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The Financial Situation
SPIRIT of optimism originating apparently from
A
the ruling of the Supreme Court late in May
that the
The Basis for Optimism
IT IS our firm conviction that a number of recent
National Industrial Recovery Act was _undevelopments furnish solid ground for a greater
constitutional has been rather steadily gaining feeling of hopefulness, as we have said on several
strength in the business community for a number of recent occasions. The trend of judicial decisions
of
weeks past. The difficulties that the President has late, including those both of the highest court and
of
encountered in Congress, and other evidences of a several lower tribunals, and the evident dispositio
n
definite tendency of the people generally to return to of the business community to lose faith in panaceas,
a greater degree of sanity about public questions, are causes for real encouragement. The plain rehave on the whole more than offset such reverses as fusal of the rank and file to rally to the AdministraCongressional revolters have suffered during the past tion in its desire to lead a campaign against the Suweek or two, so far as what is known as general senti- preme Court and the Constitution of the United
ment is concerned. Assertions that genuine recovery States is equally as heartening. The improvement in
is about to take place or is
business activity and in
already taking place, and
earnings
seems to us to be
The Issue
that something in the naofthe
same
order,although
"The issue is not, as the Government conture of a "boom" in busiless impressive since it
tends, whether Congress can appropriate
ness is scheduled for the
funds raised by general taxation for any
is so obviously a result of
purpose deemed by Congress in furtherance
autumn months are acartificial stimulation. Yet
of the 'general welfare,' but whether Concordingly more frequently
gress has any power to control or regulate
this, too, is a development
matters left to the States and lay a special
heard to-day than for a
whose importance is not to
tax for that purpose."
good while past.
be unduly depreciated.
With these words the Federal Circuit
Unexpectedly favorable
Court of Appeals defines the issue before it
Notwithstanding all this,
in re the matter of the constitutionality of
trade reports during the
we believe the optimism
the Agricultural Adjustment Act.
past week, particularly in
that is developing at the
This indeed is the issue, not only in this
the steel industry and in
case but in many other discussions now unpresent time, if it continder way concerning ways and means supcertain steel-using indusues
to grow at this rate for
posedly open to Congress for accomplishing
tries, have naturally tendpurposes by indirection which they are conany considerable period in
cededly estopped by the Constitution from
ed to give an impetus to
the future, would be atpursuing directly.
this optimism, as have
tended by some very real
The Court in the case here under considequally the court decisions
eration arrived at the conclusion that
hazards. It is of the utCongress is not warranted in using such
of the past week, one of
most importance to reobvious devices to attain objectives which
them by a Federal Circuit
under the Constitution it has no right to
member
that the political
seek, a decision in accord not only with the
Court of Appeals, declarhappenings of the past few
law but with ordinary common sense.
ing the Agricultural AdIt is strange that our legislators ever supweeks are encouraging prejustment Act unconstituposed they could successfully resort to such
because they seem to
cisely
parliamen
tary
trickery. It is still more surtional. The ruling of anoffer an opportunity to beprising that they suppose they can accomother Federal Circuit Court
plish any good purpose by continuing with
gin a long list of difficult
the same tactics, if indeed they really have
of Appeals that the Tenand time-consuming but
any such idea.
nessee Valley Authority
The fact is nonetheless that just such ideas
imperative tasks.
The
Act, in granting the Tenseem to underlie practically all of the work of
voidance
National
the
of
"patching up" existing laws and proposed
nessee Valley Authority
Industrial Recovery Act
statutes that are well known to be constitupower to add to the power
tionally rather more than suspect. There
and the Frazier-Lemke law
is, fortunately, good ground for believing
plants along the Tennessee
cannot possibly, as we
that the public has grown well aware of the
River and to sell surplus
nature of such proceedings.
think, in and of itself lay
power to the public, was
Why is it not possible for Congress to drop
basis for sound and enthe
these footless tactics?
well within the limits of the
during prosperity. The
Constitution, seems not to
action of the House in dehave had a particularly disturbing effect upon the leting the so-called
"death sentence" from the Senate
public mind, partly perhaps because the spirit of the version of the public
utility holding company bill leaves
day has prevented the public from giving the facts a the measure a thoroughly distressin
g piece of progreat deal of attention, and partly because the par- posed legislation
. Even the Senate form of the
ticular projects involved in the case had to some ex- proposed Banking
Act of 1935 would leave our natent, at least, a war origin, and Congress, with a de- tional banking
laws in a deplorable condition.
gree of plausibility, solemnly asserted in the law that
they had as their purpose improvement of navigation,
Budgetary and Other Problems
prevention or limitation of flood damage and the
UR budgetary situation is as desperate as it ever
strengthening of national defense through providing
was. The Secretary of the Treasury has just
capacity for the manufacture of explosives, all of announced that emergency
expenditures have now
which seem to set the case in question somewhat passed the $10,000,000,000 mark, only
$1,000,000,apart from a number of projects often spoken of as 000 of which was disbursed before the present Adminbeing under consideration for further application of istration came into office a little over two years ago.
the so-called yardstick principle.
There is not the slightest indication of any reduction
O
318
Financial Chronicle
in outlays, which have long been of astronomical proportions. The international currency situation, particularly the relation of the dollar to the other currencies of the world, continues to be of the worst,
without any evidence of a rational and vigorous effort
to correct the evils arising therefrom. Satisfactory recovery must of necessity await some really constructive work in this field. But currency difficulties, in
turn, cannot be eliminated without giving thought to
a number of other questions that are wholly neglected
or are being badly mishandled in Washington to-day,
including, of course, international trade relations
and international debts of war origin and otherwise.
The troublesome Wagner bill has become law and
must at some time be repealed.
The new Tennessee Valley Authority measure is
from all reports virtually certain to become law at this
session of Congress. Unless the courts intervene in a
way in which the Federal Court in New Orleans was
obviously disinclined to do the other day, a greatly
expanded "yardstick" program appears to be almost
a certainty, with all that this implies for the utility
industry. Presumably the social security legislative
program will, in one form or another, reach the
statute book during the next few weeks. In any
form it will impose the gravest sort of burdens upon
American industry, and in addition create disturbances of a subtle and far-reaching kind throughout
industry, trade and finance. The encouragement
that recent events have brought to us has had its
origin in the belief that the time was approaching
when we as a people could begin the painful and timeconsuming work of eliminating these policies and programs and of correcting the evils they have brought.
A spirit of over-confidence, or a false supposition
that our major problems are already solved, would at
this juncture almost inevitably greatly impede progress with this highly essential and urgent work.
Excess Reserves a Dangerous Factor
HERE is also another aspect of this situation
which has not yet become a definite threat but
which always lies in the background as a very real
hazard. Excess reserves of member banks now
amount to nearly $2,500,000,000. This theoretically
makes possible an expansion of bank loans of about
$25,000,000,000. A vast volume of unused funds is
known to lie in the banks. The Federal Government
has set up innumerable agencies to lend money for
various purposes and to facilitate lending by private
agencies. It has for a long time past been conducting
a virtual campaign to persuade the people to borrow.
The plethora of funds has already caused yields on
investments to shrink to proportions admitted on all
sides to be unwholesome in the extreme. It has likewise caused the prices of many of the more speculative securities to rise in spectacular manner until
quotations, in some instances at least, are at levels
that can be defended only with reasoning distressingly akin to that so prevalent during the latter days
of the "boom" period ended in 1929.
On the whole, however, the business community
has proceeded with remarkable self-restraint. It has
unquestionably done so because it lacked faith, and
warrantably so, in the nostrums of the day, and naturally feared to proceed aggressively with plans and
commitments looking well into the future. It has
found it much wiser to proceed with caution. But
who can say that it will continue to show this wis-
T
July 20 1935
dom should the buoyancy of spirit now Spreading
through the community attain much greater proportions? We cannot bring ourselves to take much
of the current talk about a "general boom" in the
autumn very seriously. Yet it is always extremely
difficult to foresee the oncoming of such movements
when the stage has been so thoroughly set for them
as is the case at present. In the present circumstances we should look with uneasiness upon any
forward surge of business that disregarded the obvious pitfalls now awaiting the unwary. Any
movement likely to be widely regarded as real prosperity prior to the time when proper foundations
have been laid for it—as is not at present the case—
could, it seems to us, hardly fail to end in worse
disaster than befell us in 1929. Probably this danger
is not immediately imminent, but we believe the time
has come when it is wise for those who lead the way
in the business world to remind themselves of these
distinctly unpleasant possibilities.
Indefensible Tactics
Committee
investigating the so-called
HE Senate
lobbying by utility interests against the pending holding company legislation appears to have
disclosed some wholly indefensible acts on the part
of one group of utility interests. With genuine resentment against the provisions of the proposed law
so prevalent, it is difficult to understand why anyone should have felt it necessary to dispatch forged
telegraphic protests to Washington, even if no scruples were felt in the matter. Whether other incidents of a like sort occurred of course we have no
way of knowing, but we must believe that the vast
majority of those who now control the affairs of
the utility companies are far too honorable and too
wise to resort to such chicanery. It would be unfortunate indeed if the whole industry and all of those
who hold its securities are made to suffer for the sins
of one wayward group.
T
High Taxes Already a Reality
OMMENT is frequently heard concerning the
heavy load of taxation which the enormous
public expenditures. of the past few years will impose upon coming generations. That heavy burdens
will have to be borne in years to come, if we are ever
to work our national debt down to reasonable proportions, is of course obvious. Let it not be supposed
for a moment, however, that this is a matter only of
the future. Such is most certainly not the case as certain facts made public within the past few days by
the American Iron and Steel Institute amply demonstrate. The Institute has compiled statistics of the
taxes, National, State and local, paid by the companies in the steel industry, which combined represent more than 93% of the productive capacity of the
country. These figures show that the net income of
these enterprises available for taxes and dividends
during the past six years amounted in all to $587,917,992. Of this sum taxes took $390,187,997, or
66.4%. During the year 1934 the net income so
available amounted to $35,522,474, while taxes levied
upon the concerns amounted to $56,232,117. It is to
burdens of these proportions that those arising from
our present extravagances must be added. It is obvious that even so rich a country as the United
States cannot indefinitely remain solvent if we continue in these matters as we have been doing.
C
Volume 141
Financial Chronicle
Federal Reserve Bank Statement
EGINNING with the banking statistics made
available yesterday, an official estimate is to
be furnished weekly by the Federal Reserve Board'
of the aggregate of excess member bank reserves over
requirements. This is a welcome addition to the
statements, which the Federal Reserve Board slowly
has been elaborating in recent years. The official
estimate evidently is to be furnished in response to
the continuing interest in this aspect of the national
credit position. That recent private estimates have
been remarkably accurate is shown by the current official indication that such excess reserves amounted
to approximately $2,340,000,000 on July 17. They
were close to $2,500,000,000 a week earlier, and the
Treasury financial operations which occasioned the
reduction comprise the chief changes now recorded
in the Federal Reserve statement. Offerings of securities by the Treasury for which payment is made
in cash, rather than in the form of war loan deposits
by subscribing banks, caused a sharp increase in the
Treasury deposits with the system on general account. Member bank deposits on reserve account declined correspondingly, the decrease being no less
than $127,395,000. This recession is reflected also in
the total of excess reserves over requirements, but as
the Treasury disburses funds from its general account, reserve deposits and excess reserves can be
expected to inrease again. Although the total already
is exaggerated and a great potential danger, further
records are almost inevitable, since deposit of gold
certificates as national bank notes are retired from
circulation will also tend to increase the figure.
Gold imports on any noteworthy scale again were
lacking in the week covered by the report, and there
is now recorded a decline of $31,000 in the gold certificate holdings of the system. The figure remains
at $6,226,200,000, however, and as cash continued to
flow into the Reserve banks, total reserves increased
to $6,499,594,000 on July 17, from $6,490,061,000 on
July 10. Currency in circulation declined seasonably, and the total of Federal Reserve notes is reported at $3,258,418,000, against $3,267,401,000 a
week earlier. Member bank deposits on reserve account fell to $4,924,402,000 from $5,051,797,000,
while Treasury deposits on general account increased to $250,869,000 from $101,588,000, and these
changes were chiefly responsible for the relatively
modest change in total deposits, which increased to
$5,477,332,000 from $5,455,841,000. The reserve ratio
once again was unchanged at 74.4%. Discounts by
the system fell $176,000 to $6,665,000, while industrial advances increased $93,000 to $28,268,000. Open
market bill holdings showed a modest decrease to
$4,679,000 on July 17, against $4,687,000 on July 10,
while holdings of United States Government securities declined to $2,430,247,000 from $2,430,413,000.
B
The New York Stock Market
HE New York stock market gave further indication this week of improvement in the financial
and industrial outlook. Unsettling legislation probably will remain a menace so long as Congress remains in session, but such possibilities were not of
great importance in recent sessions of the market.
Prices of stocks were marked upward steadily in
the first half of the week, and after a period of hesitation on Thursday they showed a tendency to recede. Liquidation, largely of the profit-taking
variety, was pronounced yesterday and in most sec-
T
319
tions parts of the early gains thus were lost. It is
highly noteworthy, however, that most of the important average compilations attained their best
levels since 1931 in the upswing. In all likelihood
this portends a vigorous business advance, since the
movement now has been in progress for several
months. Activity also was well sustained this week,
with transactions in stocks on the New York Stock
Exchange averaging more than 1,000,000 shares and
almost reaching the 1,500,000 mark on Thursday.
A modest upward trend was in evidence on Monday,
with steel shares in best demand, owing to a pronounced increase of operations in that industry.
Machinery and railroad equipment stocks showed
gains,and copper issues also advanced, but oil shares
declined slightly owing to an uncertain gasoline
price situation. Dealings on Tuesday were quiet,
but a good tone again prevailed. Some of the specialties advanced rapidly, while group gains were most
pronounced among the motor and metal stocks. A
little realization selling appeared in steel shares,
while oil and railroad issues also were soft. Advances again predominated on Wednesday, with substantial gains recorded in the motor and motor
equipment groups. Most other industrial issues
likewise improved, but the oil and railroad groups
remained weak. More uncertainty prevailed on
Thursday, when an early advance came to a halt on
profit-taking and was turned into a late decline.
The movements were not great, but the initial upswing sufficed to occasion the best average figures
for four years. Industrial stocks, generally, closed
higher in this session, while small losses appeared
in the utility, copper, oil and railroad groups.
Week-end realization sales yesterday caused a general downturn of prices, with virtually all groups
affected. The losses were fairly pronounced in a
few issues, but only fractional recessions appeared
in the great bulk of stocks.
In the listed bond market, quiet investment demand was in evidence. United States Government
securities advanced slightly, and some new records
were attained in long-term bond prices. Best-rated
railroad, utility and industrial bonds varied only
fractionally, as attention again was centered more
on new issues than on outstanding bonds. Speculative senior securities followed the tendencies
established in the stock market. Among foreign
bonds much uncertainty existed with respect to
Italian issues, but the wide price swings left these
bonds not much changed for the week. Latin American bonds again were under accumulation. Corn.'
modity markets showed alternating periods of
strength and weakness, but there was little net
change of quotations for the week. Foreign exchange dealings reflected strength in the gold currencies, largely in response to the measures adopted
in France for balancing the budget. Sterling also
was firm in most sessions, while movements otherwise were unimportant.
Among the dividends declared during the week the
Louisville & Nashville RR. took adverse action on
its common stock by a reduction in the semi-annual
distribution from $1.50 a share to $1 a share, payable Aug. 24 1935.
On the New York Stock Exchange 188 stocks
touched new high levels for the year and 21 stocks
touched new low levels. On the New York Curb
Exchange 93 stocks touched new high levels and 22
stocks touched now low levels. Call loans on the
320
Financial Chronicle
New York Stock Exchange remained unchanged at
4%,the same as on Friday of last week.
/
1
On the New York Stock Exchange the sales at the
half-day session on Saturday last were 442,940
shares; on Monday they were 949,110 shares; on
Tuesday, 900,523 shares; on Wednesday, 1,357,940
shares; on Thursday, 1,495,540 shares, and on Friday, 1,149,220 shares. On the New York Curb Exchange the sales last Saturday were 102,560 shares;
on Monday, 186,180 shares; on Tuesday, 178,645
shares; on Wednesday,180,305 shares; on Thursday,
236,625 shares, and on Friday, 214,615 shares.
Trading volume on the Stock Exchange the present
week reached substantial proportions, with gains the
rule in many groups. Yesterday the market displayed some weakness and closed irregular. General
/8 on
Electric closed yesterday at 27% against 267
Friday of last week; Consolidated Gas of N. Y. at
%
2 against 25%; Columbia Gas & Elec. at 63
1
25/
4 against
/
against 7%; Public Service of N. J. at 361
8 against
37; J. I. Case Threshing Machine at 601/
47%;
against
49%
at
4; International Harvester
581/
Mont;
2
1
/
47
against
49
at
Co.
Sears, Roebuck &
gomery Ward & Co. at 29% against 291%; Wool4,and American TeL & Tel.
2against 621/
1
worth at 62/
at 127% against 127. Allied Chemical & Dye closed
/8 on Friday of last
4 against 1577
yesterday at 1591/
2 against
1
week; E. I. du Pont de Nemours at 105/
2;
1
106%; National Cash Register A at 17 against 17/
National
28;
against
2
1
/
26
at
Nickel
International
/8; Texas Gulf SulDairy Products at 17 against 167
8; National Biscuit at 31%
/
8 against 347
/
phur at 335
%;
2; Continental Can at 88% against 853
1
against 31/
/8; Standard
Eastman Kodak at 147 against 1487
2 against 15%; Westinghouse Elec. &
1
Brands at 15/
8; Columbian Carbon at 92
4 against 581/
/
Mfg. at 601
/8 against 21%; United
217
at
against 90; Lorillard
States Industrial Alcohol at 45 against 46½;Canada
/8; Schenley Distillers at
Dry at 10% against 117
325/s against 32%, and National Distillers at 263%
against 27%.
The steel stocks continued their gains of the previous week. United States Steel closed yesterday at
38% against 36% on Friday of last week; Bethlehem
Steel at 31% against 30½; Republic Steel at 15
2, and Youngstown Sheet & Tube at 21
1
against 14/
/8. In the motor group, Auburn Auto
against 197
closed yesterday at 22% against 22% on Friday of
2 against 36%;
1
last week; General Motors at 36/
s, and Hupp Motors at
/
8 against 527
/
Chrysler at 537
1% against 1%. In the rubber group, Goodyear
2
1
Tire & Rubber closed yesterday at 18% against 19/
/8
77
at
Goodrich
F.
B.
week;
on Friday of last
at
2
1
/
12
Rubber
against
States
United
and
8,
against
. The railroad shares were irregularly changed
2
1
13/
for the week. Pennsylvania RR. closed yesterday at
2 against 23% on Friday of last week; Atchison
1
24/
Topeka & Santa Fe at 51 against 49%; New York
8; Union Pacific at 106
8 against 171/
Central at 171/
against 106; Southern Pacific at 18 against 18%;
8,and Northern
2against 71/
1
Southern Railway at 6/
the oil stocks,
Among
.
8
/
197
against
Pacific at 19
8
/
Standard Oil of N. J. closed yesterday at 455
4 on Friday of last week; Shell Union
against 481/
8
2,and Atlantic Refining at 221/
1
Oil at 9 against 10/
against 25. In the copper group, Anaconda Copper
2 against 16 on Friday of last
/
closed yesterday at 151
8;
/
week; Kennecott Copper at 19% against 187
43%,
against
4
/
421
at
American Smelting & Refining
and Phelps Dodge at 18% against 17%.
July 20 1935
Trade and industrial indices were not unfavorable
this week, and they proved a direct influence on
some important groups of stocks, such as the steel
issues. The American Iron and Steel Institute estimated steel-making for this week at 39.9% of
capacity against 35.3% least week, 38.3% one month
ago, and 28.8% one year ago. This represents an
increase of 4.6 points, or 13.0%, from the preceding
week. Production of electric power in the week
ended July 13 amounted to. 1,766,010,000 kilowatt
hours, according to the Edison Electric Institute.
This compares with production of 1,655,420,000 kilowatt hours in the preceding week, which contained
the July 4 holiday. Car loadings of revenue freight
in the week ended July 13 were 566,488 cars, the
American Railway Association reports, against
472,421 cars in the preceding weekly period.
As indicating the course of the commodity markets, the July option for wheat in Chicago closed
8c. the close on
/
yesterday at 84c. as against 813
Friday of last week; July corn .at Chicago closed
2c. as against 81%c. the close on
1
yesterday at 83/
Friday of last week. July oats at Chicago closed
yesterday at 33%c. as against 331/4c. the close on
Friday of last week.
The spot price for cotton here in New York closed
yesterday at 12.30c. as against 1245c. the close on
Friday of last week. The spot price for rubber
yesterday was 11.94c. as against 12.16c. the close on
Friday of last week. Domestic copper closed yesterday at 8c., the same as on Friday of last week.
In London the price of bar silver yesterday was
8 pence per
30 3/16 pence per ounce as against 311/
week,
and
spot
last
of
silver
Friday
in New
ounce on
4c. as against 683/0.•on
/
York closed yesterday at 673
Friday of last week. In the matter of the foreign
exchanges, cable transfers on London closed yesterday at $4.96 as against $4.95% the close on Friday
of last week, while cable transfers on Paris closed
4c. the close
/
yesterday at 6.63%c. as against 6.613
week.
last
of
on Friday
European Stock Markets
HEERFUL conditions prevailed during most sessions of the current week on stock exchanges in
the leading European financial centers. Gains were
small but persistent in the first half of the week at
London, Paris and Berlin, while profit-taking and
other occurrences caused a little uncertainty thereafter. Fears of monetary disturbances have been
allayed for the time being, with the budget-balancing
program of the French Government contributing not
a little to this result. The Bank of The Netherlands
was able on Wednesday to announce a reduction in
2%, while on Thursits discount rate to 3% from 31/
day the Bank of France marked its rate down to
2% from 4%. The London market reflected a gen31/
eral spirit of confidence, as indicated by rapid over2%
subscription on Wednesday of a £32,000,000 21/
Government-guaranteed debenture issue of the London Electric Transport Finance Corporation. Important gains again were reported in British foreign
and domestic trade, when the situation was reviewed
in the House of Commons, Thursday, by Walter
Runciman, President of the Board of Trade. The
growth of British trade since 1932 has been "remarkably persistent," he said. The French market tended
to recover a little this week from the serious and
drastic declines of previous trading. The extreme
measure of a forced curtailment of interest on
C
Volume 141
Financial Chronicle
French Government loans, as announced Tuesday
by Premier Pierre Laval, apparently had been sufficiently discounted. The Berlin market was quiet
and firm until Thursday, when announcement was
made of large losses by the two.great German ship
lines. The companies, under the dictation of the
German Government, placed their fleets in the
hands of operating companies, and the virtual reorganization caused such heavy selling of the stocks
on Thursday that the shares were removed from the
list for the day.
Trading on the London Stock Exchange was quiet
in the initial session of the week, with the tone firm
in nearly all departments. Investment buying occasioned small gains in British funds. Strength also
was general in the industrial section, ,while gold
mining stocks likewise improved. In the foreign department a few sharp advances were recorded, notably in Uruguayan securities. Business did not pick
up on Tuesday, but there was no change in the general trend toward better levels. Gilt-edged issues
led the advance, while gains likewise appeared in
industrial stocks and some of the gold mining shares.
There was little interest in foreign securities. Rapid
absorption on Wednesday of the large London Transport issue gave a good tone to the market on that
day, British funds continuing their advance. Important gains were recorded in some industrial issues, but gold mining stocks and foreign obligations
were neglected. The trading on Thursday was
marked by modest profit-taking. British funds were
slightly easier, while recessions also appeared in
most industrial stocks. Advances were registered in
Anglo-American trading favorites, however, owing
to favorable reports from New York. With the end
of the account impending, trading diminished yesterday on the London exchange, while price changes
were unimportant.
The Paris Bourse was closed on Monday in observance of Bastille Day, and when trading was resumed on Tuesday the market was faced by the disclosure of Premier Laval's economy measures. The
Bourse apparently was aware for some weeks that
a forced reduction of interest on rentes would be included, for the Government issues had declined sensationally in the two previous weeks. When the
measures were announced, they were accepted quietly and viewed as the only alternative to a further
devaluation of the franc. Rentes were unchanged,
and only small fractional movements were recorded
in bank, utility and industrial stocks. Confidence in
the Government's credit increased on Wednesday,
and sharp gains in rentes were registered. Equities
were unsettled, however, on the realization that the
increased tax on stock dividends will curtail income
from such issues. Further study of the economy decrees again impressed the market favorably on
Thursday, and a vigorous advance occurred. Lowering of the Bank rate also aided the trend, which was
pronounced in rentes. French bank and industrial
stocks also improved, but foreign issues were uncertain. Rentes again were marked upward yesterday and small gains appeared also in most equities.
The Berlin Boerse was dull in the first session of
the week, but small advances appeared in a majority
of the listed securities. No interest was taken •in
fixed-interest issues, despite the efforts of the German authorities to transfer attention from stocks
to bonds. Activity again was restrained on Tuesday,
but sharp advances resulted in the speculative favor-
321
ites. Gains of 2 to 4 points were recorded, despite
some realization selling near the close. Unsettlement
followed on Wednesday, and losses in that session
were almost as pronounced as the preceding gains.
Reichsbank shares were marked 4 points lower, while
losses also were general among industrial securities.
Changes were insignificant in bonds, which failed to
attract any interest whatever. Reorganization proposals put forward on Thursday for the two largest
German shipping companies unsettled the market
in that trading period. Large selling orders appeared
in the shipping issues, which were not permitted to
be quoted. The situation depressed the rest of the
market and losses were general. Declines of 15 to
16 points were recorded yesterday in German shipping issues, and these drastic recessions also unsettled other securities.
Trade Agreement with Russia
IN A MANNER that is modest but probably of great
ultimate significance the diplomatic impasse
that has existed on trade relations between Russia
and the United States was broken last Saturday,
when announcement was made in Moscow and Washington of an agreement to facilitate and increase
trade between the two countries. An exchange of
notes by Foreign Commissar Maxim Litvinoff and
United States Ambassador William C. Bullitt
placed in effect for one year an understanding whereunder Russia will increase her purchases in this
country, while the United States will extend to the
Soviet Government the tariff concessions involved
in the various special reciprocal tariff agreements
negotiated under the Tariff Act of 1934. This
agreement ends the deadlock that has prevailed
since negotiations on the Russian debt and loan problems were abandoned last year. When the Soviet
Government was recognized soon after President
Roosevelt was inaugurated, there was talk of a vast
expansion of Russian-American trade, but in the
present discussions a much more modest and reasonable expectation is reflected. Although no trade
figures are mentioned in the formal agreement, Russian authorities have indicated their intention to increase purchases in this country to $30,000,000 during the next 12 months, as against imports of less
than $15,000,000 last year. Similarly, American imports from Russia are expected to increase sharply
under the extension to Russia of the tariff concessions negotiated in the special agreements. The new
agreement, while applicable for only one year, is
subject to indefinite extension. The State Department at Washington, in announcing the pact, declared that it "should contribute in an important
measure to the success of the Administration's
efforts to restore our foreign trade as a whole
through the trade agreements program."
Not only externally, but internally as well, much
progress appears to have been made of late by the
Soviet authorities, possibly because of a steady drift
away from strict Communism and toward the competitive principles that have proven so serviceable
during the last three or four centuries. Private
manufacture and trade remain fairly important in
Russia, despite all the efforts to do away with such
enterprise. State industry along Soviet lines, which
proved so costly in poor products and general inefficiency, received a new incentive not long ago
through introduction of a premium pay system for
high production and good quality. The bonuses are
322
Financial Chronicle
likely to diminish spoilage and slipshod methods
in the heavy industries. Farm collectivization, however, appears to have proceeded with remarkable
celerity, and 85% of the cultivated land and 80% of
the peasants are now reported included in the collective systems. An important reservation in this
respect was made, on the other hand, by Joseph Stalin,the Soviet Dictator,who declared that individual
tastes and needs must be respected on Soviet State
and collectivized farms. M. Stalin rejected proposals for reducing the garden patches of the collectivists, and these areas continue to be treated as
private property. Recent dispatches suggest that
the grain harvest in Russia this year will be the
greatest in that country's history.
Industrial production likewise is increasing, much
in accordance with the optimistic schedules of the
Russian authorities. The iron and steel industry
has been ordered to operate on a profitable basis and
without the Government subsidies which proved so
important in the early stages of development. One
of the best and most reliable indications of Soviet
improvement is to be found in the termination of the
foreign exchange crisis. External obligations of the
Soviet regime were met with the greatest circumspection throughout the depression, even though extensive sales of art works were found necessary for
a time. Such sales have ended, and the Soviet
authorities for more than a year have addressed
themselves to the task of reducing the circulation of
paper currency within the country. In this endeavor
they are reported to have been remarkably successful, as the volume of rubles in circulation declined
more than 1,000,000,000 last year, and all currency
in circulation is now estimated unofficially at
7,000,000,000 rubles. The internal value of the ruble
has advanced, it is said, and foodstuffs and consumers' goods generally are reported to be much more
plentiful and of better quality than at any previous
time during Soviet rule.
French Budget
EASURES for balancing the French national
budget, anxiously awaited since Premier
Pierre Laval received the power to govern by decree,
were adopted early last Wednesday, in the form of
29 special laws, presented for the signature of President Albert Lebrun. These measures, which came
into force on Thursday, plainly reflect the strained
political situation in France, for they are directed
mainly against the rentier class and include the unprecedented step of a 10% reduction in the interest
payable on rentes, or French Government obligations. Salaries of Government officials amounting
to 10,000 francs or more a year, and of pensions of
the same order, are subjected in a like manner to a
special 10% reduction, while taxes on incomes over
80,000 francs a year are increased sharply. Other
measures also are taken in response to agitation in
France which resembles the "soak-the-rich" propaganda in the United States. A further attempt to
placate French malcontents is made by an extensive
scheme for reducing the cost of living, largely at
the expense of the propertied classes. The decrees
were enacted after long Cabinet sessions, and they
made their appearance three days after quiet but
impressive Bastille Day celebrations. Publication
after
of the decrees was delayed by M. Laval until
that
seem
hardly
would
the July 14 holiday, but it
not
could
they
for
y,
necessar
his precautions were
M
July 20 1935
fail to appeal to the most radical elements in France.
They will, however, most assuredly not appeal to the
rentier class, which also is a highly important one
in France, and M. Laval is quite apt to face serious
trouble when he goes before Parliament next autumn
to answer for his enactments. The Paris Bourse
apparently had some inkling of the measures for
budget balancing to be adopted, since quotations for
rentes declined sharply all of last week.
Promulgation of the decrees caused little commotion in France, partly because they had been discounted in the extensive market recessions, and
partly because they are considered the alternative to
devaluation of the franc. In numerous dispatches
from France, emphasis has been placed of late upon
the growing unrest in that country and the tendency
of the countless political factions to merge into two
main groups of the extreme Right and the extreme
Left. Fascist agitation has been especially pronounced, and it was feared that the Bastille Day
celebrations of last Sunday would produce clashes
between Fascists and Communists. But trouble was
averted through the simple device of staging separate celebrations of the discordant political groups.
In Paris a tremendous military display was held,
with 600 airplanes participating. This was followed
by a parade of about 200,000 socialists, communists
and other Left-Wingers, who marched hour after
hour past the July column, where the Bastille once
stood. The French gendarmerie remained discreetly
in the background, dispatches said, and trouble
threatened only on the one or two occasions when
they made an appearance. Later in the day the
French Facists staged their own celebration in the
Champs Elysee, and it is significant that they numbered tens rather than hundreds of thousands.
Much less enthusiasm is said to have been evoked by
the Fascist demonstrations than by the parade of
the Leftists.
Bastille Day troubles having been averted, Premier Laval proceeded to perfect his proposals for
balancing the budget last Tuesday, and Cabinet sessions continued throughout all of that day, so that
the series of decrees was not ready for President
Lebrun's signatures until early on Wednesday. Not
long ago M. Laval admitted publicly that the accumulated budget deficit exceeds the 10,000,000,000franc figure at which it was popularly placed, and
his measures provide economies and new revenues
estimated at about 11,000,000,000 francs. The 10%
reduction of interest on rentes, which is little short
of a capital levy, is the most important of the socalled economies, while Government expenditures
will be lessened also by the reduction of 10% applicable in all cases where Government salaries and pensions amount to 10,000 francs or more annually.
Revenues will be increased through additions to the
income taxes, on sums of 80,000 francs and more,
while the tax on the manufacture of munitions and
other war materials is to be increased 25% over
previous figures. The tax of 17% on secuurities
made out to bearer will be increased to 24%. In
order to reduce the cost of living in France a third
series of decrees was announced. Mortgage interest
rates were cut 10% and an equal reduction was
effected in the rent payable for homes and apartments, where the annual figure is 10,000 francs or
less. Reductions in coal prices, ranging from 5 to
15%, were ordered, and a 5% reduction was decreed
in the prices of gas and electricity. The price of
Volume 141
Financial Chronicle
323
bread was reduced 10 centimes a kilogram. The patches indicated that Italian authorities were
direct economy and revenue measures are expected nettled by the statement. Apparently of'more sigto aid the national exchequer more than 7,000,000,000 nificance, however, is the evident intention of the
francs, while economies on railroad and depart- British Government to make the best of a bad situamental and communal expenditures will result in a tion and prevent any ill feelings between Rome and
fuurther estimated saving of more than 3,000,000,000 London, whatever the consequences to Ethiopia.
francs. In announcing the program, Premier Laval The declaration last week by Foreign Secretary Sir
insisted once again that France will not devalue her Samuel Hoare, to the effect that no economic or
currency.
other sanctions would be applied by Great Britain
A good deal of grumbling was reported throughout against Italy, was regarded in Rome as a British
France after publication of the deflationary decrees "retreat" from the previous earnest efforts to avert
of the Laval Cabinet, and protests from many inter- warfare.
ested groups are in preparation. But in general the
The mere existence of the League of Nations apdisposition was to meet the requirements, since they parently will make necessary some international
appear to be the only alternative to a second revalua- hearings on the dispute. At the last League Council
tion of the franc. 'Serious opposition may not de- session it was agreed that another meeting would
velop until next October, when Parliament recon- be held July 25 if the Italo-Abyssinian arbitration
venes to ratify the emergency measures. Premier commission failed to reach an agreement by that
Laval issued a brief appeal on Wednesday for popu- date and also failed to appoint a fifth member to
lar support of his program, which he described as adjust differences. The commission has virtually
"equality of sacrifice." The salvation of the country abandoned its task, and Ethiopia has insisted upon
requires the measures, he said, as serious danger further consideration of the entire problem by the
looms when the nation's public debt increases in a Council. Dispatches from Geneva, Rome and Lonfew years' time from 260,000,000,000 to 340,000,- don all indicated this week that a League Council
000,000 francs. "When the Government fails in session probably will be held in the period between
courage, revolution steps in; when the Government July 25 and Aug. 2 to study the matter. But the
is courageous, it is possible to keep the national hollowness of this procedure is made apparent by
finances healthy," M. Laval declared. He suggested indications that British, French and Italian authorialso that a sound currency and domestic order would ties are endeavoring to find a way out of the diffigive his Government authority to represent France culties through the device of a formula that would
strongly in international relations and would con- permit the League to wash its hands of the affair
tribute to a peaceful solution of pending questions. without too great a blow to the League's prestige.
Immediately after publication of the decrees it was A United Press dispatch from London puts the
made plain by French authorities that the 10% re- matter very baldly by asserting that the three
duction on coupons of rentes does not apply to nations are anxious to "avert the possibility
that
French bonds issued externally and not listed on some unsporting small nation represented
in the
the Paris Bourse. In the case of external French Council might defend Ethiopia's cause." In
the
bonds which are listed on the Bourse, holders of meantime strenuous efforts continue to
be made by
foreign nationality will be exempt from the levy on the British Government to adjust the difficultie
s
proof that the securities were their property on without actual resort to warfare by the two
nations
July 17 1935.
concerned.
Italian ideas regarding the conflict with Ethiopia
halo-Ethiopian Conflict
once again were made clear last Monday, when PreAR looms ever more imminently in the develop- mier Benito Mussolini
declared at a Fascist gathering conflict between Italy and Ethiopia, and ing that the "accelerated pace of Ethiopian
military
there are now few observers who are not convinced preparations
makes it necessary for us to proceed
that hostilities will start next September despite 'with further measures
of a military character."
all mediatory efforts and any protests that may be Mobilization of an
additional 30,000 soldiers was
made. Italian authoritiees reaffirmed this week ordered by the Italian
Dictator, and many thousands
their apparent intention of waging a war of conquest more were recalled
to the colors. It was estimated
against the ancient Ethiopian Empire, while in early this week
that 175,000 soldiers now have been
Abyssinia itself preparations for an armed conflict mobilized for service
in East Africa, while native
are proceeding as well. With this situation obvi- troops and civilian
workers increase the force at
ously in mind, Secretary of State Cordell Hull late Premier Mussolini'
s disposal to 245,000 men.
last week took the unusual step of issuing a declara- Deeply impressed
by the Italian preparations and
tion in support of the Kellogg-Briand pact, outlaw- the likelihood of an
early armed conflict, Emperor
ing war as an instrument of national policy. This Haile Selassie
appeared before the Ethiopian Parliatreaty, which was shaped largely by the United ment on Thursday and
in an earnest speech implored
States and accepted by virtually every other country his countrymen to fight
with him to the death if an
in the world, is no less binding now than when it attack is made by Italy.
In the event of war, the
was signed, Mr. Hull pointed out. "The United Emperor said, he will not
hesitate to lead his troops
States and the other nations are interested in the in person and to shed
his own blood in defense of
maintenance of the pact and the sanctity of the his country. "Ethiopia knows
how to fight to preinternational commitments assumed thereby for the serve its independence and its
sovereignty," the Parpromotion and maintenance of peace among the liament was informed.
Recalling ancient phrases,
nations of the world," the Secretary added. Al- the Emperor declared that
"God will be the rampart
though Italy was not named in the statement, Secre- and the shield" of his followers.
The correspondent
tary Hull explained that it was issued in response of the New York "Times" in
Addis Ababa was into questions regarding the application of the treaty formed last Saturday by
Emperor Haile Selassie
to the Italo-Ethiopian controversy. Rome dis- that an Italian railway zone through
his country
W
324
Financial Chronicle
July 20 1935
aroused fears of further activities on the part of
assassins, and on this point some doubt still remains. It was reported at first that Chancellor
Schuschnigg was killed, and the opinion prevailed
over the last week-end that the Chancellor might be
eliminated from Austrian politics and replaced by
Prince Ernst Ruediger von Starhemberg, the Vicedhancellor. But Chancellor Schuschnigg quickly
indicated that he has no intention of relinquishing
ois post.
Leading statesmen in Czechoslovakia, Yugoslavia
and Rumania conferred late last week on the possibility of a return of the Hapsburg family to Austria.
In all three countries it was made clear last Monday
that such a return would not be tolerated. This disposes of the rumors that the Little Entente might
German Fascism
prefer the Hapsburgs to Austrian "anschluss" with
LONG period of relative quiet and tolerance in Germany, which many observers believe a possible
Germany was broken early this week by bands alternative. A most emphatic declaration was made
of Nazis in Berlin, who attacked and severely beat in the official organ of the Czechoslovakian Foreign
Jews in a fashionable section of the city. The inci- Office. "Every one who knows the situation as it is
dents were repeated on a smaller scale Wednesday, in Central Europe understands that not merely the
and the perpetrators .of such outrages were not return of the Hapsburgs to Austria but any discusmolested by the police and were not punished by the sion of the subject is quite unacceptable to every one
authorities. These and other occurrences show that of the Little Entente States," the Prager Presse said.
the most unpleasant aspects of German Fascism "The whole of the Little Entente is prepared to
still prevail, notwithstanding world-wide disap- accept the last consequences of its decision to oppose
proval and the serious effects on German economy not only restoration but the mere return of Otto and
caused by the boycott of German goods in many Zita to Austrian soil. Restoration of our former
countries. Berlin reports suggest that some concern oppressors in Austria or in Hungary would bring
was aroused by the foreign reaction to the rioting, about such disorders and warfare that Europe could
but no repressive measures appear to have been hardly survive." The Yugoslavian attitude against
taken. The results of the German anti-Jewish cam- restoration of the Hapsburgs was made known•
paign received apt illustration on Wednesday, when similarly through the Belgrade newspaper, "Poa League of Nations commission reported that litika." Restoration, that journal said, would bring
80,500 Jews fled from the Reich after the Nazis about a basic reorientation of policies in Central
obtained power. Many of these unfortunates are Europe. The Rumanian Minister of Finance, Virgil
finding existence precarious and difficult, it is said. Madgearu, declared in Bucharest that the Little
Nor is Nazi fanaticism confined to adherents of the Entente States had formed a powerful defensive
Jewish faith. A sweeping edict was issued Thurs- front against restoration of the Hapsburg dynasty.
day against what is called "political Catholicism."
Discount Rates of Foreign Central Banks
This thinly disguised attempt to repress the clergy
makes illegal any attacks on the German State from THE Bank of The Netherlands on July 17 reduced
1 its discount rate from 33/2% to 3%. The 332%
pulpits. These activities diminish sadly the favorrate
had been in effect since July 5 1935, at which
able impression recently caused by reports that Jewtime
it was reduced from 4%. On July 18 the Bank
pronounced
and
that
political
baiting was less
reduced its rate from 4% to 332%, the
France
of
receiving
better
treatment
than
were
prisoners
4% rate having been in effect since July 4, at which
formerly in the notorious German prison camps.
time it was lowered from 5%. This is the third time
Austria
in a month that reductions in discount rates have
TEPS taken by the Austrian Government for a been made by both of these banks. Present rates
return of the Hapsburgs and the restoration of at the leading centers are shown in the table which
their confiscated properties have aroused keen oppo- follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
sition among the succession States to monarchical
rule in Austria,and the future of that small Central
PreRate in
Rate in
PreMous
Effect
Date
Country
Country
Effect
Dace
stout
Rate
July19 Established
July 19 Established
European State remains enigmatic. The decrees
Raze
Hungary __ 4% Oct. 17 1932
July 10 1935 4
providing for a return of the exiled Empress Zita Austria-- 3%
July 1 1935 434 India
Batavia ._ _ 4
3% Feb. 16 1934 4
May 15 1935 2% Ireland.... 3
- 2
June 30 1932 334
and Archduke Otto caused unusual diplomatic Belgium.Italy
Jan. 3 1934 8
Bulgaria.... 7
3% Mar.25 1935
Japan
234 Mar. 11 1935 __
3.65 July 3 1933
activity in the capitals of the Little Enteute coun- Canada....
Jan. 24 1935 4% Java
4
Chile
434 June 2 1935 3%
Jugoslavia.. 5
July 18 1933 5
Colombia
4
Feb. 1 1935 6%
tries. Although no formal pronouncements have CzechosloLithuania
6
Jan. 2 1934 7
434
25
1933
Morocco...
3%
Jan.
wilds
May 28 1935 4%
634
utilized
to
make
were
been made, official journals
Norway__ _ 334 May 23 1933 4
May 3 1935 4
6
Danzig__
Poland_ _ _ _ 5
Nov. 29 1933 3
Denmark..
.
234
Oct.
25 1933 8
would
hold
intolerable
Entente
plain that the Little
June 30 1932 2% Portugal_ 5
England... 2
Dec. 13 1934 534
Sept.25 1934 5% Rumania _ _ 434 Dec. 7 1934 6
Estonia
5
even a return to Austria of the members of the Finland
Dec. 4 1934 4% SouthAtrica 4
4
Feb. 21 1933 5
Spain
5
France .... 334 July 18 1°35 4
July 10 1935 5%
Hapsburg family who refused to renounce their Germany
Sweden.... 234 Dec. 1 1933 3
Sept.3o 1932 5
4
Oct. 13 1933 7% Switzerland 2% May 2 1935 2
Greece... _ 7
claims to the throne. For a few days Austrian Holland __ 3 July 17 1935 3%
affairs were complicated additionally by an autoForeign Money Rates
mobile accident in which Chancellor Kurt Schuschnigg was injured slightly and his wife killed. The IN LONDON open market discounts for short bills
accident, coming less than a year after the assassina- 1 on Friday were 9-16@/% as against 9-16@/%
tion of former Chancellor Engelbert Dollfuss, on Friday of last week, and 5A% for three-months'
would be quite unacceptable, "because history
teaches that the creation of such zones inevitably is
followed by annexation." This comment was predicated on the recent British offer to relinquish some
territory in British Somaliland, in return for Ethiopian concessions to Italy. By last Tuesday, however, Emperor Haile Selassie apparently had
changed his views, for a representative of the same
journal was informed on that day that Ethiopia is
prepared to trade some territory for a port on the
Red Sea, in accordance with the original British
suggestion, Hopes for a peaceful solution of the
Italo-Ethiopian difficulties now are based entirely
on the belief that an adjustment may be reached
along the lines suggested by the British Government.
A
S
Volume 141
Financial
bills as against N% on Friday of last week. Money
on call in London on Friday was 32%. At Paris the
open market rate was reduced on July 16 from
534%
.to 434%, while in Switzerland the rate remains at
3%.
Bank of England Statement
HE statement for the week ended July 17 shows
a loss of £32,506 in gold holdings, but as this was
attended by a contraction of £1,085,000 in circulation, reserves rose £1,052,000. Gold holdings now
aggregate £193,239,334 as compared with L192,178,567 a year ago. Public deposits fell off £478,000 and
other deposits 0,532,092. The latter consists of
bankers' accounts, which decreased £5,010,855, and
• other accounts, which rose £2,478,763. The reserve
ratio is up to 35.70% from 34.31% last week; a year
ago it was 44.53%. Loans on Government securities
dropped off 0,915,000 and those on other securities
£128,014. Other securities include discounts and
advances, which fell off £1,095,718, and securities,
which increased £967,704. The discount rate is unchanged at 2%. Below are the figures with cornparisons for several years: •
T
BANK OF ENGLAND'S COMPARATIVE STATEME
NT
July 17
1935
July 18
1934
July 19
1933
July 20
1932
Chronicle
325
two years ago. An increase also appears in reserve
in foreign currency of 4,367,000 marks, in silver and
other coin of 43,580,000 marks, in notes on other
German banks of 3,914,000 marks, in advances of
3,036,000 marks, in investments of 477,000 marks,in
other daily maturing obligations of 25,138,000 marks,
and in other liabilities of 3,951,000 marks. Notes in
circulation record a decrease of 73,968,000 marks,
bringing the total of the item down to 3,666,522,000
marks. Circulation last year was 3,595,717,000
marks and the previous year 3,338,409,000 marks.
The Bank's ratio is now at 2.79%, compared with
2.2% a year ago. A comparison of the various items
for three years appears below:
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curr_
Bills of exch.and checks
Silver and other coin
Notes on other Ger. bks.
Advances
Investments
Other assets
Ltabilates—
Notes in circulation__
Other daily matur.oblig
Other liabilities
Propor. of gold dr torn
curr, to note circula'n
July 15 1935 July 15 1934 July 15 1933
Retchsmarks
Reichsmarks Retchsmarks Retchsmarks
+8,106,000
93,930,000
72,171,000 218,212,000
No change
22,109,000
17.916,000
17,647,000
+4,367,000
8,373,000
5,591,000
80,325,000
—97.288,000 3,572,039,000 3,325,670.000 3,078.593,000
+43,580,000 222,690,000 239,804,000 259,311,000
+3,914,000
12,850,000
12,237,000
11.007,000
+3,038,000
48,149,000
60,613,000
70,599,000
+477,000 660,603,000 701,542,000 320,025,000
—11,071,000 665,122,000 570,952,000 461,822,000
—73,968,000 3,666,522,000 3,595,717,000 3,338,409,000
+25,138,000 742,803,000 605,615,000 357,003,000
+3,951,000 217,147,000 163,451,000 180,791,000
+0.39,
",-
2.79';
2.2',
8.9%
July 22
1931
New York Money Market
ERY little activity was reported this week in
the New York money market, all dealings and
charges still being dominated by the extreme ease
of recent years and the lack of demand from suitable borrowers. Banks, flooded with idle funds,
continued to seek means for putting the money to
35.70%
44.53%
43.19%
34.53%
49.3%
2%
2%
314%
2%
work, but this quest remains all but hopeless. In2%
dicativ
e of the tendency are the results of a United
Bank of France Statement
States
Treasury bill flotation on Monday. The
HE statement for the week ended July 12 reveals
Treasury reduced this financing to $50,000,000,
a gain in gold holdings of 78,940,498 francs.
Gold holdings now aggregate 71,351,359,405 francs, against recent totals of $100,000,000, and offered
bills due in 273 days. The $50,000,000 issue was
in comparison with 79,738,354,272 francs last year
awarded at an average discount of only 0.052%,
and 81,549,342,441 francs the previous year. Credit
balances abroad show an increase of 2,000,000 francs computed on an annual bank discount basis. This
is the cheapest borrowing on record for the Treasand creditor current accounts of 174,000,000 francs.
4% on
Notes in circulation record a contraction of 470,- ury. Call money remained all this week at 1/
the New York Stock Exchange, while time loans
000,000 francs, bringing the total of notes outstan
ding down to 81,727,238,775 francs. Circulation a up to six months' maturity also held at that figure.
year ago was 81,482,274,110 francs and the year be- There were no changes in bankers' bill or commercial
fore 83,216,432,490 francs. French commercial bills paper rates.
discounted, bills bought abroad and advances against
New York Money Rates
securities register decreases of 212,000,000 francs,
EALING in detail with call loan rates on the
1,000,000 francs and 81,000,000 francs, respectively.
Stock Exchange from day to day, N, of 1%
The Bank's ratio, which is now 74.91%, compares
remained the ruling quotation all through the week
with 79.12% a year ago. Below we furnish a comfor both new loans and renewals. The market for
parison of the different items for three years:
time money has been without apparent movement
BANK OF FRANCE'S COMPARATIVE
STATEMENT
this week, no transactions having been reported.
Changes
Rates are X% on all maturities. Trading in prime
for Week
July 12 1935 July 13 1934 July 14 1933
commer
cial paper has been moderately active this
Francs
Francs
Francs
Francs
Gold holdings
+78,940,49871,351,359.40579,738,354,27281.549,342,441
week.
High-grade paper has been fairly plentiful
Credit bats. abroad_
+2,000,000
8,416,451
14,522,429 2,574,913,996
a French commercial
and
the
demand has continued fairly steady. Rates
bills discounted
—212,000,000 6,815,420,124 3,834,772,227 3,063,515,258
b Bills bought abr'd
—1,000,000 1,202,156,367 1,141,255,371 1,403,387,602
are
V
I%
Adv. against securs_
for extra choice names running from four
—81,000,000 3,275,389,534 3,123,316,942
Note
__ . —470,000,000 81,727,238.775 81,482,274,110 2,689,730,456
83,216,432,490
Credlt.cur
to six months and 1% for names less known.
rent accts
circulati
on+174,000,000 13,517,369,968 18,544,750,168 20,700,644,131
propor'n of gold on
Circulation
Public deposits
Other deposits
Bankers'accounts_
Other acc000ts_
Govt.securities
Other securities
Disct. dr advances_
Securities
Reserve notes dr coin
Coin and bullion_ __ _
Proportion of reserve
to liabilities
Bank rate
£
£
.£
E
£
399,567.000 383,888,618 377,374,459 365,758,894 356,098,249
7,882,000 20,644,473 19,051,759 13,379,064 16,373,298
142,427.136 132,690,912 151,363,885 121,751,271 92,943,628
103,582 360 16 881 478 94,159,3n 88,023,928 60,179,250
38,844:776
3
5:809:
4
34 57,204,568 33,727,343 32,764,378
91,887,044 83,187,071 89,590,963 66,230,765 34,375,906
22,826,386 19.947,007 25,309,013 40,315,295 39,075,446
9,276,901 7,462,713 11,246,485 14,307,079 7,098,770
13,549,485 12,484,294 14,062,528 26,008,216 31,976,676
53,672,000 68,289,949 73,606,193 46,663,453 52,946,336
193 239 334 192.178,567 190,980,652 137,422,347 150,044,584
V
T
D
hand to sight Hal).
+0.31%
74.91%
79.72%
78.48%
a Includes bills purchased in France. b Includes bills discounted
abroad.
Bank of Germany Statement
HE statement for the second quarter of July
shows a further gain in gold and bullion, this
time of 8,106,000 marks. Gold and bullion now
aggregate 93,930,000 marks, in comparison with
72,171,000 marks a year ago and 218,212,000 marks
T
Bankers' Acceptances
HE demand for prime bankers' acceptances has
been very light this week, few bills having come
out. Quotations of the American Acceptance Council for bills up to and including 90 days at 3-16%
bid
and 3870 asked; for four months, Vi.% bid and 3-16%
asked; for five and six months, %% bid and 5-16%
asked. The bill buying rate of the New York Re-
T
326
Financial Chronicle
July 20 1935
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
$35.00
$35.00 I Wednesday, July 17
Saturday, July 13
35.00
35.00 I Thursday, July 18
Monday, July 15
35.00
July 10
35.00 I Friday,
Tuesday, July 16
serve Bank is M% for bills running from 1 to 90 days,
31% for 91- to 120-day bills, and 1% for 121- to 180/
day bills. The Federal Reserve banks' holdings of
acceptances decreased from $4,687,000 to $4,679,000.
The London market did not view with entire
Open market rates for acceptances are nominal in so equanimity the sharp advance in sterling last week
far as the dealers are concerned, as they continue to resulting from American support of the silver market
fix their own rates. The nominal rates for open when weak speculators were reducing their commitmarket acceptances are as follows:
ments. London was better pleased this week to
SPOT DELIVERY
see
the day-to-day purchases for account of the United
—180 Days— —150 Days— —120 Days—
Asked
Bid
Asked
Bid
Asked
Bid
States
Treasury on a greatly reduced scale. Finan'is
3i
lie
34
'is
Prime eligible bills
4
—90 Days— —130 Days— —30 Days—
in London are of the opinion that the
quarters
cial
Asked
Bid
Asked
Bid
Asked
Bid
H
H
'is
Si
Prime eligible bills
'es
Washington Administration's original intention still
FOR DELIVERY WITHIN THIRTY DAYS
holds but that the rate of United States buying will
% bid
Eligible member banks
%% bid
Eligible non-member banks
be slowed. It is also felt that the United States is
Banks
Reserve
not willing to permit the world price to decline below
DiscountRates of the Federal
HERE have been no changes this week in the a certain limit. For the present,at least,it is thought
rediscount rates of the Federal Reserve banks. that this limit is around 30 3-16d. to 30 5-16d. per
The following is the schedule of rates now in effect ounce. Even so, it is recognized that the current
for the various classes of paper at the different price is artificially fixed and dependent entirely upon
United States policy. Therefore a change in the
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
political situation in the United States or in its attitude
on silver might bring disaster to holders of the
Role in
Previous
Dale
Effea on
Federal Reserve Bank
Rate
Established
metal. The United States purchases throughout the
July 19
2j
1934
8
Feb.
2
world are of course likely to influence the immediate
Boston
2
Feb. 2 1934
134
New York
2H
1935
17
Jan.
2
but in London circles it is estimated that the
trend,
Philadelphia
2
May 11 1935
134
Cleveland
234
May 9 1935
2
of the 3 to 1 ratio with gold based on purRichmond
attainment
234
Jan. 14 1935
2
Atlanta
234
Jan. 19 1935
2
Chicago
current year would require 11 years.
the
of
chases
234
Jan. 3 1935
2
St. Louis
234
May 14 1935
2
Minneapolis
the program as impracticable. The
views
London
1935
234
May 10
2
Kansas City
234
May 8 1935
2
Dallas
States as a large world buyer of
United
the
return
of
234
161934
Feb.
2
San Francisco
silver would cause the price to rise, but it would
Course of Sterling Exchange
demoralize China and Hong Kong, inducing selling
TERLING exchange is ruling exceptionally steady from those sources and accelerating smuggling of
with a firm undertone as exchange on London is silver. Such extensive buying would also be a means
seasonally in demand. Fluctuations this week were of causing artificially high quotations for sterling exwithin very narrow limits. It should be recalled that change and would result in aggravating fluctuations
last week sterling went as high as $4.98% for cable in the pound. Europe unquestionably desires a
transfers, a new high for the year, and the highest moderation of the United States silver policy. It is
since last November. This price for sterling was due believed that London financial authorities are making
to special circumstances arising from United States representations to Washington as to the various facpurchases of silver in the London market. Cur- tors operating to disturb the exchange situation.
rently there were no extraordinary transactions affectDespite the improvement in the gold bloc currening the range and the quoted rates represent more cies in the past few weeks, the disequilibrium of
nearly a normal seasonal market, with tourist re- these currencies remains a menace to the stability of
quirements playing an important part in the demand the foreign exchanges, according to London observers,
for exchange on London. In terms of French francs, and the recent decision of central banks to support
sterling shows little change from last week, doubtless the gold currencies is construed mainly as a move to
due to steadying operations of the British Exchange check speculation in guilders. Evidently these
Equalization control on the other side. For the last doubts regarding the future of the gold bloc currenten weeks the gold value of sterling has not varied by cies are widely shared by possessors of funds in many
so much as 1% and the exchange control is expected other centers. Money continues to flow to London,
to continue its operations. Toward the autumn, how- influenced entirely by motives of security, so that
ever, the pound is expected to weaken against the there is a constant increase in the volume of available
dollar as a seasonal phase of the market, although funds in the London open market and the extremely
new French budgetary trouble may be caused if this low rates are prevented from declining further only
occurs. The range for sterling this week has been by the concerted action of the London banking au*between $4.953. and .963A for bankers' sight bills, thorities.
compared with a range of between $4.94% and
British business continues its upward course.
$4.98% last week. The range for cable transfers has Loans are expanding to a greater extent than at any
2, compared with a time in the past four years, but the volume of domesbeen between $4.95% and $4.963/
.953/i
$4.985
and
range of between
% a week ago.
tic funds available is decidedly ample for a much
London check greater expansion of loans to industry, to the municimean
the
give
tables
The following
rate on Paris from day to day, the London open mar- palities and to foreign countries. Accordingly, the
ket gold price and the price paid for gold by the United so-called "nuisance money" in London, seeking
States:
safety alone, is not permitted to have any influence
MEAN LONDON CHECK RATE ON PARIS
on money rates or loan policies. British bankers
74.812
74.937 I Wednesday, July 17
Saturday, July 13
74.692
74.856 I Thursday, July 18
Monday, July 15
have not forgotten the crisis brought on by the sudden
July 19
74.637
74.78 I Friday,
Tuesday, July 16
withdrawal of foreign funds in 1931, but are prepared
LONDON OPEN MARKET GOLD PRICE
30.
17..141s.
July
Wednesday,
have such funds withdrawn at any time. It is felt
_140s.
__
11d.
I
13_
to
July
Saturday,
Monday, July 15__140s. 950. I Thursday, July 18_ _140s. 1130.
they cannot be withdrawn in bulk until such time
that
July 19-141s. 13
Tuesday, July 16_ __ _140s. 11)id. I Friday,
T
S
Volume 141
Financial
as currencies are again stabilized and this eventuality,
according to London opinion, is not likely to occur
for a long time. Even so, London is treating these
foreign funds on the assumption that they are subject to sudden withdrawal. In Lombard Street twomonths' bills are 9-16% to 4%,three-months' bills
4
5 %, four-months' bills 4% to 11-16%, and sixmonths' bills 13-16% to %%.
All the gold available in the London open market
this week was taken for unknown destinations. On
Saturday last there was available and so taken
.£128,000; on Monday, £304,000; on Tuesday,
£511,000; on Wednesday, £732,000; on Thursday,
£222,000, and on Friday, £483,000.
The gold movement at the Port of New York for
the week ended July 17, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK,JULY 11-JULY 17,INCLUSIVE
Imports
$150,000 from Ecuador
12,000 from Costa Rica
Exports
None
$162,000 total
Net Change in Gold Earmarked for Foreign Account
None
Note—We have been informed that approximately $240,000 in gold was
received from China at San Francisco.
The above figures are for the week ended on
Wednesday. On Thursday $2,793,300 of gold was
received from Canada. There were no exports of
the metal or change in gold held earmarked for foreign account. It was reported that $214,000 of gold
was received at San Francisco from China. On
Friday $6,300 of gold was received from Quatemala.
There were no exports of the metal, but gold held
earmarked for foreign account increased $6,300.
Canadian funds during the week were quoted in
terms of the dollar at a discount ranging between
7-32% and Wyo.
Referring to day-to-day rates, sterling exchange
on Saturday last was firm. Bankers' sight was
$4.953/2@ .96; cable transfers, $4.953/
8@$4.96%.
On Monday exchange ruled fractionally higher. The
range was $4.95%@$4.96% for bankers' sight and
.96@$4.963/
2 for cable transfers. On Tuesday the
pound was steady. Bankers' sight was .95Y
1®
$4.963.1; cable transfers, $4.95%@$4.963
%. On
Wednesday sterling continued steady and in demand. The range was $4.96@$4.963
/
8 for bankers'
sight and $4.963/
8@$4.963/ for cable transfers. On
Thursday London was firm against all centers. The
range was $4.959®$4.95% for bankers' sight and
$4.95M@$4.95% for cable transfers. On Friday
sterling continued steady. The range was $4.9514.@,
3 for bankers' sight and $4.95%@$4.96M for
$4.95%
cable transfers. Closing quotations on Friday were
$4.959 for demand and $4.96 for cable transfers.
Commercial sight bills finished at $4.9532, sixty-day
bills at $4.944
1 ninety-day bills at $4.93%, documents for payment (60 days) at $4.943', seven-day
grain bills at $4.95%. Cotton and grain for payment closed at $4.9532.
Continental and Other Foreign Exchange
HE French franc situation has so far improved
that the Bank of France reduced its rediscount
rate on Thursday from 4% to 332%. Advances on
bonds were cut from 6% to 5% and 30-day bills
were lowered from 4% to 332%. The reduction reflected the improvement in the French political outlook as a result of the enactment on July 16 of drastic
economy decrees by the Laval Government and the
T
Chronicle
327
return of gold to the Bank of France. The Bank of
France rediscount rate had been at 23/2% from May
31 1934. Following the devaluation of the Belgian
currency on March 31 last, there were widespread
fears that the French franc would also be devalued,
with the result that funds moved in large volume
from Paris to other centers, threatening the gold
stock of the Bank of France to such an extent that
affairs approached a crisis in May. To avert the
impending crisis, the Bank of France• advanced its
rediscount rate by successive increased to 6%, the
highest in many years. From March 29 to June 7
the Bank of France was obliged to part with $790,000,000 in gold, the largest part going to London,
with heavy shipments also to the United States and
Belgium.
The economy decrees of July 16 are more drastic
than ever before attempted in an effort to balance
the budget. It is estimated that the 23 decrees will
result in bringing to the public treasury about 11,000,000,000 francs to cover the budgetary deficit.
An extraordinary feature of the decrees is a series
intended to offset tax increases and pension and
salary cuts by commanding reductions in rents on
homes and apartments paying less than 10,000
francs annually, reductions in the price of bread, and
in the rates for gas and electricity. It is too early to
know precisely the country's reaction to the deerees,
but judging by the action of the Paris Bourse and the
foreign exchange market, as well as by the general
quiet prevailing throughout France, the country is
accepting cheerfully the sacrifices entailed and there
is a more confident feeling that the franc will not be
devalued. It is also apparent that organized forces
which had been advocating devaluation for a long
time have ceased their activities.
The German gold mark continues to be artificially
held at a premium against all other currencies as a
result of sharp practice manipulation of the German
exchange control. The artificial scarcity value of the •
so-called gold mark in no wise represents the real
situation of the mark. Only last week the Berlin
Boerse committee issued a warning against exaggerated advances in the stock market. This warning,
it is now known, emanated really from Dr. Hjalmar
Schacht, President of the Reichsbank and Minister
of Economics, and was intended for the purpose of
influencing the securities markets in the interests of
the Government's future economic policy. After
six months of almost uninterrupted rise, active stocks
average almost 25% higher than on Jan. 1. Dividend
yields in many cases do not exceed 2% or 3%, and
some non-dividend stocks are selling above 100.
This condition resembles that in May, 1927, before
the "Black Friday" crash. The cause of the rise
then was the inundation of borrowed cash. The
cause now is the unwillingness of stockholders, who
distrust the stability of the mark and witness its
progressive internal depreciation in the form of rising living costs, to sell their shares at any
price.
The Reichsbank's gold stock increased during the
second quarter of July by 8,106,000 marks to 93,930,000 marks, the highest since June 15 1934, when
gold and bullion holdings stood at 94,326,000 marks.
The ratio of reserves to notes outstanding is
2.79%,
compared with 2.40% the previous week and with
2.2% a year ago. Present gold holdings are the
largest for 1935 to date. The largest gold reserve
of 1934 ws 389,190,000 marks on Jan. 6. On
Financial Chronicle
328
July 7 1934 gold and bullion stock of the Reichsbank
dropped to 70,122,000 marks, the smallest of the
present century.
Italian lire continue as for some time to rule exceptionally easy in terms of all other currencies.
The new dollar parity of the lira is 8.91. The range
this week has been between 8.22 and 8.263/2. At
present the weakness of the lira is attributed to
heavy expenditures in connection with the Italian
war preparations against Ethiopia. The financial
strain on Italy is rapidly becoming severe. Reliable
information is not obtainable as to the economic
situation of Italy.
The following table shows the relation of the leading European currencies still on gold to the United
States dollar:
Range
France (franc)
Belgium (belga)
Italy (11ra)
Switzerland (franc)
Holland (guilder)
Old Dollar
Parity
3.92
13.90
5.26
19.30
40.20
New Dollar
Parity
6.63
16.95
8.91
32.67
68.06
This Week
6.61% to 6.649'
16.90 to 16.944
8.22 to 8.2634
to 32.83
32.75
to 68.28
68.15
The London check rate on Paris closed on Friday
at 74.65 against 74.88 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.63%, against 6.61 on Friday of last
week; cable transfers at 6.63%, against 6.61% and
commercial sight bills at 6.60%, against 6.58%.
Antwerp belgas closed at 16.903/2 for bankers' sight
bills and at 16.913/2 for cable transfers, against 16.90
and 16.91. Final quotations for Berlin marks were
40.41 for bankers' sight bills and 40.42 for cable
transfers, in comparison with 40.35 and 40.36. Italian lire closed at 8.25 for bankers' sight bills and at
8.26 for cable transfers, against 8.22 and 8.23.
Austrian schillings closed at 19.01 against 18.97;
2, against 4.18;
exchange on Czechoslovakia at 4.173/
2; on Poland
on Bucharest at 1.01, against 1.003/
at 18.99, against 18.94, and on Finland at
2.193/2, against 2.193/2. Greek exchange closed at
4 for bankers' sight bills and at 0.949. for
0.941
cable transfers, against 0.943/i and 0.94%.
-4--
July 20 1935
and 25.56; while checks on Norway finished at 24.90
and cable transfers at 24.91, against 24.90 and 24.91.
1 2 for bankers' sight
Spanish pesetas closed at 13.74/
bills and at 13.753/2 for cable transfers, against
13.703/2 and 13.713/2.
XCHANGE on the South American countries
presents no new features of importance. Argentine pesos are firm and more active. Brazilian milreis are only nominally quoted and the exchange is
again under strict Government control. In trading
in foreign bonds in London on Tuesday and Wednesday, Brazilian issues were off sharply on fears of
default on the debt service agreement owing to difficulties in the foreign exchange position.
Argentine paper pesos closed on Friday, official
quotations, at 33 for bankers' sight bills, against
33 on Friday of last week; cable transfers at 333',
against 333. The unofficial or free market close
was 26.60@26% against 26.60@26%. Brazilian
milreis, official rate, are 8.20 for bankers' sight bills
and 8% for cable transfers, against 8.20 and 83j.
The unofficial or free market close was 5%, against
5%. Chilean exchange was nominally quoted on the
new basis at 5.20, against 5.20. Peru is nominal at
23.71, against 23.71.
E
XCHANGE on the Far Eastern countries follows
the trends long manifest. The Indian rupee
fluctuates with the pound, to which it is legally
attached at the rate of is. 6d. per rupee. The Chinese situation continues complicated on account of
the artificially high prices of silver, the great depletion of the Shanghai silver stocks and the constant
smuggling of silver from the country. The Japanese
yen is controlled by the Bank of Japan so as to move
in close sympathy with sterling exchange. Toldo
dispatches state that Japan finds its foreign trade
largely deadlocked. While exports continue to expand despite severe restrictions imposed in many
countries, the improvement is counterbalanced by
larger imports, and the adverse balance of trade
continues. Unless there is considerable improvement in silk exports before long, it is thought that
the Japanese will be faced with a severe problem in
finding foreign exchange.
Closing quotations for yen checks yesterday were
29.20 against 29.18 on Friday of last week. Hong
Kong closed at 53 5-16@53 11-16, against 53%@
3
54 13-16; Shanghai at 393@39 5-16, against 39%;
49.80,
against
57.80,
,
4
497
at
at
Singapore
Manila
against 57.80, Bombay at 37.46, against 37.45, and
Calcutta at 37.46, against 37.45.
E
XCHANGE on the countries neutral during the
war is generally firm. The Scandinavian currencies move in close sympathy with sterling exchange, with which they are in economic alliance.
The Holland guilder has so far improved that the
Bank of The Netherlands made a further reduction in
its rediscount rate from 332% to 3%, effective July
17. The Dutch bank rate had been reduced from
5% to 4% on June 27 and on July 6 from 4% to
33/2%. During the past week the gold stocks of
the Netherlands Bank increased 4,100,000 guilders
Gold Bullion in European Banks
to 685,700,000 guilders. The gold cover is 76.9%.
the
guilder,
the
in
e
HE following table indicates the amount of gold
Owing to a return of confidenc
bullion (converted into pounds sterling at par
bank rate was lowered in the interests of trade and
Holland
the
7
June
Since
.
of exchange) in the principal European banks as of
Government financing
ately
approxim
of
gain
aggregate
July 18 1935, together with comparisons as of the
bank has shown an
the
during
loss
Its
holdings.
gold
in
corresponding dates in the previous four years:
$47,000,000
apto
d
amounte
7
June
to
14
Jan.
from
movement
1933
1934
1932
1931
1935
Ranks of-proximately $152,000,000.
£
£
£
£
£
- 193,239,334 192,178,567 190,980,652 137,422,347 150,044,584
Bankers' sight on Amsterdam finished on Friday England...
France a___ 570,810,875 637,906,834 652,378,739 652,262,501 453,172,654
9,928,350
2,712,750
68,304,600
33,347,950
3,591,050
Germany b_
90,383,000
90,537,000
at 68.21 against 68.17 on Friday of last week; cable Spain
90,933,000
90,233,000
90,777,000
72,645,000
71,678,000
57,678,000
61,221,000
63,047,000
al
Italy
commerci
and
68.18,
41,451,000
62,062,000
70,572,000
transfers at 68.22, against
84,105,000
56,737.000
Netherlands
76,573,000
75,538,000
41,113,000
73,314,000
101,530,000
Nat. Belg
francs
Swiss
68.15.
against
61,459,000
61,189,000
29,496,000
89,155,000
sight bills at 68.19,
45,248,000
Switzerland.
11,997,000
13,261,000
15,278,000
11,445,000
19,760,000
Sweden__
7,397,000
7,397,000
9,546,000
7,440,000
7,394,000
closed at 32.78 for checks and at 32.79 for cable Denmark..
6,569,000
8,130,000
6,577,000
8,324,000
6,602,000
-.
_
transfers, against 32.73 and 32.74. Copenhagen Norway 1,351,975,593 1,231,564,151 1,242,372,741 1,255,269,798 963,189,838
Total week.
1,251,941,662 980,699,357
checks finished at 22.13 and cable transfers at 22.14 Prey. week_ 1,150,731,941 1,230,580,847 1,238,321,497
closed
Sweden
on
a These are the gold holdings of the Bank of France as reported in the new form
Checks
22.14.
and
22.13
Bank of Germany are exclusive of gold held
against
of statement. b Gold holdings of the
Is
25.55
against
abroad, the amount of which the present year £1,105,450.
25.57,
at
transfers
cable
and
at 25.56
E
T
Financial Chronicle
Volume 141
Foreign Exchange Rates
pURSUANT
to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
JULY 13 1935 TO JULY 19 1935 INCLUSIVE
Country and Monetary
Unit
Noon Buying Rafe for Cable Transfers in New York
Value in Untied States Monet
July 13
July 15
July 16
July 17
July 18
July 19
Europe.
Austria. schilling___ .189100. A80233
.189450* .189333* .189466* .189450
Belgium, belga
.169200 .169191 .169076 .168930 .169070 .169046
Bulgaria, ley
.013000* .013075* .013200* .013125* .013125* .013075*
Czechoslovakia, krone .041821 .041828 .041830 .041793 .041831
.041753
Denmark. krone.. _
.221327 .221450 .221391 .221450 .221258
England. pound sterl'g 4.958750 4.961583 .959166 4.961416 4.956166 .221100
4.954250
Finland. markka
021865 .021862 .021885 .021865 .021870 .021845
France.franc
066192 .066247 .066343 .066284 .066376
Germany relchemark .403535 .403712 .403857 .403834 .404414 .066369
.404157
Greece, drachma
.009447 .009455 .009470 .009470 .009470
Holland. guilder- .681914 .682064 .682285 .681792 .682314 .009470
.682242
Hungary, Pengo.296625* .296625* .296875* .296875* .296875* .297000*
Italy, lira
.082213 .082250 .082375 .082413 .082573 .082628
Norway, krone
.249090 .249270 .249181 .249233 .249029 .248879
Poland. zloty
.189360 .189540 .189900 .189660 .189960
Portugal. escudo-- - .045054 .045130 .045108 .045110 .045110 .189940
.045090
Rumania.leu
.009990 .010040 .010020 .010020 .010030 .010030
Spain. peseta
.137130 .137223 .137435 .137338 .137525 .137523
Sweden. krona
.255609 .255750
.255713 .255558 .255416
Switzerland. franc-- .327550 .327821 .255683
.327960 .327742 .328100 .327938
Yugoslavia, dinar.
.022940 .022987 .022980 .022987 .023037 .023025
AsiaChinaCbefoo (yuan) don. .390416 .385833 .386250 .386666 .386666
.388750
Han ko w(y uan) dal .390833 .386250 .386666 .387083
.389166
Shanghai(yuan)dol .390000 .385625 .385833 .386250 .387083
.386250
.387916
Tientsin(yuan) don .390833 .386250 .386666 .387083
Hongkong. dollar_ .530312 .521562 .524375 .523750 .387083 .389166
.526250 .529687
India. rupee
.373305 .373365 .373490 .373300 .373305 .373195'
Japan, yen
.291500 .291460 .291580 .291560 .291360 .291340
Singapore (S. S.) der .575000 .575625 .576250
.575625 .575000 .574375
AustralasiaAustralia. pound
- 3.933125'3.936250* 3.935625* 3.936250* 3.933125*3.932500•
New Zealand. pound 3.956875*3.959375* 3.959375'3.960000* 3.956875'3.955500*
AfricaSouth Africa. pound_ 4.906950'4.909000* 4.907750•4.907000.4.904250'4.902500*
North AmericaCanada. dollar__ _
.998181 .998323 .998385 .998229 .997864. .998210
Cubs. peso
999200 .999150
.999200 .999200 .999200
Mexico. peso (silver) .277800 .277800 .999200
.277800 .277800 .277800 .277800
Newfoundland. dolla .995687 .995703 .995750 .995625 .995312
.995750
South AmericaArgentina. peso
330500 .330575* .330450* .330500* .330325* .330250*
Brazil, mlirei
083133* .083133* .083133* .083183* .083183* .083183*
Chile. peso
051000 .051000* .051000* .051000* .051000* .051000*
Uruguay, peso
803925* .804850* .806225* .805150* .806375• .807000*
Colombia. Peso _ _
.530500• .530500* .529000* .525600* .524600* .515500*
* Nominal rates; firm rates not available.
More Questions for the Supreme Court
The past week has brought no less than five
decisions by Federal courts, all but one of them
highly unfavorable to important parts of the New
Deal legislation. On Monday the Circuit Court
of Appeals at Cincinnati, in a two-to-one decision,
denied the constitutional right of the Federal
Government to condemn land for its low-cost housing projects. On Tuesday the Court of Appeals at
Boston, with one of the three judges dissenting but
submitting no separate opinion, set aside as unconstitutional the processing and floor taxes of the Agricultural Adjustment Act. In each of these cases
the decision was rendered on broad and clear constitutional grounds, with no narrow or technical construction of the constitutional provisions involved
from which the Government could derive consolation. In Texas, District Judge Kennerly ruled
against the constitutionality of the licensing provisions of the Agricultural Adjustment Act, and
Judge Bryant held unconstitutional the Bankhead
Cotton Control Act. On Wednesday, on the other
hand, the Court of Appeals at New Orleans unanimously reversed the much-discussed ruling of District Judge W. I. Grubb, and upheld the constitutional right of the Tennessee Valley Authority to
sell surplus power generated by its hydro-electric
plants at Wilson Dam, on the Tennessee River,
and in so doing to compete with private utility
companies.
The Cincinnati decision had to do with a condemnation suit begun in November 1934 in behalf of the
329
Federal Emergency Administration of Public
Works, affecting 53 parcels of so-called slum property in Louisville, Ky., which it was proposed to
clear for the erection of a $1,618,000 housing project.
The proceeding was halted, on Jan. 4 last, by a decision of Federal District Judge Dawson to the effect
that slum clearance was not a "public use" for which
the Federal Government was empowered to take
private property under the right of eminent
domain.
•
In upholding the decision of the District Court,
the Circuit Court of Appeals declared broadly that
"the taking of one citizen's property for the purpose
of improving it and selling it or leasing it to another,
or for the purpose of reducing unemployment, is
not, in our opinion, within the scope of the powers
delegated to the Government." Referring to the powers which the statute professed to confer upon the
President, the Court found it conspicuously lacking
in specifications and limitations. There is nothing
in the Act, the Court declared, "to serve as a guide
to the President in exercising the power conferred
upon him, no requirements that his actions be conditioned upon findings of fact made by himself or the
administrator, no standard supplied with reference
to low-cost houses and slum-clearance projects.
Nothing is said as to what shall be deemed a slum
or low-cost house or housing project, there is no designation of city or county or State in which such
project shall be established, nor any standard fixed
by which the administrator is to determine where
they are to be established. Neither is there any limitation or • requirement imposed upon the administrator with reference to the spending of the money
appropriated for these purposes." The Government
contention that the property sought to be condemned
"is to be devoted to a public use because, first, the
construction of the project will relieve unemployment during the period of construction, and, second,
the leasing or selling of the new building at reasonable prices will give to persons of low income an opportunity to improve their living conditions," did
not commend itself in the least to the Court.
Presumably the decision will be appealed to the
Supreme Court, but in the meantime it will compel
the Federal Housing Administration to limit its activities either to properties which it can buy at reasonable prices, or to those which can be condemned
by the States under their own Constitutions. By implication, moreover, the decision seems to cast serious doubt upon the constitutionality of the whole
Federal housing program, since the essence of the
program is the use of public money for what is, in the
end,, a private purpose.
The Boston case came to the Circuit Court on
appeal from a decree of the Massachusetts District
Court in a receivership action involving the Home
Mills Corp. of that State. On a claim of the United
States for processing and floor taxes, with interest,
levied under Sections 9 and 16 of the Agricultural
Adjustment Act, the receivers recommended that
the claim be disallowed, alleging (1) that the taxes,
being imposed to regulate and restrict the production of cotton, were an unconstitutional interference
with matters entirely within the control of the State,
(2) that the powers given to the Secretary of Agriculture by the Act were an unwarranted delegation
of the legislative power of Congress, and (3) that if
the taxes were direct taxes they were not apportioned
as the Constitution requires, while if they were ex-
330
Financial Chronicle
cise taxes they were not uniform throughout the
United States. The District Court, however, held
that the taxes were valid, one reason, apparently,
being that the Supreme Court had not at the time
held any of the New Deal acts unconstitutional on
the ground of unlawful delegation of legislative
power.
In a long decision which shows throughout the
influence of the Schechter case, the decree of the
District Court was reversed. The decision is at every
point,a resounding rebuke to the framers of the Agricultural Adjustment Act. It was "clearly apparent," the Court declared, "that the main purpose of
Congress ... was not to raise revenue but to control
and regulate the production of what is termed the
basis products of agriculture, in order to establish
and maintain a balance between the production and
consumption of such commodities, which Congress
realized could not in any event be accomplished by
compulsory regulation of the production of agricultural products, and it sought to avoid the objection
that it was interfering with matters solely within
the control of the States themselves by making the
restriction of production voluntary, by basing the
Act on the power of Congress to regulate inter-State
commerce, on its power to tax to provide for the
general welfare . . ., and by declaring that in the
acute economic emergency that exists transactions
in agricultural commodities have become affected
with a public interest."
The Court made short work of these pretensions.
Referring to the Schechter case, the Court declared
that in the case before it "Congress at the Outset has
attempted to invade a field over which it has no
control. ... The power to determine what the law
shall be, what property shall be affected by taxation
or regulation, and what standards shall govern the
administrative officers in administering acts of Congress has never been held to be an administrative
function. ... If Congress undertakes to lay down
a guide for an administrative officer to follow in
carrying out its mandates, it must be by an intelligible and reasonably definite standard. The balance between production and consumption of certain commodities, or the equalizing of the purchasing power thereof 'between certain widely separated
periods, alone forms no such standard.... We find
no definite, intelligible standard set up in the Act
for determining when the Secretary shall pay rental
or benefit payments ... except his own judgment
as to what will effectuate the purpose of the Act.
... Action by the Secretary is not mandatory, and
the Act establishes no criterion to govern his course
of action. It requires no finding by him as a condition of his action, nor is any provision for judicial
review provided in the Act in case of a finding that
such standard in fact exists."
The contention that Congress had not delegated
legislative powers to the Secretary of Agriculture
because the agreements regarding acreage and production of basic commodities are voluntary was dismissed by the Court as unwarranted. 'While the
amount of the reduction of acreage or production of
any basic commodity under this Act is done by
agreements and not by a code, the purpose and result is the same, namely, the control and regulation
of a great intra-State industry, and the Secretary
with the approval of the President is authorized to
make regulations for carrying out powers vested in
July 20 1935
him and imposing a penalty for their violation. If
Congress can take over the control of any intraState business by a declaration of an economic emergency and a public interest in its regulation, it would
be difficult to define the limits of the powers of Congress or to foretell the future limitations of local
self-government." Whether the processing and floor
taxes should be classed as direct taxes or excise
taxes the Court found it unnecessary to decide, since
the taxes were in any case unconstitutional.
Judge Bryant, in dealing with the Bankhead Act,
found the law "clearly and plainly unconstitutional," and "only a very thinly disguised attempt to
regulate the production of cotton under the pretext
of the exercise of the taxing power of the National
Government." If such power "exists at all," he
added, it is "expressly reserved to the States."
The decision in the Tennessee Valley Authority
ease, on the other hand, was a broad affirmation of
the constitutional right of the United States to sell
its own property, in this case electricity produced
by water power, in competition with either public
or private owners of similar property, notwithstanding that it "cannot engage at will in private business." The Court found the Act "unobjectionable
from a constitutional standpoint" in so far as it authorized the operation of the Wilson Dam and the
sale of surplus power to municipalities or utility
companies, and "this being so, its motives are immaterial." No objection, further, was found to the
section of the Act which empowered the President
to recommend to Congress a policy for the future
development of the Tennessee Valley, since "in any
event the President may make such recommendations to Congress as he thinks proper."
It is to be hoped that both of these last two decisions may be promptly appealed to the Supreme
Court,for until the highest tribunal has passed upon
the issues the Circuit Court rulings cannot be said
to have definitely cleared the air. The immediate effect of the decisions at Washington', meantime, promises to be disturbing. The New Orleans decision will doubtless enforce the demand
of President Roosevelt for the adoption of amendments to the Tennessee Valley Authority Act enlarging and strengthening the powers of that Federal agency, and at the same time fasten more firmly
the hold of Government competition with private
industry wherever the Government can show a property interest. The situation regarding the revised
Agricultural Adjustment Act is at the moment chaotic, •but all signs point to a determination on the
part of Congress, Packed by the insistence of the
Administration, to continue the processing taxes
with some readjustments, regardless of their constitutionality, and in other respects to forestall, if
possible, an adverse decision of the Supreme Court
in line with the Boston ruling. . The only hopeful
prospect is the possibility of eliminating from the
bill the obnoxious price-fixing provisions which
would make the Secretary of Agriculture virtually
an industrial and business dictator. The rulings of
the lower Federal courts, in short, are apparently
to be ignored until the Supreme Court has passed
upon them, and if the Supreme Court's decision sustains them, then the supreme Court itself is to be
attacked by encouraging popular discontent, especially in the farming sections, in favor of a constitutional amendment.
Financial Chronicle
331
Pleading the Cause of Liberalism
Mr. Douglas insists, rob the individual of the oppor-
Volume 141
"It seems to me," writes Lewis W. Douglas in the
introduction to his recent book "The Liberal Tradition," * "that we Americans . . . should decide
whether we are willing consciously to discard the
basic principles of freedom on which this country
was built, and in which we have heretofore expressed
our faith, or whether we will attempt with equal
consciousness and integrity to stand fast; whether
the case against those principles is stronger than is
the case for them, whether mankind will be happier
by throwing these principles overboard or by insisting on the performance of those acts which again
must make them vital living things." The note of
challenge which these words sound runs throughout
the book: a challenge to the efficacy for the present
time of principles and policies which have served
us in the past and to which we have professed devotion, and a challenge to the contrary ideas and policies which, insidiously or openly, threaten to overthrow them.
As befits an inquirer who will not be content with
anything less than an all-round view, Mr. Douglas
begins by reviewing "the sins of the past" as a preliminary to indicating the mistakes that should now
be avoided. An examination of the period from about
1920 to about 1930 in this country shows, he thinks,
"four dominant characteristics and fallacies." The
first is '"exorbitantly high tariffs" which, among
other things, tended to produce artificial levels of
prices and incomes in manufacturing industries and
obscure the currency difficulties incident to our position as the leading creditor nation. The second
was governmental indifference to the anti-trust
laws, resulting in an increased discrepancy between
industry and agriculture. The third was "an illadvised managed currency," with its excessive volume of credit and an artificial support for the part
of the price structure already favored by high tariffs and price-fixing, while the fourth is found in the
excessive increase of debt which made the cost of
capital "a rigid, unalterable cost of production"
which in turn "increased the cost of production for
the. industrialist, the miner, the merchant and the
farmer."
It was this system of "degenerate capitalism," not
the capitalism of the liberal tradition, that failed.
An economy of cheap money and Government subsidies collapsed. Instead of facilitating the adjustment of cost to falling prices and paving the way for
a return of profits and employment, the Federal
Government busied itself with bolstering the unsound system which it had helped to create. Its
efforts failed and the inevitable crash followed.
Turning to the demand for a "planned economy"
or a "new economic order," with its program of
complete Government regulation developing progressively or immediately into State ownership, Mr.
Douglas levels his guns at the arguments commonly
advanced in its support. Neither Socialism nor Communism, he points out, disposes of the need for capital, for the higher the degree of mechanization "the
greater is the demand for capital to replace the obsolete and depreciated equipment." It is not true that
the machine "denies employment"; on the contrary,
every new or improved product "creates a multitude
of new desires to be satisfied." Nor does the machine,
• The Liberal Tradition. A Free People and a Free Economy. By Lewis
W.
Douglas. Godkin Lectures at Harvard University, May 1935. New
York:
D. Van Nostrand Co., Inc. $1.50.
tunity of attaining economic independence "provided
he is willing to accept the opportunities when they
arise,... has the courage to search them out," and
"is willing to cherish the old virtue of saving." There
is no virtue in the State except such as is possessed
by its individual members.
The only alternative to the abandonment of democracy that Mr. Douglas sees is acceptance of dictatorship, whether of Socialism or Fascism makes no difference. In addition to the loss of incentive and personal freedom which collectivism in any form would
certainly entail, Mr. Douglas points to the American
railroads as an example of what complete Government regulation of valuation, rates and wages can
do to bring a great industry to virtual bankruptcy,
the present program of cotton regulation as entailing a loss of the export market to the farmer and of
both foreign and domestic markets to the textile
manufacturer, and the planned money policy as producing money chaos. We have been pursuing collectivism, with one plan after another, under the guise
of a New Deal, all tending to make inevitable, unless
checked, "a completely powerful and tyrannical
State" under which liberty and equality would be
destroyed.
Mr. Douglas devotes a chapter to the special subject of dictatorship and fiscal policy. He marshals
statistics impressively to show not only the mounting
Treasury deficit and its composition, but the sharp
contrast between diminishing expenditures which
"do not necessarily create vested interests," such as
those of the Reconstruction Finance Corporation,
and increasing expenditures which create both vested
interests and "a continuation of spending." Citing
the immense outlay for public works, with its failure
greatly to relieve unemployment, and the tax burdens which it is piling up for individuals, corporations, States and municipalities, he asks "how can
it be argued with any justice, with any validity,
that if excessive debt contributed to the causes of
the depression, the depression can be cured by increasing the thing which contributed to its cause?"
Moreover, while inflation appears to him inevitable,
he sees no reason to expect that the budget will be
balanced, partly because revenues will continue to be
less than expenditures, and partly because a deliberate policy of excessive spending will at best produce
only a hollow recovery. From whatever angle the
situation is viewed, he sees no escape from at least
a temporary dictatorship if the present fiscal policy
continues.
What is the remedy for the situation in which the
United States now finds itself? Mr. Douglas sees it
in a return to the American tradition of "a free people and a free economy," with such modifications as
will ensure its more successful operation. The postulates of the "smoother working" which he desires
are seven in number. The first is "free competition
and flexibility of prices." Price-fixing, if joined to
monopoly, "prevents the free movement of capital
and labor," retards employment and eventually
makes unemployment general, and "weighs heavily
on the consumer," while without monopoly it leads
to booms and excessive debt and "is followed by painful deflation and unemployment." Where tariffs and
price-fixing combine, the tendency to concentrate
means of production in fewer hands is enhanced,
while price-fixing alone upsets the balance between
industry and agriculture.
332
Financial Chronicle
The second postulate is "mobility of labor and
goods" and the third "flexibility of costs." Under
this latter head Mr. Douglas suggests that a greater
use of common stock, instead of bonds with their
fixed rates of interest, as a means of obtaining capital "would diminish in large measure rigid capital
costs." A fourth requisite is a lowering of tariff
duties, to be undertaken, however,"temperately and
with great wisdom so as to produce the least and the
shortest shock to our economy and so as to provide
the element of time necessary to readjustment." To
these are to be added a greater use of such compacts
between the States as the Constitution permits, especially in labor and social matters; reform of the
banking system to eliminate political influence and
greatly reduce, if not do away with altogether, the
use of bank credit for capital purposes, and, finally,
a balanced budget.
Mr. Douglas has no illusions about the ease with
which the security which a liberal economy should
give can be attained. The conditions are not legislation, which is useless, but free competition, "intense patriotism," work and saving, character and
"integrity of purpose" instead of wishing, "a renewed conviction in America" in place of "imitating
Russia." He remarks in his preface that he may
conceivably have set up an unattainable objective,
and that "it may well be that the forces are too
strong, too irresistible, to permit of a change of direction" toward the "real liberalism" which he desires, but he nevertheless affirms his belief that "the
struggle against them is worth undertaking."
Some of Mr. Douglas's readers will doubtless question whether the "liberal tradition" for whose recovery he pleads has been in fact a dominant characteristic of recent American life, and whether, with the
increased complexities of an industrial society and
the necessary enlargement of the legitimate field of
government, the competitive freedom which he looks
upon as necessary can in practice be enjoyed. There
are other untoward developments of modern capitalism, also, than those of which he takes account, and
a disturbing labor factor which he almost. wholly
neglects. It is no disparagement of his thoughtful
and able book, however, to say that its arguments
appear to have been dominated much less by a desire
to present a complete view of the present situation
in the United States than by a keen realization of
the imminence of dictatorship. One must indeed be
blind to the trend of events at Washington during
the past two years and more not to perceive how
considerable the advance toward a form of Executive
dictatorship has been, and how systematically the
steps in that direction have been taken. As Director
for a time of the Federal Bureau of the Budget, Mr.
Douglas writes out of an intimate knowledge of what
was planned as well as done during the early part
of the present Administration, and he is solidly in
the right in maintaining that without a return to
such principles of national conduct as he outlines
the emergence of an authoritarian State cannot permanently be staved off. His book is more than a
challenge to the collectivist policies and mistaken
theories of reform which have been imposed upon
the country; it is a call to action in the hope that
liberty may be saved. The call is not less timely because, in the interval since Mr. Douglas's lectures
were written, the Supreme Court has intervened to
avert some of the dangers with which the Constitution is threatened.
July 20 1935
BOOK REVIEWS
William Chapman Ralston, Courageous Builder
By Cecil G. Tilton. 474 Pages. Illustrated. Boston:
Christopher Publishing Co.
William C. Ralston, born in Ohio in 1826, was one of the
financial magnates who contributed largely to the upbuilding
of San Francisco and the development of the Far West.
In his early life he was for a time a clerk on river steamboats
on the Ohio and Mississippi. Later, at Panama, he was
associated with Commodore Garrison and Charles Morgan,
and for a few years took part in the mixed steamboating and
filibustering operations characteristic of the place and the
time. Removing to San Francisco, he engaged in banking,
eventually founding the Bank of California, in its day the
leading financial institution in the West. With banking, he
combined important interests in shipping, railroading and
industrial enterprises, to which he added the building of the
famous Palace Hotel. His greatest single achievement was
the opening of the Comstock Lode. His business associates
included the founders of such great fortunes and far-flung
business connections as Commodore Vanderbilt, Darius
Ogden Mills, Clarence Mackay, James Flood, Leland
Stanford and James Fair. His death by drowning, on
Aug. 27 1875, created a profound sensation because of the
serious condition of the Bank of California at the moment in
consequence of a collapse in the market prices of mining
shares. Professor Tilton has been industrious in collecting
his material, and has brought together a great mass of information, most of it not hitherto used for historical or biographical purposes, bearing upon the financial and business
activities of the period. The illustrations include a number
of portraits, and pictures of Ralston's mansion at Belmont
and the interior of the Palace Hotel, the latter wrecked in
the great earthquake and fire of 1906.
Public Utility Holding Corporations
By Kenneth Field. 74 Pages. Boulder, Col.: The University
of Colorado
Professor Field's pamphlet, reprinted from the University
of Colorado Studies, Vol. XIX, No. 3, May 1932, is in substance an adaptation and consolidation of material contained
in a series of articles on the financial policies of holding
corporations published from time to time between 1929 and
1931, and presumably already familiar to special students
of the subject. The reprint now is timely because of general
interest in the policies of the Roosevelt Administration
regarding holding companies and public utilities generally,
and its analyses and conclusions, in general at least, are still
valid.
The author discusses the special terminology applicable
to the various kinds of holding companies, the methods and
extent of stock control, the long-term uses of the holding
company device in such matters as the segregation of regulated businesses, liberal capitalization, evasion of discriminatory foreign corporation laws, limitation of liability,
access to foreign money markets, evasion of alter-acquired
clauses, debenture covenants and financing and franchise
obstacles to consolidation, the facilitation of profitable service fees and the betterment of public relations; temporary
holding company relationships, the management of holding
company systems, the corporate and inter-corporate structure
of group service organizations, the financial policy of public
utility systems, and the factors which induce the formation
of systems. He sees "a decided tendency in the public
utility industries for consolidations by stock control of corporations to evolve into consolidations by direct ownership of
property," apparently because of "the economies which are
made possible by uniting many enterprises to form large
operating companies." The conclusion needs checking to
determine to what extent the obstacles existing at the time
of writing have since been modified or removed.
The Course of the Bond Market
The stroneposition of the bond market has been well
maintained this week and even improved by better prices
in its one weak spot, the lower-grade rails. After a lull in
the offering of new issues, several have appeared recently,
largely for refunding. The U. S. Treasury announced the
sucess of its 3rd $100,000,000 offering to the highest bidders.
This issue, with a 27A% coupon, due in 25 years, went at
approximately the market price of similar bonds already
outstanding.
Financial Chronicle
Volume 141
The railroad bond market has moved in a very narrow
range and with the exception of the second grades the
differences have been only small fractions. In the highgrade section Chicago Union Station 43%s, 1963, closed up
%, at 109 and Umon Pacific 1st 4s, 1947, at 113j were
down 3. Medium-grade bonds have also been very steady.
N. Y. Central 6s, 1944, closed up %,at 1083%, Pennsylvania
43%s 1970, were unchanged at 963% and Canadian Pacific
per. 4s closed at 883.(, up % for the week. Seond grades
have been quite buoyant and showed fair increases. Baltimore & Ohio 43%s, 1960, closed at 513
4, up 23/s, Erie 5s,
1967, advanced 2 to 623% and Nickel Plate 43%s, 1978,
closed at 55, up 1% points for the week.
The most important feature of the utility bond market
has been flotation of $163,000,000 of high-grade issues,
consisting of $40,000,000 Cleveland Electric Illuminating
33
4s 1965, $70,000,000 Duquesne Light 33%s, 1965, and
$53,000,000 Edison Electric Illuminating of Boston 33%s,
1965. Listed bonds have been noticeable for their firmness,
issues of investment grade varying but little in price. Lower
grades have been generally stronger but the group affected
by Tennessee Valley operations sold lower, due to an adverse
MOODY'S BOND PR10E8t
(Band on Average Y(elds)
U. S.
120
1935
God. DomeDaily
Bonds
tie
Average.,
**
Corp.*
120 Domestic Corporate*
Si, Ratiags
333
court decision. Alabama Power 5s, 1956, closed at 98,
down 2 for the week; Birmingham Electric 43%s, 1968,
declined 1 Yi to 89; Tennessee Electric Power 6s, 1947, at
par were off 2%.
Firmness and improvement has been the order for mediumgrade heavy industry industrials with such an issue as Otis
Steel 6s, 1941, making a new high for the year at 98%.
8
General Steel Castings 53%s, 1949, advanced. 2 points to
825
%, and General Cable 53%s 1947, rose 4 points to 92.
The better trend in residential building has been reflected
in the advance of 23% points in Certainteed Products 53%s,
1948, to 80%. Recent new offerings such as National Steel
4s, 1965, have shown strength, that issue selling at 1033%,
the high for the year. The new American Rolling Mill
cony.4s, 1945, reflected the advance in steel common
shares by selling at 1065
%, a new high.
As in previous weeks the group of Italian issues has again
been the most active, in an otherwise rather unchanged
foreign bond market. Argentine and Japanese bonds both
have been somewhat lower, with German corporate bonds
gaining fractionally. Moody's computed bond prices and
bond yield averages are given in the following tables.
MOODY'S BOND YIELD AVERAGESt
(Based on Individual Closing Primo)
120 Domestic
Corporate* by Groups
All
1935
120
Dotty
DomesAverages
tie
120 Domestic Corporate
by uaantis
120 Domestic
Corporate by Groups
tt
30
ForP. U. /lulus. signs.
Arm
RR.
An
Baa
P. U. Indus.
A
Acta
RR.
Aa
Batt
A
July 19-- 109.19 103.48 119.27 110.61 103.15 85.35 96.39 105.89 108.39
July 19- 4.54
3.70
4.98
4.26
4.14
5.77
4.40
5.97
4.56
18__ 109.18 103.65 119.48 110.61 103.32 85.74 96.85 106.07 108.57
18-- 4.53
3.69
4.55
4.95
4.14
5.74
4.39
5.93
4.25
17_ 109.10 103.48 119.48 110.61 103.32 85.48 96.70 106.07 108.39
17-- 4.54
3.69
4.55
4.96
4.26
4.14
5.76
4.39
5.96
16_ 109.07 103.48 119.48 110.61 103.48 85.23 96.54 105.89 108.57
16... 4.54
4.14
5.78
3.69
4.54
4.97
4.25
4.40
5.95
15.. 109.02 103.32 119.27 110.61 103.48 84.97 96.39 105.89 108.39
15- 4.55
3.70
4.14
5.80
4.40
4.54
4.98
4.26
5.89
13._ 109.00 103.32 119.48 110.42 103.48 84.72 96.08 105.89 108.39
13__ 4.55
4.40
4.26
4.15
3.69
5.90
4.54
5.00
5.82
12__ 109.00 103.15 119.48 110.42 103.48 84.47 95.78 106.07 108.39
12-- 4.56
3.69
4.54
5.02
4.26
4.15
5.84
4.39
5.91
11- 109.03 103.48 119.69 110.61 103.48 84.85 96.23 106.07 108.57
11- 4.54
4.39
3.68
4.54
4.99
4.25
4.14
5.81
5.95
10-- 109.03 103.65 119.48 110.42 103.48 85.61 96.85 106.07 108.57
10-- 4.53
4.39
3.69
4.95
4.25
4.15
5.75
5.98
4.54
9__ 109.03 103.65 119.69 110.42 103.48 85.61 97.00 106.07 108.39
9._ 4.53
5.75
4.39
3.68
4.54
4.94
4.26
4.15
5.95
8__ 109.01 103.65 119.69 110.42 103.48 85.48 96.70 106.07 108.39
8.- 4.53
4.96
4.26
5.76
4.39
3.68
5.89
4.54
4.15
6-. 108.97 103.65 119.69 110.4.2 103.48 85.87 97.31 105.89 108.39
6-- 4.53
4.92
4.26
5.73
4.40
3.68
5.84
4.54
4.15
5-. 108.95 103.65 119.69 110.42 103.65 85.61 97.31 105.89 108.39
5__ 4.53
4.92
4.28
5.75
4.40
3.68
5.85
4.53
4.15
4_ Stock Exchan go Clog ad4-- Stock Exchan ge Clos ed3.. 108.97 103.65 119.48 110.23 103.65 85.74 97.47 105.72 108.21
3_ _
4.91
4.53
4.27
5.74
4.41
3.69
5.79
4.53
4.16
2__ 108.88 103.65 119.48 110.42 103.65 85.61 97.47 105.54 108.21
2__
4.42
4.91
4.53
4.27
5.75
3.69
4.53
4.15
5.82
1_ 108.93 103.65 119.48 110.23 103.65 85.61 97.62 105.37 108.21
1__
4.53
4.90
4.27
5.75
4.43
3.69
5.79
4.53
4.16
WeeklyWeeklyJune 28-- 108.99 103.32 119.27 110.05 103.48 85.23 97.47 105.20 107.67
rune 28.. 4.55
4.30
4.44
5.81
4.91
4.17
5.78
3.70
4.54
21_ 108.80 103.32 119.27 110.05 102.81 85.87 97.94 104.68 107.67
21__ 4.55
4.88
5.73
4.47
3.70
4.58
4.30
4.17
5.80
14-- 108.81 102.84 118.86 109.68 101.97 84.72 96.70 104.33 107.31
14-- 4.59
4.49
4.96
4.32
5.82
3.72
5.81
4.63
4.19
' 7._ 108.61 101.64 118.66 109.68 101.14 82.50 94.29 103.99 107.31
4.68
5.12
4.32
4.19
6.00
4.51
7-- 4.65
3.73
5.82
May 31_ 108.22 101.64 118.45 109.49 101.47 82.38 94.14 103.65 107.49
May 31__ 4.65
4.53
4.66
5.13
4.31
4.20
6.01
3.74
5.83
24_ 108.66 101.81 118.45 109.86 101.64 82.50 94.43 103.65 107.88
24__ 4.64
4.53
3.74
4.65
5.11
4.29
4.18
6.00
5.88
17- 108.55 101.97 118.04 110.05 101.47 83.35 94.88 103.82 107.82
17._ 4.63
5.93
3.76
4.66
5.08
4.29
4.17
4.52
5.80
10_ 108.61 101.64 118.45 110.05 101.47 82.02 93.85 103.82 107.85
10-- 4.65
3.74
4.17
6.04
4.52
5.85
4.65
5.15
4.29
3_ 108.89 101.81 118.66 110.05 101.47 82.50 94.29 103.99 107.67
3-- 4.64
3.73
4.66
5.12
4.17
6.00
4.51
5.97
4.30
Apr. 26_ 108.61 101.81 118.66 110.05 100.98 82.87 95.63 02.64 107.67
Apr. 26._
4.64
4.17
5.97
3.73
4.69
5.03
4.30
4.89
5.93
19_
Stock E xchang a Closed
19._
Stock E xchang a Closed
12_ 108.25 100.81 119.07 109.68 99.68 80.84 94.29 101.14 107.49
12-- 4.70
3.71
4.19
6.14
4.68
4.77
5.12
4.31
6.11
5-- 108.54 100.17 119.07 109.49 99.36 79.56 92.82 101.14 107.31
5-- 4.74
4.20
6.25
3.71
4.79
5.22
4.32
4.68
6.23
mar.29... 108.07 99.36 118.66 109.12 98.88 77.88 90.83 100.98 107.14
Mar.29_
4.79
3.73
4.22
4.69
4.82
5.36
4.33
6.40
6.46
22_ 107.79 100.49 119.27 109.86 100.17 79.45 93.55 100.98 107.49
22-- 4.72
3.70
4.18
4.69
4.74
5.17
4.31
6.26
6.33
15_ 107.94 100.49 119.07 110.61 100.33 79.11 93.26 100.98 108.03
15-- 4.72
4.14
3.71
4.73
6.29
4.69
5.19
4.28
6.16
8-. 107.85 101.64 119.48 110.98 101.14 81.42 95.63 101.47 108.57
8-- 4.65
3.69
4.68
4.12
6.09
5.03
4.25
4.66
6.12
1-- 108.22 102.47 119.48 111.35 101.64 82.99 97.78 101.64 108.39
L. 4.80
4.10
3.69
4.65
5.96
4.65
4.89
4.26
6.03
Feb 23- 108.44 102.81 119.48 111.16 102.14 83.97 99.68 101.14 108.21
Feb. 23- 4.68
3.89
4.11
4.68
4.62
4.77
4.27
6.88
6.02
16._ 107.49 102.30 119.07 110.79 101.14 83.60 99.68 99.88 107.88
16_
4.61
4.77
3.71
4.88
4.77
4.13
5.91
4.29
6.04
8.. 107.47 101.64 118.66 110.42 100.49 82.50 99.04 98.41 107.88
8-- 4.65
3.73
4.15
4.72
4.81
6.00
4.95
4.29
6.01
1_. 107.10 101.31 118.04 110.05 100.33 82.38 99.04 97.94 107.31
I-- 4.67
3.76
4.17
6.01
4.88
4.73
4.81
4.32
6.13
Jan. 25.- 107.33 102.14 118.04 110.05 100.81 84.35 100.49 98.73 107.49
Jan. 25_
4.62
4..3
3.76
4.72
4.31
4.17
5.86
4.70
6.14
18._ 106.79 100.81 117.43 109.31 99.52 82.26 99.68 96.23 106.78
18.- 4.70
4.21
3.79
4.78
6.02
4.99
4.77
4.35
6.16
11.. 106.81 100.81 117.63 109.12 99.62 82.50 100.17 95.93 108.94
II__
4.70
3.78
4.22
5.01
4.78
4.74
4.34
6.00
6.29
4_ _ 105.76 100.33 117.43 108.94 98 88 81.54 100.00 94.58 106.96
4.. 4.73
3.79
4.23
6.31J
4.82
4.34
6.08
5
10
4.75
High 1935 109.19 103.82 119.69 111.54 103.65 88.64 100.49 106.07 108.71
Low 1935 4.52
4.39
3.68
4.72
4.09
5.67
4.53
4.24
5.78
Low OSSA 10600 99.20 117.22 188.67 98.73 77.59 MOO 94.14 108.78
ktign 1935 4.80
3.91.1
5.13
6.37
4.35
4.36
0.40
6.46
4.83
High 1934 106.81 100.00 117.22 108.75 99.04 83.72 100.49 94.58 108.78
Low 1934 4.75
4.24
5.10
3.80
4.81
4.72
4.35
6.90
6 38
Low 1934 99.06 84.85 105.37 93.11 81.78 66.38 85.61 742.6 98.54
High 1934 5.81
4.43
4.97
6.20
7.58
8.74
8.68
6.06
5.75
Yr. 00
Yr. AgoJuly 1934 106.74 99.84 115.81 108.39 97.94 82.14 99.84 93.55 106.78
July 1934 4.76
4.35
5.17
3.87
7.31
4.76
4.26
6.03
4.88
2 Yrs.Ago
2 Yrs.Ago
July 1933 103.46 92.39 Inane Inn on 89.31 77.44 93.26 86.64 97.78
July 1933 5.25
4.34
4.89
4.75
6.44
5.67
8.69
5.47
5.19
•'1 hese prices are coal ihed Lro.ii average yields on toe 0.1010 01 OAS -Meal °cud Oft% coupon, maturing in 31 years) and do not purport to show eltner tue average
level or the average move nent of actual pr ce quotations. They merely serve to Illustrate In a more comprehens ye way the relative levels and the relative movement of
yield averages, the hitter being tile truer picture of the bond market. For Moody's Index of bond prices by mon his back to
see the issue of Feb. 6 1932. page 907.
•• AetUel average price of 8 bog-term TrensUry issues. t The latest complete list of bonds used In computing these indexes1928,
WAS published in tne issue 01 May lb 1905
page 3291. ft Average 0( 30 foreign bonds but adjusted to a co.np4r.ame oasis wan previous averages 01 44) foreign °onus.
Il
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, July 19 1935.
Business continued to surge ahead at a good pace, with
electric and steel output increasing and car loadings larger
than in the previous week. Car loadings, it is true, are
under those of the same week last year, but steel and electric output exceeded last year's comparative totals by good
margins. Retail trade continued to make substantial gains
and retailers are extremely optimistic over prospects for the
fall season. Dollar turnover of bank deposits in June gained
sharply over May and June 1934, and there was a good expansion of credit extended by Federal Reserve member
banks of New York City. Recently the stock market has
been more active. Steel was in better demand. The automobile industry was another bright spot in the business situation of the week, and the additional figures released are
worth noting. Sales of trucks in June were about 50,000
units, an all-time high for that month. Truck production,
It is true, was some 60,000 units under the like period in
1929, but it now seems likely that sales will be better this
year than in any year since 1929, and possibly exceed that
peak year. Furthermore, equipment manufacturers' earnings have improved in many instances. The decision of the
Circuit Court of Appeals in the Hoosac Mills Corp. case,
however, has added a new factor of uncertainty in the busi-
Hess outlook. Trading in commodities was rather quiet,
and prices in most cases have backed and filled over a
narrow range. Uncertainties over Washington developments checked trading. Wheat advanced sharply at times
on further reports of black rust, but liquidation checked the
rise. Copper sales were larger and the price remained
firm at 8c. A heavy thuunderstorm in Montreal on the
15th inst. left a trail of death and damage behind it. On
the same day torrential rains throughout the Province of
Ontario did thousands of dollars' worth of damage and flattened out crops. The hay and rye crops suffered the most.
From all reports, the harm to wheat was negligible. New
York on the 13th inst. got some relief from early morning
showers, but the temperature reached a maximum of 85 degrees. On the 14th inst., with the mercury up to 89 degrees,
Coney Island, the Rockaways, Jones Beach and other seashore resorts were jammed with the greatest crowds in
many years. One person died of the heat and many were
rescued from the surf. Temperatures reached 86 degrees
on the 17th inst. and 87 degrees on the 18th inst. The
oppressive heat caused many prostrations and several drownings were reported. There was an absence of rainfall here
during the week. To-day it was fair and warm here, with
temperatures ranging from 72 to 88 degrees. The forecast
was for mostly cloudy and continued warm to-night and
Saturday; propably thunder showers Saturday. Overnight
Financial Chronicle
334
at Boston it was 72 to 88 degrees; Baltimore, 74 to 90;
Pittsburgh, 68 to 88; Portland, Me., 74 to 84; Chicago, 74 to
94; Cleveland, 76 to 92; Cincinnati, 74 to 94; Detroit, 72
to 92; Charleston, 76 to 82; Milwaukee, 78 to 96; Dallas,
70 to 90; Savannah, 76 to 86; Kansas City, 76 to 98; Springfield, Mo., 68 to 90; Oklahoma City, 74 to 92; Denver, 62
to 84; Salt Lake City, 64 to 94; Seattle, 56 to 78; Montreal,
72 to 86, and Winnipeg, 66 to 84.
Moody's Daily
Commodity Index Rises Slightly,
But Movements are Mixed
Moody's Daily Index of Staple Commodity Prices advanced slightly in the week just passed, but the trend of the
individual commodities has been far from uniform. Thus,
five commodities advanced, while seven declined and three
remained unchanged. The Index closed on Friday at 158.9
compared with 158.0 a week ago.
The small rise in the Index for the week has almost entirely been the result of strength in wheat and top hog prices,
the latter advancing to the best levels since October, 1930.
In addition to this, slight advances have been registered by
scrap steel, silk and cocoa. The declines included sugar,
cotton, wool, hides, rubber, corn and coffee. Silver, copper
and lead remained unchanged.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.,
July 12
Sat., July 13
Mon., July 15
Tues., July 16
Wed., July 17
Thurs., July 18
Fri.,
July 19
158.0
Not compiled
158.1
158.1
159.4
159.0
158.9
2 Weeks Ago, July 5
Month Ago. June 21
Year Ago,
July 20
Aug. 29
1934 High,
Jan. 2
Low,
May 23
1935 High,
Low,
Mar.18
157.1
156.8
144.0
156.2
126.0
162.1
148.4
Slight Increase Noted in "Annalist" Index of Business
Activity from May to June
The "Annalist" Index of Business Activity is 79.1 (preliminary) for June, as compared with 79.0 for May, 80.6
for April and 83.6 for January, the high for the year to
date. On the basis of the amount of time which elapsed
during the completion of minor cycles in 1933 and 1934,
last month's slight rise should mark the beginning of another
substantial upturn, the "Annalist" said. It added:
It will be interesting to observe if this is the case. A feature of this
year's decline in the combined index is that it canceled less than half of
the previous gain. rhe decline which followed last year's high canceled
all of the preceding gain, while the August-November 1933 decrease wiped
out about two-thirds of the March-July rise. The combined index for
June shows a net gain of 18.9% over last year's low, while the increase
since March 1933 amounted to 35.4%.
The most important factor in the rise of the combined index was an
increase in the adjusted index of freight car loadings. Next in importance
were gains in the indices of electric power, lumber and boot and shoe
production. The electric power and boot and shoe indices are based on
estimated output. The adjusted index of zinc production also rose, while
the estimated adjusted index of automobiles is slightly higher than for May.
The sharpest decline for the month occurred in the adjusted index of cotton
consumption. Declines were also recorded by the adjusted indices of pig
iron and steel ingot production and silk consumption.
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 1930.
TABLE 1-THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS
Freight car loadings
Steel ingot production
Pig iron production
Electric power production
Cotton consumption
Wool consumption
Silk consumption
Boot and shoe production
Automobile production
Lumber production
Cement production
Zinc production
Combined index
June
May
April
63.1
57.1
49.3
6100.0
74.8
61.5
58.6
51.5
99.2
81.7
154.4
66.7
109.4
75.8
45.8
49.4
65.0
79.0
63.4
58.8
50.9
98.7
78.9
129.7
68.3
117.1
98.7
61.6
47.6
67.2
80.6
61.8
d117.4
c76.3
52.5
70.6
279.1
January
February
March
April
May
June
July
August
September
October
November
1935
1934
1933
1932
1931
83.6
83.3
81.5
80.6
79.0
a79.1
73.1
76.7
78.9
80.0
80.2
77.2
73.2
71.2
66.5
70.5
71.5
63.0
61.6
58.4
64.0
72.4
83.3
89.3
83.5
76.4
72.3
68.4
69.5
70.1
68.1
66.7
63.2
60.9
60.4
59.7
61.3
65.2
65.4
64.7
64.8
-4.4-4woomoomoom
wbzwomwwpopw.
TABLE II-THE COMBINED INDEX SINCE JANUARY 1930
Tlanambwr
774
1930
102.1
102.5
100.5
101.8
98.5
97.1
93.1
90.8
89.6
86.8
84.4
83.9
a Subject to revision. b Based on an estimated output of 7,704,000,000 kilowatthours, as against a Geological Survey total of 8,014,000,000 kilowatt-hours in May
and 7,472,000,000 in June 1934. c Based on an estimated output of 349,618 cars
and trucks, as against Department of Commerce total of 385,486 cars and trucks in
May and 320,382 ears and trucks in June 1934. d Based on an estimated output of
31,000,000 pairs, as against Department of Commerce total of 30,029,890 pairs in
May and 28,543,777 'Airs for June 1934.
Revenue Freight
Car Loadings Remain Below Like
Week Last Year
Loadings of revenue freight for the week ended July 13
1935 totaled 566,488 cars. This is a gain of 94,067 cars or
19.9% from the preceding week, a drop of 37,704 cars or
6.2% from the total for the like week of 1934, and a decline
of 87,173 cars or 13.3% from the total loadings for the corresponding week of 1933. For the week ended July 6 load-
July 20 1935
ings were 9.3% under the corresponding week of 1934 and
13.1% under those for the like week of 1933. Loadings for
the week ended June 29 showed a loss of 4.3% when compared with 1934 and a drop of 4.3% when the comparison
is with the same week of 1933.
The first 18 major railroads to report for the week ended
July 13 1935 loaded a total of 268,810 cars of revenue freight
on their own lines, compared with 216,741 cars in the preceding week and 294,778 cars in the seven days ended
July 14 1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Loaded on Own Lines
Weeks Ended
Receivedfrom Connections
Weeks Ended-
July 13 July 6 July 14 July 13 July 6 July 14
1934
1935
1934
1935
1935
1935
Atchison Topeka & Santa Fe Ry
Baltimore& Ohio RR
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
Chicago Milw. St. Paul de Pae. Ry
Y Chicago & North Western Ry_ _
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas RR
Missouri Pacific RR
z New York Central Lines
N. Y. Chicago & St. Louis Ry__ _
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
Total
21,777
22,659
16,827
12,400
16,291
13,616
2,187
2,092
4,462
13,073
34,976
4,204
15,104
50,579
4,720
4,839
23,928
5,076
17,084
17,525
10,742
10,409
13,318
11,737
2,106
1,970
3,629
10,505
29,588
3,705
10,362
43,782
3,744
3,481
19,044
4,010
22,108 4,171 4,289 4,417
27,216 11,020 12,046 12,645
19,499 7,557 7,433 9,164
15,698 5,404 5,732 5,590
17,984 5,981 6,222 6,095
15,161 7,331 7,493 7,672
2,842 1,929 1,201 1,746
1,881 1,316 1,849 1,122
4,802 2,364 2,287 2,580
13,859 6,370 6,690 7,126
35,575 28,455 26,759 31,705
4,359 6,491 6,565 7,119
16,448 3,288 3,434 3,648
56,188 31,739 29,607 33,517
4,968 3,381 3,620 3,581
4,217 3,918 3,296 4,864
26,107
5,876 6,161 6,244 6,758
268,810 216,741 294,778 136,876 134,767 149,349
a Not reported. y Excluding ore. z Includes cars loaded at stat ons and received
from connections by the Boston & Albany, New York Central, Michigan Central,
Big Four and Peoria & Eastern railroads as a unit. The interchange of traffic as
between these lines, which formerly was included in the report as cars received from
connections, has been eliminated. Reports of past periods are revised to the same
basis in order to provide proper comparisons.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended-
Chicago Rock Island at ramie Ry
Illinois Central System
St. Louis-San Francisco Ry
Total
July 13 1935
July 6 1935
July 14 1934
21,742
24,522
11,946
18,709
20,475
10,765
20,790
24.20S.
12,395
58,210
49,949
57.393
The Association of American Railroads in reviewing the
week ended July 6 stated as follows:
Loading of revenue freight for the week ended July 6, totaled 472,421
cars. Due to the observance of Fourth of July holiday, this was a decrease
of 145,615 cars below the preceding week. It also was a reduction of 48,320
cars below the corresponding week in 1934, and 71,089 cars below the corresponding week in 1933, both of which weeks included the holiday.
Miscellaneous freight loading for the week ended July 6, totaled 197,855
cars, a decrease of 39,873 cars below the preceding week, but an increase
of 106 cars above the corresponding week in 1934. It was, however, a
decrease of 4,112 cars below the corresponding week in 1933.
Loading of merchandise less than carload lot freight totaled 135,001 cars,
a decrease of 22,387 cars below the preceding week, 2.967 cars below the
corresponding week in 1934. and 11,759 cars below the same week in 1933.
Coal loading amounted to 50,186 cars, a decrease of 68,215 cars below
the preceding week, 31.252 cars below the corresponding week in 1934, and
39,849 cars below the same week in 1933.
Grain and grain products loading totaled 23,887 cars, a decrease of 4,343
cars below the preceding week, 13,265 cars below the corresponding week
in 1934, and 21,181 cars below the same week in 1933. In the Western
districts alone, grain and grain products loading for the week ended July 6,
totaled 16,022 cars, a decrease of 8,428 cars below the same week in 1934.
Livestock loading amounted to 8,615 cars, a decrease of 791 cars below
the preceding week, 6,939 cars below the same week in 1934 and 4,878 cars
below the same week in 1933. In the Western districts alone, loading of
live stock for the week ended July 6, totaled 6.109 cars, a decrease of
6,494 cars below the same week in 1934.
Forest products loading totaled 22,040 cars, a decrease of 6,455 cars
below the preceding week, but increases of 4,667 cars above the same week
in 1934, and 189 cars above the same week in 1933.
Ore loading amounted to 30,043 cars, a decrease of 2,547 cars below the
preceding week, but increases of 671 cars above the corresponding week in
1934 and 12,007 cars above the corresponding week in 1933.
Coke loading amounted to 4.794 cars, a decrease of 1,004 cars below the
preceding week, but an increase of 659 cars above the same week in 1934.
It was however. a decrease of 1,506 cars below the same week in 1933.
All districts reported decreases, compared with the corresponding week
last year, in the number of cars loaded with revenue freight for the week of
July 6. All districts, except the Northwestern, which showed an increase,
reported reductions compared with the corresponding week in 1933.
Loading of revenue freight in 1935 compared with the two previous years
follows:
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Five weeks in June
Week of July 6
MM.al
1935
1934
1933
2,170,471
2,325,601
3,014,609
2,303,103
2,327,120
3,035,153
472,421
2,183,081
2,314,475
3,067,612
2,340,460
2,446,365
3,084,630
520,741
1,924,208
1,970,566
2,354,521
2,025,564
2,143,194
2,926,247
543,510
15.648,478
15.957.364
12 557 ain
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
July 6 1935. During this period a total of 51 roads showed
increases when compared with the corresponding week last
year. The Great Northern Railroad was the only road of
any importance which showed an Increase in loadings during
the week.
Financial Chronicle
Volume 141
335
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED JULY 6
Allegheny DistrictAkron Canton & Youngstown
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gaulle).
Cambria & Indiana
Central RR.of New Jersey
Cornwall
Cumberland dr PennsylvaniaLigonier Valley
Long Island
Penn-Reading Seashore Lines_
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian....
Total
-
1933
1935
1934
490
1,038
6,337
1,103
15
867
3,860
6,455
180
1,578
253
11,335
3,726
126
1,330
5,575
2,381
775
667
29,588
7,957
1,629
3,705
3,547
3,744
54
177
256
529
4,010
2,984
404
927
6,287
1,122
32
828
3,910
7,352
166
1,096
208
10,667
3,149
133
1,057
5,918
2,289
2,774
1,242
30,435
8,161
1,454
3,733
3,467
4,059
232
246
1,011
5.45
5.010
3,080
392
500
6,863
1,097
16
813
4,717
7,147
165
1,543
249
10,422
2,593
130
1,088
6,257
2,401
2,999
1,889
33,215
9,523
1,455
4,013
4,692
3,705
445
308
1,169
532
4,834
3,248
815
252
8,427
1,507
62
1,834
5,589
5,003
117
871
1,720
11,193
5,455
1,647
808
5,601
1,645
210
63
26,772
10,989
1,687
6,565
3,230
3,620
28
142
915
934
6,244
2,402
842
252
8,439
1,533
•
80
2,236
5,554
4,812
103
889
1,693
11,354
5,372
1,571
909
5,783
1,431
196
60
30,012
10,659
1,727
7,022
3,834
3,616
17
167
871
953
6,000
2,442
106,251
111,124
118,400
116,327
120,409
-
334
17,525
3,341
127
121
4,348
152
85
6
784
714
43,782
9,373
4,954
13
1.627
284
24,402
3,745
191
772
4,827
67
225
53
689
1,090
50,879
9,537
4,139
34
2,594
427
25,045
2,091
290
a
4,265
2
213
70
794
922
54,653
10,020
9,394
50
2,436
415
12,046
1,117
8
13
8,778
45
40
21
2,517
1.198
29.607
10,270
3,107
0
3,637
441
11,7413
1,246
7
19
8,297
39
18
• 21
2,223
760
30,017
11,362
3,041
0
4,190
87,286
103,528
110,672
72.819
73,421
10,742
10,382
767
2,151
17,511
13,818
763
2,943
17,743
16,609
655
2,737
7,433
3,434
1,052
639
8,263
3,899
1,085
697
24,022
35,035
37,744
12,558
13,944
6,041
830
534
117
32
1,156
267
323
5,611
14,764
106
8,088
836
346
117
39
1,799
291
309
5,618
15,140
89
6,109
1,035
500
137
66
1,454
552
319
5,828
17,672
139
4,107
1,129
606
179
91
842
645
3,058
2,738
9,714
596
3,746
1.093
660
177
67
825
628
2,656
2,528
10.084
483
29,781
30,672
33,811
23,698
22,947
Croup I?Alabama Tennessee & Northern
Atlanta Birmingham & Coast
Atl..8W.P.-W.RR.of Ala
Central of Georgie
Columbus & Greenville
Florida East Coast
Georgia
118
875
639
3,279
183
376
622
191
761
540
2,824
151
325
704
183
910
645
3,938
176
308
716
134
448
769
2,464
194
320
1,312
128
338
728
2,652
190
326
1,208
Note-Figures for 1934 revised. 'Previous figures. a Not available.
Michigan Central RR.
July so 1935
1934
1933
1935
325
1,229
13,547
12,508
144
115
1,545
2,190
223
336
951
14,905
12,542
103
105
1,574
2,213
255
451
1,165
15,682
15,747
133
139
1,684
2,700
272
407
651
7,439
3,407
272
240
1,209
2,260
491
1934
331
564
7,673
3,515
249
237
1,156
1,872
502
37,918
38.480
44,849
22,017
21,669
67,699
69,152
78,660
45,715
44,616
Northwestern DistrictBelt fly, of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P. & Pacific_
Chicago St. P. Minn. dr Omaha
Duluth Missabe & Northern
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South_
Great Northern
Green Bay 8e Western
Lake Superior & Ishpeming....
Minneapolis ae St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
•Spokane International
Spokane Portland & Seattle_
667
13,913
1,675
13,318
2,694
8,525
917
3,776
268
13,683
454
1,470
1,184
4,226
5,796
322
1,173
704
15,365
1,924
15,191
2.659
8,162
1,502
3,246
209
11,661
395
1,389
1.276
4,248
6,317
142
1,307
783
14,369
2,395
15,912
3,512
5,187
671
4,758
318
8,680
401
1,902
1,720
4,771
6,621
293
760
1,439
7,493
2,121
6,222
2,614
127
338
3,144
88
2,568
406
88
1,345
2,051
2,379
140
873
1,985
7,994
2,172
6,396
2,794
129
288
3.256
82
2,799
320
67
1,297
1,770
2,290
140
1,101
74,041
75,697
73,053
33,436
--
34,878
17,084
2,066
193
10,409
744
9,751
1,563
642
1,579
187
966
1,562
577
104
14.410
158
169
8,422
123
1,119
19,510
18,442
2,674
2,912
118
115
13.551
13,382
1,107
1,115
10.089 '11,006
2,152
2,116
528
659
1,338
1,056
136
162
1,359
1,276
2,049
1,723
529
833
73
167
16,347
13,525
291
296
306
300
9,182
9,976
115
70
915
1,267
4.289
2,040
55
,5,732
529
5,417
1,699
910
1,809
19
722
951
243
94
3,319
195
937
5,938
4
1,046
4,310
2,124
21
6,002
665
5,862
1,640
878
2,048
6
786
690
409
36
3,669
379
957
6,323
8
1,916
71,828
82,666
80,090
35,998
38,730
196
106
77
2,106
1,970
199
1,395
1,198
59
170
524
82
3,629
10,505
34
95
6.464
1,708
4,634
3,550
2,341
212
40
139
127
100
1,462
2,650
143
1,302
1,246
68
208
523
82
4,114
12,450
40
69
6,863
1,663
4.771
3,767
1,563
160
29
3,373
289
122
1,201
1,849
712
1,257
788
386
679
125
154
2.287
6,690
22
100
3,100
1,766
2,353
3,735
14,128
84
52
3,195
284
131
1,149
1,913
900
1,201
786
337
668
160
190
2,594
7,208
12
164
2,669
1,719
2,159
3,834
14,644
60
41
41,294
43,539
44,891
45,252
48,02(
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago & Illinois Midland
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver City
Illinois Terminal
North Western Pacific
5 Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas
Litchfield & Madison
Midland Valley
Missouri & Arkansas
Missouri-Kansas•Texas Liner
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. Ass'n of St. Louis
Wichita Falls & Southern
Weatherford M. W.& N. W
Total
July 17 1934
Farm products
115.6
115.1
102.6
Food products
129.9
129.1
113.8
Textile products
t107.1
113.0
*107.2
Fuels
162.7
164.0
162.7
Metals
109.1
110.3
109.1
Building materials
111.5
113.8
111.5
Chemicals
98.9
t98.3
98.8
Miscellaneous
83.1
88.7
82.9
All commodities
123.4
115.5
123.0
:All commodities on old dollar han16
72.7
68.5
72.4
'Preliminary. trievised. x Based on exchange quotations for France, Switzerland and Holland; Belgium included prior to March 1935.
to foreign prices during June the "Annalist" stated:
Foreign prices showed a mixed trend for June. In the United Kingdom,
France and Germany they advanced slightly from May, while the Italian
index continued its sharp advance under the spur of import restrictions and
war preparations. The Japanese, Canadian and United States indices
declined. The net result was a loss of 0.4 points for the Annalist International Composite of nine countries, which declined to 72.7% of the 1913
level in terms of gold from 73.0 in May.
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES(IN CURRENCY
OF COUNTRY; INDEX ON GOLD BASIS ALSO SHOWN FOR COUNTRIES WITH DEPRECIATED CURRENCIES; 1913=100.0)
United States of America
Gold basis
Canada
Gold Basis
United Kingdom
Gold basis
France
Germany
Italy
Gold basis
Japan
Gold basis
.., /7nnlnnerl•ca In errsIA
.June
1935
xlifay
1935
April
1935
June
1935
Per Cent
Change
From
May '35
123.2
72.9
111.7
66.0
105.1
63.1
341.0
101.2
314.3
292.0
136.0
46.9
oqoe.ione.
.qc
ti.ONt.:4NQQVNAA0
Nk..000D.TOOMMert,
M.MN.
The advance of lemons to $8 from $3.50 two weeks ago is supposedly in
response to the demands of Mussolini's African campaign. Corn, wheat
and flour, hogs, pork and lard, cocoa and coffee, oranges and tin also advanced. Besides cattle, lambs, veal, oats and rye, potatoes, butter, cottonseed oil and rubber were lower.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
UNADJUSTED FOR SEASONAL VARIATION (1913=100)
July 16 1935
1935
b Includes figures for the Boston & Albany ER.. the C. C. C. & St. Louis RR.and the
"Annalist" Weekly Index of Wholesale Commodity
Prices Decreased During Week of July 16-Foreign
Prices Showed Mixed Trend During June
During the week ended July 16 the "Annalist" Weekly
Index of Wholesale Commodity Prices declined 0.4 points
to 123.0 on lower cattle and beef prices. An announcement
by the "Annalist" continued:
Total
Total Loads Reeeteed
from Connections
Grand total Southern District
Total
Southern DistrictGroup AAtlantic Coast Line
Clinehfield
Charleston de Western Carolina_
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac
Seaboard Air Line
Southern System
Winston-Salem Southbound_ _ _
Total
As
Group B (Concluded)Georgia & Florida
.
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin dr Savannah
Mississippi Central
Mobile et Ohio
Nashville Chattanooga & St. L_
Tennessee Central
,
Total
1934
Total Revenue
Freight Loaded
Railroads
...
1A.I.V.W.MW.C.0..w
1
— 04.421.00
J.0.0.44...4
N .0v.C40-44.0N.C5WWJ,
H2 ..1cON.1,40.4.m.CWWW0..W.4WW0
1935
Eastern Districtkiln Arbor
3angor dr Arms ook
3oston & Maine
3.1alcago Indianapolis & Loulsv.
Dentral Indiana
3entral Vermont
Delaware dr Hudson
Delaware Lackawanna dr West_
Detroit dr Mackinac
Detroit Toledo & Ironton
Detroit dr Toledo Shore Line_
Erie
3rand Trunk Western
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Maine Central
Monongahela
Montour
Ls New York Central Lines
N. Y. N. H. & Hartford
New York Ontario & Western
N. Y. Chicago & St. Louis__
Pittsburgh dr Lake Erie
Pere Marquette
Pittsburgh & Shawmut
Pittsburgh Shawmut & North
Pittsburgh & West Virginia.-Rutland
Wabash
Wheeling dr Lake Erie
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
125.8
74.9
113.2
66.9
104.0
61.3
336.0
100.8
298.7
279.2
137.8
46.6
114.3
67.8
112.6
67.4
103.6
63.8
379.0
97.2
274.5
266.3
131.9
47.0
71 5
-2.2
-2.8
-1.1
-1.8
+0.2
+0.6
+0.3
+0.4
+3.2
+3.2
-1.3
-1.0
7 IC
-II A
'797
*Preliminary. x Revised. y Includes also Belgium and Netherlands
Retail Prices Continued Lower in June, According
to Fairchild Publications Retail Price Index
The sagging tendency in retail prices evident since the
May 1934 high continued during June, according to the
Fairchild Publications retail price index. Prices on July1
at 85.9 (January 1931=100) are the lowest since September
1933. Prices during the past month show a decline of
0.3 of 1%, as compared with the previous month, and are
Financial Chronicle
also 2.7% below the corresponding period a year ago.
From an announcement issued July 12 by Fairchild Publications we also take the following:
June 1
1935
July 1
1935
0010 commoocow
0010101000 0100000.4 tom
w-4 coo ..am mwo-4c.m
om.com-4 ?oo-44,
MbMbiab.bb 0:4OL4;a4, .bbbbM P.4 .00 0101L4014
86.3
85.1
87.3
87.7
93.6
87.9
86.3
*84.8
87.4
87.7
93.8
88.1
86.1
84.6
87.3
87.8
93.5
88.2
85.9
84.3
87.2
87.9
93.5
87.8
65.5
82.2
107.7
64.9
82.0
107.7
84.2
81.9
107.7
64.2
81.8
107.0
96.9
96.6
96.6
96.6
97.1
97.4
96.8
96.3
75.2
102.3
92.2
89.5
84.8
82.3
75.2
102.4
92.2
89.6
84.9
82.2
75.5
102.3
92.2
89.9
84.8
82.2
75.3
102.3
92.5
90.3
84.8
82.4
86.9
91.9
86.2
81.9
86.9
90.0
86.7
92.2
86.5
81.9
87.0
90.0
97.7
91.9
86.5
81.8
87.1
90.0
86.7
91.8
86.1
81.8
87.1
90.0
96.8
92.8
91.1
92.8
101.2
59.4
76.2
78.4
90.4
96.8
93.4
91.1
93.2
101.7
58.5
78.7
78.6
91.8
96.8
92.7
91.1
93.2
100.8
58.4
76.2
78.3
92.2
96.8
92.7
91.1
93.1
99.8
58.4
76.3
78.4
92.5
2000000
,D.4.,
May 1
1935
June Sales of 23 Chain Companies Gain 9.32%6-Months' Sales Up 8.92%
According to a compilation made by Merrill, Lynch & Co.
23 chain store companies, including 2 mail order companies,
reported an increase in sales of 9.32% for June 1935 over
June 1934. The compilation further disclosed:
Sales-June21 Chain (tore companies
2 Mail order companies
23 Companies
Sales-6 Months21 Chain store companies
2 Mall order companies
23 Companies
1935
1934
P. C.Change
$135,968,548
56,117,086
3131,460,655
44,249,729
+3.44
+26.81
$192,103,634
$175,710,384
+9.32
757,538,779
300,564,503
722,494,902
248,930,565
+4.85
+20.74
$1,058,103,282
8971,425,467
+8.92
Following is the percentage of change of the groups for
June and six months of 1935 over the corresponding periods
of 1934:
June
6 Months
+7.82
-1.86
+6.20
+6.94
+6.41
+10.12
-0.33
+3.26
+9.78
+15.25
Total 21 chains
2 Mall order companies
+3.44
+26.81
+4.85
+20.74
Total 23 chains
+9.32
+8.92
5
8
4
2
2
Grocery chains
Five & ten cent chains
Apparel chains
Drug chains
Miscellaneous
Slight Increase in Wholesale Commodity Prices During
Week of July 13 Reported by United States Department of Labor
Wholesale commodity prices continued slightly upward
during the second week of July, rising 0.1% above the level
of the week preceding, according to an announcement made
July 18 by the Bureau of Labor Statistics, U.S. Department
of Labor.
The advance of the past two weeks placed the composite index for the
week ending July 13 at 79.2% of the 1926 average, the announcement said,
adding:
The general average is now 1.7% above the low for the year, and is more
than 6% above the level of the corresponding week of 1934. Compared
with two years ago the present level of wholesale prices shows a gain of
approximately 15%•
The changes in the commodity groups during the past week were slight,
the largest variation being an increase of0.5% for fuel and lighting materials.
July
13
1935
Commodity Croups
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugsHousefurnishing goods
Miscellaneous commodities
dities other than farm products
.
l v ommmno,
.
Al
Jan, Percent July
5
14
of
1935 Change 1934
Percent
of
Change
79.2
77.9
+1.7
74.5
+6.3
77.7
82.0
89.8
69.9
75.3
85.7
85.0
79.5
81.8
67.8
75.6
78.5
86.8
70.0
74.1
85.6
84.6
79.1
82.3
70.9
78 0
78 n
+2.8
+4.5
+3.5
-0.1
+1.6
+0.1
+0.5
+0.5
-0.6
-4.4
en
64.5
70.8
87.6
71.4
73.8
86.4
86.9
75.5
83.1
69.9
'7,2 ',
C
April 1
1935
C"+1+11 1- 11
July 1
1934
Foods, textile products, and building materials, however, were also moderately higher. Farm products and miscellaneous commodities on the other
hand, registered a fractional decrease. The hides and leather products,
metals and metal products, chemicals and drugs, and housefurnishing goods
groups were unchanged.
The large group of industrial products which embraces all commodities
other than farm products and processed and foods advanced 0.3% during
the week. This advance places the group within 1-10th of a point of the
high for the year reached in the week ending Jan. 12.
All commodity groups except textile products, housefurnishing goods.
and mIscellaneous commodities have registered gains since the first of this
Year. Foods are 4.5% above the Jan.5 level; hides and leather products are
up 3.5%; farm products, 2.8%; and fuel and lighting materials, 1.6%•
The increase for metals and metal products, building materials, and
chemicals and drugs has been less than 1%. Miscellaneous commodities, on
the contrary, are 4.4% below the Jan. 5 level, and housefurnishing goods
and textile products are leas than 1% lower.
Half of the commodity groups-farm products, foods, hides and leather
products, fuel and lighting materials, and chemicals and drugs-are above
the level for the corresponding week of 1934. The increases range from 2%
for fuel and lighting materials to 20.5% for farm products. The decreases
for the remaining five groups range from 0.8% for metals and metal products
to 3% for miscellaneous commodities.
Group index numbers for the week of July 13 1935, compared with
Jan. 5 1935, and July 14 1934, and the percent of change are shown in the
table below:
R0
1.
.01 q .
1e0
.
-.M
0.004NNQN.],
Composite index
Piece goods
Men's apparel
Women's apparel
Infants' wear
House furnishings
Piece goods:
Silks
Woolens
Cotton wash goods
Domestics:
Sheets
Blankets & comfortables
Women's apparel:
Hosiery
Aprons & house dresses_
Corsets and brassieres_
Furs
Underwear
Shoes
Men's apparel:
Hosiery
Underwear
Shirts and neckwear_ _ _ _
Hats and caps
Clothing,Incl. overalls_
Shoes
Infants' wear:
Socks
Underwear
Shoes
Furniture
Floor coverings
Musical instruments
Luggage
Elec, household appliances
China
•Revised.
May 1
1933
1400
.4..10.400 -400m-4b -40 0001
M..40.1OVC4WJV
mcv oco.oum
.4amboomo&& bom4.04 ommwam
bb.bM4,-M4b 6o.:4i4MM 6Mbbbia Mb 0e4;&
Retail prices for general merchandise have lost most of the gains recorded
since the introduction of the National Recovery Administration. Despite
the receding tendencies, current quotations still show a gain of 25% from
the May 1933 low.
Three major groups recorded fractional declines during June. This
Includes piece goods, men's apparel, and home furnishings. Women's
apparel was the only group to show a gain, while infants' wear remained
unchanged. Despite the slight gain in women's apparel prices during the
month, this group shows the greatest decrease under a year ago. However, piece goods show the greatest decline from the 1934 high.
Despite the sagging retail prices since the voiding of the NRA, quotations have held comparatively firm and did not show a collapse as some
feared, according to A. W. Zelomek, economist of Fairchild Publications.
In discussing the trend of prices since the famous Schecter decision. Mr.
Zelomek points out that the firm quotations are the result of a general
adherence on the part of manufacturers and distributors to the major
provisions of the codes. Several important retail items have actually been
advanced in the wholesale market, reflecting the more faorable tendencies
In those industries.
THE FAIRCHILD PUBLICATIONS RETAIL PRICE INDEX
January 1931=100, Copyright 1935, Fairchild News Service
July 20 1935
Fuel and lighting materials increased 0.5% during the week due to
higher prices for coal. Coke, on the other hand, was slightly lower, and
petroleum products remained unchanged. The index for the group as a
whole rose to 75.3% of the 1926 average.
Higher prices for cotton goods, knit goods, and silk and rayon resulted in
the textile products group increasing 0.3%. The subgroup of other textile
products was lower because of weakening prices of burlap and jute. Clothing and woolen and worsted goods were unchanged at the level of the
preceding week.
In the group of building materials, advancing prices for lumber offset
lower prices for brick and tile. The index for the group rose to 85.0.
Cement, paint and paint materials, structural steel, and other building
materials registered little or no change.
Wholesale food prices recorded a minor increase due to sharp increases in
prices of meats. Fruits and vegetables, however, declined more than
43. %. Butter, cheese, and milk, and cereal products also were slightly
lower, and the subgroup of other foods remained unchanged. Important
food items for which higher prices were reported were hominy grits, fresh
pork, dressed poultry, cocoa beans, and lard. Lower prices were shown for
butter, oatmeal, flour: dried apricots, raisins oleo oil, edible tallow, and
vegetable oils. The current index, 82.0, is 16% above the corresponding
week of last year and 24.4% above the corresponding week of two years ago.
A decrease of0.4% was registered by farm products due to lower prices of
grain and other farm products including eggs, apples, oranges, hops, and
sweet potatoes. Livestock and poultry prices, on the other hand,rose 1.5%,
although steers were slightly lower. Higher prices were reported for corn,
calves, cows, hogs, live poultry. cotton, lemons, seeds, beans, white
potatoes, and wool. Despite the recent recession in farm products prices.
the present index, 77.7, is 20% above a year ago and 27% above two
years ago.
There was a sharp decline in cattle feed prices and a small decrease in
crude rubber. Prices of automobile tires and tubes, paper and pulp, and
other miscellaneous commodities were unchanged.
Hides and leather products were unchanged during the week. Shoes and
hides and skins remained at their high points of the year, while other
leather products were at their low.
In the metals and metal products groups, weakening prices for tar silver
were counterbalanced by strengthening prices for pig lead and tin. The
subgroups of agricultural implements, iron and steel, motor vehicles, and
plumbing and heating fixtures were stationary. The index for the metals
and metal products group remained at 85.7.
The group of chemicals and drugs remained at the previous week's level.
Advancing prices of fertilizer materials were offset by falling prices of
chemicals, and drugs and pharmaceuticals. Average prices of mixed
fertilizers were unchanged.
Housefurnishing goods were also unchanged. The index remained at
81.8. Average prices of both furniture and furnishings were stationary.
The index of the Bureau of Labor Statistics is composed of 784 price
series weigbted according to their relative importance in the country's
markets and based on average prices for the year 1926 as 100.
The following table shows index numbers for the main groups of commodities for the past five weeks and for the weeks of July 14, 1934 and
July 15 1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS ENDING
JULY 13, JULY 6, JUNE 29, JUNE 22, AND JUNE 15 1935, AND
JULY 14 1934, AND JULY 15 1933
(1926=100)
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 commodities
All commodities other than farm
nrndneta and fonds
July
13
1935
July
6
1935
June June June
29
22
15
1935 1935 1935
79.2
79.1
78.9
79.3
77.7
82.0
89.8
69.9
75.3
85.7
85.0
79.5
81.8
67.8
78.0
81.9
89.8
69.7
74.9
85.7
84.8
79.5
81.8
68.0
77.1
81.6
89.6
69.7
74.8
86.1
84.9
79.5
81.8
68.0
78.0
82.5
89.3
69.7
74.7
85.9
85.1
80.0
81.7
68.4
78.0
77.8
77.9
77.9
July
14
1934
July
15
1933
79.8
74.5
68.9
-4 owipmm-scomm-4
m.baa&mowm
4.L4kfli4MM:..M
336
64.5
70.8
87.6
71.4
73.8
86.4
86.9
75.5
83.1
69.9
61.1
65.9
85.4
66.5
66.7
80.6
78.8
72.9
74.0
63.5
78.3
72.2
Financial Chronicle
Little Change Noted in Department Store Sales from
May to June, According to Federal Reserve Board
From May to June there was little change in the dollar
volume of department store sales, which usually decline at
this season. Consequently, the Federal Reserve Board's
index, which makes allowance for differences in the number
of business days and for usual seasonal movements, rose to
80 in June, on the basis of the 1923-25 average as 100,
compared with 76 in May and 74 in June 1934. Under date
of July 12 the Board also stated:
Total dollar volume of sales in June was larger than a year ago by 4%.
The aggregate for the first six months of this year was 2% larger than
for the corresponding period last year.
19-RcENTAGE CHANGE FROM A YEAR AGO
Federal Reserve Dist letsBoston
New York
Philadelphia
Cleveland
Richn end
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Jan. 1
to
June 30*
Number of
Reporting
Stores
Number
of
Cities
-3
-2
-1
+2
+5
+3
+6
-1
+4
+4
+4
+9
54
51
30
27
58
38
53
38
40
22
24
96
26
26
14
11
27
22
27
20
21
14
10
30
Total
+4
531
+2
248
• June figures preliminary; in most cities the month had one less business day
this year than last year.
Electric Production for Latest Week Rises 7.2%
The Edison Electric Institute, in its weekly statement,
disclosed that the production of electricity by the electric
light and power industry of the United States for the week
ended July 13 1935 totaled 1,766,010,000 kwh. Total
output for the latest week indicated a gain of 7.2% over the
corresponding week of 1934, when output totaled 1,647,680,000 kwh.
Electric output during the week ended July 6 1935 totaled
1,655,420,000 kwh. This was a gain of 6.4% over the
1,555,844,000 kwh. produced during the week ended July 7
1934. The Institute's statement follows:
PERCENTAGE INCREASE OVER 1934
Major Geographic
Regions
Week Ended
July 13 1935
New England_ _
Middle Atlantic
Central Industrial_ ___
West Central
Southern States
Rocky Mountain
Pacific Coast
Total United States.
7.4
4.4
6.6
5.7
9.9 •
31.3
81.2
6.7
4.4
2.3
3.3
6.8
28.4
2.1
5.7
6.7
3.3
4.5
6.9
28.7
3.2
7.2
6.4
5.0
6.0
DATA FOR RECENT WEEKS
1934
Mar. 30_ _ 1,712,863,000 1,665,650.000
Apr. 6-- 1,700,334,000 1,616,945,000
Apr. 13_ _ - 1,725.352,000 1,642.187,000
Apr. 20._ - 1,701,945.000 1,672.765,000
Apr. 27
1,673,295,000 1,668.564,000
May 4.. 1,698,178,000 1,632,766.000
1,701,702,000 1,643,433,000
May 11_
May 18... 1,700,022.000 1,649,770,000
May
1,696,051,000 1,654,903,000
June 1_ _ 1,628,520,000 1,575,828,000
June 8_ __ 1,724,491,000 1,654.916,000
June 15.. 1.742,506,000 1,665,358,000
June 22... 1,774,654,000 1,674,566,000
June 29._. 1,772,138,000 1,688,211,000
July 6-- 1.655,420.000 1,555,844,000
July 13_ _ 1,766.010,000 1,647,680.000
P. C.
Ch'ge
+2.8
+5.2
+5.1
41.7
40.3
+4.0
+3.5
+3.0
+2.5
+3.3
+4.2
+4.6
+6.0
+5.0
+6.4
+7.2
Weekly Data for Previous Years
In Millions of Kilowatt-tiours
1933
1932
1931
1930
1929
1,402
1,399
1,410
1.431
1,428
1,438
1,468
1,483
1,494
1,461
1,542
1,578
1,598
1,656
1.539
1.648
1,480
1,465
1,481
1,470
1,455
1,429
1,437
1,436
1,425
1,381
1,435
1,442
1,441
1,457
1,342
1.416
1,680
1,647
1,641
1,676
1,644
1,037
1,654
1,645
1,602
1,594
1,621
1.610
1,635
1,607
1,604
1,645
1,723
1,708
1,715
1.733
1,725
1,698
1,689
1,717
1.723
1,660
1,657
1,707
1,698
1,704
1,594
1,626
1,680
1,663
1,697
1.709
1,700
1,688
1,698
1.704
1,705
1,615
1,690
1.699
1,703
1.723
1,592
1.712
1935
1934
Jan---- 7,762,513 7,131,158
Feb..-- 7,048,495 6,608.356
March _ 7,500,566 7,198,232
April... 7,382,224 6.978.419
May-.- 7,544,845 7.249,732
June_
7,056,116
July---7,116,251
Aug
7,309,575
Sept.
6,832,260
Oct....7.384,922
Nov...7,160,756
Dec-.
7,538,337
P. C.
Ch'ge
1933
1932
1931
1930
+8.9 6,480,897 7.011,736 7,435,782 8,021,749
+6.7 5,835.263 6,494,091 6.678,915 7.066,788
+4.2 6,182,281 6,771,684 7,370.687 7,580,335
+5.8 6,024,855 6,294,302 7.184,514 7,416,191
+4.1 6,532,686 6,219,554 7,180,210 7,494,807
___ 6,809,440 6,130,077 7,070,729 7,239,697
7,058,600 6,112,175 7.286,576 7,363,730
__
7.218,678 6,310,667 7,166.086 7,391,196
____ 6,931,652 6.317,733 7.099,421 7,337,106
____ 7,094,412 6,633,865 7,331,380 7,718,787
____ 6,831,573 6,507,804 6,971,644 7,270,112
7,009.164 6,638,424 7,288,025 7,566,601
Tota1_
85,564.124 ____ 80,009,501 77,442,112 86,063,969 89,467,099
Note-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
National Fertilizer Association Reports Slight Decline
in Wholesale Commodity Prices During Week
Ended July 13
The wholesale commodity price level, according to the
index of the the National Fertilizer Association, was slightly
lower in the week ended July 13. This index declined to
77.4% of the 1926-1928 average, from 77.5 in the preceding
week. A month ago the index was 77.8 and a year ago 72.0.
From an announcement issued July 15 by the Association
we also quote:
100.0
Foods
81.5
Fuel
69.3
Grains, feeds and livestock
83.3
Textiles
68.5
Miscellaneous commodities.. 69.3
Automobiles
88.0
Building materials
78.1
Metals
81.5
House-furnishing goods
84.8
Fats and oils
66.3
Chemicals and drugs
94.6
Fertilizer materials
63.6
Mixed fertilizers
77.7
Agricultural implements
101.6
All groups combined
Pre
ceding
Week
Month
Ago
Year
Ago
81.6
69.3
84.0
68.5
69.1
88.0
78.1
81.4
84.8
65.6
94.6
64.3
77.7
101.6
82.4
69.7
84.0
67.3
69.3
88.0
78.1
82.8
84.8
07.9
94.4
65.0
77.7
101.6
69.7
69.8
60.9
71.0
69.6
90.8
80.8
82.2
86.2
51.6
93.2
66.3
76.9
98.8
77.5
77.8
72.0
77.4
Sales of Electricity to Ultimate Consumers Rose 3.9%
During May-Total Revenues Gained 3.6%
The following statistics covering 100% of the electric
light and power industry, were released on July 13 by the
Edison Electric Institute:
SOURCE AND DISPOSAL OF ENERGY AND SALES TO ULTIMATE
CONSUMERS
1935
Kilowatt-hours Generated x(Net)By fuel
By water power
Total kilowatt-hours generated
Additions to SupplyEnergy purchased from other sources
Net international imports
Total
Deductions from SupplyEnergy used in electric railway departments_
Energy used in electric dr other departments-
1934
%
4,000,670,000 4,201,929,000 -4.8
3,457,810,000 2,876,864,000 +20.2
7,458,480,000 7,078,793,000
+5.4
177,693,000
64.575,000
254,255.000 -30.1
79,856,000 -19.1
242,268,000
334,111,000 --27.5
44,530,000
111,373,000
50,512,000 -11.8
112,660,000 -1.1
Total
155,903,000
163,172,000 -4.5
Total energy for distribution
7,544,845,000 7,249,732,000 +4.1
Energy lost in transmission, distribution,&c 1.400,065,000 1,333,079,000 +5.0
Kilowatt-hours sold to ultimate consumers
6,144,780,000 5.916,653,000 +3.9
Sales to Ultimate Consumers (kwh.)Domestic service
1,060,451,000
966,522,000 +9.7
Commercial Small light and power (retail)_ 1,038.782.000 1,034,710,000 +6.2
Large light and power (wholesale)
3,345,688,000 3,293.370,000 +1.6
Municipal street lighting
174,998,000
167,927,000 +4.2
Railroads-Street and interurban
353,863,000
349,199,000 +1.3
Electrified steam
65,792,000
57,298,000 +14.8
Municipal and miscellaneous
45,206,000
47,627,000 -5.1
Total sales to ultimate consumers
6,144,780,000 5,916,653,000 +3.9
tlAl on, Inn
e1e17 015 Ann
.1_, a
12 Months Ended May 31
1935
Kilowatt-hours Generated a (Net)
By fuel
By water power
DATA FOR RECENT MONTHS (THOUSANDS OF KWH.)
Month
of
23.2
16.0
12.8
10.1
8.5
6.7
6.6
8.2
4.0
3.8
1.0
.4
.4
.3
Latest
Week
July 15
1935
Group
Month of May
7.1
8.7
6.3
9.2
8.6
25.0
x0.4
1935
Per Cent
Each Group
Bears to the
Total Index
Week Ended
Week Ended
June 29 1935 June 22 1935
Week Ended
July 6 1935
I Decrease.
Week of-
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100)
1934
'
7,
,.
53,301,602,000 51,518,260,000
33,433,175,000 31,199,434,000
+3.5
+7.2
Total kilowatt-hours generated
86,734.777,000 82,717,694,000
Purchased energy (net)
2,876,524,000 3,366,852,000
Energy used in electric ry. & other depts... 1,974,431,000 1,965.130,000
Total energy for distribution
87,636,870.000 84.119,416,000
Energy lost in transmission. distribution, &IL 14,972,907,000
Kilowatt-hours sold to ultimate consumers 72,663,063,000 14,635,996,000
Total revenue from ultimate consumers.... $1,870,323,500 69,483,420,000
31,801,656,100
Important FactorsPercent of energy generated by waterpower38.5%
37.7%
Average pounds of coal per kilowatt-hour...
1.44
1.45
Domestic Service (Residential Use)
Ayer,ann. consumption per customer (kwh.)
646
612
Average revenue per kilowatt-hour
5.22c.
5.41c.
Average monthly bill per domestic customer_
82.81
$2.76
444'P
June*
337
Three of the 14 component groups included in the index declined during
the week and three advanced. The principal decline, and the one which
was largely responsible for the drop in the composite index, was in the
grains, feeds and livestock group. The decline in this group occurred in
spite of the fact that corn price; moved upward and hog prices during the
week reached the highest mark since October 1930. Grains, other than
corn, as well as hay, feedstuffs, cattle, and lambs moved downward.
Thirteen items included in this group declined last week, while advances
were registered by five. A slight drop took place in the foods
group,
although five items in this group advanced and only three declined.
The
decline in the fertilizer materials index was caused primarily by a drop
in
net prices of potash salts. The largest advance in group indexes occurred
in the fats and oils group; advances and declines of individual quotations
were equal in number but the more heavily weighted items, lard,
butter.
and cottonseed oil, moved upward. Increased prices for lead and
tin resulted in a slight rise in the metals group index.
Prices of 34 commodities included in the composite index declined
in
price last week, while 26 advanced; in the preceding week there were 20
declines and 20 advances; in the second preceding week there were
27
declines and 18 advances.
bo'cbwwaom
Volume 141
Basic information as of May 31
1935
Generating capacity (kw.)-Steam
Waterpower
Internal combustion
1934
23,740,400 23,980,900
8,949,900 9,001,200
500,800
470.100
Total generating capacity in kilowatts
33,191,100 33,452,200
Number of CustomersFarms in Eastern area (included with domestic)
Farms in Western area (included with commercial-large).. (538.786) (510,142)
(212,134) (208,594)
Domestic service
20,653,652 20,196,207
Commercial-Small light and power
3.736,936 3,697,715
Large light and power
499,583
524.945
Other ultimate consumers
71,102
67,606
Total ultimate consumers
24.961.273 24.486.473
x As reported by the U. S. Geological
not considered electric light and power Survey with deductions for certain plants
enterprises.
Financial ChrGnicle
338
Valuation of Construction Contracts Awarded in June
The construction industry in June turned in a higher consince
tract volume than was shown for any other month
March 1934 when activity under the Public Works Administo
tration program was tapering from its peak. According
total
figures from F. W. Dodge Corp., June contracts for$148,construction in the 37 eastern States amounted to
the
005,200. This represented a gain of almost 18% overJune
for
volume
the
over
17%
almost
and
May
for
total
of last year.
to S49,832.600:
Of the June 1935 total, residential building amounted
May and almost twice
this was more than 10% greater than the total for
building
residential
June
the volume reported in June 1934. In fact, the
since October 1931.
total was greater than was shown for any single month
while
Non-residential building awards in June amounted to 359,035,800, and
highways, bridges,
contracts for heavy engineering projects-chiefly
the like-totaled 339,136.800 in June.
June 1934 totals
Residential building improvement as compared with
east of the Rockies. The
was reported in each of the 13 Dodge districts
Atlantic States, the Chicago
largest increases occurred in the Middle
Louis territory and the ICansas
territory, the Central Northwest, the St.
contracts reported by F. W.
City district. District totals for residential
Dodge Corp. follow:
June 1935
New England
Metropolitan New York
Upstate New York
Middle Atlantic
Pittsburgh territory
Southeast
Chicago territory
Central Northwest
Southern Michigan
St. Louis territory
Kansas City territory
New Orleans territory
Texas
Total 37 States
June 1934
$3,566,400
10,122.800
889,500
7,277,300
7,204,400
4,308,500
6,410,900
1,495,200
2,206,000
2,121,600
1,866,100
530,600
1,833,300
$2,669,400
9,740,400
616,000
3.522,700
1,888,600
2,172,400
1,630,500
450,800
1,122,500
888,000
468,500
491,700
918.700
$49,832,600
$26,580,200
first slat months of 1935
Residential building awards let during the
amounted to 3208.173.300 as against
in the 37 eastern States as a whole
of 1934. Besides
months
six
corresponding
only $131,762,900 for the
over the half-year total for last year
recording an advance of almost 58%
during the initial half of 1935 was greater
the volume of residential awards
period since the total for the first
than has been shown for any similar
half of 1931.
STATES EAST OF' THE
CONSTRUCTION CONTRACTS AWARDED-37
ROCKY MOUNTAINS
Month of June1935-Residential building
Non-residential building
Public works and utilities
Total construction
1934-Residential building
Non-residential building
Public works and utilities
Total construction
First Six Months1935-Realdenilal building
Non-residential building
Public works and utilities
Total construction
1934-Residential building
Non-residential building
Pubis works and utilities
Total construction
New Floor
No. of
Projects
Space (Sq. FL)
6.166
3,059
1,225
13,702,100
9,075,100
101.600
$49,832,600
59,035,800
39,136,800
10,450
22.878,800
148,005,200
3,730
3,058
1,576
6,601,300
7,128,700
234,500
26,565,200
43,081,100
57,409,100
8,364
13,964,500
127,055,400
29,128
17,599
6,312
57,631,000
43,541,300
732,800
208,173,600
258,844,200
229,489,000
53,039
101,905,100
$696,506,800
18,181
18,036
10.567
33,226.500
40,664,800
1.547,900
$131,747,900
278,377,500
443,976,500
46.784
75,439,200
$854,101,900
Valuation
REPORTED-37 STATES EAST OF THE
NEW CONTEMPLATED WORK
ROCKY MOUNTAINS
1934
1933
No. of
Projects
Month of JuneResidential building
Non-residential building
Public works and
No. of
Valuation ' Projects
Valuation
7,401
3,948
1,529
5107,301,700
128,513,400
185,833,000
4,346
3,736
1,438
$38,472,30o
128,602,200
146.807,800
12,878
$421,648,100
9,520
$313,882,300
First Six Months35,878
Residential building
23,067
Non-reeldential building
Public works and utilities-- 9,532
$802,166,400
715,543,900
1,313,035,600
22,056
24,086
12,272
$337,816,200
715,711,000
1,142,731,100
68,477
82,630,745,900
58,414
82,196,258,300
Total construction
Total construction
-
During First
Sales of Life Insurance in United States as First Half
Six Months of 1935 at Same Volume
of 1934-Canadian Sales Lower in June
the Life InAt the close of the first six months of 1935, Conn., ansurance Sales Research Bureau of Hartford,
ordinary life
nounced yesterday (July 19), the sales of
sold
insurance in the United States just equaled the volume
further stated:
in the same period of 1934. The Bureau
day the American people
The volume sold indicates that in every working
protection. This does not
Purchased over 325.000.000 of new insurance
A review of the
annuities.
include the enormous sums being invested in
The year began with large
first six months reveals a downward trend.
and April there was a slight
Increases in January and February. In March months,making the volume
two
falling off which increased during the past
same period last year. Although the
for the six months the same att for the
the same, three sections revolume for the country as a whole remained
section and the three states on the
corded increases. The South Atlantic
Middle Atlantic states, New York,
Pacific Coast showed a 4% gain. The
July 20 1935
New Jersey and Penssylvania averaged an increase of 1% over the first
six months of 1934.
As to Candian sales of life insurance, the Research Bureau
said:
Sales of ordinary life insurance in the Dominion of Canada for the month
of June 1955 were 99% of the same month a year ago. Four provinces and
the Colony of Newfoundland showed increased production over June 1934.
For the first six months of 1935, and for the last 12 months, the volume
of sales was97% of the same periods last year.
A. F. of L. Finds Business in Strong Position-Says
Apprehension Over Reform Legislation Is Disappearing
As a result of the decision of the United States Supreme
Court of last February abolishing the codes under the
National Recovery Administration, many businesses are fostering the viewpoint that "Acts of Congress do not become
law until they have the Supreme Court's stamp of approval,"
the American Federation of Labor said in its monthly business survey, published on July 12. The analysis said that
business is "fundamentally in a far stronger position than
it was a year ago," and added that it also "is losing much
of its apprehension over the so-called reform legislation."
Further quotations from the survey follow, as given in a
Washington dispatch of July 12 to the New- York "Herald
Tribune":
This statement said "the weakness of voluntary maintenance of wage and
hour provisions has been shown by widespread wage reductions and lengthening of hours," and it found also "a series of price declines and a return to
unfair competitive practices."
"Meanwhile,"'the statement continued, "business is fundamentally in a
far stronger position than it was a year ago and most observers expect
gains by next fall which will lift production higher than at any time
since 1929.
"Much of the heavy debt burden which oppressed business in 1932 has
been liquidated. Long-term debts of industrial firms and non-farm real
estate mortgages have been reduced 15% since their peak. Farm mortgages
are down 21%, family debts to small loan agencies 43%. The building
industry is at last showing signs of life, with home building this year 84%
above last year."
Business Conditions in Boston Federal Reserve District-Further Recession Noted in Activity from
April to May
The Federal Reserve Bank of Boston states that "during
May there was a further recession in the level of general
business activity in New England from that of April, when
allowances for customary seasonal changes had been made."
In its "Monthly Review" of July 1 the Bank also noted:
Although there was a considerable increase in raw wool consumption.
a further decrease occurred in cotton consumption, and boot and shoe
production declined. . . .
Between April and May there was a decrease of 3.8% in the number of
wage earners employed in manufacturing establishments in Massachusetts,
according to the Department of Labor and Industries, accompanied by a
decline of 4.4% in aggregate weekly payrolls, and a decline of 0.7% in
average weekly earnings per worker. These decreases were slightly
larger than the average declines in May. as compared with April. over a
10-year period, 1925-1934, inclusive, which amounted to 1.2% in employment and 1.0% in amount of aggregate payrolls. The principal decreases
were in the boot and shoe and the cotton goods industries.
Production of boots and shoes in New England is estimated to have
decreased approximately 11% between April and May, and on this basis
the volume of production during the first five months of the current Year
was about 1% less than lathe corresponding period a year ago.
The sales volume of 925 retail concerns in 78 cities and towns in Massachusetts during May amounted to $20,981,490 as compared with $21,235.874 in May 1934. In the five major classifications increases were reported,
while in the other six groups decreases were recorded. The groups which
reported gains were food, furniture, restaurants, and eating places, lumber
and hardware. Nearly one-half of the total number of concerns reported a
decline in sales volume between May 1934 and May 1935, 45% reported a
gain and 6% reported no change.
Business Conditions in Cleveland Federal Reserve
District-Activity Continued Slight Recess During
Late May and First Three Weeks of June
"A further slight decline in the rate of business activity
occurred in the Fourth (Cleveland) District in late May and
the first three- weeks of June," according to the Federal
Reserve Bank of Cleveland. "To a degree this was seasonal
as the summer months approached," the Bank said, "but
in several lines it was more than could be accounted for in
this way." The Bank,in its "Monthly Business Review" of
June 29, further stated:
Despite the contraction business sentiment in the latter half of June
seemed better than it was a month earlier. A temporary feeling of uncertainty followed the Supreme Court's National Recovery Administration
decision, particularly as it affected price, wage and hour agreements, but,
judging by reports, this proved to be of relatively short duration and little
change has developed along these lines up to the present time
Employment in May was down more than seasonally from April; there
was a rise in applications for relief in this section and an increase in the
number of new applications received by employment services in the first
half of June. Wage rates have been maintained, generally, but the number
of hours worked has been reduced at many plants in recent weeks. . . .
In the industrial field automobile production in the third week of June
was holding up quite well. Weekly production figures pointed to a larger
June total than since 1929, but assembly plants were working down inventories of parts and materials and were specifying for only limited shipments
from Fourth District plants. Many parts plants curtailed operations in
June; plate glass demand was down quite sharply: industrial paint sales
were reduced and steel mill activity dropped to about 36% of capacity.
A comparison of current steel mill operations with last year when schedules
were being buoyed up by expected price increases (which failed to materi-
Volume 141
Financial Chronicle
Mize) is unfavorable, but for the first five months of the year a gain'of 3%
in steel production was shown from 1934.
Department store sales have been adversely affected by weather conditions and the dollar value of May sales in the Fourth District was 6.7%
below May 1934. The decline from April was seasonal, but sales in the
first five months of 1935 were only slightly larger than in the same period
of the preceding year
Agricultural conditions generally are much better than in 1934 or 1933
although the season is unusually late. Recent rains have delayed work in
many sections, but early-sown grains, bay and pastures have been materially
benefited.
Changes in Cost of Living November 1934 to March 1935
-Increase of 1.8% During Period Reported by
United States Department of Labor
The cost of living in the larger cities of the United States
increased 1.8% in the four-month period from November
1934 to March 1935, according to the index of the Bureau of
Labor Statistics of the U.S. Department of Labor, Secretary
Perkins announced June 20. The Bureau's index of the
cost of goods purchased by the families of wage earners and
and lower-salaried workers for March 1935 was 140.3, based
on costs in 1913 as 100, while for November 1934, the index
was 137.8. The increase was caused by advances in the
cost of all groups of items with the exception of rent, Miss
Perkins noted. 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
Perkins continued:
Increases in the total cost of goods purchased by wage-earners and low.ersalaried workers are shown in all cities except Birmingham. Portland. Me.,
and San Francisco. In all three cities the decrease was very slight.
Food, which rose by 5.9% on the average in the large cities of the United
States, showed more substantial increases than any other group of commodities. Food costs rose in each of the 32 cities with the exception of
Portland. Me., increasing as much as 13.5% in Cincinnati, and over 11%
in Chicago and Indianapolis.
Clothing costs for the 32 cities combined showed a slight increase. Definite
advances were shown in nine of the 32 cities. In Cincinnati and Cleveland,
substantial increases were indicated. In connection with this rise and the
large rise in food costs in these two Ohio cities, it should be remembered that
the Ohio sales tax became effective during the period. Small decreases
occurred in clothing costs in most cities. The greatest decline shown was
in Washington, D. C., where clothing prices fell by 1.7%.
Average rental costs for the 32 cities combined declined slightly, the
decrease being less than 0.2 of 1%. The change was very slight in most
cities, the greatest decline being 1.2% in San Francisco. Ten of the
32 cities showed increases, with Detroit showing by far the greatest rise,
3.3%. No other city showed as much as a 2% increase.
Sharp declines in fuel and light costs were shown for Atlanta and Baltimore, the first, because of a drop in gas prices, the second, because of a
drop in coal prices. By and large however, increases in these items in
certain cities were offset by declines in other cities, the net change for the
country as a whole being an advance of 0.3 of 1%.
On the average, the house furnishings and miscellaneous groups showed
slight increases. No very substantial changes were noted.
An announcement in the matter by the Department of
Labor said:
These index numbers were constructed by pricing the commodities and
services most important in the spending of wage-earners and lower-salaried
workers, as shown by a study made in 1918-19. A new study of family
expenditures is now under way which will provide weights reflecting presentday consumption more completely.
Pending this basic change in the consumption weights, plans for revision
of the indexes were undertaken at Secretary Perkins' request by the Committee on Government Statistics and Information Services sponsored by
the American Statistical Association and the Social Science Research Council, and were completed by the Bureau of Labor Statistics.
In accordance with this plan the Bureau has revised the method used in
calculating the index for a given city to allow the inclusion of prices of a
much larger number of foods than were used previously. and to take account
of the fact that in pricing a fixed bill of goods the proportion of the total
cost represented by a given group of items changes from time to time with
changes in the relative cost of goods of different types. The combined
index for the larger cities of the United States is based on the data for the
32 cities weighted according to the population of the Metropolitan areas
OF GOODS AND SERVICES PURCHASED BY WAGEEARNERS AND LOWER-SALARIED WORKERS
IN THE LARGER
CITIES OF THE UNITED STATES BY GROUPS OF
ITEMS.
All
Items
North Atlantic AreaBoston
Buffalo
New York
Philadelphia
Pittsburgh
Portland, Me
Scranton
South Atlantic AreaAtlanta
Baltimore
Jacksonville
Norfolk
Richmond
Savannah
Washington
North Central AreaChicago
Cinch:matt
Cleveland
Detroit
Indianapolis
Kansas City
Minneapolis
St. Louis
South Central AreaBirmingham
Houston
Memphis
Mobile
New Orleans
Western AreaDenver
Los Angeles
Portland. Oregon
San Francisco
Seattle
14-1-1-4 +++I+
substantial gains for the month and the year. Life insurance sales, off
fractionally as compared to April. were 16% under a year ago. Business
mortality remained at the lowest levels since 1920.
Marketings of all classes of live stock and all varieties of grain but kafir
declined for the month. Receipts of cattle and hogs and of all grains were
substantially below normal for the season and marketings of calves, sheep,
and horses and mules above.
Frequent and excessive rains in May and the first three weeks of June,
although resulting in improved prospects for all crops in the Tenth District
but corn and potatoes, delayed seeding operations, retarded trade and the
marketing of farm products, and caused serious flood losses. The general
moisture situation is now the best in four years with only a comparatively
small area in need of additional rains at present. Corn planting is four
weeks late with about half of the intended acreage in the principal producing
areas seeded by June 15 and the early sown corn weedy and badly washed.
The outlook for hay and oats is excellent, although harvesting and curing
of the first cutting of alfalfa has been difficult. Winter wheat, rye, and
barley on unabandoned acreage promise better yields than anticipated
earlier.
Table I following, shows, by cities, the percentage change
from November 1934 to March 1935 for the various groups
of items entering into the expenditures of wage-earners and
lower-salaried workers' families.
Table II shows the changes that have occurred for the
individual cities in the cost of each group of items and
of
items combined since the years 1923-25. An average all
of
these years is used as the base.
TABLE 1-PER CENT OF CHANGE FROM NOVEMBER
1934 TO MARCH
1935 IN THE COST
00VMOM0,
-.N
+++++1+ +++++++ ++++++++
Business Conditions in Kansas City Federal Reserve
District-Wholesale and Retail About Unchanged
from April to May
In its "Monthly Review" of July 1, the Kansas City
Federal Reserve Bank states that "trade at both wholesale
and retail in the Tenth (Kansas City) District was about
unchanged from April to May but was smaller than in May
1934, dollar sales of five representative wholesale lines combined declining 5.6% and of 32 department stores 3.1%."
The Bank further stated:
Reflecting improved building activity, retail sales of lumber registered
339
where retail price information is collected, and of adjacent metropolitan
areas where prices move in a similar fashion.
It is the intention of the Bureau of Labor Statistics to publish an
index
of changes in the cost of goods and services purchased by wage-earners
and
lower-salaried workers for July 15 1935. and quarterly thereafter.
Food
Clothing
Rent
Fuel
and
Light
House
Fur- Af'iscellashing laneous
Goods•
+4.1
+8.3
+4.2
+4.3
+5.7
-0.4
+5.0
-0.8
-1.1
+1.4
-1.5
+0.4
-1.4
-1.1
-0.6
-0.2
-0.6
-0.7
-0.6
-1.0
-0.5
a
-0.1
+0.9
+0.4
a
-0.4
-0.8
-0.6
+1.0
+1.5
+0.1
+1.2
-0.3
-0.2
-0.1
a
+0.9
-0.3
+0.2
b
+0.3
+6.9
+5.9
+3.4
+6.6
+5.5
+5.3
+6.7
-0.9
-0.5
-0.1
-0.4
-0.7
-0.5
-1.7
+0.4
-0.8
+0.8
-0.7
-0.6
-0.4
+0.5
-5.3
-5.4
+0.5
b
b
-1.1
-0.4
-0.2
+0.8
+1.2
-0.5
+2.1
+1.1
b
+0.2
a
-0.5
-0.2
+0.2
-0.9
-1.6
+11.2
+13.5
+9.1
+7.2
+11.2
+2.2
+6.6
+8.1
+1.7
+3.0
+2.6
-0.6
-0.8
b
-0.1
+0,2
+0.1
-0.2
-0.2
+3.3
a
-0.3
b
-0.4
+1.1
+2.3
+0.8
a
-0.3
+0.2
-0.4
+3.8
+0.2
+2.3
+2.9
-0.7
+0.1
+0.2
-0.4
+1.4
-0.1
-0.2
+1.3
+0.4
+1.4
-0.1
-0.3
a
+0.8
+4.0
+5.6
+6.4,
-1-7.2
-0.3
-0.1
+0.2
-0.3
-0.8
+1.1
+1.6
+0.3
-0.9
-1.1
-2.1
+0.6
+0.2
-0.5
+1.5
-1.3
+0.1
-1.4
-0.2
+1.6
-2.6
-0.3
-1.3
-0.5
-3.2
-1-8.2
+5.1
+3.3
+2.7
+6.3
+1.2
+0.2
a
-0.2
--0.3
-0.6
+0.2
+0.6
-1.2
-0.2
-1.5
a
+0.1
+0.4
-0.6
+1.7
+1.5
+1.3
+1.5
+0.2
+0.5
+0.3
+1.7
-1.0
+0.3
Average United States_ +1.8 +5.9 +0.2 -0.2 +0.3
+0.6 +0.1
a Change less than 0.05%. b No change.
TABLE II-INDEXES OF THE COST OF GOODS AND
SERVICES PUB.CHASED BY WAGE-EARNERS AND LOWER-SALARIED
WORKERS
IN THE LARGER CITIES OF THE UNITED STATES
BY GROUPS OF
ITEMS, MARCH 1935
(Average 1923-25=100)
'
All
Items
Food
Clothing
Rent
House
Fuel
Fur- MOWand fishing laneous
Light Goods
82.9
81.6
83.5
80.3
79.2
83.9
81.7
76.7
79.1
80.5
80.3
78.1
75.4
75.1
83.3
75.7
78.4
73.7
76.6
80.8
79.4
76.5
64.2
75.5
65.2
60.8
77.7
74.3
88.5
100.7
92.0
85.5
99.2
88.4
82.4
76.3
79.6
72.6
74.8
75.2
85.2
83.5
98.6
99.0
98.2
95.2
96.0
103.3
98.1
78.4
83.9
77.8
83.2
82.9
80.1
85.3
76.8
81.8
74.1
77.2
75.4
78.3
82.6
80.5
79.3
78.3
84.1
83.3
81.5
76.6
56.0
70.1
54.0
62.8
68.7
58.6
84.2
72.0
87.1
90.9
84.1
81.5
82.7
87.2
84.9
74.3
78.6
80.7
86.7
81.5
78.4
92.2
103.6
91.0
103.0
99.5
94.8
97.1
76.2
85.2
81.3
73.6
79.1
80.4
81.1
81.4
81.8
83.2
79.3
76.8
78.1
81.6
83.4
83.6
71.8
77.2
79.4
77.6
74.2
76.0
76.9
77.9
49.8
72.8
58.9
48.0
55.7
58.1
62.8
55.2
89.2
108.1
99.7
81.5
89.9
82.6
93.1
91.3
68.4
82.9
74.8
75.6
79.1
74.0
78.9
80.3
98.5
97.2
102.6
90.1
94.6
97.9
94.1
100.3
North Atlantic AreaBoston
Buffalo
New York
Philadelphia
Pittsburgh
Portland, Me
Scranton
South Atlantic AreaAtlantic
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
Los Angeles
Portland, Oregon
San Francisco
Seattle
73.0
79.4
79.5
82.2
82.0
68.7
77.9
78.7
75.7
83.4
82.3
73.4
83.5
86.6
75.6
44.0
63.6
53.2
63.0
71.1
81.3
74.1
86.6
71.9
78.7
74.1
80.3
83.1
81.0
81.4
91.5
95.6
95.5
100.1
90.9
81.2
75.3
78.8
84.2
84.5
85.7
74.6
77.6
82.2
89.0
764
80.9
77.4
85.5
81.9
55.3
44.3
51.0
70.0
60.7
78.2
103.1
82.4
82.2
91.5
82.5
73.0
77.4
78.0
82.7
97.6
91.3
97.6
98.1
95.7
Average United States_
80.5
79.6
77.9
62.6
89.6
76.0
96.8
A previous report of the Department of Labor covering the
changes in the cost of living from June to November 1934
was given in the "Chronicle" of Jan. 19 1935, page 371.
Business Condition in Mineapolis Federal Reserve
District-Only Seasonal Variations Noted from
April to May
Stating that the level of business in the Ninth(Minneapolis)
District "apparently remained in May at the level of April,
aside from seasonal variations," the Federal Reserve Bank
of Minneapolis,in its June 27"Monthly Review,"continued:
Some of our adjusted indexes rose and others fell, but
there was no
clearly defined trend. Increases occurred in the adjusted indexes
of department store sales, country lumber sales, and country
check clearings
Business in the district continued to run at higher levels than
a year ago,
according to latest available reports
July 20 1935
Financial Chronicle
340
volume during
Retail trade in all sections of the district was in larger larger in the
were
May than a year ago, and city department store sales
last year. As in earlier
first half of June than in the corresponding period
pronounced in the
months of the year, the increase In retail trade was more department store
rural sections of the district than in the larger cities. City
year, whereas rural
sales during May were only 2% larger than in May last
ahead of last year's
department store and general store sales were 9%
Dakota, and
South
Montana,
volume. The largest increases occurred in
central and northeastern Minnesota.
District as it existed on
The crop situation in the Ninth Federal Reserve
much better than last
June 1, for both winter and spring sown crops, was
than the average for
year on the same date, and in general, a little better
and hay lands still
the 10 years, 1923-1932. On the other hand, pastures
seasons despite the
showed the effect of the extreme drouth of previous
were still somewhat
almost normal rainfall so far this year, and on June 1
below the average condition for the 10 years, 1923-1932.
Reserve
Business Conditions in San Francisco Federal
District-Activity During May Below April
somewhat
Twelfth (San Francisco) District business was
Reserve Bank
less attive in May than in April, the FederalBank
said that
of San Francisco announced June 26. Theof trade
turned
measures
and
declined
output
l
"industria
part:
downward during the month." The Bank continued in
were sharply curtailed by
In the Pacific Northwest, industrial operations
in the Douglas fir area.
the strike of lumber mill workers and loggers
pine region, this Bank's
Despite an increased output of lumber in the west
for the district declined
seasonally adjusted index of lumber production
1923-1925 average.
the
of
between April and May from 53% to 39%
In other sections of the
Dependent industries were adversely affected.
decline in vegetable
District, after allowance for a more than seasonal
no material change in
canning which followed unusual activity in April,
Operations at
data.
available
by
output of other industries was indicated
were reduced moderately.
automobile assembly plants and tire factories
refined petroleum products
On the other hand, output of both crude oil and
month
was somewhat greater than in the preceding
shortage in rainfall in the
some
Excepting slight damage by frosts and
growth of crops during
Pacific Northwest, weather conditions favored the
considerathe revision as
May. Although current estimates are subject to
larger grain and field crops
the season progresses, the present outlook is for
to be unusually large,
than in 1934. The supply of citrus fruits is expected
deciduous fruits this year than
but forecasts indicate a smaller output of
during May, while there
last. Forage on livestock ranges was plentiful
most other recent years.
was a smaller number of animals grazing than in
change from raid-May to
Prices of farm products fluctuated with little net
earlier.
mid-June at levels considerably higher than a year
Cost of Living
Decrease of 0.2% in June from May in
of Wage-Earners Reported by National Industrial
Conference Board
outDeclines in the prices of foods, clothing, and coal
the cost of
weighed advances in rents and sundries, bringing June
from
living of industrial wage-earners down 0.2% in
May, according to the monthly survey of the National
Industrial Conference Board issued July 9. This was the
December
second monthly decline, after an extended rise from
of last
1934. June living costs averaged 4.9% above those
lower than
year, 13.6% higher than two years ago, but 16.6%
June 1929. The Conference Board's survey continued:
were 13% higher than
Food prices declined 1.1% from May to June but
and 20.6% lower than in
in June 1934, 27.9% higher than in June 1933,
June 1929.
from May to June.
Rents continued their upward trend, rising 0.4%
ago, 10.3% above that of June
They were 8.2% above the level of a year
1933, and 24% below that of June 1929.
than in May,3.6% lower than
Clothing prices were 0.7% lower in June
1933, and 24.1% lower than In
in June 1934, 20.9% higher than in June
June 1929.
decline of 0.2%. They were 2.7%
Coal prices showed a further seasonal
than two years ago, and 9.3% lower
lower than a year ago, but 5.5% higher
than in June 1929.
May to June, in consequence of an
The cost of sundries rose 0.2% from
prices of smoking material. The
increase in the index of carfare and higher
higher than a year ago, and 3.8%
cost of sundries ass whole averaged 0.2%
lower than in June 1929.
higher than two years ago, but 5.7%
in June 1935, was 120.9 cents as
The purchasing value of the dollar
cents in June 1933, 100.8 cents
compared with 120.06 cents in May 137.4
in June 1929, and 100 cents in 1923.
Item
Food *
Housing
Clothing
Men's
Women's
Fuel and light
Coal
Gas and electricity
Sundries
Relative
Importance
in
Family
Budget
33
20
12
5
Index Numbers of
the Cott of Living
1923=100
June
1935
May
1935
84.2
69.9
74.5
79.4
70.6
83.7
80.7
89.8 ,
92.7
85.1
69.6
75.0
78.9
71.1
83.9
80.9
89.8
92.5
Per Cent
Increase(
or Decrease (-)
from
May 1935 to
June 1935
-1.1
+0.4
-0.7
-0.6
-0.2
-0.2
-1--0-i
30
-0.2
82.9
82.7
100
items.
Weighted avge. of all
+0.2
120.6
120.9
pueene.sine v.ln. nf dollar
t 'Med States Bureau of Labor Statistics of
* Based on food price indexes of the
May 211935.
June 18 1935, and average o May 7 1935. and
and 29
Changes in Cost of Living in United States
l
Foreign Countries-Survey of National Industria
Conference Board
first quarter
The cost of living has declined from 1929 to the
the British Isles, France,
of 1935 to a smaller extent in
according
Norway and Sweden than in the United States,
lLoanges covering 30 countries
to a comparison of cost of living Industrial
Conference Board.
issued July 6 by the National
stated, living costs have declined
On the other hand, it is in
the United States in the Nethto a greater extent than
erlands, Switzerland, Germany, Belgium and Italy. The
report of the Conference Board continued:
Living costs in the United States are approximately 18% below those
of 1929. The greatest decline was reported from Lithuania where the
index is approximately 49% below that of 1929.
In only two of the 30 countries, Chile and Greece, have average living
costs increased above 1929.
In several instances the data cover only a single city, usually the capital
of the country. The composition and weighting of the various items
composing the index differ to a considerable extent in the various countries,
the Conference Board points out, but adds that with these qualifications
the comparison represents a rough measure of the relative change in the
cost of living in foreign countries for the past six years.
Countries in which the cost of living has dropped less than in the United
States are as follows:
P. C. Drop
P. C.Drop
from 1929
Countryfrom 1929
Country12
South
of
Africa
Union
2
Denmark
13
Irish Free State
6
Austria (Vienna)
14
Peru (Elms)
Czechoslovakia (Prague)__ _
15
.
No.
&
Ireland.._
Gt.
Britain
8
Sweden _
15
Egypt (Cairo
10
Norway
17
Japan (Tokyo)(excludes rent)
11
France (Paris)
In New Zealand the drop was the same as in the United States.
Countries in which the drop from the 1929 level was farther than in the
United States are as follows:
P. C. Drop
P.C. Drop
1rum 1929
Countryfrom 1929
CountryYugoslavia
(ex(Belgrade)
19
__
Netherlands (Amsterdam)_
26
eludes rent)
20
inland
31
Turkey (Istanbul)
21
Switzerland
34
India (Bombay)
21
Germany
37
Bulgaria
22
China (Peiping)
38
Poland (War,taw)
23
Belgium
49
Lithuania
24
Hungary (Budapest)
24
Italy
Further Seasonal Decline Noted in New York State
Factory Employment from Mid-May to Mid-JuneNew York State Labor Department also Reported
Decline in Payrolls
Employment in New York State factories declined 1.4%
from the middle of May to the middle of June, and total
payrolls dropped 1.2%. According to a statement issued
July 10 by Industrial Commissioned Elmer F. Andrews,
seasonal decreases in both employment and payrolls are
customary in June, but the decreases this June were somewhat greater than usual. The average changes, as shown
by the movement for the last 20 years, are decreases of 0.5%
in employment and 0.2% in payrolls, Mr. Andrews said,
continuing:
Further seasonal cuts in employment in the clothing industries and curtailment in some of the metals and machinery industries accounted for
most of the decline. Further gains in employment were noted among brick
plants and structural and architectural iron concerns.
The decreases during June lowered the Labor Department's index of
factory employment to 72.7 and the index of factory payrolls to 60.5.
Both indexes are computed with the average for the three years 1925-1927
taken as 100. Compared with the same neriod of last year, the number of
persons employed this June was 2.2% higher and the total amount of payrolls was 6.1% larger.
Reports from 1,609 representative factories located throughout the State
form the basis for this analysis. These factories report each month to the
New York State Labor Department's Division of Statistics and Information,
which is under the direction of Dr. E. B. Patton. During the middle week
of June they employed 339,277 persons on a total weekly payroll of
$8,121,756.
The percentage changes in employment from May to June in the last 21
years are given in the following table:
Decreases May to June
increases May to June
1915
1916
1918
1922
1928
1929
1933
+1.0%
+0.9%
+0.3%
+1.6%
+0.3%
+0.1%
+4.2%
1917
1919
1920
1921
1923
1924
1925
-1.2%
-0.3%
-0.4%
-2.0%
-0.9%
-2.8%
-0.7%
1926
-0.4%
1927
-0.3%
1930
-1.8%
1931
-2.9%
1932
-3.5%
1934
-1.4%
1935 (prelim.)....-1.4%
Metal Industries Report Further Decrease
The metal products and machinery industries reported a decrease of 1.8%
in employment in June, following a slight decline of 0.1% in May. All
divisions in this group, except structural and architectural iron and instruments and appliances, operated with somewhat curtailed forces. Further
large gains in forces were noted at some plants fabricating structural and
architectural iron and steel work, also in factories making metal window and
door frames. Fairly large increases in employment in several concerns making instruments and appliances caused most of the gain in this group.
Some machinery and electrical apparatus concerns reported good increases
or held the forces they had in May; curtailment in one large plant caused
the group to register a decline. Fairly large gains and losses in the
number employed were noted in iron and steel plants, with the group as a
whole reporting a decrease of 1%. Further cuts in the forces of a few
large factories making automobiles and automobile parts caused most of
the decline of 7%; many of these factories maintained employment at the
same level as in May or reported slight gains. Railway repair shops
reported slight changes in employment except for a cut in the force of one
large shop. Fairly large gains in employment in several railway equipment shops were somewhat offset by the partial closing of one concern
and by decreases in the forces at others. Brass, copper and aluminum
plants reported slight changes in employment, with the group reporting a
small decrease.
Seasonal Curtailment Continues in Clothing Industry
The usual seasonal dulness continued in the clothing industries in June.
Many manufacturers of women's dresses, coats and suits were closed down.
Some coat manufacturers took on a few workers, in preparation for the fall
season, beginning in July. Seasonal slackness was also apparent in most
men's and boys' clothing and furnishings shape. Most makers of men's
shirts and collars reported cuts in forces, although several large firms kept
operations at the fairly high level of the last two months. Almost all
millinery and women's underwear concerns reported further cuts in forces.
Laundries and dry cleaning plants held the slight increases reported in
May and in some cases took on a few workers.
Volume 141
Financial Chronicle
Slight Decrease in Employment in Textile Industries
The textile industries reported a decrease of 0.8% in employment in
June, following a 1.9% drop in May. A further cut in the force in a large
cotton goods mill caused most of the decrease of over 5% in that group of
manufacturers; some mills in the group were operating with as large forces
as at any time this year. Fairly large cuts in employment in several mills
caused a decline in the miscellaneous textiles group. Partial closing of
two broad silk mills mused a drop in the silk and silk goods division.
Woolen and worsted mills reported slight changes in employment. Fairly
large increases and decreases in employment were reported among the knit
goods mills; gains in a few sweater, knit goods and knit underwear mills
resulted in a net increase of almost 1% in that group.
Seasonal Gains and Losses in Other Industry Growps
The food and tobacco industries reported an increase of 2.7% in forces.
Large seasonal gains in employment and payrolls in fruit and vegetable
canneries accounted for a good part of the increase. Recovery from strike
conditions earlier in the year caused most of the 10% gain in employment
In the baked goods division. A downward tendency was apparent in most
candy factories, while almost all beverage plants reported further seasonal
gains in both employment and payrolls.
The chemicals, oils and paints industries reported a gain of 1% in employment. All divisions of the group except drugs and chemicals reported
net increases. Shoe factories reported large cuts in employment, and in a
few instances fairly large gains in forces, with the group registering a
slight loss. Most miscellaneous leather goods manufacturers reported slight
curtailment, while canvas goods and awning manufacturers continued to be
busy. Some manufacturers of leather gloves were starting work 'on fall orders
and therefore added workers to their payrolls.
Employment and Payrolls Lower in New York City
Employment in New York City factories declined 2.7% and payrolls
dropped 2.3% from May to June. Seasonal curtailment in the clothing
industries caused most of the decrease. All divisions of the clothing group
except laundering, cleaning and dyeing plants reported cuts in forces. The
metals and machinery industries reported a decrease of 1.4% in the number
employed. Slight net losses in employment at brass, copper and aluminum
plants, sheet metal and hardware and madiinery and electrical apparatus
concerns offset small gains in the forces of instruments and appliances,
structural and architectural iron plants and railway repair shops.
Among the textile industries, silk and silk goods and miscellaneous textile concerns reported slight cuts in forces. All divisions of the chemicals,
oils and paints group and of the stone, clay and glass industries, except
brick, tile and pottery, reported net gains in employment. Manufacturing
furriers in most cases took on a few workers. Most shoe factories curtailed
their forces and miscellaneous leather goods concerns reported a slight loss
In employment. In the foods and tobacco group, gains in the forces of
beverage plants and bakeries offset losses in candy factories.
More Employed in Some Cities
Threc of the up-State industrial centers reported more factory workers
employed in June and three reported fewer. Buffalo, Albany-SchenectadyTroy and Utica showed decreases in employment ranging from 1 to 3%,
accompanied by payroll cuts of from 3 to 5%. In each of these cities the
metal industries contributed to the decline, although in Utica the textile
mills laid off about as many workers as the metal plants. In Syracuse and
Binghamton small increases in employment and payrolls were reported in
almost all industries, while in Rochester the men's clothing factories reported
sharp increases in payroll compared to the relatively low amounts reported
in May.
The percentage changes from May to June in employment and payrolls by
districts are given below:
May to June 1935
City
Albany-Schenectady-TroY
Binghamton
Buffalo ________
Rochester
Syracuse
'Utica-----New York City
Employment
Payrolls
+0.5
-3.3
+1.1
+0.7
-1.3
-2.7
-5.3
+2.2
-3.2
+5.5
+1.3
-4.8
-2.3
Employment and Wages in Pennsylvania Anthracite
Collieries
The number of workers on the rolls of Pennsylvania
anthracite companies increased 6% and wage disbursements
nearly 33% from the middle of May to the middle of June,
according to indexes compiled by the Federal Reserve Bank
of Philadelphia from reports to the Anthracite Institute by
32 companies employing some 78,900 workers whose earnings
amounted to approximately $2,665,000 a week. In an
announcement issued by the Philadelphia Reserve Bank
it was also stated:
Employee-hours actually worked In June in the collieries of 26 companies showed a gain of 34%, following a small decline the month before.
These marked increases reflect increased productive activity as indicated
by the volume of coal mined since the middle of May.
The index of employment advanced from 52.4% of the 1923-25 average
In May to 55.6 In June and that of payrolls rose from 41.8 to 55.5 in the
same period. Compared with a year ago, the employment index showed
a decline of about 1%, while that of wage payments registered an increase
of 24%. Detailed comparisons follow:
Prepared by the Department of Researchl and Statistics of Federal Reserve Bank
Of Philadelphia 1923-25 Average equal 100
Employment
1934
1935
1932
1933
1934
1935
May
June
July
August
September
October
November
December
74.2
89.3
71.7
88.1
85.1
51.5
43.2
47.8
54.4
62.1
81.0
80.8
51.1
57.2
53.1
50.3
42.0
38.5
42.7
46.4
55.2
55 3
84.4
53.0
62.3
81.4
65.7
56.8
62.0
56.0
52.2
48.2
55.4
58.9
59.0
59.8
61 1
82.7
50.0
51.5
52.4
55.6
51.5
48.0
51.3
60.4
48.6
31.4
29.0
34.6
39.4
511.0
42.7
47.1
•
9,616 CIO. Clo
cotwcoc4ono.rawmaco
49.1
53,9
32.7
49.0
41.6
55.5
Average
60.8
50.4
57.9
January
1
1
February
March
April
0.1.,t• WA 03
1933
4.1. CI .11? 4.1 {4kJ 14 CO 0.1,
03
-.1,..-tocolg000..-0-4a.
ia:-ObOabbioiai4o:46
Payrolls
1932
45.0
35.4
46.7
341
Crop Report of Bank of Montreal-Hot Weather
Beneficial to Crops in Prairie Provinces of Canada
"Crops in the Prairie Provinces of Canada have benefited
by the hot weather which has prevailed and in general
moisture conditions are satisfactory, exceptions being in
southern Alberta and western Saskatchewan, where grain is
-adversely affected by drought," according to the weekly
crop report of the Bank of Montreal, issued July 18. "In
scattered areas there has been some damage from hail and
reports indicate that rust continues to develop in southern
Manitoba and southeastern Saskatchewan." The report
continued:
In Quebec, the growth of all crops continues to be satisfactory and an
average harvest is anticipated. In Ontario crop conditions generally are
satisfactory, although excessive precipitation has caused some lodging of
grain and hay. Cutting of Fall wheat will begin next week. In the
Maritime Provinces the weather continues favorable to crop growth. In
British Columbia, warm weather following heavy rains has promoted the
growth of all crops and improved the outlook.
Sugar Consumption by 14 European Countries Increased During Period from September 1934 Through
May 1935
Consumption of sugar in the 14 principal European countries during the first nine months of the current crop year,
September 1934 through May 1935, totaled 5,524,387 long
tons, raw sugar value, as against 5,380,293 tons consumed
during the similar period last season, an increase of 144,094
tons, or 2.7%, according to European advices received by
Lamborn & Co. The firm on July 16 stated:
The 14 countries included in the survey are Austria, Belgium, Bulgaria,
Czechoslovakia, France, Germany, Holland, Hungary, Irsh Free State,
Italy, Poland, Spain, Sweden, and the United Kingdom.
Sugar stocks on hand for these countries on June 1 1935 approximated
3,427,000 tons as compared with 3,159.000 tons on the same date last year,
an increase of 268,000 tons or approximately 8.5%•
Sowings of sugar beets for these countries during the current season are
Placed at 3,486,600 acres as against 3,652,200 acres last season, a decrease
of 165,600 acres, equivalent to 4.5%. Last year's acreage yielded a beet
sugar crop of 6,405,000 long tons, raw sugar value.
in World Coffee Deliveries from July 1
1934 to June 30 1935-Smallest Since 1928-29 Crop
Year
World coffee deliveries to consumption during the crop
year July 1 1934 to June 30 1935 were the smallest since
the 1928-1929 season, amounting to 22,679,955 bags, according to the New York Coffee and Sugar Exchange, Inc., a
decrease of 1,772,505 bags, or 7.2% when compared with
deliveries during the 1933-1934 year, which totaled 24,452,460
bags. The Exchange on July 10 further announced:
Decrease Noted
Brazil's share aggregated 14,859,421 bags against 16,062,870 bags
during the previous season, while other countries totaled 7,820,534 bags
against 8,389,590 bags, showing the former off 7.5% while the latter are
6.8% behind last year.
United States deliveries for the year were 11,561,955 bags compared
with 12,092,460 bags during the previous period, a loss of 4.4%. United
States deliveries of Brazilians were off 10.2%, while deliveries of coffees
from countries "other than Brazil" increased 10.4%. Brazil's totaled
7,768,421 bags against 8,654,870 bags, while others were 3,793,534 bags
against 3,437,590 bags during the 1933-1934 year.
European areas reported distribution of 9,981,000 bags against 11,122,000
bags during the previous season, a drop of 10.2%. Brazilian deliveries fell
from 6,170,000 bags to 5,954,000 bags this season, a drop of 3.5%, while
deliveries of coffees from "other than Brazilian" sources were 4.027,000
bags this year against 4,952,000 bags a year ago, a decrease of 18.7%.
Brazilian deliveries to "other than United States or European points"
dropped from 1,238,000 bags to 1,137,000 bags this season, a decrease
of 8.2%.
Lumber Movement Slumps in Holiday Week
Due largely to the holiday and the usual mid-year shutdowns,lumber production during the week ended July 6 1935
was the lowest reported since the week ended Jan. 5, also
a holiday week; shipments and new business booked were
the lowest of the year to date. During the week shipments
were 5% above output; new business was I% in excess.
But total production gained 41% over that of the corresponding week of 1934; shipments were 51% heavier, and
new 'business was 63% heavier than during the 1934 week.
These comparisons are based upon renorts to the National
Lumber Manufacturers Association from regional associations covering the operations of 614 leading hardwood and
softwood mills. During th. week ended July 6 these produced 130,000,000 feet; shipped, 136,630,000 feet; booked
orders of 131,384,000 feet. Revised figures for the preceding week were: Mills, 633; production, 170,120,000 feet;
shipments, 177,284,000 feet; orders received, 168,638,000
feet. The reports further disclosed:
Of reporting softwood regions, Southern pine, West Coast and California
redwood reported orders above production during the week ended July 6.
Total softwood orders were 0.4% above production; hardwood orders, 9%
above hardwood output. Softwood shipments were 3% above production.
All regions reported orders and also shipments above those of corresponding week of 1934, softwood orders showing gain of 61%; hardwood orders,
gain of 90% over last year.
Identical softwood mills reported unfilled orders on July 6 as the
equivalent of 33 days' average production and stocks of 133 days' production, compared with 28 days' and 162 days' a year ago.
AU COMOTTILE FINANCING
Retail Financing
TI hole•ale
Financir g
Volzr,e
In Dollars
Year
and
Month
Total
Number
of Cars
Volume
in Dollars
Summary for 456 Identical Orgo nizalions a
1935• 896,059,710 159,094 $59,105,614
January
69,873,418
• 108,656,597 187,566
February
149,057,165 270,099 100,076,895
.
March
, 163,235,442 320,855 118,663,435
April_•
• 135,510,277 b312,186 113,601,251
May
Total(5 months). $652,519,191 1,249,800 $461,320,613
193436,533,359
36,577,358 109,997
•
January
47,623,890
62,551,490 132,485
.
February
72,520,725
195,196
104,597,190
March
91,849,963
122.967,488 244,537
April
• 125,529,739 273,320 103,794,935
May
Total(5 months) • $452,223,265 955,535 $352,322,872
New Cars Financed
Number
of Cars
68,464
82,570
120,103
140.478
127,201
Volume
in Dollars
$37,194,801
44,410,740
63,953,950
75,622.340
70,175,835
538,816 5291,357,666
35,691
54,455
86,880
110,988
125,354
19,841,711
30,223,621
47,838,975
61,458,602
69,801,775
413,368 $229,164,684
128,794
123.552
109,302
80,653
80,003
63,749
46,013
70,900,335
67,034,990
59.822,255
44,599,299
44,130,425
34,861,719
25.598.662
• $907,314,729 2,418,699 $893,174,917 1,045,434
Total (year)
1933 c86,926
• $58,973,704 194,552 $68,522,872
July
94,613
74.813,725
60,705,795 211,708
•
August
80,928
65,665,515
52,276.214 184.998
•
September
73,002
60,316,106
172.432
39,776,604
•
October
51.356
48,063,578
135,584
18,364,889
•
November
33,729
35,217,934
17.060,916 108,606
December
d
nizations
Orga
Identical
Summary for 282
193566.193
• $93,830,358 149,583 556,151,891
January
79,608
66.418,983
• 106,054,455 178,585
February
115,913
95,184,296
• 145,574,233 254,539
March
302,860 113,026,005 135,811
159,930,306
April_•
132,074,003 e293,693 107,820,587 122,663
May
1,177,260 $438,601,762 520,188
$637,463,355
Total(5 months)
193434,426
34,437,380
35,879,064 101,700
January
52.772
45,377,552
61,513.896 124,349
February
84,300
69,202,632
102,775,967 183,724
March
87,998,227 107.925
121,060,526 231.735
April
99,591,058 122,155
123,691,003 259,120
May
8336,608,849 401,578
900,628
$444,920,456
Total(5 months)
99,113,597 125,073
102.706,220 255,449
June
95.484,543 120,017
90,294,039 251,611
July
87,700,286 106,041
85,107,739 233,154
August
78,179
67,209,428
179,886
55,586,456
September
77,502
68,224,126
185,414
45,363,396
October
61,769
55,303,319
29.729,762 153,261
November.....
44.505
43,789,120
36,530,495 124,184
December
$890,238,563 2,283.587 5853,431,268 1.019,664
Total (year)
1933
35,546
31,280,101
92.083
30,133,915
January
32,609
29,188,663
87,512
27,514,654
February
38,329
33,546,689
101.456
27,706,336
March
55.571
45,337,026
40,840.508 132.088
April
75,025
58,192,788
168,328
55,005,590
May
$197,545,267 237,080
Total (5 months). 5181,201,003 581,467
84,358
85,514,154
56,937,616 185,286
June
84,282
65,152,510
57,886,453 182,244
July
91,617
71.186.944
198,911
59,613,121
August
78,379
62,538,790
51,127,428 173,770
September
70,669
57.502,969
162,140
38,962,531
October
49,719
43,889,055
17,703,226 126,855
November
32.467
33,124,069
100,457
16,572,650
December
5479.984.028 1.711.130 8596.453.758 728,571
Total (year)
$576,112,369
•
•
•
104.422,741
92,069,965
86,746,755
56,848,511
46,495,841
30,556,373
37.951,278
•
269,656
265,147
245,799
190.236
196,440
162,783
133.103
103,450,110
99,630.687
91,618,666
70,303,368
71,501,317
58,085,294
46,262,603
$44,696,167
48,860,024
42,166,003
37,940,369
27.077,214
18,486,989
$35,936,838
42.779,415
61,721,726
73,058,338
67,630,632
5281,126,949
19,189,736
29,290,038
46,427,928
59,772,079
67,991,000
$222,670,779
68,842,069
65.092,674
58,028,789
43,249,804
42,737,846
33,784,399
24.761,098
$559,167,458
18,327,630
16.842,415
19,463,540
28,225,885
37,475,257
$120,334,727
43,004,313
43,333,572
47,290,779
40.887,086
36,790,012
26,278,194
17.794,238
8375.712.921
3.453
3,702
5,153
5,602
5.523
$1,260,431
1.355,033
1,855,782
2,038,731
1.962,523
687,551
$181,490,447
23,433
$8,472,500
71,607
75,283
104,369
129,281
143,073
15,864,436
16,510.453
23,274,757
28,859,676
32,156,212
2,699
2,747
3,947
4,268
4,893
827.212
889.816
1,406,993
1,531,685
1.836,948
Total (5 months)
523,613
$116,665,534
18,554
30,679,003
30,805,120
30,153,258
24,452,047
26,011,360
22,103,212
19.652.395
4,987
4,869
4,592
3,526
4,012
3,268
3,198
June
July
August
September
October
November
December
8
Total (5 months)
1934January
February
March
April
May
$6,492,65
1,870,772
1,790,577
1,643,153
1,252,022
1,359,532
1,120,363
1,011,546
01
reported to
Monthly statistics on automobile financing, based on data
organizations, are presented
the Bureau of the Census by 456 identical
to December 1934 and
In the table below for ,anuary to May 1935, January
282 identical organizations
July to December 1933: we also show data for
1934 and 1933.
December
to
for January to May 1935 and January
Summary for 456 Identic at Organizations a
1935820,650,382
87,177
January
24,107,645
101,294
February
34,267,163
144,843
March
41,002,364
174,775
April_.
41,462,893
179.462
May
$16,540,619
comwow.
Automobile Financing During May 1935
A total of 312,186 automobiles were financed in May
on which $113,601,251 was advanced, compared with 320,855
on which $118,663,435 was advanced in April, the Department of Comm.erce reported on July 8.
Volume of wholesale financing in May was $135,510,277,
as compared with $163,235,442 in April.
Volume
in Dollars
..e,acaw24&
i,,CnVoo...O
feet and 5,569,000 feet.
Unclassified
Number
of Cars
1,288,608
1,372,992
1,267,934
1,052,633
870,099
797,666
7100717100.
01011.0011.0
Last week's production of 512 identical softwood mills was 117,852,000
feet, and a year ago it was 81,627,000 feet; shipments were, respectively,
124,021,000 feet and 83,177,000 feet; and orders received, 120,035,000
feet and 74,368,000 feet. In the case of hardwoods, 111 identical mills
reported production last week and a year ago 9,754,000 feet and 9,056,000
feet ; shipments, 12,141,000 feet and 6,963,000 feet, and orders, 10,562,000
Volume
in Dollars
•0101070171.7
inee.
Identical Mill Reports
Number
of Cars
70=1.070N.4
NoVIVOICOO
year ago.
Used Cars Financed
000.—.0WWW
0101010 011.71
Unfilled Orders and Stocks
Reports from 710 mills on July 6 1935 give unfilled orders of 827,622,000
feet and gross stocks of 3,726,821,000 feet. The 507 identical softwood
the
mills report unfilled orders as 733,729,000 feet on July 6 1935, or
equivalent of 33 days' average production, compared with 639,163,000 feet,
W
date
or the equivalent of 28 days' average production on similar
Retail Financing
Year
and
Month
Co1.1Volo
holiday
Forest products car loadings totaled 22,040 cars during the
during
week ended July 6 1935. This was 6,455 care below those loaded
week of
the preceding week; 9,667 cars above those of corresponding
1934, and 189 cars above those of similar week of 1933.
by 520
Lumber orders reported for the holiday week ended July 6 1935
production of
softwood mills totaled 120,786,000 feet, or 0.4% above the
were 124,441,000
the same mills. Shipments as reported for the same week
feet, or 3% above production. Production was 120,246,000 feet.
feet,
Reports from 113 hardwood mills give new business as 10,598,000
week were
or 9% above production. Shipments as reported for the same
feet.
9,754,000
was
12,189,000 feet, or 25% above production. Production
June
July
August
September
October
November
December
July 20 1935
Financial Chronicle
342
$1,260,431
1,355,033
1,855,782
2,038,731
1,962,523
Total (5 Months)
1934January
February
March
April
May
633,839
5149,002,313
23,433
58,472,500
64,575
68,830
95,477
119,542
132,072
14,420,432
15,197,698
21,367,713
26,694,463
29,763,110
2,699
2,747
3,947
4,268
4,893
827,212
889,816
1,406,993
1.531,685
1,836,948
Total (5 months)
480,496
$107,443,416
18,554
$6,492,654
125,389
126,275
122,521
98,181
103,900
88,224
76,481
28,400,756
28,801,292
28.028,344
22,707,602
24,126,748
20,398,557
18,016,476
4,987
4,869
4,592
3,526
4,012
3,268
3.198
1,870,772
1,790,577
1,643,153
1,252,022
1,359.532
1.120,383
1,011,546
5300,521.929
1,326,259
Total (year)
1933 c22,538,097
103,554
July
24,580,709
112,917
August
22,231,578
100,265
September
21,323,104
95,947
October
18,116,265
81,550
November
15,933,279
72,279
December
Summary for 282 Identic at Organizat Ions d
1935
518,954,622
79,937
January
22,284,535
93.275
February
31,606.788
133,473
March
37,928.936
161,447
April_ 5
38,227,432
165,507
May
June
July
August
September
October
November
December
Total (year)
1933
January
February
March
April
May
Total (5 months)
June
July
August
September
October
November
December
$277,723,191
47.006
516,540.619
54,234
52,796
60,625
73,267
89,260
12,173,577
11,725,419
13,335,403
16,106,512
19,428,060
2,303
2,107
2,502
3,250
4.043
778,894
620,829
747,746
1,004,629
1,289,471
330,182
$72,768,971
14,205
54,441,569
96,741
93,930
103,161
91,611
87.998
74,458
65,392
21,181,515
20,542,189
22,535,753
20,392,629
19,665,186
16,740,762
14,532,165
4,187
4,032
4,133
3,780
3,473
2,678
2,598
1,328,326
1,276,749
1,360,412
1,259,075
1.047,771
870,099
797,666
1,221,917
5208,359.170
512.381.667
943,473
39,086
a Of these organizations, 37 have discontinued automobile (Inane ng. b Of this
ears,
used
and 1.8% unclassified. c Data
number,40.7% were new ears, 57.5% were
prior to July not available. d Of these organizations, 24 have discontinued automobile financing. e Of this number, 41.8% were new ears, 56.3% used cars. and
1.9% unclassified. 4, Revised.
Total (year)
Supply of Food This Year to Exceed Average Domestic
Consumption, Bureau of Agricultural Economics
Estimates
This year's food supply will exceed average domestic
consumption during recent years, according to estimates
by the Bureau of Agricultural Economics, United States
Department of Agriculture. It will be somewhat less than
the average supply of the last five years, but will be about
5% more than domestic disappearance in 1934, and about
9% more than in 1933, said an announcement issued oune 21
by the Department of Agriculture, which continued:
The figures include prospective production plus the carryover at the
beginning of the 1935 crop season. There will be less meat and possibly
less of some other liverstock products available for consumption this year,
but there will be adequate supplies of other.foods to which dietary shifts
can be made.
Meats available for consumption thus far this year have been about
27% less than in the same period a year ago. The supply for the entire
year, Ills stated, is likely to be about 25% less than in 1934, and about 20%
less than the average of recent years.
Total milk production probably will be about the same as in 1934, says
the Bureau, or about 2% less than the recent five year average. The supply
e
for domestic
recent years,
_p_icsits
less than the average
.. of
ta
ew
typorvoebbly
of cer als may be 25%
requirements
carryover.
more than ample
Present indications of production of fruits and vegetables point to a
somewhat larger supply than during the last two years, and a supply slightly
larger than the recent five-year average. Should growers' early planting
Intentions be carried out and average yields are obtained, the supply of
vegetables for canning and manufacture will be the largest since 1930.
More than an average crop of potatoes is in prospect.
The Bureau has prepared estimates of the total prospective food supply
In terms of calories. Reductions this year compared with last are shown
for meats, poultry and eggs as a group:for milk and milk products for sugar,
and for fats and oils excluding butter. Increases are shown for cereals,
fruits and vegetables.
Since meats are relatively short, the principal decrease this year is in
the supply of protein foods, but this shortage can be offset by proteins
obtained from wheat, beans and other foods, says the Bureau. The large
Volume 141
Financial Chronicle
prospective crops of fruits and vegetables this year appear to provide adequately for mineral and vitamin requirements.
343
it had been in force since the early days of the domestic
petroleum industry. The tendency of oil to move about
underground mistakenly was accepted as an indication that
AAA Announces Adjustment Payments on Sugar Beets oil flows like water in great
subterranean rivers, he stated.
and Sugar Cane
This fundamental opinion was based upon
theory of
The Agricultural Adjustment Administration announced "finders are keepers," and that oil below to the
him who first
on July 12 that the final 1934 sugar beet adjustment program reduces it to possession, Mr. Boyd continued. Of course,
would be based on a rate of 75c. a ton, and that the first he pointed out, at common law the land owner can drill an
1935 payment would be 80c. a ton. The initial 1934 pay- unlimited number of wells for oil and gas upon his land the
ment was $1 a ton, making a total payment for last year of adjoining owner cannot complain if these wells are drilled
$1.75. The AAA stated that the aggregate 1935 payment near his boundary line.
will depend upon the prices which sugar beet producers
Under this rule of law, he said, the only way he can proreceive for their crop.
tect himself is to drill offset wells. If he does not, then the
The AAA also announced that the initial 1935 adjustment oil and gas under his land may be produced from the wells
payment to co-operating Louisiana sugar cane producers of his neighbor. Under the rule of capture,
property
would be 70e. a ton, and that the final 1934 sugar cane pay- owner has the lawful right to produce all of thethe
oil and gas
ment would be determined shortly. The announcement that will flow out of the wells on his land.
It is a property
added:
right, limited only by the physical possibility of the adjoinPayment of the final 1934 adjustment payment to co-operating sugar beet
ing land owner diminishing the oil and gas under his land by
producers will bring the total benefit payments to them on their 1984
the exercise of the same right of right.
crop to approximately $19,250,000, Administration officials estimate. The
"Unrestricted drilling and development have from the
first payment at the rate of $1 a ton on the estimated production of growers
beginning of the industry been the fundamental causes of
totaled approximately $11,000,000, most of which has now been paid. The
overproduction, of flooded markets, of uneconomic and
1934 payments are based on the actual production or on estimated prodestructive price structures, of waste and improvident uses,"
duction at average yields, whichever is higher. This feature provided crop
Mr. Boyd contended. "These factors are subversive to
income insurance for many farmers who suffered large drought losses in 1934.
conservation, because they effectually prohibit an inThe first 1935 adjustment payment of 80c. a ton on sugar beets will
amount to between $7,000,000 and $8,000,000. The first 1935 adjustment
dividual oil producer from limiting or stopping at will producpayment to the Louisiana sugar cane producers is estimated at approxition of his oil. Around this unrestricted law of capture have
mately $2,300,000. The Louisiana producers have received approximately
centered great conflicts within the industry and it has served
$3,000,000 to date on the first 1934 payment, which was at the rate of $1
as the basis of repeated demands for legislation restrictive in
a ton on their base production. A total of 69,943 sugar beet adjustment
character.
contracts and 9,095 Louisiana sugar cane adjustment contracts have been
"Some jurisdictions, like Texas, recognize also the rule
received in Washington.
of ownership of oil and gas in place which gives to the
Both the final 1934 and first 1935 adjustment payments are payable to
lessee a determinable fee therein. Recently an important
producers as soon as compliance reports have been made and auditing of
decision by the Supreme Court of Texas was handed down
them has been completed. Field work on the reports is already under way.
The determination of the initial payments is made in accordance with the
in Brown vs. Humble. Interesting developments may be
terms of the adjustment contracts for sugar beets and sugar cane, which
expected to result from this decision. Other speakers
provided that the initial 1935 payments should be at least 50c. a ton. The
undoubtedly will discuss this case but I wish, nevertheless,
initial beet payments will be based upon the estimated production of the
to point out that the Court said that both the rule of capture
planted acreage of the co-operating producer. The total payment will be
and the rule of oil and gas in place are subject to regulation
based on the actual production. The initial sugar cane payment will be
under the police power of the State.
mado on the base production of co-operating growers, or upon their estimated
"From the opinion of the Court of Civil Appeals, the
production, according to terms of the contract. The total sugar cane paySupreme Court inserted, with approval, in its opinion the
ment will be based upon the production allotment of each producer.
quotation: 'It is impossible to measure the exact quantity
The 1934 adjustment payments on beets were based upon a computed parity
of oil and gas beneath each tract of land. It is equally
price of $6.79 a ton, and an estimated average price received for beets of
$5.04 a ton. The parity price was computed by multiplying the average
impossible to fix a standard which will give exact justice to
price of sugar beets in the base period ($5.52) by the average index number
all land owners. Some land owners wish to produce oil
for 1934 of prices of commodities bought by farmers, which was 123.
and gas to the limit, while others desire to keep their oil and
gas in the ground and develop it in less quantities. Hence
Rayon Shipments During First Half of 1936 Increase arises the conflict of interests. It is now, however, recognized that when an oil field has been fairly tested and
16% as Compared with Same Period of 1934
Shipments of rayon to domestic mills in the first half of developed, experts can determine approximately the amount
1935 gained 16% over those for the corresponding period of oil and gas in place in a common pool, and caii equitably
of 1934, according to the current issue of the "Textile Orga- determine the amount of oil and gas recoverable by the owner
non," published by the Tubize Chatillon Co. Deliveries held of each tract of land under certain operating conditions.'
"Conflict between operations under the law of capture'
remarkably stable through June, the paper states, and "the
outlook for rayon yarn consumption is good over the next and orderly economic procedure has had such dire economic
few months." From an announcement in the matter, issued consequences as to establish the necessity of maintaining
by regulation and voluntary action wherever possible some
guly 8, we also take the following:
semblance of order in the production of oil so that the relaSilk deliveries in June showed a tendency to decline, according to the
tively few might not destroy economically the. large body
"Organon" report, but "on the demand side in this country the outlook
of operators. For years the industry has encouraged
for silk in hosiery and woven goods is healthy. No excessive production
voluntary action by producers to prevent waste of gas energy
or stock situations obtain. . . . The strong supply and demand situation during recent months has been reflected in steady quotations for the
to increase ultimate recovery of oil and to restrain output
silk fiber. This fact in turn probably has given more confidence to the
to reasonable current consumer requirements. At times
raw silk market than it has enjoyed at any time since the depression
situations have developed beyond the power of the industry
began."
to remedy.
Commenting on the significant question of American cotton in the world
"Until the conservation laws and efforts of the States
market, the "Organon" points out that "whether or not production of foreign
became effective, the 'law of capture' worked unchecked
cotton is increasing, the consumption of foreign-grown cotton is increasing
and unhampered and resulted in unsicentific and wasteful
throughout the world. Furthermore, the increase in the consumption of
practices and overproduction. Now, both the industry
foreign cotton is entirely at the expense of American cotton." Exports of
and the Legislatures of most of oil-producing States have
domestic cotton in the first 10 months of the current 1934-1935 period
have dropped off 38% under the 1933-1984 season to 4,174,762 bales, the
come to an intelligent conception of what real conservation
paper states. This decline has not been compensated for entirely by
means. The petroleum industry in general now is convinced
shrinkage in stocks of American cotton held abroad, "for such a statement
that conservation and good business practice means the
implies a constant consumption of American cotton." Actually, world
scientific control of production, making for greater recovery
consumption of American cotton in the 10-month period decreased
18%. as well as efficient and economic utilization of crude oil.
At the same time world consumption of foreign growths increased 21%
"I think that the industry generally now believes it the
and world consumption of all cotton decreased less than 1%.
duty of the Legislatures of the oil-producing States, in the
In regard to the outlook for rayon activity, the "Organon" states that the
public interest as well as in the interest of the industry
trend of rayon consumption during the last few months "shows that all
the
main rayon-consuming industries have followed a fairly definite pattern
itself, to prevent, by adequate statutes, the waste of crude
since January. . . . In the woven goods field it is understood that
oil and reservoir energy and thereby to conserve the supply
activity in the so-called staple goods such as curtains, linings, &c.,
and increase the recovery. All, I think, believe that this
has
been maintained at fairly high levels for the past few months and to
duty is the obligation of Government, but I am even more
date.
Business in the dress goods field has been seasonally slower in
recent
certain that none believes that when that obligation has
months, however, although fabricated stocks here have been kept moderate
been discharged there is anything in the inherent nature of
by balancing production against sales.
the business of producing, refining or marketing petroleum
Petroleum and Its Products—W. R. Boyd Attacks which required further Government control. There is
no more Justification for the oil industry to be declared
Federal Oil Control—Pennsylvania Grade Crude a
public utility than for the producer, manufacturer or
Oil Prices Cut—Texas Drops Price Control Plan— marketer
of any other commodity in general use."
Crude Output Higher in July 13 Week
Mr. Boyd briefly reviewed the various suggested measures
There is no more justification for the oil industry to be for permanent
now under consideration and
declared a public utility than for the producer, manufacturer the stand of thelegislation
American
Institute in relation
or marketer of any other commodity in general use, W. R. to the various plans. FirstPetroleum
of the plans, he said, was the
Boyd Jr., Executive Vice-President of the American Petrol- determination by some agency
of the Federal Government
eum Institute, told the Mineral Section of the American Bar of the required production of oil
by a fact-finding agency;
Association in Los Angeles on July 15.
second, the adjustment of production to accord with
that
Mr. Boyd discussed the "law of capture" in connection determination, and third, the regulation
with drilling of wells in various oil fields, pointing out that that is, of importations and of inter-S of commerce,
tate movements.
344
Financial Chronicle
There is general agreement within the industry that the
regulation of imports and the movement in inter-State
commerce of oil produced in violation of State laws is a
Federal responsibility. Beyond that, there is disagreement.
"Our group," he said, "holds that the determination of
demand, the allocation and restriction of production and the
regulations of commerce should be performed by the Federal
Government. The other asserts that there is neither need nor
consitutional authority for regulation or interference by the
Federal Government other than to control imports and to
extend permanently its authority over the movement in
inter-State commerce of unlawfully produced oil.
"Both groups, however, are agreed upon the desirability
of ratification by the Congress of the Inter-State Oil Compact
initiated by Governor Marland of Oklahoma, and to date
entered into by five of the oil producing States. Also,
there is general recognition that the law of capture is an
police
artificial factor which, unless restricted under theproducpower of the respective oil-producing States, forces drilling
tion into markets in response to the rate of offset
rather than the demand for oil."
Pennsylvania grade crude oil prices were cut 10 cents a
barrel Tuesday, the third reduction in as many months.byA
a
reduction of 15 cents a barrel was made in May,followed
previous
similar reduction posted late in June. As in the
unchanged
reduction, however, Corning crude prices werethe
reduced
although Bradford and Allegheny followed
prices.
The South Penn Oil Corp. which initiated the slash,
Line to $1.67; Eureka Pipe,
lowered Southwest Penn Pipe'
cut
$1.62; and Buckeye Pipe, $1.52. The 10-cent a barrel
posted at Bradford and Alleghany by the Tidewater Pipeline,
Ltd., brought that price level down to $1.95 a barrel. of the
A reduction of 16 2-3 per cent in the allowable
the South
Buckeye Pipe grade of Pennsylvania crude that
month
Penn Oil Co. will take for the seond half of the current
was ordered late in the week. In the first half of the month,
South Penn purchased 50 per cent of normal production and
it will hold to this rate for the coming month. to rule upon
Attorney-General Cummings has been asked authorities
the question of whether "hot' oil seized by Texas
and sold at public auction for the benefit of the State is
thereafter eligible for movement in inter-State commerce
as legal oil, Charles Fahey, chairman of the Petroleum
Board, disclosed in Washington, Thursday.
Federal
Both the Petroleum Administrative Board and thethat
the
Tender Board in East Texas hold, it was indicated,
s, was not
oil, where produced in excess of State regulation
terms of the
eligible for a certificate of clearance. Under the
early this year
Connally Hot Oil Bill, passed by CongressFederal
Tender
and which is the authority back of the
s is "hot"
Board, oil. produced in excess of State regulation
of clearance
and cannot secure the necessary certificatecommerce.
needed under the act to move in inter-State placed six oil
The District Court in Austin Thursday
on
companies which had been restrained fromofoperating
receivers for
"hot" oil under court injunctions in the hands
Attorney-General
violation of the injunction regulations.
charge of these
McCraw said that the receivers will remain in
sold after
refineries until the "hot" oil and products can be
being confiscated by State officials. from Austin that the
It was disclosed Monday in reports
its new policy
Texas Railroad Commission has abandoned
lowering allowables
of meeting crude oil price reductions by
a week or so
in the affected areas. The plan was initiated
area when cuts of
ago in several fields in the Gulf Coast
major companies.
5 cents a barrel were posted by several allowable
by about
The Commission immediately slashed the
announced
7,000 barrels to 33,000 barrels daily average, andfields where
that it would take similar action in any other
crude prices might be lowered.
oil prices
Pointing out that future reductions of crude
in the areas
would be accepted as proof that production
and that
affected by the cuts was in excess of market demand,
the Commission
lowered allowables were the only remedy,course
of action.
promised that this would be its future
the five-cent
Failure of the companies affected to restore
the
cut brought an order from the Commission restoring
of the
former allowable, and tacitly indicating abandonment
price control program.
on of
Commenting upon the progress of the confiscati
by the State,
"hot" oil in the East Texas field and its salein
Austin that
Attorney-General McCraw on July 13 stated
disturb the
the oil is being sold in quantities that will not
pitsfrom which
market. He added that all earthern storage
destroyed by the
the seized oil is removed are promptly
with
State and in the future pits can be dug and used only
the permission of the Railroad Commission. , that is, the
"Until the present program is completed pits in the
substantial cleaning out and destruction of
be a flurry
East Texas field containing "hot" oil, there will
is completed,
in the field, but as this program proceeds and
a more stable
the East Texas field should settle down to
the
basis of operation than at any time in its history,"
Attorney-General stated.
made
Petroleum Administrator Harold L. Ickes Thursday
to Governor
public the following telegram which he sent
E. W. Marland of Oklahoma:
information
"Reference your letter July 5 requesting
portion applicable
probable National crude oil demand and
July 20 1935
to Oklahoma and other important States, calculations Interior Department indicate that net reasonable market
demand for crude oil in United States during August will
average 2,600,600 barrels daily.
"Same calculations indicate that net reasonable market
demand Oklahoma crude oil during August will average
512,000 barrels daily, or 5,400 barrels daily less than in
July. This determination reached on basis of Kansas crude
oil production not to exceed 148,000 barrels daily or 7,600
barrels daily less than July demand on account of fact that
reports to Department show that stocks of Kansas crude oil
held in the United States increased approximately 1,000,000
barrels during first five months this year and Texas crude
oil production not to exceed 1,024,400 barrels daily or 40,000
barrels daily less than determination July demand on account
of fact that reports to Department show that stocks of Texas
crude oil held in the United States increased approximately
6,000,000 barrels during first five months this year.
"Relative other States, above determination on basis that
California crude oil production will not exceed 510,0(10
barrels daily, Louisiana crude oil production will not exceed
130,000 barrels daily, New Mexico will not exceed 53,000
barrels daily and that crude oil production other States will
not exceed the demand figures calculated for June, the total
for the 12 remaining States being 223,200 barrels daily.
Trust this information will be helpful to you."
Sharp increases in Oklahoma and California offset declines
in Texas and other States and brought an increase of 37.700
barrels in daily average crude oil production in the United
States to 2,715,100 barrels during the second week of July,
the American Petroleum Institute reported. The report,
which does not include an estimate of 'hot" oil, compared
with production of 2,600,750 barrels in the like 1934 period.
Price changes follow:
July I0—The South Penn 011 Co. cut Pennsylvania grade crude oil 10
cents a barrel to $1.67 in Southwest Penn Pipe, $1.62 in Eureka Pipe and
$1.52 in Buckeye Pipe. Tidewater Pipeline, Ltd., cut Bradford and
Allegheny 10 cents a barrel to $1.05.
Prices of Typical Crudes per Barrel at Wells
(AH gravities where A. P. I. degrees are not shown)
20.70
$1.0a Smackover, Ark.. 24 and over
Bradford, Pa
1.00
Lima (Ohio 00 Co.)1.15 Eldorado. Ark., 40
40
and
Tex..
1.00
over
Rusk,
1.37
Corning, Pa
ST
Iillnols
tdrelk et, Mich
1.02
1.13th
Mdlanistri
Western Kentucky
Mid-Cont., Okla.. 40 and above__ 1.08 Sunburst, Mont
1:34
.81 Santa Fe spring,. Calif., 40 & over_ 135
Hutchinson, Tex.. 40 and over
1.10
1.03 Huntington, Calif.. 26
Spindletop, Tex. 40 and over
.75 Petrone, Canada
.10
Winkler,Tex2
REFINED PRODUC FS—MID-WEST BULK GAS MARKET RECOVERS—ADVANCES MADE IN NEW ENGLAND LEVELS—
DETROIT "PUMP"PRICES SLASHED—BROOKLYN MARKET
FIRMER—GASOLINE STOCKS DECLINE
Better weather with the accompanying rise in consumption
brought a swift recovery in the mid-west bulk gasoline
market from the temporary sag shown in the first week of
July and the market now has a stronger undertone. Quota4 cents,
tions are well maintained with low octane held at 43
and regular grade moving back to its high of 013 cents a
gallon.
The improvement in the wholesale market, however, has
not spread through the retail markets and conditions there'
continue as unsettled as previously. Under-cover price
shading through secret rebates is being utilized by independent dealers and majors in an effort to prop their declining
gallonage totals.
A widespread advance ranging from fractions of a cent to
2 cents a gallon were posted throughout eastern Massa,chusetts and Rhode Island Monday by the Standard Oil Co.
of New York. At Boston, while the "pump" price was
lifted 2 cents a gallon, current prices are still far under
normal levels. Retail prices in other areas affected by the
price-weakness in recent weeks were advanced somewhat
but in general the area is still sub-normal as far as prices
are concerned.
Local competitive conditions were held responsible for
reductions of 2 cents a gallon in regular and second-grade
gasoline in the metropolitan Detroit area by all distributors.
Some of the companies extended the cut to include premium
grade of gas also where such a cut was necessary to meet
independent levels.
The new price schedule posts ethyl at 20.7 cents a gallon,
regular at 16.7 cents and second-grade at 15.2 cents, exclusive of 3% State sales tax. Some of the companies are
posting premium at 18.7 cents a gallon. Independents have
been selling second-grade as low as 124 to 14 cents a gallon.
Conditions in the metropolitan New York area show little
change. The gasoline price war in Brooklyn is being cleared
up and the price weakness has not spread to other sections in
the area. Bulk gasoline prices are well maintained in
sympathy with the firm tone of the Gulf Coast markets.
Other refined products show little change.
Gasoline stocks again resumed their normal seasonal
decline during the week ended July 13 after a slight gain in
the previous period. A decline of 484,000 barrels carried
total stocks under the 50,000,000-barrel level for the first
time this year. The American Petroleum Institute report
put stocks on July 13 at 49,654,000 barrels.
Reporting refineries showed a decline in operations to
74.1% of capacity, off 1.2 points from the previous week,
the report continued. Daily average runs of crude oil to
stills dipped 41,000 barrels to 2,523,000 barrels.
Financial Chronicle
Volume 141
Representative price changes follow:
July 15-Regular grade gasoline rose ).g-cent a gallon in the Chicago
bulk market to 5% cents a gallon.
July 15-Retail gasoline prices were cut 2 cents a gallon in the Detroit
metropolitan area to 16.7 cents for regular and 15.2 cents for second-grade,
exclusive of the 3% sales tax. A few companies lowered premium 2 cents
to 18.7 cents.
July 15-Standard Oil Co. of New York posted advances ranging from
fractions to 2 cents a gallon throughout Eastern Massachusetts and Rhode
Island.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York
I North Texas_5.035-.03q I New Orleans3.04 -.043.
(Bayonne)
80.05 (Los Angeles__ .041i-.05 I Tulsa
0374-.04
N. Y.(Bayonne)
Bunker C
Diesel 28-30 D
Fuel Oil, F.O.B. Refinery or Terminal
California 27 plus51.15-1.251
Phila., bunker C__$1.15
D
$1.1)
1.65 New Orleans C.
1.00
Gas OIL F.O.B. Refinery or Terminal
K. Y.(Bayonne),
I Chicago,
I Tulsa
27 plus___-$.04 -.045e" I 32-36 GO_ _5.02;6-.02 gi I
S.0214-.023
Gasoline, Service Station. Tax Included
Cincinnati
Minneapolis
$ 183
5.185
5.176
178
Cleveland
175. New Orleans
.18-.195
Denver
.168
Philadelphia
.20
17
168
167
Detroit
Pittsburgh
.18
Jacksonville
.155
San Francisco
.205
165
.17
Houston
St. Louis
17
169
175
Los Angeles
145
U. S. Gasoline.(Above 65 Octane). Tank Car Lots, F.O.B. Refinery
Standard Oil N. J--$'06% New York
Chicago
$.05%-.05%
Socony-Vacuum___. .06%
Colonial-Beacon__$.063 New Orleans_ .0534-.059
Tide Water 011 Co _ _ .06%
.06Si Los Ang.,ex__ .0434-.04%
Texas
Richfield 011 (Calif.) .0655
Gulf
.0054 Gulf ports_ __ _ .0534
Warner-Quinlan Co- .0634
Republic Oil
0654 Tulsa
.0534-.050
Shell E.ist'n Pet__ .0634
z Not including 2% city sales tax.
z New York
z Brooklyn
Newark
Camden
Boston
Buffalo
Chicago
World Gold Production Shows Increase Over 1934
World production of gold during May totaled 2,407,000 oz.,
according to an estimate by the American Bureau of Metal
Statistics. This compares with 2,290,000 oz. in April and
an average of 2,292,000 oz. monthly during the first five
months of the current year. Output for the world during the
Jan.-May period of 1935 amounted to 11,461,000 oz., the
preliminary figures show, against 10,694,000 oz. in the same
period last year.
Production of gold, by countries, in troy ounces,follows:
United States_ a
Canada
Mexico
Colombia
Chile
Other South America
British India_ b
Japan b
Queensland
West Australia
Other Australia
New Guinea
New Zealand
South Africa
Belgian Congo
Rhodesia
British West Africa_c
Russia_ d
Elsewhere_ e
March
269,000
249,000
53,000
26,000
29,000
40,000
27,000
46,000
11,000
19,000
13,000
18,000
11.000
886.000
30,000
57,000
38,000
350.000
135.000
April
251,000
246.000
50,000
127.000
(15.000
40.000
27,000
[42,000
11,000
53,000
15,000
17,000
10,000
870.000
30,000
50.000
38,000
350,000
139,000
May
276,000
261,000
(60,000
127.000
f22,000
43,000
27,000
(43,000
10,000
55,000
16,000
17,000
10.000
916,000
30,000
59,000
40.000
350.000
145,000
Totals
2,307,000
2,290,000 2,407,000
a Includes Philippines. b Principal mines only, but nearly complete.
Coast Colony, Sierra Leone, and Nigeria. d Chiefly Siberia' estimated at c Gold
rate of 1934. e West Indies, Central America, Europe, and Asiatic and average
African
lands not separately reported. C Conjectural.
In reference to Russia's gold output for 1935. the Bureau states:
"Unofficial reports from Moscow are to the effect that gold production
in the first half of 1935 is running about 32% higher than in thzsame
period
of 1934. In the absence of precise information, we reckon the Russian
production at the average monthly rate of 1934, without allowance
for
seasonal variation. This will give a total for the first six
months of 1935
in excess of the actual, but continuing this during the remainder
of the year
will probably lead to results substantially too low."
Daily Average Crude Oil Output Rises 37,700 Barrels
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
July 13 1935 was 2,715,100 barrels. This was a gain of
37,700 barrels from the output of the previous week. The
current week's figure was also above the 2,660,000 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during July. Daily average production
for the four weeks ended July 13 1935 is estimated at 2,702,650 barrels. The daily average output for the week
ended July 14 1934 totaled 2,600,750 barrels. Further
details as reported by the Institute follow:
Imports of petroleum at principal United States ports (crude and refined
oils), for the week ended July 13 totaled 1,435,000 barrels, a daily average
of 205,000 barrels, compared with a daily average of 84,857 barrels for
the week ended July 6 and 167,929 barrels daily for the four weeks ended
July 13.
There were no receipts of California oil at Atlantic and Gulf Coast
ports
(crude and refined) for the week ended July 13. This compares with a
daily average of 40,143 barrels for the week ended July 6 and 19,036 barrels
daily for the four weeks ended July 13.
Reports received from refining companies owning 89.5% of the 3.806,000
barrel estimated daily potential refining capacity of the United States,
Indicate that 2,523,000 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 29,351,000 barrels of finished gasollne, 6,166,000
barrels of unifnished gasoline and 103,418,000 barrels of gas and fuel oil.
Gasoline at bulk terminals, in transit and in pipe lines amounted to
20,303.000 barrels.
Cracked gasoline production by companies owning 92.5% of the potential
charging capacity of all cracking units, averaged 557.000 barrels daily
during the week.
345
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Dept. of
Actual Production
Arerage
Iraerior
4 Weeks
Calcubens Week End. Week End. Ended
July 13
July 6
(July)
July 13
1935
1935
1935
Oklahoma
Kansas
517,400
155,600
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Total Texas
Week
Ended
July 14
1934
521.400
146.550
491,600
145,200
512,800
146,900
551,050
135,700
57,250
59,100
25,650
156,550
50,050
460.600
42,400
58,200
60,450
59,250
25.450
156,400
49,000
468,950
42,350
60,700
59,950
59,200
25,500
155,200
49,900
464.950
42,350
60,750
58,600
58,400
27.150
142,000
51,250
463,450
47,200
59,500
145,300
145,900
144,050
120,250
1,084,400 1,055,100 1,069.350 1,061.850 1,027,800
North Louisiana
Coastal Louisiana
22,600
119,400
22.550
116,750
22,650
117,650
24,850
68,750
Total Louisiana
142,000
139,300
140,300
93,600
30,650
105,800
41,450
30.750
103,750
42.850
30,800
105,250
42,850
31,800
103.100
31,300
39.450
11,250
4,200
39.800
11,450
4.100
39,300
10,600
4,100
36,200
8.700
3,800
54,900
55.350
54.200
48,700
53,050
564,200
53,050
546,200
53,000
554,850
48,500
529.200
Arkansas
Eastern (not incl. Mich.)_
Michigan
Wyoming
Montana
Colorado
Total Rocky Mtn. States
New Mexico
California
seen nnn 2 716 lna 2 R77 400 27026511 2.600.750
Total United States
Note-The figures indicated above do not Include any estimate of any oil which
been surreptitiously produced.
CRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED JULY 13 1935
(Figures In Thousands of Barrels of 42 Gallons Each)
Daily Refining
Capacity of Plants
District
East Coast__
Appalachian.
Ind., Ill., Ky
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf__
La. Gulf ___ _
No. La.-Ark.
Rocky Mtn_
California_
Potenfiat
Rate
Crude Runs
to Stills
Stocks a Stocks
Stocks
of
of
of
b Stocks
Oat
FinUnof
Repor tag
Daily P. C. doted finished Other
and
Aver- Oper- Caw- Gaso- Motor
Fuel
Total P. C. age
ated
line
tine
Fuel
Olt
612
154
442
612 100.0
146 94.8
424 95.9
456 74.5 15,945
108 74.0 2,070
376 88.7 9,174
453
330
617
169
80
97
852
384
160
595
163
72
60
789
275
109
568
111
49
42
429
84.8
48.5
96.4
96.4
90.0
61.9
92.6
71.6
68.1
95.5
68.1
68.1
70.0
54.4
5,200
1,150
4,898
1,126
299
852
8,940
743
321
830
265 12,019
801
140
55 5,028
610
261
1.964
238
50
93
1,056
565 4,653
1,380 1.778
280 10,480
3,930
____
397
110
784
60
2,970 63.548
Totals week:
July 13 1935
1.11, R 102A
3,806 3,405 89.5 2,523 74.1 c49,654 6,166 5,825 103,418
21106 2 405 110.5 2.564 75.3 d50.138 8.132 5.780 101.867
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes unblended natural gasoline at refineries and plants; also blended motor
fuel at plants. c Includes 29.351,000 barrels at refineries and 20.303,000 barrels at
bulk termituds,in transit and pipe lines. d Includes 30,410,000 barrels at refineries
and 19,728,000 barrels at bulk terminals, in transit and pipe lines.
•
Preliminary Estimates of Production. of Coal During
June Show Gains Being Maintained
According to preliminary estimates made by the United
States Bureau of Mines, production of bituminous coal
during the month of June 1935 amounted to 30,264,000
net tons. This compares wth 26,790,000 tons produced in
the preceding month and 25,877,000 tons of soft coal produced during the month of June 1934. Anthracite output
during June of this year is placed at 5,642,000 net tons
as against 4,919,000 tons in May and 4,184,000 net tons
in June of 1934. The Bureau's statement follows:
Total for
Month
(Net Tons)
June 1935 &Bituminous coal
Anthracite
Beehive coke
May 1935Bituminous coaLa
Anthractie_b
Beehive coke_ b
June 1934Bituminous coal
Anthracite
Beehive coke
Number of Average Per Calendar Year
Working Working Day to End of June
Days
(Net Tons)
(Net Tons)
30,264,000
5,642,000
60,600
25
25
25
1,211.000
225,700
2,424
26,790,000
4,919,000
56,900
26.3
26
27
1,019,000
189,200
2,107
25,877,000
4,184,000
61.100
26
26
26
995,000
160,900
2.350
189,091,000
28,645,000
466,200
182,308,000
32,766,000
594.300
a Preliminary. b Revised.
Note-All current estimates will later be adjusted to agree with the results of the
complete canvass of production made at the end of the calendar year.
Production of Coal During Latest Week Declines
Following the somewhat erratic course of the past several
weeks, production of bituminous coal during the week ended
July 6 dropped to approximately 2,550,000 net tons, according to the weekly coal report of the U. S. Bureau of Mines.
The fact that there was no production on July 4 contributed
to this decline, but the average daily rate for the five active
days was but 510,000 tons, in comparison with a rate of
1,089,000 tons for the preceding week.
Anthracite production in Pennsylvania during the first
week in July is estimated at 712,000 net tons, indicating a
daily rate of output 41.6% lower than in the preceding week.
Production during the corresponding week of 1934 amounted
to 657,000 tons.
July 20 1935
Financial Chronicle
346
Production of bituminous coal during the month of April
is placed at 21,937,000 net tons, as against 38,655,000 tons
during March and 24,599,000 tons during April 1934. Hard
coal output for April is estimated at 4,806,000 net tons.
This compares with 3,082,000 tons produced during March
and 4,837,000 net tons during April a year ago.
During the calendar year to July 6 1935 a total of 191,700,000 net tons of bituminous coal and 29,357,000 net tons
of Pennsylvania anthracite were produced. This compares
with 185,868,000 tons of soft coal and 33,164,000 tons of
hard coal produced in the same period of 1934. The Bureau's
statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Calendar Year to Date
Week Ended
June 29
1935 d
July 6
1935 c
July 7
1934
1929
1934 e
1935
Bitum. coal: a
Tot,for per'd 2,550,000 6,534,000 5,012,000 191,700,000 185,868,000 265,398,000
Daily aver_ 1510,000 1,089,000 1,002,000 1,217,000 1,179,000 1,675.000
Pa. anthra.: b
Tot,for per'd 712,000 1,464,000 657,000 29,357,000 33,164,000 36,284,000
231,800
211,900
187,600
Daily aver._ I142,40C 244,000 131,400
Beehive coke:
601,600 3,496,500
473,800
10,900
12,800
7,800
Tot,for per'd
21,853
3,760
2,961
2,180
2.133
11,560
Daily aver_ _
a Includes lignite, coal made into coke, loca sales, and colliery fuel. b Includes
Subject
c
fuel.
colliery
and
Sullivan County, washery and dredge coal, local sales,
working
to revision. d Revised. e Adjusted to make comparable the number of
days in the three years. 1 Average based on five working days.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL,
BY STATES (IN THOUSANDS OF NET TONS)
[The current weekly estimates are based on railroad carloadings and river shipments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.]
Monthly Production
Week Ended
State
June 29 June 22 June 15 June 30 April
1935 p 1935 p 1935 p 1934 r 1935
Alaska
Alabama
Arkansas and Oklahoma_
Colorado
Georgia & North Carolina
Illinois
Indiana
Iowa
Kansas and Missouri_.
Kentucky:
Eastern_ a
Western
Maryland
Michigan
Montana
New Mexico
North and South Dakota
Ohio
Pennsylvania bituminous
Tennessee
Texas
Utah
Virginia
Washington
West Virginia:
Southern_ b
Northern_c
Wyoming
Other Western States_dTotal bituminous coal.
Pennsylvania anthracite_
Grand tntal
March April
1935 1934 r
6
1,006
127
470
4
5,094
1,916
437
652
9
435
37
289
1
2,474
1,004
175
344
33
17
12
367
1,632
63
13
24
171
20
2,152 2,867
888
369
187
105
67
30
245
171
116
97
130
89
1,113 2,198
5,639 10,109
470
249
63
55
258
174
993
663
118
105
2,333
487
98
40
149
97
76
1,315
7,073
219
55
121
735
79
1,898
701
87
*
1,466
439
59
•
4,992
1,376
348
•
6.949
2,851
432
2
5,685
977
290
2
9,220
1,450
6,146 21,937 38,655 24,599
1,143 4,806 3,082 4,837
5.946 10.670
7.289 26,743 41.737 29,438
2
171
22
52
1
620
209
41
100
1
154
15
37
1
453
113
28
68
2
218
31
91
1
1,030
418
87
137
2
187
20
46
•
562
189
50
76
590
110
26
4
41
23
20
301
1,865
74
13
33
196
18
509
85
23
6
35
20
20
196
1,303
Si
13
20
142
22
729
157
42
15
65
29
22
566
2,483
91
13
57
228
22
573
99
20
1,500
403
99
•
1,145
290
81
4.
6,534
1,464
4,831
1,115
7.998
a
9
680
69
328
3
2,013
718
106
284
openings in Virginia
a Coal taken from under the Kentucky mountains through
the figures are therefore
is credited to Virginia, in the current reports for 1935, and
on the N. Sz W.:
operations
Includes
b
years.
not directly comparable with former
B.& 0.In Kanawha, Mason.
C.& 0.: Virginian: K.& M.:and B.C.dr G.:and on the
and Grant.
district
Panhandle
the
Including
State,
of
Rest
c
and Clay Counties.
Idaho, Nevada,
Mineral and Tucker Counties. d Includes Arizona Californ,
and Oregon. p Preliminary. r Revised. • Less than 1,000 tons.
Anthracite Shipments Continue Rise During Month
of June
Shipments of anthracite for the month of June 1935, as
reported to the Anthracite Institute, amounted to 4,878,738
net tons. This is an increase, as compared with shipments
during the preceding month of May, of 531,875 net tons,
or 12.24%, and when compared with June 1934, shows an
increase of 1,383,515 net tons, or 39.58%.
Shipments by originating carriers (in met tons) are as
follows'
June
1935
May
1935
June
1934
May
1934
1,012,869 934.530 732,642 1,014,461
Reading Co
826,327 712,430 524,672 679,583
Lehigh Valley RR
475,488 414.197 334,820 364,806
Central RR. of New Jersey
602,958 630,552 473,325 531,163
_
RR_
Delaware, Lackwanna & Western
570,821 479,648 409,920 450,334
Delaware & Hudson RR. Corp
451,734 400,098 329,670 412,847
Pennsylvania RR
361,946 384,841 565,786
396,781
Ertl.) RR
230,960 235,968 163,438 238,193
New York, Ontario & Western By
177,494 141,895 234,245
310,800
RR
Lehigh & New England
355 72* 4 ftiti 8113 3495224 4.491_4113
Heavy Trade in Domestic Copper at Unchanged PricesOther Metals Quiet
"Metal and Mineral Markets" in its issue of July 18
stated that outstanding in developments in non-ferrous
metals in the last week was the heavy buying of domestic
copper. The activity, however,failed to result in an advance
had
in prices, which seemed to confuse many in the trade whothat
counted on a higher market and acted on the supposition
nothing could halt at least a moderate uplift in quotations.
The other major non-ferrous metals remained inactive. The
undertone was one of steadiness. The publication further
added:
Copper Holds at Eight Cents
Domestic sales of copper in the week that ended July 17 totaled close to
What
50,000 tons, the largest week's total since early in the depression.
astonished many in the trade was the absence of any price variation throughout the period of heavy buying. Part of the activity was attributed to
of an
the fact that some consumers have been underbought, and rumors
rush.
impending advance brought quite a few into the market with a
the
that
and
seemed
it
excited
became
Others purchased after the bidding
stage was set for an old-time buying wave that,in the past, usually drove the
in the
price sharply higher. However. the important producers saw nothing
metal
general situation to warrant a boom in copper at this time and offered
reported
Sales
close.
the
to
up
Valley,
cents,
rather freely on the basis of 8
to the industry for the month to date totaled 62,000 tons.
July
The foreign Market moved up on developments here, but eased on
be a more than conservative
17 on disappointment over what appeared to
buyers
were
speculators
Foreign
producers.
attitude of two United States
on expectations of an advance in the New York Market. The weakness that
occurred abroad on July 17 seemed to have little influence on the attitude
of sellers here, most of whom are optimistic about copper for the long pull.
After the meeting of foreign producers in London the following statement
was issued, confirming that the agreement remains in force:
the
"Last March an accord was reached for the restriction of production in
was
principal copper countries other than the United States. At this time it
situaagreed that meetings would be held from time to time to examine the
tion.
in
confirmed
"In the course of the present meeting the March accord was
outits entirety. Various questions relative to the industrial use of copper
side the United States were discussed,and unanimous agreement was reached
on all points."
reThe June statistics of the copper industry revealed that production
and
mained substantially unchanged, compared with the month of May,
the
that deliveries held up well in the period of uncertainty following
month's
ending of National Recovery Administration. The net result of the
Copper
operations was a small decrease in total stocks. A summary of the
Institute's latest compilation, in short tons, follows:
June
May
June Shipments, refined:
May
39,000 36,000
United States '
Production:
85,000
90,000
Foreign
26,500 25,000
U. S. mine
13,000 9,000
U. S. scrap
129,000 121,000
Totals
72,500 70,300
Foreign mine
12,500 7,400 Stocks refined:
Foreign scrap
279,000 273,300
United States
303,000 308,400
Foreign
582,000 581,700
Totals
124,500 111,700
Totals
World production of refined copper during June was estimated 120,700
tons, against 125.500 tons a month previous. United States output of
refined during June was 37.900 tons, against 48.000 tons a month previous.
Lead Price Steady
lees
Demand for lead during the last week was quiet, but this was more or
the two
expected in view of the substantial volume of business booked in
a
preceding weeks. Sales during the last week totaled little more than 3,900
that
tons. The undertone remained firm, with producers about convinced
good buying is likely to occur shortly, as consumers are about 50% covered
against their estimated August requirements.
The quotations held at 4.15c., New York, the contract settling basis of
prethe American Smelting & Refining Co., and 4C., St. Louis. As in the
at a
vials week St. Joseph Lead sold a moderate quantity in the East
premium.
The strength of the market abroad is attracting wide interest. Though
the
buying of lead, along with other commodities, has been stimulated by
wavering currencies of several Continental countries, as a hedge, actual
consumption of the metal appears to be improving. Optimism over the
prospects for an alteration of the British import duty continues, and a
schemefor handling thissituation issaid to be aboutready for the authorities.
Zinc Demand Dull
Business booked in zinc during the last week was limited to about 1,000
tons. The market remained quite steady in all directions, most producers
having sufficient business in their books to weather a protracted period of
inactivity. The ore situation also was firm. All sales reported during the
week were on the basis of 4.30c., St. Louis.
Tin Slightly Higher
The tin group in London continued to exercise sharp control over the spot
position of the metal, and the price again moved slightly higher. Consumers here bought fair quantities of prompt and near-by tin on July 12 and
on July 15, but on the other days of the week the market was rather dull.
Chinese tin, 99%, was quoted nominally as follows: July 11th, 51.175c.;
12th, 51.050c.; 13th, 51.150c.; 15th, 51.250e.; 16th, 51.350c.; 17th, 51.500c.
Steel Shipments Decrease in June
Shipments of steel products by subsidiaries of United States
Steel Corp. totaled 578,108 tons in June, a decrease of
20,807 tons, as seen when compared with the previous
monthly report of 598,915 tons shipped. In June 1934
shipments were 985,337 tons. Below we list the figures by
months since January 1931:
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR
YEARS INDICATED
Month
January
February
March
April
May
June
July
August
September
October
November
December
Yearly adjustment_
Tn.., Inv ontar
Year 1931
Year 1932
Year 1933
Year 1934
Year 1935
800,031
762,522
907,251
878,558
764,178
653,104
593,900
573,372
486,928
476,032
435,697
351,211
426,271
413,001
388,579
395,091
338,202
324,746
272,448
291,688
316,019
310,007
275,594
227,576
285,138
275,929
256,793
335,321
455,302
603,937
701,322
668,155
575,161
572,897
430,358
600,639
331,777
385,500
588,209
643,009
745,063
985,337
369,938
378,023
370.306
343,962
366,119
418.630
534,055
583,137
668,056
591,728
598,915
578,108
a(6,040)
.(5.160)
6(44,283)
7 A711 744
20740112
6.805.22A en n9g
Q72
a Reduction. h Addition. c Cumulative monthly shipments reported during
reflecting annual tonnage reconthe calendar year are subject to some adjustments
ciliations, which will be comprehended in the total tonnage shipped for the year
report.
annual
as stated In the
Financial Chronicle
Volume 141
.
347
Report on Foundry Operations in Philadelphia Federal
Reserve District by University of PennsylvaniaOutput of Iron Foundries in May Well Above
April-Steel Foundries Showed Slight Increase
The output of gray iron castings in 29 foundries during
May was 10.2% more than in April, according to reports
received by the Industrial Research Department of the
University of Pennsylvania from plants operating in the
Third (Philadelphia) Federal Reserve District. This percentage of increase, which was large compared with that of
the same periods of other years, was not widely distributed
among. the plants. In its report on foundry operations in
the P. iladelphia District,the Research Department also said:
3,059,483 tons, or an average daily turnout of 117,672 tons.
Below we show the monthly figures as reported:
lanuary
February
March
81.786,458
81,993,485
a2,540,243
172,489
175,873
203,904
The production of malleable iron castings declined well below that of
any other month of this year. Shipments ofiron castings were approximately
the same as in April, and as a result the tonnage of unfilled orders increased.
In contrast to the gray iron foundries which operated in May well above
the level of the previous month and that of the same period of last year were
the steel foundries, which had only slight gains over the production and
shipments of April and a reduction of more than one-third from the output
and deliveries of May 1934.
IRON FOUNDRIES
let Quarter
103,320,166
April
May
June
e2,622,531
83,003,676
82,718,782
No. of
Firms
Reporttag
Capacity
Production
Gray iron
Jobbing
For further manufacture
Malleable Iron
30
30
29
Shipments
Unfilled orders
Raw Stock:
Pig Iron
Scrap
Coke
May
1935
(Short
Tons)
Per Cent
Change
from
Per Cent
Change
from
Apr. 1935 May 1934
4
11,872
2,720
2,409
2.119
290
311
0.0
+7.1
+10.2
+10.0
+11.3
-11.6
0.0
+6.6
+8.3
+13.9
-21.1
-3.7
29
18
2,730
779
0.0
+5.6
+1.8
-12.6
26
2.079
-7.0
-32.5
25
25
1,590
479
+12.1
-8.6
-9.5
Gray Iron Foundries
The tonnage of gray iron castings produced in 29 foundries during May
was 10.2% more than in the previous month and 8.3% more than in the
same month of last year. The increase in production over the output of last
month was divided between castings for jobbing work and those used for
further manufacture within the foundries.
This increase in activity was not widespread among the plants in the
industry. Only nine foundries reported a larger output in May than in
April while 14 plants had a smaller production and six remained closed.
The plants operating in Philadelphia had the larger part of the gain in
activity. Six of these foundries produced more in May than in April.
The cumulative production of the first five months of 1935 was approximately the same as in the corresponding period of last year. The gains in
production in April and May over the same period of last year nearly
balanced the lower output in the first three months of 1935 compared with
the first quarter of 1934.
•
Shipments of iron castings were approximately the same in May as n
April. The failure of deliveries to keep pace with production probably
accounts for the 5.6% increase in the volume of unfilled orders. At the close
of May, the backlog was 12.6% less than that of a year ago.
Stocks of pig iron and coke were smaller at the close of the month than
at the end of April 1935 or May 1934 while the tonnage of scrap on hand
was more than a month ago and approximately the same as a year ago.
Malleable Iron
The output of malleable iron castings in four foundries during May was
11.6% less than last month and 3.7% less than in the same period of last
year. The volume of production was lees than in any other month of this
year.
MONTHLY PRODUCTION OF OPEN HEARTH AND BESSEMER STEEL
INGOTS-JANUARY 1934 TO JUNE 1935
[Reported by companies which in 1934 made 97.91% of the open hearth and
100% of the Bessemer ingot production.]
Reported Production
(Gross Tons)
Open Hearth
Ingots
No. of
Firms
Reporttag
Capacity
Production
Jobbing
For further manufacture
Shipments
Unfilled orders
Raw Stock:
Pig iron
Scrap
Coke
8
8
8
7
6
6
6
1935
(Short
Tons)
8,630
2,045
1.802
243
1,882
2,799
Per Cent
Change
Per Cent
Change
from
from
Apr. 1935 May 1935
0.0
+2.2
+3.7
-8.0
+5.0
+1.9
0.0
-33.5
-37.1
+13.8
-33.9
-36.8
396
+7.8
+43.0
8,061
267
+3.5
-11.3
+10.3
+131.7
There was little change in the activity of steel foundries during May•
The total production of eight plants was only 2.2% more than in the previous month. This slight increase, which was distributed among five
foundries, was confined to castings for jobbing work which amounted to
3,7% more in May than in April while the tonnage of castings used in
further manufacture declined $1.0%. Deliveries of steel castings were
5.0%
larger in volume than in the preceding month and continued to exceed the
tonnage of production for jobbing work. Unfilled orders which had increased
nearly 22% at the beginning of the second quarter of 1935 had a further
though slight increase of approximately 2% in May. Stocks of pig iron and
scrap also increased during the month, but those of coke declined.
The present unfavorable operating conditions in the steel foundries
can only be revealed by comparison with the reports of last year. The total
output of steel castingsin May 1935 was 33.5% less than in the same month
of last year. All of this decline was in the output of castings for jobbing
work which totaled 37.1% less than that of a year ago. Shipments of steel
castings also showed a decline of more than one-third while the volume of
unfilled orders at the end of the month was 37% less than was reported a
year ago. All raw stocks on hand were more than at the end of May 1934.
Production of Steel Ingots Decreases in June
The American Iron and Steel Institute in its latest monthly
report places steel ingot production of all compaies in June at
2,230,893 tons, a reduction of 404,964 tons from the previous
month which contained 27 working days while June consisted of 25 working days. Percentage of operation dropped
from 44.10% in May to 40.31% in June. The approximate
daily output in June was 89,236 tons as compared with the
daily production in May of 97,624 tons. In June 1934 which
contained 26 working days the total output amounted to
Bessemer
Ingots
No. of
Working
Days
b73,968
692,164
b103,646
27
24
27
552,266
1389,840
78
257.482
331,620
282,592
b117,443
b125.907
b117,672
25
27
26
2nd Quarter
a8,344,989
871,694
b120,449
78
let 6 months
R14,685,155
1,423,960
b105,145
158
July
a1,340,924
August
September
81,245,139
a1,127,269
119,869
109,598
el17,615
b59,578
b51,161
1350,759
25
27
25
3rd Quarter
a3,713,332
8347,082
653,763
77
9 months
818,378,487
a1,771,042
1388,165
233
October
November
December
21,325,777
a1,447.626
111,794,437
127,789
132,059
8131,467
b54,885
b61,947
b78,570
27
28
25
4th Quarter
24,567,840
0391.315
b64,831
78
a22,946,327
a2,162,357
b82,312
311
1935January
February
March
2,576,671
2,500,062
2,582,211
239,858
224,336
230,810
2106,353
51115,740
al10.313
27
24
26
1st Quarter
7,658,944
695,004
8110,616
77
April
May
June
2,358,249
2,331,297
1,978,180
231,916
254,796
210,487
8101,558
897,624
89,236
26
27
25
Total
2nd Quarter
6,667,726
697,199
96.247
78
1st 6 months
14.326.670
1.392.203
103.385
155
Calculated Monthly Production-All Companies
open Hearin
*Bessemer
TOlat
1934
Gross
Tons
% of
Capacity
Gross
Tons
% of
Capacity
Gross
Tons
% of
Capacity
January
February
March
61.824,640 b34.69
b2,036,071 b43.55
b2,594,536 b49.33
172,489
173,873
203,904
1st Quarter
136,455,247 b42.48
552,266
27.89
b7,007,513 b40.80
April
May
June
62,678,582 b55.00
133,087,874 b58.33
62,776,891 1354.83
257,482
331,620
282,592
40.57
48.38
42.81
b2,936,064 1353,34
63,399,494 b57.18
63,059,483 1353.44
44.02
139,395.041 b54.70
25.17
28.87
29.75
b1,997,129 1333.59
b2,211,944 1341.86
b2,798,440 b47.07
2nd Quarter
138,523,347 656.09
871.694
1st 6 months
b14,978,594 b49.29
1,423.960
35.96 b16,402,554 1347.75
61,369,584 628.12
131,271,752 1324.18
131,151,362 1323.64
119,869
109,598
13117,615
18.89
15.99
18.53
61,489,453 1327.06
131,381,350 b23.24
61,268,977 1323.05
b3,792,898 b25.28
6347,082 1317.76
134,139,780 1324.42
July
August
September
3rd Quarter
9 months
May
Calculated
Daily Produaion, AU
Companies
(Gross Tons)
1934
b18,771,292 1341.36 131,771,042
October
November
December
4th Quarter
Total
29.94 620,542,334 b40.04
131,354,113 1325.75
b1.478,566 b29.19
b1,832,790 1337.63
127,789 18.64
132,059 20.01
13131,467 b20.72
131,481,902 b24.93
131,610,625 b28.13
61,964,257 635.68
b4.665,469 b30.70
b391,315
b5,056,784 b29.44
b23,436,761 b38.68 b2,162,357
19.76
27.39 b25,599.118 b37.38
1935
January
February
March
. a2,631,673 a49.73
. 142,553,429 a54.28
a2,637,331 a51.75
239,358
224,336
230,810
34.99
36.82
34.97
1st Quarter
. 87,822,433 1151.83
695,004
35.56
a8,517,437 849.97
a2,408,588 847.27
82,381.061 844.99
2,020,406 41.23
231,916
254,796
210,487
35.14
37.17
33.17
a2,640,504 845.87
82,635,857 a44.10
2,230,893 40.31
April
May
June
a2,871,531 848.04
82,777,765 852.28
82,868,141 a49.83
2nd Quarter
.
6,810,055
44.55
697,199
35.21
7,507,254
let 6 months
. 14.632.488
48.17
1.392.203
35.38
16.024.691
43.48
46.70
a Revised. b Adjusted. * Calculated production for all companies is the same
as the reported production for all companies.
Note-The percentages of capacity operated are calculated on annual capacities
of Dec. 31 1933, as follows. Open hearth ingots, 60.583,813 gross tons; Bessemer
ingots, 7,895,000 gross tons, and as of Dec. 31 1934 open hearth ingots, 60,954,717
gross tons; Bessemer ingots, 7,895,000 gross tons.
Steel Production Rises Four Points to 403.% of
Capacity
Rising four points to 40 M% of capacity, steel ingot production this week registered one of the most spectacular
gains ever experienced in mid-summer, the July 18 issue
of the "Iron Age" declared. The 11% advanced followed
a rise of 14% in the preceding week, but the earlier increase
represented normal recovery from a holiday period. The
"Age" further stated:
The gain in steel output is all the moresignificant because it was apparently
accomplished without the aid of the automobile Companies whose purchases are barely holding their own, if not tapering off. Production
advances of seven and five points respectively occurred in the important
Chicago and Pittsburgh districts, where heavy steel lines are predominant.
On the other hand, the Cleveland rate moved up only three points and in
the Valleys and at Detroit activity was unchanged. In the Philadelphia
territory output also barely held its own, while increases were registered
in all other centers.
348
Financial Chronicle
The situation is in definite contrast with that which prevailed a year
ago, when steel output was at 28% and headed for an almost uninterrupted
decline extending over two months. This year improved activity in
August was already a foregone conclusion, and it now seems nearly as
certain that the upturn is getting under way a full month ahead of general
expectations.
The sharp increase in steel production in the middle of the summer,
when output had been expected to be approaching its lowest level of the
year, may be attributed largely to improved business in bars, structural
steel and tin plate. Demand for construction steel has been at a very
low ebb for several months and has afforded mills little support. It is
significant also that not nearly all of the jobs let recently are being financed
by Federal funds and that the effects of the $4,880,000,000 works relief
appropriation have not been felt at all.
Structural lettings during the week amounted to 17,000 tons, including
3,200 tons for a tunnel approach at New York, 1,825 tons for a steel mill
structure at Middletown. Ohio, and 1,700 tons for an insurance building
in Washington. In the preceding week structural awards totaled 21.800
tons. New projects this week call for 9,700 tons, comparing with 19,500
tons in the previous week.
A 20-point rise in tin plate operations from 65 to 85% of capacity was a
surprise even to producers. Many mills are running full and it is likely
that the current high rate can be continued. Canning crop reports are
excellent and mill warehouse stocks which have been reduced to a relatively
normal basis are not being increased.
Railroad purchases are being made somewhat more freely and the prospects of general industrial improvement in the fall is leading the carriers
to examine carefully the condition of their rolling stock and rights-of-way.
The week's rail purchases include 11.200 tons by the Milwaukee road and
7,500 tons by the Illinois Central, while 6,000tons of accessories has been
ordered at Chicago. The Seaboard Air Line is in the market for 12,000
tons of rails and the Chesapeake & Ohio for 4,500 tons. The latter road
has also placed five locomotives and the Canadian National is in the
market for 15. The Norfolk Southern will take bids July 22 on 500 box
cars to be built in its own shops.
Farm implement makers have not diminished their steel requirements
and stove makers are active in the Cleveland, Chicago and St. Louis districts. Buying by makers of other household equipment is rather light.
Jobbers have resumed their normal purchases following a .period of uncertainty after the collapse of the National Recovery Administration,
which brought their stocks to an abnormally low level. This is also true
of many small miscellaneous consumers of steel.
Steel prices rather than orders are the center of interest in the automotive
industry. One of the larger companies continues to tempt steel producers
with an order for 40,000 to 90,000 tons of steel for third quarter delivery,
but is expected to place the business this week whether a concession is
obtainable or not. Toledo. Ohio, steel consumers are also actively seeking
the same delivered price concessons which were accorded Michigan buyers
under the code and some producers are said to favor the granting of their
request.
As a natural forerunner to the placing of steel for new models, automobile
makers are now active buyers of machine tools, presses and other equipment. Expenditures this month will run into millions of dollars and the
Index of new orders for machine tools reached the highest level in more than
five years during June. The new trade agreement with Russia is expected
to be of further benefit to this industry as well as to makers of other types
of equipment and will thus benefit the steel industry indirectly.
Forecasting higher steel-making operations, scrap prices have advanced
at Chicago, Cleveland, Detroit, and Buffalo, and are strong in other
important consuming centers. The "Iron Age" composite price for scrap
has risen to $10.83 a ton from 510.75 a week ago. The pig iron and
finished steel composites are unchanged at $17.84 a ton and 2.124 cents a
pound, respectively.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Based on steel bars, beams, tank plates,
July 16 1935, 2.124c. a Lb.
2.1240. wire, rails, black pipe, sheets and hot
One week ago
2 1240. rolled strips. These products make
One month ago
2 1310. 85% of the United States output.
One year ago
Low
High
2.124e. Jan. 8
2 124c. Jan. 8
1935
Jan. 2
2.008c.
24
Apr.
2.1990.
1934
1.867e. Apr. 18
2.0150. Oct. 3
1933
1.9260. Feb. 2
1.9770. Oct. 4
1932
1.9450. Dec. 29
2.0370. Jan. 13
1931
2.018c. Dec. 9
2.273e. Jan. 7
1930
Oct. 29
2.2730.
2
Apr.
2.317c.
1929
2.217c. July 17
2.2860. Dec. 11
1928
2.2120. Nov. 1
2.4020. Jan. 4
1927
PIO Iron
Based on average of basic iron at Valley
July 16 1935, $17.84 a Gross Ton
$17.84 furnace and foundry irons at Chicago.
One week ago
17.84 Philadelphia, Buffalo, Valley and
One month ago
17.901 Birmingham.
One year ago
Low
High
$17.83 May 14
$17.90 Jan. 8
1935
Jan. 27
16.90
1
May
17.90
1934
13.56 Jan. 3
16.90 Dec. 5
1933
13.56 Dec. 6
14.81 Jan. 5
1932
14.79 Dec. 15
15.90 Jan. 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap
(Based on No. 1 heavy melting steel
July 16 1935, $10.83 a Gross Ton
510.751 quotations at Pittsburgh, Philadelphia
One week ago
10.71! and Chicago.
One month ago
10.58(
One year ago
Low
High
$10.33 Apr. 23
$12.33 Jan. 8
1935
9.50 Sept. 25
13.00 Mar. 13
1934
6.75 Jan. 3
12.25 Aug. 8
1933
6.43 July 5
8.50 Jan. 12
1932
8.50 Dec. 29
11.33 Jan. 6
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov. 22
15.25 Jan. 11
1927
The American Iron and Steel Institute on July 15 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 39.9%
of the capacity for the current week, compared with 35.3%
last week, 38.3% one month ago, and 28.8% one year ago.
This represents an increase of 4.6 points, or 13.0%,from the
estimate for the week of July 8. Weekly indicated rates
of steel operations since June 4 1934 follow:
1934June 4
June 11
June 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
57.4%
56.9%
56.1%
44.7%
23.0%
27.5%
28.8%
27.7%
26.1%
25.8%
22.3%
21.3%
19.1%
18.4%
20.9%
July 20 1935
1934Sept.17
Sept.24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3
Dec. 10
Dec. 17
Dec. 24
193422.3% Dec. 31
24.2% 193523.2% Jan. 7
23.6% Jan. 14
22.8% Jan. 21
23.9% Jan. 28
25.0% Feb. 4
26.3% Feb. 11
27.3% Feb. 18
27.6% Feb. 25
28.1% Mar. 4
28.8% Mar. 11
32.7% Mar. 18
34.6% Mar. 25
35.2% Apr. 1
193539.2% Apr. 8
Apr. 15
43.4% Apr. 22
47.5% Apr. 29
49.5% May 6
52.5% May 13
52.8% May 20
50.8% May 27
49.1% June 3
47.9% June 10
48.2% June 17
47.1% June 24
46.8% July 1
46.1% July 8
44.4% July IS
43.8%
44.0%
44.6%
43.1%
42.2%
43.4%
42.8%
42.3%
39.5%
39.0%
38.3%
37.7%
32.8%
35.3%
39.9%
"Steel" of Cleveland, in its summary of the iron and steel
markets, on July 15 stated:
Steel demand made a strong comeback last week,following Independence
Day, the steel works operating rate advancing seven points to 38%. one
point higher than in the closing week of June.
Underlying strength in the markets is resisting the usual seasonal influences. Automobile assemblies for the week snapped back to the early
June rate of 83,000, 24,000 more than in the preceding week. Automobile manufacturers are placing moderate size orders for material for both
current and fall models.
Farm implement builders are operating at 80% of normal, and are
planning still larger production programs for fall. Tractor manufacturers
apparently will not be caught up with sales this year. Good crop prospects are a factor in sustaining farm purchasing power.
Machine tool and miscellaneous equipment sellers note a decided improvement in their orders. Retail sales of household utilities, such as
washing machines and refrigerators-like those of automobiles-are going
beyond makers' estimates for this season. Can makers continue placing
heavy commitments, production of which is currently at 65%•
Construction industries and the railroads are giving comparatively light
support to the markets at present. Structural shape awards for the week
declined to 18,000 tons. The American Rolling Mill Co. placed 1,900 tons
for a cold-rolled strip mill building at Middletown, Ohio. Inquiries were
issued for 10,000 tons of steel for three Mississippi River dams. Considerable tonnage will be needed for repairing flood-damaged bridges and
roads in southern New York. Government work under the $4,800,000,000
relief program is developing slowly, many communities to which money
has been offered finding it impossible to finance purchase of materials.
New York City awarded 5,000 tons of cement-lined cast pipe. Construction of 41 Coast Guard vessels has been recommended at Washington.
which will require considerable steel.
Seaboard Air Line is in the market for 12,000 tons of rails; Nickel Plate
for 4,000 tons. Bids were opened last week on 6,000 tons of rails and
fastenings for track relocations in the Muskingum, Ohio, conservancy
district. Chesapeake & Ohio awarded five locomotives, and the Canadian
National is inquiring for 15. Norfolk & Southern will take bids July 22
on 500 all-steel box cars.
Although there was not much bying in the scrap market, prices were
strong, and at Cleveland advanced $1 to $2 a ton. Connellsville furnace
coke was reduced 15 cents a ton, and foundry grades 50 cents, in an effort
to liquidate stocks, built up in anticipation of a coal strike.
Steel ingot production in June-2.230,893 gross tons-was 15.3%
less than in May. The daily average-89,236 tons-represented a loss
of 8.5%. Output for six months was 16,024,691 tons, 2.3% lees than
in the first half of 1934. The steel works operating rate for the first half
was 46.7%, one point lower than last year.
"Steel's" London correspondent cables that British production of ingots
and castings in June-770,000 gross tons-showed a loss in the daily
average of 2.5%, and pig iron-529,300 tons-a loss of 2.1%.
United States iron and steel exports for May totaled 286,599 gross tons.
up 39.6%, due mainly to a 59% increase in scrap shipments to 209,424 tons.
Steel works operations last week at Pittsburgh advanced 14 points to
34%; Chicago, 9.% to 423.; eastern Pennsylvania, 5% to 26%: Wheeling,
22 to 62; Cleveland, 28 to 44; Youngstown, 17 to 43; Detroit, 16 to 94.
New England declined 15 to 41; Buffalo, 3 to 26, while Birmingham was
unchanged at 30.
"Steel's" iron and steel price composite is up one cent to $32.40; the
finished steel composite remains $54, and the scrap index $10.34.
Steel ingot production for the week ended July 15 is placed
at about 37% of capacity, according to the 'Wall Street
Journal" of July 17. This compares with 33%% in the
previous week and 38% two weeks ago. The "Journal"
further showed:
U. S. Steel is estimated at slightly better than 34%, against 32% in the
week before and 35% two weeks ago. Leading independents are credited
with 39%,compared with 35% in the preceding week and 40% two week ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
changes, in points, from the week immediately preceding:
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1927
37
28
56
+3%
+45.5
i 2.4
31
57
95
694
67
-1
42
+2
-14
+14
U. S. Steel
34 +2
28 +4
47 +34
Not available
31 -114
63 -1
99 +3
73 -2
69
Independents
39 +4
28 +6
63 +2
31
52
91
67
-1
-2
+1
-1
Sixty-six Cents of Each Dollar Net Income of Steel
Industry Go for Taxes-26 Leading Companies
Paid $390,000,000 in Federal, State and Local
Taxes Since 1929
The American Iron and Steel Institute on July 13 made
public a survey showing that taxes paid by the steel industry
for the period 1929 to 1934, inclusive, amounted to 66.4c.
out of every dollar of total net income available for the
payment of taxes and for return on the stockholders' investment. The study was based on data submitted by 26 leading companies representing more than 93% of the country's
total steel capacity.
The 26 companies during the period mentioned paid $390,000,000 in Federal, State and local taxes, or an amount
approximating eight weeks' wages each year for each em-
Volume
141
Financial Chronicle
ployee during the six-year period. Net earnings of the
same companies, before taxes and dividends, amounted to
$587,900,000. In no year since 1930, however, did the 26
companies earn an aggregate net income sufficient to pay all
taxes, with the result that there was no aggregate net income
available for payment of dividends to the 433,500 stockholders. For the entire six years only 33.6c. out of every dollar
of total net income available for taxes and dividends remained for the payment of dividends, or only 2.42c. out of
every dollar of gross sales.
The Institute's announcement added, in part:
Finished steel production of these companies since 1929 has totaled
115,126,000 gross tons, on which the total taxes averaged $3.39
per ton.
In 1929, when steel production and earnings were at prosperity
levels, the
payment of approximately $95,750,000 in taxes amounted to
$2.78 per ton
on the 34,435,000 tons of finished steel produced by the 26
companies.
In 1932, however, at the low point of the depression, when
deficits had
practically eliminated Federal taxes, payment of approximately
$52,125,000
349
in taxes amounted to $6.06 on each of the 8,605,000 tons of finished steel
produced. In 1934 tax payments of approximately $56,230,000 (which
again consisted of practically State and local taxes) were equivalent to
$3.47 per ton on the total finished steel output of 16,212,000 tons—a rate
above the six-year average.
The proportion of all taxes paid to the gross sales of the 26 steel companies has ranged from a low of 4.0% in 1929, when gross sales are estimated at $2,387,000,000, to a high point of 7.6% in 1932, when gross
sales had shrunk 71% to $689,000,000. In 1934 gross sales amounted to
$1,148,000,000, of which 4.9% was paid out in taxes. Over the six-year
period gross sales aggregated $8,180,000,000, of which 4.8% was paid out
in taxes.
By reason of the depression and the resultant lack of earnings, Federal
income taxes practically disappeared during the period from 1931 to 1934,
Inclusive.
Taxes paid to State and local governments declined less than 19%, from
$59,583,477 in 1929 to $48,541,966 in 1934. Over the same period both
production and gross sales dropped off more than 50%. The study discloses that during the period under review State and local taxes amounted
to more than 82% of the total taxi bills which were paid by the 26 companies.
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 July 17, as reported by
the Federal Reserve banks, was $2,478,000,000, an
of $3,000,000 compared with the preceding weekincrease
of
$6,000,000 compared with the corresponding week inand
1934.
After noting these facts, the Federal Reserve Board proceeds
as follows:
On July 17 total Reserve bank credit amounted to
$2,472.000,
practically unchanged from a week ago, decreases of $128,000,00 000.
0 in member
bank reserve balances, $21,000,000 in money in circulation,
and $5,000,000 In non-member deposits and other Federal Reserve accounts
and an
increase of $4,000,000 in monetary gold stock
being largely offset by an
increase of $154,000,000 in Treasury
cash and deposits with Federal Reserve
banks and a decrease of $2,000,000 Treasury
in
and National bank currency.
Member bank reserve balances on July
17 were estimated to be approximately $2,340,000,000 in excess of legal requirement
s.
Relatively small changes were reported in holdings of
discounted and
purchased bills and in industrial advances. An increase
of $15,000,000 in
holdings of United States Treasury
notes was offset by a decrease of $15.000,000 in Treasury bibs.
Beginning with the week ended Oct. 31 1934, the Secretary of the Treasury made payments to three Federal
Reserve banks in accordance with the provisions of Treasury
regulation issued pursuant to sub-section (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
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended July 17, in comparison with the preceding week and with the correspon
ding
date last year, will be found on pages 386 and 387.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year
ended
July 17, were as follows:
Increase (+) or Decrease (—)
Since
July 17 1936 July 10 1935
July 18 1934
$
$
Bills disc
ounted7,000,000
—16.000,000
Bills bought
5,000.000
U. S. Government securities
—2.000,000
Industrial advance. (not including2 430,000,000
22,000.000 commitment
+28,000,000
Other Reserve bank credits—July 17) 28,000,000
2,000,000
—1,000,000
+2,000,000
Total Reserve bank credit
2 472,000,000
—1,000,000
+12.000.000
Monetary gold stock
9,127,000,00
000
+4.000.000 +1,230,000,000
0
Treasury and National bank currency2
501000-2,000,000 -1-138,000,000
Money in circulation
5,530,000,000 —21,000,000 +202,000,000
Member bank reserve balances
—128,000.000 +937,000,000
Treasury cash and deposits
with Fed-4'924'00"W
eral Reserve
154,000,000 +132,000.000
Non-member deposits
and others3
bank
Federal Reserve accounts000,
—5,000 000 +109,000.000
560, 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
full statements of the member banks, which latter will not
be available until the coming Monday. The New York
City statement formerly included the brokers' loans of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned for
"account of out-of-town banks," as well as the amount
loaned "for account of others." On Oct. 24 1934 the statement was revised to show separately loans to brokers and
dealers in New York and outside New York, loans on securities to others, acceptances and commercial paper, loans
on real estate, and obligations fully guaranteed both as to
principal and interest by the United States Government.
This new style, however, now shows only the loans to brokers
and dealers for their own account in New York and outside
of New York, it no longer being possible to get the amount
loaned to brokers and dealers "for account of out-of-town
banks" or "for the account of others," these last two items
now being included in the loans on securities to others. The
total of these brokers' loans made by the reporting member
banks in New York City "for own account," including the
amount loaned outside of New York City, stook at $900,000,000 on July 17 1935, an increase of $17,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
July 17 1935 July 10 1935 July 18 1934
Loans and Investments—total
7,805.000.000 7.612,000.000 7,273,000,000
Loans on securities—total
1,650,000,000 1,628,000,000 1,718.000.000
To brokers and dealers:
In New York
Outside New York
To others
._
841,000.000
59,000,000
750,000,000
823,000.000
60,000.000
745.000,000
804,000,000
57,000,0 0
857,000.000
Accepts, and commercial paper bought__ 138,000,000
144.000.0001
Loans on real estate
123,000,000 124,000.0001,483,000,000
Other loans
1 219,000,000 1,191,000,000J
U. S. Government direct obligations__ __3,327,000,000 3,187,000,00
0 2,938,000,000
Obligations fully guaranteed by United
States Government
323.000,000 319,000,00011,134,000,000
Other securities
1 025,000,000 1,019,000,000J
Reserve with Federal Reserve Bank
1,756,000,000 1,906,000.000 1,331,000,000
Cash in vault
42,000,000
45,000,000
37,000,000
Net demand deposits
7 591,000,000 7,622.000.000 6,178,000.000
Time deposits
564,000.000 569,000.000 682,000,000
Government deposits
245,000,000 182,000,000 733,000,000
Due from banks
96,000,000 109,000.000
86,000,000
Due to banks
1,913,000,000 1,951,000,000 1,654,000.000
Borrowings from Federal Reserve Bank.
Loans on Investments—total
Chicago
1 687.000,000 1,639,000,000 1.440,000,000
Loans on securities—total
194,000,000
196,000,000
273,000.000
To brokers and dealers:
In New York
Outside New York
To others
1,000,000
28,000.000
165,000,000
1,000,000
28,000,000
167,000.000
19,000,000
38,000,000
216,000,000
18,000,000
15,000,000
251,000,000
18.000,0001
16,000,0001 289,000.000
244,000,000)
Accepts, and commercial paper bought
Loans on real estate
Other loans
U. S. Government direct obligations_ _ _ 868,000,000
Obligations fully guaranteed by United
States Government
81,000.000
Other securities
260,000,000
830,000,000
Reserve with Federal Reserve Bank.... _ 566,000,000
Cash in vault
36,000,000
603,000,000
37,000.000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
578,000.000
81,000,0001 300,000.000
254.000.0001
513,000.000
35,000.000
1,698,000,000 1,703,000,000 1,386,000,000
414,000,000 414,000.000 367,000,000
29,000,000
10,000,000
47,000,000
213,000.000
515,000,000
209,000,000
520,000,000
167,000,000
420,000,000
Borrowings from Federal Reserve Bank_
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves, and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be compiled.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business July 10:
The Federal Reserve Board's condition statement of
weekly reporting
member banks in 91 leading cities on July 10 shows
decreases for the week
of $94.000.000 in total loans and investments and
$35,000,000 in Government deposits, and increases of $66,000,000 in net
demand deposits, $11,000,000 in time deposits and $160,000,000 in reserve balances
with Federal
Reserve banks.
Loans on securities to brokers and dealers in New
York declined $60.000.000 at reporting member banks in the New York district and 161,000.000
at all reporting member banks; loans to brokers and dealers outside New
York declined $6,000,000 in the New York district and $8.000,000 at
all
reporting member banks; and loans on securities to others declined $11.000,000. Holdings of acceptances and commercial paper bought in open
market declined $6.000,000; real estate loans showed littld change for the
week; and "other loans" declined $9,000,000 in the New York district
and at all reporting member banks.
Holdings of United States Government direct obligations declined 861.000.000 in the New York district. $10,000,000 in the San Francisco district
and $60.000,000 at all reporting member banks,and increased $11,000,000 in
the Chicago district and $5,000,000 in the St. Louis district. Holdings of
obligations fully guaranteed by the United States Government increased
35.000,000. Holdings of other securities increased $47.000,000 in the
New York district and $55,000,000 at all reporting member banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,280,000.000 and net
demand, time and Government deposits of $1.489.000,000 on July 10.
compared with $1,284,000,000 and $1,479,000,000 respectively on July 3.
A summary of the principal assets and liabilities of the reporting member
banks,in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended July 10 1935, follows:
Increase (1-) or Decrease (-)
Since
July 11 1934
July 3 1935
July 10 1935
$
$
+663,000,000
-94,000.000
_18,414,000,000
l..._
Loans and Investments-tota
Loans and securities-total
3,019,000,000
-80,000,000
534,000,000
To brokers and dealers:
In New York
Outside New York
To others
860,000,000
168,000,000
1,991,000,000
--61,000,000
---8,000,000
-11,000,000
--120,000,000
--11.0000)0
--403,000.000
Accepts, and com'l paper bought__ 301,000,000
958,000,000
Loans on real estate
3,176,000,000
Other loans
U. S. Govt. direct obligations_ __ _ 7,219,000.000
Obligations fully guaranteed by the
851,000,000
United States Government
2,890,000,000
Other securities
Reserve with Fed. Res. banks
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
3,842,000,000
306,000,000
15,580,000,000
4,396,000,000
337,000,000
1,873,000,000
4,531,000,000
1,000,000
--43,000.0001
4-1,000,000
--9,000.000
--A6),000,000
--18,000,000
4-543,000.000
4-5.000,0001 1-672,000.000
4-55.000.000J
4-160,000,000
4-11.000,000
4-927,000,000
4-60,000.000
4-66,000,000 4-2,939,000.000
4-11,000,000 --116,000,000
--35,000,000 --1,016,000,000
--13J000,000
--33,000,000
4-207,000,000
4-661,000,000
-4,000,000
Further Advance in World Industrial Production
During May Reported by National Industrial
Conference Board
World industrial production continued to advance during May, according to the monthly statement on economic
conditions in foreign countries issued July 15 by the National
Industrial Conference Board. Improvement was reported
in England, Canada, Australia, Germany, Italy, Belgium,
Spain, Finland and in several Central and South American
countries. Conditions remained substantially unchanged,
according to preliminary reports, in France and Switzerland,
while some recession occurred in the Netherlands; United
States and Mexico. The Conference Board's report continued:
Unemployment declined from April to May, according to preliminary
9.8%;
reports, as follows: Denmark, 22.0%; Norway, 16.0%; Germany,
unemFrance, 6.7%; Italy, 8.0%; Great Britain, 2.6%. The number of
during
ployed in France is estimated to have declined an additional 6.0%
in May
June. Unemployment in the United States was 0.9% higher
than in April.
during
higher
3%
averaged
World prices of important raw materials
Prices
May than in the preceding month and 7% higher than in May 1934.
prices conof wheat, sugar, cotton, rubber, silk and tin advanced. Coffee
occurred
tinued to decline. During June a sharp rise in wholesale prices
French and
In Italy and a more moderate rise was reported in Germany.
.
.
.
May.
of
end
the
English prices remained lower than at*
than in
International trade, in terms of gold, was 3.2% lower in April
3.2%
the preceding month and 0.9% lower than a year ago. The decline of
the
in the value of world trade during the first quarter as compared with
in
fall
the
by
first three months of 1934 was more than counterbalanced
world prices; as a result, physical volume of trade was 1.2% above that
for the first quarter of 1934.
Security price movements were mixed during June. Stocks continued to
advance in London and Berlin but receded slightly in Paris after reaching
a new 1935 high point in May. . . .
The gold bloc currencies have been subject to greatly diminished pressure
since formation of the Laval Cabinet and recess of the French Chamber of
Deputies.
Statement of Condition of Bank for International
Settlements
The funds of the Bank for International Settlements, as
shown by the June 30 statement of condition of the Bank,
increased. approximately 11,000,000 Swiss francs during the
month to 661,014,799.64 Swiss francs. In a wireless account
from Basle, Switzerland, July 4, appearing in the New York
"Times" of July 5, it was stated:
Nearly 7,000,000 francs came in sight deposits in gold bars, the remainder being additions to central bank deposits.
On the asset side the most striking change is an even larger increase
In gold bar holdings, which rose in value from 18,000,000 to 28,500,000
Swiss francs. This forms a new peak for the World Bank. This jump
is explained as partly due to increased gold bar deposits and partly to
provision for that part of the dividend payable July 1 in gold to central
bank shareholders.
It is now disclosed that several years ago the Board gave such shareholders the right to receive their dividends partly or entirely in gold.
The management explains that there was no important change this year
in the number exercising this option. It minimizes the importance of the
gold bar development on both sides of the ledger.
The increased gold deposits are explained as coming largely from new
chiefly international organizations that have to deal in many
clients,
July 20 1935
Financial Chronicle
350
currencies and need a safeguard against exchange fluctuations by keeping
a certain sum in gold bars. Gold bars now form 40% of the Bank's sight
deposits.
banking
The International Labor Organization at Geneva is now doing its
be
through the World Bank. The League of Nations is understood to
change
it
to
found
possible
considering doing this too, but it has not yet
bankers.
The following is the statement of the Bank as of June 30,
as contained in Associated Press advices from Basle July 4
(figures in Swiss francs at par):
Assets
May 31 1935
June 30 1935
28,524,507.51 16,209,942.41
I. Gold in bars
II. Cash on hand and on current acceptance with 5,258,538.72
2,513,926.65
banks
15,297,327.26 14,902,548.95
III. Sight funds at interest
IV. Redlscountable bills and acceptances:
131,020,002.26
1. Commercial bills & bankers'acceptances..136,198,165.14 219,974,092.40
212,776.178.71
2. Treasury bills
348,974,343.85 350,994,094.66
Total
V. Time funds at interest:
34,595,189.19 33.880,637.27
Not exceeding three months
VI. Sundry bills and investments:
1. Maturing within three months:
26,470,610.47 36,534,526.39
(a) Treasury bills
33,200,644.73 44,513,385.83
(b) Sundry investments
2. Between 3 and 6 months:
29,907.556.18 32,268,659.90
(a) Treasury bills
63,575,767.17 53,312,600.37
(b) Sundry Investments
3. Over 6 months:
29,638,959.39 18,857,404.44
(a) Treasury bills
35,395.298.54 35,402,173.43
(b) Sundry investments
218,188,838.48 220,888,747.36
Total
VI/. Other assets:
6,137,165.86
1. Guarantee of central banks on bills sold_ 6,101,529.35
4,547,538.57
4,074,527.29
2. Sundry items
10,176,056.63 10,684,704.43
Total
661,014,799.64 650,074,601.73
Total assets
LiabUities
I. Capital paid up
II. Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
125,000,000.00 125,000,000.00
3,324,345.55
3,324.345.55
5,844,908.94
5,844,908.94
11,689.817.85 11,689,817.85
20,859,072.34 20,859,072.34
Total
TIL Long-term commitments:
155,427,500.00
154,670,000.00
deposits
1. Annuity trust account
77,335,000.00 77,713,750.00
2. German Government deposits
2,030,500.00
2,030,500.00
(Saar).deposits
Government
French
3,
61,930,084.72 61,930,084.72
4. French Government guarantee fund
295.965,584.72 297,101,834.72
Total
:
currencies)
IV. Short-term and sight deposits(various
1. Central banks for their own account:
104,227,692.74
months
103.689,107.83
three
exceeding
(a) Not
27,099,756.99 22,722.151.44
(b) Sight
Total
2. Central banks for account of others:
(a) Not exceeding three months
(b) Sight
Total
3. Other depositors:
(a) Not exceeding three months
(b) Sight
Total
V. Sight deposits (gold)
VI. Profits by distribution July 1:
1. Dividend to shareholders at 6%
2. Participation of long-term depositors
Total
VII. Miscellaneous:
1. Guarantee on commercial bills sold
2. Sundry items
Total
Total liabilities
130,788,864.82 126,949,744.18
2,955,353.77
10,808,126.60
2,952,585.73
9,838,413.99
13,763,480.37
12,790,999.72
2,122.380.80
1,247.861.24
2,120,397.77
1,577,205.09
3,370,242.04
21,717,279.14
3,697,602.86
14,929,551.84
7,500,000.00
1,957,483.29
7,500,000.00
1,957,483.29
9,457,483.29
9,457,483.29
6.177,392.23
33,915,400.69
6,252,421.27
33.035,891.51
40,092,792.92
39,288,312.78
661,014,799.64 650,074,601.73
Canadian Treasury Made $63,000,000 Profit by Gold
Revaluation-Chartered Banks Gained $10,500,000
The Canadian Treasury profited by approximately $63,000,000 by the revaluation of gold, while the chartered banks
profited by about $10,500,000, it was revealed by the weekly
statement of the Bank of Canada, issued on July 11. Gold
coin and bullion held by the Bank of Canada was listed in
that report at $180,179,470, whereas one week earlier it
amounted to $106,671,415. Before the passage of the Exchange Fund Act early this month gold was valued at
$20.67 a fine ounce, and it now is valued at $35. A dispatch
from Ottawa to the Toronto "Globe" on July 11 analyzed
the effects of revaluation as follows:
While the object of the Exchange Fund Act was to provide a fund to
regulate exchange, such a fund will not be established unless a situation
arises which will make it advisable. Accordingly, the Act provides that
the fund should be established by Order-in-Council and no Order-in-Council
has been passed or will be in the immediate future, it is understood. When
such a fund Is established it will be under the supervision of the Minister
of Finance.
Anxiety Expressed
Anxiety had been expressed in some financial circles as to what use the
Minister of Finance would make of the $63,000,000 profit from the revaluing
gold until such time as it is put into an exchange fund.
It had been suggested he might issue new currency or he might go into
the open market and buy back Dominion securities, which would result in
bond prices advancing. To-day's report indicated that instead of those
alternatives, the Minister used the profit to reduce the Bank of Canada's
holdings of Dominion securities. This week they are $98,934,801 and a
week ago $150,426,609. Deposits of the Dominion Government in the
bank also increased from $24,583,961 to $35,435,568.
The net result will be the Dominion Treasury will receive interest on
$63,000,000 it did not receive before. The Finance Minister, however, will
not immediately have this revenue to help him balance the budget. Any
such interest must be earmarked for the exchange fund when such is
created.
Volume 141
Financial Chronicle
World Unemployment Approximates That in Mid-1934
—Report by International Labor Office Shows
Few kmportant Changes in Year
The course of unemployment has changed little in the
past year, according to the quarterly report of the International Labor Office at Geneva, which indicated that midyear unemployment in 29 principal industrial countries
stood at 20,461,000, compared with 20,385,000 a year ago.
The report said that the figures "do not show any important changes in the general situation." Exact figures
in unemployment were not given, since the sources of
national statistics vary too much in value to be comparable,
although most of them are for June. A dispatch from
Geneva, July 10, to the New York "Times" outlined the
report of the International Labor Office as follows:
Decreases reported from some countries are offset by increased unemployment in others. There is no sharp monetary dividing line between
them, although roughly the sterling area, with such exceptions as the
Irish Free State, shows a small improvement, while unemployment is
rising in the nations of the gold bloc and also in Spain, where it reached
704,000 in April, and the United States, for which the figure of 11,500,000
in April is given, compared with 10,905,000 in April 1934.
The main decreases are in countries leaning most to war-like remedies
for unemployment. The German figure fell 542,000 during the year to
2,020,000 in June. Mobilization and war preparations reduced the Italian
unemployed by 186,000, though leaving the still substantial total of 755,000
In June.
The latter figure is almost twice as much as in France, where
the figure
rose during the year by 107,000 to a total of 459,000 in June.
The report excludes all Asia except Japan, all Latin America
except
Chile, and all Africa.
Our most recent reference to an International Labor
Office report on unemployment was contained in the "Chronicle" of Jan. 19, page 413.
Newfoundland Lowers Import Duties on Several
Products
The import duties on a large number of articles were
reduced by the Newfoundland Government, effective July
1,
according to a cablegram received in the United States
Department of Commerce from Consul General Harold B.
Quarton,St.John's. In noting this, an announcement issued
July 6 by the Commerce Department said:
Among the Items affected are ready-made outer and under
clothing;
goods, boots and shoes, ribbons, trimmings, and accessories
for
clothing manufacture, beans, lentils, cheese, milk foods, oats,
corn, meal,
machinery for the fisheries, and forest fire fighting engines, it was
stated.
The following are the new duties on a few of the products
affected, the
new rate, applicable to products of all countries except the United
Kingdom,
appearing first and the rate to the United Kingdom products second
(with
the former rates in parentheses in the same order): Ready-made
outer and
under clothing, 40%;30% (50%; 40%); boots and shoes.
40%;40% (50%;
40%); cotton piece goods, 25%;
15% (35%; 25%); and forest fire fighting
eingines, free; free: (10%; 10%). All percentages are ad valorem.
Piece
British Cabinet Rejects "New Deal" Program of David
Lloyd George
A special meeting of the British Government on July 15
rejected plans for national reconstruction and reduction of
unemployment that had been proposed by David Lloyd
George, former Prime Minister. The program, which had
been under discussion since March, had been compared to
the Administration policies in the United States. The plan
was based on a 25o,000,000 "Prosperity Loan" which
would finance public works projects for a two-year period.
Mr. Lloyd George's proposals were published in a booklet
entitled "Organizing Prosperity." They included plans
for
housing, public works and back-to-the-land movement.
Some of his principal proposals were listed as follows
in a
London dispatch of July 15 to the New York "Herald
Tribune":
The Liberal leader's program, published to-day in a booklet
called
"Organizing Prosperity," covers a wide variety of projects.
Its main
points include:
1. A "prosperity loan" of £250,000,000 ($1,237,500,000) at 3% interest
to finance a public works program.
2. Establishment of a national development board as a permanent
authority to survey resources, plan progress and consider action.
3. Reorganization of the Cabinet to make it a small executive body. consisting of a Prime Minister and four or five ministers without departmental
duties.
4. Placing of the Bank of England under control of a board representing Industry, finance and commerce.
Lloyd George considers that housing should occupy the foremost place
in a reconstruction project and claims that 2,000,000 new homes could
be built during the next few years.
He also gives detailed suggestions for public works of a productive nature, including roads, bridges, tunnels, canal and harbor development
and railway electrification.
Furthermore, he has plans for land development, reorganization and control of the coal, steel, cotton and shipping industries and for obtaining
for the Treasury the increased land values created by various public works.
President Lebrun of France Signs 23 Decrees Designed
to Eliminate 11,000,000,000-Franc Budget Deficit—
Drastic Economies Sought to Lower French Debt
—Government Wages Reduced
The French Cabinet, after meeting continuously for 15
hours, adoped on July 16,23 important economic decrees
formulated by Premier Laval, and designed to yield almost
11,000,000,000 francs to cover the budgetary deficit. President Lebrun signed the decrees on July 17 and they became
effective immediately. Fifteen of the decrees deal with
budgetary compression and eight with the cost of living and
351
measures to restore commercial activity. Last year's French
budget deficit was 6,418,000,000 francs, plus a deficit of
more than 4,000,000,000 francs on the operation of State
railways. Since 1930 the French public debt has increased
from 260,000,000,000 francs to more than 330,000,000,000
francs.
The French Embassy at Washington announced on July
17 that a new emergency tax of 10% on coupons of French
Government issues did not apply to the French bonds held
by foreigners.
United Press advices from Paris July 16 outlined the new
budgetary proposals as follows:
• M.Laval said economies affecting the State budget will total 7.000.000.000 francs. Other economies affecting railroads and social insurance will
bring total saving to 11,000,000,000 francs.
Additional orders were drafted by the Cabinet. M. Laval expected to
promulgate from 25 to 30 decrees.
With President Lebrun's approval the measures will be published in the
official journal to-morrow, making them effective immediately.
The principal budgetary economy will be obtained through reductions in
the wages of functionaries. It will graduate from 3% in the smallest scale
to 5% of wages within 10,000 francs and 10% over 10,000 francs.
Emergency powers granted the Cabinet make the decrees effective at
once, but they must be approved by Parliament before the end of the year.
They cut war veterans' pensions 10%, effecting an economy of 1,500.000,000 francs.
Other decrees cut bread prices 10 centimes. House rents under 10,000
francs are cut 10%. Prices of gas, electricity and coal are reduced.
A superincome tax of 50% is decreed for all incomes over 80,000 francs
annually ($100 per week).
The munitions and war industries profits tax is increased 25%. Ten
per cent, wage cuts are extended to include railroad workers.
Another decree increases taxes on negotiable stock transactions from
17 to 24%.
Functionaries earning under 5.000 francs a year are not affected by the
decree. Functionaries receiving between 5,000 and 8.000 francs are cut
3%; between 8,000 and 10,000 francs the cut Is 5% and 10% over 10.000.
Belgium Recognizes Government of Soviet Union—
Secret Negotiations Conducted in Paris
Belgium recognized the Government of the Societ Union
on July 12 in an exchange of letters between the Belgian
and Russian Ambassadors at Paris, where establishment of
diplomatic relations was secretly negotiated. These negotiations were conducted for a period of three years. Last
February the proposal was rejected by the Belgian Chamber
of Deputies by a large majority.
Government Sets Up Control of Country's
Banks—Commission of Seven Members Supervises
Deposit Banks
The Belgian Government has established control of the
banking system in that country, it was announced in Brussels on July 14, with the publication of a decree stipulating
that deposit banks must register with the bank commission
and accept its supervision. This commission was created
by a recent law and comprises seven members, who can
promulgate rules to safeguard bank investments, fix maximum interest rates and, if necessary, can temporarily veto
the issuance of stocks. Further details of the new law were
given as follows in a dispatch from Brussels, July 14, to
the New York "Herald Tribune":
The law foresees the appointment of chartered accountants, who will be
Belgian
responsible to the bank commission, and one of these accountants must be
chosen by the banks to verify accounts. On the other hand, the commission
will not be allowed to interfere actively with the management of private
banks or with the banks' relations with customers. But bankers can no
longer be trustees of or presidents of industrial enterprises. Foreign banks
will be subject, henceforth, to the same regulations as the Belgian. The
bank control decree was welcomed as a means of preventing banks from
freezing assets as was the case in the recent past.
Hungarian Government Offers to Continue Partial
Service and Amortization on State Loan of 1924—
League Loans Committee Advises Bondholders to
Accept Proposal
Speyer & Co. of New York, American fiscal agents for the
State Loan of the Kingdom of Hungary, 1934, announced on
July 16 that they had received from the League Loans Committee in London a communique stating that the Hungarian
Government has fulfilled the obligations undertaken on June
30 1934 for partial service of this loan. The Committee, on
which the American bondholders are represented, also out-.
lined arrangements by the Hungarian Governmentfor interest
service and amortization during the period Aug. 2 1935 to
Aug. 1 1936. The communication added that under the
circumstances the Committee believed the bondholders
should accept the Hungarian proposal.
The text of the communique from the League Loans
Committee is given below:
1. The League Loans Committee have the pleasure to announce that the
Hungarian Government has duly carried out to date, and is continuing to
carry out, the armngments announced on June 30 1934, for the service of
this League of Nations Loan for the period to August next. Consequently
the Trustees were able to pay the coupon due Feb. 1 1935. at 50% of its
value; and it may be anticipated that they will in due course pay the coupon
due Aug. 1 1936, at 50% also.
The Hungarian Government has also made good its offer announced on
June 30 1934, when it stated:
The Hungarian Government .. . offers to any bondholder who is willing
to surrender on 0. after Oct. 1 1934, the part-paid
coupons due in February
and/or August. 1934, a cash payment in foreign exchange
of 10% of the
unpaid portion of these coupons.
352
Financial Chronicle
2. The Hungarian Government has recently been in communication
with the League Loans Committee regarding the further service and now
announces that it again expressly recognizes the special position and claims
of this loan; and it confidently hopes and will use its best endeavours to
carry out the following arrangements for the service during the period Aug.
2 1935 to Aug. 1 1936, inclusive:
The Hungarian Government will transfer to the Trustees in foreign
exchange 50% of the interest service. It will continue to provide in its
budget in pengoes the equivalent of the full service of the loan,including
Interest and sinking fund, and to deposit these amounts as at present in an
account at the National Bank of Hungary. It will be entitled as hitherto
to re-borrow the untransferred portion of the service against the deposit of
2% one-year Pengo Treasury Bills.
The Hungarian Government regrets that in present circumstances It is
unable to propose any arrangement for final redemption of the coupons
paid at 50% in 1935. The 2% Pengo Treasury Bills representing the
untransferred service for the year 1934-5 will accordingly be renewed for a
further year at the same rate of interest.
For the Royal Hungarian Government,
(signed) DR. T. FABINYI, Minister of Finance.
3. In all the circumstances the Committee consider that bondholders
would be well advised to accept the present proposals of the Hungarian
Government.
For the League Loans Committee (London),
(signed) AUSTEN CHAMBERLAIN, Chairman.
Hopes of Arbitrating Italo-Ethiopian Dispute Dim as
Conciliation Commission Ends Meetings—Ethiopia
Appeals to League to Convoke Council
Hopes of arbitrating the dispute between Italy and
Ethiopia were almost abandoned on July 9, when the ItaloEthiopian conciliation commission, meeting at Scheveningen,
The Netherlands, suspended its sessions "indefinitely,"
with no indications that the meetings would be resumed.
On the following day (July 10) the Ethiopian Government
dispatched a note to the League of Nations, asking the League
Council to be summoned immediately to consider the
threatened invasion of Ethiopian territory by Italian troops.
Ethiopia on July 10 also sent a note to the British, Belgian
and French Ministers, protesting against the arms embargo
against Ethiopia.
Further evidence of preparations for war in Ethiopia was
given this week, when Premier Mussolini of Italy on July 15
ordered the mobilization of two more divisions to join the
120,000 Italian soldiers already in East Africa. At the same
time Premier Mussolini announced that Italy would immediately begin the construction of 10 new submarines. These
plans were noted as follows in a dispatch from Rome July 15
to the New York "Herald Tribune":
"The increased rate of Ethiopia's military preparations make it necessary
to proceed with a further military measure," said the brief communique in
which to-day's far-reaching orders were given.
Premier Mussolini, in his capacities of Ministers of War, the Navy and
Aviation, ordered:
Mobilization for African service of the Sila Division, consisting of more
than 20,000 regular troops under command of General Bertide and Commander Cerruti, with the formation in the meantime of a second Silo,
Division at home.
Mobilization for African service of the 5th Division of 12,000 Black Shirt
militia, to be called the "February 1 Division," to be commaded by
Gen. Attilio Teruzzi and Vice-Commander Marghinotti, with the formation
of five new Black Shirt divisions to replace this and four Black Shirt divisions already in East African service.
The calling to the colors of pilots, airplane mechanics, engineers and
chauffeurs of the classes of 1909, 1910 and 1912 (men born in those years).
Ten Submarines Ordered
"The Minister of the Navy," the communique concluded, "has ordered
immediate construction of ten submarines, which are to be launched at
the same time in the first month of the year," The Fascist year begins on
Oct. 28.
Secretary of State Cordell Hull issued a statement on
July 12 in which he said that the Kellogg-Briand pact renouncing war as an instrument of national policy was a live
and binding document, and a solemn obligation to manitain
the peace. Mr. Hull's statement was interpreted as an
indirect appeal to Italy to arbitrate the Ethiopian dispute.
The statement said:
The Pact of Paris is no less binding now than when it was entered into by
the 63 nations that are parties to it. By form and designation It constitutes
a treaty by and among those nations. It is a declaration by the governments of the world that they condemn recourse to war for the solution of
international controversies, and renounce it as an instrument of national
policy in their relations with one another.
Furthermore, it is an agreement and a solemn obligation that the settlement or solution of all disputes or conflicts among nations of whatever
nature or of whatever origin shall never be sought except by pacific means.
The United States and the other nations are interested in the maintenance
of the pact and the sancity of the international commitments assumed
thereby for the promotion and maintenance of peace among the nations
of the world.
It was revealed at the State Department in Washington
on July 11 that the United States has informed Italy that
this country would view with misgivings any step taken by
Italy in Abyssinia which would lead to actual war. Secretary Hull expressed this view to Augusto Rossi, the Italian
Ambassador, when the latter called at the State Department
on July 10 to inform Mr. Hull of his plans to return to Italy
for a brief visit.
Sir Samuel Hoare, British Foreign Minister, told the House
of Commons on July 11 that although there was justification
for certain Italian claims against Abyssinia, Great Britain
would exert "every effort' to avert a war. United Press
London advices of July 11 summarized the principal points
in Sir Samuel's speech as follows:
July 20 1935
1. Great Britain admits Italy's need for expansion, and supports Premier
Mussolini in some of his criticisms against the Ethiopian Government.
2. Britain will not maintain an isolated policy in dealing with the crisis.
but will accept any mode or means offered, whether under treaties or the
League of Nations machinery, to avert war.
3. Britain has no aspirations in Africa, and is not concerned from an
imperialist standpoint, in the occurrences on the East Coast of that
continent.
4. Britain has not asked, and has no intention of asking, France to join
her in any blockade against Italy and all such rumors are without foundation.
5. The Government is working on a secret move to avert war in Africa.
Sir Samuel referred condidly to the recent Anglo-French estrangement
over the German naval pact, but said that the British approach to the
Abyssinian problem had enabled France to "forget any passing difference."
Declaring that relations between Great Britain and the United States were
excellent, he voiced his thankfulness that "two great peoples differing.
perhaps, in small respects, are never likely to differ on big issues."
When Sir Samuel told the House a move for peace was definitely afoot,
he added. that at the present time,"we cannot say more than that we are
working along these lines."
Premier Mussolini had previously indicated that Italy
would leave the League rather than to submit to its jurisdiction in what he considers a private quarrel. On June 20
Ethiopia protested to the League against Italian military
preparations and suggested that the League send neutral
observers to inspect Ethiopian frontier districts where
Italian troops are congregating. No League action was taken
as a result of that protest.
Emperior Haile Selassie of Ethiopia on July 4 appealed to
the United States to invoke the Briand-Kellogg Pact against
Italy in the threatened African war, but on the following day
President Roosevelt rejected this request, replying that the
issue was already being arbitrated by the League of Nations.
The President's action was described as follows in a Washington dispatch of July 5 to the New York "Times":
The reply, Mr. Roosevelt said, was simple and clear. It took the form of
Instructions to William Perry George, United States Charge d'Affaires in
Addis Ababa, which were announced by the State Department to-night
as follows:
The Emperor of Ethiopia on the evening of July 3summoned the American
Charge d'Affairs ad interim at Addis Ababa to the palace and handed the
Charge a communication in which the Emperor stated that he felt it to be
his duty to ask the American Government to examine means of securing
observance of the Pact of Paris.
The Charge has been instructed to reply to the Emperor as follows:
I have the honor to acknowledge the receipt of Your Imperial Majesty's
note of July 3 1935,and to inform Your Imperial Majesty that I immediately
communicated its contents to my Government. I have been instructed by
my Government to reply to your note as follows:
"My Government, interested as it is in the maintenance of peace in
all parts of the world,is gratified that the League of Nations, with a view to
a peaceful settlement, has given its attention to the controversy which has
unhappily arisen between your Government and the Italian Government
and that the controversy is now in process of arbitration.
Hopes for Peaceful Solution
"My Government hopes that, whatever the facts or merits of the controagency dealing with this controversy may be
arbitral
the
versy may be,
able to arrive at a decision satisfactory to both of the governments immediately concerned.
"Furthermore, and of great importance, in view of the provisions of the
Pact of Paris, to which both Italy and Abyssinia are parties, in common
loath to believe that either
with 61 other countries, my Government would beas
of them would resort to other than pacific means a method of dealing with
this controversy or would permit any situation to arise which would be
inconsistent with the commitments of the pact."
We also quote from Associated Press advices of July 9
from Scheveningen regarding the breakdown of arbitration
negotiations:
The end came after an Italian delegate conferred at length by telephone
with his Government,than announced that Italy maintained her contention
that the commission was not competent to deal with the question of the
geographical situation of Ualual, where an halo -Ethiopian clash occurred
last Dec. 5.
Professor Gaston Jeze, legal adviser to the Ethiopian Government, insisted on testifying yesterday that Ualual was in Ethiopian territory. The
Italian delegate, insisting the commission consider only causes of the clash,
refused to hear further testimony from Prefessor Jeze. When he continued,
the session ended.
Under the instructions of the League of Nations Council, the commission
—composed of two Italian and two Ethiopian representatives--could name
another, neutral member,should it reach no decision by July 25. Whether
that recourse would be taken remained unclear to-night. The Italians had
not agreed to the procedure.
Portions of Two Series of Credit Consortium for Public
Works of Italy Drawn for Redemption Through
Sinking Fund
J. P. Morgan & Co., as fiscal agents, are notifying holders
of Credit Consortium for Public Works, of Italy, external
loan sinking fund 7% secure gold bonds, series A, due March
1, 1937, and series B, due March 1 1947, issued under
contract dated March 18, 1927, that $276,000 principal
amount of the series A bonds and $154,000 principal amount
of the series B bonds have been drawn by lot for redemption
at par on Sept. 11935, out of sinking fund moneys. Bonds
so drawn will be redeemed and paid upon presentation and
surrender on and after Sept. 3, 1935, to the fiscal agents at
their offices here. Interest on the drawn bonds will cease
after Sept. 1, 1935.
Move for Controlled National Economy Gains Strength
in Japan—Writer Asserts Military Needs Influence
State Intervention in Industrial Control
Many persons in Japan, both in official and unofficial
positions, are advocating a controlled national economy
which either consciously or unconsciously has in view possible economic mobilization for military purposes," according
to the "Far Eastern Survey," published on July 17 by the
Volume 141
Financial Chronicle
American Council, Institute of Pacific Relations. M. Matsu°, former Rengo associate and official of the South Manchurian Railway, declared in the publication that a National
Policy Commission which was recently organized suggests
the possibility of an eventual planned economy and increasing State intervention in industrial control. Mr. Matsu°
asserted that business men who sponsored a controlled national economy after the war as a temporary escape from
hard times now face an unwelcome extension of this
principle.
The Institute quoted further from the article as follows:
Under the Bureau for Rationalization of Industry, set up in 1930, several
important legislative measures have been enacted and made the basis for an
elaborate system of industrial control.
The Principle Industries Control Act now operates in 22 industries. "Its
object is to render such governmental assistance as may be required where
the majority of those engaged in the industry have come to an agreement
and have attempted to remove the evils of reckless competition and monopolist enterprise."
With concentration of control furthered by governmental action, marked
price increases occurred in certain industries. This has led recently to
popular demand for more effective public control.
Over 40,000 small concerns, producing more than half the total output of
the medium and small-scale industries of Japan, have also been federated
under the Industrial Association Act. Its purpose is to check unsound practices inherent in small undertakings, to provide joint services, and to establish central supervision.
"Due to the peculiar nature of the Japanese economic system, control
of industry has not progressed to the extent of correlating and co-ordinating
the industrial organization of the whole country," concludes Mr. Matsu°.
353
The Department of Antioquia lathe outstanding gold and silver producing
area in Colombia, the report shows. Production of gold in this Department in the first quarter of 1935 amounted to 1,259,233 grams while its
silver output totaled 644,084 grams.
Rules and Regulations Governing Oil and Gas Interests
Promulgated by SEC
The Securities and Exchange Commission announced
July 13 that it had published a compilation of rules, regulations, forms and opinions applicable to oil and gas interests
under the Securities Act of 1933, together with a statement
as to the application of the Act and regulations to such
interests. Copies of this compilation may be obtained, upon
request, from the Washington office or any regional office
of the Commission, it was stated. The announcement of
July 13 continued:
The only portion of the compilation which is new is the statement as to
the application of the Act and regulations to oil and gas interests. This
statement is intended to clarify, but not to supercede, the requirements of
the statute and the rules. It discusses first what oil and gas interest are
subject to the Act, the necessity for registration, and the mechanics of
compliance. It then considers the meaning of the term "issuer" as applied
to oil and gas interests. A third part of the statement discusses certain
exemptions provided by the Act. The fourth part is concerned with
exemptions provided by regulations of the Commission, particularly those
published in Release No. 355. Finally the form and contents of the offering
sheet required by the regulations in Release No. 355 are considered.
All New York Over-the-Counter Dealers File
Registration Applications with SEC
Puerto Rican Special Session Completes Work-Budget
Fifty-six out of 57 member firms of the New York Security
Expenditures Exceed Revenues by $2,000,000Dealers Association of New York City have filed applicaSocialist Appointed Treasurer
The Puerto Rican Legislative Committee on July 15 noti- tions for registration as brokers and dealers in the over-thefied Governor Blanton Winship that the special session had counter markets on Form 1-M under the Securities Exchange
completed its work and adjourned. The new Puerto Rican Act, the Securities and Exchange Commission announced
budget provides for expenditures of approximately $12,- July 10. The one exception is a firm which deals exclusively
in exempted securities and is, therefore, exempt from the
000,000, with revenue estimated at $10,000,000.
The Puerto Rican Senate on July 9 confirmed Governor registration requirements. The firms which have registered
Winship's appointment of Rafael Sancho Bonet as Treasurer are, as announced by the SEC, as follows:
of the Island. Mr. Bonet is the first Socialist.to head the Allen & Co.
William Morris & Co.
& Co.
Moods, Winslow & Potter.
insular Treasury Department. He is a civil engineer and a Birnbaum
BIttner AL Co.
G. M.-P. Murphy & Co.
lawyer.
Blauner & Co.
Mark A. Noble & Co.
Changes in Amount of Their Own Stock Reacquired by
Companies Listed on New York Stock Exchange
The monthly list of companies on the New York Stock
Exchange reporting changes in the reacquired holdings of
their own stock was issued by the Stock Exchange on July 18.
A previous list appeared in our issue of June 15, page 3981.
The list issued July 18 follows:
The following companies have reported changes in the amount of reacquired stock held as heretofore reported by the Committee on stock list:
Shares
Shares per
Previously
Latest
NameReported
Report
Adams Express Co.(common)
502,015
502.017
Advance Rumely Corp.(common)
73,905
None
American Zinc 1..d & Smelting Co. (preferred)
5,028
5,328
Armour& Co.(Del.)(7% preferred)
33,846
34,166
Armour & Co. (Ill.)(7% preferred)
2,363
3,374
Atlas Powder Co.(preferred)
17,993
18,004
Beatrice Creamery Co. (preferred)
925
1,025
Blumenthal & Co., Inc. (Sidney) (preferred)
7,322
7,372
Bristol-Meyers Co.(common)
12,536
13,236
Bucyrus Erie Co.(preferred)
6.383
6,411
Century Ribbon Mills, Inc. (preferred)
800
810
Commercial Credit Co.(6h% preferred)
19
None
(7% preferred)
96
None
(Class A)
800
None
Commercial Investment Trust Co. (common)
168.305 • 164,405
Congress Cigar Co., Inc. (common)
38.600
40,500
Curtis Publishing Co. (preferred)
35,253 •
35,180
Detroit Edison Co. (common)
3,801
3,241
Duplan Silk Corp. (common)
84,400
85,733
International Printing Ink Corp. (common)
2,362
4,652
Kresge Department Stores, Inc. (preferred)
None
7,095
Lehigh Portland Cement Co.(preferred)
24.018
24,159
Libbey-Owens-Ford Glass Co.(common)
26.000
27,300
Life Savers Corp. (common)
1.000
2,428
Marlin-Rockwell Corp. (Del.) (common)
None
24,900
Monsanto Chemical Co. (common)
1,919
16,777
National Dairy Products Corp.(common)
8,649
8,639
Outlet Co.(The) (preferred)
776
803
Penney Co., J. C. (common)
40,000
106
Raybestos-Manhattan, Inc. (common)
35,712
37,412
Safeway Stores,Inc.(6% preferred)
270
1,183
(7% preferred)
1,662
2,989
Skelly Oil Co.(preferred)
53,300
53.400
Standard Oil Co.(Indiana) (capital)
70.351
84,052
Standard Oil Co.(New Jersey) (capital)
2,600
9,200
Sterling Products (Inc.) (capital)
24,187
20.102
Swift & Co.(capital)
None
102,270
Texas Corp.(The)(capital)
500,536
500,524
Tide Water Associated Oil Co.(common)
366,918
366,795
Tide Water 011 Co. (preferred)
5,000
10,204
Transamerica Corp. (capital)
1,238,815
1,244,915
Truscon Steel Co.(common)
2.819
265
United States Leather Co.(prior preferred)
9,012
9,212
Waldorf System, Inc.(common)
33.591
34.891
Wheeling Steel Corp.(common)
14,801
14,975
Gold Output of Colombia Decreased During First
Quarter of Year-Production of Silver Higher
A decline in Colombia's gold output and an increased
production of silver in the Republic during the first quarter
of this year is reported to the United States Commerce
Department by Commercial Attache Clarence C. Brooks,
Bogota. An announcement issued by the Department on
July 9 continued:
Production of fine gold in the period amounted to 2,398,742 grams, a
decrease of 225,723 grams compared with the first three months of 1934.
The output of silver In the quarter under review, totaling 941,999 grams,
showed an increase of 45.088 grams over the corresponding period of last
year, Mr. Brooks reported.
Bristol & Willett.
Wm. L. Burton & Co.
Charcot & Morgan.
Clokey & Miller.
T. C. Corwin & Co.
Dunne AL Co.
Elliot & Wolfe.
Clinton Gilbert & Co.
Greene & Co.
Greene & Perkins.
George W. Hall az Co.
Hanson & Hanson.
Hardy & Hardy.
Fred H. Hatch & Co.
Hewitt, Ladin & Co.
Holt, Rose & Troster.
Chas. H. Jones 4. Co.
C. E. Judson & Co.
Katz Brothers.
Kearns & Williams.
A. M. Kidder & Co.
H. D. Knox & Co.
Lamer Brothers.
W. Wallace Lyon & Co.
L. A. Norton & Co.
John J. O'Kane, Jr. & Co.
Outwater & Wells of Jersey City, N..1.
J. Roy Prosser & Co.
F. J. Rabe & Co.
J. K. Rice, Jr. & Co.
B. it. Roth & Co.
Wm. J. Ryan & Co.
11. D. Shuldiner & Co.
Leo C. Siesfeld & Co.
W. C. Simmons & Co.
John E. Sloane & Co.
Dent Smith & Co.
Hart Smith & Co.
Spielmann, Shea & Co.
Morris Stein az Co.
P. J. Steindler AL Co.
Straws Bros.
Tweedy & Co.
C. E. Unterberg & Co.
Ward & Co.
M. S. Wien & Co.
Wilson & Marx, Inc.
Wood, Low & Co.
Lebenthal & Co., 120 Broadway, is the firm which deals
exclusively in exempted securities the Commission pointed
out.
Filing of Registration Statements Under Securities Act
The Securities and Exchange Commission announced,
July 15, the filing of nine additional registration statements
under the Securities Act. The total involved is $57,494,377,
o whidh $57,344,377 represents new issues. The Commission stated:
Included in this total is $20,000,000 of first mortgage 20-year bonds,
series A, 4%, to be dated July 15 1955, to be due July 15 1935, of
Wilson & Co., Inc. (Docket 2-1538, Form A-2, included in Release No 425).
Also included in this total is $12,500,000 of first mortgage 4% 20-year
bonds, due Aug. 1 1955, of Libby, McNeil & Libby (Docket 2-1539,
Form A-2, included in Release No. 428).
Also included in the total is $15,000,000 of first mortgage and refunding
bonds, 4% series, due 1965, of Southern California Gas Co. (Docket 2-1542,
Form A-2, included in Release No. 429).
We gave reference to the filing of the above statements
in our issue of July 13, pages 197 and 255. The securities
involved in the nine statements announced by the Commission on July 15 are grouped as follows:
No.of
Issues
Type of Issue8 Commercial and industrial
1 Certificates of deposit
Total
$57,344,377
150,000
The securities for which registration is pending follow:
The Hurth Hotel Co. 7% First Mortgage Bondholders' Protective Committee (2-1536, Form D-1), of Cincinnati, Ohio, seeking to issue certificates of deposit for $150,000 of 7% first mortgage serial gold bonds.
Filed July 2 1935.
Michigan Chemical Corp. (2-1537, Form A-1), of Saint Louis, Mich.,
seeking to register 54,000 shares of $2.50 par value class A stock, 769,508
shares of 25c. par value common stock, and 100,000 options to purchase
common stock. Walter B. Wilkinson, of Saint Louis, Mich., is President
of the company. Filed July 2 1935.
American Toll-Bridge Co. (2-1540, Form A-1), of Vallejo, Calif., seeking
to issue $4,300,000 first mortgage 5%% serial bonds, dated Aug. 1 1935,
issued under a deed of trust and bearing 53i% interest, with final maturities Aug. 1 1943. Will F. 3forrish, of Berkeley, Calif., is Chairman of the
Board and chief executive officer of the registrant. Filed July 5 1935.
354
Amarillo Producers CO. (2-1541, Form A-1), an oil and gas company of
Amarillo, Tex., seeking to register 250,000 shares of $1 par value common
stock, to be offered at $1.50 a share, 25,000 shares already issued. Ralph
R.. Langley, of Los Angeles, Calif., is President of the company. Filed
July 7 1935.
Gold Shore Mines, Ltd. (2-1543, Form A-1), of Winnipeg, Canada, seeking to issue 600,000 shares of $1 par value common stock. The stock
Is to be optioned to an underwriter, at some future date, who will offer
it at prices ranging from $1 to $2 per ellare. Lawrence Edgar Brown, of
Winnipeg, is President of the company. Filed July 9 1935.
Brown Shoe Co., Inc. (2-1544, Form A-2), of St. Louis, Mo., seeking to
issue $4,000,000 of 15-year sinking fund debentures, due Aug. 1 1950.
Goldman, Sachs & Co., and Lehman Brother, both of New York City,
are the contemplated underwriters. John A. Bush, of St. Louis, is
President of the company. Filed July 10 1935.
In making available the above list the SEC said:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Conrmission has passed on the merits
of the issue, or that the registration statement itself is correct.
The last previous list of registration statements was given
In these columns of July 13, page 196.
SEC Issues Three Forms to Be Used by Foreign Private
Issuers in Registering Under Securities Exchange
Act of 1934
Three forms to be used by foreign private issuers for registration on National securities exchanges under the Securities
Exchange Act of 1934 have been promulgated by the Securities Exchange Commission, it was announced by the
Commission July 15. These forms are known as Form 19,
Form 20 and Form 21. Form 19, the Commission stated,
is to be used for American certificates against foreign issues
and the securities underlying such certificates; Form 20 is
to be used for securities other than bonds of foreign private
issuers; Form 21 is to be used for bonds of foreign private
issuers. Forms 20 and 21 are not, however, to be used by
North American or Cuban issuers except under certain
specified conditions. The announcement of the SEC
continued:
An endeavor has been made to adapt the requirements for domestic
issuers to the peculiar circumstances of foreign Issuers. In view of the
disparity between the laws and practices existing in the several countries
it was necessary to introduce great flexibility in the requirements.
In order to obtain greater simplicity,separate forms have been established
for bonds and shares.
In the form for bonds, the issuer is asked to give, among other matters:
a break-down of funded debt; a description of the security to be registered
similar to that required by Form 10; a statement as to whether any exchange
control has been established in the issuer's country, and a brief outline of
any law or decree determining the extent to which the security may be
serviced. As to financial statements, the issuer is asked to furnish, in addition to its own statements those for significant subsidiaries.
The form for foreign shares is similar to that for the bonds, with certain
minor modifications.
The form for American certificates is similar in certain respects to the form
for voting trust certificates. It is divided into two parts: one, concerning
the American certificates; the other, the underlying securities.
Registration Statement Filed with SEC for 137,620
Shares $5 Cumulative Preferred Stock of M. A.
Hanna Co. of Cleveland
The M. A. Hanna Co. of Cleveland, Ohio,filed, on July 11,
a registration statement (No. 2-1545) under the Securities
Act of 1933 for 137,620 shares of $5 cumulative preferred
stock, no par value, the Securities and Exchange Commission announced July 13. It stated:
131,066
The shares are to be offered to the holders of the outstanding
present
shares of $7 cumulative preferred stock in exchange for their
stock
preferred
cumulative
$5
of
shares on the basis of 1 1/20th shares
adjustment
for each share of $7 cumulative preferred stock, with a cash
if any.
of dividends and a cash adjustment in lieu of fractional shares,
value of
The outstanding preferred stock is stated to have a market
$14,024,062.
and
The company proposes to call for redemption at $105 per share
accrued dividends any shares of the outstanding $7 cumulative preferred
stock whim are not so exchanged.
&
The prospective principal underwriters of the issue are Kuhn, Loeb
Co. and Brown Harriman & Co., Inc., New York. H. H. Hanna and
G. M. Humphrey, both of Cleveland, are, respectively, Chairman of the
Board and President of the company.
Filing by Cudahy Packing Co. of Chicago of Registration Statement for Two Issues of Securities Aggregating $25,000,000
The Cudahy Packing Co. of Chicago, Ill., filed on July 15
a registration statement (No. 2-1548) under the Securities
Act of 1933 for the following issues:
$20,000,000 first mortgage sinking fund bonds, series A. 334%. due
Bee:, 1 1955, to be dated Sept. 1 1935. debentures, due Sept. 1 1950,
$5,000,000 convertible sinking fund 4%
to be dated Sept. 11935.
In noting this, an announcement issued July 16 by the
Securities and Exchange Commission said:
The proceeds from the issue are to be used approximately as follows
according to the registration statement:
To retire first mortgage 5% gold bonds, $6,248.605.
To retire sinking fund 535% debentures, $10,457,562.50.
The balance will be used to reduce current borrowings and for other
corporate purposes.
Both issues are to be redeemable at the option of the company in whole
not less than 30 days' published
or in part at any time prior to maturity,ofonprincipal
amount plus accrued
notice, at the following percentages
Interest:
July 20 1935
Financial Chronicle
Bonds103 to Sept. 1 1940.
1945.
102 on Sept. 1 1940, and thereafter to Sept. 1
101 on Sept. 1 1945, and thereafter to Sept. 1 1950.
100% on Sept. 1 1950, and thereafter to maturity.
Debentures102 on Sept. 11940.
101 on Sept. 1 1940, and thereafter to Sept. 1 1945.
100% on Sept. 1 1945, and thereafter to maturity.
The debentures are convertible into shares of common stock at the
following rates of exchange:
On March 1 1936, and thereafter to Sept. 1 1938-16 shares for each
$1.000 debenture.
On Sept. 1 1938, and therefter to Sept. 1 1941-15 shares for each $1,000
debenture.
On Sept. 1 1941, and thereafter to Sept. 1 1944-14 shares for each
$1,000 debenture.
The debenture holder will receive interest accrued and unpaid up to the
date of delivery of the shares.
No firm commitment has been made to take either of the issues. It is
expected that such a commitment will be made on or about Aug. 5 1935,
with an underwriter or underwriters to be named in an amendment to the
registration statement.
The amounts to be taken by the underwriters, the underwriting discounts
allowed, and the price to the public will also be supplied in an amendment
to the registration statement.
E. A. Cudahy is Chairman of the Board,and E. A. Cudahy, Jr., is President of the company.
Amendment to Eliminate All Tax-Exempt Securities
• Urged by Dr. W. B. Munro—Educator Discusses
Taxation of "Intangibles"
A constitutional amendment to eliminate tax-exempt
securities of every kind was advocated on July 16 by Dr.
William Bennett Munro of the California Institute of Technology and former President of the American Political Science Association, in a radio broadcast over a nation-wide
network. Dr. Munro said that such an amendment should
apply only to future issues of Government bonds, since to
eliminate the exemption from Government bonds issued and
sold in the past "would be a breach of faith and harmful
in many ways. By eliminating all exemptions for the future
will at least have solved a problem for the next generation."
One of the most difficult taxation problems, Dr. Munro
said, is the taxing of "intangible" property as distinguished
from such material property as land, buildings and merchandise. Pointing out that in the past it has been the practice to tax the two kinds of property in the same way and
at the same rate, he added, in part:
If intangibles are taxed on their valuation it ought to be at a low rate
to prevent evasion, and even at a low rate a good deal of it is likely to
escape assessment. It is notorious that a very considerable fraction of the
country's intangible wealth escapes its proper share of taxation. This
form of wealth has grown rapidly during the past 50 .years and will
probably continue to grow. It is highly desirable that the owner of
intangibles should be made to bear his just proportion (but no more than
his just proportion) of the public burden, particularly in State government.
Probably the best plan is to abandon altogether the practice of taxing
intangibles on the basis of their valuation. A better method, because it
can be much more easily administered, is to tax the income from these
securities. From the standpoint of those who own income-bearing securities it makes very little difference whether taxes are paid on capital value
or on income, provided a fair rate is used in either case; but from the
standpoint of the assessors and tax collectors it makes a great deal of
difference. For when taxes are levied on the income from intangibles the
owners of this property are required to make sworn returns, and these
returns can be checked up in various ways. Experience in several of the
States during the past 20 years has shown that there is a good deal less
"missing the intangibles" when this plan is used.
4.
SEC Giants Additional Time for Registering Certain
Securities—Several Issues Retained by New York
Stock and Curb Exchanges—Securities Removed
• from Lists of Various Exchanges for Failure to
Register
• The Securities and Exchange Commission announced on
July 13 the adoption of a rule, Rule AN-9, under the Se°males Exchange of 1934, exempting from the necessity of
registration until Nov.5 1935 all securities which are secured
by property now owned or leased by a person who was not
the original issuer. The exemption applies only where
temporary registration expired on June 30 1935 and the
securities have not been permanently registered, the Commission said, adding:
The rule provides for the continuance of the exemption, if the present
owner or lessee files with the Exchange on which the security is listed
and with the Commission on or before Oct. 6 1935, a statement showing,
among other things, that the original issuer has either been dissolved or
has no assets (other than nominal ones) except its interest in the property
in question and that the security has as its only means of service payments
made by the present owner or lessee.
In addition, unless the statement is filed as part of or as an amendment
to an application by the present owner or lessee for the registration of its
own securities, it must give the same information which would have been
required in connection with such an application and it must be filed upon
the same form.
During the period of the exemption, by virtue of the rule, all such securities which are listed will continue to have the same loan value and the
prohibitions against manipulation will be applicable.
The SEC also announced on July 13 the adoption of an
amendment to Rule AN-8. By virtue of this amendment,
the Commission said, securities which were temporarily
registered and for which Form 13 is the appropriate form,
do not need to have an effective statement under the Securities Exchange Act prior to Aug. 5 1935. Form 13 is
Volume 141
Financial Chronicle
the form to be used by insurance companies other than
life and title insurance companies.
A further rule, Rule AN-10, was issued by the Commission
on July 15 exempting from the necessity of registration until
Sept. 13 1935 all securities issued by any National of a
North American country or Cuba for which the filing of
applications on Form 10 or Form 11 is now authorized.
The exemption applies only where temporary registration
expired on June 30 1935. The SEC stated: .
355
Stocks
Baltimore Brick corn., $100 par.
Slay Oil Burner corn.. $10 par.
Baltimote Brick pref., $100 par.
Merchants Mtg.& Credit corn, no par.
Balt.more Tube corn., $100 par.
National Sash Weight corn., no par.
Baltimore Tube pref., $100 par.
National Sash Weight pref., no par.
Emerson's Bromo-Seitzer, class A, $2.50 Roland Park Co. prior pref., $100 par.
par.
Southern Railway Co. corn.
Empire 38th St. corn., no par.
Southern Railway Co. Pref.
Empire 38th St., pref., $100 par.
Standard Gas Equipment corn, no par.
Home Credit corn.. no Par.
Standard Gas Equip. pref., $100 par.
Home Credit 7% pref., $50 par.
extern Maryland Dairy corn, no par.
Industrial Building corn., no par.
Western Maryland Dairy pref., no par.
Land Mortgages, Inc., $100 par.
During the period of the exemption, by virtue of the new rule, all such
Boston Stock Exchange
securities which are listed will continue to have the same loan value and
To the Members of the Exchange:
the prohibitions against manipulation will be applicable.
Your attention is called to the fact that on and after July 16 1935 the
The New York Stock Exchange, which on July 10 issued securities listed below will not be eligible for trading on the Exchange.
a list of securities that were to be removed from listing on They will, therefore, not appear on the daily sheet on and after July 16 1935.
This list represents those companies which (a) have not made application
July 15 for failure to register under the Securities Exchange
Act, issued on July 13 an announcement that several certain under the Securities Exchange Act of 1934, for the registration of the
securities
shown; or (b) which have not been temporarily exempted from
of these securities would be retained on the list until Nov. 5
under the rule of the Commission; or (c) whose application
as provided by Rule AN-9 of the SEC. Incident to the fregistration
or registration was not received in season to permit trading July 16 1935.
issuance by the SEC of its rule of July 15, both the New
When and if applications are received and approved after July 16 1935.
York Stock and New York Curb Exchanges made known that fact will be reflected by additions to the daily sheet.
certain issues that would remain on their lists in accordance
GEORGE A. RICH, Secretary
with this rule. The announcement of July 13 of the New
Company and Security
York Stock Exchange follows:
AMERICAN CITIES POWER & INDIANA, ILLINOIS & IOWA RAILLIGHT CORP., class A convertible
ROAD CO., first mortgage 4% bonds,
stock optional dividend series, $25
due 1950.
New York Stock Exchange
par value; class B capital stock. $1 LEXINGTON TELEPHONE CO., first
par value.
mortgage 15-year 6% gold bonds, due
Committee on Stock List
1944.
AMOSKEAG MANUFACTURING CO.
July 13 1935
MASSACHUSETTS
CITIES REALTY
common
stock,
no par value, 20-year
To the Members of the Exchange.
CO., 30-year first & refunding mort6% gold bonds, due 1948.
Rule AN-9 of the Securities and Exchange Commission, published
gage 7% sinking fund gold bonds.
AVIATION SECURITIES CORPORAseries A, due 1953.
to-day, July 13, grants special exemption until and including Nov.5 1935,
TION OF NEW ENGLAND,common
METROPOLITAN EDISON CORP.
stock, $1 par value.
to securities as to which temporary registration expired on June 30
(THE), secured consolidated refund1935,
And as to which a registration is not effective, and which are secured by
BANKERS BUILDING, CHICAGO, .ng 554% gold bonds, due 1956;secured
ILL.,land trust certificates, $1,000 Par
property which, or a leasehold interest in which, is now owned by a person
consolidated refunding 6% gold bonds,
value.
due
who was not the original issuer of such securities.
BROWN CO., 6% cumulative preferred NARFLAGANSETT ELECTRIC CO.
Circular 0-5602 of the New York Stock Exchange, published under date
stock, $100 par value, 20-year first
(THE),30-year first mortgage 5% gold
of July 10 1935, and announcing suspension of certain securities at the
mortgage 5.5i% sinking fund gold
bonds, series A. due 1957.
bonds, series A, due 1946; first mort- NATIONAL
close of business July 15 1935, is hereby rescinded as to the following
MANUFACTURE
dr
gage
STORES
%
gold
CORP., common stock, no
bonds,
series
B,
1950.
securldes which will remain upon the list until Nov. 5 1935 unless otherpar vame.
CANADIAN INTERNATIONAL PAwise announced In the meanwhile:
PER CO., first mortgage 6% gold NEW ENGLAND LAUNDRIES,INC.,
113 year first mortgage 6% G. B., series
Bethlehem Steel Co. purchase money dr Mobile Birmingham RR. Co. mtge.
bonds, due 1949.
A, due 1936.
impt. mtge. 5% 20-yr. sinking fund
CENTRAL MANHATTAN PROPER- NEW
gold 4% small bonds due July 1 1945.
ENGLAND POWER ASSOCIAbonds due July 1 1936
TIES. INC., secured sinking fund 5%
Mobile Birmingham RR. Co. prior lien
TION, 5% gold debentures, due 1948:
gold bonds, due 1946.
gold 5% bonds due July 1 1945.
Iletblehem Steel Co. 1st lien & ref. mtge.
534% seeured serial gold notes, series
series A 5% 50-yr. gold bonds due 1942. Mobile Birmingham RR. Co. mtgo. gold
CENTRAL POWER & LIGHT CO.,
E to J Incl., mature in consecutive
Cleveland Mahoning Valley Ry. Co.
4% bonds due July 11945.
first mortgage .5% gold bonds, due
series, $360,000 annually on Feb. 15.
50-yr. gold mtge. 5% bonds due Pittsburgh
Shenango dr Lake Erie RR.
1956; first mortgage 63.4% gold bonds.
years 1936 to 1941 Incl.
Jan. 1 1938.
Co. 1st eonsol. mtge. gold 5% bonds
series B, due 1951.
NORFOLK dr PORTSMOUTH TRACGeorgia Midland Ry. Co. 1st mtge. 3%
due July 1 1943.
TION CO., first mortgage 5% bonds.
CHICAGO JUNCTION RAILWAYS &
bonds due April 1 1946.
Pittsburgh Shenango & Lake Erie RR.
due 1936.
UNION STOCK
YARDS
CO.
Kalamazoo Allegan dr Grand Rapids RR.
Co. 1st mtge. gold 5% bonds due
(THE), common stock (stamped) $100 NORTH BUTTE MINING CO., comCo. 1st mtge. guar. (currency)
Oct. 1 1940•
5%
mon stock, $2.50 pat value.
par value, 6% cumulative preferred,
bonds due July 1 1938.
Richmond Mecklenburgh RR. Co. let
CO..
$100 par value, 40-year mortgage col- NORTHWESTERN POWER
Lackawanna Steel Co. 1st consol. mtge.
mtge. gold 4% bonds due Nov. 1 1948.
LTD., first mortgage sinking fund conlateral trust refunding G. L. 5s, due
gold bonds, 5% series A due 1950.
Syracuse Lighting Co. 1st mtge. 5%
vertible gold 6% bonds. series A, due
40-year
1940;
collateral
mortgage
Midvale Steel & Ordnance Co. 20-yr.
trust
bonds due June 1 1901.
1960.
refunding G. L. 4s. due 1940.
coll. trust 5% sinking fund gold bonds Utica Electric Light & Power Co. 1st
due March 1 1936.
COPPER RANGE RAILROAD CO., OJIBWAY MINING CO., common
mtge. sinking fund gold 5% 50-yr.
stock,
$25 par value.
Mobile Birmingham RR. Co. prior lien
first
mortgage 5% bonds, due 1949.
bonds due Jan. 1 1950.
PROVIDENCE
WORCESTER
dr
gold 5% small bonds due Jud, 11945.
DOMESTIC & FOREIGN INVESTORS
RAILROAD CO., first mortgage 48.
CORP., 20-year 534% gold debenASHBEL GREEN, Secretary
due Oct. 1 1947; common stock. $100
tures, due 1947.
par value.
The Exchange stated on July 17 that under Rule AN-10 DOMINION COAL CO., LTD., 7% RELIANCE
MANAGEMENT CORP.,
preferred stock, VIM par value, first
5% debentures, series A, due Feb. 1
of the SEC the Noranda Mines, Ltd., common stock will
sinking fund 5% gold bonds, due 1940.
1954: capital stock, no par value.
remain on the list until the close of business Sept. 13.
ELECTRIC SHAREHOLDINGS CORP. SAN
FRANCISCO
TOLL
BAY
common stock. 81 par value, 56 cumuThe following is the announcement of the New York Curb
BRIDGE CO., first mortgage sinking
lative convertible
fund 634% bonds. due May 1 1957.
preferred stock
Exchange, issued on July 16:
optional dividend series, no par value. SAVANNAH ELECTRIC CO., first
EUROPEAN ELECTRIC CORP. LTD.
consolidated mortgage 5% gold bonds.
Notice has been received from the SEC of the promulgation of a regula(THE),35-year
due Jan. 1 1952.
% gold debentures,
tion granting exemption from permanent registration to securities of
due 1965.
SHANNON COPPER CO., common
Canadian companies for a period of 60 days from July 15 1935. AcFLORIDA PUBLIC SERVICE CO.,
stock, $10 par value.
first mortgage 6;'4% gold bonds, series SHERIDAN-WYOMING COAL CO.,
cordingly, dealings will be continued after July 15 in the securities of the
A, due 1949; first mortgage 6% gold
INC., first mortgage sinking fund 6%
following Canadian companies which had been scheduled for suspension
bonds, series B, due 1955.
gold bonds, due Jan. 1 1947.
on that date due to failure to tile permanent registration applications:
GATINEAU PONT ER CO., first mort- SILVER KING COALITION MINES
gage 5% gold bonds, due 1956; 6%
CO., common stock, $5 par value.
Anglo-Norwegian Holdings, Ltd., common stock, no par value; 7% presinking fund gold debentures, due 1941: STANDARD POWER & LIGHT CORP.
ferred stock, par value $100.
6% gold debentures,series B,due 1941.
(DEL.), common stock, no par value;
GENERAL PUBLIC UTILITIES CO.,
common stock, series B, no par value;
European Electric Corp., Ltd. (The), class .A stock, par value $10.
first mortgage collateral trust 6%%
$7 cumulative preferred stock, no par
Nipissing Mines Co., Ltd., capital stock, par value $5.
gold bonds, series A, due 1956.
value.
RAYON CO., LTD., 20- SWIFT & CO., capital stock, $25 par
The Curb Exchange also stated that dealings were sus- GENERAL
year 6% gold debentures, series A.
value.
pended, effective at the close of business July 15 1935,
due 1948.
TEXAS EI.ECTRIC SERVICE CO.,
CONSOLIDATED
first mortgage gold bonds. 5% series.
In the common stock of Southern Corp., as notice has GUANAJUATO
MINING & MILLING CO., common
due July 1 1960.
been received that the company had withdrawn its apstock, 85 par value.
TEXAS POWER & LIGHT CO., first
plication for permanent registration under the Securities HAVANA ELECTRIC RAILWAY CO., & refunding mortgage goid bonds, 5%
25-year 534% gold debentures, due
series, due 1956.
Exchange Act of 1934.
1951.
UNITED STATESELECTRICPOWER
The lists of the two Exchanges of the securities which IITJGO STINNES CORP., capital stock, CORP., common stock with warrants,
$5 Par value, 7% gold notes, due 1936.
$1 par vatue.
were to be removed from listing on July 15 appeared in our HUGO STINNES INDUSTRIES,
INC.. WALTHAM WATCH CO., class B
issue of July 13, page 195. Incidentally, the portion of
20-year sinking fund 7% gold debencommon stock, no par value: preferred
tures, due 1946.
stock, $100 par value; prior preference
the item referring to the Curb Exchange began eight lines
SYLVANIA CORP., comstock, $100 par value.
from the bottom of the first column. This line should have HYGRADE
mon stock, no par value, 61-5% con- WOLLASTON LAND CO., common
vertible preferred stock. no par value.
stock, no par value.
read "The New York Curb Exchange announced on July 11
Chicago Stock Exchange
that the Board of Governors will suspend dealings in the
The Chicago Stock Exchange announced July 13 the suspension of
following," &e.
Below we give announcements emanating from various trading in the following issues, effective at the close of business Monday,
July
15 1935, because of the failure of the issuers to apply for permanent
out-of-town exchanges showing securities which have been
under the Securities Exchange Act of 1934 and rules issued
removed from the lists of those markets for failure to register registration
thereunder:
with the SEC:
S/ocks
Bunte Brothers.
Material Service Corp.
Baltimore Stock Exchange
Central India Power Co.
The Maytag Co.
Trading is suspended in the following securities due to failure of comCentral Public Service Co.
The Mohawk Rubber Co.
panies to file permanent registration papers under the Securities Exchange
Central Public Utility Corp.
Monet, J. K., Leather Corp.
Act of 1934. Effective at the close of business July 15 1935:
Central States Utilities Corp.
North American Gas & Electric Co.
Hammering'Paper Co.
North American Light & l'ower Co.
Hart-Carter Co.
Bonds
Southern Union Gas Co.
Hart, Schaffner & Marx.
Alabama Co. gen. 6% (ext.), Mg,
20 Wacker Drive Building Corp.
Nor. dr Portsmouth 1st 5%,1936.
Ala. Coal dr Iron 5% (ext.), 1938.
Nolfolk Street Railroad 5%, 1944.
Bonds
Brazil Rwy. Col. Tr. 434%, 1973.
Raleigh dr Chaneston P. L. 4%, 1956.
Albuquerque Natural Gas Co.
Indiana Natural Gas & Oil Co.
Century-Parkway Corp. 6%, 1956.
Raleigh & Charleston con. 4%, 1956.
American Seating Corp.
Iowa Southern Utilities Co.
So. RwyS. East. Tenn. Reorg. 5%, 1938. Richmond Dairy 6%. 1944.
Bee-News Publishing Co.
Magnet Mills, Inc.
So. Rwys. Cony. 5%, 1994.
Roland Park-Mont. 5 t!', %, 1941.
Brown Paper Mill Co., Inc., The.
North
American Gas & Electric Co.
Millet Realty-Warrington Apts. let mtg. South Bound Railway 5%, 1941.
Central States Utilities Corp.
Old Dominion Power Co.
g. b., 1952.
Tampa & Gulf Coast 5%, 1953.
Consolidated Electric & Gas Co.
Quincy Memorial Bridge Co.
Jamison Cold Storage Door 635'%, 1987. Tolchester Beach 6%, 1940.
Continental Roll & Steel Foundry Co.
Southwestern Light & Power Co.
Lord Baltimore 'Tote. Gent. 6% , 1945. Va. Midland Rwy. 5%, 1936.
El Paso Natural Gas Co.
Southwestern Natural Gas Co.
Merchants Ter. Corp. 6%, 1948.
W. Va. Ohio River Bridge 634%, 1952.
Federated Utiiities, Inc.
Utilities Elkhorn Coal Co.
Sash
Weight
6%
Nat.
w. w., 1944.
w. w., 1944.
So. Nat. Corp.
Gary Electric & Gas Co.
Wilson de Co.
Nixon Nitration
%, 1937.
Illinois Publishing & Printing Co.
Financial Chronicle
356
Chicago Board of Trade
The Committee on Stock List of the Chicago Board of Trade has announced that trading will be suspended at the close of business July 15
in the following securities because of failure to register under the Securities
and Exchange Act:
Birk Brothers Brewing Co., common stock.
Chicago Board of Trade Safe Deposit Co. 5% bonds.
Oscar Mayer St Co. 1st preferred, 2d preferred and common stock.
Cleveland Stock Exchange
The Cleveland Stock Exchange, effective at the close of business on
July 15, is dropping the following securities from trading on the Exchange
due to expiration of temporary listing privileges and failure of companies
to apply for permanent registration:
Stocks
Co., common, 7% c National Carbon Co., Inc., 8% cumulative preferred.
preferred.
American Vitrified Products Co., com- North American Securities Co., class A,
Aetna
Rubber
mon.
a Bessemer Limestone & Cement, class
common.
a Bulkley Building Co., 7% cumulative
preferred.
Byers Machine Co., class A, common.
Cleveland Builders Supply Co., common.
Cleveland Quarries Co., common.
Cleveland Union Stockyards Co., common.
Cleveland Worsted Milis Co., common.
William Edwards Co., 6% cumulative
Preferred.
Ferry Cap & Set Screw Co., common.
& Rubber Co., common;
d Firestone
6% cumulative preferred.
Common.
Ohio Telephone Service Co..7% cumulative preferred.
b Paragon Refining Co., class B, 3rd
payment ending common, class B voting trust certificates 3rd payment ending common.
Robbins St Myers, Inc., voting trust certificates, series 1, common; voting trust
certificates, series 2, common: 6%
cumthative
certificates.
preferred
voting trust
,Selby Shoe Co., common, 6% cumulative preferred.
Sheriff Street Market & Storage Co.,
common.
Sherwin Williams Co., common, AA 6%
d Gabriel Co.. class A, common.
cumulative preferred.
Geometric Stamping Co., common.
Smallwood Stone Co., class $2.50 conHarries-seybold-totter Co., common.
vertible cumulative, common.
Co.,
common.
S S. Korach
Mohawk Rubber Co., common, 7% cu- Swartwout Co., common.
Wellman Engineering Co., common, 7%
mulative preferred.
cumulative preferred.
Bonds
a Firestone Tire & Rubber of California, a Washington, Baltimore & Annapolis
first mortgage 5s D, 1941.
sinking fund 5s, 1942.
Steel & Tubes, Inc., sinking fund,
debentures 6s, 1943.
a Operating under 77-B.
b In process of liquidation. r Issue being retired.
if Applied for registration on New York Stock Exchange—Stock Exchange only.
Defaulted.
Philadelphia Stock Exchange
July 8 1935
To the Members of the Exchange.
advised
has
definitely
List
Stock
As of June 29 1935 the Committee on
that no application for permanent registration on the Philadelphia Stock
Exchange will be made as of July 1 1935, for the following securides:
Atlantic City Electric Co., first and re- Midvale Steel & Ordnance Co., 20 year
collateral trust convertible sinking
funding mortgage 55, due 1938.
fund 55, due 1936 (stamped and unAtlantic City RR. Co., extended first
stamped).
mortgage 55, due 1954; first conso.iMinehill & Schuylkill Haven RR. Co.,
dated is. due 1951.
common capital stock.
Bearings Co. of America, common stock;
Muskogee Co., common stock; preferred
preferred stock.
stock.
Bethleham Steel Corp., purchase money
and improvement 20-year sinking Norfo:k & Portsmouth Traction Co., first
mortgage 5s, due 1936.
fund 5s, due 1936; purchase money 68,
North Pennsyivania RR. Co., capital
due 1998.
stock; first mortgage 4s, due 1936;
Cambria Iron Co., capital stock,
general mortgage 3 3-10s, due 1953.
Catawissa Railroad Co., common stock;
first and second preferred stock; first Phi.adelphia, Newtown & New York RR.
Co., first mortgage Is, due 1942; first
consolidated mortgage 4s, due 1948.
mortgage 5s, due 1942; common stock.
Denver & Rio Grande RR. Co., first
Philadelphia & Western RR. Co., comconsolidated mortgage 4s, due 1936.
mon stock and voting trust certificates
Dutchess County RR.Co.,first mortgage
for common stock: preferred stock and
4.)is, due 1940.
voting trust certificates for preferred
East I ennsylvania RR.Co.,capita.stock,
stock.
exGettysburg & Harrisburg Ry.
Port Reading RR.Co., first mortgage 55.
Co.,
tended first consolidated mortgage
due 1941.
4 qs, due 1956.
Giant ortland Cement Co., common Shamokin, Sunbury & Lewisburg RR.
Co.. extended second mortgage 5s, due
stock; preferred stock.
1945.
Insurance Co. of North America,common
Dorado Pipe Sine Co.,
Shreveport-El
stock.
capital stock.
Jamestown, Franklin & Clearfield RR.
Co. first mortgage 50-year 45, due Texas & Pacific RR. Co., first mortgage
58, due 2000.
1954.
Little Schuylkill Navigation & Coal Co., Victory Park Land & Improvement Co.,
capital stock.
stock,
capital
common
Manufacturers Casualty Insurance Co., Wilmington & Northern RR. Co., stock
trust certificate 4s; extended general
capita! stock,
mortgage 5s, due 1982.
Market St. Elevated Passenger Ry. Co.,
first mortgage 48, due 1955.
FRANK C. MATTHEWS, Secretary
Pittsburgh Stock Exchange
The Committee on Securities of the Pittsburgh Stock Exchange has
announced it will strike from the list at the close of business July 15 the
following securities of companies u hose temporary registration expires
on that date:
American Window Glass Co., preferred Fort Pitt Traction Co.,first mortgage 5%
bonds.
StOCK.
Central District Telephone Co., first McKinney Manufacturing Co., first
mortgage 6";, bonds.
mortgage 5% bonds.
Monongahela light & Power Co., first
Central Tube Co., common stock.
mortgage 5% bonds.
Citizens Traction Co., capital stock.
Citizens Traction Co., first mortgage 5% Pittsburgh dr Allegheny Telephone Co.,
first mortgage 5% bonds.
bonds.
Clark Co., The D. L., first mortgage 6% Second Avenue Traction Co., first mortgage 5% bonds.
bonds.
Union Storage Co., capital stock.
Clover Splint Coal Co., common stock.
Pittsburgh,
Clover Rant Coal Co., preferred stock. United Traction Co. of
genera. mortgage 5% bonds.
Conso..dated Gas Co. of C.ty of PittsWashington & Cannonsburg Ry. Co.,
bursa, preferred stock.
first mortgage 5% bonds.
Donahoe's Inc., class A stock.
mortFed. St. & Flees. Valley Ry. Co., corn West End Tractions Co., general
gage 501 bonds.
rnon stock; consolidated mortgage 5%
common
Corp.,
Service
Pub.ic
Western
bonds.
stork.
Federal Reserve Board Regulation Governing Transfer
of Transactions from Cash Accounts After Extension of Time
The Federal Reserve Board on July 13 issued another
interpretation of Regulation T regarding margins on security
transactions, covering the authorization to a "creditor" to
transfer a transaction from a customer's special cash account
to his margin account, and to extend credit on such securities in the margin account. The text of the regulation is
given below:
July 20 1935
Ruling No. 46 interpreting Regulation T—In reply to an inquiry of a
business conduct committee of a national securities exchange regarding the
provisions of the fourth paragraph of Section 6 of Regulation T, the Federal Reserve Board rules that such a committee, having, on proper application, granted to a "creditor," as defined in Regulation T, an extension of
time in which to receive payment from a customer who has purchased registered securities in a bona fide cash transaction, may, on further application
of the creditor and before the expiration of the extension, authorize the
creditor to transfer the transaction from the customer's special cash account
to his margin account, making appropriate entries in both accounts, and
to extend credit on such securities in the margin account subject to the
provisions of Regulation T ; provided, That the committee shall be satisfied
that the transaction was a bona fide cash transaction, that the creditor is
acting in good faith in making the application, and that the circumstances
warrant such action.
Federal Mortgage Bank Bill Termed Pivotal Proposal
for Future of Mortgage—Realty Board Association
Urges Careful Study of Measure—Bill Not to Be
Pressed at Present Session of Congress
The proposed Federal Mortgage Bank Act, setting up a
permanent discount and purchase system for mortgages on
urban real estate, deserves careful study, since it represents the "pivotal proposal" for the future of the mortgage,
according to a statement issued July 6 by the National
Association of Real Estate Boards. The bill in question was
introduced by Senator FletCher of Florida, Chairman of the
Senate Committee on Banking and Currency. It is now in
that Committee, but will probably not be pressed for enactment at the present session of Congress. Walter S. Schmidt,
President of the Association, and Edward A. MacDougall,
'Chairman of its Real Estate Finance Committee, said on
July 6 that the proposed legislation is essential for the
proper functioning of the mortgage system and is the
central measure for practical and effective stabilization of
urban real estate mortgage credit for the future.
The Association's comments and an analysis of the bill
were given, in part, as follows, in a press release issued
July 7 by the Association:
"The proposed legislation is, in my judgment, absolutely essential for
proper functioning of the mortgage system," President Schmidt states.
Because of the profound reassurance which the measure would give to the
whole national banking and credit structure, because of its immediate
need as reopening and reinforcing the long-term investment situation for
the great savings institutions of the country, and because of its effect to
insure steady conditions in mortgage flow for home ownership and general
real estate investment, the primary capital investment of the people of
the country, the Association asks for the early enactment of the measure
when Congress again convenes.
A soundly-organizezd agency to discount mortgage paper (long-term
paper) in much the same way as the Federal Reserve banks discount commercial paper has long been needed as a regular and permanent part of
the banking structure, the Association points out. It would give actual
liquidity to mortgage investment, but would be at the same time a
powerful public instrument for regulatiori of mortgage money flow. By
giving a credit balance wheel for all urban real estate investment it would
greatly hearten all long-term investment. It would tend at all times to
stabilize public finance to just the degree that governmental revenues are
dependent on a healthy condition for urban real estate.
Private initiative is called upon for the organization and support of
the proposed bank. At the same time Federal participation, and control
of administration, in the public interest, is provided.
Outline of the Bill
The Fletcher bill would set up the Federal Mortgage Bank as follows:
Organization:
1. An organization committee of nine persons would be appointed by
the President of the United States, five of the nine to be the heads of
Federal agencies now concerned with the mortgage, the remaining four to
be persons possessing a practical knowledge of real estate and mortgage
finance: This committee would serve for a period of six months. It would
be instructed to organize a Federal corporation, to be known as the "Federal Mortgage Bank," to acquaint interested persons with the
structure
and functioning methods of the bank, and to take subscriptions
to its
stock.
2. When stock subscriptions of $10,000,000 have been
secured from
others than the Federal Government, the bank would be declared
ready
for operation.
3. The Federal Government would subscribe to $100,000,000
of the
common stock, payable in proportion as the total stock of the bank
is
subscribed and paid for. No stockholder, excepting the Federal Government, would be permitted to own more than 1% of the common stock.
Operation:
Operation of the Bank would be under a Board of Directors of
nine
members, three appointed by the President of the United States and
six
elected by the stockholders. Elected directors to have practical
experience
in the business of real estate and mortgage finance.
Functions:
The bank would be empowered to lend upon mortgages to or buy
snort.
gages from any person, partnership, corporation, bank or other
institution
in the business of using their own funds for mortgage
investment, and
who have been stockholders of the bank for six months prior to
such
borrowing upon or sale of mortgages. The six months' period requirement
would not apply during the first 18 months of the bank's existence while
stockholders are being secured.
Mortgages eligible:
(a) Any mortgage insured prior to July 1 1937 under Title II of the
National Housing Act.
(b) Home mortgages (on single, and two-k three-, or four-family
homes)
not exceeding 20 years of life, amortized at the rate of not less than 2%
per annum, not exceeding 65% of the fair worth of the property.
(c) Home mortgages unamortized not exceeding five years in life, and
mortgages amortized at not less than 2% per annum not exceeding 15
years of life on multiple dwellings not exceeding 60% of the fair worth
of the property.
(d) All other classes of sound mortgages On improved property not
exceeding 55% of the fair worth of the property.
(e) Mortgages on property, where construction is to be started subsequent to the enactment of this Act and prior to Jan. 1 1937, at percentages
Volume 141
Financial Chronicle
to fair worth as follows: on above class (b), 75%; on class (c), 70%,
and class (d), 60%. The bank may commit that it will purchase or lend
upon such mortgages prior to the commencement of construction, under
regulations established by it requiring submission of plans, and other
special Acts.
Loan and purchase limitations:
Bank may fix maximum and minimum amounts it will lend.
Lending may be up to 90% of the unpaid principal upon mortgages
found eligible. The borrower also remains individually responsible.
Purchases of eligible mortgages may be made at 98% of the amount
due in principal, and in such purchases there need be no recourse against
the seller.
Other important requirements:
The mortgage practices of the stockholders must have
been found
satisfactory.
The bank must be able to secure proper servicing agencies in
the
locality where the property behind the mortgage is situated.
Borrower or seller must furnish appraisements from sources approved
by the bank.
Sharp Increase in Borrowing from Building and Loan
Associations This Spring—Survey Finds Loans 86%
Above Last Year
Savings, building and loan associations lent home owners
approximately $187,000,000 during the three spring months
of this year, utilizing this credit source to a greater degree
than in any similar period since 1931, H. T. Donaldson,
Vice-President of the United States Building and Loan
League, said in a survey made public on June 29. Mr. Donaldson added that advances by the associations this spring
were 86% above last year, twice the volume in the spring
of 1933, and at least 40% above the same period in 1932.
He said that in the future "yet greater importance will
attach to the ability of the savings, building and loan associations to supply money for refinancing, as well as for
buying, remodeling and building homes."
A press release issued by the League on June 30 continued,
•
in part:
Further evidence of the increasing disposition of the public to borrow
from non-governmental lending agencies is seen in the $25,100,000 of commitments on Federal Housing Administration insured home mortgages made
by various institutions eligible for,the Title II insurance between December
and May 25, the League official recalls. While many of the savings,
building and loan associations are planning to insure some of their new
loans under Title II, nearly all of their March, April and May commitments of $187,000,000 have been made without the insurance premium
charge of /
1
2% to 1% per year of the original amount borrowed which
such a loan places on the borrower.
"Without doubt the greatest block of new mortgage credit for small
homes this spring is that advanced by the building and loan associations,
"
he continued. "Many of them have developed variations of their former
lending plans, keeping always the essential features of monthly amortization of the debt and the long-term for the loan. The result has been the
increasing popularity of such credit as the spring moved along. A
breakdown of the figures by months shows that the disbursals to home owners
from this source rose from $47,000,000 in March to $68,000,000 in May,
the last month for which data are available.
Urges Insurance of Share Accounts in Savings and
Building and Loan Associations with Federal
Body—Morton Bodfish Declares Plan Will Cause
Restoration of Public Confidence in Institutions
The most important decision to be made this year by
officers of savings, building and loan associations in the
United States will be whether or not they plan to insure the
share accounts in their institutions with the Federal Savings and Loan Insurance Corporation, Morton Bodfish, Exexecutive Vice-President of the United States Building and
Loan League, declared in an article in the July issue of the
League's publication, the "American Building Association
News.' Mr. Bodfish strongly advocated insuring shares of
each individual investor up to $5,000, and cited recent
changes in the Federal law which reduce the cost of protection to only % of 1% annually on liabilities to insured
shareholders.
Mr. Bodfish mentioned the increase of $4,000,000,000 in
the deposits of Federal Reserve member banks during '1934,
exclusive of Government deposits, and said that
insurance had enabled commercial banks to regain deposit
public
confidence. He added, in part:
Building and loan associations enjoy to-day a much higher
general degree
of confidence than the banks did on Jan. 1 1934. Our
institutions, however, need to attract new money in much greater volume than
is now on
the horizon. The loan demand, which will sweep up
to our doors with
the beginning of the new era of home construction already
heralded by
certain developments will place the associations in greater
need of resources
than has ever been experienced before. Even the associations,
therefore,
rhich to-day have idle funds unable to find an outlet,
should give their
thorough consideration to insuring shares and getting
themselves in a
position to attract new money whenever the need appears.
There seems to be little doubt that the public favors Federal
insurance
of its deposits and investments. The experience of the banks,
that of the
savings, building and loan associations which have already
been operating
with share insurance for five or six months, and the
reactions of the
public expressed in a survey made by the building and
loan associations
last fall, all point to the preference of investors for a
guarantee of
solvency for their capital even if returns have to be
slightly diminished
to offset the cost of the insurance.
With a $100,000,000 corporation at Washington already
established and
operating, the project for insuring share accounts of savings,
building and
loan associations is assured of success. It will not accomplish
its purpose,
however, unless a majority of the associations take this
step. The efficacy
of any kind of insurance project for financial institutions lies
in enrolling
aN of the institutions with sound practices and healthy financial
condition.
357
Value of Commercial Paper Outstanding as Reported
by New York Federal Reserve Bank—Total of
$159,300,000 June 30 Compares with $173,000,000
May 31
The following announcement, showing the value of
commercial paper outstanding on June 30 was issued on
July 17 by the Federal Reserve Bank of New York:
Reports received by this bank from commercial paper dealers show
a
total of 8159,300,000 of open market paper outstanding on
June 30 1935.
Below we furnish a record of the figures since they were
first reported by the bank on Oct. 31 1931:
June 305159,300,000
May 31
173,000,000
Apr. 30
173,000,000
Mar. 31
181,900,000
Feb. 28176,700,000
Jan. 31
170,900,000
1934—
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
A
Mpar.
.
y 331
0
$166,200,000
177,900,000
187,700,000
192,000,000
188,100,000
168,400,000
151,300,000
141.500,000
139,400,000
1934—
Mar. 31
Feb. 28
Jan. 31
1932—
5132,800,000 Dec. 31
117,300,000 Nov.30
108,400,000 s
Oeept.t. 330
1
1933—
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
5108,700,000
133,400,000
129,700,000
122,900,000
107,400,000
96,900,000
72,700,000
60,100,000
64,000,000
71,900.000
84,200,000
84,600,000
Aug. 31
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 29
Jan. 31
1931—
Dec. 31
Nov. 30
Oct. 31
$81,100,000
109,500,000
113,200,000
,
110100.000
108,100,000
100,400,000
103,300,000
111,100,000
107,800,000
105,606,000
102,818,000
107,902,000
$117,714,785
173,684,384
210,000,000
27,g%
Treasury Offers $100,000,000 of
Treasury Bonds
of 1955-60 to Highest Bidders—Tenders of $510,958,000 Received—$101,967,000 Accepted at Average
Price of 101 19-32
An issue of $100,000,000 or thereabouts of 23/% Treasury
bonds of 1955-60 was offered this week by the Treasury to
the highest bidders. The offering was announced on July 14
by Henry Morgenthau, Jr., Secretary of the Treasury; the
bonds were offered on July 15 and tenders were received at
the Federal Reserve banks and branches thereof up to 12
o'clock noon, Eastern Standard Time, July 17. Bids were
not received at the Treasury Department in Washington.
An item indicating that the Treasury planned issuing
$100,000,000 of 23/8% bonds at competitive bidding appeared
in our issue of July 13, page 200. It was stated in Secretary
Morgenthau's announcement of July 14 that "tenders at
less than par will not be considered, and tenders not received at a Federal Reserve bank or branch before 12 o'clock
noon, July 17, will be disregarded."
The result of the offering was made known on July 18 by
Secretary Morgenthau. He said:
Tenders for 8510,958 face amount of bonds were received,
of which
$101,967,000 was accepted at prices ranging from 101 27-32
down to
101 19-32, and accrued Interest from Maich 15 1935 to July 22 1935.
The
average price of the bonds to be issued is slightly above 101
19-32. and a
total premium of 81,631,894.39 will be received. Based on the
average
price at which the bonds are to be Issued on July 22 1935. the
yield is about
2.77% to the earliest call date. March 15 1955, and about
2.78%
to maturity. March 15 1960.
This is the third issue of Treasury bonds to be offered by
the Treasury to the highest bidders. Previous offerings are
referred to in these columns of June 29, page 4314 and June 1,
page 3650. The bonds offered this week are an addition to
and form part of a series of 23 % Treasury bonds of 1955-60
offered last March. Reference to this earlier offering was
made in the "Chronicle" of March 9, page 1572. The bonds
are dated March 15 1935 and mature March 15 1960 but
are redeemable at the option of the United States at par and
accrued interest on and. after March 15 1955. Interest on
the bonds is payable semi-annually on March 15 and Sept. 15.
Incident to this week's offering Washington advices
July 14 to the New York "Times" of July 15 said:
The cash sought at this time as well as the $500.000,000 obtained recently
by a sale of 134% notes of four years and five months maturity, is
needed
chiefly to replenish the general fund out of which the Treasury
has been
paying off a substantial portion of the $599,000,000 of 2%
consols which
were called for redemption on July 1.
Two blocks of 2% Panama Canal bonds aggregating about
875,000,000
also must be redeemed on Aug. 1. The consols and the
2% Panamas
were collateral for national bank notes which are being withdrawn
from
circulation.
To Maintain $750,000,000 Fund
Under its new fiscal policy it will be the plan of the Treasury to maintain
a working balance in the general fund, exclusive of profit accruing
from
devaluation of the gold dollar of at least 8750,000,000, which
may be
drawn upon to meet current expenditures as they exceed the
ordinary
revenue receipts.
While the depression was in its worst stages and the strain on the Treasury
for relief work at its peak, the working balance was frequently
maintained
at twice that amount or more.
It is the understanding that in future the Treasury may at such intervals
as additions to the cash balance by borrowings are deemed
necessary, vary
its programs by relatively small offerings of bonds or shorter
term issues
as the market conditions dictate.
Secretary Morgenthau's announcement of July 14, as
made available for publication on July 15, follows:
Secretary of the Treasury Morgenthau is to-day offering
to the people
of the United States an additional issue of 27
/6% Treasury bonds of 1955-60.
in the amount of $100,000.000, or thereabouts, and is
inviting tenders
therefor at not less than par and accrued interest. The
bonds will be sold
to the highest bidders. Tenders will be received
at the Federal Reserve
banks and branches thereof up to 12 o'clock noon, Eastern
Standard Time,
on July 17 1935. Tenders will not be received at the Treasury
Department, Washington.
The bonds for which tenders are now invited will
be an addition to and
will form a part of the series of 27',% Treasury
bonds of 1955-60, issued
pursuant to Department Circulars No. 531, dated
March 4 1935. and No.
536, dated April 22 1935; they will carry the same tax exemptions, and
358
Financial Chronicle
The bonds will
otherwise will be identical in all respects therewith.
of the United
mature March 15 1960, but may be redeemed at the option
semi-annually
payable
be
States on and after March 15 1955. Interest will
on March 15 and Sept. 15.
which must
Each tender must state the face amount of bonds bid for,
which must
be $1,000 or any even multiple thereof, and the price offered,
the basis
on
expressed
be
be stated exclusive of accrued interest and must
with the
of 100, with fractions expressed as 32ds of 1% in accordance
than par will
usual practice—for example, 101 16-32. Tenders at less
bank or
Reserve
not be considered, and tenders not received at a Federal
1935. will
branch before 12 o'clock noon, Eastern Standard Time, July 17
incorporated
be disregarded. Tenders will be accepted without depositfrom
dealers in
banks and trust companies and from responsible and recognized
d in every
accompanie
investment securities. Tenders from others must be
except where the
case by a deposit of 5% of the amount of bonds bid for,
an incorporated
tender is accompanied by an express guaranty of payment by
whole or in part, the
bank or trust company. If the tender is accepted, in
if the tender
and
deposit will be applied toward payment for the bonds,
Is rejected the deposit will be returned to the bidder.
forwarded in special
Tenders should be made on the printed forms and
Reserve banks. Inenvelopes, which will be supplied by the Federal
city where a Federal
a
in
corporated banks and trust companies not located
submit tenders
Reserve bank or branch is located, may,in their discretion,
by telegram.
of tenders on July 17
Immediately after the closing hour for the receipt
banks and branches up
1935, all tenders received at the Federal Reserve
ent of the acto the closing hour will be opened, and public announcem
considering the acceptceptable prices will follow as soon as possible In
accepted In full down
ance of tenders, the highest prices offered will be
in two or more
to the amount required, and if the same price appears
the amount offered at
tenders, and It is necessary to accept only a part of
preference and
such price, tenders for smaller amounts may be accorded
in accordance
tenders for larger amounts prorated to the extent necessary Treasury exof the
with the respective amounts old for. The Secretary
tenders or parts of
pressly reserves the right, however, to reject any or all
and any action he may
tenders and to award less than the amount bid for,
take in any such respect or respects shall be final.
tenders must be made or
Payment for any bonds allotted on accepted
on or before July
completed in cash or other Immediately available funds
premium which the
22 1935, and must include the face amount, and the
the face amount
on
bidder has agreed to pay, together with accrued interest
from March 15 to July 22 1935.
Details of the offering are contained in the following
circular issued by he Treasury:
TREASURY BONDS
UNITED STATES OF AMERICA 2%%
OF 1955-60
Due March 15 1960
Dated and bearing interest from March 15 1935
Accrued Interest on
and
Par
at
Redeemable at the Option of the United States
and After March 15 1955
Interest payable March 15 and Sept. 15
Additional Issue
1935
Treasury Department
Department Circular No. 546
Office of the Secretary
Washington,July 15 1935
Public Debt Service
authority of the Second
the
to
pursuant
Treasury,
the
of
Secretary
The
to the people
Liberty Bond Act, approved Sept. 24 1917, as amended,offers
2%% Treasury bonds
s,
thereabout
of the United States $100.000.000, or
than par and accrued
of 1955-60, and invites tenders therefor at not less
interest from March 15 1935 to July 22 1935.
Description of Bonds
will form a part of the
The bonds now offered will be an addition to and
pursuant to Department
series of 2;i% Treasury bonds of 1955-60 issued
536, dated April 22 1935,
-Circulars No. 531. dated March 4 1935 and No.
in all respects therewill be freely interchangeable therewith, are Identical
from Department Circular
with, and are described In the following quotation
No. 531:
from
15 1935, and will bear interest
"The bonus will be dated March
lly, on
% per annum, payable asemi-nnua
that date at the rate of 2/gon
untll
year
each
in
15
Sept.
and
March 15
Sept. 15 1935, and thereafter
They will mature March 15 1960.
the principal amount becomes payable.
after
and
on
States
United
the
of
option
but may be redeemed at the
par and accrued interest, on any
March 15 1955, in whole or in part, at
notice of redemption given in such
Interest day or days, on 4 months'
prescribe. In case of partial
shall
manner as the Secretary of the Treasury
be determined by such method
redemption the bonds to be redeemed will
Treasury. From the date
the
of
Secretary
the
by
as may be prescribed
interest on the bonds called
of redemption designate. in any such notice,
cease.
shall
redemption
for
to principal and interest, from all
"The bonds shall be exempt, both as
or any
by the United States. any State,
taxation now or hereafter imposedStates,
or by any local taxing authority,
United
the
of
of the possessions
additiona
graduated
(b)
and
taxes,*
.except (a) estate or inheritanceas surtaxes, and excess profits and war
Income taxes, commonly known
the United States, upon the income
profits taxes, now or hereafter imposeds,by
associations, or corporations. The
or profits of individuals, partnership
by the Second Liberty Bond Act,
authorized
bonds
of
amount
an
on
interest
the principal of which does not,
.approved Sept. 24 1917, as amended,
by any Individual, partnership
exceed in the aggregate $5,000, owned
the taxes provided for
association, or corporation, shall be exempt from
In clause (b) above.
secure deposits of public moneys, and
"The bonds will be acceptable to
extent provided in the Act
will bear the circulation privilege only to the will not be entitled to any
approved July 22 1932, as amended. They
conversion.
of
privilege
and bonds registered as
"Bearer bonds with interest coupons attached, ons of $50,$100, $500.
,to principal and Interest, will be issued in denominati
will be made for the
Provision
3100,000.
and
$10.000,
$1,000, $5,000,
and of coupon and regisInterchange of bonds of different denominations
bonds under rules and regulatered bonds, and for the transfer of registered
Treasury.
tions prescribed by the Secretary of thegeneral
regulations of the Treasury
"The bonds will be subject to the
United States bonds."
Department, now or hereafter prescribed. governing
Tenders and Allotments
banks and branches
Tenders will be received at the Federal Reserve
Time, July 17 1935 and
thereof up to 12 o'clock noon, Eastern Standard
. Tenders will not be
unless received by that time will be disregarded n. Each tender must
Washingto
received at the Treasury Department,
must be 81,000 or any eevn
.state the face amount of bonds bid for, which
price offered must be stated
multiple thereof, and the price offered. The
to July 22 1935; and
exclusive of accrued interest from March 15 1935
fractions expressed as 32ds of 1%,
must be expressed on the basis of 100. with
101 16-32. Tenders at less than
In accordance with usual practice, e.g.,
.
considered
be
not
will
par
to the gift tax, see Treasury
*Similarly. the exemption does not apply
.Decision 4550.
July 20 1935
banks and
Tenders will be received without deposit from incorporated
investment
trust companies and from responsible and recognized dealers in
case by a
d
every
in
accompanie
be
securities. Tenders from others must
tender
deposit of 5% of the face amount of bonds bid for, except where the
ed
is accompanied by an express guaranty of payment by an incorporat
part,
in
or
bank or trust company. If the tender is accepted, in whole
to
abalance
the
the
bonds,
for
the deposit will be applied toward payment
deposit
be paid as hereinafter provided. If the tender Is rejected, the
will be returned to the bidder.
addressed to
Tenders must be enclosed In envelopes, securely sealed,
the Federal Reserve bank, or branch, of the district, and plainly marked
Reserve
The
Federal
"Tender for 2 % Treasury bonds of 1955-60."
banks will supply printed forms and special envelopes for submitting tenders.
where a
Incorporated banks and trust companies not located hi a city
submit
Federal Reserve bank or branch is located, may in their discretion,
Federal
the
at
be
received
must
tenders by telegram, but such telegrams
Reserve bank or branch before the time fixed for closing.
Immediately after the closing hour for the receipt of tenders on July 17
1935, all tenders received in writing or by telegraph at the Federal Reserve
Eastern
banks or branches thereof up to the closing hour (12 o'clock noon,
will
Standard Time) will be opened. The Secretary of the Treasury
ent
announcem
will
public
make
and
offered
determine the acceptable prices
thereof as soon as possible after the opening of tenders. Those submitting
tenders will he advised by the Federal Reserve banks of the aceptance
as
or rejection thereof, and payment on accepted tenders must be made
highest
hereinafter provided. In considering the acceptance of tenders, the
if
prices offered will be accepted in full down to the amount required; and
the same price appears in two or more tenders and it is necessary to acceot
amounts
for
smaller
tenders
price,
sucn
only a part of the amount offered at
to
may be accorded preference and tenders for larger amounts prorated
the extent necessary In accordance with the respective amounts bid for.
to
The Secretary of the Treasury expressly reserves the right, however,
reject any or all tenders or parts of tenders, and to award lesss than the
amount bid for, and any action he may take in any such respect or respects
shall be final.
Pavment
or
Payment for any bonds allotted on accepted tenders must be made
completed on or before July 22 1935, in cash or other immediately available
the
funds, and must include the face amount, and the premium which
bidder has agreed to pay, together with accrued interest on the face amount
from Maich 15 1935 to July 22 I935.x In every case where payment is not
so completed, the 5% deposit with kpplication shall, upon declaration
made by the Secretary of the Treasury in his discretion, be forfeited to the
United States.
General Provisions
Federal Reserve banks, as fiscal agenis of the United States, are authorized and requested to receive tenders, to make allotments as indicated by
the Secretary of the Treasury to the Federal Reserve banks of the respective
districts, to issue allotment notices, to receive payment for bonds allotted.
to make delivery of bonds on full-paid allotments, and to perform such
other acts as may be necessary to carry out the provisions of this circular.
Pending delivery of the definitive bonds, Federal Reserve banks may issue
interim receipts.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing the
receipts of tenders and the sale of bonds under this circular, which will be
communicated promptly to the Federal Reserve banks.
HENRY MORGENTHAU. JR..
x Accrued interest from March 15 1935, to July 22 1935, on $1,000
face amount is 810.078125.
$2,970,169,700 Tendered to Offering of $500,000,000 of
13/8% Treasury Notes—$526,233,000 Allotted
Secretary of the Treasury Henry Morgenthau Jr. announced on July 18, that subscriptions of $2,970,169,700
were received to the offering last week of $500,000,000 or
thereabouts of 13
/i% Treasury notes of Series B-1939. Of
this amount, the Secretary said, $516,233,000 were allotted.
The offering was referred to in our issue of July 13, page 199.
The subscription books to the offering were closed on
July 8 as we noted in our item a week ago. The new notes
are dated July 15 1935 and mature on Dec. 15 1939 and are
not subjeet to call for redemption before that date. The
subscriptions and allotments, as.announced by Secretary
Morgenthau July 18, were divided among the several
Federal Reserve districts and the Treasury as follows:
Federal Reserve District—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Loris
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
Total Subscriptions
Received
8230,368,800
1,603,005,500
,8)7,100
154,429,700
68,912,500
81,439,800
303,853,200
72,061,500
30.866,200
54,103,300
50.641,600
177.065,500
525,000
$2,970,169,700
Total Subscriptions
Allotted
840,294,300
275.007.400
24,925,700
27,666,000
12,642,500
14,710,300
57,032,100
14,225,800
6,335,000
10,840,200
11,587,200
30,876.500
90,000
$526,233,000
New Offering of $50,000,000 or Thereabouts of 273Day Treasury Bills—To Be Dated July 24 1935
Announcement of a new offering of 273-day Treasury
bills in amount of $50,000,000 or thereabouts was made on
July 18 by Hertry Morgenthau Jr., Secretary of the Treasury.
The bills will be dated July 24 1935 and will mature on
April 22 1936, and on the maturity date the face amount will
be payable without interest.,Tenders to the bills, which
will be sold on a discount bass to the highest bidders, will
be received at the Federal Reserve banks, or the branches
thereof, up to 2 p.m., Eastern Standard Time, Monday,
July 22. Tenders will not be received at the Treasury
Department in Washington. There is a maturity of Treasury
bills on July 24 in amount of $75,129,000.
Volume 141
Financial Chronicle
From Secretary Morgenthau's announcement of July 18
we take the following:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000, and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on the
basis of 100. with not more than three decimal places, e.g.. 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in in-vestment 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 July 22 1935,
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 July 24 1935.
The Treasury bills will be exempt, as to principal and Interest,
and any
gain from the sale or other disposition thereof will also be exempt,
from
all taxation, except estate and inheritance taxes. (Attention is invited
to
Treasury Decision 4550, ruling that Treasury bills are
not exempt from the
gift tax.) No loss from the sale or other dispostion of the Treasury
bills
shall be allowed as a deduction, or otherwise recognized,for the
purposes of
any tax now or hereafter imposed by the United States or
any
of
its
possessions.
Tenders of $223,998,000 Received to Offering of $100,000,000 of 273-Day Treasury Bills-$50,062,000
Accepted at Average Rate of 0.052%
Of $223,998,000 tendered to the offering of $100,000,000
or thereabouuts of 273-day Treasury bills, Henry Morgenthau
Jr., Secretary of the Treasury announced on July 15 that
bids of $50,062,000 were accepted. The tenders, which
were
received at the Federal Reserve banks
the branches
thereof up to 2 p. m., Eastern Standarand
Time, July 15,
were invited by Secretary Morgenthau ondJuly
11 as noted
in these columns of July 13, page 199. Other details
of the
offering as contained in the Secretar
announc
y's
ement of
July 15, follow:
The accepted bids ranged in
price from 99.980, equivalent to a rate of
about 0.026% per annum, to
99.955, equivalent to a rate of about 0.059%
per annum, on a bank discount
basis. Only part of the amount bid for at
the latter price was accepted. The average
price of Treasury bills to be
issued is 99.961 and the average
rate is about 0.052% per annum on a
bank discount basis.
Federal Debt Reaches $29,177,786,318 on
July 15,
Highest in History
The Federal public debt during
first two weeks of the
present fiscal year reached a new the
all-time peak, amounting
to $29,177,786,318 on July 15, according to the Treasur
y
statement made public on July 1.7. This represen
ted an
advance of approximately $500,000,000 since the
beginning
of the fiscal year on July 1.
Expenditures during the fortnight totaled $536,249,207,
or an excess of $376,010,635 over receipts, compared with a
deficit of approximately $151,000,000
the corresponding
period last year. The peak reached byin
the war debt in 1919
was almost $26,600,000,000. Further details of the
Treasury's
condition statement as of July 15 are given below,
as contained in Associated Press Washington advices of July
17:
Meantime the Treasury has
been able to operate on comparatively small
borrowings by using its cash
resources and as a result of heavier receipts.
The debt is now approxima
tely $2,000,000,000 above what it was a year
ago.
The Treasury said expenditur
es for the first two weeks of the new fiscal
year, which began July 1, exceeded
$500,000,000. The total was $535,249,207, compared with $289,947,
882 last year.
The increase was the result
largely of transfer of money to the Veterans'
Benefit Fund and to the Commodit
y Credit Corporation rather than to
expansion in relief expenditur
es. Moreover, the RFC last year had an
excess of about $128,000,000
of credit, which had the effect of lowering
expenditures as the Treasury
keeps its books.
$381,377 of Hoarded Gold Received During
of
July 10-$16,277 Coin and $366,150 CertificWeek
ates
Receipts of gold and gold certificates during the
week
of July 10 by the Federal Reserve banks and the Treasure
r's
office, according to figures issued by the Treasur
y Department on July 15, amounted to $381,376.80. Total
receipts
since Dec. 28 1933, the date of the issuance of the
order
requiring all gold to be returned
to the Treasury, and up to
July 10 amounted to $126,926,551.07. Of the total
received
during the week of July 10, the figures show
$15,226.80
was gold coin and $366,150 gold certifica
tes. The total
receipts are shown as follows:
Received by Federal Reserve Banksweek ended July 10 1935
Received previously
Total to July 10 1935
Received by Treasurer's OfficeWeek ended July 10 1935
Received previously
Gold Coin
515,226.80
30,557,148.27
Gobi Certificates
5381,750.00
93,547,520.00
$30,572,375.07
$93,909,270.00
$4.400.00
$263,906.00
2,176,600.00
Total to July 10 1933
$263,906.00
$2,181,000.00
Note-Gold bars deposited with the New York
Assay Office to the amount of
$200,572.69 previomly reported.
359
Gold Receipts by Mints and Assay Offices-$1,829,045
Imported During Week of July 12
Gold in the amount of $5,655,511 was received by the
mints and assay offices during the week of July 12, it was
announced by the Treasury on July 15. During the previous
week ended July 5 a total of $6,353,188.01 of gold was
received. The Treasury indicated on July 15 that of the
amount received during the latest week $1,829,045.28 was
imports, $1,439,471.25 secondary, and $2,386,994.47 new
domestic.
The amount of gold received during the week of July 12
by the various mints and assay offices is shown in the
following tabulation issued by the Treasury:
Imports
515,724.62
1,529,200.00
234.209.83
35,742.00
14,168.83
Philadelphia
New York
San Francisco _
Denver
New Orleans
Secondary
8262,024.18
372,500.00
52,570.63
701,043.00
51,333.44
New DCHILCAM
81,230.29
82,100.00
1,589.580.79
713,862.00
221.39
Total for week ended July 12 1935_.$1,829,045.28 $1,439,471.25 $2,386,994.
47
Receipts of Newly-Mined Silver by Mints and Assay
Offices from Treasury Purchases-Totaled 621,682.11 Fine Ounces During Week of July 12
In accordance with the President's proclamation of Dec. 21
1933, which authorized the Treasury Department to absorb .
at least 24,421,410 fine ounces of newly mined silver annually,
the Department during the week of July 12 turned over
621,682.11 fine ounces of the metal to the various mints.
A statement issued by the Treasury on July 15 showed that
of this amount 405,793.86 fine ounces were received at the
Philadelphia Mint, 209,845.25 at the San Francisco Mint,
and 6,043 fine ounces at the Mint at Denver.
The Treasury's statement of July 15 indicated that the
total receipts from the time of the issuance of the proclamation and up to July 12 were 39,923,906.94 fine ounces.
Reference to the President's proclamation was made in our
issue of Dec. 31 1933, page 4441. The weekly receipts are
as follows (we omit the fractional part of the ounce):
Week Ended- Ounces
1934Jan 5
Jan. 12
Jan. 19
Jan. 28
Feb. 2
Feb. 9
Feb. 18
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar.23
mar.80
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
Week Ended- Ounces
1934-
1.157 July 13
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
438,043
647,224
600,631
503.309
885,058
295,511
200.897
206,790
380,532
64,047
1,218.247
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
Jan. 4
Jan. 11
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
467.385
504,363
Week Ended- Ounces
1935Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar. 15
Mar.22
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 28
May 3
May 10
May 17
May 24
May 31
June 7__June 14
June 21
June 28
July A
July 12
732,210
973.305
321,760
1,167,708
1,126.572
403.179
1,184,819
844,528
1,555.985
554.454
695.558
836.198
1,438,681
502.258
67,704
173,900
686.930
86,907
363,073
247,954
203.482
462,541
1,253,628
407,100
796.750
621,682
Silver Transferred to the United States Under Nationalization Order-9,697 Fine Ounces During Week
of July 12
Announcement was made by the Treasury Department on
July 15 that 9,697 fine ounces of silver were transferred to
the United States during the week of July 12 under
the
Executive Order of Aug. 9 1934, nationalizing the metal.
Total receipts since the order of Aug.9(given in our columns
of Aug. 11, page 858) was issued, amount to 112,924,
fine ounces, the Treasury announced. During the week489
July 12 the silver, according to the Treasury's statemenof
t,
was received as follows by the various mints and assay
offices:
Fine Ounces
Philadelphia
New York
San Francisco
Denver
New Orleans
416.00
1.804.00
6,049.00
990.00
433.00
Total for week ended July 12 1935
9,697.00
Following are the weekly receipts since the order of
Aug.9
was issued:
Week Ended- Fine Ott.
1934Aug. 17
33.485.091
Aug. 24
26.088,019
Aug. 31
12.301.731
Sept. 7
4,144357
Sept.14
3,984,363
Sept.21
8,435,920
Sept.28
2,550,303
Oct. 5
2,474,809
Oct. 12
2,883,948
Oct. 19
1,044.127
Oct. 26
746.469
Nov. 2
7.157.273
Nov. 9
3,665,239
Nov. 16
336.191
Nov.23
261.870
Nov.80
86,662
Dec. 7_ -___ 292,358
Week Ended- Fine Ozs]
1934
Dee. 14
Dec. 21
Dec. 28
1935Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 22
Mar. 1
Mar. 8
Mar. 15
Mar.22
Mar.29
Week Ended- Fine Ozsa
1935444,308 Apr. 5
5,163
692,795 Apr. 12
6,755
63.105 Apr. 19
68,771
Apr. 28
60,259
309,117 May 3
7,941
535,734 May 10
5,311
75.797 May 17
11,480
62,077 May 24
100.197
134,096 May 31
5.252
33,806 June 7.- __
9,988
45.803 June 14
9,517
152,331 June 21
26,002
38.135 Jutm 28.......„
16,360
57.085 July 5
' 2,814
19,994 July 12
9,697
54,822
7,615
$8,765,500 of Government Securities
Purchased by
Treasury During June
Net market purchases of Governm
ent securities for
Treasury investment accounts for
the calendar month of
360
Treasury
June 1935 amounted to ,765,500, Secretary of the
noted in
Morgenthau announced July 15. During May, aspurchas
ed
our issues of June 22, page 4153, the Treasury
$23,326,525 of the securities.
Clause
Foreign Bondholder Wins Suit Based on Gold to
Pay
Abrogation—American Railway Ordered
European Company in Guilders
18
Federal Judge John C. Knox of New York City on Julythe
ordered the St. Louis-Southwestern Railway to pay
the Anglogold equivalent of a $16,383 judgement held byPrincipa
lity
Continentale Treuhan, a corporation in thefiled in New
of Lichtenstein. This was the first suit to be
on the
York in which a foreign bondholder sought to collect ed
the
basis prevailing before the United States abandon
guilders,
gold standard. The company sought payment inion of the
which have advanced in value since the devaluat except in
dollar, while the railroad had refused payment order, and
American dollars. The court issued only the the
not an opinion.
The New York "Times" of July 19 summarized the case
in part as follows:
terminal and unifying
Twenty-three years ago the railroad issued first
in gold here, or in Holmortgage bonds and agreed to pay its $25 coupons
those countries equivalent in
land, France or England in the currency of
value to $25 in gold, United States currency.
Guggenheimer & UnterThe suit, which was filed here by the law firm of
Treuhan, A. G. It was
myer, was in behalf of the Anglo-Continentale
not brought to test any
based on the optional currency clause, and was
that has been decided
theory relating to the gold clause in bonds—a matter
by the Supreme Court
issues, its purpose
The optional currency clause is found in many bond
investors. Prior to the
having been to make issues attractive to foreign
accepted without
generally
was
devaluation of the dollar, payment in dollars
of such bonds began
question, but when the dollar was depreciated holders
had appreciated some
to demand payment in the gold-bloc currencies which
69% in terms of the dollar.
abrogating the gold
in
Congress
This contingency was not covered by
clause in all bonds and contracts.
Orders Contract Fulfilled
gained anywhere from
By yesterday's decision, the plaintiff corporation
the defendant to fulfill
$14 to $17 on each $25 coupon. The court ordered
t in legal tender of the
its contract and pay in guilders, or the equivalen
United States, $16.383.72 with interest.
$39.63 for
In computing the amount to be paid, Judge Knox allowed
due July 1 1934,
each $25 coupon due Jan. 11934; $42.23 for each coupon
and $42.26 for each coupon due Jan 1 1935.
Swiss Firm Loses Suit to Regain Possession of $1,250,000
in Gold Coin Seized Here
Judge Francis C. Caffey of the United States District
Court at New York City on July 9 dismissed a petition by
a
the Uebersee-Finanz-Korporation Aktien Gesellscnhaft,
& Co.
Swiss banking firm, to restrain Ladenburg, Thalma
ng
and the Federal Reserve Bank of New York from possessi
company,
$1,250,000 in gold coin owned by the foreign
laws.
under the Gold Pteserve Act and the emergency bankingof the
Judge Caffey also dismissed another suit for possessiaontempogold, but permitted a stay of ten days during which be conrary restraining order against the defendants will
period the
tinued. The Court pointed out that during this
nts
plaintiff may appeal from the decision and the defenda
may seek to modify the stay.
gave the
The New York "Herald Tribune" of July 10
following details of the ruling:
act is so clear that there is no
Judge Caffey ruled that the gold reserve
in suit.
escape from construing it to cover the gold
Judge Caffey concluded, "as
"If we ignore the emergency banking act,'
s therein,the gold reserve act
well as the executive orders and regulation
to the plaintiff of the relief
Itself stands squarely in the way of an award
it seeks."
on in February, 1933, is now
The gold, acquired by the Swiss corporati
Secretary of Treasury refused a
worth more than $2,000,000 abroad. The
gold by the Government now
Permit for its export and a demand for the
Thalman & Co.
stands against the owners and Ladenburg,
Legislation at
President Roosevelt to Press for Tax
Committee
Means
and
Ways
e
n—Hous
Sessio
This
gs
Hearin
Concludes
conference on
President Roosevelt said at his press
be enacted at
will
program
tax
his
hopes
he
that
July 17
drive to force
the
that
charged
He
.
Congress
of
this session
wealthy perby
inspired
was
s
Congres
of
ment
early adjourn
case, sought postweak
a
had
they
that
knowing
who,
sons
the pending
ponement in the hope of ultimate defeat of he has the
levies. He indicated that he is convinced that
is determined to
strong side of the argument and that he called
the recent
seek the enactment of his program. He
propaganda.
move to force adjournment of Congress inspiredas follows in
The President's press conference was reported
York "Sun":
a Washington dispatch of July 17 to the New
Mr. Roosevelt referred
Recalling his early days as a lawyer in New York,
weak case to ask, first, that
to the old trick of lawyers for the defense in a
referred especially to
He
the case go over until the next session of court.
who would use hot
wealthy publishers or clients having large interests,
nt of a case which
weather or some other such excuse, to seek adjournme
was not ready for trial.
of the outcome, it
If the plaintiff had a good case and was not uncertain
is what is now happening,
was the rule to press for prompt trial. That
pending legislation and about
he feels, in pressing for a cleanup of the
represents the situation on Capitol Hilt
the President repeated that he
For the third time in as many weeks
session.
wanted the tax bill put through at this
July 20 1935
Financial Chronicle
for doubt that
The purport of Mr. Roosevelt's interview left no room
and that it is to be a
his tax plan is designed as an attack on wealth
remaining that he
continuing attack. Nor was there a shadow of doubt
and was in a position
assumed that he had complete control of Congress
as an intimamuch
as
to force enactment of his proposals. There was not
n of this situation that Mr. Roosevelt ever once conceived in his compariso
defendant.
tion with a law case that he or the Government might be the
The proposed new taxes were last referred to in thes
"Chronicle" of July 13, pages 206-208. The final hearing
on
of the House Ways and Means Committee were held r
July 13, when such business organizations as the Chambe of Commerce of the United States, the Illinois Manufac
turers Association and the Merchants Association of New
York joined in assailing the new program as a menace to
te
the return of prosperity and as a plan that would confiscaE.
many large estates. Only one witness, Rabbi Sidney
nce
Goldstein of New York, representing the Central Confere
of American Rabbis, favored the legislation. Representative
Doughton, Chairman of the Ways and Means Committee,
said on July 13 that the Committee will probably begin
work on the tax bill on July 22.
The testimony on July 13 was described as follows in a
dispatch of that date from Washington to the New York
"Times":
the
Members of the Chamber of Commerce of the United States led in
H. Clausen, President of the
day's attack on the Roosevelt program. Fred
Chamand
the
Wis.,
of
Horicon,
Chairman
of
Van Brunt Manufacturing Co.
ber's Committee on Federal Finance, opposed a graduated tax on corporate
of the First National Bank of
incomes. Roy C. Osgood, Vice-President
of that bank, condemned an
Chicago and for 30 years trust administrator
member
inheritance tax, and Ellsworth C. Alvord, of Washington, also a
imposition
of the Chamber's Committee on Federal Finance, denounced the
of higher rates in the upper individual income brackets.
Merchants Association Protest
by
The protest of the Merchants Association of New York was made
said, recGeorge H. McCaffrey, its director of researdi. The association, he
was to
ognized that additional tax legislation was necessary if the country
Fedavert disaster, but the answer to the problem was in the reduction of
a
present,
critical
time
as
at
such
the
increase,
eral expenditures, not in the
e tax.
of corporate and individual taxes and the enactment of an inheritanc
The budget should be balanced, in the opinion of the association, on the
basis of economies and "not under the whip of politics."
The chief feature of the hearing was the statement of Mr. Osgood, who
estate.
estimated the effect of present and proposed tax schedules on a large
Mr. Osgood cite as an example of the confiscatory possibilities in the proNew
posed inheritance tax the estate of the late Harry Payne Whitney of
died
York, the gross of which was appraised at $72,740,838. Mr. Whitney
of
his
5,
against
estate
$21,728,12
were
in 1930 and the total costs charged
which $9,513,000 went into the New York State Treasury in the form of an
estate tax.
Under existing Federal estate tax rates the cost of the settlement of the
Whitney estate would amount to $46,000,000, said Mr. Osgood. Under the
u
inherestimates submitted by Secretary Morgentha for the proposed new
itance taxes, Mr. Osgood said, the net estate, after all charges were met and
all taxes paid, would have been under the highest of the estimates only about
$2,000,000, and under the lowest about $6,000,000. This was a practical
illustration of the way the proposed Federal inheritance tax would operate,
declared Mr. Osgood.
President Roosevelt Issues Rules for Federal Road
Building Under Work-Relief Program
President Roosevelt on July 12 approved regulations togovern the $200,000,000 work relief road program, and at
the same time ordered that at least 25% of the money so
allotted be used for streets in metropolitan areas and on
equal percentage for farm-to-market roads. The President
also ordered that 25% of another $200,000,000 to be spent
in a second program for grade crossing elimination, should
be expended at the junction of city streets and of secondary
streets. The President said that all State road programs
must originate with State Highway Departments, which in
turn must submit their programs to the district engineer of
the Bureau of Public Roads, whence they will be forwarded
to Washington.
Other details of President Roosevelt's order are given below, as contained in a Washington dispatch to the New York
"Times" on July 12:
If the Secretary of Agriculture finds that a State does not have a High
way Department satisfactory, in his judgement, for the purpose, he is
authorized to cooperate with legally constituted officials of the cities,
counties or other political subdivisions of the State.
The employment cost per man-year is confined to $1,400 for this program,
but a State may provide a more expensive plan of highway work and have
it accepted, provided that it meets the requirements in reducing the relief load.
A State is required to spend not less than 1% of its apportionment for
Improvement of the roadside and may use 13i% to finance a planning program. For these planning projects the usual approval of the Federal
Roads Bureau will be required.
and
Three grades of labor are established—unskilled, intermediate
skilled—and it is stated that the minimum wage rates established shall
hourly rates paid by the State Highway
be reasonably comparable to the
Department for work of a similar character with its own funds.
Rules of Grade Crossing Work
An in the case of highway construction, the grade crossing projects
department
must originate with a State Highway Department. This
of not less than one-fourth of the
must submit the program in parcels
Roads.
of
the
of
Engineer
Public
Bureau
District
whole State program to the
the engineer must submit the plans to
In the case of grade crossings,
and National Emergency Council
the State Works Program Administration
Washington.
g
directors for their approval before forwardin them on to
in
the
included
grade crossing program: ProFour types of projects are
tion of
tection of crossings, separation of grades at crossings, reconstruc
highways
,
existing railroad grade crossing structures and the relocation of
to eliminate crossings.
Volume 141
Financial Chronicle
361
No projects will be financed under this program with Federal funds
for new highways. Projects for eliminating dangerous crossings, within
or adjacent to the larger municipalities, are declared to be particularly
desirable. Total cost to the Government must not exceed 81,400 Per
person per year.
international debt situation and the facilitation of international price and
currency stability.
Harry L. Hopkins, Works Progress Adminstrator, announced on July 19 that 403,000 persons are now employed
as the result of the $4,000,000,000 work-relief program. The
Administration had set as its objective the employment of
3,500,000 persons within one year.
I have the honor to refer to recent conversations with regard to commerce
between the Union of Soviet Socialist Republics and the United States of
America and to the trade agreements program of the United States of
America, and to confirm and to make of record by this note the following
agreement, which has been reached between the Governments of our
respective countries:
1. The duties proclaimed by the President of the United States of
America pursuant to trade agreements entered into with foreign governments or instrumentalities thereof under the authority of the Act entitled
"An Act to Amend the Tariff Act of 1930," approved June 12 1934, shall
be applied to articles of the growth, produce or manufacture of the Union
of Soviet Socialist Republics as long as this agreement remains in force.
It is understood that nothing in this agreement shall be construed to
require the application to articles of the growth, produce or manufacture
of the Union of Soviet Socialist Republics of duties or exemptions from
duties proclaimed pursuant to any trade agreement between the United
States of America and the Republic of Cuba which has been or may hereafter be concluded.
2. On its part, the Government of the Union of Soviet Socialist Republics
will take steps to increase substantially the amount of purchases in the
United States of America, for export to the Union of Soviet Socialist
Republics, of articles of the growth, produce or manufacture of the United
States of America.
3. This agreement shall come into force on the date of signature thereof.
It shall continue in effect for 12 months. Both parties agree that not leas
than 30 days prior to the expiration of the aforesaid period of 12 months
they shall start negotiations regarding the extension of the period during
which the present agreement shall continue in force.
United States and Russia Sign Reciprocal Trade
Agreement—Soviet to Purchase $30,000,000 of
Goods in This Country Next Year—Russian Debt
Not Mentioned in Pact
The Unitetd States and the Soviet Union on July 13
signed a trade agreement designed at least to double Soviet
purchases from the United States. The pact, which was
signed in Moscow by William C Bullitt, American Ambassador, and Maxim Litvinoff, Soviet Foreign Commissar, is
valid for a term of one year, but may be renewed indefinitely.
Although the text of the agreement does not specify the
amount of American goods which will be purchased by
Russia, the Soviet Government has given assurances that
it will buy at least $30,000,000 worth during the coming
year. Meanwhile, it is anticipated that the United States
will also increase its purchases from the Soviet Union.
The agreement was negotiated under the United States
Tariff Act of 1934, authorizing the President to effect trade
agreements containing tariff concessions. It makes no
mention of the Russian debt and loan questions.
Mr. Bullitt issued a statement accompanying the announcement of the signing, in which he said that the purpose of
the trade agreement program was to extend foreign markets
for American products by affording increased market opportunities for foreign products in the United States. He
pointed out that United States exports to Russia have averaged only $12,000,000 annually during the past three years,
and said that plans contemplated by the new agreement
would materially increase the value of those purchases.
The following is an announcement issued July 13 by the
State Department at Washington, incident to the signing
of the trade agreement with the Soviet Union:
An agreement to facilitate and increase trade between the United States
and the Union of Soviet Socialist Republics was concluded at Moscow to-day
in an exchange of notes between Ambassador William C. Bullitt and the
Commissar for Foreign Affairs, Mr. Maxim Litvinoff.
These notes provide a sound basis for a mutually beneficial expansion of
trade between the United States and the Soviet Union. This agreement
with the Soviet Union, although intimately related to the trade agreements
program of the United States, was not concluded pursuant to the authority
of the Trade Agreements Act of -June 12 1934. It does not involve any
reciprocal concessions in respect of tariff rates.
In return for the undertaking on the part of the Soviet Government,
which controls the important export trade of the Soviet Union, to increase
substantially its purchases of American products during the next 12 months,
the Government of the United States has agreed to extend to the Soviet
Union, as long as the agreement remains in force, the benefits of tariff
concessions granted under reciprocal trade agreements with other countries.
The Soviet Government has given assurances that it intends to purchase
in the United States during the next' 12 months American goods to the
value of $30,000,000. This figure represents an increase of more than
100% over the value of American exports to the Soviet Union in 1934 and
an increase of about 150% over the average exports during the three-year
period 1932 to 1934, inclusive.
Our exports to the Soviet Union were valued at $12,466,000 in 1932,
$8,743,000 in 1933, and $14,867,000 in 1934.
On its part, the Government of the United States has extended to the
Soviet Union the tariff concessions which have been granted under the
trade agreements with Belgium, Haiti and Sweden, and has agreed to extend
to the Soviet Union the benefits of tariff concessions made under trade
agreements with other countries which may be proclaimed during the life
of the present agreement. The trade agreement with Cuba is specifically
excepted from this commitment.
This agreement with the Soviet Union illustrates the adaptability of the
policy under which this Government is carrying out its trade agreements
program. That policy, which was described at some length in the department's press release of April 1 1935, on the occasion of the proclamation of
the trade agreement with Belgium and is embodied in the Trade Agreements
Act is to extend the tariff concessions made under a trade agreement with
a given country to all other countries which do not discriminate against
American commerce or pursue policies or take action which tend to defeat
the purposes of the Trade Agreements Act.
The notes exchanged and the assurances given indicate that it is the
policy of the Soviet Government to pursue policies and take actions in harmony with the purpose of that Act. The fact of the existence of a State
monopoly of foreign trade in the Soviet Union makes it necessary to depart
somewhat from the ordinary form of trade agreement being entered into by
the United States. In order to be assured of the benefits of this Government's policy of generalizing trade agreement concessions in accordance with
the most-favored-nation principle, the Soviet Government has agreed to
increase substantially its purchases of American goods.
This agreement is expected to result in a gratifying increase in the
two-way trade between the United States and the Soviet Union. Our
exports to the Soviet Union during the years 1926 to 1930 averaged $75,600,000 and our imports from that country averaged $16,615,000 over the
same period. Our exports fell to the low point of $8,743,000 in 1933, and
our imports to the low point of $9,129,000 in 1932. Although there has
been some improvement in the trade since those years, it is still far below
the value attained in former years.
By facilitating a further expansion of this trade, the• present commercial
agreement should contribute in an important measure to the success of the
Administration's efforts to restore our foreign trade as a whole through the
trade agreements program. The objectives of this program of foreign trade
recovery are the stimulation of agriculture and industry, the relief of
unemployment, the raising of living standards, the improvement of the
The text of the identic notes exchanged on July 13 by
Mr. Bullitt and Mr. Litvinoff is given below:
Mr. Bullitt's statement of July 13 read as follows:
In connection with the trade agreements program of the Government of
the United States, conversations were entered into with the Soviet Government with a view to ascertaining the attitude of the Soviet Government
with regard to expansion of trade between the United States and the
Soviet Union.
It is the purpose of the trade agreements program to bring about the
extension of foreign markets for products of the United States by affording
increased market opportunities for foreign products in the United States.
In return for the assurance of the Soviet Government that it will be its
policy to increase substantially its purchase of American products, the
United States is prepared to extend to the Soviet Union tariff concessions
granted in trade agreements with other countries. Identic notes signed
to-day make of record and confirm this agreement.
The Government of the Union of Soviet Socialist Republics has assured
the Government of the United States of America that during the 12-month
period of this agreement it intends to purchase in the United States
American products for export to the Union of Soviet Socialist Republics
to the value of $30,000,000.
In as much as the value of the exports from the United States to the
Soviet Union has averaged only $12,000,000 during the last three calendar
years, the purchases contemplated by the Soviet Government will result
in a very considerable increase in the exports of American goods to the
Soviet Union.
I hope that, as a result of the extension to the Soviet Union of tariff
concessions made in trade agreements with other countries, there will also
be an appreciable increase in Soviet exports to the United States, which
have averaged somewhat less than $12,000,000 during the last three years.
Increased imports of Soviet products into the United States will provide
the Soviet Government with greater purchasing power for American
products.
The present agreement, in making provision for an increase in the
exchange of goods lays down, in my opinion, a sound basis for the development of trade between the United States and the Soviet Union, and I am
personally very pleased at the considerable increase in American-Soviet
trade which is in prospect as a result of the notes exchanged to-day.
We quote below from a Moscow dispatch of July 13 to the
New York "Times" regarding recent Soviet-American
trade:
The increase in American exports which to-day's agreement will bring
will not be large in itself, though it almost doubles the present trade.
Of greater significance is the fact that it breaks the ice. The text of the
agreement, which consists of identical notes signed by Mr. Litvinoff and
Mr. Bullitt provides that negotiations looking to its extension shall begin
not later than one month before its expiration.
According to official Soviet figures, United States exports to the Soviet
amounted to $15,913,000 in 1934 and to $14,756,000 in 1933. The thief
Soviet purchases from the United States are machinery and equipment,
raw cotton, automobiles and trucks. Last year the Soviet sold to the United
States $12,709,000 worth of goods, chiefly furs, coal, sausage casings,
manganese and miscellaneous metal ores.
United States exports to Czarist Russia always were below the $30,000,000 projected for the coming year except during the World War, when
Russia bought military supplies heavily. The peak of American exports
to Russia during the Soviet regime was reached in 1930, when, in the
midst of the first Five-Year Plan, the Soviet bought more than $114,000,000 worth of goods.
There is little chance that the Soviet will ever again buy in huge quantities, because it is making itself economically independent of the outside
world as rapidly as possible.
It is likely a large part of the $30,000,000 imports from the United
States will be railway equipment, trucks, airplane motors or plans and
technical aid by which Russia can manufacture the latest American types
herself.
Trade Agreement Program Defended by President
Roosevelt—Acting Secretary of State Phillips Also
Praises Agreements—President Says Pact with
Russia Will Mean More Business for This Country
Administration officials on July 17 indicated that attacks
in Congress on the reciprocal trade agreement policy will not
cause a shift in that program. President Roosevelt at his
press conference endorsed the agreements that have already
been concluded, and said that they will probably mean more
business for this country with a consequent increase in em-
362
Financial Chronicle
ployment. He opposed as unnecessary a suggestion of
Senator McCarran for an amendment to the Trade Agreement Act to prevent the generalization of tariff benefits to
any country except those giving the United States mostfavored-Nation treatment. Meanwhile William Phillips,
Acting Secretary of State, on July 17 defended the agreement announced with Russia on July 13 (described in detail
in this issue of the "Chronicle"). Mr. Phillips outlined this
Government's policy in reference to generalizing tariff benefits to other countries, and praised the agreement with
Russia in replying to a question at his press conference.
His remarks were described as follows in a Washington
dispatch of July 17 to the New York "Times":
When trade agreements are entered into, he said, the United States,
acting In pursuance of the provisions of the Trade Agreements Act, has
pursued the general policy of extending rate reductions to all countries
which have most-favored-nation treaties or exec-utive agreements with us,
or which, in fact, do not discriminate against us. When a trade agreement
is proclaimed, he added, it is the policy of this Government, however, not
to extend the benefit of the rate reductions to any nation which is discriminating against us.
After the Soviet Government proposed to increase substantially its purchases from the United States during the coming year, he continued, and
after we had satisfied ourselves that the Soviet Government. In its foreign
purchases, would not discriminate against us, this Government announced
last Saturday that the Union of Socialist Soviet Republics would receive
during the life of this agreement the benefits of the rate reductions which the
United ptates is extending to all other countries not discriminating against
It. This is all that happened, he emphasized.
We also quote from the same dispatch regarding President Roosevelt's comments on the reciprocal trade agreement program:
The reciprocal trade agreements. President Roosevelt pointed out at his
press conference, contain provisions whereby they can be amended by 30
days' notice in case dumping or other objectionable conditions develop.
The generalization clause, he added, was purely permissive, and if applied
could be withdrawn on 24 hours' notice. He did not believe the Act should
be changed in that respect.
After all, Mr. Roosevelt contended, each case must stand on its own feet,
while it would be difficult to frame general legislation that would be fair
to every one.
The President defended especially the generalization to Russia of the
lower rates on manganese in the Brazilian treaty. Recalling that manganese
ore deposits are slight and of relatively poor grade In this country and that
only 354 men are employed in this industry here, he declared that by permitting Imports from abroad at proper tariff levels broad benefits will run
to steel and other industries using manganese and stimulate our domestic
business.
Increased Business Predicted
In addition, he said, this would increase foreign business, enabling other
countries to buy more from us. In this way, he suggested that the lower
rates might put 10 times as many at work in this country In other industries
as are employed in the manganese industry.
Conversely, he felt that under a high tariff barrier on manganese the cost
of steel products might be increased excessively because of the limited
manganese supplies in this country. Possibly the costs might be increased
under an excessive tariff as much as 50 times the earning of thbs,ew employs4f In manganese production here, he suggested.
-.-
ocial Security Bill Near Enactment as Senate an
House Conferees Agree on All But One Amendment—House Will Vote on Senate Proposal to
Continue Private Pensions
Senate and House conferees, who have been deliberating
on President Roosevelt's Social Security bill for almost a
month, reached an agreement July 16 on all provisions except the Clark amendment inserted by the Senate, providing
for a continuation of private systems of contributory old age
pensions. This amendment has never been voted on in the
House, but it will be submitted to a vote of the House when
a partial conference report is brought up in that body.
Representative Doughton, Chairman of the House Ways and
Means Committee, opposes the amendment, and it was predicted late this week that the House would reject it. The
conference report will go first to the House.
A Washington dispatch of July 16 to the New York "Herald Tribune" said that Senate and House conferees reached
an agreement on other disputed questions as follows:
The Russell amendment of the Senate, which would have forced the
Federal Government to make grants up to $15 a month for two years to
citizens of those States which have not enacted laws to meet the Federal
program, was modified materially. It provides, as modified, that in States
with constitutional barriers to matching Federal funds, cities, counties and
political subdivisions may take over this responsibility .
The House was successful in having the Social Security Board established
as an independent agency instead of a branch of the Department of Labor.
The administration of the aid to dependent children, under the agreement,
also goes to the Social Security Board.
The conferees decided to make the unemployment insurance features applicable to employers of eight persons who have been at work for 20 weeks or
snore. The House bill provides for four employees and 20 weeks, and the
Senate provision was four persons and 13 weeks.
The Indian pension provision, which Senator Peter Norbeck, Republican
of South Dekota, got into the bill to the Senate, was eliminated.
The Senate amendment relating to the blind was modified and accepted.
The provision for vocational training for the blind was eliminated.
.
Not to Be Automatic at 65
The conferees retained the Senate provision that old age benefits, shall be
provided for persons of 65 only after they are separated from regular
.
employment.
Senator Pat Harrison, Democrat of Mississippi, Chairman of the Senate
Finance Committee, explaining the action of the conferees, said that the
Senate amendment authorizing Federal grants to match State pensions for
the blind was liberalized to eliminate the requirement that persons be
"permanently blind." It also was changed to eliminate any age limit of
persons entitled to blind pensions.
July 20 1935
Senate Debates Bill to Amend AAA—Sponsors Win
Victory with Adoption of Price-Fixing Amendment
but Senate Later Removes This Section
The Senate this week debated the bill designed to amend
the Agricultural Adjustment Act, and in two test votes first
approved, and then reconsidered and disapproved, an Administration proposal providing for price-fixing on agricultural products. On July 16 the sponsors of the measure won
a victory when the Senate accepted by a vote of 40 to 38 an
amendment by the Committee on Agriculture permitting
price-fixing, but on the following day (July 17) the Senate
reversed its action, and by a vote of 44 to 41 removed the
price-fixing provisions. This vote appraently reflected the
opinion of the Circuit Court of Appeals in Boston that the
AAA in its present form is unconstitutional. That ruling is
described in detail elswhere in this issue of the "Chronicle".
The bill was favorably reported by the Senate Committee
on Agriculture June 29, as noted in the "Chronicle" of July
13, page 213. Price-fixing provisions were debated on July
15, as described in part as follows in Associated Press advices
from Washington:
Senator Byrd assailed the section under which the Secretary of Agriculture, with approval of 50% of the handlers of any commodity, could
fix the price at which such commodity would be bought from the producer
and resold.
Price fixing, the Virginia planatation owner declared, would be both
"unworkable and impracticable." With fixed prices, he said, perishable
products might be held on a market until they spoiled without a consumer
ready to pay the price required.
"By the time you would get all this red tape untangled in Washington,"
he said, "the perishable commodities would be consigned to the Valley of
Death."
Hotly, Senator Smith of South Carolina in charge of the bill, replied
that there were instances where shippers had "sent water melons from the
south to New York City and the price they brought there was so low it did
not even pay the freight". The result was, he said, "that the farmers of
the south had to subsidize New York for eating it water melons."
"Why don't you fix the price of wheat?" Senator Byrd retorted.
"Let's stick to fruits and vegetables now," Senator Smith urged.
Senator Byrd Insisted that price-fixing would not work.
"It is absurd and ridiculous and started in the fertile minds of the Brain
Trust," he declared. "It would bring chaos and confusion to the farm
industry. If price-fixing Is to be established, it ought to include all farm
commodities, because there Is competition between the different farm products as one can be substituted for another with the same food value."
With foes hacking at the bill from both sides of the chamber, Senator
Smith, in charge of it, criticized his committee members for not supporting
the amendments which they had attached to the measure after It passed
the House.
We also quote from a Washington dispatch of July 16'to
the New York "Herald Tribune" regarding the Senate debate
on that date:
While the Administration forces won a narrow victory to-day, the battle
over price-fixing is not yet over. It will rage around another section of the
the bill before it is finally concluded.
Senator Tydings led in assailing price-fixing. Senator Henry F. Ashurst.
Democrat of Arizona, Chairman of the Judiciary Committee, Joined in the
attack.
The fact that the United States Circuit Court of Appeals at Boston
has just held unconstitutional the processing and floor taxes imposed under
the AAA act tended to encourage opponents of the pending bill to refer
to the decision to Impress its suporters with the difficulties ahead in getting
the legislation through under the scrutiny of the Supreme Court.
Senator Tydings said:
If this bill shall give the Agricultural Administration the right to fix
minimum prices it must forsooth give them the right to fix prices. and I
venture to say that there is not one farmer on the floor who will rise and
say that he is in favor of the government of the United States fixing maximum prices.
If we start this business of price fixing and the courts shall hold it to be
constitutional, aside from any legal arguments that may be made against
It now, its very philosophy will come home to damn you a thousand times
over in the course of five, 10 or 15 years. Once this government enters upon
fixing the prices of everything its people produce we have all the labor
troubles and all the trade troubles and all the class troubles laid .ight here
on the doorstep of the Congress.
Senator Ashurst broke in with a denunciation of the legislation intended
to prevent court action to recover processing taxes. He said:
It is proposed seriously to tax the citizen and not permit him to go into
court to test the validity of the tax. When the wild Indians captured a
prisoner and tied him to the stake and tortured him they allowed the
prisoner to cry out and writhe. We proposed to torture the American
taxpayer and not give him the right to cry out and writhe. One fundamental is to allow the taxpayer at least the right to writhe and cry out in
his torture.
A New York "Times" dispatch of July 17from Washington
noted the Senate's removal of the price-fixing provisions as
follows:
Although more than a week has elapsed since work began on the amendments, the changes made by the Agricultural Committee from the House
bill have not even been completed, while about 50 amendments by Senators
are to be offered.
Outside of the vote on the price-fixing section, nothing was done to-day
except to strike a 35-cent-a-bushel processing tax on flaxseed out of the
amendments and to retain a 25-cent-per-bushel tax on barley.
The fight to strike out the price-fixing provisions had been expected
and was provoked when Senator Walsh moved a reconsideration of yesterday's vote. The Senate agreed by a vote of48 to 43 to this reconsideration.
Then came the direct vote on the amendment.
Just before this ballot, Senator Smith, In charge of the bill, begged the
Senate to stand by its action of yesterday.
"This is the one attempt to give to those that produce an opportunity,
when they get control of 50% of any given commodity, to agree on a minimum price," he stated.
For some time before the vote the Senate listened to harsh attacks on
the price-fixing program. Senator King, reading excerpts of the Boston
decision declared that the AAA, like the NRA, would be damaging in its
effect on the national situation.
Borah Sees Recovery Retarded
Senator Borah declared that "the threat of high prices is responsible for
retarding of recovery and unemployment."
Volume 141
Financial Chronicle
"Prices are being fixed for 120,000,000 people by a few men sitting around
a table." he said. "The increases are not determined by the small increases
to the farmers, but by other considerations."
Associated Press Washington advices of July 18 summarized the debate on that date as follows:
The administration's proposal to close the courts to processing tax
recovery suits was denounced to-day by Senator Borah. Republican, of
Idaho, as a step benefiting big companies, which have passed the tax on to
consumers but injuring small companies which have been unable to do so.
Debate on this controversial provision of the pending AAA amendments
began after the Senate had voted aginst imposing a processing tax on rayon.
"Where there has been a wrong perpetrated, and property taken,"
Mr. Borah asserted,"I do not believe you can deny a man the right to go
into court.
"It is true that some of the taxes have been passed on to the consumer
by the large processing companies, but the small companies have been
unable in many instances to do so, and by reason of that have suffered.
"Thus we have a bill benefiting the companies who can pass the tax on,
but denying the small companies the right to recovery."
He declared denial of the "right to sue the sovereign" has "been embodied
in the law over the objection of some of the ablest members of our court."
"It is my contention," he declared,"that the right to sue should never be
denied except in the rarest cases."
At the Department of Justice, meanwhile, Attorney-General Cummings
issued a statement saying the recent decision of the Circuit Court of Appeals
at Boston against the legality of AAA's processing levies would not prevent
future collection of the taxes except in that particular case.
Senate Committee Approves $10,000 for Inquiry into
Wool Marketing
The Senate Committee on Audit and Control on July 10
approved a resolution appropriating $10,000 to cover the
expenses of a Senate investigation of the marketing of wool.
The resolution was sponsored by Senators Adams of Colorado and Steiwer of Oregon.
Senate Committee Approves Repeal of Certain Amendments to Silver Purchase Act, Including Licensing,
Nationalization and Tax Clauses
The Senate Committee on Agriculture on July 17 approved
a favorable report to the Senate on the bill sponsored by
Senator McCarron, which would repeal Sections 6, 7 and 8
of the Silver Purchase Act and the rules and regulations
thereunder promulgated by the Secretary of the Treasury
The Sections repealed relate to licenses, nationalization of
silver and the taxation of silver profits. A Washington dispatch of July 17 to the New York "Times" described the
Committee's action as follows:
The Committee's action was another outcropping of a subterranean
contest which has been going on all this session between the radical silver
group and the Administration. Bent upon forcing the price of silver up
to $1.29 an ounce by the quickest possible route, the radical silver Senators
have been discontented with the "slow" manipulations of the Treasury,
acting under the 1934 Act.
Since the more conservative members of the bloc have appeared quite
satisfied with the Administration's actions, which have raised the price
progressively since the Purchase Act was passed, there seems little prospect that the radicals will get far with their movement.
Senators Prepare Amendments to Proposed Banking
Act—One Would Exclude Bankers from OpenMarket Committee
As the Senate prepared late this week to consider and
debate the proposed Banking Act of 1935, it appeared
probable that Administration leaders would attack several
of the principal features of the measure reported by the
Senate Banking and Currency Committee, as recorded in the
"Chronicle" of July 13, pages 203 and 204. Senator Fletcher
was said to have prepared four amendments, of which perhaps the most important is one eliminating all bankers from
the Open-Market Committee. Senator LaFollette had
announced some time ago that he would attack the inclusion
of bankers in the Open-Market Committee when the bill
was debated in the Senate.
Senator Fletcher said that although he had proposed the
amendments on his own behalf, he believes the Administration will support him. A dispatch from Washington July 17
to the "Wall Street Journal" outlined these proposed amendments as follows:
The first amendments proposes to eliminate entirely the provisions in the
bill giving banks a limited right to underwrite securities, with the approval
of the Comptroller of the Currency. This provision has been openly
attacked by President Roosevelt who fears the return of old underwriting
abuses which were corrected in the banking law of 1933.
The second amendment proposes to strike out the bill's provisions permitting a director, officer, or employe of a member bank to be a director
of one other bank This provision would read under the amendment that
"no director, officer, or employe of any member bank of the Federal Reserve
System or any branch thereof shall be at the same time a private banker or a
director, officer or employe of 'any' other bank." The word "any" is
substituted for the words "more than one."
New Deal Patient Followed
The third amendment would eliminate from Title II of the bill the provisions creating an open market committee composed of the seven members
of the board of governors and five Reserve Bank presidents, and substitute therefor, a provision that the open market committee be composed of
seven board members only. In typical New Deal fashion, Senator Fletcher
proposes more than he really hopes to get, pointing out that he will compromise by reducing the banker representation to four instead of five
members.
The fourth amendment would eliminate the provision requiring at least
two of the members of the reserve board to be qualified bankers.
Senator Fletcher introduced his four amendments to the
measure on July 18. He announced that they were designed
363
to restore to the bill the principles of centralization of credit
control in Washington contained in the measure already
passed by the House.
Administration leaders in the Senate recently expressed
the hope that it would be possible to begin debate on the
banking measure early next week.
Senate and House Conferees Continue Discussion of
"Death Sentence" in Utilities Holding Company
Bill—Congressional Hearings Produce Charges of
Irregularities in Telegrams of Protest
House and Senate conferees continued this week to debate
controversial features of the Utilities Holding Co. which
was sent to conference on July 10, as described in the
"Chronicle" of July 13, page 205. The principal point of
difference is the so-called 'death sentence," which has been
approved by the Senate and has been eliminated by the
House. Late this week conferees of both bodies were reported
as maintaining their original positions with regard to this
section.
Meanwhile official inquries into lobbying in connection
with the measure have been continued by the special committees of the House and Senate appointed for that purpose.
Previous testimony at those inquiries was outlined in the
"Chronicle" of July 13, pages 205.and 206. Most of the
testimony before the Senate committee this week was concerned with charges that agents of a large utility holding
company had caused hundreds of telegrams protesting the
passage of the bill to be sent to Congressmen, and in many
cases had attached signatures to the telegrams without consulting the owners of the names.
Senator Black, Chairman of the Senate committee, made
public on July 15 the text of a questionnaire which has been
sent to all utility holding companies, asking details as to
expenditures in connection with efforts to defeat the measure.
Hearings before the Senate committee on July 16 were
summarized in part as follows in a Washington dispatch of
that date to the New York "Herald Tribune":
Shifting the focal point of its investigation to Warren. Pa., the Senate
lobby committee in another surprise move to-day heard charges that a
representative of the Associated Gas & Electric Co. had utilized a city
directory to obtain names for signing to telegrams in protest against the
Wheeler-Rayburn public utility bill.
The allegations were made by Jack A. Fisher, until yesterday manager of
the Western Union Telegraph Company's office in Warren, who also named
it. P. Herron, the Associated Gas employee, as a "suspected party" in the
mysterious burning of the originals of the telegrams, dispatched to Representative D. J. Driscoll, Domocrat, from that Pennsylvania district.
Says He Was Made "Goat"
Mr. Fisher, whose statements were given in a low but steady voice, was
suspended by F. R. Veale, general superintendent of the Eastern division of
the Western Union, he said, "until I could prove myself innocent." The
manager, alleging that he was being made the "goat" by the Western
Union, quoted the superintendent's attitude toward his disciplinary action
as follows:
"He told me that the company would not like an investigation in the
matter, and told me he thought if the company reported the messages
burned in the office and that Mr. Christianson and I had been suspended
from service that would help to stop an investigation."
A. F. Christianson, an operator in the Warren office under Mr. Fisher,
was the other "suspected party" in the burning of the telegrams, according
to a communication from Mr. Fisher's attorney, which was read into the
record. Declaring himself innocent of any connection with the destruction,
Mr. Fisher told of the burning, some time between July 9 and 11, of telegrams sent on June 26 and 27, and of the subsequent investigation by his
company.
The Associated Gas representative, who was described as a "bond salesman," told Mr. Fisher previously, the Western Union manager said, that
"he had instructions from his Erie office to destroy every record that he
had that might incriminate him" and suggested that "it would be a good
idea if somebody threw a barrel of kerosene in our cellar."
United Press Washington advices of July 17 summarized
the testimony on that date as follows:
A Senate lobby investigation committee was told to-day that E. W.
O'Brien, representative of the Associated Gas & Electric Co. at Erie. Pa.,
suggested Western Union Telegraph Co. should "fix up its records" at
Warren, Pa., where originals of telegrams opposing the Wheeler-Rayburn
bill were burned mysteriously.
The witness was L. A. Shew, manager of Western Union's Erie office,
who testified before the committee headed by Senator Hugo L. Black
(Dem., Ala.).
Mr. Shew also said that Mr. O'Brien and R. P. Herron, utility bond
salesman at Warren. Pa., had destroyed their proposal records relating to
the telegraph campaign against the bill. The campaign was disclosed when
Representative D.J. Driscoll (Dem.,Pa.) told of receiving 1.300 telegrams
opposing the bill, some of which were not authorized by persons whose
names were signed.
Mr. Herron was ordered by superior officers to send hundreds of fake
telegrams to Representative Driscoll against the bill and to destroy damaging evidence. the Black committee was told.
The disclosure came as the committee sought without SUCCOS8 to learn the
identity of the person who mysteriously burned hundreds of the original
copies of the telegrams in the basement of the Western Union office in
Warren. Pa., between July 5 and July 11.
Witnesses to-day portrayed Mr. Herron as pacing back and forth in the
telegraph office as Western Union officials of New York ordered an investigation offictitious signatures to the telegrams upon the demand of Representative Driscoll. Previously, it developed, Mr. Herron got the names from the
Warren city directory and at least three persons whose names were signed to
the messages did not give their consent.
Copies of these telegrams were missing when J. A. Fisher. manager of the
office, examined his records. Charred remains of some of the messages
were found in a stove in the office cellar and were submitted to the committee to-day by F. R. Veal% general superintendent of the Eastern
division of Western Union.
All witnesses to date have denied that they burned the records.
Financial Chronicle
364
The Associated Gas & Electric System, which had been
mentioned in earlier testimony,issued a statement on July 17
in which it said that it proposed to support its representatives
referred to in the inquiry until it had "convincing evidence
that some other action was warranted." The statement
read as follows:
Mr. Herron, our local representative in Warren, and his superior have
been with the system for seven and 17 years, respectively, without any
complaints against them. We propose to stand by them until we have
convincing evidence that some other action is warranted.
We realize that in an organization composed of more than 15,000 employees, there may be occasional instances of imporpriety where people are
either excessively zealous or embittered at the prospect of legislation
adversely affecting their own means of livelihood and the organization for
which they have worked for years. Nevertheless, in view of the pains we
have taken to impress our people with the importance of seeing that only
bona-fide protests against the Wheeler-Rayburn bill are sent to members of
Congress, we are not disposed to comment on the testimony before Senator
Black's committee until we are better satisfied of its accuracy.
We intend to continue every effort to defend the interests of associated
customers and investors. We estimate the cost of this defense will amount
to about lc. for each $9 invested in the Associated Gas & Electric System.
The total cost of opposition by the Associated Gas & Electric System to
the destructive provisions of the Wheeler-Rayburn bill so far amounts to
approximately $700,000. That amount is insignificant in comparison with
the value of the securities even on the basis of existing low market quotations which the sponsors of this legislation have undertaken to destroy.
Except for repeated demands by the Administration for the enactment of
such a bill, the necessity for this expense would not have arisen.
Philip H. Gadsden, Chairman of the Committee of Public
Utility Executives, said on July 17 that if subsequent
evidence at the hearings confirmed the accusation made his
Committee would strongly condemn such activities. His
statement read as follows:
If subsequent evidence confirms the accusation that a representative of a
utility holding company had sent out fake telegrams opposing the Public
Utilities Bill, the Committee of Public Utility Executives condemns such
action as dishonest just as strongly as any other group in the United
States. The company to which this action is attributed is a subsidiary of
the Associated Gas & Electric Co. The Associated Gas & Electric Co. is
not a member of this Committee and has had no connection whatsoever
with it.
It is, to say the least, unfortunate that representatives of any company
should so depart from the standards set by the utility industry in general.
It is acts like this committed by a small number of companies which have
brought discredit upon the industry and which have made it necessary for
us to come to Washington to defend ourselves against a bill seeking to
destroy us.
From past experience. the Committee of Public Utility Executives is
aware that the sponsors of this bill will endeavor to imply that isolated
cases of this kind are typical of the industry as a whole. But the public
protest against the destructive features of this bill is far too genuine and
wide-spread for anyone to attempt to pin any label of falsification upon it.
The Committee of Public Utility Executives will continue its activities
as openly and as honestly as before and will oppose as strongly as ever any
practices that depart from the highest ethical standards.
House Approves Resolution Outlawing Gold-Clause
Suits Against Government—Senate Banking Committee Continues Hearings on Administration
Measure
The House of Representatives on July 18 approved by a
vote of 258 to 88 the Administration's resolution to outlaw
any further suits against the Government arising out of the
abrogation of the gold clause in contracts. The bill was
approved by the House Banking Committee on July 12, as
noted in the "Chronicle" of July 13 (page 211). The bill
would forbid persons who hold Federal gold-clause bonds to
seek to collect $1.69 for each dollar of face value. The
measure will next go to the Senate, where the Banking
Committee this week continued its hearings on the resolution, and again heard testimony by Attorney-General Cummings and Secretary of the Treasury Morgenthau, both of
whom testified last week.
Representative Steagall, Chairman of the House Banking
and Currency Committee, lead the proponents of the bill
in the House debate on July 18. He asserted that the Supreme Court had, in effect, sustained the Government's
refusal to pay its obligations in gold. The House debate
was limited to two.hours.
With regard to the action of the House on the bill, Washington advices, July 18, to the New York "Times" of July
19 said:
Opposition to the measure was wholly from Republican quarters and
passage was never in doubt. As on previous currency and banking legislation, Representative Hollister led the minority floor fight. He spoke
against adoption, and also sought to amend the measure so that restriction
of suits would be limited to damages claimed under the gold clauses.
He maintained that the measure, as drafted, would forbid individuals
from ever bringing any suit of any kind against the Government over any
of its bonds or obligations. His proposal was rejected, 96 to 59.
Later, when Mr. Hollister again tried to obtain inclusion of this amendment and a new preamble in the bill, by offering a motion to recommit the
measure to committee with such instructions, the House rejected the proposal by a vote of 250 to 92. . . .
Representative Steagall, sure of plenty of votes to pass the bill, spoke
seldom and briefly. He pointed out that, with some $10,000,000,000 of
gold-clause obligations outstanding. the Government would, if suits were
upheld, have to expend about $7,000,000,000 above their face value to pay
off holders of these bonds at gold parity.
Security Sales Are Cited.
reply to Republican predictions that the bill's enactment would
hinder the future sale of Government bonds, Representative Goldsborough
of Maryland said:
"I wish to God that result would happen."
In
July 20 1935
He told the House that the measure had been expected for some time
by the public to be enacted and that this had not hindered the sale of
Government bonds. He said that $18,000,000.000 worth of obligations
had been issued by the Government since the gold clause was abrogated in
1933. and that 650,000,000,000 worth of subscriptions had been offered for
these obligations.
"From now on, we will have a currency that is uniform in value," he said.
"The passage of this bill stabilizes the currency for the first time in the history of this country, as far as its internal economy is concerned.
"Money is anything that facilitates the exchange of goods and services.
The people's medium of exchange belongs to the people and no class should
control its issuance."
As the House adopted it to-day, the measure would enable holders of
Government gold clause obligations to redeem them immediately for their
face value and accrued interest, to be paid in devalued dollars.
Holders would be stopped from instituting suit in the Court of Claims
for damages alleged to have arisen from dollar devaluation, either as to
interest or principal on such obligations.
The Supreme Court decided in February that claimants must establish
that they had suffered actual monetary loss by the devaluation and were
not merely seeking unjust enrichment.
Secretary Morgenthau, in a letter to the Senate Banking
and Currency Committee on July 15, said that he could see
"no possible objection from thti point of view of Treasury
finance or Government credit" to the passage of the resolution. Mr. Morgenthau's letter, addressed to Senator
Fletcher, Chairman of the Committee, read as follows:
I have your letter of July 13 in which you extend on behalf of the Senate
Committee on Banking and Currency an invitation to present the views of
the Treasury Department with respect to Senate Joint Resolution No. 155.
I understand that the Attorney General has presented to you the reasons
of general policy for the proposed legislation and that you desire from me an
expression of my opinion concerning the probable effect of the resolution
upon the Government securities market.
I cannot see that there will be any noticeable effect on the Government's
credit or prices of securities by reason of the passage of this resolution, either
because of the fact that suits on bonds would be barred or by reason of the
offer to pay at par for a short period of time the gold clause bonds.
Since the President forwarded to the Congress his message on this subject there has been no weakness in the Government bond market: on the
contrary, there has been an advance.
The gold clause bonds, by reason of the fact that they bear rates of
interest above those now required, are selling considerably above par, and,
hence will not be offered by their holders at par.
There is no indication in the resolution of a Congressional or Treasury
intent not to pay principal and interest in full on governmental obligations.
Indeed, the resolution expressly reaffirms the determination of the
Congress and the Treasury to assure that the United States will continue
to pay to the holders of all its securities principal and interest dollar for
dollar on an equal and uniform basis.
Under the circumstances, I can see no possible objection, from the point
of view of Treasury finance or Government credit, to the passage of this
resolution.
Mr. Cummings, testifying before the Committee on July
17, clashed with Senator Glass, who said that the Supreme
Court upheld his view that the resolution amounted to repudiation. Mr. Cummings declared that he did not interpret
the Court's ruling in this manner. Testimony of Mr.
Morgenthau, who also testified on July 17, is described as
follows in a dispatch of that date from Washington to the
New York "Times":
The Secretary of the Treasury told the Committee the Government faces
$9,000,000,000 of financing during the present fiscal year, of which about
$5,000,000,000 will be refunding operations. He offered to be personally
reponsible for the consequences of the proposed ban against damage suits.
Advances in the price of Government securities since the President asked
for the legislation, Morgenthau said, proved that it would not have a bad
effect on Government credit. He testified that in the Government's latest
financing, a $50,000,000 operation, it obtained the lowest interest rate in
history-1-20th of 1% for nine months.
Senator Glass got into the discussion by asking Morgenthau how it
would help Government credit to "formally notify creditors that the
Government reserves the right to repudiate its indebtedness." He said
the Government was"implying there is no moral turpitude in repudiation."
Denounced by McAdoo
Senator McAdoo denounced the proposal as "a complete repudiation of a
solemn obligation." He predicted that"when that percolates into the minds
of the people it is going to have a serious effect in the future."
"I don't think a great government should do it," Senator McAdoo said,
adding that the United States had "never failed to perform literally every
obligation assumed."
As Mr. Morganthau continued to insist that the Government's credit
was sound, Glass remarked:
"Somebody thinks the credit of the Government is precarious or this
resolution wouldn't be here."
"He then characterized the proposal as "immoral" and drew Cununings's
retort that such a statement was "impertinent."
House Votes 259 to 86 Against Early Adjournment—
Leaders Say President Roosevelt's Tax Plan Will
Be Pushed
Attempts to bring about an early adjournment of the House
of Representatives ended, at least temporarily, on July 16,
when the House voted three times in quick succession against
an adjournment on July 23. The final vote, on a roll call.
stood 259 to 86 to table a resolution for adjournment offered
by Representative Deen of Georgia. Before the roll call
vote the House voted once by voice and than a standing vote
against the motion, which had been offered by Representative
O'Connor, Chairman of the House Rules Committee.
Representative Deen on July 15 had provked prolonged
cheers in the House when he urged Congress to adjourn
immediately.
Sixteen Democrats and seventy Republicans voted against
tabling the Deen resolution on July 16. Votes in favor of
tabling included 241 Democrats, 12 Republicans, 6 Progressives and 2 Farmer-Laborites.
Volume 141
Financial Chronicle
After the vote was taken, Senate and House finance
leaders conferred, and Senator Harrison then announced
that the President wished his tax plan pushed through before
Congress adjourns. The vote in the House was described
as follows in a Washington dispatch of July 16 to the New
York "Times":
Functioning with an ease and precision seldom witnessed this session,
the Administration organization in the House defeated by a vote of 259 to 86
the adjournment uprising that yesterday threatened for a time to force
termination of the session.
Democrats who yesterday cheered, whistled and applauded widly for
three minutes a suggestion that Congress quit and go home, ran to cover
to-day when required to go on record for or against the proposal.
This issue was brought to a head when Representative O'Connor of New
York demanded an immediate vote on his motion to table an adjournment
resolution by Representative Dean of Georgia.
Passage of the resolution would have adjourned the session sine die on
next Wednesday.
All Debate Cut Off
Disdaining points of order against the highly preferential resolution, the
Democratic leader put his counter-motion and then cut off all debate of the
question.
Although the resounding "noes" that greeted the motion to table seemed
from the gallery to drown out the foes of immediate adjournment, Speaker
Byrns calmly announced that "the ayes seem to have it."
Representative Snell, the Republican leader, was on his feet demanding
a standing vote, and when the Speaker counted 111 votes for the motion to
48 against, Mr. Snell challenged the vote on a point of no quorum.
Representative Taylor of Colorado countered with motion for a call of
the House and when the clerk had finished calling the roll, the 259 affirmative votes to table the resolution told the story of another abortive uprising
that had gone the way of other House "revolts."
It was an impressive demonstration against adjournment until the
President's wealth tax program had been disposed of. Only 16 Democrats
joined the 70 Republicans who opposed tabling the resolution.
Shipment of Prison-Made Goods in Inter-State.Commerce Forbidden in Bill Passed by House—Measure
Sent to White House
The House of Representatives on July 15 without a record
vote approved a bill to prohibit the shipment of prison-made
products into States that have already forbidden their sale
in competition with goods manufactured by free labor. The
measure, which was sent to President Roosevelt for his signature, stipulates that none of its provisions is to be interpreted as applying to goods manufactured in penal institutions for use by the Federal Government. States which
will be protected under the bill include New York, New
Jersey, Massachusetts, Pennsylvania, Ohio, Illinois and
Texas.
The measure was introduced in the Senate on May 27
by Senator Ashurst, of Arizona. It was reported favorably
on June 29 by the Senate Judiciary Committee with the
recommendation that it be passed; the Senate passed the
bill on June 21.
A dispatch from Washington on July 15 to the New York
"Journal of Commerce" of July 16 gave additional details
of the measure as follows:
In its report on the bill the Senate Judiciary Committee said:
At present 21 States, with a population in excess of 75,000,000. have
enacted laws prohibiting the sale
the open market of prison-made goods.
This bill is designed to prohibit in
transportation of such goods into States
which have thus legislated, in cases in which such goods are to be
or used in violation of the State law. The principle involved in received
bill
has been frequently sustained by the Supreme Court of the Unitedthis
States.
Consequently me:nbers of the committee believe beyond peradventure
of
doubt that the bill Is constitutional.
The bill provides that all prison made goods moving into interstate or
foreign commerce shall be so marked that their history is plainly shown on
the outside wrapper. Violators of the law are subject to a maximum fine
of $1,000 and seizure of the goods in question.
House Committee Moves for Early Consideration of
Amendments to Railroad Reorganization Act to
Permit Readjustment Action over Minority Objections
The House Rules Committee on July 18 approved a
special resolution making it in order to call up for consideration the Sumners Railroad Reorganization bill in the House
at an early date. The House must pass the resolution
before it could consider the legislation. The resolution would
limit debate on the bill to one hour but would not stipulate any limit on the number of amendments that might
be offered. The Sumner bill, which was approved
by the House Judiciary Committee several weeks ago, would
amend the present Railroad Reorganization Act and would
permit reorganization plans to become effective over the
objections of minority groups. It was described as follows
in a Washington dispatch of July 18 to the New York
"Journal of Commerce":
Under the terms of the Act approved by Congress and the President in
1933 railroad reorganization plans could become effective only when approved by substantially all in any class of creditors or security owners.
During a brief hearing before the Rules Committee. Mr. Sumners explained that railroads have been unable to proceed under the Act because
of difficulties in lining up creditors and stockholders for the plan of reorganization.
Rock Island Case Cited
The Rock Island, for example, he pointed out, has 72 different classes
of creditors and security holders.
It is now proposed that only two-thirds of any class of stockholders or
creditors need approve the plan for it to become effective, providing, of
course, that it is ratified by the Court and has been approved by the Interstate Commerce Commission.
In the event that the two-thirds falls to accept the plan. the Court even
then may make the plan effective ifthe judge finds that it provides fair and
365
equitable treatment for the interests of those rejecting it and that their
rejection is not reasonably justified in the light of their respective rights and
interests.
Broadcasts in Foreign Interest Without State Department Approval Would Be Forbidden Under Bill
Introduced in Congress—Another Measure Would
Require Cabinet Assent to Talks by Army and
Navy Officers
A bill that would require the consent of the State Department for any person to speak on the radio as a representative of, or in the interest of, a foreign Government was
introduced in Congress on July 15 by Representative McKeough and Senator Walsh. On the same day Senators
Clark and Nye introduced a bill which would require army,
navy or marine officers to obtain approval of their Cabinet
officer before making any public statements affecting foreign relations. Associated Press Washington advices of
July 15 summarized these measures as follows:
The Clark-Nye proposal provides that any officer of the military forces
"who shall make any public statement or speech, or prepare for publication and cause to be published any article discussing or relating to international affairs, without submitting a copy thereof to the Secretary of War,
or the Secretary of the Navy, as the case may be, and receiving the express
approval of such Secretary before making the statement or speech, or before
publication of the article, shall be tried by a court-martial and shall be
dismissed from the service or slitter such other punishment as the courtmartial may direct."
Senators Nye and Clark explained as the reason for their bill that army
and navy officers had made many speeches "calculated to inflame our
relations" with foreign nations. They said the departments had disclaimed
responsibil•ty for them.
"This would place the responsibility on the Secretaries," Mr. Clark
said, "and if they should be dealt with, we will know who to deal with."
Senator Walsh and Representative Mclieough said they and other members
of Congress "have received from time to time criticism of broadcasts which
were in the nature of propaganda by foreign countries in the interest of some
activity in opposition to the fundamental political principles of the American Government."
They said there was "no desire" on their part to prevent any American
citizen or American official from "exercising the widest latitude of free
speech in their radio addresses or radio programs," but that agents of foreign
governments should be censored.
Ways and Means Committee Reports New Liquor
Control Bill, Placing Regulation Under Treasury
Department
Despite the opposition of Secretary of the Treasury Morgenthau, the House Ways and Means Committee on July 16
voted a favorable report on the Cullen bill, creating a Federal Alcohol Administration within the Treasury Department. This measure is one of those which is scheduled for approval before the adjournment of Congress. Designed to
circumvent the Supreme Court decision invalidating the
National Recovery Administration, it creates a new organization similar to the Federal Alcohol Control Administration which operated' under the codes. Mr. Morgenthau has
repeatedly indicated his objections to being charged with the
duty of controlling the liquor traffic.
A Washington dispatch of July 16 to the New York "Herold Tribune" gave the principal features of the bill as
follows:
Representative Thomas H. Cullen, Democrat, of New York, is author of
the bill, which provides that the Administrator must be appointed by the
President, but may hire and fix salaries without regard to the civil service
or without approval of the Secretary of the Treasury.
A new provision prohibits any person from being an officer or director
in more than one company engaged in distilling, rectifying or blending
spirits unless the companies were affiliated prior passage of the Act or
unless States required incorporation under their own law.
Brewers and the "producing of malt beverages" are removed from administration of the Federal Alcohol Administration.
All "final actions" of the Administrator are made subject to review by
all Federal District Courts and the Administration is required to revoke
or suspend a license within 18 months of any conviction of law violation
or within three years of the commission of an offense.
A fine of $1,000, a year's imprisonment, or both, are provided for any
person who packages or repackages distilled spirits for sale or resale in
bottles without a permit. Sale of liquor in kegs or barrels to hotels or
clubs is permitted, however, despite objection raised by Secretary Morgenthau.
All State agencies are exempt from provisions of the Act, and the present
Federal Alcohol Control Administration law is repealed by the Cullen bill.
One provision bars the use of any deception in labels, such as the use
of the name or portrait of any person of public prominence, either directly
or indirectly, indicating falsely that he has indorsed the product. This is
believed to be aimed at a distiller which has used President Roosevelt's
picture in connection with a liquor advertisement.
Finds 3,900 Workers Deprived of Full-Time Jobs Because
of Steel Imports in First Five Months of 1935—
American Iron and Steel Institute Says Tonnage
Purchased Abroad Gained 65%
Increased imports of foreign-made steel during the first
five months of 1935 deprived more than 3,900 American
workmen of full-time jobs during that period, according to a
survey, July 14, by the American Iron and Steel Institute,
based on a recent report by the Department of Labor concerning the number of man-hours required to produce various
classes of steel products. The Institute pointed out that
steel tonnage imported during the first five months of 1935
was 65% above the quantity imported during the corresponding period of 1934, although domestic steel production
gained less than 3.5% during the same period. Details of
366
Financial Chronicle
the Institute's study are given below, as made public on
July 14:
A total of 73,836 tons of finished and semi-finished steel was imported
into the United States from January through May 1935, as compared with
44,769 tons in the like period of last year. If those products imported
this year had been made in this country instead of abroad, 3,445,245 hours
of employment would have been created for American workmen, which would
have increased steel payrolls by $2,477,000 at the average rates of pay
prevailing in the industry during the first five months of 1935.
Of these jobs lost to American workmen through the importation of
foreign-made steel, about 2,640 would have been available in the steel
mills, according to calculations based on the Department of Labor figures,
while mining the ore, coal and limestone necessary to produce the steel in
this country would have employed 570 more men.
Another 590 men would have been required to transport by rail and
water the six tons of raw materials entering into each ton of steel and
finally to transport the finished steel itself to market. Manufacture of
coke for use in blast furnaces would have given employment to 110 more men.
Under the several trade agreements already in force or proposed between
the United States and other nations, duties are lowered on many types of
steel coming into this country. Imports are thus encouraged.
Great Britain, on the other hand, recently raised its tariffs on iron and
steel 33 1/3 to 50% above former levels. Under threat of securing still
higher barriers to protect themselves against inroads of foreign competition,
British steel producers have now reached an agreement with Continental
producers to limit imports after the first year of the agreement to a
tonnage below the total imports in 1933, which were the lowest in many
years.
Production of steel ingots and castings in Great Britain in May 1935
was 9.4% above May 1934 and 6.2% above the average monthly production
in 1929. During the first five months of 1935 British steel production
has been 7.5% greater than in the same period last year. In contrast, the
American steel industry's production in May of this year dropped 22.4%
below the corresponding month of 1934 and 42.0% below 1929 average
monthly production. Total production in this country from January
through May of this year is less than 3.5% above 1934.
W. H. Stayton Declares President Roosevelt Ignores
Constitution—American Liberty League Official
Criticizes New Deal—Dr. James Hart Defends
Federal Policies at Concluding Session of Virginia
Institute
President Roosevelt has ignored the Constitution since he
assumed office, W. H. Stayton, Secretary of the American
Liberty League, told the concluding session of the University
of Virginia's Institute of Public Affairs on July 13. He
declared that the President "is convinced that his intentions
are the purest ever held by mere man and his ability superior
to that of all prior rulers, and he is therefore obsessed with
the firm and honest belief that he should enhance his personal power for the benefit of humanity." Captain Stayton's
statements were challenged by Dr. James Hart, Professor
of Political Science at Johns Hopkins University, who said
that the American Liberty League "perpetuates maladjustments" and resists "orderly readaptation" to existing conditions. He added that Communists who would repudiate
the past "are no greater enemies of the orderly change than
the Liberty League, who would perpetuate the present."
Earlier addresses before the Institute were noted in the
"Chronicle" of July 13, pages 211 and 212. Senator Barkley
of Kentucky, speaking on July 11, denied that the Administration contemplated any radical changes in the Constitution. He added, in part:
The constitutional controversies arising out of the New Deal are no more
acute or unusual than those which arose in the long line of decisions engendered by John Marshall in the early history of the nation. In fact, the
bitterness of discussion over present policies fades into insignificance when
compared with the bitterness of many of those who helped to write the
Constitution.
Associated Press advices from University, Va., on July 13,
summarized the speeches of Captain Stayton and Dr. Hart
as follows:
Praising the Constitution for saving the American people from evils
experienced elsewhere, NV. H. Stayton, of Washington, Secretary of the
American Liberty League, to-day said there are sufficient resentful people
in the United States "to cause me to rejoice that we still have the power
of impeachment."
He spoke at the concluding session of the round table on "the Constitution and the New Deal" at the University of Virginia's Institute of Public
Affairs, with Dr. James W. Hart, Professor of Political Science at Johns
Hopkins, who supported liberal democracy as represented by the Roosevelt
Administration.
"For 700 years Anglo-Saxons have carried on their struggle for the rights
of the people against the wrongs done by rulers," Mr. Stayton said.
"Something of that exists to-day. Many people feel themselves oppressed
and deprived of their rights. They are not unanimous . . . but the
resentful ones are sufficiently numerous to cause me to rejoice that we
still have the power of impeachment."
Professor Hart said a spirit of liberalism in the Democratic party has
been developing through the decades and flowered in the New Deal.
R. L. Lund Declares President Roosevelt's Plan for
Graduated Corporate Tax Is Unsound—Head of
National Manufacturers' Association Urges Budget
Balancing by Economy
President Roosevelt's proposal for a graduated tax upon
corporate incomes is unsound, and the Government can balance its budget more easily by reducing its expenditures and
restoring business confidence than by increasing the present
scale of taxation, Robert L. Lund, Chairman of the National Association of Manufacturers, told the House Ways
and Means Committee on July 12. Mr. Lund's testimony
was given at a hearing on the Administration's taxation
July 20 1935
program to which reference is made elsewhere in this issue
of the "Chronicle."
Mr. Lund declared that a substantial business revival,
with present tax rates, would yield an annual national revenue between $4,500,000,000 and $5,000,000,000, or more than
enough to meet all ordinary Government expenditures and
amortize the debt created during the depression. He added,
however, that such business revival will not occur "so long
as Congress continues to pass palpably unconstitutional legislation, curtails both the opportunity and incentive for private investment in private industry, and proposes new tax
burdens:"
In urging reduction of Government expenditures, Mr.
Lund said that "there has been too much talk of budget
balancing by inflation or taxation ,and too little discussion
of budget balancing by Government economy." He continued, in part:
We will have national recovery only when we have substantially increased
private employment. We cannot have increased private employment until
we have increased private business activity, and we cannot have business
activity until business can be sure that it is commercially safe to make
present expenditures and future commitments. Such assurance does not
exist where there is the possibility of uncertainty as to taxes. The possibility of fundamental changes in our financial and business structure, and
doubt as to rigid adherence to sound governmental policies, absolutely
essential to business confidence, and thus to business recovery and increased
employment, is the speedy balancing of the budget by cutting public expenditures to fit reasonable taxes. We favor, thus, rigid Government economy.
We firmly believe that public expenditures can be cut so as to effect a
balanced budget. We favor continuance of present Federal taxes until
the budget i definitely balanced.
If new taxes are to be assessed, as will be necessary in the event rigid
Government economy is not practiced, then such taxes should be designed
primarily to raise revenue instead of to assist schemes for social reorganization. Our Federal budget can be balanced without additional taxes if we
can have rigid Government economy and will abandon proposals adding
progressively heavier burdens upon industry. Business is ready to go ahead
—why not let it do so?
Mr. Lund asserted that high taxes lessen the opportunity
for profit, and said that profit commensurate with risk
must be visualized before capital is invested. He added,
In part:
Every dollar paid to the Government in the form of taxes is no longer
available for income-producing activities. A dollar earned this year and
invested will produce income next year, upon which a tax will be paid.
Reasonable taxes are, of course, essential. High taxes may at times be
necessary. But taxes must always be imposed only after a most careful
balancing between the revenue needs of the Government and the effect of
the withdrawal of large amounts of money from business enterprises and
income-producing activities. Great care should also be taken to prevent
the destruction of individual incentive. If an undue proportion of income
attributable to extraordinary personal services must be paid to the Government in the form of taxes, the individual's incentive and his willingness
to devote his extraordinary capacities will be destroyed.
Deposits in Mutual Savings Banks in New York State
Aggregate $5,187,111,779 — Increased $35,429,685
During Second Quarter of 1935
"Total deposits in the 135 mutual savings banks in New
York State have reached the highest point since the heavy
withdrawals preceding the banking holiday," the Savings
Banks Association of the State of New York announced
July 13. The Association said that the deposits now stand
at $5,187,111,799, an increase of $122,700,000 "since the
first slight gains of the depression were registered 18 months
ago." The number of depositors were placed at 5,918,489
by the Association. During the second quarter of 1935 the
amount on deposit was increased by $35,429,685. For the
first quarterly period in two years the number of depositors
showed a decrease,amounting this quarter to 23,723 accounts.
Henry R. Kinsey, President of the Association stated:
For months most of the savings banks have had in force restrictions
limiting the amount of money which is acceptable for deposits. The increases which have been made despite the restriction resultfrom the deposit
of a large number of small sums. This can mean only one thing—more
money is being circulated among mqre people. That money comes from
wages paid, for you can be sure that the hundreds of thousands of people on
relief are not saving.
Division of Research Established by Mortgage Commission of State of New York—Maurice Finkelstein,
Director
The Mortgage Commission of the State of New York,
which began operations on May 7, has established a Division
of Research in compliance with the provisions of the mortgage commission law, Wendell P. Barker, Chairman of the
Commission, announced July 18. Maurice Finkelstein, a
member of the Commission's staff, is director of the new
division and Leroy B. Iserman is counsel.
It is stated that the basis for the Research Division is
found in Section 21 of the new law, which provides that—
The Commission may, in its discretion, initiate and carry on such
studies, investigations and researches as will assist it in recommending the
enactment of appropriate legislation designed to increase public confidence
In real estate and mortgage investments, lessen the burden of taxation now
resting on real property, and provide proper supervision, regulation and
control of the issuance, guaranty, sale and distribution of mortgage investments.
Chairman Wendell on July 18 stated:
I consider this an integral part of the duties of the Commission. It is
not only our duty to rehabilitate mortgages and be of the utmost service to
certificate holders but to provide, as far as we may, that the conditions
which brought these investors to their sdrry plight do not recur.
Volume 141
Financial Chronicle
The life of the Mortgage Commission is necessarily short. The legislature
intended it to be so and we do not desire to prolong it; but we do feel it a
duty to embody the results of our experience and that of our predecessors
in recommendations for remedial legislation. Whether the answer is the
formation of a mortgage bank or the rehabilitation of selected or reorganized
mortgage guaranty companies will be a matter of our study. Until the data
pertaining to the case has been assembled we hold an open mind.
Reference to the Mortgage Commission was made in our
issues of May 11, page 3147, and May 18, page 3311.
Rails Denied Rate Decreases—ICC Decides on
Passenger Car Tariffs
Transcontinental railroads were denied permission in a
decision made public July 16 by the Interstate Commerce
Commission to lower rates on passenger automobiles and
parts moving from manufacturing centers to California,
by which they sought to regain some of the traffic lost to
rail-water competition.
The railroads sought relief from the Inter-State Commerce Act clause
preventing them from charging a lower rate for a long haul than for a shorter
haul over the same route. The proposed a reduction of 75 cents per 100
pounds under the present general average rate of $4.65 from Buffalo,
Pittsburgh, Cleveland, Flint, Mich.. Detroit, South Bend,Ind., Cincinnati.
Chicago, Kenosha, Racine and Menasha. Wis., to California ports.
Automobile manufacturers since 1932 have been shipping an increasing
amount of their freight by rail from the factories to North Atlantic ports
and thence by steamer to California through the Panama Canal. Formanly. the Commission pointed out,such traffic moved almost exclusively
by rail. The Commission said increased traffic does not necessarily mean
more net revenues when the rates are reduced and added:
"They have no right to expect relief from the provision of Section 4
(of the Act) merely to take traffic away from the water lines if the result
will be no net gain to the railroads but loss certainly to the water lines.
and in all probability to both."
It also asserted that its computation that a 30.12% increase in traffic
would be necessary to compensate for the rate reduction did not take into
account the loss to Eastern carriers which would result from diverting
traffic to Western rail movement.
ICC Examiner Recommends Reduction in Passenger
Rates—Two-Cent Fare Urged in Report
Reduction of all railroad passenger fares to two cents a
mile for coach patrons and three cents for Pullman cars,
with elimination of the surcharge on Pullman fares, are
recommended to the Interstate Commerce Commission by
Irving L. Koch, Examiner, in a report submitted to that
body on July 17. The present basic rate is 3.6 cents a mile.
This is in line with suggestions made by Joseph B. Eastman, Federal
Co-ordinator of Transportation, who for a year has urged the establishment
of lower coach fares, with a graduated scale for more luxurious accommodations.
Mr. Koch suggests in his report that premium fares be continued for
passenger space definitely superior to the ordinary service. Existing
extra-fare services were not unreasonable or otherwise unlawful, he found,
but held that many of the present fare structures were in violation of
Section 4 of the Inter-State Commerce Commission Act.
The "regular basic passenger fare structure" throughout the country
was held to be "unreasonable."
The report states that extraordinary measures are imperative to regain
lost passenger traffic and insure to the railroads a reasonable share of the
increased intercity traffic of the future.
United States Court of Appeals Holds Federal Housing
Program Invalid—Rules Government Has No
Power to Condemn Land for Such Purpose
Another basic Administration program was halted by a
court decision on July 15 When the United States Circuit
Court of Appeals at Cincinnati ruled that the Government
has no authority to condemn land in furtherance of its lowcost housing policies. Harold L. Ickes, Public Works Administrator, immediately announced that the plans for which
$249,000,000 in work relief funds have been earmarked would
proceed along different routes. Mr. Ickes pointed out that
$160,000,000 of work relief money has already been made
available for projects in 50 cities, and said that the program had been developed rapidly despite a previous adverse
ruling by a Federal District Court in Louisville.
The decision of the Cincinnati court was summarized as
follows in Associated Press Cincinnati advices of July 15:
"The taking of one citizen's property for the purpose of improving it and
selling it or leasing it to another, or for the purpose of reducing unemployment," the Appeals Court said, "is not, in our opinion, within the scope
of the powers delegated to the Government."
To-day decision came as the Circuit Court, dividing two to one, upheld
Judge Charles I. Dawson, of Louisville, now retired, in his contention that
low-cost housing or slum elimination is not "public use" under the Government's power of eminent domain. His ruling, on Jan. 4, blocked a $1,618,000
housing project in Louisville.
Judges Charles H. Moorman and Xenophon Hicks wrote the majority ruling
opinion. Judges Florence Allen, highest woman jurist in the United States,
dissented firmly.
"The power of eminent domain," she wrote, "may be exercised wherever
necessary and proper for carrying into execution the power of taxation and
appropriation for the general welfare. . . . In the exercise of this
specific power the National Government may undertake those projects which
benefit the health, the moral, and the general welfare of the people. One
such project is the elimination on a comprehensive scale of the slum."
The Government of the United States is one of the delegated powers,
the majority opinion said, "and there is no constitutional provision expressly
authorizing it to exercise the power of eminent domain. It is nevertheless
well settled that this power belongs to the Government as an attribute to
its sovereignty.
"Equally well settled is it that the right can be exercised where the property is to he taken for a public use. The contention of the Government is
that the property here sought to be condemned is to be devoted to a public
367
use because, first, the construction of the project will relieve unemployment during the period of construction, and secondly, the leasing or
selling of the new building at reasonable prices will give to Persons of low
income an opportunity to improve their living conditions.
"We do not think the first of these purposes, if made effective, could be
said to constitute the use to which the property is to be put."
"There is nothing in the Act under which the appellant is proceeding,"
Judges Moorman and Hicks objected, "to serve as a guide to the President
in exercising the power conferred upon him—no requirement that his actions
be conditioned upon finding of facts made by himself or the Administrator,
no standards supplied with reference to low-cost houses and slum clearance
projects. Nothing is said as to what shall be deemed a slum or a low-cost
house or housing project.
"There is no designation as to the cities or counties or States in which
such projects shall be established, nor any standard fixed by which the
Administrator is to determine where they are to be established. Neither is
there any limitation or requirement imposed upon the Administrator with
reference to the spending of money appropriated for these purposes. All
of this is left to the unfettered discretion or choice of the President through
his Administrator without any standard by which he is to act."
Mr. Ickes's comments were quoted as follows in a Washington dispatdh, July 15, to the New York "Times":
Secretary Ickes, in a statement, said that the PWA Housing Division
would now seek to obtain land sites by the following methods:
1. By obtaining vacant land.
2. By building where the Government can purchase land directly from the owners
without opposition.
3. BY turning over to local authorities the task of assembling land.
Undecided About Appeal
"Lack of authority to institute condemnation proceedings will restrict
the slum clearance program somewhat, but it will not cut it off," said
Mr. Ickes. "We have laid the groundwork for proceeding without condemnation, and in a good many cities we have already selected alternate vacant
sites, where ownership is usually confined to one or several persons.
"We are not going to stop this work merely because of restriction of the
condemnation power."
He added that it had not yet been decided whether the decision would
be appealed to the Supreme Court.
A statement by the PWA Housing Division Bald:
It will be possible to install on vacant land housing projects which will be available
to families now living in slum dwellings, thus siphoning families out of substandard
housing without direct demolition of slum areas.
In many cases cities have already agreed to demolish an equal number of substandard dwellings to the number provided for by the housing project involved.
through use of their police power.
Text of Decision of Federal Circuit Court of Appeals in
Boston Holding AAA Processing and Floor Taxes
Illegal
We give below the text of the decision of the United States
Circuit Court of Appeals in Boston, Mass., of July 16, holding as unconstitutional the processing and floor taxes levied
by the Secretary of Agriculture under the Agricultural Adjustment Act. The decision, which is referred to in length
elsewhere in our issue of to-day, was written by Judge Scott
Wilson in a suit brought by the Hoosac Mills Corp. against
the United States to avoid payment of $81,694 levied against
it for cotton processing and floor taxes. Judge George F.
Morris concurred in the decision, but the Senior Justice,
George H. Bingham, dissented. The text of the decision
follows:
William M. Butler et al., Receivers of Hoosac Mills Corp., Appellants, vs.
United States of America, Claimant, Appellee.
Appeal from the District Court of the United States for the District of
Massachusetts.
Before Bingham, Wilson and Morris, JJ.
Opinion of the Court
July 13 1935
Wilson, J.—This is an appeal from a decree of the District Court of
Massachusetts in the conduct of receivership proceedings against the Hoosac
Mills Corp., a Massachusetts corporation. The United States filed a claim
with the receivers for processing and floor taxes levied under Sections 9
and 16 of the Agricultural Adjustment Act, Chap. 25, 48 Stat. 31 (hereinafter
referred to as the Act) amounting in the aggregate to $81,694.28, of which
$44,057.64 represented processing taxes and interest, and $37,636.64 represented floor taxes and interest.
The receivers in their report to the District Court recommended that
the claims for these taxes be disallowed. The District Court, however,
found that the claims were valid and entered a decree ordering the claims
to be paid.
The receivers appealed from the decree and filed numerous assignments of
error, which may be grouped under three heads:
(I) The taxes Imposed are not warranted under the Federal Constitution In that
they were imposed for the unlawful purpose of regulating and restricting the production of cotton In the several States, which Is an unwarranted interference with
matters solely within the control of the respective States and is violative of the
Powers reserved to the States under the Tenth Amendment, and therefo.e does not
constitute an exercise of any authority or power of taxation granted to Congress
under Section 8 of the Constitution.
(2, The delegation of the powers under Sections Sand 9 of the Act to the Secretary
Of Agriculture to determine by agreement with the producers which of the basic
commodities enumerated under Section 11 of the Act as amended shall be restricted
as to production, to what extent the acreage devoted to the production of any of
such basic commodities shall be limited to bring about the result sought to be gained
by the Act, to determine when rental or benefit payments shall be made and the
amount, and the investing of power in the Secretary to determine when and what
competing commodities should be taxed and to what extent, and to determine when
such processing tax shell become effective or shall cease to be imposed, is an unwarranted delegation of the legislative power granted exclusively to Congress.
(3) That the processing and floor taxes imposed are direct taxes and are not
apportioned as required under Section 8 of the Constitution, or, if excise taxes, are
not uniform throughout the United States and are therefore not authorized urder
the Constitution.
We are not unmindful of the rules of construction that a presumption
exists as to the validity of an Act of Congress, or that if an Act is susceptible of two interpretations that should be accepted which will uphold
itg validity.
It is clearly apparent, however, from the provisions of the Act that the
main purpose of Congress in its enactment was not to raise revenue but to
control and regulate the production of what is termed the basic products of
agriculture, in order to establish and maintain a balance between the production and consumption of such commodities, which Congress realized could
not in any event be accomplished by compulsory regulation of the production
368
Financial Chronicle
it was
of agricultural products, and it sought to avoid the objection that
interfering with matters solely within the control of the States themselves
by making the restriction of production voluntary, by asking the Act on
the power of Congress to regulate inter-State commerce, on its power to tax
declaring
to provide for the general welfare of the United States, and by
that in the acute economic emergency that exists transactions in agricultural
commodities have become affected with a public interest.
Title I of the Act opens with the following:
"Declaration of Emergency: That. the present acute economic emergency being
of
in part the consequence of a severe and Increasing disparity between the prices
agricultural and other commodities, which disparity has largely destroyed the purorderly
the
down
broken
chasing rower of the farmers for industrial products, has
exchange of commodities and has seriously impaired the am icultural assets supporting
the basic
the national credit structure, it is hereby declared that these conditions in
Industry of agriculture have affected transactions In agricultural commodities with
a national public interest, have burdened and obstructed the normal currents of
commerce In such commodities and render imperative the immediate enactment of
Title I of this Act."
According to recent pronouncements of the Supreme Court, however, such
a declaration grants no new powers to Congress, nor does a declaration by
affected
Congress that under certain conditions the industry of agriculture is
comwith a public interest, or burdens and obstructs the normal flow of
regulate
merce necessarily give to Congress the absolute power to control or
it by legislation.
The assignments of error are based on the provisions of the following
sections:
"See. 2. It is hereby declared to be the policy of Congress-con"(1) To establish and maintain such balance between the production and
sumption of agricultural commodities, and such marketing conditions therefor. as
will re-establish prices to farmers at a level that will give agricultural commodities a
purchasing power, with respect to articles that farmers buy, equivalent to the purchasing power of gricultural commodities In the base period. The base period in
the case of all agricultural commodities except tobacco shall be the pre-war period,
August 1909-July 1911.
"In the ease of tobacco, the base period shall be the post-war period August 1919July 1929.
"(2) '10 approach such equality of purchasing power by gradual correction of the
present inequalities therein at as rapid a rate as is deemed feasible In view of the
current consumptive demand In domestic and foreign markets.
"(3) To protect the consumers' interest by readjusting farm production at ouch
level as will not Increase the percentage of the consumers retail expenditures for
agricultural commodities, or products derived theretiom. which is returned to the
farmer, above the percentage which was returned to the farmer in the pre-war
period, August, 194)9-July 1914.
"Sec. 8. In order to effectuate the declared policy, the Secretary of Agriculture
shall have power—
"(1) To provide for reduction In the acreage or reduction in the production for
for market, or both, of any basic agricultural commodity, through agreements with
producers or by other voluntary methods, and to provide for retal or benefit payments in connection therewith or upon that part of toe production of any basic
agricultural commodity required for domestic consumption, in such amounts as the
Secretary deems fair and reasonable, to be paid out of any moneys available for such
payments.
"Under regulations of the Secretary of Agriculture requiring adequate facilities
for the storage of any non-perishable agricultural commodity on the farm, Inspection
and measurement of any such commodity oo stored, and the locking and sealing
thereof, and such other regulations as may be prescribed by the Secretary of Agriendure for the protection of such commodity and for the marketing thereof, a reasonable percentage of any benefit payment may be advanced on any such commodity
so stored.
"In any such case, such deduction may be made from the amount of the benefit
payment as the Secretary of Agriculture determines will reasonably compensate for
the cost of inspection and sealing, hut no deduction May bo made f or Interest
"Sec. 9 (A). To obtain revenue for extraordinary expenses incurred by reason of
the national economic emergency,there shall be levied processing taxes as hereinafter
provided. When the Secretary of Agriculture determines that rental or benefit
payments are to be made with respect to any basic agricultural commodity, he shall
proclaim such determination, and a processing tax shall be in effect with respect to
such commodity from the beginning of the marketing year therefor next following the
(late of such proclamation.
"The processing tax shall be levied, assessed and collected upon the first domestic
processing of the commodity, whether of domestic production or imported, and shall
be paid by the processor. The rate of tax shall conform to the requirements or
Subsection (B). Such rate shall be determined by the Secretary of Agriculture as of
the date the tax first takes effect, and the rate so determined shall, at such intervals
as the Secretary finds necessary to effectuate the declared policy, be adjusted by
him to conform to such requirements.
"The processing tax shall terminate at the end of the marketing year current at the
time the secretary proclaims that rental or benefit payments are to be discontinued
with respect to such commodity. The marketing year for each commodity shall be
ascertained and prescribed by regulations of the Secretary of Agriculture: Provided.
the
that upon any article upon which a manufacturers' sales tax is levied under
authority of the Revenue Act 01 1932 and which manufacturers'sales tax is computed
on the basis of weight, such manufacturers' sales tax shall be computed on the basis
contained
of the weight of said finished article less the weight of the processed cotton
therein on which a processing tax has been paid.
between the
"(B) The processing tax shall be at such rate as equals the difference value
of the
current average farm price for the commodity and the fair exchange
the tax at such
commodity: except that if the Secretary has reason to believe thatproducts
thereof
rate will cause such reduction In the quantity of the commodity or
of the
domestically consumed as to result In the accumulation of surplus stocks
of the comcommodity or products thereof or in the depression of the farm price
and afford due
made
be
to
investigation
appropriate
an
cause
shall
he
then
modity,
notice and opportunity for hearing to interested parties.
the processing
"It thereupon the Secretary finds that such result will occur, then
stocks and
tax shall be at such rate as will prevent such accumulations of surplus
average
depression of the farm prices of the commodity. In computing the current
farm price In the case of wheat, premiums paid producers for protein content shall
not be taken into account.
commodity
"(C) For the purposes of Part 2of this title, the fair exchange value of a
shall be the price therefor that will give the commodity the same purchasing power,
base period
the
during
had
commodity
with respect to articles farmers buy, as such
value
specified In Section 2: and the current average farm price and the fair exchangeof
the
statistics
available
from
Agriculture
of
Secretary
the
shall be ascertained by
Department of Agriculture.
"Sec. 10 (o) The Secretary of Agriculture Is authorized, with the approval of the
President, to make such regulations with the force and effect of law as may be
necessary to carry out the powers vested In him by this title, including regulations
establishing con,ersion factors for any commodity and article processed therefrom,
to determine the amount of tax imposed or refunds to be made with respect thereto.
Any vioration of any regulation shall be subject to such penalty, not in excess of
9100, as may be provided therein"
As originally enacted, Section 11 read as follows:
"See. 11. As used in this title, the term 'bash) agricultural commodity' means
wheat, cotton, field corn, hogs, rice, tobacco and milk and its products, and any
regional or market classification, type, or grade thereof: but the Secretary of Agrimature shall exclude from the operation of the provisions of this title, during any
period, any such commodity or classification, type, or grade thereof it he finds, upon
investigation at any time and after due notice and opportunity for hearing to
interested parties that the condLiona of production, marketing and consumption are
such that during such period this title can not be effectively administered to the end
of effectuating the declared policy with respect to such commodity or classification,
type, or grade thereof."
"See. 12 (a). There is hereby appropriated, out of any money In the Treasury
not otherwise appropriated, the sum of 5100,000,000 to be available to the Secretary
of Agriculture for administrative expenses under this title and for rental and benefit
payments made with respect to reduction in acreage or reduction In production for
market under Part 2 of this title. Such sum shall remain available until expended.
"(b) In addition to the foregoing, the proceeds derived mom all taxes imposed
under this title are hereby appropriated to be available to the Secretary of Agriculture for expansion or markets and removal of surplus agricultural products, and
the following purposes under r art 2 of this title: Administrative expenses, rental
and benefit payments, and refunds on taxes.
"The Secretary of Agriculture and the Secretary of the Treasury shall Jointly
estimate from time to time the amounts, in addition to any money available under
Subsection (a), currently required for such purposes: and the Secretary of the Treasury shall, out of any money in the Treasury not otherwise appropriated, advance
to the Secretary of Agriculture the amounts so estimated.
July 20 1935
"The amount of any such advance shall be deducted from such tax proceeds as
shall subsequently become available under this subsection."
"Sec. 15 (a). If the Secretary of Agriculture finds, upon investigation at any time
and after due notice and opportunity for hearing to interested parties, that any
class of products of any commodity is of such low yoke, compared with the quantity
of the commodity used for their manutecture, that the imposition of the processing
tax would prevent in whole or in large part the use of the commodity In the manufacture of such products and thereby substantially reduce consumption and increase
the surplus of the commodity, then the Secretary of Agriculture shall so certify to
the Secretary of the Treasury, and the Secretary of the Treasury shall abate or
refund any processing tax assessed or paid after the date of such certification with
respect to such amount of the commodity as is used in the manufacture of such
products.
the
"(d) The Secretary of Agriculture shall ascertain from time to time whether
payment of the processing tax upon any basic agricultural commodity Is causing or
competing
in
from
competition
disadvantages
thereof
will cause to the processors
commodities by reason of excessive shifts In consumption between such commodities
or products thereof.
and
"If the Secretary of Agriculture finds, after investigation and due notice
competiopportunity for hearing to Interested parties, that such disadvantages in
in
tion exist, or will exist, he shall proclaim such finding. The Secretary shall specifyon
this proclamation the competing commodity and the compensating rate of tax
the processing thereof necessary to Prevent such disadvantages in competition.
domestic
Thereatfer there shall be levied, assessed and collected upon the first
processing of such competing commodity a tax, to be paid by the processor, at the
rate specified, until such rate Is altered pursuant to a further finding under this
or
section, or the tax or rate thereof on the basic agricultural commodity is altered
exceed
terminated. In no case shall the tax imposed upon such competing commodity basic
that imposed per equivalent unit, as determined by the Secretary, upon the
agricultural commodity.
or
"Sec. 16. (a) Upon the sale or other disposition of any article processed wholly
in chief value from any commodity with respect to which a processing tax is to be
to
respect
wholly
or
effect
with
terminates
levied, that on the date the tax first takes
the commodity, Is held for sale or other disposition (including articles in transit) by
s
a
ec
t
u
en
me
es
i
t.
ur
u
dj
t
a
m
aj
t
a.
a
et
g
d
n
a
si
m
s
o
t
r
lI
veretritap
th
anylpersone,ne
follows:theresall be levied, aselessed
proand corrected a tax to be paid by such person equivarent to the amount of the
which
cessing tax which would be payable with respect to the commodity from
processed if the processing had occurred on such date.
to
"(2) Whenever the processing tax is wholly terminated, there shall be refunded
amount
such person a sum (or if it has not been paid, the tax shall be abated) in any
processed.'
equivalent to the processing tax with respect to the commodity from which
of
It Ls clear from the above sections, together with the other sections
of
the Act, that its main purpose is to control and regulate the production
through
the so-called basic agriculture commodities in the several States,
rental
in
of
consideration
what is termed
agreements with the producers and
or benefit payments, to reduce acreage or production for market sufficient
such
of
to that elusive point
products
price
average
current
the
to increase
where the returns to the farmer from the production of such commodities
will purchase under present conditions the same amount of industrial prodin
ucts that the returns to the farmer from the same products would buy
the five-year pre-war period from July 1909 to August 1914.
The "processing" and "floor taxes," though ostensibly imposed for raising funds to meet extraordinary expenses incurred by reason of the national
economic emergency, are obviously intended to provide funds for the rental
and benefit payments authorized under Section 8, as such taxes are not
imposed except when the Secretary determines that rental or benefit payments are to be made, and the proceeds are expressly appropriated for the
purpose.
It is urged by the receivers, and in a brief filed by one of the atnici
curiae, that the restriction of the production of agricultural products is
entirely within the control of the several States, and Congress cannot control it directly or indirectly through the Executive Department, however
great the emergency; that even if in a great emergency transactions in
agricultural products become affected with a public interest, which is not
met by concerted action by the States themselves, it does not lie within the
power of Congress to regulate their production; that however widespread
the public interest in a matter solely within the control of the States
themselves, Congress has no power to control or regulate it, it being reserved
to the States under the Tenth Amendment.
The power of Congress to regulate inter-State commerce does not authorize
it to do so by taking products either of agriculture or industry before
they enter inter-State commerce, or otherwise to control their production
merely because their production may indirectly affect inter-State commerce.
There is, of course, nothing new in this statement; see Hammer vs. Dagenhart, 247 U. S. 251; Child labor tax Case, 259 U. S. 20; Chassaniol vs.
City of Greenwood ,291 U. S. 584; Kidd vs. Pearson, 128 U. S. 1; Keller vs.
United States, 213 U. S. 138, 145; New York vs. Miln, 11 Pet. 102, 139 ;
United Leather Workers International Union, &c., vs. Herkert, 265 U. S.
457; United Mine Workers, &c., vs. Coronado Co., 259 U. S. 344, 408;
Crescent Cotton Oil Co. vs. Mississippi, 257 U. S. 129; Champlin Refining
Co. vs. Corporation Commission of Oklahoma, 286 U. S. 210, 235; United
States vs. Eason Oil Co., 8 Fed. Sup. 365; United States vs. Wierton Steel
Co., 10 Fed. Sup. 55.
In Hammer vs. Dagenhart, supra, p. 275, the Court said:
"A statute must be judged by Its natural and reasonable effect. Coitus vs. New
Hampshire, 171 U.S. 30, 33, 34. The control by Congress over interstate commerce
cannot authorize the exercise of authority not entrusted to it by the Constitution.
ripe Line Cases. 234 U.S. 548, 560. The maintenance of the authority of the States
over matters purely local Is as essential to the preservation of our last.tutions as is
the conservation of the supremacy of the Federal powers in all matters entrusted to
n.
i tCitouns
t om
ons
era
titoin
'ede
ytitnhge tirh
onrpbre
theNattnite
it ust never be forgotten that the Nation Is
made up of States to which are entrusted the powers of local government. And to
them and to the people the powers not expressly delegated to the National Government are reserved. Lane County vs. Oregon, 7 at ad. 71, 76. The power of the
States to regulate their purely internal affairs by such laws as seem wise to the local
authority is inherent and has never been surrendered to the general government.
New York vs. Win, 11 Pet, 102, 139; Slaughter House Cases, 16 Wall. 36, 63:
sim
Pearson,
hnia, statuter
nrsto
taeis
P
Kidd
would not be in our judgment a recognition of the lawful
exertion of Congressional authority over interstate commerce, but would sanction
an invasion by the Federal power of the control of a matter purely .ocal in its
character, and over which no authority has been delegated to Congress in conferring
the power to regulate commerce among the States.
"We have neither authority nor disposition to question the motives of Congress
In enacting this legislation. The purposes intended must be attained consistently
with constitutional limitations and not by an invasion of the powers of the States.
This court has no more important function than that which devolves upon It the
obligation to preserve Inviolate the constitutional limitations upon the exercise
of authority. Federal and State, to the end that each may continue to discharge,
harmoniously with the other, the duties entrusted to It by the Constitution."
The Government contends that Congress does not seek by the Act to
Interfere with the States' control over agriculture, in as much as the reduction of acreage and of production of either of the basic agricultural products
depends on voluntary agreements by. the producers and the processing and
flour taxes depend on the execution of such agreements to reduce production, citing Massachusetts vs. Mellon, 262 U. S. 447; but it is clear, we
think, that under the recent decision of the Supreme Court in the Schechter
Poultry Corp. case, decided on May 27 1935, that Congress at the outset
has attempted to invade a field over which it has no control, since its
obvious purpose, viz., to control or regulate the production of agricultural
products in the several States by the methods adopted in this Act, is
beyond the power of Congress; Kansas vs. Colorado, 206 U. S. 46; Flint vs.
Stone Tracy Co., 220 U. S. 107.
The processing and floor taxes are not dependent on the execution of
agreements to reduce acreage or production alone, but on the determina-
Volume 141
Financial Chronicle
tion by the Secretary without any foundation other than his own opinion
that the existing economic emergency demands that to accomplish the
declared purpose of the Act rental or benefit payments shall be made. The
imposing of the taxes automatically follows.
The issue is not, as the Government contends, whether Congress can
appropriate funds raised by general taxation for any purpose deemed by
Congress in furtherance of the "general welfare," but whether Congress has
any power to control or regulate matters left to the States and lay a special
tax for that purpose.
The issue of whether under the Act there has been an unauthorized delegation by Congress of its legislative powers is decisive of the case before
this court.
Except as a premise for the conclusions which follow, it is unnecessary to
restate what has been so often reiterated by the courts, viz.: That the
Federal Government is a Government of enumerated powers, and Congress
cannot delegate legislative powers to the executive department.
The line between grants of legislative powers and the authority to perform
a purely administrative function as drawn in the decisions may at first
blush appear wavy instead of straight, notwithstanding the rule has been
often definitely stated.
The Supreme Court of Ohio in Cincinnati, Wilmington, &c., It. R. vs. Commissioners, 1 Ohio St. 77, 88, stated the rule in a form which has been
approved by the Supreme Court of the United States, Field vs. Clark, 143
U. S. 649, and again in the recent case of Panama Refining Co. et al. vs.
Ryan et al., 293 U. S. 388, 426:
"The true distinction, therefore, is between the delegation of power to make
the law, which necessarily involves a dlicretIon as to what it shall be, and conferring
outhority or discretion as to its execution, to be exercised under and in pursuance
of the law. The first cannot be done: to the latter no valid objection can be made."
The Supreme Court in the Panama Refining Co. case, supra, also said:
"The Congress manifestly is not permitted to abdicate, or to transfer to others,
the essential legislative functions with which it is thus vested. Undoubtedly legislation must often be adapted to complex conditions involving a host of details
with which the National Legislature cannot deal directly. The Constitution has
never been regarded as denying to the Congress the necessary resources of flexibility
and practicality, which will enable it to perform its function in laying down policies
and establishing standards, while leaving to selected instrumentalities the making
of subordinate rules within prescribed limits and the determination of facts to
which the policy as declared by the Legislature is to apply. Without capacity
to give authorizations of that sort we should have the anomaly of a legislative
power which in many circumstances calling for Its exertion would be but a futility."
The Court, however, added:
"But the constant recognition of the necessity and validity of such provisions,
and the wide range of administrative authority which has been developed by means
of them, cannot be allowed to obscure the limitations of the authority to delegate,
It our constitutional system Is to be maintained."
And in the case of Wichita RR. & Light Co. vs. Public Utilities Commission, 260 U. S. 48, 59, the Court said:
"In creating such an administrative agency the Legislature, to prevent Its being
a pure delegation of legislative power, must enjoin upon it a certain course of procedure and certain rules of decision in the performance of its function."
It is the application of this principle to complex situations that sometimes makes it difficult to determine whether there has been a grant of
legislative power to an administrative officer, or merely administrative
functions.
While the courts have always shown a desire to sustain, if possible, Acts
-of Congress, they have recognized the limitations imposed on Congress in
this respect under the Constitution.
In the leading case of Field vs. Clark, supra, page 692, the Court said
that the rule "that Congress cannot delegate legislative powers to the
President is a principle universally recognized as vital to the integrity and
maintenance of the system of government ordained by the Constitution."
Under stress of circumstances we sometimes forget the reason for the
division of our Government into three independent branches which was
.expressed in the Constitution of Massachusetts by one of those instrumental
in securing the adoption of the Federal Constitution:
"In the government of this Commonwealth, the executive department shall
never exercise the legislative and judicial powers, or either of them; the judicial
•shall never exercise the legislative
and executive powers, or either of them, to the
-end it may be a government of laws and not of men."
The extent to which the court has gone in upholding the Acts of Congress
:upon the ground that Congress may select instrumentalities for the purpose
.of ascertaining the existence of facts upon which the opeartion of the law
.depends, and may properly give authority to administrative officers to
determine certain facts, and by establishing primary standards devolve on
.others the duty to carry out the declared legislative policy in accordance
therewith is shown in the following cases:
"The brig Aurora. 7 Crouch, 382; Field v. Clark, supra; Buttfleld V. Stranahan,
192 U. S. 470; Union Bridge Co. v. United States, 204 U. S. 364; United States v.
•Chemical Foundation. 272 U. S. 1; Radio Commission v. Nelson Brothers
Co.,
289 U. S. 266; United States V. Grimaud, 220 U. S. 506; Hampton d: Co. v. United
States, 276 U. S. 394; Plymouth Coal Co. V. Pennsylvania, 232 U. S. 531; United
States v. Shreveport Grain dc Elevator Co., 287 U. S. 77; Avent V. United States,
266 U. S. 127; Williamsport Wire Rope Co. v. United States. 277 U. S. 551; St.
Louis dr Iron Mountain Southern Ry. Co. v. Taylor, 210 U. S. 281. 287."
But an examination of those decisions and others of the Supreme Court
-will also disclose that, when an Act of Congress of this nature has been
sustained, either there has been clear direction to perform an administrative
function, or to add a tax of the same character to one already imposed by
'Congress; Milliken vs. United States, 283 U. S. 15, 24; Patton vs. Brady,
184 U. S. 608; or to grant relief from an excessive tax already Imposed;
Williamsport Wire Rope Co. vs. United States, 277 U. S. 551; Heiner vs.
Diamond Alkali Co., 288 U. S. 502; or a power to determine, after notice
and hearing, certain facts upon which the operation of Congressional edicts
:are made to depend, particularly when the determination of the facts are
dependent on data not within the knowledge of Congress, or not readily
accessible, and the ultimate facts on which the will of Congress depends
can only be determined from evidentiary facts to be proved by evidence,
-which cannot be fairly weighed except by permanent and specially qualified officials, such as the Interstate Commerce Commission, the Commissioner of Internal Revenue, the Board of Tax Appeals, the Radio Commission
or the Tariff Commission, and from the findings of which commission
judicial review is provided for. Interstate Commerce Commission vs. Louisville & Nashville RR. Co., 227 U. S. 88.
The power to determine what the law shall be, what property shall be
affected by taxation or regulation, and what standards shall govern the
administrative officers in administering Acts of Congress, has never been
'held to be an administrative function.
The power to impose a tax and to determine what property shall bear
the tax can only be determined by the legislative department of the Govern-ment. If Congress undertakes to lay down a guide for an administrative
.officer to follow in carrying out its mandates, it must be by an intelligible
-and reasonably definite standard. Adkins vs. Children's Hospital, 261 U. S.
525; Hampton & Co. vs. United States, supra, page 409.
The balance between production and consumption of certain commodities,
.or the equalizing of the purchasing power thereof between certain widely
•separated periods, alone forms no such standard.
369
Congress in the National Recovery Act authorized the President to prohibit
the transmission of oil in inter-State commerce in excess of the amount
authorized by a State, which on its face might seem definite, but the Court
said in the Panama Refining Co. case, supra, page 415:
"The question whether that transportation shall be prohibited by law is obviously one of legislative policy. Accordingly, we look to the statute to see whether
the Congress has declared a policy with respect to that subject; whether the Congress
has set up a standard for the President's action; whether the Congress has required
any finding by the President in the exercise of the authority to enact the prohibition. .. .
"Section 9-C does not state whether, or in what circumstances or under what
conditions the President is to prohibit the transportation of the amount of petroleum
or petroleum products produced in excess of the State's permission. It establishes
no criterion to govern the President's course. It does not require any finding
by the PresMent as a condition of his action."
The Court found no standard in that Act by which the President's action
was to be governed except a general declaration in Section 1 of a policy
even broader than that contained in Section 2 of this Act. The Court said
of Section 1 of the Recovery Act, page 417:
"This general outline of policy contains nothing as to the circumstances or conditions in which transportation of petroleum or petroleum products should be
prohibited—nothing as to the policy of prohibiting or not prohibiting the transportation or production exceeding what the States allow. . . It is manifest that
this broad outline is simply an introduction of the Act, leaving the legislative policy
as to particular subjects to be declared and defined, it at all, by the subsequent
sections."
If Congress has the power to control or regulate the production of agricultural products within the several States, and assess a tax on their
processing or sale for that purpose, it is obviously legislative in character.
Query, then, has Congress set up any definite standard for the Secretary's
action in making rental or benefit payments to producers and thereby
imposing a processing tax?
We find no definite, intelligible standard set up in the Act for determining when the Secretary shall pay rental or benefit payments in order to
reduce production of any particular commodity except his own judgment
as to what will effectuate the purpose of the Act.
The declaration of emergency in the Agricultural Adjustment Act contains
no such standard for the Secretary of Agriculture to follow in entering into
restrictive agreements with producers of agricultural products. It is merely
a statement of conditions which in the judgment of Congress warranted
legislative action.
Section 2 of the Act declaring the policy of Congress in enacting the
legislation contains no more than a statement of the objects Congress had in
view in passing the Act, vizz.:
"To establish and maintain a balance between the consumption and production
of agricultural commodities and such marketing conditions therefor as will reestablish prices to farmers at such a level as will give agricultural commodities
a purchasing power with respect to articles that farmers buy equivalent to the
purchasing power of agricultural commodities during the five-year pre-war period
from July 1909 to August 1914."
We can conceive of no goal that can be more elusive and difficult of
attainment.
Without requiring any findings to warrant his action, Congress has empowered him, in conjunction with the producers, to determine when a reduction of acreage or production of any one of the agricultural commodities
which it has termed basic, should be resorted to to accomplish the purpose
of the Act, when rental or benefit payments are to be made and in what
amounts, and thereby to determine through the initiation of the benefit payments or rentals the consequent imposition of a tax.
The making of benefit payments, therefore, rests upon, and the consequent
imposition of the tax is vested in the discretion of the Secretary, in conjunction, of course, with the producers, governed by no other consideration
than the general purpose of Congress to equalize the purchasing power of
certain agricultural products.
The carrying out of the policy stated by Congress in Section 2 is no more
definite as a standard by which the acts of the Secretary are determined
than the policy expressed in the National Recovery Act as to transportation
of oil and the power vested in the President to prescribe industrial business
codes governing the conduct of business.
What the Supreme Court mid of Section 9(c) of the National Recovery
Act in the Panama Refining Co. case may likewise be said of Section 2 and
Section 8 of the Agricultural Adjustment Act. Neither Section 2 nor Section 8 of this Act states whether or under what circumstances the Secretary
shall enter into agreements to limit production of basic agricultural commodities.
Action by the Secretary is not mandatory and the Act establishes no
criterion to govern his course of action. It requires no finding by him as a
condition of his action, nor is any provision nor judicial review provided
in the Act in case of a finding that such standard in fact exists.
It is true that the facts in this case are different from those in the
Panama Refining Co. case and in the Schechter' poultry case, but the provisions defining the acts of the Secretary differ from those authorizing the
acts of the President in those cases only in the general terms employed.
The principle involved is the same.
The indefiniteness of the standard by which the Secretary of Agriculture
is to proceed is at once apparent and was recognized by Congress in Paragraphs (2) and (3) of Section 2, in which it was provided that the approach
to such equality of purchasing power must be by a gradual correction of
the present inequalities at as rapid a rate as is deemed feasible by the
Secretary in view of the current consumptive demand in the domestic and
foreign markets; and further by protecting the consumers' interest by
readjusting farm production at such a level as will not increase the percentage of the consumers' retail expenditures for agricultural
commodities
which is returned to the farmer above that returned to him during
the fiveyear pre-war period.
As originally enacted, Congress enumerated in Section 11
seven products
which it termed basic, and later by amendment added rye,
flax, barley,
grain, sorghum, sugar beets, sugar cane, peanuts and rice.
Benefit payments under the Act have been made with respect to wheat,
cotton, tobacco,
hogs, field corn and peanuts, but none with respect to
barley, cattle, flax,
grain, sorghum, milk or rye.
Congress has not specifically directed that payment
should be made to
the producers of any one of them except the producers
of sugar, or that
the processing of any one of these products should be
taxed except rice; but
as to each of the other commodities enumerated, has
left it to the Secretary
of Agriculture to determine by agreements with
the
which ones, if any, should receive benefit or rental producers themselves
payments and in what
amounts.
The Secretary made no finding of facts as to why
he selected the first
list of basic commodities for reducing acreage or
production, and was not
required to do so. He simply made a
proclamation that "rental and/or
benefit payments are to be made with respect
to cotton," and a processing
tax automatically followed.
It cannot be said that the Secretary's
judgment, that his acts, will tend
to effectuate the general policy laid down
by Congress can be called a
370
Financial Chronicle
finding, as his judgment involves merely his opinion as to the general effect
of the agreements he executes to equalize the puurchasing power of the commodity in question with that of the five-year pre-war period.
Only when he undertakes to readjust taxes is he supposed to make findings, but in that case it amounts to no more, as the court said in the
Schechter Poultry Corp. case of the President's code-makin gpowers under
the National Recovery Act, than his opinion as to its effect in promoting
the general policy outlined by Congress in the Act itself.
To quote from the opinion in the Schechter Poultry Corp. case, decided
May 27 1935:
Its legis"But would it be seriously contended that Congress could delegate
to empower
lative authority to trade or Industrial associations or groups so asrehabilitation
for the
them to enact the laws they deem to be wise and beneficentIndustrial
associations
and expansion of their trade or industries. Could trade or
or groups be constituted legislative bodies for that purpose because such associations or groups are familiar with the problems of their enterprises.
"And, could an effort of that sort be made valid by such a preface of generalities
is obvious.
as to permissible alms as we find In Section 1 of Title I. The answer
and is utterly inSuch a delegation of legislative power is unknown to our lawCongtess."
of
duties
and
prerogatives
constitutional
the
consistent with
Because the proposed reduction of acreage and of production of the
so-called basic agricultural commodities is to be secured through voluntary
agreements, the Government also contends that Congress has not delegated
legislative powers to the Secretary; but can Congress, in order to effectuate
the general policy expressed in Section 2 of the Act, lawfully delegate to
the Secretary the power to determine whether, in consideration of rental or
benefit payments to the producers, tile production of any one of such basic
agricultural commodities shall be reduced and to what extent reduced, without
a finding by the Secretary that facts exist requiring a reduction of the
acreage and of production of such agricultural commodity, or without
some standard fixed by Congress by which action by the Secretary shall be
determined; and further provide that upon his determination to pay such
rental or benefit payments a tax shall be automatically imposed on the
processing of such commodity for the purpose of providing revenue for such
rental or benefit payments? We think not.
While the amount of the reduction of acreage or production of any basic
commodity under this Act is done by agreements and not by a code, the
purpose and result is the same, viz: The control and regulation of a
great intra-State industry, and the Secretary with the approval of the
President is authorized to make regulations for carrying out powers vested
in him and imposing a penalty for their violation.
If Congress can take over the control of any intra-State business by a
declaration of an economic emergency and a public interest in its regulation, it would be difficult to define the limits of the powers of Congress
or to foretell the future limitations of local self-government.
But these are not the only powers vested in the Secretary under the Act.
When a tax shall first be imposed on processing of such commodity depends
on the joint action of both the Secretary and the producer, but if the
Secretary finds or has reason to believe that a tax determined in accordance
with the statistics in the Agricultural Department as to the purchasing
power of such commodities in the two contrasting periods will cause such a
reduction in the quantity of the commodity or products thereof domestically
consumed as to result in an accumulation of surplus stocks of the commodity and in the depression of the farm price of the commodity, and if
he finds, after hearing, that such result has occurred he may make a new
rate that will prevent an accumulation of such commodity or a depression
of farm prices.
In readjusting the rate of tax there is no mathematical formula or standard
provided in the Act to guide the Secretary except the indefinite one of
preventing an accumulation of surplus stock of ally of the basic commodities
or a depression in farm prices.
A finding or conclusion by the Secretary, after hearing, that the readjustment of the tax would carry out the Congressional policy by preventing the
accumulation of a surplus of the commodity amounts to no more than an
expression of his opinion.
If it could be urged that there is a standard set up in Section 9 of the
Act for determining the amount of the processing tax, viz.: the equalizing
of the purchasing power of the basic commodities with the pre-war period,
it requires readjustments to such an extent as to render the standard so
indefinite as to leave it entirely in the discretion of the Secretary what the
amount shall be to accomplish that purpose.
He is also given authority to impose what is termed compensating taxes;
that is, if the Secretary, after notice and hearing, finds that any competing
commodity will cause the processors disadvantage from such competition by
reason of excessive shifts in consumption between such commodities or the
products thereof, he may specify the competing commodity and a compensating processing tax on the competing commodity necessary to prevent such
disadvantage.
No standard or guide is here laid down to determine how the compensating
tax shall be fixed or what elements shall be taken into consideration in
determining the amount, except that it shall be determined by the amount
necessary to prevent such disadvantage in competition.
We find no decision of the Supreme Court authorizing such a delegation
of power to an administrative officer. On the contrary, the recent decision
in the Panama Refining Co. case and the Schechter Poultry Corp. case,
we think, clearly condemns it as unwarranted under the Constitution.
It is not contended that the receivers have been adversely affected by
these last two provisions and is adverted to for the purpose of showing the
extent to which Congress has attempted to vest legislative power in the
Secretary.
It is not difficult to understand, after studying the Act, why the District
Court concluded that "it must . . . be concluded that legislative functions are conferred upon administrative officers by the Act," or that "the
Agricultural Adjustment Act indubitably authorizes an executive to exercise
powers of a legislative character."
The District Court, however, hesitated to hold the authority vested in the
Secretary was an unlawful delegation of legislative power because no decision
of the Supreme Court at the time of his decision had held any of the recent
Acts of Congress unconstitutional on this ground. Since that time, however,
the case of Panama Refining Co. and the Schechter Poultry Corp. case have
been decided.
Upon determining that benefit payments are to be made to the producers,
the Secretary is further vested with the power to fix the amount of the
processing tax on any commodity provided for in Section 16 and at a rate
that will equal the difference between the current average farm price for
the commodity and its fair exchange value during the five-year pre-war
period, which fair exchange value is to be determined by him from statistics
In the Department of Agriculture.
If the District Court, however, understood the receivers as agreeing that
the Secretary had correctly followed the mandate of Congress in fixing the
tax in the first instance, or as waiving any claim that he had in this
respect acted outside the powers vested in him under the Act, then, although
he appears for some reason outside of what is termed a mathematiad formula
July 20 1935
based on the statistics of the Agricultural Department, to have fixed a tax
of 4.2c. per pound, when the mathematical application of the statistics in
the Agricultural Department would establish the rate of the tax at 4.34c.
per pound, the error cannot be taken advantage of in this court.
If Congress has invaded a field over which it has no control under the
Constitution, or the Secretary has been unlawfully vested with legislative
powers, the exercise of which has affected these appellants, it is not necessary
t.) consider whether the processing and floor taxes are direct taxes or, if excise
taxes, are not uniformly laid.
The decree of the District Court is reversed, and the case is remanded
to that court with directions to enter a decree for the appellants.
ext of Decision of Federal Fifth Circuit Court of
Appeals in New Orleans Upholding Validity of
TVA
As noted in detail elsewhere in this issue of the "Chronicle,"
the Federal Circuit Court of Appeals at New Orleans on
July 17 handed down a decision upholding the constitutional
right of the Tennessee Valley Authority to sell surplus power
generated by hydro-electric plants on the Tennessee River,
despite the fact that this competes with the business of private
utilities. The ruling of the Appellate Court reversed the
opinion handed down by Federal Judge W. I. Grubb, who
had enjoined 17 Alabama municipalities from spending
Public Works Administration funds for construction of
electric plants and restrained them from buying power from
the TVA. The Appellate Court's opinion was written by the
senior judge, Nathan P. Bryan, and concurred in by Judges
Rufus E. Foster and Samuel H. Sibley. The text of the
opinion is given below:
Bryan. Circuit Judge.
By contract dated Jan. 4 1934, the Alabarda Power Co., a corporation
and
transmission
distribution of electricity,
engaged in the manufacture,
agreed to sell such of its transmission lines as extend from Wilson Dam at the
Muscle Shoals plant in Alabama Into seven Alabama counties, to the
Tennessee Valley Authority(TVA),a corporate agency of the United States,
created by the Act of Congress of May 18 1933,48 Stat. 58; 16 U.S. C.A.
831, et seq. The TVA agreed to pay the purchase price of $1,150,000 upon
delivery. The Alabama Power Co. further agreed that it would offer its
distribution systems within the territory above named for sale to the respective municipalities in which such systems are located at prices which it was
willing to accept; and that it would co-operate with the Electric Home and
Farm Authority(BIWA),a government corporate agency created to finance
sales of electrical appliances, in the sale of such appliances.
The TVA,after waiting three months for the negotiation and consummation of sales of the urban distribution systems, was to have the right to
furnish electric power to any and all such systems regardless of whether the
Alabama Power Co. had sold them to the municipalities.
On May 21 1934, the Alabama Power Co. entered into an agreement with
ElIFA to act as the latter's agent in the collection of instalments due on the
purchase price of electrical appliances sold by retailers to individual customers. On Aug. 9 1934, the Alabama Power Co., not having sold any of its
distribution systems to the municipalities, granted to TVA an option to
purchase them; but on Jan. 25 1935. after this suit was filed, TVA gave
notice that it had elected not to exercise that option.
On Sept. 13 1934, this suit to enjoin performance of the above mentioned
contracts was brought by a minority of the preferred stockholders of the
Alabama Power Co. after they had formally but unsuccessfully demanded
that the company itself institute suit to rescind those contracts.
The decree of the district court, entered after final hearing, adjudged the
contracts of Jan. 4 and May 21 to be in furtherance of illegal proprietary
operations by TVA. and ordered them annulled. It enjoined 17 municipal
defendants, which were under contract to receive electric power from TVA
for use in the area served by the Alabama Power Co., from accepting or
expending Federal funds for the construction of city electric light Plante,
holding that these contracts were entered into in aid of TVA's illegal .
proprietary operations; and further enjoined them and the remaining
municipal defendant, the City of Athens, which owns its distribution system,
from purchasing electric power from I'VA, on the ground that TVA was
engaged in il'egal competition with the Alabama Power Co.
The TVA, EHFA and City of Florence appeal from the decree. The
plaintiffs below have taken a cross-appeal, contending that the decree
should have included a declaratory judgment in order to prevent TVA from
attempting to renew the option contract of Aug. 9, which it is said was not
exercised because of the pendency of this suit, or from engaging in divers
other illegal operations not specifically enjoined.
The district judge made the following, among other, findings of fact:
The united states acquired the Muscle Shoals property on the Tennessee
River and built thereon Wilson Dam, an auxiliary steam plant and two
nitrate plants, for war purposes. The existence of these facilities for the
manufacture of war materials constitutes a valuable national asset. Wilson
Dam, unaided by other power development, with its eight hydroelectric
generators installed by the War Department,is capable of producing 50,000
k. w. continuously, except during low stages of water; and the steam plant
has a continuous capacity of 80,000 k.w. In 1934 88% of the Power
generated at Wilson Dam was used for governmental purposes.
Other dams under construction, which like Wilson are of the high-dam
type, are, upstream, the Norris and the Wheeler, and, down-stream, the
Pickwick. The release of waters from Norris Dam will increase the continuous capacity of Wilson Dam by 40.000 kilowatts and Norris Dam
itself, if generators are installed, is capable of produdng 73,000 kilowatts if
the Wheeler and the Pickwick Dams are used only as reservoirs.
According to present plans, the total continuous capacity of Wilson and
Norris Dams in combination, without the aid of the steam plant, will be
202,000 kilowatts. The construction of Wilson Dam also provides a depth
of nine feet of slack water over the Muscle Shoals rapids, thereby eliminating a serious obstruction to navigation. Navigation will be further improved by the completion of Wheeler and Pickwick Dams. Storage of
water by means of reservoirs is essential to adequate flood control on the
Tennessee River.
Wilson Dam was completed in 1925 at a cost of $50,000,000. It probably
is not capable of producing more water power than would be needed for the
national defense in time of war, but in time of peace the power it makes
available is so much in excess of the government's needs for it for national
defense and for navigation that, without the installation of any other dam,
there is a surplus even after supplying the transmission lines which TVA
agreed to purchase from the Alabama Power Co. There has been no sale
or contract for sale of the remaining surplus.
The sale of electric energy generated at Muscle Shoals in excess of that.
required for operating the locks and servicing government properties can
Volume 141
Financial Chronicle
be made to produce profits which could be applied toward the reimbursement
of the cost of Wilson Dam,of expended in the construction of new dams.
It is not the purpose of TVA to limit the production of electric power to
that needed by the government in manufacturing war materials and providing for navigation, but its declared policy is to utilize to the fullest extent
possible all the electric energy which the Wilson and other dams are capable
of producing, by supplying first governmental needs, and then by selling
the surplus to users of electricity,in competition with public utility corporations engaged in the manufacture, transmission, and distribution of
electricity.
In disposing of surplus power TVA intends to obtain revenue, but at the
same time to undersell its private competitors in order to establish a "power
yardstick" and to demonstrate the advantages of public over private
ownership of electric light plants.
Upon these findings of fact, which may safely be assumed to be correct
since none of them is challenged, the district judge concluded as a matter of
law that the Congress has no constitutional power to confer upon TVA,
or any Federal agency, the right to enter into such a contract as that of
Jan. 4, and that the contract of Jan. 4, since it was void as to TVA. was
void as to the Alabama Power Co. The district judge, having reached this
conclusion, consistently held that the dependent contract of May 21 was
also void.
The plaintiff stockholders may be dismissed from further consideration,
inasmuch as they are entitled to assert only the rights of the Alabama
Power Co. and so we need to consider only the effect of the principal contract of Jan. 4 upon the rights of the contracting parties.
The district judge, having held that TVA was assuming to exercise
authority which no act of Congress could constitutionally confer upon it,
did not pass upon the contention made on behalf of the Alabama Power Co.
that the TVA Act of 1933 was invalid on the ground that it purports to
delegate legislative authority. It was the view of the district judge that
TVA,while it had the implied right to dispose of any surplus electric power,
unintentionally created in the exercise of a bona fide effort to make such
power only as was needed for the manufacture of war materials and for
serving the necessities of navigation, had and could have no constitutional
authority intentionally to create and sell any additional surplus.
He, therefore, enjoined further performance of the contract of Jan. 4,
not for any inherent infirmity,such as fraud, duress or inadequate consideration, but solely because he was convinced that the program of TVA for the
manufacture and disposal of surplus electric power bore no substantial
relation to any lawful governmental function.
It is the contention of TVA that as an agency of the United States it
has the constitutional right and statutory authority to dispose of all the
electric power, in excess of such of it as may be needed from time to time
for the production of war materials and for purposes of navigation, that the
Wilson Dam operated to its full capacity can be made to produce.
Wilson Dam is the property of the United States. It was constructed by
authority of 124 of the National Defense Act of 1916. 38 Stat. 215, for the
purposes of supplying water power for the production of munitions of war
and improving navigation on the Tennessee River. The right to erect and
maintain it. in the exercise by Congress of the war and commerce powers
conferred upon it by the Constitution, is so clear that it is conceded.
The government by virtue of its lawful ownership of Wilson Dam owns
also the water power inevitably created by the construction of that dam
(Kaukauna Co. vs. Green Bay & Co.. 142 U. S. 254; Green Bay & Co., vs.
Patten Paper Co., 172 U. S. 58; United States vs. Chandler-Dunbar Co.,
229 U. S. 53).
Congress in the exercise of its power, under Art. IV. 3 Cl. 2, of the
Constitution, to dispose of property belonging to the United States, may
dispose of water power created at Wilson Dam as freely as it may of any
other government property. It never heretofore has been held that the
right of disposal exists only as to such part as is accidentally produced in
excess of the amount strictly necessary for purposes of national defense or
of navigation; but always that right has been supposed to extend to all the
excess or surplus.
Water power is property sui generis; unlike most other forms of property
it cannot be put away and kept for future use or sale, but it must be either
converted into electricity and used up as it is released from storage or allowed
to go to waste. If the water stored at Wilson Dam is permitted to pass
through the penstocks, in the language of counsel for TVA."there is gold
In it," but if allowed to flow unhindered over the dam,"it is forever gone."
As a practical matter there would be no market for the incidental or
accidental surplus created in the honest effort to produce only enough
electricity to supply strictly governmental requirements; for no user,
public or private, of electricity would become a customer unless assurance
could be given of a firm and dependable supply.
That the surplus or any of it need not be allowed to go to waste, but that
It and all of it may rightfully be disposed of and the proceeds applied toward
reimbursement of the cost of a publicly owned dam in well settled. Kaukauno Co. vs. Green Bay Co., supra; United States vs. Chandler-Dunbar
Co., supra; Arizona vs. California, 283 U. 5. 423. In the last cited case at
Page 455 it is said:
As the river is navigable and the means which the Act provides are not
unrelated to the control of navigation . . . the erection and maintaining of such clam and reservoir are clearly within the powers conferred upon
Congress.
And so here,in our opinion it cannot successfully be maintained that there
is no reasonable or substantial relation between the production and disposal
of the surplus hydroelectric power available at Wilson Dam and the exercise
,of the war and commerce powers conferred upon Congress.
It is within the province of Congress to adopt any reasonable means
whether of lease or sale, for disposing of the surplus. The use of transmission lines to facilitate sales cannot fairly be said by the courts to be
unreasonable or inappropriate. Of course it is true that the government of
the United States cannot engage at will in private business, but it by no
means follows that it cannot sell property which it owns, even though in
doing so it may enter into competition with other public or private owners of
property.
It is not doubted that each of the several States holds in perpetual public
trust dominion over the navigable waterways within its borders, but it is
equally true that the rights of the States In navigable waters are subject to
the supreme war and commerce powers of the general government.
We live under a dual government of divided powers, not under two
separate governments of conflicting powers. The power over navigable
waters granted to the Federal Government is not in conflict with but is
necessarily superior to the dominion over such waters which the States
reserved to themselves. Gibboas vs. Ogden,9 Wheat 1.
It leads nowhere to say that the Federal Government in exercising its
constitutional powers acts within "State domain," since at the same time
it is acting within its own domain as well. We conclude that the decree
below cannot be sustained on the theory of a lack of constitutional power.
The inquiry remains whether the necessary statutory power has been
conferred on the TVA. The Tennessee Valley Authority Act of 1933 was
passed for the purpose, among others.
0
371
of maintaining and operating properties now owned by the United States
in the vicinity of Muscle Shoals, Alabama in the interest of the national
defense, . .
to improve navigation in the Tennessee River and to
control destructive flood waters in the Tennessee River and Mississippi
River basins.
The Act purports in separate sections to confer on TVA the power to
construct dams, reservoirs and transmission lines, to furnish nitrogen
products for military purposes; to allot to the War Department the water
power necessary to operate locks,lifts, or other facilities in aid of navigation.
and to produce, distribute and sell electric power "as herein particularly
specified."
The "particular specifications" are to sell the surplus power not used in
the operation of locks and other works to States, counties, municipalities,
partnerships, or individuals. The Act further provides for the construction
of Norris Dam, and that the President may from time to time recommend
to Congress such legislation as he deems proper for flood control, navigation
purposes, generation of electric power consistent with flood control and
navigation,the proper use of marginal lands,the proper method ofreforestation in the drainage basin, and the economic and social well-being of the
people living in the Tennessee River basin.
The right was reserved by the government, in case of war or national
emergency declared by Congress, to take possession of all or any part of the
property described or referred to in the Act"for the purpose of manufacturing explosives or for other war purposes." The sections of the Act are
declared to be separable, to the end that the unconstitutionality of any one
section may not affect the validity of any other.
The Act is unobjectionable from a constitutional standpoint in so far as
it undertakes to confer on TVA the power to take charge of and operate
Wilson Dam and to distribute and sell surplus electricity to municipalities
as well as to utility companies. "And the fact that purposes other than
navigation (and national defense) also will be served could not invalidate
the exercise of the authority conferred, even if those other purposes would
not alone have justified an exercise of Congressional power." Arizona vs.
California, supra. It does not appear that the TVA in respect of its operations at Wilson Dam is doing or proposes to do anything more than is
authorized by the Act.
This being so, its motives are immaterial. The section of the Act which
provides that the President shall make recommendations to Congress as to
the future policy of developing the Tennessee Valley is unobjectionable, as
In any event the President may make such recommendations to Congress as
he thinks proper. The Act is not subject to the criticism that Congress has
abandoned all purposes of navigation and national defense, since navigation is now being improved, and in the event of war the right is reserved to
use the Muscle Shoals property exclusively for national defense.
The Rivers and Harbors Act of 1930, 46 Stat. 927, authorized a project
for the permanent improvement of the main stream of the Tennessee River
to a navigable depth of nine feet in accordance with the recommendation of
the chief of engineers in House Document No. 328, of the Seventy-first
Congress, second session. Because there was no recommendation in that
House document for high-type dams, or for their location, it is contended
that the Tennessee Valley Authority Act undertakes to delegate legislative
power with reference to the location and type of the Norris, Wheeler and
Pickwick dams.
As we have just seen, the Act itself provides for the location of Norris
dam, but whether specifically enough as to type is, as we think, immaterial:
for Wilson Dam alone, without any assistance from Norris. Wheeler or
Pickwick Dams, has a surplus, after serving the transmission lines which it
agreed to purchase from the Alabama Power Co. Besides, the Alabama
Power Co. has no standing to object, even though these additional dams
have not been properly authorized by Congress. Frothingham vs. Mellon,
262 U. S. 477. It is not a riparian owner, or the owner of a dam site which
the government is assuming to take; nor has it any such special interest as
would entitle it to object to proposed improvements in aid of the national
defense or of navigation. United States vs. Chandler-Dunbar Co., supra,
at Page 73.
On the whole case our conclusion is that the decree of the district judge
was erroneous. We, therefore, have no occasion to consider whether the.
Alabama Power Co., if that decree had been affirmed, would have been
entitled to a declaratory judgment.
Appellees take nothing by their cross-appeal. On the direct appeal the
decree is reversed and the cause remanded for further proceedings not
inconsistent with this opinion.
Sibley, Circuit Judge, concurring:
The district judge also found that the TVA board had very far-reaching
plans for social experimentation which he though beyond the constitutional
limits of the Federal power. This case is not to be decided by the purposes
and plans of the board but by the validity of what is about to be done under
the attacked contracts.
The contracts deal only with surplus power arising at the Wilson Dam,
which may, as well hold, be disposed of by Congress. The manner of the
disposal of public property and the extent to which it may be allowed to
affect private business are within the discretion of Congress. An exercise
of legislative discretion is reviewable at the ballot box rather than in the
courts.
eclares TVA Is No "Yardstick"—W. L. Willkie Says
Removal of Restrictions on Sale of Power Below
Costs Is Unfair to Private Utilities
The Tennessee Valley Authority's operations do not constitute a "yardstick" for public utility operation, since it
escapes legislative restrictions which are applied to private
companies, Wendell L. Willkie, President of the Commonwealth & Southern Corp., declared in a statement on July 13,
In commenting on House approval of the bill enlarging the
powers of the TVA. Passage of this measure by the House
was noted in the "Chronicle" of July 13, pages 204 and 205.
The removal of provisions prohibiting sale of power at
less than cost means, Mr. Willkie said, that those in charge
of the project "fully realize that they cannot survive if they
subject their operations to the same requirements to which
private utuilities are subjected." Mr. Willkie urged the
Federal Government to pay greater attention to a reduction
in the tax bill rather than to subsidizing electric rates, and
pointed out that the average cost of electric energy to an
American family to-day is $33.44, while the cost of Government for an American family in 1934 was $489.59.
Mr. Willkie's statement, in part, is given below:
Federal taxes are presently burdensome; in the next few years they will .
become almost unbearable. It may be of some solace to the Federal taxpayers to, know that a part of their burden arises by reason of the establishment of this social experiment on the banks of the Tennessee River, which
river it has been truly said, touches seven States and now drains the nation.
372
Financial Chronicle
The average cost of electric energy to an American family to-day is $33.44,
while the cost of government for an American family in 1934 was $489.59.
A little attention on the part of those in the governmental authority to a
reduction in the tax bill rather than in the Federal subsidizing of electric
utility rates, might be quite salutary.
Since the passage of the Tennessee Valley Authority Act, none of the
public utilities operating in the zone of its influence have been able to
finance themselves for extensions and improvements through the public
sale of their securities. Yesterday's action continues this condition in
aggravated form. If the utility holding companies which have supplied
these companies in the last three years more than $35,000,000 in cash to
meet their construction and refunding obligations, are eliminated by the
passage of the Wheeler-Rayburn bill, great financial distress will be brought
to the holders of the securities of these operating companies, although all
of these securities were sold subject to the approval of State Utility Commissions after showing that an equal or greater amount of money was
being invested in the property at or prior to the time of the issuance of
such securities.
Bankhead Cotton Control Act Ruled Unconstitutional by Judge Bryant in Federal District Court
in Texas
The Bankhead Cotton Control Act was held unconstitutional yesterday (July 19) by Judge Randolph Bryant, in
Federal District Court in Texas. Judge Bryant, it is stated,
signed an order granting an injunction against the enforcement of the Act. The injunction was granted to D. C.
Wallace, a ginner of Gunter, Tex., who sued on behalf of
himself and all other cotton ginners of Texas. Associated
Press advices from Sherman, Tex., yesterday, from which
we learn the foregoing, also had the following to say:
On June 25 Judge Bryant denied a temporary restraining order on the
grounds that the Government was not disposed to prosecute the ginners
at that time for failure to comply with the act. To-day he said, in a written
opinion:
I think that the law is clearly and plainly unconstitutional. Owing
in the case. I
to the unusual and extraordinary circumstances present
security.
think that an injunction should issue upon the giving of proper
production
It is only a very thinly disguised attempt to regulate thethe
National
of cotton under the pretext of the exercise of the taxing power of
Government. This power, if it exists at all, is not committed to the National Government under the terms of the Constitution of the United States,
but is expressly reserved to the States."
The case has been set for a hearing here Sept. 11 on its merits.
VA Held Constitutional by U. S. Circuit Court of
Appeals at New Orleans—Ruling Sustains Right
of Government to Compete with Private Companies in Sale of Electric Power
The United States Fifth Circuit Court of Appeals at New
'Orleans on July 17 upheld the constitutionality of the act
creating the Tennessee Valley Authority, and sustained the
Government's right to sell electric power in competition with
private utilities. The Court's ruling reversed a decision of
Judge W. I. Grubb of the Northern District of Alabama,
annulling contracts between the TVA and the Alabama
Power Co. for the sale of Government power in seven north
Alabama counties, and forbidding Alabama municipalities
-to use Public Works Administration funds for the construction of power plants. Administration leaders contended
that the Appellate Court's ruling constituted a victory for
one of the fundamental New Deal policies. It was anticipated late this week, however, that the decision would
ultimately be appealed to the Supreme Court.
The three-judge Circuit Court returned a unanimous ruling. Its complete text is given elsewhere in this issue of the
"Chronicle." "It is within the power of Congress," the
Court said, "to adopt any reasonable means, whether for
lease or sale, for disposing of the surplus hydro-electric power
at Wilson Dam. The use of transmission lines to facilitate
sales cannot fairly be said by the courts to be unreasonable
or inappropriate.'
"Of course it is true," the decision continued, "that the Government of
the United States cannot engage at will in private business, but it by no
means follows that it cannot sell property which it owns, even though in
doing so it may enter into competition with other public or private owners
of property."
In answering the charge that Congress had no authority to
establish such a vast operation in competition with private
business within State domain, the Court said that "we live
under a dual Government of divided powers (Federal and
State) not under two separate Governments of conflicting
powers.
The history of the case was summarized as follows in
Associated Press advices from New Orleans on July 17:
The act's validity was attacked by a group of preferred stockholders of
the Alabama Power Co., who sought to rescind contracts entered into
between the TVA and the power company, in which the latter agreed to
sell to the TVA for $1,150,000 transmission lines running from Wilson Dam
at Muscle Shoals into seven Alabama counties.
The contracts further stipulated that the Alabama Power Co. would
specified
offer to sell its distribution systems to the municipalities in the
territory. The TVA was to have the right to furnish electric power to any
had sold the
of the municipalities regardless of whether the power company
systems after three months from the date of the contract.
any
of the dissold
having
not
company,
the
power
On Aug. 9 1934,
tribution systems, granted TVA an option to purchase them, but to date
that option has not been exercised.
exercise authority
The lower court, which held that TVA was assuming to
it, enjoined
which no act of Congress could constitutionally confer upon
the TVA and from accept17 municipalities from executing contracts with
power
plants,
ing or receiving Federal funds for the construction of electric
on the ground that "TVA was engaged in illegal competition with the
Co."
Alabama Power
grounded on his conclusion
Pointing out that Judge Grubb's decision was
and disposal of electric
that "the program of TVA for the manufacture
July 20 1935
surplus power bore no substantial relation to any lawful governmental
function," the Court of Appeals said:
so far as it
The act is unobjectionable from a constitutional standpoint is
and operate
undertakes to confer' on the TVA the power to take charge of
Wilson Dam,and to distribute and sell surplus electricity to municipalities
as well as to utility companies.
There was no dissenting opinion to the decision, written by Judge
Nathan P. Bryan. of Jacksonville, Fla., and concurred in by Judges Rufus
E. Foster, of New Orleans, and Samuel Sibley, of Atlanta.
The court dismissed a cross-appeal taken by the Alabama Power Co.
stockholders, contending that the District Court decree should have
to
included "a declaratory judgment preventing TVA from attempting
renew the option contract, which it is said was not exercised because of the
tendency of this suit."
In dismissing the cross-appeal the Circuit Court said: "Appellees take
nothing by their cross appeal."
in
The court took the case under advisement after an open hearing
Atlanta, June 17. At that time attorneys for both the government and the
stockholders announced the case would be taken to the United States
Supreme Court for final test regardless of the Circuit Court's decision.
a
The Whson Dam was completed in 1925 at a cost of $50,000,000 as
unit of the Muscle Shoals project authorized by the national defense act
for the purpose of supplying water power for the production of war munitions and for the improvement of navigation on the Tennessee River.
The TVA's appeal from Judge Grubb's ruling was described in our issue of July 13, page 205.
United States Circuit Court of Appeals Finds AAA
Processing Tax Unconstitutional—Boston Decision
Says Congress Illegally Delegated Power—Philadelphia Federal Court Also Rules Tax Illegal—AAA
Officials Expect to Appeal to Supreme Court
One of the most important decisions on New Deal legislation, aside from those of the Supreme Court, was handed
down on July 16, when the Federal Circuit Court of Appeals
at Boston ruled that the processing tax levied by the Secretary of Agriculture under the Agricultural Adjustment Act
is unconstitutional and represents an improper delegation
of legislative power. The opinion was delivered in the case
of the Hoosao Mills Corp. against the United States in a
suit in which the company sought to escape payment of
881,694 imposed by the Secretary of Agriculture for cotton
processing and floor taxes. Although this is only one of
more than 150 similar suits which have been recently filed,
it is anticipated that it will be brought before the Supreme
Court by the Government this Fall as a test case to determine the validity of the processing taxes under the AAA.
Judge Scott Wilson wrote the decision, in which Judge
George F. Morris concurred. The Senior Justice, George
H. Bingham dissented. The Court ruled that Congress has
no authority to regulate products which are subject to State
control, that the tax was an improper delegation of power
and—finally—that if the charge is a tax, it is a direct tax,
not apportioned, and if an excise, it is not uniform. The
Court thus reversed a finding several months ago by Judge
Elisha H. Brewster in the District Court in favor of the
Government.
The processing taxes suffered another court defeat on
July 17, when Judge William Kirkpatrick, in Federal District Court in Philadelphia, ruled that the AAA was unconstitutional. Judge Kirkpatrick upheld 22 firms which had
filed petitions seeking temporary restraining orders preventing the collection of processing taxes on hogs, paper and
peanuts. In reporting this decision advices from Philadelphia, July 17, to the New York "Times" of July 18
said in part:
The processing tax of the Agricultural Adjustment Act was declared unconstitutional to-day by Judge William H. Kirkpatrick in Federal District
court here in a appeal taken by F. G. Vogt & Sons, Inc., pork pickers,
against collection of $378,127.95 out of a total of about $1,500,000 levied
against the company since November, 1933.
The decision also affects 21 other cases, including 12 pork-packing companies, seven tobacco companies, one paper manufacturer and one peanut importer.
Although it parallels a similar decision by the Federal Circuit Court of
Appeals in Boston yesterday, Judge Kirkpatrick's opinion was in no way
modeled after the Boston ruling. He wrote it at his home in Easton over
the week-end, and both Its composition and its legal arguments were contemporary with and unrelated to the textile case decision.
Although he upheld the Governemnt on most points, Judge Kirkpatrick
pronounced unconstitutional the delegation of power which left the Secretary of Agriculture with virtually unlimited discretion in determining how
much the processing tax should be and upon what commodities it should
be imposed.
Law Upheld on Other Points
•
"The entire intent and purpose of the Agricultural Adjustment Act,"
the
the
to
that,
in enacting
conclusion
the opinion read, "leads irresistibly
processing tax, the Congress had no idea of exercising the essential legislato
intended
turn
it
over
to
the Secretary
but
respect,
that
in
function
tive
of Agriculture to be used by him when and if he needed it as an adjunct
of
agriculture provided for
to the general scheme for the rehabilitation
In the Act."
Other objections raised by the packing firm were not sustained. Judge
Kirkpatrick denied arguments that (1) the tax was not levied for a public
purpose: that (2) it was unconstututional because it was a mere camouflage for regulation of intrastate agricultural business, I. e., the producing
and marketing of foodstuffs; and that (3) it is in contravention of the Fifth
Amendment by reason of being arbitrary and cartricious. The court held
the Act constitutional in all of these points.
The opinion points out that the floor tax of the AAA is not involved in
the plaintiff's argument, and that the petitioner "has no standing to challenge the constutitionallty of those portions of the Act which provide for
the reduction program, or which delegate powers in connection herewith to
the Secretary of Agriculture, or which appropriate the proceeds of the
tax to that purpose."
Tariff Parallel Held Superficial
Weighing then the constitutionality of the only remaining point involved, namely, the processing tax Itself. Judge Kirkpatrick minutely ex-
Volume 141
Financial Chronicle
ambled Supreme Court decisions relating to the extent to which Congress
might delegate its powers without overstepping constitutional grounds.
"The principle which sustained the delegation of legislative or quasilegislative power in all of the cases in which it was upheld," the opinion
read, "was that the Congress itself had first legislated to the fullest extent
reasonably practicable in view of the ends to be obtained."
It was upon this theory, according to the opinion, that the flexible tariff
Act was upheld. Judge Kirkpatrick went on to say that the Agricultural
Adjustment Act appears on its surface to parallel both the spirit and the
letter of that Act, which the Supreme Court upheld, but asserted that the
parallel is superficial.
Under the processing tax feature of the AAA, the opinion contineud.
"it is apparent that the Secretary of Agriculture, and not the Congress,
exercises the taxing power and, in so doing, there is committed to him a
discretion as to the rate of the tax as well as to its incident, which is to all
practical purposes untimed."
Judge Kirkpatrick continued for the legal 10-day limit eight orders restraining Walter J. Rothensies, Collector of Internal Revenue, from collecting processing taxes.
Chester C. Davis, AAA Administrator, at his press conference on July 17 reiterated his belief that the Supreme
Court would uphold the constitutionality of the processing
taxes, although he admitted that an adverse decision would
wreck the adjustment program. "The end of the processing taxes," he said, "would mean the end of the AAA.in all
its important aspects." Mr. Davis said that the AAA had
obligated itself to pay farmers $1,600,000,000, of which it
still owes $700,000,000.
Our most recent reference to the series of suits on the
processing taxes was contained in the "Chronicle" of July 13,
pages 212 and 213. As of July 12, 153 suits had been filed
to restrain tax collections and to recover amounts paid.
The effect of these actions was noted as follows in Associated
Press advices from Washington July 12:
Faced with mounting litigation and unfavorable court decisions, farm
officials disclosed to-day that processing-tax collections dropped more
than $4.600,000 during May.
Records showed $46,889,684 in collections for April, $42,264,403 for
May. May taxes were collected in June, and taxes for June are being paid
now. Much of the decline during May was attributed to the 153 suits
filed to restrain tax collections and to recover amounts paid. These suits
were said to aggregate about $1.000,000,000.
Most of the suits were said to have been filed by processors of wheat,
hogs and cotton, and the collections on these commodities showed the
greatest decrease.
Wheat tax collections declined from $11,288,329.99 in April to $10.414,531 for May. The respective figures on hogs were $16,276,261.85
and $10.026,051, and on cotton $9,057,013.30 and $8,784,377.
Substantial gains were shown in tax collections on tobacco, field corn
and sugar. But colleclions on peanuts slipped from $1,112.881.48 in
April to $433,516 in May.
Last year, the May collections increased almost $8,000,000 over the
April total, as compared with the decline recorded this year.
A tabulation of processing tax collections for the first five months of
this year and for the same period in 1934 follows:
Month
1934
1935
January
$52.007,134
$43,312.412
February
32.902.408
39,103.652
March
36,313.013
45,558,705
April
34,343,228
46,889,684
May
42,245,837
42,264,403
One of the most important parts of the Boston decision
was the seetion which questioned the authority of the Federal Government to control agricultural commodities before
they entered into inter-State commerce. This, if sustained,
would strike at the entire production-control program. In
that connection the Court said:
If Congress can take over the control of any intrastate business by a
declaration of an economic emergency and a public interest in its regulation, it would be difficult to define the limits of the powers of Congress,
or to foretell the future limitations of local self-government.
The Court referred to the recent Supreme Court decision
in the Schechter case in which it invalidated the NRA.codes,
and said that this indicated that Congress had invaded a
field over which it had no control, since the control or regulation of agricultural products in the several States by the
methods adopted in the AAA "is beyond the power of
Congress."
The complete text of the Court's decision is given elsewhere in this issue of the "Chronicle". A further analysis
follows, as contained in a dispatch from Boston to the New
York "Times" on July 16:
The action was brought by former Senator William M. Butler and
J. J. McDonough, receivers for the mills. It was argued that Congress
exceeded its powers in authorizing the taxes; that the tax provisions do
not comply with the constitutional requirements regarding tax laws, and
that they constitute a delegation of legislative authority to the Executive
Department in violation of the constitutional requirements for separation
of legislative, executive and judicial powers.
According to the lower court ruling of Judge Brewster, the case "was
close to the line" in conferring taxing powers upon administrative officers,
and the courts had not clearly defined the line between the lawful and
unlawful delegation of legislative powers.
The decision of the Circuit Court means that the order restraining the
Government from collecting more than $100,000 from five mills in New
Bedford and Fall River. which was handed down yesterday in the lower
court, will continue in effect.
Purpose of Tax Held Unlawful
The decision, twenty-three pages long, deals first with the assignment
of errors as outlined by Judge Edward R. Hale and Bennett Sanderson,
counsel for the receivers. The amount sought by the Government was
$44,057.64 for the processing taxes, interest and penalties, plus $37,636.64
for floor stocks taxes.
The Circuit Court held that imposition of the taxes was not warranted
under the Constitution, in that they were imposed for the unlawful purpose of regulating and restricting the production of cotton in control of
the States. This, the decision holds, is an unwarranted interference with
373
a matter solely within the control of the respective States; is violative of
the powers reserved to the States under the Tenth Amendment, and therefore does not constitute an exercise of any authority or power of taxation
granted to Congress under Section 8 of the Constitution.
The Court held that the power of Congress to regulate interstate commerce did not extend to the products of agriculture or industry before
they entered interstate commerce "or otherwise to control their production
merely because their production may indirectly affect interstate commerce."
Schechter
.Case Is Cited
"It is clear, we think," the decision continued, "that under the recent
decision of the Supreme Court in the Schechter Poultry Corp. case decided
May 27 1935, that Congress at the outset has attempted to invade a field
over which it has no control; since its obvious purpose, viz.: to control or
regulate the production of agricultural products in the several States by
the methods adopted in this Act, is beyond the power of Congress."
The Court held that the processing and floor taxes were not dependent
on the execution of agreements to reduce acreage or production alone,
but on the determination by the Secretary of Agriculture "without any
foundation other than his own opinion" that the existing economic emergency demands that to accomplish the declared purpose of the Act, rental
or benefit payments shall be made.
"The issue,-said the Court."is not as the Government contends, whether
Congress can appropriate funds raised by general taxation for any purpose
deemed by Congress in furtherance of the 'general welfare' but whether
Congress has any power to control or regulate matters left to the States
and lay a special tax for that purpose."
Various courts handed down a series of rulings against
the processing tax late this week. On July 18 Federal Judge
Charles B. Kennamer of Birmingham, Ala., decided that the
collection of processing taxes by the AAA is unconstitutional,
and said that he would enjoin the local Collector of Internal
Revenue from collecting processing taxes from six complaining Alabama companies.
Yesterday (July 19) Judge T. M. Kennerly of Houston,
Tex., ruled that provisions of the AAA as the bases for
price-fixing and licensing of shippers were unconstitutional.
He denied Secretary Wallace an injunction to restrain the
Rio Valley Fruit and Vegetable Co.from shipping grapefruit
and oranges out of the valley.
Oregon AAA Declared Unconstitutional by Circuit
Court—Code System Built Around Law Is Demolished by Decision
The Oregon State Agricultural Adjustment Act was declared unconstitutional in an opinion handed down on
July 6 by Circuit Judge Winter of Portland, Ore. The
opinion, which was given in a suit involving alleged violation of the ice cream code, was said to demolish the entire
system of codes built around the State law. We quote, in
part, from the court's opinion, as given in the Portland
"Oregonian" of July 7:
Contention of George W. Mead and Robert L. Sabin, attorneys for Mr.
Meyer, that the Agricultural Adjustment Act was void bemuse it attempted
to delegate legislative authority, was upheld by Judge Winter in his
opinion. The judge, to substantiate his decision, cited the recent decision
of the United States Supreme Court declaring the National Industrial
Recovery Act unconstitutional, and also recent decisions of the Supreme
Courts of the States of Washington and Wisconsin declaring similar Agricultural Acts in those two States unconstitutional.
The judge cited a provision of the State Constitution which says: "Nor
shall any law be passed, the taking effect of which shall be made to
depend upon any authority except as provided in the Constitution." This
he held rendered the attempt by the Act to delegate authority void.
Entire Act Held Void
"The delegation of power attempted in this case being void, the whole
Act falls," declared the judge.
"The court appreciates the importance of its decision in this case and
the effect it will have on other marketing agreements adopted pursuant
to this law," said the judge, in his opinion, "and likewise appreciates
that no trial court should declare any Act unconstitutional unless the
question is free from doubt. However, as the court reads and understands the recent decisions of the Supreme Courts of the United States and
of the State of Washington and the State of Wisconsin, the Act clearly
violates the constitutional provision herein referred to."
It was reported on July 6 that an immediate appeal would
be taken to the State Supreme Court to obtain a final ruling
on the status of the law.
New Dealers Termed "Robber Barons" by New England Jurist—Judge Peaslee Assails Plan to Retain
Processing Taxes, Even if AAA Is Found Unconstitutional
The Administration plan to retain processing taxes which
have already been paid in to the Treasury, even if the tax
is declared unconstitutional by the United States Supreme
Court, was called the "most impudent affront to American
liberty the reformers have yet proposed," in a statement
issued. July 17 by Robert J. Peaslee, former Chief Justice of
the New Hampshire Supreme Court. Judge Peaslee said
that continued failures have driven the sponsors of the New
Deal to more and more desperate measures, and that one
must"go back to the days of robber barons to find precedent
for such spoilation."
Massachusetts manufacturers have paid out $14,000,000
in cotton processing taxes, and it now appears that they will
be unable to obtain a refund of this sum even if the Agricultural Adjustment Administration is declared unconstitutional.
The various New England States are paying AAA processing
taxes at an aggregate rate of $50,000,000 yearly. Judge
Peaslee's remarks were reported as follows in a dispatch
from Boston, July 17 to the New York "Herald Tribune":
Judge Peaslee, who recently was elected a trustee of the Amoskeag
Manufacturing Company, denounced the Administration's efforts to oh-
374
Financial Chronicle
tamn AAA amendments in Congress making it impossible for manufacturers
to recover even if the Supreme Court upholds the United States Circuit
Court of Appeals which Tuesday, by a two-to-one decision, found the
tax illegal.
"A fitting climax to the unconstitutional acts of the present Congress is
found in the adoption by the House of a provision denying to payers of
processing taxes all access to the courts to test the validity of levies made
under the guise of law," said Judge Peaslee.
Sees "Affront to Liberty"
"The many failures of the New Deal have driven its sponsors to the adoption of more and more desperate measures. This present attempt to take
without hearing and keep without redress is the most impudent affront to
American liberty the reformers have yet proposed."
He said the measure would permit Congress to take at will and deny any
redress, leaving nothing of individual liberty. "One must go back to the
days of robber barons," he said,"to find the precedent for such spoliation.'
FCA Fixes July 31 as Final Day to Apply for Summer
Fallowing Loans from Emergency Crop and Feed
Loan Fund of 1935
The Farm Credit Administration announced on July 16
that July 31 is the final day that applications may be made
for summer fallowing loans from the emergency crop and
feed loan fund of 1935. Applications for crop loans from
the emergency fund were cut off June 15, as was noted in
our issue of June 15, page 4006.
According to the July 16 announcement of the FCA, Norman Monaghan, Director of the Emergency Crop and Feed
Loan Section, said summer fallowing loans are being made
to farmers who will seed the land fallowed to winter or
spring grain in areas where this is customary. Loans may
be made only to farmers who have no othe rsource of credit.
As in the past, applicants may apply for loans at the local
ccunty crop and feed loan committees, Director Monaghan
said, adding:
Summer fallowing loans are limited to the actual cash requirements for
fallowing and seeding to winter or spring grain, and not more may be
loaned than $3 per acre, $1 per acre being the maximum for fallowing,
and $2 per acre for seeding to winter or spring grain, payable as needed.
Under the law we cannot lend more than $500 to any one farmer. If
the farmer has already obtained a loan from this year's crop loan fund, the
amount of the loan already made, plus any new advance, must not
exceed $500.
From the announcement of the FCA we also take the
following:
loans
While July 31 has been set as the final date for summer fallowing
from the emergency fund, no cut-off date for applications for the purpose
of producing forage crops or purchasing feed for livestock has been
announced.
Director Monaghan also said that the emergency crop and feed loan
offices are now assisting many of their borrowers to harvest grain crops
by releasing a part of the grain sale proceeds to pay harvesting expenses.
Farmers who borrow from the emergency crop and feed loan fund give a
first lien on their crops. If a borrower needs funds to pay the cash cost
of harvesting and threshing, he will be permitted to retain out of the
proceeds of the sale of his grain the necessary amount to pay such expenses.
Such harvesting and threshing expenses may not exceed definite per bushel
limits set by the manager of the regional emergency crop and feed loan
office.
Harvesting and threshing expenses may include such items as the threshing bill, purchase of twine and sacks, oil and fuel for tractors, feed for
work-stock, and actual hired labor; but not labor performed by the borrower
himself or members of his family. The borrower must present bona fide
bills for all harvesting expenses allowed under the plan.
Farmers' Group Sees Greatest Prosperity Is Found
with Abundance at Low Cost—Commission to
Investigate Grain Marketing Makes Eight Recommendations in Report
Farmers in the United States can attain greater prosperity through abundance at low cost rather than scarcity
at high cost, Homer B. Brommon, Chairman of the Farmers
National Grain Dealers Association, said on July 10, in commenting on the results of a series of hearings conducted by
the Commission throughout the United States for several
months into the agencies, laws and regulations affecting
grain prices. The Farmers Elevators National Research
Bureau said in a letter accompanying the group's report
that this is the first commission of farmers to study grain
marketing in its entirety. The Commission's findings, the
letter said, "are the result of weighing all evidence upon
questions involved."
The report of the Commission made the following recommendations:
1. The present grain marketing system should be permitted to function
without material change until such time as defects are found or changes
are suggested which experienced grain men consider practical.
2. A closer co-operation between grain exchanges and Grain Futures Administration.
3. Trade of the United States with foreign nations should be restored.
4. No legislation should be enacted by Congress which contains ambiguous
terms or phraseology, or which grants to executive departments broad
interpretive powers.
5. No legislation should be enacted decreasing the length of the working
week below present standards until productive efficiency has increased to a
point which permits a nationally higher average of living on the reduced
hours of labor than this nation has so far enjoyed.
G. Agricultural experiment stations, the United States Department of
Agriculture, and commercial agencies and organizations should foster research
for discovering new uses for farm products.
7. Any statute, existent or proposed, under which codes, rules, and regulations are promulgated, which foster monopoly, increase costs of production
or marketing, handicap the small business man, impose arbitrary standards,
invite strikes, or curb initiative, should be opposed.
July 20 1935
8. No special privilege should be granted by the Federal Government, or
any agency of the Government, either by congressional Act or administrative
order, to any individual, corporation or association.
The Chicago "Journal of Commerce" of July 11 described
the hearings as follows:
In addition to Mr. Gromman, the Commission is composed of Ray Kellenbarger, J. F. Walker and Dr. H. C. Filley, all farmers. They are Farm
Bureau members.
More than 100 witnesses, a large percentage of whom were farmers,
country elevator managers, millers, representatives of terminal grain interests and repreesntatives of co-operative associations, appeared before the
Commission. Besides, there were trade journal representatives, Federal
employees, statisticians, bankers and economists.
Michigan Industry and Workers Have Gained Since
Abolition of NRA—State Department of Labor
and Industry Finds Payrolls Higher
Industry and workers in Michigan have been definitely
benefited by the decision of the United States Supreme
Court invalidating the National Industrial Recovery Act
the Michigan Department of Labor and Industry reported
on July 16. W. F. Doyle, Secretary of the Department,
said that a survey showed that the purchasing power of the
public had been increased, while more persons were at work
and their average pay was higher .than under the NRA.
Other facts revealed in the analysis are given below,ias
contained in a dispatch of July 16 from Lansing, Mich., to
the New York "Times":
"It is obvious to us," he said, "that lifting the NRA restrictions has
been beneficial to consumer, retailer and manufacturer alike in this State.
Comprehensive figures for the entire State show that June 1935 was considerably better than June 1934, with the exception of some minor declines
in wholly seasonal industries."
June was the first month,it was declared on the basis of the department's
study, in which total wages and average weekly earnings throughout
Michigan advanced faster than food prices. The increase in food prices
was 12%, but the average weekly wage in 795 manufacturing plants was
12.1% higher than during the comparable month in 1934. The total
amount of wages paid increased 15.2 and the number of workers 3% over
June 1934.
New York City Employers Voluntarily Pay $20,000
Held by NRA for Code Wage Violations—Distribute
Money to Workers Despite Supreme Court Decision
Several hundred employers in New York City have disregarded the Supreme Court's decision invalidating the right
of the National Recovery Administration to act, and have
co-operated voluntarily with the local offices of the NRA to
distribute back pay totaling about $20,000 to their employees,
it was announced July 15 by Mrs. Anna M. Rosenberg, Regional Director of the NRA. The money in question had
been held by the local NRA pending word from Washington
after collection from concerns held to have violated provisions on code wages. Mrs. Rosenberg's announcement was
summarized as follows in the New York "Herald Tribune"
of July 16:
All of it was collected after complaints by employees who alleged they
were underpaid, and after investigation by the NRA here substantiated the
complaints. Part of the money was in post-dated checks to be paid to the
employees at stated intervals, an instalment arrangement worked out by
Mrs. Rosenberg for the convenience of employers to whom payment in a
lump sum would have been onerous.
According to the ruling which was received by the NRA offices here
from counsel in Washington, a decision by the local courts was necessary
to determine to whom the money legally belonged, unless some amicable
arrangement with the employers could be arranged.
According to Mrs. Rosenberg's announcement, "under the direction of
Jules Freund, executive assistant at NRA headquarters, employers were
invited to call and discuss the matter. Those not calling were visited.
More than 80% of employers thus approached authorized immediate distribution of the sums, which ranged from $2 to $345 to individuals and groups
One large grocery business relinquished a check for $101.27 to an individual
employee, and a small dairy organization fave up $345.08 to three employees.
Mrs. Rosenberg also announced that between Jan. 16 1934 and May 27
1935 the local offices of the NRA handled 48,811 complaints, of which
46,652 had been settled before the Supreme Court abrutly shut off NRA
activities. In the same time more than $500,000 was collected as due to
workers by employers who had violated code provisions on wages. The
sum represented the difference between wages actually paid and those
prescribed by the codes.
Work of CCC in Two-Year Period Describecliby Robert
Fechner—Value of Work Projects Completed Is
Estimated at $428,000,000
Robert Fechner, Director of Emergency Conservation
Work, on July 6 made public a report describing the principal items of work accomplished by the Civilian Conservation Corps for the period from April 17 1933, when the first
camp was established, to April 1 1935. The survey was
compiled by the Census Bureau from reports from all forest
camps, including those operated by Indians on Indian reservations. It discloses all reforestation and conservation
work completed on 59 different types of work, from tree
planting to the construction of truck trails through forest
areas. Mr. Fechner said that the Department of Agriculture, the Department of the Interior, and the Department
of War estimated the N awe of the work completed by the
MC up to April of this year at approximately $428,000,000.
The Department of Agriculture valued the work done under
its supervision at .i'350,000,000. The Department of the
Interior estimate NI as $71,000,000, while the value of the
work completed under the supervision of the War Department was put at $7,000,000.
1
Volume 141
Financial Chronicle
A dispatch to the New York "Times" on July 6 from
Washington gave the following details of the report:
Among the principal work items completed were the following:
Two hundred and ninety-one million trees planted, most of them on
denuded areas.
Sixty-seven thousand miles of service roads and trails constructed
through timbered areas principally for fire protection. (Of this amount
61,000 miles were truck trails.)
Thirty-three thousand miles of telephone lines built into the nation's
forest and park fire-detection systems.
Thirty-eight thousand miles of fire breaks opened up through forested
areas.
Reduction of fire hazards over 1,143,000 acres.
Two thousand two hundred lookout houses and lookout towers constructed
In forests and parks for fire detection.
Forest stand improvement work completed over 1,841,000 acres.
A total of 11,250,000 acres covered in campaigns to control rodent
destruction.
A total of 4,824,000 acres covered in campaigns to reduce losses caused
by beetles, moths and other insects.
Tree and plant disease control work conducted over 3,929,000 acres. (The
white pine blister rust, which has threatened to destroy large sections of
valuable pine stands, was the principal disease fought.)
One million one hundred and forty-four thousand dams built in gullies
to control soil erosion.
Flood control work completed included topographic surveys of 127,651,839
square yards, the clearing of 23,000,000 square yards of dam sites and
river banks; the movement of 4,710,000 cubic yards of earth fill in dam
construction work, the excavations of 280,000 cubic yards of rocks
and
the movement of 789,000 cubic yards of earth fill.
Completion of timber-estimating surveys over 23,000,000 acres.
Construction of 30,500 foot, horse, vehicle and stock bridges.
Improvement of 27,000 acres of public camp grounds for recreational
purposes.
Thirty-one thousand miles of roadsides and trailsides cleared up as a
fire-prevention move and 132,000 acres cleared up for purposes other
than fire-prevention.
Final Report on Textile Industry Published by FTC—
Includes Tables Covering Operations of 765 Companies, with Special Reference to Labor Costs,
Profits and Investments
The Federal Trade Commission on June 20 made public
its final report on its investigation of "labor costs, profits
and investments of companies and establishments in the
textile industries." This final analysis consists principally
of a series of appendix tables covering various financial
and operating results according to the amount of investment,
rate of return and rate of profit upon sales for spinning,
weaving and combination spinning and weaving companies.
Twenty-four tables in the report cover 765 companies. An
introductory statement, signed by Edwin L. Davis, Chairman of the Commission, said in part:
• The tables in this report cover only the 765 companies
from which reports
were received for the three six-months' periods from
January 1 1933. to
June 30 1934 and for July-August, 1934. They do not include the
figures
from any company which reported for the three six-months'
periods mentioned above and also for the last six months of
1934.
Before the textile schedules covering the last six months
of 1934 were
sent out. the Commission began the preparation of certain analyses
of
operating results of textile companies. For these tabulations,
the textile
companies were distributed on three different bases;
first, according to the
rate of return on investment, second, according to the rate of net
profit
on sales, and third, according to the amount of the reported investment.
The schedule returns having been classified according to these bases,
the
figures of the principal operating and financial results for the individual
companies were consolidated according to the groupings shown
in the tables
presented in this report together with certain percentage
ratios derived
therefrom.
Completion of these tables was delayed by the request of the
President
for a supplementary report covering results of the latter part of the year
1934 which necessitated preparation and mailing out of new
schedules
covering that period together with the necessary editing
and tabulation
of the reports received.
Attention is directed to the fact that the retabulation of
the schedule
returns involved a number of minor revisions of the remits for
the different
kinds of textile establishments already published in Parts II to
IV of the
Commission's Report on the Textile Industries. The amounts
involved
are usually small, with one or two exceptions, and in no case do
the percentage ratios vary more than one-third of one point per
cent from the
rates already published. The differences are due in some instances
to
additional information subsequently supplied by corresponden
ce and in
other instances to information furnished in the supplemental
schedules
sent out covering the last half of the year 1934. In both of these
cases,
the data furnished in the original schedule returns were revised accordingly.
By reason of these comparatively small revisions, the figures shown in
the
accompanying tables are more accurate than those presented in
the preceding parts of the report. They should,in consequence, be
used in preference to the figures already published by those who are interested in
greater
exactness in estimating the financial and operating results of
the textile
industry for the periods covered.
PWA Revises RegulationsiCovering Wages on Relief
Projects—Provides for Possible Disapproval of
Wage Scales if Less Than "Prevailing Union
Rate"
Harold L. Ickes, Public Works Administrator, on July 14
made public a revision of regulations governing the determination of wages on Public Works Administration projects,
whereby State Directors may "disapprove any rate to be
paid, other than a rate predetermined under law or ordinance, if it is less than the prevailing union rate." The
revised procedure stipulates that persons on relief be given
preference in all public works projects, but provides that
a contractor may dismiss employees found unqualified for
the work for which they are hired. The original PWA rules
did not make this provision, and contractors complained
375
that many men taken from relief and placed on public
works were not suited to the jobs to which they were
assigned.
United Press Washington advices of July 14 summarized
other portions of the regulations as follows:
1. A simpler contract consisting merely of an offer by the Government
and accepted by the applicant.
2. Advanced payments not exceeding 15% of the estimated cost of the
project.
8. Protection of employees' rights to organize and bargain collectively.
4. Maximum of 130 hours per month for all types of workers.
The primary responsibility of fixing wage rates on PWA projects under
the new program rests with the borrower or recipient of a grant. The new
rates for labor on public works projects, which the President exempted from
the PWA rates recently promulgated, are to be determined as follows:
'Minimum or other wage rates required to be predetermined by State law or
local ordinance shall be predetermined in accordance therewith, and
in the appropriate contract documents. In the absence of applicable lawincorporated
or ordinance
the applicant shall predetermine minimum wage rates, in accordance
with customary local rates, for all the trades and occupations to be employed
the project,
and submit such rates to the State Director for approval beforeon
incorporating
them in the appropriate contract documents.
"If, In the opinion of the State Director, work of anrspecific
has generally
been done under union conditions in the political subdivision in type
which the project
Is to be constructed, the State Director may disapprove any rate to be
paid on
such type of work, other than a rate predetermined under law or ordinance,
if It Is
less than the present prevailing union rate."
The rules protect the right of employees to organize and bargain collectively through representatives of their own choosing. No employee and
no one seeking employment shall be required as a condition of employment
to join any company union or to refrain from joining, organizing or assisting a labor organization of his own choosing.
The rules prescribe that except in emergencies the maximum hours of
manual work on PWA projects shall be eight hours per day and 130 hours
per month. In some cases a 40-hour week will be permitted.
Wherever practicable, double shifts of labor will be employed in order to
speed construction and spread employment.
Unless otherwise provided by law, claims or disputes pertaining to the
classification of labor under the construction contract shall be determined
by the applicant, subject to final review by the State Director,
whose
decision shall be binding.
All employees shall be paid in full at least once each week. All payrolls
shall be sworn to in accordance with regulations issued jointly by
the
Secretary of the Interior and the Secretary of the Treasury pursuant to
the
so-called "kickback" statute.
Wage scales are to be posted conspicuously at the site of the
project.
The new regulations provide that any time after acceptance
by the
applicant of an offer by the Government to aid in financing a PWA
project,
the applicant may request an advance payment on account of
the grant of
not exceeding 15% of the previously approved estimated cost
of the project.
This advance grant may be used for paying architectural,
engineering,
planning and legal fees, costs of surveys, borings and other preliminary
investigations, costs of preparation of plans, specifications and other
forms
of proposed contract documents, the costs of advertisements for
bids for
contracts and the printing of bonds, but not in payment for the acquisition
of lands, easements, or rights-of-way.
All of the bonds of the borrower will be taken and paid for by
the Government at one time in cases where the offer is to purchase
bonds in an
aggregate principal amount of not more than $1,000,000.
In all other
cases, the bonds will be purchased by PWA in more than one
instalment
and each instalment, in so far as possible, shall be for an
aggregate principal amount of not less than $1,000,000.
—4,—.
FTC Outlines Procedure in Negotiating Trade Agreements—About 100 Industries Have Already Taken
Preliminary Steps for Such Pacts
The Federal Trade Commission announced on July 14 that
representatives of approximately 100 industries have taken
preliminary steps looking toward the negotiation of trade
agreements or the holding of trade practice conferences
under the sponsorship of the FTC. Some of these industries
it was said, have a capital of several hundred million dollars,
and employ many thousands of workers. In most instances
the industries have hitherto only filed requests for information as to procedure to be followed. The Commission said
that in addition to these industries, James L. O'Neil, Acting
Administrator of the National Recovery Administration, has
referred to the FTC more than 20 suggested trade agreements submitted to the NRA,as well as correspondence with
more than 50 other industries which have been interested in
negotiating trade agreements. Approximately three weeks
ago it was announced that negotiation of trade agreement
would be transferred from the NRA to the Commission. s
The Commission outlined the necessary procedure in such
negotiations as follows:
In authorizing a trade practice conference, the Commission
must first
be satisfied that the holding of such a conference is
desirable and to the
best interest of the industry and the public. An application
in the form
of a petition or informal communication should
contain the following
information:
1. A brief description of the business for which the
conference is intended.
The number of units in the industry, and the number
of employees engaged
therein. The products manufactured or the commodities
distributed. The
annual volume of production, volume of sales, capitalization
of the industry,
or like items, should be approximated.
2. The authority of the person making the application
should be shown.
If made by a trade association executive, a
resolution showing the action
of the association should be submitted, together
with a statement of the
percentage of the mine industry represented by the association
membership.
This may be shown on the basis of the volume
of business, or from the
standpoint of the number in the industry, or both. If
the application is
filed by an unorganized group, the percentage of
the entire industry represented by the group applying for the conference
should be shown.
3. The application should state whether the
conference is intended for all
branches of the industry, or whether it is to be
limited to a particular
branch or branches thereof.
. 4. The application should further set forth
any unfair methods of competition, trade abuses, or unethical practices existing
in the industry, which
It is intended to correct.
376
July 20 1935
Financial Chronicle
nally
United States Relief Rolls Dropped Extra-Seaso
Fedin June-249,897 Less Persons Supported byyment
eral Government—Increased Private Emplo
Responsible for Decline
the
Federal relief rolls declined extra-seasonally during
Adminss
Progre
Works
s,
Hopkin
L.
Harry
month of June,
l Governistrator, announced on July 13. In May the Federa
es and
famili
40
2,070,6
part
in
or
wholly
ment supported
2,003,073,
to
d
droppe
r
numbe
the
June
in
while
s,
single person
this indicated
or a decrease of 3.3%. Relief officials said
the cost of
that
added
and
uals,
individ
7
of
249,89
a drop
the declines
ted
attribu
s
Hopkin
Mr.
459.
$4,450,
fell
relief
r weather
to advances in private business, although warme
relief situathe
of
survey
A
es.
expens
ng
in
reduci
aided
also
Washington
tion was given as follows in Associated Press
advices of July 13:
March, as in
instead of in
The peak relief load was attained in December
every month this year. Mr.
the previous winter. The rolls have declined
year the number of cases
Hopkins said that between May and June last
declined 2% and expenditures went down 5%.
Work Relief Jobs Still Delayed
t
of the month which the Presiden
At the close of the second week
only a few
relief program, officials said
work
the
start
would
d
announce
hundred had jobs.
already have provided most of the
Rivers and harbors projects, which
steam behind them in August and
more
get
to
expected
employment, are
and grade crossing regulations,
Highway
jobs.
50,000
provide
ultimately
the $400,y, will permit a beginning on
approved by the President yesterda
lly.
projects must be approved individua
000,000 allotment soon, although all
declined most in three
rolls
relief
that
showed
The May-June report
where
, 22%, and Savannah, 5%),
Georgia cities (Atlanta, 16%; AugustaTalmadge culminated in the order
Governor
with
dispute
s
Hopkins'
Mr.
relief during June.
that all unemployables be taken off
relief load remained the same, although
Of the large citiese, the New York
rolls declined 1%, but expenditures
expenditures declined 7%. The Chicago
the resumption of relief paythat
d
explaine
Hopkins
Mr.
jumped 77%.
over State contributions in Illinois,
ments, after settlement of the dispute
accounted for the latter.
Rural Regions Are Established
ion
rural rehabilitation, and the distribut
Establishment of 31 regions for
announced to-day by Rexford G.
were
areas,
these
among
000
of $91,000,
rator.
Tugwell, Resettlement Administ
recently to the Administration by the
The $91,000,000 was allocated
works appropriation, and is for the six00,000
$4,000,0
President from the
be
month period July 1 to Dec. 81.
wn of the fund by States would
Officials explained that no breakdo
drafted, specified projects will be planned
made. Under plans now being
es a need.
where the Administration determin
g
said, might be used for the followin
The $91,000,000 fund, officials
purposes:
livestock, farm supto individual families for
To make loans or grants, or both,
subsistence, food and
and taxes for farms, and forself-sust
aining basis.
plies, farm equipment, repairs
a
on
groups
ation of these
clothing to facilitate the rehabilit
cation of families living on sub-standard
To purchase or lease land for the re-lo
land in stricken areas.
agricultural-industrial communities.
To Establish, maintain and operate
farm
for the rehabilitation of 300,000
called
said,
officials
,
program
The
on
be made to resettle 50,000 families
families. In addition, efforts will
better land.
wage increases and equalization
third week. The strikers demand 15%
of 325 operatives of the Cocheco
strike
ed
protract
more
A
load.
of work
r, N. H., also was indorsed.
Woolen Manufacturing Co., at East Rocheste
to provide a relief and compaign
Immediate special assessments of members
fund for the strikers were voted.
Conn., head of the U. T. W. A. woolen
William A. Dunlap, of Rockville,
at the meeting. President Thomas
presided
ent,
departm
worsted
and
addressing the delegates, said he was
McMahon of the U. T. W. A.,
manufacturers would approve the demands
certain that both workers and
an equalization of wages and work load
"because they will bring about
and stabilize the industry."
ns Stock Dealer From
Federal Court Permanently Enjoi
Trading in the United States
, in an unpreceOn July 16 the Federal Court at Bostonently
restraining
decree
perman
a
down
handed
,
action
dented
a stock dealer doing
City,
York
New
of
nt
Belmo
H.
Robert
the
ies business
business in Boston, from engaging in nt securit
all charges
denied
Belmo
Mr.
.
States
United
the
within
ng and artifice in
schemi
fraud,
alleged
of
him
t
agains
made
t by Edmund J. Brandon
stock sales and promotions brough
and Exchange Commisies
Securit
the
of
r
directo
l
regiona
nt
sion, but agreed to the entrance of the decree. Mr. Belmo
, but
to
ies
Boston
his
ed
activit
extend
had
he
that
denied
also
t by the SEC, and to a
according to the complaint brough
had
he
visited Boston several
on,
Brand
Mr.
from
ent
statem
had transacted
days a week over a two-month period and
concern.
affairs indirectly through a Boston
Elisha H. Brewer) as
The decision (handed down by Judge
of July 16, from which
cript"
"Trans
Boston
the
in
d
printe
ed, reads as follows:
the above information is also obtain
was argued by counsel, whereupon, and
This case came to be heard and
consent of the parties, it is ordered, adin consideration thereof, and upon
respondent, Robert Delmont, his agents,
judged and decreed that the
employees, and each and every one
servants, representatives, attorneys, ntly
restrained and enjoined in the
permane
of them be and they hereby are
or securities from directly or indirectly
solicitation and sale of any security
tation or communication in
using any means or instrument of transpor
using the mails to employianyischeme.
inter-State Commerce and from
obtain money or property by means of
device or artifice to defraud or to
fact, or any omission to:state a material
any untrue statement of a material
nts made, in the light of the cirfact, necessary, in order to make stateme
be made, notinaisleading, or from
cumstances under which they may
or other means or instrumentalities
directly or indirectly by use of the mails
or any National SecuritieslExof inter-State Commerce of any facility
persons any series of transactions
other
change alone or with one or more
es Exchange creating actual
Securiti
l
Nationa
a
in any security registered on
security or raising or depressing;the price
or apparent active trading in such
g the purchase'or salelof such
of such security for the purpose of inducin
transaction, practice or course of
security by others, or to engage in any
a fraud or deceit upon the
as
operate
would
or
business which operates
purchaser of said security or securities.
is
ntly restrained and
And the said Robert Belmont be and hereby Permane
as principal, broker, employer, emenjoined from directly or indirectly
mails directlyjorlindirectly, or any
ployee, officer or otherwise using the
or communication in inter-State
means or instrument of transportation
offering for sale, or engaging in the
Commerce in dealing, buying, selling,
as
principal, broker or otherwise.
either
business of dealing in securities
By the Court
(Signed) ARTHUR M. BROWN,Deputy Clerk.
--eUnder the final decree, according to the paper mentioned,
ed Workers Will Be
110,000 Eastern Woolen and Worst Demands Are Not the following paragraph was written in ink, signed by Mr.
Wage
if
Ordered to Strike
Leaders Seek In- Belmont:
Granted by July 22—Union
The respondent waives all questions of jurisdiction raised by the pleadcreases to Equalize Pay Scales
worsted workers in ings, and, submitting to the jurisdiction of this Court, agrees that the
and
woolen
0
110,00
y
imatel
Approx
on strike on July 22 unless within decree may be entered.
Eastern States will walk outby
that date, according to a
d
grante
are
ses
wage increa
tes representing the
delega
James A. Fayne Resigns as Technical Adviser to SEC
by
7
July
ed
approv
decision
of the United Textile
ment
depart
d
James A. Fayip, technical adviser to the Securities and
worste
and
woolen
from 129 locals in New Exchange Commission, recently tendered his resignation to
tes
Delega
a.
Americ
of
rs
Worke
Jersey attended the meet- Joseph P. Kennedy, Chairman. Mr. Payne,.prior to joinEngland, Pennsylvania and New
ence, R. I. It was said that ing the SEC about a year ago, was.'alpartner
Hornblower
Provid
in
held
was
which
ing,
hout the industry, and to
wage scales vary greatly throug the union is seeking in- & Weeks, New York.
equalize them at a higher figure
mills and departments to
creases ranging from 5% in someseeks equalization of the Robert A. Lovett Resigns as Member of Advisory Group
40% in others. The union also
of New York Stock Exchange—Personnel of Group
work load.
Reappointed
textile industry broke
Labor troubles in the New Englanddeclared in six of the
At a meeting of the Governing Committee of the New York
out on June 24, when strikes were d Co., as noted in the
Stock Exchange,July 10,the resignation of Robert A. Lovett
seven mills of the Uxbridge Worste
Press Boston advices of as a member of the Advisory Group was accepted. The
following excerpt from Associated
following were appointed members of the Advisory Group
June 24:
of the 3,375 textile workers emto serve with the Governing Committee until the first
Reports indicated that close to 3,000
a demand for a 20% wage increase Regular Meeting in July 1936:
ployed by the company had joined in
and equalization of the machine load.
e, Mass.; Putnam, Conn.;
The mills affected are located at Uxbridg
there are two plants, and
Woonsocket, R. I.; Pascoag, R. I., where
shop basis at North Smithfield,
Lowell, Mass. A mill operated on an open
affected.
R. I., employing 100 workers, was not
Workers of America. Heavy
The strike was called by the United Textile
e, but none of the workers
picket lines were established at Uxbridg
no disorder. In the Putnam
attempted to pass the gates and there was
but no pickets were on duty.
plant, one department continued operation,
employees of the Rhode Island
Company officials expressed confidence
plants would return to their looms.
said protest was being made
At Lowell, John Malloy, local organizer,
and refusal of wage increases.
to alleged lowering of operating standards
received no warning of the
Officials of several of the mills said they had
an agreement with the union
strike until last night, although they said
officials, who refused to divulge
called for 24 hours' notice. Some mill
by the old National Recovery
wage scales, asserted that minimum provided
Administration code was being observed.
7, added the
United Press advices from Providence, July date:
following regarding the union meeting on that
strike of 3,400 operatives of the
The delegates unanimously indorsed the
Uxbridge Worsted Co., now entering its
seven New England mills of the
Fred I. Kent
Joseph R. Swan
Roy B. White
Frederick E. Williamson
Adolf A. Berle, Jill
Donald G. Geddes
John M. Hancock
George H. Houston
The members of the Advisory Group, the Exchange announced, were appointedAtoAStanding and Special Committees as follows:
ons and Commissions; Stock List.
Adolf A. Berle, Jr.: Conference; Quotati
Donald G. Geddes: Centralization of Securities; Conference; Law,
John M.Hancock: Business Conduct; Conference; Stock List.
George H. Houston: Conference: Law.
FredI. Kent: Conference; Law; Public Relations.
Josepn R. Swan: Bonds; Centralization of Securities; Conference,
Roy B. White: Conference; Law; Quotations and Commissions.
enpcew;
reoru
CoGni
.riginally appointed last
La
aswo
September,it consisted of 10 members. Eight of the original
members were reappointed on July 10;the other two members
were Mr. Lovett, who has resigned, and Gayer G. Dominick,
who was elected a Governing member of the Exchange at the
:ry
visno
ma°
Ad
elilla
enHihw
ick
Wl
Fred
Adviso
Volume 141
Financial Chronicle
377
Morgan, President;
last election which automatically terminated his appoin t- Miller, Chairman of the Board; P. W. Black, Vice-PresiW. L. Hankey, Vice-President; J. Audley
ment_as a member of the Advisory Group.
dent and Cashier; Jay C. Stauffer, First Assistant Cashier;
Joseph S. Hughes, Assistant Cashier; F. E. Uncles, Auditor;
Hoffman Philip Appointed Ambassador to Chile— C. S. Hall, General Auditor, and T. W. Adlesic, Manager
A. J. Drexel Biddle Succeeds Him as Minister to Foreign Department.
Norway—Senate Confirms Nominations
Raymond M. Rau, formerly Assistant Vice-President of
President Roosevelt on July 15 appointed Hoffman Philip,
Minister to Norway, as Ambassador to Chile to succeed Hal the Integrity Trust Co., Philadelphia, Pa., has been elected
Sevier of Texas, who resigned because of ill health. On the Secretary of the institution, succeeding James Somers
same day the President nominated Anthony J. Drexel Biddle Smith Jr., who resigned to accept the post of Assistant SecreJr., of Philadelphia, as Minister to Norway to succeed Mr. tary of the Philadelphia Contributionship for the Insurance
Philip. The nominations of Mr. Philip and Mr. Biddle of Houses from Loss by Fire, according to the Philadelphia
were confirmed by the Senate on July 18. The new Ambassa- "Inquirer" of July 10. The directors also appointed Albert
dor to Chile entered the diplomatic service 34 years ago, and W. Kaiser as Assistant Treasurer in charge of the 717 Chestwas appointed Minister to Norway by President Hoover in nut Street office, and named Edwin S. Dunkerley as Assistant
1930. He served as Minister to Colombia from 1917 to 1922, Secretary, it was stated.
when he was named Minister to Uruguay, where he remained
until appointed Minister to Persia in 1925. His career, and
According to a dispatch from Kittanning, Pa., appearing
that of Mr. Biddle, were noted as follows in the New York In "Money and Commerce" of June 29, the Elerton State
"Times" of July 16:
Bank, Elerton, Pa., has filed amendments to its charter,
Born in Washington, D. C., in 1872, Mr. Philip was educated at Lawrenceincreasing its capital stock from $50,000 to $100,000, by the
ville Academy and at Magdalena College of the University of Cambridge.
creation of 500 shares of non-assessable preferred, $50 par,
He is a graduate of the Columbian University Law School, now George
3;6%
stock; providing for sale of the preferred to the ReWashington University Law School. He was a "Rough Rider" in the
construction Finance Corporation; making the charter perSpanish-American War.
petual, and fixing the number of directors, &c.
Mrs. Anthony J. Drexel
Anthony J. Drexel Biddle Jr., a son of Major and
Biddle of Philadelphia . . . is 38 years old. He is a member of the
Advisory Board of the Chase National Bank.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made to-day for the sale of a New York
Stock Exchange membership at $108,000. The previous
sale was at $108,000, on June 24, 1935.
A membership on the Chic- ago Board of Trade was sold
July 12 at $5,700, an advance of $200 from the previous sale.
Depositors of the defunct Potomac Savings Bank of Washdividend, amounting
ington, D. C., were to receive a 12
to $253,767, on July 17, according to .an announcement
made the previous day by Norman R. Hamilton, the receiver for the institution. The Washington "Post" of July
17, authority for the above, furthermore said in part:
Payment of the deposit dividend was first announced last March. No
definite date was set at that time, however,for the actual payment. Eight
thousand claims will be paid, Mr.Hamilton said, depositors being asked to
call in groups of 1,000 per day.
Ski;
Total deposit liability of the bank when it failed,to reopen after the
national bank holiday in March,1933, was $2,378,217.Of this sum,623i%
will have been paid out with the latest dividend.,
John H. Kennedy has been elected Secretary of the South
Brooklyn Savings Bank, Brooklyn, N. Y., succeeding the
late Edwin C. Estes, and David C. Dalziel has been made
Concerning the affairs of the Central Bank & Trust Co.
Assistant Secretary of the institution.
' of Canton, Ohio, which has been operating under a conservator, Associated Press advices from Columbus, Ohio, on
On July 8, the New York State Banking Department July 6 had the following to say, in part:
The State Banking Department lifted to-day the last of 142 State bank
approved a reduction of the capital and par value of shares
of the Lockport Exchange Trust Co., Lcickport, N. Y.,from conservatorships established after the bank holiday in 1933.
Closing the Central Bank Si Trust Co. of Canton at noon, Bank Super$400,000 at a par value of $20 a share to $100,000 at a par
value of $5 a share. Subsequently, on the same date, the intendent Samuel H. Squire presented a plan for reorganization to the
The plan has been approved by 94%
Banking Department approved an increase in the capital Common Pleas Court of Stark County.
of the depositors. Hearing on the application was set for July 24.
stock from,$100,000 to $200,000.
bank
will be operated by Superintendent
Pending the court's ruling, the
William Arthur Hamilton, a retired executive of the Manufacturers Trust Co., New York, died on July 17, at the
Presbyterian Hospital in New York City. Mr. Hamilton was
76 years old. He served with the Chatham Phenix National
Bank & Trust Co. for about 15 years, and at the time of
that institution's merger with the Manufacturers Trust Co.
was in charge of its new business department.
James Ringold, President f- or many years of the United
States Bank of Denver, Col., has been elected President of
The First-Mechanics National Bank of Trenton, N. J., according to an announcement on July 15 by the directors. Mr.
Ringold was to assume his new duties immediately. In
noting the matter, Trenton advices to the New York "Times"
further stated:
Mr. Ringold will succeed Harold Ray, who will resume his former post as
Executive Vice-President. Mr. Ray has been serving as President since the
resignation of former Governor Edward C. Stokes, who continues as Chairman of the Board. Mr. Stokes formerly held both positions.
Advices to the New York "T-imes" from East Orange, N. J.,
on July 15 stated that application for approval of a merger
of the Essex County Trust Co. of East Orange with the
Fidelity Union Trust Co. of Newark had been filed with
the Federal Reserve Bank, according to an announcement
on July 15 by officials of the East Orange institution. The
dispatch continued:
It was also said that the Newark bank already owned a majority of the
Essex County Trust Co.'s stock.
ihe East Orange bank has a capitalization of $500,000, with a surplus
of $350,000. Ralph Richards, a former official of the Newark bank, is
President of the Essex County Trust Co. The Fidelity Union Trust is
capitalized at $11,000,000 and has a surplus of $2,500.000 and undivided
profits of $1,004,000.
Under the merger the main office and the Central Avenue branch of the
Essex County Trust, both in East Orange, will function as branches of the
Fidelity Union, giving the Newark bank a total of 10 branches. Stockholders of the Essex County frust will receive the opportunity of exchanging one share of stock for four shares of Fidelity Union, it was said at the
East Orange bank.
On July 12, the First National Bank of Wilmerding, Pa.,
celebrated the 40th anniversary of its founding, we learn
from "Money & Commerce" of July 13. The institution,
which was organized in 1895 as the East Pittsburgh National
Bank with capital of $50,000, became the First National
Bank in 1923 when the Wilmerding National Bank was
merged with it. To-day the institution is capitalized at
$400,000 with surplus, undivided profits and reserves of
over $535,000; deposits in excess of $3,500,000 and total resources of $4,641,000. The present officers are: John F.
Squire. Under the plan of reorganization, depositors will receive 40% of
their accounts. A mortgage company will liquidate the remaining assets
and pro-rate them among the depositors.
That Bruce B. Brady, Cleveland, Ohio, attorney, and
President of the General Title & Trust Co. of that city, and
associates, have acquired a controlling interest in the Union
Bank & Savings Co. of Bellevue, Ohio, was reported in a
dispatch from that place appearing in "Money and Commerce" of June 29, which went on to say:
The institution has $100,000 capital and resources of $2,000,000. The
purchase was made from Frank A. Knapp, who has been President and owner
of the majority of stock. Mr. Brady will succeed Mr. Knapp as President,
bat the latter will continue as a director. No changes in the staff are
contemplated, it is announced.
That a cash dividend of 17%, amounting to $538,649, was
to be distributed to the approximately 8,000 depositors of
the defunct First National Bank of Toledo, Ohio, beginning
July 15, was announced on July 12 by John W. Hackett, the
receiver. In noting this, the Toledo "Blade" of July 12 also
said, in part:
To Mr. Hackett's dividend announcement was appended a statement
of the bank's condition for the quarterly period ending June 30.
Assets at the date of suspension, March 5 1933. were given a book value
of $7,995,392. The book value of additional assets acquired since suspension was listed at $1,766,793. A 100% stock assessment was listed at
$500,000. Uncollected assets stood at $3,484,957; uncollected additional
assets at $1,510,638, and uncollected stock assessment. $304.123.
Disbursments were as follows: Payments on special trusteed deposits,
$6.74; secured and preferred liabilities, including dividends, $2,468,358;
advances for taxes, insurance, and other asset protection items, $7.870;
receivership expenses, $223,265; dividends paid to insecured creditors,
$2,115,564; Reconstruction Finance Corporation loans repaid, $646,811,
and cash in hands of receiver and comptroller, $37,084,
That the Dollar Savings Bank Co. of Niles, Ohio, was to
reopen on July 11,releasing more than $600,000, was reported
in Associated Press advices from that city on July 10, which
also supplied further details as follows:
Depositors received 5% payments in March 1933. They received certificates in the Depositors Realization Corporation for 33 1-3%, which
they waived. As slower assets are liquidated dividends will be paid.A.1
It is learned from Defiance, Ohio, advices on July 10,
printed in the Toledo "Bede," that the National Bank of
Defiance, which has been closed since 1931, will pay a fourth
dividend, 20%, to its depositors early in August, bringing
the total paid to 70%. The dispatch continued:
The dividend will represent $176,937.31. When this amount has been
distributed, the bank will have paid out $682,210.95 in dividends, and
$302,315.93 In secured and preferred claims.
378
Financial Chronicle
A dispatch to the Indianapolis "News" from Franklin,
Ind. on July 13 stated that the former Citizens' National
Bank of Greenwood, Ind., had released $55,524.58 to its
depositors the previous day, making a total of 90% paid.
The dispatch added, that according to bank officials, the
remainder will be paid this year.
Announcement of a 25% dividend to depositors in the City
National Bank of Goshen, Lad., amounting to $175,000,
was made by Hugh M. Hayes, receiver of the institution on
July 11, according to a dispatch from that place on the
date named to the Indianapolis "News," which went on
to say:
This will make 75% distributed in all, or a total of about $525.000.
The bank did not open after the 1933 holiday.
It has since been succeeded by the First National Bank. The new
dividend was made possible by a $50,000 Reconstruction Finance Corporation loan.
From the Chicago "Tribune" of July 14, it is learned that
checks, representing another 734% dividend to depositors
of the closed Morgan Park Trust& Savings Bank of Chicago,
were to be mailed on July 15, acording to an announcement
by Edward J. Barrett, State Auditor of Illinois. The dividend, it was stated, amounts to $41,568 and lifts total
repayments to 32M%.
In its issue of July 9, the Chicago "Tribune" reported that
three closed banks, the Jefferson Park National Bank of
Chicago; the Boulevard State Bank of Chicago, and the
Forest Park Trust & Savings Bank, Forest Park (Cook
County), had been making further repayments to their respective depositors on July 8, the disbursements aggregating
$303,805. We quote the paper:
The Jefferson Park National, for which R. C. Sullivan is receiver, began
handing out $168,000 to 10,000 depositors. This amounts to 20% of
deposit liability at closing and raises total repayments to 40%.
The Ileulevard State Savings paid out $74,966, or 10%. Money was
obtained through a loan from the Reconstruction Finance Corporation.
The bank now has returned 20% in addition to wiping out $166,919 preferred claims and $205,998 in old bills.
The Forest Park Trust & Savings sent out checks for $60,809, or 5%,
lifting restitution so far to 15%. Money was obtained in ordinary liquidation of assets. Also wiped out are $117,682 preferred claims and $147,553
in bills. William L. O'Connell is receiver for both of the State banks.
We learn from the "Commercial West" of July 13 that a
new banking institution, the Western State Bank, was
opened at Marshall, Minn., on July 8.
The Mercantile-Commerce National Bank of St. Louis, Mo.,
affiliate of the Mercantile-Commerce Bank & Trust Co.,
recently moved into larger quarters at Grand and Washington Boulevards, that city. An announcement by the bank
added:
Serving an important mid-town district of St. Louis, the continuous
growth of the bank's business since its organization in 1930 made the move
necessary. Its services include complete commercial banking, savings and
safe deposit departments. Extensive alterations were made and completely
modern equipment installed in the attractive new building of the bank.
The Citizens' Bank of Greenville, Mo., on July 13 was
taken over for liquidation by the Wayne County State Bank
of the same place, according to Associated Press advices
from Greenville on the date named, which went on to say:
J. D. Ellis, a State Bank Examiner,is here supervising the consolidation.
Those in charge say the closed bank will pay depositors and stockholders
In full.
The last published statement, on April 15, shows the Citizens' Bank
had assets of $72,898; capital and surplus of $12,000, and demand deposits
totaling $54.366. J. S. Marsh, Cashier, said the closing was not forced,
the directors deciding it was the best course in view of business conditions.
There are two other banks In Wayne County, at Mill Spring and at
Piedmont.
In indicating that a 10% dividend was being distributed
to depositors of the defunct Wayne National Bank of Goldsboro, N. C.,a dispatch from that place under date of July 14,
printed in the Raleigh "News & Observer," gave the following information:
F. F. Fagan, receiver for the closed Wayne National Bank of Goldsboro,
has released a report of the bank for the quarter ended June 30, which
shows $9,024 on hand for application on $42,000 borrowed from the Reconstruction Finance Corporation. This money was borrowed to secure
sufficient cash to pay a 10% dividend, checks for which are now being
distributed.
According to figures in the report, collections for the quarter were more
than the expenses, showing a net operating profit even though the bank
has been in receivership nearly 3A Years.
The 10% dividend now being paid brings the total dividends paid to
68%. The first dividend was for 40%;the second, 18%,and this, the third.
10%. It is not believed that any further dividend will be paid until
the final dividend is declared upon closing of the trust, Mr. Fagan said.
On July 16,announcement was made by Gurney P. Hood,
State Bank Commissioner for North Carolina, that 2,647
depositors and other creditors fn four closed North Carolina
banks, viz.: Bank of Pee Dee at Rockingham; Bank of
Newport, Newport; Bank of Warren at Warrenton,and the
Maiden Bank at Maiden were being paid $38,291 in dividends,.
In noting this,the Raleigh "News & Observer" gave details
in the case of each bank as follows:
July 20 1935
At Rockingham, 1,134 persons are being paid $13,869.23, or 4.5%, as
their sixth and final dividend from the Bank of Pee Dee which makes
$134,853.09, or 44.5% of their money, the bank has paid since it closed in
1930.
At Newport, 182 depositors of the Bank of Newport are getting $2,063.97
as a 10% dividend, which makes 50% or $10.313.06 paid them since the
bank closed in 1934.
At Warrenton, 1,093 creditors of the Bank of Warren are getting 10%
of their money,$18,243.97, as their seventh dividend to make $163,401.97,
or 85% they have been paid since the instituiton closed in 1931.
The Maiden Bank is paying 15% or $4,113.80 to its 238 depositors as a
second dividend which makes 65% or $17,821.03, paid since the bank shut
Its doors in 1934.
In indicating that a 9% dividend was to be paid on that
day to depositors of the closed First National Bank of
Aurora, Colo., the Denver "Rocky Mountain News" of
July 9 had the following to say •
The second dividend to depositors of the defunct First National Bank
of Aurora will be paid Tuesday (July 9), W. D. Hoover of Denver, receiver for the bank, announced Monday. The dividend, representing
9%, will total about $30,000.
The dividend will bring the total amount paid since the bank closed
to about $130,000, Mr. Hoover said. About 1,300 depositors will receive
the dividend.
In reporting dividend payments to depositors of the defunct First State Bank of Douglas, Wyo., a dispatch by the
Associated Press from Cheyenne, Wyo., had the following
to say:
The State examiner's office announced Thursday (July 4) payment of
$13,225 in dividends to depositors of the First State Bank of Douglas, which
has been closed. The dividend represented a 10% payment of commercial
deposits and a 5% payment to savings depositors, it was said.
A. W. Johnson, heretofore Vice-President of the National
Bank of Lewistown, Lewistown, Mont., was elected President
of the institution on July 3 to succeed the late George J.
Weideman, according to the "Commercial West" of July 13.
At the same time, it was stated, Harry E. Lay was promoted
from Cashier to Vice-President, and Richard S. Baker from
Assistant Cashier to the Cashiership.
The statement of condition of the Farmers & Merchants
National Bank of Los Angeles, Los Angeles, Calif., as at
the close of business June 29, shows total assets of $122,032,053, of which $14,023,750 represents cash on hand and
with Federal Reserve Bank and due from other banks. On
the liabilities side of the statement total deposits are given
at $113,071,970. The institution has a paid-in capital
of $3,000,000; surplus of $4,500,000, and undivided profits
of $533,297, making a, total capital structure of $8,033,297.
V. H. Rosetti is President.
The Citizens National Trust & Savings Bank of Los
Angeles, Los Angeles, Calif., in its statement of condition
as at the close of business June 29 reports total resources of
$106,631,854 of which the principal items are: Loans and
discounts, $45,711,212; cash and due from banks $30,305,006; United States obligations direct and fully paid, $11,662,674 and State, County and.muncipal bonds,$11,429,341.
On the debit side of the statement deposits are shown at
$96,297,777. The bank's capital stands at $5,000,000 with
surplus and undivided profits of ,325,398, Including its
head office, the institution maintains 36 offices throughout
Los Angeles. Herbert D. Ivey is President.
Jospeh G. Hooper, for 48 years connected with the Crocker
First National Bank of San Francisco, in which time he
advanced from messenger boy to a Vice-President, retired
this week from the insititution at his own request. In noting
Mr. Hooper's retirement, the San Francisco "Chronicle" of
July 14 added in part:
In his progress to a Vice-Presidency Hooper gained experience in various
department of the Crocker insititution. In 1907, when the trust and
savings division was organized, he was placed in charge and served as head
of this department until the Board of Directors reluctantly granted his
request for retirement.
Purchase of the Ontario National Bank, Ontario, Ore.,
was announced on July 13 by the United States National
Bank of Portland, Ore., and on July 15 the acquired bank
was to open the Ontario branch of the Portland institution.
The "Oregonian" of July 14, authority for this, also supplied further details in part as follows:
Deposits of the Ontario bank amounted to some $850,000, and in addition to other offsetting assets the Portland bank purchased the bank
building and all equipment and fixtures. The announcement stated that
operation will continue under the same local management and staff as
heretofore in charge, with Joseph E. Dyer, Cashier, as Manager, and
Ira! C. Nelson, Assistant Cashier, as Assistant Manager, ,
Acquisition of this bank by the United States National makes a second
unit added within the last month, the United States National Bank of
Eugene having been purchased and converted into a branch June 17:
the whole making a total of 14 banking units, exclusive of the head office
but including four branches in Portland and other branches in Salem,
Albany, McMinnville, Mount Angel, Eugene, St. Helens, Oregon City.
The Dalles and Pendleton. . . .
From Salem, Ore., advices to the "Oregonian" on July 12,
it is learned that checks aggregating. $2,175, and covering
the third and final dividend to all claimants in the commer-
Volume 141
Financial Chronicle
cial department of the Chiloquin State Bank, Chiloquin, Ore.,
now in liquidation, were mailed on that day by State Superintendent of Banks, A. A. Schramm. We quote the dispatch further in part
This dividend completes 100% payment of all deposit claims in the
commercial department of the bank. A 100% repayment of savings claims
was completed Sept. 28 1934.
The bank was placed in the hands of the Superintendent of Banks Feb.
12 1932, with total resources of $93,210.26. Deposit claims were filed in
the commercial department in the amount of $21,379.21 and in the savings
department in the amount of $7,984 85
Regarding the affairs of the defunct First Inland National
of Pendleton, Ore., the following appeared in a dispatch
from that city to the "Oregonian" under date of July 8
A second dividend of 10% on all claims which have been proved against
the First Inland National Bank here has been authorized, it was announced
to-day (July 8) by Charles Reynolds, receiver. With the payment of this
dividend depositors will have received 70% of their claims.
It was learned from the Portland "Oregonian" of July 7
that depositors in the commercial department of the Bank
of Commerce of Eugene, Ore., which closed its doors four
years ago, will shortly receive a 10% dividend. The paper
also supplied the following details:
The total amount to be distributed will be $21,643.97, and will be the
fourth dividend in the commercial department, two others having been for
10% each and the third for 20%.
La.
The statement of condition of the Westminster Bank,
(head office London), as of June.30 1935 shows total assets
of £361,066,757, of which the principal items are: Advances
to customers and other accounts, £114,733,074; investments,
£101,4S4,032; bills discounted, £38,205,607; coin, Bank of
England notes, and balances with the Bank of England, £32,947,876; money at call and short notice, £26,929,790, and
liabilities of customers for acceptances, endorsements, &c., as
per contra, £26,757,770. On the liabilities side of the statement, current, deposit and other accounts are given at
£315,654,483, and liabilities for acceptances, endorsements,
&c., as per contra, at £26,757,770. The bank's paid-up capital is £9,320,157, and its reserve fund of like amount.
The directors of the Midland Bank, Ltd., of London have
announced an interim dividend for the half-year ended
June 30 at the rate of 16% per annum, less income tax,
which was payable on July 15. The same rate of dividend
was declared a year ago.
379
with a gain of 4 points to 100. Ohio Public Service pref. A
forged ahead 73 points to 96 and Aluminum Co. of America
improved 2 points to 64.
Miscellaneous specialties assumed the leadership of the
Curb market during the forenoon on Thursday, and while
the gains were small, the improvement extended to several
groups. Late profit taking stopped the forward movement
and some of the early gains were canceled. The turnover
was considerably higher than the preceding day, the total
reaching about 237,000 shares as compared with 180,000
at the end of the previous session. Montgomery Ward A
held most of its advance and closed at 139 with a net gain
of 1% points. Pepperell Manufacturing Co. closed at 73
with an advance of 4% points and Singer Manufacturing
Co. forged ahead 10 points closing at 300.
Pepperell Manufacturing Co. was again in demand on
Friday and added 3 points to its gain of the preceding day.
Chesebrough Manufacturing Co. attracted some buying and
moved up 2% points to 133% and Childs Co. pref. went
up 2% points to 20. In the general list prices were
fractionally lower, though there were a few scattered stocks
which registered small gains. As compared with Friday of
last week, prices were moderately lower, Allied Mills closing
last night at 17%, against 183
/
t on Friday a week ago,
American Cyanamid B at 213, against 22%; American Gas
& Electric at 293,against 293
%;American Light & Traction
at 11%, against 113; Associated Gas & Electric A at 9-16,
against %; Carrier Corp. at 15, against 16%; Creole Petroleum at 153
%, against 173; Distillers Seagrams, Ltd. at
205
%, against 215
%; Electric Bond & Share at sq, against
8%; Ford of Canada A at 265/
8, against 27%; Gulf Oil of
Pennsylvania at 62, against 64; Hollinger Consolidated Gold
Mines at 13, against 14; Humble Oil (new) at 56%, against
58; International Petroleum at 34, against 35; Lake Shore
Mines at 49%, against 50%; National Bellas Hess at 1X,
against •13
/s; Niagara Hudson Power at 61%, against 7;
Pennroad Corp. at 2, against 2%, and Standard Oil of Kentucky at 213, against 21%.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Week Ended
July 19 1935
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Stotts
(Number
of
Shares)
Bonds (Par Value)
Domestic
102,560 51.945,000
186,180 3,001,000
178,645 3,398,000
180.305 3.635,000
236,625 4,017,000
214,615 4,229.000
Foreign
Foreign
Government Corporate
$72,000
24,000
81,000
43,000
27,000
52,000
Total
$23,000 $2,040,000
46.000 3,071,000
30,000 3,509,000
41,000 3.719.000
69,000 4,113.000
62,000 4,343,000
Total
1.098,930 $20,225,000
2299,000
$271,000 520,795,000
THE CURB EXCHANGE
Trading on the New York Curb Exchange has shown
Sales at
Jan. I to July 19
Week Ended July 19
no improvement during the present week. Changes in
New York Curb
Exchange
most cases have been within narrow limits, and while a
1934
1935
1934
1935
few scattered stocks have, at times, forged ahead from three Stocks—No,of shares_ 1.098.930'
932,920
l
27,970,678
37.524,096
Bonds
to five points, these advances have generally been restricted
520.225,000 518,999,000
5674,991,000
$553,591,000
to stocks in the higher brackets. In the general list selling Domestic
Foreign government299,000
530,000
9,541,000
20,382,000
pressure has been in evidence from time to time, particularly Foreign corporate 271,000
533,000
7.038,000
17,015,000
among the more active of the public utilities. This has,
$691,570.000
$20,795,000 $20,082,000
Total
5590.988,000
to some .extent, served as a check on the upward swing.
Transactions were comparatively small during the forepart
of the week, but the volume gradually improved as the week
COURSE OF BANK CLEARINGS
advanced.
clearings
Bank
this week will again show an increase as
Narrow trading with advances and declines about evenly
divided was the chief characteristic of the brief session on compared with a year ago. Preliminary figures compiled by
Saturday. The oil stocks continued to slip backward and us, based upon telegraphic advices from the chief cities of the
the public utility issues, in which a larger part of the trans- country, indicate that for the week ended to-day (Saturday,
actions centered, were in supply at lower levels. Some of July 20) bank exchanges for all cities of the United States
the more active stocks among the specialties and mining from which it is possible to obtain weekly returns will be
and metal shares showed moderate advances. These in- 21.5% above those for the corresponding week last year.
Our preliminary total stands at $6,118,687,816, against $5,cluded among others Atlas Corp., Glen Alden Coal, United
036,112,250 for the same week in 1934. At this center there
Gas Corp. and United Verde Extension Mining.
OiCuFla stocks were moderately firm on Monday, but there is a gain for the week ended Friday of 30.4%. Our comwas little change from the closing prices of the preceding ses- parative summary for the week follows:
sion. There were occasional weak spots like Montgomery
Clearings—Returns by Telegraph
Per
Ward A, which slipped back 2 points to 137; Duke Power
Week Ending July 20
1934
1935
Cent
Co., which dipped 2 points to 53 and A. 0. Smith, which
$3,313,121,792 $2,540,670,955 +30.4
tumbled downward 2% points to 603. Singer Manufac- New York
213,191,873
Chicago
185,311,168 +15.0
turing Co. was an exception and climbed upward 6 points Philadelphia
277,000.000
253,000,000
+9.5
Boston
213.000,000
to 280.
201,000.000
+6.0
Kansas City
84,032,439
80,066,557
+5.0
Declining prices marked the trading on the curb exchange St. Louis
71,700,000
63,900,000 +12.2
during most of the transactions on Tuesday. There were San Francisco
113,423,000
80,474,000 +40.9
82,189,009
76,353,119
+7.6
occasional gains in evidence from time to time, but scattered Pittsburgh
Detroit
67,777,820
56,292,528 +20.4
selling among the alcohol share and specialties held the mar- Cleveland
82,174,635
52,627,935 +18.1
51,588,239
45,881.491 +12.4
ket down to narrow changes. Public utilities continued to Baltimore
New Orleans
23,033,000
22,784,000
+1.1
attract trading, and while there was a tendency to move
Twelve cities, five days
$4,572,229,807 53,658,361,753 +25.0
upward, very few of the stocks were able to hold their gains. Other
cities, five days
610,010.040
534,164,680 +14.2
The turnover was slightly higher than on the previous day.
all cities, five days
$5,182,239,847 $4,192,526.433 +23.6
Prominent among the stocks showing declines were such AllTotal
cities, one day
936,447,969
843,585,817 +11.0
trading favorites as Childs Co. pref., 1% points to 23;
Tntel nil eltiee for week
28.11RA57 MR SA one 119 oan -1-91 a
Empire Power, 2 points to 17; Holly Sugar, 2 points to 61;
Lake Shore Mines, Ltd., 1 point to 503; National Power &
Complete and exact details for
week covered by the
Light pref., 2 points to 683, and Hiram Walker, 2 points foregoing will appear in our issue ofthe
next week. We cannot
to 29%.
furnish them to-day inasmuch as the week ends to-day
Many active stocks moved briskly forward during the early (Saturday) and the Saturday figures
will not be available
trading on Wednesday, but profit taking appeared toward until noon to-day. Accordingly,
the end of the session and some of the morning gains were of the week in all cases has to be in the above the last day
estimated.
erased. The turnover showed a moderate increase over the
In the elaborate detailed statement, however, which we
previous day, the volume of sales reaching approximately present further below,
we are able to give final and complete
180,000 shares. Singer Manufacturing Co. led the advance results for the week
week ended July 13.
with a gain of 5 points to 290, followed by Dow Chemical For that week there isprevious—the
an increase of 7.9%, the aggregate
Financial Chronicle
380
of clearings for the whole country being $5,564,208,320,
against $5,155,481,513 in the same week in 1934. Outside
of this city there is an increase of 9.5%, the bank clearings
at this center having recorded a gain of 7.0%. We group
the cities according to the Federal Reserve districts in which
they are located, and from this it appears that in the New
York Reserve District, including this city, the totals record
a gain of 7.2%,in the Boston Reserve District of 14.2% and
in the Philadelphia Reserve District of 8.3%. In the Cleveland Reserve District there is an improvement of 1.4%, in
the Richmond Reserve District of 10.0% and in the Atlanta
Reserve District of 7.4%. The Chicago Reserve District
has managed to enlarge its totals by 6.5%, the St. Louis
Reserve District by 3.6% and the Minneapolis Reserve
District by 19.0%. The Kansas City Reserve District
enjoys an increase of 8.0%, the Dallas Reserve District of
2.2% and the San Francisco Reserve District of 23.0%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended July 13
Clearings at 1935
1933
$
s
$
%
$
264,346,393
209,631.652
205,904,511 +14.2
235,224,314
3,560,305,143 3,312,356,982 +7.2 3,936,273,716 2,936,475,882
276,836,991
257,198,349
309,204,202 +8.3
334,958,562
196,377,473
194,649,036
221,182,483 +1.4
334,302,959
102,228,988
84.516,426
100,734,933 +10.0
110,769,800
77,448,964
87,234,547
99,551,350 +7.4
106,945,769
304,112,61
329,333,568
360,176,251 +6.5
383,454,443
101,314,457
83,561,353
106,842,809 +3.6
110,727,462
77,931,571
89,641,693
84,738,446 +19.0
100,811,215
107,284,177
107,067,307
120,104,184 +8.0
125,730,702
34,191,871
38,033,799
44,769,522 +2.2
45,763,914
176,026,893
172,211.994
179,915,840 +23.0
221,214,037
111 cities
Total
Outside N. Y. City
5,564,208.320
1.106,340,683
5,155,481.513 +7.9
1,924,067,867 +9.5
5,665,636,184
1,825,121,222
4,578,281,624
1,736,633,671
22 Mettle
110.081.512
327.657.889 +0.7
334.302.740
250.565.10.
We now add our detailed statement showing last week's
figures for each city separately for the four years:
Week Ended July 13
1935
1934
Inc. or
Dec.
1933
1932
$
$
3
%
$
First Federal Reserve Dist rict-Boston564,212 +22.6
691.494
Me.-Bangor ___
1,728,676 +8.6
1,877,386
Portland
Mass.-Boston _. 202,356.403 177,542,311 +14.0
698,402 +8.3
756,649
Fall River_ __ _
259,796 +18.1
306,696
Lowell
554,904 +35.0
749,206
New Bedford
2,548,771 +24.9
3,182,166
Springfield
1,562,457 +9.3
1,708,129
Worcester
8,286,311 +18.5
9,815.746
Conn.- Hartford
3,190,440 +16.2
3,708,840
New Haven- _ _
8,461,200 +13.1
9,572,400
R.1.-Providence
507.031 -1.5
499.199
N.H.-Manches.r
504,765
2,014,155
231,982,485
616,990
276,013
689,956
3.312.632
1,638,191
9,615,569
3,975,184
9,037.000
683,453
384,321
2,172,568
179,401,799
571.836
452,499
578,016
3,116,820
2,125,748
7,835,244
4,467,399
8,083,000
444,402
205,904,511 +14.2
264,346,393
209,631,652
Total(12 cities)
235,224,314
Second Feder al Reserve D istrict-New
6,947,663
7.257,577
N.Y.-Albany-.
877,445
806.611
Binghamton_
27,951,028
28,100,000
Buffalo
403,936
569,322
Elmira
527,858
722,702
Jamestown_
New York_ __ - 3,457,867,637 3,231,413,646
5,973,697
6,409,680
Rochester
3,608,116
3,845,384
Syracuse
2.740.246
2,298,860
Conn.-Stamford
257,000
*375,000
N. 1.-Montclair
16,076,790
15.625,510
Newark
25,579,557
36,426,860
Northern N.J.
York-4,855,385
8,824,665
+4.5
792,408
849,267
-8.1
27,244,494
26,139,571
+0.5
563,195
559,569
+40.9
613,552
357,076
+36.9
+7.0 3,840,514,962 2,841,647,853
6,272,952
6,766,481
+7.3
4,122,083
3,450,936
+6.6
2,454,429
2,722.497
-16.1
441,766
443,258
+45.9
20,244,313
17,223,686
-2.8
28,328,375
27,316,845
+42.4
Total(12 cities) 3,560,305,143 3,322,356,982
+7.2 3,936,273,716 2,936,475,882
Third Federal Reserve Dist rict-Philad elphia-374,934
316,702 +69.6
537,063
Pa.-Alt000a
b
b
0285,338
Bethlehem..
230,641
258,222 -14.6
220,859
Chester
996,980
+13.6
882,524
1,002,952
Lancaster
Philadelphia_ _ _ 323,000,000 299,000,000 +8.0 247,000,000
1.269,401
1,076,114 -2.6
1,048,460
Reading
1,956,989
2,017,125 -0.7
2,002,922
Scranton
1,565,334
1,082,821 +3.0
1,114,985
Wilkes-Barre
1,352,070
1,311,694 +24.3
1,630,321
York
2,452,000
3,259,000 +35.0
4,401.000
N.J.-Trenton._
332,615
82,169,180
319,968
1,203,641
263,000,000
2,348,681
2,199,878
1,758,352
1,462,856
4,213,000
257,198,349
276,836,991
Total(9 cities).
334,958,562
309,204,202
+8.3
Fourth Feder al Reserve D strict-Clev eland-c
....c
c
Ohio-Akron..
c
c
c
c
c
Canton
41,515.000
42,002,157 +13.0
47,479,116
Cincinnati
58,134,641
+2.0
66.542,986
67,873,022
Cleveland
9,435.900
8,761,000 +49.1
13,060,200
Columbus
1.079,068
1,104,537 +30.9
1,446,413
Mansfield
b
b
b
b
Youngstown
84,484,427
Pa.-Pittsburgh. 94,445,208 102,771,803 -8.1
c
c
41.902,402
68,282,987
8,722,200
1,016,869
b
76,463,015
Total(5 cities).
Fifth Federal
W.Va.-HuntIon
Va.-Norfolk .....
Richmond
B.C.-Charleston
Md.-Baltimore D.C.-Washing'n
+1.4
194,649,036
196,387,473
Reserve Dist rict-Richm ond164,808 -12.3
144,573
2,264,000 -0.7
2,249,000
27,404,171 +11.2
30,476,839
625,541 +58.0
988,590
54,966,873 +4.8
57,588,972
15,309,540 +26.2
19,321,826
89.220
2,463,000
24,450,828
726,435
43,307,608
13,479,335
336,234
2,657,198
24,947,883
628,663
54,654,652
19,002,256
224,302,959
221,182,483
100,734,933 +10.0
84,516,426
102,226,986
Sixth Federal Reserve Dist rict-Atlant a2,204,008 +17.2
2,582,857
Tenn.-Knoxville
10.850,030 +8.3
11,748,407
Nashville
+3.4
35,000,000
36,200,000
Ga.-Atlanta
835,037 +3.4
863,195
Augusta
754,905 -0.6
*750,000
Macon
11,521,000 +29.6
14,931,000
F1a.-Jack'nville.
14,759,434 +6.7
15,753.672
4,1a.-Birm•ham _
048,910 +31.0
1,243,063
Mobile
b
b
b
VILos.-Jackson_
130,051 -7.7
120,084
Vicksburg
+0.9
22,547,975
22,753,491
AL-New Orleans
3,434,675
9,176,225
31,800,000
1,073,476
548,732
10,348,000
9,856,765
1,023,827
b
93,058
19,879,789
2,328,684
8.318,956
27,200,000
673,499
532,512
7,332,365
8,174,774
688,398
b
112,760
22,087,016
+7.4
87.234,547
77,448,964
Total(6 cities).
Total(10 cities)
110,769,800
106,945,769
99,551,350
1933
1932
$
$
b
545,562
45,919,801
1,011,160
470,651
532,710
11,791,000
474,561
3,718,551
15,783,436
211,164
4,716.581
2,389,347
to
289,993
236,784,826
589,177
2,575,779
636,998
892,271
--t
92,490
420,730
60,432.225
2,498,347
1,058,120
975,538
15,246.000
1,088,498
3,252,426
15,047,318
633,988
5,120,829
2,361,013
b
808,751
190,130.772
469,946
2.316,941
468,562
1,690,116
+6.5
329,333,568
304,112,610
Eitilith Fed sra I Reserve 8315 trict-St.Lo ulsb
b
b
Ind.-Evans file
71,000,000 +2.7
72,900.000
Mo.-St.Louh
24,512,072 +8.9
Ky.-Louisville. 26,683,747
10,033,737 -2.1
10,705,715
Tenn.-Mem his
b
b
b
111.- Jackson ille
397,000 +10.3
438,000
Quincy - -
b
67,600,000
21,994,968
11,395,489
b
324,000
b
56,500,000
18,502,825
8,100,152
b
458,376
+3.6
101,314,457
83,561,353
Ninth Fed ral Reserve Dis trict-Minn eapolis2,441,200 +4.1
3,261,893
2,542,232
Minn.-Dulut1__
56,878,338 +14.8
65,271,794
63,232,510
Minneapolis
20,711,810
+29.8
26,893,411
18.466,192
_
_
Paul_
St.
1,775,109
+15.6
1,561,152
2,052,870
N. Dak.-Far to.
473,836 +29.2
612,057
473,389
S. D.-Aberd en..
484,782 +19.3
322,489
578,179
Mont.-BlilInlla 1,973,371 +45.0
2,324,068
2,860,672
Helena- - ---
2,107,435
54,702,628
16,594,438
1,689,018
603,516
332,958
1,901.578
383,454,443
360,176,251
1932
Federal Reserve Dists
1st Boston_ _ _ _12 cities
2nd New York_12 "
3rd Philadelphia 9 "
4th Cleveland__ 5 "
5511 Richmond _ 6 "
6th Atlanta____10 "
7th Chicago .._19 "
8th St. Louis_ __ 4 "
9th Mhmeapolis 7 "
10th KansasCity 10 "
5 ••
11th Dallas
12th San Fran 12 "
l'Inuula
.1st. or
Dec.
1934
$
%
$
Seventh F ler al Reserve D 'strict-Chi cago-68,441 +29.4
88.540
Mich.-Adrlan _.
452,852
294,636 +53.7
Ann Arbor_
65,997,481 +22.0
80,547,775
Detroit _ _ _ _ _ _
1,834.272 +10.7
2,030,149
Grand Rapi 15_
1,260,829 -29.9
Lansing_ _ ._
883,521
931,996 -18.0
764,611
Ind.-Ft. Wa rue
15,668.000 +5.5
16,526,000
Indianapolis.-_
769,594 +136.3
1,818,833
South Bend - 4,212,932 +3.7
4,368,636
Terre Haute __
14,861,474 +23.2
18,315,965
Wis.-Milwau tee
592,879 +58.8
941,296
Iowa-Ced.RaPs.
5.823,895 +31.6
7,664,691
Des Moines .__
2,593,289 +11.0
2,879,816
Sioux City_...._
b
b
b
Waterloo_ _
509,083 +37.8
316,465
111.-Blooming Ion
Chicago__ _ .-- 240,980,422 239,435,448 +0.6
580.688 +14.0
661.864
Decatur.-- .__
2,532,186 -3.1
2,453,425
Peoria
-_
742,105 +16.2
862,480
Rockford _ .__
1,467,023 -38.8
897,102
Springfield.,....
Total(19 cit es)
Ine.or
Dec.
1934
1935
Week Ended July 13 1935
July 20 1935
Total(4 dB s).
110,727,462
106,842,809
84,738,446 +16.0
89,641,693
77,931,571
Tenth Fed ral Reserve Dis trict-Kans as City119,254 -16.1
100,070
70,652
Neb.-Fremo it _
77.998 +48.5
b
115,807
Hastings__ -_
2,479,610 -3.2
2,399,436
1,915,161
Lincoln _ _
27.852,841 +8.2
30,127,192
23,078,407
Omaha._ _
2,164,048 +45.9
3,157,102
1,990,766
Kan.-Topeks:
4,125,693 -24.6
2,951,411
3,108,823
Wichita -_72,620,567
78,868.879 +9.7
86,508,339
Mo.-Kans. 1537,
-10.3
3,305,286
3,380,246
2,966,067
St. Joseph - ._.
560,552 +10.1
545,102
617,000
Colo.-Col. S gs.
550,023 +14.7
514,995
630,866
Pueblo_ - -- - --
134,795
175,000
1,680,367
22,799,897
1,818,070
5,131,348
71.496,055
2,688,652
652,090
687,903
+8.0
107,067,307
107,264,177
Eleventh F mie ral Reserve District-Da ffas829.380 +26.4
1.048,061
Ten -Austin.
33,915,951 +2.7
34,823,732
_
Dallas
6,179,966 -3.1
-_
5,985,717
Ft. Worth.•-1.418,000
1,966,000 -27.8
Galveston_ _
1,879,225 +32.4
2,488,404
La.-Shrevepcii:
693,756
27,611,520
5,486,050
1,808,000
2,434,473
703,049
24,732,496
4,936,525
1,741,000
1,988.801
+2.2
38,033,799
34,191,871
Twelfth F ler al Reserve D istrict-San Fraud sco23,523,632 +20.6
28,370,105
20,717,172
Wash.-Seattls__
7,560.000 +15.2
8,711,000
Spokane_ _ _
4,849.000
478,704 +41.5
677.445
379,484
Yakima
20,272,230 +29.1
26,173,806
19.164,473
Ore.-Portlan 1::
+23.0
10,028,734
9,186.107
12,330,743
Utah-S. L. :By
2,650,996 +41.6
3,754,351
3,131.305
Calif.-L.Beacu.
2,511,522 +29.2
3,290,253
3,245.337
Pasadena_ _ _
4,080,400
4,206,336 +82.8
7,688,929
Sacramento ._
San Francisco: 125,375,000 104,128,660 +20.4 107,248,513
2,066,577 +7.5
2,220,599
1,530,902
San Jose_ - - _
1,106,955 +13.5
1,256,541
1,127,252
Santa Barbais,_
1,381,494 +2.1
1,410.181
1,322,032
__
Stockton.
23,956,698
5,534,000
447,844
17,077,253
9,126,827
2,985,029
2,885,264
8,163,299
97,948,531
1,665,096
1,163,558
1,258,595
Total(7 OW 8).
Total(10 ci ies)
Total(5 citi 8)_
100,811,215
129,730,702
45,763,914
120,104,184
44,769,522
Total(12021Iwo 221,214,037 179,915,840 +23.0 176,026,893 172.211.994
Grand total(III
_ 5,564,208,320 5,155,481,513 +7.9 5,665,636,184 4,578,281,524
cities)
Outside New Yark 2,106,340,683 1,924.067,867
+9.5 1,825,121.222 1.788 an 671
Week Ended July 11
1935
S
Canada105,083,795
Toronto
84,035,934
Montreal
52,378.821
Winnipeg
14,565,982
Vancouver
30,360,387
Ottawa
4,315,789
Quebec
2.514,148
Halifax
3,900,054
Hamilton
5,822,896
Calgary
1,734,850
St. John
1,705,965
Victoria
2,823,562
London
3,771,641
Edmonton
4,024,951
Regina
353,825
Brandon
441,573
Lethbridge
1,473,610
Saskatoon
469,520
Moose Jaw
1,082,208
Brantford
597,788
Fort William_ __.
496,796
New Westminster
259,208
Medicine Hat _ - 781,343
Peterborough_ __ _
695,831
Sherbrooke
895,461
Kitchener
2,033,512
Windsor
360,342
Prince Albert--713,109
Moncton
627,180
Kingston
453,290
Chatham
504,992
Sarnia
755,149
Sudbury
Total (32 cities)
330,023,512
1934
Inc. or
Dec.
1933
ss
1932
-71.5
103,520,513 '
92,751,218 -9.4
69,647,780 -24.8
15,030,985 -3.1
5,622,839 +439.9
4,613,795 -6.5
2.671,499 -5.9
3,909,148 -0.2
4,816,267 +20.9
2,073,171 -16.3
1,619,908 +5.3
2,487,375 +13.5
3,670,506 +2.8
2,644,789 +52.2
347.305 +1.9
353,631 +24.9
1,262,094 +16.8
458,084 +2.5
955,487 +13.3
678,328 -11.9
548,702 -9.5
195,868 +32.3
793.417 -1.5
599,752 +16.0
1,099.195 -18.5
2.094,768 -2.9
272,171 +28.7
647,928 +10.1
589,769 +6.3
432,089 +4.9
421,419 +19.8
828,089 -8.8
116,622,954
103,399,543
57,621,832
12,168.639
3,950,581
4,032,335
2,402,058
3,788,705
6,294,668
1,544,232
1,481,982
2,239,315
3,235,642
3,625,161
325,254
357,615
1,207,150
417,731
902.242
516,959
451,684
202,220
741,080
517,786
908,689
2,452,755
246,460
588.131
578,309
478,008
450,754
554,266
S
94,258,588
70,466,809
34,659,214
11,028.050
4,010,850
3,784,049
2,061,468
3,392,691
3,830,523
1,544,472
1,372,320
2,679,021
3,868,974
2,288,466
358,070
323,491
1,183,280
388,422
760,152
551,985
443,148
160,669
723,475
543,421
791,470
2,201,828
245,598
761,835
622,819
357,771
435,130
459,045
+0.7
334,302,740
250,565,104
327,657,889
a Not included in totals. b No clearings available. c Clearing House not function•Estimated.
ing at present.
Financial Chronicle
Volume 141
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 3 1935:
GOLD
The Bank of England gold reserve against notes amounted to £192,716,341 on the 26th ultimo, as compared with £192,716.335 on the previous
Wednesday.
In the open market about £2,900,000 of bar gold has changed hands.
The gold exchanges have shown small fluctuations against sterling and in
consequence the price of gold has moved within narrow limits. Gold has
been taken from London by Holland and Switzerland.
Quotations during the week:
Equivalent Value
Per Fine
of E Sterling
Ounce
June 27
12s. 0.30d.
141s. 331d.
June 28
12s. 0.30d.
141s. 3%d.
June 29
12s, 0.22d.
141s. 434c1.
July 1
12s. 0.22d.
141s. 4%d.
July 2
125. 0.01d.
141s. 7d.
July 3
12s. 0.09d.
141s. 6d.
Average
12s. 0.19d.
141s. 4.83d.
The following were the United Kingdom imports and exports of gold
registered from midday on the 24th ultimo to midday on the 1st instant:
Imports
British South Africa
Netherlands
France
Switzerland
Channel Islands
Venezuela
British Guiana
Belgium
Australia
Other countries
£1,596,035
126,765
292,132
23,600
85,338
20,267
9,382
8,000
27,772
14,467
Exports
Germany
Netherlands
France
Venezuela
Switzerland
Other countries
£74,240
1,868.785
144,223
21,858
965,451
2,097
£3.076,664
£2,203,778
The SS. "Rajputana" which sailed from Bombay on the 29th ultimo is
reported to carry gold to the value of £67,000 of which £56,000 is consigned to London and £11,000 to Amsterdam.
The Southern Rhodesian gold output for May 1935 amounted to 62,009
Line ounces which compares with 58,521 fine ounces for April 1935 and
.58.485 for May 1934.
The following are the United Kingdom imports and exports of gold for
the month of May 1935:
Exports
Imports
British West Africa
£211,852
Union of South Africa
£11,500
10,287,904
.Southern Rhodesia
533.761
British India
2,500
550,024
British Malaya
81,938
Australia
576,189
New Zealand70,982
Canada
300.000
Hongkong.
30,000
British Wre-si India Islands and British
22,679
Sweden
3,493,716
Soviet Union ---------------------188,209
Poland - _------10.746
yugosla.171a
44,768
--------------------------Germany
43,200
180
Netherlands
40,947
1.169,765
Belgium
406.920
8,600
France- _ -------------5,940,054
20 779 694
Switzerland
10,906
4:705:707
Portugal----400,000
nited States of
660,016
ericaVnzul
--Am-----70,775
_ ___
Oentral and South America (foreign
163,562
-)
Other countries
12,349
94,738
£40,186.017
£10,798,164
SILVER
The market has continued to rule quiet and rather heavy in tone and prices
have moved within very narrow limits. Selling from India and from China
has again been a feature and except for a short burst of buying on Saturday,
which effected a temporary recovery of Md.,general demand has been poor.
American support has been well in evidence at the lower level but no disposition has been shown in that quarter in any way to press the market.
Operators in general await encouragement and in the meantime very considerable amounts continue to leave the hands of speculators thereby
affording a prospect of lessened resistance, if and when any upward movement should occur.
The following were the United Kingdom imports and exports of silver
registered from midday on the 24th ult, to midday on the 1st inst.:
Exports
Imports
Hongkong
£189,800 United States of America--£525,299
Japan
15,154
555,358 Canada
France
4,510
37,765 Italy
Soviet Union
4,365
74,786 Other countries
Netherlands
27,406
Belgium
114,858
Egypt
59,682
Iraq
27.438
Aden and dependencies_ _
12,439
Morocco
5,416
Austria
4,150
Anglo-Egyptian Sudan_ _
4,300
Fiji Islands
4,565
Other countries
9,394
£549,328
£1,127,357
Quotations during the week:
IN LONDON
IN NEW YORK
(Per Ounce .999 fine)
Bar Silver per Oz. Std.
Cash
2 Mos.
June-27
June 26
31 1-16d. 31 5-16d.
6931c.
June 28
June 27
31d.
6931c.
3131d.
June;29
June 28
693c.
313-ed.
31%d.
July 1
31d.
June 29
70c.
31%cl.
July 2
31d.
July 1
70c.
3131d.
July 3
31d.
July 2
6931c.
31 3-16d.
Average
31.094d. 31.333d.
The highest rate of exchange on New York recorded during the period
from the 27th ult. to the 3rd inst. was $4.9431 and the lowest $4.9331.
Stocks in Shanghai on the 29th ult. consisted of about 278,000,000
dollars and 44,600,000 ounces in bar silver, as compared with 280,000,000
dollars and 44,600,000 ounces in bar silver on the 22nd ult.
Statistics for the month of June:
Bar Silver per Oz. Std. Bar Gold
Cash
2 Mos. Per OzFine
Hoghest price
34d.
142s. Od.
3331d.
Lowest price
3131d.
140s. 7d.
31d.
Average
32.3464d. 32.5964d. 141s. 3d.
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.,
July 13
Silver, per oz _ _ 30 5-16d.
Gold, p.tine oz.140s. 11d.
Consols,2%%_ Holiday
British 331%
War Loan___ Holiday
Britian 4%
1960-90
Holiday
381
Mon.,
Wed.,
Tues.,
Thurs.,
Fri..
July 15
July 16
July 17
July 19
July 18
30 3-166. 30 3-16d. 303-166. 303-16d. 303-16d.
140s. 7%d.140s.1114d.141s. 316. 1403.11lici.141s.134d.
85 7-16
8531
86
85 1-16
85 13-16
10631
10631
11831
11934
10631
10631
10631
119
119
119%
The price of silver per oz. (in cents) in the United States
on the same days has been:
Bar N.Y.(for'n) 6751
U.S.Treasury- 50.01
U. S. Treasury
• (newly mined) 77.57
6731
50.01
6734
50.01
6731
50.01
6734
50.01
6731
50.01
77.57
77.57
77.57
77.57
77.57
Arthur T. Esgate Appointed Deputy Governor of FCA
Arthur T. Esgate was appointed Deputy Governor of the
Farm Credit Administration on July 16, according to an announcement of its Governor, W. I. Myers. The organization
of the FCA provides for three deputy Governors. One
position is held by Dr. F. P. Hill and the place recently
vacated by W. Forbes Morgan has not been filled. With the
appointment of Mr. Esgate the Governor's staff is rounded
out to make possible contemplated distribution of administrative tasks. Governor Myers's announcement further
said:
Mr. Esgate has been Deputy Intermediate Credit Commissioner and
Director of the regional agricultural credit corporations during the last
two years. He began his career in a bank in Cedar Rapids, Iowa. Later
he moved to Phoenix, Ariz., continuing in the banking business as Vice.
President and director of a bank in that city until his appointment with
the Reconstruction Finance Corporation in 1932.
Mr. Esgate is a past President of the Arizona Bankers Association and
for three years was a member of the Executive Council of the American
Bankers Association.
NATIONAL BANKS
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CONSOLIDATION
Amount
June 29-The First National Bank of Saint Paris, Ohio
$52,100
The Central National Bank of Saint Paris, Ohio
50.000
Consolidated to-day under the provisions of the Act of Nov. 7
1918, as amended Feb. 25 1927, and June 16 1933, under the
charter of The First Natidnal Bank of Saint Paris, Charter No.
2488, and under the corporate title of "The First Central
National Bank of St. Paris," with common capital stock of
$50,000 and surplus of $10,000.
VOLUNTARYILIQUIDATION
July 1-The First National Bank of Randolph, Nab
$50,000
Effective, June 29 1935. Liq. Agent, James F. Toy, Sioux City,
Iowa. Succeeded by First,State Bank of Randolph, Neb.
July 3-The First National Bank of Knapp, Wis
25,000
Effective, July 2 1935. Liq. Agent, A. C. Hewitt, Knapp, Wis.
Absorbed by "The First National Bank of Baldwin," Wis.,
Charter No. 10106.
July 8-The Tempe National Bank, Tempe, Ariz
50,000
Effective June 29 1935. Liq. committee: Chas. Woolf, L. D.
Crook and Jos. T. Birchett, all of Tempe, Ariz. Absorbed by
The Phoenix National Bank,Phoenix, Ariz., charter No. 4729.
50,000
July 8-The Farmers & Merchants National Bank of Onley. Va
Effective June 20 1935. Liq. committee: G. A. Kellam, C. R.
Savage and A. W. James, care of the liquidating bank. Succeeded by Farmers & Merchants National Bank in Onley, Va., .
charter No. 14190.
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Per
Share
When Holders
Payable of Record
A-B-C Trust Shares, series D bearer
$2.80 July 15
Agnew-Surpass Shoe Stores, corn
'
340c Sept. 2 Aug. 15
Alaska Packers Assoc
$2 Aug. 10 July 31
Special
$2 Aug. 10 July 31
Allied International Investing.$3 preferred
h35c At.g. 1 July 26
Allied Kid, preferred (quar.)
$1.62% Aug. 1 July 22
Allen Industries. corn (quar.)
50c Sept. 1 Aug. 20
Preferred (quay.)
75c Sept. 1 Aug. 20
Allentown-Bethlehem Gas, preferred (guar.)8734c Aug. 10 July 31
American Asphalt Roof Corp., pref.(guar.)$1.50 July 15 June 29
American Coal Co.of Allegany County(N.
$1 Aug. 1 July 11
American Book (quar.)
$1 July 20 July 16
American Fidelity Co.(quar.)
50c July 15 July 13
American Re-Insurance (quar.)
6235c Aug. 15 July 31
Associated Dry Goods, 1st preferred
h$3 Sept. 3 Aug. 9
Associated Investment
l
Aug. 15 Aug. 2
Associated Telephone, Ltd., pref. (quar.)
373-Ic Aug. 1 July 15
Badger Paint & Hardware Stores, Inc., common
40c July 15 June 29
Common
20c Aug. 1 June 29
COMMOII
20c Sept. 1 June 29
Participating preferred (quar.)
25c July 15 June 29
Elamberger (L.) & Co.,634% pref. (quar.)
$1.62% Sept. 3 Aug. 15
Binghamton Gas Works 634% Pref. ((Mar.)-- - $1.623.4 Aug. 1 July 20
Blauners Inc. (quar.)
25c Aug. 15 Aug. 1
Preferred (guar.)
75c Aug. 15 Aug. 1
Blue Ridge Corp., preferred (quar.)
75c Sept. 1 Aug. 5
Bon Ami,classA (quar.)
$1 Oct. 30 Oct. 15
Class B (quar.)
50e Oct. 1 Sept. 18
British Celanese, Ltd., 1st pref.
?i3%5' July 31
Broadway Dept. Store, pref. (quar.)
$1.75 Aug. 1 July 19
Brooklyn Telep.& Messenger (quay.)
$1.25 Sept. 1 Aug. 20
Brookmire Investors, Inc. (guar.)
6c July 15 July 15
Buffalo Ankerite Gold Mines. Ltd.(quar.)
Sc Aug. 15 Aug. 1
Bullock Fund, Ltd. (quar.)
t8c Aug. 1 July 15
California Packing Corp.(guar.)
3731c Sept.16 Aug. 31
Canadian Public Sem ice. 634'7s Part. pref
hr$134 Aug. 2 June 15
Central Public Service Corp.. Ltd.-6%% participating preferred
h$1.25 July 2 June 15
631% participating preferred class A
h$1.25 July 2 June 15
Chestnut Hill RR. Co.(quar.)
75c Sept. 3 Aug. 20
Financial Chronicle
382
Name of Company
Per
Share
When Holders
Payable of Record
/
4 Aug. 1 July 20
Central Arizona Light & Power, $7 pref. (guar.) $11
$1A Aug. 1 July 20
$6 preferred (guar.)
/
4c July 1 June 15
Central States Ewe_ 7% pref. A ($100 Par) - h431
10.9375c July 1 June 15
7 preferred class A $25par)
h373c July 1 June 15
8 preferred class B $100 par)
h9.375c July 1 June 15
6 preferred class B $25par)
8373.c July 1 June 15
6 preferred class C ($10 par)
h9.375e July 1 June 15
6 preferred class C ($25 par)
15c Aug. 15 Aug. 1
Chain 'Belt Co.(quar.)
Cincinnati Inter-Terminal RR. Co.
Guaranteed 1st pref. (semi-ann.)
$2 Aug. 1 July 20
1730 July 25 July 20
Colonial Finance Co.of R.I.,7% pref.(quar.)
/
4c Sept.30 Sept. 7
311
Colt's Patent Fire Arms (guar.)
$1.125 Aug. 15 July 31
Connecticut Rwy. & Lighting, pref. )quar.)
50c July 1 June 30
Consolidated Water Power & Paper Co
h87 c July 1 June 20
Consumers Public Service, 7% pref
July 24 July 16
Continental American Life Insurance
30c July 25 July 10
Continental Security (liquidating)
143.50 Aug: 1 July 13
Coon (W. B.) Co.,7% preferred
235% Aug. 14 July 11
Courtaulds, Ltd., ordinary registered
% Aug. 21 July 18
Amer. dep.receipts, ord. registered (interim).
$1.50 Aug 1 July 17
Dallas Power & Lt.6% pref. (guar.)
$1.75 Aug 1 July 17
7% preferred (guar.)
$2 Aug. 19 Aug. 13
Delaware & Bound Brook RR.(guar.)
20c Sept. 2 Aug. 25
Dexter Co.(guar.)
t2c Aug 1 July 15
Dividend Shares, Inc
30c Aug. 15 July 31
Dominion Bridge, Ltd. (guar.)
75c Aug. 10 July 31
Dominion Coal Co., new pref. (initial)
15c Aug 1 July 24
Dominguez 011 Fields (monthly)
12;ic July 15 July 1
Eastern States Gas(guar.)
10c July 27 July 23
Electric Products(Pa.)
$1.50 Sept. 3 Aug. 5
Electric Shareholdings,$6 pref.(resumed)
h$11
/
4 Aug. 10 July 28
Fair (The), preferred
/
4 Aug. 10 July 28
$11
Preferred (guar.)
30c Aug. 1 July 22
Fidelity Fund, Inc. (guar.)
87%c Sept. 1 Aug. 15
Florida Power.7% preferred (guar.)
$11
/
4 Sept. 1 Aug. 15
7% preferred A (guar.)
10c Aug. 1 July 25
Fuller Brush. class A (guar.)
15c Aug. 1 July 20
General Baking Co., common
45c Aug. 15 July 26
General Foods (quarterly)
gl./
1
4 Aug. 1 July 20
General Hosiery, 7% pref. (guar.)
25c July 20 July 15
General Metals Corp., Ltd.(initial)
50c Aug. 1 July 16
Georgia Home Insurance
Sc Sept.30 Sept. 9
Goebel Brewing (guar.) increased
Sc Sept.30 Sept.30
Extra
50c July 22 July 11
Great Southern Life Insurance (Houston, Tex.)25c Aug. 15 Aug. 3
Great Lakes Dredge & Dock (guar.)
80c Aug. 15 Aug. 5
Great Western Electro Chemical (initial)
Group Securities, Inc.
2-5c July 31 July 13
Agricultural shares (initial)
9-10c July 31 July 15
Automobile shares
2-5c July 31 July 15
Building shares
1 1-5c July 31 July 15
Chemical shares
3-5c July 31 July 15
Distillery & Brew shares (Initial)
2c July 31 July 15
Food shares
lc July 31 July 15
Industrial Machinery shares
3-5c July 31 July 15
Investing Co. shares (initial)
1 2-5c July 31 July 15
Merchandising shares
1 1-5c July 31 July 15
Mining shares
3-5c July 31 July 15
Petroleum shares
9-10c July 31 July 15
Railroad shares
4-10c July 31 July 15
RR. Equipment shares
29-10o July 31 July 15
Tobacco shares
17-1c July 31 July 15
Utility shares
$1 July 5 July 1
Guilford-Chester Water Co.(s.-a.)
15c Sept. 3 Aug. 15
Hale Bros. Stores (guar.)
75c Aug. 15 Aug. 1
Hartford Times, Inc.. $3 preferred(quar.)
h75e Aug. 15 Aug. 1
Havana Electric & Utilities, 6% pref
15c Aug. 15 Aug. 1
Heileman Brewing (resumed)
Sept. 1 Aug. 19
373ic
(guar.)
Hobart Mfg.,class A
12c
Hollander (A.) & Sons. (guar.)
SOc Aug. 1 July 20
Homestead Fire Insurance (semi-annual)
25c Aug. 15 July 27
Hormel (George A.)(guar.)
31.50 Aug. 15 July 27
Preferred (guar.)
$1.50 Aug. 1 July 24
preferred (guar.)
Home (Joseph)
50c Aug. 31 Aug. 9
Co.. & Smelting (initial)
Hudson Bay Mining
$1.75 Aug. 1 July 15
Idaho Power,7% preferred (guar.)
Aug. 1 July 15
$1.50
(guar.)
$6 preferred
8c Sept.20 Sept. 12
Insuraiashares Certificates, Inc
/
4 Sept. 3 Aug. 5
$11
International Harvester, pref. (guar.)
8$1 Aug. 1 July 15
Jackson & Curtis Securities Corp.,$6 pref
20c Aug. 1 July 24
Kekaha Sugar, Ltd. (monthly)
Sept. 3 Aug. 10
$1.50
(quar.
class
A
preferred
Kendall Co.,
25c Oct. 1 Sept. 20
Klein
Mein (D. E.) & Co., common (guar.)
$1.75 Oct. 1 Sept.20
7% preferred (guar.)
50c July 31 July 24
Koloa Sugar, Ltd.(monthly)
$20 Aug. 1 July 25
Kings County Trust (guar.)
25c Aug. 10 Aug. 10
Lansing Co.(guar.)
$1.50 Aug. 1 July 20
Lawbeck Corp., preferred (guar.)
30c Sept.16 Aug. 30
Libby-Owens-Ford Glass (guar.)
$1 Aug. 1 July 24
(guar.)
Plantation,
Ltd.
Lihue
25c Aug. 10 July 1
Lincoln Telep. Securities. class A (guar.)
25c Sept, 3 Aug. 14
Loblaw Groceterias,class A and B (guar.)
15c Aug. 1 July 26
Loew's Boston Theatres (guar.)
$1.50 Sept. 3 Aug. 16
Lord & Taylor Co. 1st pref. (guar.)
4;1.50 Aug. 1 July 15
'
Louisiana Power StLight,
$6 pref.(guar.)
$1.75 July 15 June 29
Louisville Gas & Electric, 7.% pref. (guar.).
$1.50 July 15 June 29
6% preferredguar.)
$1.25 July 15 June 29
5% preferred guar.)
161 Aug. 24 July 31
Louisville & Nashville
90e July 13 June 29
Lowell Electric Light Co.(guar.)
$4.65 July 16
Low-Priced Shares (bearer)
$1.75 Aug. 15 July 31
Luzerne Co. Gas & Elec.. $7 1st pref.(quar.)_
$1.50 Aug. 15 July 31
166 1st preferred (guar.)
50c Sept. 3 Aug. 9
Macy (R. H.)(guar.)
50c Aug. 1 July 22
McGraw Electric Co., corn. (increased)
Sept. 2 Aug. 1
50c
McIntyre Porcupine Mines (guar.)
$1.50 July 15 July 8
McNeal Marble Co.,6% pref. (guar.)
$3.50 Sept. 1 Aug. 25
Masonite Corp.. 7% pref. (s.-a.)
373ic Aug. 15 July 31
Meadville Telephone Co. (guar.)
h50c Aug. 1 July 15
Mississippi Power & Light, $6 pref
$3 July 1 June 27
Monarch Mills (semi-ann.)
75c Aug. 15 Aug. 1
Moody's Investors Service, pref. (guar.)
$134 Sept. 2 Aug. 15
Muskogee Co.,6% cum. pref. (guar.)
20c Sept. 3 Aug. 5
National Power & Light Co., common (quar.)_ _
t3c Aug. 1 July 15
Nation-Wide Securities, class B
40c Aug. 1 July 15
New England Grain Products Co.(Me.)
New England Water, Light & Power$1% Aug. 1 July 15
6% preferred (guar.)
50c Aug. 1 July 26
New Process Co. (guar.)
In/
1
4 Aug. 1 July 26
Preferred (guar.)
25c Aug. 1 July 20
North American Oil Consol
$1ti July 29 July 20
Northern Insurance Co.of N.Y.(s.-a.)
50c July 29 July 20
Extra
2c Aug. 1 July 22
Oceanic Oil
Aug. 5 July 31
Old Canada Invest. Co., Ltd., class A
Aug. 5 July 31
5
Preferred
1 c Aug. 1 July 25
Orange & Rockland Elec. Co. (guar.)
$2 Aug. 1 July 27
Oswego Falls Corp.,8% 1st pref
$2.25 Aug. 20 Aug. 8
Oswego & Syracuse RR. semi-annual)
$1 Aug. 15 July 30
Owens-Illinois Glass Co. guar.)
141.75 Aug. I July 18
Pacific Power & Light 7 pref.
Aug. 1 July 18
141.50
preferred
$6
10c Aug. 5 July 31
Paauhan Sugar Plantation (monthly)
$1.25 Aug. 1 July 22
Passaic & Delaware RR.(semi-annual)
$1.75 Aug. 15 Aug. 5
Peninsular Telephone Co.. 7% pref. (guar.)
$3.50 Aug. 10 July 19
Peoria & Bureau Valley RR.(s.-a.)
200 July 15 July 10
Pepeekeo Sugar
$11
/
4 Aug. 31 Aug. 10
Philadelphia Co., 5% preferred (s.-a.)
Sc Aug. 1 July 15
Pitney Bowes Postage Meter (guar.)
July 15 July 12
$1.75
(guar.)
pref.
Plymouth Rubber Co.. 7%
Name of Company
July 20 1935
Per
Share
When Holders
Payable of Record
$1 June 29 June 25
Port Huron Sulphite & Paper,4% pref. (quar.).
Potomac Electric Power Co.,6% pref.(guar.).- $1M Sept. 1 Aug. 15
$11
/
4 Sept. 1 Aug. 15
5.36% preferred (guar.)
50e July* 15 July 1
Prentice (G. E.) Mfg (quar.)
75c Aug. 1 July 20
Princeton Water Co.(N. J.) (guar.)
25c Aug. 15 July 25
Quebec Power Co. (guar.)
20c July 20 June 29
Railroad Employee's Corp.,8% pref
Sc July 20 June 29
Class A and class B common
17.375c July 31
Republic Trust Shares
h20c Aug. 1 July 20
Riverside Chemical Co.$1.25 part. class A
$1.50 Aug. 1
$6 1st preferredguar.)
$1.701 Aug. 1 July 18
Royal Dutch Co., New York Shares
Sc July 16 June 29
Royalties Management
h$146 Aug. 1 July 19
Russel Motor Car,7% preferred
50e Aug. 15 Aug. 2
San Carlos Milling Co., Ltd.(extra)
20e Aug. 15 Aug. 2
Monthly
$1.50 Aug. I July 15
Savannah Sugar Refining, common (quar.)
$1.75 Aug. 1 July 15
Preferred (guar.)
$1.25 July 11 July 1
Schuylkill Valley Navigation & RR.(s.-a.)
50c Aug. 1 July 25
Selby Shoe Co.(guar.)
13c Aug. 15 July 24
Shawinigan Water & Power (guar.)
$1.50 Sept. 1 Aug. 20
Shebang° Valley Water, 6% pref. (guar.)
$1.50 Aug. 1 July 22
Sierra Pacific Electric, preferred (guar.)
h50c Aug. 1 July 27
Signode Steel Strapping, preferred.
h$1 Aug. 1 July 23
Simpson's, Ltd.,634% preferred
25e Aug. 1 July 15
Squibb (E. R.)& Sons (guar.)
$1.50 Aug. 1 July 15
$6 1st preferred (guar.)
4c Aug. 1 July 20
Standard Corporations,Inc.(guar.)
25e Aug. 15 July 31
Stein (A.& Co.)
Strawbridge Sr Clothier Co.,6% pr. pref. A (gu.) $134 Sept. 2 Aug. 6
Aug. 1 July 22
Syracuse Binghamton & N.Y.RR (guar.)
Tennessee Electric Power, 5% pref. (guar.).- $1.25 Oct. 1 Sept. 14
$1.50 Oct. 1 Sept. 14
6% preferrede(cquar.)
$1.75 Oct. 1 Sept. 14
7% preferred guar.)
$1.80 Oct. 1 Sept. 14
7.2% prefTerr (guar.)
50c Aug. 1 July 15
6 preferred (monthly
50c Sept. 2 Aug. 15
6 preferred (monthly
50c Oct. 1 Sept. 14
6% preferred (monthly)
60c Aug. 1 July 15
7.2% preferred (monthly
60c Sept. 2 Aug. 15
7.2 preferred (monthly)
60c Oct. 1 Sept.14
7.2% preferred (monthly)
50c Sept.16 Sept. 3
Texas Gulf Sulphur (guar.)
$2.50 July 10 June 20
United Companies of N.J.(guar.)
$1.75 Oct. 1 Sept.13
United Dyewood, preferred (guar.)
10c July 15 July 11
United National Corp.. preferred (resumed)
$1.75 Aug. 15 Aug. 1
Utica Gas & Electric, 7% pref. (guar.)
$1.50 Aug. 1 July 15
$6 preferred
30c Aug. 1 July 19
United States Fire Insurance (guar.)
10c Aug. 1 July 19
Extra
50c Sept. 3 Aug. 16
Vick Chemical Co.(guar.)
10e Sept. 3 Aug. 16
Extra
$2 Aug. 1 July 15
Walton (Charles) & Co.,8% preferred (guar.)._
$2 Aug. 1 July 22
Washington(D. C.) Light & Traction Co. (qu.)
$3 Sept. 1 Aug. 15
Washington Ry. & Electric Co.(guar.)
$11
/
4 Sept. 1 Aug. 15
5% preferred (guar.)
$11
/
4 Dec. 1 Nov. 15
5% preferred (guar.)
$236 Dec. 1 Nov. 15
5% preferred (s.-a.)
$1.50 Aug. 20 July 31
Western Cartridge,6% preferred (quar.)
10c July 15 June 29
Westland Oil Royalty Co., class A (mo.)
10c Aug. 15 July 31
Class A (monthly)
10e Sept. 15 Aug. 31
Class A (monthly)
$3 July 15 July 15
Wolverine Brass Works,6%; preferred (s.-a.)_ _ _
$1.75 Aug. 1 July 20
Weston (George),preferred (guar.)
$1.50 Aug. 15 Aug. 1
West Virginia Pulp & Paper, pref.(guar.)
h5c Aug. 6 July 26
White Knob Copper & Dev.. Ltd.,7% pref....
Below we give the dividends announced in previous weeks
and not yet paid. This list does not nclude dividends announced this week, these being give in the preceding table.
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Abraham & Straus, Inc.,7% preferred (guar.)._
Aug. 1 July 15
Adams (J. D.) Mfg.(quar.)
Aug. 1 July 15
Adams-Mills (guar.)
Aug. 1 July 20
(guar.)
preferred
Aug. 1 Jwy 20
7% 1st
Administered Fund, Inc
July 20 June 29
Affiliated Products monthly)
Aug. 1 July 15
preferred_
_
Co.,
Alabama Great Southern RR.
Aug. 15 July 13
Alabama Power Co.,$5 pref.(guar.)
A.ug. 1 July 15
Aug. 1 July 10
Alaska Juneau Gold Mining (quarterly)
Extra
Aug. 1 July 10
Allied Chemical & Dye Corp.common (guar.)._
Aug. 1 July 11
$AAC July 31 July 20
Allied Mills (resumed)
25c July 25 July 1
Alpha Portland Cement
10c Oct. 1 Sept. 20
Aluminum Goods Mfg. Co.(guar.)
50c Sept.30 Sept. 15
Aluminum Mfgs.(guar.)
50c Dec. 31 Dec. 15
Quarterly
$1
7% preferred (quarterly)
Sept.30 Sept.15
$1
Dec. 31 Dec. 15
7% preferred (quarterly)
Amerada Corp. (quarterly)
July 31 July 15
(quar.)
Co.,
common
$1 Aug. 15 July 25a
American Can
SI/
1
4 Oct. 1 Sept.19
7% preferred (quarterly)
(k) Aug. I July 11
American Cities Power & Light Corp
$1 Aug. 1 July 11
American Coal Co. of Allegheny County
25c Aug. 1 July 25
American Credit Indemnity Co.of N.Y.
American Envelope,7% pref. A & B (guar.)..._ $1,1 Aug. 1 July 25
7% preferred A & B(quarterly)
$1% Nov. 1 Oct. 25
10c Aug. 19 July 31
American Factors, Ltd.(monthly)
25c Oct. 1 Sept.15
American Hardware Corp.(guar.)
25c Jan.1 '36 Dec. 14
Quarterly '
20c Aug. 1 July 15a
American Home Products Corp.(monthly)._
25c Sept. 2 Aug. 21
American Hosiery Co.(quarterly)
American Ice Co.(Jersey City, N. J.)$1% July 25 July 5
Preferred (quarterly)
comm.
(guar.).
30c Aug. 1 July 15a
American Light & Traction Co.,
Preferred (quarterly)
Aug. 1 July 150
Aug. 1 July 20
American Machine & Foundry Co
50c Aug. 1 July 20
American Paper Goods (quarterly)
50c Nov. 1
Quarterly
$134 Sept.15
7% preferred (guar.)
7% preferred (guar.)
$11
/
4 Dec. 15
50c Aug. 1 July 18
American Reserve Insurance
50c Aug. 1 July 15
American Shipbuilding (quarterly)
/46 Sept. 2 Aug. 9
American Smelting & Refining 6% 2d pref
$11
/
4 Sept. 2 Aug. 9
7% 1st preferred (quar.)
Amsterdam City Nat. Bank(N.Y.) %guar.).- _ $3% July 31 July 15
33c July 20 July 15
Amsterdam Trading Co., Amer. shs
preferred
(guar.)
$1% Aug. 1 July 29
Androscoggin Electric Co.. 6%
3% July 30 June 29
Anglo-Amer. So. Africa. Ltd..6% pref.(interim)
1
4% Aug. 7 June 27
Anglo-Persian Oil.Am.dep.rec.ord.reg.(final)r tal2/
Aug. 1 July 20
Archer-Daniels-Midland Co., pref. (guar.)
25c July 25 July 19
Argonaut Mining (resumed)
35e Aug. 1
Asbestos Mfg Co..$1.40 cony. pref.(quar.)
35c Nov. 1
$1.40 convertible preferred (guar.)
35c Feb.1 '36
$1.40 convertible preferred (guar.)
$2 Sept. 3 July 31
Atchison Topeka & Santa Fe
$2% Aug. 1 June 28
Preferred (s.-a.)
$436 Sept. 2 Aug. 20
Atlanta & Charlotte Air Line Ry.(s.-a.)
$136 Aug. 1 July 11
Atlantic City Electric, $6 pref. (guar.)
$1% Aug. 1 July 19
Atlas Powder Co., preferred (quarterly)
50c Aug. 1 July 15
Austin Nichols $5 prior A (guar.)
c25c Aug. 1 July 20
Automatic Voting Machine Corp.(extra)
10c Aug. 15 Aug. 1
Baltimore American Ins. Co.(s.-a.)
Sc July 20 July 3
Bandini Petroleum (monthly)
20c Aug. 1 July 10
Bangor Hydro-Electric (guar.)
sig Aug. 1 July 15
Beatty Bros.. Ltd., bet pref. kquar.)
Aug. I July 15
Belding-Corticelli (quarterly)
$11
/
4 Sent.14 Aug. 31
Belding-Corticelli. preferred (guar.)
5g
Financial Chronicle
Volume 141
Name of Company
Per
Share
When Holders
Payable of Record
Beneficial Industrial Loan Corp. (guar.)
373c July 30 July 15
Preferred series A (guar.)
873c July 30 July 15
Best & Co (quar.)
50c Aug. 15 July 25
Birtman Electric (quarterly)
10c Aug. 1 July 15
Extra
10c Aug. 1 July 15
Preferred (quarterly)
$14 Aug. 1 July 15
Bloomingdale Bros., pref. (guar.)
$IX Aug. 1 July 19
Bon Amt, class A (guar.)
$1 July 31 July 15
Boss Mfg. Co., common
$1;4 Aug. 15 July 31
Boston Insurance (guar.)
$4 Oct. 1 Sept. 20
Boston & Providence RR.(quar.)
$2.125 Oct. 1 Sept. 20
Quarterly
$2.125 Jan.2 '36 Dec. 20
Bourjois, Inc.. $214 preferred (guar.)
68Xc Aug. 15 Aug. 1
Bower Roller Bearing.(guar.)
25c July 25 July 1
Bridgeport Machine 7% Preferred
141 July 30 July 20
Briggs Manufacturing Co.. common (quar.)___..
50c July 30 July 16
British Columbia Telep.,6% pref.(guar.)
$1% Aug. 1 July 17
Brooklyn-Manhattan Transit pref (quar.)
$1)..2 Oct. 15 Oct. 1
Preferred (guar.)
1-15-36 Jan. 2
$13
Preferred (quar.)
$t) 4-15-36 Apr. 1
Brooklyn Union Gas (quarterly)
$14 Oct. I Sept. 3
Brown Shoe Co., pref. guar.)
l%% Aug. 1 July 20
Buffalo, Niagara & Eastern Power.$5 Pref. (qd.)
Aug. 1 July 15
Bullock's, Inc., preferred (guar.)
Aug. 1 July 10
Calambs. Sugar Estates, corn. (guar.)
40c Oct. 1 Sept. 14
Calgary Power, Ltd., pref.(guar.)
$134 Aug. 1 July 15
Campo Corp. common (guar.)
20c Sept. 1 Aug. 15
Canada & Dominion Sugar. Ltd.(guar.)
r37%c Sept. 1 Aug. 15
Quarterly
r37%c Dec. 1 Nov. 15
Canada Northern Pewee Corp. corn. (quar.)___
r30c July 25 June 29
Canada Southern Ry.(s.-a.)
Julnye 2
18
9
Canadian Bronze Co.common (guar.)
$1
151 Aug..1
Preferred (quar.)
$14 Aug. 1 July 19
Canadian Converters. Ltd.(guar.)
50c Aug. 15 July 31
Canadian Dredge & Dock, pref. (guar.)
$14 Aug. 1 July 19
Canadian Industries, A & B (guar.)
r$1 July 31 June 29
A & 11 (extra)
r75c July 31 June 29
Canadian Investment Corp. (guar.)
10c Aug. 1 July 18
Canadian Investment Fn orinar shares
33c Aug. 1 July 15
Special
33c Aug. 1 July 15
Capital Management (guar.)
15c Aug. 1 July 22
Carnation Co..7% Preferred (quarterly)
$1u Oct. 1 Sept.20
7% preferred (quarterly)
Jan1'36
167% preferred \quarterly)
Aprl'36
$1
Carolina Clinchfield & Ohio Ry.(guar.)
$1 July 20 July 10
Stamped certificates (guar.)
$14 July 20 July 10
Case (J. 1.) 7% preferred
h81 Oct. 1 Sept. 12
Castle (A. M.) & Co.(guar.)
50c Aug. 10 July 20
Caterpillar Tractor (guar.)
25e Aug. 31 Aug. 15
Extra
25e Aug. 31 Aug. 15
Cedar Rapids Mfg. & Power (guar.)
75c Aug. 15 July 31
Central Cold Storage
25c Aug. 15 Aug. 5
Central Hudson Gas & Electric Corp. (quar.)
20c Aug. 1 June 29
Voting trust certificates (quarterly)
20c Aug. 1 June 29
Ceatral Mississippi Valley Elec.
Prop. pref.(qui $13.5 Sept. 1 Aug. 15
Central Power & Agh5,6% preferred
37Ac Aug. 1 July 15
7% preferred
43X c Aug 1 July 15
Central Tube
Sc July 25 July 15
Centrifugal Pipe Cor. uar.
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 6
Century Ribbon Mills, pref.(guar.)
$13i Sept. 1 Aug. 20
Century Shares Trust (so ni-ann.)
on Aug. 1 July 10
$1 Aug. 1 July 15
Cerro de Pasco Copper Corp
Chain Store Investment, preferred
141 Aug. 1 July 15
Chartered Investors,$5 pref.(guar.)
$14 Sept. 2 Aug. 1
Chase National Bank (semi-annual)
70c Aug. 1 July 13
5% preferred (semi-annual)
50c Aug. 1 July 13
Cherry-Burrell (guar.)
25c Aug. 1 July 20
Preferred (quarterly)
$14 Aug. 1 July 20
Cincinnati Northern RR. \semi-ann.)$6 July 31 July 21
Cincinnati Union Terminal.
(quar.)__
SIX Oct. 1 Sept.20
Preferred
Preferred (guar.)
$1 4, Jan.l '36 Dec. 20
City Investing Co. common (guar)
50c July 20 July 15
City of New York Insurance ($10
50c Aug. 1 July 12
par)
City Water of Chattanooga,6% pref.
$13. Aug. 1 July 20
(guar
Cleveland Cincinnati Chicago & St. Louis RR.
Semi-annual
$5 July 31 July 20
5% preferred (quar.)
$13 July 31 July 20
Cleveland Electric Illuminating, pref. (guar.)._ 3114 Sept. 1 Aug. 15
Cleveland & Pittsburgh Ry.7%
874c Sept. 1 Aug. 10
guar.(quar.)
7% guaranteed (guar.)
8734c Dec. 1 Nov. 9
Special guaranteed (guar.)
50c Sept. 1 Aug. 10
Special guaranteed (guar.)
50c Dec. 1 Nov. 9
Climax Molybdenum Co. (guar.)
Sc Sept.30 Sept. 15
Quarterly
Sc Dec. 30 Dec. 15
Cluett. Peabody & Co.. Inc.,corn.(quar.)
25c Aug. 1 July 20
Coco-Cola Bottling of St. Louis (guar.)
40c July 20 July 10
Columbia Gas & Electric Corp.6 preferred, series A (quarterly)
8134 Aug. 15 July 20
5% preferred, series No. 25 (quar.)
s114 Aug. 15 July 20
5% preference stock (quarterly)
$14 Aug. 15 July 20
Columbia Pictures Corp..
.f214% Aug. 2 June 12
common (8.--a•)
,
Common. voting trust certificates (semi-ann.) (234% Aug. 2 June 12
Commonwealth Edison Co. (quar.)
81 Aug. 1 July 15
Commonwealth Investors (Calif.) (guar.)
4c Aug. 1 July 13
Commonwealth Utilities Corp.%
preferred C (quarterly)
6(d
$1.4 Sept. 3 Aug. 15
Concord Gas. 7% preferred (reduced)
8734c Aug. 15 July 31
Confederation Life Assoc..-Toronto" (quar.)
$1 Sept. 30 Sept. 25
Quarterly
$1 Dec. 31 Dec. 25
Connecticut & Passumpic River RE..pref.(s.-a.)
$3 Aug. 1 July 1
Connecticut River Power, 6% prof. (quar.)
$13.4 Sept. 2 Aug. 15
Consolidated Chemical Industries pref. (quar.) 373.4c Aug. I July 15
Consolidated Cigar,7% preferred (guar.)
$13( Sept. 2 Aug. 15
prior
6%%
preferred (quarterly)
$14 Aug. 1 July 15
Consolidated Gas Co. of
N. Y., Pref. (quar.). $111 Aug. 1 June 28
Consolidated Gas & Electric Lt. of
90c Oct. 1 Sept. 14
Balt
5% preferred (quarterly)
$114 Oct. 1 Sept. 14
Consolidated Oil. preferred (guar.)
$2 Aug. 15 Aug. I
Consolidated Rendering Co..
82 Aug. 1 July 31
8% Pref.(quar.)-Consolidated Royalty Oil (guar.)
Sc July 25 July 15
Consumers Power Co.
s5 preferred (quarterly)
$IX Oct. 1 Sept.14
8% preferred (quarterly)
$134 Oct. 1 Sept. 14
6.6% preferred (quarterly)
$1.65 Oct. 1 Sept. 14
7% preferred (quarterly)
$114 Oct. 1 Sept. 14
67 preferred (monthly)
50C Aug. 1 July 15
6% preferred (monthly)
50c Sept. 3 Aug. 15
6% preferred (monthly)
50c Oct. 1 Sept. 15
6.6% preferred (monthly)
55c Aug. 1 July 15
6.6% preferred (monthly)
55c Sept. 3 Aug. 15
6.6% preferred (monthly)
55c Oct. 1 Sept. 15
Continental Can Co.(quar.)
60c Aug. 15 July 25
Continental Can Co., Inc. icom.guar.)
60c Aug. 15 July 25a
Continental 011 (Delaware)
25c July 31 July 2
Copperweld Steel (quar.)
1214c Aug. 31 Aug. 15
Quarterly
124c Nov.30 Nov. 15
Corn Exchange Bank Trust Co
75c Aug. 1 July 23
Corn Products Refining (quar.)
75e July 20 July 8
Courtaulds, Ltd.(interim)
=2%%
Crandall-McIConzie & Henderson
123.4c Aug. 1 July 16
Crane Co.. preferred
$1 July 25 July 10
Crane Co., preferred
h$1 July 25 July 10
Cresson Consolidated Gold (guar.)
Sc Aug. 15 July 31
Extra
2c Aug. 15 July 31
Crowell Publishing Co_ 7% pref. (5.-a.)
$33.4 Aug. 1 July 24
Crum & Forster 8% pref (guar.)
$2 Sept.30 Sept.20
Cuneo Press, Inc., common
30c Aug. 1 July 20
$14 Sept. 14 Aug. 31
6%°7 preferred
Curtis Manufacturing Co.(resumed)
25c Aug. 1 July 15
Curtiss-Wright Export Corp. prof. D (guar.) - $13.4 Oct. 1 Sept. 14
Preferred E (quarterly)
813-4 Oct. 1 Sept. 14
Name of Company
383
Per
Share
When Holders
Payable of Record
Davenport Water Co.,6% pref.(guar.)
$1.34 Aug. 1 July 20
Dayton Power & Light Co.,6% pref.(mo.)
50c Aug. 1 July 20
Dennison Mfg. Co., debenture stock
142 Aug. 1 July 20
$114 Sept. 1 Aug. 20
Denver Union Stockyards, preferred (quar.)
Detroit Hillsdale & Southwestern RR.(s.-a.)
$2 Jan.6 '36 Dec. 20
Devonian 011 (quarterly)
I5c July 20 July 1
Extra
10c July 20 July 1
Distillers Co., Am. dep. rec. ord. reg
ZIG 1234% Aug. 8 July 9
Dome Mines. Ltd.(quarterly)
50c July 20 June 29
Extra
$2 July 20 June 29
50c Aug. 1 July 20
Domestic Finance Corp., pref. (guar.)
Dow Chemical (guar.)
50c Aug. 15 Aug. 1
Preferred (guar.)
$114 Aug. 15 Aug. 1
Duplan Silk Corp. (semi-ann.)
50c Aug. 15 Aug. 2
Du Pont de Nemours (E. I.) & Co.
Debenture stock (quarterly)
$134 July 25 July 10
15c Aug. 1 June 28
Eastern Bond & Share, B (quarterly)
Class B (extra)
Sc Aug. 1 July 28
Eastern Gas & Fuel Assoc.,43.4% pref.(quar.)_ _ 31:125 Oct. 1 Sept. 14
$134 Oct. 1 Sept. 14
6% preferred (quarterly)
$314 July 31 June 29
Eastern Theatres, Ltd., preferred (11.-a.)
East Penna. RR. Co.(semi-ann.)
$114 July 16 July 6
Eaton Manufacturing Co. common (quar.)
25c Aug. 15 Aug. 1
Extra
1234c Aug. 15 Aug. 1
$2 Aug. 1 July 10
Edison Electric Illuminating Co. of Boston
Electric Bond & Share Co., 406 pref.(guar.)
$13.4 Aug. 1 July 5
$IX Aug. 1 July 5
$5 preferred (quarterly)
Electric Household Utilities (quar.)
25c July 25 July 10
Electric Power Assoc. (divs. omitted)
Elgin National Watch
I5c Sept.16 Aug. 31
$1 Oct. 1 Sept. 20
Elizabeth & Trenton RR..(semi-ann.)_
$113 Oct. I Sept. 20
5% preferred (semi-annual)
Empire & Bay State Telep.,4% gtd.(quar.)
$1 Sept. 1 Aug. 22
4% guaranteed (Guar.)
$1 Dec. 1 Nov. 21
1234c July 31 July 17
Employers Group Assoc
Enamel Products
10c July 20 July 15
Eppens. Smith & Co., semi-annual
$2 Aug. 1 July 27
Erie & Pittsburgh RR. Co.7% gtd. (quar.)
8734c Sept. 10 Aug. 31
7% guaranteed (auar.)
8734c Dec. 10 Nov.30
Sept. 1 Aug. 31
Guaranteed betterment (quar.
Guaranteed betterment (quar.
80c Dec. 1 Nov.30
Guanteed
Eureka Pipe Line Co
$1 Aug. 1 July 15
Faber, Coe & Gregg, pref. (guar.)
$14 Aug. 1 July 20
Farmers & Traders Life Ins.(guar.)
$214 Oct. 1 Sept.11
Federal Knitting Mills (quarterly)
6234c Aug. 1 July 15
Fibreboard Products, pref. (guar.)
$134 Aug. 1 July 16
Fidelity & Deposit of Maryland (guar.)
50c July 25 July 15
Firestone Tire & Rubber (guar.)
10c July 20 July 5
First Boston Corp
$1.20 July 25 July 12
First State Pawners Society (Chicago, Ill.) tqu.) $114 Sept.30 Sept.20
Florsheim Shoe Co.,class A (guar.)
25c Oct. 1 Sept.15
Class B (quarterly)
1254c Oct. 1 Sept.15
Food Machinery Corp. of N. Y 634% pref(mo).
50c Aug. 15 Aug. 10
50c Sept.15 Sept.10
63j% preferred (monthly)
Fort Wayne & Jackson BR.,54% pref.(8.-a.)
$24 Sept. 2 Aug. 20
Fourth National Investors
50c Aug. 1 July 22
Franklin Fire Insurance (quar.)
25c Aug. 1 July 20
Extra
Sc Aug. 1 July 20
Franklin Simon & Co., preferred
$1141 Aug.y
Sept.. 3 JAuulg. 1
17
6
Freeport Texas,6% preferred (quarterly)
$
ape Aug. 1 July 15
Froedtert Grain & Malt, cony. pref.(guar.)_
Gardner-Denver Co. common (guar.)
Auulgy. 20
$2
154 J
1J
,
ull y 2
10
0
Preferred (guar.)
General Cigar (guar.)
$1 Aug. 1 July 16
Preferred (guar.)
$1 14 Sept. 2 Aug. 23
Preferred (guar.)
2F
Neobv.
3$11:6,
.20
2
Preferred (guar.)
Mar.
Preferred •(guar.)
$114 Junel'36 May 22
General Electric Co
15c July 25 June 28
General Electric of Great Britain
gw10% July 27 June 26
General Mills. Inc.. common (guar.)
75c Aug. 1 July 15
General Motors Corp., $5 preferred (quar.)
$14 Aug. 1 July 8
General Shoe Corp A & B
20c July 15 June 29
General Stockyards Corp
25c Aug. 1 July 15
Cony, preferred (guar.)
1. July 15
ug
g. 1
Au
51111
1
Gillette Safety Razor, $5 cony. pref. (guar.)...
3.4
Glen Alden Coal (quarterly)
25e July 20 July 6
Extra
25e July 20 July 6
Gold Dust (quarterly)
30e Aug. 1 July 10
Golden Cycle (quarterly)
40c
Extra
$1.60
Gottfried Baking Co., Inc., preferred (quar.)
% Oct. 1 Sept.20
Grace(W. R.)& Co.. pref.6% pref.
$3 Dec. 30 Dec. 27
Preferred A (quarterly)
$2 Dec. 30 Dec. 27
Preferred B (semi-annual)
$4 Dec. 30 Dec. 27
Grand Rapids Metalkraft Corp
Sc July 31 July 10
Great Lakes Engineering Works (quar.)
10c Aug. 1 July 24
Extra
Sc Aug. 1 July 24
Green (H. L.) Co. (quar.)
ne Aug. 1 July 15
Preferred (quarterly)
8114 Aug. 1 July 15
Greenfield Gas Light. 6% preferred (quarterly)
75c Aug. 1 July 15
Halle Bros., pref.(quar.)
$154 July 31 July 24
Hannibal Bridge Co. (quar.)
$2 July 20 July 10
Harbison-Walker Refractories Co., pref. (quar.) $114 July 20 July 8
Hardesty (It.) Mfg. Co.,7% pref.(quar.)
$14 Sept. 1 Aug. 15
7% preferred (quarterly)
$1.4 Dec. 1 Nov. 5
Hartford & Connecticut Western RR.(s.-a.)__ _
$1 Aug. 31 Aug. 20
Hartford Electric Light (quarterly)
684c Aug. 1 July 15
Hartman Tobacco
h$1 Aug. 1 July 15
Hat Corp. of Amer.,634% cumul. pref
5$1 Aug. 1 July 15
634% cumulative preferred (guar.)
$14 Aug. 1 July 15
Hawaii Consol. By.,7% pref. A (guar.)
20c Sept.15 Sept. 5
7% preferred A (quarterly)
20c Dec. 15 Dec.
Hawaiian Agricultural(monthly)
20c July 27 July 20
Hawaiian Electric (monthly)
45e July 20 July 15
Hocla Mining (quarterly)
10c Aug. 15 July 15
Hercules Powder, preferred (guar.)
$14 Aug. 15 Aug. 2
Hershey Chocolate (quarterly)
75c Aug. 15 July 25
Cony. preferred (quatterly)
SI Aug. 15 July 25
Hibbard, Spencer. Bartlett & Co.(me.)
10c July 26 July 19
Extra
30c July 26 July 19
Monthly
10c Aug. 30 Aug. 23
Monthly
10c Sept. 27 Sept.20
Holly Sugar, 7% cum. preferred
1187 Aug. 1 July it,
Home Insurance (guar.)
25c Aug. 1 July 12
Extra
5c Aug. 1 July 12
Homestake Mining (monthly)
$1 July 25 July 20
Extra
$2 July 25 July 20
Horn & Hardart of N.Y.(guar.)
40c Aug. 1 July 12
Preferred (quarterly)
UK Sept. 3 Aug. 14
Houston Lighting & Power,7% pref.(quar.)_
$14 Aug. 1 July 15
preferred
(quarterly)
$6
$13.4 Aug. 1 Tilly 15
Humberstone Shoe (quar.)
50c Aug. 1 July 8
111111tR, Ltd.. class A & B (deferred)
Hussemann-Ligonier (quar.)
el% Aug. 1 July 17
Preferred (quarterly)
73.4c Aug. 1 July 17
Hydro-Electric Security Corp5% preferred B (semi-ann.)
25c Aug. 1 July 15
Illinois Northern Utilities, jr. pref. (quar.)
$14 Aug. 1 July 15
6% preferred (guar.)
813.4 Aug. 1 July 15
Imperial Life Insurance (quer.)'
$33.4 Oct. 1 Sept. 30
Quarterly
$331 Feb.2'36 Dec. 31
Incorporated Investors
25e July 20 June 20
International Business Machines Corp. (guar.). $134 Oct. 10 Sept. 21
International Cigar Machinery Co
45e Aug. 1 July 20
International Nickel Co. of CanadaPreferred (quarterly)
1.14% Aug. 1 July 2
International Printing Ink (quar.)
25e Aug. 1 July 15
Preferred (quarterly)
8134 Aug. 1 July 15
International Utilities Corp.17 prior pref.(qu.)_ 8734c
Aug. 1 July 200
$334 prior preferred (guar.)
4331c Aug. 1 July 20a
Intertype Corp.' first preferred
$2 Oct. 1 Sept. 161
Financial Chronicle
384
Name of Company
Per
Share
When Holders
Payable of Record
h$1 A Aug. 1 July 19
Interstate Dept. Store. 7% preferred
111A Aug. 1 July 19
7% preferred (guar.)
500 Aug. 15 Aug. 1
Interstate Hosiery Mills (guar.)
50c Nov. 15 Nov. 1
Quarterly
25c Sept. 2 Aug. 10
Iron Fireman Mfg.(guar.)
250 Dec. 2 Nov. 9
Quarterly
10c Aug. 1 July 15
Jantzen Knitting Mills (guar.)
$14 Sept. 1 Aug. 25
7% preferred (guar.)
Aug. 1 July 20
250
(quarterly)
Kalamazoo Stove
15c Sept.30 Sept.20
Kalamazoo Vegetable Parchment (guar.)
15c Dec. 30 Dec. 30
Quarterly
Kansas City St. Louis & Chicago RR.
$134 Aug. 1 July 17
6% preferred guaranteed (guar.)
20c July 27 July 10
Kaufmann Dept. Storm, Inc
$16(i Aug. 15 Aug 5
Kelvinator of Canada.7% pref.(guar.)
Keokuk Electric Co.. 6% preferred (guar.).— - $134 Aug. 15 Aug. 10
$1 Aug 1 July 20
Keystone Steel St Wire
25c Aug. 1 July 15
King Royalty Co. (quar.)
Kokomo Water Works Co.,6% pref. (quar.)... $134 Aug. 1 July 20
25c Aug 1 July 20
Kress (S. H.) & Co. (guar.)
15c Aug. 1 July 20
Preferred (guar.)
11% Sept.30
Hroehler Mfg. Co., 7% pref. (guar.)
Dec. 31
7% preferred (quarterly)
$1
14 Sept.30
Class A preferred (guar.)
Dec.
31
$134
(quar.)
preferred
Class A
$1% Aug. 1 July 19
Kroger Grocery & Baking,7% pref.(quar.)
3734c Sept.30 Sept.20
Landers, Frary & Clark tquar.)
3734c Dec. 31 Dec. 20
Quarterly
Sept.15 Sept. 5
Landis Machine,7% preferred (quarterly)
Dec. 15 Dec 5
7% preferred 'quarterly)
Aug. 1 July 15
114
Lane Bryant Inc.7% preferred (quar.)
June 30
$2
Larus & Bros. Co. B
June 30
(guar.)
preferred
8%
$1% Aug 1 July 29
Lazarus(F. & R.) Co., pref. (guar.)
25c Aug 1 July 15a
Lee Rubber & Tire Corp
10c Aug. lily 15
Leonard Custom Tailors
$114 Aug. 1 July 22
Lerner Stores pref (quarterly)
$134 Aug. 10 July 31
Lincoln Telephone & Teleg (guar.) 6% pref A
20c Sept. 1 Aug, 15
Link Belt
51)4 Oct. 1 Sept. 14
Preferred (guar.)
25c Aug. 1 July 17
Liquid Carbonic Corp (quarterly)
$2 Oct. 1 Oct. 1
Lock Joint Pipe. preferred (guar.)
$2 Jan.1 '36 Jan. 1
Preferred (guar.)
Aug. 15 July 26
$14
(guar.)
preferred
Loew's Inc., $614
15c Aug. 15 July 20
Lone Star Gas
$1.63 Aug 1 July 20
634% preferred (guar.)
50c Aug 1 July 18
Loose-Wiles Biscuit Co.,common
$114 Oct. 1 Sept. 18
1st preferred (guar.)
$2 Aug. 1 July 17
Lord & Taylor Co.. 2nd preferred (guar.)
Los Angeles Gas & Electric, 6% pref. (guar.).- $134 Aug. 15 July 31
Louisiana & Missouri River ER.
$314 Aug. 1 July 17
7% guaranteed preferred (s.-a.)
$4 Aug. 15 Aug. 1
Louisville Henderson & St. Louis By.(s.-a.)--$234 Aug. 15 Aug. 1
Preferred (semi-ann.)
3c July 20 July 10
(guar.)
Mining
Gold
Combination
Lucky Tiger
3c July 20 July 10
Extra
Lunkenheimer Co.,634% preferred (quarterly). $1% Oct. 1 Sept.20
Jan.1 '36 Dec. 21
$1%
634% preferred (quarterly)
Aug. 8
$1
MacMillan, $6 preferred
Aug. 15 Aug. 5
$1
Magnin (I.) & Co.6% pref (guar.)
Nov. 15 Nov. 5
21
8% preferred (quarterly)
56 4 Aug. 1 July 15
Mahoning Coal RR.(quar.)
14334 Aug. 1 July 25
Masonite Corp., 7% preferred
$3 Aug. 1 July 1
Massawippi Valley RR. (semi-ann.)
40c Sept. 3 Aug. 15
May Dept. Storm (guar.)
Aug. 1 July 15
$134
Maytag Co., 1st preferred (guar.)
h$134 Aug. 1 July 15
53 preferred
433ic Sept. 1 Aug. 31
McOlatchy Newspapers.7% pf.(qu.)
43 A c Dec. 1 Nov.110
7% Preferred (quarterly)
6214c Aug. 1 July 12
Melville Shoe
$134 Aug. 1 July 12
, 1st preferred (guar.)
7340 Aug. 1 July 12
Fo,2nd preferred (guar.)
Metropolitan Industries Co.
25c Aug. 1 July 18
6% preferred allotment certificates (quar.)
$25 July 31 July 20
Michigan Central RR.(semi-ann.)
8734c Aug. 1 July 15
Michigan Public Service Co.,7% preferred
75c Aug. 1 July 15
6% preferred
Milw. Elec. fly. & Lt. Co.6% pref.(quar.).... $134 July 31 July 20
Aug. 1 July 15
Mine Hill & Schuylkill Haven Bit. Co.(8.-a.)--- 11
750 Aug. 15 Aug. 3
Minneapolis-Honeywell Regulator Co
25c Aug. 15 Aug. 3
Extra
250 Aug. 1 July 20
Modine Mfg
$1 Aug. 1 July 15
Mohawk Hudson Power Corp. preferred (guar.)
$1 A Aug. 15 Aug. 1
Monmouth Censor. Water.7% pref.(quar.)_
Aug. 1
15c
(guar.)
Monogram Pictures Corp.
15c Nov. 1
Quarterly
15c Feb.1'36
Quarterly
r38c July 31 June 29
Montreal Light, Heat & Power consol.(quar.)
$2 Aug. 15 July 31
Montreal Light,Heat & Power (guar.)
Oct. 1 Oct. 1
$134
Goods
(guar.)
Moore Dry
$134 Jan.1 '36 Jan. I
Quarterly
81 A Oct. 1 Sept.20
Morris5& 10c to $1 Stores.Inc.,7% pref.(qu.)
$1 Sept. 1 Aug. 27
Morrie Plan Insurance Society, (guar.)
$1 Dec. 1 Nov. 26
Quarterly
31A Aug. 1 July 24
Mortgage Corp. of Nova Scotia (quar.)
Aug. 10 Aug. 1
50c
Motor Products(quarterly)
Mutual Chemical Co. of Amer.,8% pref.(qu.). $134 Sept.2R Sept.19
Dec.
28 Dec. 19
$14
preferred
(quarterly)
6%
Sc July 20 July 10
Mutual Telep. Co., Hawaii (monthly)
25c Aug. 1 July 15
Nash Motors Co. common
25c Aug. 1 July 15
National Auto Fibres A (initial)
1234c Aug. 1 July 15
A, extra
National Bearing Metals Corp.7% pref.(qu.)-- $114 Aug. 1 July 19
40c Oct. 15 Sept. 13
National Biscuit Co. (quar.)
Aug. 31 Aug. 15
161
Preferred tquar.)
$2 Aug. 1 July 19
National Carbon 8% preferred (guar.)
50c Aug. 1 July 13
National City Bank (semi-ann.)
50c Aug. 1 July 13
Preferred (semi-ann.)
35c Aug. 1 July 13
Preferred(RFC stocks) (semi-ann.)
50c Aug. 1 July 15
National Distillers (quarterly)
$134 Aug. 1 July 19
National Lead, class B preferred (quarterly)
10c Aug. 15 Aug. 1
National Liberty Insurance Co. of Amer.(s.-a.)Sc Aug. 15 Aug. 1
Extra
$114 Aug. 1 July 5
National Power & Light,$6 pref.(guar.)
1734c Oct. 10 Oct. 1
National Short Term Securities, pref.(guar.)_
250 July 31 July 22
National Steel (quarterly)
1234c July 31 July 22
Extra
13Ac Aug. 1 July 15
National Tea
534% pref. (guar.)
87 Ac Aug. 1
National Tel. Co..
de Tel.$334 1st pref.(guar.)
8730 Aug. 1
5334 2nd preferred (guar.)
$1 A Aug. 1 July 15
Neisner Bros.. 7% cony pref (guar.)
c$1 Aug. 1 June 29
Nevada-California Electric preferred
Newberry(J. J. Real Estate.6A % pref. A (qu.) $1 A Aug. 1 July 16
$135 Aug. 1 July 16
6% preferred B (quar.)
$13" Sept. 1 Aug. 16
Newberry(J. J.) & Co.,7% pref.(quar.)
50c Aug. 10 July 19
New Jersey Zinc (guar.)
50c Aug. 15 Aug. 2
Newmont Mining corn
250 July 27 July 16
New York & Honduras Rosario Mining Co--50c July 27 July 16
Extra
Si Aug. 15 Aug. 10
(guar.)
Hanseatic
York
New
50c Aug. I July 20
New York Merchandise(guar.)
50c Aug. 15 July 31
1900 Corp. class A (guar.)
50c Nov.15 Oct. 31
"A" (guar.)
20c July 20 July 10
Nomea Sugar (monthly)
$2 Sept.19 Aug. 31
Norfolk & Western By.(quar.)
$I Aug. 19 July 31
Adjustable preferred (guar.)
Sept. 3 Aug. 15
North American Edison Co. preferred (guar.)._ $1
Aug. 1 July 20
$314
(s.
-a.)
gtd.
RR.
Co..
7%
North Carolina
Northern New York Utilities, 7% 1st pref.(qu.) $114 Aug.1 July 10
75c July 25 June 29
Northern Ontario Power Co.(quar.)
$134 July 25 June 29
6% preferred (guar.)
$134 July 311July 8
Northern RR. of N. H. (guar.)
Name of Company
July 20 1935
Per
Share
When I Holders
Payable of Record
$1 Sept. 1 Aug. 20
Northern RR.Co.of N.J.4% gtd.(guar.)
51 Dec. 1 Nov.21
4% guaranteed (guar.)
Northern States Power Co. (Del.)
114°f July 20 June 29
7% cum. preferred (quarterly)
135% July 20 June 29
6% cum. preferred (quar.)
15c July 20 July 10
Oahu Ry.Sr-Land Co.(monthly)
20c Aug. 15 Aug. 5
Oahu Sugar (monthly)
25c July 25 June 29
Ohio Brass
Ohio Public Service Co.. 7% pref. (monthly)__ 58 1-3c Aug. 1 July 15
50c Aug. 1 July 15
6% preferred (monthly)
412-3c Aug. lily 15
57a preferred (monthly)
$2 Aug. 1 July 1
Old Colony Insurance (guar.)
$2 Nov. 1 Oct. 21
Quarterly
200 July 20 July 10
Onomea Sugar Co.(monthly)
50c Aug. 1 July 22
Outlet Co., common (quarterly)
$134 Aug. 1 July 22
1st preferred (quarterly)
$114 Aug. 1 July 22
2d preferred (quarterly)
Pacific Finance Corp. of California—
200 Aug. 1 July 15
Preferred A (guar.
1634c Aug. 1 July 15
Preferred C (guar.
1736c Aug. 1 July 15
Preferred D (guar.)
34 Ac Aug. 15 July 31
Pacific Gas & Electric,534% pref.(guar.)
3734c Aug. 15 July 31
6% preferred (quarterly)
60c Aug. 15 July 20
Pacific Lighting.(quar.)
h20c Aug. 1 July 15
Pacific Public Service, 1st preferred
$134 Aug. 1 July 20
Package Machinery,7%,1st pref.(guar.)
25c Aug. 1 July 20
Pan American Airways
141 14 Aug
u5.
. June 20
Penna-Glass Sand,$7 pref.(guar.)
55c
July 20
Pennsylvania Power Co., $6.60 pref. (mo.)- 55c Sept. 2 Aug. 20
$6.60 preferred (monthly)
$135 Sept. 2 Aug. 20
$6 preferred (quar.)
$3 Aug. 1 July 25
Pemigawasset Valley RR.(8.-a.)
75c Aug. 15 Aug. 5
Perunans, Ltd. (quarterly)
$134 Aug. 1 July 22
Preferred (quarterly)
Sc Aug. 1 July 15
Penn Traffic Co. (semi-annual)
20c Sept. 1 Aug. 15
Pepper (Dr.)(quarterly)
20c Dec. 1 Nov. 15
Quarterly
$134 Oct. 1 Sept. 25
Petersburg RR.(semi-annual)
$134 Apr.1' 36 Mar. 25
Semi-annual
525c July 28 June 14
Petroleum & Trading. A
20c July 25 July 1
Philadelphia Co., common (guar.)
$114 Aug. 1 July 10
Philadelphia Electric Co.$5 pref (guar.)
50c Oct. 1 Sept. 10
Philadelphia Electric Power 8% cum. pro..(qu.)
50c Aug. 1 July 15
Philadelphia Insulated Wire (s.-a.)
$2)4 Oct. 10 Sept.SO
Philadelphia & Trenton RR.(guar.)
$134 Aug. 1 July 20
Philip-Jones. preferred (guar.)
25c o
.30
2
ct.. 3
10
0s
Aeupgs.
Phillips Petroleum
Aug
50c
Phoenix Finance Corp.,8% pref. (guar.)
50c Jan 1036 Dec. 31
8% preferred (quarterly)
142 Aug. 15 July 31
Phoenix Securities, preferred
eh A sh Aug. 15 July 31
Preferred
20c oet.
Aug. 11J
su
ely
pt.2
10
4
Pioneer Mill, Ltd.(mo.)
75c
Pittsburgh Bessemer de Lake Erie
RR.Co- $234 July 20 July
(s-a)Pitb.
Cincinnati Chicago & St. Louis
i
Dkee
pt
.
.10
Pittsburgh Ft. Wayne & Chicago By.(quar.)_ $1
$1
Oct.
Feb.1
Quarterly
Dec.
$1
Oct. 8 Sept.10
7% preferred (guar.)
Si
Jan.? '36 Dec. 10
7% preferred (guar.)
$134
151
ye 20
8
Pittsburgh & Lake Erie RR.(s.-a.)
c$1 Aug. 15 July
Pittsburgh Plate Glass (special)
Pittsburgh Youngstown & Ashtabula RR.
$1 Sept. 1 Aug. 20
7% preferred (guar.)
Dec. 1 Nov. 20
7% preferred (guar.)
July
Plymouth Cordage (guar.)
July 2
$134 Sept.20
Pollock Paper & Box Co., pref.(guar.)
15 Sept. 1
Dec. 15 Dec. 1
Preferred (quarterly)
$114
Potomac Edison, 7% preferred (guar.)
$134
6% preferred (quar.)
7Ac A
AAug
uug
ug
Procter & Gamble (corn. (guar.)
g... 15
15
5a
:
1j
July 2
Public Service Co. of Colorado. 7% pref. (mo.)- 58 1-3c
50c Aug. 1 July 15
6% preferred (monthly)
41 2-3c Aug. 1 July 15
5% preferred (monthly)
600 Sept.30 Sept. 3
Public Service Corp.of N.J.,corn.(quar.)
$134 Sept.30 Sept. 3
$5 preferred (quar.)
50c July 31 July 1
6% preferred (monthly)
50c Aug. 31 Aug. 1
6% preferred (monthly)
50c Sept.30 Sept. 3
6% preferred (monthly)
$134 Sept.30 Sept. 3
7% preferred (guar.
AAAuguupggt.
$2 Se
8% preferred (guar.
... 30
3
1i
Suulta
elpyyyt. 3113
5
51
Public Service of Nor.
7% pref.(quar.)
$134
$134
6% preferred (guar.)
$134
Public Utilities (quarterly)
750 Aug. 15 July 24
Pullman, Inc. (quarterly)
20c Aug. 15 July 31
Pyiene Mfg. Co., con. (special)
$134 Aug. 31 Aug. 1
Quaker Oats pre (guar.)
3c
Quarterly Income Shares, Inc
5
1j
Jui
uly
y 15
1
50c Aug.
Reading Co. (quarterly)
50c Sept.12 Aug. 22
1st preferred (quarterly)
50c Oct. 10 Sept. 19
2nd preferred (quarterly)
15c Aug. 1 July 20
Reliance Mfg.."Illinois" (quarterly)
15c Aug. 1 July 15
Repuolic Investors Fund,6% preferred A (quar.)
Rhode Island Pub.Serv. Co.Cl. A (quar.)
$1 Aug. 1 July 15
Preferred (quarterly)
50c Aug. 1 July 15
Rice-Stix Dry Goods. 1st & 2d prof. (quar.)
$151 Oct. 1 Sept. 15
Richmond Insurance Co.of N.Y.(guar.)
10c Aug. 11 July 11
Extra
Sc Aug. 1 July 11
8c July 25 July 15
Rickel (H. W.) (semi-annual)
Extra
Jul
4c s
epyt.22
5J
Auulg
y.15
$1
Rolland Paper, Ltd., preferred (guar.)
Roos Bros.. preierred (guar.)
$1
Aug. 1 July 15
Sc Aug. lily 20
Rose 5-10-250. Stores kquar.)
$134 Aug. 1 July 20
7% preferred %quar.)
Ryerson (Jos. TO & Sons
25c Aug. 1 July 15
St. Croix Paper Co. (quarterly)
50c Aug. 1 July 11
St. Lawrence Flour Mills (qtar.)
50c Aug. 1 July 20
Preferred (guar.)
$15
4 Aug. 1 July 20
25e July 20 July 50
St. Louis Rocky Mountain & Pacific BE,Co..
$114 July 20 July 5
Preferred (guar.)
$134 Oct. 21 Oct. 5a
Preferred (quarterly)
Salt Creek Producers Assoc. (quar.)
20c Aug. 1 July 15
San Antonio Gold Mining
7c 5
Aeupgt.. 30
10
July
ept 15
5
750
San Francisco Remedial Loan Assn.(quar.)
10c Aug. 1 June 29
Schuyler Trust Shares
Scott Paper 00.7% series A cum.pref. kquar.)._ $114 Aug. 1 July 18
$134 Aug. 1 July 18
6% series B cum.pref.(guar.)
30c Aug. 15 Aug. 6
Scotten Dillon
Second National Investors, $5 pref
h$1 Aug. 1 July 22
621,6c. Aug. 1 July 15
Seeman Bros., Inc., common (guar.)
$134 Oct. 1 Sept. 20
Servel, Inc., 7% preferred (guar.)
Shamokin Valley & Pottsville Bit (s.-a.)
A ug. .Hly
Jtil
r y 15
87)4c
Sharp & Dohme ,cum. pref. class A (guar.)
18
Sheaffer(W.A.)Pen Co.,$8 pref.(guar.)
$2
2420
221040
3
10
1
7
51.237 July
Shell Transport & Trading (Amer.sharas)__.._
July 17
(quar.)
Sioux City Gas & Elec., 7% pref.
$134
Sioux City Stockyards Co.$134 part pre (quar.) 3734c Aug. 15 Aug. 14
37
Nov.15 Nov. 14
$14 participating preferred (guar.)
1234c Aug.. 1 July 20
Smith Agricultural Chemical (quar.)
$134
6% preferred (quar.)
July 20
Smith (S. Morgan) Co. (quarterly)
Aug. 1 Aug. 1
$
Nov.
Quarterly
Aug. 15j
Nid
ov
y.15
1
Solvay American Investment.534% Pref.(qu.)_ $1%
10c July 25 July 11
South American Gold & Platinum Co
Southern California Edison Co.. Ltd—
37Ac Aug. 15 July 20
Common (quarterly)
20c Aug. 15 July 31
Southern Canada Power Co.common (guar.)_
50c Aug. 1 July 25
Sparta Foundry (special)
$154 Aug. lily 15
Spiegel, May,Stern Co. preferred
60c Aug. 1 July 3
Standard Cap & Seal Corp. (guar.)
50c July 23
Standard Fire Insurance(N. J.)(quar.)
3734c
2
13
5 Aug. 13
6
Stanley Works.6% Preferred (guar.)
r4334c Aug. 1 July 6
Steel Co.of Canada (quar.)
r4314c Aug. 1 July 6
Preferred (quar.)
Financial Chronicle
Volume 141
When
Holders
Payable of Record
Per
Share
Name of Company
385
Per
Share
Name of Company
When Holders
Payable of Record
Sterling Brewers (special)_
7c July 20 July 8
Suburban Electric :Security Co.lit pref.(qu.) -- $114 Aug. 1 July 15
Sylvania Industrial Corp.(guar.)
25c Sept.15 Sept. 5
Tacony-Palmyra Bridge. 73% Preferred
S1 I4 Aug. 1 July 10
Telautograpb Corp. (reduced)
15C Aug. 1 July 15
Telep. Investment Corp.(monthly)
25c Aug. 1 July 20
Texas Power & Light,7% pref.(quar.)
Aug. 1 July 13
Si
$6 preferred (guar.)
Aug 1 July 13
$1
Thatcher Mtg. Co.cony. pref.(guar.)
90c Aug. 15 July 31
Third National Investors
45c Aug. 1 July 22
Tide Water Oil. 5% preferred (quan)
Sig Aug. 15
Tide Water Power,$6 pref. (guar.)
$13i Sept. 1 Aug. 10
Toburn Gold Mines (guar.)
2c Aug. 21 July 25
Toledo Edison Co.7% preferred (monthly)
58 1-3c Aug 1 July 15
6% preferred (monthly)
50c Aug 1 July 15
5% preterred (monthly)
41 2-3c Aug. 1 July 15
Troy & Bennington RR.(semi-ann.)
$5 Aug 1 July 25
Transamerica Corp.,(semi-ann.)
15c July 31 July 13
Trustee Standard Investment Shares—
Series C(semi-annual)
Sc Aug.1 June 30
Series D (genii-annual)
4.8c Aug 1 June 30
Tung-Sol Lamp,$3 pref.(guar.)
75c Aug 1 July 19
Twin Bell Oil Syndicate (monthly)
$2 Aug 5 July 30
Union Bag & Paper
50c July 25 July 12
Union Copper Land & Mining Co
10c Sept. 1 Aug. 1
Union Oil of Calif. (guar.)
25c Aug. 10 July 20
United Biscuit Co. of Amer. pref. (guar.)
Sig Aug 1 July 15
United Gas Improvement (guar.)
2sc Sept.30 Aug. 30
Preferred (guar.)
$IX Sept.30 Aug. 30
United Insurance Trust Shares(F mg.)
4c Aug 1 June 29
United Light & R.Co. (Del.)
77 preferred
581-Sc Aug. 1 July 15
(monthly)
.
6.36% preferred (monthly)
53c Aug. 1 July 15
6% preferred (monthly
50c Aug. 1 July 15
7% preferred (monthly
58 1-3c Sept. 3 Aug. 15
6.36% preferred (monllY)
53c Sept. 3 Aug. 15
6% preferred (monthly)
50c Sept. 3 Aug. 15
7% preferred (monthly)
58 1-30 Oct. 1 Sept.16
6.36% preferred (monthly)
53 Oct. 1 Sept.16
6% preferred (monthly)
50c Oct. 1 Sept.16
United New Jersey RR.8c Canal(guar.)
$2Li Oct. 10 Sept. 20
United States & Foreign, 1st pref.(guar.)
$134 Aug. 1 July 18
United States Petroleum (semi-annually)
lc Der, 15 Dec. 5
United States Pipe & Fdy Co., common (guar.). 1234c July 20 June 29
Common (guar.)
1234c Oct. 20 Sept.30
Common (guar.)
1234c Jan 2036 Dec. 31
lit preferred Mar.)
July 20 June 29
3
1s1 preferred Mar.)
300 Oct. 20 dept.30
lit preferred (guar.)
30c Jan 21136 Dec. 31
United Verde Extension (special)
$I Aug. 1 July 3
Universal Leaf Tobacco Co.,Inc.(guar.)
50c Aug. 1 July 17
Extra ______________________ _
$2 Aug. 1 July 17
Upper Michigan Power & Lt. Co..6% PI.(111.)- $1 34 Aug. 10 July 31
6% preferred (quarterly)
Nov. 10 Oct. 31
0% preferred (quarterly)
Feb 11136 Jan. 31
* Includes a bonus of 20c. t Quarterly dividend, but amount varies.
a Transfer books not closed for this dividend.
c The following corrections have been made:
d Fyr-Fyter class A, pays one share class A stock for each four shares
held in payment of all accumulate dividends.
Payable in stock.
f Payable in common stock. p Payable in scrip. h On account of accumulated dividends. j Payable in preferred stock.
k Amer. Cities Pow. & Lt. Corp. div. of 1-32d of one share of class B
stock was declared upon each sh. of cony. class A stock, optional div. series.
Class A stockholders have the option of receiving 75c. in cash in lieu of the
env. in class B stock, providing written notice is received by the corporation
on or before July 22.
I Associated Investment, pays four additional shares for each share held
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
u Payable in U. S. funds. v A unit. w Less depositary expenses.
x 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
11
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 13 1935
ClearInti House
Members
Surplus and
Undivided
Profits
• Capital
Bank of N Y & Tru*t Co.
Bank of &Lanham n Co.
National City Bans_
Chemical Ilk & Trust Co
Guaranty Trust Co
Manufacturers Trust Cc
Cent Hanover Ilk & Tr Co
Corn Exch Bank Tr Co_
First National Bank—.
Irving Trust Co
Continental Ilk & Tr Co_
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar Sc Trust Co__
Marine Midland Tr Co__
New York Trust Co
Comml Nat Bk & Tr Co
Public Nat Ilk & Tr Co__
S
$
S
$
6,000,000
20,000,000
127 500 000
:0 0
20:00
0
90,000,000
32 935 000
21'000:000
'
15000 000
10:000:0
0
0
50.000,000
4 000 000
150:270:000
500,000
25,000.000
10 000 000
5000000
' '
12:500:000
7,000,000
8250,000
Time
Deposits,
Average
Net Demand
Deposits.
Average
10,564,300
132,013,000
25,431,700
355,747,000
41,898.100 a1,132.966,000
389,805,000
48,725,100
177,067,100 91,191,527,000
329,189,000
10,297,500
661,563,000
61,523,900
202,047.0130
16,538,000
432,492,000
90,301,700
462,343,000
57,918,100
35,448,000
3,689,000
70,850,900 c1,546,721.000
45,630,000
3,438,900
63,316.100 d745,519,000
7,957,900
14,821,000
65,457,000
7,789.700
270,092,000
21,381,500
59,983,000
7,682,400
5,272,500
59,829,000
5,828,000
30,680.000
146,393,000
19,15S,000
43,747,000
95,548,000
21,616,000
20,372,000
5,613,000
1,473,000
2,383,000
53,222,000
10,466,000
206,000
3,308,000
19.986,000
1,574,000
38,312.000
Totals
Ale OKA non 721624A00 8.133.198.000 519.972.000
• As per official reports: National, June 29 1935; State, June 29 1935;
trust
companies, June 29 1935.
Includes deposits in foreign branches: a 5201,751,000; b 670,637,000; c $67,417,000; d $25,527,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended July 12:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WKEK ENDED FRIDAY, JULY
12 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURE
Loans
me Cash Res. Dep.. Delo, Other
Dire. and
Including N. Y. and Banks and
Investments Bank Notes Elsewhere Trust Cos.
Manhattan—
t
Grace National
22,140,100
Trade Bank of N. Y. 6,4,042,757
Brooklyn—
People's National__ _
a osa non
3
$
74,300
202,574
3,478,700
807,655
tla non
1.444.000
$
Gross
Deposits
$
1,802.400 24.031,100
108,250 4,071,993
390.000
5 426 non
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc, and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
Kings County
Cash
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere Trust Cos.
$
47,286,300
7,214,673
10,142,007
17,569,900
28,547,400
67.319,556
$
$
*7,720,100 8,579,700
773,789
156,190
718.062
*671,602
*3,395,800 1,486,100
934,800
*5,515,300
25,843,857 18,173,462
80,551,000
20 512 eon
2,998,000 34,090,000
2 217 307 6217.163
$
Oros
Deposits
$
2,610,700 54,383,800
1,642,945 8,064,335
62,541 9,417,143
1,493,900 19,044,400
32,472,800
82,841,732
126,000 108,588,00(
2 lea sal
•Includes amount with Federal Reserve as follows: Empire, $6,640,000;
Fiduciary, $415,765; Felton, $3,190,800; Lawyers County. $4,740,000.
Utica Clinton & Binghamton Hy.—
Debenture stock (semi-ann.)
$234
Virginian Railway, pref. (guar.)
Vulcan Detinning, preferreu (quar.)
Preferred (guar.)
Walgreen Co
Walker Mfg.Co.,$3cony.preferred
Warren Foundry & Pipe Corp
Warren RR.(semi-annual)
Washington Gas Light Co.(quar.)
Westinghouse Air Brake Co. (quar.)
West Jersey & Seashore RR.(s.-a.)
Westmoreland, Inc.(guar.)
West Penn Electric. 7% pref. (guar.)
6% preferred (quarterly)
West l'enn Power,7% pref.(war.)
6% preferred (guar.)
Wilson & Co
$6 preferred (guar.)
Win & Baumer Candle Co.,Inc.,corn
Winsted Hosiery (guar.)
Quarterly
Woolworth (F'. W.) quar.)
Worcester Salt Co.(quar.)
6% preferred (quar.)
Wrigley(Wm.)Jr. Co.(mthly.)
Monthly
Monthly
Wisconsin Telep., pref.(guar.)
Yale & Towne Mfg. Co
Mons Cooperative Mercantile Ins. (guar I--
35c
h$11,
5
500
$1g
90c
12140
Si
300
11
$1
5134
1234c
5136
100
$134
S1 It
60c
$1A
$135
25c
25c
25c
15c
50c
Dec. 26 Dec. 16
Aug. 1 July 13
July 20 July 10
Oct. 19 Oct. 10
Aug. 1 July 15
Aug. 1 July 20
Aug. 1 July 15
Oct. 1 50ct. 5
Aug. 1 July 15
July 31 June]29
Jan.1 '36 Dec. 14
Oct. 1 Sept. 14
Aug. 15 July 19
Aug. 15 July 19
Aug. 1 July 5
Aug. 1 July 5
Sept. 1 Aug. 15
Aug. 1 July 15
Aug. 15 Aug. 1
Aug. 1
Nov. 1
Sept. 3 Aug. 9
Aug. 15 Aug. 5
Aug. 15 Aug. 5
Aug. 1 July 20
Sept. 2 Aug. 20
Oct. 1 Sept.20
July 31 June 20
Oct. 1 Sept. 10
Oct. lb
The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 17 1935,
in comparison with the previous week and the corresponding
date last year:
July 17 1935 July 10 1935 July 18 1934
Assets—
Gold certificates on hand and due from
$
s
$
U. 8. Treasury_x
2,385,065,000 2,39',473,000 1,625,998,000
Redemption fund—F. R. notes
833,000
1,019,000
1,385,000
Other cash'
71,262,000
71,882,000
56,650,000
Total reserves
2,457,160,000 2,470,374,000 1,684,033,000
Redemption fund—F. R. bank notes_
1,888,000
Bills discounted:
Secured by U. S. Govt. obligations
direct & (or) fully guaranteed
2,122,000
2,294,000
1,956,000
Other bills discounted
2,329,000
2,175,000
10,036,000
Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities
4,451,000
4,469,000
11,992.000
1,793,000
1,801,000
1,995,000
6,901,000
6,856,000
99,496,000
473,259,000
469,060,000
171,563,000
175,762,000
165,751,000
395,160,000
216,844,000
744,318.000
744,318,000
777,755,000
99,496,000
Other securities
35,000
Foreign loam on gold
Total bills and securities
•
757,463,000
Gold held abroad
Due from foreign banks
F R. notes of other banks
Uncollected items
•
133,869,000
•
11,937,000
32,722,000
262,000
7,286,000
Bank premises
All other assets
Total assets
757,444,000
791,777,000
257,000
6,595,000
1,203,000
5,305,000
111,620,000
11,882,000
32.084,000
116,199,000
11,449.000
33,814,000
. 3,400,699,000 3,390,256,000 2,645,668,000
tAabitUdos—
Y. R. Dotes in actual circulation
• 702,451,000 700,269,000 646,162,000
F. R. bank notes in actual circulation ne t
33,978,000
Depordts—Member bank reserve tweet-. 2,066,860,000 2,189,275,000 1,589,964,000
U. S. Treasurer—General account., . 132,811,000
30,425,000
2,248,000
Foreign bank
8,250,000
8,524,000
2,085,000
Other deposits
231,602,000 219,016,000 130,517,000
Total deposits
Deferred availability items
Capital paid In
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
. 2,439,523,000 2,447,240,000 1,724,814.000
129,956,000 110.121,000 113,584,000
59,432,000
59,425.000
60,226,000
•
49,964,000
49,964,000
45,217,000
6,578,000
6,578,000
7.500,000
7.500,000
4,737,000
5,295,000
9,159,000
16,950,000
Total liabilities
. 3,400,699,000 3,390,256,000 2,645,668,000
Ratio of total reserves to deposit an I
F. It. note liabilities combined
78.2%
78.5%
71.0%
Ccaungent liability on bills purobasetI
for foreign correspondents
398.000
Commitments to make Industrial ad
vances
8.060.000
8.061.000
•"Other cash" does not Include Federal Reserve notes or a bank's own
Federa
Reserve bank notes.
These are certificates given by the U. S. Treasury for the gold
over
from the Reserve banks when the dollar was on Jan. 31 1934 devaluedtaken
from 100
cents to 59.06 Dents, these certificates being worth less to the extent of the difference; the difference itself having been appropriated as profit by the Treasury
ander the provisions of the Cold Reserve Act of 1934.
July 20 1935
Financial Chronicle
386
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, July 18, showing the condition of the
System as a
twelve Reserve banks at the close of business on Wednesday. The first table presents the results for the
last year.
week
corresponding
the
of
those
with
and
weeks
preceding
seven
the
for
figures
whole in comparison with the
note
Federal
Reserve
The
banks.
twelve
the
The second table shows the resources and liabilities separately for each of
Reserve Agents
the
between
notes
Reserve
Federal
in
transactions
regarding
details
gives
following)
statement (third table
in our departand the Federal Reserve banks. The Reserve Board's comment upon the returns for the latest week appears
ment of "Current Events and Discussions."
AT THE CLOSE OF BUSINESS JULY 17 1935
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS
1935 June 5 1935 Stay 29 1935I3uly 18 1934
July 17 1935 July 10 1935 July 3 1935 June 26 1935 June 19 1935 June 12
3
$
$
S
$
$
S
s
$
ASSETS
6,019,475,000 5,909,299,000 5,868,300,000 4,847,634.000
Gold ctfs. on hand & due from U.8.Treas.k 6,226,200,000 6,226,231,000 6,226,221,000 6.126,491,000 6,119,488,000
22,249,000
22,248,000
25,003,000
21,859,000
21,857,000
22,583,000
22,881,000
22,529,000
21,546,000
Redemption fund (F. R. notes)
233,432,000 222,982,000 219.947,000 228,824,000
251.848.000 241.301,000 216,175,000 239,614,000 234,018,000
Other cash •
6,154,529,000 6.110,496,000 5,101,461,000
6,499,594,000 6.490,061,000 6,465,277,000 6,388,688,000 6,375,363.000 6,274.766,000
Total reserves
2,996,000
Redemption fund-F.R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
5,556,000
4,914,000
4,690,000
4,434,000
3.681,000
3,591.000
5,384,000
3,939,000
3,608,000
direct and(or) fully guaranteed
17,696,000
3.372,000
3,393,000
3,300.000
3,200,000
3,546,000
2,987.000
2,902.000
3,057,000
Other bills discounted
23,252,000
8,286,000
8,083,000
7,734,000
6,881.000
7,137,000
8,371,000
6,841,000
6,665,000
Total bills discounted
4,700,000
4,700,000
4,706,000
5,259,000
4,723,000
4,690,000
4,687,000
4,687,000
4,679,000
Bills bought In open market
27,022,000
26,977,000
27.282,000
27,386,000
27,518,000
27.904,000
28,175,000
28,268,000
Industrial advances
316,904.000 316,852,000 314.612,000 467,805,000
292,222,000 292,416,000 292.743,000 310.865,000 316.891,000 1,512,480,000
U.S. Government securities--Bonds
1,552,980,000 1.561,448,00 1,252,331,000
1,543,136,000 1,528,108,000 1,533,137,000 1,510,483,000 1,515.436,000
Treasury notes
600,879.000 560.374,000 554,304.000 711,651,000
597.014,000
609.889,000
604,879,000
602,879,000
594,889,000
Certificates and bills
2,430,263,000 2,430,206,000 2,430,264,000 2,431,787,000
Total U. S. Government securities- 2,430,247,000 2,430.413,000 2.430.759,0002,430,227,000 2.430,241,000
483,000
Other securities
Foreign loans on gold
2.469,985,000 2,470.011,000 2,470,227,000 2,460,781,000
2,469,859.000 2,470,116,000 2,471,721,000 2,469.572,000 2.469.231.000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other assets
643,000
22.075.000
543,628.000
49,904.000
45,325,000
Total assets
LIABILITIES
F. It. notes In actual circulation
F. R. bank notes In actual circulation_
637,000
21,863,000
472,720,000
49,849.000
44.709.000
636,000
17.940.000
527,436,000
49,839.000
44,652,000
711,000
16,853,000
468,964,000
49,826,000
42.531.000
3,258,418,000 3,267.401,000 3,299,860,000 3,197,898,000 3,188,278,000 3,178,446,000
3,182,049,000 3.171,650.0. 3,084,823,000
38,560,000
.......
542,264,000
146,608,000
144.893,000
21,288,000
30,780,000
9,445,000
Ratio of total reserves to deposits and
F. It. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Commitments to make Industrial advances
Maturity Distribution of Bills and
Short-term Securities1-15 (lays bills discounted
16-30 days bills discounted
81-80 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills liscounted
1-15 days in instils' advances
16-30 days industrial advances
31-60 days industrial advances
1-90 days industrial advances
Over 90 days industrial advances
Total InduArlal advances
470,026,000
146,613,000
144,893,000
20,871,000
30,780,000
13,530.000
531.850.000
146.570,000
144,893,000
20,870,000
30,777,000
9,088,000
467,642,000
146.584.000
144,893,000
20.482.000
30.778,000
13.475,000
5,329,109,000 5,206,147,000 5,183,434,000 4,230,630,000
551,087,000
146,594,000
144,893,000
20,482,000
30,778,000
12,664,000
521,872,000
146,022,000
144,893,000
20,482,000
30,776,000
14,272,000
744%
74.4%
744 7
74.2%
74.0%
73.8%
496.046,000
146,628,000
144.893.000
20,065,000
30,781,000
11,731.000
460.029.000
146,654,000
144,893.000
20.065.000
30,782,000
12,372,000
Total municipal warrants
22,541,000
24,167,000
9,238,340,000 9,10,879.000 8,150,330,000
73.4%
73.3%
69.7%
1,394,000
21.696,000
20.850,000
20,844,000
20,579.000
$
20.404,000
$
20,008,000
s
10,688.000
19,425,000
23,252,000
5,055,000
92,000
604,000
866,000
224,000
6,401,000
255,000
638,000
871,000
206,000
5.070,000
412,000
110,000
1.294,000
251,000
5,180,000
158,000
290,000
1,059,000
194,000
6,419,000
192,000
303,000
592,000
228,000
$
6,675,000
197,000
317,000
644,000
250,000
6,841,000
8,371,000
7.137,000
6.881,000
7.734,000
8,083,000
3
6,176,000
821,000
398,000
649.000
242.000
-8,286,000
2,356,000
633,000
638,000
1,052,000
687,000
373,000
891,000
2,756,000
906,000
495,000
960,000
2,326,000
870,000
607,000
714,000
2,499,000
1,777,000
857,000
762,000
1,327,000
1,998,000
838.000
671,000
1.199,000
1,121,000
1,648.000
1,197.000
734,000
959.000
1,997.000
1,390,000
354,000
2,675,000
550,000
1,475,000
559,000
4,679,000
4,687.000
4,687,000
4,690,000
4.723.000
4,706,000
4,700,000
4,700,000
5,259,000
1,288,000
104,000
492,000
1,609,000
24,775,000
1,250,000
125,000
369,000
728,000
25,703,000
1,207,000
200.000
227,000
791,000
25.479,000
1.203,000
183,000
305,000
525,000
25,302.000
1,387,000
141,000
266.000
557,000
25,035.000
1,317,000
163.000
299,000
460,000
25,043,000
1,256.000
224.000
320.000
349,000
24,873,000
1,251,000
180.000
334.000
318,000
24,894,000
28,268,000
28,175,000
27,904,000
27,518,000
27.386,000
27,282,000
27,022,000
26.977,000
s
$
s
41.103,000
63.810,000 115,365.000 167,442,000
66.160,000
46,050,000
51.255,000
44,853,000
1-15 days U. S. Government serurRies
63,810,000 146.435,000
66,160,000
45.550,000
51,055,000
44,853,000
43.023,000
50,419,000
16-30 days U. S. Government securities.94,617,000 170,306,000 186.005.000 120,495,000
83,637,000
82,679,000
88,034,000
57,190,000
31-60 days U. S. Government securities
72,484,000
82,679,000 179,894,000
57,190,000
52,033,000
52,393,000
50,983.000
105,834,000
81-90 days U. S. Government securities
2,197,138,000 2,204.784,000 2.177,342.000 2.169.074,000 2.005.948,000 1,960,290,000 1,942.337.000
Over 90 days U.S. Government securities- 2.171.951.000
2 430,247,000 2,430,413,000 2,430.759,000 2,430,227,000 2,430,241,000 2.430,263,000 2,430,206.000 2.430,264,000
Total U. S. Government securities
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Ovor 90 (lays municipal warrants
463,920,000
147,306,000
138,383,000
4,796,000
98,000
594,000
971,000
206,000
6,665,000
1-15 days hi Is bought in open market
18-30 days bills bought in open market_ _ _
31-60 (lays bills bought In open market...
61-90 days bills bought In open Inarke1
Over 90 days bills bought In open market
Total bills bough In open market
4,995,666,000 5,049.181,000 4,014,241,000 4,826,50 . I) 3,987,312,000
95,442,000
21.340,000
65.780,000
74,472"
126,035,000
'21,996,000
5,285,000
47.345,0
20,741,000
27,564,000
273,778,000 193,407,000 124,468,000 215,02i.00(j 216,693,000
9,631,028,000 9,549.955.000 9,577,501,000 9,437,145,000 9,517.819,000 9,386,472,000
Total liabilities
3,139,000
18,980,000
459,915,000
52,719,000
50,339,000
9.238,340,000 9,149.879.000 8,150,330,000
5,477,332,000 5,455,841,000 5,393.593,000 5,415.393,000 5,423,043,000
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
700.000
15,743,000
455.926,000
49.701,000
47.086,000
9,631,028,000 9,549,955,000 9,577,501,000 9,437.145,000 9,517,819,000 9.386,472,000
Deposits-Member banks' reserve account 4,924,402,000 5,051,797,000 4,899,723,000 5,029,492,000
80,301.000
250.869,000 101,588,000 181,686,000
U. S. Treasurer-General account-25,700,000
24,101,000
24,930,000
24,656,000
Foreign banks
277,405.000 277.526,000 286.484,000 281,499,000
Other deposits
Total deposits
700,000
16,888,000
499,881,000
49,711,000
47,620,000
694,000
18,020,000
523,601,000
49,814,000
49.592,000
678,000
17,312,000
563.3..5,000
49.822,000
42.098,000
$
14,967,000
2,161,000
4,312,000
1,598,000
214,000
17,000,000
55,262,000
105,719,000
88,047,000
445,623,000
711,651,000
418,000
35,000
483.000
Federal Reserve Notes3,566,978.000 3.537.646.0003,478,268,000 3.465,678,000 3.459,394,000 3,451,338,000 3.429.322,000 3,387,639,000
Issued to F. It. Bank by F. It. Agent-- 3,548,339,000 299,577,000 237,786,000 280,370,000 277,400,000 280,948,000 269,289,000 257,672,000 302,816,000
289,921,000
Held by Federal Reserve Bank
3,178,446,000 3.182,049,000 3,171,650,000 3,084,8237000
3,258,418,000 3,267,401,000 3,299.860,000 3.197,898.000 3,188,278,000
In actual circulation
Collateral Held by Agent as Security for
Notes issued to Bank3.392.839,0003.277,839,000 3,284,139,000 3,299,839,000 3.288,479.000 3,271,979,000 3,113,656,000
Gold ctfs. on hand & due from 10.5. Tress, 3,420,339,000 3,414,830,000
6,524.000
12,457,000
6,741,000
6,212,000
5,371,000
5,618,000
6,880,000
5,349,000
5,174,000
paper
eligible
By
165,000,000 233,000,000 226,100,000 226,000,000 225,500,000 236,900,000 309,000,000
188,000,000
175,000,000
U. S. Government securities
3,435,113,000
a shin gin non 3.608.188 000.3,561,719,000 3,516.257.000 3.514.610.000 3,521,851,000 3,520.503.000 3,515,620,000
'T`Mal nnllat Aral
a Revised figures.
•"Other Cash" does not include Federal Reserve notes.
over from the Reserve banks when the dollar was devalued fro, 100 cents to 59.06 cents
These are certificates given by the U. S. Treasury for the gold taken
the
the extent of the difference, the dif scenes Itself having been appropriated as WPM by, the Treasury under
on Jan. 31 1934, these certificates being worth less to
1934.
of
provisions of the Gold Reserve Act
Financial Chronicle
Volume 141
387
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STA1 EMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 17 1935
Two Cyphers (00) Omitted
Federal Reserve Bank of-
Total
Cleveland Richmond Atlanta
Phila.
New York
Boston
Chicago
St. Louts Minneap. Nan. City
Dallas
San Eras.
RESOURCES
S
$
$
S
$
$
$
$
$
$
$
$
$
)old certificates on hand and due
from U. S. Treasury
6,226,200,0 484,980,0 2,385,065,0 292,309,0 444,204,0 185,677,0 129,785,0 1,339,603,0 195,700,0 152,843,0 189,293.0 96,104,0 330,632,0
tedemption fund-F.R. notes
833,0 1,764,0 1,678,0 1,810,0 3,473,0
21,546,0 3,736,0
1,907.0 1,149.0
516,0
681,0
229,0 3,700,0
Aber cash_•
71,262,0 31,089,0 10,656,0 9,975,0 9,830,0
251,848,0 27,414,0
31,347,0 11,916,0 13,454,0 12,336,0 8,469,0 14,100,0
Total reserved
6,499,594,0 516,130,0 2,457,160,0 325,162,0 456,538,0 197,462,0 143,088,0 1,372,862,0 208,765,0 166,813,0 202,310,0 104,872,0 348,432,0
Cilia discounted.
See. by U. S. Govt. obligations
direct Ai (or) fully guaranteed
724,0
2,122,0
3,608,0
293,0
120,0
100.0
4,0
55,0
5,0
105,0
80,0
Other bills discounted
49,0
2,329,0
91,0
3,057,0
30,0
51.0
13,0
61,0
27,0
64,0
297,0
45.0
Total tills discounted
6,665,0
815,0
4,451,0
342,0
150.0
106,0
27,0
113,0
4,0
66,0
64,0
402,0
125,0
Bills bought In open market.,
Industrial advances
U. S. Government securities:
Bonds
Treasury notes..
Certificates and bills
4,679,0
28.268,0
345,0
2,261,0
1,793,0
6,901,0
475,0
3,682,0
445,0
1,541,0
174,0
4,519.0
169,0
1,071,0
557,0
1,971,0
80,0
472,0
64,0
2,052,0
127,0
1,165,0
122,0
1,854,0
328,0
779,0
292,222,0 17,419,0
1,543,136,0 100,858,0
594,889,0 39.400,0
Total U.S. Govt. securities_ 2,430,247,0 157,677,0
99,496,0 20,160,0 23,227,0 12,434,0 10,051,0
473,259,0 113,355,0 140,077,0 74.987,0 60,542,0
171,563,0 43,605,0 54,721,0 29,294,0 23,645,0
33,808,0 11,474,0 14,289,0 11,548,0 17,031,0 21,235,0
226,815,0 69,695,0 44,246,0 68,526,0 42,710,0 128,066,0
95,066.0 27,031,0 17,080,0 26.770.0 16,684,0 50,030,0
734,318,0 177,120,0 218.025,0 116,715,0 94,238.0
355,689,0 108.200,0 75,615,0 106,844,0 76,475,0 199,331,0
2,469,859,0 161,098.0
757,463,0 181,619,0 220,161,0 121,514,0 95,505,0
358,330,0 108,756,0 77,797.0 108,200,0 78,853,0 200,563,0
48,0
643,0
379,0
22.075.0
543.628,0 58,392,0
49,904,0 3,168,0
552,0
45,325,0
262,0
65,0
60,0
24,0
23,0
7,286,0
540,0 1.343,0 1,596,0 1,010,0
133,869,0 42,702,0 52,984,0 43,389,0 17,350,0
11,397,0 4,462,0 6,632,0 3,028,0 2,328,0
32,722,0 4,370,0 1,676,0 1.200,0 1.651,0
LIABILITIES
F. R. notes in actual circulation_ 3,258,418,0 284,688,0
702.451,0 238,720,0 318 026.0 148,779,0 127,039,0
795,392,0 141,084,0 100,112,0 122,500.0 53,781,0 225,846,0
Deposits:
Member bank reserve account_ 4,924,402,0 343,345,0 2.066,860,0 237,541,0 324,015,0 150,934,0 99,534,0
U. S. Tremeurer-Gen. acct
250,869,0 22,965,0 132.811,0 3,929,0 9,786.0 7,278,0 1,633,0
Foreign bank
8,250,0 2,570,0 2,467,0
24,656,0 1,869,0
961,0
935,0
Other deposits
277,405,0 3,501,0 231,602,0 1,699,0 1,895,0 2,065,0 1,664,0
846,902,0 157,673,0 123,167.0 178,170,0 114,608,0 281,653,0
46,774,0 3,014.0 5,690,0 4,798.0 4,167,0 8,024,0
779,0
698,0
3,012.0
623,0
675,0 1,817,0
495,0 1,586,0 14,423,0
2,452,0 7,820,0 8,203,0
Total bills and securities
Due from foreign banks_ ___
Fred. Res. notes of other banks
Uncollected items
Bank premises
All other resources
Total resources
Total deposits
3,0
3,0
17.0
44,0
77,0
17,0
823,0 1.342,0
3,341,0 1,565,0
259,0 2,591,0
75,992,0 23,398,0 15,461,0 34,087,0 20.258,0 25,746,0
4,958,0 2,628,0 1,580,0 3,449.0 1.685,0 3,869,0
538,0
245,0
337,0
696,0
859,0
479,0
,
9,631,028,0 739,767,0 3,400,699,0 559,100,0 739,394,0 368,213,0 260,955,0 1.816,256,0 345,360,0 263,015,0 349,742,0206,803,0 581,724.0
5,477,332,0 371,680.0 2,439,523,0 245,739,0 338,163,0 161,238,0 103,766,0
899,140,0 169,286,0 137,683.0 184,161,0 121,036,0 305,917,0
129.956,0 40,827.0 51,427,0 43,062,0 16,611,0
59,432,0 15.126,0 13,114,0 5,026,0 4,452.0
49,964,0 13,470,0 14,371,0 5.186,0 5,540,0
6,578,0 2,098,0 1,008,0 3,335,0
754,0
7,500,0 2,996,0 3,000,0 1,416,0 2,602,0
5,295,0
124,0
285,0
171,0
191,0
78,859,0 24,610,0 16,192,0 33,545.0 21,738,0 26,632.0
12.797,0 3,960,p 3,135,0 4,037.0 4,016,0 10,759,0
21,350,0 4,655,0 3,420,0 3,613,0 3,777,0 9,645,0
547,0 1,003,0
775,0
1,391,0
939,0
695,0
891,0 1,171,0
827,0 1,363,0 2,041,0
5,325,0
327,0
2,002,0
299,0
284,0
153,0
189,0
Deferred availability Items
Capital paid in
Surplus (Section
Surplus (Section 13-b)
Reserve for contingencies
All other liabilities
542,264,0 58,805,0
146,608,0 10,754,0
144,893,0 9,902,0
21,288,0 2.165,0
30,780,0 1,648.0
125,0
9,445,0
7)_
Total liabilities
9 631,028,0 739.767,0 3,400,699.0 559,100,0 739,394,0 368,213,0 260,955,0 1,816,256,0 345,360,0 263,015,0 349,742,0 206.803,0 581,724.0
Ratio of total res. to dep. & F. R.
note liabilities combined
Contingent liability on bills purchased for torn correspondeets
Committments to make industrial
advances
.
74.4
78.6
78.2
67.1
69.6
63.7
62.0
81.0
67.3
70.1
66.0
60.0
65.2
21,696,0
2,885,0
8,060,0
785,0
1,465,0
1,816,0
665,0
514,0
1.003,0
150,0
243,0
448,0
2.762.0
•"Other Cash' does not inciude Federal Reserve notes.
FEDERAL RESERVE NOTE STATEMENT
•
Two Ciphers (00) Omitted
Federal Reseres Amu al-
New York
Barton
Total
Federal Reserve notes:
$
$
Issued to F.R.13k.by F.R.Agt. 5,548,339,0 304,635,0
Held by Fed'i Reserve Rank_ 289,921,0 19,947,0
In actual circulation
3,258,418,0 284,688,0
Collateral held by Agent as security for notes issued to bks:
Cold certificates on hand and
due from U. S. Treasury
3,420,339,0 306,617,0
Eligible Paper..5,174,0
814,0
U. S. Government securities
175,000,0
Total collateral
3,600,513,0 307,431,0
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Minneap. Ran. City
Dallas
SanFran.
3
5
$
$
5
807,117,0 251,506,0 334,919,0 160,076,0 144,801,0
104,666,0 12,786,0 16,893,0 11,297,0 17,762,0
$
3
3
3
3
$
832,330,0 147,543,0 104,411,0 131,579,0 59,921,0 269,501.0
36,938,0 6,459,0 4,299,0 9,079,0 6,140,0 43,655,0
702,451,0 238,720,0 318,026,0 148,779,0 127,039,0
795,392.0 141,034,0 100,112,0 122,500,0 53,781,0 225,846,0
818,706,0 223,000,0 316,715,0 136,000,0 102,685,0
2,977,0
342.0
150,0
106,0
27.0
30,000,0 20,000,0 25,000,0 45,000,0
847,546,0 136,632,0 105,500.0 132,000,0 58.675,0 236,263,0
4.0
114,0
64,0
66,0
400,0
110,0
12.000,0
2,000,0 2,000,0 39,000,0
821,683,0 253,342,0 336,865,0 161,106,0 147,712,0
847,660,0 148,636,0 105,566.0 134,064,0 61,075,0 275,373,0
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
ghe 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
JULY 10 1935
(In Millions of Dollars)
Federal Reserve District-
Total
18,414
Boston New York
1,153
8,469
Phila.
Cleveland Richmond Atlanta
1,083
1,218
349
330
162
49
42
Chicago
2,042
I
St. Louis Minneap. Ran. City
Dallas
San Prow.
405
1.901
531
345
588
230
55
33
47
42
182
4
51
2
31
1
3
43
2
40
CONN
t...0
.0 .1.0
MM
Loans and investments-total
179
To brokers and dealers:
In New York
Outside New York
To otners
860
168
1,991
7
28
155
838
62
908
13
11
155
5
157
1
48
3
39
1
30
199
24
70
180
2
73
151
7
16
75
3
12
114
28
31
316
8
37
95
6
6
101
20
13
112
2
25
107
Acceptances and comm'l flavor bought
I owns on real estate
Other loans
301
958
3,176
37
89
274
146
241
1,329
U. B. Government direct obligations_
Oblige, fully guar. by U.S. 00,,t
Other securities
7,219
851
2,890
369
16
178
3,386
355
1,204
279
75
276
615
26
189
119
26
57
89
19
51
1,042
92
303
203
41
92
138
17
44
231
45
120
150
37
42
Reserve with Federal Reserve banks
Cash in vault
3,842
306
235
91
1,978
58
143
15
163
22
64
12
44
7
654
47
105
10
88
5
115
12
76
9
15,580
4,396
337
1,022
310
22
8,107
974
192
819
281
20
775
468
14
250
139
4
217
134
10
1,988
563
14
421
169
7
296
123
3
550
157
7
333
123
14
1,873
4,531
115
231
195
2,020
152
259
123
200
102
113
93
104
309
637
113
191
104
123
230
298
134
136
MO
O.
00
1,808
NNO
ONM
M0
190
C.00
3,019
MN..
OOM
N.M
Loans on securities-total
Net demand deposits
'rime deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
1
1
Financial Chronicle
388
Ore
troatgU
unin
ginanriat
(gfironirie
PUBLISHED WEEKLY
6 Mor
12 Mos.
Including Postage$9.00
$15.00
United States, U. S. Possessions and Territories
16.50
In Dominion of Canada
9..7
10
75
18.50
South and Central America, Spain. Mexico and Cuba
Great Britain, Continental Europe (except Spain), Asia,
11.50
20.00
Africa
and
Australia
The following publications are also issued:
MONTHLY PUBLICATIONSCOMPENDIUMSBANS AND QUOTATION RECORD
PUBLIC UTILITY-(11.3M1-81111URSY)
EARNINGS RECORD
Mournitv
RAILWAY 8L INDUSTRIAL-(fOW a year)
STATE AND MusnarAL--(senil-ann.)
Terms of Advertising
45 Cents
Transient display matter per agate line
On request
Contract and Card rates
Western
Representative.
Gray.
H.
Fred.
of
charge
Orrica-In
Canso°
208 South La Salle Street. Telephone State 0613.
E.C.
LONDON Orsicz-Edwards & Smith, 1 Drapers' Gardens, London.
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:
Quotations after decimal point represent one or more 32nds
0/a point.
Daily Record of U. S. Bond Prices July 13 July 15 July 16 July 17 July 18 July 19
{High 101.22 101.20 101.19 101.19 101.18 101.17
Fourth Liberty Loan
101.19 101.18 101.17
43(% bonds of 1933-.38- Low_ 101.20 101.20 101.19 101.19
101.18 101.17
(Close 101.20 101.20 101.19
(Fourth 43.4.)
16
24
6
34
5
Total sales(5 81,000 units117.3
117.4 117.7
117.2
117.3
117.2
High
Treasury
Low. 117.1 117.1 117.2 117.2 117.4 117.7
431. 1947-52
Close 117.1 117.2 117.3 117.3 117.4 117.7
106
3
1
2
1
6
Total sales in 31.000 units...
High 112.3 112.3 112.5 112.5 112.8 112.6
1.0w.. 112.3 112.1 112.1 112.1 102.4 112.6
Y. 1944-54
Close 112.3 112.2 112.3 112.4 102.7 112.6
146
15
87
10
26
5
Total sales in $1,000 unitsIllifili 106.20 106.22 106.22 106.23 106.28 106.25
Low_ 106.20 106.22 106.20 106.20 106.26 106.25
11).0-3Hs, 1943-45
Close 106.20 106.22 106.22 106.23 106.26 106.25
2
10
1
195
6
2
Total sales in $1.000 units_ _
High 110.14 110.14 110.16 110.18 110.20 110.19
ILoW. 110.14 110.14 110.14 110.14 110.17 110.19
Me.1946-56
Close 110.14 110.14 110.16 110.18 110.20 110.19
11
21
2
30
1
3
Total sales in 31.000 units...
____ 107.27 107.28
High 107.20 107.25 107.24
107.22
____
107.24
107.22
107.28
107.20
Low
1354e, 1943-47
____ 107.26 107.28
Close 107.20 107.22 107.24
__
1
60
11
1
3
Total sales in $1,000 units__
{High 103.31 104.2 104.2 104.4- 104.6 104.9
Low. 103.31 103.30 104.2 104.1 104.4 104.6
3s, 1951-55
104.2 104.4 104.6 104.9
Close 103.31 104
24
6
155
44
38
1
Total sales in $1,000 units_ _
Hleih 103.27 103.26 103.28 103.28 104.1 104.3
104
103.25
104
103.26
103.27
103.24
41.0w.
8e, 1946-48
Clew 103.24 103.26 103.28 103.28 104.1 104
6
11
12
222
75
3
Total sales in 31,000 units...
--------108.20 108.22 108.23
High
11.0w---------108.20 108.22 108.23
394s, 1940-43
--------108.20 108.22 108.23
Close
____
2
5
____
le
Mal sales in 31,000 units__
____ 108.23 108.25 108.27 108.28
(High 108.24
108.26
____
108.27
108.23
108.25
108.22
Low
1144s. 1941-43
____ 108.23 108.25 108.27 108.26
Close 108.22
5
7
4
____
10
4
Total sales in $1,000 units_ _
---_ 105.4 105.6 105.8 105.11 105.11
{High
____ 105.3 105.5 105.4 105.8 105.10
Low
11)4s, 1946-49
____ 105.4 105.6 105.8 105.11 105.11
Close
43
3
6 1,005
3
-___
Total sales in $1,000 units__
---. 105.8
-.... 104.30 105.1 105.4
High
(High
105.7
___
_
105.1
104.30
104.30
__
Low
B.
M 1949-52
-___ 105.7
--__ 104.30 105.1 105.4
(Close
23
____
480
251
7
___
Total sales in 81.000 units___
____ 108.23 108.24 108.24 108.28
IHigh 108.21
____ 108.2e 108.24 108.24 108.25
Low. 108.21
11)i5, 1941
____ 108.2 108.24 108.2- 108.28
Clost 108.21
I
2
1
.
____
It
Total sales in $1,000 units__.
Mgt 106.H 106.16 106.1. 106.15 106.11 106.19
106.17
106.14
106.1!
106.1:
106.12
108.11
41,0w.
1944-48
1131s.
Close 106.11 106.13 106.1. 106.15 106.1! 106.17
3
81
8
10.
12
Total sales in $1,000 units__
Higt 101.24 101.23 101.2 102.23 101.2 101.28
lLow. 101.21 101.20 101.21 101.20 101.21 101.25
234s, 1955-80
Close 101.21 101.20 101.2 101.23 101.27 101.26
89
IC
95
161
132
42
Total sales en 31,000 units__
__ -----------------104.5
Higt
Federal Farm Mortgage
83.4s, 1944-84
____
102.17
102.1e
102.17
17
102.1C
102.16
102.16
7
__
____
____
--102.1:I
102.13
102.13
34
101.3
101.1
101.2
35
--_
102.17
102.15
102.15
7
102.18
102.16
102.18
31
101.18
101.16
101.16
II
102.11
102.13
102.15
6
101.2
101.1
101.1
50
___.
102.11
102.11
102.11
lr
102.2(
102.11
102.2(
42
101.11
101.17
101.11
41
102.11
102.12
102.14
124
101.3
101.1
101.3
341
---102.18
102.18
102.18
3
102.23
102.23
102.23
4
101.20
101.20
101.20
20
102.15
102.13
102.15
66
101.4
101.2
101.4
126
102.2(
102.11
102.11
1
102.21
102.21
102.21
2
101.11
101.18
101.11
1
102.16
102.13
102.14
26
101.6
101.3
101.5
36
102.20
102.20
102.20
15
102.24
102.21
102.24
25
101.20
101.20
101.20
I
102.15
102.14
102.14
31
101.6
101.4
101.6
132
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 4th 4345 1933-38
4 Treas. 43181952
1 Tr.430-3)15'43-'45
3 Treas.3345 1946-49_
10 Treas. 33181944-46
2 Home Owners' Loan
234e, 1939-49
101.17 to 101.17
to 117.2
117
106.23 to 106.23
105.1 to 105.1
106.10 to 106.10
100.31 to 100.31
July 24 1935
July 31 1935
Aug. 7 1935
Aug. 14 1935
Aug. 21 1935
Aug.28 1935
Sept. 4 1935
Sept. 11 1935
Sept. 18 1935
Sept. 25 1935
Oct. 2 1935
Oct. 9 1935
Oct. 16 1935
Oct. 23 1935
Oct. 30 1935
Nov. 6 1935
Nov.13 1935
Nov. 20 1935
Nov. 27 1935
Dee. 4 1935
Bid
Asked
Bid
Terms of Subscription-Payable in Advance
Total sales fn 31,000 units...
federal Farm Mortgage !High
1.0w.
3s, 1944-49
Close
Total sales In $1,000 units__
High
federal Farm Mortgage
11.0w.
3.. 1942-47
(Close
Total se:et in $1,000 units___
High
Federal Farm Mortgage
lLow
231s. 1942-47
Close
Total salesin $1.000 unitsI Hla
tome Owners' Loan
Be. series A. 1944-52._ Low.
Close
Total mum oi 4..000 units__
{Hid;
loam 0...nen' Loan
244e. series B, 1939-49_ Low.
Close
Total sates in $1.000 units. _.
July 20 1935
United States Treasury Bills-Friday, July 19
Rates quoted are for discount at purchase.
Deo. 11 1935
Dee. 18 1935
Dec. 24 1935
Dec. 31 1935
Ian. 8 1936
Jan. 15 1936
Jan. 22 1936
Jan. 29 1936
Feb. 5 1936
Feb. 11 1936
Feb. 19 1936
Feb. 26 1936
Mar. 4 1936
Mar.11 1936
Mar. 18 1936
Mar.25 1936
Apr. 1 1936
Apr. 8 1936
Apr. 15 1936
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
6.15%
0.15%
0.15%
0.15%
0.15%
0.16%
0.15%
0.20%
0.20%
Asked
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
......-
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, July 19
Figures after decimal point represent one or more 32d8 of
a point.
Maturity
Int.
Rate
June 15 1936_
Dec. 15 1939...
June 15 1940...
Sept.15 1936_
Aug. 1 1935_
Mar. 15 1940_
June 15 1939_
Flept.15 1938...
Dee. 15 1935_
134%
131%
131%
194%
134%
131%
214%
234%
1134%
Asked
BM
101
100.22
100.27
101.23
100.1
101.17
103.22
105.7
101.16
Int.
Rate
Maturity
101.2
100.24
100.29
101.25
____
101.19
103.24
105.9
101.18
Feb. 1
Dec. 15
Apr. 15
June 15
Feb. 15
Apr. 15
Mar. 15
Aug. 1
Sept. 15
1938...
1936._
1936...
19381937...
1937._
1938...
19361937___
231%
231%
234%
234%
3%
3%
3%
331%
8110,.
Bid
Asked
105.13 105.15
103.26 103.28
102.12 102.14
106.6 106.8
104.16 104.18
104.29 104.31
106.12 106.14
103.11 103.13
Ins, ma a
The Week on the New York Stock Market--For review
of New York Stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND YEARLY
Week Ended
July 19 1935
Saturday
Monday
Tuesday
Wednesday
Wednesday
Friday
Pfsfat
State,
Railroad
Stocks,
Number of and Mina. Municipal &
ForeignBonds
Bonds
Shares
Total
Bond
Sales
$3,547,000
6,234.100
5,802,000
6,821,000
7,208,000
7,409,000
$886,000
1.504.000
2.106,000
1,416.000
1,289.000
1,271,000
3199,000
426,000
2.378,000
1,228,000
780,000
355,000
34,632.000
8,164,000
10,286,000
9,465,000
9,277,000
9,035,000
A 9011 972 I27 A21 nnn
18.472 nnn
SK Ian nAn
...,... ....., .......
442,940
949,110
900,523
1.357,940
1,495,540
1.149,220
Week Ended July 19
Sales at
New York Stock
Exchange
1934
1935
Stocks-No.of shares.
Bonds
Government
State and foreign
Railroad & industrial_
Total
United
States
Bonds
Jan. 1 to July 19
1935
4,042,475
141,042,882
$5,366,000 $15,597,500
9,981,000
8,472,000
37,021,000 37,252,000
$435,379,000
216,698,000
1.173,094,000
6,295,273
1934
210,096,772 •
3317,925,300
351,628.500
1,333,890,000
350,859,000 $62,830,500 $1,825,171,000 $2,003,443,800
CURRENT
'
NOTICES
-Fred W. Schulz, who was for many years with the Municipal department of the Continental Illinois Bank and Trust Company of Chicago, has
become associated with A. G. Becker & Co. in the Municipal Buying
department of its Chicago Office.
-Hare's Ltd.. 19 Rector St., New York, has prepared a circular on the
Firemen's Insurance Company of Newark containing a comparison of the
consolidated operating account for the five months ending May 31 1935
and the same period in 1934.
-Frank C. Masterson & Co., 25 Broad St., New York, have issued
their quarterly booklet on unlisted securities listing approximately 2,500
stocks and bonds with bid and asked prices as of June 29 1935.
G. Novotny & Co., Inc., announces the election of John A. MacLaren as a director and Secretary. Mr. MacLaren was for 10 years with
The Hibernia Securities Co. of New Orleans.
-Arthur P. Ehlenberger, formerly with Andrews, Ware & Co., has become associated with Sullivan & Gjobye in their municipal bond trading
department.
FOOTNOTES FOR NEW YORK STOCK PAGES
• Bid and asked prices, no sales on this day.
I Companies reported in receivership.
a Deferred delivery.
a New stock.
r Cash sale.
r Ex-dividend.
y Ex-rights.
12 Adjusted for 25% stock dividend paid Oct. 1 1934.
77 Listed July 12 1934; par value 10s. replaced El Par. share for share.
U Par value 550 lire listed June 27 1934; replaced 500 lire par value.
31 Listed Aug. 24 1933; replaced no par stock share for share.
77 Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
37 Adjusted for 66 2-3% stock dividend payable Nov. 30 1934.
"Adjusted for 100% stock dividend paid April 30 1934.
"Adjusted for 100% stock dividend paid Dec. 31 1934,
0 Par vales 400 lire; listed Sept. 20 1934; replaced 500 lire par value.
41 Listed April 4 1934; replaced no par stock share for share.
w Adjusted for 25% stock dividend paid June 1 1934.
The National Securities Exchanges on which low prices ednce July 1 1933 war•
ti
ollRowicsh•
made (designated by superior [limes in tables), are as follows,
stock w Pittsburgh Stock
Coiot000ks
s
"Cincinnati
:4
New York Stock
Stock
Cleveland
"Cleveland
Richmond Stock
New York Curb
Springs
•St. Louis Stock
•
New York Produce
w Salt Lake City Stock
New York Real Estate II Denver Stock
w
San Francisco Stook
17 Detroit Stock
Baltimore Stock
aul
77 San.Francisco Curb
7 LmceinnAenaivgeleslis-Ssttoe.
.
:
Boston Stock
"San Francisco Mining
I'
I Loa Angeles Curb
Buffalo Stock
Paul
"Seattle Stock
California Stock
w Spokane Stock
"New Orlean ,Stock
Chicago Stook
0 WaillingtOn(D.C.)Story
'Chicago Board of Trade al Philadelphia Stock
I Chicago Curb
Volume 141
389
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
A
.---- ,
NOTICE-Cash and deferred delivery
sales In computing the range for the year. sales are disregarded in the day's range, unless they are the only transactions of the day.
HIGH AND LOW SALE PRICES-PER SHARE,
NOT PER CENT
Saturday
July 13
Monday
July 15
Tuesday
July 16
Wednesday
July 17
Thursday I
July 18 I
Friday
July 19
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
-
-
No see0Unt is taken of such
Range Ruses Jan. 1
On Basil of 100-share Lots
July 1
/933 to Range for
June 30 Year 1934
1935
Low Low
E1114
Lowest
Highest
$ per share $ per share $ per share
$ per share S per share $ per share Shares
*3412 36
*3412 36
Par
per
3
ghats
per share atm sh $ per Oars
5
*3412 36
*3412 36
36
36
40 Abraham & Straus
11134 11134 *112 11312 *112 11312 *3412 36
No par 32 Apr 8 3712May 15
30
35
43
Preferred_
10
*5712 5812 5812 594 5938 5934 *113 11312 *113 11312 •113 11312
100
110
Jan
10
114
Apr 5
89
89
593
62
4
111
61
6212 615* 6214 4.000 Acme Steel Co
638 634
25 51 June 25 6212July 18
638 618
21
64 634
634 678
64
718
64
714
29,800
Adams
•89
Express
91
.89
No par
414 Mar 15
91
74 Jan 3
*89
91
*89
414
91
-6
*89
91
*89
-1-1-1
;
91
Preferred
31/
1
4 3134 3112 314 314 313
100 8434 Jan 2 90 May 29
65
8 3138 3138 x3112 3112 31
7014 285
3112 1,300 Adams M11112
•1034 11
No par 28 June 6 3312 Jan 2
11
11
14/
1
4
1034 1034 1038 1078 11
16
3418
11
1034 11
3,200
Address
1212 1238 12
Multlgr
Corp
10
8 Jan 12 1118May 17
1214 1014 1012 11
6
614 111
1114 II% 1112 1134 12
/
4
6,800 d
R
I
*734 8
No par
412 Mar 18 1238
*724 8
13
•734 8
318
7/
1
4 8
314
734
724 772
7/
1
4 8
1,000 Affiliated Products Ine
•14634 148
No par
14634 14712 145 14612 14612 14712 14812
614 Jan 15
Feb
88 -F
ueY 11
4
7
2
4
7
4
149
3
4
9
32
1494
14914
2,300
Air
Reduction Inc
*78 118
078
No par 10434 Mar 18 149345uly 18
14
*78 118
1
8012
91/
1
1
4 113
*1
112
1
300 Air Way Elee Appliance
I
1614 HA
Mg 1612 1614 164 164 1614 1618 163
14 Apr 3
118 Jan 7
34
11
/
4
8 1614 1614 8,400 Alaska Juneau Gold 6110 No par
3
1
2
•112 14 .112 134 *112
10 154 N142 13 s2018 Jan 9
152s
134 *112 134 *112 134 .112 134
164 234
__ A P W Paper Co
1
No par
112June 24
34 Jan 8
118
1
14
112
1
118
234
1
fla
118
1
118
1
14 __6.400 :Allegheny Corp
418 414 *414 412
No
par
Mar
30
3
4
118
Jan 7
44 414 *358 4
/
1
4
114
33 4
54
338 4
600
Pref A with 230 ware
*4
4N
*4
418
100
232 Mar 21
4
7 Jan 4
4
238
438 1618
*314 418 *112 4
*312 414
100
Pret A with 240 wart
4
4
*4
100
414
2 Mar 27
6/
4
1
4 Jan 2
2
4
4
*312 44
1432
34 312
312 312
900
Prof A without warr
10
10
*812 1018 *918 1018 *9
13
100
4
Mar 28
838 Jan 5
14
312 1432
1018 *812 1018 *812 10
100
2534 26
2S4% prior cony pret_No par
26
638 Apr 2 1234May 14
2814 27
27
2712 2678 2712 2612 27
64
- -12,700 Allegheny Steel
158 15812 1564 15918 15512 28
No par 21 Jan 12 3012June 19
1314
157 157
-1515812 15938 15914 15938 3,500 Allied Chemical Co
-1312
*1244 127 *12418 127 *12512 157
&
Dye-No
par 125 Mar 18 160 July 9 1074 11514 1603
127
*125
127
*12512
*12514
127
127
4
Preferred_
472 5
100 123 Apr 20 12712 Feb 27 117
434 474
4/
1
4 458
458 478
12214 130
434 5
434 44 6.400 Allied Stores Corp
*5714 5912 *574 60
No par
34 Mar 13
614 Jan 13
3/
1
4
594 5912 5912 5912 5912 *5714 59
34
814
200
2438 2434 2412 2418 *58
pie!
5%
100 249 June 17 8118July 10
24
18
2434 24
24% 2414 25
2514 6312
2418 244 16,200 Albs-Chalmers kalg
No par 12 Mar 13 2534July 10
*1734 1818 1712 1734 1714 1712
10/
1
4
1014 23/
1
4
1738 1712 1778 1814 184 1814 2,700 Alpha Portland
252 278
278 3
Cement
par
No
14
Mar
13
3
3
Mg
Jan
3
5
11/
318
1
4
3
1114 2014
3
3
3
2,100 Amalgam Leather Co
*25
29
*25
29
1
214 Mar 14
312May 17
*244 29
*26
214
29
*27
29
*27
29
2
4
71
4
7% preferred
67
6714 87 67
60 26 June 25 33 Apr 22
6612 6612 6512 66
214
25
65
64
6512 614 6318 5,300 Amerada Corp
46
46
46
No par 4812 Jan 11 7014May 17
4612 46
27
46
4618 47
39
4812 4612 4014 4014
55
3
2
1,100
Amer
2714 271
Agrlo
Chem
(Del)
27
No par 414June I 5734 Feb 16
2714 2638 27
20
2638 2818 2712 2178 2114 2134 6,200 American
254 48
*60
Bank Note
64
62
10 1312 Jan 12 2814July 1
1112
*62
62
62
63
114 2514
03
63
8334 64
33
120
3314 3334 624
Preferred
50
43
Jan
11
6414May
34
34
3412
3414 3414 341
3414 361. 3512 36
40
5012
2,700 Am Brake Shoe & WV-No par 21 Mar 29 2612July 10
*12812 - 12612 127
18
127 12712 *127 127'2 127 127
1912
127 127
1912 88
140
Preferred
140 140
13834 13912 13812 13934 139 1401 140
100 119 Jan 8 12712July 16
88
96
122
142% 1404 1421
6,600 American Can
*158 160 *158 160
25
110
Jan 15 144 June 22
158 158 *158 1591 *15812 15912 1584 1581
80
9014 11434
600
Preferred
2012 2114 2012 31
100 151/
1
4 Jan 4 168 May 3 120
20% 2038 2018 21
12612 15212
2034 211
2018 21
15.300 American Car &!My
53
5334 5312 5434 51
No par 10 Mar 13 2114 July 13
10
53
51
53
5234 538 51
12
3372
53
7,000
Preferred
*10
1034 010
100
2512 Mar13 5434July 15
103 *1018 1034 1038 1114 1034 1034 1034 liii 1,400
254
32
5612
American Chain
*68
77
No par
*69
8 Jan 30 1312 Apr 24
7138 7118 7138 *7012 73
4
44 1214
71
71
*71
703
200
7%
8912 8912 90
preferred
100
38
Jan
11
8518
Apr 26
91
14
*9038 92
19
*9038 918 91
411
91
92
927
1,000 American Chicle
*30
35
No par 66 Feb 8 96
*30
35
8
*30
434
35
*30
3
ON 705*
*30
35
*30
35
Am Coal of N J (Allegheny Co)25 30 Mar 26 32 June
June 28
3
3
20
034 338 *34 338 *31
/
22
4 3/
1
4 *312 332 *312 332
3512
100 Amer Colortype Co
2634 2738 263
10
2 261
2
3
8
Mar
14
338May 17
2
2512 26
218
2534 2612 26
2838 2514 26
512
4,800 Am Comm'i Alcohol Oorp---.20 2212 Mar 18
1412 1412 1412 141
3314 Jan 3
2034
2034 624
1314 14
5,800 American Crystal Sugar
*121 13134 *121 125 - 144 1412 134 1414 134 14
10
612 Feb 5 1734June 11
*121 123
612
121 121 *115 12118 •115 12318
612 1312
100
7%
2nd
pret
100
78
78
4
78
4
78
32
7g
78
*78 1
612 7312
78 1,400 Amer Encaustic Tiling...No par 5732 Jan 2 12712June 14
3*
518 538 *412 534
34Mav 24
3 Jan 3
*412 534 *412 534 *413 534 *412 534
34
118
5
100 Amer European Sec4____No par
234 Apr 2
512May 13
234
4
372 318
10
378 4
334 334
334 318
334 378
312 334 5,600 Amer & For'n Power
2712 2712 264 2634 26
No
2
par
Mar
13
512 Jan
26
87- 1314
2
25:4 2638 26
2612 2534 2534 2,200
Preferred
838 8'2
No par
14 Mar 15 2918June 2
814 814
814
111
/
4
814 814 *814 812
1114 30
8
814
700
2034 2034 2018 2012 •8
2nd preferred
No par
372 Mar 14
938June 2
*1912 20
*1912 2012 20
2012 1812 1912 1,200
64 1714
Vs
$6 preferred
*1011 1078 *10
No par
12 Mar 30 2214 July 1
1018 *1018 107 *1018 1034
1014
94 10
11
*10
26
107
2
200
Amer
*412 5
Hawaiian
S S Co
*41. 478 *412 414
10
8 Apr 18 13 Jan 1
44 438 *412 44
814
44 438
1012 2238
200 Amer Hide & Leather-No pa
*23
2312 23
214
Mar
23
13
612May
2
*2234 2312 23
214
2334 24
2414 24
872 1012
24
1,200
Preferred
331
/
4 3312 3314 334 3312 34
100 17 Mar 13 2734May 2
17
3418 3418 3334 34
1734 • 6214
333* 34
2,200 Amer Home Products
318 34
3
3%
1 x 294 AM.12 344July
3
3t8
3
318
2414
3
2534 364
3
27s 278 4,100 American Ice
2712 28
No par 218 July 19
*26
27
44 Jan 1
3
2534 26
2534 22
24
25
3
2212 24
10
1,500
8%
non-cum
pref
100 22 July 18 3734 Feb 1
7
714
718 74
2534
7
2534 5514
712
74 74
732 814
784 8
10,000 Amer Internal Corp
•214 2
34
No 1141
44 Mar 18
214 214 *238 3
814July 1
*238 3
412
*232 3
634 11
*238 3
30 I Am L France & IroamISepre1100
1538 1524 164
114 Mar 13
6 Jan 1
114
1634 154 1638 1614 1638 1638 1684 10
3/
1
4 10
1632 10,100 American Locomollve
50
5013 5212 54
No par
9 Mar 13 2014 Jan
53
5418 5412 5514 5512 551
9
1412 2832
5414 541
4,900
2334 2334 2312 2318
Preferred
100 32 Mar 19 564 Jan
2314 2312 23
32
231 s2314 23o 2334 2414 7,300 Amer Mach &
8512 7434
838 838
Fdry
03.
--No par 184 Mar 13 24i July
814 838 *8
838
838 838
12
1234 23/
832 81
1
4
814 81
1,100 Amer Mach & Metals.-No par
*734 812
8
414 Apr 4
8
804 *8
934 Apr 2
314 105*
8
81
3
818 8'8
84 814 1.000
1912 19i4 1914
voting trust cas
*19
No par
412 Apr 4
19% 1912 1914 1932 19
94 Apr 2
3
412 10
1938 19
1914 4,000 Amer Metal Co Ltd
*10712 --- 010712 --Ni' par 1311Mar 15 2138May 2
*108
__ *108
_ _ *108
1212
- •I08
127g 27/
__
1
4
*2738 -30
8% cony preferred
*2738 30
100 72 Jan 2 10978June 2
*2812 -30
*2812 30
*2812 -30
63
63
*2812 -91
30
Amer News, N Y Corp- Ng par
3/
1
4 312
314 338
312 312
338 338
2034
312 358
21
3414
312 334 7.100 Amer Power & LIghli.....No par 224 Jan 3 3012 May
2338 2378 2312 24
112 Mar 13
2438 24
4'!July
24's 234 2414 4,000
14
3
124
214 2138 2118 2134 2312 233; 24
$8 preferred
No par
1012 Mar 13 2778May 11
2134 2134 2112 22
2184 21
21
1018
114 244
211_ 3.700
$5 preferred
No par
838 Mar 13 2334June 5
15
1518 15
83
2
94
1514 1418 1518 15
264
1514
15
1538 1518 1512 52,900 Am Rad & Stand 8an'y_
151 151 *151
No par
1012 Mar 13 164 Jan 7
14
15114 15111
*15114 •1
94
10
*15112 5134
20
17%
21
Prefer
2138 2138 -21100 13412 Mar
18 2118 2138 2138 -213
15114 July 16 10712 1114 13774
2138 2214 2112 /218 30,000 Americanred
87
87
Rolling MIII
8812 90
25 ihl4 Marlg 24 Jan 7
*8712 90
90
8934 901 *90
90
12
9012
1
4
13
/
1
4 2814
800
American
*834 9
Safety Ramer __No par 66 Mar 14 9018July 18
872 9
884
81
*812
83
4
9
3
831
82
4
36
812
4
•1614
824 1300 American Seating v 1 *.No par
2312 2312 2212 23
4l2 Mar l'
*23
912July 6
24
2318 23'4 2318 23's 2278 2338
2
214
Pi
270 Amer Shipbuil
4212 4234 4214 43
424 43
43
431
4212 4332 4214 4278 12,700 Amer Smeltingding Co___No par 20 Mar 14 2614 Jan 7
15
17/
1
4 30
135 135 *134 136
&
Retg-N
par
o
315*
Apr
133
3
4714May
136
*135
13512
13412
137
17
284
138 136
804 514
600
*11534 116
Preferred
11612 1161 116 116
100
121
Feb 4 144 May 8
115/
71
1
4 11534 11412 11512
100
126
100
*74
2nd preferred 6% tam
7412 744 7434 7414 7414 116 116
100 103 Feb 14 117 May 6
7414 745* 7414 744 7434 7434
57
714 10012
700 American Snuff
*13812 _ -_ •13812
*13812 _ _ *13E02
25 63 Jan 16 76 June 26
__ *143
_ 143 143
43
20
OM
1712 1-818 18
71
Preferred
100 125 Feb 20 143 July 19 106
1-812 1712 1-8.
1818 -1812 174 1814 12,400 Amer Steel
18
18 .9334 94
106
12712
937 937
FoUndria.......N2 pa
933 937
12 Mar 14 1812July 15
93
9513 100 100
100 100
104
1014 2612
420
*36
Preferred
37
3612 36N 3638 361
100
88
Feb
4
100 July 18
3612 37
3712 38
38
52
384 1.800 American Stores
5974 92
*5812 5914 5812'
No par 334 Apr 4 43 Jan 9 11 3314
58
, 5813 581
5878 59
67
5818 5512 5618 2,900 Amer Sugar
37
4414
•136 138 *135 138 - *13612
RefluIng
100 5512 Mar 30 704 Feb 16
138 *13612 138 :313612 138
133 1364
4512
46
400
72
2114 2114 *2138 22
Preferred
100
2138 211
2138 2138 2112 2168 214 2112
1
4
103/
800 Am Sumatra Tobaceo___No par 12612 Jan 3 14012May 6 102
1
4 129/
12712 12738 125 127
1812 Jan 29 2412 Jan 3
125 123
127 12712 12634 12712 126% 12738 9,800 Amer Telep &
11
*9312 941 *94
1314 24
Teleg
947
100 9874 Mar 18 130/
94
9412 9438 9432 94
1
4July 10
95
9412 95
98/
1
4 1004 1254
1,100 American Tobacco
95
9614 95
25 7212 Apr 8 9612July 9
96
96
964 9512 9614 954 9714 96
6312
9612 8,400
654 854
*13712 1401 138 138 *138
Common clam B
25 7434 mar 21 9812July 9
14012 138 138 •138 14012 *138 14012
6412
67
200
89
412 41
Preferred
43
424
100 12918 JIM 18 14014June 11 105
412 glg
41. 412
414 44 *4
412
900 :Am Type Founders
1074
1514 151
13014
1514 1672 1614 1614 15
No pa
212 Mar 18
634 Jan 18
1512 1512 16
1518 16
212
3
1.200
13
Preferred
100
Mar
9
15
1034 107
19
/
1
4
Jan
18
1028 1018 1038 104
7
74 2834
1012 1034 6.500 Am Water Wk,& Elec-N
104 Ws 1034 11
7014 701
70
o
par
718
7012
Mar
13
3
:141
703
8
4
Jan 10
70
71
*70
*70
71
70
714
70
24 714
1254 27/
600
1
lett preferred ______--._No par 48 Mar 19
4
718 74
74 2%
7414July 2
714 738
74 732
48
712 74 2,300 American Woolen_. ____No
54
80
*434 447k 4334 438
par
412 Mar 13
43
938May 21
4314 43
45
4412 4514 4312 43N 4,400
44
7
05*
Preferred
174
*311
3
100
3512
Mar
18
5112May
24
21
038
34
3512
100 :Am Writing Paper
N
86
52
8334
*38
*311
31
3N 34 *3
1
28 Mar 29
kt
338
134 Jan 18
218 3
•272 33*38
118
32 *2% 314
1
500
44
Preferred
*334 4
No par
4
4
214Mar 15
*4
418
612 Jan 18
4
4
4
4
4
24
4
2/
1
4 174
900 Amer Zlne Lead & Smelt_100
4014 4038 42
42
3
Mar
13
*4112 43
538Nlay 23
4218 421 *42
43
4,32 4218
3
600
1538 16
Preferred
34
9
1534 1614 1518 1614 1618 1638 16
28 31 Mar 20 46 May 23
8
1512
163
1618
31
72,000
364 504
Anaconda copper MinIng
*1812 21
*1912 201 *1878 21
50
8
13 1818May 23
2012 201
21
*20
20
8
20
200 Anaconda Wire & Cable_No pat 1618 Mar
10
1734
144 1418 14
14
Apr 1 25 May 17
14
1418 1418 1312 141
14
144 144 1.300 Anchor Cap
94 1838
753
*10212 104
104 104 *10378 10538 10538 10538 10578 1061 *10514
No par
1212May 15 173* Jan 4
124
10612
134 245*
150
$8.50 cony preterred_No par 100 July 6
.512 8
*512 8
4.6
8
109 Apr 26
•6
8
*6
8
*6
80
8
84
Andes Copper Mining
106
44
4412 44N 45
10
312 Mar 21
45
4578 46
734May 25
47
47
4814 484 484 4,700 Archer Daniels Micli'd
314
44 1012
•122
*122 . _ *122
-No par 36 Jan 16 48/
*122
-*122
1
4 July 19
122 1224
2174
30
7% preferred
264
*104 10412 10412 16412 1042
391
/
4
100
1184
Jan
4 12214July 19
1041 10414 1-05
105 1-064 10634 10712 1,800 Armour & Co (Del) pref
10
117
*334 378
-.106 97 Apr 3 10712July 19 106
324 37
334 31
334 414
44 432
4
44 29,500 Armour of Illinois new
64
764 103/
61
1
4
61
6034 6074 6012 61
I
34
Apr
3
64
6314
61
6112
Jail 3
6314 6112 62
314
3/
6,800
1
4
$6 cony pre:
614
*95 102
*97 102 •97 1011 *97 10118 •97 102
No pat 5512May 1 7038 Jan
*97 102
4614
Preferred
ON 714
_100 ke Jan 2 1(us12 Feb 10
---- ---- ---- --- ---- --2134 2672 2618 2634 2538 2614 11,500 Armstrong Cork Co
4
3114
64
86
No par 2538 July 19 264July
17 2 13
For footnotes Bee page 388
New York Stock Record-Continued-Page 2
390
•
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 13
Monday
July 15
Tuesday
July 16
1Vednesday
July 17
Thursday
July 18
Friday
July 19
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
July 20 1935
Raw Since wan. 1
On Basis of 100-share Lots
Lowest
Thohest
July 1
1933 to Range for
June 30 Year 1934
1935
MCA
Low Low
$ per Mare I NIT sh $ per share
Par $ per share
$ per share $ per share $ per share 3 per share $ per share $ per share Shares
638 Jan 3
84
272
...
4 Mar 6
5
512 558 3,600 Arnold Constable Corp
538 558
318
514 514
4
538 538
1012
7 June 19
528 54
54 538
334 Mar 15
par
No
Corp
Artloom
*034 7
*534 7
6334 7018
Jan 22
*534 718 *534 7
6334
7018
*534 7
25
*534 7
Apr
70
100
Preferred
__ .
*72
__ *72
__ •72
_ *72
184
74
*72_ *72
714
8
712 Mar 13 134 Jan
1
6,C00 Associated Dry Goods
_46
44
90
1112 -1-1-58 1112 -1-218 1112 1131 1112 1112 1112 -1-1-3-4 1134 -1-2
100 8078 Apr 3 100 July 19
6% 1st preferred
1,300
994 99 100
99
99
9834 99
98
9734 98
97
97
36
36
644
100 48 Mar 12 76 July 15
preferred
218
7%
300
73
*70
73
*7012
72
72
76
.72
76
76
75
*72
26
2912 4012
Feb 21 3312June 27
4
293
25
011
Associated
30
3812
*3812 4978 *3812 4978 *3812 494 *3812 4978 *3812 4978 3812
3534
454 7324
Mar 28 5558 Jan 7
5134 22,100 Atoll Topeka & Santa Fe____110 3534 Mar 28 91 June 26
5038 5034 5158 5018 5114 5034 5134 5138 5238 61
7918 90
50
5314
100 6658
Preferred
2412 544
8834 8912 8914 8912 8878 8978 8938 8934 *894 8934 2,100 Atlantic
*8834 90
1912
3714 Jan 4
3
Apr
1912
100
RR
Line
Coast
7,800
2212
2212 2212 2314 2238 2278 22
16
3
7
5
2212 2212 2338 22
22
Jan
7
6
Mar
3
par
Lines____No
*53* 634 554 634
20 At 0 & W 1 SS
578 578
*578 7
*578 7
. 24
77
6
'
*578 7
912 Jan 19
6 Mar 5
100
Preferred
2142 154
2118
*7Is 778 .7ls 77s •710 77s •718 772 *718 778
May 16
8
*71
28
12
Mar
8
213
25
Rettning
Atlantic
2358 2458 2134 2312 23,400
2518 2438 25
18
2518 2512 2518 g512 25
3514 5512
No par 3234 Apr 3 44127.fity 16
100 Atlas Powder
*3978 40
*3934 40 .3912 40
40
40
*3912 41
41
*40
76
107
83
100 1063* Jan 2 11212June 20
Preferred
20
30
Apr
111
111
011014 11212 *111 11212 *112 11212 *112 11212 *11004 11212 112 112 8
30
Apr
111
Peel
called
54 164
4
734 Jan 8
*111 11158 *111 11158 *111 11158 .111 11158 *111 11153 .111 11154
4 Mar 13
No par
Tack Corp
Atlas
500
63
1
8
65
64
*658
612
*6
8
67
163* 574
67ti 678 *5 4
15
638 638
No par 15 afar 18 2934 Jan 7
2234 2234 2338 2212 2234 3.700 Auburn Automobile
2234 2234 2214 2212 22
4
612 1658
224 23
512May 6 14 Jan 2
No par
700 Austin Nichols
7
7
634 7
712
712 *7
714 714 *7
3114 65
712 712
No pa' 3512May 7 63 Jan 23 2752
A
1
Prior
10
2
43
*40
40
40
4312
.40
4312
4313 *40
*40
4312 *40
3
3
64 Jan
324 104
3 Mar 13'
Aviation Corp of Del (The)____Ii
_ - _- _ .
- - _- - -314July 5
- - -- - -234July 10
3
-4;i65 New..
278 -3
2; I
;1
2
-2-%
9
278 1
2
;
Jan
2
11
653
14
412 16
20
Feb
372 1
24 24 7,900 Baldwin Loco Works____No par
212 234
212 234
212 24
212 234
238 238
712
1614 6434
713 Apr 3 2634 Jan 21
100
Preferred
2,400
14
1418 1438 14
1334 1414
13
712
15 Feb 18
4 34,2
13
123
1134 1134 1214 1314 13
ar
M
712
100
Ohio
&
Baltimore
1114 1118 1138 1118 1112 1034 1114 12,600
1138 11
103.1 1118 11
918
3738
16
918 Mar 13 1778 Jan 7
100
Preferred
1,100
1318 1314
86
864 1024
1278 1278 *1278 1338 *1234 1358 1234 1338 1314 1312 106
Feb 21 109 May 4
4
1003
100
pref
Co
&
(L)
Bamberger
120
107
45
July
15
12
*105 10912 *105 10912 *105 10912 *105 10912 .105 10912
464
3512
Mar
294
364
60
800 Bangor & Aroostook
4438 4434 4434 4434 4412 4434
45
45
45
45
04414 45
9112
95,8 115
100 10614 Mar 18 115 May 8
Preferred .
20
112 112 *11114 114
11118 11118 *11114 112
54 Jan 22
612
*11118 114 .11118 114
214
24
314 Feb 25
No par
200 Barker 13rothers
*412 5
*434 5
458 434 .412 5
19
1618 3812
July
49
21
*438 434 *438 434
14
June
32
100
614% cony preferred
650
49
8
487
4812
4812
48
48
46
43
43
12
*41
16
578
104May
4112
578 10
4112
578 Mar 6
5
Corp
Hamadan
9,900
814
84
4
83
8
83
4
83
812
812 834
834 878
878 878
23
4354
23
No par 3712 Mar 14 5038June 18
4612 4012 *4618 4738 1,200 Bayuk Cigars Inc
47
4718 47
4712 47
4778 47
*47
80
109,2
89
100 10734 Jan 11 115 May 16
let preferred
113
834
1014 1934
*11014 113 *11038 113 *11038 113 *11038 113 *11038 113 *11038
1418 July 6 19 Mar 1
25
Beatrice
1,400
creamery
15
15
1518
8
1438 1458 147
100
55
1412 1412 1412 1458 *1412 15
56
100 10012 Jan 5 10818June 18
Preferred
200
105 105
103 103
7638
58
*100 104 *100 105 *100 104 *100 104
54
20 72 Feb 2 91 July 9
200 Beech-Nut Packing Co
*8934 93
*8934 G2
92
*87
92
*87
90
ars 153*
90
*8912 93
18 1312 Feb 23
Mar
7
1118
par
Co__No
Hemingway
Belding
2,000
4
113
4
113
1134 12
12
1134 1218 1158 1134 12
12
11712Mar
127
9512
12
7
26
Apr
4
833
85
Belgian Nat Rys part pref
*8534 89
*8534 89 .8534 89
*8534 89
*8534 89
89
024 23%
*86
934
5 11'4/Mar 13 1712 Jan 2
1638 1638 1714 1718 1738 167s 1714 48,000 Bend!' AviationLoan____No par
1218 19,8
1612 164 164 1658 16
1518 Mar 13 1933July 5 3 12
1838 2,900 Beneficial Indus
July
18
40
21
46
26
*1778 1818 1778 1814 1818 1818 1818 1812 1818 1814 1814 4412
30
Jan
34
No par
2,600 Best & Co
4414 4434 4512 46.0 4478
44
4338 4334 4338 4334 44
2158
2418 4912
Steel Corp -..No par 2158 Mar 18 3438 Jan 8
3078 3018 3112 3058 3118 3114 3158 3178 324 3158 3212 43,200 Bethlehem
30
5478 82
4438
100 5534 Mar 18 8318 July 19
7% preferred
8134 8318 6,700
7912 7938 82
7812 738 79
7814 79
78
78
194 40
1434
4 Mar 19 2614 Jan 23
2034 211
2012 204 1,380 Bigelow-Sant Carpet Inc_ NO par 143
2012 21
2014 21
20
2038 2078 20
164
6
6
958 Mar 14 1378 Jan 8
No par
Co
Blaw-Knox
12,100
1212
1214
4
123
8
123
1238
4
113
12
1214 1178
12
1178 12
8June 19 234 Jan 21
26
17
16
163
par
Brothers-No
Bloomingdale
81712 20,4
19
June
65
109
112
88
*1712 2014 .1712 2014 *1712 2014 *1712 2014 *174 2014 *____
22
Jan
100
10314
Preferred
110
80
111. 111 x110 110
111 111
*111 11112 *111 112
5814
28
28
100 2814 Mar 13 07 July 19
prof
Co
&
Blumenthal
330
67
GO
60
58
58
*53
58
*53
58
*53
58
.53
618
634 11,4
618 Mar 18 10 Jan 2
6
94 12,500 Boeing Airplane Co
9
918 913
834 91_
812 834
858 9
878 914
3334
4412 58%
5 395 July10 597a Jan 8
454 8,100 Bohn Aluminum & Br
4412 4534 45
4412 46
4212 4312 44
4078 4114 42
94
68
76
No par 90 Jan 31 100 July 18
A
class
Arni
Bon
370
100
98
100
99
9912
9812 9912
9812 98
9812 *97
897
__ -_
No par 4634 July 19 47l July 17 _
Class 13
1,000
4734 4734 4712 4712 4634 47
a
194 28,4
15 21 Mar 29 2534 Jan 7
Borden
Co
9,400
8
255
(The)
2512
2534
2512
8
255
2514
2514
2518
..iT8 25.18 25 2514
2
1118
1618 3159
10 2814 Jan 15 4414July 13
4334 4414 4334 4414 4334 4414 7.600 Borg-Warner Corp
4312 44
44
54 104
334
4378 4414 44
712 Jan 4
334 Mar 27
100
Boston & Maine
6
*5
*414 6
6
*4
6
*4
6
*4
3
7.
12
*438 6
14 Jan 9
12June 6
A___50
class
Mills
Cons
:Botany
8
7
8
*5
4
8
*5
8
7
*34
4
_
*4
812
4
*58
30 12 July 18
73
*4
Apr
812
par
No
Co
Bridgeport
Brass
31,100
4
113
1112
1058 1158 1158 1178 1134 12
1034 11
9
1078 11
3718July
4:3-8
"2
7
12Feb
614
2412
,
p.
No
28,400 Briggs Manufacturing
3612 364 37
3534 3614 x3534 3658 3538 3578 3534 3618 36
1013
14
2712
2318 Jan 17 42 June 22
No par
1,100 Brigge & Stratton
40
4038 4014 4014 40
4014 40
40
*3914 40
40
*39
Jan
3614
10
25
8May
25
5
26
3
31,2
30
Co
Bristol-Myers
1,400
334 3312
3278 33
33
3314 33
3278 3278 3238 3212 33
312 Jan 5
138
84
34
14 Apr 18
200 Brooklyn & Queens Tr___No par
134 134 *134 2
*134 2
*134 2
.158 2
*134 2
14
3114 531 4
No par 1418alay 2 317 Jan 3
Preferrtd
400
2018 *1912 204
20
*1912 20
*1912 20
20
*19
20
le
Feb
444
4418
*19
15
2814
Mar
253
4
3812
par
No
4012 4018 4034 403t 414 2,100 Bklin Manh Transit
4014 4112 *394 4012 40
4034 41
6914
824 117
$6 preferred series A_No par 90 Jan 4 994May 25
9858 9812 9812 9812 9812 2,400
9812 9812 9812 9812 9834 9834 98
8012
43
46
No par 43 Mar 18 65 June 28
,500 Brooklyn Union Gas
64
6312 64
6312 63
*63
63
63
63 *63 66
63
41
01
45
No par 53 Mar 11 63 July 15
6212 6212 6212 6112 6212 1,000 Brown Shoe CO
64
62
48112 6312 63 63
*62
Apr
12514
11
19
125,4
11814
117
12214July
100
Preferred
50
12214 12212
31,
1078
4
*121 12212 .121 1221 .121 12212 .121 12212 *12014 12212
Jan 9
638;
338July 5
par
Bruns-liaike-Collenuer___No
800
31
312
312
2
2
3,
312 312 *34 34
818May 23
312 31
3.
938
312
414 Mar 14
*3,2 334
10
714 74 4,500 Bucyrus-Erle CO
714
7
714 738
634 678
67/1 878
May
6
15
23
141!
15
64 878
Mar
6
818
3
Preferred
4,800
13
1358 13
*1212 1234 1212 1212 1238 1238 1212. 1312 13
afar 22 9113 July 16
75
47
624
50
100
Preferred
7%
9112
20
9112
93
*90
93
9112 9112 *90
94
*92
3
93
*90
514 Jan 2
73*
314 Mar 15
3
No par
414 8,900 Budd (E CH Mfg
4
44 414
44
4
418 414
44 438
16
438 414
44
16
100 23 Mar 14 347 July 3
7% preferred
500
3212
30
32
*3038 3212 3034 303.1 *31
31
31
33
518June 19
21
*31
8
Mar
51
2
212
2
par
No
Wheel
,12,200
Budd
5
44
412 434
412 458
41 1 438
438 44
438 417
478 Jan 16
212
334May 13
No par
64
24
400 Bulova Watch
414 44 *44 44
4,4 414
41, 41; *4
414 *44 438
418
578 1512
814 Mar 13 18's July18
No par
Co
Bullard
18,700
1734
1714
1818
174
174
164
1734 1634 1738
234 Jan 25
1634 1738 17
14 July 9
1
No Dar
6
158
100 Burns Bros clam A
58
*12
13
12
hi
*12
38
*12
112 Jan 23
58
38
%June 17
N,
*12
43*
No par
58
*4
Class A vto
1
138 Feb 7
14 Mar 20
1
312
No par
B
Class
00
5s
4
34
*58
34
*4
34
*'11
.28
Ai
3
94
23
16
"8
Jan
Mar
34
1512
3
4
100
preferred
7%
750
378 34
*318 4
4
4
378 4
334 4
*34 312
1018
1012 .1918
12,700 Burroughs Add 1.fach.-No Dar 1314 Mar 14 174 July 12
174
17
8
173
1714
8
175
1714
1712
1714
34
24
318 Jan 21
1 Apr 8
1212 1734 1714 174
33*
No par
14 1,000 /Bush Term
*138
*134 2
112 112 *138 2
214
112 112
912
2
2
54 Apr 3 1012 Jan 22
51
100
Debenture
712
712 *5
714 *5
712 *5
818 *5
*5
418
54 21
•44 8
100 10 Mar 28 2212 Jan 21
Term BI go prof etts
Bush
20
14
*1318
1412
*134
1412
*13
234 Apr 26
118 Mar 12
*1238 1412 1278 1278 1314 1314
314
118
112
6
500 Butte Copper & Zino
112 152 *112 158
112 112
38
134 Jan 3
14 14 *112 158
38June 3
*112 14
434
159
No par
600 jButterick Co
12
*38
13
*33
12
*38
12
38
12
1138 Mar 14 2058 Jan 7
*38
1138
1334 3334
No par
12
*33
Co
Byers
(AM)
4.100
1614
8
157
4
163
1618
1614
1634 154 1618 16
16
14
Mar
60
32
16
16
Jan
5
40
100
2
677
32
Preferred
200
55
55
56
*55
55
54
55
55
56
55
55
*51
4212 Feb 18
No par 33 July 1
1658
1834 414
3514 3512 6,800 California Packing
353*
8
353
36
34
35
35
14
3514
8
3412
July
4
118
1
Jan 3
I%
ix
3434 3434
38 2,700 Callahan Zlno-Lead
38
38
38
38
38
38
38
38
38
I.,
.4
44 Jan 7
212 Mar 13
65*
212
234
314 338 7,20(1 Calumet & Heela Cone Cop___25
312 358
338 312
338
31.1
318 314
712 Mar 13 2238July 6
318 31;
6
1578
0
194 13,400 Campbell W & C Ftly_-__No par
194
20
1912
204
1912
21
2014
2114
2138 21
21
834 Mar 27 164 Jan 7
5
834
1212 2912
1012 104 9,000 Canada Dry (linger Ale
1112 1178 1138 1112 1012 1134 1012 1078 *50
1214 1214
100 50 Apr 9 53 Feb 4
44
4812 6612
Canada Southern
54
54
*50
54
*50
54
*50
54
*50
54
938 Mar 18 1334 Jan 9
*50
938
23
1078 183*
10,900 Canadian Pacing
10
94
10
94
10
10
10
978
1018
10
2214
No par 30 June 1 36 Jan 10
2812 383*
978 10
2,300 Cannon Mills
3418 3334 34
3418 344 344 34
34
1
3312 34
958July 18
438 alar 21
34
34
44
54 10,4
93* 95* •912 934 1,000 Capital Adminis CIA
93* 94
912 912
912 912
*814 914
26
2634 39
Preferred A --------------10 3212 Feb 25 42 July 11
70
42
*41
4112
414
42
*41
41
41
42
27 87 May 17
*4012 4112 *40
Feb
86
60
8214
74
Ry__100
Ohio
C/Inch&
Carolina
*874
*8734 '___ *8734 _ __ *8734 ___ *8612
*8612
70
70
100 85 Mar 20 95 July 18
9212
Stpd
20
593 -9434
95 -95
*9134 -95
*9158 -94
*90 25 •90 -9-5
100 4534 Mar 18 63 Feb 18
35
35
8634
CO
1)
(.1
Case
18,000
8
615
6018
5118
4
593
6014
5914 5712 5834 5712
104
April
July
5773 5812 58
18
93
8312
5678
100
8
567
certificates
Preferred
250
105
10378 104 *104
10212 103
*10112 103 *101 103 *10114 103
15
23
No par 3612 Jan 16 52' July18
384
Caterpillar Tractor
0
0
8.7
52
51
5214
514
514
2
,
50
504
494
4944 50
4934 50
1913 Apr 26 3538 Jan 7
par
1718
.41'8
1718
No
Am
of
Corp
Celanese
24,600
28
2718
2812
27
2618 2658 264 2738
478May 21
2638 2634 2638 27
118
172 Apr 3
118
No par
als
100 :Celotex Corp
334
34 *3
.312
4
33
*3
3
3
34
8
*27
8
8
7
43
3
Mar
4
*23
4May 21
114
4
1
No par
1
78
Certlficatea
100
*278 312 *278. 312 *3,4 34 *314 3 2
3
3
1114 Mar 20 3334June 13
•241 34
8
212
223
612
100
Preferred
400
4
283
2734
27
2734 2614 2614 *2634 2734 2614
2512 2612 *27
1834
184 32,2
254 1,900 Central Aguirre Asso__-_No par 2214 Feb 13 29 May 8
25
2514 2612 2534 26
26
2612 2612 2612 26
*26
92
34
53
Jersey _100 34 Mar 18 5518 Jan 4
New
of
RR
Central
200
4312
*41
44
*42
4
433
*42
44
4312 *42
43
1238 Jan 16
43
5i2 1238 ,
*41
512
614June 27
612 612 1,000 Century Ribbon Mills_No par
7
7
758 734
712 712
734 734
75
734 734
82
100 9610.1ar 14 10912 Jan 2
110,2 '
Preferred
115 *102 110
*102 115 *105 110 *102 110 *102 110 *102
15
Apr
Jan
4
633
25
8
233
4
3014 44,2
574 5814 15,500 Cerro de Pasco Copper___No par 385 alar 13
658 Jan 7
358
5614 5734 5612 5712 5714 5838 5712 5838 577g 5812
8
25
314
par
73*
Products___No
Certain-Teed
3,900
515
5
538
5
412 412
412 412
412 412
414 412
1038
174 35
100 23 Mar 12 36 July 19
7% preferred
36
1.120
3112 344 34
31
30
*2914 30
*2812 30
30
*28
658 Jan 7
44 afar 27
438
412 1612
5
Cab
Checker
618
*44
64
4
*43
618
4
4878
34
2912
*434 618 *44 64 *434 64 *43
No par 36 Mar 12 4478 Jan 4
500 Chesapeake Corp
*4212 43
43
4312 4212 4212 4212 4212 421g 4212 43
042
374
25 3718Mar 12 4538 Jan 7
3912 484
4158 11,200 Chesapeake & Ohio
4412 44
24 Jan 12
4412 4412 4414 4478 444 4412 4438 4434 4418
7
118
1
1 Apr 26
100
Co
by
Ill
East
&
:Chic
l's
*4
2
1,
*34
*34 114
*34' 112
78June 3
24 Jan 8
*34 112
112
*34
8
4
/
112
100
11
4
6% preferred
112 *1
112 *1
112 *1
112 *1
24 Jan 7
112 *1
*1
58 Feb 28
100
58
512
14
Western
Great
Chicago
600
34
8
5
4
3
8
*5
4
3
58
58
58
34
*:'S
412 Jan 4
31
158 Feb 28
312 113*
100
14
*58
Preferred
300
234 234
*234 278
2 Apr 13
7
0212 314 .238 314 *23.1 314 *234 3
1
1 Mar 30
134
:Chic Ind & Louis? oref____100
234
1
234 *1
23.i
234 *1
234 *1
234 *1
*1
5 1918June 7 26 July 15 9 834
Co
84
Order
19
Mall
Chicago
11,800
23
2412
8
247
2412
25
2412 2514 2412
29
2418 2434 244 26
afar
14
3
812
3
Jan
2
14
par
Pac-No
&
SIP
Mllw
:C1219
800
34
34
78
*34
34
34
34
34
78
434 Jan 4
78
78
34 Mar 29
78
34
100
312 1314
Preferred
114 133 2,200
112 112
112
112 *138
138
112
138
14 138
54 Jan 7
312 15
138
138.June 28
i00
Western..
North
&
Chicago
3,500
17g
8
17
2
8
17
2
2
134 2
178 2
1058 Jan 8
534 28
178 178
34
358July 1
100
Preferred
434 434 1,400
44 478
*458 434 0458 5
412 412 4*53 5
338
8o July18
972
438 Mar 19
34
814 858 8,200 Chicago Pneumat Tool-No par
858
8
778 74
74 8
Mar 13 444July 11
1414
734 8
2834
1414
20
734 8
par
No
preferred
Cony
2.200
42
4012
4312
4212 4212
258 Jan 9
614
138
4312 4358 4314 4314 4334 4334 *411.
1
34 JulY 9
1,000 :Chicago Rock Isl & Pacific__100
1
*7;
8
7
4
*3
8
7
78
418 Jan 9
*34 1
94
24
158
14 afar 30
*34 1
100
400
7% preferred
134 134
.134 2
*134 2
*178 218 *178 238 •134 2
8
4 Jan 10
14 NJ ar 13
2
112
100
800
8% preferred
112 11
112
112
112 112
112
112
112 112
918 216
914July 19 1113 Jan 3
.112 158
918
No par
14 1018
200 Chicago Yellow Cab
914 914
591
*9
8
,
10
2
104
1012 *91.2 1012 *8
*8
For footnotes see page 388
Volume 141
New York Stock Record-Continued-Page 3
391
IIlall AND LOW SALE PRICES-PER SHARE, NOT PER
July 1
CENT
Sales
STOCKS
Range Sine, Jan. 9
1933 to Range for
for
NEW YORK STOCK
On Basis of 100-share Lois June 30 Year 1934
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
the
EXCHANGE
July 13
July 15
1935
July 16
July 17
July 18
July 19
TVeek
Lowest
Highest
Low Low
ROA
$ Per share $ per share $ per share 3 per share 5 per share $ per
share Shares
Par $ per share
$ per share $ peril $ per share
*27
2712 274 2714 2658 27
27
27
27
27
263
4
263
4
Chickasha
700
Cotton
Mar
Oil
2513
12
10
293
47
4 Feb 18
5
518
15
1914 3033
.
434
ols
*47
518
412 478
412 434 1,400 Child! CA.
312 Mar 15
No par
*18
19
712 Jan 7
18
313
18
18
334 11%
18
18
18
*1712 18
1712 1712
120 Chile
per Co
25
9 Feb 23 21 May 22
5214 63
9
51% 53
104 1733
5114 523
5214 538 5334 5438 5353 5418 119,000 Chrysler Coro
Mar
12
31
.5
2038 2038 2014 203
2614
5'8 July 18
2914 (1(180
2138 2012 2038 2012 2(138 2012 2033 2033 10,800 City Ice & Fuel
No par 20 Jan 14 2434May 20
9434 9434 94
1412
95
1714 243s
95
95
95
9512 9512 9612 97
97
400
Preferred
100 87 Jan 10 100 May 3
*334 433 *334 414
6333
07 0212
334 334 *313 414 *333 414 *333 414
300 City Stores new
5
314 Apr 30
5 Apr 16
*1512 16
13
1512 16
21,
31.2
1618 1638 1612 1634 1613 17
1612
173
3.100 (lark Equipment
N. par
1214Nfay 15 1738July 19
29
2938 2038 3018 2914 2978 297 3012 3012 3238
612
834 21%
3133 3214 13,800 Cleve Graphite Bronze Co(The) I 2733July 3 3238July 18
*8234 85
2314
*8234 85
*8234 85
*8234 85
*83
85
*83
Cleveland
85
&
Pittsburgh
50 80 Mar 26 8312July 9
_ *45
60
7013 78_ *45
_ *45
__ *45
. *45
- -----Speclgrt 4% betterment stk 50 48 June 25 43 June 25
*45*2614 2114 *27 18- 12 *27 -2-8-13 27 17
31
38
45
*26 19-12 *26 -2778
100 Cluett Peabody & Co____No par 24 Mar 22 2811 Jan 7
*125 126 *125 126 *125 126 *125 126
22
2478 45
125 125 *12512 126
10
Preferred
100 11213 Jan 7 126 May 20
*216 21734 21713 21712 218 224
90
1.15
Ill
22434 22434 *2197 224
222 223
2,300 Coca-Cola Co (The)
No
par
8
1617
Jan
2
2213
4July
*5514 5534 *5514 5512 5512 5534 56
17
85
9514 161 ,
1
56
5534 5534 *5533 56
500
Claw! A
No par 5338 Apr 20 573 Mar 8
*426
__ *426
4511
_
5013 57
*426
*430 _ _ *430 _ __ *430
_ - _ - ___ Coca Cola Internal Corp_No par
200
17 174 1834 1-74 1612 1-8-34 164 1-7314
314
1612 1-7
1612 1638 7,600 Colgate-Palmolive-Peet- No par
1518June 1
1814
*103 101 *103 104 *103 104 *103 104
7
Jan
9
933 18 13
10338 1038 104 104
300
6% preferred
100 101 Jan 3 10513 Mar 15
1814 1812 1812 2033 2033 2173 22
66
6813 10213
2234 2278 2433 2234 2334 50,200 Collins & Alkman
No par
9 mar 13 245 July 18
10012 10012 10012 10012 10012 101
9
10
2812
101 10112 100 101
9912 100
1,450
Preferred
100 89% Mar 13 10112July 17
6934
74
94
*612 712 *612 712
7
7
*612 7,2
1
7
,
2
Colonial
170
8
*7
2
9
Beacon
8
011
No
par
634 Jan 10
*114 112 *138
8 July 18
5
5
112
138
112
112
17
112
133
138
17
2,800 IColorado Fuel & Iron
12 Mar 13
No par
513 Jan 21
10
10
1013 1034 r1112 1112 11
13
333
83,
1238 1234 13
1234 1318
770
Preferred
100
5 Mar 14 2812 Jan 21
*1112 17
5
515
1012 32
16
167 17
1673 17
17
17
17
17
180
Colorado
&
Southern
100 1034 Feb 28 1933 Jan 8
16
17
1034
1714 1714 16
405
1633
17
17
1714 17
17
17
1713
680
4% let prerprred
100
7 Feb 26 1712July 19
•11
1434 *1014 1434 *1014 1434 *12
7
13
3314
144 *1014 1431
1112 1112
150
4% 2,1 preferred
638 Mar 9 13 Jan 8
100
*00
9114 90
63
11
9014 90
30
9114 917
90
9012 92
92
92
2,700 Columbian Carbon v 1 6 -No par 67 Jan 15 93 June 12
76
45
7714 75
58
76
75
77,
4
75
75
76
73
74
724 75
2,800 Columb Pict corp vs o___No par 3414 Jan 16 81 July 8
1713
714 78
21 13 4133
78 734
738 712
714 712
7
738
633 673 40,300 Columbla Gas & Ehm____No par
3% afar 13
*73
7413 7412 7478 73
814July 5
338
633 1914
73
*74
76
x73
7312
6814
723
4
1.300
Preferred series A
100 3512 Mar 13 7534July 12
*66
74
3512
*60
74
52
7834
•66
74
*66
74
*6434 67
70
70
10
5% preferred
100 31 Mar 15 7012July 8
483 4812 48
31
41
4814 4731 48
71
4712 478 48
4878 48
4812 7,700 Commercial Credit
10 3913 Jan 2 4S73 July 18
1114
1833 4014
25 29 Jan 5 3212Nfay 14
22
234 3013
50 5212 Jan 7 5934May 13
32
Class A
38
53
Preferred B
26 2912 Jan 3 33 Jan 25
23
24
30%
6 44% flmt preferred
100 10934June 13 11814May 13
*11238 1-1114 1131s 11113 11333 113-38 11312 113-12 113% 1-1112 _115
85
914 110
ffs
900
514% preferred
112 June 27 115 July 19 112
__ _
_ _ .
Class A stock receipts
5738Nlay 2 60 Slay 22
_
5733
_ t_ _
_ _
__ _ _ ___
Pref B stock receipts_
32 May 2 3212June 5
Z.6i4 -6-7-1 4 ii3:18 -613-4
32
6ii4 I-6-8 8-,600 Comm
Invest Trust
1
No par 5614 Feb 7 6814June 24 33 2214
*112 4 11314 11214 11214 *1.1213 11314 11214 11214 112 112
35% 81
11134 112
1,500
Cony preferred
No par 111 mar 13 11512 Jan 29
1912 194 1912 1934 1914 195
8412
91
114
1938 1934 1934 2114 20341_2114 45,600 Commercial Solvente
No par 17% Mar 13 23% Jan 7
112 138
113 13
15%
1534 3634
112 112
138 112
112 I%
138 2 112 22,900 Commonwlth & Sou
123 July 5
No par
34 Mar 6
34
1
354
50
50
50
5012 4934 5014 5012 5113 49
49
485 4912 3,500
38 Preferred series
No par
2918 Jan 4 538 July 10
1733
*612 94 *611 914 *6
314 5334
914 *64 914 *6% 014 *638 914
Conde Nest Pub.. Ine
57 Mar 18
par:
No
35% 3512 358 3512 3513 3534 353
10
May
17
5
3
13%
4 36
363612 3614 3738 6,900 Congoleum-Nairn Ina
27 Mar 15 3738July 19
No par
1318 13% 13
1612
13
22
3533
1278 13
*1218 1314 13 '• 13
*1218 1318
700 Congress Cigar
No pat
9 Feb 7 1478Nlay 113
*43
44
714
714 14%
4312 44
44
4713 4512 4614 46341 48
47
49
Connecticut
970
Ry
Lighting_1
&
00
*52
Mar
23%
July
49
1
19
6012 *52
23
6012 *5312 6012 *54
34
32
61
5814 *54 1 61
*54
61
Preferred
100 41 Apr 2 55 July 12
.734 8
41
55
*734 8
58
734 734
778 77s
734 714
734 734
400 Consolidated Cigar
No par
7 Mar 14 1013 Jan 9
*67
71
*67
54
514 1338
71
*68
71
*68
71 _ 4'68 41 71
*68
71
Preferred
100
Mar
62
28
*7712 7812 *75
74
Jan 24
304
7813 *75
31
7712 *75
75
7614 *75 1 7614 76
76
10
Prior
preferred
100 71 Apr 2 82 Feb 28
*7638
r.- *7633 - _ 4,7638 __
4514
454 7471
*7638
__ *7633 ____ *7633
Prior prof ex-warralits__100 73 NIar 28 80 Mar 6
4 --4
4514
*378 -4
49
70
334 334 *334 --4
*37
4
334 11
500 Consol Film Indus
312May 31
1
1534 1534 15% 1534 1512 1618 *1513 164 1514 1512
712 Jan 16
138
133
633
*15
,
15'2
1,200
Preferred
No par
2533 2538 25
1414May 31
2218 Feb 15
734
2513 25
1033 2033
2513 2514 2578 2514 2534 25 , 2538 30.400 Consolidated Gm Co
No par
98% 99
157 Feb20 27'4 July 2
1578
9834 9878 9833 985
1813 47%
984 988 9814 .9834 9858 99
2,200
Preferred
No par 7218 Feb 23 993.1July 10 z71
21
218
2
s7I
218
95
2
24 *2
218
218 . 213
2
2's 2,000 Como! Laundries Corp
814 838
No par
111 Mar 12
'24 Jan 18
818 838
14
113
818 814
4%
734 833 31,100 Consol 011 Corp
8,8 833
8 '' 8,4
No par
613 Mar 13 1012May 17
*11034 11218 011073 11073 *11034 112
612
714 14'4
*11034 112 *11034 112 *11034 112 .
100
8%
preferred
4
100 10812 Feb 5 112 Jan 28 103
4
*378 4
108
*378 4
11218
*378 4
_ 38 41 ' 900 Consol RR of Cuba pre
38 4
11
12
12
100
Jan
25
5
213
May
12
14
Ds
21s
634
12
12
12 • 12
12
12
2
33 1,700 Consolidated Textile
No par
13 Mar 12
13
084 034
14 Jan 5
10
10
078 10
12
Vs
10
7 978 97
98 1013 10
2,500 Contalner Corp class A
3 8 338 *318 314
20
834June 5 1333 Jan 10
3'8 318
414
6,3 1334
3
313 *3
1.400
3's
314
Class
13
3
par
No
27
8June
10
518
9
Jan
2
73
233
6
6
614 68
533
634 712
7,4 78
734 2 733 733 9.100 Continental Bak clam A No par
412 Mar 13
78
7i July18
78
412
34
54 1433
34
7,4
1
1
1
1
1
78
3,400
7
Clam 11
No par
33 Aur 1
„
118June 13
74
'2%
•6014 62
*6013 62
*6173 6312 6312 634 64
65
66
66
600
Preferred
100
8514 857
28
Jan
4614
66
8514 8534 85
July
19
444
4414
64
8538 85
87
87
89
883 ;11,800 Continental Can me
20 6234 Jan 15 89 July 18
*104 1034 1012 1012 104 1014 1014 1014 1018 1014 88
37
5634 64,2
1018 101 _1.000 Contl Diamond Fibre
5
7 Jan 15 1034May 23
*3713 3712 3712 3712 3734 3734 37
6
6
1l,
3713 37
3734 37
3714 • 3,400 Continental Insurance
2.60 2878 Mar 13 3778July 10
%
78
1
78
*78
20
1
23% 3614
78
1
1
1
1
1
2,800
Continental
Motors
No
2034 2034 2034 2114 2112 2112 214 215* 2014 215o
par
34 Jan 2
23
13 Jan 8
33
N
19
203
8
31,000 Continental Oil of Del
5 1518 Nfar 14 23 May 23
5314 5314 533 51
124
1534 2234
5313 5414 544 5434 5412 5434 54
5412 .. 960 Corn Exchange Bank Trust Co 20 413 Mar 11 5l4 July 17
4012
77
4012 51
7758 754 7634 75
77
7672 7714 75
7672 7034 7534 10,300 Corn Products Refining
25 62 Feb 6 7838July 10
*15114 162 *1564 162
6513 841,
5513
158(3 15812 158 158 *158 160
160 160
,700
Preferred
438 433
100 149 Jan 2 165 May 23 133
135
414 43
15013
) 414 414
438 48
438 412
48 438 3 2,900 Coty Inc
3812 384 3812 3813 3814 3812 3818 384
No par
418 Mar 13
678 Jan 3
314
333
1133
3818j 3818 38
3813
'
4,500
Cream of Wheat cits
14
14
NO Par 30? Jan 15 3973 Mar 4
.1333 14
23
28
1312 1312 1312 1412 *1313 14
3614
*1312 1414 1 2.300 Crosley Radio
NO
par
Corp
1212
Jan
4Nlay
15
163
*3514 353
14
7
8
3533 3534 35
1713
3513 35
3514 35
3512 35
3512 22,400 Crown Cork & Seal
4613 4612 *4618 4713 *464 4718 4612 4612
par
No
2312 Nlar 14 36 July 10
18%
18% 3633
*4612 4713 4612 4612 ...400
$2.70 preferred
82 .75
No par 4313 Jan 4 4734 Apr 20
*76
81
*7418 81
35% 3414
32
*7418 81
81 , 81
*7418 813
150 Crown W'mette Pap let pfhlo par 7412 Nfar 13 86 Jan 11 37 40
418 44 *4
44 *378 4
47
84
4
4
*4
(4
414
*372
414
'300
Crown
Zellerback
2034 2034 21
v t cNo par
313 Mar 18
533 Jan 10
2134 21
314
333
633
2113 2112 2113 2112! 2213 22
2214 4,400 Crucible Steel of AmerIca____100 14 Mar 15 2514
*6413 70
6934 694 704 7014 72
Jan 7
14
17
3833
72
7173 h.7173 *70
72
600
Preferred
*1
100
4713
138
Apr
12 72 July 17
1
I
30
44
71
1
118 *1
4
114
1,
114
*1
118
i
600
Cuba Co (The)
*64 814 •678 814 *678 8
No par
s,
1 Jan 28
I% Feb 19
72
318
*67g 814
6% 1 673
012 61z ''' 110 Cuba RR 6% prof
*612 614
100
5 Jan 5 10 May 15
578 618
314 1012
538 6'
3
512 534
533 8534
538 512 15,900 Cuban-Amerloan
*68
6934 68
S112 a
10
538 Jan 2
812Nlay 13
69
213
312
973
6434 6612 61
6314
63
A
6412
63
63
660
Preferred
*41
4134 41,2 4112 4132 4218 414 4314 43
100 4018 Jan 3 8034May 13
1412
20% 65
4312 4338124333 4,900 Cudahy Packing
50 40 Slay 3 4711 Jan 2
3513
37
5233
1933 1938 1938 1938 1878 19
19
194 19
1912 19
1914
103% 104
No par
10312 10312 10333 10353 103 10312 1033 10414 104 10412 1 1,900 Curtis Pub Co (The)
15 Mar 15 2273 Jan 8
1312
134 2933
i 1,800
Preferred
238 238
Ito par 8912 Mar 14 10514June 13
214 238
218 214
3813
214 258
214 238
434 954
218
258 18.200 Curtis3-Wright
8
84
1
734 8
2 Mar 12
3 Jan 2
712 73
24
2
734 8
533
714 813
73
4
738
t13,900
Clue
A
*86
95
*84
1
614 Mar 15 1018 Jan 2
95
•86
334
89
*86
89
*86
80
514 124
*86
89
Cuehman's Sons 7% prat __100 73 Mar 23 8312June
*62
65
65
65
*62
12
75
73
*70
75
4,70
7514 91
75
75
10
8% preferred
23
2318 2314 2338 2333 2478 247 2512 2514 2534 4'70
NO
par
61
June
8 x7014Nfay 17
61
644 90
25
2512 9,900 Cutler-Hammer Inc
*7
714
718 718
No par 16 Mar 13 2534July 18
718 74 •7
714
912
7
II
74 *678 713 1,200 Davega Stores Corp
21%
2873 2878 2838 2914 2814 2834 283 297
5
6 June 7
814 Feb 14
2914 30
512
29
6
295
814
9.500 Deere & Co
*2614 263
2534 2633 2512 2534 2538 258 *2538 26
No
par 223 Mar 18 31 Feb 18
1018
253
4
104
344
2534
1.400
Preferred
30
30% 31
20 19 Jan 15 2612July 9
3134 3012 31
1014
31
317
3112 3233 3118 3134 8,900 Delaware & Hudson
1014
1914
143 11% 1473 1558 1413 1518 1434 15
100
2312
Mar
26
4313 Jan 7
1412 1518 144 143 10.500 Delaware
2312
35
7312
Lack de Western___150 11 Mar 13 1918 Jan 7
*2
218 •2
24 *2
212 *24 212 *24 212 *218 212 ,
11.
14
333
Gene dc Me Of West prat
4,91
95
*91
100
43 Jan 8
94
4,9234 94
14 Feb 27
33
92
9234 92
113
93
92
9313 . 3 900 Detroit Edison
1314
*112 512 *112 52 *112 512 *112 513 *112
100
65
Mar 13 9412June 28
55
6312 84
512 *11.8 512 .
4,5
Detroit & Mackinac Ry Co 100
712 *5
71
*5
234Nfay 1
712 *5
8 Jan 17
23
712 *5
5
74 *5
7
5% non-cum preterred
712
36
3614 3558 36
100
6
June
124May
28
36
36
36
36
I
3612 37
39
113
10
39
1,500 Devoe & Reynolds n---1814
*118 12012 *118 12012 *118 12012 *118 12012 *118 12012 *118
No Dar 3533July 15 5033 Jan 2
20
29
12012
5514
1st
preferred
34,2 3412 3413 3473 3412 343 341 35
100 11412Mar 8 12012July 8
3434 35
8912
*3412 3512 2,300 Diamond Match
99
117
*3914 393 *3914 3931 3834 39
No par 2812 Jan 2 3614 July0
3914 *38
3912 *38
*38
21
39
21
300
2812
Participating preferred
384 3814 3812 3813 3734 38
25 3433 Jan 7 4112Nlay 3
8
2753
383
38
28%
3853
3712
3412
3758
3818
3,300
Dome Mines Ltd
7
7
7
No
7
par
634 633
3418
Jan
4312May
15
7
7
17
7
814
25
8
32
812 6,300 Dominion Stores Ltd
4614
28
2878 2714 2814 2673
No
par
63
4May 29 125* Jan 28
634
11
2738 2713 2812 2712 2814 2634 2712 37,900 Douglas Aircraft Co Inc
23
No par 1713 Mar 12 287 July 13
1934 20
1112
1912 1913 20
1414 2812
20% 2112 2138 2113 *1934 2133 2,600 Dresser(SR) Mfg
.77
8t2
734 778 *734 20
cony A Nopar
1312Mar 15 23 May 23
7%
778 813 *8
814
834 *714 813 4, 500
8
20
Convertible class 11
No pal
'314
33
633 Mar 18
•11
938May 24
38
*14
38
3%
*14
''S
*14
38
5
*14
1172
38
Duluth 55 & Atlantic
14June 13
100
*33
33
*34
%
514
% Jan 9
8
*14
34
*38
34
*33
33
34'
4
15*
Preferred
*238 3
100
214 21* 4,2
14June
3
21
*24
12
Feb
3
14
*214
13
3
*214 3
12
218
500 Dunhill International
414
1612 •15
161-4 •15
1
2
June
6
54 Jan 18
1614 •1514 1512 15
15
*1414
2
164
3
i
100
II%
Duplan
Silk
*109 114 4'109 114 *110 114 *110 114 *109 114 *109
No par
1234May 2
1712 Jan 3
114
1234
13
23
Preferred
106 106,4 10418 10613 1034 10434 10414 10638 10618 10714 10514 106
100 103 Mar 20 10912May 22
18,100 Dupont rieNemoure(E.I.)&Co.
92
92
110
.12818 12913 12814 12814 1284 1284 12814 12814 *12814 129
20 865* Mar 18 10714July 18 21 597
12838 13012
3
100
800
103%
6%
non-vot1ng deb
*11233 114 *1124 113
105 1267 Feb 8 131 Apr 22 10414
113 113
112 11218 *11212 114
11212 11213
115
170 Duquesne Light hit pre
12813
*14 - _-- '314
100 104 Feb 18 114 July 11
_ •14 _ _
*14
_ _ •14 _ . •14 _ __ _ _ _
85
90
Durham Hoetery N11113 pref _100 1712Nf
107 *533
ay IC
58 --6
534 -57-8
23 Mar 6
538 -576
-8
638
5% -6
13
3,500 Eastern Rolling Mills
21
30
148' 148% 14712 14734 146 147
5
334 Mar 13
147 14712 14712 14814 147 118
8
Jan
7
312
418 12,,
3.200 Eastman Kodak (N J)__-No pal 11012
'157 165 *157 165 4,157 165
Jan 16 152 July 9
157 157
157 157
158 158
6512
79
116150
6%
cum
preferred
2212 2238 224 2212 224 2212 2213 22% 2212 2273 2212
2
105 141 Jan 4 16112June 25 120
228 8,600 Eaton Nits Co
120
147
*4
No par
434 *418 453 *414 438 *414 438
1633 Jan 16 2278 July18
438 438 5414 47
100 Eitingon Boland
10
1218 3213
No par
244 2618 2434 2538 2412 25
314 Mar 27
71 Jan 4
2533 2534 2434 2512 38,700 Elec Auto-Lite
25
255
34
6
(The)
19,4
*110 11012 *110 11012 1103 11033 110 110
1
1938Juno 1
11014 1103,, 11014 110:4
29 Jan 3
130
1158
15
3133
Preferred
57
618
6
100 107 Jan 23 112 Apr 26
63
633 638
638 7
653 678
6% 64 79,800 Electric Boat
75
80
11012
3
58 578
54 6
378 Mar 15
6
618
64 612
638 612 •64 614 3,500 Elec & Mug Ind
7
July
17
3
3
718
Am shares
278 3
3
35 If 314 312
3
53.4July ^
3
3
3
313
8% Feb 18 " 513
314 10,300 Electric Power & Light
414
958
164 17
--No par
1673 18
118 Mar 15
1712 1812 1812 20:18 19
2014 19
338July 5
2013 39,700
118
214
$7 preferred
9
No pat
1334 1433 1413 1514
3
1434 1534
Mar
13
1612 1758 1638 1714 10,700
1512 1714
July17
203
8
638
2134
3
38 preferred
No par
213 Mar 13 17%July 18
For footiaotes see page 388
6
211
19
ai -dm,
au, -ay', t ai,s -ig"
New York Stock Record-Continued-Page 4
392
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 13
Monday
July 15
I
Tuesday
July 16
Wednesday
July 17
Thursday
July 18
Friday
July 19
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
July 20 1935
Ranee Stsee Jan. 1
On Basis of 100-share Lots
Lowest
Highest
July t.
1933 to Range for
June30 Year 1934
1933
-rir,' Low
'
HO
$ per share $ peril $ per share
Par $ Per share
share Shares
7g
52
34
$ per share $ per share S per share $ per share $ per share 5 per
No par 39 Mar 21 494 Jan 7 31 3314
800 Mao Storage Battery
4534 4534 4512 454
4514 4534 453
4512 4534 45
46
78 Jan 10
*45
172
38
14 Mar 29
par
No
Corp__
Coal
Horn
:Elk
8
100
.3
12
8
.38
.3
12
1
8
3
8
3
1,,
333
13
333
3%
I
58
138 Jan 10
1
Apr
8
5
50
preferred
part
6%
100
78
*52
52
53
72
63
*58
45
45
78
*38
78
*33
73
50 52% Jan 16 6514June 14
3r'3
Corp
Endleott-Johnaon
100
6514
647
*63
364
654
8
647
8
3
65
8
128
120
*6438 6538 *6478 6538 *647
100 12534 Jan 10 132 Apr 23 112
Preferred
130
12934 130 *128 12914 129 130
358June 19
118
833
2
*128 130
12933 130 *128 130
14 Mar 16
Engineers Public Serv____No par
*213 3
*212 27
*212 3
*212 3
•213 3
10/
*212 3
104 334
4
1
No par 14 Mar 19 37 July 9
preferred
cony
$5
600
7
3113
*30
31
32
*30
32
3312
33
11
34
11
2412
7 3712Ju1y 8
3412 3412 34
Feb
1412
par
No
preferred
$533
800
31
3112 31
31
3318 3312 *3112 33
12
34
34
2513
13
35
35
No par 1512 Mar 19 3712July 6
$6 preferred
33
*31
*3213 34
37
*32
5
*3312 37
10%
573May 17
5
*3414 39
*3413 39
5 Jan 7
1,600 Equitable Office Bldg--No par
*434 5
*434 5
518 *434 5
5
5%
5
7%
933 2472
20 14 Jan 4
518
Mar
*5
718
100
Erie
814 813 1,300
814 838
814 814
4
814
Jan
4
17%
84
143
2814
28
814 812 *8
Mar
812
818 818
100
First preferred
9
23
634
534 Mar 12 13 Jan 7
1014 1033 108 108 1014 1053 1012 104 1013 1012 2,400
100
*1038 11
Second preferred
878
818 *118 87e *7
68
50
30
*734 8% *7
*734 87
87
*7
50 6912 Feb 18 70 Feb 2
30 Erie & Pittsburgh
70
79
70
_ *63
_ *63
133
7
1433
4July
*63
2
18
63
19
Mar
*63*63
1012
5
1313 15,900 Eureka Vacuum Clean
12 -1-3-12 1338 133.1 13
2714
3
- 1178 129
8 1134 -1173
5 15 May 7 2314 Feb 21
117 11-72014 6,400 Evans Products Co
2
1012
5 Jan 18
3
2 Apr 30
1912 1912 1918 1914 1918 1914 1912 1933 1913 2012 1912 214 1,320 Exchange Buffet Corp-No par
214
*214 238 *214 238 *214 233
233
2
24 Jan 19
58
2
1
2
2
It Mar 26
25
Fairbanks Co
372 114
*73 114
*78 114
933 Jan 18
313
334 1212
19
373 114
Mar
*78 112
4
*78 112
100
Preferred
60
6
47
512 *514 512 *5
*5
22
6
Apr
8
1
*5
25
4
5
183
7
11
5
6
Jan
*5
17
par
2234 7,900 Fairbanks Morse & Oct..-No
22
2238 2212 233
2112 2112 2134 2233 2112 2232 22
7713
30
25
100 72 'Jan 17 120 July 18
Preferred
170
11912
118
120
11512
11514
11514
4
114
53
10
1412July
115
4
Mar 15
11213 11212 115
*11212 113
15
1438 1378 1378 1312 1334 2,400 Federal Light & Trae
341g 62
1414 14
33
1414 14
*14
*1334 14
No par 48 Jan 8 81 July 12
Preferred
20
804
8012 *78
*78
81
*78
85
107
*78
40
52
80 80
•80 85
00.--100 40 Apr 3 72 Apr 26
Smelt
&
Mtn
Federal
_
63
*5014
63
*3014
63
98
50
62
63 *50 63 *5018
*5018 63 *55
100 54 Apr 1 95 May 23
Preferred
83
*75
83
83 .75
738July 18 19 293
83 *75
834
23
*75
2
7
Mar
2
83
4
3
83 *75
3
*75
par
Truck....37o
678 7% 10,600 Federal Motor
718 738
1
533
44 Jan 7
633 718
2
612 64
618 634
2 July 6
534 6
par
Works___No
Screw
Federal
BOO
212
3
4
23
212
212
212
72 Feb 25
133 j
Jan 7
4
238 238 *214 212
167
238 238
Par
A_---No
,
Seri
Water
Federal
1,200
1
1
118
118
*1
1
1
4
3
1
29
Mar
20
2033
1618
14 118
114
•118
par
-No
_
1814 184 1,000 Federated Dept
19
1714 184 1838 19
2014
23% 354
1734 174 17
*1713 18
N Y. _3.50 2831 Mar 14 3714July 10
Stores2,700 Fidel Pben Fire Ins
3634 361
367 37
3634 367
16
80
23
3714 3634 37
16 Apr 9 2312 Jan 8
3714 3714 37
par
-:No
Sons
Co
(Wm)
Filene's
1914
1914 *13
1912 *18
191 *18
106
1912 *18
87
1912 *18
•18
100 106% Mar 8 114 July 3 x85
633% preferred
*113 114
13 2514
*112 113 *113 114 *113 114 *113 114 *113 114
13%
10 1312May 2 181a Jan 7
Firestone Tire & Rubber
95
June
25
674
9214
8
Apr
71%
1438 1458 14 8 148 144 1433 1433 1478 1433 15 4 2,600
8412
31438 15
100
A
Preferred series
1,600
8914
9434 9434 9434 948 9433 943
53
9434 95
4534
4May 6 5714June 22
95
95
9434 95
2,300 Fleet National Morec-No par 453 Feb 21
5538 5334 54
5512 54
55
25
23 May 9
1233
13
547 548 5433 55
19
par
547 547
A___No
class
Shoe
Florsheim
100
22
*21
22
2
Jan
17%
8
3
7
6
6
Mar
2
214
2014 2014 *204 2214 20l4 2214 *2014 2214 *21
par
No
1,00 :Follansbee B902
234 234
234 234
24 212
10% 21%
212 212 *214 21
*214 234
o per 2014 Jan 15 4358July 19 37 1014
Corp-N
Machinery
Food
300
13
4312
4333
4312
43
4233
4234 4212
813 22
15 1712 Jan 2
8%
4234 *42
Mar
8
97
4212 *42
342
par
No
eeler
1614 1534 11333 13,800 Foster-Wh
1512 15
80
53
4414
1534 1514 1538 15
1412 1412 15
No par 6038 Mar 15 85 July 18
Preferred
210
847
*77
85
82
83
82
8012 82
2%
80
80
258June 7 1012 Jan 7
4
/
80
614 171
*79
No par
414 438 3 700 Foundation Co
413 433
318 4
33, 33
171, 2712
21 3014July 16
312 358
1633
Mar
4
193
I
333 312
w
w
Invest
Nat
3,800 Fourth
304 x2912 30
30
8%
814 1713
833 Mar 15 17341u1y 15
2914 2934 2934 2978 2934 3014 2978 297
No par
A
class
Film
Fox
46,700
4
163
1614
1114
4
163
1714
4
163
1738
1718 1738 171.1 174 17
83
20
20
Apr 2 5914July 19
250 Fkln Simon & Co [no 7% pf-100 3014 Mar 18 281215ay 23
5914
58
58
5812 58
5212 5212 *55
1714
21% 505
4712 49
*4518 48
10 1714
2512 264 2558 264 3,900 Freeport Texas Co
26
12018
Jan
27
22
2June
1604
11213
1134
1121
2512 2614 2512 2512 26
26
26
100
Preferred
_ ....
__ *11358
3313
-- *11358
14
-- *11358
134
Mar 13 26 May 21
*11312 - _ *11358 ___ *11333
50 Fuller (CI A) prior pret-No par 15
18 18
*1634 i-8
43
43 Mar 13 12 Jan 24
1933
1712 -1-712 *1658 -18
5
4 *1638 -18
*1658 1-83No par
$8 211 pre
7
7%
*7
4
73
*712
7
7
3
218
8
7
14
*7
8May
4%
Jan
7
21
4
73
4
*63
7
*634
8
1
*634 77
No Par
1
.78 1
700 Gabriel Co (The) ol A
78
%
95t Apr 22
1
20
7
1
8
1
7 Mar 30
*78
par
*78 118
No
Co
(The)
Gamewell
110
812
812
1112
8
8
*712 8
5%
8July 18
*712 8
83
13
Mar
*714 8
54
.714 8
538
par
No
83
813 3,800 Gen Amer Investors
838 833
814 812
87
814 814
644
73
814 838
8% 84
No par 8433 Jan 10 100 June 24
Preferred
100
9/
*92
97
9712 9713 9712 *92
438*
2534
30
9712 *92
5 3233 Mar 12 44 July 15
971 *90
*90
7,500 Gen Amer Trans Corp
4014 41
42
4357 41
1918May 25
15
4213 4312 42
Mar
1134
12
234
44
4
113
4234 4312 43
10
1812 1838 1858 181s 1812 5,100 General Asphalt
64
6% 1433
738 Mar 29 11 July 18
5
1818 1814 1734 1818 18
174 18
General
Baking
11
28,600
11
1033
4
3
310
934 1012
100
10 133 July 2 100
1084
914 978
914
Jan
91
115
94
9
par
No
preferred
$8
50
129 129
129 129 *12814 129
5
5% mar 4
714May 23
5
1018
5
12814 12814 129 129
*12814 129
11,700 General Brame
634 7
64 7
74
7
434May 17
2
613
67s 714
214
2 Mar 20
63 714
No par
8'2 . Vs
900 General Cable
26 10 May 17
334 334 0334 334 *813 834
Mar
352
4
12
35
414
4
334 334
par
333 333
No
A
Class
812 812 1,300
*834 9
812 834
813 9
14
144 33
9
9
100 19 Mar 14 4612May 16
834 834
corn preferred
'I%
1.000
4
393
*38
40
3912
39
38
37174 384
2414
5934
27
37
37
39
39
No par 50 Mar 25 6312July 9
800 lleneral Cigar Inc
6238
6212 *61
97
97
1274
6214 6214 *6014 6112 •61'8 6112 6134 6214 62 141
100 12712 Jan 2 143 May 21
7% preferred
30
*139 143
141 141 *139
DOA 254
141 141 *139 142
No par 2012 Jan 15 2734Ju1y 17 • 16
*139 141
Eleatic
General
74,300
8
2/5
274
8
273
2718
4
273
8
3673
28
28
2633 26% 2634 2718 2678 2758 267
No par 8214 Mar 15 3773.13113 8
12.300 General Foods
363.1 37
3714 36% 3738 364 37
I
se Jan 14
3714 37
37
4 Feb 25
1
I
36% 37
No par
700 Gen,Gas & Elee A
12
38
1"
*38
38
1
38
.38
12
514
6% 19
*38
38
38
No par 10 Mar 13 15 Apr 6
A
series
prof
Cony
1412
*12
1412
*12
1412
1412 *12
1412 *12
*124 1434 *12
*3
R
Apt%
164
5
21
11
No par 11 Mar
--4
15
$7 Pref class A
*10
15
*10
15
*10
15
Apr 6
*10
22
13
15
8
712
18 .11r
*10
15
•10
No par 1533 Jan 1
$8 prof 178333 A
16
*10
16
*10
16
*10
16
*10
16
50
62%
*10
16
354 Apr 20 6154 Feb 5 "s4
*10
Edison Elea Corp
Rai
Can
57
*_
57
*.....
57
*____
51
51
644
5978 Feb 6 7012July 8
5714 •____ 57 *____ 57
*43
Par
No
Mills
General
800
61
•
6912 6712 684 674 6734 6,
118
100 116 Jan 3 11834 Apr 23 10012 103
*6712 6912 *6712 6912 *68
Preferred
*11714 11978 *11714 1197s
10 2658 Mar 13 37t July 18 12 2238
2433 42
*11714 119% *11714 11978 *11714 11978 *11714 11978 3678 3714 3638 371s 148,500 General Motors Corp
37
84
4 1174May 7
109
Jan
4
31074
893
par
No
3614 3612 3618 3658 3558 3638 36
preferred
$5
1,600
116 11638 11612 1164
21
115 11558 116 116
84
*11533 116
85
11578 116
NO Par 10 Mar 20 1312May 10
100 Gen Outdoor Adv A
.1212 1312 *1213 1218
10
4 Mar 21
314 Jan 9
No par
01212 1278 1212 1212 *1212 1314 •1213. 1318
Common
400
3'2
*314
314 312
3312July
5
358 *314 358
Feb
10
8%
25
175
3
14
111
1
3
3
10
parr
No
Ink
Printing
•314 378 *314 334 *314 3134
General
670
3134
31
3133 32
3134 32
3134
61%
734 96
No par 934 Jan 22 108 May 21
3218 3134 32
32
$6 preferred
60
278July 3
105 103 *104 105 *104 105 *104 105
553
No par
l' Mat 13
2
I%
Service
105 105 .104 105
Public
Gen
1,000
212
212
212 212
234 234
212 212
1558
234 4534
212 212
No var 1538 Mar 13 323 July 15
*213 234
2,100 Gen Railway Signal
3234 3112 317
32
314 32
32
80
3234 32
100 80 Jan 2 103 July 10
1014
90
Preferred
321; 3212 32
107
*105
107
*105
107
338
*1644
1
34
2 May 24
34 Apr 2
1
*104 107 *10414 107 *10414 107
1%
133 1,400 Gen Realty & UtllItles
112 112
113
138 1'Z
2633
Het Mar 20 2538M87 24
10
10
138 112 *138
No par
138 138
$6 preferred
800
2214
2214
22
2112
22
*20
22
9
8July
*20
2114 2114
8's
1018 2333
21
NO par 1654 Jan 30 233
21
2178 2238 11,200 General Refractories
2238 2134 22
20
2214 2212 2158 2238 22
10
22
7%
22
Voting trust oertifsNo par 1612 Jan 15 23 July 9
14
1733 484
320 Gen Steel Castings prof ....No par 14 Apr 13 32 Jan 22
28i-8 -iire 16-iig
Wi
3'712
8
2
812 147
1 -3712
par 12 Mar 14 1658May II 6 712
No
- -iii- -28;
Rasor
-383-8 -2-7-12
Safety
Gillette
16,200
4
153
8
155
4
153
154 15
154 15
72
47
4512
1514 15
No par 704 Jan 4 8713May 8
1518 154 15
COnY preferred
873s 4,400
8512 8634 87
85
2l Mar 13
85
378 Jan 4
8534 8412 85
2%
238
64
N. par
8614 85
86
314 34 4,000 Gimbel Brothers
338
3
278 278
*278 3
100 18 Mar 27 35 July ID
1312
16%
30
*234 3
3
3
Preferred
i
2,900
35
324 3314
2712 2712 28
28
*27
28
*27
*2712 28
12
15% 2857
NO par 2338 Feb 7 32 June 15
33.100 Glidden Co (The)
31
100 104% Jan 2 10938June 10
8033
2858 2818 2833 2833 2912 2918 3012 3013 109
83
1074
Prior preferred
2812 2834 28
100
15 July19
4 *108 10834 10834 109 *108
78July 15
Rights
*108 10834 108 108 *10878 1083
107,800
8
13
114
114
118
113
1
6
118 Apr 26
1
4
3
4
78 1%
25
Jan
1
(A0011)
1
134 178 1,600 710.11/0/
178
178
158 178
2
112 14
No par 143aMay 3
133 114
8,800 Gold Dust Porn vs a
1714 1678 17
17
12108 Ju
e 297
nn
ja
3
20
84 12
No XV ii 1.12M*7
16
9
9164%
1612 1612 1612 1634 1634 1718 1673 1714 118 118 3110 120
100
$6 oonv preferred
120
*116
332
13
1178 Jan 7
7%
Mar
8
74
_
18
*116
120
No
*116
*116 120
77a 513 6,900 Goodrich Co(BF)
734 8
758 734
54 6234
2612
734 -jig
100 40 Mar 15 544 Jan 8
734 8
Preferred
734
1,000
44
4212
42
42
4214
1534 Mar 13 267k Jan 7
1534
1812 Al%
4314 *403 4212 41
*43% 44% 43
1858 1914 26,600 Goodyear Tire & Rubb-No par 70 Apr 11 92 Jan 10 17
1878 1833 181s 1812 19
8314
534
64
No par
1938 194 1834 1958 1834 797
let preferred
900
79'2
7812 7812 79
80
80
54 Jan 3
24 Apr 4
213
378 1134
par
No
8012 7912 7912 *7858
Hose
MIA
*79
Gotham
*414
438
8
3.000
43
412
412
4
4
50
Jan
100
3
20
3
Apr
20
4
3812
714
4
8
.37
Preferred
440
*375 414
384
37
39
3612 37
3% Jan 3
14
412
114June 25
3334 3334 35
112
1
3334 3312 34
*33
7,900 Graham-Paige Motors
134 13
I% 134
158
9 July ID
18
4
1335
514 Mar 19
112 I%
4
Pr....100
112 112
&
Sm
M
Cons
112 112
11,000
Granby
9
8
83
834 834
834
812
15
5
834
Mar
Jan
8
85
7
214
214
4
8%
812
1
814
etts
814
Sr
*8
400 Grand Union Co
313 312
34
*3
3
3
3
60
3
1438
28
3
No par 14.12May 20 2934 Jan 3
3
312
*3
700
Cony prof series
1834 1818 1812 *1712 1818
21
31's
18%
No par 1818 Mar 29 2714July 18
1814 1814 1812 1834 *1818 1931 *1812 27
2678 3,200 Granite City steel
2,313 2714 20
254
3
40:
8
257
25
28
par 26 Mar 26 3512May 16
2312
23
No
23
23
*22
1,o00 Grant (W T)
341
3414
34
34
34
73
34
914Mar 19 127g Jan 7
3412
*3333 34
par
812 154
344 34
34
Prop___.NO
Ore
Iron
Nor
Gt
2.800
114
11.33
4
8 1134 113
12 2234July -IA
Mar
8
3212
93
100
1214
8
93
pref
114 11% 114 1134 1118 1134 1158 115
Northern
2214 2018 2138 72,300 Great
25
23
3514
2214 2234 21.38 2238 2138 2212 2034 2914 2812 288 4.900 Great Western Sugar--No par 26% Jan 15 3238May 6
2112 22
29
29
99
1134
2912 29
102
100 119 Jan 2 140 May 4
29
2878 29
*2838 29
Preferred
210
*131 13233 13212 13212
.
1321
12
25
Apr
*131
June
21
8
133
-21
100
133
--133
00
RR
133
132
1314
Green Bay & Western
*2512 30 *2312 40 *2312 40 52312 40 *2312 40
*2312 40
59
18
18
100 34 Feb 6 5.5 May 16
10 preen* Cananea Cooper
*3314 60
*3614 60
5 4618July 17 5012July 1 9 5
*3514 60
53
.53
75
*53
75
*53
Greyhound Corp (The)
7,300
4813
4
473
234May 13
1
Feb
4618 4812 4712 4814
1
38
34
i4
--par
-No
4738 4734 4738 4712 4633 47
r3ugar
300 uuantanamo
112 .1.38 178 *138 178
138
714 31
100 19 Feb 16 431gMay 14
714
112 11. *112 138
•112 178
Preferred
180
2412 2433
2412 25
33
6 Jan 6
*25
4
33
164
4 Mar 7
5
100
25 - *25
25
Northern
33
*25
&
Mobile
Gulf
200
55
578
518 *5
57
533
*5
6
12
100
3531
6 Apr 3 1612July 18
57
*412 58 *5
*5
Preferred
900
16
161s 161 *15
16
12
154 42
No par 12 Mar 29 24 Jan 8
1434 1412 1434 *1412 1512 15
•14
200 Gulf States Steel
2212 2178 2178 *21)34 2114
29 68 May 23
2212 *21
Mar
2514
47
100
83
48
2212 2212 *21
*2012 22
Preferred
100
*634 68
66
65
66
66
66
1978
65
2012 2614
28 2114 Jan 15 29 June 22
*6312 66
*604 65
100 Hackensack Water
*2712 284 2112 2814
28
37
31
2814 28
26
2814 *28
26 30 Jam 18 34 June 29
*2712 2812 *28
7% preferred class A
70
3112 3133 3212 3212
32'2
Mar
13
614
3212
13
318
34
814
Jan
33
33
318
33
par
*3112
No
33
Stores
*3112
Hahn Dept
---- --- - ....
.- -_
712 Jan 2 3 314
312
914
4 Mar 19
10
- - _
--__ - Hall
5
Printing
300
4
453
4
43*493
3% 11%
4 13
328
4i.
Apr 30 1038July 19
514
par
He
Co
*334 412 *ii4 11. ;33.4 112
Watch
Hamilton
210
8
103
978 978 10
53
25
938
8
93
934
20
4
18
8814July
Jan
8
*912
7
9
03
97
100
"91.2
a
*912
30
Preferred
884 8814 *8812 95
95
*87
Jan 2 108 June 3
95
77
84
95
10134
*85
*8114 95
620 Hanna (31 A) Co $7 pf___No par 101 Mar
15 2258July 19
1054 10534 105% 105% 10518 105%
2434
16
12
13
par
10518 10512 1054 10534 1053s 106
224 224 224 4.600 Harbison-Walk Retrac-No 100 3914 Jan 7 112 June 11
2112
4
3
21.
82
2114
87
100
2112
12
21
8
217
2112
21% 22
Preferred
.
•1124
-.
.
*11218
934May 28
73
54 Feb 6
14
14
_1
a
al
America
of
*112- _ *11218 _ - *1124 - _ *11218 -8%
Corp
Has
5.100
-8
93914
918
814 .
8
300 al Feb 6 105 June 25
1412
84 -818
1934 92
*818 -8-14 3818 -8-14
130
634% preferred
18
1 May 15
104 105 *10312 110 *10313 110
111
32
Is Apr 27
104 104
*103 105 *103 104
100 Havana Eleetrie Ry CO --No par
612May 25
2%
3
811
213 Apr 17
100
For footnotes see page 388
Volume 141
New York Stock Record-Continued-Page 5
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 13
Monday
July 15
Tuesday
July 16
Wednesday
July 17
Thursday
July 18
Friday
July 19
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Mna Jan. 1
On Bast* of 100-share Lois
393
July 1
1933 to Range for
June30 Year 1934
1935
Low Low
High
Lowest
Highut
S per share $ per share $ per share $ per share $ per share 5 per share Shares
Pat $ per share
$ per share $ per 50 1 per Wire
*218 238
218 218
2
218
218
278
258 278
258 314 16,500 Hayes Body Corp
158 Mar 18
2
34 Jan 2
11
/
4
11
/
4
108 108 *10812 10912 10918 10918 110 110
641
111 11138 112
700 Hazel-Atlas Glass Co
25 85 Jan 2 11214Ju1y 19
65
*13912 141 *13912 141 *13912 141 *13912 141 *140 141 *13912 11214
74
967s
141
Helme (13 W)
25 127 Jan 5 141 June 4
94
101
*15412 160 *15412 160 *15412 160 *15412 160 *15412 160 *15412 160
145
Preferred
100 1424 Jan 10 162 June 19 120
12318 153
2358 2378 23
2314 23
23
2314 2414 2312 24
*234 2378 6,000 Hercules Motors
No par 11 Jan 8 2512June 18
5/
1
4
84
514 1218
84
8458 8438 *8312 8438 8412 8412 85
*83
85
85
600 Hercules Powder
No par 71 Mar 12 8514June 14
40
59
*1233
8_ *12338 ___ *12358
8158
__ *124
. _ 124 124
124 124
30
$7
cum
preferred
Feb
122
9
100
128
May
3
10418
111
• *7712 /8-12 78 -78
12534
7712 7712 7812 -7812
78
78
*76
78
800
Hershey
Chocolate
No par 7314 Apr 4 8134 Jan 19
44
0114 120 *115 118 *115 11814 118 118 *115 11758 115
4818
7334
115
400
Ckniv preferred
No par 104 Jan 25 118 July 17
80
83
114 1218 1178 1214 12
10518
1338 124 1338 17,300 Holland Furnace
1378 13
1234 13
NI par
534 Mar 15 134July 17
4
434 10/
*714 712
1
4
738 712 *714 712
712
712
1,700
712
758
714
Hollander & Bons (A)
712
5
658 Mar 29 11 Jan 2
518
5/
1
4 13
*300 410 *390 410 *390 405 402 402 *383 40518 *390 405
200 Homestake Mining
IGO 338 Feb 5 412 May 14 200
310 841301
*3934 40
3912 40
/
4
40
4012 4012 4012 40
4012 3934 3934 4,200 Houdallle-Hershey el A __No par 3078 Mar 14 4012Ju1y 16 11 7
11
16
1614 1578 16
34
1558 1714 1712 18
1738 1778 167s 1738 53,700
Class B
64 Mar 13 14 July 17
No par
24
*6334 65
2131
*6312 65
878
6434 6718 *64
67 a66
*6234 6612
66
800 Household Finance part pf___50 49 Jan 2 674July 16
43
43
*1318 1312 *12
54
1334 12
1212 1238 1278 13
13
13
13
700 Hounon 01101 Tex tern 018_100
918 Mar 15 17/
1
4 Jan 2
918
"214 234 *214 234
1218 29%
218 214
214 238 *24 24 3,100
214 24
Voting trust etft new
112 Mar 13
25
3/
1
4 Jan 4
118
24
4814 4414 4838 4834 4814 4912 4914 4978 4914 14934 4812 49
5/
1
4
4,000
Howe
Bound
Co
Jan
43
56
5
15
Apr
26
20
3518 57/
3
3
*24 3
1
4
*278 3
273 278
3 i 3.
3
3
600 Hudson & Manhattan
100
214 Feb 27
54 Jan 21
2
/
1
4
4
1218
*738 8
*758 8
7
*714 7
*74 , 8 a *714 8
*74 8
Preferred
100
618 Mar 14 134 Jan 21
64
9
264
8
838
8
818
8
838
858 87g
812 834
812 88 20,300 Hudson Motor Car
No par
IN Mar 26 1234 Jan 7 311 6
14 138
IN 26/
114 133
1
4
114
13
112 158
138 158
112
158 15,200 Hupp Motor Car Corp
10
34 Apr 5
378 Jan 7
1338 1414 1438 1434 1378 1438 1334 1438 1312 1412 133
84
178
714
4 14
11,400 Illinois Central
100
94 Mar 14 1714 Jan 7
912
20
20
13/
1
4 3878
no
211 *1814 21
*1814 218e 21
21
*193
4
207
8
300
6%
prof
series
11
Apr
15
100
A
2314
Jan
4
15
*52
54
21
50
*52
533 *52
*52
54
5334 *52
5334 *52
54
Leased lines
100 40 Mar 21 574 Jan 10
40
aim 60
*6
712 *614 7
638 638
634 634
612 612
90
634 64
RR Sec efts series A.......1000
414 Mar 30 10 Jan 4
4/
1
4
*214 212 *238 212
74 204
238 238 *214 212 *214 24
214
Indian
214
200
Mar
113
Refining
4May
218
10
2
3
10
218
218
2838 2838 2812 291g 2814 2812 2812 29
434
2814 2938 2812 2912 6.400 Industrial Rayon
No par 2312May 8 33 Jan 7"1314
1911
*86
9012 *8912 901
324
90
9012 9012 914 9112 92
914 9214 1,900 Ingersoll Rand
No par 6012 Mar 13 95 June 17
45
494 7384
*128 135 *128 135 *128 130 *128 130
130 130 *128 130
10
Preferred
100
109 Jan 7 130 July 18 105
105
116/
74
1
4
74
7434 77
76
771
76
7434 76
75
75
7534 5,000 Inland Steel
No par 4614 Mar 22 7712July 16
26
*234 24
3414 56
278 3
3
3
278 3
*278 3
*278 3
1,100 Inspiration Cons Conner
418May 17
24 Feb 27
20
218
*618 614
253
678
614 658
618 638
614 612 1,800 Insuranshares CM Inc
68 638 *638 612
°sauna 19
4 Mar 1
1
2
24
438
1
__ ____ ____ _____-___ ____ __ _
Ma 1711
_ ___
Certificates
No par
*234 34 *234 318 *234 318 *234 318 *234 318
04 124
8
318 34
50 Internat Rye of Cant Amer--100
214May 27
2
Ms Jan 25
2
7
*212 3
*212 3
*212 a
*212 3
*238 3
*258 3
Certificates
No par
2/
1
4 Apr 26
5 Jan 3
2/
1
4
2/
1
4
63s
*912 11
*94 11
*912 11
*958 11
*938 11
934 10
100
100
9/
1
4may 21 184 Jan 10
Preferred
668
738 2234
"218 214 *2
218
2
2
212
2
2
2
*2
2
400 Intercont'l Rubber
112May 1
3 Jan 7
No par
112
24
514 514
578
5
514
58
5
514
558
538 558 5,000 Interlake Iron
514 534
4/
1
4 Mar 7
No par
7 Jan 7
4
A
258 252
1114
234 234
27g 3
3
3
3
1
4 *3
3/
3/
1
4 2,100 Internal Agrioul
No par
258July 11
5 Jan 2
*25
14
2712 2812 2812 *29
2
613
4
32
313
31
32
313
4
30
30
500
Prior preferred
100 26 June 1 4234 Jan 25
10
15
*182 18312 18134 18214 *178 18112 *178 18012 17978 1794 177 18012
3718
700 Int Business Machines-NO Par 1494 Jan 15 18412May 16 12534 131
164
51
/
4 534
558 54
534 534
6
6
5%
53
4
2,200
53
4
Internal
54
Carriers
Mar
358
Ltd
1
12
6
/
1
4 Jan 8
338
4/
1
4 1218
314 3184 3184 3214 3112 32
3178 3212 3178 3238 3158 3134 7,900 International Cement....--No par 2278 Mar 15 83 Jan 7
1838
47
183s 3714
4738 4712 477
4634 478 4758 49
4878 5018 4858 4934 21,600 Internal Harvester
No par 344 Mar 18 5014July 19
2314
2314 4678
144 144 *14312 144 *14312 144
143 14312 *143 14334 143 143:
400
Preferred
100 135 Jan 2 152 May 9 110
110
137
11
/
4 11
/
4
2
2
178 2
178
178
2
*178 2 I 1,000 lot Hydro-El Sys el A
2
25
11
/
4 Mar 15
278 Jan 9
11
/
212 212 *218 212 *214 21
4
24
9/
1
4
212 212
*2313 212
234 234
300 Int Mercantile Marine-No par
178June 20
318 Feb 20
2778 284 2712 274 274 271
178
2
6
2738 2678 2714 2612 274 27,500 Int Nickel of Canada--No par 2214 Jan 15 2938May
27
17 al 14/
1
4
*12278 125 *12278 125 *12278 125 *123 125 *123 125 *123 125
21
2914
Preferred
100 12378July 11 13018 Mar 14 101
115314 130
__ ____ ____ -_-_-___ ___
____ ___ ____ _-Internal Paper 7% prof
100
81
/
4
10
112 112 *132 134
25
138 188 *114 18
*1'2 14 *112 134
200 Inter Pap & Pow el A___.No par
*12
72
*52
118 Mar 15
72
3 Jan 8
28
14
52
*12
2
7
612
*12
7
8
*68
78
100
Class B
4,12
38July 11
No par
82
138 Jan 7
22
58
32
7s
3/
1
4
12
12
*12
58
68
68
12
12
500
Class
0
No par
38
38May 7
118 Jan 19
84 84
53
8
234
814 *734 8
884
812
814 812 3,200
8
83
77
8
Preferred
100
44 Mar 13 12 Jan 7
*2518 2618 *2512 2633 2614 2638
44
84 244
2614 2684 2612 2678 *2612 2678 1,400 Int Printing Ink Corp-No par 2111 Jan 15 2718July 5
9
9
*104 1051 *104 105
2512
104
104 105
50612j10614 *105 10658
140
Preferred
100 9818 Jan 2 10612July 8
65
3234 3234 3234 3234 3258 104
101,
66
34
3234 *34
342 3412 3412 34
600 International Salt
29 Jan 21 3614May 14
NO par
20
*4634 47
21
32
4612 47
47
48
47
4718 47'2 4778 48
48
1,800
International
No
Shoe
par
Mar
July
424
48
19
18
38
38
*19
193g 1912 1978 197 2012 2034 2034 20 11 201 *19
50/
1
4
20
1,100 International Silver
100 16 July 19 28 Jan 4
17
19
*66
68
453
4
*6612 68
68
*70
71
6934 1,70 11 71
70
71
200
7% preferred
100 6012 Mar 21 75 Jan 3
40
958 9/
59
1
4
8412
958 934
938 938
914 912 17.600 Inter Telep & Teleg
94 958
938 958
par
No
Mar
558
13
4June
103
22
558
1134 1178 1178 12
74 1734
1134 12
1134 1175 1134 114 1134 1218 3,800 Interstate Dept Stores
No par
874May 8 1234 Jan 7
*7612 8418 '
234
31
/
4 1638
577
8112 *7914 84
*80
8312 811
/
4 8158
*8012 84
100
Preferred
100 7012June 27 84/
1
4 Jan 7
1614
2154 814
*934 10
*934 10
978 10
934 101 *1014 104 1038 11
1,600 Intertype Corp
NO par
012 Mar 13 1114J5ne 18
434
5
5s 10
*26
271 *2512 2612 254 2534 2512 2512 26
26
2612 27
600 Island Creek Coal
1 25 June 3 36 Jan 8
2014
2434 36
*110
-- 110 110 *10812 ----*110
_- *11012-_-- 13110/
1
4
10
Preferred
1
Jan
110
22
9
Apr
12018
85
*61 -90
64
1103,
3631
63
62
62
6358 6358 6358 -GI%
63 -63
400 Jewel Tea Inc
No par 49 Mar 13 6358July 18
26
5318 5338 54
33
5458 534 54
5712
5412 558 56
58
58
5938 27,500 Johns-Manville
No par 3812 Mar 13 59/
1
4July 19
384
*122 125 *122 125 *122 125
89
06/
1
4
12412 12412 124 124
125 125
120
100 11712 Mar 15 125 Jan 4
Preferred
87
101
121
*13314 175*13
...314 175 *13314 175 •13314 175 *13314 175 1313314 175
Joliet & Chic RR Co 7% gtd_100 130 Feb 19 130 Feb 19 115
135
140
65
66 .6613 69
6712 69
6934, 7114 6934 701
6712 70
1,720 Jones & Laugh Steel prat-100 50 Apr 4 73 Jan 23
45
*118 - z. *118 _ _ *118
45
77
*118 - _ *118 •118
___
Kansaa City P & L pf ser BNo par 1154 Mar 20 118 Apr 15
9778
514 -514 *54 17977s 11412
57g
8
512 -012 *514 --5_78 *53s -578
- *514 -300 Kansas City Southern
100
334 Mar 13
83
4
Jan
7
3
3
4
65
8
*74 10
1934
*84 10
814
84 858
*814 10
814
10
*8
400
Preferred
658 Mar 12 1034June 18
100
638
*11
1014 274
1112 *11
12
11
11* *1114 1184
11
11
11
11
400 Kaufmann Dept Stores $12.-50
7/
1
4 Feb 6 1218May 17
514
1938 1933 1912 1912 19
6
10%
19
1938 1938 19/
1
4 1914 19
19
600 Kayser (.1) & Co
5 1534 Jan 17 2058May 23
12
*60
1374 184
99
1360
99
1360
*60
99• *60
*60
99
99
99 C
Keftb-Albee-Orpbeum pref__100 34 Mar 7 654 July 0
15
20
114 114
371:
14
1.14
114 9,700 :Kelly-Springfield Tire
114 114
114 114
114
114 114
5
38 Apr 4
238 Jan 17
2014 2014 201
38
1
/
4 2014 *20
612
20/
1
4 2018 2014
2014 *1978 2018 *20
800
6% preferred
No par
6 Apr 4 2058July 9
5
2038 2034 21
5
20
2312 2218 231 35,800 Kelsey Hayes Wheel conv.o1A-1
224 2014 2112 208 2112 22
6 Jan 25 2313 July 18
212
1734 1818 18
3
10
1812 1714 181* 1758 1812 184 20
1918 1984 35.200
Class B
1
4 Mar 1 20 July 18
1
3/
1358 1334 1358 1334 1312 137
11
/
4
238
712
8 1312 1334 1312 1358 1338 1358 8,600 Kelvinator Corp
No par 1234Juue 1
1814 Jan 9 • 678
09412 96
1158 2114
*9412 96
*9412 9534 *9412 9534 *9412 9512 *9412 9583
Kendall Co pt pf ser A-No par 84 Mar 21 96 July 9
55
1834 19
/
4 94
651
1834 19
18/
1
4 1918 1958 1958 1914 1958 194 1983 35,300 H1351113130311 Conner
No par 1334 Mar 13 2114May 23
1334
*16
16
20
234
18
18
19
1914 *18
194 *18
*18
19
19 4
200 Kimberly-Clark
No par 10 Mar 5 19 July 16
"338 4
938
358 338 *3/
97s 181
/
4
1
4 4
*358 4
*358 4
*358 4
100 Kinney Co
No var
3 Mar 19
5
/
*3014 3112 3014 304 3130
1
4
3
Jan
214
3
714
317
303
8
4
3112
3112
31/
31
1
4
3112
60
Preferred
Nopar 23 Mar 29 38 Jan 23
12
134 41
2434 2434 2434 25
2478 248 247 25
2434 2518 247 2478 11.800 Kreoge (813) Co
10 1934 Mar 13 2518July 18
*10934 110
1014
1318 2248
10934 10934 10914 10914 10914 10914 *1094 110
10914 10914
90
7% preferred
100 103/
1
4 Apr 26 113 Apr 9
*3
314 *3
99/
1
4 101 x114
384 *3
314 *3
314 *3
314 *3
Kresge Dept Stores
314
No par
2
May
21
Jan
4
*60
17
2
72
2/
714
1
4
*60
72
*60
*60
3160
72
72
72
72
*60
Preferred
100 42 Jan 11 65 Mar 9
*59
6018 *59
12
19
55
6018 *59
*5634 60
60
60 60
*5634 60
200 Kress (ft H)& Co
No par 56% Apr 5 691i Jan 7
29
29
27
/
1
4
38
6518
28/
1
4 294 29
294
2878
2914
287
8
2914
29
2918
6,300 Kroger Groo & Bak
No par 2214May 16 2914July 15
*16
18
19
*17
234 3338
18
17
17
17
17
*16
*16
17
1712
20 Laclede Gas to Co St Louie __100 12 Mar 22 21 Jan 12
*2814 30
12
*2814 2912 2912 2912 30
20
63/
1
4
--304 *2918 37
*281
40
5% preferred
100 1914 Mar 27 31 Jan 24
2512 2538 2578 2614 26
1914
27
60
2658 2618 2638 2618 264 258
4-264 3,900 Lambert Co (The)
No par 24 Apr 5 2818 Jan 8
*514 638 *54 638
1938
2214 31118
58g 534
*514
*54
63
63
8
8
.
5
200
5
3
8
3
8
Lane
Bryant
No par
5 May 13
*1014 1012 *1014 1012 1014 1014
9 Jan 3
418
5
1414
934 97
934 10
934 934 1,300 Lee Rubber & Tire
818 Mar 14 1278 Jan 7
5
1458 1458 1478 1478 1412 1412 1412 1412 1458 15
518
7
1418
14/
1
4 1458 2,100 Lehigh Portland Cement
50 1058 Mar 14 1738 Jan 7
*100 101 *100 101
9
11
20
10114 *100 10114
*100
1007
8
101
101
101
70
7%
preferted
7/
1
4 738
100 8934 Jan 3 102 June 21
732 712
73
7/
1
4 7/
73/
1
4 90
1
4
7/
1
4 734
738 734
7/
1
4 738 2,900 Lehigh Valley RR
y134 1/
SC
5 Mar 13 1118 Jan 7
5
1
4 •11
/
4 178
2
178 2
/
4 2
94 2114
218 3,300 Lehigh Valley Coal
178 178 *11
NO POI
112mar 13
112
212
278 Jan 4
$
*733 778
71
/
4 738
758 778 *758 778
74 758
8
9
2,900
Preferred
50
518May 1 124 Jan 23
8734 87/
4
1
4 8733 8814 8714 8734 8734 8814 8818 8818 8712 8814 3,500 Lehman
5
161
/
4
Corp (The)
No par 674 Mar 28 8814July 15
"1478 15
14/
588*
1
4 15/
6414 78
1
4 1518 154 1514 1514 1518 1518 15
1518 1,200 Lebn & Fink Prod Co
5 14 July 2 1714 Jan 25
3112 3134 3184 3214 314 32
114
1118 2341
35
34
3434 37,700 Libby Owens Ford MUM-- No par
3214 3378 34
211:Mar 30 35 July 18
*231
/
4 23/
1
4 *23
21
224 437s
2312 23
2318 23
23
2312
2338 2278 23
5 21 Mar 14 244 Apr 22
*113 1154 "113 115 *113 115 *113 115 "114 115'z 11512 11512 2,200 Life Savers Corp
1538
17/
1
4 24
100
1
4 Apr 5 11512July 19
115 115
11434 11434 1144 11414 114 1144 11412 1154 11534 11612 4,200 Liggett & Myers Tobacco:L-25 94/
714
73
110
Series B
25 9334 Apr 4 11612July 19
*158 16412 13158 16412 *15812 164/
7314
744 1111
/
4
1
4 •154 16412 *15414 1641 *15614 16412
Preferred
100 18112 jail 80 167 May 4 123
129
1524
*1712 18
131712 18
17/
1
4 1712
1712 1714 1714 1773
17
17
500 Lily Tulip Cup Corp___No par 1618June 8 1918 Apr 25
*2112 2134 22% 2214 2218 2218 *21
1414
26
/
1
4
10
*21
2134 21
22
22
700 Lima Locomot Works___-No par 134 Mar 14 244 Jan
*2834 29
5
1318
2458 2914 2958 301
1514 86/
1
4
34
3138 3284 5,800 Link Belt Co
/
4 30
3118 32
No par 174 Mar 13 34 July 18
3214 3233 3152 32
111
/
4
1118 194
x32
3214
33'4 3258 3338 3234 33
32
5,400
Liquid
Carbonic
No par 244 Mar 13 3358July 9
43/
16/
161/4
1
4 4158 4212 4112 423
1
4
4112 1 428 408 418 25,300 Loew 8 Incorporated
423
42
No par 3114 Feb 7 4418July 9
10518 10518 "105/
3542
194
1
4 106 *10518 106
2078 37
10512:10512 10538 106
106 106
900
Preferred
No par 102 Feb 1 10818 Apr 5
*114 14
68
112 112
72
105
114
114
138
11
/
4 114 *14 i 138 •114
400
Loft
Incorporated
No par
I Mar 15
13
*114 134 *112 134
4
Jan
2
I
14
3
134 1
*138
*1'
173
134 I 1841 13
500 Long Bell Lumber A.-No par
114 Mar 12
218 Feb 14
*40
4014 *40
1
1
4014 4014 41
3
4012 4114 4034 41
x40 , 40
3.000 Loose-Wiles Biscuit
25 39 Apr 25 4114June 26
*1224 123
1224 12214 *12214111 2 *122'• 124 • .124'124'z 12412 1251t
33
3314
x4411
4
150
7% 1.8 preferred
100 12114July 6 130 Apr 16 116
20/
1
4 2114 20/
1
4 2138 21
119/
1
4 1284
2112 2133 2233 217s 2214 17,500 Lorillard (P) CO
8.1. 18 21
10 181:Mar 26 2238July 18
*13612 139
139 140
1434
1534 2218
81140 *140 141
1397
140
140
140
140
160
7%
preferred
12
100 124 Apr 5 140 May 22
12
12
68
32
12
*2
9818 102 8130
12
12
1
38
38 2,500 :Louisiana 05
5 J1112 16
No par
7
712 *734 834 *778 83
172 Jan 7
4
Is
34
814 814 1,100
734 734 *772 81
4
Preferred
*17/
1
4 18
412June
100
*17/
1
4 18
412
714 2312
1734 1734 17/
131814 1811 1,000 Louisville Gas & El A---No par 1038 Mar 19 144 Jan 8
18
18
1
4 18
18 1912July 8
41
41
411
/
4 4134 4134 4134 41
1038
12
3984 2.900 Louisville & Nashville
21
3938 40
42
39
100
34
Mar
29
1914 1958 19/
4718 Jan 7
1
4 2014 1938 20
34
37/
1
4 62/
1
4
191
/
4 2078 2034 2138 2038 2114 14,400 Ludlum Steel
1 1234 Mar 26 2138July 14
•1104 115 *11178 115 *113 115 *11178 115
712
814 194
115 115 *11278 117
100
Cony preferred
No par 90/
1
4 Jan 4 115 July 18
*4458 45
*4438 45
50
60
4458 4458 4458 4458 *4458 4518 *4458 45/
97
1
4
300
MacAndrews
&
Forbes
10
40
Jan
24
46 Feb 19
*12514 128 *12514 128 *12514 128 *12514 128 *12514 128 *12514 128
21
30
4214
6% preferred
100 113 Feb 8 130 May 13
_..-- ___
11114
8758
95
____
_ ____
__ ______ Mackay Co. preferred
100
__
2018
2018 33
For footnotes see page 318.
394
New York Stock Record-Continued-Page 6
July 20 1935
July 1
1933 to Range for
June 30 Year 1934
--1935
Wednesday Thursday
Friday
Monday
Tuesday
Saturday
Mohan
IIOs
Low Low
Lowest
July 19
July 18
July 17
July 16
July 15
July 13
-----$
per ati 3 per.
akar/
$ Vet share
Par 8 per share
S per share 3 per share $ per share $ per share $ per share 3 per share Shares
1858
22
4134
No par 1838June 1 2818 Jan 8
2018 204 1978 2114 2078 2278 224 2318 2238 2258 214 2218 30,200 Mack Trucks Inc
3012
3514 6218
No par 3012 Apr 1 44341u1y 19
4234 4332 43
43
434 4334 4434 7,400 Macy (R 1.1) Co Inn
42
4278 4278 4234 43
7
24
212
758July 18
2
Jan
618
par
c_...No
vi
Gard
So
Madison
1,200
8
75
8
75
738
738
712
.718
714
714
74 74
*718 714
1512 x2314
1214
10 1858 Jan 16 36 May 22
3,200 Magma Copper
34
3412 3478 3478 34
3458 *33
3334 3358 3414 34
*32
4
Jan
2
12
laune
414
112
14
par
1" ------------------------ ---- ----300 Mallinson (H It) & Co__ _No 100
12
12
13
4
758 3338
432July 13 1978 Jan 23
7% preferred
--------------------------------360
5
5
458 5
384
72
72
214May 14
4 Feb 6
100
IManati Sugar
12 *1
12 *I
12
134 *1
134 *1
134 •1
*1
1
24
May
914
134
4 Jan 7 10
100
Preferred
250
512 534 *412 558
558 534
558 558
614
6
*614 612
3
Jan 19
812
13
57
3
29
Apr
3
par
No
Bros
Mandel
1
100
314 334
*314 4
4
*3 4 334 *314 334 .
314 314 *3
41
20
14
30 Manhattan fly 7% guar ___100 29 Apr 23 37 July 9
35
35
37
*35
37
*35
37
*35
37
*35
37
*35
1034
1034 294
100 1314 Star 15 22 Feb 1
Mod 5% guar
1938 1914 1912 1918 1914 2,100
1918 19
•1912 1978 1938 1938 19
10
July
15
28
Mar
10
10
10
2
,
04
2
26
Shirt
Manhattan
1418 1312 1312 1.600
1434 1434 1434 1434 1412 1412 1438 1438 14
3 May 23
1
333
14
1 Feb 23
1
100 Maracaibo Oil Explor
134 134 *112 134
*134 218 *112 218 •112 212 •112 134
418
538
534J11ne 26
418
412 Mar 23
__5
Corp
Marancha
1,700
578
*538
54
558
4
53
*54
8
57
8
*55
558 534
558. 538
8u
July8
9
1
5
54
Apr
514
(De1)_1
Corp
Marine
Midland
7,400
878
834
64 678
634 64
64 634
64 64
658 634
38
12
238
Ds Jan 8
8June 14
100
10 Market Street fly
Cl..
34
*12
34
•12
34
*12
1
34
*34
34
34
2
8
Jan
814
2
5
2
Jan
252
100
Preferred
4
*312
4
*312
4
*312
*312 4
*312 4
*312 4
27
4June
103
3
3
124
1
Mar
34
100
Prior preferred
*612 9
958 *731 912 *612 9
934 *9
912 *9
*9
214 Jan 8
4
414
1
1 Mar 15
100
2nd preferred
114
034
114
*34
112
*34
112
*34
112
*34
*34 112
12
32
17
No par 20 Mar 13 3258Ju1y 17
3112 3214 3,500 Marlin-Rockwell
3112 3012 3114 3114 3258 3138 32
3178 31
31
1114
14
3
Jan
ass
Mar
4
83
1938
4
63
par
No
Co
&
Field
Marahall
4,400
878 878
858 878
834 918
812 812
858 878
813 812
4
214
1232
No par 4 June 27 912 Jan 7
.*413 5
100 Martin-Parry Coro
5
5
*412 6
*412 6
*412 6
•419 6
Jan 8
234 4014
234
3138 3112 3134 3138 314 5.700 Mathieson Alkali Works No par 2334 Mar 14 32 Apr
3112 3034 3118 31
3138 3112 31
138
150
10512
1
2
110
Jan
136
100
Preferred
*14612 148 *14612 148 *14612 148 *14612 148 *14612 148 *14612 148
23
30
4
45,
10 3578 Mar 29 4534July 19
4534 4,600 May Department Stores
4312 4312 4312 4458 4312 4412 4414 4434 4412 4478 45
878May 31
314
84
44
512 Jan 30
No par
600 Maytag Co
712 734
*712 778 *712 734
712 712 *74 3
731 734
3
8July
463
36
15
10
Jan
834
33
par
No
Preferred
900
*4112 4578 4578 4612
4512 *4112 46
*4312 4512 4614 4612 *44
3218
3234
9
Jan 7 44I2Ju1,e 10
8
Preferred ex-warrants No Par
80
4312 4312 4312 4312 4312 4312 4312
4312 *40
- --- 4312 *40
27
49
9312
No par 8412 Jan 4 103 June 17
Prior preferred
30
100 100
*9712 100
10112 10112 *9712 101
*90 101
101 101
32
24
22
No par 28 Mar 14 3512June 17
3412 3438 3412 3334 3412 3334 3334 321 2 344 1,200 McCall Corp
3412 3412 *33
118 1238
34
714 Apr 3 13 Jan 3
912 958 11,200 imccrory stores classA No par
914 934
918 912
834 9
812 8,2
834 958
Jan
1218
3
3
Apr
118
1238
611
114
par
No
B
Clam
818 918 2,500
878 938
914
9
834 834
812 9
*838 812
312
514 6338
100 5714 Feb 5 81 July 13
300
804 8018
Cony preferred
82
*78
81
*78
82
*77
•7712 82
80 81
872 Apr 23
26
4
Mar
104
4
714
par
Co___No
Pub
McGraw-Hill
814
814
200
8
8
812
*8
812
812 *8
*714 858 *8
8812 5012
2838
3918 3912 7,600 McIntyre Porcupine Mines____6 3658 Jan 15 4538 Mar 4
3912 40
4034 4114 4012 4012 3912 4058 3918 40
6714
79
954
800 McKeesport Tin Plate___No par 9012 Jan 15 117 July 9
11312 11312 114 11578 115 11518
11314 11314 113 113
.111 115
8
87
22
2
Jan
8May
312
57
414
914
Robbins
&
McKesson
10,400
1
4
63
612 r
6 2 634
658 634
612 634
634
6
618 618
1178 4234
50 32 May 24 45 Mar 4
912
Cony prof eerie, A
3412 3712 3638 3718 3618 3612 3612 3758 3734 3814 5,500
03412 35
ag
1
812 Apr 1 1538 Jan 3
17,8
par
No
Stores
McLellan
21,100
1278
:,
1212
1318
4
123
1318
1212
1214
12
1218
12
*1134 12
6
912 9212
100 8515 Mar 13 9814July 18
6% cony prof ser A
540
9814 98 ,; 98
9712 98
974 97
96
9012 98
*9412 100
42
26
1712
No par 41 Jan 2 5658July 8
5534 1,900 MelvIlle Sboe
55
5412 5412 5434 5478 5414 5478 5434 55
55
*54
558 Jan 22
Mar 12
3
312 11
3
1
(The)
Co
Mengel
4,900
8
37
4
33
8
37
3
314
314
314
314
314
*3
3
3
3812
20
23
Jan
Mar
203
4
4
62
24
3
20
100
preferred
300
7%
3012 2812 30
26
27
2612 264 *26
*2512 28
•2512 28
2512 334
March & Mtn Traruip Co_No par 22 Apr 12 2714June 1 • 22
*2538 30
*2538 30
*254 30 •2538 30
*2538 30
*2514 30
7 84
5 244 Jan 15 3434July 13 .
x2018 2534
3314 3358 6,500 Mesta Machine Co
34
3358 3414 34
344 3434 3358 3438 3334 34
438May 17
378
212
24 Mar 13
612
5
314 314 "33* 3,2
314 34 1,300 Miami Copper
34 338
34 338
034 338
10
918 Mar 15 1378May 23
912
918
1434
1014 1072 5,100 Mid-Continent Petrol
1114
1118 1112 1114 11
1114 11
1118 1114 11
1714
64
July19
612 2178
814 Mar 12
par
No
Pr.el
Steel
Midland
11,100
1714
8
167
164
1612
1612
1614
1614
1614
1614 1658 1612 16o
44
44
854
100 6018 Mar 6 10534July 19
8% cum let Drer
630
10412 10512 10512 10534
103 104
10212 103
10278 103
103 103
2058
65
38
58 Jan 15 10012July 18
9934 *99
9938 9914 10012 10014 10012 1,400 Minn-Honeywell Regil-No par 105
9858 9858 9878 98o 99
Jan 9 z11114June Ill 5 68
107
87
100
A
aeries
prat
6%
50
109
109
4
1083
4
1083
4
1083
4
1083
10914
10914
*10812 10978 *10834 l090
64
174
118
2
Jan
4
3
6
15
Star
34
par
__No
Imp]
Pow
438 3,600 Minn Moline
414
2
4,2
412
412 41
438
2
2
412 458
15
154 41
No par 31 Mar 14 5712July 8
Preferred
5612 5612 5612 5612 5612 1,200
5614 56
*5612 5714 5632 5632 *55
18
38 Jan 7
4
Mar
138
14
la
Louls____100
St
&
:Minneapolis
8
3
*14
32
*14
;
3
*14
38
011
32
*14
4
*14
14
212July 11
34 Apr 24
353
34
600 Minn Si Paul & 88 Marle___100
214 214
212 212 *214 212 *214 212 *214 212
*238 258
4 July 10
1
1 Mar 6
100
114
400
7% preferred
334
414 *3
*314 412 *3
4
4
4
4
4
4
5',
712
14
3 Jan 14
114
114 Mar 20
100
4% teamed line etre
140
*218 3
*218 3
*21s 278 .214 3
*218 3
3
3
1038
No par 1032 Apr 9 1618May 16
1238 5,100 Mission Corn.1212 1212 1212 1212 1212 1212 1214 1212 1238 1212 12
614 Jan 7
2
-14-74-22
2,,,
238 Mar 13
par
Vo
RR
Mo-Kan-Texas
900
8
25
8
23
258
8
23
4
23
252
4
23
4
23
234
8
25
4
*258 23
54May 7 1412 Jan 7
54
12
100
344
Preferred !env] A
1,400
834
812
678 7
678 7
678 738 .678 712
*638 7
6
3 Jan 4
112
1 18
1 July 8
100
300 /Missouri Pacific
118
118 *1
*1
1
1
1
1
118
Vs *1
*1
4 Jan 7
112 Mar 30
112
94
212
100
Cony preferred
600
158 134
134 134
158 14
*158 2
*158 2
0134 2
1034
124 224
20 1034 Mar 13 1638June 17
7110 Mohawk Carpet Mills
1518 1518 1518 1538 1512 1512
15
15
15
15
15
15
24
39
10 55 Feb 29 7712June 12.
614
7438 7314 7438 3,500 Monsanto Chem Co
7438 74
7334 7378 7378 7438 74
74
*73
4 Mar 12 3012 Jan 7
1514
3558
20
2934 3018 2938 3018 47,000 Mont Ward & Co Ino____No par 2138
2914 2912 2938 2934 2878 294 39,4 30
3478
37
No par 567 Apr 9 66 Feb 25
634
700 Morrel (J) & Co
6018 6134 6112 6112 6012 61
61
6134 61
*61
61
61
6512May
18
Apr
24
71
58
4
553
6112
50
Morris dr Essex
6512
6512 *63
6514 *63
6514 *64
65 .62
*63
65
*62
1 181May 1
4
14 Apt 4
14
38
58 1,800 Mother Lode CoalitIon___No par
58
58
58
34
58
58
*12
32
4
34
*4
37
19
July
18
Mar
51
174
par
4434
1514
Corp___-No
4
1
Products
Motor
3618 36
29,400
3412 35
37
3134 32
3012 3078 30
3012 31
5
74 Mar 12 1134 Jan 7
614
658 16,2
Motor Wheel
17,600
1014
10
1012
1014
1038
93*
914
918
94
911
914 914
54 154
34
7 Mar 13 124 Jan 22
No par
1058 1138 1138 1112 1118 1112 3,900 Mullins Mfg Co
*104 11
11
11
1078 11
10
1212 46
No par 364 Jan 11 7934July 9
Cony preferred
210
77
75
7512 75
75
74
7312 74
73
7534 7534 73
11 Apr 3 1818MaY 21
354
13
10
No par
Munsing wear 100
*1434 16
*1512 16
16
*14
*1412 16
*1434 1619 *1412 16
352
434 Mar 13 12 July 19
10
378 115*
1014 1138 1114 1138 1138 12 86,500 Murray Coro or Amer
1014
1014 1012 1014 1038 10
33
14
1312
No par 30 Jan 12 3912May 17
Myers F & E. Bros
36
*35
38
36 .34
*35
36
*35
36
*34
*3412 36
12 Apr 27 1918 Jan 7
11
No pal
1258 3214
13.400 Nash Motors Co
1312 1378 1334 1414 1334 1414 1358 14
1334 14
1378 144
2712
14
Jan
Mar
8
14
14
194
-_100
CI
Louie
St
1
&
Chan
Nashville
90
*17
18 4
184 1814 1814
*17
19
1912 *17
18
18
*16
8 July 18
3
44 Mar 13
1
872
34
12,400 National Acme
778 8
712 8
718
718 714
71 4 712
714 738
514 13i,
852 A nr 25
54
4 Feb 26
63
par
Corp.__No
Aviation
National
5,600
8
8
7
7
8
8
3
7
71
714
7,2 734
712 712 0714 712
3312July 16
10 2214 Apr 1
2214
2674 4912
41.600 National Biscuit
3112 3258 3138 32
3178 3312 3238 33
3114 3138 3114 32
100
HD1
7
Mar
151 May 3 12912 131
14812
200
7% cum prat
149 149 *14812 150 *148 150 *148 149
*147 149 *147 149
1313 Mar 14 1838 Jan 3
No par
12
2338
12
1712 7,800 Nat Caen Register
1714 17
1714 17
1738 1634 1712 17
17
1712 17,4
No par 1278 Mar 21 1718 Feb 9
1114
1834
13
16,700 Nat Dairy Prod
4 17
1634 164 1658 164 1638 1631 1612 1678 1612 1678 163
458 Jan 17
I Mar 7
37s
1
12
134 218 0,000 tNat DepartmentStoree._No par
4
13
8
15
138
158
158
118
4
13
I%
13* l5n
4
343
2
Apr
17
Feb
16
100
3
2818
Preferred
5
2.330
24
4
213
8
223
2112 2218 2112
21
2034 2034 2034 2112 21
No par 2318May 2 294 Jan 3
16
3158
16
274 264 2714 32,300 Nati Distil Prod
2712 2614 2634 2658 2712 27
2714 2712 27
No par 21 May 31 3212July 8
164 324
10
3118 3118 1,200 Nat Entun & Statriplog
3214 *3018 32
3212 *3138 3258 32
3214 32
32
100 145 Jan 18 17514May 22
170
8734 138
300 National Lead
0173 17434 *173 17434 173 17414 *170 17414 *174 17414 174 174
100 160 Jan 18 16212May 23 122
122
Preferred A
1464
*161 164 *161 164 *161 164 *161 164 *161 164 *161 164
139
June 17
100 12158 Jan 36
9934 10012 12112
Preferred B
50
137
*139 13914 13812 13812 *13812 13914 139 139 *137 13914 137
97o July 5
64 1512
478 Mar 15
No par
44
858 834 13,600 National Pow & Lt
838 858
84 878
812 834
858 878
858 834
4
12July 1°
1 Jan 10
2,4
34
Nat Rye of Mex 1i4% pf___100
1
1
*12
*12
1
*12
1
*12
1
*12
1
*12
4
14 Mar 15
100
12 Jan 2
1
52
preferred
2d
8
3
*14
.3*
*14
8
3
*14
38
*14
38
*14
4
"14
..___25 4038 Mar 13 5514 July 18
33
3418 6814
5478 14,100 National Steel Corp
5434 5458 5514 x54
54
5314 5314 5414 5312 54
53
19
13
Mar
9
May
28
2
1.1
10
214
1,200 National Supply of Del
16
16
16
1614
16
*1514 1512 1512 1614 *1512 1614 *16
100 30 Mar 20 76 May 27
33
3311 60
Preferred
540
6512 6412 65'2 6412 6413
65
65
65
65
63
*6412 65
No Vat' 2814 Mar 13 1138 Jan 4
3814
11
184
1.700 National Tea Co
1032 1014 1014 *1014 1012 1018 1014 1018 1032 1038 1038 3,000
10
712 Jan 15 12 June 11 51 358
No par
Natomas Co
714 1038
104
1012
104
1012
4
103
4
103
11
1012
11
11
1114 1114
2838
6
Feb
2114June
14
par
No
4
618
3014
Brom
Nebular
600
2614
2614
26
26
*2434 2534 *25 2534 2514 2534
02412 26
No par 434 Jan 2 5934 July 18
16
494
31
5934 5914 5938 3,300 Newberry Co (J J)
5814 5814 5814 5814 5814 5834 5858 5834 59
100 109 Jan 25 117 Slay 7
112
80
100
7% preferred
10
*11312 11412 *114 11412 *114 11412 *114 11412 114 114 *11334 114
13
7
July
353
100
June
19
25
Me1
&
Texas
4
6
Orleans
:New
10
*358 8
*338 8
*332 8
*338 8
358 358 *338 .8
12
Mar
8
Jan
44
3
1
44
518
13
6,2 678 5,600 Newport Industries
634 634
614 7
612 718
612 612
612 612
Mar 12 2814 Jan 4
8
181
par
Ve
2834
11
1112
Brake
Air
12
Y
N
2,200
251
25
2518
25
4
253
*2534 2612 2612 2612 2534 2534 2512
2134 Jan 7
1214
No par 124 Mar 1
1838 4514
34,700 New York Central
1718 1738 1712 1778 1714 1734 1714 1734 1712 1778 174 174
12
6 Mar
13 Jan 4
100
6
264
400 N Y Chle & St Louie Co
ii
8
8
*734 8
712 712 *712 812 *712 812 *712 8
978 Mar 12 25 Jan 7
978
120
6338
16
Preferred series A
1478 1,200
1512 1512 1.538 1512 1518 1518 1518 1518 154 1514 14
2 Mar 14 312 Jan 22
2
100
814
252
New York Dock
*134 3
*IN 3
•134 3
3
•15
.158 3
"158 3
4 Mar 29
8'o July 10
714
100
4
20
5
Preferred
74 *6
*6
8
*6
8
*6
8
*6
8
*6
50 112 Mar 11 139 June 12 101
139
108
131 132
70 N Y & Harlem
131 131
130 130
*127 134 *127 134 *128 134
14
1144
Mar
Mar
14 112
50 11414
120
.112
Preferred
*12212 160 *12212 160 *12212 160 *12212 160 .12212 160 *12212 160
14
'May 31
5a Jan 3
14
38
No par
100 IN Y Investors Inc
34
*14
14
14
Is
*14
78
014
38
•14
38
*14
99
22
May
Slay
96
99
22
83
7812
Western_100
&
Lackawanna
NY
100
_
_
*_..
100
*_....._ 100 *____ 100 *__ _ _ 100 •__ 100 *_
26
Feb
812
4
Jan
244
6
8
278
27
100
338 34 1,900 N Y N H & Hartford
4
4
378 4
4
4
418
4
4
4
6 Feb 26 1438 Jan 7
100
6
10,2 874
Cony preferred
1,900
712 77
74 '74
712 7,2
74 732
74 8
*712 74
6 Jan 19
258
258 Mar 15
418 11%
100
300 N Y 04tarlo & Western
3
3
*272 3
3
3
3
3
312
312 *3
*3
4
1 Jan 9
114
18
18 Star 29
No par
Rallwayn pret
12
NY
*14
12
14
"
12
014
12
*14
12
*14
12
'104
14
22
14May
22
'Slay
----__
stamped
Preferred
_-*14
*14
*14
*14 *14 *1414
164
Mar
Jan
618
7
8
227
918
618
*8k__1
8 1012 1114 104 1114 1078 -1-1-3-4 11 1138 1012 1034 9,000 NY Shipbldg Corp part
1058 -1-0170912
8934
72
100 70 Apr 18 87 Jan 7
7% preferred
200
8012 81
82
*80
78
7912 7912 82
*78
764 7612 78
5 9212July 15
June
69
69
9918
73
par
No
prof
95
36
Steam
NY
50
*92
95
*86
92
9212 9212 9212 9212 92
87
87
79
1094
90
No par 79 May 28 99 July 18
37 122 preferred
70
99
09
99
99
09
*97
99
*97
97
97
98
.97
25
No par 3034 Jan 15 43 May 22
3014 45711
3714 3778 3738 3738 5,500 Noranda Mines Ltd
374 38
3712 3714 38
3712 3712 37
100
13s
25
Mar
78
Jan
17
8
7
14
Southern
413
:Norfolk
1
*78
1
*72
1
1
*72
*72
*78 1
1
*78
187
161
100 158 Mar 13 18314July 17 125
400 Norfolk & Wt8tern.
182 18314 *180 18358 *181 18358
*180 185 *179 18212 *180 182
10012
10 103 June 18
82
Jan
77
99
100
vet
.4%
Adios
300
10714
*106
106
106
10614 10614 10612 10612 *106,4 10612 106 10614
9
1014 2514
9 Mar 13 1878July 2
No par
164 174 1658 1718 27,900 North American Co
1758 1734 1712 1734 1712 1778 1712 18
45
31
34
50 3512 Mar 15 534 July 12
Preferred
5234 1,300
52
52
5212 5212 5212 5212 5212 5212 52
53
53
4
13
Mar
2
23
Jan
834
25s
2
1
Aviation
Amer
North
43,100
314
34
318 314
278 318
234 3
278 3
234 3
474 744
39
57 Jan 3 93 July 11
92
900 No Amer Edlson pref__No par
92
92
91
93
93
93
93
93
9412 93
*93
16
718
718
718July 15 1018 Apr 26
Lloyd
German
North
200
8
77
,
*-74
*---75s
,
75
Vs 718 .718 778
8
*6
924
81
71
60 864 Star 29 95 May 21
*0312
*9512 -__ *9612 _.- 09612 ___ ______ Northern Central
:- - - _ *9338 __
*941
HICH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
For footnotes see Page 388.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Rause S4nc4 lan.1
Os Basis of 100-share Lots
.
Volume 141
New York Stock Record-Continued-Page 7
395
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
July 1
Sales
STOCKS
Range Since Jan. 1
1933 to Range for
for
NEW YORK STOCK
0/ Baser of 100-share Lots June 30 Year 1934
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
the
EXCHANGE
July 13
July 15
1936
July 16
July 17
Ju11418
July 0.9
Week
Lowest
Highest
Mob
Low Low
$ per share $ per share $ per share 3 per share 5 per share 3
per share Shares
Par
per
share
$
$
Per
1978 2014 2014 2034 20
share
3 per oh $ per share
2012 204 2012 195121 2012 19
195
Northern
8
20,100
Pacific
Mar
100
28 2178 Jan 7
1318
.41
42
42
134
42
1412 364
*42
4214 42 • 42
4212 4212 *43
4534
110 Northwestern Telegraph
50 3578 Jan 18 4212July 18
118 14 *113 112 *118 112 *114
33
83
63
III
100 Norwalk Tire & Rubber --No par
118July 12
214 Jan 4
.204 2514 *2014 2514 *2014 2514 *2014 2514 *114 112 *114 14
14
158
412
*2014 2514 *2014 254
Preferred
50 z20 Mar 20 3212 Jan 3
1112 1134 1112 1134 1112 1158 113* 1158 1114 1158
20
29
4014
11
1112 12,200 Ohlo 011 CO
No par
914 Mar 18 1418May 17
118 118
118 118
812
84 157s
118
1% 118
114
118
114
118
114
6,400
Oliver
Farm
Equip
par
1
No
May
31
4
/
1
4 Jan 2
1714 1714 1712 1712 1734 1814 1814 19
1
2
7
1938 1912 1814 1812 1,600
Preferred A
No par 1334klay 31 2638 Jan 2
9
*314 378 *334 378
9
2732
353 314
354 334
3% 334 *35
600 Omnibus Cort,(ThrOvIc No par
334
358May 29
512 Feb 16
07812 911
/
4 *7812 9158 *7812 9158 *7812 91% *7814
358
3/
1
4
6/
1
4
*7812
9128
91%
Preferred
A
100
75 Jan 16 77 Feb 26
638 6/
1
4 *618 638
70
70 . 95
64 618
6
6
6
6
6
612 1,200 Oppenhelm Coll & Oo____No par
434 Apr 3
278 Feb 19
1838 1812 18
434
518 1452 1
1838 18
1814 1818 1834 1838 1918 1812 1878 12,600 Otis Elevator
No par 1118 Apr 4 2058May 20
•124 124/
11%
1
4 *124 12434 *124 12458 *124 12458 125 125
1213 1918 '
124 124
Preferred
70
100 106 Jan 7 125 July 5
92
92
614 612
108
612 7
7
718
718 778
8
8/
1
4
814 812 76,700 Otis Steel
No par
414 Mar 14
812July 19
*4812 4912 50
3
3/
1
4
5212 53
56
59
8
6212 6112 6234 6312 6413 4,700
Prior
preferred
100
Jan
22
623
/
1
4
16
*48
0111y
18
50 •49
74
9
50
25
*48
49/
1
4 •48
4934 4934 4934 *4814 4934
10
Outlet
Co
No par 38 Mar 12 4934July 18
28
*115*115
30
.*115
67
_ __ *115
__- •115
_ _ *115
Preferred
100 11412 Mar 23 11412 Mar 23
10034 1-661
97
97
4 101 1021, 10212 103
11413
102 1-0212 102% 1-0212
- 10012 10112 3,800 Owens-Illinois Glass Co
25 80 Mar 12 104 June 11
*118 178 •118 134 *118 14 *118 14
60
60
94
114
10 Pacific Coast
114
1 Mar 26
10
24 Jan 7
*412 634 *4111 678 *4% 678 *418 678 *118 1 15
1
lls
632
6, 6
*418 678
10
lstpreferred
No
par
2
Jan
Mar
3
3
8
4
30
*2
312
2/
1
4 .2
312 114
278 *2
278 *2
278 *2 i 278 *2
27
2d preferred
No par
1 Mar 27
4 Jan 7
1
2
612
23/
1
4 24
2312 244 2314 24
2312 2412 24
2478 244 "2458 8,800 Pacific Gas & Electric
28 1318 Mar 6 2514June 24
3618 3614 36
1212
121s 224
3612 36% 3614 3618 36% 235% 3528 35
35
3,400 Pacific Ltg Corp
Mar
19
par
No
18
37
,
8July
10
*1314 14
19
2044
37
14
14
14
14
1412 1514 14
1514 1412 1434 1,800 Pacific Mills
No par 12 June 19 21 Jan 2
10914 10914 *10912 112
12
19
84
10912 110
10912 10912 110 110 *11018 112
180 Pacific Telep & Teleg
100 70 Jan 2 110 July 16 "6811
*130 134/
1
4 *132 13434 *130 132
69
8512
132 132 *132 13434 *13212 13434
10
8% preferred
100 11111 Jan 14 13412June 20
732 738 *7
9914 103
74
114
74 718
7% 7%
714
714
7
1,000
714
Pao
Western
62
011
4
Corp____No
July11
par
912 Apr 16 1 5
44 414
512
418 414
918
47g 518
8
434 5
434 518 159,300 Packard Motor Car
No par
312 81 ar 13
57s Jan 7 1, 238
*1114 12
*114 12
214
652
*1114 12
*1114 12
*1114 12
*1114 12
Pan-Amer Petr & 'Trans
6 1034 Jan 9 12 June 14
814
*1012 1212 *10
1014 12
1212 *1012 1212 1212 1212 1114 1134 1128 114
600
Park-Tilford
Inc
11 May 20 1734 Jan 11
1
11
17
"4 1
1154
*34 1
84
84
*34
78
78
78
4
78
300 Parmelee Transpona'n--No par
Is
11
/
4 Feb 18
2
34 Apr 18
4
*12
78
*11
7s
*12
34
*12
*58
34
34
*12
Panhandle Prod & Ref--No par
58
il
12June 20
118 Jan 7
*12
1212 1212 1212 *13
38
24
1312 *1314 15
1312 1414 14
14
80
8%
cony preferred
Mar 12 1414 July 18
100
6'z
4
Olz
7
414
354 4%
21
12
334 3/
1
4
334 378 43,000 :Paramount Publix °Us
358 378
358 372
214 Mar 27
10
458June 22
4
418
115
4
4
134
571
4
418
4%
4
4% 414
418 418 7,500 Park Utah C M
214 Mar 21
1
6 Apr 26
2
213
%
%
678
58
38
58
52
58
58
12
12
512
58 2,300 Pathe Exchange .
_ ... __No par
12
12 Mar 8
414
14 Jan 2
4
*814 878
812 812
812 812
834
8
8
812
834 834 1,500
Preferred class A
No par
8 July 12 1714 Jan 2
1384 13
*13
438
104 24/
1
4
1318 .1258 13
125s 1228 *1238. 13
*1212 1313 1,000 Patine Mines & Enteepr No par
814 Feb 28 15 May 23
814
913
14
2
34
113
*34
*14
78
3
4
*4
7
8
4
7
78
34
34
500 Peerless Motor Car
34July 12
3
80 80
158 Jan 4
*79
4
1
80
474
79
79
*7714 79
*76
78
75
600
77
Penick
&
Ford
Feb
No
5
6413
par
81
7712 771
July
44
8
/
1
4
77
44% 67
7712 7728 7734 77% 781j 7734 79% 7814 7914 8,600
Penney (J 0)
No par 5714 Apr 3 7914July 18
*10312 10334 1034 10312 .10312
35%
514 744
10334 10312 10312 •10312 10334 10312 10312 1,600
*314 4
Preferred
100 xlO33oJune 19 110 Mar 1 103
10514 10812
*31
334
358 3% *312 35
312
312
Penn
3
300
5
4
33
4
Coal
&
Coke
Corp
214 Mar 13
10
413 Apr 20
*312 4
*334 4
17s
1/
1
4
37
514
*35
*358 37
334
4
334 378
600 Penn-Dixie Cement
No par
3 Mar 9
512 Jan 7
234
278
7/
1
4
.2212 24
*2212 24
*2212 2318 2212 2212 *2258 24
*21
2314
100
Preferred series A
100
271238ay
11
Mar
2358 2418 2414 2412 2378
124
524
18
10
28
2428 2412 2434 2414 2434 31,800 Penney:vault'
2428 24
1714
50
12
Mar
25
*32
3
33
8
7
Jan
1714
204 37
3334 3334 *3218 34
*3212 33
33
33
*32% 33
300 Peoples Drug Stores
No Par 30 Feb 5 3958 Apr 1 ti 10,2
*114 1161 *114 11814 1,114 11612 *114
195
66
114 114
11412 114 114
30
Preferred100 11014 Jan 9 11634 Mar 28
80
324 324 3238 3238 3134 32
86
11214
32
3234 3258 33
3212
33
2,500
People's
GI
L
&
0
(Chic)____10
4
8June
Mar
*112 3
171
0
7 347
24
1734
*11
1914 4378
*14 3
*112 3
*112 3
*112
3
Peoria & Eastern
100
24 Feb 26
2
1012 101 *1012 18
3 Jan 7
2
8
*1034 1312 *104 1312 *1058 131 *1034 1314
100 Pere Marquette_
100
914 Mar 13 19 Jan 31
2112 2112 2214 27
94
12
38
*21
24
27
24
*2312 26
*2314 27
200
Prior preferred
100 1613 Mar 13 32 Jan 9
144
*15
18
5112
18
*17
21
*17
21
*17
18
18
18
*1712
1814
200
Preferred
100 13 Mar 15 244 Jan 11
*15
12
1628 •15
134 43
16
14/
1
4 15 •1512 1638 *1534 168i 1512 15'2
300 Pet Milk
1414May 15 1938 Feb 4
No par
98
914
*Os 07
94 1778
953
912 912
104 212
814 83*
01s 914 4,900 Petroleum Corp of Am
758 Mar 14 1158May 23
5
7/
1778 18
1
4
814 1414
1734 1814
1758 1818 1814 1812 1814 1884 18
181e 20,900 Phelps-Dodge Corp
25 1234 Mar 15 2038May 17
411
/
4 41
11/
1
4
134 1878
*41
4178 *41
4178 41
41/
1
4 *41
41
41
41
600
Philadelphia
Co
pref
6%
60
23
Feb
45
27
*68
July 9
2112
72
2414 37
*13814 72
*88% 7018 *68% 7118 •65
74 ;
18812
.74
36 preferred
No par 3812 Mar 5 69 July 11
*134 2
3814
*134 2
49
6414
134 144 *134 2% •134 28 -at 17
134
250 :Philadelphia Rap Tran Co___50
11
/
4July 6
4 Jan 8 11 14
3/
1
4 31
2
*358 414 *34 4
0
*312 t 412
*312 412 *312 41
20
7% preferred
334June 24
50
6 Jan 12
214
2
3
218 218
418 16
218 218
.
4
21
218
2
2%
2%
2%
9,100
Phi% & Read 0 & I
132 Mar 21
No par
4812 5038 4812 495
478 Jan 9
114
314
434
5014 4614 4834 13,400 Phill19 Morris & Co
49
493* 495 491
49
Mar
3514
12
Ltd
10
5312June
*714 87
15
1018
11% 6832
*8
9
*814 9
*812 9
*8
884
*3
9
Phillip/ Jonas Corp
514 Mar 22 11 Jan 4
No par
*574 60
54
7
60 60 *5718 65
21
*5712 65
*553*
*553*
85
65
10
7% preferred
100 5312 Apr 1 88 Jan 15
2158 217
48
2158 2178 2112 2178 2138 2134 21
48
747s
2134 20
2078 20,600 Philips Petroleum
No par 13/
1
4 Mar 12 23 May 17
*413 51
•2414 513 *44 54 *414 5% *414 512
11
1318 12014
54 1. 5%
100 Phoenix Hosiery
5
3 Mar 21
6
.50
Jan
55 *50
3
3
ali
134
55
*50
55 •50
*50
55
55
54
54
10
Preferred
100 50 July 8 68 May 25
44
50
64
14
1
14
14
4
14
14
. 14 1.
14
4• 1
14
4,400
Pierce
Oil
Corti
28
Apr
14
27
*234 33 *3 354 4.3
5
8
Jan
8
354 *3
Is
is
11
/
4 1
334 *234 V 33
*234 314
Preferred
100
312 Mar 21
618 Apt 15
312
412 1034 '
34
3
"8
34
34 1,000 Pierce Petroleum
58
ss
58
58
*5'
3
8
58
%July 16
No par
*34
3414 34
l's Jan 8
/
1
4
2
34
1
14
3414 3478 35
3538 3512 3514 35 , 353
3,400
Pillsbury
Flour
M11111
31
par
No
Apr
8
353
*62
4July
19
8218 --,- 824 *-_,- 8218 *_„. 8212
18
1812 34/
1
4
„.. 81 *__,_ I 81
Pirelli Co of Italy Amer shares... 72 Apr 1
7
7
7612
Jan
72
*7
25
278 2.7
7014
87
74 ...7
8
•••‘-•/ 712 '7 1 t 7
200 Pittsburgh Coal of Pa
100
7 Mar 14 10% Feb 4
*28
30
7
712 1812
29
30
*28
*30 ¢ 32 3 '30
32
3014 *30
30
01300
Preferred
100 28'2 July 11 42 Feb 4
*175 18212 *175 18214 *175 18214 *175 18214 •177 1824 *177 1 15214
26
26
424
'
Pitta Ft W & Chic prof
100
14
Feb
172
178
May
14112
20
14112
169
672 7
834 678
612 612
638 6/
1
4
634 1 678
838 a 834 4,100 Pittsburgh Screw & Bolt.., No pat
5l Mar 13
*2638 28
9 Jan 11
418
611 111
*2658 2854 2812 2812 28/
/
4
1
4 33
1
4 3012 304 34/
3538 1,620 Pitts Steel 7% ctun pref
100 2218 Alar 13 35/
1
4July 19
1514
154 43
*34 114
*/
1
4 118
*34 14
*14 14
*34 112
*34 114
Pitts Term Coal Corp
100
1 Mar 21
.1018 12
24 Jan 12
1
1112 1118 11
14
312
1212 1012 11
*11
*1012 1212
1212
340
6%
preferred
4
Apr
1014
100
15
Feb 25
.
618
178 214
8/
1
4 194
24 24 *214 25,
238 23*
212 234
228 238 4,400 Pittsburgh United
114 Mar 20
25
234July 18
14
5
113
35
3534 357 3813 3712 383
4012 4012 4212 42
38
4312 2,110
•914 1014
Preferred
100 2412 Apr 4 4312July 19
2412
*9
253* 5973
1014 .9
104 *813 1014 *818 1014 *818 104
Pittsburgh
&
West
Virginia
-100
678June 4 104June 19
*150 678
.150 . .150 _
10
27
*150 _
*150
_
•150
_
Pitts Young & A 5111E97% if.100
.118 11
4 *118 178
113
133
- •118 178
144
- •118 178 •118 178 *118 --178
Pittston Co (The)
No par
1 Mar 21
9
218 Jan 4
914
1
1/
1
4
5
9'i 938
914 9%
9% 95,
914 94
94 938 4,300 Plymouth Oil Co
614 Mar 15 1158May 17
6
812 834
612
84 9
74
1034
834 9
9
8
87
83
83
/
1
4
8
4
4
878 10,000 Poor & Oo class B
No pat
. *212 3
els Mar 15 114 Jan 9
6
•212 3
6
1678
212 212
234 234
258 258
28 27
600
Porto
Rio-Am
Tob
par
Cl
A-No
15s
Mar
458May
19
10
"4
1%
78
2/
1
4
*78 1
614
*/
*34
78
1
4
34
34
*34
78
7/i
200
Class 11
No par
14 Feb 28
*412 434
14 Jan 8
412 41
14
1
314
48
428 5
412
412 47
412 412
1,800 2Po•tal Tel & Cable 7% pref _100
433.1uno 13 165
1/
1
4 17s
,Jan 7
17
438
104 29/
1
4
17
134 134 •134 178
134 11
/
4
134 1/
1
4 1,200 :Pressed Steel Car
5881ay 14
No par
318 Jan 21
52
114
54
1
4 1414 1314 14l4
13/
13
144 1312 14
1312 1312 1318 13% 2,600
Preferred
100
61438ay 14 17 Jan 21
50/
1
4 5114 5113 5154 5138 5158 5138 5238 52
514
558 22
5212 5214 5234 7,400 Procter & Gamble
No par 4238 Jan 12 5234 July 19
*11812 119
3318
331
4482
119 11914 120 120 *11812 11912 *11812 11912 11878 11914
160
8% prof (ger of Feb 1'29)-100 115 Jan 2 x12014May 23 "101
364 37
1024 117
3614 361
374 3618 3712 3614 3718 7,300
3612 3658 .37
Pub Ber Corp of N J
No par 2018 Mar 5 3934June 21
20
97
/
1
4
9712 974 97'8 97
25
97
45
97
97
9712
9712
973*
9714 1,400
15 preferred
No par 62/
1
4 Feb 20 9938July 10
1064 1064 10612 1061 10714 1071 107 107
594
67
84
10612 10812 106 106
6% Preferred
700
100 73 Mar 14 110 July 10
12114 12114 *12114 122 .1214 122
73
78
9744
12114 12114 122 122 *12114 122
700
7% preferred
100 854 Mar 18 12418July 10
*130 140
140 140 *135 142 *135 142 *132 13978 *136 13978
84
88
106
100
8%
preferred
100
100
Mar
140
.11158 11212 *1111
14
July
99
15
106
11912
/
4 1123 *11138 1123 *11134 112% *11134 1121 *11134 11234
Pub
Ser
El
& Gas pf $5.--No par 99 Jan 5 112 Apr 24
4258 4312 4378 44's 44
8378
8712 1044
447
444 4412 4378 4478 4334 4458 17,400 Pullman Inc
No par 34 Apr 30 52/
1
4 Jan 9
34
3514 59/
...,..
9. ,.,9
1
4
_87s 91
878 9
812 878
834 9
818 858 15,800 Pure 011 (The)
No par
578 Mar 21 1018June 19
578
618 1472
85',"
89'2 901
90
8814 87
90
903
88
89
88
990
8% oonv preferred
4958
100
Mar
18
69% 69% 6912 70
9112J5ne
29
49
49
30
7114
71
7018 *68% 6914 1,000
70
71
6934
8% preferred
100 65 June 25 71's July 10
13
13
334
13
334 63
13
13
14
1418 1418 1438 1378 144 10,700 Purity Bakeries
14
No par
814 Feb 1 1438July 18
614 632
833
818 638
8/
1
4 1934
618 61
612 614
618 6% 41,900 Radio Corp of Amer
618 814
5512 5512 55
No par
Mar
/
13
4June
6
551
3
26
412
56
4
66
914
5434 5512 *5478 55
55
5514 1,200
Preferred
50
50
Mar
18
5634 57
624
Jan 25
22
57
5714 5618 57
234 5613
5714
5814
5712
56
5714
5914
Preferred
13,000
B
No par 3514 Mar 12 5914 July 19
2
218
1318
2
214
16
48
2
218
2
2l3
2
2% 2%
218 9,800 :Radio-Keith-01Th
No par
114 Mar 13
1912 1934 1914 191
258 Jan 2
114
Us
414
1918 1914 1914 2012 20
20% 19% 1934 4,400 Raybestoe Manhattan
No par 1612 Mar 13 21 Jan 2
3218 3212 *3212 34
1118
144 23
3314 3314 34
*32
34
34
34
34
600 Reading
2978 Mar 28 434 Jan 7
50
•41
4278 *41
297
2
$51s
427 *42
56/
1
4
*42
*42
4214
427
8
4278 *41
4214
let preferred
30
.36
36
37
8
Apr
4218July
37
37 .
10
36 371
28
334 4112
*36 37 '
37
138
*36
3612
200
26 preferred
50 33 Apr 17 3734May 14
*5
27
54 *5
2918
8912
51
5
5
5
5%
700 Real Silk Hosiery
514 533 *5
531
10
318 Apr 4
812 Jan 3
318
5
14
*34
37
*3412 351
*34
35
35
35
34
3512 351 *34
60
Preferred
100 2018 Apr 2 39 Jan 7
•1
114 *1
2018
35
11
6014
*1
11
114
114
138 1%
114 *118
400
Reis
(Robt)
&
Co
par
1
No
Mar
26
212 Jan 7
*1014 1112 *10la 111 3,1014 111 1012 111 13 13 *11 1214
1
158
6
700
let preferred
100
8 Mar 12 15 Jan 7
533
Ms 3814
9
918
9
014
918 9'4
9
9/
1
4
9/
1
4 954
94 934 22.300 Remington-Rand
1 • 7 June 1 114 Jan 7
87 8712 *8512 8712 8712 871
514
6
13/
1
4
87
*89
90
90
89'2 90
1,900
let preferred
100 7134 Jan 16 93 May 9
2434
32/
1
4 71
86
8678 *854 8612 *8512 861 •8514 8614 8612 89
8812 8912
200
26 preferred
100 yo Jan 9 8934May 10
24
*95 117
30
*95 117
70
*95 117 .95 117
*97 117
*97 117
Rena
&
Saratoga
RR
CO
981zJune
100
10
110
Mar
1
2213
3
114
318
128
3
318
3
3
3
314
314 314 11,600 Reo Motor Car
314 37*
214 Mar 13
5
414May 9
2
144 1478 14/
2
512
1
4 1518 1458 147g 1478 1518 1514 1514 15
1512 33,300 Republic Steel Corp
9 Mar 15 1512 Jan 7
No par
9
1012 2514
5338 5378 5334 5478 54
5812 59/
551
1
4 19,000
5512 57'l 5714 60
6%
cony
preferred
100
2858
Mar
18
July
60
18
19
534 5312 54
3312 6712
5434 54% 55
5814 59
5878 591
*5614 571
2,900
6%
pref
Ws
of dep
28 Mar 15 59'!July 18
28
*614 714 *6
3912 4214
714 *6
7
614 71
7
714
200 Revere CoDPer & Brass.
*67s 712
6
54 Apr 3
814May 16
*18
18
512
*16
5
1414
18
*16
18
•16
200
18
Class A
17
17
*16
10 18 Apr 17 1912May 16
19
13
*84
85
85
1114 284
85 ..._._ 84
*8612 88
87
85
86
84
470
Preferred
100 75 Apr 9 92 May 16
35
2234 23
46
90
2278 234 23
24
1
4 24
231
2314 238 23/
24
7,100
Reynolds
Metals
Co
----No
par
29
Apr
174
2412
Jan
10
a
*1064 108 *10614 10818 1081 1081 10812 10814 10812 1081 *108 10812
9/
1
4
16/
1
4 2714
400
53% eonv prof
100 101 June 10 10834July 5 101
*22
224 22
2212 22
22
22
2034 2112 21/
22
1
4 2138 1,100 Reynolds Spring
1 1214 Mar 20 2318May 24 41 832
5214 5212 5132 5212 5158 622 528 521
612 -18 '
5212 5273 19,300 Reynolds(R J) Tob clam B--.10 431sMar
52% 53
559
53
26
July 18
61
3934
61
5914 *60
5534 5334
611
611
6112 811
6113 6112 61
90
Class A
10 5514 Apr 22 0112July 16
*.._... 174 *12
5514
174 *13
57
171
02
74
*1318
*1318
1712
171
171 *13
Rhine Westphalia Elea Power__
13. June 6 13 June 13
010
1014 *934 1014 *10
124
1214 23
101
10
.958 10¼
10
*912 10
200 Ritter Dental
No par
514 Mar 26 1278June 14
28
518
28
54 1812
27/
1
4 2734 2734 273 *2734 2814 27% 27% 273* 273* 1,100 Roan AntelopeMfg
Copper Mines-- 2174 Feb 25 3034May 17
20
2074 MN
For too notee see page 388.
New York Stock Record-Continued-Page 8
396
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 13
Monday
July 15
Tuesday
July 16
Wednesday
July 17
Thursday
July 18
Friday
July 19
Sales
for
the
Week
STOOKS
NEW YORK STOCK
EXCHANGE
July 20 1935
Range Sines Jon. 1
Os Basis of 100-share Lots
Lowat
Highest
Jtay 1
1933 to Range for
June30 Year 1934
1935
High
Loto Low
5 per share $ ver 85 8 vor share
Par $ per share
5 per share 8 per share $ per share $ per share 8 per share $ per share Shares
2858
285
391a
2913 Mar 12 43 June 14
43
34114 4114 411 4188 4118 41% 2,100 Royal Dutch Co (N Y shares)43
4258 4234 428 425
3
51i Jan 3
Apr 18
3
413 15
/00
pref
7%
RR
Rutland
4
*338
*314 4
4
*314 4
8
*33
4
*314
*314 4
4May
213
23
13
1014
Mar
1514 2774
1014
10
1912 1914 1914 1918 1912 1838 1912 6,100 St Joseph Lead
1938 1978 194 1973 19
2
6
8
Jan
34
lig
438
100 /St Louis-San Francisoo....100 . 34June
34 1
'
*34 1
*34 1
34
34
*34 1
*34 1
113
1
61a
2% Jan 8
1 Apr 3
100
lot preferred
500
14
"1
1
1
114
138 '1
*1
1
1
118
118
6
20
8
6 Apr 15 14 Jan 12
100
St Louts Southweetern
4 1214 *84 1214 *852 1214
/
*838 1214 *858 1214 •859 1214 *81
12
13
27
100 12 Mar 4 2174May 13
Preferred
19
*14
19
*14
19
*14
20
*14
20
*14
20
*14
3538
38% 57
No par 3634June 13 48 Jan 2
4012 4014 4058 39 4012 5,300 Safeway Stores
4012 40
3978 3978 4014 4028 40
80
8438 108
100 10414Mar 11 11314June 29
8% preferred
780
110 111
110 110
110 11012 110 11012 11012 11012 11012 111
90%
9510 1131,
100 10612 Feb 7 11412June 19
7% preferred
GO
11212 11212 11234 11231
112 113 *112 113 *112 113
112 112
818 1214
413
6 Jan 15 1118July 17
No par
1034 1118 1012 1012 1012 1034 7,400 Savage Arms Corp
1038 1012 11
10
958 10
1718
5 22 Mar 12 3338July 17
1718 387
4 3238 3338 324 3318 3212 3318 33,700 Schooley Distillers Corp
1
32/
32
4 3238 33
1
3238 32/
4 Jan 2
134
Apr 4
8
3
4
13
1
Stores
Ratan
Schulte
000
214
218
214
214
2
2
218
2
218 218 *218 214
8
8 Apr 4 2018 Jan 18
100
15
3014
Preferred
4 1,230
1
1112 1112 1138 1212 1212 12/
1112 12
1218 1212 1112 12
3714
6053
61
65 Jan 2 69 June 11
par
No
Co
Paper
Scott
130
6512
0512
6512
65
68
*65
68
*65
68
2
..,
68
6812 68
14
4 Jan 4
1
/
14June 29
No par
53 1.800 /Seaboard Air Line
38
38
"4
34
38
38
38
343
%
%
38
315
1
34
112 Jan 5
34 Mar 14
105
4 I
1
/
.
Preferred
*58 1
*58 1
558 I
*34 1
"58 1
8
353
4
204
19
2778 5,900 Seaboard 011 Co of Del---NO Par 2038 Mar 12 3572May 9
2838 29
2712 284 27
2834 29
2912 2912 2872 29
588
8%
21
26
Jan
4
1
/
4
18
4July
31
par
No
1
Corp
Seagrave
*31
100
312
3 4 3,4 '3
4 3,2
*314 312 *314 312 *34 31"
4914July
12
Mar
19
30
31
31
5114
4814 4914 32,000 Sears. Roebuck & 00....-No par
4612 47
4614 4714 404 4738. 4738 4818 484 49
118May 6
2 Jan 7
113
11
414
1
Second Nat Investors
4 *112 11
1
4 *112 I%
/
*112 1/
•134 1% *I% 11
•158 17
5612July 11
3
30
Apr
82
52
40
1
Preferred
690
55
25.5
5112
5412
5438
5514 5438
5512 5534 54
55
55
313
438 to
753 Mar 13 1034July 9
1
97 10
1014 27,400 Serve' Inc
978 1018 10
4 1018
1
9/
4 10
1
9/
978 10
214
Apr
14
22
71/4Mar
8
538 1378
No Par
814 814 4,900 Shattuck (F 13)
8'8 814
814
8
818
8
814
8
734 818
4
9 Mar 14 1414 Jan 21
egs 134
No par
1214 4,.00 Sharon Steel Hoop
114 1158 114 1158 1114 114 1118 1134 1134 1214 12
51 Jan 3
77
31g Mar 12
314
4
No par
44 414 3,900 Sharpe & Dohme
412 438
438 412
412 438
414 412
418 418
30
44 June 20 4814 Apr 5
11.814 49
par
No
A
ser
preferred
Cony
600
48
4
1
/
47
4
473
*4714
4712
x4712
4712
*4614
*45t, 46
46
46
July
36
15
2
2612
19
19
Jan
205k
Trading___32
.12
Transport
Shell
50
*3414 36
*3414 36
*3334 36
36
36 .34
36
*35% 36
No par
51 Mar 19 1112May 23
513
6
1112
'J% 11,900 Shell Union 011
9
94 934
4
1
934 9/
4 934
1
9/
934 10
10
10
82
57
100 63% Mar 21 97 May 23 274518
Cony preferred
600
9114
90
*904 93
92
92
93 *9014 93
*91
*8914 93
1938
15
Is
Feb
26
1211
Apr
8
83
8
___5
4
51
Mines
Coalition
1338 1418 7,800 Silver King
1334 14
1312 14
1312 134 134 138 1314 14
6
July18
5%
1i'8
15
Mar
244
6
No pa
4
1
98 1118 1078 1118 26,400 Simmons Co
912 9/
934 10
1018
934 97
10
4 Jan 9
1
19 18/
July
5
714
714
174
Petroleum
1
Simms
2,10
1
518
5
514 5 4
514 514
514 514 *54 5 4
*54 54
6
1118
611 Jan 15 1138May 23
6
25
1,200 Skelly 011 Co
953 97
934 10
4 *934 10
1
934 9/
934 973
4
1
*934 9/
42
5114 6818
60 Jan 22 9114May 23
100
Preferred
600
88%
87
8814
8814
8814
88%
8814
8814
89
*8814
89
"88
33 July 19
20
Mar
12
2712
15
13
100
Iron
&
Steel
Slow-Sheri
370
33
31
30
294 30
29
30
29 '27
27
27
*26
15
1812 *2
IGO 24 Mar 12 50 July 19
1,470
7% preferred
4714 4834 50
44
414 44
42
42
42
3912 3934 40
31
1514 Apr 3 20 Feb 15
1924
par
_No
4
83
_
Packing
Snider
177
•1712
184
2.100
8
4
173
1738
1812
1814 1778 1814 1734 18
*18
11
1212 197
Co Inc_..__15 11 Mar 11 1534May 24
Corp1234 56,300 &loony Vacuum Oil
12
1238 13
1238 ills 1238 13
1234 13
1234 13
4July 2
/
1 Jan 15 1111
76
86
100 107,
10812
100 Solvay Am !not Tr pref
11112 11112
•11112 112 *11112 112 *11112 112 *11113 112 *11112 112
393k
20
20
No var 20 Jan 30 2838May 24
2418 2,900 So Porto Rico Sugar
2412 2478 2413 248 24
2412 25
25
2518 25
*25
137
115
10 132 Feb 4 150 July 5 112
Preferred
*14518 148 *14518 1404 *14518 148 *14518 148 *1454 148 *1454 148
Mar 13 2058June 11
2
1014
1038
10%
2214
Edison
Calif
Southern
8,700
4
1
/
19
194
8
197
21914
20
8
195
193
1912
19
4
1
/
4 1912
1
1938 19/
JJ.
el
uu1y
ig
318Mlualyy
3
184
vs 1038
553
314
--- ___-- Southern Dairies class A-No par
6
12
*51, 7,2 .534 718 -- ---- -- ---- -- -- - ---- -----180
1
Par
No
B
Class
134 134 --------------------------114
118
125
1478 33/
4
1
100 1234 Mar 18 1978June 19
9 49,900 Southern Pacifie Co
1858 1914 1834 914 1834 914 1873 914
184 181
1 Jan 4
512July 8 16,
7%
1113 3612
100
12,400 Southern Railway
753
7
714
612 7
7
74 738
738 758
714 714
7 July 8 2058 Jan 4
10
14
4114
100
Preferred
834 9% 6.700
914
9
914 912
613 934
938 672
932 67
31%
3314
8
July
12
Jan
25
4728
Mobile & Ohio Mk tr ens -100 20
234
234 •17
2358 *17
4 •14
1
23/
*1811 25% •17
238 *17
5
734May 24
13
5 Mar 14
5
300 Spalding (A GI) & Bros--No Par
534 534 *558 6
534 534
534 54
*534 6
*534 6
105 42 Apr 2 63 May 16
3014 74
3014
1st preferred
50
57
57
56
56
56
56 '55
*54
56
56 '53
56
7
1553
7
Par
No
Ina-&Co
808113Chaltaoll
.
66
30
20
100 59% Apr 3 91 June 15
Preferred
-i; -13-i
4 ii
iiii.
*8'iT4 -88. .
553 Jan 2
278
318 Mar 13
8
278
No par
418 9,300 Sparta WIthington
4
438
4
4 438
1
3/
334 4
418
4
418 414
7 Jan 22
112
2
7%
314June 25
No Par
20 Spear & Co
334 *338 334
33
'
353 334 *312 334 *338 334
334 334 '
74
23
Mar
7
Jan
85
3012
39
100
6412
Preferred
20
80
80 "137
*67
80
*67
75
*67
75
70 •67
70
1214
1534 33%
1,400 Spencer Kellogg & Sons __No par 32 Apr 3 3614May 11
35
3412 3434 35
3312 34
3338 3358 3312 34
4 3358 34
3%
714 Mar 14 1078July 17
1
5% 1128
44 60
104 1012 104 1038 104 1038 104 1078 1012 1034 1012 1034 40,300 Sperry Corp (The)
6
813 Mar 14 1453 July 19
13
8
No yew
1438 11,100 Spicer Mfg Co
1153 1313 1311 1418 14
1213 1278 113 12
1234 13
4612July
14
Feb
17
18
2134 4114
No par 83%
A
preferred
Cony
660
8
455
45
4513
44
4612
4412
4412
*43
45
44
45
45
Mar 27 79% Jan 17
4
7
43
714
764
19
par
No
Spiegel-May-Stern
0o
7214
8,500
6514 6712
6553 65,8 57
6/
65
66
*6512 6634 66
100 102 July 1 10312July 1 a 45
04% preferred
*9878 103
4 103
1
*98/
•10114 10338 •1004 10338 *10014 10338 *10014 103
1338
No par 1338 Apr 30 1914 Jan 3
4 1512 1534 1512 1534 29,900 Standard Brands
1
4 1558 15/
1
4 1512 15/
1
15% 1578 1558 15/
12114 127
par 12258June 4 130 Apr 9 120
No
Preferred
70
12712
127 12712 *12514
127 127 *125 127 •12514 127
*125 127
47 Jan 21
213
8
212 Mar 15
3
200 Stand Comm Tobacoo-No par
3
3
3%
324 *3
*234 314 *234 3% *234 3% *3
35
438 Jan 3
1% Mar 15
11
Par
17
Co--No
El
&
Gall
1
Standard
2.000
31t
312
312
34
338
312
312 353 *312 4 4
353 334
538 Jan 10
15
1% Mar 15
No par
438 17
40
Preferred
800
4
412 458 *4% 4%
4
4
4% *418 414
*4
43 Mar 15 1238 Jan 3
4%
33
10
No par
$6 cum prior pre
400
1034 1012 1038 1014 10% *97 101
*10
11
*934 10% "10
6 Mar 15 16 Jan 7
No par
6
11% 3812
pre
prior
1212
cum
$7
200
*1218
1234
4
1
/
12
4
123
8
*123
1212
4
*113
121
4
"113
4
1134 113
8
7
7
pi
Jan
8
7
112
17
8July
7
par
No
Corp
1
1
Investing
Stand
1,800
8
7
8
7
% 1
*78 1
1
1
118
*1
96% 114
9413
500 Standard Oil Export prof--.100 111 Jan 3 116 Apr 6
11214 11214 *11214 112'2 11212 11212 *11214 11234 *11214 11234 *11214 11234
2612
2614 4278
par 2714 Mar 15 3878May 24
No
Calif
of
011
Standard
17,400
8
333
3278
34
334
3414
4
1
/
33
4
1
/
33
4
333
34
3353
3338 34
23
25 23 Mar 15 2714May 9
2312 2714
2512 2538 2512 2558 2513 2512 2512 2558 254 254 2514 254 18,200 Standard Oil of Indiana
19
41
213
10 26 July 9 82 Feb 18
Standard 011 of Kansas
*254 28
*2512 28
28
*25
27
*25
28
•25
28
*25
4 Mar 18 5012May 23
353
Jersey-...25
604
New
394
334
of
011
4638
4612
Standard
26,300
4712
2
463
4712
474
8
475
4714
4814 4838 4734 4812
Mar 14 20 July 9
6
1538
6
4 1818 1812 1,500 Starrett Co (The) L S__--No par 1212
1
4 1818 184 1812 1858 1852 18/
1
*1878 1918 1812 18/
8
458
Apr
67
15
Jan
25
10 58
47% 554
Products Inc
Sterling
4,400
6614
6514
654
4
643
64
'
64
8
3
63
4
623
8
627
8
5
62
6212 6212
Mar 19
1% Jan 18
1%
3
1%
1
par
A_--No
el
33u
Securities
Sterling
300
8
13
138
114 114 *114 14 *114
*114 18 •114 112
514 Jan 3
318 Mar 28
7
8
2%
No par
Preferred
200
438
412 *4
412 *4
*4
41
*4
4
4
412
*4
50 36 Mar 5 41 May 24
2818
30
38%
preferred
Convertible
200
404
404
40
40
4018
*3812
40'g
*3812
4012
1213 July 8
*3812 4018 *3812
5
6
Mar
658
414
4
I
10
3
Stewart-Warner
17.200
1218
his
1134 121s
1131 11% 1158 ll7s 1134 12
1134 12
612July 2
213 Mar 14
No par
212
3% 13%
538 553 4,100 Stone & Webster
558 578
512 534
534 53
534 534
3 Mar 11
534 534
214 Apr 17
new-1
(The)
Corp
214
!Studebaker
24
13,100
212
4
23
238
212
24
21
212
212 238
*212 238
7512June 13
No pa
6012 Mar 2
42
-61-12
400 Sun 011
4
1
68/
69 '67 68% *67
60
*6712 59
59
59
69 69
96
100 11510 Jan 10 121 Mar 23
118
100
Preferred
20
119 119
118 118 *118 119
•118 119 "118 119 "118 119
Apr 4 2114June 19 311
ill
par
21514
(The)„-No
111*
Superheater
400
Co
2018
2018
4
1
/
20
it
,
*20
208
201 "20
20
*1812 20
*1812 20
18, Jan 2
3 Apr 17
1
114
314
114
2
900 Superior 011
2
218 24
218
2
2
21s
2
2
2
18
912 Jan 7
5 Mar
4% 1534
100
453
Steel
Superior
2.900
77
812
814
4
3
3
811
853
77
8
78
814
.7% 8
Mar
6
514
3
Jan
3%
314
(The)
Amer
318
60
53
Coo!
4
44
Sweets
300
*4
44
*378 412 *358
4
4
4
4
358 358
25 1514July 15 1714July 18 3 11
31,000 Swift & Co
4 17
1
1512 1512 1514 1512 154 1558 1512 17,8 1678 1714 16/
8
7
15
Apr
Jan
4
14
No par
14
100 :21/123Ingtell Co
12
*14
313
*14
13
*14
11
14
17
*14
13
*14
238 Jan 4
538
114 Ape 29
1%
114
No par
Class A
400
4 134 *153 2
1
1/
4 134
1
1/
134 134 *158 134 *I% 134
978 Jan 9
7
674July 18
5
4
1
713 15/
600 Teiautograph Corp
*618 612
V% 7
714
*7
7
7
*673 7
*674 7
53
514 Jan 25
318
4 Mar 15
5
Corp
3%
Tennessee
1,900
4
4
4%
4
414
41
4%
4
4
*4
4
4
25 161,mar 13 2334May 17
1612
1958
Texas
29%
28,500
(The)
Corp
19
1818
1938
19
1934 1978 1958 1934
194 20
20
20
No par 2838 Apr 4 384 Feb 19
2234
30
4314
343* 3n 3453 3353 3414 8,500 Texas Gulf Sulphur
337 3414 34
3412 3434 344 35
618July 9
6%
314 Jan 2
2%
10
212
54 532 10,800 Texas Pulite Coal & 011
518 558
512 58
4
1
512 5/
4 618
1
5/
618 614
1212May
15
Jan
14
812
1
6
Trust
93
Land
584 12
Pacific
Texas
26,300
Os
934 1014
1034 1034 1038 1034 1014 1058
*1058 11
450
14
12
Apr
4
3
25
Jan
10
13%
13% 4314
100 Texas & Paola° RY Co
193
*1711
193
4
*163
19
*1612
4
193
"1612
1834
4
183
19%
4414
No par 1318May 8 1938 Feb 15
8
18
8
191 •1812 3834 2,600 Thatcher Mfg
19
19
19
18% 19
No par 50 May 4 57 July 19
19
19
*1812 19
385
89
200
MAO oOnv pre/
52%
57
57
35614 57 "5614 57 •2638 57
4356% 57 '
*5614 57
7% Feb 14
514 Apr 10
No pew
4
12%
4
The Fair
1,000
632
638
57
6'2
7
612
4
3
*5
58
6
6
614
*6
100 ells Jan 7 85 June 24
45
50
Preferred
83
20
85
85
85
85
380 85
85
85 "80 85 "80
*80
1512May 24
212Mar 7
1
212
212
9%
414 438 1,100 Thermold Co
414 438 *44 4'2
*413 414
412 412 *4% 43
5 Jan 5
2 June 28
100
2
314
814
Avenue
a
Third
300
814
1
314
*21/4
238 234 *238 314 *238 314 *234 3 4
1 18 Mar 15 2312July 9
13
1312 2312
700 Third Nat Investors
23
2312 2314 2314 223
23
231 2312 2312 2312 *23
23
47
812May
7
Jan
17
11
518
25
43*
300 Thompeon (I R)
6
6
6
6
6
6
6
4
1
/
*5
4 6
1
*578 638 *5/
10
2014
10
1638 11,200 Thompeon Products Ino-- No par 1338 Mar 13 1778 Jan 2
10
1634 171 1 1818 1718 1558 1638 164 1684 1638 163g
158 Mar 15
353 Jan 7
158
512
138
218 214 2,000 Thompson-Starrett 0o.--No par
214 23
218 2'8
218 218
218 218
218 218
17
No vas 17 Apr 23 2012May 4
pref
17
curt
4'8
2
4
1
/
19
$3.50
*1512
20
*15
191
*15
1914
1914 *15
1914 *15
*15
18
Mar
12
738
37
23
May
par
No
,
011
143
Assoc
8
Tidewater
13,000
71*
1014
4
3
9
8
1012 1034 1038 1034 1014 105
1034 11
1078 11
100 84 Jan 8 10212June 4 37 43%
8412 87
Preferred
900
*994 100
9934 100
9978 100
100 100
10014 10014 100 100
20
Mar
41
2634
June
19
18
24
No par
40
50 Tide Water 00
4012 41
*3712 41
40
*354 4058 40
*35% 41
41
*35
100 100 Feb 15 10638June 18
62
80
10012
Preferred
800
*10618 10614 10618 10618 *10618 10614 10618 10618 1064 100 1064 1064
73July 12
3
458 Mar 15
10
813
3111
714 738 30,100 Timken Detroit Axle
718 724
718 738
674 718
712
7
738 738
4618
15
8 Mar
July 17
21
411
24
, 19.900 Timken Roller Bearing-No par 283
4413 457
46
454 4618 45
45
44
4278 4378 4314 44
47 Mar 12
gis
47
7
May
24
par
No
51g
Transamerica
Coro
0,400
652
638
612 64
612 658
612 658
612 634
612 634
714
714 Mar 29 1038 Apr 24
94 918 3,600 Transcon & Western Air Intl-- 5
9128 914
918 938
918
9
93,
9
9
9
41
Mar 14 1012July 8
518
02
Ili
par
No
SEIWilliams
&
Tranaue
4,100
1018
10
104
1018
4 1038
1
9/
4
1
4 9/
1
9/
934 10
43978 10
414May 27
1% Mar 13
174
634
3
No par
44 8,400 Tri-Continental Oorp
4
418
4
378 4
414
4 4
1
3/
4
418
4
51
6014 78
No par 69 AIM 4 90 July 17
6% preferred
200
*884 9212
90
90
90 90
*8518 95 *8613 90 *861 90
258
33
424
No par 35 Feb 7 4212 Jan 7
Corp
--1,100
Products
Trioo
---------------------------4 38
1
37/
3738 373
1378May 10
414 Jan 15
112
15
512
No par
484 1,800 Truax Tram Coal
.0
434 478
5
*47
.2478
5
5
5
5
518
6 Jan 8
34 Mar 13
338
94
10
353
514 638 3,000 Truman Steel
5% 538
5% 5%
518 514
518
*5
51
553
5
2June
5
Feb
19
21
par
4
3
13
812
8
No
Trans-Rapid
City
Twin
700
312
314 *314 338 *314
3
34
34 318 *3
312
*3
41.
39
6
100 18 Mar 18 2734 Feb 18
*20% 2212 1,030 Preferred
2214 23
1934 22
*1934 21
20
*1988 2178 20
214 Jan 4
118June 10
4
a
I.
par
No
101
Co
&
men
500
112
112
112
112 112
I% 183
114 114
•114 112
2212
5874
36
Fisher Co No par 5334 Mar 29 6912July 9
6812 6812 6812 67,2 67, 6712 6712 6/12 6713 6718 6734 1.200 Under Elliott
"68
95
12878
102
100 12618 July 17 133 Apr 5
Preferred
30
128
*12612
128
4
*1263
12612
12612
1291
*126%
12914
"126%
*12653 12914
39% 6070
29
700 Union Bag & Pap Corp___No par 29 May 28 WI Jan 22
32
4 32
1
3212 3234 *32% 3353 3314 3314 *3238 32/
33
33
8 July 9 13 34
4 50%
/
361
19,000 Union Carbide & Carb--No Par 44 Jan 15 65,
6418 65
5412 65
65
6338 64
63% 6414 6313 6414 63
1112
1434 Feb 6 2018Mar 23
11% 2012
25
California
011
8
177
1712
Union
9.700
1818
8
3175
1818
18
1838 18
18'4
18
18
18
r
85r2 iii-
iLT:t i8512 85i8 8512
iR‘i
174 "iii;
For footnotes see page 388
Volume 141
New York Stock Record-Concluded-Page 9
HIGH AND LOW SALE PRICES-PER SHARE. NO!'PER CENT
Saturday
July 13
Monday
July 15
Tuesday
July 16
Wednesday
July 17
Thursday
July 18
Friday
July 19
Sales
for
the
Week
STOCKS
NEW YORK STOCK
=CHANGE
Rano8 Since Jan. 1
On Basis of 100-share Lots
397
July 1
1933 to Range for
June 30 Year 1934
1935
Low I'm
HiliA
Lowest
Highest
-$ per share $ per share $ per share 3 per share 3 per share $ per share Shares
par 8 poT share
$ per share $ per Sh
106 1061
/
4 106 - 10778 107 10812 10712 108/
1
4 107 108.i 106 10712 5,700 Union nettle
100 3218 M ar 28 11112 Jan 10
824
.89
90
*8914 90
*89
90
891
/
4 891
/
4 89/
1
4 8978 *89
89's
200 Preferred
100 7918 Mar 14 9012July 3
827s
*2418 25
2514 2514 2538 2512 2534 2812 2814 2612 26
26
2,500 Union Tank Car
par 2078 Mar 13 26I2July 17
No
13/
1
4
16
1612 1578 1614 1512 1818 1578 1812 1618 174 1812 1878 55,900 United Aircraft Corp
978 Mar 13 1714 July 18
5
818
6
6
538 8
514 58
538 578
oss 534 9,000 United Air Linea Tram•t a...5
534 578
44
Mar
13
Jan
314
31
Vs
1214 1214 *11
12
11
1214 1214 *12
11
4113
16
1434
300 United American Soech_No par
7 Mar 29 1334July 10
7
*24
2434 2412 25
25
25/
1
4 2518 2538 2512 2u
20
28
4,900 United B111011111
No par 2014May 16 2612 Jan 9
19
•119_ *119
*119
. _ *119
_ _ *119
_-. *119 .-- - - _
Preferred
100 113 Jan 18 11718 Jan 2 10424
*5934 -80112 60 -6-04 5912 -59-5g 60 -6-012 6014 -8012 59
GO
_5,n00 United Carbon
No par 46 Jan 28 613 July9
2014
3/
1
4 31
/
4
34 312
318 332
314 312
33s 312
314 312 30,200 United Corp
4I4June 24
112 Feb 27
No par
112
3612 37
3614 37
3512 37
36
3734 3712 38
371: 17,800
37
Preferred
No par 2034 Mar 13 3912June 24
2034
0/
1
4 918
914 1014
984 1018
934 10
984 10
934 972 23,300 United Drug Inc
14
4June
1314 Jan 7
83
5
618
*714 812 *7
84 *7
2
8,2
7
7
*7/
1
4 8
200 United Dyewood Corp
44 Mar 13 1134,14tay 16
10
234
*7814 85
*784 85
*7814 85 *7814 85
*79
85
85
*79
Preferred
100 65 Mar 21 9012May 23
50
*4
414
414 414
4
314 July 18
4
414
34 4
4
35* 4
3,900 United Electric Coal
74 Jan 9
No par
3
7514 7714 78
7712 77
7714 79
78
80
79
7914 12,100 United Fruit
78
/
4 Feb 6 9234May 14
No par 711
494
1478 15
1459 15
1458 1478 1434 15
1458 1478 1412 1452 21,900 United Gas Improve
94 Mar 18 1578July 2
No par
914
*10714
_ *10612 10912 10738 10738 10612 10612 *10634 10718 •10634 10718
200
874 Mar 15 10738July 16
Preferred
par
No
8212
*278 --314
*234 3,4 *278 314 *278 3
*2711
3
•27/3 3
tUnited Paperboard
3/
1
4June 29
218 Jan 28
100
1
178 178
1/
1
4 2
---- ----------------------------800 United Piece D90 Wks.--No par
llaune 3
638 Jan 7
114
1312 134 1312 1358 --------------------------------290
OH% preferred
100 10 June 3 3312 Jan 24
10
5
434 434
5/
1
4
s
38
ig
3*
4 o,„
7/
1
4 Jan 3
312 Apr 4
.
1 10,200 United Stores 011088 A__--No par
2/
1
4
*5612 59
59
59
*59
61
80
60
*5912 6134 *59
6112
100
Preferred class A
No par 46 Apr 3 654 Jan 19
46
66
66
65/
1
4 6634 26312 6412 63
62
62
63
2,400 Universal Leaf Tobaeoo No par 51 Mar 15 6634July 15
6312 *61
37
'
3146 150 .14814 150 *149 150
100 1334 Feb 9 150 May 6 10814
149/
150 150
1
4 160 150
1
4 149/
30
Preferred
*3012 3812 30/
1
4 3012 30
: 3012 3012
30 *Ms 32
*3018 311
140 Universal Pictures 1s9 pfd-100 30 July 2 4034 Mar 15
15
1
1
1
1
1
1
81
118
1
1
1
1
1/4
1,900 Universal Pipe & Bad
218 Jan 18
1 July 13
1
*1114 1212 *1114 1234 *1114 1212 *1114 1212 *1114 12
*1114 1212
Preferred
100 12 Feb 6 1938Mar 6
414
1914 1958 1912 2018 1914 1912 1912 1934 1912 2014 1918 19
34 12,100 ij S Pipe & Foundry
12
20 1444 Mar 14 22 Jan 7
2114 2114 *21
2114 21
21
21
21
1,100
2034 2034 2034 21
18t preferred
1314
NO par 194 Jan 7 21I2June 25
*78
114
*78 14
200 11 S DIstrib Carp
*7/1
*34 114
114
78
78
58June 24
*78 114
2/
1
4 Jan 3
/
1
4
No Par
*518 7
*538 7
8/
1
4 8/
614 „1,
1
4 *54 7
518 618
60
Preferred
100
July10 10 Jan 9
4
51s
___ _
_ ____
.
_
_ _
__ .
- .__ United States Express
14
Jan
4
II
2
100
14
Jan
*1512 -1112 *1512 1612 •i
1
4 -17
lb% -144.12 16 163-4 *li/
16
1,000 U S Freight
11
No par 11 Mar 14 1734June 12
*8
814
812 812
812 814 1,300 US & Foreign 1343013r
8
818 812
814
814 814
9 May 17
No par
412 Mar 12
413
08418 8612 *8412 8612 8311 8612
*87
90
*87
87
8334
*85
100
Preferred
60
Nova? 6512 mar 26 87 July 11
57
5712 574 578
59
5612 5714 5714 5814 58
5834 5912 7,800 US Gypsum
3414
20 4011 Mar 12 59I2June 24
.153 15812 15812 1584 *155 157 *1554 157
15512 15512 *155 157
20
7% preferred
143 Jan 11 15712June 11 110
100
*513 6/
1
4
8
6
6
612 012 1,400 U S Hoff Mach Corp
6
814 688
614 614
7/
1
4May 24
314
5 Feb 6
5
4578 46/
1
4 4538.4638 4412 4512 4538 46
4512 4638 ..5
4512 4,700 US Industrial A1001101---No pa, 8518 Mar 13 4678July 13
32
738
*7
658 638 *612 634
612 678
7
*133i 7
7
900 U S Leather v I a
Mar
22
No
15
3
/
1
4
par
3/
1
4
81
8MaY
1238 12/
1
4 1212 1234 1214 1238 1258 1312 1312 1414 1312 1378 7,400
Class A vie
No par
74 Mar 16 1434May 21
7
*62
65 •62 65
*62
65/
66
1
4 67
66
85
65
900
65
Prior preferred•50
45
100 63 Jan 22 87 July 19
*33.3 312
31
. 338
338 3/
358 334 2,800 U S Realty & Imp.
1
4
3/
1
4 334
313 334
7 Jan 7
3
No par
3 Mar 13
12/
1
4 13
124 1318 1258 1234 1212 1234 1258 13
1212 13
5,700 17 S Rubber
918 Mar 13 1714 Jan 3
918
No par
33
33
3238 33
32
321
/
4 3218 3258 33
3332 3252 3312 4.500
1s8 preferred
100 2412 Mar 14 4238 Jan 7
17/
1
4
107'2 10712 108 108/
1
4 10878 10812 107 108
107/
1
4 1081: 40734 10618 5,000 US Smelting Ref & AM
50 95 Apr 5 1244 Apr 25
5314
*72
7334 *72
7334 72
72
7312 *72
*72
7312
72
72
200
Preferred
511
/
4
1
4 Jan 3 73I4May 10
50 62/
361
/
4 3678 3684 371
365* 3738 37
1
4 381
3734 37/
1
4 38/
/
4 3834 88,000 TJ S Steel Corn
1
4 Jan 8
2713
100 2712 Mar 18 40/
921
/
4 93/
1
4 9214 94
9212 9334 9312 94
9312 9514 93/
1
4 95
3,800
Preferred
1
4 Mar 18 9514July 18
6714
100 73/
*136 138 *136 138 *136 138
100 U S Tobacco
13634 13634 *136 138 *135 138
81/
1
4
No par 11918 Jan 4 14034May 16
*160_-_ *180
-- *180 175 *160 175 *160 170 •160 175
Preferred
1
4 Feb 11 16018 July 11 12438
100 149/
*50 -60
52 52
10
Utah Copper
10 40 Mar 22 52 July 15
40
*218 238
2,8 218 -lig 4 --52 -13-2 - -irs -II; 3,300 Utilities Pow & Li A
.....2r8 --2-1.
338June 22 31 7,1
1 Mar 18
1
•
/
1
4
34
58
34
38
58
88
88
84
800 Varlsoo Sales
34
*58
*88
No par
11
/
4 Jan 2
4Mar 15
17
*2234 25
*2238 25
•2238 25
*2238 25
*22/
1
4 25
*2238 25
Preferred
241gJune 19
1914 Apr ii
100
1914
1478 1478 1431 15
14/
1518
15
1
4 1514 15
/
1
4
15
1034
8,900 Vanadium Corp of Am-_No par 114 Apr 11
1512
211
/
4 Jan 7
114
2078 2078 2012 2058 *1912 20/
1
4 20
2012 1952 2014 2014 2178 6,900 Van Raalte Co Inc
6 114 Feb 7 2178July 19
334
*100 104 *100 104 *100 104 *100 104 *100 104 *100 104
7% 15t pref
100 91 Feb 20 105 June 11
5414
*3631 3714 36/
1
4 374 v37
38
3712 38
*3,18 3,12 3114 3712
900 Vick Chemical Inc
May
3818June
28
24
34
2818
8
2/
1
4 2/
1
4
2/
1
4 278
234 2/
278 2/
2/
1
4 2/
1
4
1
4 1,000 Virginia-Carolina Chem ....No par
278 272
1
4
24 Mar 18
4/
1
4 Jan 3
178
1934 1934 20
20
1912 191_ 20
2034 2014 2014 2012 2112 2,900
100 1712June 1
6% preferred
2714 Feb 1
10
*104 110 .105 10612 106 106 *105 108 *106 108
108 110
500
7% preferred
13018May
Jan
6
85
4
100
674
"10334 104
104 104
1044 1042 104 104
104 104
104 104
360 Virginia El & Pow $0 pf .No pat
724 Jan 4 10412July 16
60
'2/
1
4 4
*238 4
*2
*2
4
*214 4
4
4
.2
Virginia Iron Coal & Coke
2 June 22
100
4 Mar 5
2
*15
25
*15
25 '15
*15
25
.I5
25
25
*15
25
5% pref
1
4 Feb 28
100 15 Feb 19 15/
15
75
75
*70
74/
1
4 7412 741 *70
74
74
75
*70
40
Vulcan
757
8
DetinnIng
Mar
83
10
6312
29
May
100
38
*11818 - - *11618 _
•11618 - _ *11612 _ - •11612 - -- •1161g - __ ..._
Preferred
100 10914 Feb 5 11532July 3
95
*118 I%
138 1
132
1
400 :Wabash
1
100
1 Apr 1
2/
1
4 Jan 8
1
*178 212 .
12
24 *2
2
*11
/
4 2
2
212
11
/
4 178
300
Preferred A
184 Mar 1
100
34 Jan 4
1/
1
4
*118 212 *II8 212 *118 212 *114 212 *138 212 *Ils 212
Preferred B
1
100
May
22
19
Jan
1
2
*534 6
3
4
4.584 6
4584 572
578 6
11314 614 *o
4I Mar 15
03s
700 Waldorf System
No par
718 Jan 10 9 378
28/
1
4 29
*2814 29
2834 2834 2878 2932 2914 2978 29
2914 3,400 Walgreen Co
No pat 2834June 8 31 Jan 3 9 1518
•116 11712 *116 1174 •IN 1174 *118 11712 *1113 11712 *116 11712
644% preferred
100 114 Jan 7 120 Apr 24 9 80
*238 213
21
/
4 24
238 238
288 284
234 234
2/
1
4 234 1,900 Walworth Co
No par
11
/
4 Feb 28
3/
1
4 Jan 7
11
/
4
*7'2 778
778 812
10
934 10
'9
10
934 1014 .9
1,200 Ward Baking class A
No par
5 Mar 14 1014 July 17
5
138 138
11
/
4 14
112 pp
1/
1
4 134
112 1/
1
4 .133 158 1,400
Class 33_
28
Feb
No
11
/
4May
114
par
20
1
/
1
4
3313 3812 *3812 39
39
*40
4214 4178 42
4134 4,100
4214 41
Preferred
100 284 Jan 12 4214July 10
24
4
418
4
41
/
4
4
4
413 15,200 Warner Bros P10101138
4
418
378 4
4
24
214 Mar 15
8
4/
1
4 Jan 2
25
2514 26
2614 2513 2512 26
1
4 2638
2614 2612 26/
26
340
43.85 cony pref
No par
1412 Mar 13 2814June 6
12
71
71
*34
*81
78
8
4
7
.
8
3
4
34
7
8
*3
600
4
7
Warner
Quinlan
%Mar 15
No par
38
138 Jan 2
438 438
412 412 *438 412
413
15* 414 1,700 Warren Bros
413 41
41/4
212 Mar 15
212
No par
61
/
4 Jan 7
•1034 13 '11
121
/
4 •1038 1212 *1012 121 •11
124
13 "11
Convertible pref
1
4 Mar 20 1614May 17
No par
7/
772
2414 2414 24
24
23
23
2314 1,400 Warren Fdy & Pipe
23
23
23
23
23
No pat 21 Mar 27 28 Jan 8
1312
41
/
4 4/
1
4 *413 5
'418 478 *438 5
412 478 .418 4/
1
4
500 Webster Eteenlotor
No par
4 Mar 14
8 Jan 2
3
*80 - - *80 - - *80 - *80 - - ....
*80 - - *80
Preferred
100 85 Apr 2
90 Feb 18
50
*114 -13
-8 *114 -1-38
114 -114 *114 -11
*114 --1.1
'114 -14
80 Well,Fargo & Co
1
1 Jan 5
11
/
4July 3
34
3714 3712 3788 3784 371g 3714 374 3738 3718 3758 3718 3734 4,000 Wesson
Oil& Snowdrift ....No par 304 Jan 15 39 Feb 18
15
*82
8314 82
82
a82
82 "81
8218 82
82
82
82
1.200
Cony preferred
No par
72 Jan 29 83 July 9
49
89
89
69
69
63 69
71
7214 73
71
71
69
320 Woes Penn Elea class A.--No par 34 Mar 6 7312July 10
34
80
80
8012 81
8034 81
8112 Z7812 80
81
7632 78/
.40
1
4
Preferred
100 3978 Mar 6 8312July 10
3978
6814 69
89/
1
4 70
8914 6914 70
*8812 6912
69
7012 x68
330
6% preferred
100 36 Mar 14 74 July 10
36
11712 11712 118 118
113 118
11814 11812 *118 11812 11812 11812
100 West Penn Power pref
100 10412 Jan 17 11912July 1
8812
113 113 *113 114
113 113
1131
/4 11334 *113 - 113 113
0% Preferred
40
100 95 Jan 2 11334July 17
7834
112 14
138 11
/
4 ---- ____ ____ ---- ---• --- ____ ___ _
200 West Dairy Prod el A....-No Pa
if8June 8
2/
1
4 Jan 8
118
*4
12
*14
38
4 '
*14
38
38
31
14
200
*14
5*
Class B v I 13
3
8May
1
No
7
2
pa
Jan
8
/
1
4
'714 8
8
8
"714 712
712 734
738 734
713 712 1,300 Western Maryland
51:Mar 15
100
9/
1
4 Jan 7
512
*1012 12 "11
12
•1012 12 •1012 12
10/
1
4 10/
1
4 •1012 1112
100
3d preferred
712 M ar 30 13 June 18
100
74
*1
114 *1
114 •1
118
11
/
4
114 *118 114 *118 14
100 Western Pacific
hg July 19
100
3/
1
4 Jan 7
114
*2511 3
3
2/
1
4 378
318 *234 3
238 278
212 258 1,400
Preferred
238 Feb 28
100
7/
1
4 Jan 7
238
39/
1
4 4038 30
30/
1
4 37/
1
4 394 39
1
4 4034 3934 4078 30,000 pireatera union Telegraph-100 20/
39/
1
4 39/
Mar
14
July
1
4
203
407
19
8
8
25
28
2614 26/
1
4 2614 2718 2878 2718 2,
2714 26/
1
4 2718 18,400 Weetingh'ee Air Brake--No par
18 Mar 27 2714July 18 w 1534
58
69
5884 5958 5734 ups 58a8 5938 5812 61
5972 6118 62,600 Westinghouse El & Mfg
50 32/
1
414Iar 18 8118July 19
2772
*115 117
117 117
116 11814 115 115
114 114
114 114
250
15t preferred
50 90 Feb 5 117 July 15
77
12 '
12
1184 12/
1
4 r 1238 14
1414 1411 1312 1312 6,800 Weston Elea la3trum1
144 1434
/
4_No par 10 Mar 18 1434July 17
5
*3214 34 .3214 34 '34
3412 3412 3412 *3288 3412 *3238 3112
190
Class A
No par 29 Jan 4 3412July 16
15
1934 20
*1912 20
1918 1912 1914 1912 1912 2038 20
2014 1,700 Westvaco Chlorine Prod- Nova'1634 Mar 13 234 Jan 3
1214
'22
2712 *22
2712 .*22
2712 *22
2712 2712 271: '20__ 40 Wheeling & Lake Eris By Co_100 18 Jan 3 2712July 18
18
*24
35
1324
35
*24
35 .24
35
35
35 "24
*24
0% non-eurn preferred____100 25 Mar 14 30 May 20
21
1812 1812 1918 1914 1014 193* 19
1
4 1,20J Wheeling Steel Corp
1
4 1934 19/
1
4 10/
1918 19/
No par
1414 Mar 28 2014 Jan 21
1112
7412 7413 7412 744 75
7538 7612 7834 774 7712 1,500
75
75
Preferred
100 4512 Jan 12 7712July 19
84
1012 1012 1012 1114 10/
4012
11
1034 12,400 White Motor
1
4 1138 1034 1134 1032
6/
1
4 Mar 15 1818 Jan 3
60
872
161
16
18
/
4 1633 16
4154 1838 16
16
*1532 18
16
600 White Rk MN Spr elf ___-No par 1312 Mar 22 2412 Jan 9
134
*138 2
*138 2
•158 2
214 1,000 White Sewing Machine-No par
2
*152 134
134
13
4
114
Mar 15
238 Jan 22
14
10
10
914 931 .9
984
1078 12
11
10
5,100
934 10
Cony preferred
No par
6 Jan 11
12 July 19
4
2
2
*2
218 .2
2
2
2/
1
4
400 Wilcox 011 & Gm
2
218
*2
2
1 Mar 14
5
2/
1
4 Jan 8
1
Wilcox-Rich
lloo
Corp
coth
class A_No par 34 Feb 5 35I2May 27
'
2278
--5i2 .."15-3 7538 --t;58
558 51/4 38,800
6
No par
378 Apr 3
7 Jan 2
318
Class A
No par 254 Feb 7 3138 Jan 3
114
;
1 5$84 .
78.12 -7151-4 10-14
$5 pre
100 58 Apr 2 75 Feb 28
58
6212 6214 6152 6212 6112 62
6212 8,800 Woolworth (F W)Co
62
1
4 62
6214 8218 62/
10 61 Jan 15 85143une 18
1712
36
1712
1734 1712 1712 1734 19
'17
1838 1834 *1712 18
3,000 Worthington P & W
Mar
12 214 Jan 7
100 1114
111
/
4
4212 4212 42/
.41
1
4 42
4411 1,200
4212 42/
1
4 44
1
4 4434 44/
1
4 46/
Preferred A
100 2512Mar 13 4614July 17
2512
*32
35 .33
3412 1332
3412 3314 35
3514 3612 3512 3512
900
Preferred S
100 20 Apr 4 3618July 18 • 20
51
51
4912 5012 47
5012 •47
50
48
*47
51
P.O Wright Aeronautical
49
No par 354 Mar 13 63/
1
4 Apr 24
12
*80
81
80/
1
4 80/
1
4 8012 13012 *80/
500 Wrigley (Wm) Jr (Del).-No par 7334 Mar 13 8234 Apr 26
1
4 80
3078 *7934 80
1
4 80/
4734
*2212 2338 23
23
*2234 23/
23
*2212 2314 23
1
4 23
23
1,300 Yale & Towne Mfg Oo
25 1734 Apr 9 24 Feb 1
1138
3
3/
1
4
34 338
314 338
9.200
3/
1
4 312
Yellow
314
3113
313
338
Truck & Comb al B---10
238June 6
414 Jan 7
40
40
2
/
1
4
42
42
42
42
42
42/
42
1
4 *42
42/
1
4 *39
380
Preferred
100 3112May
25
2914 2934 294 3034 30/
/
4 3234 3112 3212 15,300 Young Spring & Wire--No par 18 Mar 8 4278July 16
31/
1
4 311
1
4 3114 31
18
1018
20
2014 2038 2114 2038 21
214 19.100 Youngstown Sheet & T---No par 13 Mar lb 3234July 18
2078 2114 214 2134 21
217s Jan 8
1238
*60
61
61
81
8214 8438 85
8512 0712 6712 0812 8812
900
544 preferred
100 3812 April 6812July 19 "80
.232 278 .234 278 *234 3
258 278 .2/
1
4 272
272 278
300 Zenith Radio corn
No Par
114May 8
318July
a
118
*278 3
3
318
3
313
314 314
34 3/
3/
1
4 334 16,000 Zonite Pro5uct!' Corn
1
4
1
2118.1une 7
238
472 Jan 10
For footnotes see page 388.
Iti
Iii
/
1
4 11
1
4 11
/
4 /
/
4 /
1
4 11
/
4 -11
/
4 .1,,
-Lis "It" --W2 -1- --534
;667s -7iii "776;2 'ff. -----7014 71l-4 .-3;666
$ DOT 844,0
90
13378
7114 89
1532 25/
1
4
8/
1
4 1514
34
64
8
17
2114 2914
107
120
35
5038
218
878
2114 3772
914 18,4
338 1018
5934 7534
S's
714
59
77
1112 201
/
4
88
9938
11
/
4
Pa
6
1834
30
68
34
814
54
76
6014 83
1124 140
1078 402
78
3
414 24
1512 33
1012 11132
112
4
6
14
14
4
11
374
6
15'4
Ms 78
3414 514
115
146
CY 1012
32
0434
4/
1
4 1178
7
1934
15
80
4
1234
24
11
2438 61'4
9838 141
544 884
2938 5978
6714 99,2
140
99
126
150
4818 67
14
IA
34
178
1914 2212
14
8184
412 1212
1544 98
2438 3834
1/
1
4
538
10
26
59/
1
4 84
65
80
338
9
1818 27
52
82
112
95
138
478
2/
1
4
8/
1
4
14
64
878
4
324 2978
8412 1161
/
4
214
688
5
12
114
338
24
36
84
284
15
3178
1
878
314 1338
8
2872
1312 31
3
7
05
90
214
84
1534 3534
524 7484
4112 70
51/
1
4 80
2684
45
8912 110/
1
4
7834 105
134
514
12
24
718 17/
1
4
914 23
232
812
Os 1712
2912 56/
1
4
1578 36
2778 6714
82
95
6
1512
1438 2912
1478 2714
2412 29
24
36
1112 29
34
57
15
2812
3114 3112
14
378
5
1114
2
51
/
4
271
/
4 3418
434
9
124 32/
1
4
-4114
1312
3112
2338
1678
5418
14
234
28
13
1258
34
133
338
-854
311
/
4
53
62
75
76
2212
7'4
4713
2234
3334
5934
434
744
‘..1.-.
398
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
July 20 1935
for income and defaulted bonds.
On Jan. I 1909 the Hzthange method of quoting bonds was changed and prices are now -and 0116,8.r-except
transactions of the week, and when selling outside of the
NOTICE-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only
the range for the year.
computing
In
regular weekly range are shown in a footnote in the week in which they occur. No account is taken or such sales
..76114 1
s
k'
ee
1W
July
Werra
Rasps
1233 to
1
il
Reap. or
BONDS
a 1933 to Rano!
donee 0>
BONDS
Mee
June 30
,..
3
Friday's
I
EXCHANGE
STOCK
Since
Y.
N.
June30
1
4,
Friday's
1i
CH
N. Y. STOCH EXANGE
1
Jan.
1935
di
deled
..02,
di
Bid
Week Ended July 19
Jan, 1
••••9. 6141 & Asked 96.6 1935
Week Ended July 19
Hiss
Low
U. S. Government.
Fourth Liberty Loan
Oct 15 1933-1938 A 0 101.17 101.21
4th 434%
Treasury 440........Oct 15 1947-1952 A 0 117.1 117.7
Treasury 43(-340-Oct 15 1943-1945 A 0 10520 106.28
Dec 15 1944-1954.0 D 112.1 112.8
Treasury 48
Mar 15 1946-1956 M 8 110.14 110.20
Treasury Ms
June 15 1943-1947 3 13 10720 )107.28
Treasury 340
Sept 15 1951-1955 M S 103.30 '104.9
Treasury 3s
June 15 1946-1948 J 13 103.24 4104.3
Treasury 33
June 15 1940-1943.0 D 108.20 108.23
Treasury 340
Mar 15 1941-1943 M S 108.20 108.18
Treasury 340
June 15 1946-1949 1 13 105.3 i 105.11
Treasury 3445
Dec 15 1949-1952 J D 104.30 105.8
Treasury 340
Aug 1 1941 F A 108.20 ;108.28
Treasury 340
Ayr 15 1944-1946 A 0 106.12 61206.19
Treasury 330
Mar 15 1955-1980 M S 101.20 101.28
Treasury 2/45
Federal Farm Mortgage CorpMar 15 1944-1984 M 18 104.5 104,6
330
May 15 1944-1949 MN 102.15 102.20
3s
Jan 15 1942-1947 J 3 102.18 102.24
as
Mar 1 1942-1947 M 13 101.16 101.20
2Ks
Home Owners' Mtge CorpMay 1 1944-1952 MN 102.12 102.16
as series A
Aug 1 1939-1949 F A 101.1 101.8
240
State & CIty-844 note below.
Foreign Coot II Municipals
Agricultural Mtge Bank (Colombia)*Sink fund 6.Feb.coupon on__1947 F A
*Sink fund 6s April coup on---_1948 A 0
1983 MN
Akerahus (Dept) ext 6.
19453 1
•Antioqula (Dept) coil 79 A
1945.0 1
*External a f 79 ser B
3
19453
C
ser
is
f
a
*External
1945 J J
*External .1 Ta ser D
1957 A 0
•External e f 7e 1st ser
1957 A 0
*External sec 5 1 75 2d ser
1957 A 0
*External sec 5 f 75 3d ser
1958 3 11
Antwerp (City) external 55
1960 A 0
Argentine Govt Pub Wks 6s
1959 1 D
Argentine Be of June 1925
1959 A 0
Exti a f lie of Oct 1925
1957 M 5
External 51 Be series A
19583 D
External 13s series B
1960 M N
1926
May
6501
f
a
Ext1
1960 M 5
External s I C.(State Ry)
1961 F A
Ext168 Sanitary Works
MN
-1961
1927
May
(38
Ertl
pub wks
1962 F A
Public Works e10 5341
1955.0 J
Australia0-year 58
1957 M S
External 55 of 1927
1956 M N
External g 430 of 1928
19073 J
Austrian (Govt) a f is
1945 F A
otavaria (Free State) 630
194954 S
lielgium 25-yr exti 8448
1955 3 3
External s f Ba
1955 3 73
External 30-year 91 7s
1956 MN
Stabilisation loan 7e
1949 A 0
Bergen (Norway) 5a
1960 M 5
External sinking fund 6.
1950 A 0
•Beritn (Germany)s f 6)0
19583 D
*External sinking fund lla
1945 A 0
*Bogota (City) extl e f Be
•floilvia (Republic of) exti 88.-1947 M N
19883 1
*External secured 7s
1969 M 8
*External sinking fund 7.
•
1941 3 13
*Brazil(US of)external Si
1957 A 0
*External 8 f 640 of 1926
1957 A 0
*External a f 640 of 1927
1952.0 D
els (Central RY)
1935 M 5
*Bremen (State of) exti 79
1957 M 8
Brisbane (City) 5 I 511
1958 F A
Sinking fund gold 88
19503 13
29-years 165
Budapest (City OR1982 3 13
*65 July I 1935 coupon on
1955 J J
Buenos Aires(City)6345B-2
1960 A 0
External 9 f 89 ser C-2
A 0
1980
External a f 6a ser C-8
•ituenoa Aires (Prov) exti C.__.._1961 M 13
1961 M S
•65 stamped
1981 F A
*External s 1 634e
1981 F A
*640 stamped
ng
01)Bulgaria(Kingdom
'Sinking fund 75 July coup off1_987 J J
*Sink lund 740 May coup off 1968 MN
Low
58
119
289
216
68
76
268
329
17
30
1,060
761
21
121
667
100.30
104.10
97.28
101.18
99.28
98.5
93.12
97.28
98.12
see
94 28
101.5
97.27
99.24
100.14
1
68
112
81
281
720
*23
2314
94
912
912
912
912
4
1
9/
914
94
29912
9738
9714
9714
974
9738
9712
9714
9738
9738
9478
10284
10278
4
1
96/
9512
2434 ---,
I
2314
9454 17
984 30
3
978
934 11
912
3
7
934
972
8
912 14
9934 23
9814 32
9838 78
9812 30
9812 87
9814 44
9838 44
9838 39
9814 23
9814 11
9512 41
10338 182
10338 48
974 68
45
97
31
108
10412
11312
10818
100
994
2714
2418
1414
758
7
7
31
109
105
11414
10938
100
9934
274
2578
1534
812
8
4
1
7/
1
12
20
5
22
1
6
5
32
49
21
16
51
2634 21
28
114
1912 21
20
2118 47
63
1912 21
4012
3
40
4
1
7
4 96/
1
95/
95
96
28
101
10134
3
3714.98
36
12
93
3
9212
_ -8332 6414 178
*73--4
78
78
67
6355 65
*3618
96
9214
9214
18
1512
High
Low
High No. Low Low
Foreign Govt. & Munle. (Cos.)
Costa Rica (Republic of)
174
3018 3612
3
1951 M N 3612 3612
•711 Nov 1 1932 coupon on
4
1
174 32/
9 ---074 May 1 1938 coupon on.---1951- 274 3159
9412 100
-- ---, 6812
1944 M S *995s
Cuba (Republic) 55 of 1904
90 100
8
834
1949 F A 974 1-00
External 5a of 1914 ser A
91
84
6178
__ ---1949 F A *9318
External loan 4)48
2
94,4
81
77
Sinking fund 5144 -__Jan 15 1953 1 J 9312 -1414
234 42
1914
*Public wks 540 --June 30 1945.0 D 3112 3334 40
1234 18
814
884 1435
1959 M N 1214
4Cundinamarca 6 448
9512 10553
1951 A 0 *10878 --------7794
Czeohoalovakla(Rep of) 89
954 10634
6
77
1952 A 0 10812 106
Sinking fund 85 ser B
4
1
4 105
1
79/
98/
1942 J J 1024 1034 70
Denmark 20-year exti 68
93 101
75
1955 F A 9858 994 49
External gold 5448
4
893
9912
60
824
9618
61
0
A
1962
External g 430__Apr 15
1932
Deutsche Bk Am part off 811
6312 16
4812
5514 70
,,-- 63
*Stamped extd to Sept 1 1933
21
70
8114 714
40
Dominican Rep Cust Ad 540-1942 M 13 69
64
55
36
3
61
1940 A 0 60
1st ser 514e of 1928
101 14 104.5
98
4 64
1
36
54/
1
1940 A 0 6112 614
2d series sink fund 534!
94.27 8916 102.20
8
435
33
27
-._
40
*33
N
M
1945
1243.20 100.20 102.21 *Dresden (City) external 7s..
-....... 100.24 101.20
5518 554
--------36
•El Salvador (Republic) 8s A -1948 J 1 *48
1
35
36
38
62
J .1 36
94.26 99 18 102.16
*Certificates of deposit
95
20
4812
8412 96
19673 J 94
92 28 86:20 101.6 Estonia (Republic of) 75
108
107
107
1
70
10312
S
M
1945
Finland (Republic) ext Ba
7011 10118 10434
1956 M S 1024 10314 17
External /Ink fund 6445
1
20
2118 3514
1958M N 2618 2618
*Frankfort(City of) a f13348
175
19
173
16512 190
126
13
.1
1941
French Republic MI 730
1 1274 18912 190
19493 D 17912 1794
3312
21
External 78 of 1924
4
1
18/
*German Government Interns1912 32
1538
23
4 374
1
23/
19663 D 2334 2518 186
4
1
tIonal 35-yr 530 of 1930
84
9012 96/
3112
34
4738
1949 A 0 3434 3512 41
738
712 1134 *German Republic en! 78
Ilks
4
1
/
Communal
7
1118 *German Prov &
614
4878
234
38
1958 J D 4014 4138 57
(Cons Agrlo Loan) 63411
4 934
1
7/
74
714 1058 Graz (Municipality of)714
86 10812
49
1954 M N *9539 9978 --,,
•811 unmatured coupons on
638
614 1014
1937 F A 11314 11418 33 10718 11014 116,2
Or Brit & Ire (II K of) 5345
672 10
614
11712
4
9
.
01168
33
4 119
1
/
108
MN
1990
538
812
£
fund
1960
loan
14%
opt
4
1
654 9/
334 3912
•Oreek Government e I ser 78-1964 M N *3638 --------22
88 126
702
37
1984 -----------------37
0314 0012
•79 part paid
44
3012 3134
2
16/
4
1
2512 33
1968 FA
•S f secured 65
90
4
/
981
44
9858
90
4494
7 67
82
9112
9014 9878 Haiti (Republic) a 1 (le ger A
64
1952 A 0 9114 9114
42
20
6 ..,
1514
24
515 25
22
16
112
38
1946 A 0 .
4424
904 9812 *Hamburg (State) (la
90
9812 *Heidelberg (German) exti 7441-.1950 J 1
4412
1
4 1034
1
8014 101/
1960 A 0010214 010214
9838 Fleisingfors (City) art 8445
4414
90
9858 Hungarian Cons Municipal Loan90
4414
294 gg
1
26
*740 unmatured coupons on 1945 J .1 3314 3314
45
90
9834
35 ---2658
3012 334
1946.0 .1 *31
•79 unmatured coupon on
6114
844 9512
36
---:
MN
294
*31
294 35
98 10412 *Hungarian Land M Inet 740-1961
7758
2
2938
3219 35
1961 M N 334 3312
98 1044
78
*Sinking tund 7345 ser B
4
1
73/
924 9714 Hungary (Kingdom of)4
/
411
41
5
4 4919
1
3112
34/
1944 F A
97
*740 February coupon On
81
1212
120 ...-92
10514 118
1980 MN *115
Iffah Free State exti a 1 58
54
72
385
4
683
79
4 9412
1
/
67
D
3
1951
Italy (Kingdom of) exti 71
2814
30
37
84
5
8914
84
99
3812
Italian Cred Consortium is A ____'37 PA S 84
9314 109
89
69
75
10
s
897
8
697
61
M
1947
5!
8612
9314 10712
B
ser
7s
gee
External
35
634
55
60
35
195 J 3 .56
Italian Public Utility exti 79
0284 1014 119
77
90 100
1954 F A 9658 9812 110
97 11014 Japanese Govt 30-yr If 8515
91
4 79
1
87/
674
7714 89/
4
1
1965 MN 86
Exti sinking fund 514s
957e 100
6718
9934 Jugoslavia State Mortgage Bank4
1
62/
93
43
25
23
1957 A 0 37711 4012 18
5175 with all unmet coup
. 38
251
22
224 3813
204
35
364,
40 ____
447s
1947 F A *37
*Leipzig (Germany) 91 75
4 18
1
104
11/
.
51
514 912 Lower Austria (Province of)80
1044
*100
D
J
on_1950
97 106
•7449 June 1 1938 coupon
8
4
4
6114
642 1014
13
9
9
1954 3 E
814 •MedellIn (Colombia) 630
6
4
3
21
5
5
1043 MN
*Mexican Irrig Asstng 4345
758
5
4
1
21/
2512 8978 *Mexico (ITS) °it! 5/ of 1899 6-1945 Q 3 :
818 ---8
's
1-4
1 :
75 --5
8- -:
1945
194 3112
*Assenting Be of 1899
1911s
814 11
514
5 ---4
8154
*Assenting 58 large
1918
20
*Assenting Si small
Ms
1912 8114
112
1i4 534
8 ------1954
•48 01 1904
4 4112
1
29
33/
3
5
5
434
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1
4/
1954
68
874 974
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4
412 37
4
7
4
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684
8594 975s
4
25
854
334
394 7
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97 1024
75
734 754
514
4•1Treas 68 of'13assent (large)-1933 1_ 3, *5
8 ---814
Olt
3212 394
**Small
4
1
584
29/
- -:r.,
'--- -'
6312 170
854
CO
Milan (City. Italy) art!6449 --.1952 A 0 60
98
We
34
4014
93
Minas Geraee (State of. Bras11)36
82
1414
2
1418
1418 19/
4
1
1958 M 8 14,4
9212
•634/1 Sept coupon oft
3614
82
15
11
1414
195954 S 15
1414 194
2914 eels mg •6449 Sept coupon off
5158 65
2518
38
42
31
42
2714
19523 13 37
*Montevideo (City of) 78
78
2712
67
3212
1
25
29
3612
*External a f 68 series A
6514
251s
52
2 101
2111
30
20
4 10
4
1
73/
F 1
7M
9634 10212
52
195
New So Wale.(State) exti 59 ---19
15
7312
9534 10212
1414 1658
External s f fe
Apr 1958 A 0 10018 101
1414
10612 17
1943 F A 108
88
Norway 20-year extil as
1034 1074
1312
1312 19
10834
7
1944 F A 108
8712 1034 107
20-year external Ills
4 1024 78
/
1952 A 0 1011
8314 19014 10414
30-year external Be
4
1
8/
4 14
1
8/
1988
8
D
4
/
1011
10214
31
40-year a I 530
4
1
78/
993s 103
864 10412 10812
10114 62
106388 5 101
External sink fund 58
76
984 10254
994 11014 11458
19703 D *10015 - -- --„„
Municipal Bank exile f 5/
804
98 10134
4 10312
1
9812 101/
26
26
A
14 24
1952 P
22
2214 85/
4
1
5012 624 *Nuremburg (City) exti 6s
504
64
774 90
1953 111 5 874 8812 24
894 134 Oriental Dave! guar Bs
858
1958 M N 821a 8312 16
5914
4
1
7454 85/
Ertl deb 5348
35/
4 5812
1
294
4 10138
/
195588 /4 .1011
5
73
99 10214
Oslo (City) 30-year. 1 tis
47
28
26
4
1
26/
28
464
106
1
19533 13 106
89
10212 10712
554 Panama (Rev) esti 530
2714
35
1963 14 N *554 58 ---,
4
1
24/
•Ext1 a f ser A
40
59
17
12
7
27
2013 54
2
5112
5112
*Stamped
6
1012 1514
814
1012 154 Pernambuco (State en4 14
1
1947 I'd 5 13/
13
34
•75 Sept coupon oft
134 1578
1012 1512
812
1959 si s 1812 201
4 55
/
4
1
20/
12
7
1012 1512 *Peru (Rep of) external 75
618
a
738 1712
*Nat Loan Intl a t 65 1st set - _ 19603 D 154 1712 774
64
1014 1538
1514
4
1
/
17
0
A
387
-1981
4114
Vs
If
Loan
8
tier-173
2d
exti
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Be
154
4
6
3
10
14 18
27
12
13
514 7
2 8
25
7 A 0 18
940
13
8
53
37174 83
1054 1412 Poland (Rep of) gold 88
784
1264
Stabilization loan s 1 79
1434
11
27s
1240 2 J 95
9838 23
6358
4 9678
1
79/
External sink fund g 86
1414
71s
11
74
1014 1414 Porto Alegre (City of)519
1912 _-._
1961 J D '
184
1612 22
4185 June coupon off
954 1212
5
15
1638
6
1418
1988 1 J
1412 22
457445 July coupou of/
105
1
1952 MN 105
7714
99 105
Prague (Greater CIO) 750
40
47
22
2512 22
2412
2412 37
gg 10212 *Prussia (Free State) ext1 630-1951 M 5 25
75
254
8
243
0
12
A
1952
.
2318
2414
*External a f Be
36
27
22
No
16
16
7
15
17
1114 12
•Caldaa Dept of(Colombia)730_1948 1 J
1960 A 0 10734 10814 64
Canada(Dom'n of) 30-yr 4.
24
114
MN
11312
1952
55
16
1938 F A 10178 102
444e
52
1954 .1 J *
*Carlsbad (City) 8 1 81.
*Cauca Val (Dept) Colom 740_1948 A 0 *1058 1214 ___7
1950 M S 3538 38
•cent Agri° Bank (Get) 79
9
July15 1960 3 J 2812 2938
*Farm Loan e f 85
6
3012
Oct 15 1980 A 0 29
*Farm Loan a f 85
3914 12
*Farm Loan 68 ser A -_ _Apr 15 1938 A 0 38
51
1418
15
1942 M N
*Chile (Rep)-Ext1 e f 79
1960 A 0 1358 1478 252
*External sinking fund 65
4 175
1
1334 14/
Feb 1961 F A
*Eat Milking fund (le
Jan 1981 1 J 1334 1434 187
*fly ref ext s f Be
1434 73
Sept 1961 61 15 1334
•Ext sinking fund (la
1962 I'd 13 1378 1458 57
65
fund
*External sinking
1963 M N 1358 1434 156
*External sinking fund 6a
4 26
1
1957 J D 1234 13/
*Chile Mtge Bk 630
5
4 1378
1
1981 J D 13/
*Sink fund 830 01 1926
1378 34
1981 A 0 1314
*Guar 5 t 68
1982 M N 1314 1358 24
*Guar s f fla
7
4
/
111
1960 M S 11
'Chilean Cons Munk 78
1951-5 13 *3758 41
•Chineee(lukuang Ry)58
61 8 10012 10034
1954e
1954
Christiania (Oslo) 20-yr 5 f 8e
27
*Cologne (City) Germany 840_1950 111 8 27
Colombia (Republic of)*Bs Apr 1 1935 coupon on_Oct 1961 A 0 2614 2634
•65 July 1 1935 coupon on_Jan 1961 J J 2814 2834
1947 A 0 2015 2058
*Colombia Mtge Bank 630
1946 M N 204 2018
*Sinking fund 75 of 1926
2334
1947 F A *20
7501
1927
*Sinking fund
9134
1952 1 D 91
Copenhagen (City) 54
1953 M N 8578 8834
25-year g 4545
1957 F A 5218 5312
*Cordoba (City) ettl s t 78
4738
47
1957
•575 stamped
CO
1937 M N CO
*External sink fund 79
52
52
1937
47e stamped
1947 J J 7712 7734
Cordoba(Proy) Argentina 7e
4
2
25
13
11
1
33
19
12
4
1
1
27
Low
18
204
14
12
1494
6012
554
12
_
2978
2518
High
101.17 104.18
113.8 117.7
102.28 10621
108.24 1128
107
111.20
103.38 107.28
100.20 104.10
100.20 104.10
104.15 108.23
104.14 108.28
101.16 10611.
101.15 106.8
104.15 10828
102.24 106.19
100.15 101.28
2215
2212
18
184
18
86
8114
4454
4
1
38/
50
4612
70
3612
37
244
2412
2512
9435
9112
5312
4755
60
52
8014
3
Queensland (State) extl a 1 7s ___1941 A 0 10912 10912
108
5
1947 F A 108
25-year external (is
1
4
1
1950 M 5 3834 38/
•Rbine-Main-Danube 711 A
Rio de Janeiro (City of)1512 20
1948 A 0 1518
•85 April coupon off
1214
1418 208
1953 F A
*8445 Aug coupon oft
Rio Grande do Sul (State of)1712 1948 A 0 *17
•88 April coupon off
1523 ii
1414
1988 1 D
.813 June coupon off
1418 1514 14
MN
1968 J
07e May coupon off
3
1594
1612
D
1987
vls June coupon off
1952 A 0 6012 8518 128
Rome (City) exti 6441
94
8334
3518
155t8 135514
10 2
10318 109
4 4312
1
37/
134
13
1918
15
1214 1812
1614
1314
144
1384
7012
1614
1314
1418
13%
60
234
22
21
m21',
8714
For footnotes see page 403.
dealings in such securities being almoei entirely over the counter.
NOTE-Sales of State and City scour ties occur very rarely on the New York Stock Exchange.
on a subsequent page under the general head of "Over-the-Counter Securities.''
Bid and asked quotations. however, by active dealers in these securities, will be found
New York Bond Record-Continued-Page 2
Volume 141
z...
BONDSit:
;s
N. Y STOCK EXCHANGE
Week Ended July 19
Week's
July 1
Ran(10 01
4‘, 1933 to
Fridays.
- ...
ti -, June 30
4C.... Bid & Asked a:1,Q
1935
Foreign Govt. &Munk.(Cooc1)
Loo
Awl No
Rotterdam (City) exti 6e
1964 MN alit 011212
3
Roumania (Kingdom of Monopolies)*78 August coupon off
1959 F A
12
3412 35
Saarbruecken (City) 6s
49
1953 1 J.
Sao Paulo (City of. Brasil).8s May coupon off
1952 M N
1
1612 1612
*External 834s May COUDOn off 1957 MN
15/
1
4 16
7
San Paulo (State of)•8s July coupon off
1936 .1 .1 24/
4
1
4 20
*External 88 July coupon off
1712 18
1950 J J
26
*External 75 Sept coupon off.__1956 St 5 1534 16/
1
4 27
*External (Is July coupon off
16
1968 J J
1614 23
*Secured 81 75
1940 A 0 73
761
/
4 65
eSanta Fe (Pro* Arg Rep) 75
1942 M 5 6312
*Stamped _ __
_ ______ _
_ _
59,
4
*Saxon Pub Wks__(Germany) is 1945
___- FA
3418
*Gen ref guar 614e
1951 M N 3238
*Saxon State Mtge Intl 7s
1945 3 0 43
*Sinking fund g 812s
19483 0 *3912
Serbs Croats de Slovenes (Kingdom)•85 Nov 1 1935 coupon 0a
1962 ___ 2918
•7s Nov 1 1935 coupon on
1962 -- - 29
Silesia (Prov of) ext1 78
1
4
1958 i b 74/
*Silesian Landowners Assn ge
j947 F A 4718
9018808B (City of) esti Os
1936 MN *160
Styria (Province of)•75 Feb coupon off
1946 F A 91
Sydney (City) of 534e
1955 F A 9812
63,
4
6014
35
3312
43
70
21
34
30
5
4
3018
29/
1
4
75
474
37
13
25
1
96
991
/
4
3
4
Taiwan Elm Pow s 1 51.0
1971 .1 3 83
841
/
4
8
Tokyo City 55 loan of 1912
1952 M S 7218 73
7
External 5 f 634s guar
1
4 22
1961 A 0 8212 83/
*Tolima (Dept of) esti 75
1947 MN
1112 1112
2
Trondhjem (City) let 5445
1957 MN 984 9878
3
Upper Austria (Province on575 unmatured coupon on
1945 1 D *107
*Esti 6348 unmatured coups
__ ____
1957 1 D 01035
*Uruguay (tepublIc) extl 8s__ _1946 I, A 40 8-12
4214
*External 5168
4112 119
1960 MN 39
*External 5 f 13s
104
1969 M N 3878 42
Venetian Pro, Mtge Bank 7e _1952 A 0 9018 9012
4
Vienna (City of)*Os May coupon on
2
1952 MN 9018 904
Warsaw (City) external 7s
50
7314 74
1958 F A
Yokohama (City) int' Os
1961 J D 8714 8812 15
RAILROAD AND INDUSTRIAL
COMPANIES.
•1tAbitibi Pow & Paper let 5,3_1953 1 D 2818
Abraham & Straus deb 552e
1943 A 0 103
Adams Express coll tr g 4s
1948 M 8 96
Adriatic Elec Co ext 75
1952 A 0 27012
Ala 01 Sou 1st cone A 55
1943.2 D *10714
lot cons 45 ger 11
1943 J D 1014
*Albany Pallor Wrap Pap 6s
1948 A 0 46
Alb & Sumo 1st guar 3845
1946 A 0 101
:Allegheny Corp coil tr 55
7112
1944 F A
cony e
Co
1949 1 D 62
•Coll & cony 65
1950 A 0 1712
Es stamped
1950- - 12
Alleg & West let gu 4e
0 *8918
1998 AApes( Val gen guar a 4s
1942 M S 108/
1
4
Allied Stores Corp deb 414o
1950 A 0 9318
Allis-Chalmers Mfg deb 6s
1937 MN 10112
*Alpine-Montan Steel 79
_1955 ---- a9134
Am Beet Sugar (is ext to Feb 1 1940 F A *10234
Am & Foreign Pow deb 55
2030 M 9 71
American Ices f deb 6s
1
4
1053.5 D 82/
Amer 1 G Chem cony 594e
1949 MN 11058
Internal
Corp
Am
cony 594s
96
.1949 J J
Am Rolling MI11 cony 65
1938 M N
10-yr cone deb 41111
1915 M S 10314
Mn 8111 & R 1st 30-yr Esser A
1947 A 0 101
Mn Telep & Teleg cony 45
1936 M 8 *102
30-year coil tr fis
19463 D 10812
35-year 5 f deb 5.s
1960 3 J 112
20-year sinking fund 510
1943 MN 11214
Convertible debenture 4Sis_1939 J .1 10734
Debenture 53
1965 F A 11214
j•Am Type Founders Os ethi
1940 ---- 3914
Amer Water Works & ElectricDeb g 6s series A
1975 MN 86
10-year 55 cony coil trust
1944 M 8 9812
1•Arn Writing Paper 1st g 133.,
1947 1 J 2424
*Certificates of deposit
02378
*Anglo-Chilean Nitrate 75
1945 MN
12
1•Ann Arbor 151 g 45._ _
1995 Q J 60
Stem
Bridge & Ter 53
Ark &
1964 M 8 *911
/
4
Armour & Co (III) lot 43.45
19393 D 10334
Armour & Co. of Del 534s
1943 J J 10512
Armstrong Cork cony del) 5s
1940 .1 D 10318
Atoll Top & S Fe-Gen g 4s
1995 A 0 110
Adjustment gold 4s_
1995 Nov 10412
Stamped 4s
1995 MN 104
Cony gold ts of 1909
1955.5 D *1031
/
4
Cony 45011905
1965 J D 1031
/
4
Cony g 4s Issue of 1910
1960.2 D *100
Cony deb 4Siti
1948.2 D 10914
Rocky Mtn Div 1st 4s
19653 3 10418
Trans-Con Short L 1st 4s
19583 J *11012
Cal-Arts let & ref 434s A
1962 M S 11014
At! Knox & Nor 1st g 53
1946.2 D 511258
AO & Charl A I, let 4142 A
1944 3 1 101
151 30-year 55 series 11
19443 .1 *____
Atlanta Gas L 1st to
1947 J D
All Coast Line 1st cons 45 July
1952 M S 9514
General unified 4325 A
1964 J D 75
L & N coil gold 4e____Ort __ _1952 MN 70
10 yr coll tr 58
May 1 1945 M N 93
2912
103/
1
4
9714
7114
10814
10118
46
101,
4
7334
63
18
1234
92,
4109
9438
102
a91,
4
64
40
35
32
5
1
9
71
63
3
35
5
64
41
5
103 ____
7312 302
84/
1
4 83
11112 130
09
48
10658 912
1011
/
4 137
1021*
110
35
11234 58
82
113
108
70
65
113
3912 12
87
10012
2434
25
1512
6114
36
78
7
82
6
9412 _
83
104
105/
1
4 169
10312 46
110/
1
4 91
10412 '
10412 1.
2
10312
3
10212 _
19
110
10418 10
113 ____
11012 21
1211
/
4 ____
101
26
10234 ____
06
76
72/
1
4
9334
56
18
57
60
Ranoe
Since
Jan. 1
Low Low
9218 112
HISS
13918
2058
10
29
50
1512
1518
1512 191
/
4
1415 194
3612
78
:Baldwin Loco Works lot 5s__ _1940 MN 10034 10114
7
30
Balt & Ohio let g 413.....3uly
1948 A 0 10214 103/
1
4 70
1995 J D 62/
2334
Refund & gen 55 series A
1
4 67
111
1st gold 55
21
_1948 A 0 10818 109
July
49
21
Ref & gen 6s series C
1995 J 0 7314
76
155
P. L E & W Va Sys ref 4s
9114
1
4 91
1941 M N 994 99/
Southwest Div let 33.4-521
97/
1
4 102
1950J 1 96
17
52
6324
Tol & Cin DI• let ret 42A
86/
1
4 26
1959 J 1 85
38
4912 61
Ref & sten be series D
2000 M S 6212 6614 60
30
30
4214
Cony 434e
5212 309
1960 F A 50
2812
3014 40
Ref & gen M 58 ear F
67
66
1996 M S 62
90
40
65
Bangor & Aroostook let 5s
1943 J J 11312 11438 12
3824
Con ref 45
3884 5212
1951 3 .1 105
10534 18
43 stamped
1951 -.--, 10814 108/
1
4 19
____
27
36
Batavian Pete guar deb 434s__....1942 1 1 110
12
11334
____
2218 36
Battle Crk & Star 181 gu 3s
1
4 6714 ____
1988.2 D *65/
43
6512 75
251
/
4
43
6114 Beech Creek lot gu g 45
1936 1 1 10218 10212 22
117
159 17512
54 guar g 55
102
1936 1 J 102
5
Beech Creek ext 1st g 3348
1951 A 0
- ---4714
86
9612 Bell Telep of Pa &aeries B
*9812--5
4 119
1948 1 3 *1183
75
1st & ref 55 series C
9512 10212
1960 A 0 12534 1261
/
4 58
Belvidere Delaware cons 334o......1943 1 1 *10338
- ---1
4 Beneficial Indus Loan deb 68
7412 87/
68
fif
3
1946 M S 111
5354
6612 76
*Berlin City Else Co deb 6342 - _1951 .3 0 3114
3112
8
59
7458 86
*Deb sinking fund 645
2812
2612
18
1959 F A
812
8/
1
4 12/
1
4
*Debentures Os
9
1
4
1955 A 0 2612 27/
6384
91
09
*Berlin Eleo El & Underg 6 Mg_ _1956 A 0 3312 331*
1
Beth Steel 1st & ref Si guar A-1942 M N 108/
1
4 10914 32
6111
/
4
95 110
30-year pm & impt of 68
1938 3 J 104
10414 37
82 102
4113
33
3618 4738 Big Sandy let 4s
1944 1 D 10918 10918
2
2612
3414 4112 Bing & Bing deb 614s
1950 M 8 53712 48 ____
2652
3412 42
Boston & Maine lst 55 A C
1987 M 5 7458 7612 71
73
1st
M
704 9014
55 'series II
1956 MN 7534 7734 35
let g 43.4* ser JJ
1961 A 0 7078 71
4
Boriton & NY Air Line let 45__ -1955 E A 2878 2872
5258
8478 56
1
41
11.*Botany Cons Mills 812e
74
63
714
71
/
4
5
1934 A 0
63
8014 90
*Certificates of deposit
A 0
71
/
4
7/
1
4
2
112•13owman-BIlt Hotels 1st 75_ __1939
M 8 .51,_ ____
Strap as to pay of $43554 red
Brooklyn City RR lst 611
1941 1 J 914 -9-2-12 16
Bklyn Edison Inc gen 55 A
1049 1 .1 10714 10814 23
1552
26
4112
Gen mtge 55 series E
1 J 107
1952.
13
108
87
103 10512 Bklyn-Manb R Toes Os A
1968 J J 10512 10712 105
01
15-year sec 53, series A
9714
85
1049 1 D 10538 10512 18
8118
1
4 Bklyn Qu Co & Sub con gtd .55_1941 MN
7018 100/
70
71
9
8012 107 10814
let 55 stamped
1941 .1 1 70
1
70
74
100 10334 BklYn Union El 1st g 55
1950 F A 10952 11012
9
38
6458 /3klyn Un Gas 1st cons g 56
38
1946 M N 12012 12078 16
83
1st lien & ref 65 series A
9912 103
1947 M N 12758 12758
1
6412 7512
4734
1936
Cony deb g 534e
____
41
Debenture gold 5s
5212 6614
1950 1 D 10514 1-657-8
6
13
13
let lien & ref 55 seder] B
26
1957 MN 010914 110 ____
8
8
1312
62
Bruns & West 1st gu g 4s
8412 92
1938J 3 *102
10314
_
10512 10914 Buff Gen El 414e series 15
93
1981 F A 110
110
1
Buff Koch & Pitts gang 85
9258 95
1937 M 5 104
10414
8
8312 100 102
1957 MN 58
008501 4945
59
75
--__
87
9724 1.1.*Burl C R & Nor lot & coil 58_1934 A 0 1912 20
3
*Certificates of deposit--.. •1612 23 ____
80
98 103
II•Bush Terminal 1st 4s _____ _1952 A0 871
/
4 8714
1
32
49
*Comm! 55
7312
1955 3 1 42
42/
1
4 18
02
70
8812 Bush Term Ridge 55 gu tax ex
1960 A 0 65/
1
4 67/
1
4 15
764 10412 11112 By-Prod Coke 151 5345 A
1945 MN
8712
85
3
05
8512 99
87
Cal0& E Corp unf & ref 55
10258 112
1937 M N *10814 11012 __
10212 106/
1
4 Cal Pack cony deb 5s
1940.2 1 10438 10438
2
92
101 10572 Cal Petroleum cony deb of 5s_..1930 F A *101
10114 ____
10078 102 104
Cony deb e f g 534s
1938 MN 10118 10118
3
10112 10712 11014 *Camaguey Sugar 7e etre
1942
958 10
912
10034 1111s 11312 Canada Sou cons gu 5e A
A0 *11034
1962 -_
_
103
11138 11372 Canadian Nat guar 434*
1959 M 5 1024 10314
65
_- __105
30-year gold guar 454s
10618 109
/
4 11078 17
1957 3 .1 1101
100
111 11372
Guaranteed g 55
July 1989.2 .1 11412 114/
1
4 16
20
42
31
Guaranteed g 55
Oct 1969 A 0 11634 11678 11
Guaranteed g 55
1970 F A 11652 11714
6
58
6378 90
Guar gold 43.2e
June 15 1955 1 D 114/
1
4 11412
7
80
80 102
Guar e 441I
1956 F A 11218 11234 35
18
1954 2614
Guar g 434s
Sept 1951 M 5 11124 112
14
2012
2012 25
Canadian North deb guar 75
19403 El 10158 105
21
314
7/
1
4 1512
Deb guar 63-45
1946 3 .1 12318 12331
17
5012 63/
1
4
27
Canadian Pac RY 4% deb stock ____ ---- 86,
4 8838 126
781i
8754 9512
Coll tr 43.4s
1946 M 5 10258 10312 25
102 10412
75
55 equip tr MU
19443 -1 11218 11234 38
74
103 10634
Coll tr g 63
Dee 1 1954 J D 106/
1
4 107
28
85
10318 104/
1
4
Collateral trust 43.4s
1960 3 .1 10134 10314
79
8414 1064 11112 t•Car Cent let guar g 4)8
1049 J J *41
50 ____
75
101 10612 Caro Clinch &0 let 65
1938 J D 108,
4 108/
1
4
5
7518 10134 10618
let & cone 063 ser A _ __Dec 15 1952 J D 109/
1
4 1091
/
4
9
75 10012 104
Cart & Ad let gu g 48
1981 3 0 7414 741
1
/
4
7414 100 10514 *Cent Brenda/ P let g 45
1948 .11 D 29
30
2
78
100 10312 Cent Dist Tel let 30-yr 52
19433 D *10812 10851 ____
8818 10412 110
t•Central of Oa 1st g ts__ Nov 1945 F A 47
1
47
79
10014 105
•Consol gold 58
1946 MN
1858
19
21
89
10712 111
*Ref & gen 514e serlee B
1959 A 0 10
10
2
8714 10872 11212
*Ref & can 5s series C
1359 A 0 10
11
1014
99/
1
4 110 113
•Chatt Divpur money g 45__ _1951 J D e____
2012
8672 101 106
*Mac A Nor Div 15t0 5s
1946 J J *1512 25 ___
80
104/
1
4 11038
•Mid Ga & Atl Div pur m 65_1947 1 J •____
23 ____
95
*Mobile DI• let g 58
1946 J ------25 ____
7113
93 10312 Cent Hudson G & E 5e
Jan 1957 M S 10518 1054 10
6112
711
/
4 9212 Cent III E!ec & Gas 1st 5s
1951 F A 9558 97
68
6812 8212 Cent New Engl let gu 40
57
1961 .5 J
5378 55
25
93
93 100
1518
1212
1272
101
/
4
01
2438
17
1412
14
73
For footnotes see page 403
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members - New York Curb Exchango
49 WALL STREET
-
399
....8
Week's
Jolt 1
r ,-;
BONDS
Ross. or ; 1933 to
Rana*
N, Y STOCK EXCHANGE
Friday's
..t. st
LIIM Junc30
Since
....... Bid & Asked di o`t*
Week Ended July 19
1935
Jan. 1
-Low
Fligb NO. Low Low
Blob
AU & Dan 1st lif 4e
1948 1 3 2312 3012 14
29
27
421
/
4
2d 4s
1948 1 1 234 25
8
2412
234 3412
1959 J J 4058 42
Atl Gulf & W I SS coll Cr 58
15
3514
3514 47
Atlantic Refining deb 58
1937 J 1 10712 107/
1
4 73 101
10718 10814
AU & Yad let guar 4s
1949 A 0 42
42
1
37
3824 5712
Austin & N W let gu g 58
1941 1 J 9838 9878 18
75
90
99
-
NEW YORK
Private Wires to Chicago, Indianapolis and Si.
Louis
951
/
4
8214
54
9418
59
76/
1
4
7414
61
5212
3812
6212
9412
744
19112
9158
60
951
/
4 105
9512 10412
54
7712
101 10912
6314 8614
93/
1
4 100
86
9912
7534 88
5212 70
3812 6075
5212 764
110 1141
/
4
10014 106
103 1081
/
4
103 11412
64
68
88
8912
66
103
10314
-622738
2514
2425
2758
9418
94
100 10212
100 102
95
95
11314 12012
11654 1262
---10714 ffi
27,2 44
2514 3912
2512 3938
3312 4138
10512 11518
10315 104,2
00
25
5914
6012
56
28
534
6
102/
1
4 10918
3412 45
5912 79
6012 791
/
4
5912 74
26
4025
5,
4 1212
6
11
412
6812
103
10212
8131
/
4
08
521
/
4
5738
7212
10312
10614
158
93
10012
434 41
/
4
84
9212
10678 110,2
106 110
10418 10734
104 1051 2
/1
55
7758
65
10055 11012
11438 121
11858 128
884
964
91
50
1712
14
39
1015
31
54
1011
/
4 103/
1
4
10834 11158
104 107
5112 70/
1
4
1712 24
14
2018
76
8712
3714 51
5312 68/
1
4
77/
1
4 8812
1021
/
4
85
92
9412
Ds
79
914
9114
9634
9618
9654
941
/
4
911
/
4
911
/
4
10218
1054
10775 109
10312 10558
10118 103
3014 10375
2,
4 15
10614 112
102/
1
4 1041
/
4
10812 11355
11254 118
115 1204
1151s 11972
113 11754
109 11575
109/
1
4 11452
10152 10755
119 125
5224
66
9452
7314
6454
19
95/
1
4
8914
68
241
/
4
10352
39
13
6/
1
4
7
1712
19
15
20
1004
43
50
8112 89
9914 10414
10952 11254
10114 107
9512 103(4
45
40
106 109
10712 11012
71
78
2712 39
10714 10958
31) 47
13
26
7
14
638 1412
1712 19
14
19
15
15
20
26
10512 11058
7111 97
50
671
/
4
10318 1-0-614
1081
/
4 111
New York Bond Record—Continued—Page 3
400
;
BONDS
IN Y. STOCK EXCHANGE
Week Ended July 19
ling 1
Week's
1933 to
Q
1 Range or
el June30
Friday's
1
.... a. NM dt Audit 44 1935
Rance
Mu
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 19
July 20 1935
Any 1
Wears
4 1933 to
Range or
il
el June30
Friday's
iI;
..0. Ind & Asked in ie 1935
Range
Rine*
Jan. 1
Hush
Low Low
Low
High No
High
!Mk No. Low Low
Low
105
99
1047 106%
1945? A 1053 106
101 10814 Conaol Gas(NY)deb 5340
90
19873 J 10112 10178 43
Central of N Jean g Ile
88
99
107
1071*
D
81
108%
7
1951.8
Debenture 434e
8978 98
78
6
19873 J 8976 9012
General 42
93
102% 10612
10612 16
1957 1 3 106
Debenture 52
978, 10314
6512
1949 F A 1015, 10218 142
Cent Pan let ref gu g 42
19
19
5
25
354
1954J 3 25
634
974 1015, Coneol Ry non-cony deb 42
1954 A 0 *10134
Through Short L let gu 41
20
1
4
20
233
4
233
3234
3
1
1955
Debenture la
6914 8734
56
70
1960 F A 8534 87
Guaranteed g Be
44%
1955 A 0 *2314 25 ..-42
6512
Debenture
52
49
*6212
68
N
---M
13a
1937
cull
Ga
of
Bkg
&
Cent RR
I
22
22
2212
1956.8 J 2212 2212
Debenture 4e
114 120
100
1941 M N *11834 120
Central Steel let g a f 82
4
/
441
3938 356
10
29
6312 81% r'Cons Coal of Md 1st & ref 52_1950 J D 37
42
1948 M 8 7818 81% 168
Certain-teed Prod 534s A
44
29
10
deposit. _ 3714 3918 209
1936
j
j
of
'Certificates
10212
•10212
1045,
103
10314
Charleston & Say% 1,171
105%
8
103
1043
10
8
98
1043
13
J
—.1936
Chic
52
of
gu
Gas
Consumers
102 10614
94
1947 M N 10312 10414 97
Chelan Corp cony 52
106
21
98
105 109%
1952 MN 105
19443 13 10634 10712 80 10112 10112 10812 Consumer, Power let 58 0
10-year cony coil 52
994 104
8
68
1946 .1 D 103% 10312
11014 11316 Container Corp let 6a
(Thee & Ohio lit con g 52---.....1939 M N 112% 11278 27 104
95%
83
51
4912
914
4
/
901
0
1
1943
warr
with
I5-year deb Se
914 11412 1204
1992 M 8 117% 11834 15
4e
/
General gold 41
69%
93 100
8
9634 s9672
8312 108 11112 Copenhagen Telep ba Feb 15 ----1954 F A
11112 38
1993 A 0 111
Ref & impt 434s
9 964 10414 107
10514 1058
N
3
1947
62
it
Cork
Seal
Crown
112
10814
84
11118 12
1995.8 J 111
Ref & impt 434, ear B
76
101% 105
10414
5
1951 1 3 104
Crown Willamette Paper 68
105 105
--------96
Craig Valley let 52May —1940 1 J *107
10114 ---9714 102
66
10272 10272 Crown Zellerbach deb Sew w--__ 1940 M 8 *101
19461 J ------------85
Potts Creek Branch let 4e
4812
28
48
15
37
5412
0
19423
4e
/
61
Nor
1st
112%
Ry
Cuba
4
1
/
9012 105
7
1 12
19893 J 11114
R & A Div let con g 42
41
444
10
4
133
29
40
J
3
1952
Cuba RR let 52 g
87
10514 108
1989.8 J *10732
2d consol gold 42
464
1312
4
1
42/
9
28
D 42
1938.8
aerie.
A
734e
ref
let
99
1941 M 8 *109
Warm Spring V iota 52
4
1
39/
2334 44
2
16
1936 3 0 39
let lien & ret Si ear B
4
102
106%
10614
3
J
10614
1937
1074
3314 5014 Cumb r & T let & gen 5s
8314
4614 25
1949 A 0 45
Chic & Alton RR ref a 3s
84
1014 10614
19493 .1 10512 10614 29
41
1
Chic Burl & Q—Ill Div 3/
87
7458 9472
1943 M N 7634 7812 89
7
928, 106 1097 Del & Hudson let & ref 42
1949.8 1 10834 109
Illinois Division 42
100 101
93
1933 A 0 100% 100% 15
Si
844 10512 11012
4 10814 45
1
1958 M S 107/
General 42
MN 9534 9712 2..
8912
8912 10234
1937
2
4
1
/
5
109%
Gold
10414
77
17
108
1977 F A 107
let & ref 4142 ear B
93% 1064 1074
8412 10714 1148, Del Power & Light let 434. —1971 3 .1 *10714 ---- ---51
1971 F A 11118 114
1st & ref Meer A
105
3
88
102 105
1969 3 .1 105
42
/
1s1
41
ref
&
7514
73
0
A
53
*7618
1934
8212
II rChicago & Edit Ill 1st 62
,
1
93
10414 1065
1969 1 J 10414 10414
181 mortgage 430
532 1114
5%
14
1951 MN 1012 11
r•C & E 111 117(new co) gen 5e
---_
96
1936 F A
D RR & Bridge let g 42
54 11
54
2
958 10
•Certifleatee of deposit
;
5
85
1067e 10678
10214 1-06-7
N *103--M
—1951
f
ref.
&
&
58
lat
L.
Gas
117
El
Den
8212
11112
11
11614
116
1982 M N
Chicago & Erie let gold 52
834 103 1071.
1951 M N *10634 10678 ____
Stamped as to Penns tax
97
1035, 1085,
1061* 22
1937 .1 .1 106
Ch 0 L & Coke let go g5s
2914 31
23
23
1936 J J 28
391.
1834 3532 *Den & II 0 lot cons g 42
1834
55
1959 M S 2334 25
t•Chicago Great West let 4s.
1
29%
25
25
028
1936 .1 J 028
4a
/
*Cons& gold 41
2012 34
2012
1959 ---, *2334 2412 •40 stamped
4
1
8/
1
64
834
64 12
2114 *Den & II 0 Weet gen 52 _ _Aug 1955 F A
14
15
11
17
1947.8 1 14
73
f*Chic Intl & Louts, ref 6e
712
51. II
28
514
plan)_
to
(Buhl
*Assented
22
2
153
15%
2
4
183
183
1
4
3
1947
B
eer
52
g
*Refunding
321 I ,12
1914 21
ill, 21
1
Apr 1978 1.3--0
*Ref & Mot ha ser B
15% 21
1532
1947.8 1 *1412 26
*Refunding 4a WksC
2x4 3
21.
34 -- —
434 814 I•Des M & Ft Dodge 42 etre__ 1935 1 1 "24
5
512 22
434
1988 MN
*1st & gen lie series A
72
72
63%
80 ---*85
11
M
1947
2
lot
47
834
4
Plaines
/
Val
gu41
Dee
4
/
41
44
2
4
1
/
4
1
1
*1st & gen Se series B_Mity _1966
2
107
1077
0
36
. 10934
3
95
105
A
1949
A
Detroit
ser
Edlson
52
8672 9212
70
9112 _
1956 1 J *90
Me Ind & Sou 50-year 42
1955 J D 10812 10834 511 92
10612 110
Gen & ref 58 series B
110
1
93
10814 11012
1962 F A 110
1064 11132
Gen & ref 58 eeries C
99
1969 1 0 *11112
Ohio L S & East 1st 434e
8512 10612 113:4
1961 i A 11212 113
22
34% 68%
Gen & ref 414e Belles D
348,
§•111310 M & SIP gen 42 ser A...-1989 J J 4612 5114 114
10
9058 1084 111 14
1952 A 0 10934 110
35
66
Gen & ref 135 aerie.) E
35
2
4
1
1989 3 J 4312 43/
*Oen g 3342 ser B May 1
30
26
1995 1 0 *2538 35 --__ I 20
548, 76
62% •Det & Mac let lien g 4e
36
38
*Oen 43.4s earful 0_ _May 1 —1989 J J 52
26
1995 -- _. *254 --------I26
*1st 48 assented
3612
3618 8214
17
54
*Gen 434e series E__May 1 ___1989 3 1 50
iii,
124 168
19
8---3
,
*155
1995
42
4
643
*Second
gold
361
3618
13
56
2
7
52
1
3
___1939
1
Berle,
F__May
4a
/
*Glen 41
4
MN
4
1
1113
111
3
84
4
/
1961
1111
2
1057
26
8
93
River
4345
8
93
Detroit
Tunnel
249
13
§*,Imo Milw SIP & Pac 8.A_._1978 F A 12
, 1
102 104
87
1942 3 1 10378 1037
24 75 Donner Steel let ref 72
212
412 301
4
Jan 1 __2000 A 0
•Cony adj 132
102
107 108
----1
,
,2
,
1
1
3
1941
304
4812
Dul
Ste
&
gen
304
Nor
Missabe
11
42
41
N
1*1
1987
42
1
Chic & No West gang 3/
1937 A u 10818 11/618
4 102
10714 1084
34
53
Dul & Iron Range let 52
34
1987 M N 4412 4612 50
General 42
1937 .1 J 53
20
314 58
5612 19
Dul Sou Shore & All g 52
4 53
/
354
351
1
44
Stpd 4,non-p Fed Inc tax__ 1987 M N 44
4 10434 '64
1
104/
058
12
104% 110
0
9914
A
_1967
A__
lit
38
2
e
7
4
/
57
41
36
6
Light
Duqueene
47
47
1987 M N
Gen 434e stpd Fed Inc tax
998,
11012
11012
5
1134
11012
7
M
1957
3634 6112
lst Mg 434e series B
4
1
36/
21
1987 MN 5014 51
Gen 5s stpd Fed inc tax
47
41
41
__
52
MN
*___
1987
stamped
434a
4 21
1
7/
514
4412 70 *Mast Cuba Suit 15-yr a f 73.45 —1937 M S 1212 1412 54
4
244
54
1936 MN 63
41
1
Secured g 6/
-. ......
8912 10114
4 31
East Ry Minn Nor Dl, lot 42 --J948 A 0 *105
/
161
1618
18
21
May 1 ....._2037 1 0 19
!dreg 52
-104
MN 103
15
103 111',
79
1956
Ga
&
Va
Div
Se
T
28
let
East
145,
50
21
1458
0
J
1812
____2037
1
42 stpd_May
/
let & ref 41
1
99
10612 10834
1939 1 J 10812 10812
1412 28
Ed El Ill Bklyn let cons 42
1412
39
let & ref 434e ser O_May 1 ---2037 J 0 1812 21
- ..-__ 10734 12372 128
1995 i 1 •127
2212 Ed Elea(N Y) let cone g 5e
9
9
1949 51 N 1012 1134 161
*Cony Ms series A
374 10
3112
M 8 3712 _-36% 414
2-1950
Pow
*El
Corp
4
/
61
(Germane)
a t•Chicago Railways let 52 stpd
3 30
5418 40
'Id milking fund OM
1953 A 0 37% 3738
6614 78
F A
42%
1
7614 76/
4
1
Aug 1 1933 25% part pd
89
1041
4 108%
/
1941 MN 3.1084--- ---3214 457 Elgin Joliet & East let a Sc
824
25
1988 1 3 3712 38
r•Cblc RI & PRY gen 42
92 100
1965 A 0 100
100
4
8112
1st
W
S
El
52
&
43
Paso
324
324
,•35
*Certificates of deposit
10172 10814
1940 3 J •1055, --------90
422er B
1
Erie & Pitta g gu 3/
1014 17
1014
25
0 1314 14
1934 -1C§*Refunding gold 45
--r1018, 10612
90
1940 3 1 •10534
16
Series C 3342
10
10
1232 12% 22
*Certificates of depodt
1996 J J 10114 1017
8 34
---69
974 102
Erie RR 1st cons g 42 prior
1012 18
1012
37
1952 M S 1314 14
42 serial A
/
§*Secured 41
1996 J 3 7714 7812 112
80
52
70
1st consul gen Ilea g ste
104 16
1012
4
'Certificate, et deposit, 1234 1234
--- -- 99
104 1054
1951 F A *1053
45
trust
coll
gold
10
Penn
4
1
/
4
412
29
2
3
5
5
N
1W1960
*Cony if 434e
65
78
5014
6
1953 A 0 73 2-74%
Cony 42 series A
78
14
504
65
1953 A 0 7314 74
Berke B
96 10578
75
9
June 15 1951 1 0 10514 10512
Ch St L & N 05.
1953 A 0
—
62
-__
68
76
D
•88
eerie,
89
42
034
8812
cony
Gen
D
J
1951
June 16
Gold 330
M
1967
N
464
60
524
7414
87
4
3
637e
*5012--58
84
1927
Impt
of
75
Ref &
59
1
85
1951 J 0 85
Memphis Div 1st a 42
1975 A 0 5912 6278 302
468g
52
7412
4
1
2572 75/
Ref & impt 5. of 1930
2572
7534 60
1960 I D 74
Chic T H & So East let 66
11712
1
1173
4
5
1174
3
90
11412
1955
14
a
134
&
lat
58
65
Erie
t
Jersey
1312
58
554
8
59
M
I960
Dee 1 _
Inc all 56
6
924 1124 117
1957 3 1 11614 117
River 1st a f 62
m
°ance
9 9334 106% 109%
1963 1 1 10812 10914
413 A
/
Clue Un Sta'n let CU 41
105 1098,
1947 MN •10914 --------86
NY & Erie RR ext 1st 63
1065, 1104
4 100
19633 1 108
108%
lots,series B
- ----95
1938 M 8
48
/
3c1 mtge 41
95
1065, 10812
10714 17
1944 3 P 107
Guaranteed a 52
-B- -83
68
- -- - —7673
*10314-1954 F A *
10834 109
Ernesto Breda 72
6
1963 .1. J 108% 109
1st mtge 93 series D
92
4
3
100
2
112
637
4
99
3
99
1
1962.8
Chic & West Ind con 40
94% 96
2 60
1942 M
81
9831
Federal Light & Tr 1st Sc,
102 107
82
1962 M S 10612 10634 22
lot ref 534e aeries A
9512 9512
1942 M
2
9512
75
83
52 InternatIonal series
103 1075,
5 103
1962 M S 10612 10612
42seriee C
1
lat & ref 5/
M
9512
96
1942
5
58
t
a
4
1
/
69
79
stamped
ilen
96
68
let
51%
304
124
68
6578
1943 A 0
011I162 Co deb 5e
ffffla
8012 997
99%
8
99
1942 M
let lien (itt stamped
95%
79
46
9534 80
1947 1 1 94
Chile Copper Co deb 5.
1954.8
62 series B
deb
37
4
/
411
30-year
•
36
MN
35
1952
Malec Okla & Gulf cone 52
i
1946 1
87% 10334 10714 Flat dabs t g 7,
106% 23
1988 A 0 106
Cl t0& E let M 42 A
1-f.42 24
5
9-7
2
*-4
.
51Z
9
86
9
,
114
2
5 8
47
6
.
1: 9
4
3'1
2/
3
1-3
8604
4
6
1943 1
,
21144
6
45
2
4
t•Fla Cent & Penin 52
1937 1 J *10212 --------887* 10212 103
42
/
Cin 11 & 1-.1 2t1 gold 41
East Coast let 4342-1959 1 D
10112 103
r•Florida
974
*102
10312
F
-__
Q
1936
77
0I fit L & C let g 48—Aug 2
67
S
M
818
1974
27
612
72
eerie.
12
A
&
58
*1st
ref
4
1023
2
1007
82
1942 M N *103
Cln Lab & Nor lat cog all 42
---74
4
1
7/
2
*Certificates of deposit
54
5% 12
974 109 112
2020 3 .1 •10912 111
42 A
1
Oin Union Term let 4/
2
1952
&
4
/
41
Johns
Gin*
113
Fonda
110
9814
6
1124
J
11216
2020 3
let mtge 5. aeries B
64 ---4
1
6 ____
11•ProorMddmffiedbymmr_MN *4/
11114 11412
3 100
113
1957 MN 113
let guar rts series0
19ii
(Amended) let cons 2-42
6912 6938
5212
-1
1940 J J
Clearfield Bit Coal 1st 42
MN
4
4
3
owner_
3
372 6
filed
by
claim
It
of
•Proof
-___
----------7818
1943 1 1 *10112
Clearfield & Mah lot gu 62
4
3
2
-_--2
312
312
*Certificates of deposit
103
1 J •10212
- . -_
83
1941
1015,
1st
430
D
g
U
89
St
Co
101
Fort
65
58
4
973
97
19931
0
Cleve Cln Chl & St L gang.
D
105
3
1961
-105
1064
4
3C
Den
104
let
5
2
112
7
g
Ft
94
108
&
W
53411
112
1093 J D •
General fts dried B
4
1
42 _1942 1 3 *31
1
93 1014 Framerican Ind Day 20-yr 7/
73
33...7.: 94% los 110/
1941 1 J *98% 101 --__
Ref & impt 62 ear C
4634
23
zu
16
1942 MN 3112 34
60
8512 I*Francleco Sue mete f 71/41.60
7818 29
19633 1 77
Ref & Impt 52 earl)
50
50
774
1977 .1 1 6612 68% 160
Ref & loud 4349 ear E
84
76
72
87____
1938 A 0 *---884 10332 10618 Gal, Roue & Rend 1St 5342 A
19193 .1 10534 10618 25
Cairo Div let gold 42
4 10534
1
1943 F A 104/
3
r A
Gannett Co deb es ear
7314 101 10534
8714 93
58
1
9134
1991 3 1
CM W & M Div' 1st 45
1949 1 D *1184-- --__ 10358 11512 1174
96
Gas& El of Berg Co cone g 5a
88
66
5
94
1990 MN 9212
8t L Div let coil tr g la
65.
1934 M 8 64
5
Mining 62
3512
•§Geblenkirchen
5614 75
1940
m
85
S
•10312
Elpr & Col Div let g 611
10312 32
1952 F A 102
99 105
954 9512 Gen Amer Investors deb 66•
73%
72
_
_-_1940 3 1
W W Val Div let g 42
9514
60
45
86
1947 3 1 8814 92
10358 10534 Gen Cable let e f 534e A
Cleveland & Mahon Vail ila — 1938 1 3 *10512 --------87
A *105
106 .__
F
1942
10614
97
10512
3342
g
deb
Electric
4
1
/
Gen
--------11013
.
.
*109
0
A
1942
42 eer B
1
Clay & P gen gu 4/
4912
3
3312
404 4934
105 105 *Gen Elea (Germany) 78 Jan 15 1945 1 1 49
414 --------105
09
10
j:1
A fi
2i
942
194
Series 13 3342 guar
D
49
40
49
49
33
1940 3
1
40
1
*a f deb 6/
4 11114
1
10014 107/
Series A 4342 soar
4912 17
1948 M N 49
4912
40
3014
1120-year e f deb 13a
4
/
. - - 90
1948 MN *1041
Serie@ 0334. guar
7
1939 3 1 9912 100
76
4s
/
9012 100
Gen Pub Her, deb 51
1950 A F *10414
Berle. D 3342 CUL?
4 8338 79
1
1 80/
94
J
54
54
1949
_
ware
with
Cast
534,
Steel
10512
Gen
10514
--------91
*106%
A
F
1977
Oen 43.4e ear A
A 0 121* 14/
4 651
1
21
64 1412
1981.8 .8 *10614 ---- -- ---- ---- ---- 12•Gen Theatres Equip deb 62-1940
42 ser B
/
Gen & ref mtge 41
1212 14
et 14
409
214
•Certificatee of deposit__
Is
11
16 ---19453 3 *13
9
1*0M & Ala Ry lat cons 52
734 10011 106
1961 A 0 *10614
Cleve Sho Line let Ill 434,
__
__
18
24
18
1934 J 1
9272 104
11•02,Caro & Nor 1st tut 62
74
10312 54
1972 A 0 103
Cleve Union Term ffU 5342
4 46
1
36/
364
____
*1612-43
A 0•--1946
32
Midland
let
Georgia
100
85
71
138
9912
100
0
A
1973
let a f 58 Berke B guar
94
80
66
186
1977 A 0 9138 94
42 series0
/
late I 41
38
1
34
3512 4414
9212 104 10614 *Good Hope Steel& Ir WO 72-1945 A 0 38
2
1946.8 0 1064 10614
Coal River Ry fitt 1111 411
1947 3 1 10772 108
21
894 10778 1091*
Goodrich(B F)Co let 634e
38
38
87
19
8
663
MA
19383 1
*Colon 011 cony deb 62
98
4
963
4
1
/
210
63
9212 1004
D
1
1945
tla
deb
Cony
6612 00
2612
17
8514 90
r•Colo Fuel & It Co gen e f 52 _1943 F A
83% 10312 106
22
34
Goodyear Tire & Rub lets. .....1957 MN 10412 105's 67
1512
2612 108
it•Col Indue let & 0011 5. gu____1934 F A 25
94
13
9558
33
4 974
1
/
8212
82
19363
1
fle
deb
Hosiery
Silk
Gotham
5512
55
73
34
58
1980 M N 55
Colo & South 4342 Per A
27 ___
8
17
1940 F A *25
3634
5512 6512 it•Gould Coupler let of 62
5
5612 56%
1980
Assented 434,
101
101 101
7 Golly & Oswegatchle let S.
1942 1 D*_.... 10134
89
94
594
60
MN
8
88
927
1952
E
&
G
deb Gs-- May
Columbia
1
J
*10712_
____
10412
1941
1
4
91‘
1084
4342
g
gu
9412
let
ext
683*
I
&
R
or
ow,
9212 13
Apr 16 1952 A 0 92
Debenture 5.2
1940 A 0 10312 1(4.14 37 1014 10312 10654
Grand Trunk of Can deb 70
68
94
MI
9212 149
Debentures,
Jan 15 1961 1 1 88
10554 1074
1936 M S 10558 105%
90
Deb guar 62
94
10214 1104
.....22 mn14
1948 A 0 *109
Col & H V 1st ext g 42
90 90
1947 3 D *go
Se
gu
let
Term
984
Point
107
73
Grays
24
421.....1957 J 1 10672 107
1
Columbus Ry P & L 1st 4/
1944 F A 954 -9-Wla
li
6812
8634 97
9014 10624 11212 CR Cone El Pow (Japan)71
2
112
1942 A 0 112
42
1
Secured con* g 6/
90
28
66
8912
19503
9012
1
785,
4e
/
61
of
gen
&
let
110
91
10.5%
112
1955 F A •1104
Col & Tol let ext di
9838 541
82
9914
714
1936 3 1 97
9512 11012 1123* Great Northern gen 72 see A
4 11172 47
/
1949 F A 1111
41
1
Comm'l Invest Tr deb 5/
96 105
6812
1961 J J 10412 105
75
A
series
4e
/
41
ref
1
100
&
1031
let
92
1
10314
0
4
A
/
1031
1943
let
Rly
46
CODD & PIM=
J
100
1
9712
75
983
4
1952
73
64
B
dried
5342
General
107%
8816 10612
1951 J J *1084
Conn Ry & L let & ref 4344
94
57
Ft
69
1973 1 J 93
954
General 58 series C
96% 105 108
1951 1 3 *10772
Stamped IUM* 434e
63
1976 3 .1 8614 8712 49
894
5372
42 wiles D
/
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*Consolidated Hydro-Eleo Works
89
4
1
/
62
8614
J
634
87%
268
1
1977
E
series
0
4
/
41
General
30
414
30
1
31
1956 J 3 31
of Upper Wuertemberg 711
-.9212
For footnotes *e page 403
Volume 141
-
New York Bond Record-Continued-Page 4
Wail.
11,
i July 1
BONDS
o
Rang. or
L,
t 1933 to
N. Y. STOCK EXCHANGE...„, Friday's
,a -,., June30
Week Ended July 19
.:..- ':'. Bid & Asked (465
1935
Range
Since
Jan. 1
'
BONDS
N. Y STOCK EXCHANGE
Week Ended July 19
401
22
Wm.*',
July 1
...**
Range or . 1933 lo
-..
Friday's
1.1 June 30
4
.
1 Z.' Bid & Asked 0-5 41
1935
Range
Since
Jan. 1
Eliok NO. Low Low
Low
High
.Green Bay & West deb ctta A
Feb *40
3918 3818
28
*Debentures etre 13
Feb
778 42
634
3
312 83
Greenbrier fly let gu 4.
*104%
M
N
1940
8814
Gulf Mob & Nor let 5Sis II
2
50
6612
1950 A 0 65
538 70
let mtge 6. series C
663
1950 A 0 60
39
491
/
4
50
6638
-------Gulf &S list ref & ter be ____ Feb1952 J .1 *50
66t4 6614
55
Stamped
J J *501
8- 4912
4912 5018
Gulf States Steel deb 51
35
98
1942 J D
963
/
4s
50
90
98
Hackensack Water let 4.
1952 J .1 1074 1074
2
9512 10512 108
•Ilansa SS Lines 6, with warr__ _1939 A 0 *4018
42 ____
31
38114 4638
•Harpen Mining 65
1949 .1 J
3678
3718
8
3412 4912
3412
Havana Elec consol g 5s
37
37
1952 F A
1
23
28
39
•Deb 534e series 01 1928
1951 M S
4
4
914
Hocking Val let cons g 4)48
19993 J 11612 11634
2
91
112% 11712
11.11oe (10 & Co let 83.4, ser A 5934 A 0 30
30
2
20
30
42
•Holland-Amer Line 6a (flat)._ 1947 M N
_ ____
1212
13
15
1937 SIN .14Ifousatonle Ry cons g 58
8338
831.
_3
70
70
95
11 & T c ist g 58 lot guar
10612 10612
1937
5
9058
10438 10634
Houston Ilelt & Term let ba
1
1937 J J 10312 10312
89
101 10312
Houston 011sink fund 51
/
46 A_1940 MN
9712 98
24
61
94
85
Hudson Coal lets f be aer A
1962 J D 41% 443 227
35
35
4478
Hudson Co Gas let g 5a
1949 SIN*11918
-- 101%
1133 11834
Hud & Manhat let be ser A
85
8534 119
1957 F A
6334
80
9038
*Adjustment Income be _ __Feb 1957 A 0 303
32
44
2524
2534 3973
Illinois Bell Telephone Se
19 1031.
1956 J 13 1074 10834
Illinois Central let gold 48
___
__
1951 J .1 *10912
83
let gold 334e
--------7811
1951 J J *103
Extended let gold 330
1961 A 0 *10912 --------78
let gold 38 sterling
1951 M 8 *751
---66
Collateral trust gold 4.
2-73%
1952 A 0 7212
12
57
Refunding 4e
7612 77
8
1965 SIN
5618
Purchased lines 33-0
2
70
66
70
19523 J
Collateral trust gold 48
6712 16
1953 SIN 26738
5284
Refunding 5s
10
7014
1955 M N 8712 90
15-year secured 83.4. g
9612
96
1936 .1 J
10
82
40-year 434s
Aug 11986 F A
5112 53
54
4212
Cairo Bridge gold 4e
1950 J D *10138 102 ____
7018
Litchfield D
Div let gold 38
1951 1 J *83
__-73%
Loulay DI* & Term g 334e
1963 J J
-4
9234 -923
1
6512
Omaha DI, let gold 3e
7233 __-_
1951 F A *67
60
St Louis Div dr Term g 38
7714 ____
1951 J J *75
61
Gold 33.4e
1951 J J *8112 8234 __-6212
Springfield Div let g 31
/
4a
1951 1 .1 *963
-67
Western Lines let g 4s
89
-- __-1951 F A *85 475
III Cent and Chic St L & N 0Joint let ref 58 series A
6212 6412 58
10833 D
5288
lst & ref 41
/
4e series C
4934
19833 D 5878 6034 39
Blinols Steel deb 44413
20 10114
1940 A 0 10633 107
•Ilseder Steel Corp mtge 6s
1948 F A *3833 40 __-31
Ind Bloom & West let ert 4s
1940 A 0 *10214 ---- ---8912
Ind III & Iowa let g 4s
--------72
1950 I J *99
Ind Nat Gas & 011 ref be
1938 M N---.____
94
t•Ind & Louisville let gu 4s
104 __ -1956 J J
*733
78
Ind Union fly gen 68 ser A
2
96
1965 J .1 10534 1053
Gen & ref be aeries II
1
9814
1965 1 .1 10612 10612
Inland Steel let 434 ner A
10718 57
1978 A 0 106
79
let Mel 43.4e aer LI
1981 F A 10512 10614 52
80
fInterboro Rap Tran let 5.1
1966 J J
8838 8912 209
5612
*Certificates of deposit
8678 874
16
8712
§•10-year 68
1932 A 0 594 6312 183
1914
*Certificates of deposit
584 29
56
204
1•10-year cony 7% notes
9134 01
1932 M S 894
5712
*Certificates of depoelt
7
8812 89
57/
1
4
Interlake Iron let Sell
1951 M N 7938 8114 52
50
Int Agric Corp let & coil tr 5sStamped extended to 1942
MN 9812 99
28
62
lot Cement cony deb 5.1
74
1948 MN 10312 10414 90
2•Int-Ort Nor let (is ser A
30
14
1952 1 J 28
25
*Adjustment 6,ear A
47
612
534
11
_July 1952 A 0
'let 58 seriea II
2812 __-1956 J J *27
23
•Ist g be series C
28
1
23
1956 1 .1 28
Internet Hydro El deb 13s
441g 166
28/
1
4
1949 A 0 4014
Int Mere Marine a f Co
6014
78
1941 A 0 6314
37
Internet Paper &leer A & B
7712 20
47
1947 1 J 76
Ref s 16* series A
39
3114
1956 IV. El 4812 5014
Int Rye Cent Amer let S. B
7512
4
4613
1972 M N
7512
let coil trust 0% a notes
84
1
1941 MN 84
4918
let lien & ref 61
/
4s
76
76
2
1947 F A
43/
1
4
Int Telep & Teleg deb g 41
6938 104
/
4s
1952 J 1 67
37
Cony deb 43.4e
42
78
798 153
19393 J
Debenture 5.]
7414 91
72
1955 F A
40
Inveatora Equity deb S. A
10312 13
1947 J 13 103
8012
Deb be ser II with warr
103
1
82
1948 A 0 103
Without warrants
4
82
1948 A 0 10318 1034
t•Iowe Central let 5.] etre
531
534
1
1938 J D
3%
•Ist & ref g 4s
1951 M 5
11
/
4 --,*78
34
James Frank & Clear let 4e
24
1959 J D 8058 8114
6658
Kai A & G It let gu g be
99
193 J 1 *10014 10078 ____
Kan & Si let gu g 4.
1990 A 0 *1021
-- ---70
1.1C C Ft S & M fly ref g 4s
2-3
37
2934
193 A 0 3633
*certificates of deposit
35
A 0 35
6
98
IC C Pow & Lt 1s1 mtge 434s____1961 F A 11318 11312
13
913
Kan City Sou let gold 30
7533 89
5114
1950 A 0 7312
Ref & !mut 5s
Apr _ _1950 J J 6012 627
88
53
Kansas City Term let 48
1960 1 J 10684 10718 21
8412
Kamm Gaa & Electric 43.4,
104
12
1980 J D 104
7034
•Karstadt (Rudolph) let 68
431
1943 M N 4318
/
4
I
131
•CertifIcates of deposit
4118
41
7
13
*6s,tamped
2924
11
_ - 291 1
1943
Keith (13 F) Corp let 138
1946 M El 8012 8112 18
44t•Kelly-SpringfIeld Tire 88
7878
16
1942 A 0 7834
2934
*03 stamped
7824
79
1942
25
Kendall Co 534,
1948 M S 10238 10212 24
(CI
Kentucky Central gold 48
4
1987 .1 J 10614 10614
80
Kentucky & Ind Term 41
/
4e
2
89
73
1961 J J 89
Stamped
80
2
10112
1961 J J 101
Plain
1961 1 J *10034 --------93
Kings County El I. & P5,
___ ____ 103
1937 A 0 *1081
Purchase money (is
155
__ 118
1997 A 0 *150 2Kings County Elev lat g 4a
1949 F A 102
10212 31
66
Kings Co Lighting 101 5.
19543 J *11378 --------10084
First and ref 61
/
4e
__ _-- 10512
19543 J *12118
Kinney(OR)& Co 71
/
4% notea _1936 J 0 104
104
7
7712
t•Kreuger & Toll CIA be etre__ _1959 M 8 3614
1014
193
37
Lackawanna Steel MOM A
3
941
/
4
1950 M 8 1064 107
Laclede Gas Lt re & ext 5s
90
32
1939 A 0 100% 101
Coll & ref 63.4o serlea C
73
170
81
1953 F A
4834
Coll & ref 63.4e series D
73
54
80
1960 F A
46
Lake Erie & West let g 5a
1937 J J 10233 [10311
20
77
2d gold 5a
10
9812
51
98
1941 J J
Lake Sh & Mich So g 31
/
4s
16
79
1997 .1 D 102 1102
*Lenten] Nitrate Co Ltd 6,
19543 1
493
13
434
1033
Lehign C & Nay a f 4%e.4
5
7712
1959 J J 10512 106
Cons elnk fund 41
/
4a ser C
.
1954 1 .1 *10524 106
80
Lehigh & N Y let gu g 4.
6518
8
1945 NI S 65
5212
Lehigh Val Coal let & refer 5e_ 1944 F A *8918
95 ____
64
let & ref ,f be
1954 F A 6018 62
11
33
let & ref. t ba
1964 F A
3112
55
5933 20
let & ref s f 58
1
5234
1974 F A
32
52%
Secured 6% gold notes
1938 J J *9212' 9312
73
Leh Val Harbor Term gu be
18
9914
1959 F A
79
09
Leh Val N Y let gu g 4 3.4,
,
8814
19403 J
8814
2
757
Lehigh Val (Pa) cons g 46
2003 MN 35583612 116
3014
General cons 41
/
4s
33
33 . 4178
12
2003 M N
General cone 58
2003 M N 45 1- 4612
8
3912
Leh V Term Ry let gu g Se
3
1941 A 0 1077 , 107%
891
/
4
-_
For footnotes <nee pare 403
--
Lots
174011 No
Low Low
MI'
Lex & East let 50-yr 5. au
1965 A 0 *11514 117 ---8914
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1944 A 0 13312 13312
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130 134
be
1951 F A 1214 12238
22 103
1157
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Little Miami gen 4. series A
1962 M N .106
-- 811
/
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Loewe Inc deb .188
34---10334
1941 A 0 10333
12
76
10314 106
Lombard Elec 7s ser A
53
56
1952 J D
801
/
6
4
53
61%
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1935 A 0 10212 10212
1
9712 1017a 10378
Long Island gen gold 4s
1939 .1 D 10578 106
9
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104/
1
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20
1949 M 9 10312 1035
874
102 105
1937 M N 103
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103
I
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10218 10334
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1949 M 9 10314 10314
20
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1944 A 0 130
3 110
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6
,
7114
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114
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Louisville Gas & El (Ky) be
1952 NI N 11234 113
8
86
10714 113
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2
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2 100
1937 M N 10712 108
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let refund 51
107
12
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2003 A 0 106
81
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1058 20
2003 A 0 105
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102
102% 52
/
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2003 A 0
74
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1941 A 0 *1054 1081 ___
9812 10614 109
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1946 F A ------------82
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1980 M S
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77
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5
107
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1955 M N 107
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99 10118 •Lower Austria Hydro El 6148_ -1944 F A *9212 9612 ____
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/
48
1991
67
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49
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_ 100
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6712 8638 McKeeeon de Robbins deb 6 Sis ___1950 IWN
131
63
9812 99
9334 9912
70
71
1:5Manatl Sugar let a f 73.4e_..__1942 A 0 *2434
27 ____
9
35
11
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25
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1
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82
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1953 M 8 *92
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98
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75 ____
4934
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let ext 48
1959 M N *---6812 70
6878 ---61
8512 8614 •Nlan G 13 dr NW lst 343
------50
50
____
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---- ---Mfrs Tr Co oda of panic In
6212 78%
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2
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41
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9134 44
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47
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17
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4
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1953 1 J 10132 10712
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102 1034
let g 41
/
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1968 M 8 107
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9533 10758
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90 10134
104 10614 1 t•Met West Side El(Chic)4s _.A938 F A *1214
914 1712
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1949 J J ------------75
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27
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25
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New York Bond Record-Continued-Page 5
July 20 1935
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28 10818 1115* 11418
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1941 A 0 111% 112
NY Edison let & ref 614a A
--,,, 100
1105a 116,14
1943 A 0 *1181/4
, Peon Gas L & C 10 cons Ili
1075* 10 10712 1064 1091
1944 A 0 107
let lien & ref ba series B
8 aa
---9814 1074
80
1947 M 0 1084 1087
Refunding gold 58
10834 30 1024 107 11014
1951 A 0 108
let Hen & ref 62 series C
68
8814
17
50
0
A
6012 7384
1946
Peoria & Eastern let cone 48
4
434
N Y & Erie-See Erie RR.
912
4
____1990 Ain *312
6
April
8
114
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1184
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124
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11358
13
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NY Gas El Lt H & Pow it 56.834 102 10534
1974 F A *106% 10814 ---,
Peoria & Pekin 17n let 5342
4
95
1070* 115
1949 F A 11458 11434
Purchase money gold As
91
75
51
74 20
_
8
6
_
8
8214 93 Pere Marquette lot ser A tis -1954 / / .
7
61
1946 M N 904 93
N Y Greenwood I. go g 52
77 -•-. 484
4
/
811
69
1958 J J "4
1
101
101 4* aeries B
98 1024
8314
2000 MN 101
NY & Harlem gold 3148
20
48
68
8212
1980 M 5 7712 783
45
1001
1st g 4348 swim C
08 102%
1973 M N 100
925*
N Y Lack & Weat 45 ser A
,
8
5
106
108
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MN
--------891
1973
434a series B
3
9878 108 11154
1943 MN 11058 1107
Ma Bait & Wash let g 42
99
94
--754
NY L E & W Coal & RR 5148_ 1942 MN *9538 97
9512 113 1194
1974 F A •11838 123 ---,
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105 107
J •108
--------87
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11214
9
87
1084 11278
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0
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series,
10418
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10112
S
---M
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1981 1 D 11112 1114 205 10044 107 11112
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9914
9814
135
814
D
7911 100
J
1987
39
Phis Co sec 52 series A
28
28
324 --1947 M 8 *---NY N H & H n-is deb 40
1087
15 100
10614 110
1967 MN 108
37
27
3812 Phil& Eleo Co let & ref 43411
1947 M 8 *284 29 ____
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54
107
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F
1971
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10414
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let
3
4
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/
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24
27
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6112 104
5284 75
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28
1953! J 2734 29
4
1
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3018 53/
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40
3035
8
61
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deb
3912
4
293
4
1
/
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285
28
2852
MN
1958
Non-cony debenture 42
2214 27%
2014
1937 1 1 2612 2734 35
244 3658 PhMpline Ry let a f 48
3
2414
1966.3 J 2758 2814
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103
4
1023
49
104
4
/
1011
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52
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30
72
30
1948.3 J 3512 38
Cony debenture 62
1 10214 106 10914
0 10712 10712
33
4011
4012 63 Pillsbury Flour Mills 20-yr 62....1943 A N .92
4 481
1
1940 A 0 47/
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9712 -___
95 1044
98
1952 M
3014 Pirelli Co (Italy) cony 70
204 26
16
16
1957 M N 20
Debenture 42
1085* 11214
1940 A 0 *11178 --------100
C
L
A
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274
68
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112
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8
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0
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guar
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14
95
6
87
82
1954 MN 934 94
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1005* 109 1091
1942 MN
42
40
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61
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M
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91,
5
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_ _
1942 A 0 *995* --------8110
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1953 J D *10934 --------961.
gold
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1957 MN *10055 10 ---11% 81
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12
8
4
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1980 F A *10972 ---- ---964 107 110
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1014 1112
1138
1965 - - *1114 14% ---*Inc (is assented
1983 9 A *11718 --------99
113% 11712
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4142
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9212
9058
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89
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9812 11358 117
1984 MN *11670-- --_Series Icons guar 4142
90
7
90
90
90
1965 ..
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8834 111% 11614
1970 J D 11434 11514 15
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10514 110
10914 ---98
1951 MN *109
NY & RIchm Gas 1st (38 A
115
11514
17
8514 1115* 1164
1975 A 0
Gen mtge 52 ser B
234
11
14
25*____
1962 ---- *178
2•N Y State Rye 4348 A ctfa
10
75
104 108
1977 1 .1 10778 108
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234
234
2
15* 234
118
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____ _
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110 114
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4
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4
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98
109
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1947
A
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60
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11034 113%
52
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let
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14
10414
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1951
let mortgage ba
10714
10714
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&
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9112 10412
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10
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1958
4
4
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513
614
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414s
M
lot
52
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4112
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80
47
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47
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4
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___
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D
1943 .1
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100
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974
100
--*99
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1164 11612
1982 F A *117
--------97
lit gen 58 series B
11114 114 10218 109 1115*
1939 MN 111
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86
5
56
4562
19461 0 8212 824
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1983 F A 7814 81
10
7714 8534
8114
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1946
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82
75
66
1953 F A *7514 84 ....,_
let mtge 811 series B
174 174 32
2178 61
N Y %Veatch & B let ser I 4542 _1948 1 J 21
7434 154
1960 M S 73
374
5014 7512
Gen Elea let 4142 ser 0
Port
108
1044
4
90
10612
10612
0
A
1958
Nina Lock &0Pow let Si A
1935
52
1st
Gen
Eleo
Portland
92
22
6214
48
92
90
Niagara Share(Mo) deb 5148 _.....1950 MN
.
1045* 107
Assented
_-- ---- - 80
- •107
63
3
38
•Norddeutache Lloyd 20-yr 818a-1947 MN 7912 80
13
11
564
42
5514
5212 Porto Rican Am Tob cony (11__1942 J .1 50
42
7
3678
1947 MN 4912 4934
New 4-8%
27
30%
J
257
J
2518 5214
2518
m1110-1953
&
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:•Poatal
171
37
150
135
135
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384 8614
3814
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6
7
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47
5
12
194
1512
14
A
F
1961
58
ref
&
1957 M N •1618 25 ___
12•Norfolk South lot
35
20
20
4
1214 185* Providence See guar deb 44
6
1314 1412
*Certificate' of deposit
885* 9113
---, 814
1958 b1 S ---Providence Term let 4s
3578 50
5312
1414
1941 M N *49
12•Norfolk & South 1st g 64
4
---5
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117
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97
1054 10914
1970 F A 10572 10618 37
let & ref 4148
1
96
106 10814
1941 J D 10712 1075o
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1971 A 0 10712 10734 10
8814 1044 10834
let & net 42
64
814 101
101
6118
1961 F A 100
North Amer Co deb 52
87
1004 10214
1937 F A 10034 10078 23
Oil.f 514% notes
Pure
10012
18
100
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58
9914
ft
M
1957
No Am Edison deb 52 ser A
9934 1025*
82
1940 61 S 101% 101% 55
8 f 514% notes
4 10112
1
78/
58
Aug 15 1983 F A 10018 10114 40
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115
7814
4 99
1
82/
1948 1 .7 9718 99
7112 100 Purity Bakeries *1 deb 58
54
Nov 15 1989 M N 9834 9934 91
Deb ba ser C
120
98
118
---12312
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1974 M 13
North Cent gen & ref 5a A
OM
pd
Dt
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:*Iladio-Keith110 111
88
-- ---1974 61 El •1121
_ *4012 414 ---Gen & ref 4148 series A
4514 54
35
for deb 68 & corn atk (85% pd)
45
40
35
8
44
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40
4112 14
15
264 4112
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SI•Debenture gold 62
45
45
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36
73
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40-1951
coil
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•Stmpd as to sale Oct 1933. &
79
79
105 1084
1997.3 .1 10618 107
1
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45
40
34
5
40
40
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10878 10878
1
7
/
4
1
/
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105
1997
1084
B
[series
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ref
&
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2
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1947 M El 10812 10812
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4 104
85
83
99 104
Rem Rand deb 510 with Warr .._1947 61 N 1033
75
10112 107
1997 Q .1 10512 10618 70
North Pacific prior lien 48
2
9912
994 104
1947 SIN 10234 104
warrants
without
5148
8
787
125
704
504
7512
4
3
73
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N
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60
67
88
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2 -81
1940 A 0 1055* 1065*
6812 1029 Repub I & 8 10-30-yr ba a 1
wok
2047 1 1 10012 10114 245
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•
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1953
9434 1034
8112
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&
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9614
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10814
8
76
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10714 1084
1948
98
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82
61
9412 48
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•
3434 43
264
9
J 35511 3614
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1946
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105
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____
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1938
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2958 30
7
25
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89
103 107114 •Rhine-Ruhr Water aerial 821953 1 J *393
44
1941 A 0 10534 1064 35
37
4 404 ___
Nor States Pow 25-yr 58 A
384
1950 54 N
10514 1084 •Rhine-Westphalla El Pr 78
93
7
1941 A 0 10712 10734
let & ref 5-yr 60 aer B
37
3434
2
37
N 37
M
43
1952
3644 4312
68
4
/
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1011
101
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100
---1944 J J •101
*37
Northwestern Teleg 4148 ext
A
F
1953
--------86
of
1928
mtge
6.
•Cons
9858
88
88%
9734 13
1957 MN 9758---434
Norweg Hydro-El Nlt 5142
a37
37
3212
with war?....1955A 0 a37
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1930
M
30
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14
331
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321
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1
1948
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9
1944 MN 3114 3212
n
25
26
347
194356 S *10714---------1054 1051g 10612 II Vollichfield 01101 Calif 68
Ohio Co necting Ry lat 42
31
3214 26
MN
244 34%
194
*Certificated of deposit
89
10914 113
8
1948 A 0 11218 11214
Olio Pubic Service 7348 A
1
78
1075*
5
1214
11214
112
A
1947 F
let & ref 72 eerie. B
46
32
82
3
1948 51 N 384 361
Rich & Meek let 1148
90
10112 104
6
1936 J D 10134 10134
Ohio River RR lot g 52
1045* 1074
1952 1 J •10618 --------99
10118 10414 Richm Term RI lot Cu 58
87
7
1937 A 0 10158 1024
General gold 52
48
45
1955 F A *5214 60 ____
60
78
f
s
let
Steel
*Rims
18
135*
10
20
1944 F A *1712
:'Old Ben Coal lot 88
5
854 9512
70
1939 1 0 9512 954
109 11312 Rio Grande Juno let gu 50
99
5
1943 F A 1125* 113
___
1
4
Ontario Power N F let fa
1
18
lot gold 42____1940 .1 I *1
8ou
Grande
2•11.10
944
110
11712
1
11312
MN
1134
1945
Ontario Transmission 181 50
1
1
1
---- ---*Guar 48 (Jan 1922 couPon)--1940 J J •1
834 105 109
16
1946.3 D 10812 1081
s
823
80
Oregon RR & Nay coma 0
684
79
13
88
.1
J
0......A939
1 100
11418 11834 *Rio Grande West let gold
19461 J 11714, 11714
3112 14
Ore Short Line lat cons g 52
2412 474
2412
1949 A 0 30
A
4*
trust
coil
&
con
*1st
11912
992*
11511
3
1946 1 / 1184 11814
Guar stpd cone 52
BONDS
N. T. STOCK EXCHANGE
Week Ended July 19
Jar, ii6-4
For footnotes see page 403.
Volume 141
New York Bond Record—Concluded—Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 19
Hoch G&E gen M 5348 ser C.
Gen mtge 4348 series 13
Gen mtge 54 series E
I t•R 1 Ark & Louie let 434s
Royal Dutch 44 with ware
*Ruhr Chemical 8 t Os
Rut-Canada let gu g 48
Rutland RR let con 4344
Weal
IsUg 1
&MOO Or
1933 24
Friday's
June 30
rr a. Bid & Asked con 1935
Low
Mob No
1948 1,3 S .10812 109
1977 MS •10914
1982 M
•10918 110
1934 MS 1112 12
11
1945 AO *11514 118
1948 *0 *37
43
1949 J J 3212 33
1941 J
2
35
35
St Joe & Grand IsId let 44
1947 33 *10614 107 — St Jos HY Lt Ht & Pr let 68
1937
N 103% 104
2
St Lawr & Adr list g 56
1996 3,
91
2d gold 84
1998 AO
At Louis Iron Mt & Southern—
*Ulla & G Div let g 4a
1933 MN 68
7012 101
*Certificates of deposit
67
68
3
*St L Poor & N W let gu 55
1948 J, 4312 45
16
St L Rocky Mt & P 64 stp ,
1055 3, 75
75
3
(*St L-San Fran pr lien 4e A
1950 3, 1134 1214 41
*Certificates of deposit
7
1054 11
*Prior lien Is series B__ __. _ _1950 J J
2
1214 131
*Certificates of deposit
12
7
11
*Con M 434s series A____ . __1978 MS
934 1054• 100
*Cite of deposit stamped
94 10
54
St L B W 1st 4k1 bond etts __. 1989 B.1
24 g 48 Inc bond otts
Not 1989
let terminal & unifying 58.....1952
Oen & ref g 54 ser A
1990
St Paul City Cable cons fie
1937
Guaranteed Si
1937
St P & Duluth 1st con g 4s
1968
St Paul E Or Trk let 434s
1947
1.84 Paul & K C Sh L an £54e
1941
A
HI Paul Minn & Man 5
1943
Mont ext let gold 4.
1937
Pacific ext gu 44 (large)
1940
Si Paul Un Dep &guar
1972
8334
81
5512
4614
94
95
•10214
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14
1074
10312
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11812
8414 23
63
82
6112 123
5012 84
94
1
3
9534
54
1458
108
10334
102
11812
5
22
3
10
11 A & Ar Pees let gu If 411
1943 3 3 854 87
40
San Anionio Publ Herr let Os
1962 1 J 10834 10912 11
Santa Fe Pree & Phen let 56
1942 M 3
Schulco Co guar 634e
19463 J *43
4912
Stamped
49
*43
Guar is I 6348 series B
1946 A 0 50
50
1
Stamped
50
50
7
Scioto V & N E let gu 44
1989 M N *113
11412
§I•Seaboard Air Line letI M__1950
A 0 *1334 16
*Certificates of deposit
•1334 16
:pi:Mid 48 stamped
tow A 0 *1234 144
scertlis of deposit stamped
A 0 *1312 28
*Adjustment 58
Oct 1949 F A *212
234
***Refunding 45
1959 A 0
434 27
414
*Certificates of denten
*418
53
4
2•Ist & eons Os series A
6
1945 M 5
44
538
*Certificates of deposit
5
6
18
WAS &131rm tel g 44
1933 M S 11
1114
**Seaboard All Fla 64A ctfa_1935 A 0
312
378
7
*Berke B certificates
F A •31,
41
Sharon Steel Hoop s f 5345
93
9554 58
Shell Pipe lane a t deb be
1119
11
104
10434 44
Shell Union Oil, t deb M
1024 1031
13
Shlnyeteu El Pow let 6344
11112
8834 867
13
eislemens & Heleke a f 7e
1935 J J *8718
*Debenture if 6344
1951
M 5 '42
421
Sierra & San Fran Power 54
112
1133
*Silesia Eleo Corp a t 6344
9
li 2 29
1401;
29
5
Maslen-Am Corp colt ty Ts
5814 581
4
Sinclair Cons Oil'Meer A
gig
:I
ta
10114
31
10112
lit lien 634e series B
19383_ 1? 10114 10138 14
Skelly Oil deb 6344
1939 m 11 10214 10212 18
FlOuth az Nor Ala cons gu g 54_1936
F A 510414
Gee,cons guar 50-year 58
1963 A 0 114% ifila
3
Bell
South
Tel & Tel let a!
Southern Colo Power 86 A 54_1941 3 3 10812 10914 14
33
1947
9912 10014 47
So Pao 0011 48(Cent Pao coil) _1949
3D 7774 7912 39
let 434e (Oregon Linea) A
1977 MS 834 35 211
Gold 444
1968 5,1 5 7412 7512 106
Gold 434s
1909 III N 7414 754 92
Gold 434e
1981 M N 7234 741s 255
Ban Fran Term let 44
1950 A 0 10514 10534 17
So Pao of Cal let con an g 55
1937 M N *10778
So Pao Coen let ffU gas
*9918
So Pao AR let ref guar 44
9814 9834 180
Stamped
*95
Southern Sty let cons e be
1994 33 7914 844 135
Devi & gen 44 series A
1956 *0 3014 3474 203
Deal & gen 68
1958 *0 39
4412 51
Devi & gen 6344
1056 *0 41
484 130
Mem Div let g 54
33
1996
•
75
St Louts Div let g 44
1951 J J 72
7212
8
East Tenn reorg lien g 58
1938 MS 9812 9812
1
Mobile & Ohio coll tr 44
MS 30
1938
3034 10
hi west Bell Tel 1st & ref 55
1954 FA 10758 108
22
tsspokane Internet let g Si
19553, 7
7
1
Stand 011 of N Y deb 4344
1951 3D 10312 104
102
Staten Island Hy let 4344
1943 D
It•Stevens Hotels 6.series A
1945 33 2038 2112 18
*Studebaker Corp cony deb
Sunbury & Lewiston let 44 64_ 1945 JJ 4214 4312 42
1936 33 *10214
Swift & Co let M33is
1950 PA 9 10334 104
ao
Syracuse Lte Cu let g 54
1951 3D *12012 12112
Tenn Cent let 64 A or B
1947 *0 5912 8114
5
Tenn Coal Iron & RE gen 51,
1951 ii 12134 12134
2
Tenn CM/& Chem deb 64B _ _1944
M
101
12
100
Tenn Elea Pow let Beser A
1947 3D 100
1021 ill
Term Assn ot St L 1st e 445
1939 AO *11114 112
1st cone gold be
1044 FA 11534 118
Gen refund 4 f g 4e
1953 J J 10512 1053
22
Texarkana & Ft 8 ffil 534S A
1950 FA 8714 901
55
Texas Corp cony deb Si
1944 AO 10334 10414 61
Tex & N 0 con gold 5a
1943 J J 95
9614 19
Texas & Pao let gold 54
2000 3D 11712 118
6
.2d income Si
Dec 1 2000 Mar - _
Gen & ref be series B
*0 91
1977
42
14
34
Gen & ref 5e series C
1979 *0 9014 91
49
Gen & ref be eerie. D
1980 3D 8978 9114 43
Tex Pac-Mo Pao Ter 5345 A
1964 M $ 100
100
4
Third Ave By lot ref 411
1980
J 554 58
82
•AcHino lia tax-ex N Y-Jan
.-1960 *0 2112 2314 103
Third Ave RR let g 158
1937 J J 10112 10134 12
Toho Elect Power 15t 78 A
1055 MS 9515 9518
2
Tokyo Eleo Light Co Ltd—
let Os dollar series
1953'ID 8118 83
63
Vol & Ohio Cent let gulls
1935
.1 •10034
'Vol St L & W let 45
1950 *0 .9312 94
Tol W V & Ohio 44 ser 0
1942 MS
Toronto ham & Buff let g 44 ......-1948 3D *10718
102
102
6
Trenton 03 & El let g 54
1949 MS *11814
Truax-Traer Coal eon'
,648
1943 MN *86
891±
Trumbull Steel let et Os
1940 MN
4 10358 11
•Tyrol Hydro-Eleo Pow 734s-- —1965 MN 1023
87
87
1
*Guar see s f 78
1952 FA *Ws 90
Ufigawa Elea Power s t 74
1946 M
9414 95
ri A
7 7)
18275i 1
5
Rang.
Since
Jas. 1
BONDS
N. Y STOCK EXCHANGE
Week Ended July 19
403
144
33
Week's
Ranee or
Friday's
1114 & Asked
July 1
1933 to
June 30
1935
Rang'
Binge
Jan. 1
Lets Low
High
Low
fibs No
Low Low
High
98
10634 109
Union Elm Lt & Pr(Mo) be
1957 *0 10412 106
34
941, 10412 10922
88
108 108
Un E L & P (III) 1st g 5344 A —1954
J 10512 10534
9
9914 10412 10812
894 107 1087s 2•Iljnion EN,By (Cilia) 5s
1945 A0 *17
13
1014
23
Ps 134 Union 011 30-Yr 64 A
755
MAY 1942 PA 119
1-1V78 19 105
11612 120
904 1054 13812 Union Pao RR let & Id gr 46 __1947 33 111
11112 so
94
11312
1077
8
3414
35
38
let Lien & ref 4s
June 2008 MS 10614 10734 33
8011 10414 10834
30
30
4014
Gold 434s
1967 33 10638 10712 41
103 10712
81
3134 51
3134
let lien & ref 54
June 2008 MS 11312 11434
6
99
113 120
Gold 44
1968 3D 103
104
28
764
9912 104
8314 103 107
United Biscuit of Am deb bs
1950 *0 10714 103
25 106
106 10814
70
96 1044 United Drug Co (Del) Si
M
1953
92
335
95
aa
87
95
884
90
6414
Li N J RR & Can gen 4,1
1944 MS 1103s 11054
0712 10738 1124
1
70
804 85
I/*United By.St L let IP 411
1934 3, *27
254 3034
lase
178Rubber lat ,t ref 56 eer A - — -1247'3 97
98 "iii
9014 08
aa
ace 71 United AS Co
454
15-year es
N *9978
1937
98
851s
9634
52
as 69
564
37
37
orin Steel Works Corp 6348 A- _ 1951 3D 3514 3512 19
26
43
34
37
60
75
*Sec. 4 f 6344 aeries C
1951 J D 3514 3514 32
331s 4212
27
934
934 1714
*Sink fund deb 634s aer A
3414 3412 11
1947 J J
23
3212 41
812
812 154 Un Steel Works(Burbach)74
1951 A 0 *13758
98% 120 135
934
934 18
*Universal Pipe & Bad deb Be
D
J
243
211
8
.
2
1936
7
18
3134
21
934 1612 •Unterelbe Power & Light Os_
954
35
1
1953 *0 35
33
35
4134
734
734 1412 Utah Lt & Trao let & ref Eia
1944 AO 8912 914 53
8014
9114
65
712
712 1374 Utah Power & Light let Si
1944 FA 91
9212 so
60% 9212
5524
Utica Elea L & P let s f g 58 ---.1950 J J'118
116 11812
109
51
64
85
Utica Gaa & Eleo ref & ext tis —1957 J J
117 12212
100
4988 84
4112
Util Power & Light 5345
1947 J D -ier4 5014 71
2414 52
202s
3514
3514 63
Debenture Si
1959 FA 4318 4612 318
18
2014 48
27
27
5358
45
7814 98
Vanadium Corp of Am cony Si _.1941 *0 8112 8214 24
59
68
9414
45%
79
9512 Vanden& cons g 4s serial A
1965 FA •l0618
99
84
10112 10214
Cones 14.series B
1957 MN *10814
86
lair, Id.
2/
.
5
45
•§Vera Crus & P let gu 434s
1934 33 *214
2
134
ela
114
114 1718
'(July coupon off
'3 *214
3
4
4
924 10412 10938 •Vertlentee Sugar 7e ctfe
918 1014 14
1942
3% 184
86
101 10334 Va Eieo & Power Si series B
1954 3D 10774 10814 28 10114 10514 10814
85
99% 102
let & ref 51 bs ser A
1955 A0 10634 10718 68
86
10614 10774
113 11812
96
Secured cony 534s
1944'3 11138 11158 18 107
1101s 114
Va Iron Coal & Coke let $55
64
1940 MB 61
12
5512 64
60
7412 8814 Virginia Midland gen fie193
55
10114
*101
6
91
100% 10271
70
100% 109% Va & Southwest let eu Be
97
2003 J
94 100
7572
95
108 11238
let eons Si
1958 *0 63% 8512 18
6358 84
55
34
84
50
Virginia Hy let Si seam A
1962 MN 111% 11178 82
1104
89
113
29
2612
50
1st mtge 4)4e series B
N 10412 10458 11
8412 10314 106
1982
3214 50
29
28
28
50 :Wabash RR let gold be
1989 MN 94
9512 165
8912 Ms
5722
10918 115
90
ii2d gold 5e
1989 F A 734 81
40
48
57% 81
11
18
634
let lien g term 45
1954 J J *601g 64 —
ao
5312 56
1512 17
1014
Det & Chic Ext let Si
1941 J J *10012
70
9812 101
10
10
20
Dee Moines Div 1st g 4s
1939 3 J 6812
4
71%
53
1074 20
1014
Omaha Div let g 334s
1941 A 0 *574 so
sa
6214
4512
212
212 312
Toledo & Chic Div g 4e
1941 M S
56
83%
77
414
414 9
t•Wabash Ry ref & gen 5348 A —1975 M S ---1712
18
1214 194
1214
418 8
412
r_
*Certificate!, of deposit
1734
13
11
1712
412
44 1174
*Ref & gen 58 series B......—1976 F A
iiT1 18
25
12
12
1914
312 10
312
*Certificated of deposit
1514 1514
5
1012
104 18
84
812 1714
*Ref & gen 4344 Series C
1978 111 1778 18
12
11%
1184 1912
*Certificates of deposit
16
18
5
13% 17%
11
214 412
214
*Het & gen be series I)
1980 A 0 1734 18
29
11%
11% 1934
214 418 • *Certificates of deposit
214
19
1012
1012 17
80
35
9658 •Walworth deb 834e with warr __1935 A 0 *-21.55-4 4934
3
1212
33
50
86
10314 10514
*Without warrants
A 0 *4734
1214
36
4312
7858 1024 10378
*1st sinking fund 64 eer A_ __ __1945 A 0 6414 ifti" 21
364 684
1814
7812 88
68
39
68
78
Warner Bros Pict deb 6a
1939 M 5 873a 70
340
24
4812 70
414 5034 Warner-Quintan Co deb tla
36
1939 M 8 2758 31
13
24
24
40
884 10334 11334 Warren Bros Co deb 6s
43
46
21
30
324 53
2578 3912 Warren HR let ref gu g 348-- —2
2574
8314
F A
941"
S
1000
76
80
80
33
454 60
Washington Cent 1st gold Is
9318
1948 Q M *92
79
94
91
10078 10114 104
Wash
ash Term tot gu 334s
1945 F A *108
86
103% 10612
9874 1014 105
40-year guar 4a
1945 F A *107
94
108% 108%
9834 10312 Wash Water Power 4 f 5e
80
1939 3 .1 1104 11-1518
9814 105 11084
10378 10434 Westchester Ltg Si stpd MI
99
ma J D 12112 12134 5 10814 11514
122
112 1184 West Penn Power ser A Si
89
1946 M El 10612 10854
5 10014 106 11112
1st 5s series E
1083 M S 12012 1205a
2 1012s 11414 120%
10312 107 110
1st sec 5s series0
1958 J D 10812 10854 24 101
1074 11112
82 10014
8014
1st mtge 44 ser H
1981 J .3 10814 10634
7
9014 10612 1094
48
8012 8334
65
734 8574 Western Eleatic deb 58
1944 A 0 10578 108
18
9412 1044 107
8612 76i2 Western Maryland let 48
44
1952 A 0 9578 98
6122
158
874 98
6512 76
sit
let & ref 634s melee A
19773 J 10314 10412 ao
66
98 104%
56
42
7578 West NT & Pa let elle
1937 J .1 10534 10814
6 100
10584 107
904 106
8012
Gen gold 44
1943 A 0 10734 10814 18
78
102 10834
100
10714 10734 *Western Pao let Si ser A
1948 51 S 3238 3312 86
25
23
37
95
*be Assented3212 3312 15
25
3634
89
601s
9834 Western Union coil trust Si
193
46
8J 3 104
10412
43
WI;
10114
10412
97
97
Funding & real eat a 4341
9312 9412 48
6712
82
9838
77 10318
74
15-year 8348
1969"
38 F N
A 10178 10218 39
92
100 1024
28
37
6214
25-year gold fie
1951
J
D
0712
88
8212 9912
712
2
9912
4812
3512 81
30-year 54
1980
M
B
964
113
973
8
72
80
9738
4878
3514 86
*Westphalia 17n El Power 64-1953 J J 3634 3834
3514 434
3
27
7312 924 West Shore let 4,3 guar
ea
8214 8312 27
66
7412 8614
5314
72
88
Registered
2
3
61
3 37
.1
2
7114
14
2 78
7014 8234
78
9712 103
30
40
67
Wheel & L E ref 44s ser A
1968 MS 10278 .10274
1
10234 1044
81
104
107 111
Refunding 54 series 13
1966 M S •10338 104
6518 1034 104
6
6
912
RR let coneol 48
1949 bi S *108
109
83
1024 109
96
102 10412 Wheeling Steel Corp lot
5348
1948 J J 104
10414 24
70
10014 105
let & ref 434s eerie. B
101
141
ao
90 101
12
13
2114 White Sew Mach 84 with wart 1963 A 0 100
—1836 1 .1 *92
4318
94
65
39
39
48
Without warrante
J 3 93
45
4
94
66
9834
Partio a f deb 13a
1940 M N *80
4212
82
82
84
Mg& fikli i*Wickwire Spencer St'l
let 75 —1935
103
110 12012
•Ctf Sep Chase Nat Bank
414
12
14
44
84
14
•Ctfa for col & ref cony 78A __-1935 MN
1074 1234 124
334
544 63
7
13
434
Wilk & East 1st gu g 58
19423 D 4354 45
8
33
38
48
10118 113 12134
80
9112 102
Will & SF 1st gold Si
1938 J D 10434 10512 21
88
10212 10512
644
90 104
Wilson & Co let a f Be A
1941 A 0 10814 10834 117
954 10814 11018
99
1084 112
Winston-Salem S B let its
1980 J J *10718
83
10432 10812
98
10912 116 (*Wu,cent 60-yr let gen
48
1949
.1
J
8
5
8
9
4
75
732 134
71
10112 106
*Certificates of deposit
718
734
2
71s 1012
714
8312 9614
8414
'Sup & Dill div & term let 481936 M N
634
2
634
412
411 734
934 10254 10434
*Certificates of deposit
*4
412
412 734
83
84
9614 Wor & Conn East let 430
1943 .1 J
-417.71;
aa
113 120
82
Younsstown Sheet & Tube 54—.1978 J 3 9712 9812 68
61114 "We Wei
1st mtge a f 54 ser B.
1970
A
0
98
9812 82
6314 894 9914
79
931k
7912 9312
634
7912 0312
64
8912 10014
67
r Cash sales not included in year's range. a Deferred
delivery sale no included in
5012 6878 year's range. n Under-the-rule sale not included
Bs
in year's range. § Negotiability
1858
1238 2612 Impaired by maturity. • Accrued interest
payable
at
exchange
rate of 54.8665.
8514 10014 103
8812 9514
7014
t Companies reported as being in bankruptcy, receivership,
or reorganized under
Section
77
of
the
Bankruptcy Act, or securities assumed by such companies.
5712
72
8538
85
10018 101
•Friday's bid and asked price. •Bonds selling flat.
81
60
9412
103
103 103
Deferred delivery sales in which no account is taken
in computing the range,:are
964 102
82
1012s 11214 11734 given below:
Adriatic Elec. 74, July 18 at 70)4.
35
94
70
Antwerp (City) 5s, July 18 at 983i•
6711 100 10354
Copenhagen Teleu. be, July 13 at 974.
4512
81
90
Ill. Cent. 4,s 1953, July 16 at 6634.
434
8034 904
691a
87
Cash sale:
964
Fla. Cent. & Penn. 55, July 18 at 48.
404
New York Curb Exchange-Weekly and Yearly Record
July 20 1935
of the week, and when selling outside of
in the week's range, unless they are the only transactions
NOTICE-Cash and deferred delivery sales are disregarded
the range for the year.
occur. No account is taken of such sales in computing
they
which
in
week
the
in
footnote
a
in
shown
are
range
the regular weekly
transactions on the New York Curb Exchange for
In the following extensive list we furnish a complete record of the
present Friday (July 19 1935). It is compiled entirely
the week beginning on Saturday last (July 13 1935) and ending the
to include every security, whether stock or bond, in
intended
is
and
from the daily reports of the Curb Exchange itself,
which any dealings occurred during the week covered:
STOCKS
Week's Range
of Prices
July 1
Sales 1933 to
June30
for
1935
Week
Range Since
Jan. 1 1935
STOCKS
(Continued)
Week's Range
of Prices
July 1
Sales 1933,0
Jime30
for
1935
Week
Range Since
Jan, 1 1935
High
Low
High Shame Low
Par Low
High
Low
94 Jan
Hioh Shares Low
54 June
Par Low
54
200
756
7
1836 July Brown Forman Distillery _1
856 Jan
July
84
200
304 Jan 40
250 28
Acme Wire•cc corn__ _20 184 184
50 3931 40
Line
Pipe
July
Buckeye
110%
Feb
103
225 884
700 145( 1431 Jan 2334 July
Adams Millis 7% let rd-100 110% 11034
1134 Mar Buff Nlag & East Pr pref 25 2234 2334
July
5
100
5
1004
July
8934
Jan
86
350
Cl
100
9951
•
A ero SupPlY Mfg A ----*
5
5
$5 lot preferred
Mar
4
56 June
Jan
ti
200
100 16% 2454 Mar 28
151 2
•
28
Class B
July Bulova Watch $34 pref...' 28
7
355 Jan
Apr
3
30
Mar
28
775
4934
44%
43
Agfa Masco Corp corn_ _1
10
Sullivan_
July Bunker 1-1111&
Feb 32
1851
June
5
400
Feb
134
Si
30)1
30
Si
__10
Corp__
Ainsworth Mfg
•
lq Jan Burco Ric corn
h Mar
N.
134 Mar
200
23.4 Apr
156
I%
154
300
•
236 234
Air Investors Isom
1651 May Burma Corn Am deli rots_
1234 Mar
9
754 Jan
JUne
8
•
251
656 634 2,400
16
Cony pref
36 Jan Butler Brothers
316 Feb
Si
300
Si
Si
Warrants
Jan
Apr 40
.
30
%
Jan
30
3,4
1
100
516 June
h
AlabamaOt Southern_ _60
781-4 July Cable Eleo Prod via
414 Jan
540 28
• 6536 75
Ala Power $7 pref
Cable. & Wireless LtdJuly
69)4
Jan
37
Juno
25
360
13-4
6551
Mar
Si
13.4
200
'is
• 55
114
$6 preferred
Am deli rcts A °Mahe:SI
Si Feb
Si Feb
9,, June
9,4 May
21 '16
316
100
if,
51
Algoma Consul 7% pref. _5
Am dep Fete B ord she 11
54 124 Jan 194 May
5 Juno
• 1751 1851 6,300
354
334 Mar
Allied Mills Inc
dep rcta pref she fl
6434
July
Amer
Mar
Apr
32
32
2,900
154
16
6434
20
Feb 23
Aluminum Co common_ • 6055
.20
Estate.
Sugar
Calamba
May
9051
Mar
8915
May
300 54
ii
735 Jan
531
600
8934
100 88
94 034
8% preference
Feb 114 May Canadian Indus Alcohol A•
934
8
May
m
Jan
611
434
•
Mfg_
Aluminum Goods
•
B non-voting
May
Mar 33
17
154 Mar
300 17
134
234 June
29
• 28
134 156 5,600
Aluminum Ltd corn
1
Apr Canadian Marconi
7
234 Jan
234
1034 July
1031 July
, 51
C warrants
•
Mar Canal Construct Co
Apr
5
634
5
May
451
136
Mar
3,100
134
234 3
11 warrants
25e
July Carib Syndicate
5034 Apr 66
37
100
8% preferred
174 July Carman & Co13.4 Feb
1
400
May
156
100
Jan
6
84
134
64
8
I
corn._
8
lieverage
American
Convertible class A.....5
Jan 8936 May
57
41
June
19
Jan
_100
13% 17
American Book Co_
•
36 Feb Carnation Co corn
34 Apr
Feb
34
60
33
Jan
543-1
Amer Brit & Cont Corp- •
..•
prof_
$7
L
Carolina P &
May
27
57
Feb 66
Amer Capital•
Ed preferred
134 Jan
134 Apr
1
1931 Feb
•
431 1334 Mar
164 3,600
• 15
Class A corn
Corporation
Carrier
Jan
55
34 Jan
Si
834 July
334
•
434 Apr
734 856 16,900
Common class B
Jan Catena Corp of Amer _ _ _ _1
1656 May 20
94
•
53 preferred
July Celanese Corp of America
July 76
76
Feb
50 46
76
300 81
May 110
90
• 76
85.50 prior pref
7% ist panic pret___100 10131 103
Feb
200 75
974 Mar 105
Am Cities Pow & Lt7% prior preferred _ __100 101 104
Mar 4435 July
29
Jan
2356
44
700
15
424
84
8
100
Apr
25
Clam A
16 1034 log
h Mar
33-1 July Celluloid Corp corn
4
3,600
356
3
1636 25
1
May
36
Clam B
Ja"
•
preferred
,
dB
Feb
57
124 2054 Apr 2034
July
8054
May
30
40
094
A...10
class
8034
80
Cynamld
•
Amer
15 preferred
Mar 22% July
84 15
145i July
8
10 2154 224 10,800
1356 1,300
856 Mar
13
Class 11 n-•
e._.•
t
•
E
&
0
Bud
Cent
Mar
80
Jan
76
7331
225 11
2034 Jan 3855 MaY
38
_00 36
Amer Dist Tel NJ com_ •
Apr 113.51 Apr Cent P& L 7%
111
25 98
• e Mar
'is
54 June
7% Cony preferreci__100 112 112
pref_-URI_
236 July Cent dr South West
156 Feb
1
200
54 May
31
254 256
j, 1,500
9,,
34 mar
Amer Equities Co com___1
_l
_
_
corn_
Elee
States
Cent
Jan
4
In
'ii Mar
1,000
July
1
336
Si
300
Mar
Si
331
1
255
Amer Founders Corp____1
100
8% pref without warr
2734 July
Jan
1351
836
175
July
2
27%
9
400
Mar
2655
751
2
60
6
100
7% prof series B
7% preferred
2751 July
1331 Jan
8
525
Juno
2731
6
134 Mar
136
50 26
8% let pref see D
100
preferred
Cony
Jan
3
154 Mar
1)4
July
1,000
2
51
336
154
100
WarrMar
33.4
Pow
Si
Foreign
&
34
Amer
Cony pref op ser'29_100
1656 Feb 3034 July
1631
54 Feb
34
900
44 June
434
•
Amer Oaa & Elea oom___ • 2855 303.4 7,700 5756 803-4 Feb 1074 June Centrifugal Pipe
43-1
850
9
124 Ma, 1736 July
t 106 10651
1,100
1751
164
Preferred
new_l
Corporation
May
Charts
456 Apr 12
4
0 5
244 Apr 2431 Apr
Amer Hard Rubber com _50
•
July Cherry-Burrell Corp
4
255 Jan
2
500
Feb
351 4
115
100 105
1
Mar 157
Amer In veetore corn
25 13234 13355
Chesebrough Mfg
56 Mar
56 Apr
56
h Jan
Si
Si Jar,
Opti..a warrants
50
.
_
A
May Chicago Nipple Mfg
124 Mar 16
1034
650
154
434
1531
7,000
_20
1256
Maoh__
Jan
1934
July
Amer Laundry
• 154 1931
756
Jan
734 Mar 1234 July Chicago Rivet & Mach_
25 113-1 1156 4,000
634 18
Apr 30
100 174 244 1,640
Amer L & Tr corn
July Childs Co pref
1715 Feb 25
200 16
Si Jai
Si
25 244 25
134 Apr
8% preferred
Feb Cider Consul Mining Co__1
8
Apr
356
356
254
May
54
51
16700"
134
tom
Mar
136
•
Amer Mfg Co
ills May Cities Service corn
4 Mar
h
j, 1,900
9,6
616
84 Mar 2454 May
1
Amer Maracaibo Co
• 153-4 1631 1,000
Preferred
Jan
Mar 14
8
555
75
A Ma
54
• 1231 13
100
234 may
•
Amer Meter Co
154 115
Preferred B
1931 Jan
Am11
1234
50
May
8
Mar 22
6
Amer Potash & Chemical..' 1536 1536
•
Preferred BB
1% June
Si Mar
Si
134 4,100
May
14
2634
Ma
74
1
3
,
_
7
Am Superpower Corp com •
pref.*
63)4
$7
&Iry
L
&
P
July Cltles
Feb
64
44
300
May
61
60
•
23
Mar
•
.
17
.4
6
17
°>1.
50
1st preferred
$8 preferred
July
73‘ Mar 19
734
800
• 1536 1631
3
700
034 Apr
34 Jan
631 654
Preferred
•
Stamping
Auto
City
May
456
Jan
4
3
200
Apr
3
456 436
Apr4
4
Amer Thread Co Pref. _ _ _6
10
Suburban
Horace
City dr
56 May
'Is Star
Amsterdam Trading
5,4
1531 May Claude Neon Lights Inc__1
114 1134 Jan
•
July
2,700 2134 233i Tan 40
40
344
American shares
com____•
Ilium
Else
Cleve
May
Si
M Mar
51
200
VA
515 Jan 1854 Apr
•is
4
"
Anchor Pont Fence
Cleveland Tractor nom_ _.• 124 144 6,700
131
2 Juno
134 May
Anglo-Persian 011 Co Ltd1535 May Clinchfield Coal corn- _ _100
1431 May
9
56 Jan
sit Ma
Am deli rcts ord reg.-C1 __
_•
%
_
Co_
Utensil
Alum
Club
63-4
May
May
4
251
•
600
5%
551
Corp..1
Wupper
Angostura
74 May
431 Apr
•• 336
Mar
53-4
Star7
54
Apes Nice NIfg Co corn_ • _
•
Rosenberger
&
Cohn
June
100
Jan
80 5754 71
•
A
151 12,000
36
Si June
131 May
Appalachian El Pow pref.,' 9851 99
9-18 Jan Colon MCorp corn
91, Mar
Si
1,000
July
16
7,6
31
1
1,00(j
25
31
Jan
Tube
2954
Radio
Arcturus
131 May Colt's Patent Fire Arms_25
4 Mar
4
600
14 156
Arkansas Nat Gas corn-.
1.11 May Columbia Gas & Else4 Feb
56
136 5,100
1
•
July
225 32
32
6751
Mar 73
100 64
Common clam A
Cony 5% pref
434 July
251 Mar
131
7.500
456
355
4 July
10
Si
54 Mar
Si 1,800
Si
Preferred
June Columbia Oil & Gas vte __•
84
Jan
414
254
38
Jan 624 May
,
193
4
Arkansas P & L $7 pre....• __
•
Pictures
Columbia
July
2.574
Mar
184
13
8756 July
Armstrong Cork corn __ • 2331 253-4 10,000
734 July Commonwealth Edison_100 8056 8731 2.700• 3055 4734 Jan
11-1
34 Mar
734 3,000
634
6
Commonwealth & Southern
Art Metal Works corn
A
56
2,600
4
Ile Jan
Jan
Si
Amociated Elm Industries
Warrants
June
854
54 Feb
4
200
1234 June
834 84
£1
a
556 Jan
Amer deposit rcta
Community P & L $8 pre?•
41100
1
100
M
Stay
34
35
A
Assoc Gas & ElseServ__•
Water
Community
July
4
Apr
34
31
100
56
1
31
14
254 Apr
156 Mar
24 11,000
Common
2
I
"le May COMO N110(91
Si" Mar
Si
56 3,100 4
9,6
1
400
8
124 Apr1854 Mar
Class A
July Compo Shoe Machinerv _ 1 1534 164
336
Feb
136
134
July
•
46
July 46
$5 preferred
la
32 June Conn Gas &Coke sec S3 pf•
'
In June
__
6
1051 11% 12,000
7 June 114 July
Option warrants
24 Jan Consolidated Aircraft_ __ _ 1
I% Ma
•1
116 Jan
'is Jan
Ile
Associated Rayon corn
2456 July Comm' Auto Merchandl-•
Apr
22
13
Si Jan
•
Si Jan
Assoc Telep El.50 Pref- •.....
'a,
$3.50 preferred
31 July
Si Jan
Si
454 Juno
Jan
82e
1
• __
334 34 5,500
Assoc Telep Util corn_
44 June 104 Jan Consol Copper Mines_ _ __5 8011,
2
1.300
454 534
1,900 4556 5234 Jan 8554 July
83
•
com
LAP
Balt
Atlantic Coast Fisheries._• -------------GE
Consol
Jan
30
Ma
18
-18
10 115
May
1644 16456
13451 Feb 184
Atlantic Coast Line Co--150
756 Mar 104 May Corm! Mtn & Smelt L1d_25
756
5
Feb
9
2 .,..., June 53
.
3,
120
700
•
151 jne
251 215
s
Atlas Corp common
July Consol Retail Stores
Apr 51
47
300 35
12%36
• 5311 54
50
4956
Jan
-100
_
w
w
$3 Preference A
preferred
8%
May
331
151 Ma
151
3,100
3
Mar
254
4
54
Mar
Warrants
4
_1
636 Jan Continental 01101 NIex_
34 Mar
255
100
4
4
May
•
1
2
Feb
1
Atlas Plywood Corp
10
931 July Como! Royalty 011
Jan
5
13-1
1,100
956
250 29
9
38
Mar 7634 July
A utomatio-Voting Mach_'
Coot0& E 7% prior of 100 7236 74
TobaccoSi
11 May
r
Si Mar
Anton-Fishe
Feb Continental 011 of NIex_ _I
May 60
4351
434
420
2
100
10 8074 53
5
Apr
331 Jan
331 351
Class A common
Continental Securities__•
500
21i
514 Jail
356 Apr
434 43-4
Mar 4931 June Cooper Bessemer cora _ ___•
28
150 1834
June
1634 Jan 27
200 12
• 2235 2336
Babcock & Wilcox Co. __• 4756 48
$3 met A
Jan
3
4
Feb
Baldwin Locomotive Works
31.4
•
Co
Range
Jan
Copper
334
4 Feb
31
2
Jan
1,700'
454
Mar
Warrants
24
331
3
5
July Cord Corp
May 31
15
60 11
31
Ilaumann(L)&C07% Dfd10,3 27
&
June
Reynolds
Corroon
515
Apr
151
14
54 3,600
1
5
July
2,100
4
114 Star
Ilellanca Aircraft •t c_..-1
1
351 4
Common
Jan
May 132
10455 123
July
200 10
22
Mar 40
100
• 394 40
Bell Tel of Canada
$6 preferred A
235 June
151
174 Feb
A
1,200
31
Jail
June
16
11
'is
Benson & Hedges corn- •
1
corn
011
Coaden
June
634
Slar
5
131
1
Feb
•
2
Mar
I
Cony prof
100
Preferred
May
834 Feb 14
44
600
1255
Bickforda Inc corn_ __ ___• 11
LtdCourtaulda
May
Apr35
333-4
23
100
34
1131 Mar 1434 July
100
8
• 34
$2.50 cony pref
Am deo rota ord reg_fl 1336 1336
74 May
34 Ma
14
535 531 1,000
•
Blies(E W)& Co com
Jan Cramp(Wm)dr Sons ShIP
2
Star
1
1
135 1,800
136
31 Apr
%
4 Mar
Blue Ridge Corp corn_ _1
__I00
Eng
Corp_
&
Bldg
May
46
Mar
3535
100 284
May
• 4334 4331
15
ma
5
1456 2,200
7
$3 opt cony pref
26 14
94 May Crane Co corn
254 Jan
5
3,700
Juno
9
651
9 32
•
87
Feb 113
Blumenthal (8) & Co
100
Preferred
Jan
11
Jun
5
7
375
7M
6
556 10
184 June
174 10.600
Star
1556
Boback(H C)Co cora _ _ _ •
6
m
Petroleu
Creole
Feb
65
Feb
50
10 40
50
954 July
50
100
34
4
Mar
7% lat Pre
734 931 14.000
;.4 Jan Crocker Wheeler Elec.....•
56 May
16
1
A
Isis 2,500
14 Jan
51
51 May
II otany Consol Mills com.•
456 Feb Croft Brewing Co
June
3
3
•
234
Is
Feb
231
454 May
Elour1ols Inc
•
Co__
&
Milner
Crowley
July
Mar
1334
6
6
300
656 656
j,
I, JIM
Si
600
Feb
[some Sorymaer Co__ ._ .25
''I6
1316
Mar 2734 July Crown Cent Petroleum_ _1
16
534
1136 July
74 Mar
Bower Roller Bearing____5 2556 274 9,700 • 851
1056 Jan Crown Cork Internatl A.._• 1034 1156 3.200
834 July
8
100
851, 851
Jan
3
BratillianTr Lt & Pow__..*
July
34
151
1
351 Jan
954 May Cuban Tobacco corn vto_.•
54
856 2,500
8
Mar
•
100 1536 30
Feh 34
Bridgeport Machine
• .r31 531
May Cuneo Press corn
1
Si Star
Si
June
•
8956
87
Feb10436
Brill Co palms B
100
preferred
%
64
May
14
Jan
1
h
600
134
1
•
256 15,300
234 Jan
14 Mar
'It
Class A
2
May Curd Mexican MinIng_50e
7
64 Apr
556
200
654 656
•
44
64 May
434 Mar
100
Brillo Mfg Co corn
534 554
2716 Feb Darby Petroleum com......6
Jan
224 25
Jan
•
16
8
June
8
Class A
15,1111a..•
Hosiery
Davenport
1634 June
144 Mar
100 1254
• 1556 153.4
BM Amer Oil coup
Juno De HavIlland Aircraft CoJune 16
16
143-4
•
4
13
Jan
Registered
1834 Apr
Am Dep Itcts ord reg El
5754 574 Slay 574 May
Britian Amer TobaccoApr 3151 Jan Dennison Mfg 7% pref_100
2436 27
400
64 July
151
4
May
Am Cep feta ord bearer£1
516 6
2871 Apr 2754 Apr Detroit Gray Iron Fdy.....5
2456
51
Am dep rcts ord reg__£1
g Apr 2 May
011 dr Ref Corp corn'
Derby
Feb
20
20
20
Feb
British Celanese Ltd•
Preferred
June
4
Mar
2
2
100
334 34
A pr
034
1031 Jan) 15
Am del) rcta ord reg__105
•
213.1 July 2514 Mar Diamond Shoe Corp
243-4
Jan
7
300
24
256
July
13-4
23-4
British Col Power cl A_ •
_2
_
_
nets_
Prod
Dictograph
851 Jan
Apr
5
334
75
100
63-6
655
pref
8%
Co
Brown
For footnotes see page1101.
New York Curb Exchange-Continued-Page 2
Volume 141
STOCKS
(Continued)
'Week's Range
of prices
Par Low
Distilled Liquors Corp__ 5 1135
Distillers Co LSOAmer deposit rota __ 41 23
Distillers Corn Sealgrams-• 20%
Doenter Die Casting,__ ..• 1814
Dominion Steel &CoalB25
Dominion Tar & Chemical*
Dow Chemical
• 9534
Draper Corp
• 61
Driver Harris Co
10 16
7% preferred
100
DubIller Condenser Corp..1
%
Duke Power Co
10 5234
Durham Hos el B corn_ __,,,
Duval Texas Sulphur____.
834
Eagle Pleher Lead Co
534
20
East Gas A Fuel Amoo
Common
•
3.11
434% prior preferred_100 65
6% preferred
100 4934
East Stated Pow corn 13_„•
A
$8 preferred series B __ _•
8
$7 preferred series A _ __•
834
Easy Washing Mach "II".•
434
Edison Bros Stores com__• 32
Eisler Electric Cor p
•
34
Elm Bond & Share com
5
851
$5 Preferred
• 5335
$8 preferred
• 5935
Elea Power AStioe conl
1
3
Class A
1
2%
Elm P & L 2d pret A
• 10
Option warrants
75
Electric ShareholdingCommon
I
4
SC cone pret w w
' 77
kiretrographie( ors corn!
Elgin Nat Watch Co- _ -15
Empire District El 6%.100
Empire Gas & Fuel Co6% preferred
100
8%% prof
100
7% preferred
100 2354
8% preferred
100 2814
Empire Power Part Rtk__• 17
Emsco Derrick & Equip_ _5
Equity Corp oom
10r
131
Eureka Pipe Line
50
European Electric CorpClass A
10
7
Option warrants
%
Evans Wallower Lead_
•
7% preferred
100
Ex-cell-0 Mr & Tool
3
9
July 1
Sales 1933 to
for June30
Week
1935
STOCKS
(Continued)
High Shares Low
1215 1,400 1134
Low
1135 July
23
100
2234 25,900
12,700
21
1735
834
3
235
354
1,600" 304
10 54
400
934
48
100
34
125 33
14
3,500
2
500
331
21
1354
1055
4%
435
8034
55
13
9154
31
37
14
6%
3%
Mar 23% July
May 2234 July
Mar 21
July
July
535 Feb
Jan
7
Mar
Mar 10515 July
May 8135 July
Apr 19
Feb
Mar 100
July
135 Apr
Feb
Jan 56
May
June
11 Feb
June 1234 Feb
Mar
755 May
434 1,200• 255
75' 53
6534
575 38
5034
35
400
15
100
8
4
200
816
6
800
234
415
32
100
8
34
100
X
315
8% 37,800
1,600 25
56
3,600 28%
62
3% 1,40
2%
315 2.000
234
275
12
214
%
100
35
235
58
38
15
4
5
3
2434
55
334
34
3715
231
236
234
35
Mar
Jan
Apr
Jan
Mar
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Feb
Mar
5
8634
5035
15
931
9
4%
3411
131
1034
5834
87
451
434
12
134
Jan
July
July
June
July
June
June
June
May
July
July
July
June
June
July
Jan
34 Mar
40
Jan
6
Jan
23
July
14
J80
534
79
1115
24
35
June
July
July
May
July
1 715
8
50" 8
50's 834
4
200
li 235
1
9,800
30
735
8
8
811
9
12
I%
3311
Mar
Mar
Mar
Mar
Apr
June
Jan
May
35
36
37
40
1935
1334
I%
38
May
May
May
May
July
July
May
Feb
534
55
A
2
9% 12,900" 215
esi
Jan
July
Ain
May
Feb
101
61
16%
11
54
815
6
4
7835
2334
2815
18
154
7%
15
100
425
15
34
1
655
12)4
800
400
Fairchild Aviation
1
215
7% 811 2,500
Fajardo Sugar Co
125 59
100 85
88
Falstaff Brewing
2%
I
535 511 2,900
Fanny Farmer Candy
1
935 935 1,200" 234
Fansteel Products Co. •
134
Fedders Mfg Co clam A •
4 4
Federated Capital Corp_.'
1
100
1
13.4
Ferro Enamel Corp corn _ _• 1934 2134 8,600
7%
Flat Amer dep recta
1,000 1534
2434
2534
Fidello Brewery
h
100
116
716
1
Fire Amociation (Phila.) 10
"31
First National Stores7% let preferred__ _100
110
frisk Rubber Corp
I
53i
535 834 3,600
$6 preferred
3514
100
Flintokote Co al A
• 18% 2011 2,700
33(
Florida P & L $7 pret
• 30
831
500
32
Ford Motor Co LtdAm dep tete ord reg_L1
435
8% 8% 2,700
Ford Motor of Can el A • 2651 2715 4,600
835
Class B
100 1415
• 28
29
Ford Motor of France
American dep rete _100
235
Foremost Dairy Prod coro•
34
Preferred
•
31
Froedtert Grain & MaltCony preferred
850 1431
IR 15% 1531
Oarlock Packing corn____• 2734 2834
300 1155
(leneral Alloys Co
•
115 134
%
200
(Jen Electric Co LtdAm dep rots ord reg__,51
935
1,400
14
14
Oen Fireproofing corn
3
•
Gen Gas & Elea$6 cony prat B
•
554
Gen Inveetment oom____I
A
A
100
'la
$13 cony pref class B
•
3
Warrants
132
Oen Pub Serv $6 pret
130 20
• 5014 5234
(len Rayon Co A stook •
15
General Tire & Rubber__25 40
42
225
41
6% preferred A
100 5655
100 92
92
Georgia Power $6 pret___• 78
50 35
80
55 preferred
10 50
• 6634 NA
Gilbert (A C) corn
•
1
Preferred
•
22
Glen Alden Coal
• 1755 1834 2,900 10
Globe Underwriters Ine 2
200
534
1035
Godchaux Sugars class /1._• 1034
10
Class B
•
334
Goldfield Consol MInee_10
34
Gold Seal Electrieal
1
;
,,i
200
%
'16
Gorham Inc class A corn •
134
$3 preferred _________•
_____
14
Gorham Mfg C-oV t c agreement extended
200 1054
1434 1435
Grand Rapids Varnish....'
1,600
615 7%
411
Gray Telep Pay Station_ •
8
Great A tl & Pao TeaNon-vol corn stosk____• 13334 136
190 115
7% 1st preferred____10111 128
50 120
128
(It Northern Paper
25 21
50 1934
22
Greenfield Tap & Die_---•
354
415 4)4 3,000
Grocery Storm Prod v I c25
35
Guardian Investors
1
%
Gulf 011 Corp of Penna_.25 61
5,100 43
6434
Hall Lamp Co
• _ _____________ If 3
Hamilton Gas comet'3_1 __
1.
Handley Page LtdAm dep refs prat_ __8 sh.
135
Hartford Electric Light_25
4.834
Hartman Tobacco Co____•
135
400
55
134
Ifarvard Drawing Co
1
2%
100
215
254
Hazeltine Core
•
2%
300
834 8%
Heels Mining Co
25 1034 1134
3,400
4
itelelle Rubenstein
•
%
34
100
rls
Hayden Chemical
10 4914 4915
100 14
Hires (C E)Co el A
•
18
Hollinger Consol CI M..._5 1234 13% 8,400
834
Holly Sugar Corp eon._ • 5514 61
350," 834
Preferred
114 34
ioo
Holophane CO corn
•
135
Holt (Henry) & Co el A •
3
For footnotes see page 409.
Range Since
Jan. 1 1935
5,6
55
5
6
High
1635 Apr
I
9
June
"i• June
55 May
7
May
9% July
7%
71
215
755
lu
93.4
I
1034
21%
7,6
57
July
954 Apr
Jan 105
May
Jan
514 July
Mar
951 June
Mar
554 May
Mar 18% June
July
134 Jan
Feb 2134 July
Jan 25% June
July
X Jan
Jan
13534 July
112
53-4
87
11%
10A
Jan 115
Apr
July 1151 Jan
June 88
Jan
Mar 2434 May
Mar 34
July
715 Mar
2335 June
2534 June
1134
43-4
11
Ns
15
'Is
24
11
40
89
52
50
135
2415
1315
7
163-4
7
34
714
134
14
1211
554
834
121
12215
20
434
15
A
50%
311
.i.
334
5035
11
215
7
6
34
37
2311
1231
30
100
2
534
Par Low
Hormel (Geo A) & Co_ •
Horn (A C) Co corn
2
•
Horn & Harden
• 24
100 106
7% preferred
Bud Bay Min & Smelt_• 1414
• 56
Humble 011 & Ref
Huylers of Delaware IncCommon
1
,ig
7% wet stamped_ _100
Hydro Electric Securities_'
Hygrade Food Prod
134
5
Hygrade Sylvania Corp..* 33
Illinois P & L $6 poll
• 2734
6% preferred
100
Illuminating Shares cl A_ _• 50
Imperial Chem Industries
Amer &posit rota__ _41
8%
Imperial 011 (Can) coup.-' 1934
Registered
• 1934
Imperial Tob of Canada..5 1334
Imperical Tobamo of Great
Britain and Ireland-11 3434
Indiana Pipe Line
10
534
Ind'polls PAL 615% P1100
Indian Ter Ilium OHNon-voting elms A.._.*
Class B
•
Industrial FinanceV t o common
15
1
7% preferred
4
100
Insuranos Coot N Amer_10 89
International Cigar Mach •
Internal' Hold & Inc Co_ _•
Internet Hydro-EleeProf 53.50 series
50
6
Internal Mining Corp _1 1234
Warrants
455
International Petroleum.' 3354
Registered
International Products_ _ _•
334
Internatl Safety Rasor 13_ ,,,
14
Internat.!UtilityClass A
•
235
Class B
1
57 prior pref
•
Warrants
Interstate EquitiesCommon
1
53 cony preferred.- -50
Interstate Hoe Mills
• 25
Interstate Power $7 Pref_• 18
Investors Royalty com_ _25
Iron Cap Copper Co core 10
Iron Fireman Mfg v t a_ _le
Irving Air Chute
1 11%
Italian Superpower A
•
'A
Warrants
Jersey Central P dr L514% preferred
100 63
8% preferred
100 6415
100
@FedFRASER