond other States in
respect to social legislation as to produce unfair differentials
in the cost of doing business which have been reflected in
the withdrawal of industry from the State, and that to still
further increase the costs, until there is definite assurance
that comparable action will be taken by a majority of other
States, would be inadvisable.
The Association set forth its position in a letter (made
public Jan. 14) to the niembers of the Senate and Assembly
committees on Labor and Industries, as follows:
As it is impossible to definitely predict the amount of unemployment at
any future time, the risk of unemployment is definitely not insurable on a
sound actuarial basis. Compulsory legislation, providing for nominal
benefits over limited periods of time, can at best furnish only an economic
bridge over which the worker may pass from one job to another during
periods of mild unemployment. It cannot relieve nor prevent depressional
unemployment and depressional unemployment is the type which presents
the most distressing problem.
If legislation providing for compulsory unemployment benefits is enacted,
setting up certain reserves which prove to be inadequate to provide the
disbursements under the law and the fund becomes exhausted, the chances
are strong that the workers will turn to the State and demand that it
continue payments to those persons who continue to be or who in the
future may become unemployed. The possibility of such a condition is not
remote in view of the experiences of the plans which have been tried out
abroad.
In view of these things, it is obvious that the enactment of compulsory
public unemployment reserves legislation will set up an experiment the
costs of which, while unknown, are certain to exceed those set forth in
the initial measures themselves. Such an experiment, if tried at all, should
be regarded as a reconstruction effort and undertaken, if at all, only when
the indices of employment and payrolls have shown definite upward trend
over a stipulated period of time. To undertake it now, when every effort
should be bent toward recovery rather than reconstruction, is to place
additional destructive and ill-advised financial burdens upon New York
State's business enterprises at a time when those enterprises are least able
to assume such burdens.
Further, it should not be overlooked that New York State's past pioneering activities in social legislation have already produced unfair differentials between the cost of doing business in New York State and such
costs in neighboring States. To continue such pioneering in the field of
compulsory unemployment reserves without definite assurance that comparable experiments will be undertaken by a majority of other States is
Ill-advisedly to incream those differentials.
We urge your efforts io prevent the enactment of the measures in question.
Lawyers in New York State Urged to Oppose State
Compensation Insurance Bill, Creating Virtual
Monopoly for State Fund—E. N. Scheiberling
Terms Measure Unwarranted Usurpation of Private
Rights
Every bar association in New York State was urged Jan.
16 to oppose the O'Brien-Canney bill to create a State
monopoly of workmen's compensation insurance, in a statement issued by Edward N. Scheiberling, President of the
Albany County Bar Association, and Chairman of the State
World War Memorial Authority. The bill is part of Governor Lehman's program of labor legislation, and representatives of organized labor are working for its enactment.
Mr. Scheiberling declared in his statement that the bill required all employers, unless self-insured, to insure their employees in the State fund, "which means that all stock and
mutual companies will be prohibited from writing this class
of insurance." He added that attorneys feel that the bill
is an unwarranted usurpation of the right of private business and that it establishes a dangerous precedent.
We quote further from his statement, as given in an Albany dispatch of Jan. 16 to the New York "Herald Tribune":
"It is feared that if this monopolistic legislation is enacted into law,
It is a forerunner for similar laws affecting other lines of business. If
the State should attempt to create a bureau or department to handle the
automobile accident business the legal profession and the public at large
would be seriously harmed. The Albany Bar Association is against the
State of New York going into business."
Legislators Weakening Under Protests.
Under a bombardment of thousands of letters and telegrams from all
parts of the State, urging them to defeat the bill, Democratic members of
the Legislature are showing signs of weakening, and party leaders are finding it difficult to keep them lined up for it. The letters are from insurance company officials and employees whose plea is that the bill will de-
Jan. 19 1935
prive them of their means of livelihood. A public hearing on the
is to be held a week from today at the Capitol.
bill
James H. Perkins Appointed Member of Federal
Advisory Council Representing New York Federal
Reserve District
The Board of Directors of the Federal Reserve Bank of
New York,at a meeting Jan. 10,appointed James H.Perkins,
Chairman of the Board of the National City Bank of New
York, as a member of the Federal Advisory Council for the
Second (New York) District, to serve during 1935. The
appointment was announced by the New York Reserve Bank
on Jan. 14. Mr. Perkins succeeds Walter E. Frew, Chairman of the Board of the Corn Exchange Bank Trust Co.,
who served on the Council for the Second District in 1934,
and whose term expired Dec. 31 1934.
J. H. Case Reappointed Director of Federal Reserve
Bank of New York by Federal Reserve Board—Will
Continue as Reserve Agent and Chairman of Bank
Board
J. Herbert Case has been reappointed a Class C director
of the Federal Reserve Bank of New York by the Federal
Reserve Board for a three-year term, it was announced by
the Reserve Bank on Jan. 14. Mr. Case has also been
redesignated as Federal Reserve Agent and Chairman of the
Board of Directors of the Reserve Bank for 1935. Owen
D. Young, a Class C director, was redesignated by the
Reserve Board as Vice-Chairman of the Board of the New
York bank.
Death of Elvadore R. Fancher, Governor
Reserve Bank of Cleveland
of Federal
Elvadore R. Fancher, Governor of the Federal Reserve
Bank of Cleveland, died of heart disease at his home in
Cleveland on Jan. 16. Mr. Fancher, who was 70 years old,
had been Governor of the Cleveland Reserve Bank since
Oct. 23 1914, when the Federal Reserve System went into
effect. A summary of Mr. Fancher's career was contained
as follows in the New York "Times" of Jan. 17:
Mr. Fancher was activeas a banker for many years before he became
Governor of the Federal Reserve Bank of Cleveland. He became associated
In 1881 with the Tuscarawas Valley Coal Co., Lorain, Ohio, and with the
First National Bank of Lorain the following year.
From 1885 to 1896, he served as bookkeeper of the unionNatIonal Bank
of Cleveland. becoming Assistant Cashier in the latter year. In 1904 he
was promoted to Cashier of that bank and, in 1909, to Vice-President. In
1914 he served a short term as President of the bank before becoming
Federal Reserve Bank Governor.
He had served as director and Vice-President of the Cuyahoga Lumber
Co. and of the Zerk Manufacturing Co. and as President and a director
of the Union Building Improvement Co., all of Cleveland.
During the World War he was Chairman of all of Cleveland's Liberty
Bond drives.
H. W. Martin Elected Senior Deputy Governor of
Federal Reserve Bank of Atlanta
The directors of the Federal Reserve Bank of Atlanta
on Jan. 11 elected H. Warner Martin as Senior Deputy
Governor of the Bank. Mr. Martin resigned on Oct. 30 1934
as assistant to the Governor of the Federal Reserve Board
and wasformerly President of the Trust Company of Georgia,
Atlanta. Recent election by the directors of Oscar Newton
as Governor, was noted in our issue of Jan. 12, page 253.
On Jan. 11 the directors also elected George S. Vardeman,
Jr., as Managing Director of the Jacksonville, Fla., branch
of the bank. Mr. Vardeman,formerly Cashier of the branch,
became acting Managing Director last November, following
the resignation of the late Hugh Foster. T. A. Lanford has
been elected Cashier of the branch to fill the post vacated
by Mr. Vardeman.
Federal Court Issues TemporarylInjunction Against
Louisiana Industrial Pension Law Sponsored by
Senator Long—Will Hold Hearing,Jan. 25 on Act
Protested by Standard Oil Co.
The Federal Court in New Orleans on Jan. 12 issued a
temporary injunction to halt the operation of the Louisiana
industrial pension law which was sponsored by Senator
Long. A hearing on the case will be held by a three-judge
Federal tribunal on Jan. 25. In seeking an injunction
against the law, the Standard Oil Co. of Louisiana and the
Standard Pipe Line Co., an affiliate, charged that their
$40,000,000 industry in the State was being deprived of its
constitutional rights. The law would force the company to
furnish a proportionate pension for an employee who is dismissed after having been employed as much as one-fourth of
the years which would make him eligible for a pension.
Associated Press advices, Jan. 12, from New Orleans added
the following regarding the case:
Volume 140
Financial Chronicle
Senator Long, in urging the Act at the special legislative session, said
that it was designed to prevent the discharging of employees who soon would
be eligible for pensioning.
"Our annuity or pension plan has been in effect for many years, and
there are now approximately 170 annuitants who are receiving about
$168,000 yearly," declared J. 0. Hilton, President of the Standard Oil Co.
of Louisiana, in discussing the suit.
Chester P. St. Amant, an executive committeeman of the Square Deal
Association, declared that "we have the dictatorship on the run," and asked
that "all men who love freedom and constitutional government immediately
make and hold themselves prepared to defend their rights."
He urged the "manhood and womanhood of Louisiana to stand by faithfully" and aid the Association in its ultimatum to Governor Allen to call
the Legislature into special session by midnight, Jan. 16.
Gold Clause Abrogation Debated in House—Representative Huddleston Asserts Adverse Decision by
Supreme Court Might Benefit Recovery
The constitutionality of Congressional abrogation of the
"gold clause" in public and private contracts was the subject
of a debate in the House of Representatives Jan. 17, when
Representative Huddleston of Alabama said that a Supreme
Court decision adverse to the Government would produce a
minor effect and might even be beneficial. Representative
Dies of Texas replied to Mr. Huddleston, asserting that the
Government's policies with respect to the gold clause had
been forced upon it. WE)quote below from Mr. Huddleston's
remarks, as reported in a Washington dispatch of Jan. 17
to the New York "Times":
"The greatest contribution we can make to the cause of recovery is to
declare the promises of the United States inviolate." he asserted. "If other
Nations can point to a decision that our Constitution prohibits the violation
of solemn obligations, it will be the greatest contribution we can make to
the cause of good-will and peace everywhere."
Referring to AttOrney General Cummings's warning that an adverse decision might be followed by "chaos." Mr. Huddleston s aid that. In his
opinion, "the general idea of the effects of an adverse decision by the
Supreme Court have been grossly overestimated," and suggested that it
would be well for the country "to analyze just what is involved" before
rushing to conclusions. •
r.4114-isol
Replying to Mr. Huddleston, Representative thee& Texas declared
the Government had no alternative but to adopt the policies it did to meet
the problems of 1933. adding that England had gone off the gold standard
and France, some years earlier, devalued the franc.
"We had to protect our citizenship,"said Mr. Dies,"against the monetary
trickery of Europe. If we do have to meet an adverse decision we can tax
gold securities as high as 40%, and such taxation might be necessary in
order to save the economic stability of the United States."
Mr. Huddleston contended that a decision that gold obligations must
be paid in gold would tend to restore confidence among foreign nations,
would improve the credit of the United States and its State and municipal
divisions and would add to the value of life insurance policies and other
comparable securities.
Nebraska Moves to Drop Gold Clause
from Public and Private Contracts in State
Governor Cochran of Nebraska moved on Jan. 16 to
strike the gold clause from all public and private contracts
in the State, according to Associated Press advices on that
day from Lincoln, which further said:
Governor of
In his first special message to the State Legislature the new Governor
asked for the outlawing of the gold clause, the fate of which now hangs
on a decision by the United States Supreme Court. Nebraska, he said,
should declare the clause to be against public policy and classify it as usury.
A bill was introduced quickly in the State Senate. the rules were suspended and it was read twice and referred to the Judiciary Committee.
similar
A
measure will be introduced in the House to-morrow.
The bill carries the emergency clause and the Governor urged quick
enactment. He is a Democrat and Democrats control both houses of
the Legislature by two-thirds majorities.
While the bill does not mention gold, it is clearly designed to circumvent any attempt that may be made by creditors to enforce payment
of obligations in gold or its equivalent in devalued dollars.
Panama Insists on Payment of Canal Annuity in Gold
Under date of Jan. 11 a Washington dispatch to the
New York "Times" said:
Announcement by Panama that she would insist upon payment of
rental on the Panama Canal in gold this year was regarded here as a reaffirmation of the legal position taken last year when the annual $250,000
became due on Feb. 27. Under the treaty of 1903, this amount is to
be paid in gold coin. The United States Government sent a check in
terms of dollars. Panama returned the check,insisting on payment in gold.
The issue was subsequently taken up in negotiations at the State Department with a diplomatic mission from Panama, in which several questions involving our treaty relationships in connection with the Panama
Canal were considered. The discussions have not been concluded.
From Balboa, Panama, Jan. 10 the "Times" reported
the following:
The Government of Panama continues to insist on payment of the
Panama Canal annuity in gold, and will renew its demand in a note to
the State Department through the Washington Legation in a few days,
according to "The Panama American," which states that its information
came from an official source.
Even the suggestion that Panama accept the annuity in devalued dollars,
reserving the right later to press claims for the balance on the basis of
gold, has been rejected. Last year's instalment remains unpaid, and
the annuity due in February makes the total $500,000. a payment which
on a gold basis would amount to $845,000 in the devalued currency.
"The Panama American" says editorially that Panama can wait, since
the annuity is pledged to the service of its 5% bonds, holders of which
in the United States are the most interested.
401
Governor Tannery of Bank of France at Meeting of
Bank for International Settlements Asserts France
Will Adhere to Gold Standard
Jean Tannery, the new Governor of the Bank of France,
at the 48th monthly meeting of the directors of the Bank
for International Settlements at Basle, Switzerland, on
Jan. 14 is reported as stating that France would not only
stick to the gold standard but that there would be no change
in the traditional policies of the Bank of France. In a
wireless message from Basle to the New York "Times" it
was further reported:
He kept to generalities, but convinced some of his hearers that France
would "hold the fort to the last." He said France still expected both
Britain and the United States to come back to her gold parity and insisted he had no intention of tying the franc separately otherwise to either
the pound or the dollar.
Secretary of Treasury Morgenthau Confers With
Attorney General Cummings—Conference Reported
as Having to Do With Gold Clause Test Before
Supreme Court—Stabilization Fund Would Not
Be Eliminated by an Adverse Ruling, Capital Said
to Insist.
A conference was held on Jan. 16 between Secretary
Morgenthau and Herman Oliphant, chief counsel of the
Treasury, with Attorney General Cummings, and while no
intimations were given by the participants as to the nature of
their talk, newspaper reports have it that the conference had
to do with the gold clause cases pending before the United
States Supreme Court. Incidentally it was indicated in a
Washington account Jan. 16 to the New York "Times" that
officials insisted that the $2,000,000,000 Stabilization fund
would not be eliminated, regardless of the court's decision.
The "Times" account added it was set up by Congress and,
according to the official view, it would remain intact, even
though Congress had specified that the money should come
from the "profits" resulting from devaluation of the dollar.
Administration Officials Reported Planning New
Legislation or Congressional Amendment if
Supreme Court Rules Against Government in Gold
, Clause Cases—Chief Justice Hughes During Final
Day's Arguments Again Questions Right to Alter
Bond Clauses
Following the conclusion on Jan. 12 of the arguments
before the United States Supreme Court on the constitutionality of Congressional abrogation of the gold clause in
public and private debt contracts, officials of the Administration were said this week to be conferring regarding
remedial legislation which might be introduced immediately
n Congress in the event that the United States Supreme
Court rendered a decision adverse to the Government.
Congressional leaders were among those who have predicted
that the Supreme Court would uphold the Government.
Speaker Joseph T. Byrns said on Jan. 14 that an adverse
Court decision could be remedied by legislation, and added
that he would oppose any plan to seek a favorable decision
by enlarging the Supreme Court membership.
The arguments in dna three-day hearing before the Supreme
Court were described in our issue of Jan. 12, pages 245-247.
As on the previous day, the arguments before the Court on
Jan. 11 were marked by questions, put by Chief Justice
Hughes to counsel for the Government, on the right of
Congress to alter United States bond clauses. AttorneyGeneral Homer S. Cummings, closed the argument (said the
Washington correspondent of the New York "Herald
Tribune") with an appeal which did not cite a legal precedent
and which was sparing in legal verbiage. To quote from
this account:
Pitching his argument in what he called a higher plane, he placed the
annulment of gold clauses in Government and private contracts "on the
level of 'supreme necessity' recognized by the Executive and Legislative
branches of the Government" and dealt with them in a painstaking, considered manner. . . .
As in his opening address on Tuesday and Wednesday, the AttorneyGeneral created a deepening impression that the Government is ready to
rest not only the gold clause legislation but much of the rest of the New
Deal on the issues of social and economic necessity. He seemed to emerge
less as a legal advocate than as an emissary from the Executive and Legislative branches of the Government to the judiciary.
Mr. Cummings concluded with an expression of the "utmost confidence"
that the Government would be sustained. Nevertheless, he asked the
Court to keep the cases open in the event it desired further elucidation of
the Government's argument.
In the "Herald Tribune" account, from which the above
extracts are taken, it was further stated that the impression
gained from the questions emanating from the bench that
the highest Court is sharply divided in its attitude toward
the basic issues of the gold cases was sustained until the end.
Continuing, the advices from which we quote said:
Just before the Attorney-General arose for his final argument, Angus
MacLean, Assistant Solicitor-General, underwent another rain of questions.
402
Financial Chronicle
Chief Justice Hughes, whose questions had helped to elucidate the Government's argument on the power of Congress to annul gold clauses in private
contracts, patiently sought yesterday and to-day to bring out more clearly
the Government's argument with respect to the power of Congress to change
the terms of Government bonds. The phrasing of his questions—which is
not a reliable index—gave the impression that the Chief Justice himself
entertained grave doubt as to the existence of this latter power.
"Does not the validity of international laws depend upon the principle
that a sovereign may bind itself by contract in borrowing money, and that
such obligations are sustained as obligations of the sovereign in the tribunals
of the world because it is the essence of sovereignty to be able by contract
to bind one's self?" the Chief Justice asked at one point. "Otherwise the
sovereign might not be able to protect itself when its sovereignty is in
Jeopardy and get money with which it might sustain itself."
Mr. MacLean said that might be so.
Stresses International Law
The Chief Justice emphasized that this must be true in international
saw, saying:
"You are not saying that in international law a government can repudiate
its contracts and refuse to pay what it borrows—that its contracts would
not be enforceable by courts ofarbitration or courts ofinternationallaw?"
The Chief Justice added:
"Government cannot go on unless the sovereign has power to make
contracts essential to its needs and limit itself with respect to its contracts."
Mr. MacLean insisted that, nevertheless, the Government was not debarred from exercising its constitutional authority to regulate the currency.
The international aspects of the abrogation of gold clauses in the Government's own bonds apparently had not been given great attention in the
preparation of the Government' case, while the Government could argue
that the domestic bondholder did not lose by devaluation of the dollar,
and that, even if he did, the domestic welfare required the action, it could
not argue that a foreign holder of a United States bond would not lose by
devaluation of the dollar and annulment of the gold clause.
In the Washington dispatch Jan. 11 to the New York
"Times" it was noted that the question before the Court
that day was the gold clause in Liberty bonds, but the
Attorney-General included in his plea to the Court all gold
clause obligations, private as well as public, of which the
Government estimates there are outstanding about $100,000,000,000. If redeemed under the provisions of the
former laws, these securities, the dispatch observed, would in
value approximate $169,000,000,000. In part, the dispatch
continued:
"What was done by the President and by the Congress was done only
after the most careful, thoughtful and painstaking consideration," Mr.
Cummings told the Court. "There never was at any time any disposition
to take advantage of any group of our citizenship. We were dealing with a
situation that had never before confronted the United States—circumstances
that would have appalled many a stout heart.
"I repeat that the President, the Congress, who had this great responsibility thrust upon them, approached it with a consecrated devotion to and
a:determination to deal rightly with all our people."
MacLean nad declared tne Government's position to be tnat "wnile
sovereign acts performed for tne general good may work injury on some
Individuals, tne Government cannot be held for damages."
"The Government cannot bind itself in contracts In such a way to limit
Its authority," ne asserted.
The Chief Justice interrupted.
"Is it not the very essence of sovereignty to be able to bind a sovereign
State in a contract to borrow money?" he asked.
"That may be true," Mr. MacLean replied.
"But does not the validity of international law depend as a matter of
International law on the power of the sovereign State issuing obligations
to bind itself to repay those obligations and,in so doing, to fix the conditions
of the repayment?" Mr. Hughes continued. "Is it not the very essence
of sovereignty for a government to be able to contract, since it may be
necessary to do solo the interest of its own security?"
"I think that as a matter of international law and as between sovereign
States that is true, but international law in no way binds or controls a
State in such steps as it may take to equalize the value of its own medium
of exchange," Mr. MacLean replied.
Held Obliged to Pay in Dollars
The Chief Justice then asked:
"But you would not say that as a matter of international law a government could repudiate its obligation?"
"No. I would not say that," was the reply. "But I do maintain tnat
the obligations here involved are obligations to pay in dollars."
Unless the power of Congress to fix the value of the dollar and to act
as it did was upheld, the time might come, said Mr. MacLean, when the
Government would be powerless to change its money standards "no matter
how necessary it might be to do so."
"There was no question of any 'taking' by the Government; never at
any time any question of the Government taking over the property of the
bondholder," ne said. "We insist tnat wnat was done did not depreciate
the value of these securities one iota."
Justice Butler broke in.
"You say there was 'no taking' at all?"
"None at all," Mr. MacLean replied. "It was not a condemnation
proceeding in any sense of the word. It was simply a conversion of currency
from one form into another, tne exercise of a sovereign power of this Government."
"But these bonds were called in 1933 and when surrendered the holders
received something less than their value when issued," Mr. Hughes remarked.
Mr. MacLean replied tnat the question brougnt up again the question
of payment "in so many dollars." "The holder said to the Government
here is the bond and 'I want so many dollars' and the Government gave
him the dollars. This in no wise affected the value of the bond itself."
New Bonds and Old Akin in Value
To a question from the Chief Justice, Mr. MacLean replied that the
Government had issued about $15,000,000,000 of obligations since the
abrogation of the gold clause, and none of the new obligations contained
the clause.
"And there is no material difference between the gold clause bonds
and those that do not contain the clause so far as market value is concerned," he went on.
"Our position is that if these gold clause provisions are taken literally'
the individuals holding those bonds would be in a position to say to the
Jan. 19 1935
Government, you must maintain a certain position of standards regardless
ofany situation that may exist. That is not consistent with sovereignty."
"What about the power of the Government to pledge the credit of the
United States?" asked Justice Stone.
"Of course the Government has that power and it creates an obligation
to pay in dollars," replied Mr. MacLean.
"That's not what the bond says," said Justice Stone,
Supreme Necessity Pictured
The Administration had approached the question with "the highest
conception of its public duty," Mr. Cummings told the Court. . . .
"The Government acted as a matter ofsupreme necessity," he continued.
"The basic financial structure was being undermined by powers beyond
our control, and tne power of tne Federal Government was used primarily
for the welfare of the American people, to stop the terrible consequence of
deflation and to maintain the parity of tne American dollar with every
other dollar.
"I do not understand that the Government of the United States under
the Constitution is required to await a great collapse and then attempt to
rebuild on the ruins of that collapse.
"If it was true, and I think it was, that we were forced off the gold
standard by international complications, then we took the only course that
was open to us to meet the situation. We were in an almost impossible
predicament. We had to maintain tne credit of the Government at all
hazards. That was achieved."
Professor Sprague Asserts There Is No Fear of "Chaos"
in Event Gold Clause Should Be Ruled Invalid
0. M. W. Sprague, former financial adviser to the Secretary of the Treasury and former adviser to the Bank of England, was reported on Jan. 16 as stating that even if the
Court ruled that the Congressional abrogation of the gold
clause was invalid, it would not necessarily produce "chaos,"
as had been claimed by Attorney-General Cummings. Instead, said Dr. Sprague, the Administration could either
introduce in Congress legislation designed to remedy any
defects noted by the Court, or could press for adoption an
amendment to the Constitution, bringing about the desired
result Dr. Sprague hazarded the guess that such an
amendment might conceivably be adopted within a period
of 30 days.
From Associated Press advices from Boston Jan. 16 we
quote:
Dr. Sprague, Harvard professor of economics . . . added:
"The future course of business will be subject to many uncertainties, but
I can see no reason whatever why any one should sacrifice either securities
or commodities on account of the pending decision. It seems to me inconceivable that the Government, as a result of an adverse decision,should
reduce the price of gold from the present level of $35 an ounce to the old
level of $20.67, as this would involve a reversal of one of its most cherisned
policies."
Dr. Sprague disclosed his views in a letter to Merrill Griswold, Chairman
of the Massachusetts Investors' Trust, of whose adivisory board he is a
member.
"Of course," ne said, "if no new legislation were to be passed the effect
of such a decision would be so far-reaching as to cause most serious repercussions in business and the securities markets.
"If legislation whicn will prevent such effects cannot be devised, however, tne situation can, in my opinion, very readily be handled by means of
a constitutional amendment being consummated in a very short time."
Gold Clause Arguments Before United States Supreme
Court Reviewed by Professor Haney
From the New York "Evening Journal" of Jan. 12, we
take the following review by Lewis Haney, Professor of
Economics, New York University, of the gold clause arguments before the U. S. Supreme Court:
Yesterday the arguments before Supreme Court concerning the New
Dealers' repudiation of the gold clause in bonds were completed. Three
kinds of securities were involved—Liberty bonds, railway bonds and gold
certificates.
The whole New Deal money-tinkering scheme is at stake. Directly the
case concerns the promises to pay gold, contained in bonds. Indirectly it
Involves the abandonment of the gold standard and the "managed currency"
scheme.
If the Administration loses, the value of gold bonds will rise, the whole
inflation policy will be brought to a head for early decision, and the eventual
return to the gold standard will be assured.
The New Deal arguments are
(1) Congress had the power to repudiate promises to pay gold, and to
make others repudiate.
(2) The President was justified in putting through this action because of
panic conditions.
(3i If now these promises are kept "chaos" will result.
(4 It would Increase the burden of debt.
(5 It would handicap the United States in dickering with foreign nations.
(6) Other nations have repudiated.
Not a word of this goes to prove that the repudiation was right. fhe
Government merely argues that it had the power, that its action was expedient. It then asserts that others did it too(
The bondholders and certificate holders, on the other hand, argue as
follows
1 The Government may have the power to break its own promises, but
it does not have the power to make others break theirs.
(a) The Government has the power to decide what kind of money shall
be legal tender and how much metal there shall be in any coin. But it
does not have the power to prevent its citizens from promising to pay
more or less money, not to make them break such promises when given.
It can change the dollar: but it can't change promises to pay dollars.
(b) It has exceeded its power in that, while it can issue notes and control
currency, it cannot annul the promises to pay the equivalent of gold which
are contained in the notes issued.
(c) It has exceeded its power, in that it has annulled private contracts
made to protect the parties to such contracts against just such moneychanging as has occurred. The railways could not have sold long-term
bonds unless they had promised to pay in terms of gold.
Volume 140
Financial Chronicle
(d) It has exceeded its power in that it has infringed the power of the
States to promise to pay in terms of gold.
2 The Government has taken private property without due process of
law, in that it has robbed bondholders of the value of their bonds and
certificate holders of their security.
Counsel correctly points out that no small "privileged class" is thus
robbed. Millions of people who have insurance policies and bank deposits
are affected.
lit is pointed out that the Administration has written up a "profit" on its
seized gold, and has smilingly called this a "nest egg." But whence come
this New Deal profit? Obviously, if it is a profit, it has been made at the
expense of those citizens who had money or claims to money in terms of
gold. It is their property that was taken away.
biSearching questions by several members of the Court show that the fundamentals will be considered. One asked what the Government means by
"value"—does the power of Congress to regulate value mean to change the
quantity of metal in a coin, or does it mean to fix the purchasing power of
money? These are two very different things. Congress can make coins,
but it cannot make value in the sense of purchasing power. (Only the law
of supply and demand can do that). What bond and certificate holders
are entitled to is the purchasing power which was taken from them.
igAnother Justice suggested that foreign bonds referred to by the Administration lawyers were not gold bonds like the ones now in question. He
asked, even if they had been, would that entitle our Government to act
like Germany?
Of course, it can't be proved that any disturbance that might come from
upholding the gold clauses would be as bad as the losses and confusion
caused by their repudiation. Anyhow, what would you think of a man who
argued,"I may be wrong, but look at the trouble it would make if I did the
right thing?"
Completion of Program for iFinancing of Homes
Through Co-operation of AgPrivate Industry and
Finance—Announcement by First Federal Savings
and Loan Association of New York
Announcement is made by the First Federal Savings and
Loan Association of New York of the completion of a program for the financing of homes by large-scale co-operation
between private industry and finance under Federal encouragement. In a statement by Gardner W. Taylor, President
of the Association, it is disclosed that a group of building
material manufacturers and distributors had invested their
funds in First Federal shares in an amount sufficient to
make immediately available an additional million dollars
for long-term mortgage credit, to be lent to home owners
In the New York area.
John H. Fahey, Chairman of the Federal Home Loan Bank
Board in Washington, pointed in a letter to Mr. Taylor the
extent to which private funds invested in Federal associations are protected through .Federal regulation and other
measures. Mr. Taylor referred to the significance of the
program in establishing a practical pattern for co-operation between private enterprise, the Government, and the
home owner.
•
The announcement also states that it is felt that the 640
Federal Savings and Loan Associations now in operation
in more than 600 cities will set in motion similar plans for
private investment, using the experience of the New York
association as a guide. The plan would urge local business
men to invest Jointly in Federal Savings and Loan Associations to form a nucleus upon which other private investors
of large and small means could build up a large fund of
mortgage money to meet local needs. Federal associations
are private, mutual thrift institutions under Federal charter. It is also stated:
A Federal Savings and Loan Association is not a bank, and does not
handle deposits. It is designed to pay a reasonable return on large or small
savings invested for a period of years. Loans to home owners are made by
such an association for a term of seven to 10 years or longer, to be repaid,
principal and interest, in monthly instalments. Experience has shown the
superiority of this type of loan in convenience to the borrower and safety
to the lender.
The industrialists co-operating with the First Federal Savings and Loan
Association include American Radiator Co., American Brass Co., Reynolds
Metals Co., Devoe & Reynolds Co., Lightolier Co., Bergen Cinder Block Co.,
Lawrence Development Co., Stevens-Eaton Co., Nassau-Suffolk Lumber &
Supply Corp., Yale & Towne Manufacturing Co., Hanley Brick Co., Morgan
Co., Latham Brothers Lumber Co., Yonkers Builders' Supply Co., Westchester Service Corp., Architectural Forum, Asbestos, Ltd., Time, Inc.,
Cottage Lawn Properties, Inc., Gilbert & Barker Manufacturing Co.
In his statement, Mr. Taylor said, in part:
The secret of revived home building is primarily the provision of ample
long-term mortgage money, which heretofore has been unavailable, except
at prohibitive, or at least discouraging terms. Now, through Federal
Savings and Loan Associations, ample funds can be brought into the home
building field for sound investment.
The results of our campaign are already apparent. To-day we are
actually making mortgage loans in Long Island, Westchester County, New
Jersey and Manhattan itself. We are beyond the point where our program
is an experiment; it is already working. In the last 60 days we have
made loans in excess of $250,000, largely for new construction.
In his letter, Mr. Fahey said:
I am very much interested to learn that a number of the larger business
enterprises of the country identified with the building material industries
have become shareholders in your Association. . . .
We believe this attitude is justified by the fact that the Government has
endeavored to protect in every possible way both large and small savings
held in these associations, by proper supervision. In addition, as you know,
the safeguard of insurance against loss up to $5,000 of every investor's
holdings in a Federal Savings and Loan Association is provided by law.
403
Secretary Ickes Appoints Committee to Investigate
Complaints by Independents Against Oil Code—
Congressional Opposition Seen to Sweeping Federal Petroleum Legislation
Secretary of the Interior Ickes, Oil Administrator, on
Jan. 11 appointed a committee to investigate the effects of
the petroleum code on small independent firms, in rbsponse
to complaints that the code was handicapping them in their
operations. At the same time he reiterated his statement
that additional Federal legislation should be enacted to replace Section 9(c) of the National Industrial Recovery Act,
which was recently declared invalid by the Supreme Court.
Some opposition was expressed to this position in Congress,
with indications that no legislation is likely except a law
prohibiting the inter-State movement of so-called "hot" oil,
produced in excess of State quotas. A Washington dispatch
of Jan. 11 to the New York "Journal of Commerce" said,
in part:
Referring to the Disney oil bill, which failed of enactment during the
last session of Congress, Chairman Sam Rayburn of the House Interstate
and Foreign Commerce Committee, in addressing the House to-day declared:
"I am not going to vote to make any one man dictator of the third largest
Industry in America as was proposed in that bill.
"I am for the States through compacts and through law controlling the
production of oil and its distribution if they can," he continued.
"I stand on the same footing with respect to natural gas."
Pointing to the fact that so much has been said of late about "hot" oil,
Mr. Rayburn told the House that with a daily allowable production of about
1,000,000 barrels, the small amount of 15,000 barrels has been seeping out.
Because of the voluminous testimony taken last session of Congress on
the Thomas-Disney oil control bill, the Senate Mines and Mining Committee
may decide next week to dispense with public hearings on the "hot" oil
bills, it was indicated to-day by Chairman Logan, Kentucky. All of these
bills proposed to meet the decision of the United States Supreme Court
declaring Section 9(c) unconstitutional.
Outlook for Connally Bill
Opinion was expressed that the Senate committee will report for passage
the bill sponsored by Senator Connally, Texas, with its stringent enforcement provisions. The bill would prohibit inter-State or foreign commerce
in oil or its products produced in violation of State or Federal law. This
type of legislation is favored by Chairman Rayburn, to whose committee it
will be commended for consideration. It is thought that Representative
Cole, Maryland, will introduce a companion measure in the House.
Secretary Ickes has sent a letter to Senator Connally denying published
reports that he is opposed to the latter's bill.
"Throughout by administration . . . every effort has been made to
protect the small, independent operators in all branches of the oil industry, . . ." said Secretary Ickes in announcing the projected survey.
"There have been complaints . . . from . . . smaller operators
and companies that they are handicapped . . . in their operations by
. . . the code.
Sees Inquiry Warranted
"It appeared to me that these complaints warranted a searching and
careful, but speedy, inquiry by an unbiased committee composed of competent authorities not connected with the Oil Administration.
"Neither the Oil Administrator nor the Oil Administration wants a
'white-washing.' We want the facts. If the facts . . . show . . .
small enterprises are handicapped . . . I want to know those facts and
what the committee thinks may be done."
He anticipates that the survey will be completed within a short time.
The committee is as follows:
Paul Rimer, President, Ashland (Ky.1 RefinindCo., Chairman, non-Integrated
independent refiner.
Mason Houghland, President, Spur Distributing Co., Nashville, Tenn., Independent marketer.
Sidney Swensrud, economist, Standard Oil Co. of Ohio, expert.
H. R. Fell, Ardmore, Olds., Executive Vice-President, Independent Petroleum
Association of America.
R. E. Allen, Secretary, Committee of California Oil Producers, Los Angeles.
RFC Issues New Regulations Liberalizing Industrial
Loan Policy
Announcement was made Jan. 14 by Jesse H. Jones, Chairman of the Reconstruction Finance Corporation that regulations liberalizing the industrial loan policy of the RFC in
two particulars have been put into effect. Mr. Jones said:
One change provides that consideration will be given to applications
where a "substantial" rather than "incidental" portion of the proceeds is
to be used to satisfy or compromise existing indebtedness. The second
modification, designed to be of assistance in the stimulation of demand for
capital goods, provides for the consideration of applications where the
money is to be used principally for the replacement and modernization of
plant and equipment.
In pointing out that the RFC hereafter will consider
making loans even in cases where the funds will be used substantially for paying off existing indebtedness under pressure
from creditors, the Washington advices Jan. 14 to the
New York "Herald Tribune" noted:
Previous loans have been authorized only in cases where not more than an
"incidental" part of the proceeds was to be used to satisfy present debt.
The Viner report had charged that the old policy did not take full opportunity of encouraging industrial revival because it failed to aid businesses
threatened with forced liquidation under creditor pressure.
The second modification, designed to assist in stimulation of demand for
capital goods, provides for consideration of applications where the money
Is to be used principally for the replacement and modernization of plant
and equipment.
The following is the text of the new regulations:
1. Loans to Pay Existing Indebtedness
The Corporation will give consideration to industrial loans where a
substantial portion of the proceeds is to be used to satisfy on a compromise
basis existing indebtedness, provided:
404
Financial Chronicle
(a) It is shown that the loan is necessary to increase or maintain the
employment of labor.
(h) The loan is adequately secured.
(c) The applicant, after the debt adjustment, will have sufficient operating assets and a good chance of continuous operation.
2. Loansfor the Purchase of Additional Machinery
The Corporation will give consideration to loans, the proceeds of which
are to be used principally for the purchase of additional machinery, provided:
(a) The loan is adequately secured.
(b) An economic need is shown for the instalatlon of new machinery,
and such Instalation would not substantially increase the productive capacity
of the plant.
(c) Satisfactory evidence is submitted that not less than one-half of the
loan could be amortized from earnings during a period of five years.
(d) The applicant shows that it has sufficient current operating assets
to meet its normal requirements.
•
RFC Report for November—Authorizations and Commitments During Month Totaled $195,752,908
In a report to Congress Dec. 19, covering November, the
Reconstruction Finance Corporation showed authorizations
and commitments during the month of $195,752,908.01, of
which $110,000,000 represented an advance made to the
Federal Emergency Relief Administration. During October
the authorizations and commitments totaled $211,354,527.31.
As to the November loans, Washington advices Dec. 19 to
the New York "Times" of Dec. 20 had the following to say:
Of the new loans authorized. $20,852,264.39 was for banks, including
212,704,230.15 to aid in the reorganization or liquidation of closed institutions. Extension of loans to "going" banks has virtually ceased, the
bank activities of the RFC being chiefly in helping pay dividends CO depositors in closed institutions, and in the purchase of preferred stock,
capital notes or debentures of banks to strengthen their capital structure.
Of earlier authorizations, $54,497,000 were either canceled during November or withdrawn by those who had made application for the funds.
Included in this total was an item of $20,000,000 which had been authorized for the Secretary of Agriculture in connection with emergency relief
work.
New Loans in November
New loan authorizations and commitments in November were as follows:
For banks and related institutions and railroads
$33,030,342.39
Loans to industry
7,163,950.00
To mortgage loan companies
3,215,000.00
For orderly marketing of agricultural commodities
20,404,000.00
For drainage districts
11,290,100.00
Loans on preferred stock of banks
91,000.00
Purchases of preferred stocks of banks
9,532,000.00
Purchases of capital notes and debentures of banks
1,025,000.00
Federal Emergency Relief Administration for administrative expenses
1,515.62
Federal Emergency Relief Administration
110,000,000.00
Total
$195,752,908.01
Actual disbursements by the Corporation during November
on the new and earlier authorizations were shown by the
report as follows:
To banks and trust companies (including receivers)
$48,118,122.57
To joint stock land banks
117,817.54
To livestock credit corporations
55,000.00
To mortgage loan companies
1,229,909.15
To regional agricultural credit corporations
589,787.23
To railroads (Including receivers)
8,386,980.00
To fishing industry
25,000.00
To Industrial and commercial businesses
938,089.56
For self liquidating projects (par. 37.308,000.00)
7,182,634.73
For repair or reconstruction of property damaged by earthquake, rtai.:
Under Section 201-A, Act of July 21 1932, as amended
11,218.61
Under Act of April 13 1934
390.00
For financing the sale of agricultural surpluses in foreign markets
132,761.48
For financing the carrying and orderly marketing of agricultural
commodities and livestock produced in the United States:
Commodity Credit Corporation
7,397,021.34
Other
827,115.02
To drainage, levee and irrigation districts
174,680.46
Secured by preferred stock, banks and trust companies
150,000.00
$75,116,527.69
Repayments during the month on earlier loans, according
to the report, are:
To banks and trust companies (Including receivers)
$26,025,848.39
To credit unions
837.50
To building and loan associations (including receivers)
1,293,319.73
To insurance companies
350,939.33
To Federal Land banks
4,120,094.68
To Joint Stock Land banks
216,660.81
To Livestock credit corporations
134,399.35
To mortgage loan companies
4.045,782.31
To regional agricultural credit corporations
2,317,423.81
To other agricultural credit corporations
3,000.00
To railroads
50,802.41
To processors or distributors for payment of processing taxes
500.00
To State funds for insurance of deposits of public moneys
422,105.71
To industrial and commercial businesses
3.818.80
For self-liquidating projects (par, $2,383,500.00)
2.363,500.00
For repair or reconstruction of property damaged by earthquake,
(to., under Section 201-A. Act of July 211932. RS amended
8,472.09
For financing sale of agricultural surpluses in foreign markets
356,640.80
For financing the carrying and orderly marketing of agricultural
commodities and livestock produced In the United States:
20,119,661.01
Commodity Credit Corporation
Other
180,807.46
Secured by preferred stock, banks and trust companies
33,889.25
$62,048,503.38
The Corporation's statement of condition as of Nov. 30
follows:
STATEMENT OF CONDITION OF RFC AS OF THE CLOSE
NOV. 30 1934
Assets
Cash on deposit with Treasurer of United States
Funds held in suspense by custodian banks
Petty cash funds and travel advances
Allocated for expenses regional agricultural credit corporations
(under Farm Credit Administration)
Allocated for FERA (1933 Relief Act)
Allocated to Federal Emergency Relief Administrator (Emergency
Appropriation Act of 1935)(I)
Allocated to Secretary of Treasury (2)
Allocated to Secretary of Treasury (3)
Allocated to Land Bank Commissioner (4)
$300,000,000.00
Less—Reallocated to Federal Farm Mortgage
Corporation
55,000,000.00
OF BUSINESS
$7,753,611.83
7,498,929.19
9,725.00
10,430,784.00
500,000,000.00
325,000,000.00
124,741,000.00
200,000,000.00
245,000,000.00
Jam 19 1935
Allocated to Federal Farm Mortgage Corporation
Allocated to Federal Housing Administrator (5)
Allocated to Secretary of Agriculture (6)
$200,000,000.00
Less: Reallocated as capital regional credit corpora'ns.$44,500,000.00
Reallocated to Governor of
Farm Credit Adminis'n_ 40,500,000.00
85.000,000.00
Capital regional agricultural credit corporations
Allocated to Governor Farm Credit Administration
Loans under Section 5:
Proceeds disbursed (less repayments):
Banks and trust companies (7)
$599,397,346.98
Credit unions
386,507.72
Building and loan associations (7)
23,259,295.19
Insurance companies
29,419,750.44
Federal Land banks
110,996,858.00
Joint Stock Land banks
7,182,360.23
Livestock credit corporations
1,463,994.61
Mortgage loan companies (7)
155,874,153.43
Regional agricultural credit corporations.—
865,576.77
Other agricultural credit corporations
590.729.55
Railroads (Including receivers)
361,505,743.40
Processors or distributors for payment of
processing taxes
1,973.87
State funds for insurance of deposits of public
moneys
810,930.52
Fishing Industry
25.000.00
55.000,000.00
15,000,000.00
115,000.000.00
44,500,000.00
40,500,000.00
1,291,739,220.21
Proceeds not yet disbursed:
Banks and trust companies (7)
Insurance companies
Joint Stock Land banks
Mortgage loan companies (7)
Regional agricultural credit corporations
Other agricultural credit corporations
Railroads (including receivers)
Fishing industry
$182,569,637.15
134,690.77
1,037.085.39
107,155,318.61
5,918.59
275,000.00
8,781,523.00
37.500.00
299,996,673.51
Loans to industrial and commercial businesses:
Proceeds disbursed (lees repayments)
Proceeds not yet disbursed
Loans on assets of closed banks—Section 5-E:
Proceeds disbursed
Proceeds not yet disbursed
Loans and contracts for self-liquidating projects—Section 201-A:
Proceeds disbursed (lees repayments)—(By purchase of bonds
certificates and notes par $105,412,000)Proceeds not yet disbursed (contracts, bonds, certificates and
notes—par 3105,811,000)
Loans for repair or reconstruction of property damaged by
earthquake, arc.:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans under Section 201-C, for financing sale of agricultural surpluses in foreign markets:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans to institutions under Section 201-D:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans to drainage, levee and irrigation districts:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans to public school authorities—Proceeds disbursed
Loans secured by preferred stock insurance companies:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans secured by preferred stock banks and trust companies:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Relief authorizations (1932 Act):
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Preferred stock banks and trust companies:
Purchased (less retirements)
Subscriptions authorized
Preferred stock, insurance company—Purchased
Capital notes and debentures banks and trust companies:
Purchased (less retirements)
Subscriptions authorized
Securities purchased from Federal Emergency Administration of
Public Works
Advances for care and preservation of collateral:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Collateral purchased (cost less proceeds of liquidation)
Accrued interest receivable
Reimbursable expense
Furniture and fixtures
$835,688.32
Less allowance for depreciation
99,544.21
Miscellaneous disbursements
Total
4,186,434.78
19,455,768.34
22,103.24,
3,269,715.61
108,758,249.05
97,247,677.74
8,269.249.27
3,584,216.56
14,992,026.58
3,227,493.75
36,332,001.40
398,988,912.29
11,321,482.25
66,057,182.12
22,300,000.00
25,785,000.00
3,500,000.00
18,964,606.81
1,978,925.00
297,773,590.00
15,001.00
671,192,664.40
64,635,820.00
100,000.00
259,661,838.57
69,355,000.00
610,322.28
197.309.93
143,872.12
1,690,109.96
48,972,979.22
590,983.10
536,144.11
125,842.78
35,443,992.445.94
Liabilities and Capital
Payable on certificate of FERA (1933 Relief Act)
3413,510.09
Payable to Secretary of the Treasury (2)
43,095,300.00
Payable to Land Bank Commissioner (4)
97,400,000.00
Callable by FCA for expenses of regional agricultural credit corp's_
3,202,994.27
Liability for funds held as cash collateral
7,793,781.08
Proceeds not yet disbursed:
Loans under Section 5
299,996,873.51
Loans to industrial and commercial businesses
19,455,788.34
Loans on assets of closed banks (Section 5-E)
3,269,715.81
Loans and contracts for self-liquidating projects (Sec. 201-A)_._
97,247,677.74
Loans for repair or reconstruction of property damaged by
earthquake, Ac
3.584,216.55
Loans under Section 201-C, for financing sale of agricultural
surpluses in foreign markets
3,227,493.76
Loans to institutions under Section 201-D
398,988,912.29
Loans to drainage, levee and irrigation districts
66,057,182.12
Loans secured by preferred stock insurance companies
3,500.000.00
Loans secured by preferred stock banks and trust companies__
1,978,925.00
Relief authorizations (1932 Act)
15,001.00
Advances for care and preservation of collateral
143,872.12
Subscription authorizations:
Preferred stock banks and trust companies
84,635,820.00
Capital notes and debentures banks and trust companies___
69,355,000.00
Cash receipts not allocated pending advices
7,544,394.93
Miscellaneous liabilities (Including suspense)
8,833.875.39
Liability for funds held pending adjustment
3,708.49
Liability for deposits with bids
11,824.00
Unearned discount
11,968.63
Interest paid in advance
119,731.45
Interest and dividend refunds and rebates payable
76,254.88
Interest accrued
6.100,111.28
Deferred credits:
Income on collateral purchased
$147,261.93
Premium on sale of notes
94,445.74
••••• 1101 EP
241,707.67
Notes, Series "D,""DA""E," "F,"''G" and "H"
3,868,981,666.67
Capital stock
500,000,000.00
Surplus Dec. 31 1933
239,102,163.84
Reserve for self insurance
100,000.00
39,202.183.84
Surplus adjustment
11,788.33
Interest earned less interest and expenses (Jan. 1 1934 through
4
Nov. 30 1934)
29,491,409.36
Total
65.443,992,445.94
Volume 140
Financial Chronicle
NOTES
(1) Title II of the Emergency Appropriation Act, Fiscal Year 1935, approved
June 19 1934, provides: ' . . That not exceeding $500,000,000 in the aggregate of any savings or 1u:obligated balances in funds of the Reconstruction Finance
Corporation may, in the discretion of the President, be transferred and applied to
the purposes of the Federal Emergency Relief Act of 1933 and(or) Title II of the
National Industrial Recovery Act, . . ." Under the above Act the Corporation
to and including Nov.30 1934 had transferred $325,000,000 to the Federal Emergency
Relief Administration.
(2) Section 2 of the Reconstruction Finance Corporation Act, as amended by
the Federal Home Loan Bank Act, provides that "in order to enable the Secretary
of the Treasury to make payments upon stock of Federal Home Loan banks subscribed for by him in accordance with the Federal Home Loan Bank Act, the sum of
$125,000,000 or so much thereof as may be necessary for such purposes, is hereby
allocated and made available to the Secretary of the Treasury out of the capital of
the Corporation and(or) the proceeds of notes, debentures, bonds and other obligations issued by the Corporation." The amount of such stock subscribed for by the
Secretary of the Treasury is $124,741,000.
(3) Section 4-B of the Home Owners' Loan Act of 1933 provides that "the Board
(Federal Home Loan Bank Board) shall determine the minimum amount of capital
stock of the Corporation (Home Owners' Loan Corporation) and is authorized to
increase such capital stock from time to time in such amounts as may be necessary,
but not to exceed in the aggregate $200.000.000. Such stock shall be subscribed for
by the Secretary of the Treasury on behalf of the United States, and payments for
such subscriptions shall be subject to call in whole or in part by the Board and shall
be made at such time or times as the Secretary of the Treasury deems advisable.
In order to enable the Secretary of the Treasury to make such payments when
called, the RFC is authorized and directed to allocate and make available to the
Secretary of the Treasury the sum of $200,000,000, or so much thereof as may be
necessary, and for such purpose the amount of notes, bonds, debentures, or other
such obligations which the RFC is authorized and empowered under Section 9 of the
Reconstruction Finance Corporation Act, as amended, to have outstanding at any
time is hereby increased by such amounts as may be necessary." The amount
of such stock subscribed for by the Secretary of the Treasury is $200,000,000.
(4) Section 30-A of the Emergency Farm Mortgage Act of 1933 made $100,000,000
available to the Farm Loan (now Land Bank) Commissioner for loans to Joint Stock
Land banks. Section 32 of the same Act made $200,000,000 available to the Farm
Loan now Land Bank) Commissioner for direct loans to farmers. Of the amount
made available under Section 32. $145,000,000 was paid to the Land Bank Commissioner and the balance $55,000,000 was reallocated and paid to the Federal
Farm Mortgage Corporation under Section 3 of the Federal Farm Mortgage Corporation Act.
(5) Under the provisions of Section 4 of the National Housing Act of 1934, which
states that "the RFC shall make available to the Administrator such funds as he
may deem necessary," $15,000,000 has been paid to the Federal Housing Administrator.
(6) Section 2 of the Reconstruction Finance Corporation Act as amended made
available to the Secretary of Agriculture $200,000,000. Of this amount 5135.000,000 VMS Paid to him, of which $20,000,000 was returned to the Corporation. Of the
$85,000,000 difference, $44,500,000 was reallocated and disbursed as capital of the
Regional Agricultural Credit corporations (See. 201-E, Emergency Relief and Construction Act of 1932). The remainder, $40,500,000, was made available and hair
been paid to the Governor of the Farm Credit Administration, pursuant to the provisions of See. 5-A (1) of the Farm Credit Act of 1933. cie unc
(7) Loans under Section 5 of the Reconstruction Finance Corporation Act to
aid in the reorganization or liquidation of closed Institutions have been authorized
in the aggregate amount of 51,014,472,732.10, of which $130,023,390.37 has been
canceled. After taking into consideration repayments of $295,292,448.39, items (7)
of the balance sheet include the balance of 5394.281,362.78, representing Proceeds
disbursed (less repayments) and $194,875,530.56 representing proceeds not yet
disbursed, exclusive of 510.756,288.21 loans approved in principle upon the performance of specified conditions.
Report of Operations of RFC Feb. 2 1932 to Dec. 31
1934—Loans of $8,964,712,930 Authorized During
Period—Expenditures for Activities of Corporation
Totaled $4,858,861,780
In a report issued Jan. 7 by Jesse H. Jones, Chairman of
the Reconstruction Finance Corporation, it was noted that
authorizations and commitments of the Corporation in the
recovery program to Dec. 31 1934, including disbursements
of $719,638,197.98 to other governmental agencies and
$1,269,573,245.66 for relief, have been $8,964,712,929.74. Of
this sum, the report stated, $784,266,138.70 has been canceled and $1,144,096,688.03 remains available to the borrowers and to banks in the purchase of preferred stock and
capital notes. The relief disbursements include $299,984,999 advanced directly to States by the Corporation;
$499,588,246.66 to the States upon certification of the Federal Emergency Relief Administrator, and $470,000,000 to
the Federal Emergency Relief Administrator under provisions of the Amergency Appropriation Act, 1935. Of the
total disbursements, $4,858,861,779.66 was expended for
activities of the Corporation other than advances to governmental agencies and for relief, and of this sum $2,465,074,717.71, or approximately 51%, has been repaid. The following is also from the report:
Loans authorized to 7,338 banks and trust companies aggregate $2,286,699,949.44. Of this amount, $324,821,871.42 was withdrawn or canceled
and $148,133,858.12 remains available to the borrowers and $1,812,744,219.90 was disbursed. Of this latter amount $1,180,515,264.91, or 65%,
has been repaid.
Authorizations were made for the purchase of preferred stock, capital
notes and debentures of 6,694 bands and trust companies aggregating
$1,202,489,040 and 1,037 loans were authorized in the amount of $29,877,505 to be secured by preferred stock, a total authorization for preferred
stock, capital notes and debentures in 6,943 banks and trust companies of
$1,232,366,545. $85,286,369.10 of this was canceled or withdrawn, and
$209,076,135 remains available to the banks when conditions of authorizations have been met.
Loans have been authorized for distribution to depositors of 2,519 closed
banks aggregating $1,045,230,242.90. $143,435,455.92 of this amount was
canceled or withdrawn and $140,090,677.57 remains available to the borrowers. $761,704,109.41 was disbursed and $318,361,130.35 has been
repaid.
Loans have been authorized to refinance 404 drainage, levee and irrigation districts aggregating $81,785,918.34, of which $1,538,865.31 was withdrawn or canceled, and $67,948,829.07 remains available to the borrowers.
$12,298,223.96 has been disbursed.
One hundred and sixty loans, aggregating $17,598,675, have been authorized through mortgage loan companies to assist business and industry in
co-operation with the National Recovery Administration
program.
$9,569,475 of this amount was withdrawn or canceled and $2,809,663.45
remains available to the borrowers. $5,219,536.55 was disbursed and $180,420.08 has been repaid.
Under the provisions of Section 5(d), which was added to the Reconstruction Finance Corporation Act, June 19 1934, the Corporation has
authorized 542 loans to industry aggregating 829.481,850. 82.410.200 of
405
this amount was withdrawn or canceled and $20,756,369.89 remains available to the borrowers. In addition, the Corporation has authorized, or has
agreed to, purchases of participations aggregating $4,762,685 of 64 businesses, $118,825 of which was withdrawn or canceled and $4,216,360 remains available.
•
The Corporation has purchased or agreed to purchase from the Federal
Emergency Administration of Public Works 174 issues of securities having
par value of $43,586,050. Of this amount securities having par value of
$41,481,300 were sold at public sale to the highest bidders at a premium
of $674,531.56, and securities having par value of $2,104,750 were purchased
or are to be purchased by the Corporation to be held for retirement by the
issuers or for collection at maturity. The amounts received by the Corporation, together with accrued interest, have been paid or will be paid to
the Public Works Administration.
The repayments include $22,300,000 representing the sale of revolving
fund bonds of 1934 of the Board of Education of the City of Chicago sold
at a premium of $223,000.
According to the report, disbursements and repayments
to Dec. 31 for all purposes were as follows:
Disbursments
Repayments
Loans under Section 5:
Banks and trust companies
$1,812,721,719.90 $1,180,513,215.04
447.283,272.11
Railroads
. , .
Federal Land banks
387.236,000.00
308,589.180.81
Mortgage loan companies
287,890,594.87
127,299,467.57
Regional agricultural credit corporations-- 173,243,640.72
173,243,640.72
114,972,092.54
Building and loan associations
94,890.243.11
89.517,863.45
Insurance companies
64,689,059.97
15,659.372.29
9,164.101.75
Joint Stock Land banks
12,817,732.81
Livestock credit corporations
11.483.904.23
9,250,000.00
Federal Intermediate credit banks
9,250.000.00
State funds for insurance of deposits of public
8,387,715.88
moneys
7,846,645.13
5,536,130.27
Agricultural credit corporations
4,672.757.44
580,854.21
195,198.49
Credit unions
25,000.00
Fishing industry
Processors or distributors for payment of
13,250.38
14,718.06
processing tax
Total loans under Section 5
53,365,136,707.11 52,062,578,499.31
Loan to Secretary of Agriculture to purchase
cotton
3,300,000.00
3,300.000.00
Loans for refinancing drainage, levee and
44.09
irrigation districts
12,298,223.96
Loans to public school authorities for payment
of teachers' salaries
22,300,000.00
22.300,000.00
Loans to aid in financing self-liquidating construction projects (including disbursements of
$8,619,922.22 and repayments of $330,339.44
on loans for repair and reconstruction of
property damaged by earthquake, fire and
tornado)
131,715,622.73
8,973,041.57
Loans to aid in financing the sale of agricultural
surpluses in foreign markets
20,199,242.97
5,023,443.54
Loans to industrial and commercial businesses_
6,742,780.11
115,895.10
Loans on assets of closed banks
22,500.00
2,049.87
Loans to finance the carrying and orderly
marketing of agricultureal commodities
and livestock:
Commodity Credit Corporation for:
Loans on cotton
161,653,823.19
133,552,289.20
Loans on corn
124,237,315.22
121,068,250.28
Loans on turpentine
2,102,301.14
10,663,03
Others
11,163,461.87
6,907,835.95
Total loans, exclusive of loans secured by
preferred stock
$3,860,871,978.30 $2.363,830,011.94
Purchase of preferred stock, capital notes and
debentures of banks and trust companies
(including $20,656,705 disbursed and $1,532,961.08 repaid on loans accrued by pre(erred stock)
5938,004,050.90
Loans secured by preferred stock of insurance
companies (including $100,000 disbursed for
30,225,000.00
the purchase of preferred stock)
Total
Federal Emergency Administration of Public
Works security transactions
Total
$72,920,565.01
92,000.00
$968,229,050.90
$73,012,565.01
$29,760,750.46
$28,232,140.76
54,858,861,779.66 $2,465,074,717.71
Allocations to governmental agencies under
provisions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp__ $200,000,000.00
Capital nod,of Federal Home Loan banks__
81,645,700.00
Farm Loan Commissioner for loans to:
145,000,000.00
Farmers
Joint Stock Land banks
2,600,000.00
Federal Farm Mortgage Corporation for loans
to farmers
55,000,000.00
Federal Housing Administrator:
To create Mutual Mortgage Insurance Fund
10,000,000.00
For other purposes
15,000,000.00
Secretary of Agriculture for crop loans to
farmers (net)
115,000,000.00
Governor of the Farm Credit Administration
for revolving fund to provide capital for production credit corporations
40,500,000.00
Regional agricultural credit corporations for:
Purchase of capital stock
44,500,000.00
Expenses:
Prior to May 27 1933
3,107,492.25
Since May 28 1933
7,285,005.73
Toted allocations to governmental agencies
$719,638,197.98
For relief:
To States directly by corporation
$299,984,999.00
To States on certification of the Federal
Relief Administrator
499,588,246.66
Under Emergency Approriation Act, 1935 470,000,000.00
$2,211,409.00
Total for relief
51,269,573,245.66
Grand total
56,848,073,223.30 52,467,286,126.71
$2,211,409.00
The loans authorized to each railroad, together with the
amount disbursed to and repaid by each are shown in the
following table (as of Dec. 31 1934), contained in the report:
Aberdeen & Rockfish RR. Co
Alabama Tennessee de Northern RR. Corp_
Alton RR. Co
Ann Arbor RR. (receivers)
Ashley Drew & Northern By. Co
Baltimore & Ohio RR.Co
Birmingham dr Southeastern RR. Co
Boston & Maine RR. Co
Buffalo-Union Carolina RR. Co
Carlton de Coast RR. Co
Authorized
$127,000
275,000
2,500,000
634.757
400.000
72,125,000
41,300
7,569,437
53,960
549,000
Disbursed
Repaid
$9,000
$127.000
275,000
2,500,000
634,757
400,000
72,110,400 112,144,900
1 .14,600
41,300
7,569,437
.53,960
535,800
I 1.206
1'13.200
Financial Chronicle
406
Authorized
3,124,319
500.000
Disbursed
3,124,319
484.298
5,916,500
46,09,133
5,916,500
46.588,133
1,289,000
Chicago & Great Western RR
Chicago Milwaukee St. Paul dt Pao. By.Co 12.000,000
ChicagoNorth Shore & Milwaukee RR. Co. 1,150.000
13,718,700
Chicago Rock Island 6: Pacific Ry. Co
10,398,925
Cincinnati Union Terminal Co
1,289.000
10.000,000
1,150,000
13,718,700
8,300.000
60,000
53,500
8,300,000
53.500
8,081,000
Central of Georgia Ry. Co
Central RR. Co. of New Jersey
Chicago dr Eastern Illinois Ry. Co
Chicago & North Western Ry, Co
Columbus & Greenville Ry. Co
Copper Range RR. Co
Denver & Rio Grande Western RR. Co--Denver & Salt Lake Western RR. Co
Erie RR. Co
Eureka Nevada Ry. Co
Florida East Coast Ry. (receivers)
Ft. Smith & Western Ry.(receivers)
Fredericksburg & Northern Ry. Co
Gainesville Midland Ry. (receivers)
Galveston Houston & Henderson RR.Co
Georgia & Florida Ry. (receivers)
Great Northern Ry. Co
Greene County RR. Co
Gulf Mobile & Northern RR.Co
Illinois Central RR. Co
3,182.150
16,582,000
3,000
717,075
227,434
15,000
10,539
1,081,000
354.721
6.000.000
13,915
520,000
17,863,000
Lehigh Valley RR. Co
Litchfield & Madison Ry. Co
Maine Central RR. Co
Maryland & Pennsylvania RR. Co
Meridian & Bigbee River Ry. Co. (trustee)
Minneapolis St. Paul& St.Ste. Marie Ry.Co
Mississippi Export RR. Co
Missouri Pacific RR. Co
Missouri Southern RR. Co
Mobile di Ohio RR. Co
Mobile & Ohio RR. Co.(receivers)
Murfreesboro-Nashville Ry. Co
New York Central RR. Co
New York Chicago es St Louis RR.Co
New York New Haven & Hartford RR. Co.
Pennsylvania RR. Co
9,500,000
800,000
2,550.000
100,000
1,488,504
6,843,082
100,000
23,134,800
99,200
785,000
1,070,599
25,000
27.499,000
18,200.000
7.700,000
29,500,000
Pere Marquette Ry. Co
Pioneer and Fayette RR. Co
Pittsburgh & West Virginia Ry. Co
Puget Sound & Cascade Ry. Co
St. Louis-San Francisco RR. Co
St. Louis-Southwestern
3,000,000
10,000
4,475,207
300,000
7,995,175
18,790,000
Salt Lake & Utah RR.(receivers)
Sand Springs Ry. Co
Southern Pacific Co
Southern By. Co
Sumter Valley Ry. Co
Tennessee Central Ry. Co
Texas Oklahoma & Eastern RR. Co
Texas & Pacific By. Co
Texas South-Eastern RR. CO
Tuckerton RR. Co
Wabash Ry. (receivers)
Western Pacific RR. Co
Wichita Falls & Southern RR. Co
Wrightsville & TenniIle RR. Co
200,000
162,600
23,200,000
14,751,000
' 100,000
147,700
108,740
700,000
30,000
45,000
15,731,583
4,388,000
400,000
22,525
3,182,150
14,471,000
1327.075
227,434
Repaid
230,028
1464,298
1*35,702
155,632
;3,513,000
1 *1,000
638
538
363,433
8,300.000
1*2,098.925
*80,000
500.000
1*219,000
4,889
*3,000
*90,000
*15,000
*10,539
1,061,000
354,721
6,000.000
13,915
520,000
17,837,333
6.000,000
915
520,000
1 75,000
1'18,687
8,500,000 *1,000,000
800,000
84,811
2,550.000
100,000
*744,252
500.000
512,715
6,843,082
100,000
23,134,800
99,200
785,000
785.000
193,000
1,070,599
25,000
27.499,000
18,200,000 2,688,413
*221
7.699,779
28,900,000 128.900,000
*600,000
3,000,000
10.000
3,975,207
300.000
7,995,175 2,805,175
18,872,250 1 790,000
1.0117.750
200,000
162,600
22,000,000
246,000
14,751.000
8,640
100,000
147,700
*108,740
100,000
700.000
5,000
30,000
81
39,000
9
I*6,000
15,731,583
4,866,000 1,303,000
400,000
22,525
22,525
8457,856,080 3447,283,272 370,727,837
* Denotes amount canceled or withdrawn instead of repayment. (Total cancellations, 85,208,556.)
Second Export-Import Bank Seeks Information on
"Blocked Balances" Held for Americans AbroadSends 34,000 Questionnaires in Survey of Funds
Delayed by Exchange Controls
The Second Export-Import Bank announced on Jan. 13
that it is conducting a survey of "blocked balances" of
American funds in foreign countries which have instituted
exchange controls or similar restrictions, in an effort to assist
American business men in formulating credit policies.
George N. Peek, President of the bank, said that 34,000
letters of inquiry have been distributed by the bank, with
22,000 questionnaires going to export and import firms and
12,000 to State and National banks. Holders of "blocked
balances" were asked to give the statement of condition as
of Jan. 1 1935, together with "information on the volume of
foreign currencies owned by American citizens and deposited
or otherwise held abroad for their own account, whose remittance to the United States has been 'blocked' or deferred
more than 90 days by reason of exchange controls or other
similar restrictions." The information is called for not later
than Jan. 22. From a Washington dispatch Jan. 13 to the
New York "Herald Tribune" we quote:
The form accompanying the bank's circular provides separate entries of
outstanding accounts for trading items and "other operations," the latter
being defined as "dividends, interest and earnings of your local enterprises in a given country (for example, branch factories)." Provision is
also made for separate entries, if possible, of corresponding amounts due
on Jan. 1 1934, and for a statement of the amounts invested abroad by
American firms and banks since that date. The circular also requests
that "no distinction be made between amounts deposited against export
drafts and amounts on deposit representing payments against shipments on
open account."
Consultation Offered
Business men and bankers distant from Wasoington are invited to avail
themselves of consultation with members of the advisory committees of
the Second Export-Import Bank for any further information desired in
filling up their forms. A list of the members of the advisory committees
to the bank representing the American Bankers Association and the exporters and importers organizations accompanied the circular. The
executive committees of both groups have approved tne bank's action and
are facilitating toe collection of toe blocked balance information as a
necessary prerequisite to definite action on this important matter by the
Government.
Toe countries specified on whicti information regarding American blocked
balances is particularly desired are, in Latin America: Argentina, Bolivia,
Brazil. Cone, Colombia, Costa Rica. Ecuador, Nicaragua and Uruguay: in
Europe: Austria, Bulgaria, Czechoslovakia, Estonia, Germany, Greece,
fan. 19 1935
Hungary, Latvia, Rumania, Spain and Yugoslavia, with additional entries
under "other countries" as specified.
In view of the importance of this information and of its bearing upon
subsequent policies, details will be held strictly confidential and figures
when compiled will be utilized in totals for each country only. It is anticipated that a substantial compilation of these figures will be effected by the
middle of February.
ICC Bureau Recommends Increased Air Mail Rates
A general revision of air-mail rates to avert the possible destruction of commercial aviation was recommended Jan. 15
by the Bureau of Air Mail of the Interstate Commerce Commission, which said that an investigation "clearly shows that
most of the routes are being operated at substantial losses."
The Bureau urged that rates ranging from 25 to 33 cents per
mile be adopted on all 32 air-mail routes, although in no event
should the base rates exceed the 40-cent-per-mile maximum
established by the Air Mail Act of 1934. The Bureau's
recommendations advocated rate increases on 19 routes,
unchanged rates on one route, and decreased rates on 11
others. Two other routes which began operation since
Congress authorized the investigation last summer were not
mentioned in the report, which was summarized in part as
follows in a Washington dispatch of Jan. 15 to the New York
"Times":
In its report toe Bureau recalled that the Air Mall Act of 1934 gave
the Commission power to determine by order rates of compensation for
toe transportation of air mail, but not in excess of the rates provided for
In the Act. None of the rates advocated to-day would exceed the upper
limit set by the Act.
All of tne 31 operating companies reported on to-day submitted tables
for toe period since they began operations under the revised contracts from
early May 1934 to Oct. 311934. showing a net deficit of $1,815,055.21.
Total income for the period was listed at 88,902,845.81 and operation
losses amounted to 81,757.993.39. The difference was charged to taxes.
The proposed increases range up to 9 cents a mile for poundage not to
exceed 300 pounds a mile, while the reductions range as high as 13.5 cents
a mile.
While a number of toe increases recommended to-day were drastic, the
Bureau pointed out that the future of the industry would be endangered
ifthe contractors were forced to continue operating at tremendous losses.. ..
The proposal of the Bureau for governing the revised rates read in part
as follows:
"It is ordered, That fair and reasonable rates for the transportation of
air mail by airplane and the service connected therewith over each air mail
route embraced by this proceeding shall be ascertained upon the weight of
tho mail, computed at the end of each calendar month on the basis of the
average mail load carried per mile over the route during such month:
"And it is further ordered, That, for each air mail route designated below
said fair and reasonable rates for each airplane mile actually flown with
mail are fixed and determined and are hereby published, at rates for 300
pounds or less.
"And it is further ordered, That rates determined in accordance shall
in no event exceed the maximum rates provided by the Act and shall be
subject to the increases provided by the Act for mail loads in excess of300
pounds."
Reviewing the history of air mail and tracing the "rapid and persistent
growth of this infant industry, through 1932, the report said a decrease
in total weight carried in 1933 was undoubtedly due to the increase of
about 50% in the air mall postage rates.
"Following the contract cancellation (last February) there was a further
sharp decline in the volume of air mail carried," the report went on.
"From Feb. 1 to 19, when the contract service was still in force, 420.295
pounds of mail were carried 285,758,800 pound-miles. During the remainder of that month, when the mail was laeing flown by Army aviators,
106,608 pounds were carried 62,626,904 pound-miles."
United States Supreme Court Order Upholds Power of
of
Reversal
Order Tribunal
Despite
ICC,
Sustains Jurisdiction of Commission in "Power
Railroads
Gear" Cage-Ruling Saves
Reverse
47,000,000
The railroads of the United States have been saved an
estimated $7,000,000 and the authority of the Interstate
Commerce Commission has been reinforced by a United
States Supreme Court order in the so-called "power reverse
gear" case, despite the fact that the Court overruled a
Commission order,according to railroad counsel. The Court
upheld the jurisdiction of the Commission in issuing the order,
which was opposed by the carriers, but decided that the
Commission's findings did not support the issuance of the
particular order. The ICC on Jan. 5 1933 issued an
order under the boiler inspection law requiring the installation
under given circumstances of devices for operating reverse
gears on locomotives by power instead of by hand. The
order specified that on all engines built after April 1 1933
devises be installed; that all road engines weighing 150,000
pounds or more on the driving wheels, and all switch engines
weighing 130,000 pounds or more on the driving wheels,
be so equipped the first time they were subjected to heavy
repairs, and that in any case all these engines be thus equipped
by Jan. 1 1937.
The order was issued after a complaint by the railroad
unions. The Baltimore & Ohio, supported by most other
roads, succeeded in having the order set aside by the Federal
Court for Northern Ohio, and this decision was affirmed
by the Supreme Court. The New York "Times" of Jan. 13
summarized the principal issues in the case as follows:
It was contended by the railroads that the Commission lacked authority
to entertain the union's complaint and that the order was void for lack of
proper findings. Toe decision of toe Supreme Court written by JUstice
Brandeis sweeps aside toe first of these contentions.
Volume 140
Financial Chronicle
"The Commission clearly nas authority in an appropriate proceeding,"
said Justice Brandeis, "to forbid tne use of a locomotive equipped with a
manually operated reverse gear if by reason thereof the engine is rendered
unsafe or subjects employees of tne railroad or others to 'unnecessary peril
to life or limb.' Tne substitution of power-operated reverse gear for manually operated reverse gear mignt conceivably be found necessary to promote
safety even if it did so only indirectly by preventing tne impairment of tne
health of engineers through excessive exertion or fatigue."
As to the contention of the managements tnat tne law did not give the
Commission sufficiently wide scope to issue the order Justice Brandeis said:
"To hold that the authority of the Commission is thus limited would
defeat in large measure the !purpose of the legislation; and would be inconsistent with long-established practice."
After having defined the Commission's authority in the case, the decision
upholds the contention of the managements that the Commission did not
establish in its findings that the order was justifiable.
"The railroads contend that to support the order certain basic findings
are essential;that these were not made;and that, hence,the order was void,"
wrote Justice Brandeis. "This contention is, in our opinion, sound. The
act does not confer upon the Commission legislative autnority to require
tne adoption on locomotives of such devices as, in its discretion, may from
time to time be deemed desirable.
"Tile operation of an engine, however equipped, involves some danger
to life or limb." At common law, the carriers were "free to determine
how their boilers should be kept in proper condition for use without unnecessary danger." . . .
"And the act conferred authority to prescribe by rule specific devices,
or change in the equipment, only where these are required to remove 'unnecessary peril to life or limb."'
It was held in the decision that tne report of tne Commission "left entirely to inference" tne question "wnetner Me use of any or all types of
steam locomotives 'equipped with nand reverse gear as compared witn
power reverse gear causes unnecessary peril to life or limb.'"
"This complete absence of 'the basic or essential findings required to
support the Commission's order' renders it void," the decision concludes.
Tile order of the Commission actually cost the railroads little or nothing
in expenditure. Although purchases of equipment increased in 1933,
the totals remained low relatively to the amounts used in other years.
Moreover, most locomotives bought would have been equipped with power
reverse gears regardless of the order. Furthermore, with a large surplus
of locomotives on hand,the railroads usually were able to move their traffic
with engines already equipped with power reverse gears.
New -York City Ordinance Governing Laundries Not
Applicable to Agent of New Jersey Concern According to New York Appellate Court—City'
Held
to Be Without Power to Regulate Inter-State
Commerce
The Appellate Division of the Brooklyn (N. Y.) Court of
Special Sessions has reversed the conviction of John Vechione,
accused of violating the New York city ordinance, licensing
laundries and forbidding the collection and delivery of laundry except by an agent of licensed laundries.
According to the New York "Sun" of Jan. 15 it was shown
that Vechione, although agent for a New Jersey laundry,
was collecting and delivering laundry to customers in this
city. The Brooklyn Daily "Eagle" of Jan. 16 reported as
follows regarding the Court's conclusions:
The decision rendered by Justices Kernochan, Salomon and Dale, rules
that a laundry, although located in another State such as New Jersey, may
do the washing of New Yorkers without regulation by the New York
authorities.
Conviction Reversed
The case in question was that of John Vechione who had been convicted
in Richmond Magistrate's Court for collecting and delivering the laundry
of Staten Island residents to and from the Household Laundry, Inc., of
Newark, N. J., which maintains no plant within the City of New York.
The Appellate Part reversed the conviction.
Justice Kernochan, in an opinion, pointed out that the Housenold
Corporation was engaged in inter-Statecommerce when it employed Vechoine
as its agent and that therefore the conviction under a local ordinance is
unconstitutional, Congress having the power to regulate interstate commerce under the Constitution.
Code Only Local
Justice Salomon decided that the Code of Ordinances could be applied
only to firms located within the boundaries of the City of New York.
Justice Salomon in his decision (said the "Sun") wrote:
In my opinion, this ordinance regulates and fixes terms and conditions
under which a person, firm or corporation can maintain a laundry in the
city of New York, and section 207 of said ordinance prohibits a person,
firm or corporation from collecting or delivering laundry for a person, firm
or corporation conducting or maintaining a laundry in the city of New York,
unless such a laundry is duly licensed.
To hold otherwise would place a false construction on said ordinance and
particularly on section 207 thereof.
My conclusion makes it necessary to deal further with the question of
the constitutionality of the said ordinance as raised by the appellant.
Judgment reversed and complaint dismissed.
No power to regulate inter-State commerce is vested in
the City, Chief Justice Kernochan held in concurring in
the above.
New York Supreme Court Reverses Conviction of
Isidor J. Kresel—Judgment on Former Counsel
for Bank of United States Termed "Wicked Perversion of Justice"
The conviction of Isidor J. Kresel, former Assistant District Attorney of New York County, who had been accused
of misapplying funds of the Municipal Safe Deposit Co.,
a subsidiary of the closed Bank of United States, was reversed
Jan. 16 by the Appellate Division of the New York State
Supreme Court. Justice Christopher J. Heffernan, who
wrote the opinion, asserted that the judgment in this case
was "grossly wrong and a wicked perversion of justice,"
407
placing the "stigma of felon" on Mr. Kresel, as well as depriving him of his liberty, his profession and his honor "for
conduct without taint of moral turpitude or personal profit
and for advice given in good faith in his capacity as a lawyer."
A dispatch from Albany to the New York "Times" on Jan.
16 outlined the case as follows:
Justice John C. Rhodes concurred for reversal and dismissal of the
indictment in a separate memorandum. Presiding Justice James. P. Hill
and Justice F. Walter Bliss voted to reverse the conviction and for a new
trial, in which Justice Hill wrote an opinion in which Justice Bliss concurred
in a memorandum.
The indictment under which Mr. Kresel was convicted included Bernard
K.Marcus, Saul Singer, Henry W.Pollock and Herbert Singer. It charged
that Marcus. Singer and Pollock, as directors of the Municipal Safe Deposit
Co.. abstracted and misapplied the funds of that company in paying
$2.009,518.45 to the Bolivar Development Co. so that concern might buy
235 shares of the Premier Development Corp. This was alleged in the
indictment as a violation of Section 305 of the Penal Law.
The indictment also accused Mr. Kresel and Herbert Singer, a young
lawyer, of "aiding, abetting, counseling and advising" Marcus, Saul Singer
and Pollock in the commission of the crime charged.
Mr. Kresel obtained a separate trial, which lasted nine weeks. Marcus,
Saul Singer and Herbert Singer were convicted, the jury disagreeing as to
Pollock. The case was taken to the Court of Appeals, which affirmed
the conviction of Marcus and Saul Singer but dismissed the indictment as
to Herbert Singer.
Oliver J. Troster Re-elected as President of New York
Security Dealers Association
The New York Security Dealers Association has re-elected
Oliver J. Troster as President, it was announced Jan. 4.
Mr. Troster, who is a partner of Hoit, Rose & Troster, became President of the Association last June, succeeding
Mark A. Noble who resigned because of ill health. Other
officers elected are:
Frank Y. Cannon, of J. K. Rice & Co., First Vice-President.
Henry C. Dick, of F. H. Hatch & Co., Second Vice-President.
Harry D. McMillan, of L. A. Norton & Co., Treasurer.
William Hart Smith, of Hart Smith & Co., Secretary.
The following were elected Governors of the Association
for three-year terms:
Oliver J. Troster
Frank Rizzo, of Clinton Gilbert & Co.
John E. Sloane, of John E.Sloane &c Co.
Meyer Willett. of Bristol & Willett
Other Governors of the Association include Mr. Cannon,
Mr. Dick, Mr. McMillan, Mr. Smith and Frank Dunne, of
Dunne & Co.; George Elliot, of Elliot & Wolfe; H. Prescott
Wells, of Outwater & Wells (Jersey City, N. J.), and P.
Erskine Wood, of G. M.-P. Murphy & Co.
In accepting the re-election, Mr. Troster said that the
Association will continue to co-operate with the Securities
and Exchange Commission.
Detroit Stock Exchange Re-elects Charles B. Crouse
as President
Charles B. Crouse was re-elected this week as President of
the Detroit Stock Exchange. F. J. Winckler and L. G.
Angstrom have been elected Vice-President and Treasurer
respectively. D. J. Alison and Charles A. Parcels were
re-elected Governors, and Mr. Angstrong was also elected
to the Board of:Governors.
Annual Election of Officers of San Francisco Stock
Exchange—F. C. Shaughnessy Retains Presidency
Frank C. Shaughnessy, senior partner in the firm of
Frank C. Shaughnessy & Co., San Francisco, was re-elected
President of the San Francisco Stock Exchange at the annual
meeting of Exchange members Jan. 9. Mr. Shaughnessy
in addition to serving as President of the Exchange in 1934
was Vice-President in 1923, 1931 and again in 1933.
At the annual meeting Ross Ambler Curran, senior partner
of Curran & Hooker, was re-elected Vice-President, and
Gustav Epstein, senior partner of J. Barth & Co., and Win.
R. Bacon, head of Bacon & Co., were elected to the Governing Board. Mr. Epstein was appointed to the Governing
Board in 1934 to fill a vacancy. Other members of the
Board are: Robert M. Ridley of McDonnell & Co., Douglas
Atkinson of Leib Keyston & Co. and Frank M. Dwyer of
Dwyer & Park.
Election of Officers of San Francisco Curb Exchange—
Richard P. Gross, President
At the annual meeting of members of the San Francisco
Curb Exchange held Jan. 8, Richard P. Gross, of Richard P.
Gross & Co., San Francisco, was elected President. Mr.
Gross, who has been a member of the Exchange since
November 1928, succeeds Frederic H. Johnson. Sherman
Hoelscher was chosen Vice-President and Frederic H. Johnson, A. L. Ehrman, Jr., and Frank M. Dwyer were chosen
to serve with James D. McDonald and Rollo C. Wheeler,
hold-over members, as the Governing Board for 1935.
408
Financial Chronicle
Jan. 19 1935
The new President of the Curb Exchange is thoroughly
familiar with Exchange administration. He served as VicePresident in 1934, and has been a member of the Governing
Board since 1932.
Mr. Pecora's nomination to the SEC was approved by the
United States Senate Banking Committee on Jan. 15, as
noted elsewhere in our issue to-day. Governor Lehman's
appointment of Mr. Pecora to the Supreme Court was referred to in these columns of Jan. 12, page 254.
Election of Officers of New York Coffee & Sugar
Exchange—Chandler A. Mackey Suceeds William
H. English Jr. as President
Chandler A. Mackey was elected President of the New
York Coffee & Sugar Exchange, Inc., at a meeting of the
membership on Jan. 17, succeeding William H. English Jr.
Mr. Mackey's father was closely identified with the founding
of the Exchange in 1882. The new president became a
member of the Exchange on March 1 1920, and from the
beginning has been active in the administering of Exchange
affairs. Mr. Mackey has at times served on nearly all of
the various Committees, as a member of the Board of
Managers and for the past two years as Vice-President of the
Exchange. Other officers elected were as follows:
Walter S. Tower Re-elected Executive Secretary of
American Iron & Steel Institute—Will Serve as
Active Executive Officer
Walter S. Tower, Executive Secretary of the American
Iron and Steel Institute since October 1933, was re-elected
to this office by the directors of the Institute on Jan. 17.
Under the new organization of the Institute, announced
recently upon the election of E. G. Grace, President of the
Bethlehem Steel Corp., as President of the Institute, Mr.
Tower will serve as the active executive officer of the Institute. The recent election of Mr. Grace was referred to in
our issue of Dec. 15, page 3738.
Earl B. Wilson was elected Vice-President, and W. W. Pinney, Treasurer. Mr. Wilson was the Treasurer and Mr. Pinney a member of the
Board during the past year.
Frank C. Russell has been elected to fill Mr. Pinney's unexpired term on
the Board of Managers and the six retiring members of the Board: Wm.G.
Daub, F. G. Henderson, F. R. Horne, Chas. C. Riggs, A. M. Walbridge
and W.J. Wessels have been re-elected for another two year term. Harold
L. Bache, Jerome Lewin°, E. L. Lueder, M.E. Rionda and P. R. Nelson
have still a year to serve.
The new officers and Board members will take office on
Jan. 23 following an organization meeting. A nominating
committee for 1935 consisting of Chas. Slaughter, Ambrose
A. Carr, David E. Fromm, S. T. Hubbard Jr., and Walter
Murphy also received the approval of the membership.
President Roosevelt Sends 1,500 Nominations to Senate
for Confirmation—Includes Many Holding Recess
Appointments.
President Roosevelt on Jan. 10 sent to the Senate the
nominations of 1,500 persons, many of whom already hold
office under recess appointments. The list submitted for
confirmation included all classes of the Government service
from Marriner S. Eccles to be Governor of the Federal
Reserve Board and Miss Josephine Roche to be Assistant
Secretary of the Treasury, to hundreds of postmasters in
45 States and two territories. United Press Washington
advices of Jan. 10 mentioned a few of these appointments as
follows:
The list included the entire membership of the newly organized Securities
and Exchange Commission,Federal Communications Commission and other
boards appointed since Congress adjourned.
rEAmong the diplomatic nominations, Meredith Nicholson. Indiana, was
transferred from Paraguay to betMinister to Venezuela and Minister
William Dawson. Minnasota, was shifted from Ecuador to Colombia.
Antonio 0. Gonzalez, New York, was named Minister to Ecuador.
Other prominent nominations included James A. Moffett. New York, to
be Federal HousinglAdministrator; William Denman, San Francisco, to be
Judge of the Ninth Circuit Court of Appeals, and Arthur Roe, Vandalla.
to be United States Attorney for the Eastern Illinois District.
Senate Confirms Members of SEC—Ferdinand I. Pecora
to Accept Appointment to New York Supreme
Court.
The five members of the Securities and Exchange Commission, appointed on June 30 last by President Roosevelt,
were confirmed by the United States Senate on Jan. 15. The
members of the Commission, the appointment of which was
referred to in out issue of July 7, page 52, are:
Joseph P.Kennedy,of New York,Chairman,term expiring
June 5 1939.
George C. Matthews, of Wisconsin, term expiring June 5
1938.
James M. Landis, of Massachusetts, term expiring June 5
1937.
Robert E. Healy, of Vermont, term expiring June 5 1936.
Ferdinand I. Pecora, of New York, term expiring June 5
1935.
Mr. Pecora was recently appointed by Governor Lehman
of New York as a New York Supreme Court Justice. Confirmation of his appointment by the New York State Senate
is referred to elsewhere in out issue of to-day.
State Senate Confirms Appointment of Ferdinand I.
Pecora to New York Supreme Court Bench.
The appointment by Governor Lehman of Ferdinand I.
Pecora as a New York Supreme Court Justice of the First
Judicial District, was unanimously confirmed by the New
York State Senate on Jan. 15. Mr. Pecora, who succeeds
Edward R. Finch recently elected Associate Justice of the
Court of Appeals, has been serving as member of the Securities and Exchange Commission from which he will resign.
Death of Representative Griffin of New York—Had
Served in House Since 1918
Anthony J. Griffin, Representative in Congress from the
22d New York district since 1918, died c n Jan. 13 at his
home in New York City after an illness of three months.
He was 68 years old. Funeral services on Jan. 17 were
attended by Representatives, military friends and others.
The House adjourned on Jan. 14, following a 20-minute
session, as a mark of respect to Mr. Griffin, after passing a
resolution expressing its "profound sorrow" at his death.
Associated Gas & Electric System Declares FTC
Distorted Facts
The following is from the "Wall Street Journal" of Jan. 15:
The publicity of the Federal Trade Commission regarding the acquisition
of General Gas & Electric Corp. by Associated interests is a serious distortion
of the facts contained in Volume 45 of its report previously made to the
United States Senate. according to a statement of toe Associated Gas &
Electric System.
The FTC conclusions, the statement says, are based entirely on considerations which have no nearing upon the question of whether the acquisition
was in the public interest. Facts outlined in its original report it holds,
recognize the soundness of this acquisition, but now are scrupulously
ignored, apparently for the purpose of sensationalism.
The FTC has failed, the System says, to tell the Senate and the public
what it should know, namely, that at no time has the price paid for these
properties been used as a means of raising rates to consumers, but on the
contrary, the economies originally contemplated have been reflected in
the lowering of rates and improvement in service.
Although is has exercised extraordinary hindsight, the FTC, In its desire
to criticize the utility industry, has completely ignored the fact that we have
been in a depression, the statement concludes.
FTC Reports to Senate on Public Utility Holding
Companies—Says Competition for Control of
Operating Units Was Keen in Decade Ended in 1932
Competition among holding companies to gain control of
utility operating properties became so keen in the decade
ended in 1932 that, in an extreme case, the successful bidder
paid $531.04 per share for the stock of a company which
accountants of the Federal Trade Commission computed to
have a book value of $2.97 per share, the FTC said in another
installment if its report on the public utility investigation
submitted to the Senate Jan. 12. This installment was
entitled "Competition and Combination Affecting the Control
of the Electric and Gas Utility Industry," and dealt with
the relation of holding companies to local monopoly of utilities, competition among holding companies, the lack of
regulation of holding companies and the influence of investment bankers in the public utility field and their relations
with holding companies.
In a press release dated Jan. 12, describing the report,
the FTC said in part:
Commenting on the general limitations/on competition, the FTC says
that an important feature of the business of operating electric and gas
utility companies is that they generally enjoy local monopoly, subject to
State or local regulation as a means of preserving to the public so far as
possible desirable economic results that competition might produce, and of
avoiding the undesirable results that cut-throat competition was found to
cause in the early days of these industries. Essentially, the monopoly
consists generally of the*.exclusive right to serve a given area with electric
energy or gas, or both, and when granted for both, the local monoploy
ensuing In the distribution of power and light is complete. In recent
years. the FTC found, monopoly grants by local political units have been
supplemented in some States by the requirement that before extensions shall
be made into territory not already served, or construction begun for new
facilities, a certificate of convenience and necessity must be obtained
from the proper regulatory body.
The FTC says that the preference for regulated monopoly now shown
by State and local regulatory bodies arises out of recognition that local
monopoly yields economic advantages of larger scale production and distribution, elimination of duplicated investment in transmission, distribution and generating capacity, and of operating personnel that would be unattainable were two or more companies allowed to compete in the same
territory. This preference for local monopoly says, the report, was attained by a process of gradual development. Originally, there was local
competition in many cities in both the gas and electric industries and in a
Volume 140
few instances such competition still continues, but most of the competition
that does remain, the FTC finds, is for new territory, or for the purchase
of facilities already operating, both of which are subject to varying degrees
of control as provided by the laws of different States.
In its report the FTC also discusses the relation of investment bankers to holding Companies.
Head of American Veterans' Association Opposes Proposals for Immediate Bonus Payment—Donald A.
Hobart Declares Advantages Claimed Are "False,
Illusory and Unsound"
Both the United States and the veterans in this country
would be harmed by payment of the soldiers' bonus before
it is due, according to Donald A. Hobart, National Commander of the American Veterans' Association. Speaking
in a radio debate Jan. 12 with Representative Patman of
Texas, Mr. Hobart said that the Association opposes payment of the bonus at this time because the advantages
claimed are "false, illusory and unsound." The proposal,
he declared, is equivalent to a suggestion that 3,500,000
veterans be paid immediate cash on an insurance policy not
yet due. Mr. Hobart said that if this is logical it would
be equally sensible to urge every citizen to cash his own
private insurance policies and spend the proceeds. A
press release from the Veterans' Association quoted further
from his speech as follows:
Commander Hobart attacked those ex-service men who are "standing
in line on the steps of the Federal Treasury, tin cup in hand, demanding
cash in times like these for a service which cost other men their lives."
"Do you sincerely believe, Mr. Patman, that if this bonus is paid now
that there will not soon be a demand for a pension to be paid to every
living veteran, without regard to disability" Commander Hobart asked
his opponent.
Commander Hobart argued that needy veterans who receive the bonus
now would be disqualified for the 3.500,000 Jobs which President Roosevelt
wants to make available for employable adults now in need.
"The veteran who is in receipt of a sum as high as $750 cannot claim
and cannot prove his destitution," Commander Hobart said. "Therefore.
I believe that it would be heartless to make the payment available to
veterans now and create a situation where the unemployed veteran must
continue without work until his savings are exhausted."
"Veterans' certificates are, in fact, paid up endowment insurance policies.
As President Roosevelt wrote in his recent letter, the equity in the Insurance policy in some cases is the only resource which the veteran's family
has. It is not evidence of a nation's gratitude or thoughtfulness to say to
the needy veteran: 'All right, soldier, go ahead and give up this little
protection you now have for your family. Spend the money, and then,
when you are completely destitute we will hope that some of the public
works jobs will still be open for you.' Is this kindness? Is this what
the unemployed veteran wants?"
"The proposal is simply this: To hand out $2,000,000,000 to 3% of
the citizens of the country. And is this money to go to the needy, the
people whom we are most willing to help? Oh, no, it is to go to every kind
of person; the bonus will be paid to the rich as well as the poor, and to
those who have suffered no unemployment and no distress.
"It means, in effect, that a veteran with an income of $50 a week says
to:his civilian neighbor, with an income of 01119 $25 a week,'Pay me now
what you promised to pay 10 or 20 years hence,' and then has the temerity
to add,'It will be a good thing for both of us.'
"The prepayment of the soldiers' bonus is unfair to all citizens because
of the burden of taxes and deficits which now rest on the shoulders of
everyone."
Federal Interference with Administration of Municipal
Affairs Opposed by New York State Chamber of
Commerce—Resolutions Protest Against Ruling
of Secretary Ickes Which Would Bar Commissioner
Moses from Tr -Borough Bridge Authority
Representatives of 23 civic and commercial organizations
met at the Chamber of Commerce of the State of New York
at 65 Liberty St., New York, on Jan. 14 in a joint protest
against the ruling of Secretary of the Interior Ickes, which
would bar Park Commissioner Robert Moses from the
Tr -Borough Bridge Authority.
Alfred V. S. Oloott, Chairman of the Committee on Public
Service in the Metropolitan District of the Chamber, presided at the conference which adopted resolutions condemning
"Federal interference with the administration of municipal
affairs." The resolutions, which also praised Commissioner
Moses as "a faithful, competent and useful public servant,"
called for the appointment of a committee of five to ttlre
action to bring about a reconsideration by Secretary Ickes
of Public Works Administration Order 129 which affects
Commissioner Moses.
The following Committee of five was appointed:
William J. Schieffelln, Chairman of the Citizens Union.
Howard E. Galvin, Executive Vice-President Brooklyn Chamber of
Commerce.
M. D. Griffith, Executive Vice-President New York Board of Trade.
S. C. Mead, Secretary Merchants' Association.
William J. Russell, Executive Vice-President Queensborough Chamber
of Commerce.
Mr. Olcott was made a member of the Committee ex-officio.
The Committee will confer with Mayor LaGuardia and
other interested public officials and will meet again shortly
to decide on further action.
The resolutions adopted by the conference follow:
and
commercial
Be It Resolved, That it Is the sense of this meeting of civic
asodations and social agencies of the City of New York meeting this 14th
409
Financial Chronicle
day of January 1935in Great Hall of the Chamber of Commerce of the State
of New York, that Public Works Administration Order 129 should be
reconsidered, as the carrying out of such order would necessarily result in
Federal interference with the administration of municipal affairs which
would be at variance with accepted principles of local government; and be
it further
Resolved, That the meeting particularly objects to the apparent attempt
at removal of Robert Moses as Tr -Borough Bridge Commissioner or as
Park Commissioner as he has proven himself a faithful, competent and
useful public servant; and be it further
Resolved, That a committee of five should be appointed by the Chairman
of this meeting charged with the responsiblity of preparing such memoranda
or documents as they may deem necessary, and to confer and present the
views of this meeting to such public officials as their Judgment may dictate
to carry out the purpose of this resolution.
The organizations represented at the conference follow:
Chamber of Commerce of the State
of New York.
Automobile Club of New York.
Bronx Board of Trade.
Brooklyn Chamber of Commerce.
Chamber of Commerce of the Borough of Queens.
Citizens Union.
City Club.
Conference on Port Development
of the City of New York.
Central Mercantile Association.
Civic Council of Brooklyn.
Downtown Brooklyn Association.
Merchants & Manufacturers Association of Bush Terminal.
Merchants' Assn. of New York,
New York Board of Trade.
New York City League of Women
Voters.
Park Association of New York City
Staten Island Chamber of Commerce.
Twenty-third Street Association.
The Washington Square Assn.
West Side Assn. of Commerce.
Women City Club of New York,
United Neighborhood Houses.
Uptown Chamber of Commerce.
Urges Business to "Co-operate" in Opposing Unsound
New Deal Policies—Paul C. Smith Criticizes Busi_
ness MenJor Acceptance of Administration Proposals They Do Not Understand
Criticism of American business men for "co-operating"
with New Deal policies without understanding where those
policies are leading was expressed in a recent speech by
Paul C. Smith, Financial Editor of the San Francisco
"Chronicle," before the eleventh annual meeting of the
Western division of the United States Chamber of Commerce at Los Angeles. Mr. Smith declared that most business men are co-operating blindly, and said that a far more
desirable kind of "co-operation" would be that within business itself to defend its ideals against Administration activities that threaten to destroy them. Business men, he
said, "got to defend your property rights and other fellow's
property rights—and do it frankly and openly and call it
'property rights' when you do, and not bother with the
coining of some idealistic euphemism which- means 'property rights.'"
We quote, below, a brief extract from Mr. Smith's address:
I think you still have a battle to fight, and that it is your battle. The
battlefront is not in Washington, nor anywhere else three thousand miles
the
away, but right on your front door step. You have got to prove that
capitalistic system can operate to the benefit of society in general, and
machinery
to do it you've got to seek and find the opportunity to get the
started at a satisfactory pace once more.
that
You can't do it, it seems to me, by co-operating with anything
can't do
will contribute further to the delinquency of your system. You
to
seems
it by plunging blindly into socialization simply because there
with
be an immediate profit to be gained from an immediate transaction
on the
the subtle enticers who hold out great handsful of funds borrowed
constrength of an overburdened public credit. You can't do it without
sidering human rights as much as the other fellow, nor without demonstratreadily
ing that the effective operation of your capitalistic plant will more
visionproduce the condition of human welfare now dreamed of by all the
on the
them
with
play
to
you
ary but impractical humanitarians who ask
all-American team—so long as they call the signals.
Secretary of Agriculture Wallace Fixes 1935 Cotton
Production Quota Under Bankhead Control Act
at 10,500,000 Bales of 500 Pounds Each—President
Roosevelt Reported to Be Seeking International
Agreement on Output and Exports
Secretary of Agriculture Wallace on Jan. 17 fixed the
quota for cotton production for 1935 under the Bankhead
Cotton Control Act at a maximum of 10,500,000 bales,
aside from 700,000 bales not sold last year which was added
to the 1935 figure. The quota for the current year represented an increase of approximately 1,224,000 bales over
1934, when the quota was 10,476,000 bales of 478 pounds
net weight. The 1935 quota specifies bales weighing 500
pounds each. Mr. Wallace also announced Jan. 17 that
under the voluntary cotton adjustment program producers
would be permitted to make an additional reduction in
acreage up to 35% of their base acreage and would receive
additional benefit payments. The adjustment program as
originally announced asked farmers to reduce their acreage
between 25 and 30%.
Newspaper reports from Washington Jan. 16 said that
President Roosevelt is seeking a world agreement to limit
the production and export of cotton, as the hope of effecting barter arrangements seems less practical. It was
said that India, Egypt and Brazil would be approached
410
Financial Chronicle
informally with the proposal, and that China and Russia
might also be consulted. As to this a Washington dispatch
of Jan. 16 to the New York "Herald Tribune" said in part:
Although the other countries will be sounded out with an appeal to
co-operative and mutual self-interest, Henry A. Wallace, Secretary of
Agriculture, will be prepared to display the threat of dumping American
surplus cotton on the markets abroad from the 8.500,000-bale carry-over
In the United States.
Mr. Wallace indicated plainly to-day that the present domestic control
program was not forever fixed and immobile. There are reasons why
what the United States has done internally should not be allowed to "distort" foreign judgment, he warned.
The projected agreement would be modeled after the world wheat pact
which was signed late In 1933, but Is now more or less broken down. Efforts to solidify it and extend it beyond Its expiration date next Aug. 1
are still under way, but thus far have failed. Argentina, in particular,
has balked proposed restraints.
The hopes of the President and some of his aides for a cotton agreement
are in the face of clear skepticism among elements of his Administration
experts who believe that the machinery for controlling cotton exports would
be even more difficult to arrange than a wheat pact. It is seriously questioned whether inducements at the disposal of this country are sufficient
to bring restraint on the part of minority competitors In the woad market
who are producing with cheap labor and have not much to lose and a
great deal to gain In the present situation.
Net Gain of 02,989,592 Realized by Farmers Under
Corn Loan Plan, According to AAA
With only slightly over $500,000 of the $120,493,259 in
loans on 1933-34 farm-stored corn still to be paid, farmers
who availed themselves of the Commodity Credit Corporation loans have realized a net gain of $82,989,592 over the
loan value of their corn and the costs of the loan, it was
announced Jan. 11 by the Agricultural Adjustment Administration. This estimate was reached on the basis of the
figures supplied by the COC, the Administration said. The
1933-34 loans were made on 267,540,500 bushels of corn, at
the rate of 45c. per bushel, held under seal in Colorado, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska,
Ohio and South Dakota. To January 1935 approximately
266,457,000 bushels had been released by payment of $119,905,366 of principal. It was further announced:
At average prevailing market prices computed monthly on the amount of
corn released, the sealed corn had a market value when sold of $207,037,089.
From this is deducted $124,047,497, which includes the proncipal of $119,905,366 already paid, and total cost of the loans to farmers in interest,
Insurance, &c., of $4,142,131, thus showing a net gain over loan value of
$82,989,592.
Officials of the AAA and the CCC feel that the corn loans, by making
It possible for- corn belt farmers to realize this net gain of more than
$82,000,000, have been of inestimable value not only to agriculture but
to business in general. The loans also had the highly important effect of
causing a carryover of approximately 50,000,000 more bushels of corn into
the fall feeding season than would have been carried over without the loan.
The availability of this corn for feeding has undoubtedly resulted in average
lower costs than would have prevailed had the corn moved from the farms
into commercial channels.
The $4,142,131 in charges which the farmers paid for the loans covered
every cost which the borrowers had to meet. Interest at 4% and insurance
charges paid by the borrowers amounted to $2,709,846 ; sealing and inspection fees to $1,332,285, and filing and recording fees to approximately
$100,000.
Total amounts of loans made under the 1933-1934 plan, by States, in
round figures were:
Colorado
270,000 Minnesota
95,500,000
31,100,000 Missouri
Illinois
1,000,000
Indiana
1,200,000 Nebraska
22,000,000
Iowa
57.150,000 Ohio
280,000
Kansas
1,000,000 South Dakota
1,700,000
Corn loans were made from December 1933 to August 1934, at the
following rates per month:
December, 1933
$14,560,107 May
$3,886,430
January, 1934
30,442,381 June
28.686.808
February
20,484,209 July
670,196
14,993,465 August
March
2,337
6,767.301
April
Repayment began the same month loans began, in December 1933, and
have continued without interruption ever since. The peak of payments was
reached in August 1934, with $37,759,238 received. Officials say there has
been no trouble whatever in collecting payments of loans, and only in a few
cases has the Government had to possess corn under seal to take care of the
loans. These have been the rare cases in which borrowers moved, leaving
the corn on the abandoned premises, or have otherwise failed to properly
take care of the corn. It is anticipated that the small balance still due
will be paid without loss.
Careful study of the figures available has shown that the borrower made
an average net gain of more than 30c. per bushel over and above the loan
value of 45c. plus average carrying charges of only 2.57c. per bushel.
Now that corn is scarce and prices are high, the Cars new corn loan,
at 55c. a bushel, does not find so many takers, only those farmers who
desire to hold corn for their own use being interested in the loans. In
other words, prices have been put up near parity, and there is a tremendous
demand for the feed grain at the present time. Therefore, a comparatively
small amount is being placed under seal, but the approximately 18,000,000
bushels under seal under the new loan is considered by officials to be a
valuable protection to the farmers.
New loans made by States to Jan. 7 total:
Colorado
$154 Missouri
$110,742
Illinois
2,268,543 Nebraska
1,247,702
Indiana
230.960 Ohio
43,496
Iowa
5,446,716 South Dakota
181,725
Kansas
8.835
Minnesota
349,460 Total
$9,888,333
The CCO holds the paper for only $3,531,070 of this total, the balance
being held by local banks and similar financial institutions under the
agreement of the CCO to purchase such paper. Under the 1933-1934 plan
the CCO held approximately $93,000,000 of the loans, while banks held
only $26,000,000.
Ian. 19 1935
Price-Fixing by Codes to Be Eliminated, Chester C.
Davis Declared—AAA Administrator Says Experience Has Shown It Will not Work
Price-fixing by means of codes will be discontinued, except
possibly in the case of natural resource industries such as
coal and oil, Chester C. Davis,' Administrator of the Agricultural Adjustment Administration and member of the National Emergency Council, said in a speech before an agricultural meeting, Jan. 10, at Lincoln, Neb. Mr. Davis declared
that the nation needs more factory production and lower
prices, rather than curtailed production and higher industrial prices. He added that price-fixing in codes will be
eliminated because it has been proved impractical. A dispatch from Lincoln, Jan. 10, to the "Wall Street Journal"
gave further extracts from his remarks as follows:
The prediction of Mr. Davis, one of the outstanding of the President's
non•Cabinet advisers, is considered in Washington as particularly significant as an indication of future Administration policy with regard to the
relation between business and agriculture. Mr. Davis's declaration is
another step in a series of speeches and statements by Department of Agriculture officials pointing out that the next step in bringing agricultural
purchasing power into balance with industrial purchasing power must come
from industry.
Mr. Davis continued his speech with the statement that if a 45% expansion in industrial output could be obtained, it would bring about a rise in
agricultural prices through increased employment and purchasing power
sufficient to restore the relationship between agricultural and industrial
prices that existed in 1929.
President Roosevelt Praises County Debt—Adjustment
Committee in Letter to Governor Myers of FCA
County debt-adjustment committees have assisted more
than 35,000 farmers to reach agreements with their creditors, according to the reports received by the Farm Credit
Administration from approximately 2,600 county debt adjustment committees in 44 States. This announcement was
made at Washington, D. C., Jan. 7, by W. I. Myers, Governor
of the Administration, as he made public a letter received
by him from President Roosevelt concerning the efforts
made by these adjustment committees during the past year.
The President's letter is as follows:
My dear Governor: I am glad to have your report, and was especially
Interested in what you say about the many thousands of farmers whose
homes have been saved through the efforts of local groups of public-spirited
men and women. As I recall it, it was about a year ago that the State
Governors were asked to set up agricultural credit councils to deal with a
most difficult problem—the threat of foreclosure, which confronted large
numbers of our deserving farmers—and the generous community service
rendered by them in helping farm debtors and their creditors to reach
mutually satisfactory adjustments is highly commendable.
However, words of praise from you or me add but little to the only form
of compensation they have received, i.e., the high satisfaction of knowing
that they have contributed so materially to the renewal of hope in almost
defeated men, the happy play of children made more secure in their farm
homes, the grateful appreciation of thousands of farm families, holding
their heads a little higher and looking forward with renewed confidence to
the future.
Such unselfish effort and courageous shouldering of community responsibility is typical of our best American traditions.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
NRA Expects to Take Early Definite Action Regarding
Price-Fixing—At Four-Day "Policy Hearing" Consumers' Groups Oppose Price Control Provisions—
Defended by Industrialists
Definite action will be taken in the near future regarding
price-fixing provisions of existing codes of fair competition,
the National Industrial Recovery Board announced on
Jan. 12 as it concluded a four-day hearing at which it heard
testimony concerning the effect of price policies. Blackwell
Smith, National Recovery Administration counsel, said that
the NRA plans to analyze the material presented at the
hearing, and on the basis of this analysis will formulate "the
Issues, the alternatives and the actions growing out of this
material." The next "policy hearing" will be held by the
NRA on Jan. 30, when industry will be asked to present its
views regarding the employment and labor provisions of
approved codes.
At the first hearing, on Jan. 9, manufacturers who defended price-fixing provisions said that if these were abolished the labor provisions of the codes would also collapse
and the wage provisions would be unenforcible. Retailers
and distributors, on the contrary, said that the codes had
become complicated mechanisms for artificial price control
and had acted to raise prices.
The principal witnesses at the hearing Jan. 10 included
consumer groups, who assailed price-fixing as leading to
the gouging of consumers and the curtailment of buying.
Industrialists who appeared on Jan. 11, on the other hand,
advocated the continuance of private control over pricefixing.
Volume 140
Financial Chronicle
411
A Washington dispatch of Jan. 13 to the New York "Journal of Commerce" summarized the hearings before the NRA
as follows:
A dispatch from Washington, Jan. 10, to the New York
"Herald Tribune" gave the contents of the NRA order as
follows:
Developments in the four-day hearing on the future of Government price
control included the following factors:
1. Prominent business leaders urged strongly elimination of "predatory" price
cutting, at the same time taking a firm stand for open price filing. This latter
support was given on the condition that NRA arrange a "waiting period" between
the time prices are filed and the time they become effective.
2. Conflicting testimony was presented at the second day of the hearing, with
support of price-fixing by the Government coming from textile and lumber representatives and opposition to the practice from consumers' Interests and a few business
agencies. George A. Sloan, Chairman of the Cotton Textile Code Authority, declared that "industry must be upheld against destructive compeition by provisions
to check or prevent undue and harmful disruption of prices." If this is not done, he
said, the codes will prove entirely ineffectual.
The members who originally had been removed because of connection with
the International Association of Garment Manufacturers were reinstated.
Itemized Budget Ordered
The order re-creating the Code Authority installed two NRA representatives on the group. It also required that immediate action be taken "to
effect all possible economies" in expenditures, and called for prompt submission of an itemized budget to cover proposed expenditures up to June 15.
Moreover, it required a report within 15 days on progress made in carrying
out the previously ordered total separation from the international association.
The men finally removed by to-day's order were: W. E. Stephens, of
Nashville, Term.; E. M. Joblin, of New York City, and L. H. Jones, of
Nashville. In addition, the order will prevent service by three others who
had been proposed as members of the former Code Authority, but who had
not NRA confirmation. These are: Harry Johnson, of New York City;
A. H. Bailey, of Dallas, Tex., and H. M. Keyes, of Boston.
Burton E. Oppenheim, Deputy Administrator in charge of the code, and
R. V. Rickoord, of the Research and Planning Division, were the two men
designated members of the Code Authority to represent the National
Industrial Recovery Board.
Whiteside Views Recal.ed
3. The third day of the hearing found Arthur D. Whiteside, NIRB member,
contending that open filing of prices is not price-fixing as commonly defined by
industry. Instead, Mr. Whiteside declared, few industrial leaders recognize that the
Presence of maximum hour and minimum wage provisions to all existing codes is
price fixing in its most direct form.
The fourth and final day of the hearing, which terminated at 4 p. in.
yesterday, was inaugurated with the observation that NIRB "must take a
comprehensive view of the conditions on which profits depend for business
as a whole."
Leon Henderson, ex-officio member of the Board and director of NRA's
Research and Planning Division, in reviewing previous testimony, declared:
"So far as profits to business have figured in the discussions, business as
a whole has not been asking Government protection for anything beyond
the ordinary minimums necessary to maintain wage standards, to avoid
bankruptcies, but not necessarily to perpetuate inefficient producers, to
permit reasonable business spending, replacements and betterments of capital, and maintenance of normal inventories.
Stimulation of Production
"The Board has no definite disagreement with that objective, as an
objective. But as to the weight to be given to that objective, as against
the correlative objective of increased employment and physical output and
sale of goods, I assume that the Board believes that satisfactory profits
cannot be secured for business as a whole except through stimulation of
production, and through an enormous stimulation of demand.
". . . In short, if the Board had seemed skeptical about arguments
presented from the standpoint of single industries, that is not because it is
hostile to such a minimum of profits as I have spoken of, but because its
position forces it to take a comprehensive view of the condition on which
profits depend for business as a whole."
Support of price-fixing by governmental supervision came from James
W. Baldwin, Washington, of the Radio Broadcasting Code Authority. The
provision for open price filing, the speaker averred, "is the heart of our
code." It has effectively destroyed the practice of secret rebates, secret
prices and secret concessions, Mr. Baldwin said.
H. R. Cole, of the Tile Contracting Divisional Code Authority, said his
Industry "would not want price-fixing if we could have it." His industry's
code, Mr. Cole explained, forbids bidding below actual costs, including the
manufacturers' list price of tile, and true labor costs at code standards.
Difference in Bids
The speaker declared that the provision has not eliminated competition
In bidding, and submitted 1,100 bids, gathered from the 110 official bid
depositories throughout the country, in support of his contention. He
added that there was "an average difference of 25% between high and low
bids under the code."
Industries which maintain and support predatory price-cutting were the
victims of an attack by Robert L. Owen, former United States Senator of
Oklahoma, who declared:
"There is no reason why the Government, through the NRA, may not
cause to be presented to Congress the facts in the case so that the National
Industrial Recovery Act can be amended to permit co-operative methods of
eliminating the abuses of predatory price-cutting."
Mrs. F. H. Philips, of Oakland, Calif., a retail druggist, and Rowland
Jones, Washington, representing the National Retail Code Authority and
the National Association of Retail Druggists, both defended the retail
drug code.
Mr. Jones claimed that the case has brought about more competitive
conditions in retail drug stores, by allowing the smaller unit to become
"more encouraged, and to make more aggressive moves because he is now
able t& more adequately foresee results of his competitive action." This
was not true before the code, he said, "because of the chaos in price
competition."
NRA Reconstitutes Cotton Garment Code Authority—
Most of Former Members Reappointed—Those
Reinstated to Sever Connections with Trade
Associations
The National Recovery Administration on Jan. 12 announced the reconstitution of the Code Authority for the
cotton garment manufacturing industry, which was removed
by an administrative order on Dec. 6. All but three of the
former members of the Authority were reappointed to the
new body, together with two NRA representatives. These
are Burton E. Oppenheim, Deputy Administrator, in charge
of the code, and R. V. Rickcord, of the NRA Research and
Planning Division. The NRA stipulated that members of
the industry serving on the Code Authority sever their connections and segregate their property interests and affairs
from those of trade associations. The order said that the
men who were removed from the Code Authority and not
reappointed were "prevented from properly discharging their
duties as such members by reason of the conflict of interests
necessarily arising out of their direct connection with certain parties plaintiff to the legal proceedings against said
Code Authority and certain officials of the Government,
now pending in the Supreme Court of the District of
Columbia."
Approved Members Listed
As re-constituted, the Code Authority membership is as follows:
Members: C. R. Palmer, George P. Wakefield, C. R. Richtmyer Sr. and
Ralph Hunter, all of New York City; Lloyd L. Mosser, of Abingdon, Ill.;
Stanley A. Sweet, of New York City; Robert L. Smith, of Newark, N. J.;
Lester Rosenbaum, of Kalamazoo, Mich.; W. J. Schminke, of St. Louis;
Edward W. Swan, of Boston; Charles B. Jacons, of New York City; August
Boorstein, of New York City; Mont Levy, of St. Louis; S. L. Bachrach, of
Baltimore; Meyer S. Feinberg, of Derby, Conn.
Alternates: Jules C. Leeds, of New York City; 31. Edwards Rowan, of
St. Louis; Sam Goldstein, of New York City; A. S. Phillips, of New York
City; R. W. Baker, of Greensboro, N. C.; Benjamin Berman, of Cincinnati; E. C. Osterman, of Milwaukee, Wis.; Sidney Moyer, of Youngstown,
Ohio; S., L. Hoffman, of New York City; S. S. Simon, of St. Louis; Leo
M. Cooper, of New York City; Jack Tarr, of New York City; Charles
Maslow, of New York City; J. M. Gross, of Hartford, Conn., and Louis
Schutter, of Brooklyn.
Labor members are: Thomas A. Rickert and Abraham Gordon, of New
York, representing the United Garment Workers, and Sidney Hillman and
Jacob S. Potofsky, representing the Amalgamated Clothing Workers.
In addition, six industry members or alternates chosen by the industry
for regional representation have not yet been passed upon by the Administration, but are not affected by the current orders: H. Eloesser, of San
Francisco, and Oscar Groebl, of New York; Evan McConnell, of Atlanta;
Justin McCarty, of Dallas; Clayton Smith, of St. Joseph, Mo., and G. H.
Norris, of St. Paul.
NLRB Refers B. M. T. Case to New York AttorneyGeneral for Action Under State Law—Company
Accused of Violating Collective Bargaining Provisions of NIRA—Board Asks that Prosecution Be
Delayed Pending Investigation of Reports Twenty
Discharged Employees Were Reinstated
The National Labor Relations Board on Jan. 10 referred
to the New York Attorney-General's office the case of the
New York Rapid Transit Corp., operating subsidiary of the
Brooklyn-Manhattan Transit Corp., accused of violating the
collective bargaining provisions of the National Industrial
Recovery Act. The Labor Relations Board asked whether
the company could be prosecuted under the Shackno Act, a
State law which supplements the NIRA. John J. Bennett Jr., New York Attorney-General, said, Jan. 11, that he
would immediately refer the request to the local District
Attorney having competent Jurisdiction.
The NLRB announced on Jan. 11 that it had asked the
State of New York to defer prosecution of the transit corporation pending investigation of reports that the company had
complied in effect with the Board's order and had reinstated all 20 employees who were allegedly dismissed for
union activities. The Board said that there would be no
need to prosecute if the 20 men had actually been reinstated.
A dispatch from Washington, Jan. 10, to the New York
"Herald Tribune" reviewed the status of the case at that
time as follows:
The NLRB has found the company guilty of violating Section 7-A of the
NIRA on the ground that it discharged 20 employees for organizing a labor
union in opposition to a company union. The company, denying the Board's
authority and defying the Board's order to reinstate the men, has taken
back only eight.
Board Meets Challenge
Confronted with this challenge, the NLRB hesitated to proceed under the
NIRA in view of the intra-State nature of the transit company. Moreover,
the NLRB was not enthusiastic about the way the Department of Justice
had prosecuted the case it brought against the Houde Engineering Co., of
Buffalo.
The result was a decision to see if the State line obstruction could be
surmounted through resort to the Schackno law. Officials of the NLRB
understand that the Schackno law was designed largely to back up the NRA.
The Board accordingly directed its counsel, Robert B. Watts, to confer
with John J. Bennett, Attorney-General of New York, for a joint exploration of the possibilities. This Mr. Watts has done, officials of the Board
said to-night. The Board has yet to hear the outcome of the studies being
made in New York on the subject. It is hopeful that the case may be
prosecuted without danger of challenge on the ground that only inter-State
enterprises are subject to the NIRA.
First Case of Kind
It is the Federal Government's first attempted resort to State prosecution
In its efforts to enforce the collective bargaining requirements of President
412
Financial Chronicle
Roosevelt's recovery program. In only two previous instances have allegations of Section 7-A violation actually reached the state of litigation. One
was the Houde case, now being tried in the Federal court in Buffalo, and
the other the Weirton Steel Co. case, which is still dragging through long
Federal court proceedings in Wilmington, Del.
Brewing Concern Indicted Under NRA Code on Charge
of Subsidizing Saloons—Government Seeks to
Halt Pre-Prohibition practice of Controlling Retail
Outlets
A Federal grand jury at Lake Charles, La., on Dec. 20
returned an indictment against Anheuser-Busch, Inc., of
St. Louis, under the provision of the National Recovery Administration code for the brewery industry which forbids
brewers to subsidize saloons to sell their beers. The company is said to have been charged with furnishing "free"
equipment and fixtures to 17 bars and other beer retailers
in the Lake Charles area, with the stipulation that the bars
sell the company's draught beer exclusively. Department
of Justice officials said that the indictments represented a
step in a drive by the Administration to prevent brewers
from returning to the pre-prohibition "tied-house" system,
under which brewing companies acquired financial control
over saloons and other retail outlets.
A dispatch from Lake Charles, Dec. 20, to the New York
"Times" added the following regarding the charges:
In the "subsidizing" indictment 12 establishments are named in Lake
Charles, and one each in the neighboring towns of Welsh, Jennings, Oakdale, Sulphur and Lake Arthur.
Such practices, the Government charges in its indictment, returned before
Judge Ben C. Dawkins yesterday by the grand jury, violate the brewers' code
of fair competition.
The "free" equipment was installed, the Government charges, after the
brewers' code became effective.
John W. Harding, of Lake Charles, is named as the Anheuser-Busch agent
In the "furnishing and lending" charge.
Philip H. Mecom, Federal District Attorney, said that, if convicted,
Anheuser-Busch would face a heavy fine as a corporation.
Strike of Georgia Textile Mill Workers Ended—Union
Official States Federal Trade Commission Survey
Indicates Workers Are Justified in Demanding
Higher Wages
A strike of employees of the Richmond Hosiery Mill of
Rossville, Ga., was ended on Jan. 7 when the mill reopened
with a number of recruited workers who were protected by
National Guardsmen, sent to Rossville after local authorities had expressed fear they would be unable to cope with
violence incident to the strike. Most of the mill's 1,000 employees walked out early in January because of a wage
reduction, which officials said was forced by economic
necessity. Sixty persons were arrested by the troops on
the day the mill reopened.
Francis J. Gorman, Vice-President of the United Textile
Workers of America, said on Jan. 2 that the recent report
of the Federal Trade Commission's investigation of the textile industry revealed that wage demands of the workers
are justifiable. Mr. Gorman's statement is quoted, in part,
below, as given in a Washington dispatch of Jan. 2 to the
New York "Herald Tribune":
"The union," said Mr. Gorman, "recognizes that the Federal Trade Commission has done the best possible job under the limitations of its instructions and funds. We know that the truth can never be known unless such
a body as the Federal Trade Commission, armed with real power and
sufficient money, goes after the bed-rock facts of this disorganized and
mismanaged industry.
Cites Disorder in Industry
"The outstanding fact, on the face of the report of the Federal Trade
Commission survey of the textile industry, is the disorder and confusion
in the industry.
"First, 388 companies, out of 2,600 to whom the Commission sent its
schedules, were unable or unwilling to furnish such information as could
be used in making up the Commission's report.
"Second, the vital part of this first section of the Commission's report
relates to the rate of return upon investment, and so is related to the
question of the ability of the industry to pay better wages and furnish
better working conditions. This must be based upon the actual investment
In the companies' properties and equipment."
Mr. Gorman said that the union workers understood that the items relating to "investment" in the Trade Commission's report are based on the
reported capital stock issues of the companies, as set forth in the schedules
furnished.
NRA Divides Virginia Into Seven Code Areas
Division of the State of Virginia into seven administrative
districts for the facilitation of code adjustments was announced on Jan. 7 by John J. Corson III, acting State
director for the NRA, according to the Richmond "Dispatch," which also stated in part:
While field men have been assigned to each of the new districts, only one
office, that at Norfolk, has been set up In permanent form. Others will be
established as rapidly as quarters, office equipment and personnel can be
secured, Dr. Carson said.
Heretofore, all complaints of code violations have had to clear through
the State office at Richmond. Field adjusters have been required to
travel out of the local office and to report back at regular intervals.
The new districts and resident representatives are as follows
Jan. 19 1935
District 1—Headquarters, Richmond; Manager, S. K. Heard.
District 2—Headquarters, Norfolk; Manager, R. M. Beazley.
District 3—Headquarters, Staunton; Manager, J. V. Miller.
DisViet 4—Headquarters, Roanoke; Manager, A. W. Ford.
District 5—Headquarters, Lynchburg; Manager, T. N. Saunders.
District 6—Headquarters, Richmond; Manager, T. B. Hulcher.
District 7—Headquarters, Richmond; Manager, M. T. Wilkinson.
Donald R. Richberg Warns Motor Industry of Federal
Regulation Unless It Controls Production, Distribution and Unemployment—Says Workers Can
Organize as Voters to Force Demands by Statute
The automobile industry faces increased Federal regulation
unless it provides better conditions of production, distribution and employment, Donald R. Riehberg, Executive
Director of the National Emergency Council, told the
National Automobile Dealers Association on Detroit in
Jan. 15. Mr. Richberg denied that the industry was naturally seasonal in character, and said that it could be transformed into practically continuous operation. "There is
clear need," he said, "for planning and co-operation; and
it should not require Government compulsion or control to
bring about that result." Private enterprise, he warned,
should meet this obligation "in the interest of preserving its
powers of self-government." Mr. Riehberg also said that
if workers were not encouraged to organize to advance their
group interests they were likely to do so as voters, when they
would demand regulations of employment by statute rather
than by collective bargaining.
A dispatch from Detroit Jan. 15 to the New York "Times"
described the speech in part as follows:
Alleging that "a profound sympathy" with the efforts of the National
Recovery Administration, which he said should exist, "has not always been
clearly apparent among those most influential in the industry," he asserted
that "there has been frequently an over-emphasis upon individual freedom
of action which is often only another name for irresponsibility— and an
under-emphasis upon the necessity for co-operative self-discipline and concerted action to promote the general welfare."
Remarking that the Goverment in its desire to provide social justice
for all, was placing its main reliance on "better co-operation of private enterprise," he went on:
"To just the extent, however, that such co-operation cannot be voluntarily obtained or, if obtained, proves ineffective to meet existing needs.
there is imposed a greater burden and responsibility of planning, direction
and control of production and exchange by the Government.
"An investment of $100,000,000 in producing capacity which Is used
for 6 months is obviously uneconomical, compared with an investment of
$50,000,000 which is used for 12 months. To employ 200,000 men at
comparatively good wages for 6 months, especially under the strain of continuous high-speed operations, is obviously a less efficient use of human
labor than to give a smaller number of men continuous employment at
lower wages under better conditions. I need not carry this argument on
into the field of distribution. You all understand its application there.
"It is one of the ripening fruits of widespread opposition by employers
to labor organizations and to collective bargaining that political demands
have been increasing year by year, not only to establish the general rights
of employees, but also to fix their wages and hours of work by legislative
act. There Is only one sure deterrent of Increaesd political control of
business along these lines and that is increased reliance upon collective bargaining."
NIRA Constitutionality May Hinge on Decision in
Lumber Code Case Now Before United States
Supreme Court—Lower Tribunal Held Pact Constituted Unwarranted Delegation of Congressional
Authority to Executive
The Federal Government on Jan. 15 turned to the United
States Supreme Court for a decision as to the validity of the
National Industrial Recovery Act and the code of fail-cornpetition for the lumber and timber products industry, when
it filed a jurisdictional statement in the Belcher lumber case.
Attorneys said that the Tribunal's decision on the oil cases
dealt with an NIRA provision affecting only the oil industry,
and pointed out that the question of constitutionality of the
balance of the law may be determined by the ruling in the
lumber case. The Government appealed from a ruling of
the Federal District Court of the Northern District of
Alabama holding that both the NIRA and the lumber code
were unconstitutional. Judge W. I. Grubb of Birmingham
had cleared William E. Belcher, sawmill operator, from
charges alleging violation of the wages and hours provisions
of the lumber code, and had decided that the NIRA exceeds
the powers of Congress in that it unlawfully delegates legislative power to the President.
We quote in part from a Washington dispatch of Jan. 15
to the New York "Journal of Commerce" regarding the
case referred to the Supreme Court:
The indictment against Mr. Belcher. the Department of Justice in a
brief filed with the Supreme Court by Solicitor General J. Crawford Biggs,
is In six counts, each charging a volation of Section 3-F ofthe Recovery Law.
This section provided that "when a code of fair competition has been
approved or prescribed by the President under this title, any violation of
any provision thereof in any transaction in or affecting inter-State or foreign
commerce shall be a misdemeanor and upon conviction thereof an offender
shall be fined not more than $500 for each offense, and each day such violation continues shall be deemed a separate offense."
Each count charges that the defendant was subject to the code of fair
competition for the lumber and timber industry wnich was approved he the
Volume 140
Financial Chronicle
President Aug. 19 1933, and that Mr. Belcher violated this code by permitting an employee to work in the "production and manufacture" oflumber
and timber products or in the defendant's "business" more hours per week,
or at less than the minimum hourly wage, permitted by such code.
The underlying facts relating to inter-State or foreign commerce are set
forth differently in the various counts, except that count six adopts the allegations of count five which relate to inter-State commerce.
Each Count Challenged
Mr. Belcher challenged the indictment and each count on numerous
grounds based upon tne unconstitutionality of tne Recovery Law. He
alleged that the act is invalid and the code beyond the powers of the President to prescribe. Specifically he based his declaration that the law and
the code are invalid on the ground that it is not within the powers conferred
upon Congress to regulate inter-State and foreign commerce, because they
delegated legislative power contrary to Section 1 of Article 1 of the Constitution; because they encroached upon powers reserved to the States by
the 10th Amendment, and because they took property without due process
of law contrary to the Stn Amendment.
"The District Court, without filing an opinion," Solicitor Biggs informed
the Supreme Court, "entered an order sustaining the demurrer and each
ground thereof and dismissing the indictment and each count. The Court's
order recites that it is of the opinion that the NIRA is invalid and unconstitutional for reasons set forth in each ground of demurrer and that the code
of fair competition for the lumber and timber products industry is invalid,
unconstitutional and not binding upon defendant for the reasons assigned
in each ground of demurrer."
Lumber code officials aver that for purposes of reviewing in practical
application the wage and hours fundamentals of the Recovery Act,probably
no case wherein the issues involved have been more sharply drawn could
come to the attention of the Supreme Court than in this particular case.
Case Idealfor Test
They assert that it is unlikely that any other case has thrown into bolder
relief the opposing economic philosophies of unrestrained individualism
in business and co-operative regulation of an industry by its member firms
under Government grant of authority. No case testing the purposes of the
NIRA, it is added, has been harder fought nor longer contested in the
lower courts.
Builders Oppose Use of Day Labor in Federal Con.
struction Program — Telegram to President
Roosevelt Urges Adoption of Contract System
The Building 1rades Employers' Association of New
York City on Jan. 12 sent to President Roosevelt a protest
against the use of day labor in the President's proposed
$4,000,000,000 Federal construction program, and urging
that the work be done under the contract system. Day
labor, the Association said, will prove more costly than
contract labor, and if the program is followed it will eliminate
those members of the construction industry who have
survived the depression. The New York "Times" of
Jan. 13 quoted from the telegram to the President in part
as follows:
The Association's telegram to the President follows:
"From press reports the contemplated public works program will be
carried on on a day-labor basil; rather than on contract basis. Construction which is chief durable goods industry has suffered more than any
other from unemployment.
Companies Held Menaced
"If new program does construction work by day-labor methods it will
continue to keep regular employees of this industry on unemployment
lists, and it will also destroy entirely those existing construction companies who have managed to survive.
"Private construction is at a standstill, hence public works is the only
source of business for this industry. If it is done under contract system
the lowest possible costs will be assured and appropriations will go further
to provide more men and more districts with work. The use of employers
and employees especially qualified for construction work will guarantee
most efficient use of money and will prevent Government competition
with private industry as well as help put men to work for private companies which is your program as stated to Congress.
"We urge in every way possible that you encourage the expenditure
of public funds for construction work under the established contract
system."
In its news letter, Jan. 5, the Association pointed out that the President's program to shift the employed from direct relief to work relief
on a day-labor basis would "only make the building trades' labor situation
more acute."
Tends to Eliminate Contractor
After referring to slum clearance, low-cost housing and grade-crossing
elimination projects contemplated by the program, the letter said in part:
."There has been a growing tendency in the immediate past for many
such projects to be constructed with 'day-labor' at the highest wage rate
scales and under direction of municipal and State authorities, with the
resulting elimination of the contractor."
A. F. of L. Estimates Unemployment at More Than
11,000,000—Survey Says 5,000,000 Persons Are on
Government Relief
Unemployment in the United States totaled more than
11,000,000, while 5,000,000 persons are dependent on relief
payments, the American Federation of Labor estimated in
its annual review published on Jan. 11. Current unemployment, the Federation said, is 429,000 more than a year ago,
while there has been "no significant gain during 1934 in employment, real wages or hours of work." President Roosevelt's public works program, the survey said, offers "the
only measure yet in prospect to put the unemployed to work
In producing wealth." Private business, it added, cannot be
expected to raise production to normal, and the failure of
production to recover constitutes one of the most serious
aspects of the situation. We quote, in part,from the survey,
as given in a Washington
York "Herald Tribune":
413
dispatch
of Jan. 11 to the New
President Roosevelt's work program is intended to take care of the
3,500,000 employable, on relief at this time. The Federation figures, as
presented in its survey, indicate there are millions of unemployed who will
not be reached by the Administration program.
Asserts Industry Has Failed
On employment, it says:
"The outstanding fact is: Private industry has failed to put the unemployed to work producing goods. Comparing November 1934 with November
1933, we find that small employment gains in manufacturing industries,
coal and other mining, utilities, trade, service industries, amounted in all
to only 170,000 new jobs for more than 11,000,000 unemployed, and even
these were offset by employment losses to farm laborers whose jobs were
eliminated by drought, and to railroad workers, amounting in all to 230,000
lost jobs. The increase in 1934 of persons seeking work approaches 400,000;
when this is considered and all gains and losses counted, unemployment in
November 1934 exceeded November 1933 by 429,000 persons.
"We may expect business activity to increase moderately this spring,
but gains large enough to give even temporary work and income to more
than a million of the unemployed are not in prospect. The President's
answer to this problem is his huge public works program for rural electrification, building of homes for workers, modern road construction, reforestation."
Drop in Workers' Income Cited
The survey finds that "workers' income is still 41.5% below 1929;
farmers' income, 41%."
Discussing production, it emphasizes that "in the heavy industries, such
as steel and lumber, production has lagged so that the index for all industries has averaged only 3% higher in 1934 than in 1933, and still is 35%
below 1929. At the year end, production in food industries, automobiles,
tobacco was well ahead of last year, but steel and lumber were equal or
below last year.
Legislation by Congress is feared by business, according to the Federation. The survey at one point says:
"Unquestionably, general recuperation is progressing throughout the
business community. Although many firms are still operating 'in the red,'
an increasing number are doing business profitably and a number of firms
are already making large profits. At present, however, the outlook is for
gradual improvement in 1935. Business executives still fear legislation by
Congress which will increase operating costs and reduce income. There is
little hope, therefore, that banks will release credit on a large scale for
production, or that business men in general will undertake programs of
machinery replacement and expansion large enough to bring recovery in the
heavy industries."
International Labor Office Recommends Co-ordinated
Public Works Programs to Relieve Unemployment—
League Body Suggests Central Authority as Means
to Attain Best Results
Co-ordination of public works to relieve unemployment
was advocated Jan. 13 by the International Labor Office
of the League of Nations, in a report summarizing a 15-year
study of the problem. Much of the report was based on the
experience gained by the United States and other important
countries. The fact that the results expected from public
works programs have rarely been attained was ascribed by
the report to the multiplicity of authorities concerned with
their administration. We quote, in part, from the survey,
as given in a dispatch to the New York "Times" from
Geneva on Jan. 13:
"In every country," it recommends, "all public works and orders for
supplies for the central authorities should be in the hands of or supervised
by a single body [as a committee], which should be competent to consider
every aspect of the problem—the economic value of the work, its social
consequences and the possibilities of financing it.
"The aim must not be to drive public authorities into a systematic policy
of undertaking risky, unprofitable schemes which would never be contemplated by private enterprise. . . .
"The proposed central institution should have considerable financial
autonomy.
"Such a degree of centralization is inconceivable for a variety of reasons
In the cases of public works undertaken by local authorities or public
corporations, but the central body should at least be able to influence the
policy of these authorities to a sufficient extent to insure the necessary
co-ordination, especially by the method of loans or grants, which should
133 made liberally in times of depression and sparingly in times of prosperity."
The report also stresses the need of international co-ordination.
Unemployed in 28 Nations Decline 1,000,000, According to International Labor Office at Geneva—
Figures Show 20,000,000 • Still Unemployed in
Western World
Unemployment figures for 28 countries, including nearly
all the big industrial ones, given out Jan. 12 by the International Labor Office, show that their unemployed at the
end of 1934 totaled 20,000,000, or 1,000,000 less than when
1934 began. We quote from Geneva advices to the New
York "Times," in which it was also stated:
The figures include all the world except Latin America, Russia, Asia
except Japan, and Africa. If each unemployed affects an average family
of four, the figures suggest about 10% of the population of the Western
world is still directly affected by unemployment.
The International Labor Office points out that where unemployment is
declining—as it is in most countries, including Great Britain and Germany—
it declined less rapidly in the last quarter of 1934 than in the third. In
Canada, Japan, Finland, Norway and the Saar it improved more rapidly.
In France, Italy, Poland, Holland, Belgium, Ireland, Spain and Bulgaria
an increase in unemployment in the third quarter continued in the fourth.
Yugoslavia then joined this group. Unemployment in the gold bloc rose
from 2,031,000 in September to 2,283,000 in December.
ir414
Financial Chronicle
In the United States, Czechoslovakia, Switzerland and Denmark, the
report says, two sets of figures, compiled differently, show contradictory
reEults on the trend of unemployment. The American unemployment figures
given show a rise from 10,122,000 in November 1933 to 10,671,000 in
November 1934.
The report stresses the point that since the figures came from various
sources of differing value, some being only approximations, the report
shows only the unemployment trend and is not accurate as to the exact
amount.
Re-use in 1935 of Blue Eagles Previously Issued
Permitted by NIRB
The National Industrial Recovery Board announced
Jan. 4 that Blue Eagles for particular trades and industries
marked "1934," as well as those originally issued under
the President's Re-employment Agreement, may be used
in 1935.
Reduced Government Expenditures, Elimination Of
Unnecessary Government Projects and Stabilized
Dollar Urged in Resolutions of Union League Club
A resolution approved by members of the Union League
Club of New York, at its annual meeting on Jan. 10, regards
as "the most important duty of the Government" is that it
give assurance that its policies "will be of a character to
encourage business enterprise." This, says the resolution,
means "reduced expenditures, the elimination of wholly unnecessary Government expenditures and no further tinkering with the stated value of the dollar." The resolution, as
adopted, reads as follows:
1. The Union League Club believes that the most important duty of the
National Government at the present time is to give to the country undoubted
assurance that its policies, in respect to the finances and currency of the
nation, will be of a character to encourage business enterprise and revival.
This means reduced expenditures, the elimination of wholly unnecessary
Government projects, and no further tinkering with the stated value of
the dollar.
2. Just so long as the existing unnecessary uncertainty continues, those
with capital to invest are not going to expose it to the hazards of unknown
and reckless experiments in public finance which seem to be sponsored
by a decided minority of the economists of the nation, and which are a
violation of the repeatedly expressed convictions of the great majority of
those representing the economic learning and thought of the country.
8. In the face of such conditions, business men are not going to further
risk their reputations and their means by seeking credit from the banks of
the country, which further tampering with our monetary system would
prevent their repaying. It is a well known fact that the banks of the
country are willing to grant credit, but the men who are worthy of credit
fear to employ it because of the reasons already stated.
4. Business asks to be • permitted to lead in promoting the return of
mosperity, and the return of prosperity is the only avenue through which
our economic salvation will be assured, and the working people of the
country given their rightful opportunity to recoup the losses resulting
from the depression.
5. When we say that business asks to be permitted to lead, we do not
mean that unjust or improper practices should be tolerated. The fact is,
that the excesses of certain business men and bankers in past years have
been seized upon and used by governmental authorities to discredit and
harass business, although it is the unquestioned truth that the standards
of conduct, and the ethical ideals of the Man of our business men, are
quite as exalted as those of our governmental mentors.
6. When we speak of business seeking to lead, we mean that business
should be allowed to proceed on its normal course, according to methods
that have behind them the force of generations of business experience, and
that this experience and prestige should not be harassed and impaired by
the introduction of conjectural expedients, having no experience to justify
them, and the futility of every one of which so far introduced has been
amply proved. It is because of the ineptitude of these expedients that the
promise of a balanced budget at the end of the fiscal year, June 80 1936,
solemnly promised to the country a year ago, cannot be fulfilled.
7. Business does not ask to rule. It asks the right to live. Government
has the right to rule, but it has not the right to stifle legitimate endeavor
on the part of the commercial interests of the country. "Let business
march."
Federal Control of Bituminous Coal Recommended to
President Roosevelt—Report of National Resources
Board Saysl:Government Purchase of Some Fields
May Be Advisable—Private Ownership Seen Preferable, However
It may prove advisable for the Federal Government to
extend public ownership to bituminous coal fields through
the purchase of selected acreage, President Roosevelt was
informed, Jan. 12, In a report by the Minerals Planning Committee of the National Resources Board. The report said
that serious consideration should be given to the acquisition of selected soft coal areas as a means of controlling
production, although the Board added that in general it
approved "the policy of the Government retaining ownership of mineral deposits on public lands," and opposed "the
extension of public ownership over deposits of minerals that
have passed into private hands." Government supervision
of private operation was recommended, together with "addition of safeguards and powers to enable industry itself
to act collectively in order to avoid waste or destructive
competition."
The Committee's general recommendations as to production and capacity control in the mineral industries burdened
with a present surplus of plant capacity are:
Jan. 19 1935
1. That the emergency provisions of the National Recovery Administration
codes for production control be continued in some form;
2. That in some cases, such as bituminous coal, provision for minimum
and maximum prices may also be needed;
3. That action by Congress be considered establishing an agency to
authorize control of production and capacity, and in special circumstances
of prices, where uncontrolled competition is found to result in serious
resource waste, with all necessary safeguards for the protection of the
mine workers and consumers.
In making public the above, the NRB said, in part:
The Mineral Planning Committee report formed the basis for the recommendations of the NRB recently issued. The Committee, in its statement,
presents numerous conclusions and findings not all of which were included
in the Board's report.
Concerning mineral industries in which domestic deposits are insufficient,
the Ccsnmittee recommends "that public encouragement should be given
to exploration for new deposits, development of substitutes, and technological research for making low-grade supplies commercially available."
Although there appears to be an abundant supply of minerals, nevertheless, depletion is much farther advanced than is generally realized. In
certain instances known supplies are sufficient for a few decades, at most.
The facts that warrant special consideration for a unified policy for
guidance of the mineral industry, according to the Committee, are:
"1. That minerals are exhaustible and non-reproduceable;
"2. That some minerals do not exist In the -United States in quantities adequate
for National welfare;
"3. That others exist in present surplus;
"4. That geographic distribution is fixed by nature and cannot be changed by
enactment, thereby determining trade routes and trade areas both domestic and
foreign;
"5. That there are special ha,ards, both physical and economic, in mining;
"6. That closing down a mine may result in losses far more serious than closing
down a factory."
The Planning Committee for Mineral Policy is composed of Secretary of
the Interior Ickes, Chairman; Dr. C. K. Leith, representing the Science
Advisory Board, Vice-Chairman; Herbert Fels, Advisor to the Department
of State; J. W. Furness, Chief, Minerals Division, Bureau of Foreign and
Domestic Commerce; Lt.-Col. C. T. Harris Jr., U. S. A., Director of the
Planning Branch, office of the Assistant Secretary of War; Leon Henderson,
Director of the Division of Research and Planning, NRA ; W. C. Mendenhall, Director, United States Geological Survey; F. A. Silcox, Chief Forester; Wayne C. Taylor, Special Assistant to the Special Adviser to the
President on Foreign Trade; Dr. W. L. Thorp, Director, Consumers'
Division, National Emergency Council; John W. Finch, Director, Bureau
of Mines, with W. P. Rawles, Secretary.
The NRB also is headed by Secretary Ickes, with Frederic A. Delano,
who is Vice-Chairman, and Dr. Charles E. Merriam of the University of
Chicago, and Dr. Wesley C. Mitchell of Columbia University as an Advisory
Committee. The Board was served by a staff under Charles W. Eliot 2nd.
The Mineral Policy Committee "approves the policy of the Government
retaining ownership of mineral deposits on public lands, but does not favor
the extension of public ownership over deposits of minerals that have
passed into private hands. It favors the retention of the system of private
operation with Government supervision when necessary.
"An exception to the policy of no general extension of public ownership
may be advisable in the special case of bituminous coal, in which a proposal
for the purchase of selected acreage as a means of controlling capacity
deserves serious consideration. Such a national coal reserve would be
leased as needed with payment of royalty to the United States."
With regard to the international aspects of a minerals policy, the Committee recommends:
"With respect to minerals of which the United States has a present
exportable surplus:
"(1) Give fitting consideration in negotiation of commercial agreements;
"(2) Seek fair tariff and trade treatment by foreign governments;
"(3) Maintain the Webb-Pomerene Act;
"(4) Permit American participation, when desirable, in international
cartels;
"(5) Avoid artificial stimulation of exports by special concessions in
freight rates or shipping subsidies not extended to other commodities;
"(6) Discourage importations which aggravate anti-conservational conditions of surplus development.
"With respect to minerals for which the United States is largely dependent on foreign sources:
"(1) Consideration of existing tariffs in the light of domestic reserves;
"(2) Protection of American interests against attempts to maintain excessive prices on our needed imports, by the operation of cartels, intergovernmental agreements, export duties, or other restrictions;
"(3) Restriction or regulation of the export of scrap;
"(4) Establishment of war reserves of imported minerals essential for
national defense;
"(5) Maintenance of trading lines carrying these minerals."
Massachusetts Savings Bank to Continue to Pay 3%
Interest
In the Boston "Herald" of Jan.6 it was stated that Massachusetts savings banks will continue to pay at least 3%
interest, depositors were assured on Jan. 5 by Carl M.
Spencer, President of the Savings Banks Association of
Massachusetts, who explained that a recent order from Washington limiting interest to 2M% did not apply to the State
banks of Massachusetts, but to members of the Federal
Deposit Insurance Corporation with which the Massachusetts
savings banks are not affiliated. Massachusetts savings
banks it is stated have their own system of deposit insurance. It is also stated that at the close of the year 92
Massachusetts savings banks were paying 334% interest
and the remaining 101 banks paid1,3%.
New York Bankers' Association Receives7Copies of
Proposed State Legislation from FDIC—Would
Grant Corporation Certain State Functions in
Examination and Liquidation of Banks
The New York State Bankers' Association has recently
received from Leo T. Crowley, Chairman of the Federal
Deposit Insurance Corporation, proposals for State legislation which would extend the authority of the FDIC over
Volume 140
Financial Chronicle
State chartered banks. The Association was asked to submit the three proposed bills to its Committee on State Legislation for consideration. The measures would grant the State
Banking Departments the right to accept an examination by
the FDIC instead of the examinations provided by State
laws, and would also authorize the appointment of the
FDIC as the receiver or liquidator of any insured closed
banking institution. The bills were discussed Jan. 17 by
the Association's Banking Board at a meeting with George
W. Egbert, the State Superintendent of Banks.
Percy H. Johnston of Chemical Bank 8c Trust Co.
Sees No Sustained Prosperity Without Stable
Currency.and Balanced Budget at Annual Meeting
of Stockholders Declares that Course of National
Expenditures Unless Changed Will Ruin "Body
Politic"
"Notwithstanding a decided improvement in general business," says Jercy H. Johnston, President of the Chemical
Bank & Trust Co. of New York,"we adhere to our previous
statements that no sustained prosperity can obtain without
a stable currency and a balanced budget." These remarks
were addressed by Mr. Johnston to the shareholders of the
Institution at their annual meeting on Jan. 16, at which time
he made the following additional comment:
The nation has tried to accomplish in one generation that which under
ordinary and prudent circumstances it should take a country a hundred
years to bring about. The result has been to plunge us head over heels
into debt, and we are not going to right our condition by going deeper
into debt. Unless we change our course, and within a reasonable time
adjust our national expenditures to our income, we will unquestionably
bring ruin upon the entire body politic.
A wave has swept over our legislative halls to cure all ills by the enactment of more laws. In our judgment this course hamstrings business and
slows down general progress.
Mr. Johnston added that "the guarantee of deposits law
that was to have become effective July 1 1934 was postponed
by Congress until July 1 1935. We greatly hope," he said,
V
"the law will be further amended, and that the assessments
thereunder will be made definite and limited, and such that
the strong and well-managed banks can endure."
Reference was made by President Johnston to the statement in his annual report of a year ago that the bank had
sold to the Reconstruction Finance Corporation *5,000,000
capital notes maturing July 31 1934. These notes, said Mr.
Johnston, have been retired.
In presenting the financial statement showing the condition of the bank as of Dec. 31 1934, President Johnston
stated that "the net operating profits were sufficient, after
making provision for losses, reserves, pensions and the usual
dividend, to increase our undivided profit account $614,082."
"All during the year," he noted,"low interest rates prevailed
with small demand for credit from the bank's customers."
From Mr. Johnston's report we also quote:
The deposits as of Dec. 31 1934 were larger than at the corresponding
date in 1933. For the year 1934 deposits averaged $76,696,868 more than
those in the year 1933.
After charging to earnings account the expenses, charging off losses and
setting up tax and other reserves, the disposition of the balance of the
year's earnings is shown below:
Dividends on the.stock in the bank
$3,600,000.00
Special reserve for contingencies
2.356.044.34
Amortization of premiums on United States securities
633,638.33
Reduction in book value of banking houses
300.000.00
Reserved for temporary Federal deposit insurance
145,000.00
pensions and retirement program
238,602.11
Added to undivided profits
614,082.14
Total
87.787,366.92
"During the year," said President Johnston, "three of our
valuable directors, who were engaged in the investment
banking business, were forced to retire from the Board under
rulings and provisions of the Banking Act of 1933. It is
manifestly unfair, and, in our opinion, un-American," he
added,"to deny men of large stockholding interests the right
to represent their investments." He likewise said that "at
the last annual meeting I stated that the directors were considering the inauguration of a scientific pension plan. The
plan was adopted and became effective April 1 1934."
The meeting, which was the one hundred and twelfth
annual gathering of the shareholders, was marked by interchanges between stockholders and the chair, said the New
York "Times" of Jan. 17, from which the following is taken:
Clifford S. Brison, a shareholder, requested Mr. Johnston to consider the
advisability of professional audits of the bank's books by certified public
accountants, citing the use of sudi audits in Gana& and the recent adoption by the New York Stock Exchange of the requirement of independent
audits by listed corporations.
Mr. Johnston replied that he had much sympathy with the proposal, but
that the bank was already examined by the State Banking Department, the
Federal Reserve Bank, the Clearing House and the Federal Deposit Insurance Corporation. Such examinations, he said, greatly interfered with the
normal operations of the institution, and he was reluctant to see another
audit added to them.
415
Another stockholder requested to see the minutes of directors' meetings
and the record books of stockholders, while a third, after numerous questions,
registered an objection to a resolution ratifying the acts of directors in the
last year on the ground that opportunity had not been afforded the shareholders to inspect the minutes of the directors' meetings. The minutes
and the stockholders' records were open during the meeting, but not after it
Most of Reserves AUocated
In answer to questions, Mr. Johnston said that most of the reserves of
$14,347,937 shown on the bank's statement had been allocated. He stated
that the trust department, once the most profitable department in the
bank, was no longer so because the expenses of administering it had been
gieatly increased, while the earnings were fixed by statute. As an example,
he cited the fact that the bank had found it necessary to organize a real
estate department of 83 men, costing about $100,000 annually, to look
after the real estate problems of estates held in trust by the bank. The
retiring directors were re-elected.
Mr. Johnston, following his custom, introduced to the meeting several
of the older or larger shareholders who were present, including Robert
Walton Goelet and John M. Schiff, who, Mr. Johnston said, were, respectively, the largest and second largest shareholders of the bank.
Resolutions were adopted approving the actions of directors during the
year, commending the work of officers and directors and 'approving the
pension plan for employees adopted during the year.
Co-operation Between Bankers and Administration
Should Aid Recovery, According to R. S. Hecht,
—Chairman of Hibernia National Bank of New
Orleans Reports Progress During 1934
Recent efforts by bankers to bring about a better understanding between business and the Federal Administration
will do much to inspire confidence in the future and create
a feeling of safety which will work for prosperity, R. S.
Hecht, Chairman of the Board of the Hibernia National
Bank of New Orleans, said on Jan. 9 in his report to the
stockholders of the bank. Mr. Hecht pointed out that definite progress was made in most lines of endeavor in 1934.
With specific regard to banking, he said that constructive
legislation enacted during the past two years has proven
beneficial both to depositors and banks. In discussing the
1934 record of the Hibernia National Bank, Mr. Hecht said
that "the results which we have been able to accomplish in
1934 will prove a sound foundation for the further growth
and development of our bank during the coming year." His
remarks on general business conditions are quoted below:
In nearly all lines of endeavor definite progress was made in 1934. In
the South, fair crops and reasonable prices for our agricultural products
gradually improved the economic condition of our farmers, and the resulting increase in general purchasing power has helped the urban population as well. Nationally, too, there are many signs of improvement. It
is true that the wheels of commerce and industry are still turning at
reduced speed and many willing workers remain idle. However, as compared with the same period of last year, most enterprises show substantial gains in volume and a distinct betterment in net earnings.
If the year's results are nevertheless somewhat disappointing as compared with normal business activities we must bear in mind that many
difficulties still lie in our path, and that recovery from a depression of the
duration and severity of the one from which we are now emerging can
only • be achieved gradually. But we feel that there is much cause for
renewed courage and confidence. ...
Speaking particularly of banking, it can truthfully be said that the
constructive legislation passed during 1933 and 1934 has proven beneficial to depositors and banks alike. The temporary deposit insurance law
was extended to July 1 1935, and it is hoped that early in the current
session of Congress the provisions of the existing law insuring all deposits
up to $5,000 will be made permanent, and that a maximum annual assessment will be fixed so that every bank may know its ultimate liability under
any and all circumstances.
From Mr. Hecht's report we also take the following:
Our national bank charter was granted on May 20 1933, and we opened
with a pro forma balance sheet showing deposits of $14,165,583.59. On
Dec. 31 1933 our deposits had reached a total of $25,330,892.11, and on
Dec. 31 1934 our deposits were $35,837,267.21, or a gain of over $10,000,000 in deposits during the past twelve months.
... After paying all operating expenses and providing for depreciation
and contingencies, the earnings for 1934 were $464,969.95. Out of this
total we paid dividends on the preferred stock amounting to $64,229.46, leaving net profits belonging to the common stockholders of $400,740.49.
When added to the previously reported earnings for the seven months
of 1933, which amounted to $92,156.67 (after paying preferred stock dividends), the total earnings to date amount to $492,897.16, which is the
equivalent of slightly over 26% per annum on the common stock for the
nineteen month period. While a part of this profit has come from the
sale of government bonds above par (and is therefore non-recurring), the
results from general operations have been gratifying, especially since during the period under review interest rates have been abnormally low.
In regard to the disposition of these earnings, your directors feel that
the prudent and conservative course is to build up the capital assets of
the bank so an to keep pace with the steady increase in our deposits. In
accordance with legal requirements they have authorized the transfer of
$60,000 to Surplus account, thus bringing it from $240,000 to $300,000.
They have further authorized the creation of a Special Reserve account of
$250,000 for the purpose of later retiring some of the preferred stock,
for possible fluctuations in bond values, and for other contingencies.
Out of the remaining earnings accumulated to Dec. 31 1934, the directors
have set aside the sum of $48,000 to be used in accordance with formal
action to be taken at today's meeting, to declare a dividend of 4% on
the par value of the common- stock, to be disbursed in semi-annual installments in 1935.
The first 2%, or 40 cents a share, to be payable on Feb. 1 1935 to all
stockholders of record Jan. 15; the second 2%, or 40 cents a share, to be
paid Aug. 1 1935 to all shareholders of record July 15. The remaining
earnings, amounting to $134,897.16, have been added to the Undivided
Profit account, which now stands at $194,897.16.
Financial Chronicle
416
Australian Conversion Loan.
From the New York "Herald Tribune" of Jan. 17 we take
the following (Canadian Press) from London:
The Australian Government is undertaking here the ninth conversion
operation in three years. The present plan involves 5% bonds issued
between 1922 and 1924 totaling more than $110,000,000. These will be
placed on a 33.4% basis redeemable from 1956 to 1961. Issued at par, these
nine conversions mean an annual interest saving of nearly $10,000,000.
National Monetary Conference Held in Washington
at Instance of Senator Thomas—Would Convert
Reserve Banks into Central Bank—Also Advocated
Remonetization of Silver—Cash Payment of Bonus
A monetary program which includes the proposal that
"the 12 Federal Reserve banks he converted into a new
Central Bank, Government owned and Government
operated," was adopted in Washington on Jan. 16 by the
National Monetary Conference. In a dispatch from
Washington to the New York "Times" it was stated that
16 organized groups which have been demanding inflationist
and radical moves opposed by the conservatives and the
Administration, participated in the gathering, which was
brought together by Senator Tliomas and ex-Senator Robert
L. Owen, both of Oklahoma. The same advices said that
Robert H. Hemphill of New York was named chairman of
a committee to draft legislation to carry out the program
and it was also decided to create a permanent organization
to appear before Congress to push the monetary reforms.
The approved platform, which will be presented to Congress,
as summarized in United Press advices from Washington,
provides:
1. Conversion of the 12 Federal Reserve banks into a Central Bank,
Government owned and operated, with control over issuance of currency.
2. Remonetization of silver.
3. Detachment of the dollar from a fixed relationship to gold.
4. Cash payment of the soldiers' bonus.
5. Control of the value of the dollar through operations of an equalization
fund.
6. An investigation by Congress to discover identity of holders, real
and nominal, of the outstanding obligations of the Government as of
Jan. 1 1935.
The United Press dispatches, as given in the New York
"Journal of Commerce" also stated that Father Charles E.
Coughlin, Detroit radio priest, and Professor Irving Fisher
of Yale, were principal speakers at the Monetary Conference.
They urged return to the dollar valuation of 1926 prices.
New Order by Marriner S. Eccles Would Limit Federal
Reserve Bank Directors to Six Years in Office—
Policy Would Affect Post of Owen D. Young as
Vice-Chairman of New York Bank
Marriner S. Eccles, Governor of the Federal Reserve
Board, has notified Directors of the Federal Reserve System
that under a new policy their term of office will be limited
to six years, it was revealed in an announcement from
Washington yesterday (Jan. 18). This action was said to
have been taken in order to eliminate "the possibility of
crystallization of control of the managements of the Federal
Reserve banks." The same order prohibited Directors
serving longer than two consecutive terms. One of those
who would be affected by the new order would be Owen D.
Young, Vice-Chairman of the Federal Reserve Bank of New
York, who was unofficially said to have offered his resignation.
New York Bankers to Honor New York State Banking
Superintendent Joseph A. Broderick at Dinner
Jan. 21
More than 700 bankers from all parts of New York State
are expected to attend a dinner next Monday night (Jan.
21), given by the New York State Bankers Association in
honor of Joseph A. Broderick, who retired as State Superintendent of Banks on Dec. 31 after five years in that post.
The dinner will be held at the Hotel Roosevelt in New York
City, and will bring to an end the annual mid-Winter meeting of the Association. An announcement by the Association made public today (Jan. 19) gave further details of the
testimonial dinner as follows:
William L. Gillespie, president of the New York State Bankers Association, and President of the National Commercial Bank & Trust Co., Albany,
will preside at the dinner and express the sentiments of the bankers of
the State toward Mr. Broderick. J. Herbert Case, Chairman of the Board
of the Federal Reserve Bank of New York, will speak for the Federal
Reserve authorities, Luther K. Roberts, Chief National Bank Examiner,
for the Comptroller of the Currency, and Henry R. Kinsey, President of
the Savings Banks Association of New York, for the 137 banks in his
group.
It is also expected that George W. Egbert, who was Mr. Broderick's
chief assistant and is his successor as Superintendent, will also speak on
Mr. Broderick's administration of the Banking Department.
The banquet will be preceded by a luncheon tendered to the visiting
bankers by the officers of the Federal Reserve Bank of New York and an
Jan. 19 1935
afternoon meeting for discussion of banking matters. Both of these will
be held at the Reserve Bank, the luncheon at 12:30 and the meeting at
2:00 P. M.
Annual Banquet of New York Chapter, American
Institute of Banking to Be Held Feb. 9
The New York Chapter, Inc., American Institute of
Banking, will hold its 34th annual banquet on Feb. 9.
The banquet this year will be held at the Hotel WaldorfAstoria.
Progress Made in Rehabilitating Banking System Since
1933 Bank Holiday—Comptroller of the Currency
O'Connor Reports Number of Active Banks Increased from 4,522 to 6,483, Deposits Increasing
from $16,316,686,000 to $20,907,250,000—Urges Cooperation in Behalf of Sound Banking System
Declaring that statistics in the Comptroller's Office prove
conclusively that the banking structure is on a firmer basis
than at any time in our history, John F. T. O'Connor, Comptroller of the Currency, on Jan. 12 added that "striking
progress has been made since the appalling banking holiday
of March 1933, when the entire banking system of the nation
was at a standstill." "At the conclusion of the holiday," he
noted, "nearly two billions of dollars were inaccessible to
depositors in 1,417 banks under the Comptroller's jurisdiction which were not licensed to re-open." "Of these 1,417
banks," he continued, "1,089, with deposits of $1,802,285,000,
have been reorganized under old or new charters or absorbed
by other National banks; 31 have gone into voluntary liquidation and repaid to depositors $11,513,000, and 292, with
deposits of $151,540,000, are in receivership. Four of these
receivership banks have plans approved for reorganization.
There remain undisposed of only five of the 1,417 unlicensed
banks, with deposits of $6,438,000, or 3/10 of 1% of the
total deposits in the 1,417 banks, and all five have plans
approved for reorganization."
Comptroller O'Connor's remarks, under the head, "A Message to the People," were addressed to a nation-wide audience over the Columbia network. His address was sponsored by the National Democratic Club of New York.
Toward the end of his address the Comptroller declared
that "in order to continue a sound banking structure in the
nation, we must have the co-operation of all classes of
citizens, the Congress and the banking authorities of the
several States." In his further comments he said:
Applications for any charter should receive the most careful consideration, and a charter should be granted only where the bank shows an
adequate, sound capital, and where there is a real necessity for further
banking facilities and a favorable prospect for the bank's successful operation. Banks should not be chartered because of irrational optimism or
personal pride or jealousies. These are dangerous methods of expressing
one's individualism. A picture of the banking graveyard of the yesterdays,
If kept vividly before us, will deter improper or unwise action in the
future.
Judging from the correspondence which comes to my desk, it seems that
a large part of the people have suggestions for banking reforms, currency
reforms, credit expansion and curtailment. Some believe no money should
be issued, while others believe that every citizen should be furnished with
sufficient money to provide for all reasonable needs.
Mr. O'Connor, in pointing out that "a bank has a definite
function to perform in the community," continued:
If it is not necessary, it cannot thrive, for a bank must earn in order to
exist. If from the ordinary and normal operations of a bank in the community it cannot derive a living income, it will be driven to resort to
Illegal activities, or to dip into its reserve, its surplus and its capital, until
It becomes the painful duty of the Comptroller of the Currency to close it.
If business men will curb the perfectly normal speculative instinct, if
they will not lend their assistance, through local pride or for any other
reason, to the organization of banks locally, whether they be State or
National banks, without a careful survey of the banking needs of the community, we shall have less failures than we have had in the past.
From the Comptroller's address we also quote the following:
During the 12 years from 1921 through 1932, 10,816 banks, with aggregate deposits of $4,885,126,000, failed in the United States. In other
words, an average of 901 banks, with average deposits of $407,093,833,
failed each year as compared with 58 failures during 1934. It is a pleasure
to report that only one of these 58 banks was a National bank, whose
deposits, amounting to approximately $40,000, were all insured by the Federal Deposit Insurance Corporation, and not a single dollar was lost to a
depositor. A second National bank closed on Thursday of this week, due
to the activities of a faithless official. There have been 11 insured bank
failures, six of which have been caused by dishonest employees.
One of the most important problems now before the Comptroller's Office
is to hasten the distribution of additional dividends to depositors in closed
banks wherever possible.
On Dec. 31 1934 there were in receivership 1,551 banks under the
Comptroller's jurisdiction, including those which were placed in receivership prior to the banking holiday, with deposits at closing of $1,881,739,624,
and provision already had been made for the return to depositors of
$1,008,042,159, or more than 53% of these funds.
Sixteen hundred applications for loans to receivership banks by the
Reconstruction Finance Corporation have been approved and loans in the
amount of $369,728,100 have been granted.
In addition, a plan has been worked out between Honorable Jesse H.
Jones, Chairman of the RFC, and this Bureau for completing the liquidation
Volume 140
It is with regret that a decrease in the ratio of loans and discounts to
deposits is noted. At the time of the call report of Oct. 17 1934, this
ratio was 36.7% as compared with 38.6% on June 30 1934. The ratio
increased from 65.0% in 1926 to 68.5% in 1929, and there has been a
steady decline since'1929. The chief siinificance of this low ratio is the
accumulated store of credit now available to industry. In order for a
bank to survive, the money on deposit must be put to work. In order for
the merchant to survive he must sell the goods upon his shelves to make a
profit and pay his expenses.
The Comptroller's Office and the National bank examiners have in some
cases been criticized for the failure of the banks to utilize this available
credit. Such is not the case. A public office and its incumbent are, by
right divine, targets at which the public fires when displeased. . . .
in October 1933 National bank examiners were instructed to appraise
assets on a recovery basis, and these instructions were reinforced by
further instructions in March 1934. The reports of examiners on 5,275
banks were carefully analyzed to determine whether instructions had been
followed, and some interesting figures were revealed: The total amount
of loans was $7,740,596,000; 2.88% of these loans were placed in the
loss column, 4.19% in the doubtful column, and 27.05% in the slow
column. Please consider the importance of these figures. After one of
the greatest, if not the greatest, depression in the history of our
country, the National bank examiners have placed in the loss column
less than 3% of all commercial loans made by National banks. That
should answer once and for all the criticism that examiners are so drastic
that recovery is retarded.
The question of slow paper has probably been discussed more than any
of the other classifications. The bankers have been advised of the definition
of slow paper and the attitude of this office toward loans in the slow
column as follows: "The items placed in the slow column are merely
'flagged.' In other words, the attention of the bank officials is called to
these items with the suggestion that they be watched. No suggestion is
conveyed or implied that the borrower should be requested to pay the
same. They are, therefore, considered slow loans. This is our interpretation unless the examiner in his report makes specific criticism of particular
Items in the slow column."
It is reasonable to expect that in isolated cases an error of judgment
will be made in the appraisal of an asset. The remarkable thing is that a
banker and an examiner will agree about a million dollars worth of loans
and then the banker will become greatly distressed about some small
item.
Much has also been said concerning the duplication of examinations of
banks and considerable misunderstanding has arisen in this connection.
Only two organizations in Washington examine banks at the present time.
The Bureau of the Comptroller of the Currency examines all National
banks, and no other examiner examines a National bank except upon written
agreement between the National bank and the RFC. No one will deny the
right of a bank to permit an examination by another agency of the
Government. A National bank is examined twice a year. The Federal
Reserve Board examines State banks and trust companies which are members
of the Federal Reserve System and may direct a special examination of any
member bank.
•
The law provides that all State banks which make application for insurance shall be solvent. Therefore, the only question to be determined by a
FDIC representative is whether the assets are sufficient to pay the bank's
liabilities. To be eligible for insurance, the bank need have no capital
structure under the existing law, and the Corporation has no visitorial
powers.
It is clear, therefore, that the representatives of both the RFC and the
FDIIC. are not examiners in the true sense of the word. An examination
of a bank implies criticism and suggestions as to its loans, an examination
of all of its books and records, including the minutes of the corporation,
to determine if all of the provisions of the National Banking Act have
been complied with, as well as a determination of the question of solvency.
None of these questions is within the jurisdiction of the representatives of
either the RFO or the FDIC.
It has long been an established legal principle that banking is a business
so affected with a public interest that the most stringent public regulation
and control are justifiable. Indeed, Justice Oliver Wendell Holmes, speaking for the United States Supreme Court in the case of Noble State Bank v.
Haskell, said:
We cannot say that the public interests to which we have adverted are not sufficient
to warrant the State in taking the whole business of banking under its control. On
the contra:y, we ate of the opinion that it may go on from regulation to prohibition
except upon such conditions as it may prescribe.
The Court then cited a number of cases from various States in which
various types of regulations and prohibitions had been supported. This is a
judicial recognition of the economic truth that the soundness of the banking
structure of the nation is intimately interwoven with the welfare of the
people, and, therefore, should and must be made the subject of strict
417
Financial Chronicle
of receivership banks which have assets valued at $30,000 or less. The RFO
will loan the full amount of the appraised 'value of the assets to the
receiver, less estimated interest and collection charges, take the receiver's
note, and hold the assets as collateral. The receiver is then authorized to
sell the assets of his trust, subject to the loan from the RFC, to a depositors'
committee, for a nominal consideration, whereupon the receiver is instructed
to terminate his trust immediately. The RFO will liquidate the assets until
the loan has been fully repaid, and any remaining assets will be returned
to the depositors' committee, which will complete liquidation in the
Interest of the depositors. The plan has met with hearty approval in all
parts of the country. There are approximately 400 trusts which it is hoped
can be disposed of in this manner, and then the plan may be extended.
National bank receiverships are conducted by the Comptroller's Office
with a maximum of efficiency and a minimum of expense. From the
date of the first failure of a National bank, in 1865, to Oct. 31 1934,
National banks placed in receivership numbered 2,908. Of these, 1,219
had been completely liquidated and their affairs closed. Expenses incident
to the administration of these 1,219 closed trusts, such as receiver's salaries,
legal and other expenses, amounted to 3.86% of the book value of the assets
and stock assessments administered, or 7.39% of collections from assets
and stock assessments. In other words, about 93c. out of every dollar
collected by receivers went to creditors.
The success of efforts at rehabilitation are shown in the following figures:
Since the conclusion of the banking holiday on March 16 1933 the number
of active banks under the Comptroller's jurisdiction has increased from
4,522 to 5,483, and deposits in these banks have increased from $16,315,586,000 to $20,907,250,000, representing a gain of 961 active banks and
of $4,591,664,000 in deposits. The total deposits in all National banks is
closely approaching the total of $23,268,884,000, which was reported for
June 30 1930, and which was the highest total reported for June 30 in the
history of the system.
L06718 and Discount.,
public regulation and control. Regarding the principle itself, there is no
dispute; it is only when methods of putting into effect this regulatory
power are considered, that debate and discussion begin.
Five National Banks Remain Unlicensed According to
Comptroller of Currency—Four Reopened During
December
The close of the year 1934 brought to near completion the
rehabilitation of the National Banking System, according to
announcement made Jan. 7 by J. F. T. O'Connor, Comptroller of the Currency. Following the banking holidays in
March 1933, there were 1,417 banks under the supervision
of the Comptroller which were not licensed, and these had
deposits aggregating $1,971,960,000. The reopening of four
of these unlicensed banks during the month of December,
tTe Comptroller said, leaves only five unlicensed National
banks yet to be disposed of, and these all have plans approved
for reorganization. Comptroller O'Connor's announcement
of Jan. 7 added:
With the close of business on Dec. 31 1934, 1,088 unlicensed banks under
the supervision of the Comptroller had been reorganized under old or new
charters or sold to other National banks, and these had deposits aggregating
81,802,086,000; 30 with deposits of $11,204,000, had quit or left the System;
and 294 with deposits of $152,048.000. had been disapproved for reorganization and placed in receivership. This brought the number of banks which
had been disposed of to 1,412, with deposits of $1.965,338.000. and left
only five unlicensed National banks, with deposits of $6.622,000, as compared with deposits of $1,971,960,000.involved in the 1,417 unlicensed
banks at the end of the banking holidays.
As stated above, all of the remaining five unlicensed National banks
have plans approved for reorganization; and in addition to these, seven of
the 294 banks reported above as in receivership also have plans approved for
reorganization. These seven banks have deposits aggregating $3,537,000.
During the period beginning with the enactment of enabling legislation in
March 1933, and ending with Dec. 31 1934. 1,586 active National banks
Issued $439,515,750 inlpreferred stock and 128 issued $16,895,276 in common
stock for the purpose of strengthening their capital structure.
tsThe net result of the rehabilitation of the National Banking System since
March 16 1933, iskan increase in the number of active National banks.
Including State banks and trust companies in the District of Columbia,from
4,522 to 5,490 on Dec. 31 1934, and an increase in deposits from 816,315.586.000 to $20,906,176,000, or a net gain of 968 banks and of $4,590,590,000
in deposits. During the year 1934, only one National bank failed, as compared with an average annual failure of 298 National banks during the
three years prior to,1933.
The following is a list of the National banks which consummated their
reorganization plans and were opened during the month of December 1934.
Location
California—
Coachella_ __
Madera
Illinois-Staunton__ _
Wisconsin—
Shawano—
Name of Bank
Date
First National Bank of Coachella_ Dec. 29 1934
Dee 1 1934
First National Bank
Frozen Deposits
$254,000
506,000
Dec. 29 1934
397.000
The First Nat. Bank of Shawano_ Dec. 29 1934
1,012,000
Staunton National Bank
$2,169,000
Total, 4 banks
A list of those banks licensed and opened or reopened
during_November was given in our issue of Dec. 15, page'
3750.
Reopening of Closed Banks for Business and Lifting
of Restrictions
Since the publication in our issue of Jan. 5 (page 66) with
regard to the banking situation in the various States, the
following further action is recorded:
ILLINOIS
The State Bank of Blue Island, Blue Island, Ill., closed
since the banking moratorium of March,1933, reopened for
business on Jan.16, we learn from the Chicago "News"of that
date. The capital of the bank is $100,000, and the surplus
and contingent fund $30,000. Depositors have waived 60%
of their claims, or $140,000. Cash and marketable securities
are in excess of the unwaived deposit liability, it was announced. Walter Bielfeldt, Vice-President and Cashier, is
serving as chief executive pending the election of a President,
the paper said.
MICHIGAN
With reference to the affairs of the closed Orion State Bank,
Orion, Mich., the "Michigan Investor" of Jan. 12 had the
following to say:
Full banking facilities were promised the business people of Orion when
Judge Glenn C. Gillespie in Oakland Circuit Court granted permission for
the reorganization of the Orion State Bank. The reorganization had the
approval of 85% of the depositors. Forty per cent of impounded funds
will be released upon opening.
NEW YORK
Alexander F. Makay,receiver of the Central Park National
Bank, Central Park, L. I., announced on Jan. 14 that a
second dividend of 25% had been authorized to creditors of
that bank, which was closed on March 3 1933, according to
Central Park advices on that date, appearing in the New
York "Times."
Joseph A. Broderick, New York State Superintendent of
Banks on Dec. 31 assumed control of the Nassau-Suffolk
Bond & Mortgage Guarantee Co. of Mineola, L. I., pursuant
418
Financial Chronicle
to Section 57 of the Banking Law. The corporation had
operated on a restricted basis since the bank holiday of March
1933.
Edward Loughman, receiver for the National City Bank
of New Rochelle, N. Y., now in liquidation, announced on
Jan. 13 that checks totaling $932,573 would go to 10,000
depositors before Feb. 15, according to a dispatch from that
place on Jan. 14 to the New York "Times," which added:
This Is 15% of the total on deposit when the bank was closed on March 4
1933. Depositors have received 30% of their claims.
Depositors in the closed Webster National Bank of
Rochester, N. Y., on Jan. 4 were receiving the remainder of
their deposits in the institution with payment of another
25% dividend, bringing the total to 100%. The Rochester
"Democrat" of Jan. 5,in noting this, went on to say:
Thomas N. Nagle, receiver, last night (Jan. 4) said part of the interest
due on accounts will be paid also. The 100% liquidation was made possible
because of payments made by directors as well as successful sale of the assets.
The bank is one of 29 of 1,417 National banks closed since the bank holiday
which has paid 100% dividends.
OHIO
Announcement was made on Jan 13 by Robert M. Huston,
President of the Lorain Street Savings & Trust Co. of Cleveland, Ohio, that the institution closed since the bank holiday,
of March 1933, would reopen for business both main office,
and branches, on Jan. 14. A loan of $1,200,000 from the
Reconstruction Finance Corporation and the purchase by it
of $200,000 worth of capital debenture made possible the
opening. The new bank begins with a capital structure of
$635,000, consisting of $300,000 capital, $75,000 surplus,
$60,000 undivided profits and the $200,000 capital debentures. The foregoing is learned from the Cleveland "Plain
Dealer" of Jan. 13, which furthermore said in part:
The deposits of 14,182 depositors who have lees than $100 in the bank
will be immediately available to them. The depositors with larger sums
will be credited with 30% of their deposits and not less than 8100. They
will be given debenture notes for the balance. There are about 4,000 larger
depositors.
The bank will have about $2,000.000 Inactive deposits and about $3,000.000 in debentures held by depositors. There will be no debts outstanding
when the bank copeck.
All deposits are insured by the Federal Deposit Insurance Corporation.
The bank is to keep not less than 15% of its deposits in cash. 25% in Government bonds. It will not loan more than an amount equal to 10% of
its capital and surplus to any borrower and its real estate loans will not
exceed 50% of the appraised value of the security.
The forzen assets of the bank have been placed in the newly-organized
Fulton Mortgage Co.for liquidation apart from the operations of the bank.
Besides Mr. Huston, the officers of the bank are John R. Olderman and
J. A. Melcher, Vice-Presidents; John R. Cleary, Vice-President-Treasurer;
Walter C. Mark-worth, Secretary; Raymond C. Ulmer, Assistant Secretary
and Manager of the Lakewood branch at 16010 Detroit Ave.; Ralph Beltsman, Assistant Treasurer and Manager of the Lorain-W. 130th St. branch,
and Lloyd R. Keller, Comptroller. . . .
'ITEMS ABOUT BANKS, TRUST COMPANIES, 8te.
Arrangements were made, Jan. 17, for the transfer of a
New York Stock Exchange membership at $90,000. The
previous transaction was at $100,000, on Dec. 31.
Frank J. Barrett sold his New York Cocoa Exchange
membership to Philip B. Weld, on Jan. 12, for another, for
$3,750, an advance of $450 over the last sale.
At the annual organization meeting of the Board of Directors of the Chemical Bank & Trust Company, New York,
held Jan. 17, Percy H. Johnston, who has been serving both
as Chairman of the Board and President, relinquished the
presidency which he has held since 1920. As Chairman of
the Board, Mr. Johnston will continue as the chief executive
officer of the bank. Frank K. Houston,formerly First VicePresident, was elected President. N. Baxter Jackson,
formerly Executive Vice-President, succeeds Mr. Houston as
First Vice-President. Joseph A. Bower was re-elected
Executive Vice-President; all other officers were also reelected,and,in addition, M.D.Howell, Wandell M. Mooney
and Spencer Tunnell, Jr.,formerly Assistant Vice-Presidents,
were elected Vice-Presidents. A brief summary of the new
President's career follows:
Mr.Houston's first connection with the banking business was as Secretary
of the Tennessee Bankers Association, from which position he went into toe
First National Bank of Nashville as Assistant Cashier. In 1914, Mr.Houston went to St. Louis to become Assistant Cashier of the Third National
Bank of that city. After the merger of the Third National with the St.
Louis Union Bank and the Mechanics American National Bank into the
First National Bank of that city, Mr. Houston became Vice-President of the
latter institution. In 1920 he came to New York as Vice-President of the
Chemical Bank, of which institution he was elected a Director in 1924, and
In 1927 he became First Vice-President, which position he has since held.
The Chemical Bank & Trust Company is one of the oldest
financial institutions in the country and is entering its 112th
year. It has an unbroken dividend record since 1827 and its
last statement shows total resources of $570,000,000.
Jan. 19 1935
Reference is made elsewhere in our issue of to-day to the
annual report of Mr.'Johnston to the stockholders at their
annual meeting also held this week.
Walter E. Robedee, formerly assistant trust officer of
Lawyers County Trust Company, New York, was elected to
the office of Trust Officer of that institution at the regular
meeting of the board of directors this week, it is announced
by One R. Kelly, President. Following the World War,
Mr. Robedee was associated with the trust departments of
Farmers Loan Sr Trust Co. and Guaranty lrust Co. prior
to making his present connection in 1929.
Directors of Bankers Trust Co., New York, meeting Jan.
15, made the following official changes: H. H. Martin and
E. J. Morse, formerly trust officers, were elected VicePresidents; W. A. Morgan, Jr., and F. A. Cochrane, formerly Assistant Trust Officers, were appointed Trust Officers; H. E. Mumford, formerly Assistant Trust Officer, was
appointed Assistant Secretary; and Albert Muller, formerly
Assistant Manager of the London office, was appointed Assistant Treasurer.
The Corn Exchange Bank Trust Co., New York, announced
on Jan. 16 the appointment of Mathias J. Fischer as Secretary and Treasurer.
• At the annual meeting of stockholders of Clinton Trust
Co., New York, this week,-Ellwood M. Rabenold, Chairman,
reported a 25% increase in deposits over last year and a
67% increase in cash. In the bond portfolio, Federal, State
and Municipal bonds constitute 74% of the total. Aggregate resources increased during the year from $3,924,873.94
to $4,787,214.65, or 22%. The five directors whose terms expired were re-elected for another period of three years, it
was announced.
At their annual meeting Jan. 15, stockholders of the Title
Guarantee & Trust Co., New York, voted to reduce the
number of trustees from 27 to 25 and elected three new
trustees to fill vacancies. The new trustees, all of whom
are officers of the company, are John T. Egan, C. Reginald
Oates and Purcell C. Robertson.
James C. Rogerson, a member of the New York Stock Exchange from 1913 to 1928, died Jan. 13 of pneumonia at the
Neurological Institute of New York. He was 65 years old.
Mr. Rogerson in 1913, with Gustavus T. Donnell, organized
the Stock Exchange firm of Rogerson & Donnell. The
firm was disbanded in 1928.
Coll J. Turner, a member of the New York Stock Exchange since March 15, 1894, and a retired stock broker,
died of pneumonia on Jan. 11 at his home in Montclair, N. J.
He was 73 years old. Mr. Turner was formerly bead of
the stock brokerage firm of C. J. Turner & Son, New York
City. He retired from the firm about five years ago but
retained his membership on the Stock Exchange.
John Van Buren Thayer, Vice-President of the Central
Hanover Bank & Trust Co., New York, celebrated on Jan. 15
the sixty-third anniversary of his connection with the bank
and its predecessor institution, the Union Trust Co. Mr.
Thayer also celebrated his eighty-third birthday on Jan. 15.
He spent the day performing his usual duties at the bank
and discussing many current topics. In addition to his connection with the Central Hanover, Mr. Thayer is a trustee
of the Seamen's Bank for Savings, and of the Northern
Assurance Co., Ltd., of London, Eng.
Joseph W. Catharine, a trustee of the Kings County Savings Bank, Brooklyn, has been elected First Vice-President,
it was announced on Jan. 16. Mr. Catharine, who is VicePresident of the Chauncey Real Estate Co., Ltd., succeeds
William C. Carrick. Mr. Carrick had been a trustee of the
institution for about 31 years and First Vice-President 15
years.
Plans to reduce the capital stock of the Bank of New
Hyde Park, New Hyde Park, N. Y., from $150,000, at a par
value of $100 a share, to $100,000, at a par value of $66 2-3 a
share, were approved by the New York State Banking Department on Dec. 31.
From the Boston "Transcript" on Jan. 9, it is learned that
Charles E. Ober, for 47 years prominent in Boston financial
Volume 140
Financial Chronicle
419
circles and latterly with Stone & Webster and Blodget, has
been elected President of the Beverly National Bank, Beverly, Mass., with which he has been identified as a director
for 20 years.
The following officers, the dispatch stated, have been
elected for the new bank: T. D. Morris, President; John
Potts, Vice-President; W. J. Evans, Secretary, and Frank
P. Zarr, Cashier.
Oliver B. Ellsworth, President of the Riverside Trust Co.
of Hartford, Conn., was elected President of the Portland
Trust Co. of Portland, Conn., on Jan. 8, to fill the vacancy
caused by the death of Andrew N. Shepard, according to
the Hartford "Courant" of Jan. 9, which also supplied the
following information:
Jesse H. Hall, heretofore Vice-President of the Bryn Mawr
Trust Co., Bryn Mawr, Pa., was elected President at the
directors' organization meeting on Jan. 12 to fill the vacancy
caused by the death of Philip A. Hart, we learn from the
Philadelphia "Inquirer" of Jan. 13, which also reported that
William R. Mooney, formerly of Cassatt & Co., was appointed Vice-President of the institution.
Mr. Ellsworth began his banking career in Portland and was Secretary
and Treasurer when elected to the presidency of the Riverside Trust Co.
George 0. Pascall was re-elected Chairman of the Board and will be the
active resident executive, Mr. Ellsworth continuing to devote his time to
the Riverside Trust Co. in Hartlord.
Nelson A. Shepard, Secretary of A. N. Shepard & Son, Inc., was elected
member of the Board of Directors, succeeding his father.
Other officers and directors were re-elected.
At the annual meeting of the directors of the Phoenix
State Bank & Trust Co. of Hartford, Conn., on Jan. 8, all the
old officers, headed by Leon P. Broadhurst, President, were
re-elected and two promotions were made, Russell R. Brown
being advanced from chief clerk to an Assistant Cashier,
and similar promotion being given to Sidney E. W. Clarke,
who is in charge of real estate in the trust department of
the institution, according to the Hartford "Courant" of
Jan. 9.
In indicating the opening on that day of the newly-organized Manufacturers' Bank of Edgewater, N. J., a dispatch
from Edgewater, Jan. 14, to the New York "Times" said:
The new Manufacturers' Bank of Edgewater, backed chiefly by the major
Industries of this town, was opened this morning and received about
$110,000 in deposits, according to William C. Smith, President. It takes
the place of the old Edgewater Trust Co., liquidation of which was started
this morning (Jan. 14). The Archer-Daniels-Midland, National Sugar Refining and Corn Products companies are represented on the new bank's
Board of Directors.
Concerning the affairs of the Cliffside Park Title Guarantee & Trust Co. of Cliffside Park, N. J., the closing of
which was noted in our issue of last week, page 262, advices
from that place to the New.York "Times" on Jan. 14 contained the following:
The Federal Deposit Insurance Corporation will organize a National bank
without capital in the quarters of the closed Cliffaide Park Title Guarantee
le Trust Co. for the purpose of liquidating the old institution. Payment
of deposits will begin at the close of this week, according to Joseph A.
Preston, President of the Cliffside Bank, which was taken over 10 days ago
by the State Department of Banking & Insurance.
The FDIC's examiners are at the institution now preparing for payment
of each depositor up to the $5,000 maximum.
From the Newark "News" of Jan. 9 it is learned that
H. B. Feldman, heretofore Assistant Secretary and Assistant
Treasurer of the Federal Trust Co. of Newark, N. J., was
promoted to an Assistant Vice-President at the organization
meeting of the directors on that day. Louis A. Reilly, also
formerly an Assistant Secretary and Assistant Treasurer,
was advanced to Treasurer, and two new Assistant Treasurers were named. They are Joseph A. Barber and John
Germain.
According to Paterson advices on Jan. 9 to the Newark
"News," the office of Chairman of the Board of Directors
of the Broadway Bank & Trust Co. of Paterson, N. J., held
several years by John McCutcheon, former State Comptroller of New Jersey, was eliminated by the directors at
their annual meeting on Jan. 8.
At the annual reorganization of the Princeton Bank &
Trust Co. of Princeton, N. J., on Jan. 9, George R. Cook 3d,
former Assistant Secretary, was elected a Vice-President,
according to a Princeton dispatch on that date printed in
the New York "Herald Tribune."
According to the Newark "News" of Jan. 8, Roland P.
Jackson of the trust department on that day was elected
Trust Officer and Second Vice-President of the First National Bank of Orange. All other officers were re-elected, it
was stated.
A charter has been granted by the Pennsylvania State
Department to the People's Safe Deposit Bank of St. Clair,
Pa., it is learned from Harrisburg advices appearing in
"Money and Commerce" of Jan. 5. The new institution will
replace the Citizens' Bank of St. Clair and will begin business with a capital of $100,000 and deposits of $500,000.
We learn from the Philadelphia "Inquirer" of Jan. 15 that
the directors of the Integrity Trust Co., of Philadelphia,
Pa., at an organization meeting on Jan. 14, elected three
new officers and accepted the resignation of eight members
of the executive staff. The new officers are William J.
Boyle, Assistant Treasurer, in charge of the mortgage department; Ernest H. Turner, Assistant Secretary, in charge
of the 36th and Chestnut Streets office, and Ralph Wieder,
Assistant Secretary, in charge of the 40th Street office.
The officers who resigned were named as follows: Walter K.
Hardt, Chairman Executive Committee; Augustus I. Wood,
Vice-Chairman Executive Committee; Harrison N. Diesel,
Vice-Chairman Board of Directors; Joseph Montgomery,
Vice
-President; H. Lee Casselberry, Assistant Treasurer;
Wesley H. Hoot, Assistant Treasurer; William H. Thorn,
Assistant Secretary, and Horace P. Watson, Assistant Secretary.
Directors of the Philadelphia National Bank, Philadelphia,
Pa., on Jan.14 appointed three additional Assistant Cashiers.
They are J. Paul Crawford, J. Bickley Jackson and Harold
W. Wallgren. In noting this, the Philadelphia "Inquirer"
of Jan. 15 went on to say:
At the annual meeting of stockholders of the Industrial Trust Co., the
Board of Directors was reduced from 18 to 16 members. Vacancies caused
by the resignation of John S. Bowker, who resigned because of illness,
and the death of Michael D. Burke, were not filled. The other 16 directors were re-elected.
Election of John P. White Jr. as Cashier of the Western
National Bank of Baltimore, Md., was announced Jan. 9,
according to the Baltimore "Sun" of Jan. 10. Mr. White
was promoted from the position of Assistant Cashier.
Depositors and creditors of the defunct American Trust
Co. of Baltimore, Md., will receive 45% of their claims under
an order signed by Judge Eugene O'Dunne, on Jan. 5, in
Circuit Court No. 2, authorizing a second distribution of
funds. The Baltimore "Sun" of Jan. 6, in noting this, continuing, said:
Approximately $173,000, it was said, will be paid. The State Bank
Commissioner has about $30,000 in hand, according to a statement, which,
with anticipated collections of stockholders' liabilities, is expected to make
possible another distribution at a later date.
Fifteen per cent, of their claims was paid depositors and creditors of the
trust company in the first distribution.
From the Cincinnati "Inquirer" of Jan. 10, it is learned
that E. V. Overman resigned as Vice-President and a director'
of the Cincinnati Bank & Trust Co., Cincinnati, Ohio,at the
annual directors' meeting on Jan. 9, and was succeeded by
J. D. Leary, a director of the institution, as Vice-President,
and by John F. Ruehlmann, Vice-President of the Western &
Southern Life Insurance Co., as a director. All other
officers and directors of the institution, it was stated, were
re-elected.
The following promotions in the personnel of the Central
United National Bank of Cleveland, Ohio, were announced
on Jan. 10 by C. E. Sullivan, Chairman of the Board of
Directors, following the directors' organization meeting.
Avery N. H rrick advanced to an Assistant Vice-President,
William G.Stoll, promoted to an Assistant Trust Officer,and
Wilbur G. Wheeler, made Assistant Manager of the foreign
department.
From the Cincinnati "Enquirer" of Jan. 9 it is learned
that at the annual meeting of the stockholders of the Fifth
Third Union Trust Co. of Cincinnati, Ohio, held Jan. 8,
Harold T. Simpson was elected a director to succeed his
father, the late Frank H. Simpson. Other directors were
re-elected. Following the subsequent session of the directors, a number of promotions were announced in the official
staff as follows: Frank J. Loewe, Gustavus G. Hampson,
W. Carroll Shanks, Albert Reik, H. Lyman Greer, and Clement G. Faine to Assistant Vive-Presidents, and Walter A.
420
Financial Chronicle
Keuhn, Branch Supervisor, to Assistant Cashier. All other
officers were re-elected.
A gain of more than $32,000,000 in deposits, after voluntarily paying off nearly $12,000,000 of postal deposits, was
reported Jan. 16 by Harris Creech, President of the Clevelznd Trust Co. of Cleveland, Ohio, at the recent annual
meeting of the stockholders. Total deposits of the bank,
largest in the Fourth Federal Reserve District, are now in
excess of $263,000,000. Mr. Creech also reported net earnings of $2,399,462.92 for 1934, which compares with $2,472,535.19 in 1933. The current profit, he said, was placed in
the undivided profits account and transferred to reserves
for possible losses. In addition, he said, $3,500,000 was
transferred from surplus to reserve to be applied to ascertained losses. The present unapplied reserve is $2,882,255.27.
All directors were re-elected, and at the organization meeting
of the Board, which immediately followed the shareholders'
meeting, all officers were re-elected. In addition, the following Assistant Vice-Presidents were advanced to VicePresidents:
E. W. Burdick, W. S. Goff, J. H. L. Janson, George F. Pryor and H. R.
Templeton. R. M. Bourne and Frank E. Gibson Jr., Assistant Treasurers,
were elected Assistant Vice-Presidents, as was James Luke. W. E. Atkinson
was named Assistant Treasurer and Fred L. Emeny, Assistant Trust Officer.
H. H. Butler was designated Manager Emeritus of the Detroit-101st office
of the company, and E. R. Longdyke, Assistant Manager, was advanced to
Manager of that branch. M. B. Cowles was appointed Assistant Manager
of the Euclid-Windermere branch, and D. J. Snell, Assistant Manager at
the St. Clair-105th brandi.
Jan. 19 1935
Mr. Harber is President of the First National Bank of Seminole, and
Mr. Riddle is Vice-President. Mr. Grim() is President of the First State
Bank of Seminole.
Mr. Harber said Mr. Riddle would go to Shawnee to be in charge of the
bank there. No figures on the amount of money involved in the transaction
were made public.
Harry L. Jarboe resigned on Jan. 8 as President of the
Drovers' National Bank of Kansas City, Mo., according to a
Kansas City dispatch by the Associated Press on that date.
He will be succeeded by Raymond E. Law, Vice-President of
the National Stockyards National Bank, East St. Louis, Ill.,
the dispatch said.
At a meeting on Jan. 15 the Directors of the MercantileCommerce Bank & Irust Co., St. Louis, Mo., elected two
new Vice-Presidents and announced other promotions in the
official staff of the bank. Walter L. Rehfeld and V. A.
Prevallet, heretofore Assistant Vice-Presidents, were elected
Vice-Presidents. The bank's announcement in the matter
had the following to say regarding the previous banking
careers of the new Vice-Presidents:
Mr. Rehfeld has been with the bank for 25 years: starting in 1909 at the
age of 14, he arose to the position of Assistant Cashier after serving as credit
clerk and discount teller. He formerly represented his bank in several
southern states and has a wide acquaintance among southern bankers. He
was made an Assistant Vice-President in 1930.
Mr.Prevallet started with tne bank in 1910, when he was 16. He served
for many years in the discount department, becoming collateral clerk, and
later Assistant Cashier. In January, 1934, he was made an Assistant
Vice-President. He has been with the bank continuously for 24 years,
with the exception of two years spend in the army during the war.
Mr. Creech also reported a substantial increase in the volume of estates and corporate trust business.
The Board also announced the following appointments to
the office of Assistant Vice-Presidents:
of Jan.9 reported that directors
The Detroit "Free Press"
of the Commonwealth Commercial State Bank of Detroit,
Mich., were re-elected for the ensuing year at the ennual
meeting of the stockholders on Jan. 8, and that at the subsequent meeting of the directors officers were reappointed
with the following additions: T. Allan Smith, Vice-President; R. F. Thompson, Auditor, and S. E. Milne and A. R.
Blacklock, Assistant Cashiers.
Ralph J. Kunz, wno began his career as a clerk with the bank in 1900.
serving in various capacities, until, in 1929 he was made Assistant Cashier.
He has continued in that position until his recent promotion.
Henry W. Kroening, who entered the bank in 1904, served for many
years in tne discount department and became Assistant Manager. He was
appointed Assistant Cashier in 1930.
E.M.Durham,3d, who started as a statistician with the bond department
In 1927 following his graduation from Princeton University. In January,
1934, he was appointed an Assistant Cashier of the bank.
Roland T. Oishausen, was appointed an Assistant Cashier by the Board.
He entered the bank in 1902,serving in various capacities and later becoming
Manager of the transient department.
-"Free Press" of Jan. 3 that a
We learn from the Detroit
new Michigan bank—the Grosse Pointe Bank, Grosse Pointe
—opened for business on Dec. 31. The institution was
organized by a group largely composed of residents of the
community and former stockholders of the Grosse Pointe
Savings Bank, a former unit of the Detroit Bankers Co.
The paper went on to say:
The new bank hae acquired all the assets and assumed all the liabilities
of the Savings Bank and will be under the direction of the same personnel.
All the usual forms of banking service will be rendered. All deposits have
the full guarantee up to $5,000 under the Federal Deposit Insurance
Corporation.
The Grosse Pointe Bank is organized with a capital of $40,000 and a
surplus of $20,000 fully paid in cash, and has sold $100,000 of preferred
stock for cash to the Reconstruction Finance Corporation.
Joseph B. Schlotman is President of the new bank, D. Dwight Douglas
Is Vice-President, William R. De Baeke, Cashier, and Grace Monaghan,
Assistant Cashier.
In addition to Messrs. Schlotman and Douglas, the following are on the
Board of Directors: Fred 0. Burden, David S. Carter, Edward J. Hickey,
Frank W. Hubbard and Herbert B. Trix.
The Central National Bank & Trust Co. of Des Moines,
Iowa, announces that the following have been added to the
list of officers: Edwin F. Buckley, Vice-President, and
J. R. Capps, Cashier.
• According to Associated Press advices from Lincoln, Neb.,
on Jan. 2, the Nebraska State Banking Department on that
date announced the following dividends to depositors of
failed banks:
Farmers' State Bank, Glenvil, 5%, or $9,269, making a total of 50%, or
$92,698.
Farmers' State Bank, Newport, 5%, or $1,776, making a total of 20%,
or $7,104.
Hebron State Bank, 10%, or $13,218, making a total of 35%, or $46,265.
The Citizens' First National Bank of Pawhuska, Pawhusks, Okla., went into voluntary liquidation on Jan. 8.
The institution, which was capitalized at $100,000, was
succeeded by the National Bank of Commerce in Pawhuska.
All other officers of the bank were re-elected. The directors were likewise re-elected .at the annual stockholders
meeting held the same day.
The Directors of the Mercantile-Commerce National
Bank in St. Louis, St. Louis, Mo., recently elected George
H. Kleinschmidt a Vice-President of that institution. Mr.
Kleinschmidt was formerly an Assistant Vice-President of
the Mercantile-Commerce Bank and Trust Co., and in his
new position at the National Bank will be in charge of
credits. The announcement by the bank continued:
Mr. Kleinschmidt began his banking career with the former National
Bank of Commerce in 1906, as a stenographer in the credit department.
He was continuously connected with this department until thelmerger
of the bank with the Mercantile Trust Co. in 1929. He then became
Assistant Cashier of Mercantile-Commerce, and was advanced to an
Assistant Vice-presidency in 1930.
As of Jan. 8, the Liberty Bank & Trust Co. of Louisville,
Ky., a member of the Federal Reserve System, was converted
Into the Liberty National Bank & Trust Co. of Louisville.
The Comptroller of the Currency on Jan. 8 issued a charter
to the Liberty National Bank & Trust Co. of Louisville, Ky.
The new organization represents a conversion to the National System of the Liberty Bank & Trust Co., with six
branches in that city, and is capitalized at $2,000,000, half
of which is preferred and half common stock. Merle E.
Robertson is President of the new institution. The new
bank on the same date (Jan. 8), was authorized to maintain
two branches in Louisville, namely at =7 South Fifth street
and at 26th Street and Broadway.
Announcement was made on Jan. 2 by Gurney P. Hood,
State Commissioner of Banks for North Carolina, that
checks aggregating $30,749.25, in payment of a 17.3% divident to 772 depositors of the Goldsboro Savings & Trust Co.
of Goldsboro, N. C., had been mailed to the liquidating agent
of the institution. In noting the above, the Raleigh "News
and Observer" of Jan. 3 furthermore said:
The American National Bank of Shawnee, Okla., was to
be taken over at the opening of business, Jan. 2, by a group
of Seminole, Okla., men, headed by W. E. Harber, we learn
from Associated Press advices from Seminole on Dec. 31,
from which we also take the following:
The checks represent a fourth and final dividend and make a total of
52.3%, or $92,819.57, paid to depositors since the bank was placed in
liquidation on Dec. 19 1930. In addition to the payments to depositors,
the bank has paid its preferred creditors $1,485.44 and its secured creditors
$6,728.25.
Mr. Harber announced that associated with him in the purchase of the
bank are H. T. Riddle, Executive Vice-President, and Dr. W. E. Grim,
Vice-President. No other changes will be made in the officers and employees
of the bank, Mr. Herber said.
Associated Press advices from Augusta, Ga., on Jan. 5,
reported that the following changes in the personnel of the
Volume 140
Financial Chronicle
National Exchange Bank of Augusta were made at a meeting of the directors on that date: E. A. Stubbs, who had
served as Executive Vice-President during the past year,
was elected (President of the institution in lieu of Percy E.
May, who retired from that office and was made Chairman
of the Board of Directors; W. T. Wiggins,formerly Cashier,
was advanced to a Vice-President, and Edwin M. May, heretofore an Assistant Cashier, was promoted to Cashier. R. C.
Bailie Jr., it was stated, was re-elected Assistant Cashier
and Trust Officer. Mr. Stubbs, the new President, the dispatch continued, began his banking career in Waycross, Ga.,
and has been connected with banks in Atlanta, Savannah
and Rome.
At the annual meeting of the directors of the Citizens' &
Southern National Bank, held in Savannah, Ga., on Jan. 8,
L. H. Parris, formerly Assistant Cashier and Assistant
Trust Officer in Atlanta, was elected Vice-President and
Trust Officer, while Franklin Nash, also of the Atlanta
office, was made Assistant Trust Officer, according to the
Atlanta "Constitution" of Jan. 10.
At the annual meeting of the directors of the Second Nationof Houston,lex., H. M. Seydler was promoted from
Bank
al
an Assistant Cashier to a Vice-President, H. M. Rowe from
Auditor to Comptroller, and Harold Harris, from Assistant
Auditor to Auditor to replace Mr. Rowe. The Houston
"Post" of Jan. 9, from which this is learned, had the following to say regarding Mr. Seydler's career:
Mr. Seydler has been connected with thelSecond National for,11 years,
the past eight of which he served as Assistant Cashier in charge of the
he
credit department. Prior to forminglhis association with the bank,
wasiCredit Manager of toe Federal Reserve Bank for three years.
The First State Bank of Killeen, Tex., a member of the
Federal Reserve System, on Dec. 31 was absorbed by the
First National Bank of the same place.
A. P. Giannini was, on Jan. 8, re-elected Chairman of the
Board and President of the Bank of America National Trust
& Savings Association (head office San Francisco, Calif.) ;
two new directors were elected to fill vacancies on the
Board, and all other officers and directors were re-elected
at the annual stockholders' meeting and the organization
meeting of the Board of Directors on Jan.8. L. M. Giannini,
who was re-elected Senior Vice-President of the Bank of
America National Trust & Savings Association, was also
elected President of the Bank of America (California). In
noting the above, the San Francisco "Chronicle" of Jan. 9
continued, in part:
The other officers of Bank of Americt N. T. & S. A., were elected to the
following offices with the Bank of America (California): Hugh L. Clary
and A. E. Connick, Vice-Presidents; Russell G. Smith, Cashier; P. C.
Read, Auditor and Chief Inspector; R. P. A. Evarard, Secretary; 0. Carl
Myers, Assistant Cashier and Assistant Secretary; Edmund Nelson, VicePresident and Trust Officer; P. M. Harwood, Trust Officer; L. Rasmussen
and William 0. Hoenig, Assistant Trust Officers. . . .
A. J. Clock, Hugh L. Clary, A. E. Sbarboro and George J. Panario, VicePresidents of the National Bank, were elected directors of Bank of America
(California), succeeding four senior executives of the Bank of America
N. T. & S. A., who will devote their entire attention to the National bank
in the future. The four senior executives are: A. P. Giannini, Dr. A. H.
Giannini, Arthur Reynolds and Leon Bocqueraz.
The directors elected to fill vacancies on the Board of Bank of America
N. T. & S. A. are John A. Corotto and Fred L. Dreher, who were formerly
directors of the Bank of America (California).
Following 14 years' service as President, F. L. Lipman has
been appointed Chairman of the Board of Directors of the
Wells Fargo Bank & Union Trust Co., San Francisco, Calif.,
said to be the oldest bank on the Pacific Coast, while R. B.
Motherwell, formerly Vice-President, succeeds to the presidency of the institution. All other officers and directors
were re-elected. The bank's announcement quoted the new
Chairman, on his appointment, as saying:
This change will merely give effect to our organization as it at present
stands, there being no change of policy contemplated.
Directors of the Bank of Montreal, Montreal, Canada,
have declared the usual quarterly dividend of $2 per share,
payable March 1 to stockholders of record Jan. 31.
The sixty-fourth annual statement of the Dominion Bank
(head office Toronto), issued to the shareholders on Jan.18
and covering the calendar year 1934, shows an exceptionally
strong liquid position. Earnings were slightly greater and
deposits substantially higher. Net profits for the year were
$1,151,561, after paying dividends at the rate of 10% per
annum, amounting to $700,000; providing $245,000 for taxes,
$50,000 for officers' pension fund, and writing $50,000 off
421
bank premises account, a balance of $106,561 was added to
the current year's profit and loss account. Compared with
one year ago, circulation expanded $422,000, deposits increased $2,698,000, and cash assets were up $5,338,000.
Commercial loans decreased $3,800,000, largely representing
satisfactory seasonal liquidation. The bank's capital of
$7,000,000 and reserve of like amount remain unchanged,
with undivided profits of $541,143.
Thomas Cook & Son (bankers), Ltd., London, have issued
their annual balance sheet as of Oct. 31 1934, showing an
exceptionally high degree of liquidity maintained. Deposits
of 13,182,922 are covered to an amount of 85% by cash and
short-term loans, including cash on hand of £441,973, bank
deposits of £1,798,750, remittances in transit of £134,154,
call loans of £160,000, and Indian Treasury bills of £163,125.
Holdings of British and Indian Government securities were
£506,610, and total assets amounted to £3,502,588. The company's paid-up capital of £125,000 and reserve fund of
£125,000 remained unchanged from the preceding year.
Total resources of Barclays Bank, Ltd., London, Eng.,
as at the close of business Dec. 31 1934, amounted to £413,407,530, an increase of approximately £1,350,000 as compared
with the previous year's balance sheet figures, according
to cable advices received Jan. 15 at the New York representative's office of the hank. Cash items include cash in
hand and with the Bank of England, £46,809,953; balances
with other British banks and checks in course of collection,
£11,889,908;• money at call and short notice, £25,837,900.
Bills discounted are reported at £47,572,778. The bank's
investments are shown as £103,242,464, of which £97,693,293
are securities of or guaranteed by the British Government,
the investment figures showing an increase of £5,000,000 for
the year. Total advances amount in the aggregate to £155,979,233, an increase during the year of £7,000,000. Current,
deposit and other accounts are reported as £380,093,758, an
Increase of £1,300,000, and acceptances and endorsements,
&c., for account of customers as £7,205,554. Profits for 1934
amounted to £1,708,173, exceeding the results for 1933 by
£103,493. For many years past Barclays Bank, Ltd., has
maintained the same rates of dividends on its shares, 10%
per annum on the A stock and 14% per annum on the B and
C stock. One of the "Big Five" English banks, it maintains,
with its affiliates, some 2,900 branches throughout Great
Britain, France, Italy, Africa, Palestine, the British West
Indies and Canada.
The net profits of the Westminster Bank, Ltd., London,
for the past year, after providing for rebate and income tax,
and after appropriationsirto the credit of contingency accounts, out of which accounts full provision for bad and
doubtful debts has been made, amount to £1,524,880.
This sum, added to £460,496 brought forward from 1933,
leaves available the sum off£1,985,376. The dividend of
9% Paid in August last on the £4 shares and 63j% on the
£1 shares absorbs7£602,146. A further dividend of 9% is
nowYdeclared in respect of the £4 shares, making 18% for
the year: and a further dividend off63i% on the £1 shares
will be paid, making the maximum of 123/r% for the year.
£100.000 has been transferred to bank premises account,
and £200,000 to officers' pension fund, leaving a balance of
£481,085 to be carried forward. The directors have restored to the reserve`the amount of'S1,820,157 which was in
1931 withdrawn to meet depreciation on the bank's investments and has since been held in a special account. Comparative figures of profit and loss for the last three years
follow:
Net profit
Brought forward
1933
1932
1934
£1.524,880 /£1,464.9551 £1,495.172
431,256
460,984
460,495
Total available
Dividends
Bank premises account
Officers' pension fund
Carried forward
/1,985,375 £1,925.939 '£1 926,428
1,165.444
1.165.444
1,204.291
100.000
100.000
100,000
200.000
200,000
200.000
460,495
460,984
481,084
£1.985.375 £1,925.939 £1.926.428
The directors ofirthe Midland Bank, Ltd. (head office
London), report that, afterYmaking full provision for all
bad and doubtful debts, the net profits for the year 1934
amounted to £2,292,217, which,y with £866,483 brought
forward, made £3,158,700 available for distribution, out
of which the following appropriations amounting to £1,403,376 have been made: To interim dividend, paid July 16
1934 for the half-year ended June 30 1934 at the rate of
16% per annum, less income-tax, £883,376;-to reduction of
Financial Chronicle
422
bank premises account, £250,000; and to reserve for future
contingencies, £270,000; leaving a sum of £1,755,323 from
which the directors recommend a dividend be paid on Feb. 1
next, for the half-year ended Dec. 31 1934, at the rate of
16% per annum less income tax, calling for £883,376, and
a balance carried forward of £871,946. These figures compare as follows with those for previous years:
Net profit
Brought forward
1933
1934
12.292,217 £2,266,848
8.59.397
886,483
1932
£2,019,142
850.018
Total available
£3,158.700 £3,126,243
Dividends after deducting income tax
1.709 781
(5e• in 1932 and 1933;4s. erd. in 1934) 1,766.753
18%
16%
Rate per cent
250,000
Reduction of bank premises account
550,000
270,000
Reserve for future contingencies
£2,889,158
£868.483
£850,397
Carried forward
£871.948
1.709 781
16%
300.000
THE CURB EXCHANGE
Trading on the New York Curb Exchange has been
extremely quiet and price movements somewhat mixed
during most of the present week. There have been occasional periods of activity in some special group of stocks,
but these were more or less spasmodic and the volume of
sales has been unusually small. Some pressure was apparent
among the mining and metal shares during the early dealings
on Tuesday but this disappeared as the day progressed.
Merchandising and industrial stocks were most in demand,
though some interest was also apparent in the public utilities,
but the changes were not especially noteworthy.
The trend of prices on the curb market was uniformly
lower during the two-hour seision on Saturday, and while
a few of the more active stocks in the merchandising and
industrial groups attracted some buying, the list as a whole,
was below the previous close. The total sales for the day
were approximately 102,000 shares, as compared with
131,250 a year ago. Prominent among the stocks closing
on the side of the decline were such trading favorites as
American Cyanamid B, American Gas & Electric com.,
Commonwealth Edison, Consolidated Gas of Baltimore,
Glen Alden Coal, Hollinger Consolidated Gold Mines,
Humble Oil & Refining, Niagara Hudson Power, Sherwin
Williams, Swift & Co. and Fisk Rubber pref.
Transactions on the Curb Exchange were extremely dull
on Monday, the total turnover falling off sharply as compared with the last full day. The trend of prices was
without definite direction during most of the session, but
final prices were higher by a very small fraction. Singer
Manufacturing Co. surged forward 734 points to 255 on a
small transaction, Jones & Laughlin gained about 2 points
and Bunker Hill Sullivan was higher by a point as the
market ended for the day. Other active stocks closing on
the up-side were Allied Mills, American Gas & Electric corn.,
Hudson Bay Mining & Smelting, Hiram Walker and Wright
Hargreaves.
Declining prices were in evidence all along the line on
Tuesday, weakness in the general list being due in part to
pressure against the mining and metal stooks. In the
early trading the market drifted around without definite
trend, but as the day progressed the downward movement
became more pronounced, the losses at the close ranging
from 1 to 3 or more points. Among the market leaders
showing declines of a point or more were Alabama Great
Southern, Babcock & Wilcox, Dow Chemical, Fisk Rubber
pref., Parker Rustproof, Pratt & Lambert, A. 0. Smith,
Singer Manufacturing Co. and Aluminum Co. of America.
The turnover was again down to a low level on Wednesday,
and while some recovery from the low prices of the previous
session were apparent before the market closed, most of
the changes were within comparatively narrow channels.
Advances of a point or more were registered by such active
issues as A. 0. Smith, Sherwin Williams, Pittsburgh & Lake
Erie RR. and Dow Chemical. Smaller gains were recorded by Allied Mills, Canadian Industrial Alcohol A,
Consolidated Gas of Baltimore, Creole Petroleum, Glen
Alden Coal, Greyhound Corp., Lake Shore Mines, Ltd.,
and Wright Hargreaves.
Price fluctuations continued within a comparatively
narrow channel and trading interest dropped to a low level
as transactions slipped down to approximately 106,000
shares on Thursday. Public utilities attracted the most
trading, but there was some interest shown in the mining
and metal group which continued fairly steady, particularly
Lake Shore Mines which improved about a point. The list,
as a whole, was slightly higher at the close, though many
prominent issues were on the side of the decline. Among
the stocks showing small gains were American Gas & Elec-
Jan. 19 1935
tric corn., Blue Ridge Corp. cony. pref., Commonwealth
Edison, Consolidated Gas of Baltimore, Ford Motor of
Canada A, Hollinger Consolidated Gold Mines, Hudson
Bay Mining & Smelting, Pioneer Gold Mines of B. C.,
Sherwin Williams and Standard Oil of Kentucky.
The volume of sales was slightly larger on Friday, though
it was still far below the normal turnover. Specialties and
public utilities were fairly steady, but the changes were small
and not particularly noteworthy. As compared with Friday
of last week, prices again showed a decline, Aluminum Co.
of America closing last night at 47 against 48 on Friday a
week ago, American Gas & Electric corn, at 1974 against
2034, American Light & Traction at 934 against 934, Atlas
Corporation at 8% against 87/8, Canadian Marconi at 1%
against 17/s, Central States Electric at % against %, Cities
Service at 1% against 134, Commonwealth Edison at 5231
against 54, Consolidated Gas of Baltimore at 54 against
55, Creole Petroleum at 123% against 1234, Electric Bond
4,Glen Alden Coal at 2074 against
% against 63
& Share at 65
4 against 5734, Humble
8 ,Gulf Oil of Pennsylvania at 563
21%
Oil (New) at 453 against 457/s, National Bellas Hess at 23,4
against 2%, Pennroad Corporation at 174 against 2, Swift
& Company at 1834 against 1834, United Founders at %
against 7-16, United Gas Corporation at 1% against 134
and United Light & Power A at 1 against 13/8.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
Jan. 18 1935
Stocks
(Number
Of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Par Value).
Foreign
DOMISHC. Government
Total.
102,085 31.933.000
134,505 2,686,000
250,397 4.028,000
115.280 2,834.000
106.220 3.099.000
108.400 4,353.000
$59.000
125,000
145.000
53,000
77,000
39,000
837,000 32.029.000
39,000 2.850.000
28,000 4,201.000
43,0001 2.930,000
71,000 3,247.000
50.000 4,442,000
816,687 318.933,000
$498,000
$268,000 319,699.000
Wed Ended Jan. 18
Sales at
New York Curb
Exchange.
Foreign
Corporate.I
1935.
1
Jan. 1 to Jan,18
1934
1935.
1934
2,411,770
816.8871
Stocks—No. of shares_
Bonds
318.933.000 326.778,000
Domestic
1.153.000
498.000.
Foreign government_ _
1.120,000
268.000
Foreign corporate
2,424,447
4,470.675
$50,827,000
1,573.000
814.000
$52,894,000
2,801.000
3.032.000
819,699.000 329.051,000
$53,214,000
358.727,000
Total
COURSE OF BANK CLEARINGS
Bank clearings this week will again show an increase as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, Jan. 19) bank exchanges for all cities of the
United States from which it is possible to obtain weekly
returns will be 31.6% above those for the corresponding
week last year. Our preliminary total stands at $6,230,931,000, against $4,733,498,126 for the same week in 1934.
At this center there is a gain for the week ended Friday of
37.6%. Our comparative summary for the week follows:
Cleartnos—Returns bp Telegraph
Week Ended Jan. 19
1935
1934
Per
Cent
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$3,414,695,148
217,602.407
275,000,000
197,000.000
70.424,220
67,100,000
101,458.000
78.290,716
74,097,452
54,759.583
47,467.609
28,939.000
$2,481,189.878
161.688.873
207,000,000
177,000,000
53,263,459
56.300.000
86.982.000
64,012.008
55,323,873
46,255.827
39,151,018
24,097,000
+37.6
+34.6
+32.9
111.3
32.2
19.2
+16.6
+20.6
+33.9
+18.4
+21.2
+20.1
Twelve cities, 5 days
Other cities, 5 days
$43,626,834,135
565,608,365
$3,453,163,936
485,076,530
+34.0
+18.8
Total all cities, 5 days
All cities, 1 day
35,102,442.500
1,038,488,500
33,938,240,466
795,257.660
+81.8
+30.6
$6.230.931,000
34.733,498.126
+31.6
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day of
the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended Jan. 12. For
that week there is an increase of 23.8%, the aggregate of
clearings for the whole country being $5,255,637,875, against
$4,246,890,379 in the same week in 1934.
Outside of this city there is an increase of 22.6%, the bank
clearings at this center having recorded a gain of 24.5%. We
Financial Chronicle
Volume 140
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 increase of 24.3%; in the Boston Reserve District
of 1.5% and in the Philadelphia Reserve District of 33.4%.
The Cleveland Reserve District has managed to enlarge its
totals by 17.7%, the Richmond Reserve District by 21.7%
and the Atlanta Reserve District by 16.3%. The Chicago
Reserve District has to its credit an expansion of 52.1%,
the St. Louis Reserve District of 16.6% and the Minneapolis
Reserve District of 20.8%. In the Kansas City Reserve
District there is a gain of 15.9%, in the Dallas Reserve District of 8.0% and in the San Francisco Reserve District
of 23.2%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANE CLEARINGS
Week Ended Jan. 12 1935
1934
1935
1933
flAnadA
_7;.
8
5,255,637,875
1,975,798,003
4,246,893,379 +23.8
1,611,735,359 +22.6
311 076 noc
347 OSA 510 .4-16.1
32Pink*
4,540,214,332 8,482,320,440
1,669,032,011 2,250,094,704
2/4 MO 170
217 AAR 501
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended Jan. 12
grin s at
1935
1934
Inc. or
Dec.
8
$
%
First Federal Reserve Dist riet-Boston iD2.-Bang0r ___
538,010
452,607 +18.9
1,695,726
Portland
1.983,068 -14.5
5aaa,-Bost0n
178,794,003 178,050,154 +0.4
732,446
518,249 +41.3
Fall River....
308.643
Lowell
278.826 +10.7
690,023
543,043 +27.1
New Bedford
Springfield.-2,528,778
2,718,582 -7.0
Worcester
1.499,470
1,228,989 +22.0
.Ionn.-Hartford
8,827,613
7,123,321 +23.9
3,172,605
New Haven....
2,873.726 +10.4
t. 1.-Providence
8,807.200
8,542.900 +3.1
4.H.-Manches'r
379,289
496,475 -23.6
Total(12 cities)
207,973,806
204,809,940
Second Feder al Reserve I)IstrIct-New
8,764,280
24. Y.-Albany._ 12,570.069
Binghamton...
923.714
671,542
27,700,000
Buffalo
23,854.326
475,272
Elmira
524,720
Jamestown_ _
505.156
443.470
New York_ _ _ _ 3.279.841,8722,635.154.991
6,145,588
5,156,358
Rochester
3.401,211
3.085.117
Syracuse
.lonn.-Stamford
3,024,034
2,968.885
*250,000
235,000
V'. J.-Montclair
Newark
15,509,402
14.699,230
24,317,612
Northern N. J.
31.035,010
+1.5
1935
1933
8
1932
$
349,276
2,217,911
177.672,414
608,006
308,598
559,159
2,687,811
1,780,581
6,997,077
4,190,348
8.006.100
389,506
452,698
2,833,387
276,174.588
864,305
288,850
925,945
3,615,402
2,881,526
8,891,356
7,019.651
11,881.900
599,753
205.766,787
316,429,361
York-+43.4
15,713.204
6,005.626
+37.6
801,567
791,974
+16.1
36,583,061
31.931,299
+10.4
570,084
740,506
+13.9
451.995
658,990
4 24.5 2.871,182,321 4,232,225,736
+19.2
5,941,405
8.510.771
+10.2
3,195.928
5,006,079
+1.9
2.601.077
3,344,811
+6.4
373,480
525,500
+5.5
17.237,547
25.562,276
+27.6
24,900.138
34,086,958
Total(12 cities) 3,381,430,776 2,719,826,083 +24.3 2,979,551,807 4,349,390,526
Third Federal Reserve Dist act-Phila.:1 elphia*a.-Altoona
271,954
289,911
267,405 +1.7
Bethlehem _ _
e2,202,634
b
.9483,126
Chester
210,575
207,752 +14
223,279
Lancaster
1,079.064
615,888 +75.2
861,463
Philadelphia
313,000,000 234,000,000 +33.8 296,000,000
1,045,539 +4.7
1,094,518
1.919.906
Reading
Scranton
2,292,594
1,673,664 +37.0
2,037.930
Wilkes-Barre
972,082
1,236.820 -21.4
1,627,889
1.260.482
805,113 +56.6
896,098
York
4,.J.-Trenton..
3.118,000
2,521,000 +23.7
4,579,000
1934
Inc. or
Dec.
1933
$
$
$
%
Seventh Feder al Reserve D (strict-Chi cagoMich.-Adrian
84.740
57.788 +46.6
104,739
Ann Arbor....
812.934
405,514 +100.5
832.232
Detroit
79,755,946
57,440.036 +38.9
58,645.002
Grand Rapids.
1,837,214
1,492.756 +23.1
3,538,586
912.281
561,613 +62.4
324,000
Lansing
Ind.-Ft. Wayne
748,941
463,177 +61.3
791.653
Indianapolis_ _
16,815,000
14,642,000 +14.8
12.345.000
South Bend _ _
1,311,553
684,720 +91.5
1,029,240
Terre Haute..
4,531,843
4.358,336 +4.0
3,332,966
16,397,432
11,253,696 +45.7
Wis.-Milwaukee
10,829.190
Id.-Ced. Rapids
767,704
283,537 +170.8
514,457
Des Moines_ _ _
5.982,197
4,560,502 +31.2
5.098.684
Sioux City2,444,590
2,097,818 +16.5
1,776,513
Waterloo
b
b
b
b
252.349
I11.-BloomIngt'n
268.731 -6.1
759,364
255,074,573 175,506,792 +45.3 173,924,153
Chicago
784,612
Decatur
412.006 +90.4
383,076
Peoria
2,565,545
2,348,408 +9.2
2,009,999
Rockford
741,667
487,623 +52.1
514,686
961,097
733,463 +31.0
1,085,611
Springfield_ _ 392.780,218
1932
8
181,762
764.728
82,738,116
4,791,345
1,826,400
1,274,995
14,374.000
1,405.790
3.925,948
19.449.355
776,630
5,149,498
3,330,471
b
1.165,984
275,503,898
812,583
2,986,020
1,084,420
1,959,910
278,058,516 +52.1
277,839,151
423,501,851
Eighth Federa I Reserve Dis trict-St. Lo uisb
b
13
Ind.-Evansville.
Mo.-St. Louis__
64,400,000
56,700,000 +13.6
26,449,201
21,269,320 +24.4
Ky.-Louisville
15,740,907
13,417,586 +17.3
Tenn.-Memphis
b
b
b
Ill.-Jacksonville
347,000
290,000 +19.7
Quincy
b
54.500,000
19,226,867
10,481.978
b
345,943
b
73.100,000
23,292.059
12,474,371
b
636,322
84,554.788
109,502,752
Ninth Federal Reserve Die tact-Minn eapolis1.762,799
2,049,588
1,750,099 +17.1
Minn.-Duluth__
48,980,874
42,017,202 +16.6
42.157,125
Minneapolis...
21,496,913
13.902,182
St. Paul
17,108,893 +25.6
S.D.-Aberdeen.
455,582
456,030 -0.1
477,871
294,092
Mont -Billings.
438,826
329,481 +33.2
1.757,142 +82.7
2.001.899
Helena
3,210,687
2,298.584
52,499,007
17,751.309
616,275
467.074
2,008,414
1932
Federal Reserve Dists.
$
$
$
1.5
205,766,787
207,973,806
206,809,940
316,429,361
1st Boston _ _ _ _12 cities
3,381,430,776 2,719,826,083 +24.3 2.979,551,807 4,349.390,526
2nd New York_12 242,373,181 +33.4
323,299,259
308,435,476
349,872,481
3rd Philadelpla 9 "
249.431,053
199,131,654
169,182,189 +17.7
172.086,813
lth Cleveland__ 5 ••
103,399,594
84,930,352 +21.7
97,584,511
122,692,496
Richmond
_
6
5115
113,281,517
97,375,931 +16.3
82,937,119
10 "
111,552,201
6th Atlanta.
278,058,516 +52.1
277,839,151
392,780,218
423,501,851
7th Chicago _ _ _19 ••
106,937,108
91,678,906 +16.6
84,551,788
109,502,752
8th St.Louis... 4 "
63,418,847 +20.8
60,595,968
75,640,663
76,632,468
915t Minneapolis 6 '•
106,770,785
92,089,167 +15.9
82,093,438
114,433,437
10th Kansas City10 "
44,474,843
41,192,651 +8.0
34,061,530
5 "
44,869,158
11th Dallas
199,525,837
161,956,616 +23.2
154,706,916
215,004,461
12th San Fran._12 ••
110 Cities
Total
Outside N. Y. City
Week Ended Jan. 12
Clearings at-
Total(19 cities)
Inc.or
Dec.
423
Total(4 cities).
Total(6'Aim).
106.937,108
76.632.468
91,676,906 +16.6
63,418,847 +20.8
60,595,968
75.640.683
Tenth Federal Reserve Die trict-ICans as City75.104
Neb.-Fremont..
124,488
61,468 +22.2
76,954
Hastings
b152,269
Lincoln
2,310,681
1,895,755 +
.
21.5
1,666,729
Omaha
28,261.077
25,454,888 +3.2
17,580.547
Kan.-Topeka..
2.260.341
1,731,440 +30.5
1,658,780
2,318,057
Wichita
1,791.588 +29.4
3,524,843
69,192,944
57,590.254 +20.1
53.973.415
Mo.-Kans. City
St. Joseph....
3.129.322
2.426.034
2,616,609 +19.6
Colo.-Col. Spgs
535.250
469.764
449,965 +19.0
Pueblo
611,055
497.200 +22.9
516,567
173,418
171.296
2,450,335
26,304,604
2.206.703
5,055,556
72,485,766
3,782.233
852,343
951,183
Total(10 cities)
92,089,167 +15.9
82,093,436
114,433,437
Eleventh Fed ral Reserve District-Da ilasTexas-Austin..
1,441,485
697,436 +106.7
Dallas
34,010,732
31,238.919 . +8.9
5.194,873
5,269,693 -1.4
Ft. Worth _ _ _
Galveston
1,742.000
1,885,000 -7.6
La.-Shreveport
2.085,753
2,101,603 -0.8
751,889
24,931,577
4,279,069
1,908,000
2,192,995
1,091,794
31,588,648
6.107.110
2.838,000
3,243,608
44,474.843
34,061.530
44,869,158
Twelfth Fede al Reserve 0(strict-San Franc'sco19,590,114 +24.6
17.472.679
Wash -Seattle..
24,404,455
Spokane
8,607.563
5,633,000 +52.8
4,278,000
Yakima
456,727
446,259 +2.6
270,930
Ore.-Portland..
22,487,116
17,779,374 +26.5
14,757.694
11.990.143
Utah-S. L. Cit
13,447,287
9,522,656 +41.2
Calif.-L.Beach
2,844,977
2,815,358 +1.1
3,070.368
2,735,071
2,835,808 -36
.3,154,714
Pasadena
6,981.347
Sacramento
5,554.395
3,598,772 +54.4
San Francisco
114,327,063
95,848,900 +19.3
88.795.203
San Jose
1,594,842 +32.5
1,585,823
2,113,281
1,046,736
Santa Barbara
1,111,333
1,100,501
+1.0
1,436,569
1.194,032 '+203
1,303,309
Stockton
27,986.992
7.432.000
564,931
20,424,557
13,125,085
4.090.283
4,874,604
9,974,071
121,270,554
2.197,615
1.432,136
1,631,633
Total(5 cities)
106,770,785
41,192,651
+8.0
554,799
a792,286
517,000
1,309,802
332,000,000
2.584,087
3,563.996
2,363,933
1,496,864
5,482,000
199,525,837 161,956,616 +23.2 154,706,946 215.004,461
Tote.(12 cities
Grand total (11
5,255,637,875 4,246.890,379 +23.8 4,540,214,332 6,482,320,440
cities)
308,435,476
349.872.481
Fourth Feder al
)h113-Akron.
Canton
Cincinnati ____
Cleveland
Columbus
Mansfield
Youngstown..
ra.-Pittsburgh _
Reserve D istrict-Clev eland-c
c
c
c
c
c
c
c
44,424,004
35,524,958 +25.1
39,310,010
50,549,017 +20.5
60,908,188
57,063,166
8.482,600
7,473,900 +13.5
6,931,300
1,156,478
832,311 +38.9
840,369
b
b
b
b
84,160.384
74,802,003 +12.5
67,941.968
c
c
49,080,921
89.954.394
12,946,100
800.000
b
96,669,638
Total(5 cities).
169,182,189 +17.7
172,086,813
249,431,053
Fifth Federal Reserve Dist dm-Riches ondW.Va.-HuntIon
176,774
98,718 +79.1
Va.-Norfolk .....
2,212,000
1,779.000 +24.3
Richmond
30,143,573
24,561,750 +22.7
916,989
966.449 -5.1
3.0.-Charleston
Md.-Baltimore. 52,809,983
44,246,375 +19.4
D.C.-We:MI/12'n
17,140,275
13,278,060 +29.1
406,792
2,138,000
27,127.194
849.614
48,811.507
18,251.404
442,330
2,811.674
29,187.943
933,740
66.513,831
22,802,978
84,930,352 +21.7
97,584,511
122,692,496
Sixth Federal Reserve Dist rict-Atlant a2,016,865 +23.2
Tenn.-Knoxville
2,485,309
Nashville
12,639,431
10,333,996 +22.3
35.300.000 +14.4
(34.-Atlanta
40,400.000
911.093
1.031.638 -11.7
Augusta
709,947
606.092 +17.1
Macon
Fia.-Jack'nville_
11,746,000 +16.0
13.626,000
ais.-111rm'ha1n _
16,629,310
14,430,653 +15.2
Mobile
1,107,639
1,039,150 +6.6
b
b
13
Miss.-Jackson
129,907
137,906 -5.8
iseVieksburg
24.642,881
20,733,631 +18.9
2,a.-New 0r1'ns.
2,152,079
9,582.959
24.900.000
706.496
334.894
8,588,491
10,856,589
731,624
b
109,910
24,974,077
3,455,324
11,215.128
33,400.000
1.186,963
543,969
11,251,359
13,262.864
1,120.513
b
160.139
35,955,942
Canada$
Toronto
117.378,013
Montreal
96.910.721
Winnipeg
38,210,336
Vancouver
15,069,860
Ottawa
5,361,689
Quebec
3,536.689
Halifax
2.151,606
Hamilton
3,578,311
Calgary
5,026,488
St. John
1,584.670
Vittoria
1,578,940
London
2,770.801
Edmonton
3,969,726
Regina
2,767.870
Brandon
323,630
403,213
Lethbridge
Saskatoon
1,299,088
Moose Jaw
455,721
Brantford
707,714
Fort William....
597,716
New Westminster
446.859
Medicine Hat _ _.
205,930
553,234
Peterborough-571,944
Sherbrooke
Kitcheter
897.262
1,952,602
Windsor
296.652
Prince Albert....
Moncton
577,798
514,777
Kingston
391.303
Chatham
390,189
Sarnia
596.743
Sudbury
82.937,119
111,552,201
Total(9 cities).
Total(6 cities).
Total(10 cities)
323,299,269
199,131.654
103,399,594
113,281.517
242,373,181 +33.4
97,375,931 +16.3
Outside NewYor 1,975,796.003 1,611,735.388 +22.6 1,669,032.011 2.250,094,704
Week Ended Jan. 10
Marin sat-1935
1934
Inc. or
Dec.
8
96.626,504
87,820.076
32,935,995
13,038,193
3,984,176
3,571,028
2,023,621
3,415,959
4,238,068
1,427,419
1,462,619
2,112,516
3,467,587
1,518,932
266,682
375.922
1,057,743
409.804
732.230
512,527
407,422
214,674
535,938
538,563
797,293
1,694.642
234,363
752.783
547,692
384,814
362.292
500,855
41.5
+10.4
+16.0
+15.6
+34.6
-1.0
+6.3
+4.8
+18.6
+11.0
+8.0
+31.2
+14.5
+82.2
+21.4
+7.3
+22.8
+11.2
-3.3
+16.6
+9.7
-4.1
+3.2
+6.2
+12.5
+15.2
+26.6
-23.2
-6.0
+1.7
+7.7
+19.1
1933
$
71.502,902
63,132,143
42,250,622
11,199.253
3,431,773
3.109,141
2,153,716
3.070,914
4,660,001
1,467,079
1.190,464
2,084.978
3,004,097
4,012.081
232.186
321.190
1.052.323
402.740
646,726
452,873
369.929
165.065
490.687
456,325
683,725
1,739.110
198.517
601.222
589,356
387,340
392.536
389,356
1932
8
72,386,799
75.664.140
30,114,120
12.177.020
4,542,208
4,067,066
2,461,762
4,030,994
4,381.529
2,222,407
1,419,188
2,353,862
4.313,517
4,030,729
293,405
289.820
3,256,762
473,917
794.938
440,936
458,151
174,741
536,496
618,492
812,840
2,362,924
296,177
751,277
514,811
451.951
379,535
563.178
Total(32 cities) 311,076 095 267,966.930 +16.1 225,840.370 237,635.692
a Not included in totals. 13 No Clearings available. c Clearing House not function
Mg at present.
•Estimated.
424
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
Jan. 2 1935:
GOLD
The Bank of England gold reserve against notes amounted to £192,272,637
on the 26th ultimo, as compared with £192.216,618 on the previous Wednesday.
During the period Dec. 20 to Jan. 2 the Bank of England announced
purchases of bar gold to a total of £84,760.
In the open market during the period under review, bar gold to the
value of about £1,700,000 was offered. There was a steady general demand,
prices being maintained at a premium over gold exchange parities.
Quotations:
Equivalent Value
Per Fine
of E Sterling A
Ounce
Dec. 20
12s. 0.90d.
140s. 85icl.
Dec. 21
140s. 11d.
12s. 0.69d.
Dec. 22
140s. 8;id.
12s. 0.90d.
Dec. 24
140s. 8d.
12s. 0.95d.
Average
12s. 0.86d.
140s. 9.0d.
Dec. 27
140s. 103.0.
12s. 0.73d.
Dec. 28
140s. 10)d.
12s. 0.73d.
Dec. 29
12s. 0.65d.
140s. 11 ;id.
Dec. 31
12s. 0.60d.
141s. Od.
Jan. 1
Closed
Jan. 2
140s. 101id.
12s .0.73d.
Average
140s. 11.0d.
12s. 0.69d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 17th ultimo to mid-day on the 31 ultimo:
Imports
Exports;
Netherlands
E35,279 Netherlands
£17,813
Germany
6,131 Belgium
13,690
France
486,653 France
13,388
Belgium
1,010 Switzerland
6.005
Switzerland
48,681 United States of America_ 2,686.249
British India
1,530,665 Chile
353,675
British South Africa
1,224,691 Central & South America
(foreign)
British West Africa
109,918
125,800
British Malaya
12.475 Palestine
7,500
Australia
454,443 Other countries
4.419
New Zealand
59,252
Hong Kong
23,140
China
691,986
Peru
13,488
Other countries
51,657
£4,749,469
£3,228,539
Gold shipments from Bombay have again been on a largo scale. The
SS. Strathaird which sailed on the 22d Dec. carries about £1,813,000 of
which £1,513,000 is consigned to London and E300,000 to New &York.
The SS. Ranpura which sailed on the 29th Dec. carries about £603,000
consigned to London and the SS. President Polk has £26,000 consigned
to New York.
SILVER
Since our last letter prices have been subject to rather wider fluctuations,
but the market made a good recovery after the decline seen in the early
part of the period under review. On the 21st Dec. prices were quoted at
23.13 1-16d. for cash and 23.15-16d. for two months' delivery-a fall of
of ;id. as compared with the quotations of the previous day: the sharp
decline was due to heavy liquidations by bulls on a poorly supported markket. At this level, however, there was a good demand from America and
the Indian Bazaars and speculator showed more confidence. With a
revival of demand, the trend of prices was steadily upward and tho market
maintains its firm undertone.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 17th ultimo to mid-day on the 31st utlimo:
Imports
Exports
Soviet Union (Russia)
E83,439 France
£137,313
Belgiurn
13,290 Netherlands
7,060
France
7,846 United States of America
435,554
Japan
11,657 Bombay-via other ports
36,250
British South Africa
5,182 New Zealand
32,825
British West Africa
6,314 Canada
18,182
British India
37,078 Other countries
6,837
British Malaya
111,004
Hong Kong
230,222
Aden & Dependencies
4,460
Australia
3.316
New Zealand
3.111
Syria
3,000
Other countries
10,648
£530,567
£674,021
Quotations:
IN LONDON
-Bar Silver Per Oz. Std.IN NEW YORK
Cash
(Per Ounce .999 Fine)
2 Mos.
Dec. 20_._24 3-16d.
Dec. 19
245-16d.
53 3ic.
Dec. 21...._23 13-16d. 23 15-16d. Dec. 20
53%c.
Dec. 22 _ ._23 d.
24d.
Dec. 21
53 7-16c.
Dec. 24.._..23 15-16d.
24 1-16d.
Dec. 22
53%c.
Average___23.9531d.
Dec. 24
24.0781d.
53;ie.
Dec. 27 ___24
Dec. 26
243id.
53 f4c.
Dec. 28.24d.
Dec. 27
243d.
54;ic.
Dec. 2(L__24 9-16d.
24 11-16d. Dec. 28
54%c.
Dec. 31
24;id.
Dec. 29
24 id.
55e.
Jan. 1___Closed
Dec. 31
554.
Jan. 2...._24/d.
Jan. 1
24 WI.
Closed;
Average._ _24.462d.
24.587d.
The highest rate of exchange on New York recorded during the period
from the 20th ultimo to the 2d instant was $4.94% and the lowest 34.9331.
INDIAN CURRENCY RETURNS
(In Lacs of Rupees)Dec. 22
Dec. 15
Dec. 7
Notes in circulation
18.432
18,467
18,508
Silver coin and bullion in India
9,549
9,584
9,624
Gold coin and bullion in India
4,155
4,155
4.155
Securities (Indian Government)
3,304
3,321
3,321
Securities (British Government
1,424
1,407
1,408
The stocks in Shanghai on the 29th ultimo consisted of about 23,100.000
ounces in sycee, 253,000.000 dollars and 41,000,000 ounces in bar silver,
as compared with about 25,500,000 ounces in sycee, 254,000,000 dollars
and 40,500.000 ounces in bar silver on the 22d ultimo.
Statistics for the month of December last are appended:
-Bar Silver Per Oz. Std.- Bar Gold Per
Cash
2 Mos.
Oz. Fine
Highest price
24;id.
25d.
1418. Od.
Lowest price
23 13-16d. 23 15-16d. 139s. 9)
-id.
Average
24.4036d. j 24.5286d.
140s. 7.44d
Jan. 19 1935
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.,
Mon.,
Tues..
Wed.,
Thurs.,
Fri.,
Jan. 12
Jan. 15
Jan. 14
Jan. 16
Jan. 17
Jan. 18
Silver, per oz__ 24 7-16d. 24%d.
241-lid. 24 9-16d. 24%d.
24 9-16d.
Gold, p.fine oz.141s. 7Sid.141s. Ild. 1425. 4d. 141s. 6d. 1415. lid. 142s. 1Sid•
Consols, 2%%. Hol.
935-16
93
933.i
93%
93;i
British 334%W. L
FIol.
109%
10934
109
1093-i
10934
British 4%1960-90
Ifol.
121
1213-i
121
12034
121%
The price of silver in New York on the same days has been:
Silver in N. Y.,
(foreign) per
oz.(cts.)____ 5414
U. S. Treasury 50.01
U. S. Treasury
(newly tinned) 643-i
543.1
50.01
5411
50.01
5411
50.01
5411
50.01
5431
50.01
6434
643-i
6434
643-i
64)-i
CURRENT
NOTICES
-R. L. IIurst and Louis W. Thomas, advertising agency executives
of Now York and Chicago, have joined the New York office of J. Stirling
Getchell, Inc., it was announced to-day. Mr. Hurst has been an executive
In the New York office of Batten, Barton, Durstino & Osborn. Prior to
that he had been manager of the agency s Chicago office. He has been
Identified with advertising and publishing for the past 19 years. Ilo will
servo the Getchell organization in an executive capacity. Mr. Thomas,
who joins the copy department of J. Stirling Getchell, Inc., was a member
of the New York copy staff of Lord & Thomas. He VMS at one time with
the Mitchell-Fause agency in Chicago and has been in advertising and newspaper work for the past 17 years. Advertising accounts directed by
J. Stirling Getchell, Inc., include the Plymouth Motor Corp., the Do Soto
Motor Corp. and the Socony-Vacuum Oil Co., Inc. The agency has offices
In New York, Detroit, Kansas City and also on the Pacific Coast.
-Announcement is made of the formation of the new firm of Roger
Lasley & Co., Inc., which succeeds the firm of Lord & Lasloy, Inc., which
has been dissolved. The firm has offices at 52 Wall Street, this city and
will specialize in Municipal, Joint Stock and Federal Land Bank bonds and
U. S. Territorial issues.
-Seligman, Lubetkin & Co., Inc., 50 Broadway, New York, has available for distribution complete new statistical reports on Gatos Circle Apartments, Hotel Lexington, New York Athletic Club, Roxy Theatre, 7-11 East
44th St., Shoreland Arcade, and Ilalstead Apartments.
,Manufacturers Trust Co. of New York City is distributing in pamphlet
form copies of the address on 'The Crisis in Municipal Financo," delivered
by Robert Penington, Trust Officer, at tho recent convention of the Florida
League of Municipalities at Coral Gables, Fla.
-Holt. Rose & Troster, 74 Trinity Place, New York, have prepared
a special booklet on New York City bank and insurance company stocics,
based upon their latest published statements, and additional information
on other over-the-counter securities.
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED
Capital
Jan. 7-The First National Bank in Dolton, Dolton, Ill
350,000
Capital stock consists of 825.000 common stock and $25.000
preferred stock. President, M. Robert Weidner; Cashier,
W. II. Baker. Will succeed No. 8679. the First National
Bank of Dolton.
Jan. 8-Liberty National Bank & Trust Co. of Louisville,
ville, Ky
82,000.000
Capital stock consists of $1,000,000 common and $1,000,000
preferred. The $1.000.000 preferred stock consists of $993,350 sold to Reconstruction Finance Corporation and $6,650
sold locally. President, Merle E. Robertson. Conversion
of: Liberty Bank & Trust Co., Louisville, Ky., with six
branches located at the following places in the city of Louisville, all of which were in lawful operation on Feb. 25 1927:
660 South Fourth St.; 1224 South Shelby St.; Bardstown
Road and Bonny Castle Ave.; 7th and 110I Sts.; 18th and
Oak Sts.; 23d and Market Sts.
VOLUNTARY LIQUIDATIONS
Jan. 7-The National Bank of Commerce of Lorain, Ohio
$150,000
Effective Dec. 29 1934. Liq. committee: Richard Sinclair,
Wm. H. Oldham and R. J. Ilidber, care of' the liquidating
bank. Succeeded by the National Bank of Lorain, Ohio,
charter No. 14290.
Jan. 9-The First National Bank of Wymore, Wymore, Nob_.. $50,000
Effective Dec. 24 1934. Lig. agent: John S. Jones, Wymore,
Nob. Succeeded by the Wymore National Bank, Wymore,
Neb.. charter No. 14282.
Jan. 10-The First National Bank of Hanover Nan
$25,000
Effective Jan. 7 1935. Liq. agent: Frank Jandera, Hanover,
Nan. No absorbing or succeeding bank.
Jan. 11-The Citizens-First National Bank of Pawhuska, Pawhuska,Okla
100,000
Effective Jan. 8 1935. Lig. committee: John Kennedy, J. W.
Keith, both of Pawhuska, Okla. Succeeded by National
Bank of Commerce in Pawhuska, charter No. 14304.
BRANCHES AUTHORIZED
Jan. 8-Liberty National Bank & Trust Co. of Louisville, Ky. Location
of branches: Both in the City of Louisville. 227 South Fifth St.; 20th
and Broadway. Certificates Nos. 1129A and 1130A.
CHANGE OF LOCATION AND TITLE
Dec. 31-Location of the First National Bank of Albright,
Albright, W. Va., changed to Kingwood. W. Va., and title
changed to "Albright National Bank of Kingwood."
CONSOLIDATION
Dec. 31-The Farmers National Bank of Belleville,
$50,000
Dec. 31-The Belleville National Bank. Belleville, Pa
25,000
Consolidated today under the provisions of the Act of Nov. 7
1918, as amended Feb. 25 1927 and June 16 1933, under
the charter of the Farmers National Bank of Belleville,
Charter No. 10128 and under the corporate title of"The Kishacoquilias Valley National Bank of Belleville," with capital
stock of $75,000 and surplus of 350,000.
Financial Chronicle
Volume- 140
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 Sept.30
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
Sept. 30 1934
Sept. 30 1933
Balance end of month by daily statements, dre
2,193,117,438
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated items
—14,378,664
1,145,554,763
2,178,738,774
1,150,242,288
28,163,563
201.088,818
3,926,890
2,560,533
29,444,496
92,133,959
4,100,560
1,264,046
235,739,804
126,943,061
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Certificates
Settlement on warrant checks
Total
Balance, deficit(—)or surplu-(+)
+4,687,525
+1942,998970 +1023,299,227
INTEREST-BEARING DEBT OUTSTANDING
Interest Sept. 30 1934
Title of Loan—
Payable
s
2s Consols of 1930
599,724,050
Q -J
2501 1916-1936
48,954,180
Q.-F.
2s of 1918-1938
25,947,400
Q -F.
38011961
49,800,000
Q.-M.
3s convertible bonds of 1946-1947
Q -J
28.894,500
Certificates of indebtedness
1,155,596,500
35-Is First Liberty Loan, 1932-1947
J -D. 1,392,226,350
4s First Liberty Loan, converted 1932-1947_ _ _J.-D.
5,002,450
4348 First Liberty Loan. converted 1932-1947—L-D. 532,489,100
434s First Liberty Loan, 2d cony., 1932-1947__J.-D.
3,492,150
45
-as Fourth Liberty Loan of 1933-1938
A -0.d3,579,722,650
4345 Treasury bonds of 1947-1952
A -O. 758,983,300
38 Treasury bonds of 1944-1954
J.-D. 1,036,834,500
3Hs Treasury bonds of 1946-1956
M.-S. 489,087,100
34s Treasury bonds of 1943-1947
3.-D. 454,135,200
33.4s Treasury bonds of 1940-1943
J.-D. 352,993,950
3315 Treasury bonds of 1941-1943
M.-S. 544,914,050
3545 Treasury bonds of 1946-1949
J.-D. 819,096,500
38 Treasury bonds of 1951-1955
M.-S. 755,478,850
334s Treasury bonds of 1941
F.-A, 834,474,100
446-34s Treasury bonds of 1943-1945
A.-0. 1,400,570,500
334e Treasury bonds of 1944-46
1,295,613,900
38 Treasury bonds of 1946-1948
824,508,050
2388 Postal Savings bonds
J 3
88,684,020
Treasury notes
8,020,210,050
Treasury bills, series maturing1935—Jan. 2
075,167,000
Jan. 9
075,235,000
Jan. 16
075,144,000
Jan. 23
075,200,000
Jan. 30
075,025,000
Feb. 6
075,327,000
Feb. 13
075,320,000
Feb. 20
075,090,000
Feb. 27_.,.
075,065,000
Mar. 6
075,290,000
Mar. 13
075,365,000
Mar. 20
075,041,000
Mar. 27
075,023,000
1934—Oct. 3
050,096.000
Oct. 10
050,225,000
Oct. 17
050,033,000
Oct. 24
050,040,000
Oct. 3I... _
050,037,000
Nov. 7
050,173,000
Nov. 14
050,080,000
Nov. 21
050,140,000
Dec. 19
075,226,000
Dec. 26
075,353,000
1033—Oct. 4
Oct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Nov. 29
Dec. 6
Dee, 20
Dec. 27
Aggregate of Interest-bearing debt
Bearing no interest
Matured,interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
Sept. 30 1933
68,633,500
5,151,087,200
Total, based upon credit of the
United States
1,313.383,731.46
Other Obligations—
Federal Reserve notes (face amt.)_
13,408,251,724.00
"Includes only bonds issued and outstanding.
a After deducting amounts of funds deposited with the Treasury to meet interest
payments. b Interest on $620,972,675 face amount of bonds, which are exchangeable until Oct. 27 1934, for 3% bonds, guaranteed as to principal and interest.
c Does not include $3,075,000,000 face amount of notes and accrued interest thereon.
held by Treasury and reflected lathe public debt. d 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
collateral. e Figures as of Aug. 31 1934—figures as of Sept. 30 1934, not available. Offset by cash in designated depository banks and accrued interest amounting
to 8600,129,874.53, which is secured by the pledge of collateral as provided in the
Regulations of the Postal Savings System having a face value of $604,762,940.74:
cash in possession of System amounting to $97,428,288.17, and Government securirties with a face value of $515,087,290 held as investments, and other assets. f Exclusive of S21,798,631 redemption fund deposited in the Treasury. Federal Reserve
notes issued are secured by gold certificates in the amount of $3,173,416,000: United
States Government securities of a face value of $298,800,000, and commercial paper
eta face amount of $9,299,000.
CHANGES IN NATIONAL BANK NOTES
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Dec. 31 1934____
Nov. 30 1934_ ___
Oct. 31 1934___
Sept. 30 1934_....
Aug. 31 1934_ _ _ _
July 31 1934___
June 30 1934__
May 31 I934._ _
Apr. 30 1934____
Mar. 31 1934 _ _
Feb. 28 1934_ _
Jan. 31
Dec. 31 1933.....,.
.4 mount Bonds
on Deposit to
Secure Circula
Ion for Nationa
Bank Notes
Bonds
Legal
Tenders
684,354,350
690,752,650
696,720.650
700,112,950
707,112,660
718,150,910
736,948,670
750,869,320
799,699,770
847,058,170
887.0(15,520
890,191,530
890,136,780
$
678,808,723
686,236,828
692,796,653
694,482,633
702,209,638
713,013,985
729,973,968
743.980,298
791,996,353
840,848,330
884,147,835
886,086,290
885.835,678
209.127,752
212,667,960
214,595,435
223,506,135
226,778,812
228,770,240
224,720,785
219,211,255
182,132,445
140,669.333
100,489,113
99,508,223
101.678.700
National Bank Circulation Afloat on—
Total
887,936,475
898,904,788
907,392,088
917,968,768
928,988,450
941,784,225
954,694,753
963,191,553
974,143,798
981.547,663
984,636,948
985,594,513
987,514.378
U. S. Bonds Held Dec. 31 1934
0100,010,000
075.453,000
075,172,000
080,122,000
060,096,000
075,143,000
075,100,000
060,200,000
0100,296.000
075,039,000
0100,015,000
075,082,000
On Deposit to On Deposit to
Secure Federal
Secure
Reserre Bank National Bank
Notes
Notes
2s, U. S. Consols of 1930
2s, U. S. Panama of 1936
2s, U.S. Panama 01 1938
3s, U. S. Treasury of 1951-1955
330, U. S. Treasury of 1946-1949
3../is, U. S. Treasury of 1941-1943
33,0i, U. S. Treasury of 1940-1943
334s, U. S. Treasury of 1943-1947
Is, U. S. Panama Canal 01 1961
Is. U. S. convertible of 1946-1947
354s, U. S. Treasury of 1943-1945
33.15, U. S. Treasury of 1933-1941
334s, U. S. Treasury of 1944-1946
3s, U.S. Treasury of 1946-1948
33fs, U. S. Treasury of 1949-1952
Totals
26,626,128,400 22,671.755,280
509,865.768
308,576,026
53,754,855
70.422,640
a27,189,749,023 23,050,753,946
+ 1,942.998,970 +1023,299,227
732,934,600.00 6,820,438.40
Federal Housing Administration _
Home Owners' Loan Corp.:
4% bonds of 103351
b4,496,128.75
3% bonds, series A, 1944-52..,....604,424,900.00 7,555,311.25
231% bonds,series II, 1939-49_ _ 142,169,650.00
651,610.90
lti% bonds, series C. 1936.,..49,736,000.00
93,255.00
1 4% bonds, series 1), 1937....49,843,000.00
109,031.56
2% bonds, series E, 1938
49,532,100.00
122,830.25
4,496.128.75
611,980,211.25
142,821,260.90
49,829,255.00
49,952,031.56
49,654,930.25
895,705,650.00 13,028.167.71
908,733,817.71
149,621,666.47
64,093,000.00
16,000,000.00
16,250,000.00
150.615,056.42
64,382,115.16
16,108,260.87
16,331,250.00
993,389.75
289,115.16
108,260.87
81,250.00
$
d97,848,883.17
1,192,294,524.60 23,240,323.69 e1215,534,848.29
Bonds on Deposit
Jan. 2 1935
-Amount of Contingent LtahtlitYDetail—Principal
Interest a
Total
Guaranteed by the United States:
Federal Farm Mortgage Corp.:
2% bonds of 1935
38,900,000.00
62,672.22
38,962.672.22
3% bonds of 1944-49
•
587,916,900.00 6,614,065.14 594,530,965.14
334% bonds of 1944-134
106,117,700.00
143,701.04 106,261,401.04
$
84,186.17
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Dec. 31 1934:
CONTINGENT LIABILITIES OF THE UNITED STATES, SEPT. 30 1934
245,964,666.67
S
97,764,697.00
$2,432,763 Federal Reserve bank notes outstanding Jan. 2 1935, secured by
lawful money, against $2,524,683 on Jan. 2 1931.
625,246,750,053 22,027,454,719
a Total gross debt Sept Sept. 30 1934 on the basis of daily Treasury
statements was
$27,189,648,737.58, and the net amount of public debt redemptions
In transit Arc. was $100,285.75. b No reduction Is made on account ofand receipts
obligations
of foreign governments or other Investments. c maturity value. d
Includes
amount of outstanding bonds called for redemption on April 15 1934
Total, based upon guaranties
Secretary of Agriculture
Postal Savings System:
Funds due depositors
Tennessee Valley Authority
$
599,724,050
48,954,180
25,947,400
49.800.000
28,894,500
1,494,697,000
1,392.227.350
5,002,450
532,489,950
3,492,150
6,268,094,150
758,983,300
1,036,834,500
489,087,100
454,135,200
352,993,950
544,915,050
819,497,000
759,494,200
835,043,100
Net debt
Reconstruction Finance Corp.:
234% notes, series E
2% notes, series P
3% notes, series G
2% notes, series It
425
CONTINGENT LIABILITIES OF THE UNITED STATES, SEPT. 30 1934
-Amount of Contingent LiabilityOn Credit of the United States:
Principal
Intelest a
Total
739,755.038 40
1,472,015.78 0247,436,682.45
1,895,925,538.56
Total
Geld
05,731,800
27,415,080
15,237,020
30,961.600
17,801,150
22.036.000
8,304,050
23,450,250
1,000
15,000
62,500
21,750,650
11,278,500
9,669,750
640,000
495,731,800
27,514,080
15,237,020
30,961,600
17,801,150
22,036,000
8,304,050
23,450,250
1,000
15,000
62,500
21,750.650
11,278,500
9,669,750
640,000
684,354,350
684.354,350
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Dec. 1 1934
and Jan. 2 1935 and their increase or decrease during the
month of December:
National Bank Notes—Total Afloat—
Amount afloat Dec. 1 1934
Net decrease during December
5898,904,788
10,968,313
Amount of bank notes afloat Jan. 2 1935
Legal Tender Notes—
Amount deposited to redeem National bank notes Dec. 1
Net amount of bank notes redeemed in December
'212,667,960
3,540,208
5887,936,475
Amount on deposit to redeem National bank notes Jan. 2 1935
$209,127,752
AUCTION SALES
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares
Stocks
$ per Share
10 American Woman's Realty Corp., Inc. (N. Y.), preferred, par $100
5" lot
$3,000 City Housing Corp. (N. Y.) series A 63, due July 1 194.2, registered
4 promissory notes of the City Housing Corp. (N. Y.) for interest, due
July 1 1937 through Jan. 1 1939. at $90 each. total $360 par value: 150 St.
Louis Public Service Co. (Mo.), common, no par; 10 City Housing Corp.
(N. Y.). par $100; 300 Mortgage Bond & Title Corp. (Del.), common, no
pat: 4 1510 Walnut Street Corp. (Pa.) v. t. c., no par; 50 Pennsylvania
Alumni Realty Co.p.(N. Y.), par $50
$186 lot
2003. M.Hoyt Ac Co.(Del
$2,500 lot
Bonds—
Per Cent
$2.000 ASSOCiALIOR of the Bar of the City of New York junior 4s, due Dec. 1
1941
60 A-, int.
$1,000 Princeton Club of New York 29 5s, due June 1 1942.registered _ $175 lot d:int.
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares
Stocks
4 Knickerbocker News Association, Inc. (N. Y.)
S per Share
$2 101
426
Financial Chronicle
Jan. 19 1935
By. It. L. Day & Co., Boston:
Shares
Stocks
per Share
10 National Shawmut Bank, Boston, par $25
18R
10 Second National Bank, Boston, par $100
102
10 Naumkeag Steam Cotton Co., par $100
49.%
13 Appleton Co. common
6%
1 Appleton Co. preferred, par $100
62%
12 Saco Lowell Shops 2d preferred, par $100
6%
10 Beverly Gas & Electric Co., par $25
57
1 Boston Insurance Co., par $100
565
50 Eastern Equities (12 dividends in liquidation paid)
3%
3 Railway & Light Securities Co common
15 80-100 Challs Realty Corp.; 10 Federal Home Mortgage 6% cum. pref.,
par $100; 1 King Cove Boat Associates, Inc.; 300 Kingwood 011 Co. common
par $1; 10 New Bedford Acceptance Corp. common class A: 40 New Bedford
Acceptance Corp. pref. cas. dated July 7 1926, par $1; 10 Sharp Mfg.
Co. common, pal $100; 115 South Shore Realty Co. V. t. c.; 2 United
L. A. W.Corp. common class A;4 United L. A. W.Corp. preferred, par $100:
30 Utah Consolidated Mining Co, par $5
$165 lot
5 Plymouth Corcl2ge Co.. par $100
84
Bonds—
Per Cent
$1,000 Wallace Realty Trust 1st mtge. 5s, May 1 1952
863 Sr int.
By Crockett & Co., Boston:
Shares
Stocks
250 Atlantic National Bank
2 Boston Railroad Holdings, preferred
1 Boston & Maine preferred B unstamped
3 Boston & Maine preferred B, stamped
5 Goodall Worsted Co
13 Board of Trade Building Trust
6 Milton Ice, preferred
15 Massachusetts Real Estate Co
Bond,—
$5,000 Hotel Bellevue Trust, Income 6.s, due Oct. 1 1940, certificates
$ per Share
34e®33c
30
3%
5%
26.%
6
20
20
Per Cent
4% flat
By Barnes & Lofland, Philadelphia:
Shares
Stocks
$ per Share
10 First National Bank of Philadelphia. par $100
270
30 Philadelphia National Bank, par $20
72
400 Bearings Co. of America 8% 2d preferred, par $100
6
96 Franklin Storage Co., Inc., common, par $100
$1 lot
Bongs—
Per Cent
$1,000 Hotel Lorraine, S. E. Cor. Broad St. and Fairmount Ave., 1st mtge.
5,14s, due 1934 (F. & A. 15)
15 flat
$1,000 Windermere Court Apts. 5%% 1st mtge. (J. Sr J. 15), due 1932
22 flat
$1,000 John Wamamaker 534% 1st mtge. real estate sinking fund, due 1949
(A. & 0. 1)
90%
By A. J. Wright & Co., Buffalo:
Shares
Stocks
10 Angel International Corp. common
per Share
10e
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
Agnew-Surpass Shoe Stores, corn. (semi-ann.)__
Preference (quar.)
Allied Kid Co. $63 preferred (guar.)
American Book Co. (quar.)
American Credit Indemnity Co. of N.Y.(qu.)
American Envelope, 7% pref. A & B (quar.)
American Equitable Assurance
American Factors, Ltd. (monthly)
American Leaders, Inc. (quar.)
American Re-Insurance (quar.)
American Sugar Refining (quar.)
Preferred (quar.)
Asbestos Mfg., pref. (quar.)
Badger Paint & Hardware Stores, Inc
Preferred (quar.)
Preferred (extra)
Badger Paper Mills, Inc.,6% pref. (quar.)
Bamberger (L.) 63- % pref. (quar.)
Beatty Bros., Ltd., 1st pref. (quar.)
Bloch Bros. Tobacco,—
Quarterly
Quarterly
6% pref. (quar.)
6% preferred (quar.)
Blue Ridge Corp.,$3 cony. pref.(quar.)
Bohack (II. C.) Co. 1st pref. (quar.)
Bohack Realty, preferred
Boston & Providence RR.(quar.)
Quarterly
Quarterly
Quarterly
Buckeye Steel Casting, 6% pref. (quar.)
% pref. (quar.)
Broadway Dept. Stores 7% preferred
Bullock Fund
Canadian Converters (guar.)
Canadian Investment Fund, ord. shares
Special shares
Carter (W.) Co
Caterpillar Tractor (quar.)
Central Cold Storage
Central Tube (quar.)
Centrifugal Pipe Corp.(guar.)
Quarterly
Quarterly
Quarterly
Chain Store Investment $6% pref. (quar.)
Charis Corp.(quar.)
Cherry Burrell
Preferred (guar.)
Chicago Daily News
Chicago Yellow Cab (quar.)
City Baking, 7% pref. (quar.)
City of New York Ins. Co
Cleveland & Pittsburgh By.7% guar.(quar.)_
7% guaranteed (quar.)
7% guaranteed (quar.)
7% guaranteed (guar.)
Special guaranteed (quar.)
Special guaranteed (gnarl
Special guaranteed (quar.
Special guaranteed (quer.
Coca-Cola Bottling (St. Louis, Mo.) (guar.)._ _
Extra
Consolidated Film Indus., pref
Columbus & Xenia RR
Connecticut By. & Lighting Corp. (quar.)
4% pref. (quar.)
Como Mills (spar.)
Consolidated Rendering, 8% pref. (quar.)
Continental American Life Insurance (Del.)
Cumberland Co. Power & Light, pref.(qu.)
Per
Share
When Holders
Payable of Record
20c Mar. 1 Feb. 15
ILI Apr. 1 Mar. 15
Feb. I Jan. 21
$ Jan. 19 Jan. 15
25 Feb. 1 Jan. 25
$15
Feb. 1 Jan. 25
25c Feb. 1 Jan. 15
10c Feb. 11 Jan. 31
2c Jan. 15 Jan. 5
62%c Feb. 15 Jan. 31
50c Apr. 2 Mar. 5
$1% Apr. 2 Mar. 5
35c Feb. 1 Jan. 19
20c Jan. 10 Jan. 5
25c Jan. 10 Jan. 5
70c Jan. 10 Jan. 5
75c Feb. 1 Jan. 21
$1% Mar. 1 Feb. 15
Feb. 1 Jan. 15
$1.3
373ic
37Sic
$13
$1%
175c
$1%
25c
$2.125
$2.125
$2.125
$2.125
$1
$l /
0s
h$1%
10c
50c
3Sic
3%c
$4
25c
25c
5c
10c
10c
10c
10c
$1
373ic
25c
5
$14
50c
25c
$1%
$5
873'c
871c
87%c
87c
c
50c
50c
50c
25c
$1
5
$1
$1.125
$1.125
25c
$2
30c
$13
Feb. 15 Feb. 10
May 15 May 10
Mar.30 Mar. 25
June 29 June 25
Mar. 1 Feb. 5
Feb. 15 Jan. 25
Feb. 15 Jan. 25
Apr. 1 Mar. 20
July 1 June 20
Oct. 1 Sept. 20
Jan.2'36 Dec. 20
Feb. 1 Jan. 2
Feb. 1 Jan. 2
Feb. 1 Jan. 22
Feb. 1 Jan. 15
Feb. 15 Jan. 31
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Jan. 3 Jan. 3
Feb. 28 Feb. 15
Feb. 15 Feb. 5
Jan. 25 Jan. 15
Feb. 15 Feb. 5
May 15 May 6
Aug. 15 Aug. 5
Nov. 15 Nov. 6
Feb. 1 Jan. 16
Feb. I Jan. 24
Feb. 1 Jan. 20
Feb. 1 Jan. 20
Jan. 21 Jan. 17
Mar. 1 Feb. 19
Feb. 1 Jan. 28
Feb. 1 Jan. 15
Mar. 1 Feb. 9
June 1 May 10
Sept. 1 Aug. 10
Dec. 1 Nov. 9
Mar. 1 Feb. 9
June I May 10
Sept. 1 Aug. 10
Dec. 1 Nov. 9
Jan. 20 Jan. 10
Jan. 20 Jan. 10
Feb. 25 Mar. 10
Feb. 15 Jan. 21
Feb. 15 Jan. 21
Mar. 1 Feb. 19
Feb. 1 Jan. 21
Jan. 23 Jan. 15
Feb. 1 Jan. 19
Name of Company.
Dallas Power & Light, $6 pref. (guar.)
7% pref. (quar.)
Dividend Shares
Dominion Bridge (guar.)
Eastern States Gas (quar.)
Electric & Musical Indus..6% pref. (semi-ann.)
Empire & Bay State Telep., 4% gtd. (quar.)-P4% guaranteed (quar.)
4% guaranteed (quar.)
4% guaranteed (quar.
Faber, Coe & Gregg, inc.,7% pref. (quar.)_
Fairey Aviation Co.(American shares)
It
Service Finance Corp. (Washington,
D. C.)(quar.)
Extra
7% preferred (quar.)
Federal Knitting Mills(quar.)
Fidelity & Deposit(Md.)
Financial Shares Corp
First All-Canadian Trust Shares, 1945 Fund
First of Boston Corp., initial
Gardner-Denver, preferred (quar.)
General Baking
'Genesee Brewing Co., A & B (quar.)
Grand Rapids Metalcraft (initial)
Great Lakes Dredge & Dock_Co. (quar.)
Group Securities, Inc.—
Automobile Shares
Building Shares (initial)
Chemical Shares
Electrical Shares
Food Shares
Industry Machine
Merchandise Shares
Mining Shares
Petroleum Shares
Railroad Shares
Railroad Equipment
Tobacco Shares
Utilities Shares
Gurd (Chas.) & Co. preferred (guar.)
Hardesty (R.) Mfg. Co.,7% pref.(quar,)
Preferred (quarterly)
7
7% preferred (quarterly)
7% preferred (quarterly)
Hartford Times. Inc., $3 preferred (quar.)
Hibbard, Spencer,Bartlett & Co.(monthly)_ _ _ _
Monthly
Monthly
Hollander (A.)& Sons (quar.)
Home Insurance Co.(N. Y.)(quar.)
Extra
Homestead Fire Insurance Co.(Bait.)
Honolulu Plantation Co. (monthly)
Houdaille Hershey, Class A
Hutchinson Sugar Plantation (monthly)
Insurance Co.of the State of Pennsylvania (s.-a.)
Interallied Investing Corp., A (s.-a.)
International Harvester preferred (guar.)
International Printing Ink
Preferred (quarterly)
Iron Fireman'Mfg.(quar.)
Quarterly
Quarterly
Quarterly
Jefferson Lake Oil Co., Inc. (quar.)
7% preferred (semi-annual)
Kings County Trust Co.(quar.)
King Royalty Co.(guar.)
Kroger Grocery & Baking (guar.)
6% preferred (quarterly)
7% preferred (quarterly)
Landis Machine preferred (quar.)
Lerner Stores 63 % preferred (quar.)
Life Savers (quar.)
Louisville & Nashville Bit. (semi-ann.)
Louisiana Power & Light $6 pref. (quar.)
Lowenstein (M.) & Sons, 1st pref. (quar.)
Macy (It. II.)& Co.(quar.)
Magnin (I.) & Co.,6% pref. (guar.)
6% preferred (quarterly)
67 preferred (quarterly)
6% preferred (quarterly)
Mercantile Stores, preferred (quar.)
Mine Hill & Schuylkill Haven RR.Co (s.-a.)__ _
Montreal Bridge (quar.)
Montana Power,$6 preferred (quar.)
Moody's Investment Service, preferred (quar.)_
Mortgage Corp. of Nova Scotia (quar.)
Mosser (J. K.) Leather
Muskogee Co.6% cumulative preferred (quar.)_
National Automotive Fibers, $7 pref
Nation-Wide Securities, series B
National Steel (quarterly)
Extra
National Power & Light Co. common (quar.)_
Neon Prods. of Western Canada,6% pr.(qui- New Haven & Shore Line By
Extra
New England Grain Prod.(quar.)
Norwalk Tire & Rubber. pref.(quar.)
Oahu Sugar Co.(monthly)
Orange & Rockland Elertric (quar.)
Oswego & Syracuse RR. (semi-ann.)
Pacific Gas Sz Electric 6% pref. (quar.)
534% preferred (quar.)
Pacific Power & Light.$6 pref
7% preferred
Package Machinery,7%,1st pref.(quar.)
Passaic & Delaware RR.(semi-ann.)
Philadelphia Co.,5% pref.(s.-a.)
Photo Engravers & Electrotypers(s.-a.)
Portland RR.(Maine)5% pref.(5.-a.)
Prentice(G. E.) Mfg.(quar.)
Public Service of N. J. (guar.)
$5 preferred (quarterly)
8% preferred quarterly)
7% preferred quarterly)
6% preferred monthly
69 preferred monthly
Reliance Life Ins. Co.(Pitts.)(annual)
Rich Ice Cream Co., Inc. (quar.)
Rockland Light & Power Co.(quar.)
Stock trust certificates (quar.)
Rose's 5-10-25c. Stores.7% pref. (quar.)
Ryerson (Jos. T.)& Sons (special)
San Carlos Milling Co.(guar.)
Savannah Sugar Refining (War.)
7% preferred (quarterly)
Selby Shoe (quarterly)
Shenango Valley Water,6% pref.(qu.)
Sheaffer(W.A.)Pen,$8 pref.(quar.)
Sierra Pacific Electric, pref.(quar.)
Simpson's. Ltd.. 6%% preferred
Squibb (E. R.) & Sons (quar.)
Preferred (quarterly)
Standard Corps. (quar.)
Syracuse Lighting 6% pref. (quar.)
6Si% preferred (guar.)
8% preferred (guar.)
Syracuse Binghamton & New York RR
Per
When
Holders
Share. Payable. of Record.
$13
$1%
2c
30c
123ic
3 0
1
31
$1
$1
$1%
9c
Feb. 1 Jan. 18
Feb. 1 Jan. 18
Feb. 1 Jan. 15
Feb. 15 Jan. 31
Jan. 15 Jan. 1
Jan. 15 Jan. 1
Mar. 1 Feb. 19
June. I May 22
Sept. 1 Aug. 22
Dec. 1 Nov. 21
Feb. I Jan. 21
Jan. 24 Jan. 17
50c
50c
$1%.
6234c
50c
2c
7.5c
50c
15c
124c
5c
25c
Jan. 31 Dec. 31
Jan. 31 Dec. 31
Jan..31 Dec. 31
Feb. 1 Jan. 15
Jan. 31 Jan. 19
Jan. 19 Dec. 31
Jan. 15 Jan. 15
Jan. 21 Jan. 11
Feb. 1 Jan. 19
Feb. 1 Jan. 25
Feb. 1 Jan. 24
Feb. 25 Feb. 4
Feb. 15 Feb. 5
.013c
1.2c
.015c
.006c
.02c
.029c
.016c
.022c
.01c
.014c
.009c
.033c
.024c
$1%
$1%
$1%
5
$1%
5
$14
75c
10c
10c
10c
123ic
25c
Sc
50c
10
5:
/42
Jan. 31 Jan. 16
Jan. 31 Jan. 16
Jan. 31 Jan. 16
Jan. 31 Jan. 16
Jan. 31 Jan. 16
Jan. 31 Jan. 16
Jan. 31 Jan. 16
Jan. 31 Jan. 16
Jan. 31 Jan. 16
Jan. 31 Jan. 16
Jan. 31 Jan. 16
Jan. 31 Jan. 16
Jan. 31 Jan. 16
Feb. 15 Feb. 1
Mar. 1 Feb. 15
June 1 May 15
Sept. 1 Aug. 15
Dec. 1 Nov. 5
Feb. 15 Feb. 1
Jan. 25 Jan. 24
Fob, 22 Feb. 15
Mar. 29 Mar. 22
Feb. 15 Jan. 31
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 31
Feb.
. 3
1 Jan. 31
Feb. 5 Jan. 30
$3
35c
$1%
25c
$1%
25c
25c
25c
25c
25c
35c
$20
25c
40c
$1%
$1%
5
51/
$1%
40c
$1%
$134
$134
50c
$134
$134
$134
$134
$134
$134
30c
3134
75c
$i%
50c
$134
h$1%
3c
25c
1234c
0c
75c
25c
50c
50c
8734c
10c
52
$234
3734c
3434c
h$i34
h$134
$1'4
$1
2
Jan. 16 Jan. 14
Jan. 15 Jan. 10
Mar. I Feb. 5
Feb. 1 Jan. 21
Feb. 1 Jan. 21
Mar. 1 Feb. 9
June I May 10
Sept. 2 Aug. 10
Dec. 2 Nov. 9
Feb. I Jan. 18
Mar. 10
Feb. 1 Jan. 25
Feb. I Jan. 19
Mar. 1 Feb. 8
Apr. 1 Mar. 20
May 1 Apr. 19
Mar. 15 Mar. 5
Feb. 1 Jan. 22
Mar, 1 Feb. 1
Feb. 25 Jan. 31
Feb. 1 Jan. 18
Feb. 11 Dec. 31
Mar. I Fob. 8
Feb. 15 Jan. 31
May 15 Apr. 30
Aug. 15 July 31
Oct. 31 Nov. 15
Feb. 15 Jan. 31
Feb. 1 Jan. 15
Feb. 15 Jan. 31
Feb. 1 Jan. 17
Feb. 15 Feb. 1
Feb. 1 Jan. 24
Jan. 31 Jan. 21
Mar. 1 Feb. 16
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Jan. 31 Jan. 21
Jan. 31 Jan. 21
Mar. I Feb. 4
Feb. 1 Jan. 15
Feb. 1 Jan. 20
Feb. 1 Jan. 20
Feb. 1 Jan. 20
Apr. 1 Mar. 21
Feb. 15 Feb. 5
Fob. 1 Jan. 25
Feb. 20 Feb. 6
Feb. 15 Jan. 31
Feb. 15 Jan. 31
Feb. 1 Jan. 18
Feb. 1 Jan. 18
Feb. 1 Jan. 21
Feb. 1 Jan. 25
Mar. 1 Feb. 9
Mar. 1 Feb. 15
Feb. I Jan. 12
Jan. 15 Jan. 1
Mar. 30 Mar. 1
Mar. 30 Mar. 1
Mar.30 Mar. 1
F
Mar.. 30 FMearb..
28
Mar. 30 Mar. 1
Jan. 9 Jan. 9
Feb. 1 Jan. 15
Feb. 1 Jan. 11
Feb. 1 Jan. 11
Feb. 1
Feb. 1 Jan. 23
Jan. 15 Jan. 2
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 25
Mar. 1 Feb. 20
Jan. 20 Dec. 31
Feb. 1 Jan. 22
Feb. I Jan. 22
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 19
Feb. 16 Jan. 19
Feb. 15 Jan. 19
Feb. 15 Jan. 19
Feb. 1 Jan. 25
$1.%
r50c
$234
50c
70c
$1%
$2
50c
$1
%
50c
$6
25c
15c
15c
51%
25c
20c
5134
$131
40c
$134
$2
$134
$1
25c
$134
4c
$1
1
$11
$
$3
Financial Chronicle
Volume 140
Name of Company.
Sun Oil Co. (guar.)
6% Preferred (guar.)
Tide Water Power, $6 pref. (quar.)
Toburn Gold Mines, Ltd
Union Bag & Paper (quarterly)
United Shirt District
$33.5 preferred (quarterly)
Upson Co., class A & B
Walton (Chas.) & Co.. 8% pref. (quar.)
Washington Gas Light Co.(quar.)
Westland Oil Corp
Weston (Geo.) Ltd.. pref.(guar.)
West Virginia Pulp & Paper Co.—
Preferred (quarterly)
Western Cartridge Co.6% preferred (quar.)
Whiting Corp.,634% preferred
Williams(R. C.) & Co
York Rye.. 5% preferred (quar.)
Per
When Holders
Share. Payable. ofRecord
25c Mar. 15 Feb. 25
$196 Mar. 1 Feb. 11
$1g Mar. 1 Feb. 10
Feb. 21 Jan. 25
$1 Jan. 28 Jan. 25
734c Dec. 27 Dec. 20
8795c Jan. 2
439(,,M Feb. 15 Feb. 1
$2 Feb. 1 Jan. 25
90c Feb. 1 Jan. 15
lc Feb. 1 Jan. 19
$19.4" Feb. 1 Jan. 19
$195
$134
h$194
25c
62h c
Feb. 15 Feb. 1
Feb. 20 Jan. 31
Feb. 1 Jan. 25
Feb. 1 Jan. 23
Jam. 31 Jan. 21
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being give in the preceding table.
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
Abraham & Straus. Inc., pref. (quarterly)
5111 Feb. 1 Jan. 15
Adams (J. D.) Mfg.(guar.)
15c Feb. 1 Jan. 15
Extra
15c Feb. 1 Jan. 15
Adams-Millis (quarterly)
50c Feb. 1 Jan. 18
Preferred (quarterly)
$1% Feb. 1 Jan. 18
Affiliated Products (monthly)
Sc Feb. 1 Jan. 15
Agnew Surpass Shoe Stores (semi-annual)
20c Mar. 1 Feb. 15
7% preferred (quarterly)
$19( Apr. 1 Mar. 15
Alabama Great Southern RR. Co.. preferred__ _
3% Feb. 27 Jan. 22
Alabama Power Co., $5 pref. (quar.)
Feb. 1 Jan. 15
$1
Alaska Juneau Gold Mining (guar.)
15c Feb. 1 Jan. 10
Extra
15c Feb. 1 Jan. 10
Allegheny Steel
25c Mar. 15 Feb. 20
7% preferred (quarterly)
$1 94. Mar. 1 Feb. 15
Allied Chemical &'Dye Corp.,common (quar.)
$131 Feb. 1 Jan. 11
Alpha Portland Cement Co
25c Jan. 25 Jan. 2
Ambassador Petroleum Co.(monthly)
2c Jan. 20 Jan. 2
Amerada Corp.(quarterly)
50c Jan. 31 Jan. 15
American Can Co. common (quar.)
$1 Feb. 15 Jan. 25a
Common(extra)
$1 Feb. 15 Jan. 25a
American Chicle (quar.)
75c Apr. 1 Mar. 12
American Cities Power & Light. A
o75c Feb. 1 Jan. 5
American Coal Co. of Allegheny Co
75c Feb. 1 Jan. 11
American Gas & Electric Co preferred (quar.)
$1 h Feb. 1 Jan. 8
American Home Products Corp. (monthly)
20c Feb. 1 Jan. 14a
American Ice, preferred quar.)
$I h Jan. 25 Jan. 7
American Investments, prof. (quar.)
$1h Feb. 15 Jan. 15
American Investors, Inc.. $3 prof. (guar.)
75c Feb. 15 Jan. 31
American Light & Traction Co.common (qu.)
30c Feb. 1 Jan. 15
Preferred (quar.)
134% Feb. 1 Jan. 15
American Mach. & Foundry Co., com.(quar.)_
20c Feb. 1 Jan. 16
American Reserve Ins. Co.(semi-ann.)
50c Feb. 1 Jan. 15
American Shipbuilding (quar.)
50c Feb. 1 Jan. 15
American Smelting & Refining.6% pre
h$3 Mar. 1 Feb. 8
7% let preferred (quarterly)
$1% Mar. 1 Feb. 8
American Water Works & Elect. (quar.)
25c Feb. 15 Jan. 11
Amoskeag Co ,common
75c July 2 June 22
Preferred (semi-annual)
$231 July 2 June 22
Ampex.) Mining Co
2c Jan. 25 Jan. 10
Amsterdam City National Bank (quar.)
Jan. 31 Jan. 15
$3
Angio-Amer. Corp. of So. Africa. ord
zw10% Jan. 30 Dec. 31
6% cumul. pref.. interim
zw6% Jan. 30 Dec. 31
Archer-Daniels-Midland Co., pref. (quar.)_ $191 Feb. 1 Jan. 21
Associated Telepnone, Ltd., Calif., preferred_
d37 c Feb. 1 Jan. 15
Atchison Topeka & Sante Fe, pref. (8.-El.)
Feb. 1 Dec. 31
$2
Atlanta & Charlotte Air Line By.(semi-ann.).. _ $4
Mar. 1 Feb. 20
Atlantic City Electric Co.. $6 pref. (quar.)--- - 31 h Feb. 1 Jan. 9
Atlantic Macaroni Co., Inc. (quarterly)
31 Feb. 1 Feb. 1
Atlas Powder, pref. ((mar.)
$131 Feb. 1 Jan. 18
Austin Nichols prior A (quar.)
$131 Feb. 1 Jan. 15
Automatic Voting Machine CO. (quar.)
1294c Apr. 2 Mar. 20
Quarterly
12hc July 2 June 20
Automobile Finance Corp.. 7% prof. (s.-a.)-- - 87 hc Jan. 21 Jan. 10
Bandini l'etroleum (monthly)
Sc Jan. 20 Jan. 2
Extra
Sc Jan. 20 Jan. 2
Bangor Hydro-Electric
30c Feb. 1 Jan. 10
Beatty Bros Ltd..6% 1st pref. (quar.)
$195 Feb. 1 Jan. 15
Belding Corticelli (quar.)
$1 Feb. 1 Jan. 15
Beneficial Industrial Loan Corp.,corn.(quar.)_ 37hc Jan. 30 Jan. 15
Preferred series A (quar.)
87 hc Jan. 30 Jan. 15
Best & Co
50c Feb. 15 Jan. 25
Preferred (semi-annual)
3% Jan. 31 Jan. 31
Dittman Electric (quarterly)
10c Feb. 1 Jan. 15
Extra
10c Feb. 1 Jan. 15
Preferred (quarterly)
$111 Feb. 1 Jan. 15
Bloomingdale Bros. 7% preferred (quar.)
$131 Feb. I Jan. 21
Bon Amt,class B (quarterly)
50c Jan. 24 Jan. 16
Extra
50c Jan. 24 Jan. 18
Class A (quarterly)
$1 dJan 31 Jan. 18
Boston Insurance (quarterly)
$4 Apr. I mar. 20
Boston & Providence RR.(guar.)
$2.12h Apr. 1 Mar. 20
Quarterly
$2.12 h July 1 June 20
Quarterly
52.1234 Oct. 1 Sept. 20
Bower Roller Bearing Co.(quar.)
25c Jan. 25 Jan. 2
Brewer (C.)& Co., Ltd.(mo.)
$1 Jan. 25 Jan. 20
Monthly
$1 Feb. 25 Feb. 20
Monthly
$I Mar. 25 Mar. 20
Bridgeport Machine Co.. preferred
/41 Jan. 25 Jan. 15
Briggs Manufacturing Co
50c Jan. 29 Jan. 17
British Columbia Telep,6% pref. (quar.)
$191 Feb. 1 Jan. 16
Brooklyn-Manhattan Transit Corp.
Preferred (quarterly)
Apr. 15 Apr. 1
$1
Preferred (quarterly)
July 15 July 1
Brown Shoe, pref. (quar.)
Feb. 2 Jan. 21
$I1
Buffalo, Niagara & Eastern Power55, ist preferred (quar.)
$131 Feb. 1 Jan. 15
Calamba Sugar Estate (quarterly)
40c Apr. 1 Mar. 15
Preferred (quarterly)
35c Apr. 1 Mar. 15
Calgary Power. preferred (quarterly)
$134 Feb. 1 Jan. 15
California Packing (quar)
37340 Mar. 15 Feb. 28
Campe Corp.. common (quar.)
20c Mar. 1 Feb. 15
% pref.(quar.)
$19‘ Feb. 1 Jan. 15
Canada Northern Power Corp. common (qu.)-25c Jan. 25 Dec. 31
Canada Southern Ry (s.-a.)
$11.' Feb. 1 Dec. 28
Canadian Bronze Co., common (quar.)
r15c Feb. 1 Jan. 21
Preferred (quar.)
r$19( Feb. 1 Jan. 21
Canadian Dredge & Dock
r75c Feb. 1 Jan. 16
Preferred (quar.)
4191 Feb. 1 Jan. 16
Canadian industrial (guar.)
Si Jan. 31 Dec. 31
Capital Management (quar.)
15c Feb. 1 Jan. 21
Extra
5c Feb. 1 Jan. 21
Carnation Co..7% preferred (quar.)
$1 31 Apr. 1 Mar. 20
707 preferred (quar.)
July 1 June 20
7% preferred (quarterly)
Oct. 1 Sept.20
Carolina Clinchtiold & 011 By. Co. (quar.)
Jan. 21 Jan. 10
Stamped certificates (quarterly)
Jan. 21 Jan. 10
Central Arizona Light & Power,$7 pref.(quar.)_
Feb. 1 Jan. 15
Feb. 1 Jan. 15
$6 preferred (quarterly)
2
Feb. 1 Dec. 31
Central Hudson Gas & Elec. Corp.(quar.)
Central Illinois Security Corp.. preferred
hl5c Feb. 1 Jan. 20
4331c Feb. 1 Jan. 15
Central Power & Light Co.,7% prof
6% preferred
3734c Feb. 1 Jan. 15
Mar. 1 Feb. 20
Century Ribbon Mills, preferred (quarterly)--- $1
40c Feb. 1 Jan. 11
Century Shares Trust (semi-annual)
50c Feb. 1 Jan. 16
Cerro de Pasco Copper Corp
$04
sig
$1
$1
Name of Company.
427
Per
When Holders
Share. Payable. ofRecord.
Chain Belt Co. common
15c Feb. 15 Feb. 1
Chase National Bank,common (semi-ann.)_ __ _
70c Feb. 1 Jan. 15
Preferred (accrued diva, to Feb. 1 1935)
Feb. 1 Jan. 15
Chicago Mail Order (extra)
50c Jan. 31 Dec. 20
Cincinnati Inter-Terminal RR. Co.
4% preferred (semi-annual)
$2 Feb. 1 Jan. 21
4% preferred (semi-annual)
$2 Aug. 1 July 20
Cincinnati Northern RR. (s-a)
$6 Jan. 31 Jan. 21
Cleveland. Cincinnati, Chicago & St. L.(s.-a.)_
55 Jan. 31 Jan. 21
5% preferred (quar.)
$131 Jan. 31 Jan. 21
Cleveland Electric Illuminating.6% pref. (Cu.) $134 Mar. 1 Feb. 15
Cluett, Peabody & Co.. Inc. (quarterly)
25c Feb. 1 Jan. 21
Columbia Gas& Electric Corp.,6%pref.A(guar.) $131 Feb. 15 Jan. 19
Cumulative 5% preferred (quar.)
$131 Feb. 15 Jan. 19
Convertible 5% cumulative preference (quar.) $191 Feb. 15 Jan. 19
Columbia Pictures Corp.. common (semi-ann.)_ f214% Feb. 2 Ian. 14
Columbia By.Power & Light Co.,6h% pf.(qu.) $134 Feb. 1 Jan. 15
Commonwealth Edison (quar.)
$1. Feb. 1 Jan. 15
Commonwealth Investors (Calif.)(quar.)
4c Feb. 1 Jan. 14
Commonwealth Utilities,6h% pref. 0 (guar.).- $194 Mar. 1 Feb. 15
Compania Swift Internacional (semi-ann.)
$1 Mar. 1 Feb. 15
Concord Gas,7% Pref. (quar.)
$194 Feb. 15 Jan. 31
Connecticut & Passunmslc Rivers RR—
Semi-annual
$3 Feb. 1 Jan. I
Connecticut River Power.6% pref. (quar.)_
$134 Mar. 1 Feb. 15
Consol. Chemical Industrial. preferred A (quar.) 3731c Feb. 1 Jan. 15
$194 Mar. 1 Feb. 15
Consolidated Cigar, 7% pref. (quar.)
Prior preferred (quar.)
$134 Feb. 1 Jan. 15
25c Mar. 15 Feb. 11
Consolidated Gas Co.(N. Y.)
5191 Feb. 1 Dec. 28
Preferred (quar.)
Consolidated OIL preferred (quar.)
$2 Feb. 15 Feb. I
5c Jan. 25 Jan. 15
Consolidated Royalty Oil (quarterly)
Consumers Power Co., $5 pref. (quar.)
$191' Apr. 1 Mar. 15
$1.34 Apr. 1 Mar. 15
6% preferred (quarterly)
$1.65 Apr. 1 Mar. 15
6.6% preferred (quarterly)
7% preferred (quarterly)
$191 Apr. 1 Mar. 15
50c Feb. 1 Jan. 15
6% preferred(monthly)
monthly)
50c Mar. 1 Feb. 15
6% preferred(monthly)
50c Apr. 1 Mar. 15
6% preferred (monthly)
55c Feb. 1 Jan. 15
6.6%, preferred(monthly
55c Mar. 1 Feb. 15
6.65 preferred (monthly
55c Apr. 1 Mar. 15
preferred (monthly
60c Feb. 15 Jan. 25
Continental Can Co., Inc. corn.(quar.)
75c Feb. 1 Jan. 23
Corn Exchange Bank Trust Co.(quar.)
75c Jan, 21 Jan. 7
Corn Products Refining Co.(quar.)
1294c Feb. 10 Jan. 15
Crandall, McKenzie & Henderson. Inc
h$1 Feb. 1 Jan, 15
Cream of Wheat. $7, 1st preferred
Sc Feb. 15 Jan. 31
Cresson Consolidated Gold Mining & Milling
Crowell Publishing Co.7% pref.(semi-ann.)--- - $334 Feb. 1 Jan. 24
Crown Willamette Paper Co.. 1st pref
/41
Feb. 1 Jan. 15
$2 Feb. 1 Jan. 10
Crow's Nest Pass Coal Co., preferred
75c Mar.31 Mar. 21
Crum & Forster 8% preferred (guar.)
30c Feb. 1 Jan. 19
Cuneo Press. Inc. (quarterly)
631% preferred (quarterly)
$14 Mar. 15 Mar. 1
Darby Petroleum
25c Jan. 25 Jan. 10
Davenport Water Co.,6% pref. (quar.)
$134 Feb. 1 Jan. 21
Dayton Power & Light Co.,6%preferred (mo.)
50c Feb. 1 Jan. 21
x w734% dFeb. 7 Jan. 10
De Haviland Aircraft (final)
Dennison Manufacturing, debenture stock
h$2 Feb. 1 Jan, 19
Deposited Insurance Shares,series A
734c Feb. 1 Jan. 2
Devonian Oil Co.(quar.)
15c Jan. 21 Jan. 10
10c Jan. 21 Jan. 10
Extra
25c Mar. 1 Feb. 15
Dictaphone Corporation
$2 Mar. 1 Feb. 15
Preferred (quarterly)
xw6d Feb. 8 Jan, 15
Distillers Co., Ltd. (initial)
50c Jan. 21 Dec. 31
Dome Mines ,Ltd. (quarterly)
Duplan Silk (semi-annual)
50c Feb. 15 Feb. 1
Du Pont de Nemours(E.1.)& Co.—
$194 Jan, 25 Jan. 10
Debenture (quarterly)
50c Jan. 25 Jan. 15
Dwight Manufacturing Co
Eastern Bond & Share Corp., B (quar.)
15c Feb. 1 Jan. 2
Sc Feb. 1 Jan. 2
Series B (extra)
Eastern Gas& Fuel Assoc..4h% pref.(quar.)_ _ 51.125 Apr. 1 Mar.15
$114 Apr. 1 Mar. 15
6% preferred (quarterly)
Eastern Theatres,7% pref. (semi-ann.)
5334 Jan. 31 Jan. 15
25c Feb. 15 Feb. 1
Eaton Mfg. Co.(quar.)
$2 Feb. 1 Jan. 10
Edison Electric Illuminating (Boston) (quar.)
$134 Feb. 1 Jan. 4
Electric Bond & Share Co..$6 pref.(quar.)
5114 Feb. 1 Jan. 4
$5 preferred (quarterly)
10c Feb. 1 Jan. 15
Electric Power Assoc., Inc., common
10c Feb. 1 Jan, 15
Class A
25c Mar. 1 Feb. 18
Ely & Walker Dry Goods(quar.)
10c Feb. 28 Feb. 20
Empire Capital Corp., class A (guar.)
5c Feb. 28 Feb 20
Class A extra
10c Feb. 28 Feb. 20
Class B
1234c Jan. 31 Jan, 17
Employers Group Associates (quar.)
Eppens, Smith & Co.(s.-a.)
$2 Feb. 1 Jan. 26
$2 Aug. 1 July 27
Semi-annual
Erie & Kalamazoo RR
$134 Feb. 1 Jan. 26
$1 Feb. 1 Jan. 15
Eureka Pipe Line (quar,
Faber Coe /t Gregg (quarterly)
25c Mar. 1 Feb. 15
$294 Apr. 1 Mar. 11
Farmers & Traders Life Ins.(quar.)
Fibreboard Products,6% pref. (quar.)
$131 Feb. 1 Jan. 16
60c Jan. 25 Jan, 25
Fidelity Union Trust (semi-annual)
10c Jan. 21 Jan. 4
Firestone Tire & Rubber common (quar.)
Preferred (quar.)
$11.4 Mar. 1 Feb. 15
First Boston Corp., capital stock
50c Jan. 21 Jan. 11
25c Apr, 1 Mar. 20
Florsheim Shoe Co.. A (quar.)
1294c Apr. I Mar. 20
Class 13 (quar.)
50c Feb. 15 Feb. 10
Food Machinery Corp., preferred
50c Mar. 15 Mar. 10
631% preferred
Food Machinery Corp. of N. Y.50c Feb. 15 Feb 10
6%% preferred (monthly)
50c Mar. 15 Feb 10
631% preferred (monthly)
Alf.
50c Apr. 15 My
631% preferred (monthly
6% preferred monthly)
50c May 15
50c June 15 June 10
634% preferred (monthly)
Franklin Fire Insurance Co. (quar.)
25c Feb. 1 Jan. 19
Extra
Sc Feb. 1 Jan. 19
h Feb. 1 Jan. 15
Freeport Texas Co. preferred (guar.)
Froedtert Grain & Malting, pref. (quar.)
30c Feb. 1 Jan. 15
General Alliance Corp
15c Jan. 21 Jan. 10
General Cigar Co.(quar.)
$I Feb. 1 Jan. 16
Extra
$3 Feb. 1 Jan. 16
Preferred (quar,
$131 Mar. 1 Feb. 20
Preferred (quar.
$131 June 1 May 23
General Electric (quar.)
15c Jan, 25 Dec. 28
Special stock (quar-)
15c Jan, 25 Dec. 28
General Hosiery Co.. 7% preferred (quar.)
$131 Feb. lien 20
General Mills. Inc., corn. (quar.)
75c Feb. 1 Jan. 150
General Motors Corp.. $5 preferred (quar.)
$131 Feb. 1 Jan. 7
General Stockyards Corp.. common
50c Feb. 1 Jan. 15
Preferred (quar.)
$134 Feb. 1 Jan. 15
Gillette Safety Razor, preferred (quar.)
8131 Feb. 1 Jan. 2
Glen Alden Coal (quar.)
25c Jan, 19 Jan. 5
Extra
25c Jan. 19 Jan. 5
Gold Dust Cofp.(quar.)
30c Feb. 1 Jan. 10
Golden Cycle Corp.(quar.)
40c Mar. 10 Feb. 28
Extra
60c Mar. 10 Feb. 28
Gottfried Baking Co.. Inc. preferred (quar,)
131% Apr. 1 Mar. 20
Preferred (quarterly)
131% July 1 June 20
Preferred (quarterly)
131% Oct. 1 Sept.20
Gotham Silk Hosiery Co.,Inc.$131 Feb. 1 Jan. 11
7% cumul. preferred (guar.)
Great Lakes Engineering Works (quar.)
10c Feb. 1
Great Northern Iron Ore Properties
50c Jan. 31 Jan. 15a
Greenfield Gas Light, 6% preferred (quar,)
75c Feb. 1 Jan. 15
Halle Bros., preferred (quarterly)
$134 Jan. 31 Jan, 24
Hannibal Bridge (mar.)
$2 Jan. 20 Jan. 10
Harbison-Walker Refractories Go.. of. (quar.)
3134 Jan. 21 Jan. 7
Hartford & Connecticut Western RR.(s-a)
$1 Feb. 28 Feb. 20
Hartford Electric Light )(mar.)
6831c Feb. 1 Jan. 15
81
Financial Chronicle
428
Name of Company
Per
Share
When Holders
Payable of Record
h$1 Feb. 1 Jan. 4 ,
Hat Corp.of America preferred
Preferred (guar.)
$1N Feb. 1 Jan. 4
20c Jan. 31 Jan. 24
Hawaiian Agricultural Co.(monthly)
75c Feb. 15 Feb.
Hawaiian Commercial Sugar Co.(guar.)
15c Jan. 20 Jan. 15
Hawaiian Electric Co.(monthly)
Hercules Powder Co., preferred (guar.)
1% Feb. 15 Feb. 4
75c Feb. 15 Jan. 15
Hershey Chocolate Corp.(guar.)
Cony. preferred (quarterly)
31 Feb. 15 Jan. 25
Extra
$1 Feb. 15 Jan. 25
rl% Jan. 28 Jan. 11
Hollinger Consol. Gold Mines (monthly)
rl% Jan. 28 Jan. 11
Extra
h$53s' Feb. 1 Jan. 15
Holly Sugar preferred
Homeetake Mining Co.(monthly)
$1 Jan. 25 Jan. 19
$2 Jan. 25 Jan. 19
Extra
lbc Jan. 20 Jan. 12
Honolulu Gas Co (monthly)
40c Feb. 1 Jan. 12
Horn & Hardart Co., N. Y.(guar.)
$1M Feb. 1 Jan. 15
Houston Lighting & Power 7%Lnref (quar.)..
$1M Feb. 1 Jan. 15
$6 preferred (guar.)
50c Feb. 1 Jan. 15
Humberstone Shoe Co.(quarterly)
3c Jan. 20 Dec. 31
Idaho Maryland Consol. Mines (extra)
Illinois Northern Utilities, 6% preferred (guar.) 51l. Feb. 1 Jan. 15
Feb. 1 Jan. 15
$1
$7 prior preferred (quarterly)
25c Jan. 30 Jan. 8
Incorporated Investors (semi-annual)
UM Feb. 1
Industrial Cotton Mills, pref.(guar.)
45c Feb. 1 Jan. 16
International Cigar Mach. Co., common
International Nickel of Canada. pref. (quar.)
$1j Feb. 1 Jan. 2
8Mc Feb. 1 Jan. 2
7% preferred (guar.)
h$1 Apr. 3 Mar. 15
International Power Co., 7% 1st preferred
60c Mar. 1 Feb. 15
International Safety Razor, class A (guar.)._ _ _
h$131 Feb. 1 Jan. 19
Interstate Department Stores,7% pref
$iji Feb. 1 Jan. 19
7% preferred (guar.)
$1M Jan. 19 Dec. 31
Iowa Southern Utilities 7% pref.(guar.)
$1 M Jan. 19 Dec. 31
6M% preferred (guar.)
$135 Jan. 19 Dec .31
6% preferred (guar.)
10c Feb. 1 Jan. 15
Jantzen Knitting Mills
$m Mar. 1 Feb. 25
Preferred (quarterly)
25c Feb. 1 Jan. 20
Kalamazoo Stove Co., new stock (initial)
15c Mar.30 Mar. 20
Kalamazoo Vegetable Parchment (guar.)
lbc June 30 June 20
Quarterly
15c Sept. 30 Sept. 20
Quarterly
lbc Dec. 30 Dec. 30
Quarterly
Kansas City St. Louis & Chicago RR.Co.
$IM Feb. 1 an. 18
6% guaranteed preferred (guar.)
20c Jan. 28 Jan. 10
Kaufmann Dept. Stores, Inc
20c Feb. 1 an. 25
Kekoha Sugar Co.(monthly)
$IM Feb. 15 Feb. 5
KeIvinator of Canada. 7% Pref. (guar.)
$1M Feb. 1 an. 20
Klein (D.Emil)& Co., Inc.. 7% pref.(quar.)
75c June 1
Knabb Barrel Co.,Inc., pref.(s.-a.)
25c Feb. 1 Jan. 18
Kress (S. H.)(quarterly)
15c Feb. 1 Jan. 18
Special preferred (guar.)
Kokomo Water Works Co..6% pref.(guar.)._ _ $1 m Feb. 1 Jan. 21
50c Jan. 31 Jan. 24
Koloa Sugar Co.(monthly)
Kroger Grocery & Baking, 7% 2d pref. (guar.). 31. 1 Feb. 1 Jan. 18
1°7 Feb. 1 Jan. 15
Lane Bryant, Inc..7% preferred (guar.)
Feb. 28 Feb. 19
Lanston Monotype (guar.)
S1). Feb. 1 Jan. 20
Lawbeck Corp.Jpreferred (guar.)
$1 M Feb. 1 Jan. 10
Lazarus(F.& R.)Co..6% pref.(guar.)
25c Feb. 1 Jan. 15a
Lee Rubber & The Corp
$2 Jan. 21 Jan. 11
Lehigh & Wilkes-Barre Corp.(guar.)
$1.
Feb. 10 Jan. 31
Lincoln Telep. & Teleg., 6% pref. A (quar.)
5% special preferred (guar.)
$1 4 Feb. 10 Jan. 31
lk Mar. 1 Feb. 15
Link Belt
$1M Apr. 1 Mar. 15
6% preferred (guar.)
25c Feb. 1 Jan. 17
Liquid Carbonic Corp.. common (guar.)
25c Iltb. 1 Jan. 17
Common (extra)
50c Mar. 10 Feb. 25
Little Miami RR. Co. spec. gtd. (guar.)
50e June 10 May 24
Special guaranteed (quarterly)
Ill Mar. 10 Feb. 25
Original capital
$1.10 June 10 May 24
Original capital
$33 Mar.30 Mar.30
Lockhart Power Co.. 7% pref.(s.-a.)
$15/i Feb. 15 Jan. 31
Loew's, Inc., $6M preferred (quarterly)
150 Feb. 15 Jan. 25
Lone Star Gas Corp
$1% Feb. 1 Jan. 21
6M %_preferred (guar.)
50c Feb. 1 Jan. 18
Loose-Wiles Biscuit (guar.)
$154 Apr. 1 Mar. 18
Preferred (quarterly)
$2 Feb. 1 Jan. 17
Lord & Taylor Co., 2nd preferred (guar.)
$1M Feb. 15 Jan. 31
Los Angeles Gas & Elec.6% pref. 13 (quar.)_
Louisiana & Missouri River RR.
$1.M Feb. 1 Jan. 18
7% guaranteed preferred (guar.)
Louisville. Henderson & St. Louis Ry. Co—
$23i Feb. 15 Feb. 1
Preferred (semi-annual)
3c Jan. 20 Jan. 10
Lucky Tiger Combination Gold Mines__ _ _ _ _
2c Jan. 20 Jan. 10
Extra
Ng Feb. 1 Jan. 15
Mahoning Coal RR.,common (quar.)
Feb. 1 Jan. 10
Malone Light & Power Co.,$6 pref.(quar.)___ _ $1Y
750 Apr. 1 Mar. 15
Mapes Consolidated Mfg.(quar.)
75c July 1 June 14
Quarterly
10c Jan. 21 Dec. 14
Marine Midland Corp
e3% Feb. lJan. 15
Maryland Fund, Inc.. stock distribution
$.3 Feb. 1 an. 2
Massawippi Valley RR.(s-a)
75c Feb. 1 Feb. 1
Mayfair Investment (guar.)
75c Feb. 1 Jan. 15
Maytag Co.,$3 cumulative preferred
$14 Feb. 1 an. 15
$6 1st preferred (guar.)
50c Feb. 1 Jan. 15
McCall Corp., corn.(guar.)
250 Feb. I Jan. 10
McGraw Electric Co.. corn
50c Mar. 1 Feb. 1
McIntyre Porcupine Mines (guar.)
50c Feb. I Jan. 18
Melville Ohoe Corp., common
50c Feb. 1 Jan. 18
Extra_
$14 Feb. I an. 18
1st preferred (quarterly)_
74c Feb. I Jan. 18
2nd preferred (qmirterly:
Merchants Refrigerating of New York—
UM Feb. 1 an. 24
$7 preferred (guar.)
25c Jan. 31 Jan. 15
Metal Textile Corp
d81 Mc Mar. 1 Feb. 20
Preferred (quarterly)
$1 Feb. 1 Jan. 20
Metal Thermit Corp.(guar.)
25c Feb. I Jan. 20
Metropolitan Industries, preferred (guar.)
$25 Jan. 31 Jan. 21
Michigan Central RR. Co.(semi-ann.)
Michigan Gas & Electric Coh87Mc Feb. 1 Jan. 15
7% prior lien stock
h75c Feb. 1 Jan. 15
$6 prior lien stock
Michigan Public Service Coh87Mc Feb. 1 Jan. 15
7% preferred
h75c Feb. 1 Jan. 15
6% preferred
50c Feb. 15 Feb. 5
Midland Royalty Corp..$2 preferred (quar.)
Milwaukee Electric Railway & Light Co.
$14 Jan. 31 Jan. 21
6% preferred (guar.)
75c Feb. 15 Feb. 4
Minneapolis-Honeywell Regulator Co., common
25c Feb. 15 Feb. 4
Extra
25c Feb. 1 Jan. 21
Modine Mfg. (quarterly)
51 Feb. 1 Jan. 15
Mohawk Hudson Power, 1st preferred
$1'% Feb. 15 Feb. 1
Monmouth Consol. Water Co.,7% pref.(qu.)
r38c Jan. 31 Dec. 31
Montreal Light, Heat & Power (guar.)
Mar. 1 Feb. 23
Morris Plan Insurance Society. (guar.)
$1 June 1 May 27
Quarterly
$1 Sept. 1 Aug. 27
Quarterly
$1 Dec. 1 Nov. 26
Quarterly
20c Nov.30 Nov. 23
Motor Finance Corp, (guar.)
8c Jan.'20 Jan. 11
Mutual Telephone (Hawaii) (monthly)
250 Feb. 1 Jan. 15
Nash Motors Co., common
$2 Feb. 1 Jan. 18
National Carbon. pref.(guar.)
50c Feb. 1 Jan. 12
National City Bank
50c Feb. 1 Jan. 12
Preferred (semi-ann.)
40c Feb. 1
(R. F. C.) preferred _
50c Feb. 1 Jan. 15
National Distillers Products Corp. (guar.)
$14 Feb. 1 Jan. 18
National Lead Co., class B (quarterly)
100 Feb. 20 Feb. 1
National Liberty Ins. Co. of Amer. (s.-a.)
5c Feb. 20 Feb. 1
Extra_
$14 Feb. 1 Jan. 7
National Power & Light $6 pref. (guar.)
13%c Feb. 1 Jan. 14
National Tea, preferred (guar.)
1st pref. (qu.) 87)4c Feb. 10 Jan. 17
Nat. Toler..& Teieg. Corp.,$3
87%c Feb. 10 Jan. 17
2nd preferred (quarterly)
preferred
Co..
7%
(1.-a.)---- $334 Jan. 31 Jan. 31
Weaving
National
Name of Company
Jan. 19 1935
Per
Share
When Holders
Payable of Record
Neisner Bros., cum. pref. (quar.)------$14 Feb. 1 Jan. 15
Nevada-California Electric. pref
$1 Feb. 1 Dec. 31
2 Mar. 1 Feb. 16
Newberry (J. J.) Co.,7% pref. (guar.)
$14
Newberry (J. J.) Realty A pref.(guar.)
51% Feb. 1 Jan. 15
B preferred (guar.)
$14 Feb. 1 Jan. 15
New England Water Light & Power Association
6% preferred (quarterly)
5135 Feb. 1 Jan. 19
N.J.& Hudson River Ry.& Ferry,6% pf.(s.-a.)
$3 Feb. 1 Jan. 31
New Jersey Zinc Co. (quarterly)
50c Feb. 9 Jan. 18
New York & Honduras Rosario /dining Co
25c Jan. 26 Jan. 15
Extra
50c Jan. 26 Jan. 15
37 Mc Feb. 1 Jan. 21
New York Merchandise (guar.)
Norfolk & Western, adj. pref. (guar.)
$1 Feb. 19 Jan. 31
North American Aviation
M Feb. 15 Jan. 31
North American Edison Co. pref. (quar.)
$14 Mar. 1 Feb. 15
North Carolina RE.,7% gtd. stock
$3
Feb. 1 Jan. 17
Northern N. Y. Utilities, Inc., 7% pref. (guar.) $14 Feb. 1 Jan. 10
Northern Ontario Power Co..common (quar.)
50c Jan. 25 Dec. 31
14% Jan. 25 Dec. 31
6'cum.cony. preferred (quar.)
Northern RR. of N H.(quarterly)
51% Jan. 31 Jan. 8
Northern States Power Co. (Del.)14% Jan. 21 Dec. 31
7% preferred (quarterly)
6% preferred (quarterly)
14% Jan. 21 Dec. 31
Noyes (Chas. F.) Co., Inc., preferred (guar.)._ $14 Feb. 1 Jan. 30
Oahu Ry.& Land (monthly)
15c Feb. 15 Feb. 12
Montaly_
150 Mar. 15 Mar. 12
Ohio Brass B,common
25c Jan. 25 Dec. 31
581-3c Feb. 1 Jan. 15
Ohio Public Service Co.,7% pref.(monthly)
6% preferred (monthly)
50c Feb. 1 Jan. 15
412-3c Feb. 1 Jan. 15
5% preferred (monthly)
Oilstocks, Ltd. (semi-annual)
20c Jan. 19 Jan. 12
10c Jan. 19 Jan. 12
Extra
Old Colony Insurance Co. (guar.)
$2 Feb. I Jan. 21
Quarterly
$2 May 1 Apr. 20
20c
M c Jan. 19 an. 5
Olinda Land
Onomea Sugar Co. (monthly)
Jan. 20 Jan. 10
Outlet Co.. common (guar.)
50c Feb. 1 Jan. 21
1st preferred (guar.)
$14 Feb. 1 Jan. 21
2d preferred (guar.)
$14 Feb. 1 Jan. 21
Pacific Finance Corp. of Calif.(Del.)—
Preferred A (guar.)
20c Feb. 1 Jan. 15
163jc Feb. 1 Jan. 15
Preferred C (guar.)
17Mc Feb. 1 Jan. 15
Preferred D (guar.)
Pacific Lighting Corp.. common (quarterly)...
75c Feb. 15 Jan. 19
25c Feb. 1 Jan. 19
Pan American Airways.
Parker Rust Proof (quarterly)
75c Feb. 20 Feb. 11
Penalgewasset Valley RR.(semi-annual)
53 Feb. 1 Jan. 25
Penmans, Ltd.(quarterly)
75c Feb. 16 Feb. 5
$14 Feb. 1 Jan. 21
Preferred (quarterly)
SSc Feb. 1 Jan. 21
Pennsylvania Power Co., $6.60 pref. (monthly)
55c Mar. 1 Feb. 20
$6.60 preferred (monthly)
$hsi Mar. 1 Feb. 20
$6 preferred (guar.)
7%c Feb. 1 Jan. lb
Penn Traffic Co.(semi-ann.)
Peoria & Bureau Valley RR.(s.-a.)
$4 Feb. 9 Jan. 18
Philadelphia Bourse, pref. (annual)
60c Feb. 1 Jan. 5
Philadelphia Co., common (guar.)
20c Jan. 25 Dec. 31
Philadelphia Electric Co.(quarterly)
45c Feb. 1 Jan. 10
$5 preferred (quar.)
51
Feb. 1 Jan. 10
Philadelphia Insulated Wire (semi-ann.)
50c Feb. 1 Jan. 15
Philadelphia Suburban Water Co., pref. (guar.) $14 Mar. 1 Feb. 10a
$24 Apr. 10 Mar.30
Philadelphia & Trenton RR.(quar.)
Quarterly
$24 July 10 June 30
Quarterly
$24 Oct. 10 Sept.30
Phillips-Jones, preferred (quar.)
51% Feb. 1 Jan. 21
Phoenix Finance Corp..8% pref. (guar.)
50c Apr. 10 Mar.31
50c July 10 June 30
8 preferred ruarter.I
50c Oct. 10 Sept.30
8 preferred quarterly
50c Jan. 10 Dec. 31
8 preferred quarterly
Pioneer Mills Co.(monthly)
10c Feb. 1 Jan. 21
Sc Feb. 1 Jan. 12
Pitney-Bowes Postage Meter (guar.)
75c Apr. 1 Mar. 15
Pittsburgh, Bessemer & Lake Erie (s.-a.)
Pittsburgh Cin. Chi. & St. Louis (semi-ann.).... $24 Jan. 19 Jan. 10
$14 Feb 1 Dec. 28
Pittsburgh & Lake Erie (s.-a.)
$14 Jan. 19 Jan. 2
Plymouth Cordage Co.. corn. (guar.)
50c Feb. 28 Feb. 20
Portland & Ogdensburg RR.(guar.)._
51% Feb. 1 Jan. 19
Potomac Edison, 7% preferred (guar.)
$14 Feb. I an. 19
6% preferred (quarterly)
.37Mc Feb. 15 Jan. 25
Procter & Gamble Co.(guar.).
Public Service Co.of Colorado,7% pref. (mo.)_ 581-Sc Feb. 1 an. 15
50c Feb. 1 Jan. 15
6 preferred (monthly)
557 preferred
412-Sc Feb. 1 an. 15
ed (monthly)
50c Jan. 31 Jan. 1
Pub
Public Service Corp. of N. J.6% pref.(mthly.)
$1M Feb. 1 an. 15
Public Service of N.III., 7% pref.(guar.)
51% Feb. 1 an. 15
6% preferred (quarterly)
Pullman, Inc. (quay.)
750 Feb. 15 Jan. 24
$14 Feb. 28 Feb. 1
Quaker Oats Co., 6% preferred (quarterly)
3c Feb. 1 Jan. 15
Quarterly Income Shares, Inc
h5(ic Mar. 1 Feb. 10
Rainier Pulp & Paper,$2 class A
h50c June 1 May 10
$2 class A
75c Feb. 1 Jan. 21
Raymond Concrete Pile. $3 pref. (guar.)
50c Feb. 14 Jan. 17
Reading Co. (quarterly)
60c Feb. 1 Jan. 21
Reed (C. A.) Co.els% A, (guar.)
15c Fob. 1 Jan. 15
ctepublic Invest. Fund,Inc..6% pref.(guar.)._
Sc Jan. 19 Jan. 10
Republic Petroleum Co.(monthly)
15c Feb. 1 Jan. 22
Reliance Mfg. of Illinois (guar.)
$1 Feb. 1 Jan. 15
Rhode Island Public Service, class A (quar.)___
50c Feb. 1 Jan. 15
Preferred (quarterly)
10c Feb. 1 Jan. 11
Richmond Insurance Co. of N. Y.(guar.)
Extra
5c Feb. 1 Jan. 11
Riverside Cement Co., A
20c Feb. 1 Jan. 15
$1
Feb. 1 Jan. 15
$6 preferred (guar.)
h$1
Russel Motor Car,7.% preferred
Feb. 1 Dec. 31
$10, Feb. 1 Dec. 31
Russell Motor Car, Ltd., pref.(guar.)
80c Feb. 1 Jan. 19
St. Lawrence Flour Mills(quar.)
Preferred (guar.)
$14 Poo. 1 Jan. 19
St. Louis Rocky Mountain & Pacific RR. Co.
25c Jan. 21 Jan. ba
Common (quarterly)
25c April 20 April 5a
Common (quarterly)
5131 Jan. 21 Jan. ba
Preferred quarterly
51% April 20 April ba
ed quartelyPf
51
Preferred quarterly
July 20 July 5
$14 Oct. 21 Oct. ba
Preferred quarterly
20c Fob. 1 Jan. lba
Salt Creek Producers Association (quar.)
50c Jan. 31 Dec. 31
Samson Corp., preferred
7c Feb. 1 Ian. 1
San Antonio Gobi Mines (interim)
$14 Feb. 1 Jan. 17
Scott Paper, preferred A (guar.)
$IM Feb. 1 Jan. 17
Preferred (quar.
20c Feb. 15 Jan. 31
Second Twin Bell Syndicate (monthly)
624c Feb. 1 Jan. 15
Seeman Bros., Inc. common (guar.)
300 Feb. 1 Jan. 15
Common (extra)
50c May 1 Apr. 15
Common (extra)
87Mc Feb 1 Jan 22
Sharp & Dohme preferred (quar)
Shawinigan Water & Power Co of Mont.—
r13c Feb. 15 Jan. 25
Common (guar )
50c Fob. 1 Jan. 17
Simms Petroleum
UM Feb. 15 Jan. 15
Solvay Amer. Invest.. pref.(guar.)
Southern Calif. Edison Co.. Ltd.. corn. (quar.)_ 37c Feb. 15 Jan. 19
Feb. 15 Jan. 31
Southern Canada Power Co.,common (quar)
50c Mar. 1 Feb. 15
Southern Fire Insurance Co.(semi-annual)
South Pittsburgh Water 7% preferred (guar.)._ $14 Feb. 15 Jan. 2
$14 Feb. 19 Feb. 9
5% preferred (semi-annual)
51% Feb. 1 Jan. 15
Spiegel-May-Stern, 84% pref. (guar.)
60c Feb. 1 Jan. 4
Standard Cap & Seal Corp.,common
40c Jan. 23 Jan. 16
Standard Fire Ins. Co.of N.J.(Trenton)(qu.).
Mar. 15 Feb. 15
Standard Oil Co. of N.J
Stanley Works of New Britain, Conn., pf.(qu.) 37Mc Feb. 15 Feb. 2
r43 Me Feb. 1 Jan. 7
Steel Co. of Canada,common (guar.)
r2734c Feb. 1 Jan. 7
Common (extra)
4340 Feb. 1 Jan. 7
Preferred (quar.)
eb. 15 Jan. 31
Stein (A.) & Co common
Suburban Electric Securities$14 Feb. 1 Jan. 15
6% 1st preferred (guar.)
429
Financial Chronicle
Volume 140
Per
When Holders
Share. Payable. of Record.
Name of Company.
25c
Swift & Co.,special
$1 X
Tacony Palmyra Bridge Co., 7%% pf. (qu.)
25c
Telautograph Corp., corn. (quar.)
5c
Wayne Products & Brew
25C
Telep. Investment Corp.(monthly)
31%
Texas Power & Light 7% pref.(guar.)
$1
$6 preferred (quar.)
Tex-O-Kan Flour Mills, pref.(guar.)
Si
Preferred (quarterly)
90c
Thatcher Mfg., pref. (quar.)
10c
Third Twin Bell Syndicate (hi-monthly)
Toledo Edison Co.,7% pref.(monthly)
58 1-3c
6% preferred (monthly)
50c
5% preferred (monthly)
41 2-3c
1234c
Transamerica Corp.(semi-ann.)
Troy & Benton RR.(semi-annual)
85
5c
Trustee Standard Invest. Shares, ser. 0
4.8c
Series D
75c
Tung-Sol Lamp Works pref.(guar.)
h25c
Preferred
Twin Bell Oil Syndicate (monthly)
$2
25c
Union Oil Co.of California (guar.)
United Biscuit Co. of America. preferred (guar.) $1 X
United Insurance Trust Shares—
Sc
Series F registered
Sc
Series F bearer
United Light & Rys.(Del.)-707 pr. pref(mo.)_ 58 1-3c
53c
6.36% prior preferred (monthly)
50c
607 prior preferred (monthly
58 1-3c
7% Prior preferred (monthly
530
6.36% prior preferred (mondly)
50c
607 prior preferred (monthly
7V,D prior preferred (monthly
58 1-3c
53c
6.36% prior preferred
preferr (mont 1Y)
6% prior preferred (monthly)
50C
United New Jersey RR.& Canal kquar.)
$254
United States & Foreign Securities1st preferred (quarterly)
$1 X
123 c
U. S. Pipe & Foundry 0o., corn.(guar.)
Preferred (quar.)
$1
United States Sugar Corp., pref.(quar.)
Si
Preferred (quarterly)
Preferred (quarterly)
$1
10c
United Verde Extension Mines (guar.)
500
Universal Leaf Tobacco Co.. corn. (quar.)
,
1
$1.16
5
Utah Power & Light,7% preferred
6% preferred
Vermont & Boston Telephone (semi-ann.)
$2
Virginian By. prof.(guar.)
Si
4%
Vulcan Detinning (special)
%
Preferred Iquar.)
1707
Preferred quar.i
Preferred quar.
Preferred quar.
Walgreen Co.(quarterly)
Sc
h$1%
Walker Mfg., $3 preferred
Feb. 15 Jan. 25
Feb. 1 Jan. 10
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 20
Feb. 1 Jan. 12
Feb. 1 Jan. 12
Mar. 1 Feb. 15
June 1 May 15
Feb. 15 Jan. 31
Feb. 28 Feb. 27
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Jan. 31 Jan. 15
Feb. 2 Jan. 25
Feb. 1
Feb. 1
Feb. 1 Jan. 19
Feb. 1 Jan. 19
Feb. 5 Jan. 31
Peb. 9 Jan. 19
Feb. 1 Jan. 15
Feb. 1 Dec. 31
Feb. 1
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Feb. 1 Jan. 15
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Mar. 1 Feb. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Anr. 1 Mar. 15
Apr. 10 Mar. 20
Feb. 1 Jan. 22
Jan. 20 Dee. 31
Jan, 20 Dec 31
Feb. 20 Sept 10
Apr. 5 Max. 10
July 5 June 10
Feb. 1 Jan. 3
Feb. 1 Jan. 17
Feb. 1 Jan. 5
Feb. 1 Jan. 5
July 1 June 15
Feb. 1 Jan. 19
Jan. 19 Jan. 10
Jan. 19 Jan. 10
Apr. 20 Apr. 10
July 20 July 10
Oct. 19 Oct. 10
Feb. 1 Jan. 15
Feb
1 Jan 21
Name of Company
Per
Share
50c
Warren Foundry & Pipe Corp
12Xc
Westinghouse Air Brake Co.(guar.)
-_
Westinghouse Electric & Mfg. Co-----10c
Westland Oil Royalty Co., class A (monthly)_ _
$131
West Penn Elec.,7% preferred
$11.4
6% preferred (quar.)
$1
West Penn Power,6% preferred (quar.)
31
7% preferred (quarterly)
d62%c
Wilcox Rich Corp.class A (quar.)
20c
Class B
$1 X
Wisconsin Telephone, pref. (guar.)
60c
Woolworth (F. W.)Co.(guar.)
xtr2s.6d
Woolworth (F. W.)& Co., Ltd.(final)
25c
Wrigley (Wm.) Jr. (monthly)
25c
Monthly
25c
Monthly
When Holders
Payable Of Record
Feb. 1 Jan. 15
Jan. 31 Dec. 31
Feb. 18 Jan. 21
Feb. 15 Jan. 31
Feb. 15 Jan. 18
Feb. 15 Jan. 18
Feb. 1 Jan. 4
Feb. 1 Dec. 15
Mar.31 Mar.20
Fen. 15 Feb. 1
Jan. 31 Jan. 19
Mar. 1 Feb. 11
Feb, 8 Jan. 14
Feb. 1 Jan. 19
Mar. 1 Feb. 20
Apr. 1 Mar. 20
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for 'this dividend. '
d Correction. e Payable in stock.
Payable in common stock. g Payable in scrip. it On account of accts.
mulated dividends. 5 Payable in preferred stock.
I Blue Ridge Corp. has declared the quarterly dividend on its optional $3
convertible pref. stock, series of 1929. at the rate of 1-32nd of one share of
the corn. stock of the corporation for each share of such pref. stock, or, at
the option of such holders (providing written notice thereof is received by
the corporation on or before Feb. 15 1935). at the rate of 75c. per share in
Cash.
m North American Aviation liquidating div. of 8-100ths share capital
stock of new Transcontinental & Western Air, Inc.
n Standard Oil of N. J. div. of one sh. of Mission Corp. stock for each
25 shares of S. 0. of N. J. $25 par value and 4 shs. of Mission Corp. stk.
for each 25 shs. of St. 0. of N. j. $100 par value.
o American Cities Pow.& Lt., cony. A opt. div. ger., 1-32nd of one share
of cl. B stk, or at the option of the holder 75c cash. Notice must be received
by the corp. within ten days after rec. date, of the holder's desire to receive
cash.
p Parker Rust Proof, distribution of 1 share of Parker Wolverine/5% pref.
for each share held.
q Westinghouse Electric div., X share of R. C. A. for a share of its corn.
and pref.: pref. shareholders given option of $314 in cash: pref. div. and
option constitutes full 1935 payment
r Payable in Canadian funds,and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
s Consol. Film Industries div. was incorrectly stated as a regular div.
in the Dec. 29 issue and should have been on account of accumulations."
u Payable in U. S.funds. IP A unit, w Less depositary expenses.
Less tax. y A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
The weekly statement issued by the New York City
Clearing House is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Jan. 16 1935,
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, JAN. 12 1935
Clearing House
Members
Surplus and
Undivided
ProfUs
• Capital
S
Net Demand
Deposes,
Average
$
$
Time
Deposits,
Average
6,000,000
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
8,250,000
109,134,000
10,298,100
25,431,700
279,596,000
38,273,300 a1,019,362,000
48,104,400
361,755,000
177,294,700 b1.015.590,000
10,297,500
279,564.000
61,512,800
591,723,000
16,124,900
193,819,000
89,218,100
384.056,000
57,819,800
398,980,000
3,608,900
31,258,000
68.839,400 c1,340,269,000
3,329,600
43,648,000
62,018,800 6639,716,000
8,160,400
15,451,000
7,503,200
54,920,000
21,361,500
223,288,000
53,479,000
7,644,700
5,148,200
54,623,000
S
6,728,000
29,083.000
148,825,000
18,790,000
48,727.000
102,228,000
28,567,000
21,277,000
11,577.000
5,765,000
1,648,000
66,249,000
102,000
17,319,000
259,000
3,966,000
17,437,000
1,419,000
37,131,000
Totals ------------014 nag nnn
721 9,111 (1110 7 090 231 000
007 097 nnn
Bank of N Y di Trust Co
Bank of Manhattan Co_
National City Bank .. ___
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk &Tr Co
Corn Exch Bank Tr Co.
First National Bank._
Irving Trust Co
Continental Bk dr Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co—
Marine Midland Tr Co_
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co.
* As per official reports: National, Dec. 31 1934: State, Dee. 31 1934: trust companies, Dee. 311934.
Includes deposits in foreign branches as follows. a 3204,932,000; b 365,503,000:
c $81,451,000: 6 $27,174,000.
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 Jan. 11:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, JAN. 11 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Disc. and
Investments
Manhattan
$
Grace National
25,502,600
Trade Bank of N. Y. 3,913,357
Brooklyn—
people's National_.. 5.126,000
Cash
Res. Dep., Dep. Other
N. Y. and Ranks and
Elsewhere
Trust Cos.
79,900
168,142
2,247,800
779,487
100.000
323,000
Gross
Deposits
1,671,000 24,785,200
257,073 4,172,969
200,000
5,130.000
TRUST COMPANIES—AVERAGE FIGURES
Loans
DOC. and
Investments
Cash
Res. Dep., Dep. Other
N. Y. and Routs and
Elsewhere
Trust Cos.
Gross
DeposUs
Manhattan—
Empire
56,771,700 *8,261,600 8,327,500 2,560,300 64,007,500
660,697 1,313,194 7,367.399
Federation
6,926,090
139,673
895,901
62,452 12,836,091
Fiduciary
12,265,882 *1,166,985
935,200 17,522,900
985,100
17,480,300 *2,794,600
Fulton
596,100
29,422,300 *5,832,100
Lawyers County
33,507,200
64,799,816 15,111,622 15,011,919
United States
66,404,146
Brooklyn—
87,468,000 2,748,000 23,692,000
930,000 101,132,000
Brooklyn
27.964,142 2,084.238 6.192.826
29,966,394
Kings County
amount
with
Federal
Reserve
as
Includes
follows:
Empire,
$7,018,400; Fidu*
ciary, 8937,802: Fulton. $2,608,400: Lawyers County, $5,063,705.
Jan. 16 1935 Jan. 9 1935 Jan. 17 1934
Assets—
S
$
Gold certificates on hand and due from
1,851,708,000 1,848,589,000
U. S. Treasury_x
Gold
1,499,000
1,059,000
Redemption fund—F. R. notes
71,163.000
68,964,000
Other cash
$
268,628,000
681,333,000
10,025,000
58,087,000
1,921.731,000 1,921,251,000 1,018,073,000
Total reserves
3,058,000
1,714,000
1,502,000
Redemption fund—F.R. bank notes....
Billsdiscounted:
Secured by U. S. Govt. obligations
21,321,000
1,838,000
3,253,000
direct & (or) fully guaranteed
26,284,000
2,519,000
2.550,000
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial Advances
U. B. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S.Government securities..
5,772,000
4,388,000
47,605,000
2,102,000
850,000
1.982,000
846,000
3,811,000
141,018,000
475,691,000
161,109,000
141,018,000
475,234.000
161,566,000
170,047,000
361,239,000
300.469,000
777,818,000
777,818,000
831,755,000
903,000
Other seouritlea
Foreign loans on gold
Total bills and securities
786,542,000
785,034,000
884,074,000
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected items
Bank premises
All other assets
317,000
6,355,000
126,961,000
11,498,000
31,849.000
300,000
5,423,000
104,738,000
11.438,000
31,015,000
4,319,000
1,287,000
6,545,000
106,387,000
11,066,000
48,315,000
Total assets
2,886,755,0002,860,503,000 2,083,124,000
LiabitUies—
647,943,000 655,466,000 609,680,000
F. it. notes in actual circulation
52,637,000
25,136,000
24,964,000
F. R. bank notes in actual circulation net
Deposits—Member bank reserve awl 1,793,666,000 1,782.744,000 1,032,879,000
87,701,000
45,163,000
33,608,000
U. S. Treaegrer—General account...
6,568,000
1,519,000
6,235,000
Foreign bank
38,847,000
134,921,000 123,937,000
Other deposits
Total deposite
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies_
All other liabilities
1,968,430,000 1,958,412,000 1,160,946,000
126,077,000 102,620,000 101,743,000
58,649,000
59,606,000
59,606,000
49,964,000
49,964,000
45,217,000
773,000
773,000
4,737,000
7,501,000
7,510.000
1,497,000
1,426,000
49,515,000
Total liabilities
2,886,755,000 2,860,913,000 2,083,124,000
Ratio of total reserves to deposit an
F. R. note liabilities combined
73.5%
73.5%
57.5'
Contingent liability on bills purchase
1,594,000
for foreign correspondents
209,000
450,000
Commitments to make industrial
advances
4.502.000
3.948.000
•"Other cash" does not include Federal Reserve notes or a bans's own Federal
Reserve ban* notes.
These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1834 devalued from 100
cents to 59.06 cents, these certificates being worth less to the extent of the diferenee toe difference dewy beeline been anoroprlatod as profit by the Treasury
Under [be provisions of the Gold Reserve Act of 19344
430
Financial Chronicle
Jan. 19 1935
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, Jan. 17 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 held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 16 1935
Jan. 16 1935 Jan. 9 1935 Jan. 2 1935 Dec. 26 1934 Dec. 19 1934 Dec. 12 1934 Dec. 5 1934 Nov. 28 1934 Jan. 17 1934
ASSETS.
$
$
3
$
Gold ctfs. on hand At due from U .8.Treas a 5,237,503,000 5.162.076,000 5,124,339,000 5,122.396,000 5,122,762,000 5.123,148.000 5,111,620,000 5.087.272,000 947,682,000
Gold
2,568,648,000
Redemption fund (F. R. notes)
17,398,000
19,060.000
19.060,000
18.952,000
19.477,000
19,454,000
19,804,000
43,974,000
20,138,000
Other cash •
287,444,000 287.644,000 253,091,000 213,620,000 219,662,000 235.881.000 218.767,000 220.216,000 244,870,000
Total reserves
.542,345,000 5,468.780.000 5,396.490,000 5.354.968.000 5,361,878,000 5.378,506.000 5.350,191,000 5.327.626,000 3,805.174,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct dt (or) fully guaranteed
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial Advances.
U. B. Government securIties-Bonds
Treasury notes
Certificates and bills
1,752,000
1,964,000
1,677,000
1,677,000
1,841,000
1,983,000
2,166,000
1,880,000
12,527,000
13,604,000
3,617,000
3,588,000
3,406,000
3,544.000
3,548,000
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
35,553,000
65,762,000
17,221,000
6,994,000
7.092,000
9,281,000
8,607.000
9,256,000
10,466,000
11,872,000
101,315,000
5,562,000
5,612,000
5.611.000
5,682,000
5,611.000
5,690,000
5,682,000
5,683,000 111,939,000
14,826,000
14,315,000
14.744,000
13,589.000
10,662,000
12,494,000
10,204,000
9.769,000
395,627,000 395,662.000 396.088,000 395,582.000 395,572,000 395.586.000 395.588,000 395.544.000 442,807,000
1,508,667,000 1,507,117,000 1.507.118.000 1.507.141,000 1,507.124,000 1,398,264,000 1,405.248,000 1,410,257,000 1,053,163,000
525,925,000 527.475,000 527,475,000 527,475.000 527.475,000 636.367,000 629,368,000 624.368.0013 935,820,000
Total U. 8. Government securities-- 2.430,219.0002,430,254,000 2.430,681,000 2.430.198,0002.430,171.000 2.430.217,000 2.430.204,000 2,430.169,000 2,431,790,000
Other securities. _
1,413,000
Foreign loans on gold
3.050.000
Total bills and securities
2,467,828,000 2,457,603.000 2,547,700.000 '2,458.679.000 2.456,954,000 2.455.825.000 2,456,558.000 2.460,543.000 2,646,457,000
Gold held abroad
4,319,000
Due from foreign banks
806,000
805,000
805,000
804,000
795,000
804,000
803,000
803,000
3,390,000
Federal Reserve notes of other banks._.24,226,000
24,489,000
27.988,000
18,515,000
22,614.000
22.028,000
21,122,000
20.041.000
20,512,000
Uncollected Items
505,729,000 428,403,000 530,474,000 452.135,000 551,496,000 490,109,000 449,696,000 425,277.000 416,635,000
13501 premises
49,296,000
49.190,000
49,160,000
53,372,000
53,275,000
53,276,000
53,372,000
51,980,000
53,164,000
All other assets
45,589,000
44,850,000
44.534,000
43,064,000
52,349,000
42.133,000
50,475.000
50,561,000 116,990,000
Total assets
LIABILITIES.
F. It. notes In actual circulatim
F. It. bank notes In actual circulation-
8,637,571,000 8,476.084,000 8,508,828,000 8,387,313,000 8.490,506.000 8.451.358,000 8.384,284,000 8.339,901,000 7,077.984,000
3.099,050,000 3,136,987,000 3.215,861.000 3.261,403,000 3,231,862,000 3.201,456,000 3.213,805,000 3,188,471,000 2,959,556,000
25,869,000
25,363,000
28,185,000
26,603,000
27,054.000
26,752,000
27,477,000
27,774,000 204,536,000
Deposits- Member banks' reserve account 4,387,560,000 4,282,546,000 4,089.552.000 3,961.204.000 3,943.123,000 4,111.949,000 4.073,385,000 4,108.453,000 2,788,073,000
11. 8. Treasurer-General account_ a_-.
67,227,000
80,137,000 125,594,000 168,114.000 232.261,000
97.750,000
08,369,000
85.576,000 105,356,000
Foreign banks
18,339,000
19,114.000
18,954,000
19,582,000
17,113,000
18.361,000
15,636,000
16,992,000
3,955,000
Other deposits
196,677,000 174.725,000 170,971,000 168,016,000 168,548,000 166,502,000 160,272,000 143,000,000 139,506,000
Total deposits
Deferred availability Items
Capital paid ID
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total liabilities
4,669,803,000 4,556.522,000 4,405,071,000 4,316,916,000 4.360,293,000 4,393,314.000 4,347.662,000 4,354.021,000 3,036,890,000
506,428,000
146,839,000
144.893.000
10,526,000
30,808,000
3,355,000
419,920.000
146,844,000
144.893,000
10,496,000
30.816,000
3,421,000
527,887,000
146,773,000
144,893,000
8,418,000
30.816,000
2,946,000
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
26,538,000
484,803.000
146.846.000
138.383.000
6,065,000
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
32.284,000
420,675,000
145,078,000
138,383,000
22,523,000
150,343,000
8,637,571,000 8,476,084,000 8.508.828.000 8,387.313.000 8,490,506.000 8,451,358,000 8,384,284,000 8,339,901,000 7,077,984,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign Correspondents
Comm.tments to make industrial advances
71.3%
71.1%
70.8%
70.7%
70.6%
70.8%
70.8%
70.6%
63.5%
567,1300
10,846,000
878,000
10,375,000
674,000
10.213.000
675,000
8,225.000
651.000
7,399.000
648,000
7.120.000
548,000
6,656,000
490,000
6,657,000
4,477,000
Mantruy Distribution of Bids and
Slaort-term Securities1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61 90 days bills discounted
Over 90 days bills (Recounted
15,588,000
223,000
677,000
701.000
32,000
5,478,000
125,000
1,239,000
122,000
30,000
5,266.000
251,000
1,417,000
84,000
74,000
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
76,555,000
6,334,000
11,190,000
6,285,000
951,000
17,221.000
6.994,000
7.092,000
9,281,000
8,607,000
9,256,000
10,466,000
11.87'2,000
101,315,000
2,743,000
833.000
669,000
1,317,000
741,000
2,719,000
882.000
1.269,000
515,000
2,869,000
1,144,000
1,084,000
1,165,000
695,000
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
1,7
57
2:000
3,413,000
2,745,000
250,000
1,799,000
889,000
-.
23,989,000
27,943,000
47,241,000
12,662,000
104,000
5,562,000
5,611,000
5,612,000
5.611.000
5.682,000
5,690,000
5,682,000
5,683,000
111.939,000
47,000
180,000
656,000
878,000
13,059,000
84.000
102,000
655,000
904.000
12,999,000
49,000
142,000
137,000
1,425,000
12,562,000
32,000
71,000
211,000
885,000
12,410,000
99,000
146,000
205,000
832,000
11,212,000
95,000
34,000
283,000
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
14,826,000
14,744,000
14,315,000
13,589.000
12,494,000
10,662,000
10.204,000
9.769,000
1-16 days U. S. certificates and bills-.
31,450,000
27,400,000
30,200,000
16-30 days U. S. certifIcates and Mlle-.
45.535,000
44,467,000
33,300,000
31-60 days U. 8. certificates and bills__ _. 154,252,000
81,354,000
83,239,000
61-90 days U. S. certifleatee and Mile.... 201,873,000 164,830,000 175.230,000
Over 90 days 11. S. certificates and bills_ 1,999,427,000 2.111.235.000 2,107,462,000
38,399,000
27,500.000
83.199.000
90,570,000
287,807,000
42,309,000
30,950,000
80,317,000
78,752,000
295,057,000
149,872,000
38,3)19,000
73,035,000
81,354,000
293,707,000
128,122,000
42,399,000
64.250,000
83,239,000
311,358,000
105,575,0(5)
65,899,000
78,200,000
284.694,000
46,703,000
47,260,000
297,554,000
148,170,000
396,133,000
527,475,000
527,475,000
630,367,000
629.368,000
624,368,000
935,820,000
Total bills discounted
1-15 days bills bought in open market._
16-30 (lays bills bought in open market-31-60 days bills bought In open market....
01-100 days bills 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
ai-so days industrial advances
61-90 days Industrial advances
Over 90 days Industrial advances
Total industrial advances
Total U 8. certificated and bills
S
$
5
2,430,219,000 2,430,254,000 2,430,681,000
S
$
$
$
$
$
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-9(1 days municipal warrants
Over 90 (lays municipal warrants
1,360,000
36,000
17,000
Total municipal warrants
1.413,000
Federal Reserve NotesInland to F. It. Bank by F. R. Agent__ 3,433,031,000 3,480.183,000 3,518,366,000 3.551,542.000 3,540,121,000 3.506.943.000 3,489,128,000 3,444,219,000 3,228,043,000
Held by Federal Reserve Bank
333.981.000 343,196,000 302,705,000 290.139,000 308.259,000 305,487,000 275,323,000 276.748,000 268,487,000
In actual circulation
3,099,050,000 3,138,987,000 3,215.661,000 3,261,403,000 3,231,862,000 3,201,456.000 3.213,805,000 3.188,471,000 2,959,556,000
Collateral Held by .4 peat as Security for
Notes Issued to BankGold etre on hand A due from U.S. Tress
By gold and gold certificates
3,292,700,000 3,288,200,000 3.314,200.000 3,350,200,000 3.366,700,000 3,309,200,000 3.281,200,000 3,243,910,000 1 478 072 000
Gold fund-Federal Reserve Board
1 489 245000
By eligible paper
5.523,000
5,582,000
15,778.000
7.575.000
7,094,000
6,932,000
8.837.000
10.237,000 174,952,000
U. S. Governm rot securities
193,000,000 238,000,000 243.100,000 238,000.000 206,000.000 228,000,000 235.000,000 258,700,000 568,100,000
Total collate, al__
3.501,478,000 3.531,782,000 3.562.823.000 3,595,775.000 3.579.432.000 3.542,894.000 3,3825.037,000 3.512.303,000 3,305,369,000
•"Other ash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
1 RevLsed figures.
a These are certificates given by the U. S. Treasury for tne gold Listen over from the Reserve banks when toe dollar was devalued from 100 cents so
S9,0fi
on Jan.31. 1931. these certificates being worth lesa to the extent of tne difference, tne difference Itself baying been appropriated as profit by the Treasury under thecents.
provisions of the Gold Reserve Act of 1934.
a Caption enanged from "Government" to "U. -1 Treasurer-General account" aid 811i0.000,000 Iodide) in Government deposit' on slay 2 1934 transferred to
"Other deposits.'
{
Financial Chronicle
Volume 140
431
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATILNIENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 16 19 3
Two Cipher,(00) Omitted.
Federal Reserve Bank of-
Total
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Minneap. Kan. City Dallas
San Fran.
RESOURCES
$
$
$
$
$
$
$
8
$
$
6
$
$
Gold eertIficatee on hand and due
from U.S.Treasury
5.237,503,0 404,967,0 1,851,708.0 269,639.0 378,935,0 175.014,0 112,775,0 1,066.891.0 207,973,0 142,876,0 195,935,0 110,310,0 320,480,0
Redemption fund-F.R. notes
17,398,0
577,0
1,059,0 2,351,0
1,737.0 1,782,0 3,631,0
1,082.0
528.0
254,0
571,0
289,0 3,537,0
Other cash
287,444,0 33,955,0
68,964,0 37,804,0 14,851,0 13,933,0 15,462,0
35,761,0 12,824,0 12,110,0 11.863,0 8.787,0 21,130.0
Total reserves
5,542,345,0 439,499,0 1,921,731,0 309,794,0 395,523.0 190,729,0 131,868,0 1,103,734,0 221,325,0 155,240.0 208,369,0 119,336,0 345.147,0
Radom. fund-F. It. bank notes.
1,752,0
1,502,0
250,0
Bills discounted:
Bea. by. U.S. Govt.obligations
direct and(or)fully guaranteed
388,0
13,604,0
3,253,0
457,0
147,0
186,0
55,0
9,000,0
28,0
10,0
15.0
65,0
Other bill. discounted
63,0
3,617,0
2,519,0
491,0
124,0
156,0
108,0
10,0
93,0
17,0
• 36,0
Total bil1 discounted
17,221,0
5,772,0
451,0
948,0
310,0
303,0
163,0
9,010,0
28,0
103,0
32,0
101.0
Bills bought in open market
5,562,0
404.0
2,102,0
523,0
555,0
204,0
258,0
105,0
651,0
84,0
148,0
143,0
385,0
Industrial advances
14,826,0 1,792,0
850,0 3,348,0
968,0 1,695,0
904,0
912,0
416,0 1,810,0
434.0 1,100.0
597,0
U. S. Government seour tlee:
Bonds
395,627,0 23,206,0 141,018,0 25,136,0 30,559,0 14,859,0 13,539,0
62,145,0 13,797,0 15,359,0 13,334,0 18,818,0 23,857.0
Treasury notes
1,508.667.0 98.936,0 475,691,0 104,925,0 134,256.0 65,267,0 59.375,0 273,356,0 58,423,0 37.098,0 57,767.0 38,744,0 104,829.0
Certificates and bills
525,925,0 35,529,0 161,109,0 37,059,0 48,209,0 23,436,0 21.319,0
92,842,0 20,980,0 13,141,0 20,743,0 13,913,0 37,645,0
Total U. B. Govt.securities_ 2,430,219.0 157,671,0
Total bills and securities
Due from foreign banks
Fed. Res. notw of other banks
Uncollected items
Bank premises
All other resources
Total resouroes
2,467,828.0 160,318,0
806,0
60,0
24.226,0
390,0
505,729,0 51,831,0
49,296,0 3,168.0
45,589.0
633,0
777,818,0 167,120,0 213,024,0 103,562,0 94,233,0
428,343,0 93,200,0 65,598.0 91,844.0 71.475,0 166.331,0
786,542,0 171,971,0 214,825.0 105,764,0 95,558.0
317,0
83,0
77,0
29,0
30,0
6,355,0
500,0 1,033,0 3,966,0 1,261,0
126,961.0 40,366,0 49,108,0 41.135,0 15,945.0
11,498,0 4.485,0 6,629,0 3,028,0 2,325,0
31.849,0 4,800,0
1,529,0 1,385,0 1.811,0
438,916.0 93,749,0 67.492,0 92,529.0 72,750,0 167,414,0
97,0
6,0
8,0
22.0
21,0
56,0
2,912,0
948,0
771,0 1,430,0
406,0 4,254,0
68,358,0 26,963.0 12,408.0 26,811.0 19,721,0 26,122,0
4,955,0 2,628.0 1.580,0 3.447,0 1,684,0 3,869,0
246,0
869,0
755,0
319,0
497,0
896,0
8,637,571,0 656,149,0 2,886,755.0 531,999,0 668,724,0 346,037,0 248,797,0 1,619,841,0 345,867,0 238,252,0 332,927,0 214,864,0 547,359,0
LIABILITIES
F. It. notes in actual circulation_ 3,099,050,0259.585,0 647,943,0 230,112,0 297,838,0 160,614,0 128.610,0
F. R. bank notes in act'l oirourn
25,869.0
905,0
24,964,0
Deposits:
Member bank reserve account_ 4,387,560.0 314,146,0 1,793.666,0 222,547,0 279,855,0 128,518.0 82,166,0
U. S. Treasurer-Gen. sect_
67,227,0 1.763,0
33,608,0
1,457,0 5,961,0
723,0 5,431,0
Foreign bank
18,339,0 1,331,0
6,235,0 1,926,0 1,775.0
703.0
646,0
Other deposits
196,677,0 3.123,0 134,921.0 3,936,0 3,8930 2,165,0 2,303,0
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13 b)
Reserve for contIngeneler
All other liabilities
Total liabilities
768,167,0 138,373,0 103.628,0 114,050,0 50,242,0 199,888.0
726,184,0 152,548,0 105,535,0 177,303,0 128,373,0 276,719.0
4,076,0 6,622,0 1,845,0 1,097,0 1,490,0 2.254,0
425,0
519.0 1,313,0
612,0
518.0
2.336.0
6,812,0 8,987,0 5,439,0 2,747,0 2,042.0 20,309,0
4,669,803,0 320,363.0 1,968,430.0 229,866,0 291,484,0 132,109,0 90,546,0
506,428.0 51,944,0 126,077.0 38,173,0 47,730,0 40,460,0 16.282,0
146,839.0 10,807,0
59,606,0 15,129,0 13,172,0 4,969,0 4,369,0
141,893,0 9,902,0
49,964,0 13,470,0 14,371,0 5,196,0 5,540,0
10,526,0
912,0
773,0 2,098,0
955,0 1,250,0
754,0
30,808.0 1,648,0
7.501,0 2,996,0 3,000,0 1.416.0 2,595,0
3.355,0
83,0
1.497,0
155,0
33,0
174,0
101,0
739,408,0 168,769,0 113,244,0 182,565,0 132,424,0 300,595,0
71,382,0 28,541,0 12,493,0 27,359,0 22,309,0 23,678,0
12,726,0 4,084.0 3,132,0 4,052.0 4,047,0 10,746,0
21,350,0 4,655.0 3,420,0 3,613,0 3,777,0 9,645,0
626,0
381,0 1.003,0
293,0
896,0
585,0
807,0 1,363,0 2,053.0
5.325,0
893.0 1,211,0
121,0
171,0
188,0
587,0
169,0
76,0
8.637,571.0 656,149,0 2.886,755,0 531,999,0 668,724,0 346,037,0 248,797,0 1.619,841,0 345,867,0 238,252,0 332,927,0 214,864,0 547,359.0
Ratio of total res. to dep. & F. R
note liabilities combined
Contingent liability on bills purchased for torn corresPonden
Commitments to make industrial
advances
71.3
75.8
73.4
67.3
67.1
65.2
60.2
73.2
72.1
71.6
70.2
65.4
567,0
41,0
209,0
56,0
54.0
21,0
20.0
66,0
17.0
13,0
15,0
15,0
10.846.0
1.668.0
4.5020
302 0
1 169 0
412 0
7100
90.0
1.210.0
28.0
69.0
40.0
806.0
•-Other Cash" does not Inc ode Federal Reserve notes or bank's own Federal Reserve bank notes
FEDERAI RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Muerte Agent at-
Total
Boston
New York
Phila.
Cleoeland Richmond Atlanta
Chicago
St. Louis Minneap Kan. City Dallas
San Fran.
Federal Reserve notes:
2
2
Issued to F.R.Bk. by F.R.Agt. 3,433,031,0 299,089,0
Held by Fedi Reserve Bank... 333,081,0 39,504,0
$
$
$
$
$
766,277.0 251.861,0 311,591.0 172,624,0 146,608,0
118,334,0 21,749,0 13,753,0 12,010,0 17,998,0
$
$
$
8
$
$
804,358,0 143,168,0 108,025,0 123,594,0 56,449,0 249.387,0
36,191,0 4,795,0 4,397,0 9,544,0 6,207,0 49,499,0
In actual circulation._ --- 3,099,050.0 259,585,0
Collateral held by Agent as 90aurIty for notes Issued to bks
Gold certificates on hand and
due from U.S. Treasury__ 3,292,700,0 301,617,0
Eligible paper
15,778,0
451,0
U. S. Government securities... 193,000,0
647,943,0 230.112,0 297,838,0 160,614,0 128,610,0
768,187,0 138,373.0 103,628,0 114,050,0 50,242,0 199,888,0
788,708,0 222,000,0 281,215.0 140.340,0 88,385.0
4,473,0
845,0
310,0
277,0
196,0
30,000,0 35,000,0 33,000,0 65,000,0
812,513.0 143,936,0 109.000.0 123,550.0 57,675.0 223,763,0
9.009,0
101,0
32,0
27.0
57,0
30,000,0
793.179.0 252.845.0 316.525.0 173.617.0 153.581.0
821.522.0 143.963.0 109.000.0 123.607.0 57.707.0 253.664.0
Total collateral
a.snl.478.0 302.068.0
FEDERAL RESERVE 84 et K NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Referee Agent at-
Total
Boston
New York
Cleveland Richmond Atlanta
Phila.
$
s
25,446,0 10,208.0
482,0 10,208,0
feral Reserve bank notes:
issued to F. R. Bk. (outstrIg.).
ield by Fedi Reserve Bank__
6
37,165,0
11,296.0
$
1,511,0
606,0
In actual circulation-net e_
Hat. pledged eget. outst. notes:
3Iscounte0 & purchased bills_
3. S. Government securities_
25,869,0
905,0
42,874,0
5,000,0
25,874,0 12,000.0
49 674 0
A nnn n
29 674 0 19 nun 0
Total collateral.
$
$
Chicago
$
St. Louis Minneap. Kan. City Dallas
$
$
$
8asPres.
s
$
$
24,964,0
• Does not Include 277,284,000 of Federal Reserve ban* 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.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, BY DISTRICTS. ON
JAN. 9 1935
(In Millions of Dollars)
Federal Reserve DlitridLeans and Investments-total
Total
Boston
New York
Phila.
Cleveland Richmond
Atlanta
Chicago
St. Louis Minneap. Kan. City
Dallas
San Fran.
18,158
1.137
8,230
1.072
1,196
366
351
1,956
542
361
583
431
1,933
Loans on securities-total
3,025
215
1,623
205
179
58
51
278
68
35
55
49
209
To brokers and dealers:
In New York
Outside New York
To others
715
161
2,149
19
30
166
600
57
966
21
16
168
2
7
170
6
2
50
4
3
44
29
27
222
3
4
61
1
1
33
6
3
46
4
1
44
440
975
3,138
7,192
588
2,800
46
92
256
367
8
153
233
249
1.328
3,315
293
1,189
20
71
174
290
46
266
2
75
130
597
24
189
11
17
80
135
8
57
2
12
123
108
10
47
71
34
293
922
96
282
10
37
109
199
25
94
5
6
104
152
4
55
17
14
114
253
15
115
3
23
117
181
18
40
20
10
179
-11
20
345
310
675
41
333
3.208
284
13.665
4,397
1.336
1,706
4,129
249
71
924
317
92
115
204
1,586
59
7,018
1,025
768
156
1.846
142
14
718
308
77
160
251
147
21
693
436
55
112
183
49
12
243
136
10
86
102
29
7
191
126
35
74
81
495
48
1,732
520
67
257
552
99
9
385
164
32
93
173
67
5
263
126
7
95
118
98
12
470
162
26
205
273
76
9
297
125
64
148
139
171
17
733
952
103
205
207
Acceptances and oomrnerelal paper__
Loans on real estate
Other loans
U. B. Government obligations
Obligs. fully guar. by U. B. Govt___
Other securities
Reserve with F. It. banks
Cash In vault-.
Net demand deposits
Time deposits
Government deposits
Due from banks
DUO to banks
rt,rrnIvInas Rom P R hanks
432
Financial Chronicle
ore gob Sinai-1rial
myinntercic.- (111-nnirle
Jan. 19 1935
United States Government Securities
Bankers Acceptances
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos. 6 Mos.
United States, U. S. Possessions and Territories
$0.00
$15.00
In Dominion of Canada
9.75
16.50
South and Central America, Spain. Mexico and Cuba
18.50
10.75
Great Britain, Continental Europe (except Spain), Asia.
Australia and Africa
20.00
11.50
The following publications are also issued:
NOTICE.—On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
in,,,New-York funds.
CHICAGO OFFICE—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telepnone State 0613.
LONDON OFFICE—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 Jan. 121Jan. 14 Jan. 15 Jan. 16 Jan. 17 Jan. 18
First Liberty Loan
High 105,433 1042233 104031 101032 104032 10110a2
104(,, 104,
,, 101,a, 104,33 101'n
335% bonds of 1932-47_, Low_ 105
,, 104,32 101',, 104732 104"32
Close 105.,, 104,
(First 3368)
105
43
249
80
18
906
Total sales in $1,000 units__
------------1020,,
-.—
-- -1
Converted 4% bonds of _High
---_
- - -Low_
---_
-_-_
---- 102231
1932-47 (First 40_
Total sales in $1,000 units__ _
Converted 432% bonds_I High
of 1932-47 (First 4 Xs) Low_
Close
Total sales in 31:000 units__
Second converted 43-1% High
bonds 01 1932-47 (First Low_
Second 4)-is)
Total sales in fl
Fourth Liberty Loan
High
4. X % bonds of 1933-38_ _ Low_
Close
(Fourth 44i8)
Total sales in 31,000 units.._
Fourth Liberty Loan
{ High
431% bonds (3d called)_ Low_
Close
Total sales in $1,000 uniu___
Treasury
1 High
Low_
434s 1947-52
Close
Total sales in $1,000 units__
1 High
45. 1944-64
Low_
Close
Total sales in $1,000 units__
[High
Low_
43
-Is-331s. 11)43 45
Close
Total sales in 31,000 units_ _ _
High
3518, 1946-56
Low.
Close
Total sales in $1,000 units__
{High
Low_
3315. 1943-47
Close
Total sales in $1,000 unit,__.
( High
38, 1951-55
(Low.
(Close
Total sates in $1,000 units ___
1 Illgh
3a, 1948-48
Low_
Close
Total sales in 31.000 units__
{ High
Low.
$,
%11 1940-43
Close
Total sales in 31,000 units...
1 Higb
3,
20 1941-43
Low.
Close
Total sales in $1,000 units...
[High
3a,
46 1948-49
Low.
Close
Total sales in $1,000 units__
( IIIg/
334a 1946-52
I low.
[Close
Total sales in 31,000 units _ __
(High
331s. 1941
Low.
Close
Total sales in $1,000 units._.
1H
High
3368, 1944-46
Low
Close
Total sales in $1,000 units__ _
Federal Farm Mortgage
High
33ta, 1944-64
Low
Close
Total sales in $1,000 units...
Federal Farm Mortgage
High
3s, 1949
Low.
Close
Total sales in $1.000 units__
1-Some Owners' Loan
{High
45, 1951
Low
Close
Total sales in $1,000 units__.
Some Owner,' Loan
(High
i Low.
35, series A, 1952
[Close
Total sales in $1,000 units_ _.
f 11103
1,lome Owners' Loan
2'%s. series B 1949-- - (Low_
(Close
Total sales In $1,000 units....
----------13
104233 1032032 1032732 1032'32 103211, 103y32
,, 103.,, 10302,, 103,,,, 103.,, 103,,,,
103,,
10322,, 10322,, 103,2,, 10322,, 103,0,, 10330,1
3
72
18
7
5
201
---------_
----------------------- 1041.13 104
104233 103.,,
104,
,, 103,,,,
201
87
1021.33 102.33
102'32 101.0$2
1022,3 1013233
965
136
114231 114
1132233
114
11322n
114
20
39
1092.33 109,,,,
1092,3, 109.,,
109.3, 109",,
53
22
1032132 1032032
,, 1032032
103,,
1031.32 1032032
96
27
103.3o 108
103
103
103
108
63
125
1051233 105
105,31 1042832
1050332 1042,32
3
55
10230,, 102',,
102.,, 101,,,,
102(3
.1018032
312
615
1012832 1012,32
101.32 1012,32
101,0,, 101,,,,
319
337
105,,,, 105(,
,,
1059332 1050,32
1052233 1051,32
35
30
105
'
61, 10513t,
1051,32 1030032
10522,, 1052232
52
45
103,,32 1033.32
103.32 1022032
103"32 102,,,,
268
643
102'',, 102'',o
102 332 102'.32
102",, 1022,32
194
554
,,
105032 105,
1042.33 1012033
105
105
193
131
103.,, 103,,,,
103,n 1032032
103",, 103",,
258
154
101.,
,, 102
1011,,, 102
101",, 102
4
3
100
100
99,,,, 99,,,,
99' 32 99 0
656
94
101
101
1001032 1002.32
101
100"32
142
194
99.,, 100
9932a
99073,
993,3
993032
617
432
97,032 97.03,
979.32 972432
973032 972,32
422
216
104
103",,
103,,,,
52
102033
101 20,,
1020,,
101
1132231
11322,,
11320,,
36
109,,,,
109,2n
109,,,,
31
103,13:
10320,2
1032.32
44
103
10716,,
108
9
105,32
104,032
105',,
11
102'32
101.,,
102,32
88
1012932
101"32
101,9,2
94
10513,,
105..32
105.32
19
1053032
1051.32
105.'32
11
103,32
103.32
103.32
165
102",,
1022232
1022532
596
105,n
105233
105432
30
1033,,,
1032,32
1031,12
37
,,
102,
101",,
101",,
61
100,,,
‘32
99,
100,
92
101.33
1003,32
101,32
80
100,
,,
993132
100,32
168
98032
972932
99
560
103"32
103",,
103.32
15
102
10122,,
1013'33
169
1132233
11320,,
11322,,
7
109,,,,
109,0n
109,,,,
16
1031232
1032232
1032,22
10
103
107,,,,
107,,,,
7
105032
105
105'32
13
102.31
1022,2
10203,
149
1012,32
101,232
10124,,
19
105.,,
1050032
105°232
16
10532
105'32
105,32
5
103'n
103,32
103.33
87
102,2,,
102‘,32
1022,32
335
105.32
1012133
105232
113
.
103,,
1030232
1032,32
35
101,,,,
1012632
101",,
15
100,,,
991132
100.,,
102
101.33
101'32
101,32
126
100,n
99,132
100032
344
972932
972432
972232
1.140
103'.32
---10323
. -. -•103",,
-119
---102232 102231
10122,, 102
2,,
102
102
59
140
1132233 114231
11322„ 1132633
11322,, 1142:,
38
110
10922, 100"31
109,,,, 1093,,,
109,,,, 109.39
18
2
103".32 1032,8
1031,32 103"33
103.,,, 103,,n
18
58
108
108
107",, 108
108
103
3
22
105.33 1051,31
104",, 105',,
105,32 10500,,
5
88
10222,2 102",,
1023,, 102",,
102,832 102033
58
671
101.132 1013032
1012032 101 2.33
1012,,, 101 30,,
5
219
1051,,, 105,0,2
1051632 105.33
1051,32 105"32
25
33
105 2,2 1051
'
12
105,31 105.'3,
1051.32 1051.32
10
54
1030632 103'',,
103,3, 103"32
103",, 103"32
22
153
102,,,, 102,,,,
1021132 102"32
1022232 1022,12
105
306
105,32 105.3*
105233 105233
105,
,, 1050,,
54
6
103,4,, 103,,,,
1032232 103"31
1031,,, 1032',3
14
20
102
102
101.03, 101 30o
102
102
44
ii
100,,, 100,sr
100.” 100232
100,32 100',,
38
142
101.33 101 733
101 432 101',,
101,32 101'32
252
14
100,32 100'31
100,31 100'33
100.32 100'32
320
242
973,32 97303,
972532
072032 07303I
120
160
Note—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 First 436's, 1932-47
12 Fourth 4.4.18 (uncalled)
7 Fourth 43-Is (3rd called)
115 Treasury 48, 1944-54
1...Treasury 3318, 1944-46
10320n (0 103",,
103,,,, to 104,
4
101 2232 to 101 2.32
1090,, to 1092,,,
103.,, to 103,,,,
NEW YORK AND HANSEATIC CORPORATION
37 WALL ST., NEW YORK
United States Treasury Bills—Friday, Jan. 18
Rates quoted are for discount at purchase.
Bid.
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
Mar. 27 1935
Apr. 3 1935
Apr. 10 1935
Aor. 17 1935
Asked.
0.15%
0.16%
0.15%
0.15%
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
0.203'0 20Yi.
BO.
Apr. 24 1935
May 1 1935
May 8 1935
May 15 1935
May 22 1935
May 29 1935
June 5 1935
JIM 12 1935
June 19 1935
June 26 1935
July 3 1935
July 10 1935
July 17 1935 _
____
Asked.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.2001
0.20%
0.20%
0.20%
0.20%
0.20%
n 2n0t.
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Jan. 18
Maturity.
Int.
Rats.
Bid.
Asked.
Maturity
Int.
Rate.
June 15 1936_,_
Sept.15 1936_ _
Aug. 1 1935_
June 15 1939_,
Mar.15 11135...
Sept. 15 1938._ _
Deo. 15 1936...
Feb. 1 193,3__
131%
1)5
155%
2H%
%
2313'
2)5 %
231%
1002.33
101'.33
101233
101.1:
1010,,
1022,12
102,s1
103101,
100°,32
101"32
101..3
1011,32
101,s2
102201,
102.s,
Dee. 15 1938... _
Apr. 16 1938_
June 16 1938_,
June 15 1035._
Feb. 15 1937_ ,
Apr. 15 1037_ _
Mar.15 1938...
Aug. 1 1938 _ _
Sept.15 1937....
211%
231%
231%
3%
3%
3%
3%
34i %
31-1%
Bid.
Asked.
104,1, 104,12
103.t, 103'211
103,432
101.s, 102,1,
104"22 104,,t,
1040.33
104"1,
10V,a2 10414t,
105'w 105,
,,
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 Fended
Jan. 18 1935.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad
Stocks.
State.
Number of and Miscell. Municipal &
Shares.
Bonds.
Porn Bonds.
_
Total
666,420
554.350
1,369,670
667,240
736,480
689,630
4.678,790 539.078,000
Sales at
New York Stock
Exchange.
Stocks—No. of shares_
Bonds
Government
State and foreign
Railroad dr Industrial
Total
$5,318,000
6,847,000
8,768,000
5,817,000
5,882,000
6,446,000
$1,143,000
1,576,000
2,950,000
1,842,000
1,986,000
1,354,000
Total
Bond
Sales.
$6,261,000 $12,722,000
3,978,000
12,401,000
2,403,000
13,621,000
2,710,000 10,369,000
2,710,000
10,078.000
1,281,000
9,081,000
$9,851,000 619,343,000 $68,272,000
Week Ended Jan. 18
1934
1935
United
States
Bonds.
Jan. 1 to Jan. 18
1935
16,455,200
13,817,756
1934
-28,108,202
519,343,000 $13,565,300
9,851,000 24,696,500
39,078,000 83,592,000
368,202,000
26,085,000
113.995,000
361.720,600
59,699,500
157.982,000
368.272,000 $121.853,800
5208,282,000
3279,402,100
4,678,790
CURRENT
NOTICES
—A comparative table of 25 New York City banks and trust companies
covering the five-year period from Dec. 31 1930-1934 has been prepared
for distribution by Clinton Gilbert & Co., 120 Broadway, New York.
—C. G. Novotny & Co., Inc.. 80 Broad St., New York, has prepared a
list of State and municipal bonds yielding from 3.40 to 6.05%, together with
a list of Federal Land Bank and Joint Stock Land Bank bonds.
—A. W. Warner & Co., members of the Chicago
Stock Exchange, announce the removal of their offices to 39 S. La Salle St., Chicago, and the
change of their telephone number to Franklin 5335.
_Ifornblower & Weeks have prepared circulars describing the
capital
stock of Chase National Bank and National City Bank, based upon the
figures contained in the respective annual reports.
—Adams, McEntee & Co.. Inc., 40 Wall St., New York, has prepared
for distribution a list of Now York State municipal bonds yielding from
1.00% to 4.35%.
—Henry F. Schroeder, formerly with the Liman Corp. is now associated
with Soy & White in their trading department, specializing in rails, foreigns
and utilities.
—Joseph Loeb & Co., 39 Broadway, New York City,
have prepared for
distribution a new comprehensive Bank and Insurance Stock Guide for 1935.
—Raymond D. Stitzer, formerly with Brown Harriman & Co.,
Inc., is
now with Rutter & Co. as manager of their corporate trading department.
—Homer & Co., Inc.. 40 Exchange Place, New York, have prepared a
circular on high-grade railroad and public utility bonds.
—Phelps, Fenn & Co., 39 Broadway, New York, have issued a list of
State and municipal bonds yielding from 0.75% to 4.75%.
—James Talcott, Inc., has been appointed factor for Katandin Woolen
Mills, Inc., Corinna, Me., manufacturers of woolens.
—Ralph H. Fenton and George R. Ernstrom have joined the retail sales
department of Amott, Baker & Co., Incorporated.
—Joseph F. Schafer has become a general partner In the Now York Stock
Exchange firm of Bacon, Stevenson & Co.
—John P.Eberhart,formerly with Holt, Rose & Troster, is now associated
with Seligman, Lubetkin & Co., Inc.
—Bristol & Willett, 115 Broadway, New York, are distributing their
current offering list of Baby bonds.
—Carleton F. Bain has become associated with H. II. Johnson & Co.,
Inc. In its sales department.
433
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.
sales In computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Satur.day
Jan. 12
Monday
Jan. 14
Tuesday
Jan. 15
Wednesday
Jan. 16
Thursday
Jan. 17
Friday
Jan. 18
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
No account is taken of such
Range for Year 1934
On Basis of 100-shard Lots
Lowest
Highest
July 1
1933 to Range for
Dec. 31 Year 1933
1934
High
Low Low
$ per share $ per sh
Par
Per share
per share S per share $ per share $ per share S per share $ per share Shares
30
Abraham & Straus
No Par 35 Jan 17 43 Apr 18
•3638 40 •368 40
.3838 40 .3638 40
*363 40
.368 40
89
Nov 28
111
2
Jan
100 89
Preferred
•110
•10812
•11014
*109,4 ---- •10912 -1178 Feb 5
26
652
July
612
612
.110--6
par
No
Express
Adams
7,100
64
8
4
3
6
63
612
8
65
612 65,
612
85,
85
100 7014 Jan 25 z85 Dec 13
Preferred
650
8714 87
87
87
8714
86
8714 86
87 .86
.85
*84
1412
NO par 16 Jan 5 34% Apr 6
3,200 Adams Millis
33
3214 324 31
3112 3212 x3218 3234 33
32
32
.31
6
8
Feb
8
113
14
4SePt
10
Corp
Multigr
Address
63
2,000
8%
4
,
8
4
,
8
83
814
814
8
83
8
8
818 838
814
8
318
5
Feb
7%
27
par
No
318July
514 514
512 512 1,300 Advance Rumely
514 514
514 514
514
514 4515 514
4%
475 Sept 25
9% Feb 6
1,300 Affiliated Products Inc__ _No par
7
678 678 .63
834 6%
634
718
7
*678 718 *7
8018
26
Nov
113
2
91%June
par
No
Inc
Reduction
Air
4
1123
4
1123
11112
2,600
11112
11114 11218 111% 11158 11038 11114 11012 112
1%
338 Apr 26
138 Nov 2
134 1.400 Air Way Eleo Appliance No par
134
1%
1%
15
18 158
112 112
15, •112 15
1658
10 1858Sept 14 234 Jan 15
30,500 Alaska Juneau Gold Min
1758 18
1812 1818 1834 17
18
1814 17% 17% 1712 18
170
18
July
205
14
Sept
198
100
Susquehanna
Albany &
____ .202_
.202
•202
234
778 Apr 24
234 Dec 24
No Dar
31-2 - 1.000 A P W Paper Co
3 *314 33
*312 -35,
312 312 --324 --31-4 -;314 33,
114
514 Feb 1
114 Dec 21
No par
112 158 3.600 :Alleghany Corp
112 112
112 1%
152 158
112
15, 134
134
432
4% Dec 27 1131* Apr 10
8534 6
100
Fret A with $30 warr
512 558 1,200
532 538
6
6
514 .534 .
514 5
4
4 Dec 27 14% Apr 10
100
Pret A with $40 warr
.412 534 *458 838 *458 6% .4% 6% *458 61g *458 638
378
3% Dec 27 14% Apr 9
*438 512 8458 6
100
Fret A without warr
458 5% .48 57
100
*458 5% .
5
5
1314
15 June 16 23% Feb 23
No par
22 .21
200 Allegheny Steel Co
*21
22
22
*21
21
22
21
2112 2112 *21
82
Allegheny & West 8% gtd100 82 Jan 10 9814July 28
par 115% Sept 17 16034 Feb 17 10712
133 13412 13412 135
13234 fig" jai- 134 1.54 14 1.-341-4 1.31 1-3-4-- - -3:51515 Allied Chemical & Dye No 100
12218 Jan 113 130 June 22 117
Preferred
300
*124 125 .12418 125 125 125 125 125 .12414 125 125 125
10%
No par 1038July 26 2338 Feb 5
153 1578 1558 16
157 1658 1638 1658 8,300 Allis-Chalmers Mfg
151g 1614 1514 16
1112
18 .1814 1812 1,500 Alpha Portland Cement No Par 1112July 28 2018 Feb 5
1812 18
1834 .18
1712 1712 18
1818 18
218
12
Mar
7%
2
1
2
27
218July
1
Co
Leather
1
1
Amalgam
800
3 4 314
34 34
3 4 3 4 *31.8 312
314 314 *314 3%
2114
13
Mar
45
8
Jan
25
preferred
50
100 7%
*2812 31
•281z 31
.2812 31
31
.28
2812 2812 *2812 31
27
No par 39 Oct 8 5558June 8
3.900 Amerada Corp
5218 5212 53
4934 5094 x5014 5012 4934 5118 5012 51,4 52
2712
44.1 Aug 21
Am Agri Chem (Conn) pt_No par 38 Aug 1i1
20
-5034 -ill; -56- -51-1-2 -5Ol 54 - 5312 537k -Li- 55i-4 - -6:500 Amer Aerie Chem (Del) No par 2514 Jan 4 48 Nov 9
5(-)T2 51
1118
10 1112Sept 18 2514 Apr 27
1312 1334
1434 15% 1312 1434 1432 1412 1438 1434 147 1558 8,600 American Bank Note
3412
044
50 40 Jan 4 5012 Apr 27
4412 4412 46
4734 48
175 Preferred
48
*4414 46
46
45
45
1912
28
2,000 km Brake Shoe & Fdy ___No par 19128ept 17 38 Feb 8
2814 27
28
28
27
2714 *27
2734 28
27
2734 .
88
100 96 Jan 10 122 I)ec 21
600 Preferred
11912 11912 11912 1198 11912 11912 1191 4 11978 11914 11912 120 120
80
29
Dec
11454
14
25 9014May
11112 11214 110 11312 11034 111% 111 11212 11234 11334 13,000 American Can
11012 112
100 12612 Jan 6 15212 Nov 26 120
300 Preferred
153 153
153 153 *153 155
.153_ .153 _ _ •153 155
12
12 July 28 3378 Feb 5
No par
1112 17% 1838 1714 1712 17% 1734 1734 1858 4,100 American Car & Fdy
1712 -1118 18
3138
t 30 5612 Feb 5
4,2 AOucg
0, 32
No po
1,900 Preferred11)
40
40
40
40
40
4014 41
3712 4014 40
408 41
4
1214 Feb 27
200 American Chain
*818 912
878 9
.87
912 *878 912 *878 912 8878 9
14
40 Apr 24
100 19 Aug 3
7% preferred
3934 •36
.3614 3934
40 .36
40
.35
3934 .3512 3934 *36
4312
7058 Dec 10
No par 4814 Jan
700 American Chicle
68
.66
68
68
68
68
6812 *67
68% 68
678 68
20
3512 Feb 21
Am Coal of N J (Allegheny Co)25 22 Apr
*2534 35
•2534 35
2534 35
.2534 35 .253 35 .2534 35 .
2
813 Feb 5
. 10
l's Aug
100 Amer Colortype Co
314
3
3
.234 312 .234 312 .234 312 .234 3,4
*3
2034
8212 Jan 31
5,400 Am Corneal Alcohol Corp__ __20 2034July 2
30
29
29
283 2914 285* 2918 27
2834 29
2912 28
518
19
1312June
2
812Nov
10
1,500 b American Crystal Sugar
738
.7
7
7
7
7
7
7
7
7
718
7%
32
7278June 18
612 Jan
100
7% preferred
410
6012 6112 6012 61
61
.60
62
63
.61
6212 6158 6218
l's
5 Feb 18
118June 2
212
212. 212 2.900 Amer Encaustic Tiling__No par
212 234
214
218 218
214 214
4
3
Feb
1012
2
Dec
4
r31 .332 5
*33
Amer European See's____No par
*412 5
.414 5,4 *412 512 .412 512
37 Dec 27 1334 Feb 6
378
No par
438 458 4,400 Amer & Fore Power
414 458
434 434
412 .414 4,4
4
43, 45,
1184
No par 11% Nov 23 30 Feb 7
Preferred
2,000
18
1734 18,4 1714 1734 18
18
17
l738 1712 1712 18
614
61 July 26 1712 Feb 6
No par
2nd preferred
800
712
•7
7
638 718 *7
7
738
7
7
714 712
1014
11 Nov 13 25 Feb 8
68 preferred
No par
200
.1418 15
14
15 .
15
"1312 1434 *1512 1578 1412 151g .
14
1012
16
Feb
8
5
22
27
1012July
10
Co
S
S
Hawaiian
Amer
100
1278
13 .12% 13 .12
*12
1214 .12
12
*12
12
13
312
312July 28 1012 Feb 5
400 Amer Hide & Leatber___No par
518
4% 4% .434 5
•434
5
5
.412 5
5
5
1734
100 17% Aug 1 42% Mar 15
Preferred
400
82312 25
*2212 2312
23
2234 2312 23
.2314 24
2214 2234 .
2434
26
Apr
3638
27
Oct
4
1 253
31
1,300 Amer Home Products
31
31
30% 3038 31
31
31
3112 3158 3058 31
3
3 Dec 12 10 Feb 5
No par
412 434 7,000 American Ice
4
4
418 418
418
418 418
4
378 47s
2534
100 2534 Oct 27 6514 Mar 28
8% non-cum pref
*28
2934 .2814 2974 *2814 2958 *2812 2932 2938 3134 3234 3334 1,600
6
434
Feb
434July 26 11
No par
6
6
612 3,200 Amer Internet Corp
6
6
6
6
6
618 638
534 6,4
112 Apr 4
Am L France & Foamite_No par
38 Nov 20
34 6,200
52
12
12
.58
•12
58
12
r's '
12
*12
12
2
22
1
May
10
26
Sept
Preferred
100
34
412 6
1,220
*3% 412 *4
4
412
4
412
414 .4
4
1412
1814 1812 1852 4,000 American Locomotive__No par 14128e00 17 3834 Feb 6
1734 1818 18
1812 1738 1812 1712 18,8 18
3512
13
Mar
74%
12
35128ept
3
3
100
Preferred
54
*4812
51
51
800
50
50
52
50
51
51
5134 52
12
2118 21
2118 2014 20% 2012 2078 *2114 2134 3,400 Amer Macb & Fdry CoNo par 1238July 27 2358 Dec 29
21
2114 x20
3
4.634 678 •612 62,
3,4 Jan 3 1014May 11
7
712 718
634 7
7
6% 634 1,100 Amer Mach & Metals____No pa,
3
22
May
10
24
Jan
4I8
par
No
Voting trust ctfs
7
7
•6
8618 718 *534 . 7,8 •6
*612 7
*638 7
1278
1278 Dee 5 2758 Feb 15
No par
1412 1412 1434 1434 1412 1434 3,800 Amer Metal Co Ltd
1452 15
1514
15
1414 1514
63
100 63 Nov 20 91 Feb 15
80
80
8% cony preferred
83
82
200
*80
80 .80
8212 80
83 .78
.75
2034
Amer News, NY Corp__ No Par 21 Jan 3 3434 Mar 13
28 .23
28 .23
28
28
.24
28
.24
•2114 28 .23
3
6
Feb
1214
21
Dec
par
3
__No
1
Power
Amer
Light
&
5.400
314
3%
4
,
3
8
33
314
3%
33, 3,2
333 33,
3% 3 4
1138
8
Feb
8
297
22
Dec
8
Nd pa, 113
$6 preferred
1314 1338 1338 1,900
1312 1334
1214 1378 1314 1314 13
1314 1314
912
912 Dec 20 2614 Feb 7
No par
1134 11
1134 2,300
$5 preferred
11% 11
11
1112 .1114 113
1012 1112 •11
10
10 July 28 17% Feb 1
1418 1412 1414 1458 1414 1458 29.100 Am Red dr Stand San'y- No Par
1412 1478 1414 147
14% 15
10712
27
Dec
1377
23
Jan
11112
100
Preferred
136 138 •136 138
.135 138 .136 138 .136 138 .136 138 .
1238
25 131zJuly 26 2814 Feb 19
2078 2112 21
2134 2014 2134 2014 2118 2034 2158 2138 2214 27,700 American Rolling Mill
3358
71
3.700 American Safety Razor __No par 38 Jan 13 65% Dec 28
70
70
6914 7014 6712 6912 6814 70% 70
.6812 70
19
Feb
7%
218July 27
4% 5
5
5
2,100 American Seating v I o___No par
5
O434
5
514
*5
614 5,4
55
2% Jan 30
58 Oct 2
78
78
.34
78
78
78
No par
78
1
78
800 Amer Ship & Comm
1
*34
38
15
No par 1758July 27 30 Jan 30
190 Amer Shipbuilding Co
23
*23
23
23
2414 .2312 2434 23
x22
23
23
22
2812
3514 3534 28,300 Amer Smelting & RotstNo pa, 3014July 28 51 14 Feb 15
3538 3612 3538 36
3614 3634 3658 3712 3414 37
71
100 100 Jan 2 125 June 29
12334 1233
Preferred
1,900
12312 1243 124 12518 12334 12334 •124 124% 124 124
57
100 7114 Jan 2 10912 Dec 31
2nd preferred 8% cum
11012 11114 110 1111
110 110
2,300
111 111 .111 112
11012 112
43
25 4834 Jan 5 71 Nov 28
6412 6312 631
64
63
800 American Snuff
843 6434 6334 6334 63
66
.64
100 108 Feb 2 12712 Nov 8 106
Preferred
•120 130 .120 130 .124 130 .12411 130 •125 130 .125 130
1018
1018July 26 2612 Feb 5
1618 16,
2 1638 1678 5,800 Amer Steel Foundries __No Par
1614 1612 1412 164 1511 16
1578 15%
52
•89
Preferred
100 5978June 2 92 Dec 10
91
30
•89
91
91
89
•89
90
9014 .
89
.89
91
3515
4138 4112 4112 4112 1,200 American Stores
4138 42
No Par 37 Jan 3 4434 Dec 11
4215 4218 4112 4112 47
42
4512
100 46 Jau 3 72 July 14
631 1 62
63
1,900 Amer Sugar Refining
6378 62
8214 6234 6278 •6234 63
6312 63
100 10312 Jan 3 12941 Dec 3 102
129 129 *12712 130
Preferred
500
129 129
•12734 129
12914 12914 *12712 129
11
•21I2 2133 2112 2112 3,400 Am Sumatra Tobacco____No par 13%May 10 24 Nov 15
2114 2134 2112 2178 2018 2134 2034 21
100 10018 Nov 17 1254 Feb 6 10012
10414 10478 18,100 Amer Telep & Teleg
10312 10412 10418 105
10314 10418 10334 10434 103 104
6312
25 8514 Jan 8 8512 Nov 26
80
80% 8034 8012 8012 2,400 American Tobacco
79
81
81
8012 81
79
81
6478
26 87 Jan 8 89 Nov 28
Common clam 13
8212 8234 83
82
9,400
8112 83
8378 81
84
8214 8314 83
Preferred
100 10714 Jan 3 13034 Dec 12 105
12912 129% •12918 13014 12918 1291,1
900
130 130
12912 12912 130 130
2Is
3 July 25 13 Feb 21
558 634 5.400 :Am Type Founders
No Par
434 578
412 412 *414 434 *414 412 .412 434
7
2834 Feb 2 i
100
Preferred
1512 15
1932 3,470
704 Jan
1734 17
14
1334 1334
141g
1314 1318 14
8
125
7
Feb
27%
26
Dec
12%
Water
&
Wks
1318
1312
Am
8
133
5,200
1312
13%
1418
1312
14
Par
1318
1414
Elec___No
1312 1438
50
80 Feb 5
let preferred
No par 54 Jan
300
58
5812
*5712 60
59
*5712 60
*5534 60
60
59
•58
7
No par
814
8
7 July 31 1718 Feb 5
838 8% 2.600 American Woolen
81s 812
814
814 838
8
814 838
38
Preferred
100 36 Sept IS 83% Feb 7
4112 4234 4112 4214 4,500
4034 411g 4112 4133 3912 4138 4012 42
414 Mar 14
134 6,100 :Am Writing Paper
1 June 27
1%
138 138
1,4
114
114
118 *118
118
114
•11s
1712
2%
23
Apr
2
July
par
Preferred
No
4%
612
2,
5
5
.4%
230
4%
.
438
43,
412
412
4
43
8
.43
304 July2
9 Feb 16
4
3%
4
500 Amer Zinc Lead & Smelt__ _1
412 *4% 412
418 418 .4
438
458 •414
.4
32
25 3812 Nov 28 5018 Feb 18
39
Preferred
3834 *36
3712 •36
36
3918 .
3912 *38
3912 .38
*36
10
1734 April
50 10 July 2
1012 10% 1012 1078 1034 1078 32,000 Anaconda Copper Mining
1034 11
104 1118
108 1114
75
174 1718 .1634 16% 1634 1634
1858 Nov 22
9% Jan 1
1634 19
200 Anaconda Wire & Cable__No par
"1718 1872 3174 18
31
1314
No
per
Jan
2
Cap
Anchor
4
1318July
*1612
1614
43
700
2
.16
1714
1814
18
1638
2
157
1712
17%
2
•163
•1574
80
5
Dec
108
No par 84 Feb
$8.50 cony preferred
220
106 106 •104% 105% 10512 106
'104,4 10412 10412 106 .10438 106
4%
418 Dec 27 1018 Apr 12
10
Andes Copper Mining
*412 614 .412 614
*412 614 .412 8
412 412 *414 614
3918 Dec 8
21%
2614 Jan
3712 *3634 3734 3712 3712 3,000 Archer Daniels MiclEd___No par
375 3814 3634 3712 36
3712 38
100 .10 Jan 24 117 Doe 4 108
_
•118
7% preferred
•118
•118•118 _-__ *118 ---- •118
64
10338 Nov 23
100 7614 Jan
1,200 Armour & Co (Del) pref
100 10-014 10014 10014 .10018 102/8 10012. 10114 10114 10112 10034 101
312
5
634 Aug 29
312July 2
512
514
5% 538 24,300 Armour of Illinois new
5,4 538
558
518
5,2 534
51 2 558
No par 461i July 2
7114 Nov 30
4814
$8 cony pref
8612 6612 6412 6712 6612 6612 6614 66,2 8618 8878 5.300
6.534 67
24
100
Nov
85
2
July
3114
54
Preferred
93
93
93
600
93
90
93
91
•91
.
93
9331 .90
•90
•1516 and asked prices, no sales on this day.
/ Companies reported In receivership.
a Optional sale. c Cash gale
s Said 15 dayr. s Ex-dividend.
$ per share
1315 4012
97
80
3
1314
71
39
21%
8
1712
514
932
134
552 1184
4712 112
4
12
II% 33
178
170
958
1
814
78
1
2174
118 21
114 20
26
5
83
82
7034 152
125
115
6
2632
534 24
914
58
40
5
1812 47%
1018 31
714 35
2812
8
49%
34
9% 4212
108
60
4912 1001z
134
112
818 3934
59%
15
14
Pa
312 31%
34
51,4
27
20
618
2
89%
13
1634
1
234 64
1
37s
378
714
432
612
418
212
1312
2434
334
25
414
14
114
5%
17%
834
1
34
3%
1512
17
4
9%
9
4%
8112
504
2018
%
is
1112
1084
31
2012
3213
10214
452
3752
30
2112
80
8
8812
49
50%
10234
2%
7
1078
35
312
2258
38
54
214
20
5
418
8
6212
2%
934
95
41
13
19%
447a
274
35%
21,2
18
5712
4212
17It
5778
1518
312
12
39%
63
22%
"
1
"
7
5,4
2358
75% *
3012
19711
411s
35
19
119
31%
4734
718
412
3834
5312
9912
73
5114
112
27
85
4772
74
11214
26
134%
9078
9434
120
25
3778
4314
80
17
6712
412
1434
1078
66
2278
1512
39,4
90
1412
2914
115
90
y Ex-rights.
1
New York Stock Record-Continued-Page 2
434
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Jan. 12
Monday
Jan, 14
1
Tuesday
Jan. 15
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
On
Range for Year 1934
BaSii of 100-share Lots
Jan. 19 1935
July 1
1933 to Range for
Dec. 31 Year 1933
1934
Low Low
High
Wednesday
Thursday
Friday
Jan. 16
Jan. 17
Jan. 18
Lowest
Highest
5 per share $ per share $ per share 3 per share $ per share 5 per share Shares
Par $ Per share
$ Per share $ Der sh i per share
J
512
5
54
458 5
5
5
434 512
512 533 7,200 Arnold Constable Corp
3 July 27
5
833 Fe° 9
278
•438 612 *438 612 *412 612 *412 612 *412 612 *412
14
7
612
Artloom Corp
4 Dec 26 1012 Apr 21
No par
2
912
.7018 ---- *704 ---- •7018 _.-- •7018 ____ •7018 ____ *7018 ____ ______
318
Preferred
100 6334 Dec 22 7018 Dec 27
__ 7 _
6334
_ __ 7 _ _ _ •_ _• • _ _ _._ .. _ _ _• _ _
4812
70
_
__
_ _ _ _ - Art Metal Construction
4l July 27
934 Apr 23
10
97
358
312
12,4 -II% *1258 fi
1153 125, 1214 III,: 1258 -1-3- 12% 1-3_• _ 3,000
Associated Dry Goode
1
714July 26 18% Feb 6
714
312 20
90
90
*8712 90
8733 8758 *8712 90
90
9012 9114 93
800
6% 1st preferred
100 46 July 20 90 Dec 31
44
18
6112
*6514 70
6512 6512 6514 6514 *64
69
643 643
70
70
500
7% 26 preferred
100 36 July 26 6478 Apr 20
38
15
31
51%
31
*3034 35
*3034 35
*3034 35
$034 35
$034 35
10 Associated 011
25 2912 Jan 5 4012 Apr 25
26
834 3512
504 5112 5012 5112 4712 5218 49
4978 49
5018 49
4934 19,800 Atch Topeka & Santa Fe____100 45% Aug 11 73% Feb 6
345
4412
8018
8514 85% .8512 86
8412 85
84
85
*83
85
*82
8478 1,000
Preferred
Jan
7018
5
100
90
July
14
5314
50
3334 3212 33
32
7934
2978 3314 3012 313 304 3134 3012 31
8,800 Atlantic Coast Line RR
100 2412Jul7 3
54% Feb 16
1612 59
2412
6
6
*514 6
*514 6
*514 6
*514 6
6
6
110 At G & W I SS Llnes____No par
3 Aug
16 Apr 12
5
412 20
8
8
.7
13
*738 10
*8
11
*812 11
*812 11
200
Preferred
100
Nov
77
778
24 Apr 24
412 337
2414 2434 2438 25
24
25
2334 2438 24
2418 24
243
8,300 Atlantic Refining
25 2112July 2
3514 Feb 5
2118
123
4012 41
40
3212
41
39% 39% 39
39
*39
40
39
3914 1,200 Atlas Powder
No par 3514 Jan
5512Mar 13
18
9
3918
*10712 103
10712 10712 *10712 108
10712 108 x108 108
108
108
80
Preferred
100 83 Jan
107 Dec 31
75
00
•
8318
*658 64 *65
64 *658 64 .65
7
638 65
612 612
500 Atlas Tack Corp
512 Nov 1
No par
1614 Mar 14
512
112 3434
26
2814 26
26% 2412 2658 2514 2514 2558 26
2478 2512 5,700 Auburn Automobile
No par 1812July 30 573o Mar 13
1812
31
*12
2212 1212 1212 .1214 1312 12
84,4
1212 12
12
*1112 1214
1,600 Austin Nichols
No par
612Sept 20 1658 Mar 5
7
93
4
*62
6234 36134 6134 *6214 63
6134 63
6134 6134 *61
No par 3114May 14 65 Dec 15
62
240
Prior A
2758
13
3912
7
43
434 4
45
434 478
412 478
53 14,900 Aviation Corp of Del (The)__6
434
434
47
8
33
4July
26 1034 Jan 31
334
512 1638
534 5%
57
6
512 6
558 57
.512 6
558 578 8,600 Baldwin Loco Works__ _No par
412 Oct 29 18 Feb 5
412
312 1758
2212 23
2318 2314 22
2378 2214 2212 2233 2318 23
24
2,200
Preferred
100 1814 Oct 27 84% Apr 21
1614
912 GO
1134 134 1258 13
1178 1338 1233 13
1234 13
12%. 1278 20,000 Baltimore & 01310
24
3412 Feb 5
100 1234 Dec
1234
814 3778
1518 1018
1518 1512 1434 1512 15
1518 1514 1514 15
1518 2,900
Preferred
100 15 Dec 27 375 Feb 6
15
912 3914
.99 10138 .99 1013 10158 10133 *99 10138 101 101
101 101
70 Bamberger (L) dr Co prof
100 8612 Jan 9 10278 Dec 3
86
6814 9974
40
40
39
3912 .3814 3912 *39
40
*3834 40
*39
40 •
400 Bangor & Aroostook
50 8612July 27 4618 Feb 1
2914
20
110 110 *108 1097 108 108
4134
109 109 *109 11112 .109 11112
40
Preferred
100 9518 Jan 5 115 Dec 10
9112
6858 10
.414 5
*41
*438 5
5
414 414 .412 5
300 Barker Brothers
*434 5
214 July24
No par
612 Feb 5
214
3
8
714
35
3518 *3418 3458 3212 34% .31
3312 33
35
33
3618
250
612% Cony preferred
100 1618 Jan 0 3812 Apr 12
14
638 638
5,4 2414
614 612
614 658
614 612
614 612
614
612 4,000 13arnedall Corp
57 Oct 4 10 Jan 22
5
578
3
11
.40
4312 42
42
40
4414 *4112 43
4212 4212 *4214 43
1,300 Bayuk Cigars Inc
No par 23 May 8 4534Nov 15
23
314 5212
•10512 10814 *10512 10814 *106 10814 *106 10814 .106 10814 *106 10814
181 preferred
100 89 Jan 15 10012 Deo 19
80
27
100
168 167
1633 1634 1612 17
1614 1612 1612 1633 .
162s 1634 1,600 Beatrice Creamery
25 1014July 27 195 Apr 28
834
7
27
*9934 10012 *9934 101
*9814 101
*9814 101 *10012 101 *10012 101
Preferred
100 55 Jan 13 100 Dec 28
55
45
83
78
78
77
77
75
7514 *75
7812 75
75
*7514 76
600 Beech-Nut Packing Co
20
Mar
58
2
Dec
70
5
8
6
54
45
1233 13
7012
128 13
1212 1278 1238 1212 1278 1278
127 13
2,500 Belding Hemingway Co__No par
8% Jan 3 1514 Apr 24
7
•113 11433 113% 1137 11312 11312 *1134 11458 •11312 1148 *113 11433
312 1212
200 Beiglan Nat By, part pret
951 Jan 9 127 Sept 8
835
6214 10114
1538 1534 15% 16
1434 16
147 1538 15
1512 1518 1534 12,100 Remit: Aviation
5
934July 26 23% Feb 1
934
64
1633 17
x1658 1634
2114
1578 165, 16
1614 18
1618 1578 16
3,800 Beneficial Indus Loan____No par 1218 Jan 31 1918 Apr 26
1218
1314 15
35
35
*3533 3534 341 3478 35
35
35
35
3434 3533 1,700 Best & Co
No par 26 July 26 40 Nov 26
21
9
31
334
3158 3112 32% 2938 32
3012 3118 3014 31 14 3034 3138 35,200 Bethlehem Steel Corp
No par 244 Oct 28 4912 Feb 19
23
1018 4914
70
71
7112 72
7038 7212 6914 7114 714 7114 71
7134 4,200
7% preferred
100 547 Got 30 82 Feb 19
4438
2514 82
23
2312 2318 234 221 2318 2212 2212 2212 2318 2314 245s
700 Bigelow-Sanf Carpet Inc__ No par 1914Sept 17 40 Feb 5
18
6% 2912
1172 1212 1134 1238 1112 1212 1134 1238 1214 1234 1212
9,100 Blaw-Knox Co
No par
0 Sept 17 16% Jan 30
6
312 1933
*204 2412 *2012 2412 *2012 2412 *2612 2413 *2012 2412 *2012 1233
Bloomingdale Brothers_ _No par
24 12
17 Oct 2 26 Feb 7
16
65
21
•105 10712 107 107 *105 106
107 107
106 100 x106 106
Preferred
140
100 88 Jan 8 109 Nov 23
65
63
88
.3134 3712 *33
3712 .33
3712 *33
3712 3712 39
*384 3878
Blumenthal & Co pref
40
100 28 Nov 30 6614 Feb 19
28
24
878 878
50
878 878
818 0
8% 858
858 9
878 934 3,200 Boeing Airplane Co
6% Oct 29 1114 Dee 6
6
6%
56
5614 57
56
5414 5614 5414 5458 5414 5414 5434 55
5,500 Bohn Aluminum ft Br
.5 44128001 17 6814 Jan 24
3334
912 -5812
95
95
94
94
9512 9512 9512 96
29512 96
96
96
210 Bon Aml class A
No par 78 May 14 94 Dec 29
08
52
2334 2414 24
78
2414 2312 2412 24
2438 2414 2433 2438 24% 7,700 Borden Co (The)
25 197 Jan 6 2814July 14
18
18
293 30
3712
2934 3014 2814 3014 2812 294 2914 294 2934 3014 17,600 Borg-Warner Corp
10 1618July 26 31% Dec 31
11%
33
7
7
512
.13
3
6
22
6
*6
7
*612 7
*614 7
IN
200 Boston & Malne
514 Dec 28 1912 Feb 5
514
6
•1
30
114
11 1
*78
•78
118
11
.
78
118
'3 8
1 14
1 18
100 :Botany Cone Mille class A_ -50
78July 25
3 Feb 9
2614 2738 2652 2712 25% 2734 x2634 2718 2678
38
53
433
2714 2718 273 32,400 Briggs Manufacturing_No put
12 Jan 6 2838 Dec 31
25, 1433
614
.24
2434 2458 2433 2334 2334 *2358 24
2318 2312 *23
24
300 13riggs dr Stratton
No par
14 July 20 2712 Dec 13
1012
35
3512 35
714 1834
35
34
35
35
35
35
35
*3412 3558 1,200 Bristol-Myers Co
5 26 Jan 4 3712July 18
25
25
*27/4 41. •272 412 *278 314 *278 314 •24
3814
33 Deo 28
4
Brooklyn & Queens Tr___ No par
*278 3
8% Feb 7
338
*2712 3012 .2712 3013 *2734 29
3,2
938
*2734 29
29
29
29
29
Preferred
200
Dee
No
3114
par
28
5814
Apr
26
31 14
35% 604
3878 3878 3812 3812 36% 3814 3714 3812 3834 40
3934 4014 5,900 Bklyn Manh Transit
2814 Mar 27 447 Aug 27
No par
414 ,
2534
215
.90
9234 .9018 9258 *9058 9212 9212 9212 *92
9378 *93
94
100
preferred
$6
eerie,
No
A
par
8318
Jan
97
4
July
21
69%
64
49
8312 i
49
49
49
49
49
49
49
4812 4812 49
4914
1,000 Brooklyn Union Gas
No par 46 Dec 20 8012 Feb 5
46
60
*5712 5814 5818 5818 .5712 5834 .5712 5834 *574 5833 .
88,2 1
5712 5834
100 Brown Shoe Co
No par 45 Sept 15 61 Feb 16
41
2812 6378 1
012234 12514 *12234 12514 .124 12514 *124 12514 .124 12514 .124
Preferred
12514
100
11814June
1
12614
Dec
14
117
10814 118
6
814
614 614
534 6
57
5%
54 64
618 64 1,100 Bruns-Balke-Collender __ _No par
4 July 23 1078 Mar 17
15g 1812
4
533 53•
533 512
514 555
532 534
6
618
6
6% 3,000 Bucyrus-Erle Co
312July 37
10
98,
Feb
5
312
2
127
1012 1034 *11
1112 1012 11
11
1112 11
1112 1134 1134 2,600
Preferred
26
_5
July
1412
0
Apr
24
6
234 1958
71
71
69
71
6912 6912 *69
71
6912 6912 6834 6834
320
7% preferred
100 60 July 30 75 Jan 15
47
2012 72
412 44
42 454
433 412
414 412
453 4,2
412 5% 8,600 Budd (E 0) Mfg
73 Apr 26
No par
3 July 26
24
3
97
2714 2814 27
2712 26
2734 26
26
26
2634 2718 3112 1,750
7% preferred
100 16 July 25 44 Apr 26
16
3
35
318 34
314 338
34 3,4
34 314
314 312
34 4
11,600 Budd Wheel
No par
2 July 26
538 Jan 30
2
53
1
412 412 *4% 434 *418 45
47
434
*414 43
300 Bulova Watch
*414 434
No par
2% Jan 9
812 Apr 28
213
78
5
1212 1234 13
1312 1218 1358 1212 1332 1318 1314
1318 1318 4,400 Dullard CO
57 July 31
No par
16[2 Feb 16
44
212 1314
•11g
2
514 2
*118 212 •118 2
*118 2
*1 18 2
Burns Bros class A
No par
6 Feb 21
133 Jan 26
1
4
5 j
"4
.
34 3
3
"4
3
1
"4
1
3
*1 18 3
Class A v t c
300
No par
so
Dec
20
%
44
Feb
23
14
3 '
*158 2
.138 2
*138 2
.153 2
.138 2
*138 2
Class B
No par
1 Aug 15
312 Feb 21
1
1
333
514
14
*14
114
*14
*14
14
14
*14
114
Class II 0153
*14
14
No par
12 Jan 2
212 Feb 23
4
2
14
.758 9
758 758
758 752
758 838
812 94
812 812
7%
570
preferred
4 Jan 9 1512 Feb 20
100
3
I% 13
1434 1434
147 15
1414 1478 1438 148
1412 1434 143 1434 5.600 Burroughs Add Mach____No par
1012July 26 s1938 Feb 1
1012
7
04 20,
.2
214 .2
214
2
2
*134 2
2
2
178
178
600 :Bush Term
No par
374 Feb 9
348ept 19
34
1
8
*7
1012
6% 7
7
7
77
77
7% 714 '36,2 74
Debenture
500
234 Nov 27
100
912 Dec 16
2
1
912
•1218 1512 1414 1414
1412 1412 *14
15 .14
15
15
15
130 Bush Term B1 go prof 0101_100
518 Jan 3 21 Dec 17
418
418
8
__ ____ ____ ____ ____ ____ ____ ____
____ _ _ ___ ______ Butte & Superior Mining____10
112 Jan 13
218 Feb16
138
1
,
27
•134 2
*134 2
•17
2
•172 2
178
178
2
2
300 Butte Copper dr Zino
27
5
314
112July
Aug
8
112
12
•112 158
44
138
14
13, 112
138
112 .112
133
112
112 1,100 Butterick Co
Dec 18
No par
118
43
Feb
1
118
114
184 1812 1818 1814 17
7,
2
184 17
1758 1712 177
18
1812 3,700 Byers Co (A M)
No par
1334July 26 3234 Feb 7
133
812 4314
52
52
*51
55
51
51
5412 5412 547 55
564 5612
Preferred
110
100 40 Aug 6 6778 Apr 23
40
3018 80
37
3712 37
38
3612 38
36% 3712 3712 38
38
3812 5,500 California Packing
No par
Jan
1833
4 4434 Aug 29
75
1058
3433
74
%
•72 :
*78
78
1
1
78
1
"8
2,500 Callahan Z1no-Lead
1
IsJuly 27
1
1% Jan 23
12
14
214
358
358
358
353
3'8
33, 312 3,200 Calumet & Ueda Cone Cop.._ _25
35,
3% 338
312 34
2%July 20
65
Feb
6
25
93
2
1012 1012 *104 1012 10
933 958
1038
900 Campbell W & C Fdy____No par
934 934 *952 11
6 July 27 1578 Feb 23
6
2
1614
147 1518 143 1514 15
1514
15
15
15
15% 15% 1518 1,900 Canada Dry Ginger Ale
6 1212July 26 2912 Apr 24
1212
712 4112
*49
.5212 *49
5212 5212 5212 *49
53
*49
53
52
52
60 Canada Southern
100 4812July 27 6012 Apr 24
44
40
45
1214 1212 1258 1278 1212 13
1234 1278 1258 1272 125 127s 22,000 Canadian Pacific
26 1078 Nov 21
1814 Mar 12
107
8
,
712
*35
3
207
36 .35
36
*35
35
35
35
345* 344 3414 3414
500 Cannon Mills _ _ _ __ ____No par 2812 Jan 4 384 Dec 6
22%
14
3512
*613
638
*6
678
618 64 *6
6
6
*6
672
300 Capital Adrulnie Cl A
71 1
1
53
8
Jan
2
1014
Apr
20
414
4%
*3458 35
12,2
35
35 .334 34
*3312 35
*34
35
Preferred
40
A . . . . _ _ .. 11)
3434 3434
2834 Jan 24 39 Apr 20
26
2518 3512
*841
__ *8412
__ 84% 8412 .84
___ •83
85
*83
85
100 Carolina Clinch & Ohio Ry__100 74 Apr 2 85 June 19
60
42
61
.8912
2-9-5
*8912 -9-5 .89
95 .8814 -95 .88
95
*88
Stpd
95
100 70 Jan 0 9212June 23
70
5014
553 .5638 5534 5738 514 563
79,2
3
5414
53
5314 5434 55
23,300 Case (J I) CO
55
100 35 July 20 86% Feb 6
35
3012 10312
92
95
9212 9312 9312 94
94
94
94
94
.94
95
Preferred certificates
300
100 50% Aug 15 93 flea 29
66%
41
3712 3812 38
86,
4
39
3633 3812 3612 38
3814 3834 384 3912 16,400 Caterpillar Tractor
No par 23 Sept 14 382 Dec 29
15
512 29%
3178 3212 323 334 3018 3318 3078 3214 3138 3238 32
3258 25.300 Celanese Corp of Am
No par
1718July 26 447 Feb 5
1718
412 587
•314 4
314 314
338 338
318 312
314 4
4
458 2,700 Welotex Corp
No par
1 18July 27
578 Nov 5
1,2
12
578
212 212 *214
212 .24 238
238 2$8
234 278
312 2,400
3
Certificates
No par
1 July 27
4 Apr 12
78
%
438
1812 19
1912 1912 1838 1831
1812 1878 1834 23
23
2512 2,660
Preferred
100
612 Jan 18 2238 Apr 13
212
11
1234
2234 2314 22.34 2234 2278 2314 23% 24
23
2318 .2338 2334 1,200 Central Aguirre Moo_ ___No par
1834 Dec 4 3218 Feb 5
1854
14
41
*50
60
*50
56
50
50
550
55
*50
55
*50
55
500 Central RR of New Jersey. I00 33 July 27 92 Feb 3
53
38
122
1058 1078 11
1138 104 1114 11% 1233 1112 1134 1033 11
5,200 Century Ribbon Mills___No par
8i2seot 14 1238 Feb 19
512
2
11%
0103 110 *103 110 .103 110 .103 110 .103 110
103 110
Preferred
100 82 Mar 31 11012 Deo 20
75
52
100
4212 43
4234 4312 23858 4338 4038 4112 4012 41
41
4133 29,800 Cerro do Pasco Copper-No par
3014May 16 4412 Dec 17
235
57
4
4414
5,2 512 *54 578
514 514 *514 534 *512 534
600 Certaln-Teed Producte___No par
3% Jan 2
534 58
7% Apr 6
25,
1
733
.2814 29
.2814 30
•2814 30 .2814 297
29
2934 32
29
210
7% preferred
100 1712 Jan 19 35 Apr 5
1058
4
3014
'518 678 •54 74 *54 74 *538 733 *538 68 •54 718
Checker Cab
5
412 Dec 28 1612 Mar 16
412
712 2312
4214 4212 42
4214 3934 42
3912 4014 3958 40
Chesapeake Corp
40
4,200
4014
No
34
par
Jan
4 4874 Apr 21
1478 6212
29%
4312 4414 435 4334 4212 437
4212 438 428 4314 43
4333 15,000 Chesapeake & Ohio
25 39% Jan 5 4858June 16
372
2433 4914
218 218 *2
5
2
2
•178 5
*178 5
*17
200 :Chic & East Ill Ry Co
5
100
14 Dec 1
7 Feb 17
t2
8
1
*238 212 *238 258
238 238 *238 258
253 233 •238 234
100
6% preferred
200
158July 23
8 Feb 16
133
12
2
812
2
2
218
2
2
•14 2
2
2
*178 218
700 Chicago Great Western
100
512 Feb 1
112 Dec 28
112
138
738
4
4
*4
412
4
4
*312 412 *33
4
4
400
4
Preferred
312 Dec 19 1178 Feb 19
100
312
212
147
8
*154
__
*134 - _ •14 _ _
•13 _ _
•134
_
•134
_ _ _ _ ___ :Chic Ind &Louis, pref ___100
15 Deo 21
7 Apr 24
13
0
25
212 _-234
212 258
238 112 *238 14
238 _-212
21 .-212
4,300 Chic Milts 51 1' & Pac___No par
Dec 27
2
812
Feb
6
2
1
113
4
4
37
418
37
4
334 4
418
37
4
5,600
334 4
Preferred
100
312 Dec 27 1314 Feb 6
312
112 1814
434 434
43
434
438 47
438 412
412 458
412 458 6,100 Chicago & North Western
100
312 Dec 28 15 Feb 5
312
10
133
9
9
*9
8
94
812
814 853
812 914 *812 914 1,500
Preferred
100
64 Dec 24 28 Feb 16
814
2
248
6
614
614 614
6
612
6
618
614
638
638
64
3,200 Chicago Pneumat Tool _No
97 Feb 5
_No par
358July 26
358
218 1232
23
23
2212 2278 22
22% 2212 2234 2212 2334 24
2,400
24
Cony preferred
No par 14l July26 285 Apr 24
141 1
512 254
*2
21 1
218 218 •2
218 *2
218 *2
212
2
:Chicago Roca lel & Paciflc_100
400
2
1[18 Dec 28
014 Feb 7
19
314
2
10,4
333
313 *3
314
338
3,8 314
3
312 .338 44
500
7% preferred
100
238 Dec 28
958 Feb 6
2%
312 19,2
3 . 3
*3
312
3
33
34 *312 4
800
*314 418 *3
6% preferred
178 Dec 27
100
fi Feb 6
17
278 15
Chic St Paul StInn & Om-- _100
612 Apr 7
114 Sept 25
1 14
1
a
Preferred
100
4 Oct 2 1134 Feb 15
2
34
12
'31672 -1-2
1012 1612 .10
ii •16 172 .i6 1034 .16 12
100 Chicago Yellow Cab
Vs par
94 Oct 24 216 May 18
018
618
2238
• Bid and
asked Twice&
no sales on this day.
I Companies reported 13 receivership.
b
\Tam. r.hanyorl
3rnm Amer. Beet Sum Co. x Ex 11v1dend.
435
New York Stock Record-Continued-Page 3
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Jan. 12
Monday
Jan. 14
Tuesday
Jan. 15
Wednesday
Jan. 16
Thursday
Jan. 17
Friday
Jan. 18
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range for Year 1934
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Dec. 31 Year 1933
1934
Low Low
High
$ per share $ per oh 3 per share
Par $ per than
$ per share $ per share $ per share $ Per share $ per share 3 per share Shares
15
5
34
10 1914 Jan 8 3034 Feb 5
1,700 Chickasha Cotton Oil
2712 2734 2838 287
2678 27
27
2712 2712 2712 2712 27
2
1018
318
334July 25 1158 Feb 10
No par
700 Childs Co
*6
612
6
6
*534 6
534 618
634
*57
64 *6
6
2112
1014
1412
25 1014 Aug 9 1758 Apr 9
*12
1412 .12
Chile Copper Co
*12
14
*12
14
*12
14
14
*12
5
57
2614
23
73
4
8
Feb
603
7
2914
Aug
Chrysler
Corp
5
61,800
373
4
3812
3812
38% 37%
3834 3914 3714 3912 38
3812 39
718 25
1412
1714 Jan 5 245 Jan 30
No par
1,800 City Ice & Fuel
2014 2014 205
20
20
2012 2018 2039 20
*20
2039 20
72
45
633
Preferred
100 67 Jan 3 9212 Dec 15
100
*8712 90
*8758 90
9014 *5712 90
8912 90
8914 8912 90
40
55
374
100 374 Nov 19 52 Feb 17
City Investing
50
*32
*32
50
*32
50
50
*32
50 .32
*32
50
14
35
12
24 Feb 6
12July 27
No par
112 47,100 City Stores
148
78
112
%
1
78
78
78
78
78
78
la
218
114
Feb
6
3
8July
24
Voting
trust
par
17,400
3
8
certlfs
No
78
34
,18
78
*12
38
12
12
12
12
*12
58
2!4 July25
2
112
812
558 Feb 6
Class A
No par
6
434 68
412 412
434 *44 412
0412 434 *4
639 7,200
514 Dec 20
2 July 20
34
No par
14
514
Class A v t c
514 512 1,300
5
618
*4
6
*334 6
*4
6
*4
6
1414
5
612
834 Jan 5 2134 Mar 5
No par
200 Clark Equipment
15
15
*1312 14
1312 1312 *1314 15
*1312 14
*1312 15
60
65
60
Cleveland dr Pittsburgh
50 7012Sept 19 78 Nov 15
*814 --__ .8134 8412 *8134 8412 *8134 8412 *7712 8412 *7712 84,2
30
31
31
50 38 Jan 25 45 Dec 5
Special
*44
044
_
*4414
*4414
•4414
•4414
22
10
411 2
200 Cluett Peabody dr Co____No par 2478 Nov 28 45 Apr 7
*2512 27
*2512 273-4 .25 27
*27 -2814 027 2739 27 -27
90
100
90
100 95 Jan 28 115 Apr 23
10
Preferred
114 114 *11212 115 *1124 115 *11312 115 *11312 117
*114 115
7312
105
85
181
12
Dec
31
2
Jan
9514
Coca-Cola
No
par
1,600
17612
CO
171
17112
*170
172
17112
17614
17112 174
(The)
17012
1751 1 17514
44
51
4512
No par 504 Jan 11 57 Oct 11
Class A
100
56 1 *5558 5612 *55% 5634
56
*5512 5678 *5539 5612 *555 567
180
200
__ *335 - _ - _ -- -- Coca Cola Internet Corp_No par 314 Dec 14 314 Dec 14 200
*336
... *335
*350 - -_ 0346 - _ *346
7
9
22%
939 Jan 3 184 Mar 13
1678 f7-12 1638 1718 1639 -1-714 164 -1-738 1714 1-7-12 9,600 Colgate-Palmolive-Peet No par
164 1-7
49
89
66
100 684 Jan 8 10212 Dec 5
6% preferred
800
102 10214 102 102
1024 10212 *10214 10212 10214 10214
102 102
3
26
10
10 July 28 2812 Feb 19
No par
1278 1418 1312 1334 1312 1334 138 13% 4,900 Collins & Alkman
1312 1334 1334 14
8378
85
72
Apr
18
94
74
Nov
5
100
Preferred
60
81
81
84
81
81
*79
84
82
82
84
*82
85
5
9 Feb 5
.5 Aug 28
No par
500 Colonial Beacon 011
54 12
634 634
.612 712 *612 712 *612 712 *612 7,2 *612 712
27
1758
834 Feb 8
45
278
358 Jan 2
No par
44 418
412 1,000 tColorado Fuel & Iron
44 44
418 414
412 412
44 418
9
54
9
Preferred
100 1012 Jan 3 32 Feb 23
90
2214
20
2012 22
20
23
2012 *18
*17
19
19
*20
16
1514 51
1912
100 165 Dec 29 4038 Feb 1
20 Colorado & Southern
1912 *18
*18
22
*18
22
22
*18
17
18
•I7
1212 4234
13
4% let preferred
230
*1314 1514
16
1634 *13
1334 1334 *13
14
14
100 13 Nov 7 33.14 Feb 9
14
14
11
10
30
100 11 Nov 14 30 Feb 3
4% 20 preferred
80
*1112 15
1114 1114 *1112 14 .114 15
12
12
•1114 12
2318 71 12
45
6914 6834 6938 6912 6912 3,800 Columbian Carbon v t o __No par 58 Jan 8 7714 Apr 23
7012 67
704 711 3 71
7112 67
639 28
1718
36
3618 3614 3614 3434 3614 3414 354 3514 3514 *3558 3612 2,500 Columb Plot Corp v t o_No par 2112July 28 4139 Dec 3
9
2818
658
67
858 Dec 28 1914 Feb 6
634 678 19,600 Columbia Gas & Elec____No par
68 7
638 7
658 678
678 7
718
50
83
50
100 52 Jan 5 7834June 21
Preferred series A
800
5712 574
*5678 5814 56
577 584 *5458 57
58
*5678 59
40
41
7412
100 41 Jan 9 71 Apr 24
5% preferred
70
*50
55
50
*4612 50
x50
50
4712 4712 50
*4612 50
194
4
1114
4112 4112 4134 17,700 Commercial Credit
10 1839 Jan 4 4014 Dec 31
4239 4034 4114 41
4238 4314 4214 4234 40
1812
25
22
Nov
30
3018
Jan
5
25 2312
7% 1st preferred
100
*3014 33
30
3014 *3014 33
*30
33
30
30
33
*30
16
3912
32
50 38 Jan 3 53 Dec 31
*54
55
Class A
1,000
55
5112 *54
54
5412 54
*53,8 5312 5312 54
1818 254
23
25 24 Jan 3 3018 Dec 11
290
Preferred B
30
30
*297 30 .297 30
30
30
3018 30
*30
355
85
70
957
100 9112 Jan 3 110 Dec 5
100
110 110
83i% first preferred
11039 11014 110 11014 110 110 *110 112 *110 112
18
27%
4312
5812 5914 5912 5934 8,700 Comm Invest Trust
59
No par 3534 Jan 4 61 Aug 18
5839 584 5812 5914 5738 5912 58
84
8412
114
Nov
23
3
977
Jan
Cony preferred
No par 91
100
*1134 11412 •11334 11412'51133 11439 113% 1138 *11334 11412 .11334 11412
9
5739
154
No par 1534July 26 3834 Jan 30
21,4 21% 2178 2212 2012 2238 2114 2178 2138 2178 2134 2214 39,600 Commerclal Solvents
114
84
1
334 Feb 6
1 Nov 20
114 21,100 CommonwIth & Sou
118
118
114
No par
118
114
118
14
1,8
114
14
114
17%
604
171
231
523
4
Apr
2112
Jan
2
par
preferred
No
3014
30
30
31
$O
series
4,500
3114 3112 33
3012 3118 3018 3114 30
3
11
5
5 Aug 2 1338Apr 191
No par
100 Conde Nast Pub., Ino
*714 10
*714 10
9
312 *714
7% 739 •714
*714 10
739 2739
1612
No par 22 July 26 3538 Nov 19
3218 3212 3218 3258 3214 3314 12,300 Congolcum-Nairn Ine
3234 3312 3218 33
3234 34
812 18
714
914
914 1018 1012
7148e0t 7 1412 Mar 5
No pai
700 Congress Cigar
*812 1012 *84 1018 *812 1018 *812 912
036
52
60
32
32 Dec 29 61 June 23
37
37
*36
37
03512 37
3414 37
37
70 Connecticut Ry & Lighting100
37
37
50% 55,2
5039
55 Jan 18 58 Jan 15
Preferred
100
*41
55
55
*4012 55 .41
*40
55
*40
55
55
*40
914
312 19%
514
884 914
514July 26 1338 Mar 17
No par
900 Consolidated Cigar
934
934
914
914
914
*914 93
9
9
3014 60
3014
Preferred
100 31 Jan 5 73 Dec 29
100
*65
75
*65
75
*60
75
*70
75
73
73
*70
75
65
31
4514
7439 7414 7414
Prior preferred
100 4514 Jan 2 747 Dec 29
74
*74
75
76
76
.74
78
110
78
*75
3812 62%
454
Prior prof ex-warrants
100 49 Feb 13 70 Dec 6
_ __
.71
_ __ *71 - __ •7I .. _ *71
_ *71 *70
614
Dec
21
13
4
534
27
15s
July
Consol
Film
1
7
718
i1
7
71
612
73
8
6
1
139
Indus
__18.800
714
6
,
2
638 _-ii12
57
734
1434
1038 Jan 2 2038 Dec 31
No par
2138 2058 2114 2012 21
19% 2014 20
Preferred
2012 207 12,200
19% 20
644
34
1812
4739 Fen 6
1812 Dec 26
No par
2118 214 2039 2112 1934 2034 2014 2058 2018 2Oo 2018 2012 40,500 Consolidated Gas CO
811s 99
Preferred
No par x71 Dec 27 95 July 23 271
80
8012 2,200
80
80
80
808 *79
803 8038 8012 79
80
48 Feb 7
112
112
512
2
21
178
112Sept 18
No par
1,200 Consol Laundriea Corp
2
214
218
21
17o
18
178
134
IN
714
784
7
5
1534
714
1414
Feb
13
July
26
Corp
No
par
Consol
Oil
16,200
73
4
77
8
739
77
712
7,2 7
734 78
734 7%
9512 108
100 108 Feb 9 11218 Oct 18 103
0110 11214 *110 11214 11014 11014 .11014 112 *11014 112 •11014 112
8% preferred
100
1039
139
24
6% Feb 5
218 Jan 5
100
200 Consol RR of Cuba prof
24 234
*212 318
234 23
*24 234
*238 3
*238 3
i2
78
7s
7
7
78
1
78
78
14
314
11 July 26
218 Feb 7
No par
2,800 Consolidated Textile
%
1
1
1
118 1014
414
12
618 Jan 5 1334 Apr 23
1212 1214 1214 1214 133* 10,600 Container Corp class A
20
1212 125 1318 117 1278
12
14
412
2
45 10,000
413
538 Apr 18
Class B
No par
414
412 439
414
43*
239 Jan 2
414
438 434
412 458
514 July28 1439 Jan 24
55
55
3
514
1814
300 Continental Bak class A No par
*534 6
*534 6
53
534
554
534
.572 634
12
312
July 27
Class B
34
No par
1,300
78
1
1
239 Feb 7
1
'8
1
*78
1
1
1
78
78
84
36
4414
64 Feb 9
547
*4614 48
Preferred
100 444 Dec 7
49
.4614 49
*4614 49
•461 t 4834 *4614 50
563
4-64
644 6414 6434 10,800 Continental Can Inc New ____20 5634 Oct 30 6412 Nov 28
643 6512 6434 6514 6234 654 6418 641
-3-12 1-74
6
.712 8
6 July 26 1114 Feb 6
5
300 Cont'l Diamond Fibre
*712 814
7
7,2 *7
*714 818 '57,2 818
73
1012 3612
20
2.50 2339 Jan 6 3614 Dec 6
33
3312 33
335* 6,100 Continental Insurance
325
3234 3234 32
3212 33
3139 33
4
238 Feb 21
NJuly 2
138
138 8,600 Continental Motor',
112
1
34
I%
No par
114
114
112
114
112
114
118
139
1939
1214
47
5 1584 July26 2234 Apr 21
1714 1739 13,700 Continental Oil of Del
1634 1734 17
1712 175
1739 175
1739
1739 173*
4012
10 Corn Exchange Bank Trust Co 20 4012Sept 18 51 Jan 31
*4414 455* 04412 4512 4534 1534
*4412 45
•45
46
*4514 46
1533 -9058
5512
25 5512 Aug 8 8411 Jan 26
6438 6538 4,900 Corn Products Refining
6514 6314 6418 644 65
6418 6412 8412 6512 63
11712 14534
15012 Dec 12 133
Preferred
100 135 Jan
300
•150_ _.._ *150 _ - 15014 15014 *15012 160 *15012 _ ,_ 15012 15039
712
28
314
972 Feo 5
358July 26
No par
614 7,800 Coty Inc
614
618 -014
6
614
534 612
618 -612
534 -6
23
23
3912
No par 28 Jan 3 3814 Dec 19
3578 3617 3,300 Cream of Wheat etfs
36
3614 3618 3614 357 3618 357 36
357 36
214
144
7
1712June
16
1313
8 Jan 2
No par
100 Crosley Radio Corp
1212 1212 *1212 1334 *1234 1312 *13
•1212 1334
•1234 13
1414 65
1834
18%July 28 3614 Feb 1
*24
243* 24
No par
2458 1,300 Crown Cork de Seal
2414 2438 244 2414 2334 2414 2378 24
2412 3812
32
$2.70 preferred
No par 354 Jan 2 4414 Dec 3
4312 4312 4414 4414 4414 4414 4412 441
44
800
4312 4312 44
54
17
4218
10 Crown Vrmette Pap lot pf,Vo par 47 Jan 9 84 Dec 31
*82
88
83
83
88
8534 *83
*83
8812 *83
*84
88
1
84
314
47
639 Apr 27
358July 27
No par
2.100 Crown Zellerbaok v t o
478 48 '5439 5
434 434
434 5
5
5
5
9
14
3712
1,500 Crucible Steel of Amerioa____100 17 July 27 385* Feb 19
21% 2134 2214
*2214 228 2012 2214 2012 2114 21
22
22
18
6039
30
Preferred
68
6734 *62
6334 634 •63
64
100 44 Nov 7 71 Apr 19
200
*64
68% 64
69
*64
12
458
34 Feb 9
34
78 Dec 19
114
138
138
138
138
No par
138 1,300 Cuba Co (The)
138
139
138
138
*138
112
*55* 57 .
24 18
57
57
3
314 Jan 15 1012 Jan 23
100
20 Cuba RR 6% prof
55* 67
5%
514 514 *5
*514 578
14 1 ii2
212
97 Feb S
312 Jan 10
10
4,800 Cuban-American Sugar
534 6
618
6
534 6
534 6,8
538 55
578 538
10
68
1412
Preferred
200
100 2018 Jan 9 65 Aug 30
43
4318 *4314 4412 4218 4412 4312 4312 .4314 447 *4312 44'2
2034 5912
3518
45
4412 4412 .43
400 Cudahy Packing
*43
45
45
45
47
45
4514 *45
50 37 Jan 2 5239 Aug 29
612 3214
1312
204 2014 2013 3,100 Curtis Pub CO (The)
2014 20
1312 Jan 8 2938 Apr 12
2034 20
No par
2034 2114 20
2012 21
3812
68
30
9514 9514 9534 96
1,800
9412 95
94
98
98
96
Preferred
No par 4312 Jan 3i 9534 Dec 18
*9534 98
458
112
2
514 Jan 31
24 Nov 1
258 278 10,200 Curtiss-Wright
258 234
258 234
I
258 234
258 234
234 278
33
2
8
814
83
Apr
2
Jan
3
83
4
918
814
8
124
514
Class
A
1
8,300
812
84
77
8
83
8
812
88
9613
74
75
791 *7414 791
20 Cushman's Sons 7% pref ___100 7514 Dec 10 91 May 1
•7314 8114 •7314 81,4 *7314 8114 7314 7314 *74
6012 82
70
*6414 70 .65
6412
8% preferred
No par 644 Nov 26 90 June 19
*65
70
*6414 70 .6412 70
*6414 70
414 21
1914 2,000 Cutler-Hammer Ine
912
1712 1734 1712 17'2 177s 1812 19
No par 11 Jan 4 2112 Feb 21
.1838 1914
1814 19
77
77
13s
844
512
200 Davega Stores Corp
.758 77
*758
84 Feb 5
.712 8
8 Jan 10
6
78 778 •758 78 *75
2458 49
1018
2814 22,000 Deere & Co
253 2634 2412 265* 2512 2612 253 2658 27
1018July 28 344 Feb 1
No par
2514 26
1938 197
1914 1918 1918
1839
1014
2,000
19
1912 19
1912 1934
814
Preferred
20 1014 July 27 1914 Dec 28
1914 1938
3817 4,900 Delaware & Hudson
3739 9314
3734 3714 38
*38
3914 37
35
38
3812 3834 3914 36
100 35 Aug 6 7312 Feb 1
14
1714 46
16
1658 1534 16'2 1618 165* 12,900 Delaware Lack & Weetern...._50 14 July 26 338 Feb 5
15
17%
1678 1839 167
16
434
194
*334 434 *334 45* *334
2
334
200 Deny & Rio Or West oret
4
4
04
5
4
4
334 Dec 19 1314 Mar 28
100
75
7539 7512 7614 074
9112
48
55
75
7112 7212 7312 7412 74
100 834 Jan 5 84 Feb 23
75'2 1,100 Detroit Edison
912
6
6
*234 6
.234 7
.312 6
.3
6
3
5
7 Feb 8
6 Jan 25
20 Detroit & Mackinac Ry Co .J00
*234 6
112 18
112
.8
. ___
5% non-cum preferred__ _100 10 Mar 19 1814June 20
- - *63 111
- *6
*614
-- .61
*614 - -_
48 --4818
10
3372
20
400 Devoe & Reynolds A____NO par 29 Jan 6 5514 Dec 19
4--4614 *4812 191 .4714 50
.47
50•46,4 1934 4614
794 100
8912
let preferred
100 99 Feb 17 117 Dec 19
*11612 117 .11612 117 *11612 117 .11612 117 *11638 117 *11638 117
2718 27
2738 2,100 Dlamond Match
1712 2912
21
2712 2718 2718 2714 2712 2634 274 27
.27
No par 21 Sept 17 2812 Jan 16
*3434 36
264 31
*3412 36
3434 35
3434 35
275*
500
*3412 35
Participating preferred
•3412 35
25 2814 Mar 27 3412 Aug 21
361 20,700 Dome Mines Ltd
3534 3638 36
12
3912
25
36
3634 3614 3634 3418 3612 3578 363
No Par 32 Jan 25 4614June 27
1112 1112 1,200 Dominion Stores Ltd
11
1012 2632
No par
1139 115s
11 Dec 14 23 Mar 10
115* 1138 1112 1112 1138 115* 11% 1134
2112 224 223 235* 18,200 Douglas Aircraft Co Inc No par 144 Jan 2 2812 Jan 31
10,4 1814
1118
2112 2214 2218 22% 2078 2212 213s 22
814
153 *1212 1534 .1212 1534
84 18
100 Dresser(SR)Mfg oonv A- No var
8'gSeptl4 20 Nov 16
*1412 1531 *1412 154 1412 1412 .13
714
7
7
7
714
718 *7
218
104
338
1178 N1ar 28
6 Sept 14
Convertible class B
No par
300
718
714
714 *718
714
14
213
Duluth 88 & Atlantic
100
158 Apr 20
58 Jan 15
55s
34
*38
14
*38
3
34
12
538
*%
84
• 38
34
4.12 1
12
*12 1
•12
1
•12
1
Preferred
100
34
24 Apr 20
12 Nov 16
%
*12 1
512
1
78
412 518 2,500 Dunhill International
.418 412
41
3
412 *4
1434
412 *4
3 Sept 15 1134 Mar 28
1
412 412 *4
1812
912 2838
1812 *17
1312
Duplan Silk
No par
1812 *17
1312 Oct 31 23 Feb 16
*174 1812 *1712 1812 *1712 1812 *17
115
8234
92
Preferred
100 100 Feb 9 110 Mar 9
*108 112 *108 112 *108 112 *108 112 *108 112 .108 112
3218 9638
9439 9334 9439 9312 9412 17,000 DuPont deNemours(E.I.)&Co.20 80 May 18 10378 Feb 16
60
9212 9434 93
9414 9434 9412 95
9712 117
200
8% non-voting deb
100 115 Jan 2 12812 Dec31 10414
•12758 12838 *12758 12818 128 128 *127 128 .127 128 *12712 128
85
85
1021s
140 Duquesne Light lot pref
107 107
10612 10612 107 107
108 106
10578 106
100 90 Jan 16 107 Sept 21
•10512 106
912 194
13
*22
_ __
_ _
10 Durham Hosiery Mills pref 100 21 Feb 7 30 May 4
*22
_ .22
22
22
__ .22 . __
.22
63
118
10
312
658 -7
-63:4
-634
1,700 Eastern Rolling Mills____No par
64 .634 7
44July 25 1234 Feb 19
*634 _-7% *634 -7
46
6512
8934
4,400 Eastman Kodak (N J)--No par 79 Jan 4 11812Nov 28
11114 114% 11012 11214 11214 11212 113 114
115 11614 11412 115
130
110
100 120 Jan 18 147 June 27 120
6% cum preferred
4:30
14234 14234 .142 14234 142 14234 1424 14314 •142 14314 14314 14314
318
16
10
No par
1714 1718 1758 4,300 Eaton Mfg Co
1712 17
1210 July 26 2212 Apr 19
1712 1734 1734 174 1658 1778 17
65
6
6 Sept 17 1914 Mar 6
Vo par
300 Eltingon Send
83* 658 *7
658 *612 7
739
Vs
63* 658 *612
274
-10
1139
2534 2514 26
2534 25
5 15 July 26 3139 Feb 21
22,900 FJec Auto-Lite (The)
2539 2638 2412 2812 25
2518 26
75
75
881t
10712 108
Preferred
100 80 Jan 5 110 Nov 19
180
*10712 10812 10814 10814 *10712 10814 108 10814 108 108
814
1
3
51s
518
5
51s
712 Jan 29
3 July 28
3
5
54 5,800 Electric Boat
5
5
5
518
439 514
73
412
73
1
3
3
1
2
,
2
8
3
918May
414
Jan
3
Mite
Ind
Am
shares
4,500
Elec
&
75*
*714
7 4'
7
7,2
739
7
712
*7
712
318
214
214
1538
958 Feb 7
214 Dec 21
25
27
23
3,000 Electric Power dr Light __No par
258
234
3
25* 27
27
234
278
3612
1
712
65
8
21
Apr
18
3
Nov
19
Vo
par
1,400
Preferred
73
8
712
639
*7
4
712
712
712
7
712
712
712
7
718
612 3234
6
Vs par
6 Nov 191 1934 Feb 7
MI
614
634
36 preferred
600
658 658 *6
63s
7
*638 7
7
*6
• 1116 and asked prICeo, no sales on this day. 1 Companies reported in receivership a Optional sale. e Cash sale. z Ex-dividend. a Ex-rights.
436
HIGH
New York Stock Record-Continued-Page 4
AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Jan. 12
Monday
Jan. 14
Tuesday
Jan. 15
Wednesday
Jan. 16
Thursday
Jan. 17
Friday
Jan. 18
Sales
for
the
Week
Jan. 19 1935
WWI/ 1
STOCKS
NEW YORK STOCK
EXCHANGE
Range for Year 1934
On Baits of 100-share Lots
1933 to Range for
Dec. 31 Year 1933
1934
Low Low
High
Lowest
Highest
.3 per share $ per share $ per share $ per share $ per share $ per share Sharer
$ per share 2 Perth 2 Per share
Par $ per share
48
48
*47
48
45
47
45
4514 4612 4712 4712 48
1,500 Elec Storage Battery
No par 34 Sept 22 62 Jan 24
34
21
54
*88
78
*88
78 '
5 88
78
*53
78
*88
38 '
58
:Ells Horn Coal Corp......_No par
78
58May 11
172 Feb 21
la
4
53
•114 134 '114 11
/
4 *114 15
158
.13
'138 134
158 13
100 6% part preferred
58
26
6
23
1
3
July
3
4
1
50
Feb
*5212 5314 54
54
*52% 54
5234 54
*5212 5433 *5212 5438
300 Endicott-Johnson Corti
50 45 Sept 8 63 Feb 16
45
26
62%
126 126
12714 12714 *126 127 *126 127
127 128 .12712 _ _
130
Preferred
100 120 Jan 3 128 Nov 22 112
107
123
234 234 "258 234
238 238 .2
3% *2
318 "2
118
200 Engineers Public gory_ __No par
2 Dec 28
8% Feb 7
2
334 1434
.15
16 "14
16 '01458 16 .1418 16
15% 15% 1534 1614
500
35 cony preferred
No par 1014July 27 2312 Feb 6
1018
11
47
•14
1734 1512 1512 1518 15% *1414 1734 '1514 1734 1618 16%
300
$535 preferred
No par 11 Jan 8 2412 Feb 5
11
11
4978
•16
1718 *1614 17% •16
1718 .1434 1718 *15
1718 17
1734
200
US preferred
No par 13 July 26 Ws Feb 6
12
12
55
*5
518
5
5
5
5
5
5
5
5
5
5
4,300 Equitable Office Bldg... No par
103
24
Jan 22
5 July
6
612 1338
1158 1134 12
12
1012 118 11
1158 1114 1114 1114 1158 3,800 Erie
938Sept 17 2478 Feb 6
100
938
334 2534
*1412 1612 •144 17
1414 1458 •13
14
14
14
14
14
400
First preferred
100 14% Dec 28 2814 Apr 26
1314
412 2912
•1012 1312 1012 1012 1014 1014 *8l 1212 *93* 12
*912 12
200
Second preferred
9 Sept 25 23 Apr 21
100
9
212 2353
.63
11133
_ *63
_ *63
_ *63
_ *63
__ ___ ___ Erie & Pittsburgh
50 50 Jan 25 68 Dec 26
50
45
50
.1114
1138 1034 104 1078 1071114 1114
8 11 -1-1700 Eureka Vacuum Clean
7 July 26 1438 Feb 19
6
3
653
18%
2034 19
19% 1912 19
20% 1918 20
1958 198
20
2012 5,500 Evans Products Co
Jan 3 2714 Apr 27
6
9
3
%
10
"3% 414 *312 414 "313 414 •312 414 *3541 413
440 Exchange Buffet Corp_.-No par
414 5
3 July 27 1012 Apr 2
3
312 1112
11
112 *138 17
138
138
138 138
134 218
2
2% 1,890 Fairbanks Co
238 Apr 17
26
1 Sept 1
1
253
7
8
7
7
*614 712 '614 7
.64 712
712 858
814 93* 1,500
100
Preferred
334Sept 18 1213 Apr 14
312
1
814
1714 18
1734 1858 1712 19
1778 19
19
1914 1812 1914 3,800 Fairbanks Morse & 0o...No par
7 Jan 6 1834 Des 31
478
212 1114
751
75
75
75
7213 *70
73
75 *72
74
72
79
250
Preferred
100 30 Jan 10 7712 Dec 31
25
4212
10
.614 612 *614 678
574 614 *5541 614 *573 614 '57
800 Federal Light & Tree
614
16
4 July 27 11% Apr 3
4
434 1413
*51
55 *51
55 *51
55
50 61
*51
55
*52
55
50
Preferred
No
par 3418 Jan 12 62 Mar 13
33
33
5953
*52
60 "50 60 *50 60 *50 60
50
50
*48
100 Federal Min & Smelt Co......100 52 Oft 11 107 Feb 14
60
52
15
103
*66
75 *66
75 .68
73 *66
74
70
70
*65
200
72
Preferred
100 62 Oct 6 98 July 12
50
74
18
'514 512 *538 512
5% 514 *5
538 512
53* 5%
538
500 Federal Motor Truck--No par
278July 26
833 Jan 30
34 1134
278
37
37
•37/4 4
334 334 *334 412 '334 412
200 Federal Screw Works--No par
*378 458
538
Jan
Feb
13
23
2
1
3
4
478
11
118
1% 113
118 118
118 118
112
118
1%
118 1,200 Federal Water fiery A__No par
1 Nov 20
4 Feb 6
I
138
63
•19
19% 1912 .19 • 1912 *19
197
20
*1914 1978 1912 191
300 Federated Dept Stores_ -No par 20 Aug 7 31 Mar 6
1814
712 30
'
03212 33
33
3314 3212 33
3212 33
3258 33
*3278 3312 1,300 Fidel Phen Fire Ina N Y.___2.50 234 Jan 5 351 Dec 11
2014
1014 36
---- --- ---_ ---__ ---_
-- -___
_ __ ____
___ ______ Fifth Ave Bus Sec Corp.--o par
7 Feb 15 11 Jan 3
6%
5
938
*1032 24 '1934 14 "1934 -2-4 .1934 14 "1934 24 '1934 -24
Filene's(Wm)Sons Co_ _ _No par 23 July 25 30 June 21
21
9
30
'110
_ *110 112
110 1104 *107 _
110 110 *107
_
150
6:4% preferred
100 87 Jan 10 106 Aug 9 x85
81
95
1614 163
1634
16% 1712 1634 17
1678 1678 1714 1/14 6,100 Firestone Tire & Rubber
Oct
20 2514 Feb 19
913 311s
10 1318
1318
92% 9212 9314 9314 9234 93
93
9314 9318 9318 9278 9278 1,000
Preferred series A
100 71 Jan 9 92% Dec 18
6718
42
75
.52
52
514 51% 514 5214 4958 5134 497 51
4914 5078 4,500 First National Stores____No par 63 Dec 27 6914July 16
471.
43
7038
02212 2358 *2212 2312 *2212 2312 *2212 2358 *2212 2338 *2212 235s
Florsheim Shoe class A...No par 15 Jan 4 26 Apr 11
712
1253
18
13
553
533 533
5
512
5% 5153
553 534
3,600 :Follansbee Bros
534 6
2
No par
2 July 26 1738 Feb 21
212 19
*21
2214 .21
2212 2014 2014 2014 2014 2012 2012 *2012 2112
300 Food Machinery Corp-No per 101* Jan 9 2158 Dec 29
1012
612 16
1534 1534 16
16
1414 1618 15
1514 15
1512 1512 1558 2,300 Foster-Wheeler
812July 27 22 Feb i6
81j
No par
412 23
7212 7314 7312 74
7212 7212 '7312 74 '7212 7334 73
7312
130
Preferred
No par 55 July 23 80 Mar 19
4414
3212 71
858 834
858 85
818 858 .833 88
873 8% '834 9
1,200 Foundation Co
614July 26 1714 Jan 30
No par
614
2
233e
2413 2314 2353 2314 2378 2334 24
24
24
2438 2418 243
3,200 Fourth Nat Invest w w
1 1712July 26 2712 Feb 5
1358 2614
1653
1112 1134 1138 12
11
1178 '1114 1158 11
1138 11
1112 9,000 Fox Film class A
par
No
1718
July
Feb
26
26
814
814
12
19
*40
45 *41
44 *40
43 *40
4212 40 42% *38
4212
20 Fkln Simon & Co Inc
pf__100 20 Aug 16 83 Feb 7
20
12
50
2378 24
2334 24
237 2378 2312 2434 *2334 2414 2412 2434 2,500 Freeport Texas Co 7%
20
2112Sept
5058
10
Feb
19
2112
16%
493*
11818
__ *11653 _ _ *117
_ •117
*11718 120 *11713 120
Preferred
100 11312Sept 21 16018 Jan 31 11312
97
113018
*1712 12 *1712 -2112 1634 163
; *1814 /2
*1714 22
*1714 22
10 Fuller (GA) prior pref___No par 14 July 26 3312 Apr 26
1212
9
31
'713 9
*734 9
•8
9
'734 9
'712 9
"712 9
pie!
$6
2d
par
5 July 26 1953 Apr 26
No
5
4
23
2
2
2
2
21
2
2
*2
'2
218
2
2
700 Gabriel Co (The) cl A_
118July
26
458 Mar 12
No par
118
1
514
*918 934
9% 918
912 918
9
*858
91
*832 914
90 Gamewell Co (The)
914
8 Dec 19 20 Feb 19
No par
612 2078
8
658 65
67
678
67
67
7
7
718 714
7
7
1,000 Gen Amer Investors
658July 27 1112 Feb 6
No par
558
258 12
35 85 *85
90
85 85 •8512 871 "8518 8712 *8512 865
300
Preferred
No par 78 Aug 25 87 Mar 13
6412
42
85
3618 3612 37
37
3518 3634 3512 3634 3658 37
37
37
3,600 Gen Amer Trans Corp
6 80 Aug 9 4358 Feb 19
2534
134 4314
17
1712 1758 1778 1618 1712 1612 167
17
1718 1718 1714 5,600 General Asphalt
10 12 July 26 2312 Apr 24
12
458
27
77g 8
734 8
7% 8
734 8
8
8
818 818 3,000 General Baking
6
612 Oct 27 1438 Feb 5
612
1012 2078
116 125 *116 125
116 1161t *11614 125 *11614 124 .116 12412
50
$.8 preferred
No par 100 May 8 10812 Feb 7 100
9934 10814
6
614
614 614
614
6
614 614
614 *6
618 614 1.700 General Bronze
6
6 Sept 18 1018 Mar 0
5
218 10%
3
353 '3
314
3
'278 33
3
3
3
'278 318
400 General Cable
No par
214July 26
6% Feb 1
214
114 1118
*512 612 *538 813 *55* 612 *514 61
"514 6
618 614
Clam A.
200
No pa
414Ju1y 27 12 Feb I
414
214
23
*23
2434 *23
2638 2638 263* 2414 241 *2414 26
*2414 26
300
1% cum preferred
100 1413 Jan 9 33 Apr 20
14
618
46
6034 6034 6014 6118 25238 5614 54
5413 5412 5478 55
56
4,000 General Cigar Inc
No pa
27 Jan 2 5934 Dec 31
2414
2414 4853
128 128 *122 128 •120 128 *11614 128 *11614 128
128 128
70
7% preferred
100 97 Jan 8 12712 Dec 31
90
90
112
21
2134 2112 2134 20% 22
2118 2173 2113 2358 2278 2314 127,600 General Electric
No par 167sJuly 26 2514 Feb 5
1618
1012 30%
11
11
11
11
11
11
11
11
11
11
11
11
3,900
Special
10 11 Dec 29 1214 Feb 2(5
11
1078 12%
3314 337k 3312 3334 33
3334 3318 3334 331 3374 3353 34
10,100 General Foods
No pa
28 July 26 367k Jan 80
28
21
391s
12
12
%
%
12
13
12
%
13 Feb 6
38
12 '
343
12 4,400 Gen'l Gas & Elea A
33 Nov 16
No par
12
278
88
*812 1334 *1214 133g *812 1384 *812 1312 *124 1312 133* 1358
100
Cony pre? series A......_No par
Mar
2
13
19
Jan
614
514
3% 16%
__-- 16
*1334 16 •__,, 16 *____ 16 .1414 16 '1414 16
No par 11 July 26 21 Mar 13
27 pref class •
634
634 1811
1534 *1434 1534 1514 15341*...._ 18
*1534 18
*1512 18
10
No par 13 Aug 6 22 Mar 12
$8 pref class A
712
5
20
*57
6114 *56
5912 69
59
*58
61
*58
6114 *58
6114
100 Gen Ital Edison Elee Corp
60 Jan 24 62% Oct 29
3914
2414 5534
61% 6134 01034 611
60% 61'zI 60
6012 6014 6034 6034 61
2,500 General Mills
6412 Jan 15
20
51
No
Sept
par
51
3512
71
116 11612 .116 11612 11612 1161 *11614 117% *11614 117% *11614 117%
100
Preferred
Feb 27 118 Dec 21 100%
100
103
9212 10612
3138 3134 3158
3058 317
30314 3114 30% 3134 3138 32 92,100 General Motors Corp
10 2458July 28 42 Feb 5
10
2212
354
169 109
10878 109
109 10932 10912 109% *10912 110
10934 10934 1,400
No par 89% Jan 6 109 Dec 14
25 Preferred
84
6512 95
*1112 12 *1112 12% 12
12
*1112 113* 1138 1112 *1114 1212
300 Gen Outdoor Adv A
No par
834 Jan 5 21 Apr 14
814
518 24
358 33*
*314 333
3% 3%
314 33*
314 3% '314
2,200
Common
314 Nov 1
No par
658 Apr 20
314
212 10%
21
21
*2058 21
21
21 '2034 21 '2034 21
2034 21
150 General Printing Ink
No par 1012 Jan 3 2512 Apr 23
1012
314 17
96
96
97
96
96
96% *9512 97
958 95% *9512 97
90
26 preferred
No par 7312 Mar 10 96 Dec 29
6114
31
82
.2
23
2
2
•178 218 *172 214 *178 214 *178 2
55 Feb 7
100 Gen Public Service
2 Nov 2
No par
2
2
8%
27
28
2714 2714 26
268 26
26
*2614 27
*2612 27
800 Gen Railway Signal
No par 2312July 27 4634 Mar 3
2312
1314
4912
.8012 90 '80
90 •80
90 *80 90 *80
90 '80
90
Preferred
100 90 May 2 101% Feb 2
90
6934 93
18
1%
13
112
138 138
158 1%
114 112
13e
158 2,700 Gen Realty & 178111ties
1
1
3
July
26
5
8
Jan
30
I
38
453
1814 183* 18
18
1734 18
18
173* 18
18
*1734 1838 1,000
$6 preferred
No par 10 Sept 14 2538 Jan 30
10
512 2234
18
18
17
1714 17
17
17
17 *171 1814 18
18
800 General Refractories
No par 1018 Jan 3 2338 Feb 23
812
212 1934
1678 1714 1618 1714 1634 171
162 17
Voting trust certlfs_ _No par 10 July 28 20 Des 31
17
1713 1714 1734 8,600
714
714 18
25
2518 *225* 2612 2234 2234 *2318 27 *2412 25
25
25
60 Gen Steel Castings prof __No par 1758 Oct 3 48% Mar 15
1758
933 38
14
1414 1312 144 1314 1338 133* 133* 1312 1334 1353 1334 19.300 Gillette Safety Razor____No par
812 Jan 6 1478 Nov 15
758
758 2012
73
73
70(2 7212 7034 71
7114 72
7218 7258 7212 73% 3,100
Cony preferred
No par 47 Jan 11 72 Dec 21
4512
4512 754
313 333 *313 333 *314 338
318 31e
800 Climble Brothers
314 312 *314 334
Ne par
258July 27
63 Feb 5
25,
753
84
33% 2312 *2318 25
2338 235* 2312 2312 2412 25
*24
26
1,000
Preferred
100 1614 Jan 8 30 Feb 6
1312
514 33
2518 2512 2478 2514 2334 2514 2334 2412 24
2412 2414 2438 8,400 Glidden Co (The)
NO par
12
155* Jan 4 2838 Apr 26
33
4
20
10512 106
•10558
10512 1053* 10512 106
106 106
106
10512 106
170
Prior preferred
100 83 Jan 19 10712 Dec 7
8053
48
9112
38 3%
334 4
334 37 '334 37
334 37s
5
334 37s 2,700 Gobel (Adolf)
838 Dec 21
912 Feb 27
338
3
16
1614 1638 163 1658 1614 1634 1638 1612 1638 1653 1614 1612 7,600 Gold Dust Corp•t e
No par 16 Oct 26 23 Apr 23
16
12
2738
11478 11712 115 11712 115 11712 *115 11612 116 116
115 115
200
26 cony preferred
No par 9613 Jan 6 120 Sept 4
9612
96% 105
97g 1038 10
1014 1012 1038 1034
1038 1014 1012 101e 1012 6,100 Goodrich Co(B 1r)
No par
8 July 26 18 Feb 19
8
3
2112
'0 50
48
50
4612 4814 *47
48
49
48
4934 4934 1,300
Preferred
100 3512July 26 6234 Apr 21
26%
9
63
2318 2378 2358 24
2134 24
2238 23
228 2314 23
233* 25,200 Goodyear Tire & Rubb.--No par 183 Aug 6 413* Feb 19
1812
914 4712
.8514 8612 87
89
8714 90
89
89
89
89
*89
90
1,100
lit preferred
No per 84 Aug 6 8614 Feb 19
55
2734 8014
478 5
5
5
458 434 *458 5
458 434 *434 478
800 Gotham Silk Hose
No pay
378July 26 113* F
Aepbr 26
5
38
3718
1
46
1% 7
13
712
.44
52
*44
46
*44
47
*44
48
*44
48
*44
48
Preferred
100 3812 Dec 10 7112
2153 234
212 234
212 234
212 238
212 25
2% 238 7,900 Graham-Paige Motors
1
112101y 26
412 Feb 1
1
12
1
538
658 65*
65
638
638 638
7
67
*638 7
*638 7
2,400 Granby Cons M Sm de Pr____100
Nov 10 13% Feb 16
4
4
378 155*
414 438
414 438
418 458
418 414
414 414
412 412 2,300 Grand Union Co tr arts
I
4 Jan 8
834 Jan 31
358
358 105*
*2534 267 *26
2678 2618 2634 '26
*2612 27
27
2614 2634
900
Cony pre! merles
No par 23 Jan 6 40 Apr 24
20
20
3638
022
2312 *22
24 '22
25
*22
2
•22
25
23
23
100 Granite City Steel
No par 21 Oct 26 31% Apr 26
2078
I I% 3038
03314 34
34% 34% 32
3234 32
3234 •32
33 '3214 3212 1,100 Grant (W T)
No par 28 Sept 17 4033 Feb 19
25
1534 3612
01112 12
11
11
1058 11
1058 1034 1012 1078 105 1058 3,300 at Nor Iron Ore Prop-No par
812July
1518
27
Feb
19
734
6% 1634
1458 153s 15
1514 131 4 1538 14% 1434 14% 144 1438 141 22,500 Great Northern pref
100 1214 July 26 3213 Feb 5
1214
458 3334
27% 2814 2712 28% 2658 273
2714 27% 2713 10,600 Great Western 33ugat----No par 25 May 14 3514 July 9
265* 2714 27
25
411
67
121 121 .122 ____ •125 ____ 12612 12612 12612 12612 •125 126
30
Preferred
100 102 Jan 2 11812 Dec 19
99
7212 110
029
50 .29
60 *29
50
50
*29
*29
50 '29
50
Greene Cananea Copper
100 18 Jan 10 69 Apr 24
18
85* 3014
112 112
1% 1%
114
114 •114 112 *114 112
118 114
700 Guantanamo Sugar
No par
54 Jan 2
312 Feb 8
le
%
412
.1414 1934 *1414 1933 1014
19% •14
193* •14
1934 *14
Preferred
1934
100
714 Jan 16 31 Feb 9
714
5
3712
*458 6
*458 7
.458 612 .458 7
"412 7
*434 7
Gulf Mobile & Northern-100
5
July
25
1614
4
Feb
20
134
1112
15 "1214 1312 *11
017
1212 '11
13
13
*11
*II
14
Preferred
100
12
July
28
3534
Feb
21
12
212 2312
021
227 '21
24 "21
24
*21
24 *21
26
24
*21
Gulf States Steel
No par 1614July 26 42 Mar 13
1514
634 38
061
67 *60 66 *40 83 .40
6412 *40
65
*40
65
Preferred
100 47 Jan 8 83 Apr 20
2514
46% 64
023
24
23
23
2114 2112 *2112 23
*2134 2514 *2112 23
600 Hackensack Water
2614 July 6
Jan
9
2012
26
1978
15
254
03012 31
3012 31
32
32
3012 3112 3012 3012 30
3012
160
7% preferred class A
25 27 Jan 4 31 Nov 2
26
25
2878
518 533
514 538
5
5% 534
538 57
538 512 8,300 Hahn Dept Stores
558
814 Feb 16
No pat
312July 26
3%
118
912
.57
58
59
*57
55
5.513 5812 5812 5934 5914 60
58
2,260
Preferred
100 2514 Jan 9 6312 Dec 11
18
9
7
7
3812
678 718 .658 7
658 658*678 723
7
67
1,900 Hall Printing
31$ Jan 8
10
934 Feb 14
338
.8
353 1012
978 .8
978 .8
978 4.8
933 .8
978 "8
973
Hamilton Watch CO
358 Jan 26 117 Apr 20
par
No
35*
212
9
161
75 '61
75 .61
75 '061
75
*61
75
*61
75
Preferred
100 25 Jan 15 63 Dec 1
20
15
35
10214 10214 103 103
10212 10212 103 103
103 103
103 103
100 Hanna(M A) Co $7 u1___No par 84 Jan 8 10184July 21
77
4512 85
17% 175* 1712 1758 17
18
17
17
1134
1712
17
1812
3,800
Harbison-Walk Retrac___No par 13 July 26 2434 Feb 21
12
•10014 102
618 2512
10078 10078 101 101 010012 102 "101 102
101 101 18
70
Preferred
100 87 Jan I() 100 Jan 26
82
48
95
8
6% "578 7
.512 6
58 57
616
6
8
*6
500 Hat Corp of America el A__-_1
112July 26
758 Dec 11
1 12
7s
712
83 83 *813 85
8138 81% *82
84
82 82
*8214 85
30
6:4% preferred
100 1934 Jan 4 92 Dec 11
1412
5%
30
*3111
12
*as
34
*32
%
*SS
84
84
*88
*88
Havana Electric Ry Co __No par
84
58 Dec 10
112 Jan 23
%
24
88
*3
4
*3
512 .3
412 •3
512 *3
512 '3
512
Preferred
3 Jan 2
100
813 Apr 19
3
112
634
iy.; 11%
;
1712
• Bid and asked prices, no sales on this day. I Companies reported In receivership. a Optional sale, C Cub
sale. s Hi-dividend. y El-rights.
,
,
New York Stock Record-Continued-Page 5
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Monday
Jan. 14
Saturday
Jan. 12
Tuesday
Jan. 15
Wednesday
Jan. 16
Thursday
Jan. 17
Friday
Jan. 18
$ per share $ per share S per share $ per share $ per share $ per share
338 338
312 334
338 334
*312 34
3,4 338 •318 334
87
88
87
8678 8712 87
8612 87
87
87
87
87
130 130 "127 132
*125 132 *125 132 *125 132 .125 132
'14014_ 014014 ---_ "14014
_
•1404 _ _ *14014
_ _
12 -1-2*1014 13
1218 1-i18 *1014 -1-3- •1404-•1014 12
12 -1-2
7538 7618 7518 7538 734 7518 .7414 7614 754 7518 7634 77
12414 12414 124 124
124 124
125 125 *124 125
"12414 125
"78
82
78
81
8014 81 '8014 824
*7712 81
70
79
106 106
*10514 107 *10514 107
10514 105,4 10514 10514 *1054 10534
818 838
8
778 8
84 838
8
8
734 8
814
958 978
94 10
934 94
94 934
938 94
94 912
378 378
340 370
370 380
351 357 2360 360 *360 375
3414
31
32
3112 3112 3114 3158 3138 3112 3214 3434 34
738 758
8
712 734
818
734 838
714
734
714 712
53
52
*32
53
52
5318 052
*50
.50
53
5318 53
1514 1514 1514 1.514
154
15
"1412 1512 .15
1434 1434 15
278 278
234
278
234
234
234 234
24 234 *234 278
*47
4734 47
4812 43
4734 4512 4612 4512 4612 4514 4558
0412 434 *412 478
438
412
*438 478
438 438 "414 5
.918 10
'94 10
*914 11
934
934 1018
*918 94 *9
1018 11
1014 1078 104 11
1014 1034 1012 1078 1058 1034
234 318
3
318
234 234
3
34
24 3
3
318
1512 1378 1512 1414 1434 1412 15
1434 154 15
1434 15
*21
22
23
*20
*21
23
23 '20
*21
23
*21
23
5712 *55
056
5712 •58
5712 *1 _ _ 5712 "____ 5712
5712 '55
*834 934 *84 934
878 87s .858 934 *84 934 *812 933
238 238 *238 258 '238 258
238 238 *238 212
*238 258
314 3134 3014 3134 3058 324 31
3134 3114 3134
3014 31
67
67
6614 6614 '65
67
6612 664 *6414 6612 *66
67
_
.1091 -- •10912 - - •10912 ___ *109.2 --- •10912
_ '10912
251-3-4 5178 -524 51 -5212 504 -5138 5114 -5-2-12 5218 533
5118
- -4
318 318
*318 314 *318 . 34
3
3
318 318 *3
318
438 438
438
414
414 414
414 414 .414
414
414 414
1414
1234 1334 13
14
1418 14
14
14
1312 1312 14
__ ___ ____ ____ _
.414 -5
4
-414
0414 13-4 *414 13-4
4
*414 13-4
*358 5
*35
5
.358 5
*358 5
.338 5
*358 5
1658 1658 1712 1712 17
1718 1634 1714
17
*1634 1778 17
*212 3
0258 3
24 212 *212 3
23* 234 *212 3
6
6
6
6
534 618
534 534
6
534 6
618
412 412
414 438
414
414 438
412
414 438
4
418
35
36 '34
35
3412 35
3512 3512 3512
3312 3312 35
15012 153
15034 15034 14912 15112 151 15214 15134 152
150 150
558 53
512 512
514 538
512 512
514 514
5,4 514
2812 2914 2712 2938 2878 2912 29 4 294 2812 29
2812 29
3914 40
3714 3934 3734 3938 3812 3978 3914 4012
393
39
13534 13534 136 136
*125 136 .125 136 .125 136 *125 136
212 258
*258 234
212 212
212 21
234 234
212 234
'258 3
214 214
*258 3
214 21
*238 234 *218 234
2318 2313 2318 2338 2314 2314 2258 23
2258 23
2234 23
*12314 126 "12314 126 .12314 126 '12314 126 *125 12534 *125 126
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
1,300
1.800
100
___ __
800
1,500
80
800
400
2,600
1,700
2,100
4,200
21,400
400
600
1,100
8,100
600
500
14,700
14.100
8,600
Par
Hayes Body Corp
2
Hazel-Atlas Glass Co
25
Helme (G W)
25
Preferred
100
Hercules Motors
No par
Hercules Powder
No par
37 cum preferred
100
Hershey Chocolate
No par
Cony preferred
No par
Holland Furnace
No par
Hollander dr Sons (A)
5
Homestake Mining
100
Houdaille-Hershey Cl A __No par
Class B
No par
Household Finance part pf__ _50
Houston 01101 Tex tern ctfia_100
Voting trust Ws new
25
Howe Sound v t 0
5
Hudson dr Manhattan
100
Preferred
100
Hudson Motor Car
No par
Hupp Motor Car Corp
10
Illinois Central
100
100
6% pref series A
Leased lines
100
60
RR Sec ctfs series A____1000
500 Indian Refining
10
22,200 Industrial Rayon
No par
400 Ingersoll Rand
No par
Preferred
_ _ ___
100
3,300 Inland Steel
No par
300 Inspiration Cons Copper
20
1,500 Insuranshares Ctfa Inc
1
9,400 fInterbnro Rapicaran vie _100
___ ___
Certificates
No par
100 Internet Rye of Cent Amer_100
Certificates
No par
Preferred
180
100
900 Intercont'l Rubber
No par
2,300 Interlake Iron
No par
2,500 Internet Agricul
No par
900
Prior preferred
100
2,900 Int Business Machines___No par
1,500 Internet Carriers Ltd
1
8,800 International Cement____No par
19,800 Internet Harvester
No par
Preferred
400
100
2,600 Int Hydro-El Sys ci A
25
300 Int Mercantile Marine ___No par
33,800 Int Nickel of Canada____No par
Preferred
100
Inteat Paper 7% pret
100
212 212 *238 212
.24 258 *24 234
238 238 .214 212
400 Inter Pap de Pow al A____No par
114
.118
114 *118
114 *118
•118
138 •118
114
114 *118
Class B
No par
78
78
7,
78
1
1
7a
2,200
8
*78
Class C
1
.78
1
No par
1038
1012 10
938 104
10
934 10
10
10
Preferred
10,8 1038 3,600
100
22
2212 2112 2214 *21
*2112 22
22
x2112 2112 1,300 Int Printing Ink Corp___No par
23 .21
9934 *99
9934 9934 9934 299
994 994 9812 9812 99
9934
210
Preferred
100
*30
31
31
30
30
30
*30
30
30
3018 "2912 31
900 International Salt
No par
44
*44
4412 4412 44
4412 *44
444 44
44
44
44
600 International Shoe
No par
*2312 2738 *2312 2738 2312 2358 *22
26
*2258 2634 *22
2634
200 International Silver
100
70
7558 73
74
75
72
*7012 7534 *73
7534
7534 '73
310
100
7% preferred
858 878
878 938
9
94 29,100 Inter Telep dr Teleg
838 914
87s 918
No par
878 9,4
12
12
*11
1178 11
11
131034 1112 1112 1112 1134 1134
700 Interstate Dept Stores
No par
*7438 8418 *7438 8418 *7438 8418 *7438 84 '7078 8418 *7018 8418
Preferred
100
*614
714 .614 738 *614 7
*614 7
"638 7
Intertype Corp
"614
7
Na pa
3438 3414 35
3534 3534 34
344 3412 *3458 35
35
35
1.700 Island Creek Coal
1
____ •105 115 "110
.110 ---_ "110
Preferred
•105
I
•105 110
56
*5418 57
5458 5458 *544 -57
56
*5418 -563-4 *544 568u
200 Jewel Tea Inc
No par
5014 53
52
5212 5238 53
52
51
5214 5112 52
5258 10,000 Johns-Manville
140 par
122 123 *122 124
124 124
124 12434 *122 12412 *122 124
Preterred
90
100
*130 150 13130 150 .130 150 .130 150 *130 150 *130 150
Joliet dr Chic RR Co 7% gtd.100
62
63
64
64
62
6312 62
6212 6158 6214 6212 6314
310 Jones dr Laugh Steel pret___100
.11514- -- .115,4 - _ .1154 _ __ *11514 - -- "1155s
Kansas City P &L pf sec 13No par
. ___
__ •11558
712 -712
812
;
900 Kansas City Southern
712 --75s •7 .-7
712 -7,2 *712 -77
-734
100
.11
14
"10
*11
1234 *10
14
1234 '1038 14
Preferred
"1014 14
100
818 814
8
8
814 838
800 Kaufmann Dept Stores $12.„50
*8
*74 8
84
8
8
1638 1638 •1614 16(2 16
1618 1534 16
1614 16
1578 1618 3,400 Kayser (J) dr Co
5
.33
40 '33
40 "33
40
*33
40
*33
Keith-Albee-Orpheum pref__100
40
*33
40
138
138
138
11
138
138
24 238 40,000 :Kelly-Springfielcl,Tire
114
14
14 23s
5
*838 878
9
9
9
9
812 812
934 1338 1214 1314 7,300
6% preferred
No par
*Vs 9
'718 813
712 712
7
7
7
7
718
7
GOO Kelsey Hayes Wheel conv.cIA__1
*418 438 *414 438 *4
438 '4
438 .4
438
4
4
Class B
100
1
1678 1738 1612 1714 17
1634 1714
1714 1718 1712 1738 1712 20,200 Kelvinator Corp
No par
9212 9212 93
*9214 94
93
*9212 94 .9212 94
*93
94
20 Kendall Co pt pf ger A
No par
1614 1634 1638 1634 1612 17
1612 1678 1634 17
1612 1634 27,700 Kennecott Copper
No par
*1018 1138 1018 1018 *94 11
•1018 11
*938 1138 .912 11
100 Kimberly-Clark
No par
*438 5
*4
514 '438 5
*438 5
.438 5
Kinney Co
*438 5
No par
*3334 3578 *3012 3538 "3014 35
34
34
3312 334
*3012 40
20
Preferred
No par
2058 2078 2058 2078 2018 2038 2018 2012 2014 2058 2014 2012 14,200 Kresge (58) Co
10
108 109
10612 10712 4.107 10778 108 108
*110 11058 109 110
150
7% preferred
100
4
4
*4
458
334 334 '
300 Kresge Dept Stores
312 34
3,2 358 "312 4
No par
44
44 '42
.4112 44
*42
"4114 44
44
44
*41
45
20
Preferred
100
6834 66
66
*57
*66
67
060
67
*63
66 "65
69
100 Kress (S H) dr Co
No par
2712 2734 2758 2734 2614 2738 2638 27
2678 2712 2878 2714 9,700 Kroger Groo dr Bak
No par
.2014 23
2018 204 20
21
2018 .20
20
23
*21
23
60 Laclede Gas Lt Co St Louis __100
31
.30
31
30
30
*30
31
30
*30
30
*30
31
20
5% preferred
100
2778 28
27
2714 2678 2714 *2778 28
274 28
2734 27
2,100 Lambert CO (The)
No par
10
*74 812 •712 813 *734 812 *8
'814 10
.814 978
Lane Bryant
No par
z1214 1214 1112 1178 1134 1114 1134 12
1178 12
1154 1134 1,800 Lee Rubber dr Tire
5
1538 *1412 1578 .1414 16
16
15
1814
1514 15
15
15
1.200 Lehigh Portland Cement
50
06
96
96
*90
96
94 "92
9712 '92
96
*95
20
7% preferred
9712
100
918 10
958 978
978 978
934 94
958 978
94 94 3,600 Lehigh Valley RR
50
258 258
212 234 *212 258
258 24 '212 258
"212 258
700 Lehigh Valley Coal
No pa
1078 1012 1012 "10
11
1012 1034 1012 1012
1078 .10
•10
400
Preferred
50
71
7012 71
7018 7018 6912 7034 7012 7058 3.300 Lehman Corp (The)
7112 7014
71
No par
'1578 16
1534 1534 16
16
16
16
16
1,400 Lehn dr Fink Prod CO
1618 1618 16
5
2938 3012 3014 31
2918 3012 2938 30
30
3058 304 31
11,400 Libby Owens Ford Glass__ No ye
22
*2152 22
2112 2178 22
22
600 Life Savers Corp
"2134 22 .2132 2314 22
5
103 103
1,800 Liggett & Myers Tobacco____25
103 104 *10258 10312 102 10258 103 103 *101 103
102 103
104 10512 105 105
105 105
4,300
104 10412 10312 104
Series B
25
.150 155 '150 15312 .150 15312'15012 15312 *1504 15312 *15012 153
Preferred
100
1878 .18
1878
500 Lily Tulip Cup Corp____No par
1914 1914
194 19,8 184 1814 1818 1814 •18
22 .21
22
22 .21
22 '2012 22 .2012 22 .21
22
100 Lima Locomot Works____No par
1712 1712 1712 1712 1714 18
18
18
*1758 1878
900 Link Belt Co
1734 1734
No par
2814 2812 6,200 Liquid Carbonic
29
227
2734 2734 28
2818 2912 2834 2914 28
No par
3212 3318 3112 3232 3134 3214 3134 3214 3178 3234 19,700 Loew's Incorporated
3214 33
No par
10212 10212 103 103
700
Preferred
10312 10312 .10312 10412 10318 10312 .10212 103
No par
112 158
112
112 112
112
112 112 *112 158 1,800 Loft Incorporated
158
158
No pa
2
2
2
2
2
178
2
218 *178 2
17g
2
700 Long Bell Lumber A
No par
'3512 36
36
*3514 36 .3534 36
36
36
36
200 Loose-Wiles Biscuit
*3558 36
25
_ *125
__ __ _ ___
___ *125
•125
__ •125
7% 1st preferred
-- .125
•125
10
1978 20
19 1014
1912 1-93-4 1978 2-638 2018 -2012 10,300 Lorillard (P) CO
20 1014
10
132 132
13412 135
520
131 13114 131 13112 13212 133
7% preferred
13212 133
100
700 Louisiana Oil
112 '114
1
118
112
118
14
114
118
•118
14
114
No par
*1118 1317
.1014 1372 1014 11
50
Preferred
•1034 1338 *1012 1372 .1014 14
100
13
1314
13
1312 1312
13
*13
134 1318 1314
900 Louisville Gas & El A-No par
•1314 14
4334 4334 40
42
4234 4012 4012 42
*4134 4234 1.600 Louisville ck Nashville
4314 44
100
1512 1678 16
1614 164 1634 1634 1714 3.900 Ludlum Steel
1
1614 1612 1612 1714
974 94
600
Cony preferred
9512 *95
95
9314 934 '954 9714 974 9712
No par
.93
100 MacAndrews de Forbes
4134 *3912 4134 .394 4112 4134 4134 '394 4112 '3978 4112
10
.40
11312
11312
----'11313
100
6% Preferred
•11312 -___ .1134 ____ .11312 ____ •11312
20
100
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ______Mackay Cos preferred
--
• 1314 and asked prices. 110 sales on this day.
f Companies reported in receivership. a Optional sale. e Cash sale.
437
Range for Year 1034
On Basis of 100-share Logs
Lowest
Highest
July 1
1933 to Range for
Dec. 31 Year 1933
1934
Low Low
High
$ Per share $ per as
$ per share
884 Feb 15
114 Jan 2
1
74 Sept 11 9678 Apr 23
65
101 Jan 9 145 Nov 28
94
12312 Mar 17 153 Dec 19 120
514July 10 124 Mar 15
514
59 Jan 4 8158July 17
40
111 Jan 4 12534 Dec 5 1044
44
484 Jan 15 7334 Dec 31
83 Feb 16 10518 Dec 31
8112
4
434 Aug 8 104 Apr 23
54
534 Jan 2 13 June 21
310 Jan 4 243018 July 19 200
11 Jan 8 31 Dec 31
712
238July 26
212
878 Dec 29
43 Feb 5 54 Mar 12
43
1212July 26 2934 Feb 5
1212
558 Apr 6
212July 27
212
3512 Jan 3 5714June 28
20
4 Dec 27 1218 Feb 7
4
9
9 Nov 24 2614 Jan 24
64
818July 23 2414 Feb 5
714 Jan 30
178July 23
178
1358Ju1y 26 384 Feb 5
1358
21
21 Dec 27 50 Apr 26
4618
4834 Jan 5 66 May 2
712
712Sept 19 2414 Feb 6
434 Apr 5
238 Dec 17
238
1938
1938July 26 3214 Dec 31
45
494 Oct 26 7334 Feb 3
105 July 16 11634 Apr 20 105
26
3414 Sept 14 56 Dec 31
258
258 Nov 20
64 Feb 5
2
438 Nov 26
218 Jan 2
512July 26
1712 Dec 19
512
5
612May 1
1212 Nov 21
2 Aug 6
2
7 Apr 18
638 Apr 19
212
212Sept 20
758 Jan 15 2234 Apr 17
638
2
578May 4
218 Dec 13
4
4 Sept 14 1114 Feb 19
112
2 Jan 8
64 Feb 5
10
15 Jan 8 374 Feb 3
131 June 2 164 Dec 11 12534
4
412July 26 1218 Feb 21
1838Sept 18 3734 Feb 5
1838
2314
2314July 26 4678 Feb 5
110 AN;31 137 Dec 6 110
218 Dec 20
94 Feb 7
218
2
6 Jan 24
2 Dec 26
21 Jan 4 2914 Apr 27
1434
11534 Jan 13 130 June 26 101
10 July 27 25 Apr 24
814
612 Apr 20
2 July 23
2
78
312 Apr 21
78 Dec 14
38
58 Dec 26
234 Apr 23
812July 26 2478 Apr 23
84
9
9 Jan 13 2512 Dec 4
66 Jan 2 100 Dec 17
65
21 Jan 3 32 June 19
20
38 Sept 19 504 Jan 26
38
19 July 27 4534 Feb 15
19
40
59 Jan 4 8412 Apr 9
712July 26 1734 Feb 8
712
34 Jan 4 1638 Apr 20
234
2158 Jan 4 8112 Nov 30
1614
4
558 Jan 3 10 Feb 8
204
2434 Jan 29 38 Dec 18
90 Jan 31 110 Aug 7
85
33 Jan 9 5712 Dec I
26
3612
39 Aug 6 6638 Jan 30
87
101 Jan 4 121 Dec 6
135 Feb 14 140 Oct 11 115
45
45 Aug 1 77 Jan 23
9778 Jan 3 11412 Dec 14
9778
658
658July 26 1934 Apr 21
1014
1014 Dec 37 2712 Apr 21
514
8 July 26 104 Apr 13
12
1378 Jan 4 1812 Apr 20
15
20 Jan 19 3712 Aug 2
4' Mar 12
1
1 Dec 19
6
5 July 26 20 Jan 30
212
3 July 28 10 Feb 16
712 Feb 16
238Sept 15
Ds
7
1158July 26 2114 Mar 14
55
6518 Jan 18 94 Dec 17
16 July 28 2318June 13
1558
978 Dec 27 184 Apr 12
938
214
714 Apr 13
3 Jan 18
12
1312 Jan 6 41 Apr 26
Jan
2
223
4
Feb
1338
5
1014
9914
101 Jan 4 2114 Dec 10
212 Jan 6
2
714 Feb 7
12
19 Jan 12 55 Apr 4
2784
36 Jan 3 654 Dec 11
19
2314 Jan 8 3358 Apr 23
20 July 26 634 Feb 13
20
27 Dec 27 60 Feb 9
27
1938
2214 Jan 4 314 Feb 5
5 Jan 8 144 Apr 19
44
7 July 26 144 Apr 26
54
11 May 14 20 Feb 23
9
7358June 22 90 Dec 27
73
912 July 26 2114 Feb 5
912
5 Feb 24
212 Jan 8
2
4
5 Jan 3 164July 19
6414July 26 78 Feb 6
5834
1112
1112Sept 17 2312 Apr 19
2212 Nov 1
434 Jan 19
21
1718 Jan 8 24 Apr 23
1538
73 Jan 6 110 Nov 28
7112
7412 Jan 8 11114 Nov 26
734
129 Jan 13 15212 Dec 3 123
16 Jan 15 2612July 18
1414
15148ept 12 3814 Feb 5
1514
1112 Oct 16
114
1938 Feb 8
164July 26 3538 Apr 23
164
2078July 26 37 Dec 1
1912
72 Jan 2 105 Nov 30
66
112July 24
3 Jan 31
14
1 July 26
3 Nov 5
1
3314 Oct 29 x4434 Jan 17
334
11934 Jan 11 12812July 13 116
1534 Jan 8 2212 Dec 10
1434
102 Jan 28 2130 Dee 13
9812
es Dec 21
:
4
338 Apr 4
714 Jan 2 2312 Apr 4
6
12 Dec 22 21 Feb 7
12
3734Sept 18 6212 Apr 20
3412
814July 26 1912 Feb 20
712
60 Oct 10 97 Feb 20
50
30 Jan 5 4214 Dec 27
21
95 Jan 13 1114 Oct 24
8758
2018 Aug 25 33 May 2
2018
a Sold 15 dam
s Ex-dividend.
3 per share
312
34
65
9712
6912 105
13218
11014
3
17
15
6858
85
11018
354 72
6434 90
3,2 1012
2,4
1012
145
373
44 15
1
634
43
51,4
814 38
14
738
512 3838
612 19
1818 5118
3
1638
158
734
812 5034
6018
16
31
60
412 34
14
4,2
1-9-4
105
12
2
114
44
8
158
14
414
53
218
78
5
7534
274
64
1358
80
212
114
64
72
212
12
14
14
2
3'2
35
134
244
934
2412
54
112
12
17s
11
85
23
1214
42
115
35
98
612
x12
258
678
8
78
6
2
112
318
30
738
54
1
458
512
88
I
10
27
1412
30
3712
1938
3
334
578
34
84
1
212
3712
14
434
1558
49
494
121
13
10
634
1014
812
35
113
12
1914
11312
1038
8712
58
312
1378
214
4
1438
912
74
----
-78106
4578
912
378
1334
1078
7
4
20
412
12
54 '
2712
15314
1078
40
46
119,8
1378
678
234
115
2134
10
514
4
2212
14
71
2734
564
5912
714
214
878
4039
1114
32
90
45
634
10818
115
91
110
78
14
938
1912
25
618
3118
8
64
1558
73
26
2538
64
30
1878
105
738
25
4414
3558
80
61
4118
1012
1238
27
78
274
638
12
794
2314
3738
2218
98
9938
14018
21,2
314
1934
50
3658
7818
414
512
4434
120
2514
108
4
29
2534
8712
2018
9512
3134
98
-- -
p Ex-rights.
New York Stock Record-Continued-Page 6
438
HIGH AND LOW SUE PRICES-PER SHARE. NOT PER CENT
Saturday
Jan. 12
Monday
Jan. 14
Tuesday
Jan. 1.5
Wednesday
Jan. 16
Thursday
Jan. 17
Friday
Jan. 18
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Jan. 19 1935
July1
Range for Year 1934
11933 to Range for
On Basis of 100-share Lots Dec. 31 Year 1933
1934
Lowest
Highest
Low Low
High
$ per share 5 per share $ per share $ per share $ per share Shares
$ per share
Par $ per share
2618 2614 2534 2613 26
2618 2578 2614 2618 2614 4,600 Mack Trucks Inc
No par 22 July 26 41% Feb 6
39
3912 3834 3934 398 40
40
3,600 Macy (14 111 Co Inc
4038 40
40
No par 3514Sept 14 6218 Jan 30
55
*534 6
400 Madison Sa Gard v t e......No par
58
558 5%
6
6 '
25 Jan 2
7 Apr 27
578 618
1918 1912 19
1912 185 19
1912 1912 1914 1912 1,000 Magma Copper
10 1512 Jan 17 z2314June 28
*178 214
178
178 *178 214 0178 214
112July 26
100 Mallinson (If R) de Co___No par
*178
218
414 Apr 24
*14
72 Jan 9 3358 Apr 24
1614 13
14
*1212 1434 *1212 143 148 145
7% preferred
60
100
*114 14 *114 I% *114
14 *114
5Manati Sugar
134 *114
334 Jan 23
% Dec 11
134
100
14
"4
514
4
4
*4
20
Preferred
18 Jan 3
5%
914 Apr 26
*33
4
43
100
*33
4
4
5
.45
512
5
.458 478 .438 478
*414
290 Mandel Bros
48 45
3 July 26
No par
812 Jan 26
*32
39
*32
3412 *32
39
*32
3878 *32
39
!Manhattan Ry 7% guar ___I00 20 Jan 3 41 Des 7
1812 1812 1712 188 1712 18
1814 1878
1814 1878 4,200
Mod 5% guar
100 1034July 36 2938 Sept 10
*1118 1212 11
1114 "11
1212 *11
1212 "11
1212
400 Manhattan Shirt
25 101:July 27 2058 Feb 1
*112 214 *112 2
*112 2
*112 214
118July 25
Maracaibo 011 Explor___No par
*112 214
33* Feb 17
53*
5% 512
6
418Sept 14
5,2 5%
514 6,500 Marancha Corp
5%
514
538
514
53* Feb 5
6
614
63* 638
6
618
618 614
618 614 4,900 MarIne Nildland Corp
9 Feb 6
6
512J131y 27
*12
1
100
12 Dec 13
*58
*34
100 Market Street Ry
1
*12
151,
138
34
238 Mar 17
34
"2
414 *2
414 *2
434 '2
434
*2
Preferred
434
100
2 Dec 28
814 Apr 24
5
5
*414 5
10
*414 512 *414 5,2 '414 512
Prior preferred
3 Dec 27 12% Apr 24
100
*34
112 *1
112 *1
112 *1
112 *1
2nd preferred
112
10
100
414 Apr 24
1 Jan 9
223 22% 2314 2314 2312 24
2358 2358 24
24
1,600 Marlin-Rockwell
17 July 31 32 Jan 25
No par
1
1038 1012)1014 1012 10
1038
978 10,8
10
1014
82 Aug 0 1958 Apr 11
10
1014 6,800 Marshall Field & Co
No par
*712 812 *738 8
818 818 *734 812
400 Martin-Parry Corp
734 778
4 July 27 1238 Mar 3
No par
734 734
2914 2912 2934 3058 2734 30
2812 2914 2834 2914 29
2912 8,200 Matbieson Alkali Works No par 2312Sept 15 4034 Jan 24
•135_ •13514
*13514 *13514
.*136
Preferred
-- •136
_ .
.
.___
100 110 Jan 23 136 Dee 28
4114 -ii% 4134 1238 4112 -41-3-4 42 12
42 --4212 2,800 May Department Stores
4158 -4212
-10 30 Jan 2 4534 Nov 22
538 558
6
618
534 612 •552 6
558 534
1,800 Maytag CO
412July 26
578 6
834 Feb 21
No par
5
*35
3512 *34
3558 33
34
3312 3312 3414 345* 34
1,000
34
Preferred
10 Jan 2 36 Dec 21
No par
•35
34% 3414 3414 3414 341 4 3414 *3314 34
*3314 34
Preferred ex-warrants No par
100
9 Jan 13 3234 Dec 21
*8614 -9-0
811
*8434 88
86
*8614 88
*8614 88
20
*8814 88
Prior preferred
No par 49 Jan 3 9212 Apr 3
*3012 307 *3012 31
30% 3014 2912 2912 3018 3018 *3014 31
500 McCall Corp
No par 24 Jan 11 32 Apr 13
934 1012 10
11
1078 1012 11%
1158 1112 1212 113 12
28,800 :McCrory Stores claosA No par
I% Jan 8 1212 Dec 28
938 98
934 1014 1014 10% 108 118 10% 1038 7,400
Class B
98 10
114July 24 123 Dec 29
No par
•55
61
*5812 605* 6012 62
64
6614 67
69
*65
69
3,100
Cony preferred
514 Jan 2 6358 Dec 18
100
*812 858 *812 834 *812 834
812 812 *812 853 *812 834
200 McGraw-Hill Pub Co___No par
4 Jan 4 1012 Apr 21
3834 40
3934 401 1 3653 40
3814 3878 3778 3858 3814 383 23,400 McIntyre Porcupine Mines____6 3813 Jan 25 5012June 19
9314 9312 92
9258 9012 9214 9112 9212 93
9312 9414 95
2,400 McKeesport Tin Plate___No par 79 July 26 95,8 Dec 31
712 778
712 8
10,600 McKesson & Robbins
77
414July 26
8
734 818
734 8
7s 8
914 Dec 6
6
3712 3814 3814 3814 37
3812 3714 3712 3814 39
3834 39
3,300
Cony pref eerier, A
50 117s Jan 2 4234 Deo 6
12
1212 13
1314 1312 13
1318 1212 131
137
133 12,100 :McLellan Stores
13
1 Jan 6 1718 Des 14
No par
*89
9212 8812 89
88
88
8812 8812 89
89
.89
9412
700
8% cony pref ser A
100
912 Jan 2 9212 Dec 8
43
4112 43
43
4234 43
4134 42% 24134 42
4114 4214 2,700 Melville Shoe
No par 26 Jan 2 42 Deo 26
412 458
*418 412
414 412
418 414
4
414
414 414
1,900 Mengel Co (The)
1
312JulY 26 11 Jan 22
28
*2612 30
29
*2614 2812 *28
28
*2612 30
20
*27
30
7% preferred
100 24 Sept 26 52 Apr 19
*2434 30
*2434 30
*2434 30
*2434 30
*2434 30 .2434 30
Merch & Mln Tramp Co_No par 2512 Dec 22 3334June 13
2412 2538 2418 2534 2434 2478 2412 2518
2414 25
25
253
6,000 Mesta Machine Co
5 x2018 Nov 30 2534 Dec 29
28
*28
2812 28
*28
2814 2814 2814 •28
2812 *28
2814
200 Metro-Goldwyn Pict prof_.:__27 21 Jan 5 2814 Dee 22
3
3
3
*318 358 *318
318
•318 314 *3% 312
800 Miami Copper
358
6
VADeo 21
612 Feb 16
1118 II%
1118 1114
11
1112 1112 1112 1158 1158 1158 1158 2,100 Mid-Continent Petrol
10
918July 26 14% Feb 5
1212 1258 II% 1238 1158 12
1218
12
1178 128 1214 1234 3.800 Midland Steel Pr.d
612July 26 2178 Feb 19
No par
62
65
657g *6258 65
64
65 '63
63
63
6512 6512
160
8% cum let pref
100 44 Oct 2 8514 Apr 21
59
59
59
5913 58
58
5814 59
59
59
116 Jan 4 65 Dec 10
*5918 6012
900 Minn-Honeywell Regu-No par
.101
'10438 _ __ 105 105 *101 . - - •101
_ __ *101 .
6% pref series A
100 87 Jan 9 107 Dec 11
100
458 _-478
.438 -5
458 5
57 Jan 30
434 -5
434 -5
1%July 26
473 -518 15,800 Minn Moline Pow Impl __No par
*3412 36 .35
3714 3412 35
*33
34
35
35
1512July 26 41 Dee 18
800
35
36
Preferred
No par
*38
12
*38
12
14
38
14
14
1.500 5M inneapolis & St Louie _ _._ 100
14July 30
33
38
138 Mar 28
It
14
•78
*78
.78
178
2
*78
*78 2
138
*78
138
35 Feb 6
178
34 Oct 26
Minn St Paul & SS Marie___ 100
.112 2
.134 2
*112 2
*112 2
.158 2
*158
2
100
114 Dec 20
7% preferred
5% Apr 20
234 234
27
3
25
3
258 25* '258 3
*258 3
230
4% leased line ctfs
100
113 Nov 23
712 Mar 10
514 5,2 *512 558
518 514
438Ju1y 27 1478 Feb 5
54 514
No par
512 2,700 Mo-Kan-Texas RR
512 512
5%
1218 1214 1253 1278 12
1234 114 12
117 12
4.100
1134 12
Preferred series A
100 12 Dec 24 343* Feb 6
*214 234 *214 278 *214 27
100
113 Dec 22
'214 212 *214 212 '214 212
5 Mi880Uti Pacific
6 Feb 5
*234 3
314
38 334
314 35
218 Dec 20
Cony preferred
1,800
313 318
100
9% Feb 7
3,8
358 •318
15
15
1478 1478 15
1512 1434 1434 15
15
15
1512 1,500 Mohawk Carpet Mills
20 12% Jan 4 2238 Apr 21
5634 5712 5734 58
57
58
5638 5612 57
5734 5712 58
10 39 May 14 615* Nov 26
3,600 Monsanto Chem Co
2734 2818 2614 2818 267 2758 2718 28
2712 28
275* 28
57,200 Mont Ward dr Co Inc..__No par 20 Aug 6 355* Feb 15
6312 8412 6212 6212 62,2 6212 *6014 62
62
62
62
63
37 Jan 4 6314 Dec 28
800 Morrel (J) & Co
No par
*5418 68
"541 83
*5418 83 .5418 83 '67
83
*54% 83
Morris & Essex
50 58 Jan 11 71 Apr 18
52
*12
12
58
12
1,600
*12
38 Dee 22
38
Mother Lode Coalition___No par
I% Feb 8
38
12
12
12
12
*8
1212 '9
1212 *9
1212 •8
1212 *9
1212 *9
Moto Meter Gauge & Eq
1212
6 July 27 12 Feb 21
1
2614 2412 2518 2514 2538 *243* 2578 2,900 Motor Products Corp_ ___No par
2618 24
25% 253* 26
1614July 27 4434 Feb 16
1
1058
934 10
10
5
918 10 4
638 July 26 1612 Feb 16
4,800 Motor Wheel
934 973
978 10
973 10
918 918
9
9,8
914 912
9
9
9
9
912 10
1,700 Mullins Mfg Co
614 Jan 12 155* Apr 23
No par
39
37
41
38
3714 37
42
3934 38
44
4312 4514
1215 Jan 12 46 Apr 21
1,630
Cony preferred
No par
1714 '1514 17 .1514 1714 *1514 1734 *1514 1712
.16
1712 *16
Munsingwear Inc
13 Aug 10 25% Apr 13
No par
658 673
658 67
658 68
64 678
68 714
37:July 26 11% Feb 16
7% 734 13,300 Murray Corp of Amer
10
33
*28
3234 .28
*29
30
30
3234 *30
32
*31
32
100 Myers F & E Bros
14 July 26 33 Dec 6
No par
17
1712 x1718 1734
1634 17
1672 1718 19.700 Nash Motors Co
1258July 26 3214 Jan 30
163* 1758 1634 17
No par
*2212 27
*22
27
"20
27
27
*24
*21
2634 '21
Nashville Chatt & St Louis __100 1934 Nov 22 46 Jan 24
25
614 *6
6
638
614 614
6
614
658 65*
6
3%July 23
614
87 Feb 23
1,600 National Acme
1
514 Sept 14 1314 Jan 31
.75
8
*712 778 '712 8
8
8
100 National Aviation Corp.__No par
*712 734 *712 8
613 618
6
6
57
6
534 57
6
634
314 Jan 6 1234 Mar 19
63* 63* 2,300 tNational Hellas Hess pref.. 100
2778 2814 2778 2812 2751 2838 2812 287
2772 2838 2814 2834 17,700 National Biscuit
4912 Jan 16
10 2078 Oct I
143 143 .135 145 *135 145
*143 145 "143 145
1444 14514
100 131 Jan 3 14812July 23
700
7% cum pre
1612 164 155* 164 16% 1614 1614 1638
1614 17
12 July 26 2353 Feb 6
1614 1614
No par
5,700 Nat C£4911 Register
1614 1612 1614 1658 16
1658 16
1638 1614 1612 1614 165* 13,600 Nat Dairy Prod
No par 13 Jan 4 1834June 9
45
3
318
278 318
3
318
3
4
378
4
1 Jan 9
37 Oct 22
43* 86,500 :Nat DepartmentStores-No par
2412 26
25
2612 263* 31,8 3034 3334 3014 3214 16,160
2514 26
Preferred
100
5 Jan 17 2818 Nov 7
2658 2718 x2653 2714 2434 27
255 2638 26
2534 263
2638 45,700 Nati Distli Prod
16 July 20 31% Feb I
No par
*2512 28
*25
28
28
28
28
*2412 28
2712 2712
28
1613 Jan 5 3278 Apr 24
400 Nat Enam St Stamping
No par
*16212 16812 16812 16812 r14512 14512 14514 14514 *145 153
400 National Lead
145 145
100 135 Feb 10 170 Dec 7
*153 15518 "153 15518 •150 152 *150 152 "150 152
150 150
Preferred A
200
100 122 Jan 16 14618 Dec 26
•12212 12412 12312 12312 12234 12234 12312 12412 123 123
123 124
290
Preferred B
100 1001k Jon 9 12113 Dec 15
7
718
7
634 672
718
678
7
7
No par
7
9,100 National Pow & Lt
653 7
63* Nov 19 1512 Feb 6
534
112
*34
*34
112
112
*I. 1 12
*34
34 Dec 26
V:
Nat Rye of Met lot 4% 01-”100
*34
112
258 Apr 4
100
% Jan 5
*38
2d preferred
"8
58
58
"8
•3s
%
58 .
58
I Mar 7
38
58
*12
4734 4812 4734 48
4614 4814 47
4734 4734 4812 24812 4834 7,100 National Steel Corp
25 34125ePt 25 5814 Feb 5
•1214 1278 *12% 1314
12
12
12 '12
12
1214
25 10 July 26 2118 Apr 24
400 National Supply of Del
1214 1214
42
44
44
42
41
43
44
4112 4118 4118 .42
43
130
Preferred
100 3312 Jan 4 60 Apr 23
1012 1012 1014 1012 10
1034 11
9 July 26 1834 Feb 1
1018 1018 1018 1013 1018
No par
1,700 National Tea CO
2412 2412 *24
2512 24
24
2234 23
2234 233* 2312 2312 1,500 Nelener Bros
612 Jan 4 3014 Apr 13
No par
*4514 46
*4412 47
45
*44% 46
46
*4334 47
200 Newberry Co (J J)
*4438 47
No par 31 July 26 497 Apr 10
11014._ •11012
-. 11114 11114 '110 11012 *110
20
7% preferred
__ *110 11012
100 100 Apr 3 112 Deo 3
.6 -19
.7 19
.6
19
.6
:New Orleans Texas & Mex_100
19
"6 -1-9
6 July 26 25 Feb 21
*6
19
'63
7
'634 715
612 67
900 Newport Industries
63* 634 "658 718
I
51sSept 18 13 Mar 6
634 678
2518 2518 2558 2618 25
25 .2418 25
25
25
1112July 26 2834 Dec 28
*2514 26
No par
500 N Y Alt Brake
1917 173 195
1814 1912 19
1818 1812 181 1 19
1812 1834 63,700 New York Central
No par 18% Aug 6 4514 Feb 5
.10% 114 .1012 1234 .10
1212 *10
12
*1014 1214
10
10
100
200 NY Chic & St Louis Co
6 July 36 2678 Apr 24
*21
2112 2112 218 1958 2112 21
21
1,200
Preferred series A
20
21
2012 2034
100 16 Sept 17 4314 Apr 23
*212 334 *212 334 *212 334 .212 334 '212 3
25* July 31
New York Dock
100
4213 312
814 Mar 19
"734 812 '734 814
•ets 8
Preferred
734 734 *618 8
100
*612 8
100
5 July 26 20 Mar 13
120 120
120 120
11912 120 '11714 120
120 120
120 124
400 N Y & Ilariem
50 108 Jan 2 139 Feb 1
*112 160 *114 160 '112 160 •112 160 *112 160
112 160
Preferred
50 112 Sept 27 120 Sept 1
%Sept 14
114 Feb 7
3,700 IN 1' Investors Ina
•,2
No par
58
'2
'2
12
12
58
12
12
1
12
12
*96
*96 . _ "96
_____ _-.._ ____ _-_ __ _
__ ._ _..... N Y Lackawanna & Western _100 83 Feb 7 96 June 16
7
-714
634
114
WO
658 .-714
6 Deo 27 2418 Feb 5
652 7
67g
7
634 _-7,8 8,200 N Y N 11 & Hartford
1112 1178
12
1112 12
1112 1178 1112 1112 1158 1134 4,400
11
Cow, preferred
100 1012 Dec 28 375 Feb 6
514
*434 5%
434 514 *434 514 '434 518 *4
NY 0itario & Western
100
412Jul7 27 115* Feb 5
514 .45*
•78
1
.78
I
*78
1
•%
1
*%
1
*78
1
%July 23
No par
134 Jan 16
N Y Railways pref
14
1418 13
14
14
14 .133 1378 1318 133
912July 26 227, Feb 1
1,900 NY Shipbldg Corp part stk____1
1314 1314
•8534 86
*7818 82
136
46
"7818 86
*7818 8534 •795 82
10
7% preferred
100 73 July 26 8934 Apr 13
80
82
82
82
*7953 83
*7958 8112 *795 82
50 NY Steam $6 pre
*7818 86
No par 73 Nov 20 9913 Apr 10
•9212 97
*9212 97
*9212 97
9212 9212 *9238 97
*9258 97
No par 90 Jan 15 I 0978May 26
$7 let preferred
10
3234 33% 3212 33
3034 3214 32
3234 32
33
3214 3318 12,400 Noranda Mines Ltd
No par 3014 Nov 20 457 Aug 9
•114
178 "114
178 .114
I% .114
I%
4% Apr 20
I%
Ills July 23
17
100
100 !Norfolk Southern
13, •114
17212 173 *17234 174
17112 17112'170 173
172 172 .171 17312
400 Norfolk & Western
100 161 Jan 5 187 July 16
101 101
-- •10018
10014 10014 *100 _ _- •100
10012 1001 _
80
Adjust 4% pref
100 82 Jan 8 10012 Dec 29
1214 1-3
1238 13
1212 1234
121. _1234 12% -1014 Nov 20 2514 Feb 6
127
-8
1234 127s 19.100 North American Co
No par
3913 3912 397 397
3912 3913 393-4 397
397 397 *3912 40%
800
60 34 Jan 9 45 Apr 20
Preferred
33* 358
33* 31
338 3,2
338 312
7,200 North Amer Aviation
312 37
85 Feb 1
312 358
238JulY 26
1
59
59
597 *5834 5934 *5834 5934 59
591 59% 59
6038 1,300 No Amer Edtmon pref____No par 4711 Jan 4 74% Apr 28
*83* 19
.8
'834 19
19
*814 19
.834 19
*838 19
North German Lloyd
718 Nov 1 16 Feb 27
92
92
92
92
*9112 94 '9112 94
.91
94
.91
04
250 Northern Central
50 81 Mar 10 9214 Dec 22
8 per share
2618 2618
39
3934
*55
614
20
20
*178 214
144 1434
*114
I%
*4
514
*45
518
*32
39
188 1914
13
*11
*112 214
5
518
618 61g
*34
1%
*2
434
*418
512
114
114
*2258 23
•Bid and asked prlees, no sales on this day.
5 Companleo reported in receivership.
a Optional sole. e Cash sale
5 Sold 15 days.
$ per sh 5 per share
22
1312 4638
3514
2414 6534
7
212
158
57
1214
1955
78
514
1
4
3
2634
78
14
534
1
%
07s
3
112
972
14
28
12
103
8
20
1014
612 23
12
4
118
53
418
478
5
5
1112
Is
318
12
2
1
414
3
178
8
:
7
12
358
12
6
2314
838
1858
414
214
12
L%
2313
14
4858
10512 10018 11214
23
934 33
314
I%
813
834
318
15,4
8
8
11
27
15
58
22
13
3034
34
38
478
11*
1%
6
312
212 21
4
3
818
2858
18
48%
6714
44% 9534
312
I%
1313
912
35* 25
14
34
358
6
2% 227
1712
8% 2834
312
2
20
24
22
57
25,2
---- -x2018
18
-1/12 /2934
2%
15
912
334 16
0%
174
3
44
26
72
2058
13
3658
68
59
8812
113
55
78
15
6
30
14
le
214
:
3
12
57
114
%
812
112
212 1412
43*
534 1718
12
1112 3714
112
118
1014
218
1514
13*
It
7
22
31)
25
83
1514
858
28
347
26
66
5514
4913 64
38
18
218
134
14
8,v
1514
734 36%
614
Us 11,2.
378
113
1034
10
5
25
10
5
183*
358
138
11%
1312
8
20 1 3
125*
Ills
27
1934
13
57
3
118
734
514
92
1018
314
114
978
2578
3113 605*
12913 118
145
12
5% 235*
1114
1012 25%
12
18
212
3
11.4
10
16
2078 33%
10
5
19%
100
4314 140
122
101
12814
9934
75
109,e
63*
6% 2012
18
312
33
33
%
133
33
551,
15
014
4
2858
33
17
0014
9
612 27
9
112 1918
15
80
53
--5-38 If
5
138 II%
1112
618 23,2
1838
14
6813
0
218 275*
1414
258 .8414
25*
234 11%
5
6
22
101
100
1584
112
09
125
%
234
%
7812
7514
iii, 80
6
3478
18
66
1012
412
712 15
%
358
%
13
: 22%
9%
6912
31
90
70
70
101%
83
110
83
25
1738 387
Is
Vs
1
1111, 177
138
77
74
87,2
1014
1214 36%
46
31
31
258
I)
4
39
39
79
718
71
89-76-12
x Ex-div lend.
v Ex-rights.
New York Stock Record-Continued-Page 7
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Jan. 12
Monday
Jan. 14
Tuesday
Jan. 15
Wednesday
Jan. 16
Thursday
Jan. 17
Friday
Jan. 18
Sales
for
the
Week
STOCKS
NEWIYORK STOCK
EXCHANGE
Shares
' par
19.100 Norther, Pacific
100
270 Northwestern Telegraph
60
800 Norwalk Tire de Rubber __No par
Preferred
50
7,900 Ohio Oil Co
No par
8,200 Oliver Farm Equip
No par
3,500
Preferred A
No par
600 Omnibus Corp(The)vto„ No par
100
Preferred A
100
200 Oppenhelm Coll & CO__ __No par
3,600 Otis Elevator
No par
190
Preferred
100
13,700 Otis Steel
No par
2,600
Prior preferred
100
10 Outlet Co
No par
Preferred
100
3,200 Owens-Illinois Glass Co
25
40 Pacific Coast
10
1st preferred
270
No par
230
2d preferred
No par
05
4,000 Pacific Gas & Electric
1,300 Pacifie Ltg Corp
No par
No par
900 Pacific Mills
330 Pacific Telep & Teleg
100
10
6% preferred
100
500 Pac Western 011 Corp.._._No par
43,900 Packard Motor Car
No par
100 Pan-Amer Petr & Trans
5
400 Park-Tilford Inc
1
600 Parmelee Traneporta'n___No par
78
78
78
7,
78
78
*54
*34
78
1
1
78
400 Panhandle Prod & Ret___No par
.9
12
.9
1112 "913 1112 .9
12
*9
12
.9
12
8% cony preferred
100
314
314 314
314 35
313 314
35* 28,600 :Paramount Publlz °Us
312 314
318
10
314
3
318
3
314
3
318
278 3
3
3
3
31 11,300 Park Utah C M
1
118
118
118
18
118
118 •118
114 3,300 Paths Exchange
114
118
118
118
No par
1412 1458
1458 15
14
1514
15
1514
1518 1518 .1458 15
2,400
Preferred class A
No par
1114 1112 1118 1112 1118 1118
1114
11
1158 1214 .1112 12
2,200 Patin° Mines & Enterpr No par
138
138
138 *118
13*
138
112
112 .114
112
15*
700 Peerless Motor Car
15*
3
.67
6812 6812 6812 67
6712 8614 67
6612 6612 6612 6612 1,000 Penick & Ford
No par
7014 7034 71
7112 6914 7134 70
7134 7134 7214 715* 7213 8,300 Penney (J C)
No par
*10612 111 *10812 111 *10612 111 .10612 111 .10612 111 .10612 111
Preferred
100
.2
234 .2
234 .2
234 .214 234
212 212 .2
358
100 Penn Coal & Coke Corp
10
4N
412
414 438
4
414
418 418 •414 412
412 412 2,800 Penn-Dixle Cement
No Par
2112 2112 1812 20 .19
•194 22
21 "
4.1812 2134 .19
22
300
Preferred series A
100
2238 2278 2238 2258 2112 221
2158 2238 2134 2238 22
2212 22,800 Pennsy:vania
50
3234 3234 3258 3258 3012 3112 •30
31
3212 31
3014 3012 1,000 Peoples Drug Stores
No par
11114 11114 .11114 112 .11114 112 *11114 112 *11114 112 .11114 112
10
Preferred
100
21
2178 2114 213o 2012 22
2114 2112 215* 22
2134 2213 2,900 People's 0 L dr 0 (en:)....100
.24 312 .234 312 *234 312 .214 312 *214 312 .214
31
Peoria & Eastern
100
1718 1718 .1618 20
18
MN .1514 20 .16
20
.16N 1913
300 Pere Marquette___.
100
30 .2714 31
.27
271 2714 .2314 29
.25
29
.25
29
100
Prtor preferred
100
.2134 23
.2112 23
21
2134 •1838 21
201s 21
.2012 26
400
Preferred
100
.1758 1812 •175* 181 .1758 1812 •1758 1814 •175* 1814 •175* 1814
Pet Milk
No par
834 834
84 834
858 834
812 834
812 813
812 858 3.100 Petroleum Corp of Am
5
1458 141 1412 14'2 14
145* 1418 1414
1414 1458
14-5* 1412 4,700 Phelps-Dodge Corp
25
28
28
28N 2818 2814 2814 .2712 277
28
28
2712 2712
800 Philadelphia Co 6% pre
50
•42
4918 *4014 4918 .4014 48
•4014 48 .4014 48
48
•4014
$8
preferred
No par
•312 375 .3
3
313
314
334
*314
31
.314
334
3'2
10 :Philadelphia Rap Tran Co_..50
6
6
*5
6
*518 6
.58 8
100
.512 8
.5-3* 6
77 preferred
50
414
414
.418 412
378 4N
37
378 4
4
4
418 6,100 Phila & Read 0 & I
No par
447
441
/
4 4458 4412 45
42
4212 4434 4214 44
43
43
6,900
Phillip
Morris
10
&
Co
Ltd
*912 1212 •9
121
*87 121
.838 121
*914 13
.938 12
Phillips Jones Corp
No par
.65
70 .65
70
65
68
68
6978 68
68
.6314 70
SO
7% preferred
100
1412 1478
145* 144 1414 145g
1414 1434 1412 144
1434 143 8,000 Phillpe Petroleum
No par
0513 6'2 "5,2 61
.512 61
.512 6
.512 612
100 Phoenix Hosiery
512 51
/
4
5
.50
57 .50
57 .50
55 .50
57 .50
57
•50
Preferred
57
100
114
138
114
138
114
138
13*
138
1'2
114
11
/
4 10,700 :Pierce-Arrow Mot Car Co
112
5
*1'2
58
12
1
"2
58
*12
900 Pierce Oil Corp
58
12
58
'2
"2
25
*47
*47
6
*478 6
*47
*47
6
*47
6
6
6
Preferred
109
4,78
•1
1
118 .1
7$
1
IN
1
1
•78
1
900 Pierce Petroleum
No par
314 3134 3214 3214 3134 3154 317 32
32
32 .32
3212 1,400 Pillsbury Flour Mille
No par
.75
7718 .7558 771 ___ 7'
75
75 .72
77
*73
77
100 Pirelli Cool Italy Amer shares__
100 100 *103 110
110 110 .105
.105
_ __ •105
_ _
40 Pitts C C & St I. RR Co.__ _10
1
.81
'8,4 9 4
4 97
"812 958 •814 -9
"81
Pittsburgh Coal of Pa
-9
.
200
814 -9.26
314 .26
32 .26
32
•26
32
.26
32
.28
32
Preferred
100
•168
__ •168
_ __ *16912 - - - 173 173 *18912 _ __ •16012 ----10 Pitts Ft W & Chic prat
100
8 _-8,38
8
-838
738 -838
758 8
734 -8
778
9,400 Pittsburgh Screw & Bolt- No pa
30
30 .29
31
2812 29 .30
3412
32
32
32
32
70 Pitts Steel 7% cum prof
100
2N
218 .2
214 •134 21 1 .114
21
•158 218 .138 218
100
100 Pitts Term Coal Corp
•12
15 .13
16
.13
16
*8
15 .10
14
.10
15
8% preferred
100
134
134 "112
154 "112 134 *112 13
15
.112
134
IN
300 Pittsburgh United
25
33
33 .3314 34
33
34
32
321 *3114 34
3312 3312
70
Preferred
100
*9
17
.878 14
.878 12
.8N 12
*878 12
.878 12
Pittsburgh & West Virginia __IGO
-;iis -2- -;i- -21-4 -;i- -21-4 -2- -2- -;Iis -2- -;Ii8 -218
74 734
75
73
734 734
77
754
778
.78 77s
731
1018 1058
97
912 10
934 10
95* 934
914
1014
ION
0314 312 *3
317 .3
312 .3
38 *3
4
.3
4
•114
112
114
114 •114
112 .114
112 .114
112 *114
112
1334 1414
1414 1412 1334 1412 1418 1412 1414 1414
1414 1414
212 212
214 238
218
218
21
/
4 21
/
4
2
2
2
2
•11
11 14 .1034 1178 11
11
ION 1034 .1134 1278
*103* 12
4234 4414 43
4238 44
44
425* 4312 4312 4378 44
447
115 115 41418 11512 .11418 11512 11514 11512 .114N 116 •114N 116
2478
25N 2512
2512 25
2614 2614 2612 26
2612 26
2638
6918 6918 .69
6934 69
70
69
69
6912 6912 70
7014
8112 8112 8212 8212 8212 83
81
80
.8212 8412 .8212 8412
.9112 9234 .91
91
91
9312 .92
94 .86
951
/
4 •915 9518
106 106
.105 106
107 107 "106 108
1081
/
4 10818 •105 11112
•10012 10418 .10012 10418 .10058 10212 102 102
102 102 .102 10418
4878 4938 4914 4912 4614 50
4734 49
4834 49
49
4934
655 7
7
718
658 71
/
4
658 7
678
7
7
7
5534 5534 *55
55
57
•5312 5712 *5312 57
58
*54
57
914 914
88 9,2 •914 9,2
9,2 03*
9,2 934
94 914
47
5
47
518
434
5
51
/
4
5/
1
4
47
5
5
514
5412 54
5412 .54
5412 5412 .54
5412 5414 5412 5458 595
3838 3878 3838 3938 3512 3838 37
377
371
/
4 3814 381/4 4218
2
2
218
18 2
2N
IN
2
2
218
21
/
4 214
1938 1938 1914 1914
1914 1914
19
1912 .19
1934 1938 1938
*3514 39 .
.3612 41
41
.36
3975
3912 397 •36
397 .36
.3812 3912 .3812 3912 .3812 3912 *3812 3912 .3813 391
/
4 .3812 3912
36
3612 36
*36
3658 3658 .36
3634 .36
3658 36
36
6
6
6
6
.534 6
.6
8,4 *578 61s *57s
65*
38
38
39
38
.38
3818 38
38 .37
3878 •38
40
*21
/
4 214 .2
2
2
212
.2
214 "IN
238 .2
212
14
•1212 1338 •1212 1414 .12/
/
4 •13
•1252 141
1
4 131 .1212 131 2
912 1014
934 105* 1014 1012
91 2 978
938 97
953 934
*7012 7434 .715* 75
7134 73
73 . 73
73
73
73
73
7218 73
74
70
70
70
70
70 .70
723 .70
7512
•____ 125 •____ 125 *____ 125 •____ 125 •____ 125 .____ 125
23
25
234 234
3
234 27g
3
234 234
27
27
1378 1438 1314 143* 1312 1378
137 14
14
1334 14
1458
4214 4112 4212 4012 43
41
4178 43
4112 42
43
46
.4112 4234 4278 427 .4114 4212 .4214 433
•401
/
4 43
4312 4312
.8
712 .618 7
712 .6
.618 7
.618 8
.618 8
.14
18 .13
18
•14
18
.12
18 .12
18
.12
18
86
86 .78
88
•86
88
.78
8714 .
78
88
*78
88
23
23
.2234 23
2112 22
2214 2214 23
23
23
2338
1412 .13
1312 .13
•13
1358 1212 13
13
131
1238 13
4612 4714 4678 4738 4678 48
4712 4778 4712 477g 475 4818
•58
58 58
60
5634 5812 .
58
.5612 59
57
.5612 58
•16
191 .1613 1912 .1678 191 .1634 1913 •1612 1913 1612 1912
.7
10
10
.7
834 7
.612 10
"612 10
*612 10
25
2418 241
25
2414 2412 2414 24-3* .2378 241
2438 25
• Bid and asked Prices, no sales on this day.
---ioo E
lltttS
tstY
o°
nur
C10(
Li
4cTAher RY7%6Yo
pW
ar
1,500 Plymouth Oil Co
5
2,600 Poor dr Co clam B
No par
Porto Ric-Am Tob cl A___No par
100
Class B
No par
2,400 Postal Tel k Cable 7% met __100
900 :Pressed Steel Car
No par
200
Preferred
100
8,200 Procter & Gamble
No par
70
5% prof (ear of Feb 1 '29)_100
11,500 Pub Ser Corp of NJ
No par
1,300
$5 preferred
No par
700
8% preferred
100
100
7% preferred
100
300
8% preferred
100
200 Pub Ser Elk Gee pf $5___No par
10,300 Pullman Inc
No par
7,400 Pure Oil (The)
No par
30
8% cony preferred
100
5,500 Purity Bakeries
No par
43,300 Radio Corp of Amer
No par
14,200
Preferred
50
29,100
Preferred B
No par
10,400 tRadio-Kelth-Orph
No par
600 Raybestoe Manhattan-No par
Reading
50
lst preferred
60
300
2d preferred
50
300 Real Silk Hosiery
1
70
Preferred
100 I
300 Reis (Rob%) & CO
No pa
let preferred
100
8,600 Remington-Rand
1
600
1st preferred
100
100
2d preferred
100
Renss 4., Saratoga RR Co____100
6.100 lie° Motor Car
6
26,700 Republic Steel Corp
No par
9,500
8% cony preferred
100
200
6, pref ctLs of deP
Revere Copper & Braes.
5
Class A
10
20
Preferred
100
2.000 Reynolds Metal Co ____No par
1,000 Reynolds Spring
1
22,500 Reynolds (11 3) rob class B___10
110
Class A
10
Rhine Westphalia Elec Power_._
200 Ritter Dental Mfg
No par
3,000 Roan Antelope Copper Mines__
I Companies reported in receivership.
Range for Year 1934
On Basis of 100-share Lots
Lowest
$ per share $ per share 5 per share $ per share $ per share 3 per share
1918
18
19
18
1658 19
171, 1812 18
1812 1734 1814
38
.38
4112 38
37
3712 .361.; 3712 36
3612 3578 3634
2
2
2
2
218 218 .2
214
218
214
2
2
*2614 34
*2614 34
*2614 3012 *2614 31
*2614 31
*2614 31
978 1018
934 10
934 1018
934 1018
934 1018
10
1018
312 334
312
334
358 358
358 4
312 334
312 378
22
214 22
2234 20
2014 2078 22
.2112 22
2212 2314
*414 478 *414
478
418 414 *4
414 *4
478
414
414
"75
84
84
.75
.75
85
75
75 .72
84
.72
84
*634 718 *634 7
634 634 .614 8
*614
7
614 614
•14
143
1414 1414
14
1412 134 14
14
1414
1458 144
107 10712 .107 108
10712 10712 10712 10712 *107 10712 107 107
5
518
518 514
5
512
5
518
518 518
512 812
2414 2412 23
2312 24
2434 2234 2234 2334 2334 25
2912
.40
43
43
•42
.38
43
*38
43
42
42 .4218 46
.11412
*11412
_ .11412
_ •11412
__ .11412
.11412
8414 -8-6844 -85
8434 13
8512 -8-7
87 17
8612 -8634
*214 212 "214 212
214
214
214
214
*IN
214 "134
214
514
5
5
514 514 .5
*412 512 *412 512
5
5
212 258
212 212
234 24
212 21 2 *212 378 •25*
37e
1418 1414 14
1414 1378 1414 14
14
1414
14
1378 14
2312 2318 2312 2318 2312 2312 2358 z23
*23
23
"2212 2258
•1912 2058 20
20
20
20 .1958 20
1912 1958 1914 1938
7012 7112 7112 7112 71
7112 *7118 7112 7112 7112 7112 7134
11112 11112 011112 113 *11134 113 .11134 115 .11134 115
•112 113
*714
753 *738 812
718 714 *7
758 .738 758
712
71_
458 478
458 5
47
458 518
434 5
478 5
5
•1034 1212 *1034 1212 .1034 1212 1034 1034 .11
1212 *11
1212
1714 1714 •17
1978 17
17 .16
1934 161g 1618 .16
1934
.75
1
1
•1
1
118
1
1
*78
1
1
1
439
5 per share
1412July 31
33 Sept 13
158July 27
29 Dec 17
812July 26
2 July 25
9 July 27
358July 27
70 Nov 27
5111July 27
1212 Dec 24
92 Jan 18
358July 27
9 Jan 2
30 Feb 5
97 Jan 23
60 Sept 17
118 Dec 19
312 Dec 20
2 Jan 3
1238 Oct 4
2034Sept 17
19 Dec 8
69 Dec 27
103 Jan 3
512 Oct 4
234July 26
1034 Jan 9
17 July 28
'Nov 5
58July 24
7 Oct 30
134 Jan 2
2' July 26
12July 27
1012 Jan 4
912 Dec 12
1 Dec 26
445*Sept 17
5112 Jan 4
10512Mar 8
1N July 27
278July 28
1214July 28
20'* Sept15
1958 Jan 9
86 Jan 19
1914 Dec 26
2 Sept 19
12 Aug 7
18 Jan 13
131g Aug 7
914 Jan 3
814July 27
1314 Sept 17
24N Jan 2
49 Jan 12
2 Nov 1
41
/
4 Jan 12
3/
1
4 Jan 4
1112 Jan 3
7 July 27
48 Aug 14
1338 Oct 18
412Juli 28
50 Jan 27
N Oct 31
38 Dec 28
412 Dec 5
34 Dec 26
1812 Jan 8
7014 Jan 22
Highest
July 1
1933 to Range for
Dec. 31 Year 1933
1934
tow Low
High
$ per share $ per oh 5 per shars
3614 Apr 20
1412
9N
347k
43 Apr 28
33
2634 43
412 Feb 19
158
11
/
4
571
4014 Sept .5
29
29
36
1.578 Fob 5
812
434
1758
11
/
4
834
7 Feb 5
2
31/4
2738 Feb 5
9
3034
638July 9
358
134
834
95 Jan 3
70
64
95
1458 Mar 31
518
212 15
1938 Feb 16
112
1018 2514
108 Dee 28
92
9312 106
114
914
8 Feb 19
3
25 Feb 20
7/
1
4
2N
2134
47 Dec 6
28
22
42
11412May 19
97
100
105
94 Jan 30
60
3112 9634 '
1 18
63* Mar 14
1
7
I
1114 Apr 20
312
158
10
/
4 Mar 14
2
61
7
1
2312 Feb 7
1238
15
32
37 Feb 7
2034
22
43N
34 Feb 5
19
6
29
69
8512 Mar 13
65
9434
118 June 22
9914
9914 11112
938 Dec 7
512
534
912
658 Feb 23
234
IN
63*
12 Dec 22
14
814
1
8
3.512 Feb 6
3658
1658
6
12
2 Feb 5
N
3
,
212 Apr 6
38
414
58
7
2112 Apr 6
534 20
15
212
118
578 Feb 16
34
414
2
6, Feb 15
12
414 Mar 2
21 2
5*
141
/
4
438
2434June 12
114
912
538 25
2112 Jan 2
34
91,
1
478June 5
4458 22512 6034
87 Nov 27
3512
7414 Dec 18
1914 56
90
108
10812May 16 103
514 Apr 28
17
,
34
938
84
912
7' Feb 5
2N
32 Apr 24
418 32
10
3778 Feb 19
2018
1384 4214
66 Nov 10
32
21
10N
112N Oct 20
80
65
87
4378 Feb 6
1914
25
78
72
9
8 Feb 17
2
37
38 Apr 24
37
12
1412
5112 Apr 23
6
4412
412 3812
43 Apr 23
12
1778 Nov 16
914
612 1514
1414 Feb 3
814
458 15
1878 Apr 26
113
412 18N
37 Feb 9
2112
2112 36
3814
6434 Feb 17
3814 62
6 Apr 25
2
2
57s
16 Apr 24
3
3
10
634 Feb 21
234
212
912
4838 Dec 17
1018
8
147
21 Apr 2
7
3
1834
747 Apr 7
48
35
35
22034 Apr 11
11
434 1834
412
1312 Feb 3
158 1734
64 Mar 3
44
25
72
75*
612 Feb 19
34
3
118 Jan 30
14
178
N
37
1054 Feb 14
412
1378
34
2 Feb 6
52
234
18
3434 Nov 28
932 2678
537/1
87 Sept 19
3338 75
712July 26
1812 Feb 19
26 Dec 21 4212 Feb ,
14112 Jan 15 169 Nov 28
412July 26
115* Apr 4
1514July 28 43 Feb 21
11
/
4July 26
312 Feb 21
818 Jan 4 1912 Nov 13
5 Feb 19
118Sept 28
2558Sept 17 5978 Feb 19
10 Dec 24 27 Feb 21
4
1313411i
'
l"eUl
n 1 11 i
714 Dec 27 1634 Jan 30
6 June 2 1478 Feb 5
238 Oct 9
614 Jan 30
1 July 27
314 Jan 30
/
4 Feb 6
1012July 27 291
114 July 26
512 Feb 16
1558July 26 22 Feb 17
3318June 2 443* Nov 21
102/
1
4 Jan 22 117 Oct 4
25 Dec 27 45 Feb 8
87 Jan 2 84 Feb 8
78 Dec 27 9734July 11
88 Dec 27 108 Feb 21
105 Jan 12 11912 Feb 17
8712 Dec 21 10412 Aug 9
3514 Oct 4 59/
1
4 Feb 5
618 Dec 13 1478 Feb 113
49 Oct 29 80 Feb 6
838 Nov 24 1934 Feb 5
412July 26
91
/
4 Feb 6
2314 Jan 4 5618 Dec 31
15 Jan 4 415 Dec 8
112July 23
414 Feb 17
1412July 26 23 Feb 5
3518 Aug II 5638 Feb 5
3312 Feb 8 4112June 9
3912June 19
2918 Jan 11
5 July 27 14 Feb 6
35 Oct 26 6014 Apr 26
1N July 27
6 Apr 2
538July 26 3834 Apr 2
6 July 26
135* Feb 23
3238 Jan 5 71 Dec 31
30 Jan 8 70 Dec 31
114 Feb 8 128 June 19
2 July 28
512 Feb 23
1012July 26 2534 Feb 23
3312 Oct 29 6712 Feb 23
3912 Dec 13 4214 Dec 8
5 Jan 8 141, Apr 11
1114 Jan 29 2812 Apr 11
46 Jan 5 90 June 25
1512 Jan 2 2734 Apr 28
612 Jan 9 16 Dec 6
39N Mar 21 5334 Dec 5
57 Jan 5 6278 Nov 28
1212 Oct 16 23 Mar 13
518 Aug 10 1312 Feb 8
2078 Oct 4 3318 Apr26
a Optional sale. c Cash sale. 2 Ex-dividend.
712
26
141N
418
1514
11s
818
118
2558
10
113
1,4
7,4
6
238
1
1012
15*
514
3318
10158
25
597
75
84
99
837s
35N
818
49
88
412
22
1338
112
111s
3518
28
27
5
35
158
538
514
245
24
104
2
9
19
3
10
35
12
6
3934
57
1212
510
207
y Ex-rights.
4
17
134
1N
1014
12
4
34
155
812
9812
N
63
134
158
N
4
es
3
195
97
3258
5978
75
84
99
8378
18
212
30
57
3
1314
612
1
5
2312
25
2312
512
25
'4
23
48
150
1134
3834
67
231 2
612
64
1
358 '
115
7
1738
1334
8
4
40
5/
1
4
18
4712
11034
5718
8812
1015*
11212
125
103,2
5818
1538
69,
2538
1214
40
27
04
2058
6212
38
37
2078
60
4,2
1815
l's
212 1114
7/
1
4 3712
8
3534
108
97
138
838
4
23
9
5412
114
12
2/
1
4 25
7
60
6
2112
112 1534
2612 25414
80
821
14
24
612
1614
2338 2612
New York Stock Record-Continued-Page 8
440
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Jan. 12
Monday
Jan. 14
g per share $ per share
_
____ ____
4 3118 3114
...304 303612
*422 612 *43
1534 154 15% 16
178 2
17
18
2
2
214 214
13
14
*12
16
2412
*18
16
16
42
4358 43
4314
_
10834 10834 *109
111 111
111 iii
064 7
*614 7
253 26
2534 26
34 318
338 338
•1718 18
17
1718
57
57 .57
5978
34
54
4
34
112 112 '114
134
*2334 25
2338 2358
*4
5
*4
434
3612 3712 367 3712
*178 2
2
2
*4812 4914 4812 4838
--
Tuesday
Jan. 15
Wednesday
Jan. 16
Thursday
Jan. 17
Friday
Jan. 18
g per share $ per share S per share
____ ____ ____ ____ ____ ____
*3018 31
3014 3014 *3034 31
*43
64 *43
64 *438 64
1512 1534 1512 1534
1558 16
•134
178 0134 2
17
*134
214
214
218 21g
2
2
12
12
*12
15
*12
15
*16
2412 *18
24
*18
2412
4238 43
4212 4212
43
433
10878 10878 *10834
_ 10834 1084
11112 *110 11234 *110 112-34 *110 112
638 *618 64
6
*534 6
6
26
2412 2514 2434 2538 25% 2578
338
34 312
338 4
358 354
1718
1613 19
18
1914 184 2018
*55
57
597g *55
59% 5978 5978
34
%
53
34
4
34
58
158
13s
138 *114
158 *114 14
2334 2212 2234 2214 23
2234 23
414 414
412
434 *4
434 *4
3718 3534 3658 3614 37
364 367
*178 2
17
17
17
1%
18
488 *4512 4812 4512 4714 4613 4612
S per share
____ ____
*28
31
*413 614
1512 1634
2
2
2
214
•12
15
*16
2412
4212 4314
10834 109
111
6
2414
318
1718
57
34
*114
21
*4
3523
178
*47
i
8
Ws 17g
-iWs
i 8
138
'ii4 -i-,8 ils -8-1; 83s 87
812 812 *814 812
814 814
814 814
8
812
838 88
107 1134 1134 1218 1134 1238
1114 1153 1112 1134 1012 12
*434 5
*434 47
434 434
434 434
45
434
434 434
46
4512 4512 4514 4514 *45
4612 46
*4522 46
46
4534
*2212 27
27
02213 27
*2212 27
*2212 27
*2234 26
*23
64 714
634 678
658 634
634 7
7
678 678
678
70
70
*70
7034 70
70
70
71
70
6914 6914 70
934 934
912
912 912 *93
938 912
934 934
912 934
93
2
9,
8
914
914
9,
2
*94
9
9
4
9 4 912
94 94
1638 174 21612 1712 1678 1718 17
17
1714 1758 1712 17%
*612 7
612 612
7
7
67
67
612 612 *64 7
60
*58
*58
6112 *59
*58
63
63
61
61
*5934 63
20
*1712 21
*1538 21
018
*20
23
20
20
20
20
29
29
29
29
*27
30
30
304 3112
•28
31
31
18
1818
1818 1858 173g 1814 1734 177o 1734 18
1734 18
137 1418 1378 1418
1338 13% 1334 1418 1331 1418 1358 14
10712 10722 *107 110 *107 110 *107 110
•10712 10978 *107 110
2018 2012 2112 2112 2022 213s 2134 2134 218 2138 *2112 2134
•125 134 *123 134 *125 134 *125 134 *125 134 *125 134
123
124 1238 21178 1214
12
12
12
1214 1214 1212 12
313 8
*312 8
*3
8
*312 8
*312 8
*3
8
*114 413 *114 413 *114 412 *124 412 01 14 412 *114 412
1718 1534 1638 158 1634 1578 1612
1638 17
1634 1718 15
1258 1412 1314 1358 131: 1378 1314 1313
1334 1412 1414 145
1612 1634 1612 1634 1724 1713
*1712 17% 174 1734 1512 1734
3314 334 *33131 3634 3318 3318 033
3622 *33
3612 *33
3612
*65
*612 8
*612 712 *612 712 *612 8
7
*612 8
*4714 4814 5474 50
*4714 4912 *4724 4912 .50
50
*4724 484
912 •63 65 *63 -65
64
6-56512 6-512 •264 -6518 '63 -6.
438 47
434 47
478 5
412 434
412 454
434 434
6
6
6
512 512 *5
538 6
*512 6
512 512
*69
75
. *6812 --- *70
*75
80
90
571 13 00
3412 3412
_34 -34
*33
34
3418 3418 *743314 34
3312 3312
9
94
9
914
8228 914
858 9
84 91s
9,8 938
*818 1114 *818 1114 *834 1114 *834 1114
1114
*9
1158 *8
3812 3813 3714 3814 *37
3812 3712 3812 3838 3812
3812 39
7814 7634 7912 76
73
7312 7338 7512 7212 7714 76
78
1778 1814 18
1734 1778 1778 1818 17% 1818 1734 18
1814
*12414 12512 12514 1254 12434 12514 125 125 *12518 12514 12518 1254
34 34 *312 334
334 334 *312 334
334 44
438 458
418 414
418 414
4
44 414
414
4
44
44 424
5
518
54 514
434 518
5
5,4 *54 514
518 538
1114
*10
11
*1018
11
1018 1018
11
1114 1034 1034 *10
144 1412 *1312 14% *1312 1414 1334 1334 1334 137s *1314 14
113
124
5114
112
138
138
138
1% *114
112
114 0114
113 113
11238 1123s 11214 11214 113 113 *11218 113
*11214 113
3018 30-34 303 3034 30% 30% 3018 3013
30% 304 3058 31
2458 2478 2434 2478 2412 2434 2412 2438 2422 2458 2458 2434
*30
39
*30
39
30
2018
*30
39
*30
39
30
30
42
4118 41% 414 4138 4153 41%
413s 4218 4158 424 41
1412 *1414 1434
1412 1412 1314 1418 *1322 1412 14
1334 14
59
5914 59
5938 5914 60
587 5934 593 6038 5834 60
178 *154 14
134 178
158
I%
I% *14
158 14
158
438 438 *438 434 *438 438 *438 434
*424 518 *438 412
40
3614 3614 *36
39
40
*36
3778 *36
*36
38
*36
75
77
818
7% 8
8
758 818
8
84
738 818
414 44
418 438
412 412
418 414
414 412 *414 43
213 258
212 258
238 258
224 24
218 23
224 238
*1518 16
1618 1618 1453 1512 1412 1434 147s 1512 1513 1534
6812
65
*65
6812 •6.5
6514 66% *6538 6512 6514 6538 65
117 117
11612 11612 1164 11634 11614 1165 *11612 117 011612 117
*15
17
1622 1612 164 1612 *1524 16
15
1514 •141x 154
134
14
153 158 *15g
14 14 0158
134 '158
153 14
818
8
74 758 5734 85s
712 8
734 8
74 8
412 412 *4
412 '4
412 54
4,4
4
44 *334 412
34
34
78
78
*34
4
34
"4
78
34
34
54
24 218
218 218 5218 212 *218 213
214
213 *24 258
9
914 2918 918
9
9
834 9
*834 914
87
878
43
438 *458 434
44 47
*44 434
*413 5
4-38 434
195s 1978
1958 20
194 197s 1958 20
1934 20
19% 20
3412
33
3312 3312 3334 3338 338 3312 3414 3414 3412 34
37
414
3% 338
34 312
312 322
314 338
314 314
9
918
812 9
94 104
834 87
9
934
978 10,4
3
1
2212 2212 *22
2278 21
21
*2114 2578 2134 21 4 '21 4 2578
1512 157s 1618 1718
*1518 15% 157c 157g
1518 1512 1522 16
52
5214 5214 *5212 6012 5214 5258
5517 6012 *5112 5258 52
6
64 *6
638
618 *57
6
*618 614
6
.618 7
70
70
70
70
*65
70
*6513 70
067
65
65
*65
37
4
4
*378 418
338
334 334
334 354 '34 334
*414 5
"438 5
418 414 *418 438 *44 414
414 414
*2013 2134 •20
2134 01934 2034 *1934 2034 *1934 2058 '194 204
6
*538 6
6
534 534
524 534
534 534
"554 6
1514 1578 1534 1618 144 1614 1538 1512 1538 15% 1512 1638
*23
4 3
*278 3
27
27
234 278
258 234
212 258
*1713 22
51712 22
*1712 22
*1712 22
*1712 22
*1712 22
9
834 9
834 914
0
87
8
87
8
8%
88 9
88
8478 *8412 87 '84% 86
8534 854
85
85
*8412 86
84
*2718 32
*2718 32
.271 32
*2718 32
*271 32
*2718 32
10212 10212 10213 10234 102 102 '10214 103 510214 103
103 103
63
614 61 4
638
614 612
614 614
618 614
618 638
34
3412 34
35
3314 3434 3318 34
34
3478 3434 35
53
512
512 54 x5,2 54
538 54
5-53 512
5,
8 512
658 65s '634 7
3265
738 *678 712
7
7
*678 724
318 34
34
318
318
318 314
27
318 338
318 314
81
7518 754 754 *73
7518 754 7518 *75
*70
7518 *72
*40
41
397 40
*39-33 4012 394 3912 *3914 40
'3912 41
418 44 *44 48
44 418
418 414
412 412 *418 412
518 558
518 518 '538 512
538 578
5
518
54 512
37
37
*34 424
414
414 *312 4
*334 4
378 37
20
21
20 .2014 2218
20
21
1934 2012 20
1953 20
*134 2
134
134
'134 2
.134 2
•158 2
*134 2
5814 5838 5712 5824 5714 5824 *571e 5714 57
5712 55712 5734
127 127
"12514 127 *12514 127 "12524 127 *126 127 "126 127
4814 4713 4814 4634 4714 47
*47
4712 4712
48
48
48
4512 4638 4512 457
44
4538 4414 45
4434 453
4434 4512
1538 1514 1512 21518 1512 1514 1514
•1514 1538 153 1538 15
• 1316 and asked prices, no sales on thlm day.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Ian. 19 1935
Range for Year 1934
On Basis of 100-share Lot.,
Lowest
Highest
July1
1933 to Range for
Dec. 31 Year 1933
1934 -----Low Low
High
Shares
i per share $ Per 8h
Par $ per share
33
______ Russia Insurance Co
5
4 Jan 3 1014 Feb 6
900 Royal Dutch Co (N Y shares)._
2858
2858 Dec 10 3918 Feb 19
22
15
Rutland RR 7% pref
Dec
Feb
7
412
100
412
4,100 St Joseph Lead
1524
10 154 Oct 30 277s Feb 5
45 Feb 6
500 :St Louis-San Francisco____100
118
14 Dec 14
618 Apr 4
800
lot preferred
113
100
112 Nov 7
150 St Louis Southwestern
8
100
8 July 26 20 Mar 8
20
Preferred
100 13 Oct 27 27 Apr 30
13
2,800 Safeway Stores
35%
No par 3814 Oct 4 57 Apr 23
110
80
6% preferred
100 8434 Jan 3 108 July 5
160
7% preferred
9018
100 9812 Jan 15 11312 Dec 26
500 Savage Arms Corp
518 Oct 20 1214 Feb 15
412
No par
5 1718July 26 3878 Apr 11
14,300 Schenley Distillers Corp
1718
8 Feb 5
213
2,900 Schulte Retail Stores
3 Sept 14
1
12
2,320
Preferred
100 15 Jan 2 3034 Apr 16
IGO Scott Paper Co
374
No par 61 Jan 10 6038 Dec 3
12
2,300 :Seaboard Air Line
'2Dec. 24
2 Feb 6
No par
400
1 Sept 12
34 Feb 21
1
100
Preferred
3,900 Seaboard 011 Coot Del___No par 2034 Oct 4 3833 Apr 11
19
212Sept 15
558 Dec 17
100 Seagrave Corp
No par
213
20,400 Sears, Roebuck & Co
30
No par 31 Aug 6 5124 Feb 6
7
113
414 Jan 26
700 Second Nat Investors
112 Nov
1
30
190
Preferred
1 32 Jan 8 62 Dec 24
12
2 Jan 22
12 Dec 24
Soeneca Copper
No par
12-,(56 serve' Inc
1 438July 26 9 Apr 24 312
634 Jan 2 1378 Mar 9
6
2,700 Shattuck (F 13)
No par
4
5la Jan 11 1314 Feb 23
6,700 Sharon Steel Hoop
No POT
778 Feb 5
4
4 July 26
900 Sharpe & Dohme
No par
30
Cony preferred ser A
700
No par 3814 Jan 8 49 May 3
Shell Transport & Trading_ __ £2 19 Nov 22 264 Mar 14
19
6 Oct 18 1112 Jan 27
6
4,400 Shell Union OH
No par
47
900
Cony preferred
100 57 July 31 89 Jan 26
2,200 Silver King Coalition Mines___5
8 June 4 1212 Feb 16
5%
8%July 26 2418 Feb 5
84
3,500 81mmone Co
No par
714July 26 1718 Nov 26
714
12,100 Simms Petroleum
10
6
6 Oct 4 114 Apr 25
700 Skelly 011 Co
25
42
100
Preferred
100 514Nov 2 6818 Apr 26
12
70 Sloss-Sheff Steel & Iron
100 15 Jan 9 2723 Feb 17
42 Apr 23
160
15
7% preferred
100 1812 Oct 11
6,200 Snider Packing Corp_ __No par
64 Jan 3 1934 Dec 29
31 3
1212July 26 197s Feb 5
912
29,000 Socony Vacuum Oil CoInc____15
76
100 Solvay Am Invt Tr pref
100 86 Jan 6 10813 Dec 19
2,500 So Porto Rico Sugar
20
No par 20 Dec 26 391 Feb 5
Preferred
IGO 115 Jan 16 137 July 23 112
3,400 Southern Calif Edison
1018
25 1018Sept 15 2218 Feb 7
Southern Dairies Class A_-No par
512Sept 24 1038 Oct 29
54
Class B
314 Nov 16
No par
112 Dec 20
112
147
30,000 Southern Pacific Co
100 147 Aug 6 3354 Feb 5
1112
12,900 Southern Railway
100 1112 Aug 6 3613 Feb 5
14
2,300
Preferred
100 14 July 26 4124 Apr 26
Mobile & Ohio stk tr ctfs _100 3113 Nov 20 4734 Apr 211
28
200
5
Spalding (A 11) & Bros___No oar
5 Oct 2 13 Apr 21
10
1st preferred
3014
100 3014 Jan 11 74 Apr 21
Spang Chalfant di Co Inc__ No par
7 Jan 22 1532 Apr 23
7
Preferred
20
50
100 30 Jan 23 66 Nov 26
8 Feb 21
278 Sept 14
27
No par
5,400 Sparks Withington
112
74 Apr 18
160 Spear de Co
No par
2 Jan 3
Preferred
100 39 Apr 10 6412 Dec 21
3022
1214
700 Spencer Kellogg & Sons __No par 1584 Jan 5 3318 Dec 27
358
20,200 Sperry Corp (The) v to
1
558 Jan 5 1138 Apr 2
6 July 19 13 Feb 7
6
Spicer Mfg Co
No par
270
Cony preferred A
18
No par 2134 Jan 2 414 Dec 18
16,600 Spiegel-May-Stern Co
No par
19 Jan 4 76% Dec 31
714
No par
1714July 26 2514 Feb 1
1714
22,800 Standard Brands
Preferred
No par 1214 Jan 3 127 Sept 4 120
70
8 Mar 13
3 Oct 29
4,500 Stand Comm Tobacco
3
No par
358
358 Dec 21
17 Feb
4,000 Standard Gas & El Co
No par
45
17 Feb 6
458 Dec 21
Preferred
No par
2,800
27
33
Feb
corn
Dec
6
$6
prior
pref
No
par
103
4
103
4
500
1314
600
$7 cum prior prof
No par 134 Dec 27 3813 Apr 24
178 Jan 5
%
7y Jan 13
No par
500 Stand Investing Corp
9412
400 Standard 011 Export pref____100 9612 Jan 2 114 Doc 3
No par 2614 Oct 4 4278 Jan 30
2612
11,000 Standard Oil of Calif
11,400 Standard 011 of Indiana
2314
25 231: Oct 26 2714 Aug 30
10 26 Dec 7 41 Apr 21
19
400 Standard 011 of Kansas
25 394 Oct 27 5018 Feb 17
3318
19,700 Standard Oil of New Jersey
6 Jan 15 1538 Nov 26
6
1,500 Starrett Co (The) L B____No par
10 4714 Jan 4 6612July 30
4534
4,000 Sterling Products Inc
3 Feb 6
14 Noy 16
1
600 Sterling Securities el A ___No par
7 Feb 6
25
100
Preferred
No par
3 Jan 3
100
Convertible preferred
2818
60 30 Jan 12 3818 Dec 20
5.900 Stewart-Warner
5
412July 26 10% Feb 21
412
37 Dec 27 1314 Feb 6
37
4,400 Stone & Webster
No par
914 Feb 21
178 Nov 14
45,500 :Studebaker Corp(The) No par
178
2,300
Preferred
100 10 Sept 24 47 Feb 19
10
600 Sun Oil
No par 514 Jan 2 7414 Nov 21
42
Preferred
210
100 100 Jan 17 118 Nov 2
96
1112July 27 2514 Feb 5
500 Superheater Co (The)____No par
1112
3 Feb 1
114July 26
800 Superior 011
1
114
458July 26 1534 Feb 19
1,600 Superior Steel
100
458
534 Jan 26
50
318July 27
300 Sweets Coot Amer (The)
34
38 July 24
212 Feb 19
No par
600 Symington Co
4
112July 27
538 Feb 23
113
400
Class A
No par
800 Telautograph Corp
5
713Sept 14 1514 Feb 1
713
26
63
4
1,000 Tennessee Corp
318July
Feb
19
5
....
34
10,400 Texas Corp (The)
25 195 Dec 27 2938 Feb 6
1814
7,800 Texas Gulf Sulphur
No par 30 July 26 4314 Feb 8
2234
612 Apr 4
4,800 Texas Pacific Coal & 011
10
212July 27
212
23,500 Texas Pacific Land Trust
1
684 Jan 6 12 Apr 2
6
100 13'i July 27 4314 Feb 1
500 Texas & Pacific Ry Co
1312
No par
8 July 26 18 Nov 26
3,700 Thatcher Mfg
8
$3.60 cony pref
No par 39 Jan 15 5218 Dec 19
500
385
700 The Falr
No par
4 Aug 7 1218 Feb 16
4
Preferred
100 50 Jan 10 83 Apr 30
30
45
918 Feb 19
1,000 Thermoid Co
1
213 Nov 3
212
4 July 26
814 Jan 12
100
500 Third Avenue
4
Third Nat Investors
1 1312 Jan 2 2212 Dee 24
13
47 Aug 15 11 Feb 5
47
500 Thompeon (J R)
25
10 July 26 2014 Feb 16
8.400 Thompson Products Inc__ No par
10
134July 26
512 Jan 29
1,900 Thompson-Starrett Co__ _No par
154
No par
17 Nov 3 2413 Jan 30
$3.50 cum prof
17
8 Oct 24 1453 Apr 23
15,500 Tidewater Assoc 011
No par
734
100 6412 Jan 4 87 Dec 31
400
Preferred
44
Tide Water 011
No par 24 Deo 13 40 Apr 27
18
Preferred
100 80 Jan 11 10012 Dec 31
500
62
37 Jan 4
812 Apr 24
10
3,000 Timken Detroit Axle
3
7,800 Timken Roller BearIng___No par 24 July 26 41 Feb 5
21
812 Feb 5
9,300 Transamerica Corp
No par
518July 26
518
200 Transue de Williams BM_ No par
412July 26 1312 Feb 17
412
3 Dec 27
6% Feb 3
No par
5,300 TM-Continental Corp
3
No par 6014 Jan 9 78 Apr 20
200
6% preferred
51
300 Tr1co Products Corp
No par 33 Jan 6 4213 Nov 28
2534
133 Jan 3
512 Dec 1
900 Truax Traer coal
No par
112
33
9% Feb 19
2,400 Tniscon steel
10
338 July 23
138 Jan 10
812 Apr 24
300 Twin City Rapid Trans__ No par
54
423
260 Preferred
6 Jan 12 39 Apr 24
100
4 Jan 15
1 July 23
1
100 men & Co
No par
1,600 Under Elliott Fisher Co No par 36 Jan 5 587 Dec 5
2212
95
Preferred
100 102 Jan 22 12878 Nov 2
80
1.600 Union Bag dc Pap Corp_No par 3914July 26 607 Feb 23
3112
17,400 Union Carbide & Carb___No par 3578MaY 14 507s Jan 19
3412
1,600 Union 011 California
1112
25 1112 Oct 4 2012 Feb 5
I Companies reported In receivership. a Optional I ile
Cash sale.
$ Per
2
175
6
64
%
1
514
12
28
72
8014
24
24
58
34
28
4
38
15
118
1212
14
24
l8
112
534
113
213
2114
1114
312
2813
218
4,4
47
3
22
7
814
4
6
58
157
112
144
35
114
1118
418
578
8
4
254
412
1712
54
12
20
712
24
5
1134
1
1324
120
1
54
634
15
16
13
924
19i2
share
10%
3954
1812
3134
938
914
22
2638
6238
9412
105
12
4514
1014
3534
448
3
48
43,28
434
47
5
48
12-4
2234
4
4534
4
112
20
212
512
112
9
35
89
712
54
2
1
is
14
818
138
1034
1514
153
34
15
5
2738
23
33
1
44
10
6
553
'2
12
34
2322
914
45
112
1334
258
27
234
41
204
4
2
kl
412
zi,
914
70
512
1934
812
3978
4712
1112
604
378
734
3014
11,2
1914
838
3818
59
103
27
4,2
2253
10
3
514
1038
7,4
3013
4514
613
11 18
43
2218
44
1212
70
1012
1218
2114
154
2014
912
30
11%
6514
26
80
814
3512
93
1712
83:
275
387
524
124
434
15
014
39,2
105
60
51%
23,
8
3%
738
1314
12
858
418
31
11%
61
1038
31
1238
97
5723
35
42
934
17
92
48
132
28
2012
754
3834
36
49
4014
117
61
154
50
3
512
42
22
7,2
18
3213
2112
3758
121
95
2212
257
61
66
27
10234
45
a Sold 7 days. z Ex.dIvIdend. tr Ex-rights.
New York Stock Record-Concluded-Page 9
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Jan. 12
Monday
Jan. 14
Tuesday
Jan. 15
Wednesday
Jan. 16
Thursday
Jan. 17
$ per share $ per share 5 per share $ per share $ per share
106 10614 101 107
106 108
105 105
105 10518
8758 88
.8612 8712 86
8612 .85
.85
86
86
2518 2514 2478 25
2438 2478 2434 254 '2514 25%
1338 1338 1312 1378 1278 134 134 134 1312 1334
512 534
.538 534
514 53
Vs 512
514 51
9
9
•834 1118
1118 *914 1118
834 834 *9
25
25
2438 25
2478 2478 2412 2412 2458 25
117 117 x114% 11434 .11334 11434 '11314 11434 *113 11434
4714 475
473 4712 4634 4712 463g 4714 4712 4712
234 2u
234 27
234
2% 234
2% 234
218
24
24% 2412 258 24
25
2418 2434 2434 2538
1138 1178
114 12
1114 1134
1112 1134
1114 1118
*612 77
'634 77
638 638
618 618 *658 7%
*75 '75
81
•75
81
*75
81
•75
81
612 638
68
67
614 638
614 618
658 618
73% 74
74
75
7314 7334 7314 74
7318 7412
1238 1212 1218 1238
12
1214 1212 1212 12% 1214
9012 9012 *9018 91
9012 9012 .9012 91
91
91
.24 3
.218 3
.218 3
.218 278 .218 3
514 54 .54 5%
514 538
54 518
54 51
Friday
Jan. 18
$ per share
10114 10478
8512 86
25
2512
1378 1412
57g
6%
*914 114
25
25
113 113
4712 48
2% 234
25
2512
1134 1178
612 612
*75
81
618 618
74
7414
1218 1218
.904 9234
.218 3
.
5
518
40 .32
42
•32
.32
42
*32
43 .32
4134 *32
4134
57
518
6
618
814
538 614
0
614 6%
614 634
*63
7212 .63
7212 *63
7212 .63
7212 *65
70
*65
70
5758 55
55% 5618 57
57
x55
5512 *5412 56
*5412 57
.135 13612 .135 136 .131 135 *134 135 .134 135 *134 135
.36
42
42
3612 3612 .36
*36
42 .36
42
*36
42
1%
112 112
118
112 112
114
112
118
134 218
118
*13
14
.13
14
13
13
14
14
*1212 133
1414 1634
1912 1934 19% 20
1834 1918 • 19
1914
19
1914
1918 1912
1912 1912 1932 1912 19% 1938 1958 197 *1938 198
194 1934
214 214 .1% 278 *118 28
2
218 .134
278 .118 27
*5
10
*6
'7
10
10
*7
10
*712 10
"7
10
*38
12
12
*38
12
*58
1*
*38
*N
12' *3s
12
•1338 1418 *1331 1458 1312 133.
4 *1314 1312 *134 1418 *134 1418
634 634 *634 678
67
6% *634 678
678 61
.6% 7
8212 '78
8212 "78
•78
8212 •80
8212 *80
8212 *80
8222
51
5034 5112 4812 51
50
41338 4914 49
4912 4934 4934
143 143 .144 149 .144 149 •144 149
14518 14518 *14518 149
614 514 .
614 64 "614 634
61.2 6'2 *512 614 *534 614
4012 38
39
3912 40
3934 387 3912 31358 3914
39
3918
6
612
612 622
64 612 .6
614 06
614
6
6
10
10% 11 18 1034 104
104 *10
1012 10
1014
1014 1012
5712 "55
5712 *53
*55
5712 *53
5712 .53
5712 *53
5712
538 534
57
538 58
512 53*
512 512
534 58
614
1414 143
14
15
1518 1478 1514
1518
1412 1418 15
1518
3738 3838 38
384 3512 3834 364 373* 37
3712 3734 383*
11518 11614 11514 11612 10612 116
10934 11134 109 11112 110 111
65
65 .6412 6478 .6412 64% 6412 6412 6434 64% 6478 648
367 3718 37% 3734 3538 378 3658 37% 3838 3734 3714 38
8614 863* 8614 8712 85
87
8612 8712 87
8712 8714 8714
.118 12514 .120 12518 120 12112 .11978 136 *1197 136 .1194 136
.138 150 .138 150 .138 150 .13812 150 *13812 150 "13812 150
•4714 553 *4714 5534 .4714 5534 *4714 5534 .4714 56
*4714 56
13
13*
134 134
138 1 18
15o .158
15s
158
134
13*
%
1
1
1
1
*7
1
78
1
1
1
2318 •20
23% "20
.20
2318 .20
2318 .20
23% .20
2318
193* 1914 1912 1814 1914
18
19
19
1834 1878
1918 1934
12
1212 12% 124 124 1214
1214 1214
1214 1214 .1134 1223
93
0312 .93
93
933* 9312 '93
9312 93
93
.91 12 93
*34
3412 344 3418 34% 34% 3414 3412 3412 343* 34% 3414
334 33
338 334
38 37
338 418
44 414
4
434
223* 223* 2012 22
2114 22
23
2312 23
2338 2212 2318
85
•86- •8512 92
8518 .82
92 .84
8812 .84
85
•7318 -7
.14 *7334 74
.7334 7412 7234 7334 7378 7378 7412 7434
•4
512 *4
534 *4
534 .4
534 04
534 *4
534
*1512 25
*1512 25
.1512 25
*1512 25 .1512 25
*1512 25
73
73
74
71
*71
72
7234 7234 72
73
74
74
•I0914
__ •10914
_ •l0914
.1004 . _
__ .10914 _ _. .1094 _
•219 _-214 .24 .-214 .218 _-214
218 -218
*21g
214
213 .
218
3
3
3
3
318
318 *3
314 *3
312
3
3
.134 Ts *I% 3,8 *112 Vs .184
18 *17
318
2
2
*7
714
*7
718
7
7
678 678 *634
7
7
7
2934 30 .294 3018 2734 293* 2814 293* 2912 30
30
3014
114 115 *110 114 .110 114 .110 114 .110 114
114 114
318 318
3
318
3
318
3
318
318
318
314
314
*512 7
.558 67
*658 1334 .53* 634 .558 65
'53* 63
112
11
.112 17
112 113 .112
17
'112 17
*112
178
2812 283 .2812 2934 29
29 .2812 31
.2812 31
.2812 31
37
37
4
378
338 37
4
418
33* 33
33* 4
1834 1914 .1812 2014
1812 18% *18
193* 18
2078 •1838 2078
I%
118
118
118
1%
118
118
14
14
l's
118
118
412 438
434 434
438 434
434 43
434 434
478 48
5914 14
•10
14
'914 13
*834 1312 "9
13
*834 13
25
x2512 2512 2412 25
25
2512 2534 26
26
2612 27
53* 538
*512 57
Vs 53*
518 578
5,s 53*
8
514 5,
.80 -_ _ .80 _ . .80 _ .80 _ _ .80
__ _ *80
•1
1-14 '1
114 .1
1-14 "1
I-14 .1
1(4
1
1
3178 3278 3214 323* 3012 3234 3118 32
32
33
33
3412
•74,4 7514 .7412 754 75
7514 75
75
7412 7412 743* 75
314 3218 3114 3178 29% 3112 3078 3114 3014 3158 307 3114
2414 24(2 2412 2512 2414 2514 24
2434 2414 2412 2418 2434
3733 3878 23712 3814
3712 3'2 3758 3134 3531 3834 37% 38
*9518 100
9312 931 .9312 100
*951s 100
9712 9712 *9312 9712
14
1212 1234
13
1212 1222 13
13
123 1234
1234 1312
2979 2978 311g 31
•29
31
•29
32
"29
3134 *29
32
53
53
53
53
52
52 .50
53 '48
55 .46
55
59
59
58
58
59
58
58
259
59
59
*58
59
5038 5038 5018 5112 5112 51(3 5112 5113 15112 5112 5012 5112
•105 10612 '105 10612 10612 106(3 105 105
10412 105
105 105
*98 101 .
*97 101
•98 101
.9834 101
993* 101
9914 9914
2
2
.218
2
218
2
•24 23s
24
21s
21 1
218
34
34
N
*34
78
34
N
34
34
N
N
34
812 834
8
838 812
8
814
8
814
848
812 812
.10
13
.9
15
*10
11
10
10
1014 104 "1012 1114
278 27g
234 234
3
3
212 23.1
*212 234
241
23*
618 61 3 618 63*
6
613
01s 63s
614 614 *614 612
20% 20% 21
2034 2034 2112 2112 2112 2112
21 12 203* 21
2712
.18
2712
2712
*18
.18
2712 .18
2712
•18
2712 '18
30
*25
30 .25
30
*25
30 "25
.25
30 .25
30
1834 "1812 19
•17
1812 1834 1834
18
18
183* 183* .16
50
4612 4712 4734 4734 4814 4812 49
50
49
5212 5212
.1514 1614 15
1533 154 1514 '15
1514 16
17 '15
17
233* 23
*23
23
24
23
*2212 24
*2212 24
23
23
•134 2
.131 2
.13
2
134
134 "14
2
2
214
638
6,4 6,4 *53g 63* *512 633 *534 63*
712
*512 134
24 2,4 *21 1
23*
214
214 '214 212 '238 212
238
214
534
35
*34
35
*34
35
*34
35
*34
35
*34
35
8534 6
534 614
614 63* '614 83
534 6
534 6
2534 2734 2658 2718 2634 274 2634 2738
2712 2834 2738 28
96
9312 96
•92
96
9412 9412 95
95
*9512 9714 96
52
5212 51
5178 523
5178 5238 5238 523
523* 5112 52
*173* 19
1912 1734 183*
*1812 1918
1712 18
173 18,2 *18
39
4012 4012 *404 418 37
39
38 .384 40
40
40
30 .2912 32
29
29 .29
.29
31
31
.27
30
31
•48
49
49
47
48 .46
4812 48
49
48
50
52
75
76
76
76
75
76
76
75
75
75
75
75
21
2112 *2112 23
2112 2112
22
22
213* 2118 214 22
312 358
312 312 *358 334
3,2 318
338 334
358
33*
*361g 4078 .3618 4012 *3618 4078 *364 408 .3618 408
39
39
19
1912 1914 1914 '19
1914 .19
1914
19% 19% 19,4 1914
1858 1914 19
1858 187s
1958
1818 1934
19
0'2 1612 20
4913 4912 49%
51
47
47 '4712 4912 '48
*4512 50 .47
"2
214
2
2
2
2
*134 2
*2
214
*134 2
44 43*
438 434
412
412 412
43*
414 4,2
43, 41
• 1118 and socol ()Hens no sa es on this day
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
4,500
1200,
1,700
28,800
21,100
200
1,500
30
4,500
17,600
7,400
6,400
300
Par
Union Pacific
100
Preferred
100
Union Tank Car
No par
United Aircraft Corn
5
United Air Lines Transp•t c 5
United American Bosch__No par
United Biscuit
No par
Preferred
100
No par
United Carbon
No par
United Corn
No par
Preferred
United Drug Inc
5
United Dyewood Corp
10
100
Preferred
United Electric Coal
No par
No par
United Fruit
No par
United GAB Improve
No par
Preferred
fUnited Paperboard
100
United Piece Dye Wice___No par
63i% preferred
100
United Stores clams A____No par
Preferred class A.
No par
Universal Leaf Tobacco __No par
100
Preferred
Universal Pictures lst pfd
100
Universal Pipe & Had
1
100
Preferred
U S Pipe & Foundry
20
No par
1st preferred
No par
U S Distrib Cord
100
Preferred
United States Expreas
100
U S Freight
No par
No par
US & Foreign Beau
No par
Preferred
US Gypsum
20
7% preferred
100
5
U S Hoff Mach Coro
U S Industrial Aloohol___No par
No par
US Leather • I c
Class A • t e
No par
Prior preferred•t a
100
U S Realty dr 'rapt
No par
U S Rubber
No par
100
let preferred
U B Smelting Ref de Mbn
50
Preferred
50
U S Steel Corp
100
Preferred
100
U S Tobacco
No par
Preferred
100
Utah Copper
10
Utilities Pow & Lt A
1
Vs par
Vadseo Sales
100
Preferred
Vanadium Corp of Am___No par
Van Raalte Co Inc
5
100
7% 1st pref
Vick Chemical Inc
6
Virginia-Carolina Chem __No par
6% preferred
100
7% preferred
100
Virginia El & Pow $6 pf __No par
Virginia Iron Coal & Coke___1(91
5% pref
100
2,000
4,200
12,100
500
600
8,400
2,100
10
4,300
330
5,500
1,300
300
200
400
4,300
100
200
6,200
1,200
2,000
4,200
13,800
8,000
39,200
1,000
61,400
4,300
200
800
1,400
4,700
1,300
160
2,400
3,800
3,800
300
150
350
___ ___
200
400
40
700
3,000
80
3,200
400
500
18,900
260
2,100
2,400
1,500
1,:300
100
13.600
1.300
12,300
4,600
43,400
80
1,500
390
80
210
300
150
20
500
SOO
3,700
200
1.300
2,400
1,400
400
1,000
180
. 500
1,400
700
600
3,300
10,800
800
13,900
000
120
200
160
1,300
2,300
3,300
10
1,300
12,500
200
500
4,500
Rance for Year 1934
On Basis of 100-8hare Lots
Lowest
Vulcan DetinnIng
100
Preferred
100
:Wabash
100
Preferred A
100
Preferred B
100
Waldorf System
No par
Wabrreen Co
No par
100
614% preferred
Walworth Co
No par
Ward Baking class A__No par
Class B
No par
Preferred
100
Warner Bros Pictures
5
$3.85 cony prat
No par
Warner Quinlan
No par
Warren Bros
No par
No par
Convertible pref
Warren Fdy & Pipe
No par
Webster Eisenlohr
No par
Preferred
100
Wells Fargo & Co
1
Weason Oil& Snowdrift __No par
Cony preferred
No par
Western Union Telegraph___100
WestIngh'se Air Brake_No par
Westinghouse El & Mfg
60
lot preferred
50
Weston Eleo Instruml___No par
Class A
No par
West Penn Eleo class A_ No par
Preferred
100
8% preferred
100
Weet Penn Power pref
100
6% preferred
100
West Dairy Prod ol A ____No par
Class B • I o
No par
Western Maryland
100
28 preferred
100
Western Pacific
100
Preferred
100
Westvaco Chlorine Prod__ No pa
Wheeling & Lake Erie Ry Co.100
6% non-cum preferred_ _100
Wheeling Steel Corp
No par
Preferred
100
White Motor
50
White Rk Mtn Spr otf __--No pa
White Sewing Machine___Ns par
Cone preferred
No par
Wilcox Oil& Gas
6
Wilcox-Rich Corp class A _No pa
Wilson & Co Inc
No pa
Class A
No par
Preferred
100
Woolworth (F W) Co
10
Worthington P & W
100
Preferred A
100
Preferred B
100
No par
Wright Aeronautical
Wrigley (Wm) Jr (DeD No par
Yale .14 Towne Mtg Co
25
Yellow Truck & Coach cl B._10
100
Preferred
Young Spring & Wire__ No par
Youngstown Sheet & T___No par
100
53.4 preferred
No par
Zenith Radio Corp
&mite Products Corp
1
t Companies eported in receivership.
a Optional sale
c Cash sale
441
$ per share
90 Aug 8
71% Jan 18
1518 Jan 9
818 Sept 18
314 Sept 14
8 July 24
2114Sept 19
107 Jan 9
35 Jan 4
24 Dec 26
2114 Dec 26
914 Jan 8
318 Jan 2
5934 Mar 9
34 Jan 10
59 Jan 5
1112 Dee 26
88 Jan 8
138 Nov 1
4 July 28
30 Nov 28
214July 26
.54 Aug 15
4014 Feb 26
11212 Jan 9
1672 Jan 8
74July 27
414 Jan 3
1512July 26
164 Jan 11
112 Jan 5
4 Nov 3
14 Nov 5
11 July 26
8 Oct 30
8314 Jan 5
3414June 1
115 Jan 10
418 Jan 9
32 Sept 17
54July 26
7 Oct 29
45 Sept 24
4 July 28
11 July 26
2412 Jan 8
963* Jan 13
644 Jan 13
2912Sept 17
67'* Sept17
99 Jan 5
126 Jan 10
4812 Dec 6
112 Dec 21
%July 21
1914 Aug 28
14 July 26
412 Jan 2
25414 Mar I
243* Jan 4
17 July 23
10 July 28
5934 Jan 8
65 Jan 2
338July 31
1618 Dec 20
52 Jan 4
95 Jan 20
I% Dec 22
2s July 26
14 Nov 3
4 Oct 24
2214 Feb 28
8418 Jan 4
214 July 27
5 Aug 8
114July 2
24 Sept 18
2g July28
15 Nov23
I Nov 30
314 Dec 14
8 Dee 20
1318July 27
3 July 27
65 JAI) 8
*4 July 27
1534 Jan 4
5212 Jan 6
2912Sept 1.,
1572July 26
2772July 26
82 Aug 8
6 July 30
1638 Jan 5
44i1 Jan 8
5134 Jan 8
46 Jan 3
8912 Jan 2
78% Jan 10
134 Oct 26
12July 27
718July 28
9',Sept17
23* July 27
45 Jan 5
14% Jan 12
2412 July 3
24 Dec 19
Illefiept 17
34 Nov 9
15 July 26
2114July 28
112 Jan 8
5 July 25
2 Dec 10
2718 Jan 17
45 Jan 8
124 Jan 9
53 Jan 8
414 Jan 3
1312July 24
3112Sept 14
233* Aug 0
1678 Jan 8
5418 Jan 11
14 Jan 5
23g July 26
28 Jan 2
13 July 26
1238July 26
34 Nov 7
112 Dec 27
33*July 26
4
July1
1933 to Range for
Dec. 31 Year 1933
1934
LOW Low
High
Highest
$ per share $ Per oh $ Per share
90
6114 132
13378 Apr 11
6278
58
89 July 13
7512
134
1012 2234
2534 Dee 24
1514 Dec 31
818
-- -- -- -612Sept 5
3,4
---- -- -_
7
17 Feb 6
3
1714
19
2914 Apr 26
1312 27%
92
120 June 30 10414
111
5038 Dec 7
2014
1014 38
878 Feb 7
2111
4
1412
3772 Feb 7
21 14
2218 40%
618
618 12
1814 Apr28
234
10% Apr 26
34
678
50
2834 70
7534 Nov 10
74 Nov 13
3
1
8%
77 Apr 21
4912
2314 68
1112
1378 25
2018 Feb 8
8212
8212 100
9918 July 18
12
512
1
318 Feb 19
312 21%
4
1334 Feb 20
85
30
35
68 Feb 21
814 Dec 18
24
24
74
68
4912
45
76 Dec 18
63 Nov 26
37
21 12 51,2
140 Dec 5 10814
96
1201 2
4612 Apr 11
35
15
10
33
72
3 Feb 16
14
24 Apr 25
414
4
18,2
12
64 221s
33 Feb 7
12% 19
1938 Feb 23
1314
1
1
4 Jan 31
6
4
4
14 Nov 30
20
14
114 Apr 19
4
2,8
7
11
2918
2712 Feb 5
318 1734
15,4 Feb 5
6
3612 84
60
7/11 Feb 26
5312
3414
18
5114 Nov 28
101 14 Ill
146 Dec 28 110
13*
II%
Apr
24
314
1018
1312 94
32
8434 Feb 9
1178 Jan 24
518
218
17,4
414 2734
7
19% Feb 1
80 Jan 30
45
30
78%
212 143*
4
12% Feb 2
25
1034
27
24 Apr 21
1718
512 13%
8114 Apr 20
141 July 19
5314
1312 10512
51 12
6512 Oct 1
39,2 58,2
2038
233* 674
597 Feb 19
105
674
5
9912 Jan 6
1093*
140 Nov 30
8134
59
12438 13018
150 Nov 2 12418
67 Apr 26
35
83%
4812
538 Feb 6
1 12
I%
8,4
17 Jan 25
38
34
1914
154 24
2212June 27
14
738 38
31% Feb 10
1212 Dec 13
103*
334
13*
2012 6512
98 Feb S
28
3634July 20
2318
23% 31 12
17
538 Jan 23
718
18
33* 26
10
26 Feb 5
5714
84 Aug 17
353
637
60
60
85
80 July 31
9 Feb 23
312
218 15
40
20
30
27 Feb 23
36
1234 67
82 Dec 11
57
102
Dec
7
95
112
47 Jan 30
138
1 12
7,2
97
214
14
83* Apr 26
6
134
1
812 Mar 14
518 12
4
8% Feb 20
2214
297 Dec 31
1012
-75
81
11638 Dec 6
83*
214
838 Feb 1
78
218 20
5
12 Feb 5
358 Feb 5
114
4
518
11 12 4478
24
36 Jan 24
918
1
234
814 Feb 5
414 244
12
3178 Apr 24
37 Feb 16
58
43*
1
212 2238
13,
s Jan 24
34
712 3518
8
2878 Apr 23
5
30
1312
31 Jan 20
7 Jan 25
3
1
8
75
60
50
90 Aug 2
214 Jan 23
54
l8
3
15
7
37
3534 Dec 29
49
40
7434 Dec 4
63
2912
6878 Feb 8
17,4 7714
1134 35%
157
36 Feb 6
474 Feb 5
2778
1038 5834
95 July II
77
6012 96
5
154 Nov 26
312 13,4
2912 Nov 28
2214
15
10
70 June 13
73
3934
30
80 July 13
47
37
7734
re1812July 19
404
3312 8912
I1038June 2
8812
8812 1103*
105 June 29
101
7834
80
134
212 11%
64 Jan 30
12
78
212 Jan 30
4,4
65
4
1714 Feb 20
16
23 Feb 21)
53* 1912
914
812 Mar 29
218
1
912
4
1712 Mar 28
178
16
1214
2714 Feb 4
5
2012
29 Apr 26
2412
36 June 27
21
if If
29 Feb 21
11 12
712 35
57 Feb 26
31
15
67
2813 Feb 19
2612
15
14
3112 Apr 19
23
20
21 14
37 Feb 8
18
4%
14
4
11 14 Apr 20
118
1012
534 Apr .5
2
2
512
3418 Dec 20
22711
15
2714
9 Apr II
31g
78 11
325 Dec 13
1114
4
22
105 Dec 13
19
30
7212
5514 Nov 28
35
2518 5078
3178 Feb 5
1312
8
397
53 Jan 24
3112
14
51
42 Jan 24
47
2214
14
75 Jan 27
12
6
24
76 Dec 29
4734
3412 574
2212 Dec 10
1138
7
23
714 Feb 19
23
24
734
4712 Apr 26
42
25
18
2234 Feb 19
312 194
101g
333 Feb 19
1258
712 373*
5934 Feb 17
34
25
61
12
5
434 Feb 5
14
734 Feb 19
33*
333
812
Sold 7 days
s Ex-dIvidend
o Ex -rights
442
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-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 Jan. 18
r.,
4
Week's
July 1
Range or '
3
1933 to
t
Friday's
.1.2. `,'•,' Dec. 31
...n, Bid 44- Asked aTIO
1934
Range
for Year
1934
U. S. Government.
Lew
High No
Low Low
High
First Liberty Loan-311 of '32-47____ 1 D 104133 1051144 1497
99
100441041114
Cony 4% of 1932-47
1 D 102/
1
43 102133
13 100"43 100"n 103143
Cony 414% of 1932-47
1 0 1031033104133 305
992144 10118310411n
2d cony 414% of 1932-47
J D 1022144 --------102
1021441021133
Fourth Lib Loan 414% of 1933-1938 A 0 1032712104171,
mi.., 1011441041034
01% (3d called)
1933-1938
,. 10121331021133 1564 10114 101 1441021144
Treasury 411s
A0 11321
19474952 -/
43 114134 250 104",, iO4",,114',,
Treasury 43.i-334s_oct 15 1943-1945 A 0 103"3:103"33 252 972143 971134104"n
Treasury 43
1944-1954 J 11 10911311091134 142 101"44 10114410911n
Treasury 3113
1946-1956 M 8 1072333108133 229 991144 10044 108134
Treasury 334,
1943-1947 .1 D 1041143105143 172
984, 9814410511n
Treasury as
Sept 15 1951-1955 M 8 101103110211n 1817 931144 931100211n
Treasury 33
Dec 15 1948-19483 0 1011134101144 995 971144 97143102"n
Treasury 3113____ June 15 1940-1943.5 D 1051031105B33 248
9811n 98"341051044
Treasury 3113____ May 15 1941-1943 M S 105133 10.5n33 178
98143 98113410510n
Treasury 31113___ June 15 1946-194:9 1 D 1021133103244 1489 941144 95113410311n
Treasury 3118
1949-1952 3 0 102",,1031143 1943 10144 101131101"n
9747„ 9741035n44
Treasury 314s
Aug 1 1941 F A 104243105033 535
Treasury 3143
1944-1946 - - 103133 1031133 519
9911n 99144104"44
Fed Farm Mtge Corp 314s
1964 M El 101 10331021n 137 98
98 102"n
35
1944-1949 M S 991431004: 1096
941144 9417341011n
Home Owners Mtge Corp 4s
1951 3 3 10014.310143 1099 94144 94114310111n
A 99"34100731 1894 94"n 941144 1017,4
mN
33 series A
49
2r
193,195
21141
971134 9844 2578 92".4 9211339611n
State & City-See note below.
Foreign Govt & Municipals
•Agric Mtge Bank a 1 (Ss
1947 F A
•Feb 1 1935subseq coupon---_..,
*Sinking fund 6sA
Apr 15 1948 A
•A pril 15 1935 coupon on--- ___ - ,Akershus (Dept) ext 53
1963 41 -N
•Antloquia (Dept) coll 73 A
1945 J 3
•External a f 7s ser 13
1945 J 1
1945 J 1
*External s t 78 ser C
•External s t 73 ser D
1945 J J
1957 A 0
•External s f 78 1st ser
'External sec, f 73 2d
'External secs t 78 3d ser9
ser
1
195
57 A 0
19583 11
Antwerp (City) external So
Argentine Govt Pub Wks 63
1960 A 0
Argentine 8s of June 1925
1959 i 0
Mal 0 f 68 Of Oct 1925
1959 A 0
External a tea series A
1957 M S
External 65 series B„Dee
1958
11
Extl a f 63 of May 1920
1960 M N
External 8 tea (State Ry)
1960 M S
EMI 63 Sanitary Works
1961 F A
Eat! Om pub wks May 1927
1981 M N
Public Works exti 534s
1982 F A
Argentine Treasury 58 £
1945 M S
Australia 30-yr 5s July 15
1955
1
External 5,01 1927„Sept
1957 M S
1956 M N
External g 4143 of 1928
Austrian (Govt) is f 73
1943 0
International loan 3 f 79
J
1957
-
4945 F A
*Bavaria (Free State) 634s
Belgium 25-yr extl 6388
1949 M S
External s f 63
1955
3
External 30-year s f 78
D
1955
Stabilization loan 7s
1956 M N
Bergen (Norway)5s_ _Oct 15 — _1949 A 0
External sinkiturfund 50
1960 M S
'Berlin (Germany)3 f 6 He
1950 A 0
*External s f 63___June 15 __A958 1 0
1945 A 0
*Bogota (City) eat! a f 83
"Bolivia (Republic of) call 83_1947 MN
*External secured 79 (fiat)
1958 J 4 1
*External 3 f 7s (flat)
1969 M S
'Brazil (IT S of)external 88
1941 3 0
*External 3 f 6 Ha of 1926
1957 A 0
'External at 634'01 1927
1957 A 0
1952 1 D
•73 (Central RY)
•Bremen (State of) exti 73
1935 14 S
Brisbane (City) s f 53
1957 M 8
Sinking fund gold 56
1958 F A
20-years t fts
1950 3 0
'Budapest (City) eati ii 6e
1962 1 0
-.....,
*June 1 1935 coupon on
Buenos Aires(City)6113 B 2 __ _1965 J 1
Exrnal
te
of Saver C-2
Externals! 8s eer C-3
1960
969 A 0
2
'Buenos Aires (Prov) eat! 63._ _1981 M 13
•133 stamped
1961 M S
'External s f 6143
1961 F A
1961 F A
•6113 stamped
•Bulgaria (Kingdom)3f 70
1967
J J
*July coupon off
•736s May coupon off
1968 MN
"27
3014
3434
28
93
10
10
*978
10
.912
/
1
4
:
9
012
110
9234
92
92
9214
9134
92
9134
9278
93
8814
9712
1025*
10214
9614
102
9112
314
105
1035*
1105*
108
98
*93
3012
3134
1712
64
512
5%
2812
234
2314
24
38
96
9614
10134
4934
394
88
85
89312
6812
564
6734
5912
31
3
3212
5
3434
7
31
95
33
5
10
10
8
12
2
10
10
10
978 _-413
118
9334 25
941
63
38
94
944 49
94/
1
4 43
9414 49
65
94
9334 29
60
94
35
90
6
98
10334 173
10312 154
971 191
10212 65
9412 46
334
106
1035s
113
1095*
9614
9614 _
34
36
1734
714
614
6
32
27
27
26
40
97
97313
102
4934
394
89
85
7
28
10
26
43
7
79
43
6
36
48
22
64
97
66
40
13
66
39
14
2
8
3
2
1
6812
157
61
3
6734
15
61
a1712 al712
18
1812
8
6
1834
1812
1538
27
64
733
634
74
714
638
614
65s
734
44
44
4458
44
4414
414
4414
4412
46
4114
6912
775*
78
7373
8312
4212
2614
8812
8612
92%
91
6718
624
22
2012
174
55
41:
45*
214
1933
1918
1853
29
68
684
75
29%
24
4014
36
3814
2914
255*
31
253a
1512
164
1804 35
20
35
158 38
27
35
8812 91
81 1734
9
17
1
4 17
9/
818 1714
778 1434
8
1458
8
1458
824 10212
5312 9412
5312 95
63
947
53
944
, 95
535
5313 9458
531
/
4 9434
5258 9478
5253 947
474 9112
8034 10114
WI 10238
89 10234
83
9714
914 10278
904
50
BONDS
N. Y. STOCK EXCHANGE
Week Ended Jan. 18
Week's
July 1
2n
,....,
Range or
42's
1933 to
EE
Friday's
g41, Dec. 3
-,e, 314 4* Asked rota
1934
Low
Foreign Govt. & Munk.(Con.)
High No.
Cuba (Republic) Soot 1904
1944 M S 9512 9614
5
External Soot 1914 sex A
93 __-_
1949 F A "83
External loan 434s
1949 F A 8512 854
1
Sinking fund 5113 Jan 15 _ _1953 1 J 77
4
77
•Public wks 514o June 30 —1945 1 D 24
267
66
1214
1312 21
•Cundinamarca 6143
1959 MN
1951 A 0 101
Czechoslovakia(Rep of) 88
10138 16
Sinking fund 8s ser B.1952 A 0 1005o
10
24
105
Denmark 20-year exti 65
1942 1 J 103
114
9912 10078 85
External gold 5113
1955 F A
External g 414s-Apr 15 _1962 A 0 9334 96% 260
Deutsche Bk Am part ctf 68
1932
63
1
63
"Stamped extd to Sept 1 1935
Dominican Rep Cast Ad 5143 ___42 M S 6834 69
3
-1940 A 0 60
181 ger 5113 of 1926
17
61
2d series sink fund 5313
9
1940 A 0 594 6012
+Dresden (City) external 7s
1945 MN "3812 42 ---43E1 Salvador (Republic) 133 A _1948 J J
__ ____
J J *6018-60
60
•Certificates of deposit
1
Estonia (Republic of) 7s
2
8538
1961J J 85
105 ---Finland (Republic) ext 88
1945 M 5 *103
External sinking fund 71
1950 M S 10012 10034 28
External sink fund 610
1956 M a 1017 10234 20
10014 12
External sink fund 5118
1958 F A 100
10138 13
Finnish Mun Loan 834,
1954 A 0 101
External 4118 serial B
1964 A 0 10073 101
11
3114 75
'Frankfort(City of) s f 6 H13
1953 M N 28
French Republic eat! 7318
1941 J D 185
18814 119
1949 .1 D 182
182
External 7e of 1924
16
*German Government Interne1985.5 D 311
3434 444
Bona' 35-yr 53.4, of 1930_
45
*German Republic esti 731
1949 A 0 42
100
*German Prov da Communal Bk,
1958 .1 D 4438 45
8
(Cons Agric Loan) 13143
1954 M N 11558 11558
'Graz (Municipality) as
2
9378 96
*Only unmatured coupons on
4
1937 F A 11312 115
Or Brit de Ire(U K of) 5313
359
t4% fund loan £ opt 1960
1990 MN al1534 al1814 325
'Greek Governments 1 ser 78
1964 M N *3712 4012 _ _
1968 F A
2912 3134 10
:
3S f secured 63
FIalti (Republic) 6 f 88 ser A
1952 A 0 :8838 8638
6
*Hamburg (State) 6s
3312 42
1948 A 0 31.
29
5
'Heidelberg (German) ern 714s_ '50 J 1 29
13
HelsIngtors (City) ext 614s
-1960 A 0 10214 103
*Hungarian Munk Loan 7118
1945 J 1 -----------J .1 "33
40 ____
*Only unmet coup attached
*External, t 7s (c01117)1948 J i -----------*Only unmat'd coupe attached_
J J 5344 39 -__
3314
*Hungarian Land M Inat 7318 -'61 MN
3314
2
*Sinking fund 7%,ser B
47 ____
1961 M N *3218
. ____
•HungarY (King of) e f 7318-1944 F A ____
'February coupon on
4534 -4712
_13
Irisb Free State mil s t Si
110 ____
1980 11i-N *106
Italy (Kingdom of) tat! 7s
1951 .1 D 92
9412 59
Italian Creel Consortium 7s A __'37 M S *9612 9812 ..___
External see,f 7s ser B
30
-1947 M S 854 89
Italian Public Utility eat! 75
8034
1952 1 J 80
7
94
Japanese Govt 30-yr 3f0 HI
147
1954 F A 91
1965 M N 7812 8112 142
Extl sinking fund sgs
*Jugoslavia secured a t g 73
__ ____
1957 A 0_-_
43731 :Mk all unmet coup
1957 ---- "2418 -35 - __
*With Oct 1 '35 & sub conga on_ __ ---- *194 ___ ___
Range
for Year
1934
High
Low Low
74/
1
4 9912
6818
93
831:
9512
8158
8278 89
61
6178 844
1934
223s 4178
10
1013 1934
88 101
77/
1
4
90 101
77
8812 103
797s
75
8334 994
01
71
9338
4812
40
38
38
27
36
35
4813
6934
77
wiz
6634
67
6714
20
126
12712
4812 7714
4334 70
36
67
374 87
3112 58*
484 6512
38
5612
5778 89
79 105
8612 10214
784 1034
76 1004
77 101
7512 10114
20
48
15414 18812
160 189
23
3112
6322
23
3112 8712
2312
49
62
10738
95%
22
1658
47
2018
15
6614
25
25
28
254
2958
31
3112
394
904
8514
8934
82
2212
77
6613
2212
155
1312
2312 7112
5748 109
62
86
11153 1244
109 12073
22
38
1884 32
7412 84,8
2018 58
15
44
7234 10122
2853 4424
25
30
3058 45
2514 30
33/
1
4 50,8
31
5014
31 12 43
3918 43
10818 116
89% 102
9314 100
84/
1
4 100
76
934
8414 9612
7312 80
234 4212
158 27
134 21
26/
1
4 5912
95 105
94 104
99 11134
9578 10834
9612
68
684 92
•Leipzig (Germany) a t 7s
41
3
1947 F A 40
295*
*Lower Austria (Prov) 7H8---1950 J 0 115
22
52
115
50
1
*Only unmatured coups attach'dM------97
2012 49/
1
4
50
1
97
912
912
*Medellin (Colombia) 8119
1718 24
2
1954 J 0
8
6
1134 "Mexican IrrIg Annan 434s
3
1943 MN -----------54 104M
*Mexico (US) eat) 5e of 1899£ _ '45 Q 1 *---25 __
4
54 1012
•Aesenting Se of 1899
10
4
3
10
1945 ---2234 4114
612 --_
*Assenting 5s large
518
*514
'Assenting fa small
2014 37
618
_1954 ___ "412
•433 of 1904
2014 3678
64
452
'Assenting 43 of 1904
204 3814
1954 ---- *624
714 ---3
29
6318
*Assenting 43 of 1910 large
4
7314 95
'Assenting 4a of 1910 small
----------------4
73
9614
514
•ITretul 633 of 13assent(large)'_38 1 J '534 104 ...._
83 10112
534
3 J ------------_
•1Srnall
311
/
4 4612 Milan (City, Italy) eat! 834s ____1952 A 0 8114 83
74
3
-------1958 M 8 ---3214 •Minals Germe (Brazi1)13113
34
17
4612 91
812 1834
_
•September coupon off
1812
.
•Ext sec 634,series A
42
8334
.
1459 Si 11
,
4812 835*
"September coupon off
------------178
1812 134
1818
6
3014 72
*Montevideo (City of) 78
1952 3 D 40
42
18
2714
1959 M N 3312 36
2614 63
*External s f 633 series A
25
12
3143 7214 New So Wales (State) eat'58
_1957 F A10015 10034 61
7334
External s f 541
22
0412
7312
Apr
_- 1958 A 0 10018 10078 65
Norway 20-year exti 60
1943 F A 10434 10534 36
88
1513 2034
20-year external 83
1944 F A 1045, 1054 34
8712
164 2214
30-year external 64
1952 A 0 10238 10312 40
83is
40-year a f 5112
19653 D 10118 103
7878
50
External 8 f 5sMar 15
1011
/
4 1834
1963 M 81 995* 10178 113
76
92 10514
Municipal Bank eat!8 f 58
19673 D 10138 1015*
7713
1
10314 113
Municipal Bank extlet 53
19703 D •10014 10138 ____
7912
100% 105
31
•Nuremburg (City) eat' 68
1952 F A
3218 34
22
5614 8012 Oriental Devel guar tis
1953 M S 7814 7934 40
64
1014 19
EMI deb 511s
745* 76
1958 M N
38
5924
2912 73
Oslo (City) 30-year s t 63
1955 M N 101
102
58
73
28
69
2633 69
Panama (Reri) eat! 511e
1953 1 0 10614 1064
1
89
274 70
*Eat'at Meer A_May 15 12.-1963 M N 4314
4412
3
24714
84 185*
*Stamped
3934 41
27
19
718 1778 *Pernambuco (State of) ext., 713 _'47 M S *1478
16%
_
813
7
1778
*September coupon MI
1478
147
2
15
7
1778 *Peru (Rep of) external 7s
1959 M S 12
13
23
7
734 1778
'Nat Loan MU a 168 1st ser
814
94 224
1960 J 0
5
'Nat Loan exti 3 t 83 2d oar.... _1981 A 0
714 1778
838
94 92
454
74 1734 Poland (Rep of) gold 68-----_1940 A 0 7618 78
50
30
94 1712
Stabilization loan s f 71
1947 A 0 118
12034 118
63
1814
10
External sink fund g 83
/
4 9118 60
19.503 .1 891
635*
8/
1
4 1718 'Porto Alegre guar 83
1981 J 0 ------------1624
8
18%
•June coupon oft
1912
912
20
1
7
1234
*Esti guar !link fund 7.118
1966 1 3
1414
2758 4158
'July coupon off
4
1912 -2634
1934
8153 99
Prague (Greater City) 734s
1952 M N 101
103
3
774
22
50 'Prussia (Free State):MI 6118 ___'51 M S 3012 354 46
2411
'External a f 83
1952 A 0 30
3312 67
234
2112 3958 Queensland (State) exti 317s --15141 A 0 10912 10912 10
94
21
4012
25-year external Its
1947 F A 10534 107
11
8334
15
27 'Rhine-Main-Danube 73 A
1950 M S 384 417
3518
4
154 2633 'Rio de Janeiro 25-year of 83_ _1946 A 0 ___
. __
1312
15
2712
'April coupon off
1718 ---1812 - 7
181
/
4
8312 95
"External 3 f 0148
1953 F A -------- ---13
594 8912
'August coupon off
1658
712 26
175*
144 494 'Rio Grande do Sul eat] ei f Fa __1946 A 0 22
22
4
175*
3738 45
3
1834
19
'April coupon off
19
2978 5014
*External sinking fund fli
1968 .1 13 1712
3
1712
1514
17
*June coupon off
1734 13
19
2518 75
'External a t 7s 01 1928
1838
1966 M N
18%
1612
3
17
'May coupon off
1738
1838
8
30
4034
*External 8176 municlOan---1967 J 0 -----------1714
1804 Ms
'June coupon on
20
"17
20 _ _
3014 65,4
60 104
50
63
Si
1633
412 973
0
74
818 13
7
13
618 10
452 VI
44 9
5
914
438 914
812 111r
884 ills
79
9174
24
17
1812 23
17
3412
1818 2214
2714 45
264 3614
85 10113
854 101
9112 1041
9014 10412
8912 102
831
/
4 100
8012 98%
8312 10134
81
9)
22
5513
65
8014
624 76
764 9934
•Caidas Dept of(Colombia)734e46,.. 1 J
134
1318
104
3
Canada (Dom'n of) 30-yr 48
8612
1960 A 0 1044 10518 79
53
1952 MN noq nos 62
9912
431s
1936 F A 10314 1034 24
9812
5614
*Carlsbad (City) s t M.
1954J 1 "57
6378
*Cauca Val (Dept) Colom 710'48._ A 0 1118
10
1212 10
'Cent Agric Bank (Get) 7s•
1950 M S 57
2911
5812 21
'Farm Loan s f 68...July 15
28
1980 J J 4512 47
20
•Farm Loan s f133__Oct 15
26
1980 A 0 4514 464 12
98 10634
*Farm Loan 1313 ser A Apr 15
274
1938 A 0 52
5312 26
2918 4614
*Chile (Rep)-Exti s f 7s
1942 M N
1334 1512 41
7
2918 44
'External sinking fund 6
/
1
4 _ _1960 A 0 1212 1414 142
5
1078 1812
•Ext Milting fund (Is_Feb
64
64
1218
.- —1981 F A
14
15
1734
say ref ext *1 Os
1212 14
Jan __19G1 1 J
618
76
812 1712
•Ext sinking fund 63_ _Sept _1961 M 4 1214
1334 35
618
5/
1
4 1418
'External sinking fund 83
1982 M 8 1212
Ma
17
14
614 144
'External sinking fund 613
1963 la N 1212
42
14
6
59
79
*Chile Mtge Bk 811s June 30 _1957 1 D 124 134 17
78*
88
1334
•24f 6 he of 1926__June 30 _1961 .1 D
97
9
1318
1314
6914 90
*Guar s f 83
722
Apr 30
-1981 A 0 1214
27
13
1712 25
•Guar s f 83
1962 M N
74
1212 13
12
20
23
*Chilean Cons Munic 7s
1960 M S 10
105* 36
5
1658 25
453
8
J
D
1951
22
9
454
'Chinese(Hukuang RY)59
1934 23
chrtstiania (Osloi 20-Yr a f as '54- ,.. m 8 100
75
10012
5
83 10012
22
*Cologne (City) Germany6 Hs_ MO 11 8 298 3234 48
2412 5312
Colombia(Rep)68 of'28_.Oct 131
2318 5713
•AprIl 1 1935 coupon on._Oct 1961 A 0 315* 3514 58
18
102 10933
"Jan 1 1935 coupon on__Jan 1961 i .1 3112 3412 60
204
9412 1074
14
•Colombla Mtge Bank 63413 of _ _ _1947 A 0 2334 2412
8
3712 6934
12
'Sinking fund 7s ot 1926
6
1940 MN
2334 2334
174 255*
14
*Sinking fund 7s 01 1927
g
1947 F A
2334 2334
1818 3314
Copenhagen (City) 5s
1952 1 D 924 94% 86
604
25
16
1953 PA N 5972 9038 51
25-year g 430
5514
1738 24
*Cordoba (City) extl s f 73
12
2
1957 F A 46
46
19
274
*Ts stamped
1957 3733
7
42
427
18% '27
'External a f 7s_Nov 15
2978
1937 M N 5014
7
5014
154 27
:37s stamped
1937 *4612 4724
19
2614
Cordoba(Prov) Argentina?, __ _1942 J J 7812 7914
igi
17
1713 27'2
Costa Rica (Republic)1838 27
___
•7s Nov 1 1932 COUDOU on....1951 M N •
264
42
1714 2713
•73 May 1 1936 coupon on- 1951 .-- - •____
25
20 27
14
_..For footnotes see page 447.
NOTE-Salvo of State and City 4ecurnles occur
@FedFRASER